# EDGAR Filing Document

**Accession Number:** 0000809707
**File Stem:** 0001133228-25-014132
**Filing Date:** 2025-12
**Character Count:** 1360963
**Document Hash:** 24542d4da5f351b3d1d69d076f3eee9a
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001133228-25-014132.hdr.sgml**: 20251229

**ACCESSION NUMBER**: 0001133228-25-014132

**CONFORMED SUBMISSION TYPE**: N-CSR

**PUBLIC DOCUMENT COUNT**: 190

**CONFORMED PERIOD OF REPORT**: 20251031

**FILED AS OF DATE**: 20251229

**DATE AS OF CHANGE**: 20251229

**EFFECTIVENESS DATE**: 20251229

**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-CSR
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-04986
- **FILM NUMBER:** 251606519

**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'? 2025-11-1874200010500_FranklinConvertibleSecuritiesFund_ClassA_TSRAnnual

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: **October 31, 2025**

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) |
| Annual Shareholder Report \| October 31, 2025  | ![image](img2199_202405220716489.jpg) |
| ![image](img2195_202408190904545.jpg) | ![image](img2195_202408190904545.jpg) |

---

This annual shareholder report contains important information about Franklin Convertible Securities Fund for the period November 1, 2024, to October 31, 2025.

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 YEAR?** (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>  |
| Class A | $88 | 0.81% |

---

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

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

For the twelve months ended October 31, 2025, Class A shares of Franklin Convertible Securities Fund returned 16.44%. The Fund compares its performance to the ICE BofA Convertibles Total Return Alternatives Index, which returned 25.63% for the same period.

**PERFORMANCE HIGHLIGHTS**

---

| | |
|:---|:---|
| **Top contributors to performance:** | **Top contributors to performance:** |
| ↑ | The Fund posted widespread gains as nine out of 11 sector allocations added to its absolute returns. The most impressive gains were provided by convertible bond holdings in the information technology (IT), health care, consumer discretionary, industrials and materials sectors. When combined, these allocations covered just over two-thirds of the portfolio (on average). |
| ↑ | Select outliers to the upside gained more than 60%, including key contributors Axon Enterprise in the industrials sector, Snowflake in IT, Wayfair and The RealReal in consumer discretionary, and Mirum Pharmaceuticals (sold by period-end) in health care. |
| ↑ | In general, the Fund was supported by robust new convertible security issuance—especially in the U.S.—and strong investor demand as issuers used convertibles to refinance higher-cost debt, plus favorable conditions for growth-sector equities and occasional bouts of elevated volatility, which typically boosts the embedded option value (i.e., the worth of the bondholder's right to convert the bond into shares of the issuing company's stock at a set price). |

---

---

| | |
|:---|:---|
| **Top detractors from performance:** | **Top detractors from performance:** |
| ↓ | Holdings in the consumer staples and financials sectors had mixed results and collectively failed to advance, but their negative impact on absolute performance was minimal by comparison to the Fund's overall gains. Freshpet was a major detractor in consumer staples, while Shift4 Payments and Apollo Global Management anchored the downside in financials. |
| ↓ | The other key detractors reduced the Fund's gains within sectors that were net contributors, including Wolfspeed and BILL Holdings in IT; Integer Holdings, which was the sole outlier to the downside in health care (countered by 13 net contributors); Booking Holdings (sold by period-end) in consumer discretionary; and Zillow Group (sold by period-end), which was our only detractor in real estate. |
| ↓ | Overall, the U.S. and global convertible markets faced a few challenges during an otherwise strong year driven by broad-based gains and healthy new issuance. The short list of detrimental factors included pressure from elevated interest rates and relatively weak small- and mid-capitalization equity performance, along with some issuance caution amid geopolitical/trade-policy risk, which constrained upside and widened spreads. |

---

Franklin Convertible Securities Fund PAGE 1 137-ATSR-1225

------

**HOW DID THE FUND PERFORM OVER THE LAST 10 YEARS?**

**The Fund's past performance is not necessarily an indication of how the Fund will perform in the future.** The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

**VALUE OF A $** **10,000 INVESTMENT ($** **9,450 AFTER MAXIMUM APPLICABLE SALES CHARGE) –**

**Class A** 10/31/2015 — 10/31/2025

![image](ts5806img003.jpg)

**AVERAGE ANNUAL TOTAL RETURNS (%)** Period Ended October 31, 2025

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| **Class A**  | 16.44 | 8.33 | 11.89 |
| **Class A (with sales charge)**  | 10.05 | 7.11 | 11.26 |
| **Bloomberg U.S. Aggregate Index**  | 6.16 | -0.24 | 1.90 |
| **ICE BofA Convertibles Total Return Alternatives Index**  | 25.63 | 7.14 | 9.92 |

---

Fund performance figures may reflect fee waivers and/or expense reimbursements, without which the performance would have been lower.

Performance for periods prior to September 10, 2018, has been restated to reflect the current maximum sales charge, which is lower than the maximum sales charge prior to that date.

For current month-end performance, please call Franklin Templeton at (800) DIAL BEN/342-5236 or visit

https://www.franklintempleton.com/investments/options/mutual-funds.

Important data provider notices and terms available at www.franklintempletondatasources.com.

**KEY FUND STATISTICS** (as of October 31, 2025)

---

| | |
|:---|:---|
| **Total Net Assets** | $3034632224 |
| **Total Number of Portfolio Holdings** | 77 |
| **Total Management Fee Paid** | $12909817 |
| **Portfolio Turnover Rate** | 30.12% |

---

Franklin Convertible Securities Fund PAGE 2 137-ATSR-1225

------

**WHAT DID THE FUND INVEST IN?** (as of October 31, 2025)

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

![image](ts5806img004.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 |

---

**HOUSEHOLDING**

You will receive the Fund's shareholder reports every six months. In addition, you will receive an annual updated summary prospectus (detail prospectus available upon request). To reduce Fund expenses, we try to identify related shareholders in a household and send only one copy of the shareholder reports and summary prospectus. This process, called "householding," will continue indefinitely unless you instruct us otherwise. If you prefer not to have these documents householded, please call us at (800) DIAL BEN/342-5236. At any time, you may view current prospectuses/summary prospectuses and shareholder reports on our website. If you choose, you may receive these documents through electronic delivery.

Franklin Convertible Securities Fund PAGE 3 137-ATSR-1225

9450100561190512816145901947724927199572008024957290581000010437105311031511502122141215510249102861137012071100001023511811126701452718241231791837416782205002575481.815.90.50.21.6 ------

---

| | |
|:---|:---|
| **Franklin Convertible Securities Fund**  | ![image](img2199_202405220716489.jpg) |
| Class C [FROTX] | ![image](img2199_202405220716489.jpg) |
| Annual Shareholder Report \| October 31, 2025  | ![image](img2199_202405220716489.jpg) |
| ![image](img2195_202408190904545.jpg) | ![image](img2195_202408190904545.jpg) |

---

This annual shareholder report contains important information about Franklin Convertible Securities Fund for the period November 1, 2024, to October 31, 2025.

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 YEAR?** (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>  |
| Class C | $168 | 1.56% |

---

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

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

For the twelve months ended October 31, 2025, Class C shares of Franklin Convertible Securities Fund returned 15.54%. The Fund compares its performance to the ICE BofA Convertibles Total Return Alternatives Index, which returned 25.63% for the same period.

**PERFORMANCE HIGHLIGHTS**

---

| | |
|:---|:---|
| **Top contributors to performance:** | **Top contributors to performance:** |
| ↑ | The Fund posted widespread gains as nine out of 11 sector allocations added to its absolute returns. The most impressive gains were provided by convertible bond holdings in the information technology (IT), health care, consumer discretionary, industrials and materials sectors. When combined, these allocations covered just over two-thirds of the portfolio (on average). |
| ↑ | Select outliers to the upside gained more than 60%, including key contributors Axon Enterprise in the industrials sector, Snowflake in IT, Wayfair and The RealReal in consumer discretionary, and Mirum Pharmaceuticals (sold by period-end) in health care. |
| ↑ | In general, the Fund was supported by robust new convertible security issuance—especially in the U.S.—and strong investor demand as issuers used convertibles to refinance higher-cost debt, plus favorable conditions for growth-sector equities and occasional bouts of elevated volatility, which typically boosts the embedded option value (i.e., the worth of the bondholder's right to convert the bond into shares of the issuing company's stock at a set price). |

---

---

| | |
|:---|:---|
| **Top detractors from performance:** | **Top detractors from performance:** |
| ↓ | Holdings in the consumer staples and financials sectors had mixed results and collectively failed to advance, but their negative impact on absolute performance was minimal by comparison to the Fund's overall gains. Freshpet was a major detractor in consumer staples, while Shift4 Payments and Apollo Global Management anchored the downside in financials. |
| ↓ | The other key detractors reduced the Fund's gains within sectors that were net contributors, including Wolfspeed and BILL Holdings in IT; Integer Holdings, which was the sole outlier to the downside in health care (countered by 13 net contributors); Booking Holdings (sold by period-end) in consumer discretionary; and Zillow Group (sold by period-end), which was our only detractor in real estate. |
| ↓ | Overall, the U.S. and global convertible markets faced a few challenges during an otherwise strong year driven by broad-based gains and healthy new issuance. The short list of detrimental factors included pressure from elevated interest rates and relatively weak small- and mid-capitalization equity performance, along with some issuance caution amid geopolitical/trade-policy risk, which constrained upside and widened spreads. |

---

Franklin Convertible Securities Fund PAGE 1 237-ATSR-1225

------

**HOW DID THE FUND PERFORM OVER THE LAST 10 YEARS?**

**The Fund's past performance is not necessarily an indication of how the Fund will perform in the future.** The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

**VALUE OF A $** **10,000 INVESTMENT –** **Class C** 10/31/2015 — 10/31/2025

![image](ts5807img003.jpg)

**AVERAGE ANNUAL TOTAL RETURNS (%)** Period Ended October 31, 2025

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| **Class C**  | 15.54 | 7.52 | 11.05 |
| **Class C (with sales charge)**  | 14.54 | 7.52 | 11.05 |
| **Bloomberg U.S. Aggregate Index**  | 6.16 | -0.24 | 1.90 |
| **ICE BofA Convertibles Total Return Alternatives Index**  | 25.63 | 7.14 | 9.92 |

---

Fund performance figures may reflect fee waivers and/or expense reimbursements, without which the performance would have been lower.

For current month-end performance, please call Franklin Templeton at (800) DIAL BEN/342-5236 or visit

https://www.franklintempleton.com/investments/options/mutual-funds.

Important data provider notices and terms available at www.franklintempletondatasources.com.

**KEY FUND STATISTICS** (as of October 31, 2025)

---

| | |
|:---|:---|
| **Total Net Assets** | $3034632224 |
| **Total Number of Portfolio Holdings** | 77 |
| **Total Management Fee Paid** | $12909817 |
| **Portfolio Turnover Rate** | 30.12% |

---

**WHAT DID THE FUND INVEST IN?** (as of October 31, 2025)

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

![image](ts5807img004.jpg)

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

Franklin Convertible Securities Fund PAGE 2 237-ATSR-1225

------

---

| | |
|:---|:---|
| ![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 |

---

**HOUSEHOLDING**

You will receive the Fund's shareholder reports every six months. In addition, you will receive an annual updated summary prospectus (detail prospectus available upon request). To reduce Fund expenses, we try to identify related shareholders in a household and send only one copy of the shareholder reports and summary prospectus. This process, called "householding," will continue indefinitely unless you instruct us otherwise. If you prefer not to have these documents householded, please call us at (800) DIAL BEN/342-5236. At any time, you may view current prospectuses/summary prospectuses and shareholder reports on our website. If you choose, you may receive these documents through electronic delivery.

Franklin Convertible Securities Fund PAGE 3 237-ATSR-1225

10000105651241313262149901985925228200502001824696285341000010437105311031511502122141215510249102861137012071100001023511811126701452718241231791837416782205002575481.815.90.50.21.6 ------

---

| | |
|:---|:---|
| **Franklin Convertible Securities Fund**  | ![image](img2199_202405220716489.jpg) |
| Class R6 [FCSKX] | ![image](img2199_202405220716489.jpg) |
| Annual Shareholder Report \| October 31, 2025  | ![image](img2199_202405220716489.jpg) |
| ![image](img2195_202408190904545.jpg) | ![image](img2195_202408190904545.jpg) |

---

This annual shareholder report contains important information about Franklin Convertible Securities Fund for the period November 1, 2024, to October 31, 2025.

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 YEAR?** (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>  |
| Class R6 | $54 | 0.50% |

---

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

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

For the twelve months ended October 31, 2025, Class R6 shares of Franklin Convertible Securities Fund returned 16.80%. The Fund compares its performance to the ICE BofA Convertibles Total Return Alternatives Index, which returned 25.63% for the same period.

**PERFORMANCE HIGHLIGHTS**

---

| | |
|:---|:---|
| **Top contributors to performance:** | **Top contributors to performance:** |
| ↑ | The Fund posted widespread gains as nine out of 11 sector allocations added to its absolute returns. The most impressive gains were provided by convertible bond holdings in the information technology (IT), health care, consumer discretionary, industrials and materials sectors. When combined, these allocations covered just over two-thirds of the portfolio (on average). |
| ↑ | Select outliers to the upside gained more than 60%, including key contributors Axon Enterprise in the industrials sector, Snowflake in IT, Wayfair and The RealReal in consumer discretionary, and Mirum Pharmaceuticals (sold by period-end) in health care. |
| ↑ | In general, the Fund was supported by robust new convertible security issuance—especially in the U.S.—and strong investor demand as issuers used convertibles to refinance higher-cost debt, plus favorable conditions for growth-sector equities and occasional bouts of elevated volatility, which typically boosts the embedded option value (i.e., the worth of the bondholder's right to convert the bond into shares of the issuing company's stock at a set price). |

---

---

| | |
|:---|:---|
| **Top detractors from performance:** | **Top detractors from performance:** |
| ↓ | Holdings in the consumer staples and financials sectors had mixed results and collectively failed to advance, but their negative impact on absolute performance was minimal by comparison to the Fund's overall gains. Freshpet was a major detractor in consumer staples, while Shift4 Payments and Apollo Global Management anchored the downside in financials. |
| ↓ | The other key detractors reduced the Fund's gains within sectors that were net contributors, including Wolfspeed and BILL Holdings in IT; Integer Holdings, which was the sole outlier to the downside in health care (countered by 13 net contributors); Booking Holdings (sold by period-end) in consumer discretionary; and Zillow Group (sold by period-end), which was our only detractor in real estate. |
| ↓ | Overall, the U.S. and global convertible markets faced a few challenges during an otherwise strong year driven by broad-based gains and healthy new issuance. The short list of detrimental factors included pressure from elevated interest rates and relatively weak small- and mid-capitalization equity performance, along with some issuance caution amid geopolitical/trade-policy risk, which constrained upside and widened spreads. |

---

Franklin Convertible Securities Fund PAGE 1 837-ATSR-1225

------

**HOW DID THE FUND PERFORM OVER THE LAST 10 YEARS?**

**The Fund's past performance is not necessarily an indication of how the Fund will perform in the future.** The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

**VALUE OF A $** **10,000 INVESTMENT –** **Class R6** 10/31/2015 — 10/31/2025

![image](ts5808img003.jpg)

**AVERAGE ANNUAL TOTAL RETURNS (%)** Period Ended October 31, 2025

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| **Class R6**  | 16.80 | 8.69 | 12.27 |
| **Bloomberg U.S. Aggregate Index**  | 6.16 | -0.24 | 1.90 |
| **ICE BofA Convertibles Total Return Alternatives Index**  | 25.63 | 7.14 | 9.92 |

---

Fund performance figures may reflect fee waivers and/or expense reimbursements, without which the performance would have been lower.

For current month-end performance, please call Franklin Templeton at (800) DIAL BEN/342-5236 or visit

https://www.franklintempleton.com/investments/options/mutual-funds.

Important data provider notices and terms available at www.franklintempletondatasources.com.

**KEY FUND STATISTICS** (as of October 31, 2025)

---

| | |
|:---|:---|
| **Total Net Assets** | $3034632224 |
| **Total Number of Portfolio Holdings** | 77 |
| **Total Management Fee Paid** | $12909817 |
| **Portfolio Turnover Rate** | 30.12% |

---

**WHAT DID THE FUND INVEST IN?** (as of October 31, 2025)

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

![image](ts5808img004.jpg)

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

Franklin Convertible Securities Fund PAGE 2 837-ATSR-1225

------

---

| | |
|:---|:---|
| ![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 |

---

**HOUSEHOLDING**

You will receive the Fund's shareholder reports every six months. In addition, you will receive an annual updated summary prospectus (detail prospectus available upon request). To reduce Fund expenses, we try to identify related shareholders in a household and send only one copy of the shareholder reports and summary prospectus. This process, called "householding," will continue indefinitely unless you instruct us otherwise. If you prefer not to have these documents householded, please call us at (800) DIAL BEN/342-5236. At any time, you may view current prospectuses/summary prospectuses and shareholder reports on our website. If you choose, you may receive these documents through electronic delivery.

Franklin Convertible Securities Fund PAGE 3 837-ATSR-1225

10000106781269013713156692097926943216492184227239318161000010437105311031511502122141215510249102861137012071100001023511811126701452718241231791837416782205002575481.815.90.50.21.6 ------

---

| | |
|:---|:---|
| **Franklin Convertible Securities Fund**  | ![image](img2199_202405220716489.jpg) |
| Advisor Class [FCSZX] | ![image](img2199_202405220716489.jpg) |
| Annual Shareholder Report \| October 31, 2025  | ![image](img2199_202405220716489.jpg) |
| ![image](img2195_202408190904545.jpg) | ![image](img2195_202408190904545.jpg) |

---

This annual shareholder report contains important information about Franklin Convertible Securities Fund for the period November 1, 2024, to October 31, 2025.

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 YEAR?** (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>  |
| Advisor Class | $61 | 0.56% |

---

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

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

For the twelve months ended October 31, 2025, Advisor Class shares of Franklin Convertible Securities Fund returned 16.73%. The Fund compares its performance to the ICE BofA Convertibles Total Return Alternatives Index, which returned 25.63% for the same period.

**PERFORMANCE HIGHLIGHTS**

---

| | |
|:---|:---|
| **Top contributors to performance:** | **Top contributors to performance:** |
| ↑ | The Fund posted widespread gains as nine out of 11 sector allocations added to its absolute returns. The most impressive gains were provided by convertible bond holdings in the information technology (IT), health care, consumer discretionary, industrials and materials sectors. When combined, these allocations covered just over two-thirds of the portfolio (on average). |
| ↑ | Select outliers to the upside gained more than 60%, including key contributors Axon Enterprise in the industrials sector, Snowflake in IT, Wayfair and The RealReal in consumer discretionary, and Mirum Pharmaceuticals (sold by period-end) in health care. |
| ↑ | In general, the Fund was supported by robust new convertible security issuance—especially in the U.S.—and strong investor demand as issuers used convertibles to refinance higher-cost debt, plus favorable conditions for growth-sector equities and occasional bouts of elevated volatility, which typically boosts the embedded option value (i.e., the worth of the bondholder's right to convert the bond into shares of the issuing company's stock at a set price). |

---

---

| | |
|:---|:---|
| **Top detractors from performance:** | **Top detractors from performance:** |
| ↓ | Holdings in the consumer staples and financials sectors had mixed results and collectively failed to advance, but their negative impact on absolute performance was minimal by comparison to the Fund's overall gains. Freshpet was a major detractor in consumer staples, while Shift4 Payments and Apollo Global Management anchored the downside in financials. |
| ↓ | The other key detractors reduced the Fund's gains within sectors that were net contributors, including Wolfspeed and BILL Holdings in IT; Integer Holdings, which was the sole outlier to the downside in health care (countered by 13 net contributors); Booking Holdings (sold by period-end) in consumer discretionary; and Zillow Group (sold by period-end), which was our only detractor in real estate. |
| ↓ | Overall, the U.S. and global convertible markets faced a few challenges during an otherwise strong year driven by broad-based gains and healthy new issuance. The short list of detrimental factors included pressure from elevated interest rates and relatively weak small- and mid-capitalization equity performance, along with some issuance caution amid geopolitical/trade-policy risk, which constrained upside and widened spreads. |

---

Franklin Convertible Securities Fund PAGE 1 637-ATSR-1225

------

**HOW DID THE FUND PERFORM OVER THE LAST 10 YEARS?**

**The Fund's past performance is not necessarily an indication of how the Fund will perform in the future.** The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

**VALUE OF A $** **10,000 INVESTMENT –** **Advisor Class** 10/31/2015 — 10/31/2025

![image](ts5805img003.jpg)

**AVERAGE ANNUAL TOTAL RETURNS (%)** Period Ended October 31, 2025

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| **Advisor Class**  | 16.73 | 8.60 | 12.17 |
| **Bloomberg U.S. Aggregate Index**  | 6.16 | -0.24 | 1.90 |
| **ICE BofA Convertibles Total Return Alternatives Index**  | 25.63 | 7.14 | 9.92 |

---

Fund performance figures may reflect fee waivers and/or expense reimbursements, without which the performance would have been lower.

For current month-end performance, please call Franklin Templeton at (800) DIAL BEN/342-5236 or visit

https://www.franklintempleton.com/investments/options/mutual-funds.

Important data provider notices and terms available at www.franklintempletondatasources.com.

**KEY FUND STATISTICS** (as of October 31, 2025)

---

| | |
|:---|:---|
| **Total Net Assets** | $3034632224 |
| **Total Number of Portfolio Holdings** | 77 |
| **Total Management Fee Paid** | $12909817 |
| **Portfolio Turnover Rate** | 30.12% |

---

**WHAT DID THE FUND INVEST IN?** (as of October 31, 2025)

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

![image](ts5805img004.jpg)

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

Franklin Convertible Securities Fund PAGE 2 637-ATSR-1225

------

---

| | |
|:---|:---|
| ![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 |

---

**HOUSEHOLDING**

You will receive the Fund's shareholder reports every six months. In addition, you will receive an annual updated summary prospectus (detail prospectus available upon request). To reduce Fund expenses, we try to identify related shareholders in a household and send only one copy of the shareholder reports and summary prospectus. This process, called "householding," will continue indefinitely unless you instruct us otherwise. If you prefer not to have these documents householded, please call us at (800) DIAL BEN/342-5236. At any time, you may view current prospectuses/summary prospectuses and shareholder reports on our website. If you choose, you may receive these documents through electronic delivery.

Franklin Convertible Securities Fund PAGE 3 637-ATSR-1225

10000106681266213663156002087426789214972168527018315371000010437105311031511502122141215510249102861137012071100001023511811126701452718241231791837416782205002575481.815.90.50.21.6 ------

---

| | |
|:---|:---|
| **Franklin Equity Income Fund**  | ![image](img2199_202405220716489.jpg) |
| Class A [FISEX] | ![image](img2199_202405220716489.jpg) |
| Annual Shareholder Report \| October 31, 2025  | ![image](img2199_202405220716489.jpg) |
| ![image](img2195_202408190904545.jpg) | ![image](img2195_202408190904545.jpg) |

---

This annual shareholder report contains important information about Franklin Equity Income Fund for the period November 1, 2024, to October 31, 2025.

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.

***This report describes changes to the Fund that occurred during the reporting period.***

**WHAT WERE THE FUND COSTS FOR THE LAST YEAR?** (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>  |
| Class A | $85 | 0.79% |

---

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

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

For the twelve months ended October 31, 2025, Class A shares of Franklin Equity Income Fund returned 13.95%. The Fund compares its performance to the Russell 1000 Value Index and the S&P 500 Index, which returned 11.15% and 21.45%, respectively, for the same period.

**PERFORMANCE HIGHLIGHTS**

---

| | |
|:---|:---|
| **Top contributors to absolute performance:** | **Top contributors to absolute performance:** |
| ↑ | The financials, information technology (IT) and industrials sectors contributed most to absolute performance over the period. In the financials sector, the recovery in capital markets, improvement in the economic growth outlook following initial fears about tariffs in April and expectations of interest rate cuts lifted shares of JPMorgan Chase and Morgan Stanley. |
| ↑ | In the IT sector, chipmaker Broadcom was a top contributor. Demand for artificial intelligence (AI)-related semiconductors remained quite strong. Expectations for cash flow and earnings continued to rise throughout the period under review. |
| ↑ | In the industrials sector, RTX was a meaningful contributor delivering robust performance along with solid earnings and optimistic guidance. Overall, contractors that make weapons and defense equipment rallied during the period with growth driven by rising global defense budgets. |

---

---

| | |
|:---|:---|
| **Top detractors from absolute performance:** | **Top detractors from absolute performance:** |
| ↓ | The health care and materials sectors were the only detractors from absolute performance. The health care sector was particularly hard hit by an investment in UnitedHealth Group. The health insurer's stock declined following several notable events, including the resignation of the company's chief executive officer, the withdrawal of its 2025 outlook and an investigation by the U.S. Department of Justice into its billing practices. The Fund significantly reduced exposure over the period. |
| ↓ | While IT and industrials were leading contributors to returns, these sectors included several detractors that hurt fund performance. A position in Texas Instruments hindered returns in the IT sector. A slow recovery in key markets along with competition from AI-focused peers weighed on the chipmaker. |
| ↓ | A slowdown in volume hindered results for United Parcel Service in the industrials sector, which the Fund exited over the period. A decline in full-year revenue, structural challenges and trade headwinds kept pressure on the package delivery company. |

---

Franklin Equity Income Fund PAGE 1 139-ATSR-1225

------

**HOW DID THE FUND PERFORM OVER THE LAST 10 YEARS?**

**The Fund's past performance is not necessarily an indication of how the Fund will perform in the future.** The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

**VALUE OF A $** **10,000 INVESTMENT ($** **9,450 AFTER MAXIMUM APPLICABLE SALES CHARGE) –**

**Class A** 10/31/2015 — 10/31/2025

![image](ts5797img003.jpg)

**AVERAGE ANNUAL TOTAL RETURNS (%)** Period Ended October 31, 2025

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| **Class A**  | 13.95 | 14.50 | 10.67 |
| **Class A (with sales charge)**  | 7.67 | 13.21 | 10.05 |
| **Russell 3000 Index**  | 20.81 | 16.74 | 14.08 |
| **Russell 1000 Value Index**  | 11.15 | 14.28 | 9.97 |
| **S&P 500 Index**  | 21.45 | 17.64 | 14.63 |

---

Fund performance figures may reflect fee waivers and/or expense reimbursements, without which the performance would have been lower.

Performance for periods prior to September 10, 2018, has been restated to reflect the current maximum sales charge, which is lower than the maximum sales charge prior to that date.

For current month-end performance, please call Franklin Templeton at (800) DIAL BEN/342-5236 or visit

https://www.franklintempleton.com/investments/options/mutual-funds.

Important data provider notices and terms available at www.franklintempletondatasources.com.

**KEY FUND STATISTICS** (as of October 31, 2025)

---

| | |
|:---|:---|
| **Total Net Assets** | $4537270448 |
| **Total Number of Portfolio Holdings** | 85 |
| **Total Management Fee Paid** | $19084000 |
| **Portfolio Turnover Rate** | 33.33% |

---

Franklin Equity Income Fund PAGE 2 139-ATSR-1225

------

**WHAT DID THE FUND INVEST IN?** (as of October 31, 2025)

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

![image](ts5797img004.jpg)

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

**HOW HAS THE FUND CHANGED?**

Effective October 31, 2025, Daniel Nuckles was added as Portfolio Manager of the Fund.

This is a summary of a change to the Fund since November 1, 2024. For more complete information, you may review the Fund's current prospectus and any applicable supplements and the Fund's next prospectus, which we expect to be available by March 1, 2026,

at https://www.franklintempleton.com/regulatory-fund-documents or upon request at (800) DIAL BEN/342-5236 or

prospectus.us.franklintempleton@fisglobal.com.

---

| | |
|:---|:---|
| ![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 |

---

**HOUSEHOLDING**

You will receive the Fund's shareholder reports every six months. In addition, you will receive an annual updated summary prospectus (detail prospectus available upon request). To reduce Fund expenses, we try to identify related shareholders in a household and send only one copy of the shareholder reports and summary prospectus. This process, called "householding," will continue indefinitely unless you instruct us otherwise. If you prefer not to have these documents householded, please call us at (800) DIAL BEN/342-5236. At any time, you may view current prospectuses/summary prospectuses and shareholder reports on our website. If you choose, you may receive these documents through electronic delivery.

Franklin Equity Income Fund PAGE 3 139-ATSR-1225

9450976311574120351356713237186081715017107228642605410000104241292413776156351722124782206882242230910373431000010637125281290914356132701907717742177662326925863100001045112921138701585717397248622123023383322723919621.816.211.89.18.57.76.85.94.03.71.82.7 ------

---

| | |
|:---|:---|
| **Franklin Equity Income Fund**  | ![image](img2199_202405220716489.jpg) |
| Class C [FRETX] | ![image](img2199_202405220716489.jpg) |
| Annual Shareholder Report \| October 31, 2025  | ![image](img2199_202405220716489.jpg) |
| ![image](img2195_202408190904545.jpg) | ![image](img2195_202408190904545.jpg) |

---

This annual shareholder report contains important information about Franklin Equity Income Fund for the period November 1, 2024, to October 31, 2025.

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.

***This report describes changes to the Fund that occurred during the reporting period.***

**WHAT WERE THE FUND COSTS FOR THE LAST YEAR?** (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>  |
| Class C | $164 | 1.54% |

---

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

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

For the twelve months ended October 31, 2025, Class C shares of Franklin Equity Income Fund returned 13.09%. The Fund compares its performance to the Russell 1000 Value Index and the S&P 500 Index, which returned 11.15% and 21.45%, respectively, for the same period.

**PERFORMANCE HIGHLIGHTS**

---

| | |
|:---|:---|
| **Top contributors to absolute performance:** | **Top contributors to absolute performance:** |
| ↑ | The financials, information technology (IT) and industrials sectors contributed most to absolute performance over the period. In the financials sector, the recovery in capital markets, improvement in the economic growth outlook following initial fears about tariffs in April and expectations of interest rate cuts lifted shares of JPMorgan Chase and Morgan Stanley. |
| ↑ | In the IT sector, chipmaker Broadcom was a top contributor. Demand for artificial intelligence (AI)-related semiconductors remained quite strong. Expectations for cash flow and earnings continued to rise throughout the period under review. |
| ↑ | In the industrials sector, RTX was a meaningful contributor delivering robust performance along with solid earnings and optimistic guidance. Overall, contractors that make weapons and defense equipment rallied during the period with growth driven by rising global defense budgets. |

---

---

| | |
|:---|:---|
| **Top detractors from absolute performance:** | **Top detractors from absolute performance:** |
| ↓ | The health care and materials sectors were the only detractors from absolute performance. The health care sector was particularly hard hit by an investment in UnitedHealth Group. The health insurer's stock declined following several notable events, including the resignation of the company's chief executive officer, the withdrawal of its 2025 outlook and an investigation by the U.S. Department of Justice into its billing practices. The Fund significantly reduced exposure over the period. |
| ↓ | While IT and industrials were leading contributors to returns, these sectors included several detractors that hurt fund performance. A position in Texas Instruments hindered returns in the IT sector. A slow recovery in key markets along with competition from AI-focused peers weighed on the chipmaker. |
| ↓ | A slowdown in volume hindered results for United Parcel Service in the industrials sector, which the Fund exited over the period. A decline in full-year revenue, structural challenges and trade headwinds kept pressure on the package delivery company. |

---

Franklin Equity Income Fund PAGE 1 239-ATSR-1225

------

**HOW DID THE FUND PERFORM OVER THE LAST 10 YEARS?**

**The Fund's past performance is not necessarily an indication of how the Fund will perform in the future.** The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

**VALUE OF A $** **10,000 INVESTMENT –** **Class C** 10/31/2015 — 10/31/2025

![image](ts5799img003.jpg)

**AVERAGE ANNUAL TOTAL RETURNS (%)** Period Ended October 31, 2025

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| **Class C**  | 13.09 | 13.64 | 9.84 |
| **Class C (with sales charge)**  | 12.09 | 13.64 | 9.84 |
| **Russell 3000 Index**  | 20.81 | 16.74 | 14.08 |
| **Russell 1000 Value Index**  | 11.15 | 14.28 | 9.97 |
| **S&P 500 Index**  | 21.45 | 17.64 | 14.63 |

---

Fund performance figures may reflect fee waivers and/or expense reimbursements, without which the performance would have been lower.

For current month-end performance, please call Franklin Templeton at (800) DIAL BEN/342-5236 or visit

https://www.franklintempleton.com/investments/options/mutual-funds.

Important data provider notices and terms available at www.franklintempletondatasources.com.

**KEY FUND STATISTICS** (as of October 31, 2025)

---

| | |
|:---|:---|
| **Total Net Assets** | $4537270448 |
| **Total Number of Portfolio Holdings** | 85 |
| **Total Management Fee Paid** | $19084000 |
| **Portfolio Turnover Rate** | 33.33% |

---

Franklin Equity Income Fund PAGE 2 239-ATSR-1225

------

**WHAT DID THE FUND INVEST IN?** (as of October 31, 2025)

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

![image](ts5799img004.jpg)

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

**HOW HAS THE FUND CHANGED?**

Effective October 31, 2025, Daniel Nuckles was added as Portfolio Manager of the Fund.

This is a summary of a change to the Fund since November 1, 2024. For more complete information, you may review the Fund's current prospectus and any applicable supplements and the Fund's next prospectus, which we expect to be available by March 1, 2026,

at https://www.franklintempleton.com/regulatory-fund-documents or upon request at (800) DIAL BEN/342-5236 or

prospectus.us.franklintempleton@fisglobal.com.

---

| | |
|:---|:---|
| ![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 |

---

**HOUSEHOLDING**

You will receive the Fund's shareholder reports every six months. In addition, you will receive an annual updated summary prospectus (detail prospectus available upon request). To reduce Fund expenses, we try to identify related shareholders in a household and send only one copy of the shareholder reports and summary prospectus. This process, called "householding," will continue indefinitely unless you instruct us otherwise. If you prefer not to have these documents householded, please call us at (800) DIAL BEN/342-5236. At any time, you may view current prospectuses/summary prospectuses and shareholder reports on our website. If you choose, you may receive these documents through electronic delivery.

Franklin Equity Income Fund PAGE 3 239-ATSR-1225

100001025112069124501393413489188191721417047226092556810000104241292413776156351722124782206882242230910373431000010637125281290914356132701907717742177662326925863100001045112921138701585717397248622123023383322723919621.816.211.89.18.57.76.85.94.03.71.82.7 ------

---

| | |
|:---|:---|
| **Franklin Equity Income Fund**  | ![image](img2199_202405220716489.jpg) |
| Class R [FREIX] | ![image](img2199_202405220716489.jpg) |
| Annual Shareholder Report \| October 31, 2025  | ![image](img2199_202405220716489.jpg) |
| ![image](img2195_202408190904545.jpg) | ![image](img2195_202408190904545.jpg) |

---

This annual shareholder report contains important information about Franklin Equity Income Fund for the period November 1, 2024, to October 31, 2025.

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.

***This report describes changes to the Fund that occurred during the reporting period.***

**WHAT WERE THE FUND COSTS FOR THE LAST YEAR?** (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>  |
| Class R | $111 | 1.04% |

---

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

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

For the twelve months ended October 31, 2025, Class R shares of Franklin Equity Income Fund returned 13.66%. The Fund compares its performance to the Russell 1000 Value Index and the S&P 500 Index, which returned 11.15% and 21.45%, respectively, for the same period.

**PERFORMANCE HIGHLIGHTS**

---

| | |
|:---|:---|
| **Top contributors to absolute performance:** | **Top contributors to absolute performance:** |
| ↑ | The financials, information technology (IT) and industrials sectors contributed most to absolute performance over the period. In the financials sector, the recovery in capital markets, improvement in the economic growth outlook following initial fears about tariffs in April and expectations of interest rate cuts lifted shares of JPMorgan Chase and Morgan Stanley. |
| ↑ | In the IT sector, chipmaker Broadcom was a top contributor. Demand for artificial intelligence (AI)-related semiconductors remained quite strong. Expectations for cash flow and earnings continued to rise throughout the period under review. |
| ↑ | In the industrials sector, RTX was a meaningful contributor delivering robust performance along with solid earnings and optimistic guidance. Overall, contractors that make weapons and defense equipment rallied during the period with growth driven by rising global defense budgets. |

---

---

| | |
|:---|:---|
| **Top detractors from absolute performance:** | **Top detractors from absolute performance:** |
| ↓ | The health care and materials sectors were the only detractors from absolute performance. The health care sector was particularly hard hit by an investment in UnitedHealth Group. The health insurer's stock declined following several notable events, including the resignation of the company's chief executive officer, the withdrawal of its 2025 outlook and an investigation by the U.S. Department of Justice into its billing practices. The Fund significantly reduced exposure over the period. |
| ↓ | While IT and industrials were leading contributors to returns, these sectors included several detractors that hurt fund performance. A position in Texas Instruments hindered returns in the IT sector. A slow recovery in key markets along with competition from AI-focused peers weighed on the chipmaker. |
| ↓ | A slowdown in volume hindered results for United Parcel Service in the industrials sector, which the Fund exited over the period. A decline in full-year revenue, structural challenges and trade headwinds kept pressure on the package delivery company. |

---

Franklin Equity Income Fund PAGE 1 839-ATSR-1225

------

**HOW DID THE FUND PERFORM OVER THE LAST 10 YEARS?**

**The Fund's past performance is not necessarily an indication of how the Fund will perform in the future.** The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

**VALUE OF A $** **10,000 INVESTMENT –** **Class R** 10/31/2015 — 10/31/2025

![image](ts5803img003.jpg)

**AVERAGE ANNUAL TOTAL RETURNS (%)** Period Ended October 31, 2025

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| **Class R**  | 13.66 | 14.21 | 10.41 |
| **Russell 3000 Index**  | 20.81 | 16.74 | 14.08 |
| **Russell 1000 Value Index**  | 11.15 | 14.28 | 9.97 |
| **S&P 500 Index**  | 21.45 | 17.64 | 14.63 |

---

Fund performance figures may reflect fee waivers and/or expense reimbursements, without which the performance would have been lower.

For current month-end performance, please call Franklin Templeton at (800) DIAL BEN/342-5236 or visit

https://www.franklintempleton.com/investments/options/mutual-funds.

Important data provider notices and terms available at www.franklintempletondatasources.com.

**KEY FUND STATISTICS** (as of October 31, 2025)

---

| | |
|:---|:---|
| **Total Net Assets** | $4537270448 |
| **Total Number of Portfolio Holdings** | 85 |
| **Total Management Fee Paid** | $19084000 |
| **Portfolio Turnover Rate** | 33.33% |

---

Franklin Equity Income Fund PAGE 2 839-ATSR-1225

------

**WHAT DID THE FUND INVEST IN?** (as of October 31, 2025)

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

![image](ts5803img004.jpg)

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

**HOW HAS THE FUND CHANGED?**

Effective October 31, 2025, Daniel Nuckles was added as Portfolio Manager of the Fund.

This is a summary of a change to the Fund since November 1, 2024. For more complete information, you may review the Fund's current prospectus and any applicable supplements and the Fund's next prospectus, which we expect to be available by March 1, 2026,

at https://www.franklintempleton.com/regulatory-fund-documents or upon request at (800) DIAL BEN/342-5236 or

prospectus.us.franklintempleton@fisglobal.com.

---

| | |
|:---|:---|
| ![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 |

---

**HOUSEHOLDING**

You will receive the Fund's shareholder reports every six months. In addition, you will receive an annual updated summary prospectus (detail prospectus available upon request). To reduce Fund expenses, we try to identify related shareholders in a household and send only one copy of the shareholder reports and summary prospectus. This process, called "householding," will continue indefinitely unless you instruct us otherwise. If you prefer not to have these documents householded, please call us at (800) DIAL BEN/342-5236. At any time, you may view current prospectuses/summary prospectuses and shareholder reports on our website. If you choose, you may receive these documents through electronic delivery.

Franklin Equity Income Fund PAGE 3 839-ATSR-1225

100001030512191126471422813855195831800317909238772713710000104241292413776156351722124782206882242230910373431000010637125281290914356132701907717742177662326925863100001045112921138701585717397248622123023383322723919621.816.211.89.18.57.76.85.94.03.71.82.7 ------

---

| | |
|:---|:---|
| **Franklin Equity Income Fund**  | ![image](img2199_202405220716489.jpg) |
| Class R6 [FEIQX] | ![image](img2199_202405220716489.jpg) |
| Annual Shareholder Report \| October 31, 2025  | ![image](img2199_202405220716489.jpg) |
| ![image](img2195_202408190904545.jpg) | ![image](img2195_202408190904545.jpg) |

---

This annual shareholder report contains important information about Franklin Equity Income Fund for the period November 1, 2024, to October 31, 2025.

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.

***This report describes changes to the Fund that occurred during the reporting period.***

**WHAT WERE THE FUND COSTS FOR THE LAST YEAR?** (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>  |
| Class R6 | $52 | 0.49% |

---

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

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

For the twelve months ended October 31, 2025, Class R6 shares of Franklin Equity Income Fund returned 14.27%. The Fund compares its performance to the Russell 1000 Value Index and the S&P 500 Index, which returned 11.15% and 21.45%, respectively, for the same period.

**PERFORMANCE HIGHLIGHTS**

---

| | |
|:---|:---|
| **Top contributors to absolute performance:** | **Top contributors to absolute performance:** |
| ↑ | The financials, information technology (IT) and industrials sectors contributed most to absolute performance over the period. In the financials sector, the recovery in capital markets, improvement in the economic growth outlook following initial fears about tariffs in April and expectations of interest rate cuts lifted shares of JPMorgan Chase and Morgan Stanley. |
| ↑ | In the IT sector, chipmaker Broadcom was a top contributor. Demand for artificial intelligence (AI)-related semiconductors remained quite strong. Expectations for cash flow and earnings continued to rise throughout the period under review. |
| ↑ | In the industrials sector, RTX was a meaningful contributor delivering robust performance along with solid earnings and optimistic guidance. Overall, contractors that make weapons and defense equipment rallied during the period with growth driven by rising global defense budgets. |

---

---

| | |
|:---|:---|
| **Top detractors from absolute performance:** | **Top detractors from absolute performance:** |
| ↓ | The health care and materials sectors were the only detractors from absolute performance. The health care sector was particularly hard hit by an investment in UnitedHealth Group. The health insurer's stock declined following several notable events, including the resignation of the company's chief executive officer, the withdrawal of its 2025 outlook and an investigation by the U.S. Department of Justice into its billing practices. The Fund significantly reduced exposure over the period. |
| ↓ | While IT and industrials were leading contributors to returns, these sectors included several detractors that hurt fund performance. A position in Texas Instruments hindered returns in the IT sector. A slow recovery in key markets along with competition from AI-focused peers weighed on the chipmaker. |
| ↓ | A slowdown in volume hindered results for United Parcel Service in the industrials sector, which the Fund exited over the period. A decline in full-year revenue, structural challenges and trade headwinds kept pressure on the package delivery company. |

---

Franklin Equity Income Fund PAGE 1 369-ATSR-1225

------

**HOW DID THE FUND PERFORM OVER THE LAST 10 YEARS?**

**The Fund's past performance is not necessarily an indication of how the Fund will perform in the future.** The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

**VALUE OF A $** **10,000 INVESTMENT –** **Class R6** 10/31/2015 — 10/31/2025

![image](ts5801img003.jpg)

**AVERAGE ANNUAL TOTAL RETURNS (%)** Period Ended October 31, 2025

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| **Class R6**  | 14.27 | 14.87 | 11.06 |
| **Russell 3000 Index**  | 20.81 | 16.74 | 14.08 |
| **Russell 1000 Value Index**  | 11.15 | 14.28 | 9.97 |
| **S&P 500 Index**  | 21.45 | 17.64 | 14.63 |

---

Fund performance figures may reflect fee waivers and/or expense reimbursements, without which the performance would have been lower.

For current month-end performance, please call Franklin Templeton at (800) DIAL BEN/342-5236 or visit

https://www.franklintempleton.com/investments/options/mutual-funds.

Important data provider notices and terms available at www.franklintempletondatasources.com.

**KEY FUND STATISTICS** (as of October 31, 2025)

---

| | |
|:---|:---|
| **Total Net Assets** | $4537270448 |
| **Total Number of Portfolio Holdings** | 85 |
| **Total Management Fee Paid** | $19084000 |
| **Portfolio Turnover Rate** | 33.33% |

---

Franklin Equity Income Fund PAGE 2 369-ATSR-1225

------

**WHAT DID THE FUND INVEST IN?** (as of October 31, 2025)

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

![image](ts5801img004.jpg)

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

**HOW HAS THE FUND CHANGED?**

Effective October 31, 2025, Daniel Nuckles was added as Portfolio Manager of the Fund.

This is a summary of a change to the Fund since November 1, 2024. For more complete information, you may review the Fund's current prospectus and any applicable supplements and the Fund's next prospectus, which we expect to be available by March 1, 2026,

at https://www.franklintempleton.com/regulatory-fund-documents or upon request at (800) DIAL BEN/342-5236 or

prospectus.us.franklintempleton@fisglobal.com.

---

| | |
|:---|:---|
| ![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 |

---

**HOUSEHOLDING**

You will receive the Fund's shareholder reports every six months. In addition, you will receive an annual updated summary prospectus (detail prospectus available upon request). To reduce Fund expenses, we try to identify related shareholders in a household and send only one copy of the shareholder reports and summary prospectus. This process, called "householding," will continue indefinitely unless you instruct us otherwise. If you prefer not to have these documents householded, please call us at (800) DIAL BEN/342-5236. At any time, you may view current prospectuses/summary prospectuses and shareholder reports on our website. If you choose, you may receive these documents through electronic delivery.

Franklin Equity Income Fund PAGE 3 369-ATSR-1225

100001037212343128801457014269201221860718621249742853810000104241292413776156351722124782206882242230910373431000010637125281290914356132701907717742177662326925863100001045112921138701585717397248622123023383322723919621.816.211.89.18.57.76.85.94.03.71.82.7 ------

---

| | |
|:---|:---|
| **Franklin Equity Income Fund**  | ![image](img2199_202405220716489.jpg) |
| Advisor Class [FEIFX] | ![image](img2199_202405220716489.jpg) |
| Annual Shareholder Report \| October 31, 2025  | ![image](img2199_202405220716489.jpg) |
| ![image](img2195_202408190904545.jpg) | ![image](img2195_202408190904545.jpg) |

---

This annual shareholder report contains important information about Franklin Equity Income Fund for the period November 1, 2024, to October 31, 2025.

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.

***This report describes changes to the Fund that occurred during the reporting period.***

**WHAT WERE THE FUND COSTS FOR THE LAST YEAR?** (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>  |
| Advisor Class | $58 | 0.54% |

---

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

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

For the twelve months ended October 31, 2025, Advisor Class shares of Franklin Equity Income Fund returned 14.24%. The Fund compares its performance to the Russell 1000 Value Index and the S&P 500 Index, which returned 11.15% and 21.45%, respectively, for the same period.

**PERFORMANCE HIGHLIGHTS**

---

| | |
|:---|:---|
| **Top contributors to absolute performance:** | **Top contributors to absolute performance:** |
| ↑ | The financials, information technology (IT) and industrials sectors contributed most to absolute performance over the period. In the financials sector, the recovery in capital markets, improvement in the economic growth outlook following initial fears about tariffs in April and expectations of interest rate cuts lifted shares of JPMorgan Chase and Morgan Stanley. |
| ↑ | In the IT sector, chipmaker Broadcom was a top contributor. Demand for artificial intelligence (AI)-related semiconductors remained quite strong. Expectations for cash flow and earnings continued to rise throughout the period under review. |
| ↑ | In the industrials sector, RTX was a meaningful contributor delivering robust performance along with solid earnings and optimistic guidance. Overall, contractors that make weapons and defense equipment rallied during the period with growth driven by rising global defense budgets. |

---

---

| | |
|:---|:---|
| **Top detractors from absolute performance:** | **Top detractors from absolute performance:** |
| ↓ | The health care and materials sectors were the only detractors from absolute performance. The health care sector was particularly hard hit by an investment in UnitedHealth Group. The health insurer's stock declined following several notable events, including the resignation of the company's chief executive officer, the withdrawal of its 2025 outlook and an investigation by the U.S. Department of Justice into its billing practices. The Fund significantly reduced exposure over the period. |
| ↓ | While IT and industrials were leading contributors to returns, these sectors included several detractors that hurt fund performance. A position in Texas Instruments hindered returns in the IT sector. A slow recovery in key markets along with competition from AI-focused peers weighed on the chipmaker. |
| ↓ | A slowdown in volume hindered results for United Parcel Service in the industrials sector, which the Fund exited over the period. A decline in full-year revenue, structural challenges and trade headwinds kept pressure on the package delivery company. |

---

Franklin Equity Income Fund PAGE 1 639-ATSR-1225

------

**HOW DID THE FUND PERFORM OVER THE LAST 10 YEARS?**

**The Fund's past performance is not necessarily an indication of how the Fund will perform in the future.** The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

**VALUE OF A $** **10,000 INVESTMENT –** **Advisor Class** 10/31/2015 — 10/31/2025

![image](ts5796img003.jpg)

**AVERAGE ANNUAL TOTAL RETURNS (%)** Period Ended October 31, 2025

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| **Advisor Class**  | 14.24 | 14.79 | 10.95 |
| **Russell 3000 Index**  | 20.81 | 16.74 | 14.08 |
| **Russell 1000 Value Index**  | 11.15 | 14.28 | 9.97 |
| **S&P 500 Index**  | 21.45 | 17.64 | 14.63 |

---

Fund performance figures may reflect fee waivers and/or expense reimbursements, without which the performance would have been lower.

For current month-end performance, please call Franklin Templeton at (800) DIAL BEN/342-5236 or visit

https://www.franklintempleton.com/investments/options/mutual-funds.

Important data provider notices and terms available at www.franklintempletondatasources.com.

**KEY FUND STATISTICS** (as of October 31, 2025)

---

| | |
|:---|:---|
| **Total Net Assets** | $4537270448 |
| **Total Number of Portfolio Holdings** | 85 |
| **Total Management Fee Paid** | $19084000 |
| **Portfolio Turnover Rate** | 33.33% |

---

Franklin Equity Income Fund PAGE 2 639-ATSR-1225

------

**WHAT DID THE FUND INVEST IN?** (as of October 31, 2025)

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

![image](ts5796img004.jpg)

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

**HOW HAS THE FUND CHANGED?**

Effective October 31, 2025, Daniel Nuckles was added as Portfolio Manager of the Fund.

This is a summary of a change to the Fund since November 1, 2024. For more complete information, you may review the Fund's current prospectus and any applicable supplements and the Fund's next prospectus, which we expect to be available by March 1, 2026,

at https://www.franklintempleton.com/regulatory-fund-documents or upon request at (800) DIAL BEN/342-5236 or

prospectus.us.franklintempleton@fisglobal.com.

---

| | |
|:---|:---|
| ![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 |

---

**HOUSEHOLDING**

You will receive the Fund's shareholder reports every six months. In addition, you will receive an annual updated summary prospectus (detail prospectus available upon request). To reduce Fund expenses, we try to identify related shareholders in a household and send only one copy of the shareholder reports and summary prospectus. This process, called "householding," will continue indefinitely unless you instruct us otherwise. If you prefer not to have these documents householded, please call us at (800) DIAL BEN/342-5236. At any time, you may view current prospectuses/summary prospectuses and shareholder reports on our website. If you choose, you may receive these documents through electronic delivery.

Franklin Equity Income Fund PAGE 3 639-ATSR-1225

100001035312308128281450014183199901846718467247442826710000104241292413776156351722124782206882242230910373431000010637125281290914356132701907717742177662326925863100001045112921138701585717397248622123023383322723919621.816.211.89.18.57.76.85.94.03.71.82.7 ------

---

| | |
|:---|:---|
| **Franklin Floating Rate Daily Access Fund**  | ![image](img2199_202405220716489.jpg) |
| Class A [FAFRX] | ![image](img2199_202405220716489.jpg) |
| Annual Shareholder Report \| October 31, 2025  | ![image](img2199_202405220716489.jpg) |
| ![image](img2195_202408190904545.jpg) | ![image](img2195_202408190904545.jpg) |

---

This annual shareholder report contains important information about Franklin Floating Rate Daily Access Fund for the period November 1, 2024, to October 31, 2025.

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 YEAR?** (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>  |
| Class A | $96 | 0.93% |

---

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

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

For the twelve months ended October 31, 2025, Class A shares of Franklin Floating Rate Daily Access Fund returned 5.42%. The Fund compares its performance to the Morningstar LSTA U.S. Leveraged Loan Index, which returned 6.32% for the same period.

**PERFORMANCE HIGHLIGHTS**

---

| | |
|:---|:---|
| **Top contributors to performance:** | **Top contributors to performance:** |
| Security selection in: | Security selection in: |
| ↑ | Retailer loans |
| ↑ | Chemical industry loans |
| ↑ | Technology industry loans |

---

---

| | |
|:---|:---|
| **Top detractors from performance:** | **Top detractors from performance:** |
| ↓ | Yield curve exposure |
| ↓ | Security selection in healthcare loans |
| ↓ | Security selection in media non-cable loans |

---

Franklin Floating Rate Daily Access Fund PAGE 1 489-ATSR-1225

------

**HOW DID THE FUND PERFORM OVER THE LAST 10 YEARS?**

**The Fund's past performance is not necessarily an indication of how the Fund will perform in the future.** The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

**VALUE OF A $** **10,000 INVESTMENT ($** **9,775 AFTER MAXIMUM APPLICABLE SALES CHARGE) –**

**Class A** 10/31/2015 — 10/31/2025

![image](ts5793img003.jpg)

**AVERAGE ANNUAL TOTAL RETURNS (%)** Period Ended October 31, 2025

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| **Class A**  | 5.42 | 7.33 | 4.29 |
| **Class A (with sales charge)**  | 3.01 | 6.84 | 4.05 |
| **Bloomberg U.S. Aggregate Index**  | 6.16 | -0.24 | 1.90 |
| **Morningstar LSTA U.S. Leveraged Loan Index**  | 6.32 | 6.97 | 5.52 |

---

Fund performance figures may reflect fee waivers and/or expense reimbursements, without which the performance would have been lower.

For current month-end performance, please call Franklin Templeton at (800) DIAL BEN/342-5236 or visit

https://www.franklintempleton.com/investments/options/mutual-funds.

Important data provider notices and terms available at www.franklintempletondatasources.com.

**KEY FUND STATISTICS** (as of October 31, 2025)

---

| | |
|:---|:---|
| **Total Net Assets** | $1401902020 |
| **Total Number of Portfolio Holdings** | 298 |
| **Total Management Fee Paid** | $8099442 |
| **Portfolio Turnover Rate** | 46.13% |

---

Franklin Floating Rate Daily Access Fund PAGE 2 489-ATSR-1225

------

**WHAT DID THE FUND INVEST IN?** (as of October 31, 2025)

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

![image](ts5793img004.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 |

---

**HOUSEHOLDING**

You will receive the Fund's shareholder reports every six months. In addition, you will receive an annual updated summary prospectus (detail prospectus available upon request). To reduce Fund expenses, we try to identify related shareholders in a household and send only one copy of the shareholder reports and summary prospectus. This process, called "householding," will continue indefinitely unless you instruct us otherwise. If you prefer not to have these documents householded, please call us at (800) DIAL BEN/342-5236. At any time, you may view current prospectuses/summary prospectuses and shareholder reports on our website. If you choose, you may receive these documents through electronic delivery.

Franklin Floating Rate Daily Access Fund PAGE 3 489-ATSR-1225

9775105181088711211111121044511675112961283114112148771000010437105311031511502122141215510249102861137012071100001065311192117001201212219132541301814555160921710982.75.31.20.90.00.09.9 ------

---

| | |
|:---|:---|
| **Franklin Floating Rate Daily Access Fund**  | ![image](img2199_202405220716489.jpg) |
| Class C [FCFRX] | ![image](img2199_202405220716489.jpg) |
| Annual Shareholder Report \| October 31, 2025  | ![image](img2199_202405220716489.jpg) |
| ![image](img2195_202408190904545.jpg) | ![image](img2195_202408190904545.jpg) |

---

This annual shareholder report contains important information about Franklin Floating Rate Daily Access Fund for the period November 1, 2024, to October 31, 2025.

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 YEAR?** (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>  |
| Class C | $136 | 1.33% |

---

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

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

For the twelve months ended October 31, 2025, Class C shares of Franklin Floating Rate Daily Access Fund returned 5.00%. The Fund compares its performance to the Morningstar LSTA U.S. Leveraged Loan Index, which returned 6.32% for the same period.

**PERFORMANCE HIGHLIGHTS**

---

| | |
|:---|:---|
| **Top contributors to performance:** | **Top contributors to performance:** |
| Security selection in: | Security selection in: |
| ↑ | Retailer loans |
| ↑ | Chemical industry loans |
| ↑ | Technology industry loans |

---

---

| | |
|:---|:---|
| **Top detractors from performance:** | **Top detractors from performance:** |
| ↓ | Yield curve exposure |
| ↓ | Security selection in healthcare loans |
| ↓ | Security selection in media non-cable loans |

---

Franklin Floating Rate Daily Access Fund PAGE 1 589-ATSR-1225

------

**HOW DID THE FUND PERFORM OVER THE LAST 10 YEARS?**

**The Fund's past performance is not necessarily an indication of how the Fund will perform in the future.** The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

**VALUE OF A $** **10,000 INVESTMENT –** **Class C** 10/31/2015 — 10/31/2025

![image](ts5794img003.jpg)

**AVERAGE ANNUAL TOTAL RETURNS (%)** Period Ended October 31, 2025

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| **Class C**  | 5.00 | 6.90 | 3.87 |
| **Class C (with sales charge)**  | 4.03 | 6.90 | 3.87 |
| **Bloomberg U.S. Aggregate Index**  | 6.16 | -0.24 | 1.90 |
| **Morningstar LSTA U.S. Leveraged Loan Index**  | 6.32 | 6.97 | 5.52 |

---

Fund performance figures may reflect fee waivers and/or expense reimbursements, without which the performance would have been lower.

For current month-end performance, please call Franklin Templeton at (800) DIAL BEN/342-5236 or visit

https://www.franklintempleton.com/investments/options/mutual-funds.

Important data provider notices and terms available at www.franklintempletondatasources.com.

**KEY FUND STATISTICS** (as of October 31, 2025)

---

| | |
|:---|:---|
| **Total Net Assets** | $1401902020 |
| **Total Number of Portfolio Holdings** | 298 |
| **Total Management Fee Paid** | $8099442 |
| **Portfolio Turnover Rate** | 46.13% |

---

**WHAT DID THE FUND INVEST IN?** (as of October 31, 2025)

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

![image](ts5794img004.jpg)

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

† Certain
 categories may represent less than 0.1%.

Franklin Floating Rate Daily Access Fund PAGE 2 589-ATSR-1225

------

---

| | |
|:---|:---|
| ![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 |

---

**HOUSEHOLDING**

You will receive the Fund's shareholder reports every six months. In addition, you will receive an annual updated summary prospectus (detail prospectus available upon request). To reduce Fund expenses, we try to identify related shareholders in a household and send only one copy of the shareholder reports and summary prospectus. This process, called "householding," will continue indefinitely unless you instruct us otherwise. If you prefer not to have these documents householded, please call us at (800) DIAL BEN/342-5236. At any time, you may view current prospectuses/summary prospectuses and shareholder reports on our website. If you choose, you may receive these documents through electronic delivery.

Franklin Floating Rate Daily Access Fund PAGE 3 589-ATSR-1225

10000107181105111347111901047511661112381271413927146231000010437105311031511502122141215510249102861137012071100001065311192117001201212219132541301814555160921710982.75.31.20.90.00.09.9 ------

---

| | |
|:---|:---|
| **Franklin Floating Rate Daily Access Fund**  | ![image](img2199_202405220716489.jpg) |
| Class R6 [FFRDX] | ![image](img2199_202405220716489.jpg) |
| Annual Shareholder Report \| October 31, 2025  | ![image](img2199_202405220716489.jpg) |
| ![image](img2195_202408190904545.jpg) | ![image](img2195_202408190904545.jpg) |

---

This annual shareholder report contains important information about Franklin Floating Rate Daily Access Fund for the period November 1, 2024, to October 31, 2025.

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 YEAR?** (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>  |
| Class R6 | $62 | 0.60% |

---

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

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

For the twelve months ended October 31, 2025, Class R6 shares of Franklin Floating Rate Daily Access Fund returned 5.76%. The Fund compares its performance to the Morningstar LSTA U.S. Leveraged Loan Index, which returned 6.32% for the same period.

**PERFORMANCE HIGHLIGHTS**

---

| | |
|:---|:---|
| **Top contributors to performance:** | **Top contributors to performance:** |
| Security selection in: | Security selection in: |
| ↑ | Retailer loans |
| ↑ | Chemical industry loans |
| ↑ | Technology industry loans |

---

---

| | |
|:---|:---|
| **Top detractors from performance:** | **Top detractors from performance:** |
| ↓ | Yield curve exposure |
| ↓ | Security selection in healthcare loans |
| ↓ | Security selection in media non-cable loans |

---

Franklin Floating Rate Daily Access Fund PAGE 1 389-ATSR-1225

------

**HOW DID THE FUND PERFORM OVER THE LAST 10 YEARS?**

**The Fund's past performance is not necessarily an indication of how the Fund will perform in the future.** The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

**VALUE OF A $** **10,000 INVESTMENT –** **Class R6** 10/31/2015 — 10/31/2025

![image](ts5795img003.jpg)

**AVERAGE ANNUAL TOTAL RETURNS (%)** Period Ended October 31, 2025

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| **Class R6**  | 5.76 | 7.69 | 4.65 |
| **Bloomberg U.S. Aggregate Index**  | 6.16 | -0.24 | 1.90 |
| **Morningstar LSTA U.S. Leveraged Loan Index**  | 6.32 | 6.97 | 5.52 |

---

Fund performance figures may reflect fee waivers and/or expense reimbursements, without which the performance would have been lower.

For current month-end performance, please call Franklin Templeton at (800) DIAL BEN/342-5236 or visit

https://www.franklintempleton.com/investments/options/mutual-funds.

Important data provider notices and terms available at www.franklintempletondatasources.com.

**KEY FUND STATISTICS** (as of October 31, 2025)

---

| | |
|:---|:---|
| **Total Net Assets** | $1401902020 |
| **Total Number of Portfolio Holdings** | 298 |
| **Total Management Fee Paid** | $8099442 |
| **Portfolio Turnover Rate** | 46.13% |

---

**WHAT DID THE FUND INVEST IN?** (as of October 31, 2025)

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

![image](ts5795img004.jpg)

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

† Certain
 categories may represent less than 0.1%.

Franklin Floating Rate Daily Access Fund PAGE 2 389-ATSR-1225

------

---

| | |
|:---|:---|
| ![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 |

---

**HOUSEHOLDING**

You will receive the Fund's shareholder reports every six months. In addition, you will receive an annual updated summary prospectus (detail prospectus available upon request). To reduce Fund expenses, we try to identify related shareholders in a household and send only one copy of the shareholder reports and summary prospectus. This process, called "householding," will continue indefinitely unless you instruct us otherwise. If you prefer not to have these documents householded, please call us at (800) DIAL BEN/342-5236. At any time, you may view current prospectuses/summary prospectuses and shareholder reports on our website. If you choose, you may receive these documents through electronic delivery.

Franklin Floating Rate Daily Access Fund PAGE 3 389-ATSR-1225

10000107961121211597115341087812199118421349914894157511000010437105311031511502122141215510249102861137012071100001065311192117001201212219132541301814555160921710982.75.31.20.90.00.09.9 ------

---

| | |
|:---|:---|
| **Franklin Floating Rate Daily Access Fund**  | ![image](img2199_202405220716489.jpg) |
| Advisor Class [FDAAX] | ![image](img2199_202405220716489.jpg) |
| Annual Shareholder Report \| October 31, 2025  | ![image](img2199_202405220716489.jpg) |
| ![image](img2195_202408190904545.jpg) | ![image](img2195_202408190904545.jpg) |

---

This annual shareholder report contains important information about Franklin Floating Rate Daily Access Fund for the period November 1, 2024, to October 31, 2025.

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 YEAR?** (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>  |
| Advisor Class | $70 | 0.68% |

---

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

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

For the twelve months ended October 31, 2025, Advisor Class shares of Franklin Floating Rate Daily Access Fund returned 5.69%. The Fund compares its performance to the Morningstar LSTA U.S. Leveraged Loan Index, which returned 6.32% for the same period.

**PERFORMANCE HIGHLIGHTS**

---

| | |
|:---|:---|
| **Top contributors to performance:** | **Top contributors to performance:** |
| Security selection in: | Security selection in: |
| ↑ | Retailer loans |
| ↑ | Chemical industry loans |
| ↑ | Technology industry loans |

---

---

| | |
|:---|:---|
| **Top detractors from performance:** | **Top detractors from performance:** |
| ↓ | Yield curve exposure |
| ↓ | Security selection in healthcare loans |
| ↓ | Security selection in media non-cable loans |

---

Franklin Floating Rate Daily Access Fund PAGE 1 689-ATSR-1225

------

**HOW DID THE FUND PERFORM OVER THE LAST 10 YEARS?**

**The Fund's past performance is not necessarily an indication of how the Fund will perform in the future.** The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

**VALUE OF A $** **10,000 INVESTMENT –** **Advisor Class** 10/31/2015 — 10/31/2025

![image](ts5792img003.jpg)

**AVERAGE ANNUAL TOTAL RETURNS (%)** Period Ended October 31, 2025

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| **Advisor Class**  | 5.69 | 7.60 | 4.55 |
| **Bloomberg U.S. Aggregate Index**  | 6.16 | -0.24 | 1.90 |
| **Morningstar LSTA U.S. Leveraged Loan Index**  | 6.32 | 6.97 | 5.52 |

---

Fund performance figures may reflect fee waivers and/or expense reimbursements, without which the performance would have been lower.

For current month-end performance, please call Franklin Templeton at (800) DIAL BEN/342-5236 or visit

https://www.franklintempleton.com/investments/options/mutual-funds.

Important data provider notices and terms available at www.franklintempletondatasources.com.

**KEY FUND STATISTICS** (as of October 31, 2025)

---

| | |
|:---|:---|
| **Total Net Assets** | $1401902020 |
| **Total Number of Portfolio Holdings** | 298 |
| **Total Management Fee Paid** | $8099442 |
| **Portfolio Turnover Rate** | 46.13% |

---

**WHAT DID THE FUND INVEST IN?** (as of October 31, 2025)

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

![image](ts5792img004.jpg)

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

† Certain
 categories may represent less than 0.1%.

Franklin Floating Rate Daily Access Fund PAGE 2 689-ATSR-1225

------

---

| | |
|:---|:---|
| ![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 |

---

**HOUSEHOLDING**

You will receive the Fund's shareholder reports every six months. In addition, you will receive an annual updated summary prospectus (detail prospectus available upon request). To reduce Fund expenses, we try to identify related shareholders in a household and send only one copy of the shareholder reports and summary prospectus. This process, called "householding," will continue indefinitely unless you instruct us otherwise. If you prefer not to have these documents householded, please call us at (800) DIAL BEN/342-5236. At any time, you may view current prospectuses/summary prospectuses and shareholder reports on our website. If you choose, you may receive these documents through electronic delivery.

Franklin Floating Rate Daily Access Fund PAGE 3 689-ATSR-1225

10000108001119311567114811081812121117571338714759155981000010437105311031511502122141215510249102861137012071100001065311192117001201212219132541301814555160921710982.75.31.20.90.00.09.9 ------

---

| | |
|:---|:---|
| **Franklin Long Duration Credit Fund**  | ![image](img2199_202405220716489.jpg) |
| Class R6 [FLDBX] | ![image](img2199_202405220716489.jpg) |
| Annual Shareholder Report \| October 31, 2025  | ![image](img2199_202405220716489.jpg) |
| ![image](img2195_202408190904545.jpg) | ![image](img2195_202408190904545.jpg) |

---

This annual shareholder report contains important information about Franklin Long Duration Credit Fund for the period November 1, 2024, to October 31, 2025.

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.

***This report describes changes to the Fund that occurred during the reporting period.***

**WHAT WERE THE FUND COSTS FOR THE LAST YEAR?** (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>  |
| Class R6 | $22 | 0.21% |

---

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

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

For the twelve months ended October 31, 2025, Class R6 shares of Franklin Long Duration Credit Fund returned 5.76%. The Fund compares its performance to the Bloomberg U.S. Long Credit Index, which returned 6.01% for the same period.

**PERFORMANCE HIGHLIGHTS**

---

| | |
|:---|:---|
| **Top contributors to performance:** | **Top contributors to performance:** |
| ↑ | Duration and yield curve positioning |
| ↑ | Security selection in communications |
| ↑ | Security selection in consumer non-cyclical |

---

---

| | |
|:---|:---|
| **Top detractors from performance:** | **Top detractors from performance:** |
| ↓ | Underweight allocation and security selection in sovereign issues |
| ↓ | Overweight allocation to U.S. Treasuries |
| ↓ | Overweight allocation and security selection in other industrials |

---

Franklin Long Duration Credit Fund PAGE 1 814-ATSR-1225

------

**HOW DID THE FUND PERFORM OVER THE LAST 10 YEARS?**

**The Fund's past performance is not necessarily an indication of how the Fund will perform in the future.** The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

**VALUE OF A $** **10,000 INVESTMENT –** **Class R6** 8/22/2023 — 10/31/2025

![image](ts5791img003.jpg)

**AVERAGE ANNUAL TOTAL RETURNS (%)** Period Ended October 31, 2025

---

| | | |
|:---|:---|:---|
|  | **1 Year** | **Since Inception**<br>**(8/22/2023)** |
| **Class R6**  | 5.76 | 7.64 |
| **Bloomberg U.S. Aggregate Index**  | 6.16 | 6.32 |
| **Bloomberg U.S. Long Credit Index**  | 6.01 | 7.93 |

---

Fund performance figures may reflect fee waivers and/or expense reimbursements, without which the performance would have been lower.

For current month-end performance, please call Franklin Templeton at (800) DIAL BEN/342-5236 or visit

https://www.franklintempleton.com/investments/options/mutual-funds.

Important data provider notices and terms available at www.franklintempletondatasources.com.

**KEY FUND STATISTICS** (as of October 31, 2025)

---

| | |
|:---|:---|
| **Total Net Assets** | $62949596 |
| **Total Number of Portfolio Holdings** | 349 |
| **Total Management Fee Paid** | $0 |
| **Portfolio Turnover Rate** | 33.30% |

---

**WHAT DID THE FUND INVEST IN?** (as of October 31, 2025)

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

![image](ts5791img004.jpg)

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

Franklin Long Duration Credit Fund PAGE 2 814-ATSR-1225

------

**HOW HAS THE FUND CHANGED?**

Effective December 12, 2024, Franklin Advisers, Inc. was hired as sub-adviser to the Fund.

Effective December 13, 2024, George Bailey no longer serves as a portfolio manager to the Fund.

Effective March 1, 2025, the Adviser contractually agreed to waive fees and/or reimburse operating expenses (excluding Rule 12b-1 fees, interest expense, acquired fund fees and expenses and certain non-routine expenses or costs) for the Fund so that the ratio of total annual fund operating expenses will not exceed 0.33% for Class A, Class R and Advisor Class shares, and will not exceed 0.30% for Class R6 shares. These arrangements are expected to continue until February 28, 2026. Prior to March 1, 2025, the Adviser had agreed to waive the Fund's investment management fee so that it would not exceed 0.00% and had agreed to waive fees and/or reimburse operating expenses (excluding Rule 12b-1 fees, interest expense, acquired fund fees and expenses and certain non-routine expenses or costs) for the Fund so that the ratio of total annual fund operating expenses will not exceed 0.09% for each share class. These prior waivers expired on February 28, 2025.

This is a summary of certain changes to the Fund since November 1, 2024. For more complete information, you may review the Fund's current prospectus and any applicable supplements and the Fund's next prospectus, which we expect to be available by March 1, 2026, at https://www.franklintempleton.com/regulatory-fund-documents or upon request at (800) DIAL BEN/342-5236 or

prospectus.us.franklintempleton@fisglobal.com.

---

| | |
|:---|:---|
| ![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 |

---

**HOUSEHOLDING**

You will receive the Fund's shareholder reports every six months. In addition, you will receive an annual updated summary prospectus (detail prospectus available upon request). To reduce Fund expenses, we try to identify related shareholders in a household and send only one copy of the shareholder reports and summary prospectus. This process, called "householding," will continue indefinitely unless you instruct us otherwise. If you prefer not to have these documents householded, please call us at (800) DIAL BEN/342-5236. At any time, you may view current prospectuses/summary prospectuses and shareholder reports on our website. If you choose, you may receive these documents through electronic delivery.

Franklin Long Duration Credit Fund PAGE 3 814-ATSR-1225

1000093611098310357110481111110931110011127311751100009531103151000410510105361052910807108661118510000890610465988110537105811039610476107351121790.44.62.31.80.9 ------

---

| | |
|:---|:---|
| **Franklin Low Duration Total Return Fund**  | ![image](img2199_202405220716489.jpg) |
| Class A [FLDAX] | ![image](img2199_202405220716489.jpg) |
| Annual Shareholder Report \| October 31, 2025  | ![image](img2199_202405220716489.jpg) |
| ![image](img2195_202408190904545.jpg) | ![image](img2195_202408190904545.jpg) |

---

This annual shareholder report contains important information about Franklin Low Duration Total Return Fund for the period November 1, 2024, to October 31, 2025.

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.

***This report describes changes to the Fund that occurred during the reporting period.***

**WHAT WERE THE FUND COSTS FOR THE LAST YEAR?** (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>  |
| Class A | $68 | 0.66% |

---

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

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

For the twelve months ended October 31, 2025, Class A shares of Franklin Low Duration Total Return Fund returned 5.08%. The Fund compares its performance to the Bloomberg U.S. Government & Credit (1-3 Year) Index, which returned 5.07% for the same period.

**PERFORMANCE HIGHLIGHTS**

---

| | |
|:---|:---|
| **Top contributors to performance:** | **Top contributors to performance:** |
| ↑ | Security selection in investment-grade corporate bonds |
| ↑ | Out of index allocation to collateralized loan obligations |
| ↑ | Out of index allocation to agency collateralized mortgage obligations |

---

---

| | |
|:---|:---|
| **Top detractors from performance:** | **Top detractors from performance:** |
| ↓ | Security selection in commercial mortgage-backed securities |
| ↓ | Overall duration positioning |
| ↓ | Security selection in senior secured floating-rate bank loans |

---

---

| | | |
|:---|:---|:---|
| Franklin Low Duration Total Return Fund | PAGE 1 | 401-ATSR-1225 |

---

------

**HOW DID THE FUND PERFORM OVER THE LAST 10 YEARS?**

**The Fund's past performance is not necessarily an indication of how the Fund will perform in the future.** The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

**VALUE OF A $** **10,000 INVESTMENT ($** **9,775 AFTER MAXIMUM APPLICABLE SALES CHARGE) –**

**Class A** 10/31/2015 — 10/31/2025

![image](ts5787img003.jpg)

**AVERAGE ANNUAL TOTAL RETURNS (%)** Period Ended October 31, 2025

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| **Class A**  | 5.08 | 2.52 | 2.20 |
| **Class A (with sales charge)**  | 2.68 | 2.05 | 1.97 |
| **Bloomberg U.S. Aggregate Index**  | 6.16 | -0.24 | 1.90 |
| **Bloomberg U.S. Government & Credit (1-3 Year) Index**  | 5.07 | 1.84 | 1.97 |

---

Fund performance figures may reflect fee waivers and/or expense reimbursements, without which the performance would have been lower.

Effective March 1, 2025, the Fund adopted its current investment strategy.

For current month-end performance, please call Franklin Templeton at (800) DIAL BEN/342-5236 or visit

https://www.franklintempleton.com/investments/options/mutual-funds.

Important data provider notices and terms available at www.franklintempletondatasources.com.

**KEY FUND STATISTICS** (as of October 31, 2025)

---

| | |
|:---|:---|
| **Total Net Assets** | $1954842516 |
| **Total Number of Portfolio Holdings (excludes derivatives, except purchased options, if any)** | 762 |
| **Total Management Fee Paid** | $4630712 |
| **Portfolio Turnover Rate** | 69.99% |

---

---

| | | |
|:---|:---|:---|
| Franklin Low Duration Total Return Fund | PAGE 2 | 401-ATSR-1225 |

---

------

**WHAT DID THE FUND INVEST IN?** (as of October 31, 2025)

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

![image](ts5787img004.jpg)

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

† Certain
 categories may represent less than 0.1%.

**HOW HAS THE FUND CHANGED?**

On March 1, 2025, the Fund's principal investment strategies were revised to remove investments in marketplace loans to consumers and small and mid-sized enterprises or companies as a principal investment strategy of the Fund.

In connection with the changes to the principal investment strategies, principal risk disclosure regarding marketplace loans was removed.

This is a summary of certain changes to the Fund since November 1, 2024. For more complete information, you may review the Fund's current prospectus and any applicable supplements and the Fund's next prospectus, which we expect to be available by March 1, 2026, at https://www.franklintempleton.com/regulatory-fund-documents or upon request at (800) DIAL BEN/342-5236 or

prospectus.us.franklintempleton@fisglobal.com.

---

| | |
|:---|:---|
| ![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 |

---

**HOUSEHOLDING**

You will receive the Fund's shareholder reports every six months. In addition, you will receive an annual updated summary prospectus (detail prospectus available upon request). To reduce Fund expenses, we try to identify related shareholders in a household and send only one copy of the shareholder reports and summary prospectus. This process, called "householding," will continue indefinitely unless you instruct us otherwise. If you prefer not to have these documents householded, please call us at (800) DIAL BEN/342-5236. At any time, you may view current prospectuses/summary prospectuses and shareholder reports on our website. If you choose, you may receive these documents through electronic delivery.

---

| | | |
|:---|:---|:---|
| Franklin Low Duration Total Return Fund | PAGE 3 | 401-ATSR-1225 |

---

977599591010810163105471073411043103701083511567121551000010437105311031511502122141215510249102861137012071100001013110199102341073411097110921055110891115721215835.820.016.18.67.43.72.61.10.90.90.20.00.00.02.7 ------

---

| | |
|:---|:---|
| **Franklin Low Duration Total Return Fund**  | ![image](img2199_202405220716489.jpg) |
| Class C [FLDCX] | ![image](img2199_202405220716489.jpg) |
| Annual Shareholder Report \| October 31, 2025  | ![image](img2199_202405220716489.jpg) |
| ![image](img2195_202408190904545.jpg) | ![image](img2195_202408190904545.jpg) |

---

This annual shareholder report contains important information about Franklin Low Duration Total Return Fund for the period November 1, 2024, to October 31, 2025.

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.

***This report describes changes to the Fund that occurred during the reporting period.***

**WHAT WERE THE FUND COSTS FOR THE LAST YEAR?** (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>  |
| Class C | $108 | 1.06% |

---

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

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

For the twelve months ended October 31, 2025, Class C shares of Franklin Low Duration Total Return Fund returned 4.69%. The Fund compares its performance to the Bloomberg U.S. Government & Credit (1-3 Year) Index, which returned 5.07% for the same period.

**PERFORMANCE HIGHLIGHTS**

---

| | |
|:---|:---|
| **Top contributors to performance:** | **Top contributors to performance:** |
| ↑ | Security selection in investment-grade corporate bonds |
| ↑ | Out of index allocation to collateralized loan obligations |
| ↑ | Out of index allocation to agency collateralized mortgage obligations |

---

---

| | |
|:---|:---|
| **Top detractors from performance:** | **Top detractors from performance:** |
| ↓ | Security selection in commercial mortgage-backed securities |
| ↓ | Overall duration positioning |
| ↓ | Security selection in senior secured floating-rate bank loans |

---

---

| | | |
|:---|:---|:---|
| Franklin Low Duration Total Return Fund | PAGE 1 | 501-ATSR-1225 |

---

------

**HOW DID THE FUND PERFORM OVER THE LAST 10 YEARS?**

**The Fund's past performance is not necessarily an indication of how the Fund will perform in the future.** The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

**VALUE OF A $** **10,000 INVESTMENT –** **Class C** 10/31/2015 — 10/31/2025

![image](ts5788img003.jpg)

**AVERAGE ANNUAL TOTAL RETURNS (%)** Period Ended October 31, 2025

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| **Class C**  | 4.69 | 2.13 | 1.80 |
| **Class C (with sales charge)**  | 3.69 | 2.13 | 1.80 |
| **Bloomberg U.S. Aggregate Index**  | 6.16 | -0.24 | 1.90 |
| **Bloomberg U.S. Government & Credit (1-3 Year) Index**  | 5.07 | 1.84 | 1.97 |

---

Fund performance figures may reflect fee waivers and/or expense reimbursements, without which the performance would have been lower.

Effective March 1, 2025, the Fund adopted its current investment strategy.

For current month-end performance, please call Franklin Templeton at (800) DIAL BEN/342-5236 or visit

https://www.franklintempleton.com/investments/options/mutual-funds.

Important data provider notices and terms available at www.franklintempletondatasources.com.

**KEY FUND STATISTICS** (as of October 31, 2025)

---

| | |
|:---|:---|
| **Total Net Assets** | $1954842516 |
| **Total Number of Portfolio Holdings (excludes derivatives, except purchased options, if any)** | 762 |
| **Total Management Fee Paid** | $4630712 |
| **Portfolio Turnover Rate** | 69.99% |

---

---

| | | |
|:---|:---|:---|
| Franklin Low Duration Total Return Fund | PAGE 2 | 501-ATSR-1225 |

---

------

**WHAT DID THE FUND INVEST IN?** (as of October 31, 2025)

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

![image](ts5788img004.jpg)

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

† Certain
 categories may represent less than 0.1%.

**HOW HAS THE FUND CHANGED?**

On March 1, 2025, the Fund's principal investment strategies were revised to remove investments in marketplace loans to consumers and small and mid-sized enterprises or companies as a principal investment strategy of the Fund.

In connection with the changes to the principal investment strategies, principal risk disclosure regarding marketplace loans was removed.

This is a summary of certain changes to the Fund since November 1, 2024. For more complete information, you may review the Fund's current prospectus and any applicable supplements and the Fund's next prospectus, which we expect to be available by March 1, 2026, at https://www.franklintempleton.com/regulatory-fund-documents or upon request at (800) DIAL BEN/342-5236 or

prospectus.us.franklintempleton@fisglobal.com.

---

| | |
|:---|:---|
| ![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 |

---

**HOUSEHOLDING**

You will receive the Fund's shareholder reports every six months. In addition, you will receive an annual updated summary prospectus (detail prospectus available upon request). To reduce Fund expenses, we try to identify related shareholders in a household and send only one copy of the shareholder reports and summary prospectus. This process, called "householding," will continue indefinitely unless you instruct us otherwise. If you prefer not to have these documents householded, please call us at (800) DIAL BEN/342-5236. At any time, you may view current prospectuses/summary prospectuses and shareholder reports on our website. If you choose, you may receive these documents through electronic delivery.

---

| | | |
|:---|:---|:---|
| Franklin Low Duration Total Return Fund | PAGE 3 | 501-ATSR-1225 |

---

10000101411025110266106121076311031103151072511421119561000010437105311031511502122141215510249102861137012071100001013110199102341073411097110921055110891115721215835.820.016.18.67.43.72.61.10.90.90.20.00.00.02.7 ------

---

| | |
|:---|:---|
| **Franklin Low Duration Total Return Fund**  | ![image](img2199_202405220716489.jpg) |
| Class R [FLDRX] | ![image](img2199_202405220716489.jpg) |
| Annual Shareholder Report \| October 31, 2025  | ![image](img2199_202405220716489.jpg) |
| ![image](img2195_202408190904545.jpg) | ![image](img2195_202408190904545.jpg) |

---

This annual shareholder report contains important information about Franklin Low Duration Total Return Fund for the period November 1, 2024, to October 31, 2025.

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.

***This report describes changes to the Fund that occurred during the reporting period.***

**WHAT WERE THE FUND COSTS FOR THE LAST YEAR?** (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>  |
| Class R | $93 | 0.91% |

---

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

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

For the twelve months ended October 31, 2025, Class R shares of Franklin Low Duration Total Return Fund returned 4.83%. The Fund compares its performance to the Bloomberg U.S. Government & Credit (1-3 Year) Index, which returned 5.07% for the same period.

**PERFORMANCE HIGHLIGHTS**

---

| | |
|:---|:---|
| **Top contributors to performance:** | **Top contributors to performance:** |
| ↑ | Security selection in investment-grade corporate bonds |
| ↑ | Out of index allocation to collateralized loan obligations |
| ↑ | Out of index allocation to agency collateralized mortgage obligations |

---

---

| | |
|:---|:---|
| **Top detractors from performance:** | **Top detractors from performance:** |
| ↓ | Security selection in commercial mortgage-backed securities |
| ↓ | Overall duration positioning |
| ↓ | Security selection in senior secured floating-rate bank loans |

---

---

| | | |
|:---|:---|:---|
| Franklin Low Duration Total Return Fund | PAGE 1 | 8001-ATSR-1225 |

---

------

**HOW DID THE FUND PERFORM OVER THE LAST 10 YEARS?**

**The Fund's past performance is not necessarily an indication of how the Fund will perform in the future.** The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

**VALUE OF A $** **10,000 INVESTMENT –** **Class R** 10/31/2015 — 10/31/2025

![image](ts5790img003.jpg)

**AVERAGE ANNUAL TOTAL RETURNS (%)** Period Ended October 31, 2025

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| **Class R**  | 4.83 | 2.25 | 1.94 |
| **Bloomberg U.S. Aggregate Index**  | 6.16 | -0.24 | 1.90 |
| **Bloomberg U.S. Government & Credit (1-3 Year) Index**  | 5.07 | 1.84 | 1.97 |

---

Fund performance figures may reflect fee waivers and/or expense reimbursements, without which the performance would have been lower.

The Fund began offering Class R shares on 10/15/2019. Returns for periods before 10/15/2019, are based on the Fund's Class A performance, which has been adjusted to take into account differences in class-specific operating expenses and maximum sales charges. For periods after the share class offering, performance for the specific share class is used, reflecting the applicable expenses and maximum sales charges.

Effective March 1, 2025, the Fund adopted its current investment strategy.

For current month-end performance, please call Franklin Templeton at (800) DIAL BEN/342-5236 or visit

https://www.franklintempleton.com/investments/options/mutual-funds.

Important data provider notices and terms available at www.franklintempletondatasources.com.

**KEY FUND STATISTICS** (as of October 31, 2025)

---

| | |
|:---|:---|
| **Total Net Assets** | $1954842516 |
| **Total Number of Portfolio Holdings (excludes derivatives, except purchased options, if any)** | 762 |
| **Total Management Fee Paid** | $4630712 |
| **Portfolio Turnover Rate** | 69.99% |

---

---

| | | |
|:---|:---|:---|
| Franklin Low Duration Total Return Fund | PAGE 2 | 8001-ATSR-1225 |

---

------

**WHAT DID THE FUND INVEST IN?** (as of October 31, 2025)

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

![image](ts5790img004.jpg)

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

† Certain
 categories may represent less than 0.1%.

**HOW HAS THE FUND CHANGED?**

On March 1, 2025, the Fund's principal investment strategies were revised to remove investments in marketplace loans to consumers and small and mid-sized enterprises or companies as a principal investment strategy of the Fund.

In connection with the changes to the principal investment strategies, principal risk disclosure regarding marketplace loans was removed.

This is a summary of certain changes to the Fund since November 1, 2024. For more complete information, you may review the Fund's current prospectus and any applicable supplements and the Fund's next prospectus, which we expect to be available by March 1, 2026, at https://www.franklintempleton.com/regulatory-fund-documents or upon request at (800) DIAL BEN/342-5236 or

prospectus.us.franklintempleton@fisglobal.com.

---

| | |
|:---|:---|
| ![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 |

---

**HOUSEHOLDING**

You will receive the Fund's shareholder reports every six months. In addition, you will receive an annual updated summary prospectus (detail prospectus available upon request). To reduce Fund expenses, we try to identify related shareholders in a household and send only one copy of the shareholder reports and summary prospectus. This process, called "householding," will continue indefinitely unless you instruct us otherwise. If you prefer not to have these documents householded, please call us at (800) DIAL BEN/342-5236. At any time, you may view current prospectuses/summary prospectuses and shareholder reports on our website. If you choose, you may receive these documents through electronic delivery.

---

| | | |
|:---|:---|:---|
| Franklin Low Duration Total Return Fund | PAGE 3 | 8001-ATSR-1225 |

---

10000101601028610314106771084511130104261085511559121181000010437105311031511502122141215510249102861137012071100001013110199102341073411097110921055110891115721215835.820.016.18.67.43.72.61.10.90.90.20.00.00.02.7 ------

---

| | |
|:---|:---|
| **Franklin Low Duration Total Return Fund**  | ![image](img2199_202405220716489.jpg) |
| Class R6 [FLRRX] | ![image](img2199_202405220716489.jpg) |
| Annual Shareholder Report \| October 31, 2025  | ![image](img2199_202405220716489.jpg) |
| ![image](img2195_202408190904545.jpg) | ![image](img2195_202408190904545.jpg) |

---

This annual shareholder report contains important information about Franklin Low Duration Total Return Fund for the period November 1, 2024, to October 31, 2025.

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.

***This report describes changes to the Fund that occurred during the reporting period.***

**WHAT WERE THE FUND COSTS FOR THE LAST YEAR?** (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>  |
| Class R6 | $31 | 0.30% |

---

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

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

For the twelve months ended October 31, 2025, Class R6 shares of Franklin Low Duration Total Return Fund returned 5.43%. The Fund compares its performance to the Bloomberg U.S. Government & Credit (1-3 Year) Index, which returned 5.07% for the same period.

**PERFORMANCE HIGHLIGHTS**

---

| | |
|:---|:---|
| **Top contributors to performance:** | **Top contributors to performance:** |
| ↑ | Security selection in investment-grade corporate bonds |
| ↑ | Out of index allocation to collateralized loan obligations |
| ↑ | Out of index allocation to agency collateralized mortgage obligations |

---

---

| | |
|:---|:---|
| **Top detractors from performance:** | **Top detractors from performance:** |
| ↓ | Security selection in commercial mortgage-backed securities |
| ↓ | Overall duration positioning |
| ↓ | Security selection in senior secured floating-rate bank loans |

---

---

| | | |
|:---|:---|:---|
| Franklin Low Duration Total Return Fund | PAGE 1 | 354-ATSR-1225 |

---

------

**HOW DID THE FUND PERFORM OVER THE LAST 10 YEARS?**

**The Fund's past performance is not necessarily an indication of how the Fund will perform in the future.** The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

**VALUE OF A $** **10,000 INVESTMENT –** **Class R6** 10/31/2015 — 10/31/2025

![image](ts5789img003.jpg)

**AVERAGE ANNUAL TOTAL RETURNS (%)** Period Ended October 31, 2025

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| **Class R6**  | 5.43 | 2.85 | 2.57 |
| **Bloomberg U.S. Aggregate Index**  | 6.16 | -0.24 | 1.90 |
| **Bloomberg U.S. Government & Credit (1-3 Year) Index**  | 5.07 | 1.84 | 1.97 |

---

Fund performance figures may reflect fee waivers and/or expense reimbursements, without which the performance would have been lower.

Effective March 1, 2025, the Fund adopted its current investment strategy.

For current month-end performance, please call Franklin Templeton at (800) DIAL BEN/342-5236 or visit

https://www.franklintempleton.com/investments/options/mutual-funds.

Important data provider notices and terms available at www.franklintempletondatasources.com.

**KEY FUND STATISTICS** (as of October 31, 2025)

---

| | |
|:---|:---|
| **Total Net Assets** | $1954842516 |
| **Total Number of Portfolio Holdings (excludes derivatives, except purchased options, if any)** | 762 |
| **Total Management Fee Paid** | $4630712 |
| **Portfolio Turnover Rate** | 69.99% |

---

---

| | | |
|:---|:---|:---|
| Franklin Low Duration Total Return Fund | PAGE 2 | 354-ATSR-1225 |

---

------

**WHAT DID THE FUND INVEST IN?** (as of October 31, 2025)

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

![image](ts5789img004.jpg)

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

† Certain
 categories may represent less than 0.1%.

**HOW HAS THE FUND CHANGED?**

On March 1, 2025, the Fund's principal investment strategies were revised to remove investments in marketplace loans to consumers and small and mid-sized enterprises or companies as a principal investment strategy of the Fund.

In connection with the changes to the principal investment strategies, principal risk disclosure regarding marketplace loans was removed.

This is a summary of certain changes to the Fund since November 1, 2024. For more complete information, you may review the Fund's current prospectus and any applicable supplements and the Fund's next prospectus, which we expect to be available by March 1, 2026, at https://www.franklintempleton.com/regulatory-fund-documents or upon request at (800) DIAL BEN/342-5236 or

prospectus.us.franklintempleton@fisglobal.com.

---

| | |
|:---|:---|
| ![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 |

---

**HOUSEHOLDING**

You will receive the Fund's shareholder reports every six months. In addition, you will receive an annual updated summary prospectus (detail prospectus available upon request). To reduce Fund expenses, we try to identify related shareholders in a household and send only one copy of the shareholder reports and summary prospectus. This process, called "householding," will continue indefinitely unless you instruct us otherwise. If you prefer not to have these documents householded, please call us at (800) DIAL BEN/342-5236. At any time, you may view current prospectuses/summary prospectuses and shareholder reports on our website. If you choose, you may receive these documents through electronic delivery.

---

| | | |
|:---|:---|:---|
| Franklin Low Duration Total Return Fund | PAGE 3 | 354-ATSR-1225 |

---

10000102221041910519109571119811549108891140212224128871000010437105311031511502122141215510249102861137012071100001013110199102341073411097110921055110891115721215835.820.016.18.67.43.72.61.10.90.90.20.00.00.02.7 ------

---

| | |
|:---|:---|
| **Franklin Low Duration Total Return Fund**  | ![image](img2199_202405220716489.jpg) |
| Advisor Class [FLDZX] | ![image](img2199_202405220716489.jpg) |
| Annual Shareholder Report \| October 31, 2025  | ![image](img2199_202405220716489.jpg) |
| ![image](img2195_202408190904545.jpg) | ![image](img2195_202408190904545.jpg) |

---

This annual shareholder report contains important information about Franklin Low Duration Total Return Fund for the period November 1, 2024, to October 31, 2025.

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.

***This report describes changes to the Fund that occurred during the reporting period.***

**WHAT WERE THE FUND COSTS FOR THE LAST YEAR?** (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>  |
| Advisor Class | $42 | 0.41% |

---

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

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

For the twelve months ended October 31, 2025, Advisor Class shares of Franklin Low Duration Total Return Fund returned 5.32%. The Fund compares its performance to the Bloomberg U.S. Government & Credit (1-3 Year) Index, which returned 5.07% for the same period.

**PERFORMANCE HIGHLIGHTS**

---

| | |
|:---|:---|
| **Top contributors to performance:** | **Top contributors to performance:** |
| ↑ | Security selection in investment-grade corporate bonds |
| ↑ | Out of index allocation to collateralized loan obligations |
| ↑ | Out of index allocation to agency collateralized mortgage obligations |

---

---

| | |
|:---|:---|
| **Top detractors from performance:** | **Top detractors from performance:** |
| ↓ | Security selection in commercial mortgage-backed securities |
| ↓ | Overall duration positioning |
| ↓ | Security selection in senior secured floating-rate bank loans |

---

---

| | | |
|:---|:---|:---|
| Franklin Low Duration Total Return Fund | PAGE 1 | 621-ATSR-1225 |

---

------

**HOW DID THE FUND PERFORM OVER THE LAST 10 YEARS?**

**The Fund's past performance is not necessarily an indication of how the Fund will perform in the future.** The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

**VALUE OF A $** **10,000 INVESTMENT –** **Advisor Class** 10/31/2015 — 10/31/2025

![image](ts5786img003.jpg)

**AVERAGE ANNUAL TOTAL RETURNS (%)** Period Ended October 31, 2025

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| **Advisor Class**  | 5.32 | 2.74 | 2.44 |
| **Bloomberg U.S. Aggregate Index**  | 6.16 | -0.24 | 1.90 |
| **Bloomberg U.S. Government & Credit (1-3 Year) Index**  | 5.07 | 1.84 | 1.97 |

---

Fund performance figures may reflect fee waivers and/or expense reimbursements, without which the performance would have been lower.

Effective March 1, 2025, the Fund adopted its current investment strategy.

For current month-end performance, please call Franklin Templeton at (800) DIAL BEN/342-5236 or visit

https://www.franklintempleton.com/investments/options/mutual-funds.

Important data provider notices and terms available at www.franklintempletondatasources.com.

**KEY FUND STATISTICS** (as of October 31, 2025)

---

| | |
|:---|:---|
| **Total Net Assets** | $1954842516 |
| **Total Number of Portfolio Holdings (excludes derivatives, except purchased options, if any)** | 762 |
| **Total Management Fee Paid** | $4630712 |
| **Portfolio Turnover Rate** | 69.99% |

---

---

| | | |
|:---|:---|:---|
| Franklin Low Duration Total Return Fund | PAGE 2 | 621-ATSR-1225 |

---

------

**WHAT DID THE FUND INVEST IN?** (as of October 31, 2025)

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

![image](ts5786img004.jpg)

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

† Certain
 categories may represent less than 0.1%.

**HOW HAS THE FUND CHANGED?**

On March 1, 2025, the Fund's principal investment strategies were revised to remove investments in marketplace loans to consumers and small and mid-sized enterprises or companies as a principal investment strategy of the Fund.

In connection with the changes to the principal investment strategies, principal risk disclosure regarding marketplace loans was removed.

This is a summary of certain changes to the Fund since November 1, 2024. For more complete information, you may review the Fund's current prospectus and any applicable supplements and the Fund's next prospectus, which we expect to be available by March 1, 2026, at https://www.franklintempleton.com/regulatory-fund-documents or upon request at (800) DIAL BEN/342-5236 or

prospectus.us.franklintempleton@fisglobal.com.

---

| | |
|:---|:---|
| ![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 |

---

**HOUSEHOLDING**

You will receive the Fund's shareholder reports every six months. In addition, you will receive an annual updated summary prospectus (detail prospectus available upon request). To reduce Fund expenses, we try to identify related shareholders in a household and send only one copy of the shareholder reports and summary prospectus. This process, called "householding," will continue indefinitely unless you instruct us otherwise. If you prefer not to have these documents householded, please call us at (800) DIAL BEN/342-5236. At any time, you may view current prospectuses/summary prospectuses and shareholder reports on our website. If you choose, you may receive these documents through electronic delivery.

---

| | | |
|:---|:---|:---|
| Franklin Low Duration Total Return Fund | PAGE 3 | 621-ATSR-1225 |

---

10000102141038810471108941112211458107901129912087127301000010437105311031511502122141215510249102861137012071100001013110199102341073411097110921055110891115721215835.820.016.18.67.43.72.61.10.90.90.20.00.00.02.7 ------

---

| | |
|:---|:---|
| **Franklin Low Duration U.S. Government Securities** **Fund**  | ![image](img2199_202405220716489.jpg) |
| Class A [FISAX] | ![image](img2199_202405220716489.jpg) |
| Annual Shareholder Report \| October 31, 2025  | ![image](img2199_202405220716489.jpg) |
| ![image](img2195_202408190904545.jpg) | ![image](img2195_202408190904545.jpg) |

---

This annual shareholder report contains important information about Franklin Low Duration U.S. Government Securities Fund for the period November 1, 2024, to October 31, 2025.

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 YEAR?** (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>  |
| Class A | $85 | 0.83% |

---

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

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

For the twelve months ended October 31, 2025, Class A shares of Franklin Low Duration U.S. Government Securities Fund returned 4.84%. The Fund compares its performance to the Bloomberg U.S. Government (1-3 Year) Index, which returned 4.87% for the same period.

**PERFORMANCE HIGHLIGHTS**

---

| | |
|:---|:---|
| **Top contributors to performance:** | **Top contributors to performance:** |
| Allocation to: | Allocation to: |
| ↑ | Adjustable-rate agency mortgage-backed securities |
| ↑ | Agency collateralized mortgage obligations |
| ↑ | Agency mortgage-backed securities |

---

---

| | |
|:---|:---|
| **Top detractors from performance:** | **Top detractors from performance:** |
| ↓ | Underweight exposure to the two-year area of the yield curve |
| ↓ | Overweight exposure to the 30-Year portion of the yield curve |
| ↓ | Security selection in agency guaranteed commercial mortgage-backed securities |

---

**Use of derivatives and the impact on performance:**

The Fund utilized interest rate futures for duration management, which detracted from performance.

Franklin Low Duration U.S. Government Securities Fund PAGE 1 138-ATSR-1225

------

**HOW DID THE FUND PERFORM OVER THE LAST 10 YEARS?**

**The Fund's past performance is not necessarily an indication of how the Fund will perform in the future.** The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

**VALUE OF A $** **10,000 INVESTMENT ($** **9,775 AFTER MAXIMUM APPLICABLE SALES CHARGE) –**

**Class A** 10/31/2015 — 10/31/2025

![image](ts5783img003.jpg)

**AVERAGE ANNUAL TOTAL RETURNS (%)** Period Ended October 31, 2025

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| **Class A**  | 4.84 | 1.95 | 1.32 |
| **Class A (with sales charge)**  | 2.53 | 1.49 | 1.09 |
| **Bloomberg U.S. Aggregate Index**  | 6.16 | -0.24 | 1.90 |
| **Bloomberg U.S. Government (1-3 Year) Index**  | 4.87 | 1.62 | 1.73 |

---

Fund performance figures may reflect fee waivers and/or expense reimbursements, without which the performance would have been lower.

Effective March 1, 2023, the Fund changed its name and adopted the Fund's current investment strategy.

For current month-end performance, please call Franklin Templeton at (800) DIAL BEN/342-5236 or visit

https://www.franklintempleton.com/investments/options/mutual-funds.

Important data provider notices and terms available at www.franklintempletondatasources.com.

**KEY FUND STATISTICS** (as of October 31, 2025)

---

| | |
|:---|:---|
| **Total Net Assets** | $380359914 |
| **Total Number of Portfolio Holdings (excludes derivatives, except purchased options, if any)** | 1216 |
| **Total Management Fee Paid** | $1382938 |
| **Portfolio Turnover Rate** | 14.82% |

---

Franklin Low Duration U.S. Government Securities Fund PAGE 2 138-ATSR-1225

------

**WHAT DID THE FUND INVEST IN?** (as of October 31, 2025)

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

![image](ts5783img004.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 |

---

**HOUSEHOLDING**

You will receive the Fund's shareholder reports every six months. In addition, you will receive an annual updated summary prospectus (detail prospectus available upon request). To reduce Fund expenses, we try to identify related shareholders in a household and send only one copy of the shareholder reports and summary prospectus. This process, called "householding," will continue indefinitely unless you instruct us otherwise. If you prefer not to have these documents householded, please call us at (800) DIAL BEN/342-5236. At any time, you may view current prospectuses/summary prospectuses and shareholder reports on our website. If you choose, you may receive these documents through electronic delivery.

Franklin Low Duration U.S. Government Securities Fund PAGE 3 138-ATSR-1225

9775974397389801999810124101459727998610633111481000010437105311031511502122141215510249102861137012071100001009110118101391060610950109211039310696113151186651.823.020.44.8 ------

---

| | |
|:---|:---|
| **Franklin Low Duration U.S. Government Securities** **Fund**  | ![image](img2199_202405220716489.jpg) |
| Class A1 [FAUGX] | ![image](img2199_202405220716489.jpg) |
| Annual Shareholder Report \| October 31, 2025  | ![image](img2199_202405220716489.jpg) |
| ![image](img2195_202408190904545.jpg) | ![image](img2195_202408190904545.jpg) |

---

This annual shareholder report contains important information about Franklin Low Duration U.S. Government Securities Fund for the period November 1, 2024, to October 31, 2025.

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 YEAR?** (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>  |
| Class A1 | $70 | 0.68% |

---

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

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

For the twelve months ended October 31, 2025, Class A1 shares of Franklin Low Duration U.S. Government Securities Fund returned 4.86%. The Fund compares its performance to the Bloomberg U.S. Government (1-3 Year) Index, which returned 4.87% for the same period.

**PERFORMANCE HIGHLIGHTS**

---

| | |
|:---|:---|
| **Top contributors to performance:** | **Top contributors to performance:** |
| Allocation to: | Allocation to: |
| ↑ | Adjustable-rate agency mortgage-backed securities |
| ↑ | Agency collateralized mortgage obligations |
| ↑ | Agency mortgage-backed securities |

---

---

| | |
|:---|:---|
| **Top detractors from performance:** | **Top detractors from performance:** |
| ↓ | Underweight exposure to the two-year area of the yield curve |
| ↓ | Overweight exposure to the 30-Year portion of the yield curve |
| ↓ | Security selection in agency guaranteed commercial mortgage-backed securities |

---

**Use of derivatives and the impact on performance:**

The Fund utilized interest rate futures for duration management, which detracted from performance.

Franklin Low Duration U.S. Government Securities Fund PAGE 1 968-ATSR-1225

------

**HOW DID THE FUND PERFORM OVER THE LAST 10 YEARS?**

**The Fund's past performance is not necessarily an indication of how the Fund will perform in the future.** The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

**VALUE OF A $** **10,000 INVESTMENT ($** **9,775 AFTER MAXIMUM APPLICABLE SALES CHARGE) –**

**Class A1** 10/31/2015 — 10/31/2025

![image](ts5781img003.jpg)

**AVERAGE ANNUAL TOTAL RETURNS (%)** Period Ended October 31, 2025

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| **Class A1**  | 4.86 | 2.07 | 1.47 |
| **Class A1 (with sales charge)**  | 2.55 | 1.62 | 1.24 |
| **Bloomberg U.S. Aggregate Index**  | 6.16 | -0.24 | 1.90 |
| **Bloomberg U.S. Government (1-3 Year) Index**  | 4.87 | 1.62 | 1.73 |

---

Fund performance figures may reflect fee waivers and/or expense reimbursements, without which the performance would have been lower.

Effective March 1, 2023, the Fund changed its name and adopted the Fund's current investment strategy.

For current month-end performance, please call Franklin Templeton at (800) DIAL BEN/342-5236 or visit

https://www.franklintempleton.com/investments/options/mutual-funds.

Important data provider notices and terms available at www.franklintempletondatasources.com.

**KEY FUND STATISTICS** (as of October 31, 2025)

---

| | |
|:---|:---|
| **Total Net Assets** | $380359914 |
| **Total Number of Portfolio Holdings (excludes derivatives, except purchased options, if any)** | 1216 |
| **Total Management Fee Paid** | $1382938 |
| **Portfolio Turnover Rate** | 14.82% |

---

Franklin Low Duration U.S. Government Securities Fund PAGE 2 968-ATSR-1225

------

**WHAT DID THE FUND INVEST IN?** (as of October 31, 2025)

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

![image](ts5781img004.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 |

---

**HOUSEHOLDING**

You will receive the Fund's shareholder reports every six months. In addition, you will receive an annual updated summary prospectus (detail prospectus available upon request). To reduce Fund expenses, we try to identify related shareholders in a household and send only one copy of the shareholder reports and summary prospectus. This process, called "householding," will continue indefinitely unless you instruct us otherwise. If you prefer not to have these documents householded, please call us at (800) DIAL BEN/342-5236. At any time, you may view current prospectuses/summary prospectuses and shareholder reports on our website. If you choose, you may receive these documents through electronic delivery.

Franklin Low Duration U.S. Government Securities Fund PAGE 3 968-ATSR-1225

977597709780984610072102141023698421011910792113161000010437105311031511502122141215510249102861137012071100001009110118101391060610950109211039310696113151186651.823.020.44.8 ------

---

| | |
|:---|:---|
| **Franklin Low Duration U.S. Government Securities** **Fund**  | ![image](img2199_202405220716489.jpg) |
| Class C [FCSCX] | ![image](img2199_202405220716489.jpg) |
| Annual Shareholder Report \| October 31, 2025  | ![image](img2199_202405220716489.jpg) |
| ![image](img2195_202408190904545.jpg) | ![image](img2195_202408190904545.jpg) |

---

This annual shareholder report contains important information about Franklin Low Duration U.S. Government Securities Fund for the period November 1, 2024, to October 31, 2025.

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 YEAR?** (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>  |
| Class C | $126 | 1.23% |

---

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

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

For the twelve months ended October 31, 2025, Class C shares of Franklin Low Duration U.S. Government Securities Fund returned 4.42%. The Fund compares its performance to the Bloomberg U.S. Government (1-3 Year) Index, which returned 4.87% for the same period.

**PERFORMANCE HIGHLIGHTS**

---

| | |
|:---|:---|
| **Top contributors to performance:** | **Top contributors to performance:** |
| Allocation to: | Allocation to: |
| ↑ | Adjustable-rate agency mortgage-backed securities |
| ↑ | Agency collateralized mortgage obligations |
| ↑ | Agency mortgage-backed securities |

---

---

| | |
|:---|:---|
| **Top detractors from performance:** | **Top detractors from performance:** |
| ↓ | Underweight exposure to the two-year area of the yield curve |
| ↓ | Overweight exposure to the 30-Year portion of the yield curve |
| ↓ | Security selection in agency guaranteed commercial mortgage-backed securities |

---

**Use of derivatives and the impact on performance:**

The Fund utilized interest rate futures for duration management, which detracted from performance.

Franklin Low Duration U.S. Government Securities Fund PAGE 1 238-ATSR-1225

------

**HOW DID THE FUND PERFORM OVER THE LAST 10 YEARS?**

**The Fund's past performance is not necessarily an indication of how the Fund will perform in the future.** The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

**VALUE OF A $** **10,000 INVESTMENT –** **Class C** 10/31/2015 — 10/31/2025

![image](ts5784img003.jpg)

**AVERAGE ANNUAL TOTAL RETURNS (%)** Period Ended October 31, 2025

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| **Class C**  | 4.42 | 1.51 | 0.92 |
| **Class C (with sales charge)**  | 3.42 | 1.51 | 0.92 |
| **Bloomberg U.S. Aggregate Index**  | 6.16 | -0.24 | 1.90 |
| **Bloomberg U.S. Government (1-3 Year) Index**  | 4.87 | 1.62 | 1.73 |

---

Fund performance figures may reflect fee waivers and/or expense reimbursements, without which the performance would have been lower.

Effective March 1, 2023, the Fund changed its name and adopted the Fund's current investment strategy.

For current month-end performance, please call Franklin Templeton at (800) DIAL BEN/342-5236 or visit

https://www.franklintempleton.com/investments/options/mutual-funds.

Important data provider notices and terms available at www.franklintempletondatasources.com.

**KEY FUND STATISTICS** (as of October 31, 2025)

---

| | |
|:---|:---|
| **Total Net Assets** | $380359914 |
| **Total Number of Portfolio Holdings (excludes derivatives, except purchased options, if any)** | 1216 |
| **Total Management Fee Paid** | $1382938 |
| **Portfolio Turnover Rate** | 14.82% |

---

Franklin Low Duration U.S. Government Securities Fund PAGE 2 238-ATSR-1225

------

**WHAT DID THE FUND INVEST IN?** (as of October 31, 2025)

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

![image](ts5784img004.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 |

---

**HOUSEHOLDING**

You will receive the Fund's shareholder reports every six months. In addition, you will receive an annual updated summary prospectus (detail prospectus available upon request). To reduce Fund expenses, we try to identify related shareholders in a household and send only one copy of the shareholder reports and summary prospectus. This process, called "householding," will continue indefinitely unless you instruct us otherwise. If you prefer not to have these documents householded, please call us at (800) DIAL BEN/342-5236. At any time, you may view current prospectuses/summary prospectuses and shareholder reports on our website. If you choose, you may receive these documents through electronic delivery.

Franklin Low Duration U.S. Government Securities Fund PAGE 3 238-ATSR-1225

100009939989499071007810165101329689989310494109581000010437105311031511502122141215510249102861137012071100001009110118101391060610950109211039310696113151186651.823.020.44.8 ------

---

| | |
|:---|:---|
| **Franklin Low Duration U.S. Government Securities** **Fund**  | ![image](img2199_202405220716489.jpg) |
| Class R6 [FAURX] | ![image](img2199_202405220716489.jpg) |
| Annual Shareholder Report \| October 31, 2025  | ![image](img2199_202405220716489.jpg) |
| ![image](img2195_202408190904545.jpg) | ![image](img2195_202408190904545.jpg) |

---

This annual shareholder report contains important information about Franklin Low Duration U.S. Government Securities Fund for the period November 1, 2024, to October 31, 2025.

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 YEAR?** (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>  |
| Class R6 | $56 | 0.55% |

---

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

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

For the twelve months ended October 31, 2025, Class R6 shares of Franklin Low Duration U.S. Government Securities Fund returned 5.12%. The Fund compares its performance to the Bloomberg U.S. Government (1-3 Year) Index, which returned 4.87% for the same period.

**PERFORMANCE HIGHLIGHTS**

---

| | |
|:---|:---|
| **Top contributors to performance:** | **Top contributors to performance:** |
| Allocation to: | Allocation to: |
| ↑ | Adjustable-rate agency mortgage-backed securities |
| ↑ | Agency collateralized mortgage obligations |
| ↑ | Agency mortgage-backed securities |

---

---

| | |
|:---|:---|
| **Top detractors from performance:** | **Top detractors from performance:** |
| ↓ | Underweight exposure to the two-year area of the yield curve |
| ↓ | Overweight exposure to the 30-Year portion of the yield curve |
| ↓ | Security selection in agency guaranteed commercial mortgage-backed securities |

---

**Use of derivatives and the impact on performance:**

The Fund utilized interest rate futures for duration management, which detracted from performance.

Franklin Low Duration U.S. Government Securities Fund PAGE 1 838-ATSR-1225

------

**HOW DID THE FUND PERFORM OVER THE LAST 10 YEARS?**

**The Fund's past performance is not necessarily an indication of how the Fund will perform in the future.** The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

**VALUE OF A $** **10,000 INVESTMENT –** **Class R6** 10/31/2015 — 10/31/2025

![image](ts5785img003.jpg)

**AVERAGE ANNUAL TOTAL RETURNS (%)** Period Ended October 31, 2025

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| **Class R6**  | 5.12 | 2.23 | 1.67 |
| **Bloomberg U.S. Aggregate Index**  | 6.16 | -0.24 | 1.90 |
| **Bloomberg U.S. Government (1-3 Year) Index**  | 4.87 | 1.62 | 1.73 |

---

Fund performance figures may reflect fee waivers and/or expense reimbursements, without which the performance would have been lower.

Effective March 1, 2023, the Fund changed its name and adopted the Fund's current investment strategy.

For current month-end performance, please call Franklin Templeton at (800) DIAL BEN/342-5236 or visit

https://www.franklintempleton.com/investments/options/mutual-funds.

Important data provider notices and terms available at www.franklintempletondatasources.com.

**KEY FUND STATISTICS** (as of October 31, 2025)

---

| | |
|:---|:---|
| **Total Net Assets** | $380359914 |
| **Total Number of Portfolio Holdings (excludes derivatives, except purchased options, if any)** | 1216 |
| **Total Management Fee Paid** | $1382938 |
| **Portfolio Turnover Rate** | 14.82% |

---

**WHAT DID THE FUND INVEST IN?** (as of October 31, 2025)

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

![image](ts5785img004.jpg)

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

Franklin Low Duration U.S. Government Securities Fund PAGE 2 838-ATSR-1225

------

---

| | |
|:---|:---|
| ![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 |

---

**HOUSEHOLDING**

You will receive the Fund's shareholder reports every six months. In addition, you will receive an annual updated summary prospectus (detail prospectus available upon request). To reduce Fund expenses, we try to identify related shareholders in a household and send only one copy of the shareholder reports and summary prospectus. This process, called "householding," will continue indefinitely unless you instruct us otherwise. If you prefer not to have these documents householded, please call us at (800) DIAL BEN/342-5236. At any time, you may view current prospectuses/summary prospectuses and shareholder reports on our website. If you choose, you may receive these documents through electronic delivery.

Franklin Low Duration U.S. Government Securities Fund PAGE 3 838-ATSR-1225

10000100151004910152103951057610622102281051911231118061000010437105311031511502122141215510249102861137012071100001009110118101391060610950109211039310696113151186651.823.020.44.8 ------

---

| | |
|:---|:---|
| **Franklin Low Duration U.S. Government Securities** **Fund**  | ![image](img2199_202405220716489.jpg) |
| Advisor Class [FAUZX] | ![image](img2199_202405220716489.jpg) |
| Annual Shareholder Report \| October 31, 2025  | ![image](img2199_202405220716489.jpg) |
| ![image](img2195_202408190904545.jpg) | ![image](img2195_202408190904545.jpg) |

---

This annual shareholder report contains important information about Franklin Low Duration U.S. Government Securities Fund for the period November 1, 2024, to October 31, 2025.

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 YEAR?** (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>  |
| Advisor Class | $59 | 0.58% |

---

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

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

For the twelve months ended October 31, 2025, Advisor Class shares of Franklin Low Duration U.S. Government Securities Fund returned 4.96%. The Fund compares its performance to the Bloomberg U.S. Government (1-3 Year) Index, which returned 4.87% for the same period.

**PERFORMANCE HIGHLIGHTS**

---

| | |
|:---|:---|
| **Top contributors to performance:** | **Top contributors to performance:** |
| Allocation to: | Allocation to: |
| ↑ | Adjustable-rate agency mortgage-backed securities |
| ↑ | Agency collateralized mortgage obligations |
| ↑ | Agency mortgage-backed securities |

---

---

| | |
|:---|:---|
| **Top detractors from performance:** | **Top detractors from performance:** |
| ↓ | Underweight exposure to the two-year area of the yield curve |
| ↓ | Overweight exposure to the 30-Year portion of the yield curve |
| ↓ | Security selection in agency guaranteed commercial mortgage-backed securities |

---

**Use of derivatives and the impact on performance:**

The Fund utilized interest rate futures for duration management, which detracted from performance.

Franklin Low Duration U.S. Government Securities Fund PAGE 1 638-ATSR-1225

------

**HOW DID THE FUND PERFORM OVER THE LAST 10 YEARS?**

**The Fund's past performance is not necessarily an indication of how the Fund will perform in the future.** The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

**VALUE OF A $** **10,000 INVESTMENT –** **Advisor Class** 10/31/2015 — 10/31/2025

![image](ts5782img003.jpg)

**AVERAGE ANNUAL TOTAL RETURNS (%)** Period Ended October 31, 2025

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| **Advisor Class**  | 4.96 | 2.17 | 1.57 |
| **Bloomberg U.S. Aggregate Index**  | 6.16 | -0.24 | 1.90 |
| **Bloomberg U.S. Government (1-3 Year) Index**  | 4.87 | 1.62 | 1.73 |

---

Fund performance figures may reflect fee waivers and/or expense reimbursements, without which the performance would have been lower.

Effective March 1, 2023, the Fund changed its name and adopted the Fund's current investment strategy.

For current month-end performance, please call Franklin Templeton at (800) DIAL BEN/342-5236 or visit

https://www.franklintempleton.com/investments/options/mutual-funds.

Important data provider notices and terms available at www.franklintempletondatasources.com.

**KEY FUND STATISTICS** (as of October 31, 2025)

---

| | |
|:---|:---|
| **Total Net Assets** | $380359914 |
| **Total Number of Portfolio Holdings (excludes derivatives, except purchased options, if any)** | 1216 |
| **Total Management Fee Paid** | $1382938 |
| **Portfolio Turnover Rate** | 14.82% |

---

**WHAT DID THE FUND INVEST IN?** (as of October 31, 2025)

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

![image](ts5782img004.jpg)

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

Franklin Low Duration U.S. Government Securities Fund PAGE 2 638-ATSR-1225

------

---

| | |
|:---|:---|
| ![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 |

---

**HOUSEHOLDING**

You will receive the Fund's shareholder reports every six months. In addition, you will receive an annual updated summary prospectus (detail prospectus available upon request). To reduce Fund expenses, we try to identify related shareholders in a household and send only one copy of the shareholder reports and summary prospectus. This process, called "householding," will continue indefinitely unless you instruct us otherwise. If you prefer not to have these documents householded, please call us at (800) DIAL BEN/342-5236. At any time, you may view current prospectuses/summary prospectuses and shareholder reports on our website. If you choose, you may receive these documents through electronic delivery.

Franklin Low Duration U.S. Government Securities Fund PAGE 3 638-ATSR-1225

10000100051002410102103441050010534101381042011138116901000010437105311031511502122141215510249102861137012071100001009110118101391060610950109211039310696113151186651.823.020.44.8 ------

---

| | |
|:---|:---|
| **Franklin Managed Income Fund**  | ![image](img2199_202405220716489.jpg) |
| Class A [FBLAX] | ![image](img2199_202405220716489.jpg) |
| Annual Shareholder Report \| October 31, 2025  | ![image](img2199_202405220716489.jpg) |
| ![image](img2195_202408190904545.jpg) | ![image](img2195_202408190904545.jpg) |

---

This annual shareholder report contains important information about Franklin Managed Income Fund for the period November 1, 2024, to October 31, 2025.

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.

***This report describes changes to the Fund that occurred during the reporting period.***

**WHAT WERE THE FUND COSTS FOR THE LAST YEAR?** (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>  |
| Class A | $94 | 0.91% |

---

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

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

For the twelve months ended October 31, 2025, Class A shares of Franklin Managed Income Fund returned 5.66%. The Fund compares its performance to the Bloomberg U.S. Aggregate Index and the Linked 60% Bloomberg U.S. Aggregate Index and 40% MSCI USA High Dividend Yield Index†, which returned 6.16% and 6.49%, respectively, for the same period. The Linked benchmark replaced the Blended Benchmark effective March 1, 2025, as the Fund's investment manager believes the new Linked Benchmark better reflects the composition of the Fund.

**PERFORMANCE HIGHLIGHTS**

---

| | |
|:---|:---|
| **Top contributors to performance:** | **Top contributors to performance:** |
| ↑ | Securitized products, along with the financials and consumer staples sectors, led absolute fixed income returns during the period. JBS was a top contributor within consumer staples, while Freddie Mac and Fannie Mae added value among securitized products. |
| ↑ | Among equities, returns were driven by the information technology (IT), industrials, and financials sectors. Cisco Systems and International Business Machines performed best within IT, while Boeing benefited returns within industrials. |
| ↑ | Overweight allocation and selection within the consumer staples, financials, and industrials sectors assisted relative fixed income returns. Meanwhile, equity returns benefited from underweight positioning and selection within consumer staples, in addition to stock selection within the industrials and energy sectors. |

---

---

| | |
|:---|:---|
| **Top detractors from performance:** | **Top detractors from performance:** |
| ↓ | Aside from U.S. Treasuries (USTs), no fixed income sectors or individual issuers meaningfully detracted from absolute returns. |
| ↓ | The communication services, materials, and consumer discretionary sectors hindered equity returns. In terms of individual issuers, UnitedHealth Group, Texas Instruments, and Edison International detracted. |
| ↓ | Relative fixed income returns were weakened by selection within USTs and underweight allocations to securitized products and government related securities. Further, stock selection among the health care and utilities sectors detracted from relative equity returns, as did an overweight allocation to materials companies. |

---

**Use of derivatives and the impact on performance:**

The Fund utilized equity call and put options to sell and reduce positions and/or to initiate and add to positions, which contributed to performance.

Franklin Managed Income Fund PAGE 1 424-ATSR-1225

------

**HOW DID THE FUND PERFORM OVER THE LAST 10 YEARS?**

**The Fund's past performance is not necessarily an indication of how the Fund will perform in the future.** The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

**VALUE OF A $** **10,000 INVESTMENT ($** **9,450 AFTER MAXIMUM APPLICABLE SALES CHARGE) –**

**Class A** 10/31/2015 — 10/31/2025

![image](ts5780img003.jpg)

**AVERAGE ANNUAL TOTAL RETURNS (%)** Period Ended October 31, 2025

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| **Class A**  | 5.66 | 7.26 | 6.45 |
| **Class A (with sales charge)**  | -0.12 | 6.06 | 5.85 |
| **Russell 3000 Index**  | 20.81 | 16.74 | 14.08 |
| **Bloomberg U.S. Aggregate Index**  | 6.16 | -0.24 | 1.90 |
| **Linked 60% Bloomberg U.S. Aggregate Index & 40% MSCI** **USA High Dividend Yield Index**<sup>†</sup>  | 6.49 | 6.02 | 6.46 |

---

† The
 Linked Index reflects the performance of the Blended 50% MSCI USA High Dividend Yield Index, 25% ICE BofA U.S. Corporate &
 High Yield Index and 25%
 Bloomberg U.S. Aggregate Index prior to March 1, 2025, and 60% Bloomberg U.S. Aggregate Index and 40% MSCI USA High Dividend
 Yield Index thereafter.

Fund performance figures may reflect fee waivers and/or expense reimbursements, without which the performance would have been lower.

Performance for periods prior to September 10, 2018, has been restated to reflect the current maximum sales charge, which is lower than the maximum sales charge prior to that date.

Effective March 1, 2025, the Fund adopted its current investment strategy.

The Fund was able to successfully meet its monthly distributions under its managed distribution policy without the return of capital.

For current month-end performance, please call Franklin Templeton at (800) DIAL BEN/342-5236 or visit

https://www.franklintempleton.com/investments/options/mutual-funds.

Important data provider notices and terms available at www.franklintempletondatasources.com.

**KEY FUND STATISTICS** (as of October 31, 2025)

---

| | |
|:---|:---|
| **Total Net Assets** | $3317526919 |
| **Total Number of Portfolio Holdings** | 161 |
| **Total Management Fee Paid** | $18499047 |
| **Portfolio Turnover Rate** | 42.27% |

---

Franklin Managed Income Fund PAGE 2 424-ATSR-1225

------

**WHAT DID THE FUND INVEST IN?** (as of October 31, 2025)

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

![image](ts5780img004.jpg)

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

**HOW HAS THE FUND CHANGED?**

On March 1, 2025, the Fund's principal investment strategies were revised to reflect that the Fund does not invest in high-yield non-convertible bonds as a principal investment strategy.

Related disclosure regarding the risks involved with investing in issuers of lower-rated or high-yield debt securities (also known as "junk bonds") was removed.

In addition, effective January 9, 2025, investments of $250,000 or more in Class A shares of the Fund will not be charged a sales charge, but will be subject to a 1% contingent deferred sales charge, if sold within 18 months of purchase.

This is a summary of certain changes to the Fund since November 1, 2024. For more complete information, you may review the Fund's current prospectus and any applicable supplements and the Fund's next prospectus, which we expect to be available by March 1, 2026, at https://www.franklintempleton.com/regulatory-fund-documents or upon request at (800) DIAL BEN/342-5236 or

prospectus.us.franklintempleton@fisglobal.com.

---

| | |
|:---|:---|
| ![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 |

---

**HOUSEHOLDING**

You will receive the Fund's shareholder reports every six months. In addition, you will receive an annual updated summary prospectus (detail prospectus available upon request). To reduce Fund expenses, we try to identify related shareholders in a household and send only one copy of the shareholder reports and summary prospectus. This process, called "householding," will continue indefinitely unless you instruct us otherwise. If you prefer not to have these documents householded, please call us at (800) DIAL BEN/342-5236. At any time, you may view current prospectuses/summary prospectuses and shareholder reports on our website. If you choose, you may receive these documents through electronic delivery.

Franklin Managed Income Fund PAGE 3 424-ATSR-1225

9450997411059111571256812435152971399414041167081765510000104241292413776156351722124782206882242230910373431000010437105311031511502122141215510249102861137012071100001085011990123101387413964160411452714617175711871438.831.414.87.23.92.30.20.11.3 ------

---

| | |
|:---|:---|
| **Franklin Managed Income Fund**  | ![image](img2199_202405220716489.jpg) |
| Class C [FBMCX] | ![image](img2199_202405220716489.jpg) |
| Annual Shareholder Report \| October 31, 2025  | ![image](img2199_202405220716489.jpg) |
| ![image](img2195_202408190904545.jpg) | ![image](img2195_202408190904545.jpg) |

---

This annual shareholder report contains important information about Franklin Managed Income Fund for the period November 1, 2024, to October 31, 2025.

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.

***This report describes changes to the Fund that occurred during the reporting period.***

**WHAT WERE THE FUND COSTS FOR THE LAST YEAR?** (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>  |
| Class C | $170 | 1.66% |

---

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

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

For the twelve months ended October 31, 2025, Class C shares of Franklin Managed Income Fund returned 4.89%. The Fund compares its performance to the Bloomberg U.S. Aggregate Index and the Linked 60% Bloomberg U.S. Aggregate Index and 40% MSCI USA High Dividend Yield Index†, which returned 6.16% and 6.49%, respectively, for the same period. The Linked benchmark replaced the Blended Benchmark effective March 1, 2025, as the Fund's investment manager believes the new Linked Benchmark better reflects the composition of the Fund.

**PERFORMANCE HIGHLIGHTS**

---

| | |
|:---|:---|
| **Top contributors to performance:** | **Top contributors to performance:** |
| ↑ | Securitized products, along with the financials and consumer staples sectors, led absolute fixed income returns during the period. JBS was a top contributor within consumer staples, while Freddie Mac and Fannie Mae added value among securitized products. |
| ↑ | Among equities, returns were driven by the information technology (IT), industrials, and financials sectors. Cisco Systems and International Business Machines performed best within IT, while Boeing benefited returns within industrials. |
| ↑ | Overweight allocation and selection within the consumer staples, financials, and industrials sectors assisted relative fixed income returns. Meanwhile, equity returns benefited from underweight positioning and selection within consumer staples, in addition to stock selection within the industrials and energy sectors. |

---

---

| | |
|:---|:---|
| **Top detractors from performance:** | **Top detractors from performance:** |
| ↓ | Aside from U.S. Treasuries (USTs), no fixed income sectors or individual issuers meaningfully detracted from absolute returns. |
| ↓ | The communication services, materials, and consumer discretionary sectors hindered equity returns. In terms of individual issuers, UnitedHealth Group, Texas Instruments, and Edison International detracted. |
| ↓ | Relative fixed income returns were weakened by selection within USTs and underweight allocations to securitized products and government related securities. Further, stock selection among the health care and utilities sectors detracted from relative equity returns, as did an overweight allocation to materials companies. |

---

**Use of derivatives and the impact on performance:**

The Fund utilized equity call and put options to sell and reduce positions and/or to initiate and add to positions, which contributed to performance.

Franklin Managed Income Fund PAGE 1 517-ATSR-1225

------

**HOW DID THE FUND PERFORM OVER THE LAST 10 YEARS?**

**The Fund's past performance is not necessarily an indication of how the Fund will perform in the future.** The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

**VALUE OF A $** **10,000 INVESTMENT –** **Class C** 10/31/2015 — 10/31/2025

![image](ts5777img003.jpg)

**AVERAGE ANNUAL TOTAL RETURNS (%)** Period Ended October 31, 2025

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| **Class C**  | 4.89 | 6.46 | 5.65 |
| **Class C (with sales charge)**  | 3.90 | 6.46 | 5.65 |
| **Russell 3000 Index**  | 20.81 | 16.74 | 14.08 |
| **Bloomberg U.S. Aggregate Index**  | 6.16 | -0.24 | 1.90 |
| **Linked 60% Bloomberg U.S. Aggregate Index & 40% MSCI** **USA High Dividend Yield Index**<sup>†</sup>  | 6.49 | 6.02 | 6.46 |

---

† The
 Linked Index reflects the performance of the Blended 50% MSCI USA High Dividend Yield Index, 25% ICE BofA U.S. Corporate &
 High Yield Index and 25%
 Bloomberg U.S. Aggregate Index prior to March 1, 2025, and 60% Bloomberg U.S. Aggregate Index and 40% MSCI USA High Dividend
 Yield Index thereafter.

Fund performance figures may reflect fee waivers and/or expense reimbursements, without which the performance would have been lower.

Effective March 1, 2025, the Fund adopted its current investment strategy.

The Fund was able to successfully meet its monthly distributions under its managed distribution policy without the return of capital.

For current month-end performance, please call Franklin Templeton at (800) DIAL BEN/342-5236 or visit

https://www.franklintempleton.com/investments/options/mutual-funds.

Important data provider notices and terms available at www.franklintempletondatasources.com.

**KEY FUND STATISTICS** (as of October 31, 2025)

---

| | |
|:---|:---|
| **Total Net Assets** | $3317526919 |
| **Total Number of Portfolio Holdings** | 161 |
| **Total Management Fee Paid** | $18499047 |
| **Portfolio Turnover Rate** | 42.27% |

---

Franklin Managed Income Fund PAGE 2 517-ATSR-1225

------

**WHAT DID THE FUND INVEST IN?** (as of October 31, 2025)

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

![image](ts5777img004.jpg)

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

**HOW HAS THE FUND CHANGED?**

On March 1, 2025, the Fund's principal investment strategies were revised to reflect that the Fund does not invest in high-yield non-convertible bonds as a principal investment strategy.

Related disclosure regarding the risks involved with investing in issuers of lower-rated or high-yield debt securities (also known as "junk bonds") was removed.

This is a summary of certain changes to the Fund since November 1, 2024. For more complete information, you may review the Fund's current prospectus and any applicable supplements and the Fund's next prospectus, which we expect to be available by March 1, 2026, at https://www.franklintempleton.com/regulatory-fund-documents or upon request at (800) DIAL BEN/342-5236 or

prospectus.us.franklintempleton@fisglobal.com.

---

| | |
|:---|:---|
| ![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 |

---

**HOUSEHOLDING**

You will receive the Fund's shareholder reports every six months. In addition, you will receive an annual updated summary prospectus (detail prospectus available upon request). To reduce Fund expenses, we try to identify related shareholders in a household and send only one copy of the shareholder reports and summary prospectus. This process, called "householding," will continue indefinitely unless you instruct us otherwise. If you prefer not to have these documents householded, please call us at (800) DIAL BEN/342-5236. At any time, you may view current prospectuses/summary prospectuses and shareholder reports on our website. If you choose, you may receive these documents through electronic delivery.

Franklin Managed Income Fund PAGE 3 517-ATSR-1225

100001047311526115431290412673154701405513989165191732810000104241292413776156351722124782206882242230910373431000010437105311031511502122141215510249102861137012071100001085011990123101387413964160411452714617175711871438.831.414.87.23.92.30.20.11.3 ------

---

| | |
|:---|:---|
| **Franklin Managed Income Fund**  | ![image](img2199_202405220716489.jpg) |
| Class R [FBFQX] | ![image](img2199_202405220716489.jpg) |
| Annual Shareholder Report \| October 31, 2025  | ![image](img2199_202405220716489.jpg) |
| ![image](img2195_202408190904545.jpg) | ![image](img2195_202408190904545.jpg) |

---

This annual shareholder report contains important information about Franklin Managed Income Fund for the period November 1, 2024, to October 31, 2025.

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.

***This report describes changes to the Fund that occurred during the reporting period.***

**WHAT WERE THE FUND COSTS FOR THE LAST YEAR?** (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>  |
| Class R | $119 | 1.16% |

---

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

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

For the twelve months ended October 31, 2025, Class R shares of Franklin Managed Income Fund returned 5.39%. The Fund compares its performance to the Bloomberg U.S. Aggregate Index and the Linked 60% Bloomberg U.S. Aggregate Index and 40% MSCI USA High Dividend Yield Index†, which returned 6.16% and 6.49%, respectively, for the same period. The Linked benchmark replaced the Blended Benchmark effective March 1, 2025, as the Fund's investment manager believes the new Linked Benchmark better reflects the composition of the Fund.

**PERFORMANCE HIGHLIGHTS**

---

| | |
|:---|:---|
| **Top contributors to performance:** | **Top contributors to performance:** |
| ↑ | Securitized products, along with the financials and consumer staples sectors, led absolute fixed income returns during the period. JBS was a top contributor within consumer staples, while Freddie Mac and Fannie Mae added value among securitized products. |
| ↑ | Among equities, returns were driven by the information technology (IT), industrials, and financials sectors. Cisco Systems and International Business Machines performed best within IT, while Boeing benefited returns within industrials. |
| ↑ | Overweight allocation and selection within the consumer staples, financials, and industrials sectors assisted relative fixed income returns. Meanwhile, equity returns benefited from underweight positioning and selection within consumer staples, in addition to stock selection within the industrials and energy sectors. |

---

---

| | |
|:---|:---|
| **Top detractors from performance:** | **Top detractors from performance:** |
| ↓ | Aside from U.S. Treasuries (USTs), no fixed income sectors or individual issuers meaningfully detracted from absolute returns. |
| ↓ | The communication services, materials, and consumer discretionary sectors hindered equity returns. In terms of individual issuers, UnitedHealth Group, Texas Instruments, and Edison International detracted. |
| ↓ | Relative fixed income returns were weakened by selection within USTs and underweight allocations to securitized products and government related securities. Further, stock selection among the health care and utilities sectors detracted from relative equity returns, as did an overweight allocation to materials companies. |

---

**Use of derivatives and the impact on performance:**

The Fund utilized equity call and put options to sell and reduce positions and/or to initiate and add to positions, which contributed to performance.

Franklin Managed Income Fund PAGE 1 817-ATSR-1225

------

**HOW DID THE FUND PERFORM OVER THE LAST 10 YEARS?**

**The Fund's past performance is not necessarily an indication of how the Fund will perform in the future.** The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

**VALUE OF A $** **10,000 INVESTMENT –** **Class R** 10/31/2015 — 10/31/2025

![image](ts5779img003.jpg)

**AVERAGE ANNUAL TOTAL RETURNS (%)** Period Ended October 31, 2025

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| **Class R**  | 5.39 | 7.00 | 6.19 |
| **Russell 3000 Index**  | 20.81 | 16.74 | 14.08 |
| **Bloomberg U.S. Aggregate Index**  | 6.16 | -0.24 | 1.90 |
| **Linked 60% Bloomberg U.S. Aggregate Index & 40% MSCI** **USA High Dividend Yield Index**<sup>†</sup>  | 6.49 | 6.02 | 6.46 |

---

† The
 Linked Index reflects the performance of the Blended 50% MSCI USA High Dividend Yield Index, 25% ICE BofA U.S. Corporate &
 High Yield Index and 25%
 Bloomberg U.S. Aggregate Index prior to March 1, 2025, and 60% Bloomberg U.S. Aggregate Index and 40% MSCI USA High Dividend
 Yield Index thereafter.

Fund performance figures may reflect fee waivers and/or expense reimbursements, without which the performance would have been lower.

Effective March 1, 2025, the Fund adopted its current investment strategy.

The Fund was able to successfully meet its monthly distributions under its managed distribution policy without the return of capital.

For current month-end performance, please call Franklin Templeton at (800) DIAL BEN/342-5236 or visit

https://www.franklintempleton.com/investments/options/mutual-funds.

Important data provider notices and terms available at www.franklintempletondatasources.com.

**KEY FUND STATISTICS** (as of October 31, 2025)

---

| | |
|:---|:---|
| **Total Net Assets** | $3317526919 |
| **Total Number of Portfolio Holdings** | 161 |
| **Total Management Fee Paid** | $18499047 |
| **Portfolio Turnover Rate** | 42.27% |

---

Franklin Managed Income Fund PAGE 2 817-ATSR-1225

------

**WHAT DID THE FUND INVEST IN?** (as of October 31, 2025)

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

![image](ts5779img004.jpg)

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

**HOW HAS THE FUND CHANGED?**

On March 1, 2025, the Fund's principal investment strategies were revised to reflect that the Fund does not invest in high-yield non-convertible bonds as a principal investment strategy.

Related disclosure regarding the risks involved with investing in issuers of lower-rated or high-yield debt securities (also known as "junk bonds") was removed.

This is a summary of certain changes to the Fund since November 1, 2024. For more complete information, you may review the Fund's current prospectus and any applicable supplements and the Fund's next prospectus, which we expect to be available by March 1, 2026, at https://www.franklintempleton.com/regulatory-fund-documents or upon request at (800) DIAL BEN/342-5236 or

prospectus.us.franklintempleton@fisglobal.com.

---

| | |
|:---|:---|
| ![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 |

---

**HOUSEHOLDING**

You will receive the Fund's shareholder reports every six months. In addition, you will receive an annual updated summary prospectus (detail prospectus available upon request). To reduce Fund expenses, we try to identify related shareholders in a household and send only one copy of the shareholder reports and summary prospectus. This process, called "householding," will continue indefinitely unless you instruct us otherwise. If you prefer not to have these documents householded, please call us at (800) DIAL BEN/342-5236. At any time, you may view current prospectuses/summary prospectuses and shareholder reports on our website. If you choose, you may receive these documents through electronic delivery.

Franklin Managed Income Fund PAGE 3 817-ATSR-1225

100001052811651117241318112999159681456414567172981823110000104241292413776156351722124782206882242230910373431000010437105311031511502122141215510249102861137012071100001085011990123101387413964160411452714617175711871438.831.414.87.23.92.30.20.11.3 ------

---

| | |
|:---|:---|
| **Franklin Managed Income Fund**  | ![image](img2199_202405220716489.jpg) |
| Class R6 [FBFRX] | ![image](img2199_202405220716489.jpg) |
| Annual Shareholder Report \| October 31, 2025  | ![image](img2199_202405220716489.jpg) |
| ![image](img2195_202408190904545.jpg) | ![image](img2195_202408190904545.jpg) |

---

This annual shareholder report contains important information about Franklin Managed Income Fund for the period November 1, 2024, to October 31, 2025.

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.

***This report describes changes to the Fund that occurred during the reporting period.***

**WHAT WERE THE FUND COSTS FOR THE LAST YEAR?** (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>  |
| Class R6 | $61 | 0.59% |

---

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

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

For the twelve months ended October 31, 2025, Class R6 shares of Franklin Managed Income Fund returned 5.99%. The Fund compares its performance to the Bloomberg U.S. Aggregate Index and the Linked 60% Bloomberg U.S. Aggregate Index and 40% MSCI USA High Dividend Yield Index†, which returned 6.16% and 6.49%, respectively, for the same period. The Linked benchmark replaced the Blended Benchmark effective March 1, 2025, as the Fund's investment manager believes the new Linked Benchmark better reflects the composition of the Fund.

**PERFORMANCE HIGHLIGHTS**

---

| | |
|:---|:---|
| **Top contributors to performance:** | **Top contributors to performance:** |
| ↑ | Securitized products, along with the financials and consumer staples sectors, led absolute fixed income returns during the period. JBS was a top contributor within consumer staples, while Freddie Mac and Fannie Mae added value among securitized products. |
| ↑ | Among equities, returns were driven by the information technology (IT), industrials, and financials sectors. Cisco Systems and International Business Machines performed best within IT, while Boeing benefited returns within industrials. |
| ↑ | Overweight allocation and selection within the consumer staples, financials, and industrials sectors assisted relative fixed income returns. Meanwhile, equity returns benefited from underweight positioning and selection within consumer staples, in addition to stock selection within the industrials and energy sectors. |

---

---

| | |
|:---|:---|
| **Top detractors from performance:** | **Top detractors from performance:** |
| ↓ | Aside from U.S. Treasuries (USTs), no fixed income sectors or individual issuers meaningfully detracted from absolute returns. |
| ↓ | The communication services, materials, and consumer discretionary sectors hindered equity returns. In terms of individual issuers, UnitedHealth Group, Texas Instruments, and Edison International detracted. |
| ↓ | Relative fixed income returns were weakened by selection within USTs and underweight allocations to securitized products and government related securities. Further, stock selection among the health care and utilities sectors detracted from relative equity returns, as did an overweight allocation to materials companies. |

---

**Use of derivatives and the impact on performance:**

The Fund utilized equity call and put options to sell and reduce positions and/or to initiate and add to positions, which contributed to performance.

Franklin Managed Income Fund PAGE 1 317-ATSR-1225

------

**HOW DID THE FUND PERFORM OVER THE LAST 10 YEARS?**

**The Fund's past performance is not necessarily an indication of how the Fund will perform in the future.** The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

**VALUE OF A $** **10,000 INVESTMENT –** **Class R6** 10/31/2015 — 10/31/2025

![image](ts5778img003.jpg)

**AVERAGE ANNUAL TOTAL RETURNS (%)** Period Ended October 31, 2025

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| **Class R6**  | 5.99 | 7.62 | 6.81 |
| **Russell 3000 Index**  | 20.81 | 16.74 | 14.08 |
| **Bloomberg U.S. Aggregate Index**  | 6.16 | -0.24 | 1.90 |
| **Linked 60% Bloomberg U.S. Aggregate Index & 40% MSCI** **USA High Dividend Yield Index**<sup>†</sup>  | 6.49 | 6.02 | 6.46 |

---

† The
 Linked Index reflects the performance of the Blended 50% MSCI USA High Dividend Yield Index, 25% ICE BofA U.S. Corporate &
 High Yield Index and 25%
 Bloomberg U.S. Aggregate Index prior to March 1, 2025, and 60% Bloomberg U.S. Aggregate Index and 40% MSCI USA High Dividend
 Yield Index thereafter.

Fund performance figures may reflect fee waivers and/or expense reimbursements, without which the performance would have been lower.

Effective March 1, 2025, the Fund adopted its current investment strategy.

The Fund was able to successfully meet its monthly distributions under its managed distribution policy without the return of capital.

For current month-end performance, please call Franklin Templeton at (800) DIAL BEN/342-5236 or visit

https://www.franklintempleton.com/investments/options/mutual-funds.

Important data provider notices and terms available at www.franklintempletondatasources.com.

**KEY FUND STATISTICS** (as of October 31, 2025)

---

| | |
|:---|:---|
| **Total Net Assets** | $3317526919 |
| **Total Number of Portfolio Holdings** | 161 |
| **Total Management Fee Paid** | $18499047 |
| **Portfolio Turnover Rate** | 42.27% |

---

Franklin Managed Income Fund PAGE 2 317-ATSR-1225

------

**WHAT DID THE FUND INVEST IN?** (as of October 31, 2025)

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

![image](ts5778img004.jpg)

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

**HOW HAS THE FUND CHANGED?**

On March 1, 2025, the Fund's principal investment strategies were revised to reflect that the Fund does not invest in high-yield non-convertible bonds as a principal investment strategy.

Related disclosure regarding the risks involved with investing in issuers of lower-rated or high-yield debt securities (also known as "junk bonds") was removed.

This is a summary of certain changes to the Fund since November 1, 2024. For more complete information, you may review the Fund's current prospectus and any applicable supplements and the Fund's next prospectus, which we expect to be available by March 1, 2026, at https://www.franklintempleton.com/regulatory-fund-documents or upon request at (800) DIAL BEN/342-5236 or

prospectus.us.franklintempleton@fisglobal.com.

---

| | |
|:---|:---|
| ![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 |

---

**HOUSEHOLDING**

You will receive the Fund's shareholder reports every six months. In addition, you will receive an annual updated summary prospectus (detail prospectus available upon request). To reduce Fund expenses, we try to identify related shareholders in a household and send only one copy of the shareholder reports and summary prospectus. This process, called "householding," will continue indefinitely unless you instruct us otherwise. If you prefer not to have these documents householded, please call us at (800) DIAL BEN/342-5236. At any time, you may view current prospectuses/summary prospectuses and shareholder reports on our website. If you choose, you may receive these documents through electronic delivery.

Franklin Managed Income Fund PAGE 3 317-ATSR-1225

100001059011789119341350213386165351517515267182321932410000104241292413776156351722124782206882242230910373431000010437105311031511502122141215510249102861137012071100001085011990123101387413964160411452714617175711871438.831.414.87.23.92.30.20.11.3 ------

---

| | |
|:---|:---|
| **Franklin Managed Income Fund**  | ![image](img2199_202405220716489.jpg) |
| Advisor Class [FBFZX] | ![image](img2199_202405220716489.jpg) |
| Annual Shareholder Report \| October 31, 2025  | ![image](img2199_202405220716489.jpg) |
| ![image](img2195_202408190904545.jpg) | ![image](img2195_202408190904545.jpg) |

---

This annual shareholder report contains important information about Franklin Managed Income Fund for the period November 1, 2024, to October 31, 2025.

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.

***This report describes changes to the Fund that occurred during the reporting period.***

**WHAT WERE THE FUND COSTS FOR THE LAST YEAR?** (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>  |
| Advisor Class | $68 | 0.66% |

---

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

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

For the twelve months ended October 31, 2025, Advisor Class shares of Franklin Managed Income Fund returned 5.92%. The Fund compares its performance to the Bloomberg U.S. Aggregate Index and the Linked 60% Bloomberg U.S. Aggregate Index and 40% MSCI USA High Dividend Yield Index†, which returned 6.16% and 6.49%, respectively, for the same period. The Linked benchmark replaced the Blended Benchmark effective March 1, 2025, as the Fund's investment manager believes the new Linked Benchmark better reflects the composition of the Fund.

**PERFORMANCE HIGHLIGHTS**

---

| | |
|:---|:---|
| **Top contributors to performance:** | **Top contributors to performance:** |
| ↑ | Securitized products, along with the financials and consumer staples sectors, led absolute fixed income returns during the period. JBS was a top contributor within consumer staples, while Freddie Mac and Fannie Mae added value among securitized products. |
| ↑ | Among equities, returns were driven by the information technology (IT), industrials, and financials sectors. Cisco Systems and International Business Machines performed best within IT, while Boeing benefited returns within industrials. |
| ↑ | Overweight allocation and selection within the consumer staples, financials, and industrials sectors assisted relative fixed income returns. Meanwhile, equity returns benefited from underweight positioning and selection within consumer staples, in addition to stock selection within the industrials and energy sectors. |

---

---

| | |
|:---|:---|
| **Top detractors from performance:** | **Top detractors from performance:** |
| ↓ | Aside from U.S. Treasuries (USTs), no fixed income sectors or individual issuers meaningfully detracted from absolute returns. |
| ↓ | The communication services, materials, and consumer discretionary sectors hindered equity returns. In terms of individual issuers, UnitedHealth Group, Texas Instruments, and Edison International detracted. |
| ↓ | Relative fixed income returns were weakened by selection within USTs and underweight allocations to securitized products and government related securities. Further, stock selection among the health care and utilities sectors detracted from relative equity returns, as did an overweight allocation to materials companies. |

---

**Use of derivatives and the impact on performance:**

The Fund utilized equity call and put options to sell and reduce positions and/or to initiate and add to positions, which contributed to performance.

Franklin Managed Income Fund PAGE 1 624-ATSR-1225

------

**HOW DID THE FUND PERFORM OVER THE LAST 10 YEARS?**

**The Fund's past performance is not necessarily an indication of how the Fund will perform in the future.** The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

**VALUE OF A $** **10,000 INVESTMENT –** **Advisor Class** 10/31/2015 — 10/31/2025

![image](ts5776img003.jpg)

**AVERAGE ANNUAL TOTAL RETURNS (%)** Period Ended October 31, 2025

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| **Advisor Class**  | 5.92 | 7.52 | 6.71 |
| **Russell 3000 Index**  | 20.81 | 16.74 | 14.08 |
| **Bloomberg U.S. Aggregate Index**  | 6.16 | -0.24 | 1.90 |
| **Linked 60% Bloomberg U.S. Aggregate Index & 40% MSCI** **USA High Dividend Yield Index**<sup>†</sup>  | 6.49 | 6.02 | 6.46 |

---

† The
 Linked Index reflects the performance of the Blended 50% MSCI USA High Dividend Yield Index, 25% ICE BofA U.S. Corporate &
 High Yield Index and 25%
 Bloomberg U.S. Aggregate Index prior to March 1, 2025, and 60% Bloomberg U.S. Aggregate Index and 40% MSCI USA High Dividend
 Yield Index thereafter.

Fund performance figures may reflect fee waivers and/or expense reimbursements, without which the performance would have been lower.

Effective March 1, 2025, the Fund adopted its current investment strategy.

The Fund was able to successfully meet its monthly distributions under its managed distribution policy without the return of capital.

For current month-end performance, please call Franklin Templeton at (800) DIAL BEN/342-5236 or visit

https://www.franklintempleton.com/investments/options/mutual-funds.

Important data provider notices and terms available at www.franklintempletondatasources.com.

**KEY FUND STATISTICS** (as of October 31, 2025)

---

| | |
|:---|:---|
| **Total Net Assets** | $3317526919 |
| **Total Number of Portfolio Holdings** | 161 |
| **Total Management Fee Paid** | $18499047 |
| **Portfolio Turnover Rate** | 42.27% |

---

Franklin Managed Income Fund PAGE 2 624-ATSR-1225

------

**WHAT DID THE FUND INVEST IN?** (as of October 31, 2025)

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

![image](ts5776img004.jpg)

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

**HOW HAS THE FUND CHANGED?**

On March 1, 2025, the Fund's principal investment strategies were revised to reflect that the Fund does not invest in high-yield non-convertible bonds as a principal investment strategy.

Related disclosure regarding the risks involved with investing in issuers of lower-rated or high-yield debt securities (also known as "junk bonds") was removed.

This is a summary of certain changes to the Fund since November 1, 2024. For more complete information, you may review the Fund's current prospectus and any applicable supplements and the Fund's next prospectus, which we expect to be available by March 1, 2026, at https://www.franklintempleton.com/regulatory-fund-documents or upon request at (800) DIAL BEN/342-5236 or

prospectus.us.franklintempleton@fisglobal.com.

---

| | |
|:---|:---|
| ![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 |

---

**HOUSEHOLDING**

You will receive the Fund's shareholder reports every six months. In addition, you will receive an annual updated summary prospectus (detail prospectus available upon request). To reduce Fund expenses, we try to identify related shareholders in a household and send only one copy of the shareholder reports and summary prospectus. This process, called "householding," will continue indefinitely unless you instruct us otherwise. If you prefer not to have these documents householded, please call us at (800) DIAL BEN/342-5236. At any time, you may view current prospectuses/summary prospectuses and shareholder reports on our website. If you choose, you may receive these documents through electronic delivery.

Franklin Managed Income Fund PAGE 3 624-ATSR-1225

100001057911765118991344213327164371507115162180801915010000104241292413776156351722124782206882242230910373431000010437105311031511502122141215510249102861137012071100001085011990123101387413964160411452714617175711871438.831.414.87.23.92.30.20.11.3 ------

---

| | |
|:---|:---|
| **Franklin Total Return Fund**  | ![image](img2199_202405220716489.jpg) |
| Class A [FKBAX] | ![image](img2199_202405220716489.jpg) |
| Annual Shareholder Report \| October 31, 2025  | ![image](img2199_202405220716489.jpg) |
| ![image](img2195_202408190904545.jpg) | ![image](img2195_202408190904545.jpg) |

---

This annual shareholder report contains important information about Franklin Total Return Fund for the period November 1, 2024, to October 31, 2025.

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.

***This report describes changes to the Fund that occurred during the reporting period.***

**WHAT WERE THE FUND COSTS FOR THE LAST YEAR?** (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>  |
| Class A | $79 | 0.77% |

---

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

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

For the twelve months ended October 31, 2025, Class A shares of Franklin Total Return Fund returned 5.98%. The Fund compares its performance to the Bloomberg U.S. Aggregate Index, which returned 6.16% for the same period.

**PERFORMANCE HIGHLIGHTS**

---

| | |
|:---|:---|
| **Top contributors to performance:** | **Top contributors to performance:** |
| ↑ | Overweight exposure to agency mortgage-backed securities |
| ↑ | Overweight positioning in investment-grade corporate bonds |
| ↑ | Out of index exposure to high-yield corporate bonds |

---

---

| | |
|:---|:---|
| **Top detractors from performance:** | **Top detractors from performance:** |
| Security selection in: | Security selection in: |
| ↓ | Agency mortgage-backed securities |
| ↓ | Senior secured floating-rate bank loans |
| ↓ | Commercial mortgage-backed securities |

---

**Use of derivatives and the impact on performance:**

The Fund utilized a number of derivatives to manage risk. Credit default swaps, positions in the credit default swap index and payer swaptions on the index, and total return swaps on credit index returns were used to manage overall credit exposure. Other derivatives, including the use of Treasury futures and currency forwards, were used to manage duration and currency exposures. In aggregate, these derivatives contributed to performance.

---

| | | |
|:---|:---|:---|
| Franklin Total Return Fund | PAGE 1 | 460-ATSR-1225 |

---

------

**HOW DID THE FUND PERFORM OVER THE LAST 10 YEARS?**

**The Fund's past performance is not necessarily an indication of how the Fund will perform in the future.** The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

**VALUE OF A $** **10,000 INVESTMENT ($** **9,625 AFTER MAXIMUM APPLICABLE SALES CHARGE) –**

**Class A** 10/31/2015 — 10/31/2025

![image](ts5760img003.jpg)

**AVERAGE ANNUAL TOTAL RETURNS (%)** Period Ended October 31, 2025

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| **Class A**  | 5.98 | -0.09 | 1.58 |
| **Class A (with sales charge)**  | 2.05 | -0.85 | 1.20 |
| **Bloomberg U.S. Aggregate Index**  | 6.16 | -0.24 | 1.90 |

---

Fund performance figures may reflect fee waivers and/or expense reimbursements, without which the performance would have been lower.

Performance for periods prior to March 1, 2019, has been restated to reflect the current maximum sales charge, which is lower than the maximum sales charge prior to that date.

Effective March 1, 2025, the Fund adopted its current investment strategy.

For current month-end performance, please call Franklin Templeton at (800) DIAL BEN/342-5236 or visit

https://www.franklintempleton.com/investments/options/mutual-funds.

Important data provider notices and terms available at www.franklintempletondatasources.com.

**KEY FUND STATISTICS** (as of October 31, 2025)

---

| | |
|:---|:---|
| **Total Net Assets** | $3019829808 |
| **Total Number of Portfolio Holdings (excludes derivatives, except purchased options, if any)** | 938 |
| **Total Management Fee Paid** | $10642578 |
| **Portfolio Turnover Rate** | 234.19% |

---

---

| | | |
|:---|:---|:---|
| Franklin Total Return Fund | PAGE 2 | 460-ATSR-1225 |

---

------

**WHAT DID THE FUND INVEST IN?** (as of October 31, 2025)

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

![image](ts5760img004.jpg)

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

† Certain
 categories may represent less than 0.1%.

**HOW HAS THE FUND CHANGED?**

On March 1, 2025, the Fund's principal investment strategies were revised to remove investments in marketplace loans to consumers and small and mid-sized enterprises or companies as a principal investment strategy of the Fund.

In connection with the changes to the principal investment strategies, principal risk disclosure regarding marketplace loans was removed.

Effective September 30, 2025, Thomas Runkel, CFA no longer serves as portfolio manager to the Fund and Albert Chan, CFA was added as a portfolio manager to the Fund.

In addition, effective April 7, 2025, the investment manager for the Fund contractually agreed to reduce the fee waiver for Class A, C, R and Advisor Class shares to 0.47% and to reduce the fee waiver for Class R6 shares to 0.37%. These contractual agreements are expected to continue until February 28, 2026.

This is a summary of certain changes to the Fund since November 1, 2024. For more complete information, you may review the Fund's current prospectus and any applicable supplements and the Fund's next prospectus, which we expect to be available by March 1, 2026, at https://www.franklintempleton.com/regulatory-fund-documents or upon request at (800) DIAL BEN/342-5236 or

prospectus.us.franklintempleton@fisglobal.com.

---

| | |
|:---|:---|
| ![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 |

---

**HOUSEHOLDING**

You will receive the Fund's shareholder reports every six months. In addition, you will receive an annual updated summary prospectus (detail prospectus available upon request). To reduce Fund expenses, we try to identify related shareholders in a household and send only one copy of the shareholder reports and summary prospectus. This process, called "householding," will continue indefinitely unless you instruct us otherwise. If you prefer not to have these documents householded, please call us at (800) DIAL BEN/342-5236. At any time, you may view current prospectuses/summary prospectuses and shareholder reports on our website. If you choose, you may receive these documents through electronic delivery.

---

| | | |
|:---|:---|:---|
| Franklin Total Return Fund | PAGE 3 | 460-ATSR-1225 |

---

96259965101129852108391131311552946595731062411260100001043710531103151150212214121551024910286113701207136.324.414.410.13.12.92.61.61.61.30.10.10.00.00.00.11.4 ------

---

| | |
|:---|:---|
| **Franklin Total Return Fund**  | ![image](img2199_202405220716489.jpg) |
| Class C [FCTLX] | ![image](img2199_202405220716489.jpg) |
| Annual Shareholder Report \| October 31, 2025  | ![image](img2199_202405220716489.jpg) |
| ![image](img2195_202408190904545.jpg) | ![image](img2195_202408190904545.jpg) |

---

This annual shareholder report contains important information about Franklin Total Return Fund for the period November 1, 2024, to October 31, 2025.

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.

***This report describes changes to the Fund that occurred during the reporting period.***

**WHAT WERE THE FUND COSTS FOR THE LAST YEAR?** (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>  |
| Class C | $121 | 1.18% |

---

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

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

For the twelve months ended October 31, 2025, Class C shares of Franklin Total Return Fund returned 5.74%. The Fund compares its performance to the Bloomberg U.S. Aggregate Index, which returned 6.16% for the same period.

**PERFORMANCE HIGHLIGHTS**

---

| | |
|:---|:---|
| **Top contributors to performance:** | **Top contributors to performance:** |
| ↑ | Overweight exposure to agency mortgage-backed securities |
| ↑ | Overweight positioning in investment-grade corporate bonds |
| ↑ | Out of index exposure to high-yield corporate bonds |

---

---

| | |
|:---|:---|
| **Top detractors from performance:** | **Top detractors from performance:** |
| Security selection in: | Security selection in: |
| ↓ | Agency mortgage-backed securities |
| ↓ | Senior secured floating-rate bank loans |
| ↓ | Commercial mortgage-backed securities |

---

**Use of derivatives and the impact on performance:**

The Fund utilized a number of derivatives to manage risk. Credit default swaps, positions in the credit default swap index and payer swaptions on the index, and total return swaps on credit index returns were used to manage overall credit exposure. Other derivatives, including the use of Treasury futures and currency forwards, were used to manage duration and currency exposures. In aggregate, these derivatives contributed to performance.

---

| | | |
|:---|:---|:---|
| Franklin Total Return Fund | PAGE 1 | 560-ATSR-1225 |

---

------

**HOW DID THE FUND PERFORM OVER THE LAST 10 YEARS?**

**The Fund's past performance is not necessarily an indication of how the Fund will perform in the future.** The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

**VALUE OF A $** **10,000 INVESTMENT –** **Class C** 10/31/2015 — 10/31/2025

![image](ts5761img003.jpg)

**AVERAGE ANNUAL TOTAL RETURNS (%)** Period Ended October 31, 2025

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| **Class C**  | 5.74 | -0.49 | 1.18 |
| **Class C (with sales charge)**  | 4.74 | -0.49 | 1.18 |
| **Bloomberg U.S. Aggregate Index**  | 6.16 | -0.24 | 1.90 |

---

Fund performance figures may reflect fee waivers and/or expense reimbursements, without which the performance would have been lower.

Effective March 1, 2025, the Fund adopted its current investment strategy.

For current month-end performance, please call Franklin Templeton at (800) DIAL BEN/342-5236 or visit

https://www.franklintempleton.com/investments/options/mutual-funds.

Important data provider notices and terms available at www.franklintempletondatasources.com.

**KEY FUND STATISTICS** (as of October 31, 2025)

---

| | |
|:---|:---|
| **Total Net Assets** | $3019829808 |
| **Total Number of Portfolio Holdings (excludes derivatives, except purchased options, if any)** | 938 |
| **Total Management Fee Paid** | $10642578 |
| **Portfolio Turnover Rate** | 234.19% |

---

**WHAT DID THE FUND INVEST IN?** (as of October 31, 2025)

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

![image](ts5761img004.jpg)

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

† Certain
 categories may represent less than 0.1%.

---

| | | |
|:---|:---|:---|
| Franklin Total Return Fund | PAGE 2 | 560-ATSR-1225 |

---

------

**HOW HAS THE FUND CHANGED?**

On March 1, 2025, the Fund's principal investment strategies were revised to remove investments in marketplace loans to consumers and small and mid-sized enterprises or companies as a principal investment strategy of the Fund.

In connection with the changes to the principal investment strategies, principal risk disclosure regarding marketplace loans was removed.

Effective September 30, 2025, Thomas Runkel, CFA no longer serves as portfolio manager to the Fund and Albert Chan, CFA was added as a portfolio manager to the Fund.

In addition, effective April 7, 2025, the investment manager for the Fund contractually agreed to reduce the fee waiver for Class A, C, R and Advisor Class shares to 0.47% and to reduce the fee waiver for Class R6 shares to 0.37%. These contractual agreements are expected to continue until February 28, 2026.

This is a summary of certain changes to the Fund since November 1, 2024. For more complete information, you may review the Fund's current prospectus and any applicable supplements and the Fund's next prospectus, which we expect to be available by March 1, 2026, at https://www.franklintempleton.com/regulatory-fund-documents or upon request at (800) DIAL BEN/342-5236 or

prospectus.us.franklintempleton@fisglobal.com.

---

| | |
|:---|:---|
| ![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 |

---

**HOUSEHOLDING**

You will receive the Fund's shareholder reports every six months. In addition, you will receive an annual updated summary prospectus (detail prospectus available upon request). To reduce Fund expenses, we try to identify related shareholders in a household and send only one copy of the shareholder reports and summary prospectus. This process, called "householding," will continue indefinitely unless you instruct us otherwise. If you prefer not to have these documents householded, please call us at (800) DIAL BEN/342-5236. At any time, you may view current prospectuses/summary prospectuses and shareholder reports on our website. If you choose, you may receive these documents through electronic delivery.

---

| | | |
|:---|:---|:---|
| Franklin Total Return Fund | PAGE 3 | 560-ATSR-1225 |

---

10000103131041510119110821152611713956696391063711248100001043710531103151150212214121551024910286113701207136.324.414.410.13.12.92.61.61.61.30.10.10.00.00.00.11.4 ------

---

| | |
|:---|:---|
| **Franklin Total Return Fund**  | ![image](img2199_202405220716489.jpg) |
| Class R [FTRRX] | ![image](img2199_202405220716489.jpg) |
| Annual Shareholder Report \| October 31, 2025  | ![image](img2199_202405220716489.jpg) |
| ![image](img2195_202408190904545.jpg) | ![image](img2195_202408190904545.jpg) |

---

This annual shareholder report contains important information about Franklin Total Return Fund for the period November 1, 2024, to October 31, 2025.

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.

***This report describes changes to the Fund that occurred during the reporting period.***

**WHAT WERE THE FUND COSTS FOR THE LAST YEAR?** (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>  |
| Class R | $105 | 1.02% |

---

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

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

For the twelve months ended October 31, 2025, Class R shares of Franklin Total Return Fund returned 5.87%. The Fund compares its performance to the Bloomberg U.S. Aggregate Index, which returned 6.16% for the same period.

**PERFORMANCE HIGHLIGHTS**

---

| | |
|:---|:---|
| **Top contributors to performance:** | **Top contributors to performance:** |
| ↑ | Overweight exposure to agency mortgage-backed securities |
| ↑ | Overweight positioning in investment-grade corporate bonds |
| ↑ | Out of index exposure to high-yield corporate bonds |

---

---

| | |
|:---|:---|
| **Top detractors from performance:** | **Top detractors from performance:** |
| Security selection in: | Security selection in: |
| ↓ | Agency mortgage-backed securities |
| ↓ | Senior secured floating-rate bank loans |
| ↓ | Commercial mortgage-backed securities |

---

**Use of derivatives and the impact on performance:**

The Fund utilized a number of derivatives to manage risk. Credit default swaps, positions in the credit default swap index and payer swaptions on the index, and total return swaps on credit index returns were used to manage overall credit exposure. Other derivatives, including the use of Treasury futures and currency forwards, were used to manage duration and currency exposures. In aggregate, these derivatives contributed to performance.

---

| | | |
|:---|:---|:---|
| Franklin Total Return Fund | PAGE 1 | 860-ATSR-1225 |

---

------

**HOW DID THE FUND PERFORM OVER THE LAST 10 YEARS?**

**The Fund's past performance is not necessarily an indication of how the Fund will perform in the future.** The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

**VALUE OF A $** **10,000 INVESTMENT –** **Class R** 10/31/2015 — 10/31/2025

![image](ts5764img003.jpg)

**AVERAGE ANNUAL TOTAL RETURNS (%)** Period Ended October 31, 2025

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| **Class R**  | 5.87 | -0.32 | 1.35 |
| **Bloomberg U.S. Aggregate Index**  | 6.16 | -0.24 | 1.90 |

---

Fund performance figures may reflect fee waivers and/or expense reimbursements, without which the performance would have been lower.

Effective March 1, 2025, the Fund adopted its current investment strategy.

For current month-end performance, please call Franklin Templeton at (800) DIAL BEN/342-5236 or visit

https://www.franklintempleton.com/investments/options/mutual-funds.

Important data provider notices and terms available at www.franklintempletondatasources.com.

**KEY FUND STATISTICS** (as of October 31, 2025)

---

| | |
|:---|:---|
| **Total Net Assets** | $3019829808 |
| **Total Number of Portfolio Holdings (excludes derivatives, except purchased options, if any)** | 938 |
| **Total Management Fee Paid** | $10642578 |
| **Portfolio Turnover Rate** | 234.19% |

---

**WHAT DID THE FUND INVEST IN?** (as of October 31, 2025)

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

![image](ts5764img004.jpg)

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

† Certain
 categories may represent less than 0.1%.

---

| | | |
|:---|:---|:---|
| Franklin Total Return Fund | PAGE 2 | 860-ATSR-1225 |

---

------

**HOW HAS THE FUND CHANGED?**

On March 1, 2025, the Fund's principal investment strategies were revised to remove investments in marketplace loans to consumers and small and mid-sized enterprises or companies as a principal investment strategy of the Fund.

In connection with the changes to the principal investment strategies, principal risk disclosure regarding marketplace loans was removed.

Effective September 30, 2025, Thomas Runkel, CFA no longer serves as portfolio manager to the Fund and Albert Chan, CFA was added as a portfolio manager to the Fund.

In addition, effective April 7, 2025, the investment manager for the Fund contractually agreed to reduce the fee waiver for Class A, C, R and Advisor Class shares to 0.47% and to reduce the fee waiver for Class R6 shares to 0.37%. These contractual agreements are expected to continue until February 28, 2026.

This is a summary of certain changes to the Fund since November 1, 2024. For more complete information, you may review the Fund's current prospectus and any applicable supplements and the Fund's next prospectus, which we expect to be available by March 1, 2026, at https://www.franklintempleton.com/regulatory-fund-documents or upon request at (800) DIAL BEN/342-5236 or

prospectus.us.franklintempleton@fisglobal.com.

---

| | |
|:---|:---|
| ![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 |

---

**HOUSEHOLDING**

You will receive the Fund's shareholder reports every six months. In addition, you will receive an annual updated summary prospectus (detail prospectus available upon request). To reduce Fund expenses, we try to identify related shareholders in a household and send only one copy of the shareholder reports and summary prospectus. This process, called "householding," will continue indefinitely unless you instruct us otherwise. If you prefer not to have these documents householded, please call us at (800) DIAL BEN/342-5236. At any time, you may view current prospectuses/summary prospectuses and shareholder reports on our website. If you choose, you may receive these documents through electronic delivery.

---

| | | |
|:---|:---|:---|
| Franklin Total Return Fund | PAGE 3 | 860-ATSR-1225 |

---

10000103311045410172111551161711834966497631079911434100001043710531103151150212214121551024910286113701207136.324.414.410.13.12.92.61.61.61.30.10.10.00.00.00.11.4 ------

---

| | |
|:---|:---|
| **Franklin Total Return Fund**  | ![image](img2199_202405220716489.jpg) |
| Class R6 [FRERX] | ![image](img2199_202405220716489.jpg) |
| Annual Shareholder Report \| October 31, 2025  | ![image](img2199_202405220716489.jpg) |
| ![image](img2195_202408190904545.jpg) | ![image](img2195_202408190904545.jpg) |

---

This annual shareholder report contains important information about Franklin Total Return Fund for the period November 1, 2024, to October 31, 2025.

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.

***This report describes changes to the Fund that occurred during the reporting period.***

**WHAT WERE THE FUND COSTS FOR THE LAST YEAR?** (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>  |
| Class R6 | $42 | 0.41% |

---

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

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

For the twelve months ended October 31, 2025, Class R6 shares of Franklin Total Return Fund returned 6.44%. The Fund compares its performance to the Bloomberg U.S. Aggregate Index, which returned 6.16% for the same period.

**PERFORMANCE HIGHLIGHTS**

---

| | |
|:---|:---|
| **Top contributors to performance:** | **Top contributors to performance:** |
| ↑ | Overweight exposure to agency mortgage-backed securities |
| ↑ | Overweight positioning in investment-grade corporate bonds |
| ↑ | Out of index exposure to high-yield corporate bonds |

---

---

| | |
|:---|:---|
| **Top detractors from performance:** | **Top detractors from performance:** |
| Security selection in: | Security selection in: |
| ↓ | Agency mortgage-backed securities |
| ↓ | Senior secured floating-rate bank loans |
| ↓ | Commercial mortgage-backed securities |

---

**Use of derivatives and the impact on performance:**

The Fund utilized a number of derivatives to manage risk. Credit default swaps, positions in the credit default swap index and payer swaptions on the index, and total return swaps on credit index returns were used to manage overall credit exposure. Other derivatives, including the use of Treasury futures and currency forwards, were used to manage duration and currency exposures. In aggregate, these derivatives contributed to performance.

---

| | | |
|:---|:---|:---|
| Franklin Total Return Fund | PAGE 1 | 360-ATSR-1225 |

---

------

**HOW DID THE FUND PERFORM OVER THE LAST 10 YEARS?**

**The Fund's past performance is not necessarily an indication of how the Fund will perform in the future.** The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

**VALUE OF A $** **10,000 INVESTMENT –** **Class R6** 10/31/2015 — 10/31/2025

![image](ts5762img003.jpg)

**AVERAGE ANNUAL TOTAL RETURNS (%)** Period Ended October 31, 2025

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| **Class R6**  | 6.44 | 0.27 | 1.95 |
| **Bloomberg U.S. Aggregate Index**  | 6.16 | -0.24 | 1.90 |

---

Fund performance figures may reflect fee waivers and/or expense reimbursements, without which the performance would have been lower.

Effective March 1, 2025, the Fund adopted its current investment strategy.

For current month-end performance, please call Franklin Templeton at (800) DIAL BEN/342-5236 or visit

https://www.franklintempleton.com/investments/options/mutual-funds.

Important data provider notices and terms available at www.franklintempletondatasources.com.

**KEY FUND STATISTICS** (as of October 31, 2025)

---

| | |
|:---|:---|
| **Total Net Assets** | $3019829808 |
| **Total Number of Portfolio Holdings (excludes derivatives, except purchased options, if any)** | 938 |
| **Total Management Fee Paid** | $10642578 |
| **Portfolio Turnover Rate** | 234.19% |

---

**WHAT DID THE FUND INVEST IN?** (as of October 31, 2025)

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

![image](ts5762img004.jpg)

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

† Certain
 categories may represent less than 0.1%.

---

| | | |
|:---|:---|:---|
| Franklin Total Return Fund | PAGE 2 | 360-ATSR-1225 |

---

------

**HOW HAS THE FUND CHANGED?**

On March 1, 2025, the Fund's principal investment strategies were revised to remove investments in marketplace loans to consumers and small and mid-sized enterprises or companies as a principal investment strategy of the Fund.

In connection with the changes to the principal investment strategies, principal risk disclosure regarding marketplace loans was removed.

Effective September 30, 2025, Thomas Runkel, CFA no longer serves as portfolio manager to the Fund and Albert Chan, CFA was added as a portfolio manager to the Fund.

In addition, effective April 7, 2025, the investment manager for the Fund contractually agreed to reduce the fee waiver for Class A, C, R and Advisor Class shares to 0.47% and to reduce the fee waiver for Class R6 shares to 0.37%. These contractual agreements are expected to continue until February 28, 2026.

This is a summary of certain changes to the Fund since November 1, 2024. For more complete information, you may review the Fund's current prospectus and any applicable supplements and the Fund's next prospectus, which we expect to be available by March 1, 2026, at https://www.franklintempleton.com/regulatory-fund-documents or upon request at (800) DIAL BEN/342-5236 or

prospectus.us.franklintempleton@fisglobal.com.

---

| | |
|:---|:---|
| ![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 |

---

**HOUSEHOLDING**

You will receive the Fund's shareholder reports every six months. In addition, you will receive an annual updated summary prospectus (detail prospectus available upon request). To reduce Fund expenses, we try to identify related shareholders in a household and send only one copy of the shareholder reports and summary prospectus. This process, called "householding," will continue indefinitely unless you instruct us otherwise. If you prefer not to have these documents householded, please call us at (800) DIAL BEN/342-5236. At any time, you may view current prospectuses/summary prospectuses and shareholder reports on our website. If you choose, you may receive these documents through electronic delivery.

---

| | | |
|:---|:---|:---|
| Franklin Total Return Fund | PAGE 3 | 360-ATSR-1225 |

---

1000010394105761035411426119651226010084102351139112124100001043710531103151150212214121551024910286113701207136.324.414.410.13.12.92.61.61.61.30.10.10.00.00.00.11.4 ------

---

| | |
|:---|:---|
| **Franklin Total Return Fund**  | ![image](img2199_202405220716489.jpg) |
| Advisor Class [FBDAX] | ![image](img2199_202405220716489.jpg) |
| Annual Shareholder Report \| October 31, 2025  | ![image](img2199_202405220716489.jpg) |
| ![image](img2195_202408190904545.jpg) | ![image](img2195_202408190904545.jpg) |

---

This annual shareholder report contains important information about Franklin Total Return Fund for the period November 1, 2024, to October 31, 2025.

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.

***This report describes changes to the Fund that occurred during the reporting period.***

**WHAT WERE THE FUND COSTS FOR THE LAST YEAR?** (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>  |
| Advisor Class | $54 | 0.52% |

---

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

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

For the twelve months ended October 31, 2025, Advisor Class shares of Franklin Total Return Fund returned 6.33%. The Fund compares its performance to the Bloomberg U.S. Aggregate Index, which returned 6.16% for the same period.

**PERFORMANCE HIGHLIGHTS**

---

| | |
|:---|:---|
| **Top contributors to performance:** | **Top contributors to performance:** |
| ↑ | Overweight exposure to agency mortgage-backed securities |
| ↑ | Overweight positioning in investment-grade corporate bonds |
| ↑ | Out of index exposure to high-yield corporate bonds |

---

---

| | |
|:---|:---|
| **Top detractors from performance:** | **Top detractors from performance:** |
| Security selection in: | Security selection in: |
| ↓ | Agency mortgage-backed securities |
| ↓ | Senior secured floating-rate bank loans |
| ↓ | Commercial mortgage-backed securities |

---

**Use of derivatives and the impact on performance:**

The Fund utilized a number of derivatives to manage risk. Credit default swaps, positions in the credit default swap index and payer swaptions on the index, and total return swaps on credit index returns were used to manage overall credit exposure. Other derivatives, including the use of Treasury futures and currency forwards, were used to manage duration and currency exposures. In aggregate, these derivatives contributed to performance.

---

| | | |
|:---|:---|:---|
| Franklin Total Return Fund | PAGE 1 | 660-ATSR-1225 |

---

------

**HOW DID THE FUND PERFORM OVER THE LAST 10 YEARS?**

**The Fund's past performance is not necessarily an indication of how the Fund will perform in the future.** The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

**VALUE OF A $** **10,000 INVESTMENT –** **Advisor Class** 10/31/2015 — 10/31/2025

![image](ts5759img003.jpg)

**AVERAGE ANNUAL TOTAL RETURNS (%)** Period Ended October 31, 2025

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| **Advisor Class**  | 6.33 | 0.16 | 1.83 |
| **Bloomberg U.S. Aggregate Index**  | 6.16 | -0.24 | 1.90 |

---

Fund performance figures may reflect fee waivers and/or expense reimbursements, without which the performance would have been lower.

Effective March 1, 2025, the Fund adopted its current investment strategy.

For current month-end performance, please call Franklin Templeton at (800) DIAL BEN/342-5236 or visit

https://www.franklintempleton.com/investments/options/mutual-funds.

Important data provider notices and terms available at www.franklintempletondatasources.com.

**KEY FUND STATISTICS** (as of October 31, 2025)

---

| | |
|:---|:---|
| **Total Net Assets** | $3019829808 |
| **Total Number of Portfolio Holdings (excludes derivatives, except purchased options, if any)** | 938 |
| **Total Management Fee Paid** | $10642578 |
| **Portfolio Turnover Rate** | 234.19% |

---

**WHAT DID THE FUND INVEST IN?** (as of October 31, 2025)

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

![image](ts5759img004.jpg)

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

† Certain
 categories may represent less than 0.1%.

---

| | | |
|:---|:---|:---|
| Franklin Total Return Fund | PAGE 2 | 660-ATSR-1225 |

---

------

**HOW HAS THE FUND CHANGED?**

On March 1, 2025, the Fund's principal investment strategies were revised to remove investments in marketplace loans to consumers and small and mid-sized enterprises or companies as a principal investment strategy of the Fund.

In connection with the changes to the principal investment strategies, principal risk disclosure regarding marketplace loans was removed.

Effective September 30, 2025, Thomas Runkel, CFA no longer serves as portfolio manager to the Fund and Albert Chan, CFA was added as a portfolio manager to the Fund.

In addition, effective April 7, 2025, the investment manager for the Fund contractually agreed to reduce the fee waiver for Class A, C, R and Advisor Class shares to 0.47% and to reduce the fee waiver for Class R6 shares to 0.37%. These contractual agreements are expected to continue until February 28, 2026.

This is a summary of certain changes to the Fund since November 1, 2024. For more complete information, you may review the Fund's current prospectus and any applicable supplements and the Fund's next prospectus, which we expect to be available by March 1, 2026, at https://www.franklintempleton.com/regulatory-fund-documents or upon request at (800) DIAL BEN/342-5236 or

prospectus.us.franklintempleton@fisglobal.com.

---

| | |
|:---|:---|
| ![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 |

---

**HOUSEHOLDING**

You will receive the Fund's shareholder reports every six months. In addition, you will receive an annual updated summary prospectus (detail prospectus available upon request). To reduce Fund expenses, we try to identify related shareholders in a household and send only one copy of the shareholder reports and summary prospectus. This process, called "householding," will continue indefinitely unless you instruct us otherwise. If you prefer not to have these documents householded, please call us at (800) DIAL BEN/342-5236. At any time, you may view current prospectuses/summary prospectuses and shareholder reports on our website. If you choose, you may receive these documents through electronic delivery.

---

| | | |
|:---|:---|:---|
| Franklin Total Return Fund | PAGE 3 | 660-ATSR-1225 |

---

100001037510547103121136811890121709996101351126911982100001043710531103151150212214121551024910286113701207136.324.414.410.13.12.92.61.61.61.30.10.10.00.00.00.11.4 ------

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

ITEM 2. CODE OF ETHICS.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Registrant has adopted a code of ethics that applies to its principal executive officers and principal financial and accounting officer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) N/A

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) N/A

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) Pursuant to Item 19(a) (1), the Registrant is attaching as an exhibit a copy of its code of ethics that applies to its principal executive officers and principal financial and accounting officer.

ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT.

The Board of Trustees of the Registrant has determined that Mary C. Choksi, possesses the technical attributes identified in Item 3 to Form N-CSR to qualify as an "audit committee financial expert," and has designated Mary C. Choksi as the Audit Committee's financial expert. Mary C. Choksi is an "independent" Trustee pursuant to paragraph (a)(2) of Item 3 to Form N-CSR.

Under applicable securities laws, a person determined to be an audit committee financial expert will not be deemed an "expert" for any purpose, including without limitation for the purposes of Section 11 of the Securities Act of 1933, as a result of being designated or identified as an audit committee financial expert. The designation or identification of a person as an audit committee financial expert does not impose on such person any duties, obligations, or liabilities greater than the duties, obligations, and liabilities imposed on such person as a member of the audit committee and board of directors in the absence of such designation or identification. The designation or identification of a person as an audit committee financial expert does not affect the duties, obligations, or liability of any other member of the audit committee or board of directors.

ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) <u>Audit Fees</u>. The aggregate fees billed in the last two fiscal years ending October 31, 2024 and October 31, 2025 (the "Reporting Periods") for professional services rendered by the Registrant's principal accountant (the "Auditor") for the audit of the Registrant's annual financial statements, or services that are normally provided by the Auditor in connection with the statutory and regulatory filings or engagements for the Reporting Periods, were $592,444 in October 31, 2024 and $631,084 in October 31, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) <u>Audit-Related Fees</u>. The aggregate fees billed in the Reporting Periods for assurance and related services by the Auditor that are reasonably related to the performance of the Registrant's financial statements were $0 in October 31, 2024 and $0 in October 31, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Tax Fees</u>. The aggregate fees billed in the Reporting Periods for professional services rendered by the Auditor for tax compliance, tax advice and tax planning ("Tax Services") were $0 in October 31, 2024 and $84,750 in October 31, 2025. These services consisted of (i) review or preparation of U.S. federal, state, local and excise tax returns; (ii) U.S. federal, state and local tax planning, advice and assistance regarding statutory, regulatory or administrative developments, and (iii) tax advice regarding tax qualification matters and/or treatment of various financial instruments held or proposed to be acquired or held.

The aggregate fees billed for tax services by the Auditors to the Registrant's investment manager and any entity controlling, controlled by, or under common control with the investment manager that provides ongoing servooifices to the Registrant ("Service Affiliates") during the Reporting Periods that required pre-approval by the Audit Committee were $70,000 in October 31, 2024 and $0 in October 31, 2025. The services for which these fees were paid included global access to tax platform International Tax View.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>All Other Fees</u>. The aggregate fees billed in the Reporting Periods for products and services provided by the Auditor to the Registrant, other than the services reported in paragraphs (a) through (c) of this item, were $0 in October 31, 2024 and $0 in October 31, 2025.

The aggregate fees billed in the Reporting Periods for products and services provided by the Auditor to the Service Affiliates, other than the services reported in paragraphs (a) through (c) of this item, were $63,023 in October 31, 2024 and $0 in October 31, 2025. The services for which these fees were paid included professional fees in connection with SOC 1 reports and professional fees relating to security counts.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Audit Committee's pre–approval policies and procedures described in paragraph (c) (7) of Rule 2-01 of Regulation S-X.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) The Registrant's Audit Committee is directly responsible for approving the services to be provided by the Auditors, including:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) pre-approval of all audit and audit related services;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) pre-approval of all non-audit related services to be provided to the Registrant by the Auditors;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) pre-approval of all non-audit related services to be provided by the Auditors to the Registrant and the Service Affiliates where the non-audit services relate directly to the operations or financial reporting of the Registrant; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) establishment by the Audit Committee, if deemed necessary or appropriate, as an alternative to committee pre-approval of services to be provided by the Auditors, as required by paragraphs (ii) and (iii) above, of policies and procedures to permit such services to be pre-approved by other means, such as through establishment of guidelines or by action of a designated member or members of the committee; provided the policies and procedures are detailed as to the particular service and the committee is informed of each service and such policies and procedures do not include delegation of Audit Committee responsibilities, as contemplated under the Securities Exchange Act of 1934, to management; subject, in the case of (ii) through (iv), to any waivers, exceptions or exemptions that may be available under applicable law or rules.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) None of the services described in paragraphs (b) through (d) of this Item were performed in reliance on paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) Not applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) Non-audit fees billed by the Auditor for services rendered to the Registrant and the Service Affiliates during the reporting period were $133,023 in October 31, 2024 and $2,107,619 in October 31, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) Yes. The Registrant's Audit Committee has considered whether the provision of non-audit services that were rendered to Service Affiliates, which were not pre-approved (not requiring pre-approval), is compatible with maintaining the Auditor's independence. All services provided by the Auditor to the Registrant or to the Service Affiliates, which were required to be pre-approved, were pre-approved as required.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Not applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) 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 HIGLIGHTS FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES.

#### Franklin

#### Investors

#### Securities

#### Trust

#### Financial

#### Statements

#### and

#### Other

#### Important

#### Information

#### Annual
\|

October 31, 2025

#### 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

#### Table

#### of

#### Contents
franklintempleton.com

Financial

Statements

and

Other

Important

Information—Annual

Financial

Highlights

and

Schedules

of

Investments

#### 2
Financial

Statements

#### 198
Notes

to

Financial

Statements

#### 210
Report

of

Independent

Registered

Public

Accounting

Firm

#### 252
Tax

Information

#### 254
Changes

In

and

Disagreements

with

Accountants

#### 255
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

Annual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

o

a

#### Year

#### Ended

#### October

#### 31,

#### 2025

#### 2024

#### 2023

#### 2022

#### 2021

#### Class

#### A

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

year)

Net

asset

value,

beginning

of

year

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

$22.93

$18.90

$20.43

$31.15

$27.11

Income

from

investment

operations

a

:

Net

investment

income

b

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

0.32 0.20 0.18 0.14 0.19 Net

realized

and

unrealized

gains

(losses)

...........

3.34 4.34 (0.02)

(5.47)

7.01 Total

from

investment

operations

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

3.66 4.54 0.16 (5.33)

7.20 Less

distributions

from:

Net

investment

income

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

(0.34)

(0.22)

(0.16)

(0.15)

(0.23)

Net

realized

gains

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

(0.71)

(0.29)

(1.53)

(5.24)

(2.93)

Total

distributions

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

(1.05)

(0.51)

(1.69)

(5.39)

(3.16)

Net

asset

value,

end

of

year

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

$25.54

$22.93

$18.90

$20.43

$31.15

Total

return

c

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

16.44%

24.28%

0.62%

(19.94)%

27.98%

#### Ratios

#### to

#### average

#### net

#### assets
Expenses

before

waiver

and

payments

by

affiliates

......

0.82%

0.83%

0.82%

0.83%

0.83%

Expenses

net

of

waiver

and

payments

by

affiliates

.......

0.81%

0.82%

0.81%

d

0.83%

d,e

0.82%

d

Net

investment

income

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

1.34%

0.93%

0.91%

0.61%

0.64%

#### Supplemental

#### data
Net

assets

,

end

of

year

(000's)

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

$1,000,557

$961,707

$901,820

$1,067,202

$1,621,832

Portfolio

turnover

rate

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

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.

d

Benefit

of

expense

reduction

rounds

to

less

than

0.01%.

e

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.

Annual

Report

a

#### Year

#### Ended

#### October

#### 31,

#### 2025

#### 2024

#### 2023

#### 2022

#### 2021

#### Class

#### C

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

year)

Net

asset

value,

beginning

of

year

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

$22.29

$18.38

$19.92

$30.53

$26.66

Income

from

investment

operations

a

:

Net

investment

income

(loss)

b

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

0.13 0.04 0.03 (0.03)

(0.03)

Net

realized

and

unrealized

gains

(losses)

...........

3.25 4.22 (0.02)

(5.34)

6.89 Total

from

investment

operations

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

3.38 4.26 0.01 (5.37)

6.86 Less

distributions

from:

Net

investment

income

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

(0.16)

(0.06)

(0.02)

—

(0.06)

Net

realized

gains

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

(0.71)

(0.29)

(1.53)

(5.24)

(2.93)

Total

distributions

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

(0.87)

(0.35)

(1.55)

(5.24)

(2.99)

Net

asset

value,

end

of

year

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

$24.80

$22.29

$18.38

$19.92

$30.53

Total

return

c

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

15.54%

23.37%

(0.16)%

(20.53)%

27.04%

#### Ratios

#### to

#### average

#### net

#### assets
Expenses

before

waiver

and

payments

by

affiliates

......

1.57%

1.58%

1.57%

1.58%

1.57%

Expenses

net

of

waiver

and

payments

by

affiliates

.......

1.56%

1.57%

1.56%

d

1.57%

d

1.57%

d,e

Net

investment

income

(loss)

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

0.58%

0.17%

0.15%

(0.15)%

(0.10)%

#### Supplemental

#### data
Net

assets

,

end

of

year

(000's)

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

$37,058

$53,128

$67,313

$100,936

$198,611

Portfolio

turnover

rate

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

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.

d

Benefit

of

expense

reduction

rounds

to

less

than

0.01%.

e

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

Annual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

#### Year

#### Ended

#### October

#### 31,

#### 2025

#### 2024

#### 2023

#### 2022

#### 2021

#### Class

#### R6

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

year)

Net

asset

value,

beginning

of

year

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

$23.16

$19.08

$20.62

$31.39

$27.29

Income

from

investment

operations

a

:

Net

investment

income

b

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

0.40 0.27 0.25 0.22 0.29 Net

realized

and

unrealized

gains

(losses)

...........

3.38 4.39 (0.03)

(5.52)

7.07 Total

from

investment

operations

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

3.78 4.66 0.22 (5.30)

7.36 Less

distributions

from:

Net

investment

income

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

(0.42)

(0.29)

(0.23)

(0.23)

(0.33)

Net

realized

gains

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

(0.71)

(0.29)

(1.53)

(5.24)

(2.93)

Total

distributions

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

(1.13)

(0.58)

(1.76)

(5.47)

(3.26)

Net

asset

value,

end

of

year

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

$25.81

$23.16

$19.08

$20.62

$31.39

Total

return

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

16.80%

24.71%

0.89%

(19.65)%

28.43%

#### Ratios

#### to

#### average

#### net

#### assets
Expenses

before

waiver

and

payments

by

affiliates

......

0.51%

0.51%

0.51%

0.51%

0.53%

Expenses

net

of

waiver

and

payments

by

affiliates

.......

0.50%

0.50%

0.49%

c

0.48%

c

0.50%

c

Net

investment

income

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

1.65%

1.25%

1.23%

0.95%

0.97%

#### Supplemental

#### data
Net

assets

,

end

of

year

(000's)

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

$125,202

$99,998

$89,591

$95,418

$127,846

Portfolio

turnover

rate

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

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

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.

Annual

Report

a

#### Year

#### Ended

#### October

#### 31,

#### 2025

#### 2024

#### 2023

#### 2022

#### 2021

#### Advisor

#### Class

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

year)

Net

asset

value,

beginning

of

year

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

$22.93

$18.90

$20.43

$31.16

$27.11

Income

from

investment

operations

a

:

Net

investment

income

b

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

0.38 0.25 0.23 0.20 0.26 Net

realized

and

unrealized

gains

(losses)

...........

3.34 4.34 (0.02)

(5.48)

7.03 Total

from

investment

operations

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

3.72 4.59 0.21 (5.28)

7.29 Less

distributions

from:

Net

investment

income

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

(0.40)

(0.27)

(0.21)

(0.21)

(0.31)

Net

realized

gains

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

(0.71)

(0.29)

(1.53)

(5.24)

(2.93)

Total

distributions

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

(1.11)

(0.56)

(1.74)

(5.45)

(3.24)

Net

asset

value,

end

of

year

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

$25.54

$22.93

$18.90

$20.43

$31.16

Total

return

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

16.73%

24.59%

0.87%

(19.75)%

28.34%

#### Ratios

#### to

#### average

#### net

#### assets
Expenses

before

waiver

and

payments

by

affiliates

......

0.57%

0.58%

0.57%

0.58%

0.58%

Expenses

net

of

waiver

and

payments

by

affiliates

.......

0.56%

0.57%

0.56%

c

0.58%

c,d

0.57%

c

Net

investment

income

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

1.59%

1.18%

1.16%

0.85%

0.89%

#### Supplemental

#### data
Net

assets

,

end

of

year

(000's)

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

$1,871,815

$1,655,834

$1,474,802

$1,894,863

$3,355,546

Portfolio

turnover

rate

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

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

Benefit

of

expense

reduction

rounds

to

less

than

0.01%.

d

Benefit

of

waiver

and

payments

by

affiliates

rounds

to

less

than

0.01%.

Franklin

Investors

Securities

Trust

Schedule

of

Investments,

October

31,

2025

#### Franklin

#### Convertible

#### Securities

#### Fund
franklintempleton.com

Annual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

a

#### Country

#### Shares
a

#### Value
a

a

#### a
a

#### Common

#### Stocks

#### 0.4%

#### Semiconductors

#### &

#### Semiconductor

#### Equipment

#### 0.4%
a

Wolfspeed,

Inc.

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

United

States

517,457

$

13,619,468

#### Total

#### Common

#### Stocks

#### (Cost

#### $14,835,492)

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

#### 13,619,468

#### Convertible

#### Preferred

#### Stocks

#### 15.9%

#### Capital

#### Markets

#### 3.2%
Ares

Management

Corp.,

B,

6.75%

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

United

States

1,066,000

50,411,140

KKR

&

Co.,

Inc.,

D,

6.25%

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

United

States

967,000

47,402,340

97,813,480

#### Chemicals

#### 1.6%
Albemarle

Corp.,

7.25%

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

United

States

1,063,200

47,025,336

#### Electric

#### Utilities

#### 1.8%
NextEra

Energy,

Inc.,

7.299%

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

United

States

1,040,000

54,631,200

#### Financial

#### Services

#### 2.5%
Apollo

Global

Management,

Inc.,

6.75%

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

United

States

810,000

52,925,400

Shift4

Payments,

Inc.,

6%

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

United

States

262,500

22,433,250

75,358,650

#### Life

#### Sciences

#### Tools

#### &

#### Services

#### 1.6%
Bruker

Corp.,

6.375%

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

United

States

156,400

49,461,500

#### Semiconductors

#### &

#### Semiconductor

#### Equipment

#### 1.2%
Microchip

Technology,

Inc.,

7.5%

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

United

States

636,000

36,824,400

#### Technology

#### Hardware,

#### Storage

#### &

#### Peripherals

#### 2.3%
Hewlett

Packard

Enterprise

Co.,

7.625%

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

United

States

1,020,000

68,931,600

#### Trading

#### Companies

#### &

#### Distributors

#### 1.7%
QXO,

Inc.,

5.5%

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

United

States

1,010,000

51,560,500

#### Total

#### Convertible

#### Preferred

#### Stocks

#### (Cost

#### $442,768,325)

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

#### 481,606,666

#### Principal

#### Amount

#### \*

#### Convertible

#### Bonds

#### 81.6%

#### Biotechnology

#### 7.0%
b

Alnylam

Pharmaceuticals,

Inc.

,

Senior

Note

,

144A,

Zero

Cpn.,

9/15/28

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

United

States

15,600,000

15,639,000

Ascendis

Pharma

A/S

,

Senior

Note

,

2.25 %

,

4/01/28

.........

Denmark

32,500,000

44,711,875

b

Bridgebio

Pharma,

Inc.

,

Senior

Note

,

144A,

1.75 %

,

3/01/31

....

United

States

46,200,000

70,021,875

Immunocore

Holdings

plc

,

Senior

Note

,

2.5 %

,

2/01/30

........

United

Kingdom

20,000,000

17,692,000

PTC

Therapeutics,

Inc.

,

Senior

Note

,

1.5 %

,

9/15/26

..........

United

States

48,000,000

65,970,000

214,034,750

#### Broadline

#### Retail

#### 4.0%
c

Alibaba

Group

Holding

Ltd.

,

Senior

Note

,

0.5 %

,

6/01/31

......

China

37,000,000

65,508,500

Etsy,

Inc.

,

Senior

Note

,

0.125 %

,

9/01/27

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

United

States

59,500,000

55,171,375

120,679,875

#### Capital

#### Markets

#### 2.0%
b

Coinbase

Global,

Inc.

,

Senior

Note

,

144A,

Zero

Cpn.,

10/01/32

.

United

States

55,500,000

61,993,500

#### Communications

#### Equipment

#### 2.1%
b

Lumentum

Holdings,

Inc.

,

Senior

Note

,

144A,

0.375 %

,

3/15/32

.

United

States

27,400,000

36,373,500

Franklin

Investors

Securities

Trust

Schedule

of

Investments

#### Franklin

#### Convertible

#### Securities

#### Fund
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Annual

Report

a

a

#### Country

#### Principal

#### Amount

#### \*
a

#### Value
a

#### a
a

#### Convertible

#### Bonds
(continued)

#### Communications

#### Equipment
(continued)

Viavi

Solutions,

Inc.

,

1.625 %

,

3/15/26

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

United

States

20,709,000

$

27,957,150

64,330,650

#### Construction

#### &

#### Engineering

#### 1.7%
Fluor

Corp.

,

Senior

Note

,

1.125 %

,

8/15/29

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

United

States

39,000,000

50,290,500

#### Consumer

#### Staples

#### Distribution

#### &

#### Retail

#### 1.0%
Chefs'

Warehouse,

Inc.

(The)

,

Senior

Note

,

2.375 %

,

12/15/28

..

United

States

21,000,000

31,042,200

#### Electric

#### Utilities

#### 3.1%
PG&E

Corp.

,

Senior

Secured

Note

,

4.25 %

,

12/01/27

.........

United

States

52,000,000

53,502,800

TXNM

Energy,

Inc.

,

Junior

Sub.

Bond

,

5.75 %

,

6/01/54

........

United

States

31,500,000

41,501,266

95,004,066

#### Electronic

#### Equipment,

#### Instruments

#### &

#### Components

#### 0.8%
b

Mirion

Technologies,

Inc.

,

Senior

Note

,

144A,

Zero

Cpn.,

10/01/31

United

States

19,600,000

24,353,000

#### Energy

#### Equipment

#### &

#### Services

#### 0.9%
Oil

States

International,

Inc.

,

Senior

Note

,

4.75 %

,

4/01/26

.....

United

States

28,000,000

28,000,000

#### Entertainment

#### 1.5%
b

Live

Nation

Entertainment,

Inc.

,

Senior

Note,

144A,

2.875%,

1/15/30

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

United

States

13,600,000

14,477,200

Senior

Note,

144A,

2.875%,

10/15/31

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

United

States

30,000,000

29,859,000

44,336,200

#### Financial

#### Services

#### 2.4%
Global

Payments,

Inc.

,

Senior

Note

,

1.5 %

,

3/01/31

..........

United

States

50,000,000

45,225,000

Shift4

Payments,

Inc.

,

Senior

Note

,

0.5 %

,

8/01/27

...........

United

States

27,200,000

26,792,000

72,017,000

#### Food

#### Products

#### 2.1%
Freshpet,

Inc.

,

Senior

Note

,

%

,

4/01/28

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

United

States

22,500,000

24,525,000

Post

Holdings,

Inc.

,

Senior

Note

,

2.5 %

,

8/15/27

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

United

States

36,000,000

39,636,000

64,161,000

#### Ground

#### Transportation

#### 4.4%
b

Lyft,

Inc.

,

Senior

Note

,

144A,

0.625 %

,

3/01/29

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

United

States

54,300,000

67,427,025

Uber

Technologies,

Inc.

,

Senior

Note,

Zero

Cpn.,

12/15/25

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

United

States

30,000,000

35,764,186

2028,

Senior

Note,

0.875%,

12/01/28

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

United

States

20,500,000

29,899,250

133,090,461

#### Health

#### Care

#### Equipment

#### &

#### Supplies

#### 5.1%
Dexcom,

Inc.

,

Senior

Note,

0.25%,

11/15/25

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

United

States

26,000,000

25,972,700

Senior

Note,

0.375%,

5/15/28

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

United

States

32,250,000

29,274,937

Haemonetics

Corp.

,

d

Senior

Note,

3.37%,

3/01/26

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

United

States

25,500,000

25,214,400

Senior

Note,

2.5%,

6/01/29

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

United

States

31,000,000

29,161,700

b

Integer

Holdings

Corp.

,

Senior

Note

,

144A,

1.875 %

,

3/15/30

...

United

States

52,500,000

45,753,750

155,377,487

Franklin

Investors

Securities

Trust

Schedule

of

Investments

#### Franklin

#### Convertible

#### Securities

#### Fund
(continued)

franklintempleton.com

Annual

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)

#### Health

#### Care

#### REITs

#### 2.3%
b

Welltower

OP

LLC

,

Senior

Note

,

144A,

3.125 %

,

7/15/29

......

United

States

47,000,000

$

69,842,000

#### Hotel

#### &

#### Resort

#### REITs

#### 0.9%
b

Pebblebrook

Hotel

Trust

,

Senior

Note

,

144A,

1.625 %

,

1/15/30

..

United

States

30,000,000

28,380,000

#### Hotels,

#### Restaurants

#### &

#### Leisure

#### 3.6%
b

DoorDash,

Inc.

,

Senior

Note

,

144A,

Zero

Cpn.,

5/15/30

.......

United

States

54,500,000

60,304,250

d

Vail

Resorts,

Inc.

,

Senior

Note

,

4.46%

,

1/01/26

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

United

States

48,000,000

47,640,000

107,944,250

#### Industrial

#### REITs

#### 2.0%
b

Rexford

Industrial

Realty

LP

,

Senior

Note,

144A,

4.375%,

3/15/27

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

United

States

20,000,000

20,050,000

Senior

Note,

144A,

4.125%,

3/15/29

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

United

States

40,000,000

40,540,000

60,590,000

#### Interactive

#### Media

#### &

#### Services

#### 0.8%
Snap,

Inc.

,

Senior

Note

,

0.5 %

,

5/01/30

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

United

States

28,000,000

24,325,000

#### IT

#### Services

#### 5.1%
d

Cloudflare,

Inc.

,

Senior

Note

,

0.04%

,

8/15/26

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

United

States

58,200,000

81,243,835

Snowflake,

Inc.

,

Senior

Note

,

Zero

Cpn.,

10/01/29

...........

United

States

40,000,000

73,900,000

155,143,835

#### Leisure

#### Products

#### 1.7%
Peloton

Interactive,

Inc.

,

Senior

Note

,

5.5 %

,

12/01/29

........

United

States

27,000,000

51,340,500

#### Life

#### Sciences

#### Tools

#### &

#### Services

#### 1.3%
Repligen

Corp.

,

Senior

Note

,

%

,

12/15/28

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

United

States

36,000,000

38,322,000

#### Machinery

#### 1.0%
b

JBT

Marel

Corp.

,

Senior

Note

,

144A,

0.375 %

,

9/15/30

........

United

States

31,300,000

29,265,500

#### Media

#### 2.6%
b

Liberty

Broadband

Corp.

,

Senior

Bond

,

144A,

3.125 %

,

3/31/53

.

United

States

55,500,000

55,028,250

Sirius

XM

Holdings,

Inc.

,

Senior

Note

,

3.75 %

,

3/15/28

........

United

States

23,000,000

23,701,500

78,729,750

#### Metals

#### &

#### Mining

#### 1.5%
b

B2Gold

Corp.

,

Senior

Note

,

144A,

2.75 %

,

2/01/30

...........

Canada

30,300,000

47,214,975

#### Multi-Utilities

#### 1.9%
CenterPoint

Energy,

Inc.

,

Senior

Note

,

4.25 %

,

8/15/26

........

United

States

51,500,000

56,778,750

#### Pharmaceuticals

#### 2.0%
Jazz

Investments

I

Ltd.

,

Senior

Note,

2%,

6/15/26

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

United

States

35,000,000

37,651,250

Senior

Note,

3.125%,

9/15/30

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

United

States

20,000,000

24,470,000

62,121,250

#### Semiconductors

#### &

#### Semiconductor

#### Equipment

#### 5.8%
b

MACOM

Technology

Solutions

Holdings,

Inc.

,

Senior

Note

,

144A,

Zero

Cpn.,

12/15/29

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

United

States

45,366,000

50,378,943

Microchip

Technology,

Inc.

,

Senior

Note

,

0.75 %

,

6/01/30

......

United

States

27,000,000

26,338,500

MKS,

Inc.

,

Senior

Note

,

1.25 %

,

6/01/30

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

United

States

40,000,000

48,100,000

b

Nova

Ltd.

,

Senior

Note

,

144A,

Zero

Cpn.,

9/15/30

...........

Israel

27,400,000

35,142,820

Franklin

Investors

Securities

Trust

Schedule

of

Investments

#### Franklin

#### Convertible

#### Securities

#### Fund
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Annual

Report

a

a

#### Country

#### Principal

#### Amount

#### \*
a

#### Value
a

#### a
a

#### Convertible

#### Bonds
(continued)

#### Semiconductors

#### &

#### Semiconductor

#### Equipment
(continued)

Wolfspeed,

Inc.

,

Secured

Note,

2.5%,

6/15/31

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

United

States

4,608,000

$

10,033,920

b

Secured

Note,

144A,

2.5%,

6/15/31

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

United

States

2,208,000

4,807,920

174,802,103

#### Software

#### 5.2%
b

Alkami

Technology,

Inc.

,

Senior

Note

,

144A,

1.5 %

,

3/15/30

....

United

States

19,300,000

19,102,175

b,d

BILL

Holdings,

Inc.

,

Senior

Note

,

144A,

2.72%

,

4/01/30

.......

United

States

32,800,000

29,126,400

b

Datadog,

Inc.

,

Senior

Note

,

144A,

Zero

Cpn.,

12/01/29

.......

United

States

23,400,000

24,874,200

b

Guidewire

Software,

Inc.

,

Senior

Note

,

144A,

1.25 %

,

11/01/29

..

United

States

8,000,000

9,452,000

b

Nutanix,

Inc.

,

Senior

Note

,

144A,

0.5 %

,

12/15/29

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

United

States

17,500,000

19,323,500

Workiva,

Inc.

,

Senior

Note,

1.125%,

8/15/26

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

United

States

7,000,000

8,250,200

Senior

Note,

1.25%,

8/15/28

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

United

States

49,000,000

48,669,250

158,797,725

#### Specialty

#### Retail

#### 5.8%
Burlington

Stores,

Inc.

,

1.25 %

,

12/15/27

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

United

States

42,287,000

60,597,271

RealReal,

Inc.

(The)

,

Senior

Note

,

%

,

2/15/31

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

United

States

24,000,000

33,780,000

Wayfair,

Inc.

,

Senior

Note

,

3.25 %

,

9/15/27

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

United

States

47,250,000

80,991,808

175,369,079

#### Total

#### Convertible

#### Bonds

#### (Cost

#### $2,127,630,600)
................................

#### 2,477,677,406

#### Corporate

#### Bonds

#### 0.2%

#### Semiconductors

#### &

#### Semiconductor

#### Equipment

#### 0.2%
e

Wolfspeed,

Inc.

,

Secured

Note

,

PIK,

%

,

6/15/31

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

United

States

6,251,578

5,338,848

#### Total

#### Corporate

#### Bonds

#### (Cost

#### $5,595,346)
.....................................

#### 5,338,848

#### Total

#### Long

#### Term

#### Investments

#### (Cost

#### $2,590,829,763)

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

#### 2,978,242,388

#### a

#### Short

#### Term

#### Investments

#### 1.6%
a

a

#### Country

#### Shares
a

#### Value
a

a

#### a
a

#### Money

#### Market

#### Funds

#### 1.6%
f,g

Franklin

Institutional

U.S.

Government

Money

Market

Fund,

4.038%

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

United

States

49,034,508

49,034,508

#### Total

#### Money

#### Market

#### Funds

#### (Cost

#### $49,034,508)

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

#### 49,034,508

#### Total

#### Short

#### Term

#### Investments

#### (Cost

#### $49,034,508

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

#### 49,034,508

#### a

#### Total

#### Investments

#### (Cost

#### $2,639,864,271)

#### 99.7%

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

#### $3,027,276,896

#### Other

#### Assets,

#### less

#### Liabilities

#### 0.3%

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

#### 7,355,328

#### Net

#### Assets

#### 100.0%

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

#### $3,034,632,224

#### a
Franklin

Investors

Securities

Trust

Schedule

of

Investments

#### Franklin

#### Convertible

#### Securities

#### Fund
(continued)

franklintempleton.com

Annual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

See

Abbreviations

on

.

\*

The

principal

amount

is

stated

in

U.S.

dollars

unless

otherwise

indicated.

a

Non-income

producing.

b

Security

was

purchased

pursuant

to

Rule

144A

or

Regulation

S

under

the

Securities

Act

of

1933. 144A

securities

may

be

sold

in

transactions

exempt

from

registration

only

to

qualified

institutional

buyers

or

in

a

public

offering

registered

under

the

Securities

Act

of

1933. Regulation

S

securities

cannot

be

sold

in

the

United

States

without

either

an

effective

registration

statement

filed

pursuant

to

the

Securities

Act

of

1933,

or

pursuant

to

an

exemption

from

registration.

At

October

31,

2025,

the

aggregate

value

of

these

securities

was

$908,730,783,

representing

29.9%

of

net

assets.

c

Variable

interest

entity

(VIE).

See

Note

regarding

investments

made

through

a

VIE

structure.

At

October

31,

2025,

the

value

of

this

security

was

$65,508,500,

representing

2.2%

of

net

assets.

d

The

rate

shown

represents

the

yield

at

period

end.

e

Income

may

be

received

in

additional

securities

and/or

cash.

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

#### Equity

#### Income

#### Fund
franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Annual

Report

a

#### Year

#### Ended

#### October

#### 31,

#### 2025

#### 2024

#### 2023

#### 2022

#### 2021

#### Class

#### A

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

year)

Net

asset

value,

beginning

of

year

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

$34.29

$26.71

$28.35

$33.10

$24.22

Income

from

investment

operations

a

:

Net

investment

income

b

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

0.48 0.53 0.55 0.49 0.44 Net

realized

and

unrealized

gains

(losses)

...........

3.85 8.28 (0.57)

(2.94)

9.26 Total

from

investment

operations

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

4.33 8.81 (0.02)

(2.45)

9.70 Less

distributions

from:

Net

investment

income

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

(0.70)

(0.75)

(0.72)

(0.63)

(0.60)

Net

realized

gains

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

(2.56)

(0.48)

(0.90)

(1.67)

(0.22)

Total

distributions

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

(3.26)

(1.23)

(1.62)

(2.30)

(0.82)

Net

asset

value,

end

of

year

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

$35.36

$34.29

$26.71

$28.35

$33.10

Total

return

c

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

13.95%

33.65%

(0.25)%

(7.84)%

40.58%

#### Ratios

#### to

#### average

#### net

#### assets
Expenses

before

waiver

and

payments

by

affiliates

......

0.80%

0.83%

0.83%

0.83%

0.85%

Expenses

net

of

waiver

and

payments

by

affiliates

.......

0.79%

0.82%

0.82%

d

0.82%

d

0.85%

d,e

Net

investment

income

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

1.46%

1.71%

1.93%

1.64%

1.47%

#### Supplemental

#### data
Net

assets

,

end

of

year

(000's)

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

$3,714,873

$3,437,772

$2,777,434

$2,841,036

$2,952,462

Portfolio

turnover

rate

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

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.

d

Benefit

of

expense

reduction

rounds

to

less

than

0.01%.

e

Benefit

of

waiver

and

payments

by

affiliates

rounds

to

less

than

0.01%.

Franklin

Investors

Securities

Trust

Financial

Highlights

#### Franklin

#### Equity

#### Income

#### Fund
(continued)

franklintempleton.com

Annual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

#### Year

#### Ended

#### October

#### 31,

#### 2025

#### 2024

#### 2023

#### 2022

#### 2021

#### Class

#### C

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

year)

Net

asset

value,

beginning

of

year

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

$34.04

$26.53

$28.11

$32.83

$24.03

Income

from

investment

operations

a

:

Net

investment

income

b

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

0.23 0.30 0.34 0.26 0.22 Net

realized

and

unrealized

gains

(losses)

...........

3.82 8.20 (0.56)

(2.91)

9.17 Total

from

investment

operations

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

4.05 8.50 (0.22)

(2.65)

9.39 Less

distributions

from:

Net

investment

income

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

(0.45)

(0.51)

(0.46)

(0.40)

(0.37)

Net

realized

gains

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

(2.56)

(0.48)

(0.90)

(1.67)

(0.22)

Total

distributions

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

(3.01)

(0.99)

(1.36)

(2.07)

(0.59)

Net

asset

value,

end

of

year

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

$35.08

$34.04

$26.53

$28.11

$32.83

Total

return

c

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

13.09%

32.63%

(0.97)%

(8.53)%

39.51%

#### Ratios

#### to

#### average

#### net

#### assets
Expenses

before

waiver

and

payments

by

affiliates

......

1.55%

1.58%

1.58%

1.58%

1.60%

Expenses

net

of

waiver

and

payments

by

affiliates

.......

1.54%

1.57%

1.57%

d

1.57%

d

1.60%

d,e

Net

investment

income

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

0.71%

0.96%

1.20%

0.89%

0.73%

#### Supplemental

#### data
Net

assets

,

end

of

year

(000's)

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

$105,095

$107,490

$95,960

$181,548

$202,148

Portfolio

turnover

rate

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

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.

d

Benefit

of

expense

reduction

rounds

to

less

than

0.01%.

e

Benefit

of

waiver

and

payments

by

affiliates

rounds

to

less

than

0.01%.

Franklin

Investors

Securities

Trust

Financial

Highlights

#### Franklin

#### Equity

#### Income

#### Fund
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Annual

Report

a

#### Year

#### Ended

#### October

#### 31,

#### 2025

#### 2024

#### 2023

#### 2022

#### 2021

#### Class

#### R

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

year)

Net

asset

value,

beginning

of

year

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

$34.30

$26.72

$28.37

$33.12

$24.24

Income

from

investment

operations

a

:

Net

investment

income

b

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

0.40 0.46 0.48 0.42 0.36 Net

realized

and

unrealized

gains

(losses)

...........

3.84 8.27 (0.57)

(2.94)

9.27 Total

from

investment

operations

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

4.24 8.73 (0.09)

(2.52)

9.63 Less

distributions

from:

Net

investment

income

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

(0.61)

(0.67)

(0.66)

(0.56)

(0.53)

Net

realized

gains

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

(2.56)

(0.48)

(0.90)

(1.67)

(0.22)

Total

distributions

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

(3.17)

(1.15)

(1.56)

(2.23)

(0.75)

Net

asset

value,

end

of

year

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

$35.37

$34.30

$26.72

$28.37

$33.12

Total

return

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

13.66%

33.32%

(0.52)%

(8.07)%

40.22%

#### Ratios

#### to

#### average

#### net

#### assets
Expenses

before

waiver

and

payments

by

affiliates

......

1.05%

1.08%

1.08%

1.08%

1.09%

Expenses

net

of

waiver

and

payments

by

affiliates

.......

1.04%

1.07%

1.07%

c

1.07%

c

1.09%

c,d

Net

investment

income

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

1.21%

1.45%

1.67%

1.40%

1.22%

#### Supplemental

#### data
Net

assets

,

end

of

year

(000's)

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

$17,237

$14,654

$10,671

$9,580

$9,426

Portfolio

turnover

rate

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

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

Benefit

of

expense

reduction

rounds

to

less

than

0.01%.

d

Benefit

of

waiver

and

payments

by

affiliates

rounds

to

less

than

0.01%.

Franklin

Investors

Securities

Trust

Financial

Highlights

#### Franklin

#### Equity

#### Income

#### Fund
(continued)

franklintempleton.com

Annual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

#### Year

#### Ended

#### October

#### 31,

#### 2025

#### 2024

#### 2023

#### 2022

#### 2021

#### Class

#### R6

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

year)

Net

asset

value,

beginning

of

year

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

$34.38

$26.77

$28.40

$33.17

$24.27

Income

from

investment

operations

a

:

Net

investment

income

b

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

0.58 0.64 0.64 0.59 0.54 Net

realized

and

unrealized

gains

(losses)

...........

3.85 8.30 (0.55)

(2.95)

9.27 Total

from

investment

operations

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

4.43 8.94 0.09 (2.36)

9.81 Less

distributions

from:

Net

investment

income

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

(0.80)

(0.85)

(0.82)

(0.74)

(0.69)

Net

realized

gains

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

(2.56)

(0.48)

(0.90)

(1.67)

(0.22)

Total

distributions

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

(3.36)

(1.33)

(1.72)

(2.41)

(0.91)

Net

asset

value,

end

of

year

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

$35.45

$34.38

$26.77

$28.40

$33.17

Total

return

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

14.27%

34.11%

0.08%

(7.53)%

41.02%

#### Ratios

#### to

#### average

#### net

#### assets
Expenses

before

waiver

and

payments

by

affiliates

......

0.50%

0.50%

0.51%

0.51%

0.53%

Expenses

net

of

waiver

and

payments

by

affiliates

.......

0.49%

0.49%

0.49%

c

0.49%

c

0.51%

c

Net

investment

income

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

1.76%

2.03%

2.26%

1.97%

1.80%

#### Supplemental

#### data
Net

assets

,

end

of

year

(000's)

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

$256,284

$221,106

$149,692

$159,953

$150,328

Portfolio

turnover

rate

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

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

Benefit

of

expense

reduction

rounds

to

less

than

0.01%.

Franklin

Investors

Securities

Trust

Financial

Highlights

#### Franklin

#### Equity

#### Income

#### Fund
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Annual

Report

a

#### Year

#### Ended

#### October

#### 31,

#### 2025

#### 2024

#### 2023

#### 2022

#### 2021

#### Advisor

#### Class

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

year)

Net

asset

value,

beginning

of

year

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

$34.36

$26.76

$28.40

$33.16

$24.26

Income

from

investment

operations

a

:

Net

investment

income

b

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

0.57 0.61 0.62 0.56 0.51 Net

realized

and

unrealized

gains

(losses)

...........

3.85 8.29 (0.57)

(2.94)

9.28 Total

from

investment

operations

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

4.42 8.90 0.05 (2.38)

9.79 Less

distributions

from:

Net

investment

income

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

(0.78)

(0.82)

(0.79)

(0.71)

(0.67)

Net

realized

gains

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

(2.56)

(0.48)

(0.90)

(1.67)

(0.22)

Total

distributions

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

(3.34)

(1.30)

(1.69)

(2.38)

(0.89)

Net

asset

value,

end

of

year

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

$35.44

$34.36

$26.76

$28.40

$33.16

Total

return

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

14.24%

33.98%

(—)%

c

(7.62)%

40.94%

#### Ratios

#### to

#### average

#### net

#### assets
Expenses

before

waiver

and

payments

by

affiliates

......

0.55%

0.58%

0.58%

0.58%

0.60%

Expenses

net

of

waiver

and

payments

by

affiliates

.......

0.54%

0.57%

0.57%

d

0.57%

d

0.60%

d,e

Net

investment

income

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

1.71%

1.96%

2.18%

1.89%

1.70%

#### Supplemental

#### data
Net

assets

,

end

of

year

(000's)

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

$443,781

$396,956

$329,595

$382,893

$378,891

Portfolio

turnover

rate

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

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

Rounds

to

less

than

0.01%.

d

Benefit

of

expense

reduction

rounds

to

less

than

0.01%.

e

Benefit

of

waiver

and

payments

by

affiliates

rounds

to

less

than

0.01%.

Franklin

Investors

Securities

Trust

Schedule

of

Investments,

October

31,

2025

#### Franklin

#### Equity

#### Income

#### Fund
franklintempleton.com

Annual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

a

#### Country

#### Shares
a

#### Value
a

a

#### a
a

#### Common

#### Stocks

#### 83.0%

#### Aerospace

#### &

#### Defense

#### 1.7%
RTX

Corp.

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

United

States

422,500

$

75,416,250

#### Banks

#### 7.8%
Bank

of

America

Corp.

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

United

States

2,800,000

149,660,000

JPMorgan

Chase

&

Co.

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

United

States

650,000

202,228,000

351,888,000

#### Beverages

#### 1.6%
Coca-Cola

Co.

(The)

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

United

States

840,000

57,876,000

PepsiCo,

Inc.

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

United

States

95,000

13,878,550

71,754,550

#### Broadline

#### Retail

#### 1.2%
a

Amazon.com,

Inc.

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

United

States

227,500

55,560,050

#### Building

#### Products

#### 0.8%
Carrier

Global

Corp.

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

United

States

585,000

34,801,650

#### Capital

#### Markets

#### 8.1%
Ares

Management

Corp.

,

A

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

United

States

45,000

6,691,950

BlackRock,

Inc.

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

United

States

60,000

64,968,600

Blackstone,

Inc.

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

United

States

335,000

49,124,400

Charles

Schwab

Corp.

(The)

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

United

States

965,000

91,211,800

Morgan

Stanley

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

United

States

962,500

157,850,000

369,846,750

#### Chemicals

#### 1.8%
Corteva,

Inc.

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

United

States

625,000

38,400,000

Linde

plc

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

United

States

100,000

41,830,000

80,230,000

#### Commercial

#### Services

#### &

#### Supplies

#### 0.2%
Republic

Services,

Inc.

,

A

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

United

States

50,000

10,412,000

#### Communications

#### Equipment

#### 1.8%
Cisco

Systems,

Inc.

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

United

States

1,110,000

81,152,100

#### Consumer

#### Finance

#### 1.6%
American

Express

Co.

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

United

States

207,500

74,851,475

#### Consumer

#### Staples

#### Distribution

#### &

#### Retail

#### 2.7%
Casey's

General

Stores,

Inc.

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

United

States

70,000

35,923,300

Walmart,

Inc.

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

United

States

840,000

84,991,200

120,914,500

#### Electric

#### Utilities

#### 5.8%
Duke

Energy

Corp.

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

United

States

717,500

89,185,250

Evergy,

Inc.

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

United

States

647,750

49,753,678

NextEra

Energy,

Inc.

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

United

States

920,000

74,888,000

PPL

Corp.

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

United

States

1,360,000

49,667,200

263,494,128

#### Electrical

#### Equipment

#### 3.5%
Eaton

Corp.

plc

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

United

States

210,000

80,127,600

Emerson

Electric

Co.

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

United

States

120,000

16,748,400

Hubbell,

Inc.

,

B

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

United

States

132,500

62,275,000

159,151,000

#### Electronic

#### Equipment,

#### Instruments

#### &

#### Components

#### 1.0%
TE

Connectivity

plc

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

Switzerland

190,000

46,931,900

Franklin

Investors

Securities

Trust

Schedule

of

Investments

#### Franklin

#### Equity

#### Income

#### Fund
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Annual

Report

a

a

#### Country

#### Shares
a

#### Value
a

a

#### a
a

#### Common

#### Stocks
(continued)

#### Energy

#### Equipment

#### &

#### Services

#### 0.5%
SLB

Ltd.

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

United

States

637,008

$

22,970,508

#### Financial

#### Services

#### 0.1%
Apollo

Global

Management,

Inc.

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

United

States

50,000

6,215,500

#### Ground

#### Transportation

#### 0.4%
Norfolk

Southern

Corp.

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

United

States

61,000

17,286,180

#### Health

#### Care

#### Equipment

#### &

#### Supplies

#### 2.4%
a

Boston

Scientific

Corp.

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

United

States

212,500

21,403,000

GE

HealthCare

Technologies,

Inc.

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

United

States

380,000

28,481,000

Medtronic

plc

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

United

States

650,000

58,955,000

108,839,000

#### Health

#### Care

#### Providers

#### &

#### Services

#### 1.6%
HCA

Healthcare,

Inc.

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

United

States

157,500

72,399,600

#### Health

#### Care

#### REITs

#### 1.4%
Ventas,

Inc.

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

United

States

885,000

65,304,150

#### Hotels,

#### Restaurants

#### &

#### Leisure

#### 0.9%
McDonald's

Corp.

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

United

States

142,500

42,526,275

#### Household

#### Durables

#### 0.5%
Lennar

Corp.

,

A

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

United

States

170,000

21,040,900

#### Household

#### Products

#### 2.2%
Procter

&

Gamble

Co.

(The)

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

United

States

670,000

100,747,900

#### Industrial

#### REITs

#### 1.4%
Prologis,

Inc.

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

United

States

517,500

64,216,575

#### Interactive

#### Media

#### &

#### Services

#### 1.6%
Alphabet,

Inc.

,

A

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

United

States

255,000

71,703,450

#### Life

#### Sciences

#### Tools

#### &

#### Services

#### 2.2%
Danaher

Corp.

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

United

States

150,000

32,307,000

Thermo

Fisher

Scientific,

Inc.

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

United

States

120,000

68,086,800

100,393,800

#### Machinery

#### 3.9%
Caterpillar,

Inc.

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

United

States

107,500

62,055,450

Ingersoll

Rand,

Inc.

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

United

States

570,000

43,508,100

Parker-Hannifin

Corp.

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

United

States

93,500

72,259,605

177,823,155

#### Multi-Utilities

#### 1.0%
CenterPoint

Energy,

Inc.

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

United

States

1,170,000

44,740,800

#### Oil,

#### Gas

#### &

#### Consumable

#### Fuels

#### 6.2%
Canadian

Natural

Resources

Ltd.

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

Canada

1,150,000

36,823,000

Chevron

Corp.

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

United

States

860,000

135,639,200

Shell

plc

,

ADR

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

United

States

730,000

54,691,600

Suncor

Energy,

Inc.

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

Canada

1,375,000

54,738,750

281,892,550

#### Pharmaceuticals

#### 4.2%
AstraZeneca

plc

,

ADR

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

United

Kingdom

822,500

67,774,000

Johnson

&

Johnson

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

United

States

640,000

120,876,800

188,650,800

#### Residential

#### REITs

#### 1.1%
Mid-America

Apartment

Communities,

Inc.

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

United

States

405,000

51,933,150

Franklin

Investors

Securities

Trust

Schedule

of

Investments

#### Franklin

#### Equity

#### Income

#### Fund
(continued)

franklintempleton.com

Annual

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)

#### Semiconductors

#### &

#### Semiconductor

#### Equipment

#### 4.0%
Broadcom,

Inc.

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

United

States

187,500

$

69,305,625

KLA

Corp.

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

United

States

47,250

57,112,965

Texas

Instruments,

Inc.

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

United

States

340,000

54,896,400

181,314,990

#### Software

#### 1.3%
Oracle

Corp.

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

United

States

222,500

58,430,725

#### Specialty

#### Retail

#### 2.3%
Lowe's

Cos.,

Inc.

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

United

States

300,000

71,439,000

Tractor

Supply

Co.

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

United

States

590,000

31,924,900

103,363,900

#### Tobacco

#### 1.5%
Philip

Morris

International,

Inc.

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

United

States

475,000

68,556,750

#### Trading

#### Companies

#### &

#### Distributors

#### 1.2%
United

Rentals,

Inc.

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

United

States

60,980

53,124,556

#### Wireless

#### Telecommunication

#### Services

#### 1.5%
T-Mobile

US,

Inc.

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

United

States

315,000

66,165,750

#### Total

#### Common

#### Stocks

#### (Cost

#### $

#### 2,384,857,274

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

#### 3,766,045,317
b

#### Equity-Linked

#### Securities

#### 9.9%

#### Broadline

#### Retail

#### 0.5%
c

Mizuho

Markets

Cayman

LP

into

Amazon.com,

Inc.

,

144A,

%

,

8/21/26

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

United

States

99,500

23,378,770

#### Building

#### Products

#### 0.4%
c

Barclays

Bank

plc

into

Carrier

Global

Corp.

,

144A,

6.5 %

,

6/25/26

United

States

294,000

17,817,981

#### Capital

#### Markets

#### 0.7%
c

Mizuho

Markets

Cayman

LP

into

Charles

Schwab

Corp.

(The)

,

144A,

%

,

12/23/25

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

United

States

320,000

29,588,041

#### Consumer

#### Finance

#### 0.7%
c

Toronto-Dominion

Bank

(The)

into

American

Express

Co.

,

144A,

6.5 %

,

3/13/26

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

United

States

91,800

31,150,335

#### Consumer

#### Staples

#### Distribution

#### &

#### Retail

#### 0.5%
c

Royal

Bank

of

Canada

into

Tesco

plc

,

144A,

7.5 %

,

1/08/26

....

United

Kingdom

420,000

22,874,503

#### Electrical

#### Equipment

#### 1.0%
c

Merrill

Lynch

BV

into

Eaton

Corp.

plc

,

144A,

%

,

5/08/26

......

United

States

59,000

20,406,960

c

National

Bank

of

Canada

into

Hubbell,

Inc.

,

144A,

%

,

7/31/26

.

United

States

61,000

27,298,080

47,705,040

#### Energy

#### Equipment

#### &

#### Services

#### 0.4%
c

Royal

Bank

of

Canada

into

Schlumberger

NV

,

144A,

8.5 %

,

10/30/26

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

United

States

548,500

19,255,062

#### Health

#### Care

#### Providers

#### &

#### Services

#### 0.9%
c

Citigroup

Global

Markets

Holdings,

Inc.

into

HCA

Healthcare,

Inc.

,

144A,

6.5 %

,

4/16/26

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

United

States

59,000

24,020,434

c

National

Bank

of

Canada

into

UnitedHealth

Group,

Inc.

,

144A,

6.5 %

,

2/05/26

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

United

States

41,500

14,825,737

38,846,171

#### Household

#### Durables

#### 0.5%
c

Royal

Bank

of

Canada

into

Lennar

Corp.

,

144A,

%

,

9/30/26

...

United

States

193,000

24,400,704

Franklin

Investors

Securities

Trust

Schedule

of

Investments

#### Franklin

#### Equity

#### Income

#### Fund
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Annual

Report

a

a

#### Country

#### Shares
a

#### Value
a

a

#### a
a

b

#### Equity-Linked

#### Securities
(continued)

#### Interactive

#### Media

#### &

#### Services

#### 0.6%
c

Wells

Fargo

Bank

NA

into

Alphabet,

Inc.

,

144A,

%

,

4/30/26

...

United

States

151,000

$

28,658,109

#### Life

#### Sciences

#### Tools

#### &

#### Services

#### 0.6%
c

Citigroup

Global

Markets

Holdings,

Inc.

into

Thermo

Fisher

Scientific,

Inc.

,

144A,

%

,

11/06/26

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

United

States

47,500

26,980,097

#### Machinery

#### 1.0%
c

Toronto-Dominion

Bank

(The)

into

Parker-Hannifin

Corp.

,

144A,

6.25 %

,

11/18/25

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

United

States

32,000

24,046,074

c

Wells

Fargo

Bank

NA

into

Ingersoll

Rand,

Inc.

,

144A,

%

,

8/14/26

United

States

257,500

19,392,974

43,439,048

#### Oil,

#### Gas

#### &

#### Consumable

#### Fuels

#### 0.6%
c

Barclays

Bank

plc

into

Canadian

Natural

Resources

Ltd.

,

144A,

%

,

2/25/26

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

Canada

825,100

26,891,704

#### Semiconductors

#### &

#### Semiconductor

#### Equipment

#### 0.6%
c

Citigroup

Global

Markets

Holdings,

Inc.

into

KLA

Corp.

,

144A,

8.5 %

,

12/04/25

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

United

States

35,500

28,120,263

#### Software

#### 0.4%
c

Royal

Bank

of

Canada

into

Oracle

Corp.

,

144A,

%

,

3/20/26

...

United

States

111,500

19,605,586

#### Trading

#### Companies

#### &

#### Distributors

#### 0.5%
c

Toronto-Dominion

Bank

(The)

into

United

Rentals,

Inc.

,

144A,

7.5 %

,

6/12/26

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

United

States

24,500

21,598,069

#### Total

#### Equity-Linked

#### Securities

#### (Cost

#### $

#### 425,443,343

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

#### 450,309,483

#### Convertible

#### Preferred

#### Stocks

#### 4.5%

#### Aerospace

#### &

#### Defense

#### 1.7%
Boeing

Co.

(The)

,

%

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

United

States

1,170,000

75,722,400

#### Capital

#### Markets

#### 1.0%
Ares

Management

Corp.

,

B

,

6.75 %

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

United

States

1,000,000

47,290,000

#### Financial

#### Services

#### 1.8%
Apollo

Global

Management,

Inc.

,

6.75 %

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

United

States

1,210,000

79,061,400

#### Total

#### Convertible

#### Preferred

#### Stocks

#### (Cost

#### $

#### 185,688,980

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

#### 202,073,800

#### Total

#### Long

#### Term

#### Investments

#### (Cost

#### $

#### 2,995,989,597

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

#### 4,418,428,600

#### a

#### Short

#### Term

#### Investments

#### 2.7%
a

a

#### Country

#### Shares
a

#### Value
a

a

#### a
a

#### Money

#### Market

#### Funds

#### 2.7%
d,e

Franklin

Institutional

U.S.

Government

Money

Market

Fund

,

4.038 %

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

United

States

124,434,549

124,434,549

#### Total

#### Money

#### Market

#### Funds

#### (Cost

#### $

#### 124,434,549

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

#### 124,434,549

#### Total

#### Short

#### Term

#### Investments

#### (Cost

#### $

#### 124,434,549

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

#### 124,434,549

#### a

#### Total

#### Investments

#### (Cost

#### $

#### 3,120,424,146

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

#### $4,542,863,149

#### Other

#### Assets,

#### less

#### Liabilities

#### (0.1 ####)

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

#### (5,592,701)

#### Net

#### Assets

#### 100.0%

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

#### $4,537,270,448

#### a
Franklin

Investors

Securities

Trust

Schedule

of

Investments

#### Franklin

#### Equity

#### Income

#### Fund
(continued)

franklintempleton.com

Annual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

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

October

31,

2025,

the

aggregate

value

of

these

securities

was

$450,309,483,

representing

9.9%

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.

Annual

Report

a

#### Year

#### Ended

#### October

#### 31,

#### 2025

#### 2024

#### 2023

#### 2022

#### 2021

#### Class

#### A

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

year)

Net

asset

value,

beginning

of

year

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

$7.68

$7.63

$7.28

$7.89

$7.35

Income

from

investment

operations

a

:

Net

investment

income

b

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

0.536 0.730 0.627 0.359 0.296 Net

realized

and

unrealized

gains

(losses)

...........

(0.123)

(0.001)

0.330 (0.607)

0.545 Total

from

investment

operations

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

0.413 0.729 0.957 (0.248)

0.841 Less

distributions

from:

Net

investment

income

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

(0.593)

(0.679)

(0.607)

(0.362)

(0.301)

Net

asset

value,

end

of

year

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

$7.50

$7.68

$7.63

$7.28

$7.89

Total

return

c

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

5.42%

10.01%

13.59%

(3.25)%

11.79%

#### Ratios

#### to

#### average

#### net

#### assets
Expenses

before

waiver

and

payments

by

affiliates

......

0.95%

0.95%

0.97%

0.95%

1.00%

Expenses

net

of

waiver

and

payments

by

affiliates

.......

0.93%

0.94%

0.94%

0.92%

d

0.98%

d

Net

investment

income

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

7.07%

9.42%

8.35%

4.68%

3.86%

#### Supplemental

#### data
Net

assets

,

end

of

year

(000's)

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

$958,199

$953,662

$873,367

$828,324

$803,542

Portfolio

turnover

rate

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

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.

d

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

Annual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

#### Year

#### Ended

#### October

#### 31,

#### 2025

#### 2024

#### 2023

#### 2022

#### 2021

#### Class

#### C

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

year)

Net

asset

value,

beginning

of

year

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

$7.69

$7.63

$7.28

$7.89

$7.36

Income

from

investment

operations

a

:

Net

investment

income

b

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

0.508 0.699 0.595 0.325 0.268 Net

realized

and

unrealized

gains

(losses)

...........

(0.136)

0.009 0.332 (0.604)

0.532 Total

from

investment

operations

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

0.372 0.708 0.927 (0.279)

0.800 Less

distributions

from:

Net

investment

income

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

(0.562)

(0.648)

(0.577)

(0.331)

(0.270)

Net

asset

value,

end

of

year

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

$7.50

$7.69

$7.63

$7.28

$7.89

Total

return

c

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

5.00%

9.57%

13.14%

(3.63)%

11.34%

#### Ratios

#### to

#### average

#### net

#### assets
Expenses

before

waiver

and

payments

by

affiliates

......

1.35%

1.35%

1.37%

1.35%

1.40%

Expenses

net

of

waiver

and

payments

by

affiliates

.......

1.33%

1.34%

1.34%

1.32%

d

1.38%

d

Net

investment

income

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

6.68%

9.02%

7.92%

4.24%

3.50%

#### Supplemental

#### data
Net

assets

,

end

of

year

(000's)

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

$64,248

$78,455

$80,606

$89,383

$100,317

Portfolio

turnover

rate

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

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.

d

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.

Annual

Report

a

#### Year

#### Ended

#### October

#### 31,

#### 2025

#### 2024

#### 2023

#### 2022

#### 2021

#### Class

#### R6

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

year)

Net

asset

value,

beginning

of

year

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

$7.70

$7.64

$7.29

$7.90

$7.37

Income

from

investment

operations

a

:

Net

investment

income

b

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

0.559 0.755 0.652 0.446 0.317 Net

realized

and

unrealized

gains

(losses)

...........

(0.131)

0.010 0.334 (0.668)

0.541 Total

from

investment

operations

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

0.428 0.765 0.986 (0.222)

0.858 Less

distributions

from:

Net

investment

income

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

(0.618)

(0.705)

(0.636)

(0.388)

(0.328)

Net

asset

value,

end

of

year

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

$7.51

$7.70

$7.64

$7.29

$7.90

Total

return

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

5.76%

10.37%

13.99%

(2.92)%

12.15%

#### Ratios

#### to

#### average

#### net

#### assets
Expenses

before

waiver

and

payments

by

affiliates

......

0.62%

0.62%

0.60%

0.67%

0.72%

Expenses

net

of

waiver

and

payments

by

affiliates

.......

0.60%

0.60%

0.57%

0.58%

c

0.63%

c

Net

investment

income

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

7.36%

9.73%

8.65%

5.96%

4.09%

#### Supplemental

#### data
Net

assets

,

end

of

year

(000's)

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

$137,341

$117,747

$117,289

$201,719

$24,999

Portfolio

turnover

rate

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

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

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

Annual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

#### Year

#### Ended

#### October

#### 31,

#### 2025

#### 2024

#### 2023

#### 2022

#### 2021

#### Advisor

#### Class

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

year)

Net

asset

value,

beginning

of

year

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

$7.69

$7.63

$7.28

$7.89

$7.36

Income

from

investment

operations

a

:

Net

investment

income

b

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

0.556 0.751 0.643 0.365 0.315 Net

realized

and

unrealized

gains

(losses)

...........

(0.134)

0.008 0.333 (0.594)

0.535 Total

from

investment

operations

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

0.422 0.759 0.976 (0.229)

0.850 Less

distributions

from:

Net

investment

income

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

(0.612)

(0.699)

(0.626)

(0.381)

(0.320)

Net

asset

value,

end

of

year

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

$7.50

$7.69

$7.63

$7.28

$7.89

Total

return

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

5.69%

10.29%

13.87%

(3.01)%

12.06%

#### Ratios

#### to

#### average

#### net

#### assets
Expenses

before

waiver

and

payments

by

affiliates

......

0.70%

0.70%

0.72%

0.70%

0.75%

Expenses

net

of

waiver

and

payments

by

affiliates

.......

0.68%

0.69%

0.69%

0.67%

c

0.73%

c

Net

investment

income

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

7.32%

9.67%

8.55%

4.74%

4.09%

#### Supplemental

#### data
Net

assets

,

end

of

year

(000's)

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

$242,114

$273,225

$319,093

$300,958

$434,688

Portfolio

turnover

rate

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

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

Benefit

of

expense

reduction

rounds

to

less

than

0.01%.

Franklin

Investors

Securities

Trust

Schedule

of

Investments,

October

31,

2025

#### Franklin

#### Floating

#### Rate

#### Daily

#### Access

#### Fund
franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Annual

Report

a

a

#### Country

#### Shares
a

#### Value
a

a

#### a
a

#### Common

#### Stocks

#### 1.3%

#### Hotels,

#### Restaurants

#### &

#### Leisure

#### 0.0%

#### †
a

Hour

Fitness

Worldwide,

Inc.

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

United

States

1,844,979

$

78,412

#### Machinery

#### 1.0%
b,c

UTEX

Industries,

Inc.

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

United

States

261,340

13,563,095

#### Oil,

#### Gas

#### &

#### Consumable

#### Fuels

#### 0.3%
a

Talos

Energy,

Inc.

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

United

States

480,831

4,716,952

#### Total

#### Common

#### Stocks

#### (Cost

#### $

#### 34,542,145

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

#### 18,358,459

#### Management

#### Investment

#### Companies

#### 0.9%

#### Capital

#### Markets

#### 0.9%
d

Invesco

Senior

Loan

ETF

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

United

States

613,270

12,817,343

#### Total

#### Management

#### Investment

#### Companies

#### (Cost

#### $

#### 13,115,665

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

#### 12,817,343

#### Warrants

#### 0.0%

#### Machinery

#### 0.0%
a,b,c

UTEX

Industries,

Inc.

,

12/05/25

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

United

States

634

—

#### Total

#### Warrants

#### (Cost

#### $

#### –

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

#### —

#### Principal

#### Amount

#### \*

#### Corporate

#### Bonds

#### 5.5%

#### Aerospace

#### &

#### Defense

#### 0.0%

#### †
e

TransDigm,

Inc.

,

Senior

Secured

Note

,

144A,

6.25 %

,

1/31/34

..

United

States

378,000

390,939

#### Air

#### Freight

#### &

#### Logistics

#### 0.2%
e

Rand

Parent

LLC

,

Senior

Secured

Note

,

144A,

8.5 %

,

2/15/30

..

United

States

3,550,000

3,632,342

#### Capital

#### Markets

#### 0.4%
e

Jane

Street

Group

/

JSG

Finance,

Inc.

,

Senior

Secured

Note

,

144A,

6.125 %

,

11/01/32

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

United

States

5,277,000

5,374,287

#### Chemicals

#### 0.3%
e

SCIH

Salt

Holdings,

Inc.

,

Senior

Secured

Note

,

144A,

4.875 %

,

5/01/28

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

United

States

3,900,000

3,859,915

#### Commercial

#### Services

#### &

#### Supplies

#### 0.4%
e

Allied

Universal

Holdco

LLC

,

Senior

Secured

Note

,

144A,

7.875 %

,

2/15/31

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

United

States

1,500,000

1,563,376

e

Neptune

Bidco

US,

Inc.

,

Senior

Secured

Note

,

144A,

9.29 %

,

4/15/29

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

United

States

3,600,000

3,558,276

5,121,652

#### Construction

#### Materials

#### 0.3%
e

Cemex

SAB

de

CV

,

Senior

Bond

,

144A,

5.2 %

,

9/17/30

.......

Mexico

3,875,000

3,929,060

#### Containers

#### &

#### Packaging

#### 0.1%
e

Clydesdale

Acquisition

Holdings,

Inc.

,

Senior

Secured

Note

,

144A,

6.75 %

,

4/15/32

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

United

States

240,000

241,011

e

Mauser

Packaging

Solutions

Holding

Co.

,

Senior

Secured

Note

,

144A,

7.875 %

,

4/15/27

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

United

States

694,000

696,691

937,702

Franklin

Investors

Securities

Trust

Schedule

of

Investments

#### Franklin

#### Floating

#### Rate

#### Daily

#### Access

#### Fund
(continued)

franklintempleton.com

Annual

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)

#### Entertainment

#### 0.2%
e

Banijay

Entertainment

SAS

,

Senior

Secured

Note

,

144A,

8.125 %

,

5/01/29

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

France

2,300,000

$

2,388,883

#### Ground

#### Transportation

#### 0.1%
e

Albion

Financing

SARL

/

Aggreko

Holdings,

Inc.

,

Senior

Secured

Note

,

144A,

%

,

5/21/30

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

Luxembourg

1,100,900

1,138,971

e

First

Student

Bidco,

Inc.

/

First

Transit

Parent,

Inc.

,

Senior

Secured

Note

,

144A,

%

,

7/31/29

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

United

States

500,000

483,849

1,622,820

#### Health

#### Care

#### Equipment

#### &

#### Supplies

#### 0.1%
e

Bausch

+

Lomb

Corp.

,

Senior

Secured

Note

,

144A,

8.375 %

,

10/01/28

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

United

States

1,320,000

1,381,050

#### Hotels,

#### Restaurants

#### &

#### Leisure

#### 0.8%
e

Brightstar

Lottery

plc

,

Senior

Secured

Note

,

144A,

5.25 %

,

1/15/29

United

States

2,300,000

2,295,676

e

Caesars

Entertainment,

Inc.

,

Senior

Secured

Note

,

144A,

6.5 %

,

2/15/32

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

United

States

3,600,000

3,632,227

Great

Canadian

Gaming

Corp.

/

Raptor

LLC

,

e

Senior

Secured

Note

,

144A,

8.75 %

,

11/15/29

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

Canada

5,820,000

5,695,494

11,623,397

#### Independent

#### Power

#### and

#### Renewable

#### Electricity

#### Producers

#### 0.3%
e

Calpine

Corp.

,

Senior

Secured

Note

,

144A,

4.5 %

,

2/15/28

.....

United

States

4,400,000

4,392,020

#### Insurance

#### 0.8%
e

Acrisure

LLC

/

Acrisure

Finance,

Inc.

,

Senior

Secured

Note

,

144A,

4.25 %

,

2/15/29

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

United

States

1,470,600

1,412,958

e

Alliant

Holdings

Intermediate

LLC

/

Alliant

Holdings

Co-Issuer

,

Senior

Note

,

144A,

6.75 %

,

10/15/27

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

United

States

5,300,000

5,323,733

Senior

Secured

Note

,

144A,

6.5 %

,

10/01/31

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

United

States

4,000,000

4,106,948

10,843,639

#### IT

#### Services

#### 0.1%
e

Fortress

Intermediate

3,

Inc.

,

Senior

Secured

Note

,

144A,

7.5 %

,

6/01/31

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

United

States

1,800,000

1,879,182

#### Oil,

#### Gas

#### &

#### Consumable

#### Fuels

#### 0.2%
Cheniere

Energy,

Inc.

,

Senior

Note

,

4.625 %

,

10/15/28

........

United

States

2,400,000

2,395,359

#### Passenger

#### Airlines

#### 0.8%
e

Allegiant

Travel

Co.

,

Senior

Secured

Note

,

144A,

7.25 %

,

8/15/27

United

States

3,316,000

3,355,381

e

American

Airlines,

Inc.

,

Senior

Secured

Note

,

144A,

8.5 %

,

5/15/29

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

United

States

4,300,000

4,488,800

e

American

Airlines,

Inc.

/

AAdvantage

Loyalty

IP

Ltd.

,

Senior

Secured

Note

,

144A,

5.5 %

,

4/20/26

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

United

States

1,233,333

1,237,239

e

United

Airlines,

Inc.

,

Senior

Secured

Note

,

144A,

4.375 %

,

4/15/26

United

States

2,485,000

2,481,422

11,562,842

#### Software

#### 0.3%
e

Cloud

Software

Group,

Inc.

,

Secured

Note

,

144A,

%

,

9/30/29

.

United

States

3,900,000

4,037,260

#### Wireless

#### Telecommunication

#### Services

#### 0.1%
e

Vmed

O2

UK

Financing

I

plc

,

Senior

Secured

Bond

,

144A,

4.25 %

,

1/31/31

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

United

Kingdom

1,430,000

1,306,681

#### Total

#### Corporate

#### Bonds

#### (Cost

#### $

#### 75,226,941

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

#### 76,679,030
Franklin

Investors

Securities

Trust

Schedule

of

Investments

#### Franklin

#### Floating

#### Rate

#### Daily

#### Access

#### Fund
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Annual

Report

a

a

#### Country

#### Principal

#### Amount

#### \*
a

#### Value
a

#### a
a

f

#### Senior

#### Floating

#### Rate

#### Interests

#### 85.2%
g

#### Aerospace

#### &

#### Defense

#### 1.4%
Dynasty

Acquisition

Co.,

Inc.,

First

Lien,

Initial

CME

Term

Loan,

B1

,

5.965 %

,

(1-month

SOFR

+

%),

10/31/31

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

United

States

1,878,014

$

1,883,292

Dynasty

Acquisition

Co.,

Inc.,

First

Lien,

Initial

CME

Term

Loan,

B2

,

5.965 %

,

(1-month

SOFR

+

%),

10/31/31

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

United

States

714,337

716,344

Signia

Aerospace

LLC,

First

Lien,

CME

Term

Loan

,

6.918 %

,

(1-month

SOFR

+

2.75%;

3-month

SOFR

+

2.75%),

12/11/31

.

United

States

2,572,781

2,579,226

TransDigm,

Inc.,

First

Lien,

CME

Term

Loan,

J

,

6.502 %

,

(3-month

SOFR

+

2.5 %),

2/28/31

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

United

States

4,131,124

4,141,390

TransDigm,

Inc.,

First

Lien,

CME

Term

Loan,

K

,

6.252 %

,

(3-month

SOFR

+

2.25 %),

3/22/30

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

United

States

6,200,000

6,212,028

TransDigm,

Inc.,

First

Lien,

CME

Term

Loan,

M

,

6.502 %

,

(3-month

SOFR

+

2.5 %),

8/19/32

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

United

States

3,483,871

3,488,992

19,021,272

a

a

a

a

a

a

g

#### Air

#### Freight

#### &

#### Logistics

#### 1.2%
Clue

Opco

LLC,

First

Lien,

CME

Term

Loan,

B

,

8.338 %

,

(3-month

SOFR

+

4.5 %),

12/19/30

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

United

States

9,480,366

9,239,423

Rand

Parent

LLC,

First

Lien,

CME

Term

Loan,

B

,

7.002 %

,

(3-month

SOFR

+

%),

3/18/30

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

United

States

8,195,443

8,058,866

17,298,289

a

a

a

a

a

a

g

#### Automobile

#### Components

#### 2.1%
Adient

US

LLC,

First

Lien,

CME

Term

Loan,

B2

,

6.215 %

,

(1-month

SOFR

+

2.25 %),

1/31/31

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

United

States

3,590,593

3,599,785

h

American

Axle

&

Manufacturing,

Inc.,

First

Lien,

Incremental

CME

Term

Loan,

C

,

7.408 %

,

(12-month

SOFR

+

3.25 %),

2/24/32

..

United

States

2,835,821

2,821,642

Clarios

Global

LP,

First

Lien,

2024

Dollar

CME

Term

Loan

,

6.465 %

,

(1-month

SOFR

+

2.5 %),

5/06/30

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

United

States

2,015,487

2,018,641

Clarios

Global

LP,

First

Lien,

Amendment

No.

Dollar

CME

Term

Loan

,

6.715 %

,

(1-month

SOFR

+

2.75 %),

1/28/32

.........

United

States

4,829,172

4,850,299

DexKo

Global,

Inc.,

First

Lien,

2023

Incremental

CME

Term

Loan

,

8.215 %

,

(1-month

SOFR

+

4.25 %),

10/04/28

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

United

States

3,645,986

3,611,349

DexKo

Global,

Inc.,

First

Lien,

Closing

Date

Dollar

CME

Term

Loan

,

7.829 %

,

(1-month

SOFR

+

3.75 %),

10/04/28

........

United

States

5,400,994

5,329,188

First

Brands

Group

LLC,

First

Lien,

2021

CME

Term

Loan

,

9.57 %

,

(3-month

SOFR

+

%),

3/30/27

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

United

States

7,484,777

2,492,431

First

Brands

Group

LLC,

First

Lien,

2022-2

Incremental

CME

Term

Loan

,

9.57 %

,

(3-month

SOFR

+

%),

3/30/27

........

United

States

7,651,919

2,548,089

h

First

Brands

Group

LLC,

First

Lien,

Debtor-In-Possession

CME

Term

Loan

,

5.679 %

,

(1-month

SOFR

+

1.55 %),

6/29/26

.....

United

States

2,411,446

2,565,176

First

Brands

Group

LLC,

Second

Lien,

2021

CME

Term

Loan

,

13.07 %

,

(3-month

SOFR

+

8.5 %),

3/30/28

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

United

States

5,920,469

139,131

29,975,731

a

a

a

a

a

a

#### Automobiles

#### 0.2%
g,h

American

Trailer

World

Corp.,

First

Lien,

CME

Term

Loan,

B

,

7.815 %

,

(1-month

SOFR

+

3.75 %),

3/03/28

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

United

States

3,533,809

3,142,881

#### Beverages

#### 0.4%
g

Primo

Brands

Corp.,

First

Lien,

2025

Refinancing

CME

Term

Loan

,

6.252 %

,

(3-month

SOFR

+

2.25 %),

3/31/28

.........

United

States

5,872,952

5,895,122

g

#### Broadline

#### Retail

#### 0.5%
Peer

Holding

III

BV,

First

Lien,

CME

Term

Loan,

B4B

,

6.502 %

,

(3-month

SOFR

+

2.5 %),

10/28/30

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

Netherlands

476,373

478,979

Peer

Holding

III

BV,

First

Lien,

CME

Term

Loan,

B5B

,

6.502 %

,

(3-month

SOFR

+

2.5 %),

7/01/31

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

Netherlands

4,449,722

4,473,640

Franklin

Investors

Securities

Trust

Schedule

of

Investments

#### Franklin

#### Floating

#### Rate

#### Daily

#### Access

#### Fund
(continued)

franklintempleton.com

Annual

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

#### Broadline

#### Retail
(continued)

h

Peer

Holding

III

BV,

First

Lien,

CME

Term

Loan,

B8

,

6.017 %

,

(12-month

SOFR

+

2.25 %),

9/29/32

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

Netherlands

1,371,653

$

1,374,224

6,326,843

a

a

a

a

a

a

g

#### Building

#### Products

#### 1.9%
Chariot

Buyer

LLC,

First

Lien,

Amendment

No.

Incremental

CME

Term

Loan

,

7.163 %

,

(1-month

SOFR

+

%),

9/08/32

...

United

States

1,510,833

1,517,443

Cornerstone

Building

Brands,

Inc.,

First

Lien,

CME

Term

Loan,

C

,

8.532 %

,

(1-month

SOFR

+

4.5 %),

5/15/31

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

United

States

2,644,521

2,332,150

Cornerstone

Building

Brands,

Inc.,

First

Lien,

New

CME

Term

Loan,

B

,

7.382 %

,

(1-month

SOFR

+

3.25 %),

4/12/28

.......

United

States

4,419,550

4,059,224

MIWD

Holdco

II

LLC,

First

Lien,

2024

Incremental

CME

Term

Loan

,

6.715 %

,

(1-month

SOFR

+

2.75 %),

3/28/31

.........

United

States

3,650,295

3,660,570

Quikrete

Holdings,

Inc.,

First

Lien,

CME

Term

Loan,

B1

,

6.215 %

,

(1-month

SOFR

+

2.25 %),

4/14/31

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

United

States

4,424,950

4,437,008

Quikrete

Holdings,

Inc.,

First

Lien,

CME

Term

Loan,

B2

,

6.215 %

,

(1-month

SOFR

+

2.25 %),

3/19/29

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

United

States

6,418,352

6,433,146

Quikrete

Holdings,

Inc.,

First

Lien,

CME

Term

Loan,

B3

,

6.215 %

,

(1-month

SOFR

+

2.25 %),

2/10/32

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

United

States

3,980,000

3,989,333

Smyrna

Ready

Mix

Concrete

LLC,

First

Lien,

2025

CME

Term

Loan

,

6.977 %

,

(1-month

SOFR

+

%),

3/30/29

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

United

States

672,770

674,452

27,103,326

a

a

a

a

a

a

g

#### Capital

#### Markets

#### 2.8%
Aretec

Group,

Inc.,

First

Lien,

CME

Term

Loan,

B3

,

7.465 %

,

(1-month

SOFR

+

3.5 %),

8/09/30

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

United

States

4,611,133

4,632,851

Ascensus

Holdings,

Inc.,

First

Lien,

2024

CME

Term

Loan,

B

,

6.965 %

,

(1-month

SOFR

+

%),

8/02/28

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

United

States

4,528,963

4,539,584

Edelman

Financial

Engines

Center

LLC

(The),

First

Lien,

Initial

CME

Term

Loan

,

6.965 %

,

(1-month

SOFR

+

%),

4/07/28

...

United

States

5,303,608

5,327,712

Edelman

Financial

Engines

Center

LLC

(The),

Second

Lien,

2024

Refinancing

CME

Term

Loan

,

9.215 %

,

(1-month

SOFR

+

5.25 %),

10/20/28

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

United

States

4,000,000

4,012,500

GIH

Borrower

LLC,

First

Lien,

CME

Term

Loan,

B

,

6.502 %

,

(3-month

SOFR

+

2.5 %),

11/26/31

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

United

States

1,688,031

1,697,181

GTCR

Everest

Borrower

LLC,

First

Lien,

2025

CME

Term

Loan

,

6.752 %

,

(3-month

SOFR

+

2.75 %),

9/05/31

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

United

States

1,975,149

1,982,951

Jane

Street

Group

LLC,

First

Lien,

Extended

CME

Term

Loan

,

6.197 %

,

(3-month

SOFR

+

%),

12/15/31

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

United

States

5,249,997

5,207,655

Nexus

Buyer

LLC,

First

Lien,

Amendment

No.

CME

Term

Loan

,

7.965 %

,

(1-month

SOFR

+

%),

7/31/31

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

United

States

2,088,709

2,095,759

i

Russell

Investments

US

Institutional

Holdco,

Inc.,

First

Lien,

2027

CME

Term

Loan

,

PIK,

8.965 %

,

(1-month

SOFR

+

%),

5/28/27

United

States

8,120,987

7,887,211

Victory

Capital

Holdings,

Inc.,

First

Lien,

CME

Term

Loan,

B3

,

4.102 %

,

(3-month

SOFR

+

0.1 %),

9/23/32

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

United

States

1,500,000

1,509,375

38,892,779

a

a

a

a

a

a

g

#### Chemicals

#### 2.1%
Hexion

Holdings

Corp.,

First

Lien,

2024

Refinancing

CME

Term

Loan

,

8.131 %

,

(1-month

SOFR

+

%),

3/15/29

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

United

States

5,350,754

5,260,941

Hexion

Holdings

Corp.,

Second

Lien,

Initial

CME

Term

Loan

,

11.502 %

,

(1-month

SOFR

+

7.438 %),

3/15/30

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

United

States

3,570,674

3,505,956

INEOS

US

Finance

LLC,

First

Lien,

2030

Dollar

CME

Term

Loan

,

7.215 %

,

(1-month

SOFR

+

3.25 %),

2/18/30

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

Luxembourg

1,450,548

1,249,517

INEOS

US

Petrochem

LLC,

First

Lien,

New

CME

Term

Loan,

B1

,

8.315 %

,

(1-month

SOFR

+

4.25 %),

4/02/29

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

United

States

3,534,636

2,957,306

Franklin

Investors

Securities

Trust

Schedule

of

Investments

#### Franklin

#### Floating

#### Rate

#### Daily

#### Access

#### Fund
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Annual

Report

a

a

#### Country

#### Principal

#### Amount

#### \*
a

#### Value
a

#### a
a

f

#### Senior

#### Floating

#### Rate

#### Interests
(continued)

g

#### Chemicals
(continued)

Lummus

Technology

Holdings

V

LLC,

First

Lien,

Amendment

No.

Refinancing

CME

Term

Loan,

B

,

6.465 %

,

(1-month

SOFR

+

2.5 %),

12/31/29

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

United

States

3,053,089

$

3,051,502

Nouryon

Finance

BV,

First

Lien,

November

2024

Dollar

CME

Term

Loan,

B1

,

7.036 %

,

(3-month

SOFR

+

3.25 %),

4/03/28

..

Netherlands

3,826,088

3,828,480

SCIH

Salt

Holdings,

Inc.,

First

Lien,

Incremental

CME

Term

Loan,

B1

,

7.197 %

,

(6-month

SOFR

+

%),

1/31/29

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

United

States

7,015,703

7,050,395

Vibrantz

Technologies,

Inc.,

First

Lien,

Initial

CME

Term

Loan

,

8.327 %

,

(3-month

SOFR

+

4.25 %),

4/23/29

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

United

States

3,590,936

2,803,731

29,707,828

a

a

a

a

a

a

g

#### Commercial

#### Services

#### &

#### Supplies

#### 4.4%
Allied

Universal

Holdco

LLC,

First

Lien,

Amendment

No.

Replacement

USD

CME

Term

Loan

,

7.315 %

,

(1-month

SOFR

+

3.25 %),

8/20/32

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

United

States

6,785,999

6,821,184

Aramark

Services,

Inc.,

First

Lien,

CME

Term

Loan,

B8

,

6.16 %

,

(1-month

SOFR

+

2%;

3-month

SOFR

+

2%),

6/24/30

......

United

States

988,899

992,142

Filtration

Group

Corp.,

First

Lien,

2025

Incremental

Dollar

CME

Term

Loan,

B

,

6.715 %

,

(1-month

SOFR

+

2.75 %),

10/23/28

..

United

States

10,350,109

10,402,947

Madison

IAQ

LLC,

First

Lien,

2025

Incremental

CME

Term

Loan

,

7.452 %

,

(6-month

SOFR

+

3.25 %),

5/06/32

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

United

States

4,588,500

4,611,442

Madison

IAQ

LLC,

First

Lien,

Initial

CME

Term

Loan

,

6.702 %

,

(6-month

SOFR

+

2.5 %),

6/21/28

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

United

States

5,317,793

5,334,278

Neptune

Bidco

US,

Inc.,

First

Lien,

Dollar

CME

Term

Loan,

B

,

9.012 %

,

(3-month

SOFR

+

%),

4/11/29

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

United

States

8,794,386

8,516,264

PG

Polaris

BidCo

SARL,

First

Lien,

Initial

CME

Term

Loan

,

6.715 %

,

(1-month

SOFR

+

2.75 %),

3/26/31

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

Luxembourg

4,239,484

4,261,212

Pitney

Bowes,

Inc.,

First

Lien,

CME

Term

Loan,

B

,

7.715 %

,

(1-month

SOFR

+

3.75 %),

3/19/32

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

United

States

8,059,500

8,062,039

Prime

Security

Services

Borrower

LLC,

First

Lien,

2024-1

Refinancing

CME

Term

Loan,

B1

,

6.129 %

,

(6-month

SOFR

+

%),

10/15/30

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

United

States

4,570,427

4,568,005

Reworld

Holding

Corp.,

First

Lien,

2025

Incremental

CME

Term

Loan

,

6.265 %

,

(1-month

SOFR

+

2.25 %),

1/15/31

.........

United

States

2,272,727

2,271,307

Reworld

Holding

Corp.,

First

Lien,

CME

Term

Loan,

B

,

6.252 %

,

(1-month

SOFR

+

2.25 %),

11/30/28

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

United

States

1,539,414

1,543,270

Reworld

Holding

Corp.,

First

Lien,

CME

Term

Loan,

C

,

6.252 %

,

(1-month

SOFR

+

2.25 %),

11/30/28

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

United

States

85,574

85,788

Spin

Holdco,

Inc.,

First

Lien,

Initial

CME

Term

Loan

,

8.393 %

,

(3-month

SOFR

+

%),

3/06/28

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

United

States

4,787,087

4,018,592

61,488,470

a

a

a

a

a

a

#### Communications

#### Equipment

#### 0.6%
g

Delta

Topco,

Inc.,

First

Lien,

Fourth

Amendment

Refinancing

CME

Term

Loan

,

6.876 %

,

(1-month

SOFR

+

2.75 %),

11/30/29

....

United

States

9,079,819

8,990,155

g

#### Construction

#### &

#### Engineering

#### 1.5%
h

Artera

Services

LLC,

First

Lien,

CME

Term

Loan,

C

,

8.502 %

,

(3-month

SOFR

+

4.5 %),

2/18/31

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

United

States

8,072,693

6,909,499

Brand

Industrial

Services,

Inc.,

First

Lien,

CME

Term

Loan,

C

,

8.796 %

,

(3-month

SOFR

+

4.5 %),

8/01/30

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

United

States

6,192,353

5,495,713

Chromalloy

Corp.,

First

Lien,

CME

Term

Loan

,

7.226 %

,

(3-month

SOFR

+

3.25 %),

3/27/31

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

United

States

3,803,301

3,823,059

DG

Investment

Intermediate

Holdings

2,

Inc.,

First

Lien,

Closing

Date

Initial

CME

Term

Loan

,

7.715 %

,

(1-month

SOFR

+

3.75 %),

7/09/32

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

United

States

939,597

943,126

Franklin

Investors

Securities

Trust

Schedule

of

Investments

#### Franklin

#### Floating

#### Rate

#### Daily

#### Access

#### Fund
(continued)

franklintempleton.com

Annual

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

#### Construction

#### &

#### Engineering
(continued)

Red

SPV

LLC,

First

Lien,

Initial

CME

Term

Loan

,

6.281 %

,

(1-month

SOFR

+

2.25 %),

3/15/32

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

United

Kingdom

2,723,670

$

2,723,670

Zekelman

Industries,

Inc.,

First

Lien,

2024

CME

Term

Loan

,

6.265 %

,

(1-month

SOFR

+

2.25 %),

1/24/31

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

United

States

1,341,549

1,345,077

21,240,144

a

a

a

a

a

a

#### Consumer

#### Finance

#### 0.1%
g

Shift4

Payments

LLC,

First

Lien,

Amendment

No.

CME

Term

Loan

,

6.502 %

,

(3-month

SOFR

+

2.5 %),

6/30/32

..........

United

States

1,898,943

1,913,983

#### Consumer

#### Staples

#### Distribution

#### &

#### Retail

#### 0.1%
g

Boots

Group

Bidco

Ltd.

(The),

First

Lien,

Closing

Date

Dollar

CME

Term

Loan

,

7.705 %

,

(3-month

SOFR

+

3.5 %),

8/30/32

..

United

Kingdom

1,245,675

1,252,682

g

#### Containers

#### &

#### Packaging

#### 2.2%
Charter

Next

Generation,

Inc.,

First

Lien,

2024

Replacement

CME

Term

Loan

,

6.798 %

,

(1-month

SOFR

+

2.75 %),

11/29/30

....

United

States

10,715,831

10,767,106

Clydesdale

Acquisition

Holdings,

Inc.,

First

Lien,

2025

Incremental

Closing

Date

CME

Term

Loan,

B

,

7.215 %

,

(1-month

SOFR

+

3.25 %),

4/01/32

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

United

States

6,957,929

6,950,589

b

Kleopatra

Finco

SARL,

First

Lien,

USD

CME

Term

Loan,

B

,

13.991 %

,

(1-month

SOFR

+

%),

11/27/25

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

Luxembourg

765,307

682,367

Klockner

Pentaplast

of

America,

Inc.,

First

Lien,

USD

CME

Term

Loan,

B

,

9.044 %

,

(6-month

SOFR

+

4.75 %),

2/12/26

.......

Luxembourg

7,512,397

3,319,578

Mauser

Packaging

Solutions

Holding

Co.,

First

Lien,

Initial

CME

Term

Loan

,

7.129 %

,

(1-month

SOFR

+

%),

4/15/27

.......

United

States

3,703,291

3,710,531

ProAmpac

PG

Borrower

LLC,

First

Lien,

2024

CME

Term

Loan,

B

,

8.195 %

,

(3-month

SOFR

+

%),

9/15/28

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

United

States

5,547,557

5,554,797

30,984,968

a

a

a

a

a

a

g

#### Distributors

#### 1.2%
BCPE

Empire

Holdings,

Inc.,

First

Lien,

Amendment

No.

Incremental

CME

Term

Loan

,

7.413 %

,

(1-month

SOFR

+

3.25 %),

12/11/30

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

United

States

5,173,177

5,174,496

Core

&

Main

LP,

First

Lien,

CME

Term

Loan,

E

,

5.991 %

,

(1-month

SOFR

+

%),

2/10/31

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

United

States

1,723,816

1,725,971

Verde

Purchaser

LLC,

First

Lien,

Second

Refinancing

CME

Term

Loan

,

8.002 %

,

(3-month

SOFR

+

%),

11/30/30

...........

United

States

9,965,798

9,597,512

16,497,979

a

a

a

a

a

a

g

#### Diversified

#### Consumer

#### Services

#### 1.0%
Ascend

Learning

LLC,

First

Lien,

Initial

CME

Term

Loan

,

6.965 %

,

(1-month

SOFR

+

%),

12/11/28

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

United

States

4,351,431

4,354,608

Learning

Care

Group

US

No.

2,

Inc.,

First

Lien,

CME

Term

Loan,

B

,

7.934 %

,

(3-month

SOFR

+

%),

8/11/28

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

United

States

1,676,232

1,648,575

Mavis

Tire

Express

Services

Topco

Corp.,

First

Lien,

2025

Incremental

CME

Term

Loan

,

7.199 %

,

(3-month

SOFR

+

%),

5/04/28

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

United

States

3,489,650

3,500,800

Pre-Paid

Legal

Services,

Inc.,

First

Lien,

Initial

CME

Term

Loan

,

7.215 %

,

(1-month

SOFR

+

3.25 %),

12/07/28

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

United

States

1,395,020

1,304,350

Spring

Education

Group,

Inc.,

First

Lien,

CME

Term

Loan

,

7.252 %

,

(3-month

SOFR

+

3.25 %),

9/30/30

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

United

States

1,507,596

1,514,191

Wand

NewCo

3,

Inc.,

First

Lien,

Initial

CME

Term

Loan

,

6.465 %

,

(1-month

SOFR

+

2.5 %),

1/30/31

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

United

States

2,145,505

2,143,199

14,465,723

a

a

a

a

a

a

Franklin

Investors

Securities

Trust

Schedule

of

Investments

#### Franklin

#### Floating

#### Rate

#### Daily

#### Access

#### Fund
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Annual

Report

a

a

#### Country

#### Principal

#### Amount

#### \*
a

#### Value
a

#### a
a

f

#### Senior

#### Floating

#### Rate

#### Interests
(continued)

#### Diversified

#### Telecommunication

#### Services

#### 0.4%
g,i

Zayo

Group

Holdings,

Inc.,

First

Lien,

Initial

Dollar

CME

Term

Loan

,

PIK,

7.579 %

,

(1-month

SOFR

+

3.5 %),

3/11/30

.......

United

States

5,600,090

$

5,361,218

g

#### Electric

#### Utilities

#### 0.3%
Alpha

Generation

LLC,

First

Lien,

Initial

CME

Term

Loan,

B

,

5.965 %

,

(1-month

SOFR

+

%),

9/30/31

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

United

States

2,992,443

2,999,580

Hamilton

Projects

Acquiror

LLC,

First

Lien,

Initial

CME

Term

Loan

,

6.465 %

,

(1-month

SOFR

+

2.5 %),

5/30/31

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

United

States

1,597,433

1,607,417

4,606,997

a

a

a

a

a

a

g

#### Electrical

#### Equipment

#### 0.5%
Indicor

LLC,

First

Lien,

Dollar

CME

Term

Loan,

D

,

6.752 %

,

(3-month

SOFR

+

2.75 %),

11/22/29

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

United

States

2,891,618

2,903,994

WEC

US

Holdings,

Inc.,

First

Lien,

Initial

CME

Term

Loan

,

6.384 %

,

(1-month

SOFR

+

2.25 %),

1/27/31

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

United

States

4,062,857

4,076,854

6,980,848

a

a

a

a

a

a

g

#### Electronic

#### Equipment,

#### Instruments

#### &

#### Components

#### 0.4%
MX

Holdings

US,

Inc.,

First

Lien,

Senior

USD

CME

Term

Loan,

B

,

6.218 %

,

(1-month

SOFR

+

2.25 %),

3/17/32

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

United

States

1,266,414

1,272,746

h

Sanmina

Corp.,

First

Lien,

CME

Term

Loan,

B

,

5.884 %

,

(12-month

SOFR

+

%),

8/06/32

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

United

States

3,018,868

3,026,415

h

Spectris

plc,

First

Lien,

CME

Term

Loan

,

6.844 %

,

(12-month

SOFR

+

2.75 %),

9/24/32

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

United

Kingdom

664,688

667,181

4,966,342

a

a

a

a

a

a

g

#### Entertainment

#### 1.5%
Banijay

Entertainment

SAS,

First

Lien,

CME

Term

Loan,

B3

,

6.879 %

,

(1-month

SOFR

+

2.75 %),

3/01/28

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

France

1,717,515

1,728,962

Playtika

Holding

Corp.,

First

Lien,

CME

Term

Loan,

B1

,

6.829 %

,

(1-month

SOFR

+

2.75 %),

3/13/28

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

United

States

4,085,427

4,002,983

TKO

Worldwide

Holdings

LLC,

First

Lien,

CME

Term

Loan,

B5

,

6.038 %

,

(3-month

SOFR

+

%),

11/21/31

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

United

States

15,751,233

15,804,236

21,536,181

a

a

a

a

a

a

g

#### Financial

#### Services

#### 3.6%
Belfor

Holdings,

Inc.,

First

Lien,

Replacement

CME

Term

Loan,

B5

,

6.913 %

,

(1-month

SOFR

+

2.75 %),

11/01/30

..........

United

States

3,513,500

3,526,676

Boost

Newco

Borrower

LLC,

First

Lien,

CME

Term

Loan,

B2

,

6.002 %

,

(3-month

SOFR

+

%),

1/31/31

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

United

States

12,590,706

12,637,921

GC

Ferry

Acquisition

I,

Inc.,

First

Lien,

Initial

CME

Term

Loan

,

7.711 %

,

(3-month

SOFR

+

3.5 %),

8/16/32

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

United

States

5,001,789

5,000,063

Hudson

River

Trading

LLC,

First

Lien,

CME

Term

Loan,

B1

,

6.782 %

,

(1-month

SOFR

+

2.75 %),

3/18/30

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

United

States

4,361,264

4,372,472

h

Orion

US

Finco,

Inc.,

First

Lien,

Initial

CME

Term

Loan

,

7.427 %

,

(3-month

SOFR

+

3.5 %),

10/08/32

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

United

States

6,168,123

6,205,255

Osaic

Holdings,

Inc.,

First

Lien,

Initial

CME

Term

Loan

,

7.163 %

,

(1-month

SOFR

+

%),

8/02/32

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

United

States

7,029,033

7,048,082

Priority

Holdings

LLC,

First

Lien,

CME

Term

Loan,

B

,

7.715 %

,

(1-month

SOFR

+

3.75 %),

7/30/32

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

United

States

3,749,903

3,756,465

h

Red

Planet

Borrower

LLC,

First

Lien,

Initial

CME

Term

Loan

,

7.965 %

,

(1-month

SOFR

+

%),

9/08/32

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

United

States

5,500,000

5,426,658

h

Speed

Midco

SARL,

First

Lien,

USD

CME

Term

Loan,

B

,

6.288 %

,

(6-month

SOFR

+

2.5 %),

10/01/32

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

Luxembourg

2,631,579

2,629,934

50,603,526

a

a

a

a

a

a

Franklin

Investors

Securities

Trust

Schedule

of

Investments

#### Franklin

#### Floating

#### Rate

#### Daily

#### Access

#### Fund
(continued)

franklintempleton.com

Annual

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

#### Food

#### Products

#### 0.5%
h

Chobani

LLC,

First

Lien,

CME

Term

Loan,

B

,

5.933 %

,

(12-month

SOFR

+

2.25 %),

10/22/32

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

United

States

3,435,282

$

3,447,100

h

Froneri

US,

Inc.,

First

Lien,

CME

Term

Loan,

B6

,

6.372 %

,

(6-month

SOFR

+

2.5 %),

8/02/32

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

United

States

2,390,677

2,392,303

Nourish

Buyer

I,

Inc.,

First

Lien,

Initial

CME

Term

Loan

,

8.548 %

,

(1-month

SOFR

+

4.5 %),

7/08/32

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

United

States

1,550,633

1,554,509

7,393,912

a

a

a

a

a

a

g

#### Ground

#### Transportation

#### 2.6%
Aggreko

Holdings,

Inc.,

First

Lien,

2025

Amended

USD

CME

Term

Loan

,

7.215 %

,

(3-month

SOFR

+

%),

5/21/31

.......

United

Kingdom

3,815,061

3,843,693

First

Student

Bidco,

Inc.,

First

Lien,

11th

Amendment

Repricing

CME

Term

Loan

,

6.711 %

,

(3-month

SOFR

+

2.5 %),

8/15/30

..

United

States

7,263,288

7,282,354

First

Student

Bidco,

Inc.,

First

Lien,

CME

Term

Loan,

C

,

6.711 %

,

(1-month

SOFR

+

2.5 %),

8/15/30

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

United

States

1,324,065

1,327,210

Kenan

Advantage

Group,

Inc.

(The),

First

Lien,

U.S.

CME

Term

Loan,

B4

,

7.215 %

,

(1-month

SOFR

+

3.25 %),

1/25/29

......

United

States

10,098,904

9,952,470

i

LaserShip,

Inc.,

First

Lien,

CME

Term

Loan,

B1

,

PIK,

5.763 %

,

(3-month

SOFR

+

1.5 %),

8/10/29

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

United

States

7,491,145

5,304,550

i

LaserShip,

Inc.,

First

Lien,

CME

Term

Loan,

D

,

PIK,

5.763 %

,

(3-month

SOFR

+

1.5 %),

8/10/29

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

United

States

5,424,622

1,553,853

Savage

Enterprises

LLC,

First

Lien,

Amendment

No.

CME

Term

Loan

,

6.606 %

,

(1-month

SOFR

+

2.5 %),

8/05/32

..........

United

States

787,727

790,330

WWEX

Uni

Topco

Holdings

LLC,

First

Lien,

Initial

CME

Term

Loan

,

8.002 %

,

(3-month

SOFR

+

%),

7/26/28

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

United

States

5,623,640

5,620,462

35,674,922

a

a

a

a

a

a

g

#### Health

#### Care

#### Equipment

#### &

#### Supplies

#### 2.0%
Bausch

+

Lomb

Corp.,

First

Lien,

Third

Amendment

CME

Term

Loan

,

8.215 %

,

(1-month

SOFR

+

4.25 %),

1/15/31

.........

United

States

2,811,136

2,832,220

Medline

Borrower

LP,

First

Lien,

2028

Refinancing

CME

Term

Loan

,

5.965 %

,

(1-month

SOFR

+

%),

10/23/28

...........

United

States

17,634,219

17,667,988

Medline

Borrower

LP,

First

Lien,

2030

Refinancing

CME

Term

Loan

,

5.965 %

,

(1-month

SOFR

+

%),

10/23/30

...........

United

States

2,693,250

2,697,371

US

Radiology

Specialists,

Inc.

(US

Outpatient

Imaging

Services,

Inc.),

First

Lien,

CME

Term

Loan

,

8.752 %

,

(3-month

SOFR

+

4.75 %),

12/15/27

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

United

States

5,100,707

5,128,480

28,326,059

a

a

a

a

a

a

g

#### Health

#### Care

#### Providers

#### &

#### Services

#### 6.1%
ADMI

Corp.,

First

Lien,

Amendment

No.

Refinancing

CME

Term

Loan

,

7.454 %

,

(1-month

SOFR

+

3.375 %),

12/23/27

.......

United

States

7,920,526

7,481,610

ADMI

Corp.,

First

Lien,

Amendment

No.

CME

Term

Loan

,

7.829 %

,

(1-month

SOFR

+

3.75 %),

12/23/27

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

United

States

3,852,409

3,638,119

ADMI

Corp.,

First

Lien,

CME

Term

Loan,

B5

,

9.715 %

,

(1-month

SOFR

+

5.75 %),

12/23/27

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

United

States

1,148,377

1,110,337

Charlotte

Buyer,

Inc.,

First

Lien,

Second

Refinancing

CME

Term

Loan

,

8.298 %

,

(1-month

SOFR

+

4.25 %),

2/11/28

.........

United

States

9,545,555

9,531,857

CNT

Holdings

I

Corp.,

First

Lien,

2025

Replacement

CME

Term

Loan

,

6.558 %

,

(3-month

SOFR

+

2.25 %),

11/08/32

........

United

States

6,945,623

6,965,557

Concentra

Health

Services,

Inc.,

First

Lien,

CME

Term

Loan,

B1

,

5.965 %

,

(1-month

SOFR

+

%),

7/28/31

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

United

States

458,083

459,945

Dermatology

Intermediate

Holdings

III,

Inc.,

First

Lien,

Initial

CME

Term

Loan

,

8.09 %

,

(3-month

SOFR

+

4.25 %),

3/26/29

......

United

States

7,615,552

7,212,537

LifePoint

Health,

Inc.,

First

Lien,

2024-2

Refinancing

CME

Term

Loan

,

7.66 %

,

(3-month

SOFR

+

3.5 %),

5/19/31

...........

United

States

3,240,709

3,243,496

Franklin

Investors

Securities

Trust

Schedule

of

Investments

#### Franklin

#### Floating

#### Rate

#### Daily

#### Access

#### Fund
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Annual

Report

a

a

#### Country

#### Principal

#### Amount

#### \*
a

#### Value
a

#### a
a

f

#### Senior

#### Floating

#### Rate

#### Interests
(continued)

g

#### Health

#### Care

#### Providers

#### &

#### Services
(continued)

LifePoint

Health,

Inc.,

First

Lien,

CME

Term

Loan,

B1

,

7.782 %

,

(1-month

SOFR

+

3.75 %),

5/19/31

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

United

States

10,228,043

$

10,247,681

Medical

Solutions

Holdings,

Inc.,

First

Lien,

CME

Term

Loan

,

7.44 %

,

(3-month

SOFR

+

3.5 %),

11/01/28

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

United

States

4,728,415

1,513,093

MPH

Acquisition

Holdings

LLC,

First

Lien,

Exchange

First

Out

CME

Term

Loan

,

7.59 %

,

(3-month

SOFR

+

3.75 %),

12/31/30

.

United

States

809,541

810,723

MPH

Acquisition

Holdings

LLC,

First

Lien,

Second

Out

CME

Term

Loan

,

8.702 %

,

(3-month

SOFR

+

4.6 %),

12/31/30

.........

United

States

2,233,085

2,117,478

National

Mentor

Holdings,

Inc.,

First

Lien,

Initial

CME

Term

Loan

,

7.845 %

,

(1-month

SOFR

+

3.75%;

3-month

SOFR

+

3.75%),

3/02/28

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

United

States

6,227,676

6,065,009

National

Mentor

Holdings,

Inc.,

First

Lien,

Initial

CME

Term

Loan,

C

,

7.852 %

,

(3-month

SOFR

+

3.75 %),

3/02/28

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

United

States

216,306

210,656

Paradigm

Parent

LLC,

First

Lien,

Initial

CME

Term

Loan

,

8.553 %

,

(12-month

SOFR

+

4.5 %),

4/16/32

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

United

States

7,300,000

6,533,500

Pathway

Vet

Alliance

LLC,

First

Lien,

CME

Term

Loan,

A

,

9.308 %

,

(3-month

SOFR

+

%),

6/30/28

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

United

States

2,532,284

2,567,635

i

Pathway

Vet

Alliance

LLC,

First

Lien,

CME

Term

Loan,

B

,

PIK,

9.308 %

,

(3-month

SOFR

+

%),

6/30/28

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

United

States

8,059,920

6,110,467

Phoenix

Guarantor,

Inc.,

First

Lien,

CME

Term

Loan,

B5

,

6.465 %

,

(1-month

SOFR

+

2.5 %),

2/21/31

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

United

States

2,985,596

2,998,046

Surgery

Center

Holdings,

Inc.,

First

Lien,

2025

Refinancing

CME

Term

Loan

,

6.465 %

,

(1-month

SOFR

+

2.5 %),

12/19/30

.....

United

States

912,066

915,504

US

Anesthesia

Partners,

Inc.,

First

Lien,

Initial

CME

Term

Loan

,

8.499 %

,

(1-month

SOFR

+

4.25 %),

10/02/28

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

United

States

5,240,437

5,252,175

84,985,425

a

a

a

a

a

a

g

#### Health

#### Care

#### Technology

#### 1.4%
AthenaHealth

Group,

Inc.,

First

Lien,

Initial

CME

Term

Loan

,

6.715 %

,

(1-month

SOFR

+

2.75 %),

2/15/29

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

United

States

10,367,127

10,336,337

Cotiviti,

Inc.,

First

Lien,

Amendment

No.

CME

Term

Loan

,

6.884 %

,

(1-month

SOFR

+

2.75 %),

3/26/32

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

United

States

3,690,750

3,560,411

Cotiviti,

Inc.,

First

Lien,

New

CME

Term

Loan,

B

,

6.884 %

,

(1-month

SOFR

+

2.75 %),

5/01/31

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

United

States

6,332,464

6,116,116

20,012,864

a

a

a

a

a

a

g

#### Hotels,

#### Restaurants

#### &

#### Leisure

#### 6.8%
Caesars

Entertainment,

Inc.,

First

Lien,

2023

Incremental

CME

Term

Loan,

B

,

6.215 %

,

(1-month

SOFR

+

2.25 %),

2/06/30

...

United

States

6,461,186

6,429,558

Entain

Holdings

Gibraltar

Ltd.,

First

Lien,

CME

Term

Loan,

B

,

6.252 %

,

(3-month

SOFR

+

2.25 %),

10/31/29

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

United

Kingdom

3,302,419

3,307,852

Fertitta

Entertainment

LLC,

First

Lien,

Initial

CME

Term

Loan,

B

,

7.215 %

,

(1-month

SOFR

+

3.25 %),

1/29/29

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

United

States

7,424,453

7,426,346

Flutter

Financing

BV,

First

Lien,

2024

Refinancing

CME

Term

Loan,

B

,

5.752 %

,

(3-month

SOFR

+

1.75 %),

12/02/30

......

Ireland

4,421,698

4,409,538

Flynn

Restaurant

Group

LP,

First

Lien,

2025

CME

Term

Loan

,

7.715 %

,

(1-month

SOFR

+

3.75 %),

1/28/32

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

United

States

11,680,870

11,740,209

Golden

State

Foods

LLC,

First

Lien,

Initial

CME

Term

Loan

,

8.002 %

,

(3-month

SOFR

+

%),

12/04/31

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

United

States

2,796,680

2,810,762

h

Great

Canadian

Gaming

Corp.,

First

Lien,

CME

Term

Loan,

B

,

8.753 %

,

(3-month

SOFR

+

4.75 %),

11/01/29

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

Canada

6,929,589

6,907,934

Hilton

Grand

Vacations

Borrower

LLC,

First

Lien,

Initial

CME

Term

Loan

,

5.965 %

,

(1-month

SOFR

+

%),

8/02/28

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

United

States

2,920,604

2,918,180

IRB

Holding

Corp.,

First

Lien,

2024

Second

Replacement

CME

Term

Loan,

B

,

6.465 %

,

(1-month

SOFR

+

2.5 %),

12/15/27

...

United

States

12,115,543

12,146,075

Light

&

Wonder

International,

Inc.,

First

Lien,

CME

Term

Loan,

B2

,

6.287 %

,

(1-month

SOFR

+

2.25 %),

4/16/29

...........

United

States

4,277,671

4,296,386

Franklin

Investors

Securities

Trust

Schedule

of

Investments

#### Franklin

#### Floating

#### Rate

#### Daily

#### Access

#### Fund
(continued)

franklintempleton.com

Annual

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

#### Hotels,

#### Restaurants

#### &

#### Leisure
(continued)

Ontario

Gaming

GTA

LP,

First

Lien,

CME

Term

Loan,

B

,

8.24 %

,

(3-month

SOFR

+

4.25 %),

8/01/30

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

Canada

9,703,287

$

9,125,165

Penn

Entertainment,

Inc.,

First

Lien,

CME

Term

Loan,

B

,

6.465 %

,

(1-month

SOFR

+

2.5 %),

5/03/29

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

United

States

3,469,923

3,480,663

h

Raising

Cane's

Restaurants

LLC,

First

Lien,

CME

Term

Loan,

B

,

5.683 %

,

(12-month

SOFR

+

%),

10/25/32

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

United

States

3,975,659

3,974,825

Sabre

GLBL,

Inc.,

First

Lien,

CME

Term

Loan,

B

,

8.315 %

,

(1-month

SOFR

+

4.25 %),

6/30/28

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

United

States

6,936,982

6,471,615

Scientific

Games

Holdings

LP,

First

Lien,

2024

Refinancing

Dollar

CME

Term

Loan

,

6.934 %

,

(3-month

SOFR

+

%),

4/04/29

...

United

States

4,988,081

4,935,706

Whatabrands

LLC,

First

Lien,

2024-2

Refinancing

CME

Term

Loan.

B

,

6.465 %

,

(1-month

SOFR

+

2.5 %),

8/03/28

........

United

States

5,170,311

5,187,605

95,568,419

a

a

a

a

a

a

g

#### Household

#### Durables

#### 0.9%
AI

Aqua

Merger

Sub,

Inc.,

First

Lien,

2025

Refinancing

CME

Term

Loan,

B

,

7.129 %

,

(1-month

SOFR

+

%),

7/31/28

..........

United

States

7,904,080

7,930,243

Hunter

Douglas,

Inc.,

First

Lien,

CME

Term

Loan,

B1

,

7.252 %

,

(3-month

SOFR

+

3.25 %),

1/16/32

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

Netherlands

5,157,290

5,177,996

13,108,239

a

a

a

a

a

a

#### Household

#### Products

#### 0.0%

#### †
g

Energizer

Holdings,

Inc.,

First

Lien,

Initial

CME

Term

Loan

,

6.002 %

,

(1-month

SOFR

+

%),

3/19/32

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

United

States

357,737

358,855

g

#### Independent

#### Power

#### and

#### Renewable

#### Electricity

#### Producers

#### 1.3%
Calpine

Construction

Finance

Co.

LP,

First

Lien,

Refinancing

CME

Term

Loan

,

6.163 %

,

(1-month

SOFR

+

%),

7/19/30

...

United

States

3,184,000

3,190,480

Calpine

Corp.,

First

Lien,

2024

CME

Term

Loan

,

5.715 %

,

(1-month

SOFR

+

1.75 %),

1/31/31

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

United

States

3,283,500

3,284,403

Talen

Energy

Supply

LLC,

First

Lien,

2024-1

Incremental

CME

Term

Loan,

B

,

6.733 %

,

(3-month

SOFR

+

2.5 %),

12/11/31

...

United

States

1,068,161

1,071,168

h

Talen

Energy

Supply

LLC,

First

Lien,

CME

Term

Loan,

B

,

5.759 %

,

(12-month

SOFR

+

%),

10/12/32

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

United

States

1,030,928

1,031,572

Talen

Energy

Supply

LLC,

First

Lien,

Initial

CME

Term

Loan,

B

,

6.733 %

,

(3-month

SOFR

+

2.5 %),

5/17/30

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

United

States

9,748,266

9,771,954

18,349,577

a

a

a

a

a

a

g

#### Insurance

#### 8.1%
Acrisure

LLC,

First

Lien,

2025

Refinancing

CME

Term

Loan,

B

,

7.215 %

,

(1-month

SOFR

+

3.25 %),

6/21/32

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

United

States

1,689,197

1,693,251

Acrisure

LLC,

First

Lien,

CME

Term

Loan,

B6

,

7.163 %

,

(1-month

SOFR

+

%),

11/06/30

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

United

States

10,777,768

10,784,504

Alliant

Holdings

Intermediate

LLC,

First

Lien,

Initial

CME

Term

Loan

,

6.666 %

,

(1-month

SOFR

+

2.5 %),

9/19/31

..........

United

States

13,680,727

13,683,053

AmWINS

Group,

Inc.,

First

Lien,

Initial

CME

Term

Loan

,

6.252 %

,

(3-month

SOFR

+

2.25 %),

1/30/32

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

United

States

4,502,154

4,513,094

Asurion

LLC,

First

Lien,

New

CME

Term

Loan,

B10

,

8.065 %

,

(1-month

SOFR

+

%),

8/21/28

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

United

States

2,398,947

2,404,944

Asurion

LLC,

First

Lien,

New

CME

Term

Loan,

B11

,

8.327 %

,

(1-month

SOFR

+

4.25 %),

8/21/28

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

United

States

3,978,164

3,996,245

Asurion

LLC,

First

Lien,

New

CME

Term

Loan,

B9

,

7.329 %

,

(1-month

SOFR

+

3.25 %),

7/30/27

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

United

States

8,082

8,094

Asurion

LLC,

Second

Lien,

New

CME

Term

Loan,

B3

,

9.329 %

,

(1-month

SOFR

+

5.25 %),

1/31/28

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

United

States

7,696,342

7,560,463

Asurion

LLC,

Second

Lien,

New

CME

Term

Loan,

B4

,

9.329 %

,

(1-month

SOFR

+

5.25 %),

1/19/29

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

United

States

10,622,294

10,156,826

Franklin

Investors

Securities

Trust

Schedule

of

Investments

#### Franklin

#### Floating

#### Rate

#### Daily

#### Access

#### Fund
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Annual

Report

a

a

#### Country

#### Principal

#### Amount

#### \*
a

#### Value
a

#### a
a

f

#### Senior

#### Floating

#### Rate

#### Interests
(continued)

g

#### Insurance
(continued)

h

Broadstreet

Partners

Group

LLC,

First

Lien,

2024

CME

Term

Loan,

B

,

6.715 %

,

(1-month

SOFR

+

2.75 %),

6/16/31

.......

United

States

7,201,224

$

7,226,140

CRC

Insurance

Group

LLC,

First

Lien,

CME

Term

Loan,

B

,

6.752 %

,

(3-month

SOFR

+

2.75 %),

5/06/31

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

United

States

6,146,024

6,149,926

HUB

International

Ltd.,

First

Lien,

2025

Incremental

CME

Term

Loan

,

6.12 %

,

(3-month

SOFR

+

2.25 %),

6/20/30

..........

United

States

21,008,535

21,101,288

OneDigital

Borrower

LLC,

First

Lien,

2025

Refinancing

CME

Term

Loan

,

6.965 %

,

(1-month

SOFR

+

%),

7/02/31

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

United

States

5,880,780

5,893,012

Sedgwick

Claims

Management

Services,

Inc.,

First

Lien,

2024

CME

Term

Loan

,

6.465 %

,

(1-month

SOFR

+

2.5 %),

7/31/31

..

United

States

17,551,074

17,566,958

112,737,798

a

a

a

a

a

a

g

#### IT

#### Services

#### 1.8%
Barracuda

Networks,

Inc.,

First

Lien,

Initial

CME

Term

Loan

,

8.34 %

,

(3-month

SOFR

+

4.5 %),

8/15/29

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

United

States

4,521,053

3,783,556

Fortress

Intermediate

3,

Inc.,

First

Lien,

CME

Term

Loan,

B

,

7.106 %

,

(1-month

SOFR

+

%),

6/27/31

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

United

States

6,464,500

6,488,743

Gainwell

Acquisition

Corp.,

First

Lien,

CME

Term

Loan,

B

,

8.102 %

,

(3-month

SOFR

+

%),

10/01/27

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

United

States

5,312,372

5,272,529

MH

Sub

I

LLC,

First

Lien,

2024

December

New

CME

Term

Loan

,

8.215 %

,

(1-month

SOFR

+

4.25 %),

12/31/31

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

United

States

12,667,688

10,241,826

25,786,654

a

a

a

a

a

a

g

#### Machinery

#### 1.2%
CPM

Holdings,

Inc.,

First

Lien,

Initial

CME

Term

Loan

,

8.634 %

,

(1-month

SOFR

+

4.5 %),

9/28/28

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

United

States

4,616,357

4,607,701

Crosby

US

Acquisition

Corp.,

First

Lien,

Amendment

No.

Replacement

CME

Term

Loan

,

7.663 %

,

(1-month

SOFR

+

3.5 %),

8/16/29

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

United

States

3,862,892

3,892,887

Madison

Safety

&

Flow

LLC,

First

Lien,

2025

Incremental

Term

Loan,

B

,

6.468 %

,

(1-month

SOFR

+

2.5 %),

9/26/31

........

United

States

2,486,191

2,500,698

TK

Elevator

Midco

GmbH,

First

Lien,

CME

Term

Loan,

B1

,

7.197 %

,

(6-month

SOFR

+

%),

4/30/30

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

Germany

5,513,384

5,553,604

16,554,890

a

a

a

a

a

a

g

#### Media

#### 1.0%
Cengage

Learning,

Inc.,

First

Lien,

2024

Refinancing

CME

Term

Loan

,

7.631 %

,

(1-month

SOFR

+

3.5%;

3-month

SOFR

+

3.5%),

3/24/31

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

United

States

2,323,246

2,296,389

CMG

Media

Corp.,

First

Lien,

CME

Term

Loan

,

7.602 %

,

(3-month

SOFR

+

3.5 %),

6/18/29

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

United

States

5,984,856

5,550,954

DIRECTV

Financing

LLC,

First

Lien,

2024

Refinancing

CME

Term

Loan,

B

,

9.82 %

,

(3-month

SOFR

+

5.25 %),

8/02/29

........

United

States

648,077

649,969

Gray

Media,

Inc.,

First

Lien,

CME

Term

Loan,

D

,

7.249 %

,

(1-month

SOFR

+

%),

12/01/28

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

United

States

1,272,776

1,276,391

iHeartCommunications,

Inc.,

First

Lien,

Refinanced

CME

Term

Loan,

B

,

9.854 %

,

(1-month

SOFR

+

5.775 %),

5/01/29

......

United

States

3,832,950

3,434,477

McGraw-Hill

Education,

Inc.,

First

Lien,

CME

Term

Loan,

B

,

6.815 %

,

(1-month

SOFR

+

2.75 %),

8/06/31

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

United

States

1,007,536

1,007,536

14,215,716

a

a

a

a

a

a

g

#### Oil,

#### Gas

#### &

#### Consumable

#### Fuels

#### 0.5%
EPIC

Crude

Services

LP,

First

Lien,

CME

Term

Loan

,

6.34 %

,

(3-month

SOFR

+

2.5 %),

10/15/31

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

United

States

3,528,324

3,549,441

Franklin

Investors

Securities

Trust

Schedule

of

Investments

#### Franklin

#### Floating

#### Rate

#### Daily

#### Access

#### Fund
(continued)

franklintempleton.com

Annual

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

#### Oil,

#### Gas

#### &

#### Consumable

#### Fuels
(continued)

UGI

Energy

Services

LLC,

First

Lien,

Initial

CME

Term

Loan

,

6.465 %

,

(1-month

SOFR

+

2.5 %),

2/22/30

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

United

States

2,774,113

$

2,792,034

6,341,475

a

a

a

a

a

a

#### Paper

#### &

#### Forest

#### Products

#### 0.2%
g

Magnera

Corp.,

First

Lien,

CME

Term

Loan

,

8.449 %

,

(3-month

SOFR

+

4.25 %),

11/04/31

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

United

States

3,259,570

3,090,072

g

#### Passenger

#### Airlines

#### 1.6%
AAdvantage

Loyalty

IP

Ltd.,

First

Lien,

2025

Incremental

CME

Term

Loan

,

7.134 %

,

(3-month

SOFR

+

3.25 %),

5/28/32

.....

United

States

1,604,839

1,612,863

AAdvantage

Loyalty

IP

Ltd.,

First

Lien,

CME

Term

Loan

,

6.134 %

,

(3-month

SOFR

+

2.25 %),

4/20/28

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

United

States

11,676,660

11,703,225

WestJet

Loyalty

LP,

First

Lien,

Initial

CME

Term

Loan

,

7.252 %

,

(3-month

SOFR

+

3.25 %),

2/14/31

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

Canada

8,780,046

8,821,224

22,137,312

a

a

a

a

a

a

#### Personal

#### Care

#### Products

#### 0.1%
g

Knowlton

Development

Corp.,

Inc.,

First

Lien,

Dollar

CME

Term

Loan

,

7.465 %

,

(1-month

SOFR

+

3.5 %),

8/15/28

..........

Canada

1,367,647

1,376,680

g

#### Pharmaceuticals

#### 0.5%
Endo

Finance

Holdings,

Inc.,

First

Lien,

2024

Refinancing

CME

Term

Loan

,

7.965 %

,

(1-month

SOFR

+

%),

4/23/31

.......

United

States

1,219,212

1,213,878

Organon

&

Co.,

First

Lien,

2024

Refinancing

Dollar

CME

Term

Loan

,

6.241 %

,

(1-month

SOFR

+

2.25 %),

5/19/31

.........

United

States

2,842,657

2,580,593

Southern

Veterinary

Partners

LLC,

First

Lien,

2025

New

CME

Term

Loan

,

6.365 %

,

(3-month

SOFR

+

2.5 %),

12/04/31

.....

United

States

2,470,043

2,471,253

6,265,724

a

a

a

a

a

a

g

#### Professional

#### Services

#### 2.4%
AlixPartners

LLP,

First

Lien,

2025

Dollar

CME

Term

Loan

,

5.965 %

,

(1-month

SOFR

+

%),

8/12/32

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

United

States

7,853,403

7,832,670

CHG

Healthcare

Services,

Inc.,

First

Lien,

Amendment

No.

Refinancing

CME

Term

Loan

,

6.913 %

,

(1-month

SOFR

+

2.75 %),

9/29/28

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

United

States

3,696,821

3,711,719

CoreLogic,

Inc.,

First

Lien,

Initial

CME

Term

Loan

,

7.579 %

,

(1-month

SOFR

+

3.5 %),

6/02/28

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

United

States

8,073,846

8,085,957

Ensemble

RCM

LLC,

First

Lien,

CME

Term

Loan,

B

,

6.84 %

,

(3-month

SOFR

+

%),

8/01/29

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

United

States

854,486

858,870

Grant

Thornton

Advisors

LLC,

First

Lien,

2025

Incremental

CME

Term

Loan

,

6.465 %

,

(1-month

SOFR

+

2.5 %),

6/02/31

......

United

States

2,200,069

2,196,307

Grant

Thornton

Advisors

LLC,

First

Lien,

2025-2

Incremental

CME

Term

Loan

,

6.965 %

,

(1-month

SOFR

+

%),

6/02/31

.......

United

States

5,500,000

5,522,110

Ingenovis

Health,

Inc.,

First

Lien,

Initial

CME

Term

Loan

,

8.71 %

,

(3-month

SOFR

+

4.25 %),

3/06/28

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

United

States

6,025,961

2,003,632

Soliant

Lower

Intermediate

LLC,

First

Lien,

Initial

CME

Term

Loan

,

7.794 %

,

(6-month

SOFR

+

3.75 %),

7/18/31

.........

United

States

3,554,024

3,283,030

33,494,295

a

a

a

a

a

a

#### Real

#### Estate

#### Management

#### &

#### Development

#### 0.0%

#### †
g

Cushman

&

Wakefield

US

Borrower

LLC,

First

Lien,

2025-2

CME

Term

Loan

,

6.715 %

,

(1-month

SOFR

+

2.75 %),

1/31/30

.....

United

States

531,257

533,472

#### Semiconductors

#### &

#### Semiconductor

#### Equipment

#### 0.3%
g

MKS,

Inc.,

First

Lien,

2025-1

Dollar

CME

Term

Loan,

B

,

5.991 %

,

(1-month

SOFR

+

%),

8/17/29

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

United

States

3,815,873

3,829,172

Franklin

Investors

Securities

Trust

Schedule

of

Investments

#### Franklin

#### Floating

#### Rate

#### Daily

#### Access

#### Fund
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Annual

Report

a

a

#### Country

#### Principal

#### Amount

#### \*
a

#### Value
a

#### a
a

f

#### Senior

#### Floating

#### Rate

#### Interests
(continued)

g

#### Software

#### 11.1%
h

Avalara,

Inc.,

First

Lien,

First

Amendment

CME

Term

Loan

,

6.735 %

,

(3-month

SOFR

+

2.75 %),

3/26/32

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

United

States

3,700,000

$

3,712,043

Azalea

Topco,

Inc.,

First

Lien,

2025

Refinancing

CME

Term

Loan

,

6.965 %

,

(1-month

SOFR

+

%),

4/30/31

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

United

States

2,992,500

3,000,116

Boxer

Parent

Co.,

Inc.,

First

Lien,

2031

Replacement

Dollar

CME

Term

Loan

,

7.199 %

,

(3-month

SOFR

+

%),

7/30/31

.......

United

States

2,885,500

2,869,889

Central

Parent

LLC,

First

Lien,

2024

Refinancing

CME

Term

Loan

,

7.252 %

,

(3-month

SOFR

+

3.25 %),

7/06/29

.........

United

States

5,366,790

4,435,491

Cloud

Software

Group,

Inc.,

First

Lien,

Incremental

CME

Term

Loan,

B

,

7.252 %

,

(3-month

SOFR

+

3.25 %),

3/21/31

.......

United

States

4,425,166

4,431,051

Cloud

Software

Group,

Inc.,

First

Lien,

Initial

Dollar

CME

Term

Loan,

B

,

7.252 %

,

(3-month

SOFR

+

3.25 %),

8/16/32

.......

United

States

4,618,887

4,624,314

Cloudera,

Inc.,

First

Lien,

Initial

CME

Term

Loan

,

8.013 %

,

(1-month

SOFR

+

3.75 %),

10/09/28

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

United

States

6,060,237

5,835,251

Cloudera,

Inc.,

Second

Lien,

Initial

CME

Term

Loan

,

10.263 %

,

(1-month

SOFR

+

%),

10/10/29

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

United

States

3,000,000

2,680,125

Clover

Holdings

LLC,

First

Lien,

Initial

CME

Term

Loan

,

7.829 %

,

(1-month

SOFR

+

3.75 %),

12/09/31

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

United

States

3,151,227

3,155,166

ConnectWise

LLC,

First

Lien,

Initial

CME

Term

Loan

,

7.763 %

,

(3-month

SOFR

+

3.5 %),

9/29/28

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

United

States

3,126,904

3,135,268

h

Dawn

Bidco

LLC,

First

Lien,

CME

Term

Loan

,

6.759 %

,

(12-month

SOFR

+

%),

10/07/32

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

United

States

12,500,000

12,473,187

ECI

Macola/Max

Holding

LLC,

First

Lien,

2025

Repricing

CME

Term

Loan

,

6.752 %

,

(3-month

SOFR

+

2.75 %),

5/09/30

.....

United

States

6,310,671

6,333,705

Epicor

Software

Corp.,

First

Lien,

CME

Term

Loan,

E

,

6.465 %

,

(1-month

SOFR

+

2.5 %),

5/30/31

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

United

States

7,384,407

7,409,034

Genesys

Cloud

Services,

Inc.,

First

Lien,

2025

Dollar

CME

Term

Loan

,

6.663 %

,

(1-month

SOFR

+

2.5 %),

1/30/32

..........

United

States

8,503,354

8,422,572

IGT

Holding

IV

AB,

First

Lien,

CME

Term

Loan,

B8

,

6.951 %

,

(3-month

SOFR

+

%),

9/02/31

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

Sweden

3,423,908

3,441,027

McAfee

Corp.,

First

Lien,

CME

Term

Loan,

B1

,

6.965 %

,

(1-month

SOFR

+

%),

3/01/29

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

United

States

11,742,548

11,179,846

Mermaid

Bidco,

Inc.,

First

Lien,

USD

CME

Term

Loan,

B

,

7.571 %

,

(3-month

SOFR

+

3.25 %),

7/03/31

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

United

States

4,939,591

4,958,115

PointClickCare

Technologies,

Inc.,

First

Lien,

2025

CME

Term

Loan

,

6.752 %

,

(3-month

SOFR

+

2.75 %),

11/03/31

........

Canada

2,321,667

2,330,373

Polaris

Newco

LLC,

First

Lien,

Dollar

CME

Term

Loan

,

8.102 %

,

(3-month

SOFR

+

%),

6/02/28

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

United

States

3,086,573

2,959,036

Project

Alpha

Intermediate

Holding,

Inc.,

First

Lien,

Second

Amendment

Refinancing

CME

Term

Loan

,

7.252 %

,

(3-month

SOFR

+

3.25 %),

10/28/30

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

United

States

5,863,835

5,872,191

Project

Boost

Purchaser

LLC,

First

Lien,

Initial

CME

Term

Loan

,

6.668 %

,

(1-month

SOFR

+

2.75 %),

7/16/31

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

United

States

6,868,435

6,862,185

Proofpoint,

Inc.,

First

Lien,

CME

Term

Loan,

h

6.785 %

,

(12-month

SOFR

+

%),

8/31/28

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

United

States

1,353,536

1,361,833

6.965 %

,

(1-month

SOFR

+

%),

8/31/28

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

United

States

5,300,679

5,333,172

Rocket

Software,

Inc.,

First

Lien,

CME

Term

Loan

,

7.715 %

,

(1-month

SOFR

+

3.75 %),

11/28/28

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

United

States

5,105,006

5,091,784

Sophos

Holdings

LLC,

First

Lien,

Dollar

CME

Term

Loan

,

7.579 %

,

(1-month

SOFR

+

3.5 %),

3/05/27

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

United

States

4,896,705

4,906,915

Sovos

Compliance

LLC,

First

Lien,

Amendment

No.

Replacement

CME

Term

Loan

,

7.215 %

,

(1-month

SOFR

+

3.25 %),

8/13/29

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

United

States

3,684,553

3,689,804

UKG,

Inc.,

First

Lien,

Initial

CME

Term

Loan

,

6.338 %

,

(3-month

SOFR

+

2.5 %),

2/10/31

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

United

States

19,799,013

19,819,109

Waystar

Technologies,

Inc.,

First

Lien,

Initial

CME

Term

Loan

,

5.965 %

,

(1-month

SOFR

+

%),

10/22/29

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

United

States

3,098,382

3,102,906

Franklin

Investors

Securities

Trust

Schedule

of

Investments

#### Franklin

#### Floating

#### Rate

#### Daily

#### Access

#### Fund
(continued)

franklintempleton.com

Annual

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

#### Software
(continued)

Zelis

Payments

Buyer,

Inc.,

First

Lien,

Amendment

No.

CME

Term

Loan

,

7.413 %

,

(1-month

SOFR

+

3.25 %),

11/26/31

....

United

States

1,788,974

$

1,776,675

155,202,183

a

a

a

a

a

a

g

#### Specialty

#### Retail

#### 3.2%
AIP

RD

Buyer

Corp.,

First

Lien,

CME

Term

Loan

,

7.465 %

,

(1-month

SOFR

+

3.5 %),

12/23/30

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

United

States

7,834,054

7,857,321

i

GNC

Holdings,

Inc.,

Second

Lien,

CME

Term

Loan

,

PIK,

10.263 %

,

(1-month

SOFR

+

%),

10/07/26

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

United

States

16,493,169

11,545,218

Great

Outdoors

Group

LLC,

First

Lien,

CME

Term

Loan,

B

,

7.215 %

,

(1-month

SOFR

+

3.25 %),

1/23/32

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

United

States

5,585,441

5,592,423

Michaels

Cos.,

Inc.

(The),

First

Lien,

CME

Term

Loan,

B

,

8.513 %

,

(3-month

SOFR

+

4.25 %),

4/17/28

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

United

States

2,964,150

2,842,931

Petco

Health

&

Wellness

Co.,

Inc.,

First

Lien,

Initial

CME

Term

Loan

,

7.513 %

,

(3-month

SOFR

+

3.25 %),

3/03/28

.........

United

States

3,620,028

3,574,959

RealTruck

Group,

Inc.,

First

Lien,

Initial

CME

Term

Loan

,

8.028 %

,

(1-month

SOFR

+

3.75 %),

1/31/28

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

United

States

1,778,625

1,567,413

h

RealTruck

Group,

Inc.,

First

Lien,

Second

Amendment

Incremental

CME

Term

Loan

,

9.079 %

,

(1-month

SOFR

+

%),

1/31/28

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

United

States

4,509,977

4,013,879

Specialty

Building

Products

Holdings

LLC,

First

Lien,

Initial

CME

Term

Loan

,

7.815 %

,

(1-month

SOFR

+

3.75 %),

10/16/28

....

United

States

2,651,099

2,549,270

White

Cap

Supply

Holdings

LLC,

First

Lien,

CME

Term

Loan,

C

,

7.215 %

,

(1-month

SOFR

+

3.25 %),

10/19/29

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

United

States

5,474,817

5,494,444

45,037,858

a

a

a

a

a

a

g

#### Textiles,

#### Apparel

#### &

#### Luxury

#### Goods

#### 0.7%
ABG

Intermediate

Holdings

LLC,

First

Lien,

CME

Term

Loan,

B1

,

6.215 %

,

(1-month

SOFR

+

2.25 %),

12/21/28

..........

United

States

2,720,829

2,722,788

Beach

Acquisition

Bidco

LLC,

First

Lien,

CME

Term

Loan,

B1

,

7.308 %

,

(3-month

SOFR

+

3.25 %),

9/13/32

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

United

States

318,450

320,572

Flash

Charm,

Inc.,

First

Lien,

CME

Term

Loan,

B2

,

7.796 %

,

(3-month

SOFR

+

3.5 %),

3/02/28

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

United

States

4,858,814

4,354,712

Hanesbrands,

Inc.,

First

Lien,

CME

Term

Loan,

B

,

6.715 %

,

(1-month

SOFR

+

2.75 %),

3/08/32

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

United

States

2,262,670

2,273,983

9,672,055

a

a

a

a

a

a

#### Water

#### Utilities

#### 0.1%
g

Deep

Blue

Operating

I

LLC,

First

Lien,

Initial

CME

Term

Loan

,

6.884 %

,

(1-month

SOFR

+

2.75 %),

10/01/32

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

United

States

1,471,758

1,478,205

#### Wireless

#### Telecommunication

#### Services

#### 0.4%
g

Crown

Subsea

Communications

Holding,

Inc.,

First

Lien,

2025

CME

Term

Loan

,

7.465 %

,

(1-month

SOFR

+

3.5 %),

1/30/31

..

United

States

5,155,121

5,193,784

#### Total

#### Senior

#### Floating

#### Rate

#### Interests

#### (Cost

#### $

#### 1,236,559,127

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

#### 1,194,978,904

#### Shares
a

#### Escrows

#### and

#### Litigation

#### Trusts

#### 0.0%

#### †
a,b

Millennium

Corporate

Claim

Trust,

Escrow

Account

..........

United

States

13,585,837

40,689

a,b

Millennium

Lender

Claim

Trust,

Escrow

Account

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

United

States

13,585,837

43,434

#### Total

#### Escrows

#### and

#### Litigation

#### Trusts

#### (Cost

#### $

#### –

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

#### 84,123

#### Total

#### Long

#### Term

#### Investments

#### (Cost

#### $

#### 1,359,443,878

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

#### 1,302,917,859

#### a
Franklin

Investors

Securities

Trust

Schedule

of

Investments

#### Franklin

#### Floating

#### Rate

#### Daily

#### Access

#### Fund
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Annual

Report

See

Abbreviations

on

.

#### Short

#### Term

#### Investments

#### 10.2%
a

a

#### Country

#### Shares
a

#### Value
a

a

#### a
a

#### Money

#### Market

#### Funds

#### 9.4%
j,k

Franklin

Institutional

U.S.

Government

Money

Market

Fund

,

4.038 %

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

United

States

131,025,960

$

131,025,960

#### Total

#### Money

#### Market

#### Funds

#### (Cost

#### $

#### 131,025,960

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

#### 131,025,960
l

#### Investments

#### from

#### Cash

#### Collateral

#### Received

#### for

#### Loaned

#### Securities

#### 0.8%

#### Money

#### Market

#### Funds

#### 0.8%
j,k

Franklin

Institutional

U.S.

Government

Money

Market

Fund

,

4.038 %

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

United

States

11,779,000

11,779,000

#### Total

#### Investments

#### from

#### Cash

#### Collateral

#### Received

#### for

#### Loaned

#### Securities

#### (Cost

#### $

#### 11,779,000

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

#### 11,779,000

#### Total

#### Short

#### Term

#### Investments

#### (Cost

#### $

#### 142,804,960

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

#### 142,804,960

#### a

#### Total

#### Investments

#### (Cost

#### $

#### 1,502,248,838

####)
103.1 #### %
..............................

#### $1,445,722,819

#### Other

#### Assets,

#### less

#### Liabilities

#### (3.1 ####)

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

#### (43,820,799)

#### Net

#### Assets

#### 100.0%

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

#### $1,401,902,020

#### a
\*

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

See

Note

regarding

holdings

of

5%

voting

securities.

d

A

portion

or

all

of

the

security

is

on

loan

at

October

31,

2025. See

Note

1(f).

e

Security

was

purchased

pursuant

to

Rule

144A

or

Regulation

S

under

the

Securities

Act

of

1933. 144A

securities

may

be

sold

in

transactions

exempt

from

registration

only

to

qualified

institutional

buyers

or

in

a

public

offering

registered

under

the

Securities

Act

of

1933. Regulation

S

securities

cannot

be

sold

in

the

United

States

without

either

an

effective

registration

statement

filed

pursuant

to

the

Securities

Act

of

1933,

or

pursuant

to

an

exemption

from

registration.

At

October

31,

2025,

the

aggregate

value

of

these

securities

was

$74,283,671,

representing

5.3%

of

net

assets.

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

A

portion

or

all

of

the

security

purchased

on

a

delayed

delivery

basis.

See

Note

1(c).

i

Income

may

be

received

in

additional

securities

and/or

cash.

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.

l

See

Note

1(f)

regarding

securities

on

loan.

Franklin

Investors

Securities

Trust

Financial

Highlights

#### Franklin

#### Long

#### Duration

#### Credit

#### Fund
franklintempleton.com

Annual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

#### Year

#### Ended

#### October

#### 31,

#### Year

#### Ended

#### October

#### 31,

#### 2023

#### a

#### 2025

#### 2024

#### Class

#### R6

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

year)

Net

asset

value,

beginning

of

year

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

$10.42

$9.27

$10.00

Income

from

investment

operations

b

:

Net

investment

income

c

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

0.552 0.569 0.093 Net

realized

and

unrealized

gains

(losses)

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

0.011 1.150 (0.730)

Total

from

investment

operations

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

0.563 1.719 (0.637)

Less

distributions

from:

Net

investment

income

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

(0.553)

(0.569)

(0.093)

Net

realized

gains

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

(0.140)

—

—

Total

distributions

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

(0.693)

(0.569)

(0.093)

Net

asset

value,

end

of

year

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

$10.29

$10.42

$9.27

Total

return

d

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

5.76%

18.70%

(6.39)%

#### Ratios

#### to

#### average

#### net

#### assets

#### e
Expenses

before

waiver

and

payments

by

affiliates

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

0.53%

0.45%

0.89%

Expenses

net

of

waiver

and

payments

by

affiliates

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

0.21%

0.11%

0.59%

Net

investment

income

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

5.47%

5.44%

5.00%

#### Supplemental

#### data
Net

assets

,

end

of

year

(000's)

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

$62,950

$87,309

$66,208

Portfolio

turnover

rate

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

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,

October

31,

2025

#### Franklin

#### Long

#### Duration

#### Credit

#### Fund
franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Annual

Report

a

a

#### Country

#### Principal

#### Amount

#### \*
a

#### Value
a

#### a
a

#### Corporate

#### Bonds

#### 89.4%

#### Aerospace

#### &

#### Defense

#### 3.9%
a

BAE

Systems

plc

,

Senior

Bond

,

144A,

5.5 %

,

3/26/54

.........

United

Kingdom

200,000

$

203,473

Boeing

Co.

(The)

,

Senior

Bond

,

3.6 %

,

5/01/34

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

United

States

180,000

163,368

Senior

Bond

,

3.25 %

,

2/01/35

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

United

States

100,000

87,213

Senior

Bond

,

5.705 %

,

5/01/40

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

United

States

40,000

40,808

Senior

Bond

,

3.75 %

,

2/01/50

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

United

States

260,000

192,880

Senior

Bond

,

6.858 %

,

5/01/54

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

United

States

100,000

113,942

Senior

Bond

,

5.93 %

,

5/01/60

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

United

States

270,000

268,615

Senior

Bond

,

7.008 %

,

5/01/64

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

United

States

120,000

137,490

General

Dynamics

Corp.

,

Senior

Bond

,

2.85 %

,

6/01/41

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

United

States

85,000

64,735

Senior

Bond

,

3.6 %

,

11/15/42

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

United

States

110,000

90,696

Howmet

Aerospace,

Inc.

,

Senior

Bond

,

5.95 %

,

2/01/37

.......

United

States

230,000

250,533

Lockheed

Martin

Corp.

,

Senior

Bond

,

4.07 %

,

12/15/42

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

United

States

125,000

108,855

Senior

Bond

,

2.8 %

,

6/15/50

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

United

States

50,000

32,398

Northrop

Grumman

Corp.

,

Senior

Bond

,

4.03 %

,

10/15/47

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

United

States

280,000

230,049

Senior

Bond

,

4.95 %

,

3/15/53

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

United

States

130,000

119,972

RTX

Corp.

,

Senior

Bond

,

4.05 %

,

5/04/47

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

United

States

175,000

144,251

Senior

Bond

,

2.82 %

,

9/01/51

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

United

States

150,000

96,750

Senior

Bond

,

3.03 %

,

3/15/52

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

United

States

150,000

99,471

2,445,499

#### Automobiles

#### 0.2%
a

Hyundai

Capital

America

,

Senior

Note

,

144A,

5.4 %

,

3/29/32

...

United

States

125,000

129,400

#### Banks

#### 6.2%
Bank

of

America

Corp.

,

Senior

Bond

,

2.676%

to

6/18/40,

FRN

thereafter

,

6/19/41

...

United

States

800,000

594,076

Sub.

Bond

,

5.425%

to

8/14/34,

FRN

thereafter

,

8/15/35

.....

United

States

150,000

153,428

Sub.

Bond

,

5.744%

to

2/11/35,

FRN

thereafter

,

2/12/36

.....

United

States

500,000

520,578

Barclays

plc

,

Senior

Bond

,

5.335%

to

9/09/34,

FRN

thereafter

,

9/10/35

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

United

Kingdom

400,000

405,986

Citigroup,

Inc.

,

Senior

Bond

,

2.904%

to

11/02/41,

FRN

thereafter

,

11/03/42

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

United

States

150,000

110,852

Cooperatieve

Rabobank

UA

,

Senior

Bond

,

5.25 %

,

5/24/41

....

Netherlands

135,000

136,471

HSBC

Holdings

plc

,

Senior

Bond

,

6.332%

to

3/08/43,

FRN

thereafter

,

3/09/44

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

United

Kingdom

200,000

220,943

ING

Groep

NV

,

Senior

Bond

,

5.525%

to

3/24/35,

FRN

thereafter

,

3/25/36

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

Netherlands

200,000

208,264

JPMorgan

Chase

&

Co.

,

Senior

Bond

,

5.502%

to

1/23/35,

FRN

thereafter

,

1/24/36

...

United

States

100,000

104,977

Senior

Bond

,

5.572%

to

4/21/35,

FRN

thereafter

,

4/22/36

...

United

States

150,000

158,177

Senior

Bond

,

3.109%

to

4/21/40,

FRN

thereafter

,

4/22/41

...

United

States

300,000

237,318

Senior

Bond

,

2.525%

to

11/18/40,

FRN

thereafter

,

11/19/41

..

United

States

320,000

231,638

Senior

Bond

,

5.534%

to

11/28/44,

FRN

thereafter

,

11/29/45

..

United

States

160,000

164,938

Sub.

Bond

,

5.576%

to

7/22/35,

FRN

thereafter

,

7/23/36

.....

United

States

140,000

145,251

PNC

Financial

Services

Group,

Inc.

(The)

,

Senior

Bond

,

5.676%

to

1/21/34,

FRN

thereafter

,

1/22/35

...

United

States

50,000

52,831

Senior

Bond

,

5.373%

to

7/20/35,

FRN

thereafter

,

7/21/36

...

United

States

85,000

87,350

US

Bancorp

,

Senior

Bond

,

5.678%

to

1/22/34,

FRN

thereafter

,

1/23/35

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

United

States

50,000

52,725

Franklin

Investors

Securities

Trust

Schedule

of

Investments

#### Franklin

#### Long

#### Duration

#### Credit

#### Fund
(continued)

franklintempleton.com

Annual

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)

Wells

Fargo

&

Co.

,

Senior

Bond

,

3.068%

to

4/29/40,

FRN

thereafter

,

4/30/41

...

United

States

100,000

$

78,015

Senior

Bond

,

3.9 %

,

5/01/45

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

United

States

300,000

246,298

3,910,116

#### Beverages

#### 1.8%
Anheuser-Busch

Cos.

LLC

/

Anheuser-Busch

InBev

Worldwide,

Inc.

,

Senior

Bond

,

4.9 %

,

2/01/46

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

Belgium

721,000

678,860

Anheuser-Busch

InBev

Worldwide,

Inc.

,

Senior

Bond

,

4.439 %

,

10/06/48

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

Belgium

150,000

131,691

Coca-Cola

Co.

(The)

,

Senior

Bond

,

5.4 %

,

5/13/64

...........

United

States

250,000

248,895

PepsiCo,

Inc.

,

Senior

Bond

,

4.2 %

,

7/18/52

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

United

States

55,000

46,309

1,105,755

#### Biotechnology

#### 2.7%
AbbVie,

Inc.

,

Senior

Bond

,

4.45 %

,

5/14/46

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

United

States

490,000

434,495

Senior

Bond

,

4.875 %

,

11/14/48

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

United

States

160,000

148,628

Senior

Bond

,

4.25 %

,

11/21/49

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

United

States

140,000

117,928

Senior

Bond

,

5.4 %

,

3/15/54

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

United

States

95,000

94,569

Amgen,

Inc.

,

Senior

Bond

,

3.15 %

,

2/21/40

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

United

States

180,000

142,264

Senior

Bond

,

5.6 %

,

3/02/43

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

United

States

175,000

177,748

Senior

Bond

,

5.65 %

,

3/02/53

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

United

States

180,000

179,762

Senior

Bond

,

5.75 %

,

3/02/63

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

United

States

60,000

59,974

a

CSL

Finance

plc

,

Senior

Bond

,

144A,

4.75 %

,

4/27/52

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

United

States

130,000

114,848

Senior

Bond

,

144A,

5.417 %

,

4/03/54

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

United

States

75,000

73,033

Regeneron

Pharmaceuticals,

Inc.

,

Senior

Bond

,

2.8 %

,

9/15/50

.

United

States

300,000

188,351

1,731,600

#### Broadline

#### Retail

#### 0.8%
Amazon.com,

Inc.

,

Senior

Bond

,

2.875 %

,

5/12/41

...........

United

States

680,000

520,864

#### Building

#### Products

#### 1.1%
Carlisle

Cos.,

Inc.

,

Senior

Bond

,

5.25 %

,

9/15/35

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

United

States

40,000

40,716

Senior

Bond

,

5.55 %

,

9/15/40

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

United

States

180,000

183,015

Carrier

Global

Corp.

,

Senior

Bond

,

3.577 %

,

4/05/50

.........

United

States

72,000

54,364

CRH

America

Finance,

Inc.

,

Senior

Bond

,

5.6 %

,

2/09/56

......

United

States

145,000

144,984

Owens

Corning

,

Senior

Bond

,

4.3 %

,

7/15/47

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

United

States

85,000

70,955

Senior

Bond

,

5.95 %

,

6/15/54

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

United

States

175,000

179,752

673,786

#### Capital

#### Markets

#### 3.7%
BlackRock

Funding,

Inc.

,

Senior

Bond

,

5.25 %

,

3/14/54

.......

United

States

160,000

157,336

Goldman

Sachs

Group,

Inc.

(The)

,

Senior

Bond

,

4.939%

to

10/20/35,

FRN

thereafter

,

10/21/36

.

United

States

130,000

129,415

Senior

Bond

,

2.908%

to

7/20/41,

FRN

thereafter

,

7/21/42

...

United

States

200,000

148,712

Senior

Bond

,

3.436%

to

2/23/42,

FRN

thereafter

,

2/24/43

...

United

States

250,000

197,274

Senior

Bond

,

5.734%

to

1/27/55,

FRN

thereafter

,

1/28/56

...

United

States

120,000

124,321

a

Jane

Street

Group

/

JSG

Finance,

Inc.

,

Senior

Secured

Note

,

144A,

6.75 %

,

5/01/33

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

United

States

150,000

156,591

Franklin

Investors

Securities

Trust

Schedule

of

Investments

#### Franklin

#### Long

#### Duration

#### Credit

#### Fund
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Annual

Report

a

a

#### Country

#### Principal

#### Amount

#### \*
a

#### Value
a

#### a
a

#### Corporate

#### Bonds
(continued)

#### Capital

#### Markets
(continued)

Jefferies

Financial

Group,

Inc.

,

Senior

Note

,

6.2 %

,

4/14/34

....

United

States

200,000

$

209,962

LPL

Holdings,

Inc.

,

Senior

Bond

,

5.75 %

,

6/15/35

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

United

States

100,000

102,852

Moody's

Corp.

,

Senior

Bond

,

2.75 %

,

8/19/41

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

United

States

85,000

61,729

Morgan

Stanley

,

Senior

Bond

,

5.587%

to

1/17/35,

FRN

thereafter

,

1/18/36

...

United

States

80,000

83,813

b

Senior

Bond

,

FRN

,

3.971 %

,

7/22/38

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

United

States

550,000

495,613

Senior

Bond

,

5.516%

to

11/18/54,

FRN

thereafter

,

11/19/55

..

United

States

120,000

121,439

I

,

Senior

Bond

,

4.892%

to

10/21/35,

FRN

thereafter

,

10/22/36

United

States

200,000

198,978

Nasdaq,

Inc.

,

Senior

Bond

,

3.95 %

,

3/07/52

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

United

States

103,000

80,738

Senior

Bond

,

6.1 %

,

6/28/63

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

United

States

80,000

84,858

2,353,631

#### Communications

#### Equipment

#### 0.6%
Cisco

Systems,

Inc.

,

Senior

Bond

,

5.3 %

,

2/26/54

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

United

States

250,000

244,358

Motorola

Solutions,

Inc.

,

Senior

Bond

,

5.5 %

,

9/01/44

.........

United

States

145,000

144,062

388,420

#### Construction

#### Materials

#### 0.3%
Martin

Marietta

Materials,

Inc.

,

Senior

Bond

,

5.5 %

,

12/01/54

...

United

States

60,000

60,147

Vulcan

Materials

Co.

,

Senior

Bond

,

5.7 %

,

12/01/54

..........

United

States

135,000

138,341

198,488

#### Consumer

#### Finance

#### 1.0%
American

Express

Co.

,

Senior

Bond

,

5.667%

to

4/24/35,

FRN

thereafter

,

4/25/36

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

United

States

120,000

126,794

Capital

One

Financial

Corp.

,

Sub.

Bond

,

6.183%

to

1/29/35,

FRN

thereafter

,

1/30/36

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

United

States

290,000

302,333

General

Motors

Financial

Co.,

Inc.

,

Senior

Bond

,

6.15 %

,

7/15/35

United

States

200,000

211,015

640,142

#### Consumer

#### Staples

#### Distribution

#### &

#### Retail

#### 1.0%
Kroger

Co.

(The)

,

Senior

Bond

,

5.65 %

,

9/15/64

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

United

States

320,000

312,153

Sysco

Corp.

,

Senior

Bond

,

3.3 %

,

2/15/50

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

United

States

80,000

56,336

Walmart,

Inc.

,

Senior

Bond

,

2.65 %

,

9/22/51

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

United

States

220,000

141,011

Senior

Bond

,

4.5 %

,

4/15/53

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

United

States

110,000

98,634

608,134

#### Containers

#### &

#### Packaging

#### 0.4%
Smurfit

Kappa

Treasury

ULC

,

Senior

Bond

,

5.777 %

,

4/03/54

...

Ireland

220,000

224,554

#### Diversified

#### Consumer

#### Services

#### 1.7%
Leland

Stanford

Junior

University

(The)

,

3.647 %

,

5/01/48

.....

United

States

400,000

319,838

Massachusetts

Institute

of

Technology

,

G

,

2.294 %

,

7/01/51

....

United

States

330,000

195,011

President

and

Fellows

of

Harvard

College

,

3.745 %

,

11/15/52

...

United

States

270,000

213,250

University

of

Miami

,

2022

,

Senior

Bond

,

4.063 %

,

4/01/52

.....

United

States

240,000

197,331

University

of

Southern

California

,

3.028 %

,

10/01/39

..........

United

States

150,000

125,863

1,051,293

Franklin

Investors

Securities

Trust

Schedule

of

Investments

#### Franklin

#### Long

#### Duration

#### Credit

#### Fund
(continued)

franklintempleton.com

Annual

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)

#### Diversified

#### REITs

#### 0.4%
Simon

Property

Group

LP

,

Senior

Bond

,

4.75 %

,

3/15/42

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

United

States

60,000

$

55,706

Senior

Bond

,

4.25 %

,

11/30/46

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

United

States

110,000

93,140

VICI

Properties

LP

,

Senior

Bond

,

5.75 %

,

4/01/34

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

United

States

125,000

129,322

278,168

#### Diversified

#### Telecommunication

#### Services

#### 3.1%
AT&T,

Inc.

,

Senior

Bond

,

3.5 %

,

6/01/41

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

United

States

150,000

118,767

Senior

Bond

,

4.35 %

,

6/15/45

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

United

States

260,000

219,168

Senior

Bond

,

4.75 %

,

5/15/46

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

United

States

550,000

488,117

Senior

Bond

,

3.5 %

,

9/15/53

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

United

States

580,000

397,212

Verizon

Communications,

Inc.

,

Senior

Bond

,

2.65 %

,

11/20/40

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

United

States

600,000

429,848

Senior

Bond

,

3.85 %

,

11/01/42

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

United

States

80,000

65,104

Senior

Bond

,

4.125 %

,

8/15/46

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

United

States

290,000

236,195

1,954,411

#### Electric

#### Utilities

#### 10.4%
Alabama

Power

Co.

,

Senior

Bond

,

4.15 %

,

8/15/44

..........

United

States

320,000

275,078

Appalachian

Power

Co.

,

Senior

Bond

,

%

,

4/01/38

..........

United

States

50,000

57,066

Baltimore

Gas

and

Electric

Co.

,

Senior

Bond

,

4.55 %

,

6/01/52

..

United

States

185,000

162,163

Commonwealth

Edison

Co.

,

Senior

Bond

,

3.85 %

,

3/15/52

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

United

States

215,000

166,961

,

Senior

Bond

,

3.125 %

,

3/15/51

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

United

States

60,000

40,954

DTE

Electric

Co.

,

Senior

Bond

,

5.85 %

,

5/15/55

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

United

States

70,000

73,841

B

,

Senior

Bond

,

3.65 %

,

3/01/52

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

United

States

270,000

204,045

Duke

Energy

Carolinas

LLC

,

Senior

Bond

,

3.95 %

,

3/15/48

....

United

States

430,000

347,506

Duke

Energy

Corp.

,

Senior

Bond

,

3.5 %

,

6/15/51

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

United

States

340,000

240,949

Duke

Energy

Florida

LLC

,

Senior

Bond

,

3.4 %

,

10/01/46

......

United

States

270,000

201,215

Duke

Energy

Progress

LLC

,

Senior

Bond

,

4.15 %

,

12/01/44

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

United

States

195,000

166,805

Senior

Bond

,

3.6 %

,

9/15/47

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

United

States

70,000

53,721

Entergy

Louisiana

LLC

,

Senior

Bond

,

3.1 %

,

6/15/41

.........

United

States

150,000

114,794

Florida

Power

&

Light

Co.

,

Senior

Bond

,

4.05 %

,

6/01/42

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

United

States

580,000

504,064

Senior

Bond

,

3.95 %

,

3/01/48

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

United

States

70,000

57,111

Georgia

Power

Co.

,

B

,

Senior

Bond

,

3.7 %

,

1/30/50

..........

United

States

90,000

69,324

Kentucky

Utilities

Co.

,

Senior

Bond

,

5.85 %

,

8/15/55

.........

United

States

90,000

92,943

MidAmerican

Energy

Co.

,

Senior

Bond

,

3.95 %

,

8/01/47

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

United

States

145,000

117,974

Senior

Bond

,

3.15 %

,

4/15/50

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

United

States

755,000

524,063

NextEra

Energy

Capital

Holdings,

Inc.

,

Senior

Bond

,

5.9 %

,

3/15/55

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

United

States

170,000

176,016

Northern

States

Power

Co.

,

Senior

Bond

,

3.6 %

,

5/15/46

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

United

States

30,000

23,560

Senior

Bond

,

2.6 %

,

6/01/51

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

United

States

255,000

161,015

Pacific

Gas

and

Electric

Co.

,

Senior

Bond

,

3.3 %

,

8/01/40

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

United

States

170,000

129,238

Senior

Bond

,

4.75 %

,

2/15/44

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

United

States

180,000

153,858

Senior

Bond

,

%

,

12/01/46

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

United

States

75,000

57,017

Franklin

Investors

Securities

Trust

Schedule

of

Investments

#### Franklin

#### Long

#### Duration

#### Credit

#### Fund
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Annual

Report

a

a

#### Country

#### Principal

#### Amount

#### \*
a

#### Value
a

#### a
a

#### Corporate

#### Bonds
(continued)

#### Electric

#### Utilities
(continued)

PacifiCorp

,

Senior

Bond

,

5.8 %

,

1/15/55

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

United

States

160,000

$

156,512

PECO

Energy

Co.

,

Senior

Bond

,

4.8 %

,

10/15/43

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

United

States

175,000

162,421

PG&E

Wildfire

Recovery

Funding

LLC

,

,

Senior

Secured

Bond

,

5.099 %

,

6/01/52

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

United

States

280,000

268,024

PPL

Electric

Utilities

Corp.

,

Senior

Bond

,

3.95 %

,

6/01/47

......

United

States

275,000

226,532

Public

Service

Co.

of

Colorado

,

Senior

Bond

,

3.8 %

,

6/15/47

...

United

States

200,000

156,668

Public

Service

Electric

and

Gas

Co.

,

Senior

Bond

,

5.45 %

,

8/01/53

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

United

States

100,000

100,648

Senior

Secured

Bond

,

%

,

3/01/51

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

United

States

300,000

203,278

a

RWE

Finance

US

LLC

,

Senior

Bond

,

144A,

5.875 %

,

9/18/55

...

Germany

150,000

147,884

Southern

California

Edison

Co.

,

Senior

Bond

,

%

,

4/01/47

.....

United

States

80,000

61,105

Virginia

Electric

and

Power

Co.

,

Senior

Bond

,

4.45 %

,

2/15/44

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

United

States

450,000

396,559

D

,

Senior

Bond

,

5.6 %

,

9/15/55

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

United

States

265,000

265,630

a

Vistra

Operations

Co.

LLC

,

Senior

Secured

Bond

,

144A,

5.7 %

,

12/30/34

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

United

States

200,000

205,608

6,522,150

#### Electronic

#### Equipment,

#### Instruments

#### &

#### Components

#### 0.7%
c

Amphenol

Corp.

,

Senior

Bond

,

5.3 %

,

11/15/55

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

United

States

140,000

136,341

Corning,

Inc.

,

Senior

Bond

,

4.75 %

,

3/15/42

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

United

States

130,000

121,514

Senior

Bond

,

3.9 %

,

11/15/49

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

United

States

100,000

79,396

Senior

Bond

,

4.375 %

,

11/15/57

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

United

States

100,000

82,891

420,142

#### Entertainment

#### 0.5%
Netflix,

Inc.

,

Senior

Bond

,

5.4 %

,

8/15/54

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

United

States

200,000

198,495

Walt

Disney

Co.

(The)

,

Senior

Bond

,

3.8 %

,

5/13/60

..........

United

States

140,000

105,481

303,976

#### Financial

#### Services

#### 1.7%
Fiserv,

Inc.

,

Senior

Bond

,

4.4 %

,

7/01/49

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

United

States

10,000

8,022

Global

Payments,

Inc.

,

Senior

Bond

,

5.95 %

,

8/15/52

.........

United

States

200,000

193,961

Mastercard,

Inc.

,

Senior

Bond

,

3.65 %

,

6/01/49

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

United

States

200,000

156,001

Shell

International

Finance

BV

,

Senior

Bond

,

%

,

11/26/51

....

United

States

220,000

147,177

a

Siemens

Financieringsmaatschappij

NV

,

Senior

Bond

,

144A,

2.875 %

,

3/11/41

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

Germany

465,000

355,268

Visa,

Inc.

,

Senior

Bond

,

4.3 %

,

12/14/45

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

United

States

235,000

208,227

1,068,656

#### Food

#### Products

#### 1.6%
a

Cargill,

Inc.

,

Senior

Bond

,

144A,

4.375 %

,

4/22/52

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

United

States

40,000

34,378

Senior

Bond

,

144A,

5.375 %

,

10/23/55

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

United

States

115,000

112,230

JBS

USA

Holding

Lux

SARL

/

JBS

USA

Food

Co.

/

JBS

Lux

Co.

SARL

,

Senior

Bond

,

4.375 %

,

2/02/52

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

United

States

325,000

256,284

Senior

Bond

,

6.5 %

,

12/01/52

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

United

States

50,000

51,990

a

JBS

USA

LUX

SARL

/

JBS

USA

Food

Co.

/

JBS

USA

Foods

Group,

Inc.

,

Senior

Bond

,

144A,

6.375 %

,

2/25/55

..........

United

States

30,000

31,017

Kellanova

,

Senior

Bond

,

4.5 %

,

4/01/46

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

United

States

50,000

44,206

Franklin

Investors

Securities

Trust

Schedule

of

Investments

#### Franklin

#### Long

#### Duration

#### Credit

#### Fund
(continued)

franklintempleton.com

Annual

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)

#### Food

#### Products
(continued)

Kraft

Heinz

Foods

Co.

,

Senior

Bond

,

4.625 %

,

10/01/39

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

United

States

175,000

$

159,407

Senior

Bond

,

5.5 %

,

6/01/50

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

United

States

115,000

109,200

a

Mars,

Inc.

,

Senior

Bond

,

144A,

2.375 %

,

7/16/40

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

United

States

150,000

108,606

Senior

Bond

,

144A,

5.7 %

,

5/01/55

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

United

States

110,000

112,005

1,019,323

#### Gas

#### Utilities

#### 0.4%
Southern

California

Gas

Co.

,

Senior

Bond

,

6.35 %

,

11/15/52

...

United

States

230,000

253,043

#### Ground

#### Transportation

#### 2.5%
Burlington

Northern

Santa

Fe

LLC

,

Senior

Bond

,

5.75 %

,

5/01/40

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

United

States

700,000

745,132

Senior

Bond

,

4.15 %

,

4/01/45

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

United

States

140,000

119,284

CSX

Corp.

,

Senior

Bond

,

4.5 %

,

11/15/52

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

United

States

140,000

121,178

Norfolk

Southern

Corp.

,

Senior

Bond

,

3.942 %

,

11/01/47

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

United

States

50,000

40,496

Senior

Bond

,

4.15 %

,

2/28/48

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

United

States

120,000

100,054

Union

Pacific

Corp.

,

Senior

Bond

,

3.55 %

,

8/15/39

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

United

States

100,000

85,745

Senior

Bond

,

4.05 %

,

3/01/46

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

United

States

400,000

331,129

1,543,018

#### Health

#### Care

#### Equipment

#### &

#### Supplies

#### 0.4%
Baxter

International,

Inc.

,

Senior

Bond

,

3.132 %

,

12/01/51

.....

United

States

200,000

129,281

Medtronic,

Inc.

,

Senior

Bond

,

4.625 %

,

3/15/45

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

United

States

100,000

92,046

221,327

#### Health

#### Care

#### Providers

#### &

#### Services

#### 6.1%
Ascension

Health

,

Senior

Bond

,

3.945 %

,

11/15/46

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

United

States

150,000

124,046

B

,

Senior

Bond

,

3.106 %

,

11/15/39

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

United

States

170,000

135,824

Cigna

Group

(The)

,

Senior

Bond

,

3.2 %

,

3/15/40

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

United

States

50,000

39,098

Senior

Bond

,

4.9 %

,

12/15/48

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

United

States

125,000

112,803

Senior

Bond

,

3.4 %

,

3/15/50

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

United

States

125,000

87,685

CommonSpirit

Health

,

Senior

Secured

Bond

,

4.187 %

,

10/01/49

.

United

States

280,000

226,622

CVS

Health

Corp.

,

Senior

Bond

,

4.78 %

,

3/25/38

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

United

States

380,000

357,237

Senior

Bond

,

5.125 %

,

7/20/45

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

United

States

500,000

454,664

Elevance

Health,

Inc.

,

Senior

Bond

,

4.65 %

,

1/15/43

.........

United

States

230,000

207,423

HCA,

Inc.

,

Senior

Bond

,

4.625 %

,

3/15/52

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

United

States

520,000

431,927

a

Health

Care

Service

Corp.

A

Mutual

Legal

Reserve

Co.

,

Senior

Bond

,

144A,

5.875 %

,

6/15/54

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

United

States

80,000

79,094

Kaiser

Foundation

Hospitals

,

2021

,

3.002 %

,

6/01/51

.........

United

States

230,000

154,615

Mayo

Clinic

,

2021

,

3.196 %

,

11/15/61

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

United

States

240,000

158,291

Sutter

Health

,

5.547 %

,

8/15/53

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

United

States

100,000

101,927

UnitedHealth

Group,

Inc.

,

Senior

Bond

,

3.95 %

,

10/15/42

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

United

States

170,000

142,991

Senior

Bond

,

4.45 %

,

12/15/48

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

United

States

100,000

85,431

Senior

Bond

,

5.95 %

,

6/15/55

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

United

States

80,000

83,297

Senior

Bond

,

6.05 %

,

2/15/63

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

United

States

245,000

256,935

Franklin

Investors

Securities

Trust

Schedule

of

Investments

#### Franklin

#### Long

#### Duration

#### Credit

#### Fund
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Annual

Report

a

a

#### Country

#### Principal

#### Amount

#### \*
a

#### Value
a

#### a
a

#### Corporate

#### Bonds
(continued)

#### Health

#### Care

#### Providers

#### &

#### Services
(continued)

UnitedHealth

Group,

Inc.,

(continued)

Senior

Bond

,

5.2 %

,

4/15/63

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

United

States

110,000

$

100,795

Senior

Bond

,

5.75 %

,

7/15/64

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

United

States

310,000

309,834

UPMC

,

Secured

Bond

,

5.377 %

,

5/15/43

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

United

States

200,000

198,284

3,848,823

#### Health

#### Care

#### REITs

#### 0.4%
Alexandria

Real

Estate

Equities,

Inc.

,

Senior

Bond

,

3.55 %

,

3/15/52

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

United

States

400,000

274,445

#### Hotels,

#### Restaurants

#### &

#### Leisure

#### 0.5%
Marriott

International,

Inc.

,

Senior

Bond

,

5.5 %

,

4/15/37

.......

United

States

125,000

128,426

McDonald's

Corp.

,

Senior

Bond

,

4.45 %

,

3/01/47

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

United

States

140,000

121,251

Royal

Caribbean

Cruises

Ltd.

,

Senior

Bond

,

5.375 %

,

1/15/36

..

United

States

90,000

90,657

340,334

#### Household

#### Durables

#### 0.2%
DR

Horton,

Inc.

,

Senior

Bond

,

5.5 %

,

10/15/35

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

United

States

150,000

155,843

#### Independent

#### Power

#### and

#### Renewable

#### Electricity

#### Producers

#### 0.4%
Constellation

Energy

Generation

LLC

,

Senior

Bond

,

6.5 %

,

10/01/53

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

United

States

230,000

254,768

#### Industrial

#### Conglomerates

#### 0.3%
Honeywell

International,

Inc.

,

Senior

Bond

,

5.25 %

,

3/01/54

....

United

States

170,000

162,999

#### Insurance

#### 4.0%
American

International

Group,

Inc.

,

Senior

Bond

,

4.5 %

,

7/16/44

.

United

States

170,000

151,785

Arch

Capital

Group

Ltd.

,

Senior

Bond

,

3.635 %

,

6/30/50

.......

United

States

75,000

56,469

Arch

Capital

Group

US,

Inc.

,

Senior

Bond

,

5.144 %

,

11/01/43

...

United

States

245,000

237,502

Arthur

J

Gallagher

&

Co.

,

Senior

Bond

,

3.5 %

,

5/20/51

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

United

States

100,000

71,194

Senior

Bond

,

3.05 %

,

3/09/52

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

United

States

300,000

195,713

Athene

Holding

Ltd.

,

Senior

Bond

,

3.45 %

,

5/15/52

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

United

States

120,000

78,527

Senior

Bond

,

6.625 %

,

5/19/55

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

United

States

180,000

188,684

Berkshire

Hathaway

Finance

Corp.

,

Senior

Bond

,

2.85 %

,

10/15/50

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

United

States

80,000

52,898

Senior

Bond

,

3.85 %

,

3/15/52

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

United

States

300,000

236,605

Brown

&

Brown,

Inc.

,

Senior

Bond

,

4.95 %

,

3/17/52

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

United

States

150,000

132,816

Senior

Bond

,

6.25 %

,

6/23/55

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

United

States

130,000

136,896

Chubb

INA

Holdings

LLC

,

Senior

Bond

,

3.05 %

,

12/15/61

......

United

States

115,000

72,986

a

Great-West

Lifeco

Finance

Delaware

LP

,

Senior

Bond

,

144A,

4.15 %

,

6/03/47

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

Canada

160,000

133,203

Marsh

&

McLennan

Cos.,

Inc.

,

Senior

Bond

,

4.9 %

,

3/15/49

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

United

States

85,000

78,432

Senior

Bond

,

5.45 %

,

3/15/53

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

United

States

60,000

59,725

Senior

Bond

,

5.4 %

,

3/15/55

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

United

States

125,000

123,277

a

Northwestern

Mutual

Life

Insurance

Co.

(The)

,

Sub.

Bond

,

144A,

3.45 %

,

3/30/51

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

United

States

220,000

157,190

Progressive

Corp.

(The)

,

Senior

Bond

,

4.125 %

,

4/15/47

......

United

States

250,000

212,357

Franklin

Investors

Securities

Trust

Schedule

of

Investments

#### Franklin

#### Long

#### Duration

#### Credit

#### Fund
(continued)

franklintempleton.com

Annual

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)

Travelers

Cos.,

Inc.

(The)

,

Senior

Bond

,

%

,

5/30/47

.........

United

States

155,000

$

128,445

2,504,704

#### Interactive

#### Media

#### &

#### Services

#### 0.6%
Meta

Platforms,

Inc.

,

Senior

Bond

,

5.75 %

,

5/15/63

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

United

States

110,000

109,752

Senior

Bond

,

5.75 %

,

11/15/65

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

United

States

280,000

277,912

387,664

#### IT

#### Services

#### 0.1%
IBM

International

Capital

Pte.

Ltd.

,

Senior

Bond

,

5.3 %

,

2/05/54

.

United

States

100,000

95,037

#### Life

#### Sciences

#### Tools

#### &

#### Services

#### 0.3%
Thermo

Fisher

Scientific,

Inc.

,

Senior

Bond

,

5.404 %

,

8/10/43

...

United

States

170,000

172,405

#### Machinery

#### 0.1%
Ingersoll

Rand,

Inc.

,

Senior

Bond

,

5.7 %

,

6/15/54

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

United

States

50,000

50,979

#### Media

#### 3.7%
Charter

Communications

Operating

LLC

/

Charter

Communications

Operating

Capital

Corp.

,

Senior

Secured

Bond

,

5.375 %

,

4/01/38

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

United

States

530,000

491,663

Senior

Secured

Bond

,

3.5 %

,

6/01/41

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

United

States

150,000

108,260

Senior

Secured

Bond

,

3.5 %

,

3/01/42

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

United

States

420,000

297,478

Senior

Secured

Bond

,

5.375 %

,

5/01/47

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

United

States

200,000

169,795

Comcast

Corp.

,

Senior

Bond

,

3.4 %

,

7/15/46

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

United

States

280,000

199,985

Senior

Bond

,

3.969 %

,

11/01/47

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

United

States

420,000

323,007

Senior

Bond

,

2.887 %

,

11/01/51

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

United

States

500,000

303,288

Fox

Corp.

,

Senior

Bond

,

5.476 %

,

1/25/39

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

United

States

180,000

181,092

Paramount

Global

,

Senior

Bond

,

6.875 %

,

4/30/36

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

United

States

100,000

105,211

Senior

Bond

,

4.375 %

,

3/15/43

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

United

States

55,000

41,677

Senior

Bond

,

4.9 %

,

8/15/44

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

United

States

165,000

131,082

2,352,538

#### Metals

#### &

#### Mining

#### 1.2%
a

Anglo

American

Capital

plc

,

Senior

Bond

,

144A,

4.75 %

,

3/16/52

South

Africa

200,000

174,171

Freeport-McMoRan,

Inc.

,

Senior

Bond

,

5.45 %

,

3/15/43

.......

United

States

200,000

194,189

Newmont

Corp.

/

Newcrest

Finance

Pty.

Ltd.

,

Senior

Bond

,

4.2 %

,

5/13/50

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

United

States

200,000

168,868

Rio

Tinto

Finance

USA

plc

,

Senior

Bond

,

5.75 %

,

3/14/55

......

Australia

200,000

207,030

744,258

#### Multi-Utilities

#### 1.4%
Consolidated

Edison

Co.

of

New

York,

Inc.

,

Senior

Bond

,

4.45 %

,

3/15/44

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

United

States

300,000

265,635

Consumers

Energy

Co.

,

Senior

Bond

,

4.05 %

,

5/15/48

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

United

States

120,000

99,925

Senior

Bond

,

4.35 %

,

4/15/49

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

United

States

220,000

189,209

Dominion

Energy,

Inc.

,

B

,

Senior

Bond

,

4.85 %

,

8/15/52

.......

United

States

110,000

96,751

NiSource,

Inc.

,

Senior

Bond

,

5.85 %

,

4/01/55

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

United

States

230,000

234,970

886,490

Franklin

Investors

Securities

Trust

Schedule

of

Investments

#### Franklin

#### Long

#### Duration

#### Credit

#### Fund
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Annual

Report

a

a

#### Country

#### Principal

#### Amount

#### \*
a

#### Value
a

#### a
a

#### Corporate

#### Bonds
(continued)

#### Oil,

#### Gas

#### &

#### Consumable

#### Fuels

#### 7.0%
a

Aker

BP

ASA

,

Senior

Bond

,

144A,

5.8 %

,

10/01/54

...........

Norway

250,000

$

231,765

a

Antero

Resources

Corp.

,

Senior

Note

,

144A,

5.375 %

,

3/01/30

..

United

States

130,000

130,991

BP

Capital

Markets

America,

Inc.

,

Senior

Bond

,

3.06 %

,

6/17/41

.

United

States

225,000

172,880

ConocoPhillips

Co.

,

Senior

Bond

,

3.8 %

,

3/15/52

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

United

States

220,000

166,274

Diamondback

Energy,

Inc.

,

Senior

Bond

,

4.4 %

,

3/24/51

.......

United

States

170,000

138,566

a

DT

Midstream,

Inc.

,

Senior

Secured

Bond

,

144A,

5.8 %

,

12/15/34

United

States

135,000

139,759

Eastern

Energy

Gas

Holdings

LLC

,

Senior

Bond

,

5.65 %

,

10/15/54

United

States

200,000

196,982

Energy

Transfer

LP

,

Senior

Bond

,

5.15 %

,

3/15/45

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

United

States

400,000

356,149

Senior

Bond

,

6.125 %

,

12/15/45

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

United

States

80,000

79,911

Senior

Bond

,

%

,

6/15/48

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

United

States

320,000

313,419

Enterprise

Products

Operating

LLC

,

Senior

Bond

,

4.9 %

,

5/15/46

United

States

170,000

156,596

Exxon

Mobil

Corp.

,

Senior

Bond

,

3.452 %

,

4/15/51

...........

United

States

350,000

257,539

Hess

Corp.

,

Senior

Bond

,

5.6 %

,

2/15/41

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

United

States

115,000

120,738

Senior

Bond

,

5.8 %

,

4/01/47

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

United

States

20,000

20,998

a

Hess

Midstream

Operations

LP

,

Senior

Note

,

144A,

4.25 %

,

2/15/30

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

United

States

250,000

243,702

Kinder

Morgan,

Inc.

,

Senior

Bond

,

5.55 %

,

6/01/45

...........

United

States

160,000

155,741

MPLX

LP

,

Senior

Bond

,

5.4 %

,

9/15/35

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

United

States

150,000

150,703

Senior

Bond

,

4.95 %

,

3/14/52

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

United

States

150,000

128,071

ONEOK,

Inc.

,

Senior

Bond

,

5.7 %

,

11/01/54

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

United

States

165,000

154,556

Targa

Resources

Corp.

,

Senior

Bond

,

4.95 %

,

4/15/52

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

United

States

150,000

128,418

Senior

Bond

,

6.125 %

,

5/15/55

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

United

States

60,000

60,372

TotalEnergies

Capital

SA

,

Senior

Bond

,

5.638 %

,

4/05/64

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

France

175,000

174,188

Senior

Bond

,

5.425 %

,

9/10/64

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

France

150,000

143,919

Viper

Energy

Partners

LLC

,

Senior

Bond

,

5.7 %

,

8/01/35

......

United

States

301,000

307,143

Williams

Cos.,

Inc.

(The)

,

Senior

Bond

,

5.1 %

,

9/15/45

........

United

States

300,000

278,348

4,407,728

#### Personal

#### Care

#### Products

#### 0.6%
Haleon

US

Capital

LLC

,

Senior

Bond

,

%

,

3/24/52

..........

United

States

250,000

201,319

Kenvue,

Inc.

,

Senior

Bond

,

5.05 %

,

3/22/53

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

United

States

180,000

165,040

366,359

#### Pharmaceuticals

#### 3.7%
a

Bayer

US

Finance

II

LLC

,

Senior

Bond

,

144A,

4.4 %

,

7/15/44

...

Germany

200,000

162,650

Bristol-Myers

Squibb

Co.

,

Senior

Bond

,

4.35 %

,

11/15/47

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

United

States

100,000

85,565

Senior

Bond

,

4.55 %

,

2/20/48

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

United

States

100,000

87,751

Senior

Bond

,

2.55 %

,

11/13/50

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

United

States

150,000

91,019

Senior

Bond

,

3.7 %

,

3/15/52

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

United

States

120,000

90,101

Senior

Bond

,

5.55 %

,

2/22/54

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

United

States

20,000

19,915

Eli

Lilly

&

Co.

,

Senior

Bond

,

%

,

2/09/54

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

United

States

105,000

99,736

Senior

Bond

,

4.95 %

,

2/27/63

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

United

States

55,000

50,991

Senior

Bond

,

5.2 %

,

8/14/64

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

United

States

110,000

105,324

Senior

Bond

,

5.65 %

,

10/15/65

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

United

States

150,000

154,628

Merck

&

Co.,

Inc.

,

Senior

Bond

,

2.75 %

,

12/10/51

............

United

States

200,000

127,315

Franklin

Investors

Securities

Trust

Schedule

of

Investments

#### Franklin

#### Long

#### Duration

#### Credit

#### Fund
(continued)

franklintempleton.com

Annual

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)

#### Pharmaceuticals
(continued)

Novartis

Capital

Corp.

,

Senior

Bond

,

3.7 %

,

9/21/42

..........................

United

States

140,000

$

116,598

Senior

Bond

,

2.75 %

,

8/14/50

.........................

United

States

140,000

92,400

Pfizer

Investment

Enterprises

Pte.

Ltd.

,

Senior

Bond

,

5.3 %

,

5/19/53

.........................................

United

States

475,000

459,792

a

Roche

Holdings,

Inc.

,

Senior

Bond

,

144A,

2.607 %

,

12/13/51

...

United

States

495,000

308,912

Royalty

Pharma

plc

,

Senior

Bond

,

3.35 %

,

9/02/51

...........

United

States

370,000

250,794

2,303,491

#### Semiconductors

#### &

#### Semiconductor

#### Equipment

#### 1.7%
Analog

Devices,

Inc.

,

Senior

Bond

,

2.95 %

,

10/01/51

.........

United

States

270,000

178,770

a

Foundry

JV

Holdco

LLC

,

Senior

Secured

Bond

,

144A,

6.2 %

,

1/25/37

.........................................

United

States

400,000

425,887

Intel

Corp.

,

Senior

Bond

,

3.734 %

,

12/08/47

.......................

United

States

250,000

183,904

Senior

Bond

,

4.9 %

,

8/05/52

..........................

United

States

200,000

171,895

Senior

Bond

,

5.6 %

,

2/21/54

..........................

United

States

90,000

86,136

1,046,592

#### Software

#### 3.3%
Intuit,

Inc.

,

Senior

Bond

,

5.5 %

,

9/15/53

...................

United

States

160,000

160,833

Microsoft

Corp.

,

Senior

Bond

,

2.525 %

,

6/01/50

........................

United

States

75,000

47,123

Senior

Bond

,

2.921 %

,

3/17/52

........................

United

States

650,000

438,770

Oracle

Corp.

,

Senior

Bond

,

3.8 %

,

11/15/37

.........................

United

States

125,000

105,796

Senior

Bond

,

3.6 %

,

4/01/40

..........................

United

States

600,000

470,126

Senior

Bond

,

%

,

7/15/46

...........................

United

States

370,000

277,486

Senior

Bond

,

4.375 %

,

5/15/55

........................

United

States

160,000

120,698

Senior

Bond

,

5.5 %

,

9/27/64

..........................

United

States

75,000

65,474

Salesforce,

Inc.

,

Senior

Bond

,

2.9 %

,

7/15/51

...............

United

States

275,000

179,588

Synopsys,

Inc.

,

Senior

Bond

,

5.7 %

,

4/01/55

...............

United

States

200,000

202,208

2,068,102

#### Specialty

#### Retail

#### 1.7%
Dick's

Sporting

Goods,

Inc.

,

Senior

Bond

,

4.1 %

,

1/15/52

......

United

States

210,000

156,820

Home

Depot,

Inc.

(The)

,

Senior

Bond

,

4.4 %

,

3/15/45

..........................

United

States

65,000

57,568

Senior

Bond

,

4.25 %

,

4/01/46

.........................

United

States

130,000

111,973

Senior

Bond

,

3.9 %

,

6/15/47

..........................

United

States

70,000

56,493

Senior

Bond

,

3.125 %

,

12/15/49

.......................

United

States

140,000

97,010

Senior

Bond

,

3.35 %

,

4/15/50

.........................

United

States

30,000

21,664

Senior

Bond

,

3.625 %

,

4/15/52

........................

United

States

180,000

134,755

Senior

Bond

,

5.3 %

,

6/25/54

..........................

United

States

60,000

58,653

Lowe's

Cos.,

Inc.

,

Senior

Bond

,

3.7 %

,

4/15/46

..........................

United

States

125,000

96,010

Senior

Bond

,

4.05 %

,

5/03/47

.........................

United

States

320,000

257,067

Senior

Bond

,

%

,

10/15/50

..........................

United

States

80,000

51,941

1,099,954

#### Technology

#### Hardware,

#### Storage

#### &

#### Peripherals

#### 1.4%
Apple,

Inc.

,

Senior

Bond

,

3.85 %

,

5/04/43

..................

United

States

850,000

724,890

Franklin

Investors

Securities

Trust

Schedule

of

Investments

#### Franklin

#### Long

#### Duration

#### Credit

#### Fund
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Annual

Report

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

200,000

$

154,327

879,217

#### Textiles,

#### Apparel

#### &

#### Luxury

#### Goods

#### 0.2%
Tapestry,

Inc.

,

Senior

Bond

,

5.5 %

,

3/11/35

.................

United

States

115,000

117,171

#### Tobacco

#### 1.3%
Altria

Group,

Inc.

,

Senior

Bond

,

3.4 %

,

2/04/41

..............

United

States

90,000

69,419

BAT

Capital

Corp.

,

Senior

Bond

,

4.39 %

,

8/15/37

.........................

United

Kingdom

230,000

211,424

Senior

Bond

,

3.734 %

,

9/25/40

........................

United

Kingdom

320,000

260,244

Philip

Morris

International,

Inc.

,

Senior

Bond

,

3.875 %

,

8/21/42

..

United

States

310,000

257,661

798,748

#### Water

#### Utilities

#### 0.3%
American

Water

Capital

Corp.

,

Senior

Bond

,

3.45 %

,

5/01/50

...

United

States

300,000

218,297

#### Wireless

#### Telecommunication

#### Services

#### 1.8%
Rogers

Communications,

Inc.

,

Senior

Bond

,

4.55 %

,

3/15/52

...

Canada

300,000

246,238

T-Mobile

USA,

Inc.

,

Senior

Bond

,

%

,

2/15/41

...........................

United

States

100,000

74,899

Senior

Bond

,

3.4 %

,

10/15/52

.........................

United

States

750,000

511,542

Vodafone

Group

plc

,

Senior

Bond

,

5.75 %

,

6/28/54

.........................

United

Kingdom

190,000

186,622

Senior

Bond

,

5.875 %

,

6/28/64

........................

United

Kingdom

140,000

138,758

1,158,059

#### Total

#### Corporate

#### Bonds

#### (Cost

#### $

#### 53,706,904

####)
....................................

#### 56,260,901

#### Foreign

#### Government

#### and

#### Agency

#### Securities

#### 4.6%
a

Bermuda

Government

Bond

,

Senior

Bond

,

144A,

3.375 %

,

8/20/50

.........................................

United

States

200,000

142,984

Chile

Government

Bond

,

Senior

Bond

,

3.86 %

,

6/21/47

.......

Chile

400,000

325,120

a

Electricite

de

France

SA

,

Senior

Bond

,

144A,

%

,

4/22/64

.....

France

200,000

197,170

Mexico

Government

Bond

,

Senior

Bond

,

4.75 %

,

3/08/44

.........................

Mexico

250,000

211,187

Senior

Bond

,

6.338 %

,

5/04/53

........................

Mexico

330,000

328,515

Senior

Bond

,

7.375 %

,

5/13/55

........................

Mexico

350,000

393,695

Peru

Government

Bond

,

Senior

Bond

,

5.875 %

,

8/08/54

........................

Peru

230,000

233,565

Senior

Bond

,

6.2 %

,

6/30/55

..........................

Peru

220,000

231,550

Philippines

Government

Bond

,

Senior

Bond

,

4.2 %

,

3/29/47

....

Philippines

410,000

352,479

a

Saudi

Arabia

Government

Bond

,

Senior

Bond

,

144A,

%

,

1/18/53

Saudi

Arabia

200,000

184,208

Uruguay

Government

Bond

,

Senior

Bond

,

5.1 %

,

6/18/50

......

Uruguay

300,000

290,475

#### Total

#### Foreign

#### Government

#### and

#### Agency

#### Securities

#### (Cost

#### $

#### 2,711,882

####)
.............

#### 2,890,948

#### U.S.

#### Government

#### and

#### Agency

#### Securities

#### 1.8%
U.S.

Treasury

Bonds

,

d

Strip,

.82

%

,

11/15/44

..............................

United

States

770,000

314,149

4.625 %,

11/15/44

.................................

United

States

235,000

234,789

%,

5/15/45

.....................................

United

States

220,000

230,312

4.5 %,

11/15/54

...................................

United

States

115,000

111,876

Franklin

Investors

Securities

Trust

Schedule

of

Investments

#### Franklin

#### Long

#### Duration

#### Credit

#### Fund
(continued)

franklintempleton.com

Annual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

a

#### Country

#### Principal

#### Amount

#### \*
a

#### Value
a

#### a
a

#### U.S.

#### Government

#### and

#### Agency

#### Securities
(continued)

U.S.

Treasury

Bonds,

(continued)

4.75 %,

5/15/55

...................................

United

States

225,000

$

228,023

#### Total

#### U.S.

#### Government

#### and

#### Agency

#### Securities

#### (Cost

#### $

#### 1,084,577

####)
................

#### 1,119,149

#### Municipal

#### Bonds

#### 2.2%

#### California

#### 0.2%
Los

Angeles

Community

College

District

,

GO

,

2010

E

,

6.6 %

,

8/01/42

.........................................

United

States

125,000

137,468

#### New

#### York

#### 0.9%
e

City

of

New

York

,

GO

,

2026

,

5.559 %

,

10/01/45

..........

United

States

200,000

201,024

United

Nations

Development

Corp.

,

City

of

New

York

,

Revenue

,

2025

A

,

Refunding

,

6.536 %

,

8/01/55

...................

United

States

330,000

354,410

555,434

#### Texas

#### 1.1%
e

City

of

San

Antonio

,

Electric

&

Gas

Systems

,

Revenue

,

2025

A

,

Refunding

,

5.469 %

,

2/01/45

..........................

United

States

130,000

130,312

Dallas

Fort

Worth

International

Airport

,

Revenue

,

2022

A

,

4.507 %

,

11/01/51

........................................

United

States

245,000

218,235

State

of

Texas

,

GO

,

2009

A

,

5.517 %

,

4/01/39

..............

United

States

355,000

370,081

718,628

#### Total

#### Municipal

#### Bonds

#### (Cost

#### $

#### 1,375,896

####)
.....................................

#### 1,411,530

#### Total

#### Long

#### Term

#### Investments

#### (Cost

#### $

#### 58,879,259

####)
..............................

#### 61,682,528

#### a

#### Short

#### Term

#### Investments

#### 0.9%
a

a

#### Country

#### Shares
a

#### Value
a

a

#### a
a

#### Money

#### Market

#### Funds

#### 0.9%
f,g

Franklin

Institutional

U.S.

Government

Money

Market

Fund

,

4.038 %

.........................................

United

States

562,275

562,275

#### Total

#### Money

#### Market

#### Funds

#### (Cost

#### $

#### 562,275

####)
...................................

#### 562,275

#### Total

#### Short

#### Term

#### Investments

#### (Cost

#### $

#### 562,275

####)
................................

#### 562,275

#### a

#### Total

#### Investments

#### (Cost

#### $

#### 59,441,534

####)
98.9 #### %
..................................

#### $62,244,803

#### Other

#### Assets,

#### less

#### Liabilities
1.1 #### %
...........................................

#### 704,793

#### Net

#### Assets

#### 100.0%

#### .........................................................

#### $62,949,596

#### a
Franklin

Investors

Securities

Trust

Schedule

of

Investments

#### Franklin

#### Long

#### Duration

#### Credit

#### Fund
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Annual

Report

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

October

31,

2025,

the

aggregate

value

of

these

securities

was

$4,496,027,

representing

7.1%

of

net

assets.

b

The

coupon

rate

shown

represents

the

rate

at

period

end.

c

A

portion

or

all

of

the

security

purchased

on

a

delayed

delivery

basis.

See

Note

1(c).

d

The

rate

shown

represents

the

yield

at

period

end.

e

Security

purchased

on

a

when-issued

basis.

See

Note

1(c).

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

#### Low

#### Duration

#### Total

#### Return

#### Fund
franklintempleton.com

Annual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

#### Year

#### Ended

#### October

#### 31,

#### 2025

#### 2024

#### 2023

#### 2022

#### 2021

#### Class

#### A

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

year)

Net

asset

value,

beginning

of

year

...................

$8.95

$8.76

$8.70

$9.55

$9.54

Income

from

investment

operations

a

:

Net

investment

income

b

.........................

0.375 0.383 0.317 0.162 0.105 Net

realized

and

unrealized

gains

(losses)

...........

0.071 0.198 0.069 (0.735)

0.170 Total

from

investment

operations

....................

0.446 0.581 0.386 (0.573)

0.275 Less

distributions

from:

Net

investment

income

..........................

(0.386)

(0.391)

(0.326)

(0.277)

(0.265)

Net

asset

value,

end

of

year

.......................

$9.01

$8.95

$8.76

$8.70

$9.55

Total

return

c

...................................

5.08%

6.76%

4.48%

(6.09)%

2.90%

#### Ratios

#### to

#### average

#### net

#### assets
Expenses

before

waiver

and

payments

by

affiliates

......

0.94%

0.97%

0.96%

0.93%

0.94%

Expenses

net

of

waiver

and

payments

by

affiliates

.......

0.66%

0.66%

0.66%

d

0.67%

d

0.67%

d

Net

investment

income

...........................

4.18%

4.30%

3.61%

1.77%

1.09%

#### Supplemental

#### data
Net

assets

,

end

of

year

(000's)

.....................

$1,375,234

$1,350,093

$1,471,021

$1,726,461

$1,915,410

Portfolio

turnover

rate

............................

69.99%

65.68%

e

55.59%

66.75%

85.02%

e

Portfolio

turnover

rate

excluding

mortgage

dollar

rolls

....

69.99%

65.68%

e

55.59%

55.24%

f

56.22%

e,f

a

The

amount

shown

for

a

share

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

of

Operations

for

the

period

due

to

the

timing

of

sales

and

repurchases

of

the

Fund's

shares

in

relation

to

income

earned

and/or

fluctuating

fair

value

of

the

investments

of

the

Fund.

b

Based

on

average

daily

shares

outstanding.

c

Total

return

does

not

reflect

sales

commissions

or

contingent

deferred

sales

charges,

if

applicable.

d

Benefit

of

expense

reduction

rounds

to

less

than

0.01%.

e

Excludes

the

value

of

portfolio

activity

as

a

result

of

in-kind

transactions.

See

Note

(h)

for

prior

year

information.

f

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.

Annual

Report

a

#### Year

#### Ended

#### October

#### 31,

#### 2025

#### 2024

#### 2023

#### 2022

#### 2021

#### Class

#### C

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

year)

Net

asset

value,

beginning

of

year

...................

$8.91

$8.71

$8.66

$9.51

$9.50

Income

from

investment

operations

a

:

Net

investment

income

b

.........................

0.340 0.347 0.280 0.120 0.068 Net

realized

and

unrealized

gains

(losses)

...........

0.071 0.209 0.061 (0.730)

0.169 Total

from

investment

operations

....................

0.411 0.556 0.341 (0.610)

0.237 Less

distributions

from:

Net

investment

income

..........................

(0.351)

(0.356)

(0.291)

(0.240)

(0.227)

Net

asset

value,

end

of

year

.......................

$8.97

$8.91

$8.71

$8.66

$9.51

Total

return

c

...................................

4.69%

6.50%

3.98%

(6.49)%

2.50%

#### Ratios

#### to

#### average

#### net

#### assets
Expenses

before

waiver

and

payments

by

affiliates

......

1.35%

1.37%

1.36%

1.33%

1.35%

Expenses

net

of

waiver

and

payments

by

affiliates

.......

1.06%

1.06%

1.06%

d

1.07%

d

1.08%

d

Net

investment

income

...........................

3.80%

3.92%

3.20%

1.31%

0.71%

#### Supplemental

#### data
Net

assets

,

end

of

year

(000's)

.....................

$26,771

$32,799

$44,178

$62,457

$99,990

Portfolio

turnover

rate

............................

69.99%

65.68%

e

55.59%

66.75%

85.02%

e

Portfolio

turnover

rate

excluding

mortgage

dollar

rolls

....

69.99%

65.68%

e

55.59%

55.24%

f

56.22%

e,f

a

The

amount

shown

for

a

share

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

of

Operations

for

the

period

due

to

the

timing

of

sales

and

repurchases

of

the

Fund's

shares

in

relation

to

income

earned

and/or

fluctuating

fair

value

of

the

investments

of

the

Fund.

b

Based

on

average

daily

shares

outstanding.

c

Total

return

does

not

reflect

sales

commissions

or

contingent

deferred

sales

charges,

if

applicable.

d

Benefit

of

expense

reduction

rounds

to

less

than

0.01%.

e

Excludes

the

value

of

portfolio

activity

as

a

result

of

in-kind

transactions.

See

Note

(h)

for

prior

year

information.

f

See

Note

1(g)

regarding

mortgage

dollar

rolls.

Franklin

Investors

Securities

Trust

Financial

Highlights

#### Franklin

#### Low

#### Duration

#### Total

#### Return

#### Fund
(continued)

franklintempleton.com

Annual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

#### Year

#### Ended

#### October

#### 31,

#### 2025

#### 2024

#### 2023

#### 2022

#### 2021

#### Class

#### R

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

year)

Net

asset

value,

beginning

of

year

...................

$8.94

$8.75

$8.70

$9.55

$9.54

Income

from

investment

operations

a

:

Net

investment

income

b

.........................

0.354 0.361 0.306 0.138 0.077 Net

realized

and

unrealized

gains

(losses)

...........

0.070 0.198 0.048 (0.734)

0.174 Total

from

investment

operations

....................

0.424 0.559 0.354 (0.596)

0.251 Less

distributions

from:

Net

investment

income

..........................

(0.364)

(0.369)

(0.304)

(0.254)

(0.241)

Net

asset

value,

end

of

year

.......................

$9.00

$8.94

$8.75

$8.70

$9.55

Total

return

....................................

4.83%

6.50%

4.12%

(6.33)%

2.64%

#### Ratios

#### to

#### average

#### net

#### assets
Expenses

before

waiver

and

payments

by

affiliates

......

1.19%

1.22%

1.22%

1.18%

1.17%

Expenses

net

of

waiver

and

payments

by

affiliates

.......

0.91%

0.91%

0.91%

c

0.92%

c

0.92%

c

Net

investment

income

...........................

3.95%

4.05%

3.50%

1.51%

0.81%

#### Supplemental

#### data
Net

assets

,

end

of

year

(000's)

.....................

$789

$395

$303

$175

$198

Portfolio

turnover

rate

............................

69.99%

65.68%

d

55.59%

66.75%

85.02%

d

Portfolio

turnover

rate

excluding

mortgage

dollar

rolls

....

69.99%

65.68%

d

55.59%

55.24%

e

56.22%

d,e

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

Benefit

of

expense

reduction

rounds

to

less

than

0.01%.

d

Excludes

the

value

of

portfolio

activity

as

a

result

of

in-kind

transactions.

See

Note

(h)

for

prior

year

information.

e

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.

Annual

Report

a

#### Year

#### Ended

#### October

#### 31,

#### 2025

#### 2024

#### 2023

#### 2022

#### 2021

#### Class

#### R6

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

year)

Net

asset

value,

beginning

of

year

...................

$9.01

$8.81

$8.76

$9.61

$9.61

Income

from

investment

operations

a

:

Net

investment

income

b

.........................

0.408 0.415 0.349 0.198 0.141 Net

realized

and

unrealized

gains

(losses)

...........

0.071 0.208 0.059 (0.738)

0.159 Total

from

investment

operations

....................

0.479 0.623 0.408 (0.540)

0.300 Less

distributions

from:

Net

investment

income

..........................

(0.419)

(0.423)

(0.358)

(0.310)

(0.300)

Net

asset

value,

end

of

year

.......................

$9.07

$9.01

$8.81

$8.76

$9.61

Total

return

....................................

5.43%

7.21%

4.71%

(5.71)%

3.15%

#### Ratios

#### to

#### average

#### net

#### assets
Expenses

before

waiver

and

payments

by

affiliates

......

0.60%

0.62%

0.62%

0.58%

0.58%

Expenses

net

of

waiver

and

payments

by

affiliates

.......

0.30%

0.30%

0.30%

c

0.30%

c

0.30%

c

Net

investment

income

...........................

4.51%

4.63%

3.93%

2.15%

1.46%

#### Supplemental

#### data
Net

assets

,

end

of

year

(000's)

.....................

$392,036

$422,052

$483,828

$601,379

$543,485

Portfolio

turnover

rate

............................

69.99%

65.68%

d

55.59%

66.75%

85.02%

d

Portfolio

turnover

rate

excluding

mortgage

dollar

rolls

....

69.99%

65.68%

d

55.59%

55.24%

e

56.22%

d,e

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

Benefit

of

expense

reduction

rounds

to

less

than

0.01%.

d

Excludes

the

value

of

portfolio

activity

as

a

result

of

in-kind

transactions.

See

Note

(h)

for

prior

year

information.

e

See

Note

1(g)

regarding

mortgage

dollar

rolls.

Franklin

Investors

Securities

Trust

Financial

Highlights

#### Franklin

#### Low

#### Duration

#### Total

#### Return

#### Fund
(continued)

franklintempleton.com

Annual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

#### Year

#### Ended

#### October

#### 31,

#### 2025

#### 2024

#### 2023

#### 2022

#### 2021

#### Advisor

#### Class

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

year)

Net

asset

value,

beginning

of

year

...................

$9.00

$8.81

$8.75

$9.60

$9.60

Income

from

investment

operations

a

:

Net

investment

income

b

.........................

0.398 0.405 0.340 0.182 0.128 Net

realized

and

unrealized

gains

(losses)

...........

0.071 0.198 0.068 (0.732)

0.161 Total

from

investment

operations

....................

0.469 0.603 0.408 (0.550)

0.289 Less

distributions

from:

Net

investment

income

..........................

(0.409)

(0.413)

(0.348)

(0.300)

(0.289)

Net

asset

value,

end

of

year

.......................

$9.06

$9.00

$8.81

$8.75

$9.60

Total

return

....................................

5.32%

6.99%

4.72%

(5.83)%

3.03%

#### Ratios

#### to

#### average

#### net

#### assets
Expenses

before

waiver

and

payments

by

affiliates

......

0.69%

0.71%

0.71%

0.67%

0.69%

Expenses

net

of

waiver

and

payments

by

affiliates

.......

0.41%

0.41%

0.41%

c

0.41%

c

0.42%

c

Net

investment

income

...........................

4.41%

4.53%

3.84%

1.98%

1.33%

#### Supplemental

#### data
Net

assets

,

end

of

year

(000's)

.....................

$160,013

$166,777

$174,506

$198,526

$251,429

Portfolio

turnover

rate

............................

69.99%

65.68%

d

55.59%

66.75%

85.02%

d

Portfolio

turnover

rate

excluding

mortgage

dollar

rolls

....

69.99%

65.68%

d

55.59%

55.24%

e

56.22%

d,e

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

Benefit

of

expense

reduction

rounds

to

less

than

0.01%.

d

Excludes

the

value

of

portfolio

activity

as

a

result

of

in-kind

transactions.

See

Note

(h)

for

prior

year

information.

e

See

Note

1(g)

regarding

mortgage

dollar

rolls.

Franklin

Investors

Securities

Trust

Schedule

of

Investments,

October

31,

2025

#### Franklin

#### Low

#### Duration

#### Total

#### Return

#### Fund
franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Annual

Report

,

a

a

#### Country

#### Shares
a

#### Value
a

a

#### a
a

#### Common

#### Stocks

#### 0.0%

#### †

#### Hotels,

#### Restaurants

#### &

#### Leisure

#### 0.0%

#### †
a

Hour

Fitness

Worldwide,

Inc.

........................

United

States

159,745

$

6,789

#### Machinery

#### 0.0%

#### †
b

UTEX

Industries,

Inc.

................................

United

States

9,228

478,918

#### Specialty

#### Retail

#### 0.0%
a,b

Party

City

Holdco,

Inc.

................................

United

States

—

#### Total

#### Common

#### Stocks

#### (Cost

#### $

#### 696,698

####)
.......................................

#### 485,707

#### Warrants

#### 0.0%

#### Machinery

#### 0.0%
a,b

UTEX

Industries,

Inc.

,

12/05/25

.........................

United

States

791

—

#### Total

#### Warrants

#### (Cost

#### $

#### 698

####)
.................................................

#### —

#### Principal

#### Amount

#### \*

#### Corporate

#### Bonds

#### 35.4%

#### Aerospace

#### &

#### Defense

#### 1.1%
c

BAE

Systems

plc

,

Senior

Note

,

144A,

%

,

3/26/27

..........

United

Kingdom

3,300,000

3,336,991

Boeing

Co.

(The)

,

Senior

Note

,

2.196 %

,

2/04/26

........................

United

States

10,400,000

10,344,860

Senior

Note

,

6.298 %

,

5/01/29

........................

United

States

3,400,000

3,607,982

Senior

Note

,

5.15 %

,

5/01/30

.........................

United

States

2,200,000

2,263,580

General

Electric

Co.

,

Senior

Note

,

4.3 %

,

7/29/30

............

United

States

1,165,000

1,174,092

20,727,505

#### Automobile

#### Components

#### 0.1%
c

Allison

Transmission,

Inc.

,

Senior

Bond

,

144A,

4.75 %

,

10/01/27

United

States

1,900,000

1,895,039

#### Automobiles

#### 0.8%
c

BMW

US

Capital

LLC

,

Senior

Note

,

144A,

4.5 %

,

8/11/30

......

Germany

2,525,000

2,535,847

c

Hyundai

Capital

America

,

Senior

Note

,

144A,

5.25 %

,

1/08/27

....................

United

States

4,000,000

4,042,560

Senior

Note

,

144A,

4.85 %

,

3/25/27

....................

United

States

2,750,000

2,772,017

c

Volkswagen

Group

of

America

Finance

LLC

,

Senior

Note

,

144A,

5.4 %

,

3/20/26

....................................

Germany

6,700,000

6,724,560

16,074,984

#### Banks

#### 8.4%
c

ABN

AMRO

Bank

NV

,

Senior

Non-Preferred

Note

,

144A,

6.339%

to

9/17/26,

FRN

thereafter

,

9/18/27

.....................

Netherlands

1,800,000

1,832,147

Bank

of

America

Corp.

,

Senior

Bond

,

3.974%

to

2/06/29,

FRN

thereafter

,

2/07/30

...

United

States

6,000,000

5,960,115

Senior

Note

,

4.376%

to

4/26/27,

FRN

thereafter

,

4/27/28

....

United

States

8,000,000

8,026,610

Bank

of

Montreal

,

Senior

Note

,

4.567%

to

9/09/26,

FRN

thereafter

,

9/10/27

.................................

Canada

2,700,000

2,708,222

c

Banque

Federative

du

Credit

Mutuel

SA

,

Senior

Preferred

Note

,

144A,

4.591 %

,

10/16/28

.............................

France

5,100,000

5,155,111

c

CaixaBank

SA

,

Senior

Non-Preferred

Note

,

144A,

4.634%

to

7/02/28,

FRN

thereafter

,

7/03/29

......................

Spain

3,480,000

3,505,672

Citibank

NA

,

Senior

Note

,

4.576 %

,

5/29/27

................

United

States

6,200,000

6,255,606

Citigroup,

Inc.

,

Senior

Note

,

5.174%

to

2/12/29,

FRN

thereafter

,

2/13/30

....

United

States

2,100,000

2,155,739

Senior

Note

,

4.503%

to

9/10/30,

FRN

thereafter

,

9/11/31

....

United

States

4,890,000

4,896,997

Franklin

Investors

Securities

Trust

Schedule

of

Investments

#### Franklin

#### Low

#### Duration

#### Total

#### Return

#### Fund
(continued)

franklintempleton.com

Annual

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)

Citigroup,

Inc.,

(continued)

Sub.

Bond

,

4.6 %

,

3/09/26

...........................

United

States

2,600,000

$

2,603,507

c

Credit

Agricole

SA

,

Senior

Non-Preferred

Note

,

144A,

5.222%

to

5/26/30,

FRN

thereafter

,

5/27/31

......................

France

6,400,000

6,564,523

c

Danske

Bank

A/S

,

Senior

Non-Preferred

Note

,

144A,

5.705%

to

2/28/29,

FRN

thereafter

,

3/01/30

......................

Denmark

5,300,000

5,511,732

c

Federation

des

Caisses

Desjardins

du

Quebec

,

Senior

Note

,

144A,

4.565 %

,

8/26/30

..............................

Canada

2,545,000

2,559,839

Fifth

Third

Bank

NA

,

Senior

Note

,

4.967%

to

1/27/27,

FRN

thereafter

,

1/28/28

.................................

United

States

2,430,000

2,452,407

HSBC

Holdings

plc

,

Senior

Note

,

2.013%

to

9/21/27,

FRN

thereafter

,

9/22/28

.................................

United

Kingdom

7,600,000

7,300,628

Huntington

Bancshares,

Inc.

,

Senior

Note

,

6.208%

to

8/20/28,

FRN

thereafter

,

8/21/29

.............................

United

States

3,000,000

3,149,930

Huntington

National

Bank

(The)

,

Senior

Note

,

4.552%

to

5/16/27,

FRN

thereafter

,

5/17/28

.............................

United

States

7,400,000

7,437,740

JPMorgan

Chase

&

Co.

,

Senior

Note

,

5.012%

to

1/22/29,

FRN

thereafter

,

1/23/30

....

United

States

3,600,000

3,688,140

Senior

Note

,

4.255%

to

10/21/30,

FRN

thereafter

,

10/22/31

..

United

States

2,800,000

2,790,848

Lloyds

Banking

Group

plc

,

Senior

Note

,

3.75%

to

3/17/27,

FRN

thereafter

,

3/18/28

.....

United

Kingdom

8,400,000

8,349,119

Senior

Note

,

5.087%

to

11/25/27,

FRN

thereafter

,

11/26/28

..

United

Kingdom

2,730,000

2,775,910

Manufacturers

&

Traders

Trust

Co.

,

Senior

Note

,

5.4 %

,

11/21/25

United

States

7,900,000

7,902,314

NatWest

Group

plc

,

Senior

Note

,

1.642%

to

6/13/26,

FRN

thereafter

,

6/14/27

.................................

United

Kingdom

7,000,000

6,889,304

c

,d

NatWest

Markets

plc

,

Senior

Note

,

144A,

4.412 %

,

11/06/30

....

United

Kingdom

3,360,000

3,359,516

PNC

Financial

Services

Group,

Inc.

(The)

,

Senior

Note

,

5.3%

to

1/20/27,

FRN

thereafter

,

1/21/28

......................

United

States

2,000,000

2,026,882

Royal

Bank

of

Canada

,

Senior

Note

,

4.696%

to

8/05/30,

FRN

thereafter

,

8/06/31

.................................

Canada

6,500,000

6,583,569

Santander

Holdings

USA,

Inc.

,

Senior

Note

,

5.473%

to

3/19/28,

FRN

thereafter

,

3/20/29

.............................

United

States

8,000,000

8,140,722

Santander

UK

Group

Holdings

plc

,

Senior

Note

,

1.673%

to

6/23/26,

FRN

thereafter

,

6/14/27

......................

United

Kingdom

5,900,000

5,804,050

c

Shinhan

Bank

Co.

Ltd.

,

Senior

Note

,

144A,

1.375 %

,

10/21/26

..

South

Korea

6,500,000

6,346,226

c

Societe

Generale

SA

,

Senior

Non-Preferred

Note

,

144A,

1.792%

to

6/08/26,

FRN

thereafter

,

6/09/27

.....................

France

3,900,000

3,838,199

Truist

Financial

Corp.

,

Senior

Note

,

5.435%

to

1/23/29,

FRN

thereafter

,

1/24/30

.................................

United

States

7,400,000

7,649,800

Wells

Fargo

&

Co.

,

Senior

Note

,

6.303%

to

10/22/28,

FRN

thereafter

,

10/23/29

..

United

States

4,000,000

4,231,965

Senior

Note

,

5.198%

to

1/22/29,

FRN

thereafter

,

1/23/30

....

United

States

2,550,000

2,624,322

Sub.

Bond

,

4.1 %

,

6/03/26

...........................

United

States

3,000,000

3,000,438

164,077,849

#### Beverages

#### 0.3%
c

Coca-Cola

Europacific

Partners

plc

,

Senior

Note

,

144A,

1.5 %

,

1/15/27

.........................................

United

Kingdom

4,400,000

4,267,888

Diageo

Investment

Corp.

,

Senior

Note

,

5.125 %

,

8/15/30

......

United

Kingdom

2,020,000

2,096,262

6,364,150

#### Broadline

#### Retail

#### 0.0%
b

,c

,e

K2016470219

South

Africa

Ltd.

,

Senior

Secured

Note

,

144A,

%

,

12/31/22

........................................

South

Africa

1,068,278

—

Franklin

Investors

Securities

Trust

Schedule

of

Investments

#### Franklin

#### Low

#### Duration

#### Total

#### Return

#### Fund
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Annual

Report

a

a

#### Country

#### Principal

#### Amount

#### \*
a

#### Value
a

#### a
a

#### Corporate

#### Bonds
(continued)

#### Broadline

#### Retail
(continued)

b

,c

,e

K2016470260

South

Africa

Ltd.

,

Senior

Secured

Note

,

144A,

%

,

12/31/22

....................................

South

Africa

470,581

$

—

—

#### Building

#### Products

#### 0.4%
Carrier

Global

Corp.

,

Senior

Note

,

2.493 %

,

2/15/27

..........

United

States

5,000,000

4,901,695

c

JH

North

America

Holdings,

Inc.

,

Senior

Secured

Note

,

144A,

5.875 %

,

1/31/31

...................................

United

States

75,000

76,542

Owens

Corning

,

Senior

Note

,

5.5 %

,

6/15/27

...............

United

States

3,500,000

3,571,929

8,550,166

#### Capital

#### Markets

#### 2.7%
Bank

of

New

York

Mellon

(The)

,

Senior

Note

,

4.729%

to

4/19/28,

FRN

thereafter

,

4/20/29

.............................

United

States

650,000

660,651

Goldman

Sachs

Bank

USA

,

Senior

Note

,

5.283%

to

3/17/26,

FRN

thereafter

,

3/18/27

.................................

United

States

6,800,000

6,825,709

Goldman

Sachs

Group,

Inc.

(The)

,

Senior

Bond

,

3.75 %

,

2/25/26

.........................

United

States

6,500,000

6,496,109

Senior

Note

,

4.387%

to

6/14/26,

FRN

thereafter

,

6/15/27

....

United

States

2,700,000

2,701,001

Senior

Note

,

2.64%

to

2/23/27,

FRN

thereafter

,

2/24/28

.....

United

States

5,500,000

5,393,095

Morgan

Stanley

,

Senior

Note

,

5.173%

to

1/15/29,

FRN

thereafter

,

1/16/30

....

United

States

5,500,000

5,649,183

I

,

Senior

Note

,

4.133%

to

10/17/28,

FRN

thereafter

,

10/18/29

United

States

3,665,000

3,656,996

Sub.

Bond

,

4.35 %

,

9/08/26

..........................

United

States

7,800,000

7,815,488

c

Prologis

Targeted

US

Logistics

Fund

LP

,

Senior

Note

,

144A,

5.25 %

,

4/01/29

...................................

United

States

1,800,000

1,857,058

UBS

Group

AG

,

Senior

Note

,

4.55 %

,

4/17/26

.........................

Switzerland

5,100,000

5,110,063

c

Senior

Note

,

144A,

5.711%

to

1/11/26,

FRN

thereafter

,

1/12/27

Switzerland

6,500,000

6,515,407

52,680,760

#### Chemicals

#### 0.3%
c

CF

Industries,

Inc.

,

Senior

Bond

,

144A,

4.5 %

,

12/01/26

.......

United

States

2,070,000

2,071,628

c

Rain

Carbon,

Inc.

,

Senior

Secured

Note

,

144A,

12.25 %

,

9/01/29

United

States

3,200,000

3,411,715

5,483,343

#### Commercial

#### Services

#### &

#### Supplies

#### 0.0%

#### †
Waste

Management,

Inc.

,

Senior

Note

,

3.875 %

,

1/15/29

......

United

States

1,000,000

994,707

#### Communications

#### Equipment

#### 0.2%
Motorola

Solutions,

Inc.

,

Senior

Note

,

4.85 %

,

8/15/30

........

United

States

3,100,000

3,162,798

#### Consumer

#### Finance

#### 2.5%
AerCap

Ireland

Capital

DAC

/

AerCap

Global

Aviation

Trust

,

Senior

Note

,

6.1 %

,

1/15/27

..........................

Ireland

2,200,000

2,245,188

Senior

Note

,

%

,

10/29/28

..........................

Ireland

3,000,000

2,897,615

American

Express

Co.

,

Senior

Note

,

5.645%

to

4/22/26,

FRN

thereafter

,

4/23/27

.................................

United

States

6,700,000

6,745,174

c

Avolon

Holdings

Funding

Ltd.

,

Senior

Note

,

144A,

4.9 %

,

10/10/30

Ireland

2,065,000

2,075,552

Capital

One

Financial

Corp.

,

Senior

Bond

,

3.8 %

,

1/31/28

..........................

United

States

7,000,000

6,950,752

Senior

Note

,

4.493%

to

9/10/30,

FRN

thereafter

,

9/11/31

....

United

States

2,190,000

2,174,530

Ford

Motor

Credit

Co.

LLC

,

Senior

Note

,

5.125 %

,

11/05/26

.......................

United

States

3,200,000

3,211,568

Senior

Note

,

5.85 %

,

5/17/27

.........................

United

States

3,400,000

3,449,410

Franklin

Investors

Securities

Trust

Schedule

of

Investments

#### Franklin

#### Low

#### Duration

#### Total

#### Return

#### Fund
(continued)

franklintempleton.com

Annual

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)

#### Consumer

#### Finance
(continued)

General

Motors

Financial

Co.,

Inc.

,

Senior

Note

,

1.5 %

,

6/10/26

..........................

United

States

13,200,000

$

12,985,759

Senior

Note

,

4.2 %

,

10/27/28

.........................

United

States

635,000

633,577

John

Deere

Capital

Corp.

,

Senior

Note

,

4.375 %

,

10/15/30

.....

United

States

3,250,000

3,279,744

OneMain

Finance

Corp.

,

Senior

Note

,

6.625 %

,

5/15/29

.......

United

States

2,000,000

2,059,216

SLM

Corp.

,

Senior

Note

,

6.5 %

,

1/31/30

...................

United

States

1,000,000

1,037,578

49,745,663

#### Consumer

#### Staples

#### Distribution

#### &

#### Retail

#### 0.1%
c

Cencosud

SA

,

Senior

Bond

,

144A,

4.375 %

,

7/17/27

.........

Chile

2,900,000

2,903,808

#### Containers

#### &

#### Packaging

#### 0.1%
Amcor

Flexibles

North

America,

Inc.

,

Senior

Note

,

5.1 %

,

3/17/30

United

States

1,570,000

1,611,693

c

Toucan

FinCo

Ltd.

/

Toucan

FinCo

Can,

Inc.

/

Toucan

FinCo

US

LLC

,

Senior

Secured

Note

,

144A,

9.5 %

,

5/15/30

...........

Canada

425,000

398,892

2,010,585

#### Diversified

#### REITs

#### 0.2%
c

VICI

Properties

LP

/

VICI

Note

Co.,

Inc.

,

Senior

Note

,

144A,

3.75 %

,

2/15/27

...................................

United

States

4,200,000

4,160,133

#### Diversified

#### Telecommunication

#### Services

#### 0.0%

#### †
c

WULF

Compute

LLC

,

Senior

Secured

Note

,

144A,

7.75 %

,

10/15/30

........................................

United

States

225,000

233,900

#### Electric

#### Utilities

#### 1.0%
c

Enel

Finance

International

NV

,

Senior

Note

,

144A,

4.375 %

,

9/30/30

.........................................

Italy

2,250,000

2,236,626

Exelon

Corp.

,

Senior

Bond

,

3.4 %

,

4/15/26

.................

United

States

7,000,000

6,972,906

NextEra

Energy

Capital

Holdings,

Inc.

,

Senior

Note

,

4.685 %

,

9/01/27

.........................................

United

States

1,575,000

1,592,438

Pacific

Gas

and

Electric

Co.

,

Senior

Bond

,

4.55 %

,

7/01/30

....

United

States

5,000,000

4,970,016

c

Vistra

Operations

Co.

LLC

,

Senior

Note

,

144A,

4.375 %

,

5/01/29

United

States

3,400,000

3,340,502

19,112,488

#### Electrical

#### Equipment

#### 0.1%
Eaton

Capital

ULC

,

Senior

Note

,

4.45 %

,

5/09/30

............

United

States

1,100,000

1,110,520

#### Electronic

#### Equipment,

#### Instruments

#### &

#### Components

#### 0.1%
d

Amphenol

Corp.

,

Senior

Note

,

3.9 %

,

11/15/28

..............

United

States

1,395,000

1,388,813

#### Entertainment

#### 0.2%
c

Banijay

Entertainment

SAS

,

Senior

Secured

Note

,

144A,

8.125 %

,

5/01/29

.........................................

France

2,569,773

2,669,082

Warnermedia

Holdings,

Inc.

,

Senior

Note

,

3.755 %

,

3/15/27

....

United

States

1,758,000

1,741,501

4,410,583

#### Financial

#### Services

#### 0.7%
c

CrossCountry

Intermediate

HoldCo

LLC

,

Senior

Note

,

144A,

6.5 %

,

10/01/30

...................................

United

States

170,000

171,780

Fiserv,

Inc.

,

Senior

Note

,

2.25 %

,

6/01/27

..................

United

States

5,200,000

5,029,835

c

GGAM

Finance

Ltd.

,

Senior

Note

,

144A,

%

,

6/15/28

........

Ireland

1,050,000

1,115,960

c

Jefferson

Capital

Holdings

LLC

,

Senior

Note

,

144A,

9.5 %

,

2/15/29

United

States

2,600,000

2,741,440

c

Petronas

Capital

Ltd.

,

Senior

Note

,

144A,

4.95 %

,

1/03/31

.....

Malaysia

4,490,000

4,640,888

13,699,903

Franklin

Investors

Securities

Trust

Schedule

of

Investments

#### Franklin

#### Low

#### Duration

#### Total

#### Return

#### Fund
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Annual

Report

a

a

#### Country

#### Principal

#### Amount

#### \*
a

#### Value
a

#### a
a

#### Corporate

#### Bonds
(continued)

#### Food

#### Products

#### 0.6%
Campbell's

Co.

(The)

,

Senior

Note

,

5.2 %

,

3/19/27

...........

United

States

3,300,000

$

3,347,004

JBS

USA

Holding

Lux

SARL

/

JBS

USA

Food

Co.

/

JBS

Lux

Co.

SARL

,

Senior

Note

,

%

,

2/02/29

......................

United

States

900,000

863,127

c

Mars,

Inc.

,

Senior

Note

,

144A,

4.8 %

,

3/01/30

...............

United

States

7,805,000

7,974,809

12,184,940

#### Ground

#### Transportation

#### 0.6%
c

Beacon

Mobility

Corp.

,

Senior

Secured

Note

,

144A,

7.25 %

,

8/01/30

.........................................

United

States

105,000

109,415

c

Penske

Truck

Leasing

Co.

LP

/

PTL

Finance

Corp.

,

Senior

Note

,

144A,

5.35 %

,

3/30/29

...............................

United

States

4,000,000

4,118,348

c

SMBC

Aviation

Capital

Finance

DAC

,

Senior

Note

,

144A,

5.1 %

,

4/01/30

.........................................

Ireland

6,500,000

6,652,738

10,880,501

#### Health

#### Care

#### Equipment

#### &

#### Supplies

#### 0.3%
Edwards

Lifesciences

Corp.

,

Senior

Bond

,

4.3 %

,

6/15/28

.....

United

States

300,000

300,765

GE

HealthCare

Technologies,

Inc.

,

Senior

Note

,

5.65 %

,

11/15/27

United

States

5,000,000

5,149,820

5,450,585

#### Health

#### Care

#### Providers

#### &

#### Services

#### 1.5%
Centene

Corp.

,

Senior

Note

,

3.375 %

,

2/15/30

..............

United

States

2,700,000

2,485,555

c

CHS/Community

Health

Systems,

Inc.

,

Senior

Secured

Note

,

144A,

%

,

1/15/29

.................................

United

States

3,200,000

3,170,496

Cigna

Group

(The)

,

Senior

Note

,

1.25 %

,

3/15/26

............

United

States

3,451,000

3,413,477

CVS

Health

Corp.

,

Senior

Note

,

%

,

1/30/29

...............

United

States

4,700,000

4,798,731

Elevance

Health,

Inc.

,

Senior

Bond

,

4.101 %

,

3/01/28

.........

United

States

4,000,000

3,998,753

Icon

Investments

Six

DAC

,

Senior

Secured

Note

,

5.809 %

,

5/08/27

.........................................

United

States

4,700,000

4,799,548

c

Kedrion

SpA

,

Senior

Secured

Note

,

144A,

6.5 %

,

9/01/29

......

Italy

3,000,000

2,934,552

Providence

St

Joseph

Health

Obligated

Group

,

H

,

2.746 %

,

10/01/26

........................................

United

States

15,000

14,815

Quest

Diagnostics,

Inc.

,

Senior

Bond

,

3.45 %

,

6/01/26

........

United

States

4,150,000

4,135,669

29,751,596

#### Health

#### Care

#### REITs

#### 0.1%
f

MPT

Operating

Partnership

LP

/

MPT

Finance

Corp.

,

Senior

Bond

,

%

,

10/15/27

................................

United

States

2,550,000

2,455,458

#### Health

#### Care

#### Technology

#### 0.2%
IQVIA,

Inc.

,

Senior

Secured

Note

,

6.25 %

,

2/01/29

...........

United

States

3,300,000

3,478,817

#### Hotel

#### &

#### Resort

#### REITs

#### 0.1%
c

RHP

Hotel

Properties

LP

/

RHP

Finance

Corp.

,

Senior

Note

,

144A,

4.5 %

,

2/15/29

...............................

United

States

1,200,000

1,181,439

#### Hotels,

#### Restaurants

#### &

#### Leisure

#### 0.6%
c

Caesars

Entertainment,

Inc.

,

Senior

Note

,

144A,

4.625 %

,

10/15/29

........................................

United

States

3,400,000

3,200,956

c

Carnival

Corp.

,

Senior

Note

,

144A,

5.75 %

,

3/15/30

..........

United

States

2,000,000

2,061,300

c

Rivers

Enterprise

Lender

LLC

/

Rivers

Enterprise

Lender

Corp.

,

Senior

Secured

Note

,

144A,

6.25 %

,

10/15/30

.............

United

States

2,610,000

2,632,904

Sands

China

Ltd.

,

Senior

Note

,

2.3 %

,

3/08/27

..............

Macau

3,400,000

3,307,167

11,202,327

Franklin

Investors

Securities

Trust

Schedule

of

Investments

#### Franklin

#### Low

#### Duration

#### Total

#### Return

#### Fund
(continued)

franklintempleton.com

Annual

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)

#### Household

#### Durables

#### 0.5%
DR

Horton,

Inc.

,

Senior

Note

,

4.85 %

,

10/15/30

.............

United

States

4,575,000

$

4,665,032

Toll

Brothers

Finance

Corp.

,

Senior

Bond

,

4.35 %

,

2/15/28

.....

United

States

4,200,000

4,213,694

8,878,726

#### Independent

#### Power

#### and

#### Renewable

#### Electricity

#### Producers

#### 0.1%
Southern

Power

Co.

,

A

,

Senior

Note

,

4.25 %

,

10/01/30

........

United

States

1,085,000

1,079,198

#### Insurance

#### 3.1%
c

Acrisure

LLC

/

Acrisure

Finance,

Inc.

,

Senior

Note

,

144A,

8.5 %

,

6/15/29

.........................................

United

States

900,000

945,494

c

AEGON

Funding

Co.

LLC

,

Senior

Note

,

144A,

5.5 %

,

4/16/27

..

Netherlands

7,000,000

7,115,233

c

Alliant

Holdings

Intermediate

LLC

/

Alliant

Holdings

Co-Issuer

,

Senior

Note

,

144A,

5.875 %

,

11/01/29

..................

United

States

1,200,000

1,197,628

Senior

Secured

Note

,

144A,

6.75 %

,

4/15/28

.............

United

States

2,000,000

2,037,732

c

Athene

Global

Funding

,

Senior

Secured

Note

,

144A,

5.516 %

,

3/25/27

.........................................

United

States

7,000,000

7,119,034

Brown

&

Brown,

Inc.

,

Senior

Note

,

4.9 %

,

6/23/30

...........

United

States

2,085,000

2,114,550

c

Corebridge

Global

Funding

,

Secured

Note

,

144A,

5.9 %

,

9/19/28

United

States

4,700,000

4,918,898

F&G

Annuities

&

Life,

Inc.

,

Senior

Note

,

6.5 %

,

6/04/29

.......

United

States

850,000

888,015

c

F&G

Global

Funding

,

Secured

Note

,

144A,

5.875 %

,

6/10/27

...

United

States

5,800,000

5,942,780

c

GA

Global

Funding

Trust

,

Secured

Note

,

144A,

4.4 %

,

9/23/27

..

United

States

7,200,000

7,209,133

c

Metropolitan

Life

Global

Funding

I

,

Secured

Note

,

144A,

5.05 %

,

1/06/28

.........................................

United

States

4,100,000

4,186,576

c

Mutual

of

Omaha

Cos.

Global

Funding

,

Secured

Note

,

144A,

5.35 %

,

4/09/27

...................................

United

States

6,700,000

6,809,685

c

Northwestern

Mutual

Global

Funding

,

Secured

Note

,

144A,

4.9 %

,

6/12/28

.........................................

United

States

5,000,000

5,109,046

c

Principal

Life

Global

Funding

II

,

Secured

Note

,

144A,

4.6 %

,

8/19/27

.........................................

United

States

2,000,000

2,018,732

c

RGA

Global

Funding

,

Secured

Note

,

144A,

5.448 %

,

5/24/29

...

United

States

2,100,000

2,178,602

59,791,138

#### Interactive

#### Media

#### &

#### Services

#### 0.4%
Meta

Platforms,

Inc.

,

Senior

Note

,

4.2 %

,

11/15/30

...........

United

States

4,710,000

4,706,157

c

Tencent

Holdings

Ltd.

,

Senior

Note

,

144A,

1.81 %

,

1/26/26

.....

China

3,000,000

2,983,695

7,689,852

#### Life

#### Sciences

#### Tools

#### &

#### Services

#### 0.3%
Bio-Rad

Laboratories,

Inc.

,

Senior

Note

,

3.3 %

,

3/15/27

.......

United

States

900,000

889,389

Illumina,

Inc.

,

Senior

Note

,

5.8 %

,

12/12/25

.........................

United

States

4,000,000

4,001,250

Senior

Note

,

4.65 %

,

9/09/26

.........................

United

States

1,600,000

1,604,582

6,495,221

#### Machinery

#### 0.1%
c

ESAB

Corp.

,

Senior

Note

,

144A,

6.25 %

,

4/15/29

............

United

States

500,000

512,307

Hillenbrand,

Inc.

,

Senior

Note

,

6.25 %

,

2/15/29

..............

United

States

1,100,000

1,131,491

1,643,798

#### Media

#### 0.4%
c

Directv

Financing

LLC

,

Senior

Secured

Note

,

144A,

8.875 %

,

2/01/30

.........................................

United

States

2,750,000

2,737,155

c

Directv

Financing

LLC

/

Directv

Financing

Co-Obligor,

Inc.

,

Senior

Secured

Note

,

144A,

5.875 %

,

8/15/27

..................

United

States

410,000

410,275

Franklin

Investors

Securities

Trust

Schedule

of

Investments

#### Franklin

#### Low

#### Duration

#### Total

#### Return

#### Fund
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Annual

Report

a

a

#### Country

#### Principal

#### Amount

#### \*
a

#### Value
a

#### a
a

#### Corporate

#### Bonds
(continued)

#### Media
(continued)

Paramount

Global

,

Senior

Bond

,

7.875 %

,

7/30/30

...........

United

States

4,600,000

$

5,094,745

8,242,175

#### Metals

#### &

#### Mining

#### 0.2%
c

Glencore

Funding

LLC

,

Senior

Note

,

144A,

4.907 %

,

4/01/28

...

Australia

3,335,000

3,390,798

#### Mortgage

#### Real

#### Estate

#### Investment

#### Trusts
(REITs)

#### 0.1%
c

Starwood

Property

Trust,

Inc.

,

Senior

Note

,

144A,

5.75 %

,

1/15/31

United

States

2,860,000

2,903,935

#### Multi-Utilities

#### 0.4%
Dominion

Energy,

Inc.

,

D

,

Senior

Bond

,

2.85 %

,

8/15/26

.......

United

States

1,300,000

1,288,279

DTE

Energy

Co.

,

Senior

Note

,

4.95 %

,

7/01/27

..............

United

States

2,200,000

2,227,226

c

Engie

SA

,

Senior

Note

,

144A,

5.25 %

,

4/10/29

..............

France

4,000,000

4,130,680

Southern

Co.

Gas

Capital

Corp.

,

A

,

Senior

Note

,

4.05 %

,

9/15/28

United

States

1,095,000

1,093,427

8,739,612

#### Oil,

#### Gas

#### &

#### Consumable

#### Fuels

#### 2.2%
c

CITGO

Petroleum

Corp.

,

Senior

Secured

Note

,

144A,

6.375 %

,

6/15/26

.........................................

United

States

3,400,000

3,406,232

c

,f

Coronado

Finance

Pty.

Ltd.

,

Senior

Secured

Note

,

144A,

9.25 %

,

10/01/29

........................................

Australia

1,100,000

1,014,719

Energy

Transfer

LP

,

Senior

Bond

,

4.75 %

,

1/15/26

.........................

United

States

5,200,000

5,200,555

Senior

Bond

,

3.9 %

,

7/15/26

..........................

United

States

3,900,000

3,891,372

c

Harbour

Energy

plc

,

Senior

Note

,

144A,

5.5 %

,

10/15/26

......

United

Kingdom

6,800,000

6,715,394

c

Hess

Midstream

Operations

LP

,

Senior

Note

,

144A,

5.875 %

,

3/01/28

...................

United

States

300,000

306,370

Senior

Note

,

144A,

6.5 %

,

6/01/29

.....................

United

States

2,000,000

2,073,926

MPLX

LP

,

Senior

Note

,

4.8 %

,

2/15/31

....................

United

States

6,500,000

6,556,812

ONEOK,

Inc.

,

Senior

Bond

,

4.85 %

,

7/15/26

................

United

States

3,900,000

3,906,076

c

Sunoco

LP

,

Senior

Note

,

144A,

%

,

5/01/29

...............

United

States

2,000,000

2,086,374

c

Var

Energi

ASA

,

Senior

Note

,

144A,

7.5 %

,

1/15/28

..........

Norway

4,000,000

4,241,228

c

Venture

Global

LNG,

Inc.

,

Senior

Secured

Note

,

144A,

8.125 %

,

6/01/28

.........................................

United

States

2,000,000

2,061,500

Viper

Energy

Partners

LLC

,

Senior

Note

,

4.9 %

,

8/01/30

.......

United

States

846,000

854,016

42,314,574

#### Passenger

#### Airlines

#### 0.0%

#### †
c

American

Airlines,

Inc.

/

AAdvantage

Loyalty

IP

Ltd.

,

Senior

Secured

Note

,

144A,

5.5 %

,

4/20/26

....................

United

States

216,667

217,353

c

United

Airlines,

Inc.

,

Senior

Secured

Note

,

144A,

4.375 %

,

4/15/26

United

States

526,364

525,606

742,959

#### Personal

#### Care

#### Products

#### 0.4%
Haleon

US

Capital

LLC

,

Senior

Note

,

3.375 %

,

3/24/27

.......

United

States

7,700,000

7,634,009

#### Pharmaceuticals

#### 0.6%
c

Bayer

US

Finance

II

LLC

,

Senior

Note

,

144A,

4.25 %

,

12/15/25

.

Germany

4,600,000

4,597,971

c

Bayer

US

Finance

LLC

,

Senior

Note

,

144A,

6.25 %

,

1/21/29

....

Germany

3,200,000

3,362,269

Royalty

Pharma

plc

,

Senior

Note

,

4.45 %

,

3/25/31

...........

United

States

2,000,000

1,987,260

Teva

Pharmaceutical

Finance

Netherlands

III

BV

,

Senior

Note

,

4.75 %

,

5/09/27

...................................

Israel

1,696,000

1,697,836

11,645,336

Franklin

Investors

Securities

Trust

Schedule

of

Investments

#### Franklin

#### Low

#### Duration

#### Total

#### Return

#### Fund
(continued)

franklintempleton.com

Annual

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)

#### Professional

#### Services

#### 0.0%

#### †
Verisk

Analytics,

Inc.

,

Senior

Note

,

4.5 %

,

8/15/30

...........

United

States

812,000

$

815,943

#### Semiconductors

#### &

#### Semiconductor

#### Equipment

#### 0.9%
c

Foundry

JV

Holdco

LLC

,

Senior

Secured

Note

,

144A,

5.9 %

,

1/25/30

.........................................

United

States

5,900,000

6,204,140

Marvell

Technology,

Inc.

,

Senior

Note

,

4.75 %

,

7/15/30

........

United

States

1,080,000

1,093,394

c

SK

Hynix,

Inc.

,

Senior

Note

,

144A,

1.5 %

,

1/19/26

...........

South

Korea

9,900,000

9,839,898

17,137,432

#### Software

#### 0.1%
Oracle

Corp.

,

Senior

Note

,

4.45 %

,

9/26/30

................

United

States

1,525,000

1,512,760

#### Specialized

#### REITs

#### 0.8%
Crown

Castle,

Inc.

,

Senior

Bond

,

3.7 %

,

6/15/26

..........................

United

States

7,330,000

7,298,479

Senior

Note

,

1.05 %

,

7/15/26

.........................

United

States

2,270,000

2,219,532

c

Iron

Mountain,

Inc.

,

Senior

Bond

,

144A,

4.875 %

,

9/15/29

...................

United

States

700,000

691,365

Senior

Note

,

144A,

4.875 %

,

9/15/27

...................

United

States

2,000,000

1,995,157

c

Millrose

Properties,

Inc.

,

Senior

Note

,

144A,

6.375 %

,

8/01/30

..

United

States

2,950,000

2,990,977

15,195,510

#### Technology

#### Hardware,

#### Storage

#### &

#### Peripherals

#### 0.3%
Hewlett

Packard

Enterprise

Co.

,

Senior

Note

,

4.4 %

,

9/25/27

...

United

States

6,600,000

6,627,829

#### Textiles,

#### Apparel

#### &

#### Luxury

#### Goods

#### 0.0%

#### †
PVH

Corp.

,

Senior

Note

,

5.5 %

,

6/13/30

...................

United

States

257,000

261,874

#### Tobacco

#### 0.4%
Philip

Morris

International,

Inc.

,

Senior

Note

,

4.875 %

,

2/15/28

..

United

States

7,700,000

7,835,757

#### Trading

#### Companies

#### &

#### Distributors

#### 0.3%
c

EquipmentShare.com,

Inc.

,

Secured

Note

,

144A,

%

,

5/15/28

..

United

States

3,200,000

3,228,128

c

WESCO

Distribution,

Inc.

,

Senior

Note

,

144A,

6.375 %

,

3/15/29

.

United

States

3,000,000

3,103,257

6,331,385

#### Wireless

#### Telecommunication

#### Services

#### 0.5%
c

Connect

Finco

SARL

/

Connect

US

Finco

LLC

,

Senior

Secured

Note

,

144A,

%

,

9/15/29

............................

United

Kingdom

3,000,000

3,180,492

T-Mobile

USA,

Inc.

,

Senior

Note

,

2.25 %

,

2/15/26

.........................

United

States

2,900,000

2,882,669

Senior

Note

,

4.95 %

,

3/15/28

.........................

United

States

4,200,000

4,280,364

10,343,525

#### Total

#### Corporate

#### Bonds

#### (Cost

#### $

#### 687,045,010

####)
...................................

#### 692,626,706
g

#### Senior

#### Floating

#### Rate

#### Interests

#### 2.6%
h

#### Aerospace

#### &

#### Defense

#### 0.0%

#### †
Goat

Holdco

LLC,

First

Lien,

CME

Term

Loan,

B

,

6.715 %

,

(1-month

SOFR

+

2.75 %),

1/27/32

.....................

United

States

436,300

436,664

TransDigm,

Inc.,

First

Lien,

CME

Term

Loan,

K

,

6.252 %

,

(3-month

SOFR

+

2.25 %),

3/22/30

............................

United

States

330,000

330,640

767,304

a

a

a

a

a

a

Franklin

Investors

Securities

Trust

Schedule

of

Investments

#### Franklin

#### Low

#### Duration

#### Total

#### Return

#### Fund
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Annual

Report

a

a

#### Country

#### Principal

#### Amount

#### \*
a

#### Value
a

#### a
a

g

#### Senior

#### Floating

#### Rate

#### Interests
(continued)

h

#### Air

#### Freight

#### &

#### Logistics

#### 0.1%
Clue

Opco

LLC,

First

Lien,

CME

Term

Loan,

B

,

8.338 %

,

(3-month

SOFR

+

4.5 %),

12/19/30

............................

United

States

420,000

$

409,326

Rand

Parent

LLC,

First

Lien,

CME

Term

Loan,

B

,

7.002 %

,

(3-month

SOFR

+

%),

3/18/30

.......................

United

States

684,115

672,714

1,082,040

a

a

a

a

a

a

h

#### Automobile

#### Components

#### 0.1%
d

American

Axle

&

Manufacturing,

Inc.,

First

Lien,

Incremental

CME

Term

Loan,

C

,

7.408 %

,

(12-month

SOFR

+

3.25 %),

2/24/32

..

United

States

321,393

319,786

Clarios

Global

LP,

First

Lien,

Amendment

No.

Dollar

CME

Term

Loan

,

6.715 %

,

(1-month

SOFR

+

2.75 %),

1/28/32

.........

United

States

369,941

371,559

DexKo

Global,

Inc.,

First

Lien,

Closing

Date

Dollar

CME

Term

Loan

,

7.829 %

,

(1-month

SOFR

+

3.75 %),

10/04/28

........

United

States

535,048

527,935

First

Brands

Group

LLC,

First

Lien,

2021

CME

Term

Loan

,

9.57 %

,

(3-month

SOFR

+

%),

3/30/27

.......................

United

States

510,715

170,068

d

First

Brands

Group

LLC,

First

Lien,

Debtor-In-Possession

CME

Term

Loan

,

5.679 %

,

(1-month

SOFR

+

1.55 %),

6/29/26

.....

United

States

93,469

99,428

First

Brands

Group

LLC,

Second

Lien,

2021

CME

Term

Loan

,

13.07 %

,

(3-month

SOFR

+

8.5 %),

3/30/28

...............

United

States

565,911

13,299

Highline

Aftermarket

Acquisition

LLC,

First

Lien,

2025-1

CME

Term

Loan

,

7.699 %

,

(3-month

SOFR

+

3.5 %),

2/13/30

......

United

States

237,729

238,770

1,740,845

a

a

a

a

a

a

#### Automobiles

#### 0.0%

#### †
h

American

Trailer

World

Corp.,

First

Lien,

CME

Term

Loan,

B

,

7.815 %

,

(1-month

SOFR

+

3.75 %),

3/03/28

..............

United

States

413,521

367,775

#### Beverages

#### 0.0%

#### †
h

Primo

Brands

Corp.,

First

Lien,

2025

Refinancing

CME

Term

Loan

,

6.252 %

,

(3-month

SOFR

+

2.25 %),

3/31/28

.........

United

States

351,915

353,244

#### Broadline

#### Retail

#### 0.0%

#### †
h

Peer

Holding

III

BV,

First

Lien,

CME

Term

Loan,

B5B

,

6.502 %

,

(3-month

SOFR

+

2.5 %),

7/01/31

......................

Netherlands

488,064

490,688

h

#### Building

#### Products

#### 0.1%
Chariot

Buyer

LLC,

First

Lien,

Amendment

No.

Incremental

CME

Term

Loan

,

7.163 %

,

(1-month

SOFR

+

%),

9/08/32

...

United

States

102,083

102,530

EMRLD

Borrower

LP,

First

Lien,

Initial

CME

Term

Loan,

B

,

6.449 %

,

(3-month

SOFR

+

2.25 %),

5/31/30

..............

United

States

664,851

663,987

EMRLD

Borrower

LP,

First

Lien,

Second

Amendment

Incremental

CME

Term

Loan

,

6.122 %

,

(6-month

SOFR

+

2.25 %),

8/04/31

.

United

States

102,517

102,288

Quikrete

Holdings,

Inc.,

First

Lien,

CME

Term

Loan,

B2

,

6.215 %

,

(1-month

SOFR

+

2.25 %),

3/19/29

.....................

United

States

417,315

418,277

Quikrete

Holdings,

Inc.,

First

Lien,

CME

Term

Loan,

B3

,

6.215 %

,

(1-month

SOFR

+

2.25 %),

2/10/32

.....................

United

States

274,483

275,126

Smyrna

Ready

Mix

Concrete

LLC,

First

Lien,

2025

CME

Term

Loan

,

6.977 %

,

(1-month

SOFR

+

%),

3/30/29

............

United

States

76,247

76,438

Watlow

Electric

Manufacturing

Co.,

First

Lien,

Initial

CME

Term

Loan

,

6.84 %

,

(3-month

SOFR

+

%),

3/02/28

.............

United

States

572,025

574,316

2,212,962

a

a

a

a

a

a

h

#### Capital

#### Markets

#### 0.1%
Citadel

Securities

Global

Holdings

LLC,

First

Lien,

2024

CME

Term

Loan

,

6.163 %

,

(1-month

SOFR

+

%),

10/31/31

......

United

States

518,695

520,868

CPI

Holdco

B

LLC,

First

Lien,

Initial

CME

Term

Loan

,

5.965 %

,

(1-month

SOFR

+

%),

5/19/31

.......................

United

States

348,111

348,328

Franklin

Investors

Securities

Trust

Schedule

of

Investments

#### Franklin

#### Low

#### Duration

#### Total

#### Return

#### Fund
(continued)

franklintempleton.com

Annual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

a

#### Country

#### Principal

#### Amount

#### \*
a

#### Value
a

#### a
a

g

#### Senior

#### Floating

#### Rate

#### Interests
(continued)

h

#### Capital

#### Markets
(continued)

Edelman

Financial

Engines

Center

LLC

(The),

First

Lien,

Initial

CME

Term

Loan

,

6.965 %

,

(1-month

SOFR

+

%),

4/07/28

...

United

States

589,051

$

591,728

Jane

Street

Group

LLC,

First

Lien,

Extended

CME

Term

Loan

,

6.197 %

,

(3-month

SOFR

+

%),

12/15/31

................

United

States

515,026

510,872

1,971,796

a

a

a

a

a

a

h

#### Chemicals

#### 0.2%
A-AP

Buyer,

Inc.,

First

Lien,

Initial

CME

Term

Loan

,

6.752 %

,

(3-month

SOFR

+

2.75 %),

9/09/31

.....................

United

States

209,340

209,601

Albaugh

LLC,

First

Lien,

Initial

CME

Term

Loan

,

7.715 %

,

(1-month

SOFR

+

3.75 %),

4/06/29

.....................

United

States

506,029

500,126

Hexion

Holdings

Corp.,

First

Lien,

2024

Refinancing

CME

Term

Loan

,

8.131 %

,

(1-month

SOFR

+

%),

3/15/29

............

United

States

245,640

241,517

INEOS

US

Finance

LLC,

First

Lien,

2030

Dollar

CME

Term

Loan

,

7.215 %

,

(1-month

SOFR

+

3.25 %),

2/18/30

..............

Luxembourg

438,553

377,773

INEOS

US

Petrochem

LLC,

First

Lien,

New

CME

Term

Loan,

B1

,

8.315 %

,

(1-month

SOFR

+

4.25 %),

4/02/29

..............

United

States

218,809

183,070

Nouryon

Finance

BV,

First

Lien,

November

2024

Dollar

CME

Term

Loan,

B2

,

7.162 %

,

(3-month

SOFR

+

3.25 %),

4/03/28

..

Netherlands

271,514

271,641

Paint

Intermediate

III

LLC,

First

Lien,

Initial

CME

Term

Loan,

B

,

7.242 %

,

(3-month

SOFR

+

%),

10/09/31

................

United

States

578,296

579,091

SCIH

Salt

Holdings,

Inc.,

First

Lien,

Incremental

CME

Term

Loan,

B1

,

7.197 %

,

(6-month

SOFR

+

%),

1/31/29

.............

United

States

220,511

221,602

d

Solstice

Advanced

Materials,

Inc.,

First

Lien,

CME

Term

Loan,

B

,

5.759 %

,

(12-month

SOFR

+

%),

9/17/32

................

United

States

244,898

245,765

2,830,186

a

a

a

a

a

a

h

#### Commercial

#### Services

#### &

#### Supplies

#### 0.1%
Allied

Universal

Holdco

LLC,

First

Lien,

Amendment

No.

Replacement

USD

CME

Term

Loan

,

7.315 %

,

(1-month

SOFR

+

3.25 %),

8/20/32

...................................

United

States

181,294

182,234

APi

Group

DE,

Inc.,

First

Lien,

2021

Incremental

CME

Term

Loan

,

5.715 %

,

(1-month

SOFR

+

1.75 %),

1/03/29

..............

United

States

350,000

350,789

Aramark

Services,

Inc.,

First

Lien,

CME

Term

Loan,

B8

,

6.16 %

,

(1-month

SOFR

+

2%;

3-month

SOFR

+

2%),

6/24/30

......

United

States

67,425

67,646

Cimpress

USA,

Inc.,

First

Lien,

2024-2

Refinancing

CME

Term

Loan,

B1

,

6.465 %

,

(1-month

SOFR

+

2.5 %),

5/17/28

.......

Ireland

461,599

463,136

Garda

World

Security

Corp.,

First

Lien,

Twelfth

Additional

CME

Term

Loan

,

7.048 %

,

(1-month

SOFR

+

%),

2/01/29

.......

Canada

345,380

346,028

Openlane,

Inc.,

First

Lien,

2025

Incremental

CME

Term

Loan

,

6.588 %

,

(1-month

SOFR

+

2.5 %),

10/01/32

..............

United

States

272,000

272,680

PG

Polaris

BidCo

SARL,

First

Lien,

Initial

CME

Term

Loan

,

6.715 %

,

(1-month

SOFR

+

2.75 %),

3/26/31

..............

Luxembourg

174,634

175,530

Prime

Security

Services

Borrower

LLC,

First

Lien,

2025

Incremental

CME

Term

Loan,

B2

,

5.856 %

,

(1-month

SOFR

+

1.75 %),

3/08/32

...................................

United

States

346,250

344,735

Spin

Holdco,

Inc.,

First

Lien,

Initial

CME

Term

Loan

,

8.393 %

,

(3-month

SOFR

+

%),

3/06/28

.......................

United

States

202,607

170,081

2,372,859

a

a

a

a

a

a

h

#### Construction

#### &

#### Engineering

#### 0.1%
Brand

Industrial

Services,

Inc.,

First

Lien,

CME

Term

Loan,

C

,

8.796 %

,

(3-month

SOFR

+

4.5 %),

8/01/30

...............

United

States

444,332

394,345

Kodiak

Building

Partners,

Inc.,

First

Lien,

CME

Term

Loan,

B

,

7.752 %

,

(3-month

SOFR

+

3.75 %),

12/04/31

.............

United

States

429,939

427,867

Franklin

Investors

Securities

Trust

Schedule

of

Investments

#### Franklin

#### Low

#### Duration

#### Total

#### Return

#### Fund
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Annual

Report

a

a

#### Country

#### Principal

#### Amount

#### \*
a

#### Value
a

#### a
a

g

#### Senior

#### Floating

#### Rate

#### Interests
(continued)

h

#### Construction

#### &

#### Engineering
(continued)

Radar

Bidco

SARL,

First

Lien,

CME

Term

Loan,

B3

,

7.185 %

,

(3-month

SOFR

+

3.25 %),

4/04/31

.....................

Luxembourg

208,329

$

210,152

1,032,364

a

a

a

a

a

a

#### Construction

#### Materials

#### 0.0%

#### †
h

Knife

River

Corp.,

First

Lien,

CME

Term

Loan,

B

,

6.123 %

,

(3-month

SOFR

+

%),

3/08/32

.......................

United

States

57,014

57,299

#### Consumer

#### Finance

#### 0.0%

#### †
h

Neon

Maple

US

Debt

Mergersub,

Inc.,

First

Lien,

CME

Term

Loan,

B1

,

6.913 %

,

(1-month

SOFR

+

2.75 %),

11/17/31

.....

United

States

524,302

525,437

h

#### Containers

#### &

#### Packaging

#### 0.1%
Charter

Next

Generation,

Inc.,

First

Lien,

2024

Replacement

CME

Term

Loan

,

6.798 %

,

(1-month

SOFR

+

2.75 %),

11/29/30

....

United

States

218,868

219,915

Clydesdale

Acquisition

Holdings,

Inc.,

First

Lien,

2025

Incremental

Closing

Date

CME

Term

Loan,

B

,

7.215 %

,

(1-month

SOFR

+

3.25 %),

4/01/32

...................................

United

States

579,827

579,216

b

Kleopatra

Finco

SARL,

First

Lien,

USD

CME

Term

Loan,

B

,

13.991 %

,

(1-month

SOFR

+

%),

11/27/25

..............

Luxembourg

77,903

69,460

Klockner

Pentaplast

of

America,

Inc.,

First

Lien,

USD

CME

Term

Loan,

B

,

9.044 %

,

(6-month

SOFR

+

4.75 %),

2/12/26

.......

Luxembourg

764,713

337,911

Owens-Brockway

Glass

Container,

Inc.,

First

Lien,

CME

Term

Loan,

B1

,

6.838 %

,

(3-month

SOFR

+

%),

9/30/32

.........

United

States

336,301

336,160

1,542,662

a

a

a

a

a

a

h

#### Distributors

#### 0.0%

#### †
Core

&

Main

LP,

First

Lien,

CME

Term

Loan,

D

,

5.991 %

,

(1-month

SOFR

+

%),

7/27/28

...............................

United

States

315,319

315,910

Verde

Purchaser

LLC,

First

Lien,

Second

Refinancing

CME

Term

Loan

,

8.002 %

,

(3-month

SOFR

+

%),

11/30/30

...........

United

States

573,202

552,020

867,930

a

a

a

a

a

a

#### Diversified

#### Consumer

#### Services

#### 0.0%

#### †
h

Wand

NewCo

3,

Inc.,

First

Lien,

Initial

CME

Term

Loan

,

6.465 %

,

(1-month

SOFR

+

2.5 %),

1/30/31

......................

United

States

323,105

322,757

h

#### Electrical

#### Equipment

#### 0.1%
Indicor

LLC,

First

Lien,

Dollar

CME

Term

Loan,

D

,

6.752 %

,

(3-month

SOFR

+

2.75 %),

11/22/29

....................

United

States

585,379

587,884

Pinnacle

Buyer

LLC,

First

Lien,

Initial

CME

Term

Loan,

B

,

6.485 %

,

(3-month

SOFR

+

2.5 %),

9/13/32

...............

United

States

198,719

199,836

WEC

US

Holdings,

Inc.,

First

Lien,

Initial

CME

Term

Loan

,

6.384 %

,

(1-month

SOFR

+

2.25 %),

1/27/31

..............

United

States

445,100

446,634

1,234,354

a

a

a

a

a

a

h

#### Electronic

#### Equipment,

#### Instruments

#### &

#### Components

#### 0.0%

#### †
MX

Holdings

US,

Inc.,

First

Lien,

Senior

USD

CME

Term

Loan,

B

,

6.218 %

,

(1-month

SOFR

+

2.25 %),

3/17/32

..............

United

States

67,844

68,183

d

Spectris

plc,

First

Lien,

CME

Term

Loan

,

6.844 %

,

(12-month

SOFR

+

2.75 %),

9/24/32

............................

United

Kingdom

40,356

40,507

108,690

a

a

a

a

a

a

#### Energy

#### Equipment

#### &

#### Services

#### 0.0%

#### †
h

Star

Holding

LLC,

First

Lien,

CME

Term

Loan,

B

,

8.465 %

,

(1-month

SOFR

+

4.5 %),

7/18/31

......................

United

States

444,361

431,228

Franklin

Investors

Securities

Trust

Schedule

of

Investments

#### Franklin

#### Low

#### Duration

#### Total

#### Return

#### Fund
(continued)

franklintempleton.com

Annual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

a

#### Country

#### Principal

#### Amount

#### \*
a

#### Value
a

#### a
a

g

#### Senior

#### Floating

#### Rate

#### Interests
(continued)

h

#### Entertainment

#### 0.0%

#### †
Banijay

Entertainment

SAS,

First

Lien,

CME

Term

Loan,

B3

,

6.879 %

,

(1-month

SOFR

+

2.75 %),

3/01/28

..............

France

137,787

$

138,705

Playtika

Holding

Corp.,

First

Lien,

CME

Term

Loan,

B1

,

6.829 %

,

(1-month

SOFR

+

2.75 %),

3/13/28

.....................

United

States

723,797

709,191

847,896

a

a

a

a

a

a

h

#### Financial

#### Services

#### 0.0%

#### †
Boost

Newco

Borrower

LLC,

First

Lien,

CME

Term

Loan,

B2

,

6.002 %

,

(3-month

SOFR

+

%),

1/31/31

................

United

States

346,250

347,549

d

Speed

Midco

SARL,

First

Lien,

USD

CME

Term

Loan,

B

,

6.288 %

,

(6-month

SOFR

+

2.5 %),

10/01/32

..............

Luxembourg

198,830

198,706

546,255

a

a

a

a

a

a

h

#### Food

#### Products

#### 0.1%
Aspire

Bakeries

Holdings

LLC,

First

Lien,

Second

Amendment

CME

Term

Loan

,

7.468 %

,

(1-month

SOFR

+

3.5 %),

12/23/30

.

United

States

189,740

191,164

d

Chobani

LLC,

First

Lien,

CME

Term

Loan,

B

,

5.933 %

,

(12-month

SOFR

+

2.25 %),

10/22/32

...........................

United

States

316,264

317,352

Froneri

International

Ltd.,

First

Lien,

CME

Term

Loan,

B4

,

6.197 %

,

(6-month

SOFR

+

%),

9/30/31

................

United

Kingdom

403,552

401,202

909,718

a

a

a

a

a

a

h

#### Ground

#### Transportation

#### 0.1%
Aggreko

Holdings,

Inc.,

First

Lien,

2025

Amended

USD

CME

Term

Loan

,

7.215 %

,

(3-month

SOFR

+

%),

5/21/31

.......

United

Kingdom

60,844

61,301

First

Student

Bidco,

Inc.,

First

Lien,

11th

Amendment

Repricing

CME

Term

Loan

,

6.711 %

,

(3-month

SOFR

+

2.5 %),

8/15/30

..

United

States

395,441

396,479

First

Student

Bidco,

Inc.,

First

Lien,

CME

Term

Loan,

C

,

6.711 %

,

(1-month

SOFR

+

2.5 %),

8/15/30

......................

United

States

121,232

121,520

Kenan

Advantage

Group,

Inc.

(The),

First

Lien,

U.S.

CME

Term

Loan,

B4

,

7.215 %

,

(1-month

SOFR

+

3.25 %),

1/25/29

......

United

States

498,737

491,506

i

LaserShip,

Inc.,

First

Lien,

CME

Term

Loan,

D

,

PIK,

5.763 %

,

(3-month

SOFR

+

1.5 %),

8/10/29

......................

United

States

136,706

39,159

WWEX

Uni

Topco

Holdings

LLC,

First

Lien,

Initial

CME

Term

Loan

,

8.002 %

,

(3-month

SOFR

+

%),

7/26/28

............

United

States

453,460

453,204

1,563,169

a

a

a

a

a

a

#### Health

#### Care

#### Equipment

#### &

#### Supplies

#### 0.0%

#### †
h

Bausch

+

Lomb

Corp.,

First

Lien,

Third

Amendment

CME

Term

Loan

,

8.215 %

,

(1-month

SOFR

+

4.25 %),

1/15/31

.........

United

States

324,737

327,173

h

#### Health

#### Care

#### Providers

#### &

#### Services

#### 0.1%
Charlotte

Buyer,

Inc.,

First

Lien,

Second

Refinancing

CME

Term

Loan

,

8.298 %

,

(1-month

SOFR

+

4.25 %),

2/11/28

.........

United

States

466,649

465,979

Dermatology

Intermediate

Holdings

III,

Inc.,

First

Lien,

Initial

CME

Term

Loan

,

8.09 %

,

(3-month

SOFR

+

4.25 %),

3/26/29

......

United

States

339,124

321,177

Medical

Solutions

Holdings,

Inc.,

First

Lien,

CME

Term

Loan

,

7.44 %

,

(3-month

SOFR

+

3.5 %),

11/01/28

...............

United

States

351,918

112,614

Pacific

Dental

Services,

Inc.,

First

Lien,

CME

Term

Loan

,

6.537 %

,

(1-month

SOFR

+

2.5 %),

3/17/31

......................

United

States

284,126

285,024

d

Paradigm

Parent

LLC,

First

Lien,

Initial

CME

Term

Loan

,

8.553 %

,

(12-month

SOFR

+

4.5 %),

4/16/32

.....................

United

States

300,000

268,500

Phoenix

Guarantor,

Inc.,

First

Lien,

CME

Term

Loan,

B5

,

6.465 %

,

(1-month

SOFR

+

2.5 %),

2/21/31

......................

United

States

246,880

247,909

Surgery

Center

Holdings,

Inc.,

First

Lien,

2025

Refinancing

CME

Term

Loan

,

6.465 %

,

(1-month

SOFR

+

2.5 %),

12/19/30

.....

United

States

31,762

31,882

Franklin

Investors

Securities

Trust

Schedule

of

Investments

#### Franklin

#### Low

#### Duration

#### Total

#### Return

#### Fund
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Annual

Report

a

a

#### Country

#### Principal

#### Amount

#### \*
a

#### Value
a

#### a
a

g

#### Senior

#### Floating

#### Rate

#### Interests
(continued)

h

#### Health

#### Care

#### Providers

#### &

#### Services
(continued)

US

Anesthesia

Partners,

Inc.,

First

Lien,

Initial

CME

Term

Loan

,

8.499 %

,

(1-month

SOFR

+

4.25 %),

10/02/28

.............

United

States

535,905

$

537,105

2,270,190

a

a

a

a

a

a

#### Health

#### Care

#### Technology

#### 0.0%

#### †
d,h

Cotiviti,

Inc.,

First

Lien,

New

CME

Term

Loan,

B

,

6.884 %

,

(1-month

SOFR

+

2.75 %),

5/01/31

.....................

United

States

339,144

327,557

h

#### Hotels,

#### Restaurants

#### &

#### Leisure

#### 0.2%
1011778

BC

ULC,

First

Lien,

CME

Term

Loan,

B5

,

5.715 %

,

(1-month

SOFR

+

1.75 %),

9/20/30

.....................

Canada

344,347

343,825

Caesars

Entertainment,

Inc.,

First

Lien,

2023

Incremental

CME

Term

Loan,

B

,

6.215 %

,

(1-month

SOFR

+

2.25 %),

2/06/30

...

United

States

215,040

213,987

Dave

&

Buster's,

Inc.,

First

Lien,

2024

Refinancing

CME

Term

Loan,

B

,

7.25 %

,

(1-month

SOFR

+

3.25 %),

6/29/29

........

United

States

701,719

646,697

Entain

Holdings

Gibraltar

Ltd.,

First

Lien,

CME

Term

Loan,

B

,

6.252 %

,

(3-month

SOFR

+

2.25 %),

10/31/29

.............

United

Kingdom

198,000

198,326

Flutter

Financing

BV,

First

Lien,

2024

Refinancing

CME

Term

Loan,

B

,

5.752 %

,

(3-month

SOFR

+

1.75 %),

12/02/30

......

Ireland

744,318

742,271

Flynn

Restaurant

Group

LP,

First

Lien,

2025

CME

Term

Loan

,

7.715 %

,

(1-month

SOFR

+

3.75 %),

1/28/32

..............

United

States

340,638

342,368

Golden

State

Foods

LLC,

First

Lien,

Initial

CME

Term

Loan

,

8.002 %

,

(3-month

SOFR

+

%),

12/04/31

................

United

States

145,427

146,160

Great

Canadian

Gaming

Corp.,

First

Lien,

CME

Term

Loan,

B

,

8.753 %

,

(3-month

SOFR

+

4.75 %),

11/01/29

.............

Canada

618,803

616,869

Scientific

Games

Holdings

LP,

First

Lien,

2024

Refinancing

Dollar

CME

Term

Loan

,

6.934 %

,

(3-month

SOFR

+

%),

4/04/29

...

United

States

499,963

494,714

Whatabrands

LLC,

First

Lien,

2024-2

Refinancing

CME

Term

Loan.

B

,

6.465 %

,

(1-month

SOFR

+

2.5 %),

8/03/28

........

United

States

121,687

122,094

3,867,311

a

a

a

a

a

a

h

#### Household

#### Durables

#### 0.1%
AI

Aqua

Merger

Sub,

Inc.,

First

Lien,

2025

Refinancing

CME

Term

Loan,

B

,

7.129 %

,

(1-month

SOFR

+

%),

7/31/28

..........

United

States

313,957

314,996

Hunter

Douglas,

Inc.,

First

Lien,

CME

Term

Loan,

B1

,

7.252 %

,

(3-month

SOFR

+

3.25 %),

1/16/32

.....................

Netherlands

467,277

469,153

Tecta

America

Corp.,

First

Lien,

Closing

Date

CME

Term

Loan

,

6.968 %

,

(1-month

SOFR

+

%),

2/18/32

................

United

States

213,750

214,724

998,873

a

a

a

a

a

a

#### Household

#### Products

#### 0.0%

#### †
d,h

Lavender

Dutch

BorrowerCo

BV,

First

Lien,

CME

Term

Loan,

B

,

7.009 %

,

(12-month

SOFR

+

3.25 %),

9/27/32

.............

Netherlands

231,489

231,923

h

#### Independent

#### Power

#### and

#### Renewable

#### Electricity

#### Producers

#### 0.0%

#### †
Calpine

Construction

Finance

Co.

LP,

First

Lien,

Refinancing

CME

Term

Loan

,

6.163 %

,

(1-month

SOFR

+

%),

7/19/30

...

United

States

250,000

250,509

Calpine

Corp.,

First

Lien,

2024

CME

Term

Loan

,

5.715 %

,

(1-month

SOFR

+

1.75 %),

1/31/31

.....................

United

States

299,248

299,330

Talen

Energy

Supply

LLC,

First

Lien,

2024-1

Incremental

CME

Term

Loan,

B

,

6.733 %

,

(3-month

SOFR

+

2.5 %),

12/11/31

...

United

States

133,520

133,896

683,735

a

a

a

a

a

a

h

#### Insurance

#### 0.1%
Acrisure

LLC,

First

Lien,

CME

Term

Loan,

B6

,

7.163 %

,

(1-month

SOFR

+

%),

11/06/30

..............................

United

States

154,484

154,581

Franklin

Investors

Securities

Trust

Schedule

of

Investments

#### Franklin

#### Low

#### Duration

#### Total

#### Return

#### Fund
(continued)

franklintempleton.com

Annual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

a

#### Country

#### Principal

#### Amount

#### \*
a

#### Value
a

#### a
a

g

#### Senior

#### Floating

#### Rate

#### Interests
(continued)

h

#### Insurance
(continued)

Alliant

Holdings

Intermediate

LLC,

First

Lien,

Initial

CME

Term

Loan

,

6.666 %

,

(1-month

SOFR

+

2.5 %),

9/19/31

..........

United

States

444,375

$

444,451

Asurion

LLC,

First

Lien,

New

CME

Term

Loan,

B10

,

8.065 %

,

(1-month

SOFR

+

%),

8/21/28

.......................

United

States

130,371

130,697

Asurion

LLC,

First

Lien,

New

CME

Term

Loan,

B11

,

8.327 %

,

(1-month

SOFR

+

4.25 %),

8/21/28

.....................

United

States

359,278

360,911

Asurion

LLC,

Second

Lien,

New

CME

Term

Loan,

B4

,

9.329 %

,

(1-month

SOFR

+

5.25 %),

1/19/29

.....................

United

States

164,852

157,628

Broadstreet

Partners

Group

LLC,

First

Lien,

2024

CME

Term

Loan,

B

,

6.715 %

,

(1-month

SOFR

+

2.75 %),

6/16/31

.......

United

States

511,300

513,069

1,761,337

a

a

a

a

a

a

h

#### IT

#### Services

#### 0.1%
Indy

US

Holdco

LLC,

First

Lien,

Thirteenth

Amendment

Refinancing

CME

Term

Loan

,

6.465 %

,

(1-month

SOFR

+

2.5 %),

10/31/30

........................................

United

States

446,255

446,255

Kaseya,

Inc.,

First

Lien,

Initial

CME

Term

Loan

,

7.215 %

,

(1-month

SOFR

+

3.25 %),

3/22/32

............................

United

States

326,305

326,679

MH

Sub

I

LLC

(Micro

Holding

Corp.),

First

Lien,

CME

Term

Loan

,

8.252 %

,

(3-month

SOFR

+

4.25 %),

5/03/28

..............

United

States

305,637

278,742

MH

Sub

I

LLC,

First

Lien,

2024

December

New

CME

Term

Loan

,

8.215 %

,

(1-month

SOFR

+

4.25 %),

12/31/31

.............

United

States

206,868

167,253

1,218,929

a

a

a

a

a

a

h

#### Leisure

#### Products

#### 0.0%

#### †
GBT

US

III

LLC,

First

Lien,

CME

Term

Loan,

B1

,

6.358 %

,

(3-month

SOFR

+

2.5 %),

7/25/31

......................

United

States

9,950

9,978

Horizon

US

Finco

LP,

First

Lien,

CME

Term

Loan,

B

,

9.058 %

,

(3-month

SOFR

+

4.75 %),

10/31/31

....................

United

States

444,072

421,868

431,846

a

a

a

a

a

a

h

#### Machinery

#### 0.0%

#### †
CPM

Holdings,

Inc.,

First

Lien,

Initial

CME

Term

Loan

,

8.634 %

,

(1-month

SOFR

+

4.5 %),

9/28/28

......................

United

States

412,180

411,408

Crown

Equipment

Corp.,

First

Lien,

Initial

CME

Term

Loan,

B1

,

6.048 %

,

(1-month

SOFR

+

%),

10/10/31

................

United

States

346,241

348,406

Tiger

Acquisition

LLC,

First

Lien,

Refinancing

Initial

CME

Term

Loan

,

6.502 %

,

(1-month

SOFR

+

2.5 %),

8/23/32

..........

United

States

113,050

113,545

873,359

a

a

a

a

a

a

h

#### Media

#### 0.1%
d

Advantage

Sales

&

Marketing,

Inc.,

First

Lien,

CME

Term

Loan,

B1

,

8.446 %

,

(3-month

SOFR

+

4.25 %),

10/28/27

..........

United

States

319,036

282,324

Cengage

Learning,

Inc.,

First

Lien,

2024

Refinancing

CME

Term

Loan

,

7.631 %

,

(1-month

SOFR

+

3.5%;

3-month

SOFR

+

3.5%),

3/24/31

....................................

United

States

273,369

270,209

Charter

Communications

Operating

LLC,

First

Lien,

CME

Term

Loan

B5

,

6.235 %

,

(3-month

SOFR

+

2.25 %),

12/15/31

......

United

States

344,375

344,200

896,733

a

a

a

a

a

a

#### Mortgage

#### Real

#### Estate

#### Investment

#### Trusts
(REITs)

#### 0.0%

#### †
h

Starwood

Property

Mortgage

LLC,

First

Lien,

CME

Term

Loan,

B5

,

5.965 %

,

(1-month

SOFR

+

%),

1/02/30

.............

United

States

248,128

248,128

Franklin

Investors

Securities

Trust

Schedule

of

Investments

#### Franklin

#### Low

#### Duration

#### Total

#### Return

#### Fund
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Annual

Report

a

a

#### Country

#### Principal

#### Amount

#### \*
a

#### Value
a

#### a
a

g

#### Senior

#### Floating

#### Rate

#### Interests
(continued)

h

#### Oil,

#### Gas

#### &

#### Consumable

#### Fuels

#### 0.1%
Delek

US

Holdings,

Inc.,

First

Lien,

CME

Term

Loan,

B

,

7.565 %

,

(1-month

SOFR

+

3.5 %),

11/09/29

.....................

United

States

498,718

$

498,795

EPIC

Crude

Services

LP,

First

Lien,

CME

Term

Loan

,

6.34 %

,

(3-month

SOFR

+

2.5 %),

10/15/31

.....................

United

States

300,824

302,625

Hilcorp

Energy

I

LP,

First

Lien,

Initial

CME

Term

Loan

,

6.032 %

,

(1-month

SOFR

+

%),

2/06/30

.......................

United

States

341,143

342,211

Oryx

Midstream

Services

Permian

Basin

LLC,

First

Lien,

Initial

CME

Term

Loan

,

6.227 %

,

(1-month

SOFR

+

2.25 %),

10/05/28

United

States

491,288

493,101

UGI

Energy

Services

LLC,

First

Lien,

Initial

CME

Term

Loan

,

6.465 %

,

(1-month

SOFR

+

2.5 %),

2/22/30

...............

United

States

360,635

362,964

1,999,696

a

a

a

a

a

a

h

#### Passenger

#### Airlines

#### 0.1%
AAdvantage

Loyalty

IP

Ltd.,

First

Lien,

CME

Term

Loan

,

6.134 %

,

(3-month

SOFR

+

2.25 %),

4/20/28

.....................

United

States

160,827

161,193

AS

Mileage

Plan

IP

Ltd.,

First

Lien,

Initial

CME

Term

Loan

,

5.634 %

,

(3-month

SOFR

+

1.75 %),

10/15/31

.............

United

States

293,752

295,220

United

Airlines,

Inc.,

First

Lien,

CME

Term

Loan,

B

,

6.196 %

,

(3-month

SOFR

+

%),

2/24/31

.......................

United

States

224,355

225,257

WestJet

Loyalty

LP,

First

Lien,

Initial

CME

Term

Loan

,

7.252 %

,

(3-month

SOFR

+

3.25 %),

2/14/31

.....................

Canada

362,200

363,899

1,045,569

a

a

a

a

a

a

#### Pharmaceuticals

#### 0.0%

#### †
d,h

Southern

Veterinary

Partners

LLC,

First

Lien,

2025

New

CME

Term

Loan

,

6.365 %

,

(3-month

SOFR

+

2.5 %),

12/04/31

.....

United

States

300,000

300,147

h

#### Professional

#### Services

#### 0.1%
CoreLogic,

Inc.,

First

Lien,

Initial

CME

Term

Loan

,

7.579 %

,

(1-month

SOFR

+

3.5 %),

6/02/28

......................

United

States

444,186

444,853

Creative

Artists

Agency

LLC,

First

Lien,

CME

Term

Loan

,

6.465 %

,

(1-month

SOFR

+

2.5 %),

10/01/31

.....................

United

States

571,250

572,718

Maximus,

Inc.,

First

Lien,

CME

Term

Loan,

B

,

5.965 %

,

(1-month

SOFR

+

%),

5/30/31

...............................

United

States

193,920

194,809

Soliant

Lower

Intermediate

LLC,

First

Lien,

Initial

CME

Term

Loan

,

7.794 %

,

(6-month

SOFR

+

3.75 %),

7/18/31

.........

United

States

118,467

109,434

1,321,814

a

a

a

a

a

a

#### Real

#### Estate

#### Management

#### &

#### Development

#### 0.0%

#### †
h

Cushman

&

Wakefield

US

Borrower

LLC,

First

Lien,

2025-2

CME

Term

Loan

,

6.715 %

,

(1-month

SOFR

+

2.75 %),

1/31/30

.....

United

States

440,700

442,538

#### Semiconductors

#### &

#### Semiconductor

#### Equipment

#### 0.0%

#### †
d,h

Altar

Bidco,

Inc.,

First

Lien,

CME

Term

Loan

,

6.783 %

,

(12-month

SOFR

+

3.1 %),

2/01/29

.............................

United

States

548,582

541,451

h

#### Software

#### 0.2%
Adeia,

Inc.,

First

Lien,

Initial

CME

Term

Loan,

B6

,

6.465 %

,

(1-month

SOFR

+

2.5 %),

6/08/28

......................

United

States

414,997

417,590

Central

Parent

LLC,

First

Lien,

2024

Refinancing

CME

Term

Loan

,

7.252 %

,

(3-month

SOFR

+

3.25 %),

7/06/29

.........

United

States

778,453

643,368

Clover

Holdings

LLC,

First

Lien,

Initial

CME

Term

Loan

,

7.829 %

,

(1-month

SOFR

+

3.75 %),

12/09/31

....................

United

States

102,415

102,543

ConnectWise

LLC,

First

Lien,

Initial

CME

Term

Loan

,

7.763 %

,

(3-month

SOFR

+

3.5 %),

9/29/28

......................

United

States

194,444

194,965

d

Dawn

Bidco

LLC,

First

Lien,

CME

Term

Loan

,

6.759 %

,

(12-month

SOFR

+

%),

10/07/32

..............................

United

States

555,000

553,809

Franklin

Investors

Securities

Trust

Schedule

of

Investments

#### Franklin

#### Low

#### Duration

#### Total

#### Return

#### Fund
(continued)

franklintempleton.com

Annual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

a

#### Country

#### Principal

#### Amount

#### \*
a

#### Value
a

#### a
a

g

#### Senior

#### Floating

#### Rate

#### Interests
(continued)

h

#### Software
(continued)

KnowBe4,

Inc.,

First

Lien,

CME

Term

Loan

,

7.59 %

,

(3-month

SOFR

+

3.75 %),

7/23/32

............................

United

States

312,500

$

312,500

McAfee

Corp.,

First

Lien,

CME

Term

Loan,

B1

,

6.965 %

,

(1-month

SOFR

+

%),

3/01/29

...............................

United

States

445,036

423,710

Skopima

Consilio

Parent

LLC,

First

Lien,

Amendment

No.

CME

Term

Loan

,

7.715 %

,

(1-month

SOFR

+

3.75 %),

5/12/28

.....

United

States

444,375

385,335

3,033,820

a

a

a

a

a

a

h

#### Specialty

#### Retail

#### 0.1%
Evergreen

Acqco

LP,

First

Lien,

Initial

CME

Term

Loan

,

7.026 %

,

(3-month

SOFR

+

%),

9/17/32

.......................

United

States

230,688

231,178

i

GNC

Holdings,

Inc.,

Second

Lien,

CME

Term

Loan

,

PIK,

10.263 %

,

(1-month

SOFR

+

%),

10/07/26

...............

United

States

1,663,148

1,164,205

Great

Outdoors

Group

LLC,

First

Lien,

CME

Term

Loan,

B

,

7.215 %

,

(1-month

SOFR

+

3.25 %),

1/23/32

..............

United

States

242,819

243,123

RealTruck

Group,

Inc.,

First

Lien,

Initial

CME

Term

Loan

,

8.028 %

,

(1-month

SOFR

+

3.75 %),

1/31/28

.....................

United

States

339,101

298,833

White

Cap

Supply

Holdings

LLC,

First

Lien,

CME

Term

Loan,

C

,

7.215 %

,

(1-month

SOFR

+

3.25 %),

10/19/29

.............

United

States

345,773

347,013

2,284,352

a

a

a

a

a

a

h

#### Textiles,

#### Apparel

#### &

#### Luxury

#### Goods

#### 0.1%
Flash

Charm,

Inc.,

First

Lien,

CME

Term

Loan,

B2

,

7.796 %

,

(3-month

SOFR

+

3.5 %),

3/02/28

......................

United

States

458,766

411,169

Hanesbrands,

Inc.,

First

Lien,

CME

Term

Loan,

B

,

6.715 %

,

(1-month

SOFR

+

2.75 %),

3/08/32

.....................

United

States

561,030

563,835

975,004

a

a

a

a

a

a

#### Water

#### Utilities

#### 0.0%

#### †
h

Deep

Blue

Operating

I

LLC,

First

Lien,

Initial

CME

Term

Loan

,

6.884 %

,

(1-month

SOFR

+

2.75 %),

10/01/32

.............

United

States

135,243

135,835

#### Total

#### Senior

#### Floating

#### Rate

#### Interests

#### (Cost

#### $

#### 52,901,387

####)
........................

#### 50,396,778
j

#### Marketplace

#### Loans

#### 0.2%
b

#### Financial

#### Services

#### 0.2%
a

a

a

a

a

a

#### Total

#### Marketplace

#### Loans

#### (Cost

#### $

#### 11,101,214

####)
..................................

#### 4,734,383

#### Foreign

#### Government

#### and

#### Agency

#### Securities

#### 0.9%
c

Banque

Ouest

Africaine

de

Developpement

,

Senior

Bond

,

144A,

%

,

7/27/27

......................................

Supranational

k

3,900,000

3,912,438

c

Eagle

Funding

Luxco

SARL

,

Senior

Note

,

144A,

5.5 %

,

8/17/30

.

Mexico

3,030,000

3,081,965

c

Electricite

de

France

SA

,

Senior

Note

,

144A,

5.7 %

,

5/23/28

....

France

1,000,000

1,032,789

Equinor

ASA

,

Senior

Note

,

1.75 %

,

1/22/26

................

Norway

5,400,000

5,372,072

c

Korea

Electric

Power

Corp.

,

Senior

Note

,

144A,

5.375 %

,

4/06/26

South

Korea

2,800,000

2,813,469

Peru

Government

Bond

,

Senior

Bond

,

2.783 %

,

1/23/31

.......

Peru

800,000

741,440

#### Total

#### Foreign

#### Government

#### and

#### Agency

#### Securities

#### (Cost

#### $

#### 17,018,160

####)
............

#### 16,954,173

#### U.S.

#### Government

#### and

#### Agency

#### Securities

#### 19.8%
U.S.

Treasury

Bonds

,

.65

%

,

11/15/27

...................

United

States

42,300,000

39,317,168

U.S.

Treasury

Notes

,

l

Index

Linked,

0.125 %,

4/15/26

.......................

United

States

23,400,000

28,715,286

%,

11/15/26

.....................................

United

States

27,000,000

26,530,372

0.625 %,

3/31/27

..................................

United

States

70,000,000

67,128,907

Franklin

Investors

Securities

Trust

Schedule

of

Investments

#### Franklin

#### Low

#### Duration

#### Total

#### Return

#### Fund
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Annual

Report

a

a

#### Country

#### Principal

#### Amount

#### \*
a

#### Value
a

#### a
a

#### U.S.

#### Government

#### and

#### Agency

#### Securities
(continued)

U.S.

Treasury

Notes,

(continued)

m

0.5 %,

8/31/27

....................................

United

States

26,000,000

$

24,585,742

2.875 %,

8/15/28

..................................

United

States

20,000,000

19,620,703

3.75 %,

12/31/28

..................................

United

States

71,800,000

72,091,688

4.625 %,

4/30/29

..................................

United

States

91,000,000

93,952,168

%,

10/31/29

....................................

United

States

14,600,000

14,783,641

#### Total

#### U.S.

#### Government

#### and

#### Agency

#### Securities

#### (Cost

#### $

#### 384,311,014

####)
..............

#### 386,725,675

#### Asset-Backed

#### Securities

#### 15.9%

#### Consumer

#### Finance

#### 4.2%
American

Express

Credit

Account

Master

Trust

,

2023-1

,

A

,

4.87 %

,

5/15/28

.

.........................................

United

States

10,380,000

10,426,299

BA

Credit

Card

Trust

,

2022-A2

,

A2

,

%

,

4/15/28

...........................

United

States

11,562,000

11,563,938

2023-A2

,

A2

,

4.98 %

,

11/15/28

........................

United

States

6,140,000

6,204,599

Discover

Card

Execution

Note

Trust

,

2023-A2

,

A

,

4.93 %

,

6/15/28

.

United

States

10,380,000

10,438,201

GM

Financial

Consumer

Automobile

Receivables

Trust

,

2023-4

,

A3

,

5.78 %

,

8/16/28

..........................

United

States

6,040,901

6,106,652

2024-1

,

A3

,

4.85 %

,

12/18/28

.........................

United

States

10,358,785

10,415,804

2024-2

,

A2A

,

5.33 %

,

3/16/27

.........................

United

States

74,559

74,590

Hyundai

Auto

Receivables

Trust

,

2023-B

,

A3

,

5.48 %

,

4/17/28

..........................

United

States

2,236,417

2,252,640

2024-A

,

A3

,

4.99 %

,

2/15/29

..........................

United

States

3,520,000

3,551,557

Nissan

Auto

Receivables

Owner

Trust

,

2023-A

,

A3

,

4.91 %

,

11/15/27

.

........................................

United

States

6,763,894

6,781,128

Toyota

Auto

Receivables

Owner

Trust

,

2024-A

,

A3

,

4.83 %

,

10/16/28

.........................

United

States

6,284,845

6,320,911

2024-B

,

A3

,

5.33 %

,

1/16/29

..........................

United

States

7,770,000

7,865,242

82,001,561

a

a

a

a

a

a

#### Financial

#### Services

#### 11.7%
c

,h

AGL

CLO

Ltd.

,

2021-13A

,

A1R

,

144A,

FRN

,

4.984 %

,

(3-month

SOFR

+

1.1 %),

10/20/34

.

............................

United

States

2,550,000

2,552,529

c

,h

Angel

Oak

Mortgage

Trust

,

2025-HB1

,

A1

,

144A,

FRN

,

5.983 %

,

(30-day

SOFR

Average

+

1.8 %),

2/25/55

.

................

United

States

868,452

874,794

c

,h

Apidos

CLO

XXXV

,

2021-35A

,

A

,

144A,

FRN

,

5.196 %

,

(3-month

SOFR

+

1.312 %),

4/20/34

.

...........................

United

States

19,306,000

19,326,702

c

,h

Bain

Capital

Credit

CLO

Ltd.

,

2020-1A

,

A1RR

,

144A,

FRN

,

4.874 %

,

(3-month

SOFR

+

0.99 %),

4/18/33

...................................

United

States

3,128,783

3,131,170

2022-2A

,

A1R

,

144A,

FRN

,

5.007 %

,

(3-month

SOFR

+

1.15 %),

4/22/35

.........................................

United

States

2,500,000

2,502,367

c

,h

Battalion

CLO

IX

Ltd.

,

2015-9A

,

ARR

,

144A,

FRN

,

4.865 %

,

(3-month

SOFR

+

0.96 %),

7/15/31

.

....................

United

States

7,815,668

7,822,229

c

,h

Beechwood

Park

CLO

Ltd.

,

2019-1A

,

A1RR

,

144A,

FRN

,

Zero

Cpn.,

(3-month

SOFR

+

1.07 %),

1/17/35

.

................

Jersey

10,000,000

10,000,000

c

,h

BlueMountain

CLO

Ltd.

,

2016-3A

,

A1R2

,

144A,

FRN

,

5.411 %

,

(3-month

SOFR

+

1.2 %),

11/15/30

.

....................

United

States

3,948,850

3,950,910

c

,h

BlueMountain

CLO

XXXI

Ltd.

,

2021-31A

,

A1R

,

144A,

FRN

,

5.246 %

,

(3-month

SOFR

+

1.1 %),

4/19/34

.

...............

United

States

3,130,000

3,133,238

c

,h

BRAVO

Residential

Funding

Trust

,

2025-HE1

,

A1

,

144A,

FRN

,

5.533 %

,

(30-day

SOFR

Average

+

1.35 %),

9/25/72

.

........

United

States

2,452,000

2,453,833

c

,h

Buckhorn

Park

CLO

Ltd.

,

2019-1A

,

ARR

,

144A,

FRN

,

4.954 %

,

(3-month

SOFR

+

1.07 %),

7/18/34

.

....................

United

States

2,480,000

2,481,983

c

,h

Carlyle

Global

Market

Strategies

CLO

Ltd.

,

2015-4A

,

A1R3

,

144A,

FRN

,

4.804 %

,

(3-month

SOFR

+

0.92 %),

7/20/32

.

.........

United

States

3,978,399

3,982,073

Franklin

Investors

Securities

Trust

Schedule

of

Investments

#### Franklin

#### Low

#### Duration

#### Total

#### Return

#### Fund
(continued)

franklintempleton.com

Annual

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

CF

Hippolyta

Issuer

LLC

,

2020-1

,

A1

,

144A,

1.69 %

,

7/15/60

.

...

United

States

3,268,973

$

2,814,478

c

Compass

Datacenters

Issuer

II

LLC

,

2024-2A

,

A1

,

144A,

5.022 %

,

8/25/49

...................

United

States

953,000

958,225

2025-1A

,

A1

,

144A,

5.316 %

,

5/25/50

...................

United

States

1,023,000

1,039,789

d

2025-2A

,

A1

,

144A,

4.926 %

,

11/25/50

..................

United

States

2,246,000

2,253,733

c

,n

Consumer

Loan

Underlying

Bond

Certificate

Issuer

Trust

I

,

2019-52

,

PT

,

144A,

FRN

,

16.268 %

,

1/15/45

..............

United

States

3,571

1,775

2020-2

,

PT

,

144A,

FRN

,

16.26 %

,

3/15/45

................

United

States

1,838

1,605

2020-7

,

PT

,

144A,

FRN

,

16.119 %

,

4/17/45

...............

United

States

1,010

831

h

CWABS,

Inc.

Asset-Backed

Certificates

Trust

,

2004-1

,

M1

,

FRN

,

4.856 %

,

(1-month

SOFR

+

0.864 %),

3/25/34

.

.............

United

States

21,239

21,804

c

,h

Dryden

CLO

Ltd.

,

2019-68A

,

ARR

,

144A,

FRN

,

5.005 %

,

(3-month

SOFR

+

1.1 %),

7/15/35

.

.....................

United

States

6,450,000

6,456,404

c

,h

Dryden

CLO

Ltd.

,

2019-80A

,

ARR

,

144A,

FRN

,

4.832 %

,

(3-month

SOFR

+

0.95 %),

1/17/33

.

....................

United

States

8,209,675

8,215,924

c

,h

Elevation

CLO

Ltd.

,

2018-10A

,

AR

,

144A,

FRN

,

4.804 %

,

(3-month

SOFR

+

0.92 %),

10/20/31

.

...........................

United

States

452,287

452,780

c

FIGRE

Trust

,

2025-FL1

,

A1

,

144A,

5.265 %

,

7/25/55

..................

United

States

1,735,574

1,739,362

n

2025-HE4

,

A

,

144A,

FRN

,

5.408 %

,

7/25/55

..............

United

States

4,283,110

4,307,594

n

2025-HE5

,

A

,

144A,

FRN

,

5.285 %

,

8/25/55

..............

United

States

1,241,584

1,247,639

c

FirstKey

Homes

Trust

,

2020-SFR2

,

A

,

144A,

1.266 %

,

10/19/37

.

.

United

States

3,463,671

3,456,668

Ford

Credit

Auto

Owner

Trust

,

2024-A

,

A3

,

5.09 %

,

12/15/28

.

...

United

States

6,670,000

6,727,487

c

,h

GoldenTree

Loan

Management

US

CLO

Ltd.

,

2021-11A

,

AR

,

144A,

FRN

,

4.964 %

,

(3-month

SOFR

+

1.08 %),

10/20/34

.

...

United

States

9,960,000

9,967,495

c

GS

Mortgage-Backed

Securities

Trust

,

2025-CES2

,

A1

,

144A,

5.18 %

,

9/25/55

.

...................................

United

States

1,900,437

1,902,903

c

Home

Partners

of

America

Trust

,

2021-3

,

B

,

144A,

2.649 %

,

1/17/41

.

.........................................

United

States

1,348,405

1,265,878

Honda

Auto

Receivables

Owner

Trust

,

2023-3

,

A3

,

5.41 %

,

2/18/28

..........................

United

States

5,084,092

5,122,208

2023-4

,

A3

,

5.67 %

,

6/21/28

..........................

United

States

5,724,711

5,786,596

c

,h

J.P.

Morgan

Mortgage

Trust

,

2024-HE3

,

A1

,

144A,

FRN

,

5.384 %

,

(30-day

SOFR

Average

+

1.2 %),

2/25/55

.

................

United

States

1,348,416

1,349,421

c

,h

KKR

CLO

Ltd.

,

2022-43A

,

A1R

,

144A,

FRN

,

5.655 %

,

(3-month

SOFR

+

1.75 %),

1/15/36

.

............................

Jersey

3,250,000

3,260,858

c

,h

Madison

Park

Funding

XLV

Ltd.

,

2020-45A

,

ARR

,

144A,

FRN

,

4.985 %

,

(3-month

SOFR

+

1.08 %),

7/15/34

.

..............

United

States

7,000,000

7,005,500

c

,h

Marble

Point

CLO

XV

Ltd.

,

2019-1A

,

A1R2

,

144A,

FRN

,

4.9 %

,

(3-month

SOFR

+

1.04 %),

7/23/32

.

....................

United

States

1,786,789

1,788,469

c

,h

Neuberger

Berman

Loan

Advisers

CLO

Ltd.

,

2022-50A

,

AR

,

144A,

FRN

,

5.11 %

,

(3-month

SOFR

+

1.25 %),

7/23/36

.

.....

Jersey

355,000

355,177

c

New

Economy

Assets

-

Phase

Sponsor

LLC

,

2021-1

,

A1

,

144A,

1.91 %

,

10/20/61

.

..................................

United

States

13,870,000

11,746,092

c

,h

Northwoods

Capital

Ltd.

,

2021-25A

,

AR

,

144A,

FRN

,

5.004 %

,

(3-month

SOFR

+

1.12 %),

7/20/34

.

....................

United

States

2,000,000

1,999,200

c

,h

Octagon

Ltd.

,

2021-1A

,

A

,

144A,

FRN

,

5.326 %

,

(3-month

SOFR

+

1.422 %),

10/15/34

.

..........................

United

States

15,000,000

15,017,631

c

,h

Octagon

Investment

Partners

18-R

Ltd.

,

2018-18A

,

A1A

,

144A,

FRN

,

5.115 %

,

(3-month

SOFR

+

1.222 %),

4/16/31

.

........

United

States

67,106

67,139

c

,h

Octagon

Investment

Partners

Ltd.

,

2019-1A

,

A1RR

,

144A,

FRN

,

5.055 %

,

(3-month

SOFR

+

1.15 %),

4/15/35

.

.........

United

States

1,395,000

1,396,186

c

PK

Alift

Loan

Funding

LP

,

2025-2

,

A

,

144A,

4.75 %

,

3/15/43

.

..

United

States

1,003,000

1,006,486

h

RAAC

Trust

,

2004-SP1

,

AII

,

FRN

,

4.806 %

,

(1-month

SOFR

+

0.814 %),

3/25/34

.

.................................

United

States

52,409

52,312

c

,h

RR

Ltd.

,

2021-14A

,

A1

,

144A,

FRN

,

5.286 %

,

(3-month

SOFR

+

1.382 %),

4/15/36

.

................................

United

States

23,418,000

23,456,633

Franklin

Investors

Securities

Trust

Schedule

of

Investments

#### Franklin

#### Low

#### Duration

#### Total

#### Return

#### Fund
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Annual

Report

a

a

#### Country

#### Principal

#### Amount

#### \*
a

#### Value
a

#### a
a

#### Asset-Backed

#### Securities
(continued)

#### Financial

#### Services
(continued)

c

,h

Sound

Point

CLO

XXII

Ltd.

,

2019-1A

,

ARR

,

144A,

FRN

,

4.914 %

,

(3-month

SOFR

+

1.03 %),

1/20/32

.

....................

United

States

2,099,823

$

2,102,014

c

,h

Southwick

Park

CLO

LLC

,

2019-4A

,

A1RR

,

144A,

FRN

,

4.884 %

,

(3-month

SOFR

+

%),

7/20/32

.

.......................

United

States

3,496,665

3,499,946

c

,h

Symphony

CLO

XXIII

Ltd.

,

2020-23A

,

AR2

,

144A,

FRN

,

4.805 %

,

(3-month

SOFR

+

0.9 %),

1/15/34

.

.....................

United

States

2,837,472

2,839,043

c

,h

TCI-Flatiron

CLO

Ltd.

,

2018-1A

,

AR2

,

144A,

FRN

,

4.793 %

,

(3-month

SOFR

+

0.95 %),

7/29/35

.

....................

United

States

7,342,378

7,348,159

c

,h

THL

Credit

Wind

River

CLO

Ltd.

,

2019-3A

,

AR2

,

144A,

FRN

,

4.965 %

,

(3-month

SOFR

+

1.06 %),

4/15/31

.

..............

United

States

763,262

763,262

c

,h

Towd

Point

Mortgage

Trust

,

2025-HE1

,

A1A

,

144A,

FRN

,

5.533 %

,

(30-day

SOFR

Average

+

1.35 %),

7/25/65

.

...............

United

States

898,739

899,547

c

,h

Trinitas

CLO

XII

Ltd.

,

2020-12A

,

A1R2

,

144A,

FRN

,

4.908 %

,

(3-month

SOFR

+

1.05 %),

4/25/33

.

....................

United

States

1,713,235

1,714,825

c

Truist

Bank

Auto

Credit-Linked

Notes

,

2025-1

,

B

,

144A,

4.728 %

,

9/26/33

.

.........................................

United

States

2,896,037

2,895,482

c

,h

Venture

CLO

Ltd.

,

2021-41A

,

A1RR

,

144A,

FRN

,

5.014 %

,

(3-month

SOFR

+

1.13 %),

1/20/34

.

....................

United

States

8,500,000

8,508,898

c

,h

Voya

CLO

Ltd.

,

2018-2A

,

A2

,

144A,

FRN

,

5.416 %

,

(3-month

SOFR

+

1.512 %),

7/15/31

.........................................

United

States

2,500,000

2,502,047

2019-3A

,

AR

,

144A,

FRN

,

5.223 %

,

(3-month

SOFR

+

1.342 %),

10/17/32

........................................

United

States

1,549,568

1,550,691

229,078,024

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

30,350

29,463

United

Airlines

Pass-Through

Trust

,

2020-1

,

B

,

4.875 %

,

7/15/27

.

United

States

103,106

103,130

132,593

a

a

a

a

a

a

#### Total

#### Asset-Backed

#### Securities

#### (Cost

#### $

#### 312,513,442

####)
............................

#### 311,212,178

#### Commercial

#### Mortgage-Backed

#### Securities

#### 3.7%

#### Financial

#### Services

#### 3.7%
n

,o

BANK5

Trust

,

2025-5YR15

,

XA

,

IO,

FRN

,

1.221 %

,

7/15/58

....

United

States

9,501,932

468,644

n

,o

BBCMS

Mortgage

Trust

,

2025-5C34

,

XA

,

IO,

FRN

,

1.168 %

,

5/15/58

.........................................

United

States

61,974,341

2,895,193

Benchmark

Mortgage

Trust

,

2019-B13

,

A2

,

2.889 %

,

8/15/57

.......................

United

States

4,046,728

3,902,321

n,o

2025-V15

,

XA

,

IO,

FRN

,

1.119 %

,

6/15/58

................

United

States

46,788,950

2,109,578

c,n,o

2025-V18

,

XA

,

IO,

144A,

FRN

,

1.473 %

,

10/15/58

..........

United

States

15,821,000

862,123

n

,o

BMO

Mortgage

Trust

,

2025-5C10

,

XA

,

IO,

FRN

,

1.354 %

,

5/15/58

United

States

41,288,153

2,134,965

c

,h

BX

Commercial

Mortgage

Trust

,

2021-VOLT

,

A

,

144A,

FRN

,

4.847 %

,

(1-month

SOFR

+

0.814 %),

9/15/36

.............

United

States

5,260,737

5,258,506

c

,h

BX

Mortgage

Trust

,

2021-PAC

,

A

,

144A,

FRN

,

4.836 %

,

(1-month

SOFR

+

0.804 %),

10/15/36

..........................

United

States

7,517,000

7,506,224

c

,h

BX

Trust

,

2022-IND

,

A

,

144A,

FRN

,

5.523 %

,

(1-month

SOFR

+

1.491 %),

4/15/37

..................................

United

States

4,737,927

4,743,427

Cantor

Commercial

Real

Estate

Lending

LP

,

2019-CF3

,

A2

,

2.942 %

,

1/15/53

...................................

United

States

2,832,269

2,722,901

Citigroup

Commercial

Mortgage

Trust

,

2016-P4

,

A2

,

2.45 %

,

7/10/49

.........................................

United

States

1,250,750

1,243,642

CSAIL

Commercial

Mortgage

Trust

,

2015-C3

,

A4

,

3.718 %

,

8/15/48

........................

United

States

34,052

33,976

2017-CX10

,

A3

,

3.398 %

,

11/15/50

.....................

United

States

3,503,257

3,497,053

Franklin

Investors

Securities

Trust

Schedule

of

Investments

#### Franklin

#### Low

#### Duration

#### Total

#### Return

#### Fund
(continued)

franklintempleton.com

Annual

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)

c

,d

,n

CSTL

Commercial

Mortgage

Trust

,

2025-GATE2

,

A

,

144A,

FRN

,

4.59 %

,

11/10/42

...................................

United

States

2,946,000

$

2,949,683

GS

Mortgage

Securities

Trust

,

2016-GS2

,

A4

,

3.05 %

,

5/10/49

........................

United

States

890,000

885,186

2016-GS3

,

A3

,

2.592 %

,

10/10/49

......................

United

States

3,988,270

3,950,890

2016-GS3

,

A4

,

2.85 %

,

10/10/49

.......................

United

States

600,000

590,916

2019-GC42

,

A2

,

2.933 %

,

9/10/52

......................

United

States

6,031,748

5,871,695

JPMBB

Commercial

Mortgage

Securities

Trust

,

2016-C1

,

A5

,

3.576 %

,

3/17/49

...................................

United

States

4,417,000

4,404,979

JPMDB

Commercial

Mortgage

Securities

Trust

,

2017-C5

,

A4

,

3.414 %

,

3/15/50

...................................

United

States

1,784,801

1,760,772

Morgan

Stanley

Bank

of

America

Merrill

Lynch

Trust

,

2015-C27

,

AS

,

4.068 %

,

12/15/47

......................

United

States

889,819

884,461

d

2025-5C2

,

AS

,

5.384 %

,

11/15/30

......................

United

States

3,794,000

3,896,069

d,n,o

2025-5C2

,

XA

,

IO,

FRN

,

1.25 %

,

11/15/30

................

United

States

31,776,000

1,733,069

c

,d

,n

NYC

Commercial

Mortgage

Trust

,

2025-28L

,

A

,

144A,

FRN

,

4.668 %

,

11/05/38

..................................

United

States

3,145,000

3,144,747

n

Wells

Fargo

Commercial

Mortgage

Trust

,

2015-C31

,

C

,

FRN

,

4.643 %

,

11/15/48

...................

United

States

3,012,000

2,959,008

2016-C32

,

B

,

FRN

,

4.682 %

,

1/15/59

...................

United

States

1,308,000

1,286,266

71,696,294

a

a

a

a

a

a

#### Total

#### Commercial

#### Mortgage-Backed

#### Securities

#### (Cost

#### $

#### 71,394,596

####)
..............

#### 71,696,294

#### Mortgage-Backed

#### Securities

#### 1.0%
p

#### Federal

#### Home

#### Loan

#### Mortgage

#### Corp.
(FHLMC)

#### Adjustable

#### Rate

#### 0.0%

#### †
FHLMC

,

6.67 %

-

6.846 %,

(1-year

Refinitiv

USD

IBOR

Consumer

Cash

Fallbacks

+/-

MBS

Margin),

10/01/36

-

6/01/37

.......

United

States

366,728

378,195

378,195

#### Federal

#### Home

#### Loan

#### Mortgage

#### Corp.
(FHLMC)

#### Fixed

#### Rate

#### 0.9%
FHLMC

Gold

Pool,

Year

,

%,

1/01/39

..................

United

States

34,275

35,265

FHLMC

Pool,

Year

,

%,

10/01/37

.....................

United

States

8,755,780

8,394,249

FHLMC

Pool,

Year

,

3.5 %,

10/01/37

....................

United

States

8,946,849

8,673,733

17,103,247

p

#### Federal

#### National

#### Mortgage

#### Association
(FNMA)

#### Adjustable

#### Rate

#### 0.1%
FNMA

,

4.463 %

-

5.436 %,

(3-year

CMT

T-Note

+/-

MBS

Margin),

2/01/26

-

6/01/34

..................................

United

States

11,333

11,421

FNMA

,

5.475 %

-

5.58 %,

(1-month

Refinitiv

USD

IBOR

Consumer

Cash

Fallbacks

+/-

MBS

Margin),

4/01/28

-

7/01/34

........

United

States

12,661

12,649

FNMA

,

4.206 %

-

5.611 %,

(COFI

11th

District

+/-

MBS

Margin),

8/01/27

-

12/01/36

.................................

United

States

20,058

19,863

FNMA

,

6.036 %,

(5-year

CMT

T-Note

+/-

MBS

Margin),

2/01/30

.

United

States

8,082

8,072

FNMA

,

5.425 %

-

6.335 %,

(6-month

Refinitiv

USD

IBOR

Consumer

Cash

Fallbacks

+/-

MBS

Margin),

9/01/27

-

8/01/37

United

States

267,353

269,400

FNMA

,

5.307 %

-

6.53 %,

(12-month

average

of

1-year

CMT

+/-

MBS

Margin),

11/01/30

-

10/01/44

.....................

United

States

73,403

74,172

FNMA

,

5.52 %

-

6.971 %,

(1-year

CMT

T-Note

+/-

MBS

Margin),

11/01/26

-

4/01/40

.................................

United

States

440,355

450,008

FNMA

,

5.455 %

-

7.02 %,

(1-year

Refinitiv

USD

IBOR

Consumer

Cash

Fallbacks

+/-

MBS

Margin),

11/01/32

-

2/01/44

........

United

States

2,134,314

2,192,304

3,037,889

#### Federal

#### National

#### Mortgage

#### Association
(FNMA)

#### Fixed

#### Rate

#### 0.0%

#### †
FNMA,

Year

,

%,

12/01/25

..........................

United

States

2,676

2,668

Franklin

Investors

Securities

Trust

Schedule

of

Investments

#### Franklin

#### Low

#### Duration

#### Total

#### Return

#### Fund
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Annual

Report

a

a

#### Country

#### Principal

#### Amount

#### \*
a

#### Value
a

#### a
a

#### Mortgage-Backed

#### Securities
(continued)

#### Federal

#### National

#### Mortgage

#### Association
(FNMA)

#### Fixed

#### Rate
(continued)

FNMA,

Year

,

%,

3/01/38

...........................

United

States

5,228

$

5,373

8,041

p

#### Government

#### National

#### Mortgage

#### Association
(GNMA)

#### Adjustable

#### Rate

#### 0.0%

#### †
GNMA

II

,

5.375 %

-

5.625 %,

(1-year

CMT

T-Note

+/-

MBS

Margin),

4/20/26

-

9/20/26

..................................

United

States

690

692

692

#### Total

#### Mortgage-Backed

#### Securities

#### (Cost

#### $

#### 20,186,125

####)
..........................

#### 20,528,064

#### Residential

#### Mortgage-Backed

#### Securities

#### 7.4%

#### Capital

#### Markets

#### 0.0%

#### †
h

Merrill

Lynch

Mortgage

Investors

Trust

,

2003-A

,

1A

,

FRN

,

4.846 %

,

(1-month

SOFR

+

0.854 %),

3/25/28

United

States

19,829

19,337

2003-E

,

A1

,

FRN

,

4.726 %

,

(1-month

SOFR

+

0.734 %),

10/25/28

........................................

United

States

76,861

73,477

92,814

a

a

a

a

a

a

#### Commercial

#### Services

#### &

#### Supplies

#### 0.1%
c

,h

Bellemeade

Re

Ltd.

,

2021-3A

,

B1

,

144A,

FRN

,

8.033 %

,

(30-day

SOFR

Average

+

3.85 %),

9/25/31

.....................

United

States

2,488,000

2,575,271

#### Financial

#### Services

#### 7.3%
c

A&D

Mortgage

Trust

,

2023-NQM2

,

A1

,

144A,

6.132 %

,

5/25/68

................

United

States

1,031,802

1,035,397

2023-NQM3

,

A1

,

144A,

6.733 %

,

7/25/68

................

United

States

2,001,100

2,017,687

h

American

Home

Mortgage

Investment

Trust

,

2005-1

,

6A

,

FRN

,

6.274 %

,

(6-month

SOFR

+

2.428 %),

6/25/45

.............

United

States

12,388

12,347

c

BRAVO

Residential

Funding

Trust

,

n

2019-2

,

A3

,

144A,

FRN

,

3.5 %

,

10/25/44

.................

United

States

1,788,097

1,719,184

2023-NQM4

,

A1

,

144A,

6.435 %

,

5/25/63

................

United

States

4,332,409

4,357,923

2023-NQM5

,

A1

,

144A,

6.505 %

,

6/25/63

................

United

States

452,129

455,417

2023-NQM6

,

A1

,

144A,

6.602 %

,

9/25/63

................

United

States

906,147

914,505

2023-NQM8

,

A1

,

144A,

6.394 %

,

10/25/63

...............

United

States

2,339,067

2,361,933

2024-NQM1

,

A1

,

144A,

5.943 %

,

12/01/63

...............

United

States

1,405,682

1,417,630

2024-NQM2

,

A1

,

144A,

6.285 %

,

2/25/64

................

United

States

832,763

839,981

2024-NQM3

,

A1

,

144A,

6.191 %

,

3/25/64

................

United

States

3,986,096

4,028,997

c

CAFL

Issuer

LP

,

2025-RRTL1

,

A1

,

144A,

5.684 %

,

5/28/40

.....

United

States

757,000

763,505

c

,h

Chase

Home

Lending

Mortgage

Trust

,

2024-7

,

A11

,

144A,

FRN

,

5.483 %

,

(30-day

SOFR

Average

+

1.3 %),

6/25/55

.........

United

States

735,483

735,927

n

CHL

Mortgage

Pass-Through

Trust

,

2004-11

,

2A1

,

FRN

,

4.96 %

,

7/25/34

.........................................

United

States

415,157

396,672

c

,n

CIM

Trust

,

2019-INV1

,

A1

,

144A,

FRN

,

%

,

2/25/49

.........

United

States

44,989

43,220

c

COLT

Mortgage

Loan

Trust

,

n

2022-4

,

A1

,

144A,

FRN

,

4.301 %

,

3/25/67

................

United

States

2,181,873

2,175,802

2024-1

,

A1

,

144A,

5.835 %

,

2/25/69

....................

United

States

2,430,866

2,447,064

2024-INV1

,

A1

,

144A,

5.903 %

,

12/25/68

.................

United

States

1,679,084

1,691,986

Credit

Suisse

First

Boston

Mortgage

Securities

Corp.

,

2004-6

,

3A1

,

%

,

1/25/38

..................................

Switzerland

100,227

57,038

c

Cross

Mortgage

Trust

,

2024-H1

,

A1

,

144A,

6.085 %

,

12/25/68

..................

United

States

3,880,814

3,914,977

2024-H5

,

A1

,

144A,

5.854 %

,

8/26/69

...................

United

States

1,404,538

1,416,081

n

2025-H1

,

A1

,

144A,

FRN

,

5.735 %

,

2/25/70

...............

United

States

1,639,825

1,655,163

n

2025-H3

,

A1

,

144A,

FRN

,

5.883 %

,

4/25/70

...............

United

States

1,124,876

1,139,182

c

,n

CSMC

Trust

,

2014-IVR3

,

A1

,

144A,

FRN

,

3.5 %

,

7/25/44

......

United

States

237,014

223,356

Franklin

Investors

Securities

Trust

Schedule

of

Investments

#### Franklin

#### Low

#### Duration

#### Total

#### Return

#### Fund
(continued)

franklintempleton.com

Annual

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)

c

,h

FHLMC

STACR

REMIC

Trust

,

2021-DNA7

,

M1

,

144A,

FRN

,

5.033 %

,

(30-day

SOFR

Average

+

0.85 %),

11/25/41

.................................

United

States

302,294

$

302,135

2024-DNA3

,

M1

,

144A,

FRN

,

5.183 %

,

(30-day

SOFR

Average

+

%),

10/25/44

...................................

United

States

375,216

375,275

2024-HQA2

,

M1

,

144A,

FRN

,

5.383 %

,

(30-day

SOFR

Average

+

1.2 %),

8/25/44

..................................

United

States

5,425,420

5,438,914

2025-DNA1

,

A1

,

144A,

FRN

,

5.133 %

,

(30-day

SOFR

Average

+

0.95 %),

1/25/45

...................................

United

States

1,776,875

1,779,474

2025-DNA2

,

A1

,

144A,

FRN

,

5.283 %

,

(30-day

SOFR

Average

+

1.1 %),

5/25/45

....................................

United

States

1,508,813

1,514,357

2025-DNA3

,

A1

,

144A,

FRN

,

5.133 %

,

(30-day

SOFR

Average

+

0.95 %),

9/25/45

...................................

United

States

2,359,088

2,362,656

h

FNMA

Connecticut

Avenue

Securities

Trust

,

2016-C01

,

1M2

,

FRN

,

11.047 %

,

(30-day

SOFR

Average

+

6.864 %),

8/25/28

..................................

United

States

177,241

180,252

2016-C01

,

2M2

,

FRN

,

11.247 %

,

(30-day

SOFR

Average

+

7.064 %),

8/25/28

..................................

United

States

544,881

554,253

c

2022-R02

,

2M1

,

144A,

FRN

,

5.383 %

,

(30-day

SOFR

Average

+

1.2 %),

1/25/42

....................................

United

States

189,526

189,535

c

2023-R08

,

1M1

,

144A,

FRN

,

5.683 %

,

(30-day

SOFR

Average

+

1.5 %),

10/25/43

...................................

United

States

4,913,048

4,931,139

c

2024-R02

,

1M1

,

144A,

FRN

,

5.283 %

,

(30-day

SOFR

Average

+

1.1 %),

2/25/44

....................................

United

States

1,622,345

1,623,879

c

2024-R03

,

2M1

,

144A,

FRN

,

5.333 %

,

(30-day

SOFR

Average

+

2.3 %),

3/25/44

....................................

United

States

1,944,170

1,944,744

c

2024-R05

,

2M1

,

144A,

FRN

,

5.183 %

,

(30-day

SOFR

Average

+

%),

7/25/44

.....................................

United

States

900,659

900,565

c

2024-R06

,

1M1

,

144A,

FRN

,

5.233 %

,

(30-day

SOFR

Average

+

1.05 %),

9/25/44

...................................

United

States

520,161

520,278

c

2025-R01

,

1A1

,

144A,

FRN

,

5.133 %

,

(30-day

SOFR

Average

+

0.95 %),

1/25/45

...................................

United

States

1,510,361

1,512,083

c

2025-R02

,

1A1

,

144A,

FRN

,

5.183 %

,

(30-day

SOFR

Average

+

%),

2/25/45

.....................................

United

States

949,162

951,456

c

2025-R03

,

2A1

,

144A,

FRN

,

5.633 %

,

(30-day

SOFR

Average

+

1.45 %),

3/25/45

...................................

United

States

1,445,066

1,455,211

c

2025-R04

,

1A1

,

144A,

FRN

,

5.183 %

,

(30-day

SOFR

Average

+

%),

5/25/45

.....................................

United

States

1,288,989

1,291,738

c

,h

GS

Mortgage-Backed

Securities

Trust

,

2025-PJ8

,

A27

,

144A,

FRN

,

5.483 %

,

(30-day

SOFR

Average

+

1.3 %),

2/25/56

.....

United

States

740,703

741,054

n

GSR

Mortgage

Loan

Trust

,

2005-AR1

,

1A1

,

FRN

,

6.625 %

,

1/25/35

.........................................

United

States

50,948

48,628

c

HOMES

Trust

,

2024-NQM1

,

A1

,

144A,

5.915 %

,

7/25/69

......

United

States

1,598,250

1,613,023

c

Imperial

Fund

Mortgage

Trust

,

2023-NQM1

,

A1

,

144A,

5.941 %

,

2/25/68

.........................................

United

States

1,713,771

1,713,281

J.P.

Morgan

Mortgage

Trust

,

n

2004-A1

,

5A1

,

FRN

,

6.832 %

,

2/25/34

...................

United

States

13,700

13,902

c,n

2021-15

,

A4

,

144A,

FRN

,

2.5 %

,

6/25/52

.................

United

States

1,716,481

1,537,306

c

2024-CES1

,

A1A

,

144A,

5.919 %

,

6/25/54

................

United

States

926,097

932,866

c

,n

LHOME

Mortgage

Trust

,

2025-RTL2

,

A1

,

144A,

FRN

,

5.612 %

,

4/25/40

.........................................

United

States

715,000

720,212

c

,n

Mill

City

Mortgage

Loan

Trust

,

2018-1

,

A1

,

144A,

FRN

,

3.25 %

,

5/25/62

.................

United

States

658,316

654,561

2018-4

,

A1B

,

144A,

FRN

,

3.5 %

,

4/25/66

.................

United

States

2,543,398

2,501,795

c

Morgan

Stanley

Residential

Mortgage

Loan

Trust

,

h

2024-4

,

AF

,

144A,

FRN

,

5.533 %

,

(30-day

SOFR

Average

+

1.35 %),

9/25/54

...................................

United

States

1,954,274

1,952,493

Franklin

Investors

Securities

Trust

Schedule

of

Investments

#### Franklin

#### Low

#### Duration

#### Total

#### Return

#### Fund
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Annual

Report

a

a

#### Country

#### Principal

#### Amount

#### \*
a

#### Value
a

#### a
a

#### Residential

#### Mortgage-Backed

#### Securities
(continued)

#### Financial

#### Services
(continued)

c

Morgan

Stanley

Residential

Mortgage

Loan

Trust,

(continued)

2024-NQM1

,

A1

,

144A,

6.152 %

,

12/25/68

...............

United

States

2,006,028

$

2,024,386

h

New

York

Mortgage

Trust

,

2005-3

,

M1

,

FRN

,

4.781 %

,

(1-month

SOFR

+

0.789 %),

2/25/36

...........................

United

States

16,552

16,405

c

OBX

Trust

,

h

2018-1

,

A2

,

144A,

FRN

,

4.756 %

,

(1-month

SOFR

+

0.764 %),

6/25/57

.........................................

United

States

459,784

451,178

n

2021-J3

,

A4

,

144A,

FRN

,

2.5 %

,

10/25/51

................

United

States

655,375

588,643

2023-NQM10

,

A1

,

144A,

6.465 %

,

10/25/63

..............

United

States

3,534,191

3,570,547

2024-NQM1

,

A1

,

144A,

5.928 %

,

11/25/63

...............

United

States

1,482,303

1,493,381

2024-NQM2

,

A1

,

144A,

5.878 %

,

12/25/63

...............

United

States

1,347,691

1,358,077

2024-NQM3

,

A1

,

144A,

6.129 %

,

12/25/63

...............

United

States

1,476,310

1,492,570

2024-NQM4

,

A1

,

144A,

6.067 %

,

1/25/64

................

United

States

887,754

898,207

2024-NQM8

,

A1

,

144A,

6.233 %

,

5/25/64

................

United

States

2,428,677

2,460,217

c

,n

Onity

Loan

Investment

Trust

,

2025-HB1

,

A

,

144A,

FRN

,

%

,

6/25/38

.........................................

United

States

1,389,250

1,358,952

c

,h

PMT

Loan

Trust

,

2025-J2

,

A11

,

144A,

FRN

,

5.533 %

,

(30-day

SOFR

Average

+

1.35 %),

8/25/56

.....................

United

States

513,008

514,370

c

PRKCM

Trust

,

2024-AFC1

,

A1

,

144A,

6.333 %

,

3/25/59

.................

United

States

1,327,661

1,339,400

2024-HOME1

,

A1

,

144A,

6.431 %

,

5/25/59

...............

United

States

1,456,894

1,477,937

c

,n

Provident

Funding

Associates

LLP

,

2021-J1

,

A3

,

144A,

FRN

,

2.5 %

,

2/20/49

....................................

United

States

1,263,675

1,129,675

c

,n

PSMC

Trust

,

2021-3

,

A3

,

144A,

FRN

,

2.5 %

,

8/25/51

.........

United

States

5,965,526

5,402,809

c

,h

Station

Place

Securitization

Trust

,

2025-1

,

A

,

144A,

FRN

,

4.915 %

,

(1-month

SOFR

+

0.9 %),

7/23/26

.........................................

United

States

6,868,000

6,973,067

2025-3

,

A

,

144A,

FRN

,

4.915 %

,

(1-month

SOFR

+

0.9 %),

9/23/26

.........................................

United

States

6,890,000

6,912,725

2025-7

,

A

,

144A,

FRN

,

4.891 %

,

(1-month

SOFR

+

0.9 %),

11/24/26

........................................

United

States

6,909,000

6,925,782

h

Thornburg

Mortgage

Securities

Trust

,

2004-3

,

A

,

FRN

,

4.846 %

,

(1-month

SOFR

+

0.854 %),

9/25/34

....................

United

States

188,688

179,509

c

Toorak

Mortgage

Trust

,

2025-RRTL1

,

A1

,

144A,

5.524 %

,

2/25/40

United

States

910,000

915,698

c

,n

Towd

Point

Mortgage

Trust

,

2018-4

,

A1

,

144A,

FRN

,

%

,

6/25/58

...................

United

States

6,402,258

6,101,646

2019-1

,

A1

,

144A,

FRN

,

3.75 %

,

3/25/58

.................

United

States

4,454,923

4,347,030

c

Verus

Securitization

Trust

,

2023-6

,

A1

,

144A,

6.665 %

,

9/25/68

....................

United

States

459,991

465,091

2023-INV2

,

A1

,

144A,

6.443 %

,

8/25/68

.................

United

States

644,429

649,143

n

2023-INV3

,

A1

,

144A,

FRN

,

6.876 %

,

11/25/68

............

United

States

1,340,143

1,361,454

2024-2

,

A1

,

144A,

6.095 %

,

2/25/69

....................

United

States

517,719

522,728

2024-3

,

A1

,

144A,

6.338 %

,

4/25/69

....................

United

States

2,219,899

2,248,661

2024-4

,

A1

,

144A,

6.218 %

,

6/25/69

....................

United

States

1,526,069

1,548,021

2024-INV1

,

A1

,

144A,

6.116 %

,

3/25/69

..................

United

States

574,390

580,869

141,386,217

a

a

a

a

a

a

#### Total

#### Residential

#### Mortgage-Backed

#### Securities

#### (Cost

#### $

#### 145,422,912

####)
..............

#### 144,054,302

#### Agency

#### Commercial

#### Mortgage-Backed

#### Securities

#### 8.5%

#### Financial

#### Services

#### 8.5%
FHLMC

,

h

,

F23

,

FRN

,

5.233 %

,

(30-day

SOFR

Average

+

1.05 %),

5/25/54

.........................................

United

States

3,383,284

3,388,903

o

5365

,

IO,

2.5 %

,

7/25/51

.............................

United

States

19,421,759

3,127,841

Franklin

Investors

Securities

Trust

Schedule

of

Investments

#### Franklin

#### Low

#### Duration

#### Total

#### Return

#### Fund
(continued)

franklintempleton.com

Annual

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)

FHLMC,

(continued)

h

5420

,

CF

,

FRN

,

5.133 %

,

(30-day

SOFR

Average

+

0.95 %),

6/25/54

.........................................

United

States

3,804,150

$

3,817,747

h

5438

,

FB

,

FRN

,

5.083 %

,

(30-day

SOFR

Average

+

0.9 %),

8/25/54

.........................................

United

States

4,845,798

4,850,398

h

5438

,

FC

,

FRN

,

5.283 %

,

(30-day

SOFR

Average

+

1.1 %),

8/25/54

.........................................

United

States

5,967,956

5,984,739

h

5478

,

FK

,

FRN

,

5.283 %

,

(30-day

SOFR

Average

+

1.1 %),

2/25/54

.........................................

United

States

7,234,683

7,252,934

h

5510

,

FK

,

FRN

,

5.283 %

,

(30-day

SOFR

Average

+

1.1 %),

2/25/55

.........................................

United

States

5,378,772

5,392,343

h

5517

,

FH

,

FRN

,

5.333 %

,

(30-day

SOFR

Average

+

1.15 %),

3/25/55

.........................................

United

States

6,748,391

6,787,773

h

5534

,

FY

,

FRN

,

5.383 %

,

(30-day

SOFR

Average

+

1.2 %),

5/25/55

.........................................

United

States

9,217,555

9,266,952

h

5537

,

FC

,

FRN

,

5.333 %

,

(30-day

SOFR

Average

+

1.15 %),

5/25/55

.........................................

United

States

9,338,016

9,378,698

h

5549

,

FE

,

FRN

,

5.383 %

,

(30-day

SOFR

Average

+

1.2 %),

6/25/55

.........................................

United

States

9,228,634

9,282,736

h

5568

,

FG

,

FRN

,

5.283 %

,

(30-day

SOFR

Average

+

1.1 %),

8/25/55

.........................................

United

States

7,464,516

7,489,350

FNMA

,

o

2020-77

,

HI

,

IO,

%

,

11/25/50

........................

United

States

11,785,419

2,422,989

h

2024-22

,

FG

,

FRN

,

5.383 %

,

(30-day

SOFR

Average

+

1.2 %),

5/25/54

.........................................

United

States

6,353,023

6,379,669

h

2024-33

,

KF

,

FRN

,

5.133 %

,

(30-day

SOFR

Average

+

0.95 %),

1/25/54

.........................................

United

States

1,408,873

1,413,917

h

2024-39

,

DF

,

FRN

,

5.283 %

,

(30-day

SOFR

Average

+

1.1 %),

6/25/54

.........................................

United

States

6,602,355

6,620,259

h

2024-54

,

FC

,

FRN

,

5.153 %

,

(30-day

SOFR

Average

+

0.97 %),

8/25/54

.........................................

United

States

5,740,264

5,763,517

h

2024-77

,

DF

,

FRN

,

5.383 %

,

(30-day

SOFR

Average

+

1.2 %),

10/25/53

........................................

United

States

9,080,478

9,123,392

h

2024-77

,

FM

,

FRN

,

5.133 %

,

(30-day

SOFR

Average

+

0.95 %),

11/25/54

........................................

United

States

5,862,714

5,860,452

h

2024-8

,

FA

,

FRN

,

5.233 %

,

(30-day

SOFR

Average

+

1.05 %),

3/25/54

.........................................

United

States

6,545,287

6,573,172

h

2024-82

,

FE

,

FRN

,

5.133 %

,

(30-day

SOFR

Average

+

0.95 %),

11/25/54

........................................

United

States

7,448,101

7,445,237

h

2024-93

,

FD

,

FRN

,

5.233 %

,

(30-day

SOFR

Average

+

1.05 %),

12/25/54

........................................

United

States

7,423,329

7,435,772

h

2024-98

,

FA

,

FRN

,

5.333 %

,

(30-day

SOFR

Average

+

1.15 %),

12/25/53

........................................

United

States

7,640,132

7,666,046

h

2025-55

,

FG

,

FRN

,

5.283 %

,

(30-day

SOFR

Average

+

1.1 %),

7/25/55

.........................................

United

States

9,549,794

9,580,452

o

,

C7

,

IO,

%

,

1/25/53

............................

United

States

19,946,771

3,535,098

o

GNMA

,

2019-137

,

PI

,

IO,

3.5 %

,

11/20/49

......................

United

States

19,863,685

3,822,687

2020-189

,

IA

,

IO,

%

,

12/20/49

.......................

United

States

16,035,059

3,507,773

2022-155

,

IA

,

IO,

2.5 %

,

10/20/50

......................

United

States

20,475,923

3,104,572

166,275,418

a

a

a

a

a

a

#### Total

#### Agency

#### Commercial

#### Mortgage-Backed

#### Securities

#### (Cost

#### $

#### 165,894,768

####)
......

#### 166,275,418
Franklin

Investors

Securities

Trust

Schedule

of

Investments

#### Franklin

#### Low

#### Duration

#### Total

#### Return

#### Fund
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Annual

Report

a

a

#### Country

#### Principal

#### Amount

#### \*
a

#### Value
a

#### a
a

#### Municipal

#### Bonds

#### 0.9%

#### California

#### 0.2%
Golden

State

Tobacco

Securitization

Corp.

,

Revenue

,

2021

,

Refunding

,

3.85 %

,

6/01/50

...........................

United

States

3,880,000

$

3,561,617

#### New

#### York

#### 0.4%
Empire

State

Development

Corp.

,

Revenue

,

2019

B

,

ETM,

2.25 %

,

3/15/26

.................

United

States

8,750,000

8,690,438

8,690,438

#### Texas

#### 0.3%
Texas

State

University

System

,

Revenue

,

2019

B

,

Refunding

,

2.351 %

,

3/15/26

...................................

United

States

4,825,000

4,799,046

#### Total

#### Municipal

#### Bonds

#### (Cost

#### $

#### 17,279,050

####)
....................................

#### 17,051,101

#### Shares
a

#### Escrows

#### and

#### Litigation

#### Trusts

#### 0.0%

#### †
a,b

K2016470219

South

Africa

Ltd.,

Escrow

Account

............

South

Africa

60,686

923

a

Mesquite

Energy,

Inc.,

Escrow

Account

...................

United

States

1,900,000

9,595

#### Total

#### Escrows

#### and

#### Litigation

#### Trusts

#### (Cost

#### $

#### 1,838,967

####)
.........................

#### 10,518

#### Total

#### Long

#### Term

#### Investments

#### (Cost

#### $

#### 1,887,604,041

####)
...........................

#### 1,882,751,297

#### a

#### Number

#### of

#### Contracts

#### Notional

#### Amount

#### #

#### a

#### aa

#### Options

#### Purchased

#### 0.0%

#### †

#### Puts

#### -

#### Over-the-Counter

#### Credit

#### Default

#### Swaptions

#### 0.0%

#### †
Buy

protection

on

CDX.NA.IG.45-V1

,

Strike

Price

$

0.01 ,

Counterparty

CITI

,

Expires

2/18/26

.....................

49,100,000

180,274

#### Total

#### Options

#### Purchased

#### (Cost

#### $

#### 152,210

####)
....................................

#### 180,274

#### Short

#### Term

#### Investments

#### 2.6%
a

a

#### Country

#### Shares
a

#### Value
a

a

#### a
a

#### Money

#### Market

#### Funds

#### 2.5%
q,r

Franklin

Institutional

U.S.

Government

Money

Market

Fund

,

4.038 %

.........................................

United

States

49,372,645

49,372,645

#### Total

#### Money

#### Market

#### Funds

#### (Cost

#### $

#### 49,372,645

####)
................................

#### 49,372,645
Franklin

Investors

Securities

Trust

Schedule

of

Investments

#### Franklin

#### Low

#### Duration

#### Total

#### Return

#### Fund
(continued)

franklintempleton.com

Annual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

#### Short

#### Term

#### Investments
(continued)

a

a

#### Country

#### Shares
a

#### Value
a

a

#### a
a

s

#### Investments

#### from

#### Cash

#### Collateral

#### Received

#### for

#### Loaned

#### Securities

#### 0.1%

#### Money

#### Market

#### Funds

#### 0.1%
q,r

Franklin

Institutional

U.S.

Government

Money

Market

Fund

,

4.038 %

.........................................

United

States

2,574,000

$

2,574,000

#### Total

#### Investments

#### from

#### Cash

#### Collateral

#### Received

#### for

#### Loaned

#### Securities

#### (Cost

#### $

#### 2,574,000

####)
..........................................................

#### 2,574,000

#### Total

#### Short

#### Term

#### Investments

#### (Cost

#### $

#### 51,946,645

####)
..............................

#### 51,946,645

#### a

#### Total

#### Investments

#### (Cost

#### $

#### 1,939,702,896

####)
98.9 #### %
................................

#### $1,934,878,216

#### Options

#### Written

#### (0.0 ####)

#### %

#### †
....................................................

#### (197,874)

#### Other

#### Assets,

#### less

#### Liabilities
1.1 #### %
...........................................

#### 20,162,174

#### Net

#### Assets

#### 100.0%

#### .........................................................

#### $1,954,842,516

#### a

#### Number

#### of

#### Contracts

#### Notional

#### Amount

#### #
t

#### Options

#### Written

#### (0.0)%

#### †

#### Puts

#### -

#### Over-the-Counter

#### Credit

#### Default

#### Swaptions

#### (0.0)%

#### †
Sell

protection

on

CDX.NA.IG.45-V1

,

Strike

Price

$

0.01 ,

Counterparty

CITI

,

Expires

2/18/26

.....................

(98,200,000)

(197,874)

#### Total

#### Options

#### Written

#### (Premiums

#### received

#### $

#### 167,922

####)
..........................

#### $

#### (#### 197,874

####)
Franklin

Investors

Securities

Trust

Schedule

of

Investments

#### Franklin

#### Low

#### Duration

#### Total

#### Return

#### Fund
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Annual

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

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

October

31,

2025,

the

aggregate

value

of

these

securities

was

$663,780,981,

representing

34.0%

of

net

assets.

d

A

portion

or

all

of

the

security

purchased

on

a

delayed

delivery

basis.

See

Note

1(c).

e

Defaulted

security

or

security

for

which

income

has

been

deemed

uncollectible.

See

Note

6. f

A

portion

or

all

of

the

security

is

on

loan

at

October

31,

2025. See

Note

1(f).

g

See

Note

1(h)

regarding

senior

floating

rate

interests.

h

The

coupon

rate

shown

represents

the

rate

inclusive

of

any

caps

or

floors,

if

applicable,

in

effect

at

period

end.

i

Income

may

be

received

in

additional

securities

and/or

cash.

j

See

Note

1(i)

regarding

Marketplace

Lending.

See

full

breakdown

of

marketplace

loans

holdings

in

the

table

at

the

end

of

this

schedule.

k

A

supranational

organization

is

an

entity

formed

by

two

or

more

central

governments

through

international

treaties.

l

Principal

amount

of

security,

redemption

price

at

maturity,

and/or

coupon

payments

are

adjusted

for

inflation.

See

Note

1(k).

m

A

portion

or

all

of

the

security

has

been

segregated

as

collateral

for

certain

derivative

contracts.

At

October

31,

2025,

the

value

of

this

security

pledged

amounted

to

$3,687,860,

representing

0.2%

net

assets.

n

Adjustable

rate

security

with

an

interest

rate

that

is

not

based

on

a

published

reference

index

and

spread.

The

rate

is

based

on

the

structure

of

the

agreement

and

current

market

conditions.

The

coupon

rate

shown

represents

the

rate

at

period

end.

o

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.

p

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).

q

See

Note

3(f)

regarding

investments

in

affiliated

management

investment

companies.

r

The

rate

shown

is

the

annualized

seven-day

effective

yield

at

period

end.

s

See

Note

1(f)

regarding

securities

on

loan.

t

See

Note

1(d)

regarding

written

options.

Franklin

Investors

Securities

Trust

Schedule

of

Investments,

October

31,

2025

#### Franklin

#### Low

#### Duration

#### Total

#### Return

#### Fund
franklintempleton.com

Annual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

,

At

October

31,

2025,

the

Fund

had

the

following

marketplace

loans

outstanding.

See

Note

1(i).

#### Description

#### Principal

#### Amount

#### Value

#### Marketplace

#### Loans

#### -

#### 0.2%
Block,

Inc.

a

7848970. SQ.FTS.B,

4.778%,

11/30/25

...

$

$

a

7849083. SQ.FTS.B,

5.535%,

11/30/25

...

38,665

26,042

a

7848873. SQ.FTS.B,

6.137%,

11/30/25

...

a

7853646. SQ.FTS.B,

4.78%,

12/03/25

....

18,974

13,921

a

7856445. SQ.FTS.B,

4.781%,

12/03/25

...

2,299

1,984

a,b

7856900. SQ.FTS.B,

6.162%,

12/04/25

...

2,525

a,b

7863894. SQ.FTS.B,

4.751%,

12/05/25

...

3,546

a

7863771. SQ.FTS.B,

5.098%,

12/05/25

...

1,151

876

a

7863751. SQ.FTS.B,

5.443%,

12/05/25

...

a,b

7868430. SQ.FTS.B,

5.092%,

12/06/25

...

2,574

a

7869066. SQ.FTS.B,

5.342%,

12/06/25

...

a,b

7869279. SQ.FTS.B,

6.134%,

12/06/25

...

a,b

7869425. SQ.FTS.B,

6.154%,

12/06/25

...

725

a,b

7868834. SQ.FTS.B,

6.284%,

12/06/25

...

2,780

a

7873308. SQ.FTS.B,

4.744%,

12/07/25

...

625

a

7870287. SQ.FTS.B,

6.154%,

12/07/25

...

544

a

7874044. SQ.FTS.B,

5.723%,

12/08/25

...

2,344

1,482

a

7874823. SQ.FTS.B,

6.172%,

12/08/25

...

a,b

7873942. SQ.FTS.B,

6.507%,

12/08/25

...

715

a,b

7874931. SQ.FTS.B,

5.348%,

12/09/25

...

1,670

a,b

7875074. SQ.FTS.B,

5.91%,

12/09/25

....

2,664

a

7876689. SQ.FTS.B,

5.098%,

12/10/25

...

4,269

2,613

a

7883010. SQ.FTS.B,

4.78%,

12/11/25

....

1,450

1,271

a,b

7882477. SQ.FTS.B,

6.166%,

12/11/25

...

2,881

a,b

7884810. SQ.FTS.B,

4.728%,

12/12/25

...

1,095

a

7885251. SQ.FTS.B,

4.747%,

12/12/25

...

7,640

4,384

a,b

7891927. SQ.FTS.B,

4.729%,

12/13/25

...

a

7889618. SQ.FTS.B,

5.099%,

12/13/25

...

2,499

1,709

a

7890802. SQ.FTS.B,

6.16%,

12/13/25

....

862

a,b

7889784. SQ.FTS.B,

6.168%,

12/13/25

...

2,381

a

7898972. SQ.FTS.B,

4.78%,

12/15/25

....

6,524

4,702

a,b

7899837. SQ.FTS.B,

4.752%,

12/16/25

...

3,998

1,657

a

7899916. SQ.FTS.B,

5.346%,

12/16/25

...

4,477

3,009

a,b

7901578. SQ.FTS.B,

5.535%,

12/17/25

...

1,958

a

7906477. SQ.FTS.B,

5.091%,

12/18/25

...

a

7910287. SQ.FTS.B,

5.355%,

12/19/25

...

1,180

869

a,b

7914492. SQ.FTS.B,

5.907%,

12/20/25

...

576

a,b

7912392. SQ.FTS.B,

6.164%,

12/20/25

...

a,b

7918484. SQ.FTS.B,

4.745%,

12/21/25

...

4,063

a,b

7915836. SQ.FTS.B,

4.781%,

12/21/25

...

2,661

1,582

a

7915632. SQ.FTS.B,

4.784%,

12/21/25

...

746

679

a

7919425. SQ.FTS.B,

5.917%,

12/22/25

...

1,012

607

a

7919391. SQ.FTS.B,

5.921%,

12/22/25

...

512

a,b

7919249. SQ.FTS.B,

6.171%,

12/22/25

...

2,482

#### Description

#### Principal

#### Amount

#### Value
Block,

Inc.

(continued)

a

7920284. SQ.FTS.B,

4.78%,

12/23/25

....

$

846

$

700

a

7921388. SQ.FTS.B,

5.338%,

12/24/25

...

546

a

7922081. SQ.FTS.B,

5.346%,

12/24/25

...

2,519

2,249

a

7924093. SQ.FTS.B,

5.346%,

12/24/25

...

11,977

7,438

a

7926507. SQ.FTS.B,

6.168%,

12/25/25

...

a,b

7931938. SQ.FTS.B,

4.757%,

12/26/25

...

1,074

a,b

7928332. SQ.FTS.B,

6.144%,

12/26/25

...

a,b

7929817. SQ.FTS.B,

6.164%,

12/26/25

...

994

a

7931303. SQ.FTS.B,

6.474%,

12/26/25

...

2,008

1,069

a

7935404. SQ.FTS.B,

4.78%,

12/27/25

....

651

565

a

7937401. SQ.FTS.B,

5.438%,

12/27/25

...

a,b

7936898. SQ.FTS.B,

5.446%,

12/27/25

...

788

a

7934586. SQ.FTS.B,

5.727%,

12/27/25

...

a,b

7936014. SQ.FTS.B,

5.913%,

12/27/25

...

17,355

a

7939609. SQ.FTS.B,

5.534%,

12/28/25

...

787

623

a

7938565. SQ.FTS.B,

6.294%,

12/28/25

...

1,952

1,106

a,b

7942328. SQ.FTS.B,

4.759%,

12/29/25

...

2,917

a

7942380. SQ.FTS.B,

5.726%,

12/29/25

...

3,081

1,433

a,b

7943096. SQ.FTS.B,

6.162%,

12/30/25

...

6,989

a,b

7942994. SQ.FTS.B,

6.178%,

12/30/25

...

531

a,b

7946958. SQ.FTS.B,

4.75%,

1/01/26

.....

4,192

a

7946336. SQ.FTS.B,

4.752%,

1/01/26

....

a,b

7944951. SQ.FTS.B,

4.762%,

1/01/26

....

688

a,b

7945338. SQ.FTS.B,

4.78%,

1/01/26

.....

11,241

a

7944011. SQ.FTS.B,

4.784%,

1/01/26

....

2,935

1,312

a

7947566. SQ.FTS.B,

5.922%,

1/01/26

....

2,031

1,043

a,b

7947625. SQ.FTS.B,

6.163%,

1/01/26

....

1,915

a,b

7951311. SQ.FTS.B,

4.777%,

1/02/26

....

537

a

7951847. SQ.FTS.B,

5.094%,

1/02/26

....

25,989

16,365

a,b

7952600. SQ.FTS.B,

5.35%,

1/02/26

.....

5,840

a,b

7951787. SQ.FTS.B,

5.407%,

1/02/26

....

997

a,b

7951448. SQ.FTS.B,

5.444%,

1/02/26

....

2,679

a,b

7951324. SQ.FTS.B,

5.535%,

1/02/26

....

a

7949460. SQ.FTS.B,

5.937%,

1/02/26

....

a,b

7950492. SQ.FTS.B,

6.475%,

1/02/26

....

4,103

a,b

7955770. SQ.FTS.B,

4.78%,

1/03/26

.....

11,019

a

7957118. SQ.FTS.B,

5.091%,

1/03/26

....

3,194

2,338

a,b

7957773. SQ.FTS.B,

5.911%,

1/03/26

....

7,927

4,576

a

7957265. SQ.FTS.B,

5.915%,

1/03/26

....

1,501

1,001

a

7960740. SQ.FTS.B,

4.78%,

1/05/26

.....

28,207

22,709

a

7964871. SQ.FTS.B,

6.168%,

1/07/26

....

a

7966867. SQ.FTS.B,

4.762%,

1/08/26

....

a

7966654. SQ.FTS.B,

5.528%,

1/08/26

....

1,021

a

7967637. SQ.FTS.B,

5.535%,

1/08/26

....

Franklin

Investors

Securities

Trust

Schedule

of

Investments

#### Franklin

#### Low

#### Duration

#### Total

#### Return

#### Fund
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Annual

Report

#### Description

#### Principal

#### Amount

#### Value

#### Marketplace

#### Loans
(continued)

Block,

Inc.

(continued)

a

7967183. SQ.FTS.B,

6.163%,

1/08/26

....

$

1,289

$

883

a

7966492. SQ.FTS.B,

6.164%,

1/08/26

....

541

a,b

7970899. SQ.FTS.B,

5.349%,

1/09/26

....

8,001

a,b

7971514. SQ.FTS.B,

5.436%,

1/09/26

....

3,454

a

7971048. SQ.FTS.B,

5.739%,

1/09/26

....

665

a,b

7971074. SQ.FTS.B,

6.164%,

1/09/26

....

6,655

a

7980290. SQ.FTS.B,

5.346%,

1/11/26

....

18,424

10,143

a

7982077. SQ.FTS.B,

5.351%,

1/12/26

....

1,079

838

a,b

7981977. SQ.FTS.B,

5.917%,

1/12/26

....

2,349

a

7983412. SQ.FTS.B,

5.92%,

1/12/26

.....

1,117

a

7981527. SQ.FTS.B,

6.164%,

1/12/26

....

2,038

1,213

a

7984094. SQ.FTS.B,

4.776%,

1/13/26

....

1,262

1,078

a,b

7984186. SQ.FTS.B,

6.162%,

1/13/26

....

1,037

a,b

7984217. SQ.FTS.B,

6.491%,

1/13/26

....

1,793

a,b

7985368. SQ.FTS.B,

5.436%,

1/14/26

....

2,349

a,b

7987855. SQ.FTS.B,

4.735%,

1/15/26

....

1,031

a

7987790. SQ.FTS.B,

4.78%,

1/15/26

.....

2,074

1,487

a

7988632. SQ.FTS.B,

5.346%,

1/15/26

....

4,781

3,624

a,b

7987273. SQ.FTS.B,

5.357%,

1/15/26

....

1,447

a,b

7991684. SQ.FTS.B,

4.775%,

1/16/26

....

3,015

659

a

8000369. SQ.FTS.B,

4.78%,

1/17/26

.....

5,973

5,396

a

7994568. SQ.FTS.B,

5.092%,

1/17/26

....

1,333

1,121

a,b

8000882. SQ.FTS.B,

5.913%,

1/17/26

....

14,351

5,818

a

7993734. SQ.FTS.B,

6.147%,

1/17/26

....

686

a

7993784. SQ.FTS.B,

6.289%,

1/17/26

....

1,743

1,409

a

8004901. SQ.FTS.B,

5.355%,

1/18/26

....

804

657

a,b

8004961. SQ.FTS.B,

6.166%,

1/18/26

....

12,843

a,b

8007128. SQ.FTS.B,

4.78%,

1/19/26

.....

3,770

3,219

a

8006609. SQ.FTS.B,

6.164%,

1/19/26

....

589

a,b

8007977. SQ.FTS.B,

6.172%,

1/19/26

....

1,517

655

a

8008058. SQ.FTS.B,

6.48%,

1/19/26

.....

1,696

1,169

a

8009940. SQ.FTS.B,

4.745%,

1/20/26

....

1,815

1,170

a,b

8014750. SQ.FTS.B,

5.716%,

1/22/26

....

3,086

a,b

8013310. SQ.FTS.B,

5.723%,

1/22/26

....

38,986

1,320

a,b

8016211. SQ.FTS.B,

5.451%,

1/23/26

....

2,578

a

8016338. SQ.FTS.B,

5.525%,

1/23/26

....

806

510

a

8026166. SQ.FTS.B,

4.78%,

1/25/26

.....

2,445

2,418

a,b

8029246. SQ.FTS.B,

4.78%,

1/26/26

.....

25,021

549

a

8033467. SQ.FTS.B,

6.167%,

1/29/26

....

a

8033451. SQ.FTS.B,

6.263%,

1/29/26

....

a,b

8033875. SQ.FTS.B,

6.479%,

1/29/26

....

a

8035306. SQ.FTS.B,

6.486%,

1/29/26

....

a,b

8038749. SQ.FTS.B,

4.78%,

1/30/26

.....

a

8040298. SQ.FTS.B,

4.781%,

1/30/26

....

5,038

4,368

a

8042258. SQ.FTS.B,

5.097%,

1/31/26

....

3,334

2,677

a

8049787. SQ.FTS.B,

4.758%,

2/01/26

....

#### Description

#### Principal

#### Amount

#### Value
Block,

Inc.

(continued)

a

8048204. SQ.FTS.B,

4.78%,

2/01/26

.....

$

$

a,b

8046718. SQ.FTS.B,

5.354%,

2/01/26

....

2,330

a

8046874. SQ.FTS.B,

5.522%,

2/01/26

....

1,069

777

a

8048248. SQ.FTS.B,

5.535%,

2/01/26

....

12,684

7,918

a,b

8053068. SQ.FTS.B,

4.749%,

2/02/26

....

762

a

8055160. SQ.FTS.B,

6.471%,

2/03/26

....

741

567

a

8055848. SQ.FTS.B,

5.909%,

2/04/26

....

512

a,b

8058200. SQ.FTS.B,

4.739%,

2/05/26

....

634

a

8058016. SQ.FTS.B,

5.097%,

2/05/26

....

1,568

1,380

a,b

8060490. SQ.FTS.B,

4.78%,

2/06/26

.....

1,882

761

a

8060190. SQ.FTS.B,

5.722%,

2/06/26

....

1,926

1,710

a,b

8063150. SQ.FTS.B,

5.911%,

2/06/26

....

32,004

512

a,b

8073414. SQ.FTS.B,

5.095%,

2/09/26

....

7,891

a

8075041. SQ.FTS.B,

5.348%,

2/09/26

....

1,056

972

a

8074973. SQ.FTS.B,

5.445%,

2/09/26

....

1,741

900

a

8073755. SQ.FTS.B,

6.164%,

2/09/26

....

13,711

8,137

a,b

8076658. SQ.FTS.B,

5.428%,

2/10/26

....

870

a

8076290. SQ.FTS.B,

5.433%,

2/10/26

....

1,610

524

a

8077232. SQ.FTS.B,

4.785%,

2/11/26

....

764

642

a

8079163. SQ.FTS.B,

5.461%,

2/12/26

....

a

8079176. SQ.FTS.B,

5.913%,

2/12/26

....

662

a

8080681. SQ.FTS.B,

6.477%,

2/12/26

....

a

8081626. SQ.FTS.B,

4.78%,

2/13/26

.....

753

730

a

8081859. SQ.FTS.B,

5.549%,

2/13/26

....

a,b

8087504. SQ.FTS.B,

4.749%,

2/14/26

....

869

a,b

8084982. SQ.FTS.B,

5.35%,

2/14/26

.....

2,214

a,b

8084848. SQ.FTS.B,

6.17%,

2/14/26

.....

588

a

8086839. SQ.FTS.B,

6.17%,

2/14/26

.....

921

684

a

8093270. SQ.FTS.B,

4.78%,

2/15/26

.....

4,436

3,576

a

8097209. SQ.FTS.B,

5.532%,

2/17/26

....

1,545

1,441

a,b

8099047. SQ.FTS.B,

4.747%,

2/19/26

....

4,041

a

8101006. SQ.FTS.B,

4.78%,

2/19/26

.....

1,883

1,801

a

8100556. SQ.FTS.B,

6.289%,

2/19/26

....

1,233

619

a

8104401. SQ.FTS.B,

5.094%,

2/20/26

....

29,836

21,384

a,b

8107707. SQ.FTS.B,

4.762%,

2/21/26

....

762

a

8107578. SQ.FTS.B,

4.78%,

2/21/26

.....

1,324

1,294

a,b

8112993. SQ.FTS.B,

4.78%,

2/22/26

.....

3,243

2,340

a

8116985. SQ.FTS.B,

5.346%,

2/23/26

....

990

713

a

8117025. SQ.FTS.B,

5.43%,

2/23/26

.....

1,119

628

a

8117644. SQ.FTS.B,

6.132%,

2/23/26

....

a

8119126. SQ.FTS.B,

4.778%,

2/24/26

....

4,110

2,745

a

8119327. SQ.FTS.B,

6.152%,

2/24/26

....

4,441

2,591

a

8119812. SQ.FTS.B,

4.778%,

2/25/26

....

1,369

1,126

a

8121851. SQ.FTS.B,

5.086%,

2/26/26

....

1,161

946

a,b

8130671. SQ.FTS.B,

4.78%,

2/28/26

.....

67,056

900

a

8128102. SQ.FTS.B,

4.79%,

2/28/26

.....

Franklin

Investors

Securities

Trust

Schedule

of

Investments

#### Franklin

#### Low

#### Duration

#### Total

#### Return

#### Fund
(continued)

franklintempleton.com

Annual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

#### Description

#### Principal

#### Amount

#### Value

#### Marketplace

#### Loans
(continued)

Block,

Inc.

(continued)

a

8140201. SQ.FTS.B,

5.104%,

2/28/26

....

$

$

a

8128205. SQ.FTS.B,

5.112%,

2/28/26

....

8,465

7,112

a

8140040. SQ.FTS.B,

5.41%,

2/28/26

.....

a,b

8143126. SQ.FTS.B,

5.66%,

2/28/26

.....

11,172

6,164

a,b

8136487. SQ.FTS.B,

6.145%,

2/28/26

....

2,070

a,b

8134991. SQ.FTS.B,

6.422%,

2/28/26

....

11,681

a

8135734. SQ.FTS.B,

6.422%,

2/28/26

....

2,899

2,515

a

8139109. SQ.FTS.B,

6.432%,

2/28/26

....

1,705

546

a

8139490. SQ.FTS.B,

6.681%,

2/28/26

....

1,336

623

a

8143502. SQ.FTS.B,

4.785%,

3/01/26

....

a

8143539. SQ.FTS.B,

6.162%,

3/01/26

....

901

a

8144457. SQ.FTS.B,

6.423%,

3/02/26

....

a,b

8146384. SQ.FTS.B,

5.91%,

3/03/26

.....

10,073

a

8151554. SQ.FTS.B,

4.78%,

3/04/26

.....

1,133

1,028

a

8151728. SQ.FTS.B,

5.411%,

3/04/26

....

2,036

1,883

a

8157388. SQ.FTS.B,

4.958%,

3/05/26

....

1,734

1,428

a

8157766. SQ.FTS.B,

6.42%,

3/05/26

.....

8,544

4,582

a

8161846. SQ.FTS.B,

4.78%,

3/06/26

.....

2,115

2,012

a

8159049. SQ.FTS.B,

4.781%,

3/06/26

....

6,274

3,115

a

8158900. SQ.FTS.B,

4.953%,

3/06/26

....

2,749

737

a,b

8162106. SQ.FTS.B,

5.113%,

3/06/26

....

4,653

3,702

a

8162270. SQ.FTS.B,

5.409%,

3/07/26

....

3,591

3,317

a

8162740. SQ.FTS.B,

5.666%,

3/07/26

....

3,723

1,535

a

8165388. SQ.FTS.B,

5.112%,

3/09/26

....

4,972

4,363

a

8164341. SQ.FTS.B,

6.153%,

3/09/26

....

1,137

1,005

a

8166181. SQ.FTS.B,

6.341%,

3/09/26

....

1,043

609

a

8169173. SQ.FTS.B,

4.78%,

3/10/26

.....

3,726

2,699

a,b

8170308. SQ.FTS.B,

6.151%,

3/10/26

....

42,780

1,108

a,b

8169308. SQ.FTS.B,

6.42%,

3/10/26

.....

12,467

a

8171784. SQ.FTS.B,

6.141%,

3/11/26

....

a

8177540. SQ.FTS.B,

5.11%,

3/12/26

.....

831

776

a,b

8185099. SQ.FTS.B,

6.158%,

3/14/26

....

1,440

a

8184762. SQ.FTS.B,

6.545%,

3/14/26

....

a,b

8186943. SQ.FTS.B,

6.428%,

3/16/26

....

3,070

a

8186865. SQ.FTS.B,

6.547%,

3/16/26

....

659

a,b

8189328. SQ.FTS.B,

6.676%,

3/16/26

....

3,422

a,b

8193280. SQ.FTS.B,

6.416%,

3/17/26

....

1,300

a

8194971. SQ.FTS.B,

4.78%,

3/18/26

.....

30,109

26,471

a

8193543. SQ.FTS.B,

4.946%,

3/18/26

....

a,b

8196327. SQ.FTS.B,

6.426%,

3/18/26

....

2,858

a

8199561. SQ.FTS.B,

5.66%,

3/19/26

.....

2,382

1,858

a

8202603. SQ.FTS.B,

5.66%,

3/19/26

.....

1,773

1,629

a

8202121. SQ.FTS.B,

5.676%,

3/19/26

....

1,030

772

a

8204568. SQ.FTS.B,

5.112%,

3/20/26

....

4,422

4,119

a,b

8203457. SQ.FTS.B,

6.419%,

3/20/26

....

1,811

507

a

8205366. SQ.FTS.B,

6.55%,

3/20/26

.....

1,686

1,247

#### Description

#### Principal

#### Amount

#### Value
Block,

Inc.

(continued)

a,b

8205130. SQ.FTS.B,

6.676%,

3/20/26

....

$

1,250

$

a

8206377. SQ.FTS.B,

6.145%,

3/21/26

....

1,558

1,228

a

8207593. SQ.FTS.B,

4.776%,

3/22/26

....

1,497

1,423

a

8209500. SQ.FTS.B,

5.113%,

3/23/26

....

a

8209272. SQ.FTS.B,

5.119%,

3/23/26

....

777

719

a,b

8209936. SQ.FTS.B,

6.326%,

3/23/26

....

7,494

a

8212910. SQ.FTS.B,

4.779%,

3/24/26

....

2,727

2,419

a,b

8212774. SQ.FTS.B,

4.962%,

3/24/26

....

2,236

a

8212645. SQ.FTS.B,

5.919%,

3/24/26

....

939

734

a

8217192. SQ.FTS.B,

4.779%,

3/25/26

....

8,285

7,390

a

8216126. SQ.FTS.B,

4.781%,

3/25/26

....

4,724

4,541

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

–

Franklin

Investors

Securities

Trust

Schedule

of

Investments

#### Franklin

#### Low

#### Duration

#### Total

#### Return

#### Fund
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Annual

Report

#### Description

#### Principal

#### Amount

#### Value

#### Marketplace

#### Loans
(continued)

Block,

Inc.

(continued)

a,b

3463095. SQ.FTS.B,

4.008%,

6/23/32

....

$

11,405

$

–

a,b

3472489. SQ.FTS.B,

4.098%,

6/26/32

....

2,604

–

a,b

3487584. SQ.FTS.B,

2.731%,

6/30/32

....

2,184

–

a,b

3510070. SQ.FTS.B,

7.19%,

7/06/32

.....

25,800

–

a,b

3513483. SQ.FTS.B,

7.194%,

7/07/32

....

4,792

–

a,b

3521469. SQ.FTS.B,

4.648%,

7/08/32

....

3,422

–

a,b

3516078. SQ.FTS.B,

6.046%,

7/08/32

....

8,033

–

a,b

3559884. SQ.FTS.B,

5.409%,

7/19/32

....

616

–

a,b

3566831. SQ.FTS.B,

4.006%,

7/20/32

....

2,799

–

a,b

3573904. SQ.FTS.B,

7.19%,

7/21/32

.....

2,469

–

a,b

3572652. SQ.FTS.B,

7.205%,

7/21/32

....

758

–

a,b

3612013. SQ.FTS.B,

3.339%,

7/29/32

....

3,513

–

a,b

3612313. SQ.FTS.B,

3.338%,

7/30/32

....

3,994

–

a,b

3616837. SQ.FTS.B,

3.338%,

8/01/32

....

1,256

–

a,b

3622745. SQ.FTS.B,

6.472%,

8/03/32

....

5,722

–

a,b

3629212. SQ.FTS.B,

4.021%,

8/05/32

....

–

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

–

#### Description

#### Principal

#### Amount

#### Value
Block,

Inc.

(continued)

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

...

–

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

–

Franklin

Investors

Securities

Trust

Schedule

of

Investments

#### Franklin

#### Low

#### Duration

#### Total

#### Return

#### Fund
(continued)

franklintempleton.com

Annual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

#### Description

#### Principal

#### Amount

#### Value

#### Marketplace

#### Loans
(continued)

Block,

Inc.

(continued)

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

....

–

a,b

4535094. SQ.FTS.B,

4.403%,

3/15/33

....

3,210

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

4550163. SQ.FTS.B,

4.403%,

3/21/33

....

1,397

–

a,b

4549880. SQ.FTS.B,

4.557%,

3/21/33

....

3,819

–

a,b

4549725. SQ.FTS.B,

4.56%,

3/21/33

.....

3,736

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

–

#### Description

#### Principal

#### Amount

#### Value
Block,

Inc.

(continued)

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

–

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

4706260. SQ.FTS.B,

4.559%,

5/10/33

....

2,959

–

a,b

4704761. SQ.FTS.B,

5.031%,

5/10/33

....

1,417

–

a,b

4710517. SQ.FTS.B,

4.717%,

5/12/33

....

3,151

–

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

....

–

Franklin

Investors

Securities

Trust

Schedule

of

Investments

#### Franklin

#### Low

#### Duration

#### Total

#### Return

#### Fund
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Annual

Report

#### Description

#### Principal

#### Amount

#### Value

#### Marketplace

#### Loans
(continued)

Block,

Inc.

(continued)

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

....

–

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

....

3,885

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

–

#### Description

#### Principal

#### Amount

#### Value
Block,

Inc.

(continued)

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

–

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

–

Franklin

Investors

Securities

Trust

Schedule

of

Investments

#### Franklin

#### Low

#### Duration

#### Total

#### Return

#### Fund
(continued)

franklintempleton.com

Annual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

#### Description

#### Principal

#### Amount

#### Value

#### Marketplace

#### Loans
(continued)

Block,

Inc.

(continued)

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

–

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

...

508

–

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

...

2,323

–

a,b

5220660. SQ.FTS.B,

4.564%,

10/26/33

...

1,536

–

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

–

#### Description

#### Principal

#### Amount

#### Value
Block,

Inc.

(continued)

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

–

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

...

2,685

–

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

5624747. SQ.FTS.B,

3.297%,

1/05/34

....

1,208

–

a,b

5622466. SQ.FTS.B,

5.37%,

1/05/34

.....

1,396

–

Franklin

Investors

Securities

Trust

Schedule

of

Investments

#### Franklin

#### Low

#### Duration

#### Total

#### Return

#### Fund
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Annual

Report

#### Description

#### Principal

#### Amount

#### Value

#### Marketplace

#### Loans
(continued)

Block,

Inc.

(continued)

a,b

5628952. SQ.FTS.B,

4.715%,

1/06/34

....

$

4,403

$

–

a,b

5627076. SQ.FTS.B,

4.717%,

1/06/34

....

7,284

–

a,b

5627773. SQ.FTS.B,

4.724%,

1/06/34

....

1,198

–

a,b

5641349. SQ.FTS.B,

4.379%,

1/07/34

....

1,084

–

a,b

5662108. SQ.FTS.B,

5.031%,

1/11/34

....

6,816

–

a,b

5667327. SQ.FTS.B,

4.921%,

1/12/34

....

22,164

a,b

5694516. SQ.FTS.B,

3.774%,

1/14/34

....

1,643

–

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

–

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

5774005. SQ.FTS.B,

3.923%,

2/04/34

....

1,473

–

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

–

#### Description

#### Principal

#### Amount

#### Value
Block,

Inc.

(continued)

a,b

5837692. SQ.FTS.B,

4.558%,

2/22/34

....

$

787

$

–

a,b

5837836. SQ.FTS.B,

4.939%,

2/22/34

....

3,875

–

a,b

5842217. SQ.FTS.B,

5.058%,

2/23/34

....

755

–

a,b

5843755. SQ.FTS.B,

4.56%,

2/24/34

.....

5,701

–

a,b

5845038. SQ.FTS.B,

4.565%,

2/24/34

....

533

–

a,b

5845026. SQ.FTS.B,

4.612%,

2/24/34

....

716

–

a,b

5851164. SQ.FTS.B,

5.252%,

2/25/34

....

26,208

–

a,b

5852732. SQ.FTS.B,

3.963%,

2/26/34

....

6,024

–

a,b

5854302. SQ.FTS.B,

5.443%,

2/26/34

....

3,389

–

a,b

5855717. SQ.FTS.B,

5.201%,

2/27/34

....

1,319

–

a,b

5856105. SQ.FTS.B,

3.975%,

2/28/34

....

–

a,b

5862719. SQ.FTS.B,

5.093%,

2/28/34

....

4,110

–

a,b

5861074. SQ.FTS.B,

5.155%,

2/28/34

....

2,179

–

a,b

5867284. SQ.FTS.B,

5.162%,

2/28/34

....

4,758

–

a,b

5871974. SQ.FTS.B,

5.451%,

3/01/34

....

–

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

....

15,819

–

a,b

5972346. SQ.FTS.B,

4.588%,

4/06/34

....

594

a,b

5974110. SQ.FTS.B,

5.031%,

4/06/34

....

760

–

Franklin

Investors

Securities

Trust

Schedule

of

Investments

#### Franklin

#### Low

#### Duration

#### Total

#### Return

#### Fund
(continued)

franklintempleton.com

Annual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

#### Description

#### Principal

#### Amount

#### Value

#### Marketplace

#### Loans
(continued)

Block,

Inc.

(continued)

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

–

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

....

17,933

–

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

–

#### Description

#### Principal

#### Amount

#### Value
Block,

Inc.

(continued)

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

–

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

....

799

–

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

....

580

–

a,b

6220076. SQ.FTS.B,

4.749%,

6/14/34

....

3,725

–

a,b

6220695. SQ.FTS.B,

4.749%,

6/14/34

....

23,011

–

a,b

6226503. SQ.FTS.B,

4.75%,

6/15/34

.....

3,035

–

a,b

6234555. SQ.FTS.B,

4.322%,

6/16/34

....

1,536

–

a,b

6229129. SQ.FTS.B,

4.749%,

6/16/34

....

44,854

–

a,b

6235160. SQ.FTS.B,

5.436%,

6/17/34

....

6,431

–

a,b

6235824. SQ.FTS.B,

5.588%,

6/17/34

....

1,663

–

a,b

6235797. SQ.FTS.B,

5.66%,

6/17/34

.....

5,020

–

Franklin

Investors

Securities

Trust

Schedule

of

Investments

#### Franklin

#### Low

#### Duration

#### Total

#### Return

#### Fund
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Annual

Report

#### Description

#### Principal

#### Amount

#### Value

#### Marketplace

#### Loans
(continued)

Block,

Inc.

(continued)

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

–

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

....

2,107

–

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

–

#### Description

#### Principal

#### Amount

#### Value
Block,

Inc.

(continued)

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

6409863. SQ.FTS.B,

4.525%,

8/14/34

....

–

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

....

19,832

–

a,b

6426793. SQ.FTS.B,

4.749%,

8/20/34

....

568

–

a,b

6428407. SQ.FTS.B,

5.439%,

8/21/34

....

7,388

–

a,b

6429640. SQ.FTS.B,

5.441%,

8/21/34

....

5,813

–

a,b

6427509. SQ.FTS.B,

5.664%,

8/21/34

....

4,726

–

a,b

6439475. SQ.FTS.B,

5.256%,

8/23/34

....

709

–

a,b

6439293. SQ.FTS.B,

5.472%,

8/23/34

....

7,365

–

a,b

6441111. SQ.FTS.B,

4.964%,

8/24/34

.....

680

–

a,b

6443707. SQ.FTS.B,

5.598%,

8/24/34

....

35,282

–

a,b

6445162. SQ.FTS.B,

4.527%,

8/26/34

....

531

–

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

–

Franklin

Investors

Securities

Trust

Schedule

of

Investments

#### Franklin

#### Low

#### Duration

#### Total

#### Return

#### Fund
(continued)

franklintempleton.com

Annual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

#### Description

#### Principal

#### Amount

#### Value

#### Marketplace

#### Loans
(continued)

Block,

Inc.

(continued)

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

....

1,368

–

a,b

6512222. SQ.FTS.B,

6.161%,

9/21/34

....

2,610

–

a,b

6516725. SQ.FTS.B,

4.747%,

9/22/34

....

3,769

–

a,b

6514949. SQ.FTS.B,

5.129%,

9/22/34

....

6,188

–

a,b

6521243. SQ.FTS.B,

5.442%,

9/23/34

....

2,252

–

a,b

6519286. SQ.FTS.B,

5.618%,

9/23/34

....

873

–

a,b

6525421. SQ.FTS.B,

5.412%,

9/24/34

....

–

a,b

6525021. SQ.FTS.B,

5.601%,

9/24/34

....

4,816

–

a,b

6526070. SQ.FTS.B,

5.251%,

9/25/34

....

839

–

a,b

6526542. SQ.FTS.B,

4.748%,

9/26/34

....

8,125

–

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

...

4,166

–

a,b

6585824. SQ.FTS.B,

5.188%,

10/14/34

...

632

–

a,b

6587169. SQ.FTS.B,

5.125%,

10/15/34

...

6,563

–

a,b

6587941. SQ.FTS.B,

5.764%,

10/16/34

...

781

–

a,b

6587383. SQ.FTS.B,

6.248%,

10/16/34

...

549

–

a,b

6590442. SQ.FTS.B,

5.756%,

10/17/34

...

10,462

–

#### Description

#### Principal

#### Amount

#### Value
Block,

Inc.

(continued)

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

...

1,707

–

a,b

6607977. SQ.FTS.B,

5.426%,

10/24/34

...

1,603

–

a,b

6608828. SQ.FTS.B,

4.938%,

10/25/34

...

43,918

–

a,b

6609985. SQ.FTS.B,

4.948%,

10/25/34

...

–

a,b

6609650. SQ.FTS.B,

5.565%,

10/25/34

...

3,296

–

a,b

6614501. SQ.FTS.B,

4.748%,

10/26/34

...

3,498

–

a,b

6614956. SQ.FTS.B,

4.751%,

10/26/34

...

3,077

–

a,b

6611828. SQ.FTS.B,

5.559%,

10/26/34

...

3,208

–

a,b

6620227. SQ.FTS.B,

5.756%,

10/27/34

...

26,251

–

a,b

6619927. SQ.FTS.B,

6.16%,

10/27/34

....

–

a,b

6617184. SQ.FTS.B,

6.278%,

10/27/34

...

–

a,b

6621448. SQ.FTS.B,

5.378%,

10/28/34

...

15,563

–

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

...

1,932

–

a,b

6646778. SQ.FTS.B,

5.563%,

11/08/34

...

2,547

–

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

Franklin

Investors

Securities

Trust

Schedule

of

Investments

#### Franklin

#### Low

#### Duration

#### Total

#### Return

#### Fund
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Annual

Report

#### Description

#### Principal

#### Amount

#### Value

#### Marketplace

#### Loans
(continued)

Block,

Inc.

(continued)

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

...

3,715

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

6773596. SQ.FTS.B,

6.259%,

12/20/34

...

a,b

6777288. SQ.FTS.B,

5.439%,

12/21/34

...

18,873

a,b

6777625. SQ.FTS.B,

5.753%,

12/21/34

...

1,502

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

6780703. SQ.FTS.B,

5.991%,

12/22/34

...

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

6793965. SQ.FTS.B,

5.752%,

12/27/34

...

555

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

#### Description

#### Principal

#### Amount

#### Value
Block,

Inc.

(continued)

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

....

2,330

a,b

6865330. SQ.FTS.B,

6.155%,

1/23/35

....

1,222

a,b

6868707. SQ.FTS.B,

4.772%,

1/24/35

....

918

–

a,b

6867756. SQ.FTS.B,

5.393%,

1/24/35

....

1,352

a,b

6868681. SQ.FTS.B,

6.418%,

1/24/35

....

975

a,b

6871309. SQ.FTS.B,

4.755%,

1/25/35

....

1,693

a,b

6872268. SQ.FTS.B,

5.566%,

1/25/35

....

539

a,b

6878988. SQ.FTS.B,

4.749%,

1/27/35

....

31,652

a,b

6879546. SQ.FTS.B,

6.232%,

1/27/35

....

–

a,b

6881428. SQ.FTS.B,

6.006%,

1/28/35

....

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

....

8,908

762

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

Franklin

Investors

Securities

Trust

Schedule

of

Investments

#### Franklin

#### Low

#### Duration

#### Total

#### Return

#### Fund
(continued)

franklintempleton.com

Annual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

#### Description

#### Principal

#### Amount

#### Value

#### Marketplace

#### Loans
(continued)

Block,

Inc.

(continued)

a,b

6938046. SQ.FTS.B,

4.652%,

2/18/35

....

$

2,723

$

a,b

6941070. SQ.FTS.B,

6.435%,

2/18/35

....

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

6957334. SQ.FTS.B,

5.414%,

2/24/35

....

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

6961528. SQ.FTS.B,

5.993%,

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

....

21,745

1,290

a,b

6980139. SQ.FTS.B,

5.569%,

2/28/35

....

2,319

a,b

6965159. SQ.FTS.B,

5.753%,

2/28/35

....

6,724

a,b

6966807. SQ.FTS.B,

5.756%,

2/28/35

....

14,197

a,b

6973530. SQ.FTS.B,

6.271%,

2/28/35

....

1,364

a,b

6971273. SQ.FTS.B,

6.422%,

2/28/35

....

771

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

....

1,546

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

....

573

a,b

7005506. SQ.FTS.B,

5.378%,

3/11/35

....

18,115

a,b

7010131. SQ.FTS.B,

5.189%,

3/12/35

....

718

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

#### Description

#### Principal

#### Amount

#### Value
Block,

Inc.

(continued)

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

....

911

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

....

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

....

5,462

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

Franklin

Investors

Securities

Trust

Schedule

of

Investments

#### Franklin

#### Low

#### Duration

#### Total

#### Return

#### Fund
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Annual

Report

#### Description

#### Principal

#### Amount

#### Value

#### Marketplace

#### Loans
(continued)

Block,

Inc.

(continued)

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

7170354. SQ.FTS.B,

6.414%,

4/30/35

....

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

....

1,094

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

....

6,221

1,734

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

504

a,b

7301207. SQ.FTS.B,

5.38%,

6/08/35

.....

1,895

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

7308932. SQ.FTS.B,

5.412%,

6/12/35

....

a,b

7314028. SQ.FTS.B,

5.565%,

6/12/35

....

12,817

a,b

7309149. SQ.FTS.B,

6.257%,

6/12/35

....

17,102

#### Description

#### Principal

#### Amount

#### Value
Block,

Inc.

(continued)

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

....

3,921

1,646

a,b

7334268. SQ.FTS.B,

4.936%,

6/18/35

....

1,113

a,b

7333444. SQ.FTS.B,

5.758%,

6/18/35

....

3,031

a,b

7334250. SQ.FTS.B,

6.289%,

6/18/35

....

770

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

....

926

a,b

7340672. SQ.FTS.B,

5.755%,

6/20/35

....

21,574

a,b

7347685. SQ.FTS.B,

5.449%,

6/21/35

....

692

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

569

a,b

7367489. SQ.FTS.B,

5.569%,

6/29/35

....

1,709

a,b

7371639. SQ.FTS.B,

4.941%,

6/30/35

....

3,048

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

3,810

a,b

7373979. SQ.FTS.B,

5.997%,

7/02/35

....

594

a,b

7378207. SQ.FTS.B,

6.009%,

7/03/35

....

9,549

a,b

7378050. SQ.FTS.B,

6.164%,

7/03/35

....

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

7423709. SQ.FTS.B,

6.415%,

7/21/35

....

5,139

1,756

a,b

7436351. SQ.FTS.B,

5.754%,

7/25/35

....

9,358

Franklin

Investors

Securities

Trust

Schedule

of

Investments

#### Franklin

#### Low

#### Duration

#### Total

#### Return

#### Fund
(continued)

franklintempleton.com

Annual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

#### Description

#### Principal

#### Amount

#### Value

#### Marketplace

#### Loans
(continued)

Block,

Inc.

(continued)

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

....

726

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

7468449. SQ.FTS.B,

6.038%,

8/05/35

....

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

7472376. SQ.FTS.B,

4.66%,

8/07/35

.....

a,b

7472610. SQ.FTS.B,

4.937%,

8/07/35

....

11,644

1,551

a,b

7474077. SQ.FTS.B,

5.749%,

8/07/35

....

a,b

7478694. SQ.FTS.B,

5.192%,

8/08/35

....

5,780

2,020

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

....

859

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

7489754. SQ.FTS.B,

5.755%,

8/13/35

....

1,416

817

a,b

7506333. SQ.FTS.B,

5.438%,

8/16/35

....

591

a,b

7511957. SQ.FTS.B,

4.937%,

8/19/35

....

7,178

4,266

a,b

7517496. SQ.FTS.B,

4.938%,

8/21/35

....

712

a,b

7516624. SQ.FTS.B,

6%,

8/21/35

.......

1,399

616

a,b

7530073. SQ.FTS.B,

5.75%,

8/24/35

.....

3,686

a,b

7530748. SQ.FTS.B,

4.654%,

8/25/35

....

2,202

1,301

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

7531841. SQ.FTS.B,

5.376%,

8/26/35

....

1,508

922

a,b

7535771. SQ.FTS.B,

5.377%,

8/27/35

....

12,186

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

....

#### Description

#### Principal

#### Amount

#### Value
Block,

Inc.

(continued)

a,b

7566782. SQ.FTS.B,

5.565%,

9/06/35

....

$

6,213

$

a

7566716. SQ.FTS.B,

5.753%,

9/06/35

....

a,b

7572492. SQ.FTS.B,

4.653%,

9/07/35

....

5,502

1,019

a,b

7571635. SQ.FTS.B,

5.379%,

9/07/35

....

7,183

a

7575552. SQ.FTS.B,

4.936%,

9/08/35

....

a,b

7575416. SQ.FTS.B,

6.004%,

9/08/35

....

1,622

a,b

7578838. SQ.FTS.B,

5.758%,

9/09/35

....

6,138

2,988

a

7583811. SQ.FTS.B,

4.654%,

9/11/35

....

1,993

a

7580692. SQ.FTS.B,

5.567%,

9/11/35

....

1,216

668

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

7590818. SQ.FTS.B,

5.751%,

9/13/35

....

a

7594217. SQ.FTS.B,

5.191%,

9/14/35

....

827

536

a,b

7596132. SQ.FTS.B,

5.565%,

9/14/35

....

15,381

1,145

a,b

7593321. SQ.FTS.B,

5.749%,

9/14/35

....

3,989

a,b

7593404. SQ.FTS.B,

6.01%,

9/14/35

.....

1,052

a,b

7600963. SQ.FTS.B,

5.759%,

9/16/35

....

4,304

a

7602169. SQ.FTS.B,

5.382%,

9/18/35

....

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

530

a

7610241. SQ.FTS.B,

5.753%,

9/20/35

....

a,b

7611808. SQ.FTS.B,

5.759%,

9/20/35

....

3,872

1,687

a

7610672. SQ.FTS.B,

6.155%,

9/20/35

....

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

7618716. SQ.FTS.B,

5.762%,

9/22/35

....

926

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

3,191

a

7621567. SQ.FTS.B,

5.367%,

9/23/35

....

a

7622967. SQ.FTS.B,

5.382%,

9/24/35

....

a,b

7623486. SQ.FTS.B,

5.995%,

9/25/35

....

862

a

7631309. SQ.FTS.B,

4.654%,

9/27/35

....

605

a,b

7633336. SQ.FTS.B,

5.189%,

9/27/35

....

27,598

677

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

....

4,878

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

7647604. SQ.FTS.B,

6.419%,

10/01/35

...

a,b

7652433. SQ.FTS.B,

5.189%,

10/02/35

...

33,294

a,b

7653745. SQ.FTS.B,

5.913%,

10/02/35

...

1,546

947

a

7649633. SQ.FTS.B,

6.14%,

10/02/35

....

a

7656279. SQ.FTS.B,

5.189%,

10/03/35

...

17,026

6,296

Franklin

Investors

Securities

Trust

Schedule

of

Investments

#### Franklin

#### Low

#### Duration

#### Total

#### Return

#### Fund
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Annual

Report

#### Description

#### Principal

#### Amount

#### Value

#### Marketplace

#### Loans
(continued)

Block,

Inc.

(continued)

a

7656835. SQ.FTS.B,

5.189%,

10/03/35

...

$

6,884

$

4,436

a,b

7657031. SQ.FTS.B,

5.597%,

10/03/35

...

a,b

7667780. SQ.FTS.B,

6.171%,

10/05/35

...

887

537

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

...

5,478

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

7697053. SQ.FTS.B,

5.348%,

10/16/35

...

1,002

687

a

7703931. SQ.FTS.B,

4.753%,

10/18/35

...

1,959

624

a

7703768. SQ.FTS.B,

6.418%,

10/18/35

...

655

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

7722451. SQ.FTS.B,

5.094%,

10/25/35

...

14,989

6,472

a,b

7721658. SQ.FTS.B,

5.377%,

10/25/35

...

7,766

a

7721341. SQ.FTS.B,

5.91%,

10/25/35

....

675

a

7723857. SQ.FTS.B,

6.511%,

10/25/35

...

516

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

7728508. SQ.FTS.B,

5.095%,

10/26/35

...

2,185

1,393

a,b

7726860. SQ.FTS.B,

5.103%,

10/26/35

...

968

543

a

7727004. SQ.FTS.B,

5.346%,

10/26/35

...

1,811

1,263

a

7729519. SQ.FTS.B,

6.48%,

10/26/35

....

a

7730736. SQ.FTS.B,

5.102%,

10/27/35

...

a,b

7730750. SQ.FTS.B,

5.346%,

10/27/35

...

32,835

883

a

7736449. SQ.FTS.B,

4.727%,

10/29/35

...

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

1,000

a,b

7750529. SQ.FTS.B,

4.778%,

11/02/35

...

2,067

957

a

7752431. SQ.FTS.B,

4.78%,

11/02/35

....

5,222

3,926

a

7751057. SQ.FTS.B,

5.922%,

11/02/35

...

a

7753708. SQ.FTS.B,

5.94%,

11/03/35

....

a

7758233. SQ.FTS.B,

5.097%,

11/04/35

...

1,550

1,128

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

7771470. SQ.FTS.B,

5.91%,

11/08/35

....

1,839

1,108

a,b

7771118. SQ.FTS.B,

6.162%,

11/08/35

....

11,006

6,478

a

7775920. SQ.FTS.B,

4.775%,

11/09/35

...

1,331

1,001

a,b

7777130. SQ.FTS.B,

5.722%,

11/09/35

...

6,909

a

7781489. SQ.FTS.B,

4.754%,

11/10/35

...

1,211

691

#### Description

#### Principal

#### Amount

#### Value
Block,

Inc.

(continued)

a,b

7778609. SQ.FTS.B,

5.913%,

11/10/35

...

$

6,564

$

2,776

a

7783055. SQ.FTS.B,

5.096%,

11/12/35

...

1,010

616

a

7782728. SQ.FTS.B,

6.163%,

11/12/35

...

10,089

4,722

a,b

7787720. SQ.FTS.B,

4.734%,

11/13/35

...

509

a

7785541. SQ.FTS.B,

5.914%,

11/13/35

...

2,385

1,225

a,b

7786619. SQ.FTS.B,

5.915%,

11/13/35

...

4,392

a

7789078. SQ.FTS.B,

5.346%,

11/14/35

...

a,b

7789785. SQ.FTS.B,

5.346%,

11/14/35

...

1,184

a

7790216. SQ.FTS.B,

5.348%,

11/14/35

...

2,297

1,532

a

7790447. SQ.FTS.B,

5.544%,

11/14/35

...

1,327

903

a,b

7799914. SQ.FTS.B,

4.748%,

11/16/35

...

13,481

a

7797027. SQ.FTS.B,

5.094%,

11/16/35

...

5,512

4,033

a

7798391. SQ.FTS.B,

5.91%,

11/16/35

....

a

7802938. SQ.FTS.B,

4.78%,

11/17/35

....

1,484

1,139

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

...

5,427

a

7809224. SQ.FTS.B,

4.777%,

11/20/35

...

1,403

1,112

a

7806254. SQ.FTS.B,

4.78%,

11/20/35

....

2,925

1,982

a,b

7807568. SQ.FTS.B,

5.914%,

11/20/35

...

3,764

a,b

7811989. SQ.FTS.B,

4.717%,

11/21/35

...

a,b

7812032. SQ.FTS.B,

5.538%,

11/21/35

...

721

a

7812847. SQ.FTS.B,

6.144%,

11/21/35

...

a

7811277. SQ.FTS.B,

6.164%,

11/21/35

...

768

a,b

7816657. SQ.FTS.B,

6.164%,

11/22/35

...

1,034

a

7822550. SQ.FTS.B,

4.769%,

11/23/35

...

a

7827375. SQ.FTS.B,

5.35%,

11/24/35

....

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

7835872. SQ.FTS.B,

5.094%,

11/28/35

...

7,228

3,942

a

7840060. SQ.FTS.B,

4.78%,

11/29/35

....

3,239

2,410

a,b

7836917. SQ.FTS.B,

5.457%,

11/29/35

...

764

a

7836366. SQ.FTS.B,

5.535%,

11/29/35

...

6,277

3,859

a

7838689. SQ.FTS.B,

5.912%,

11/29/35

...

20,684

12,356

a

7839709. SQ.FTS.B,

6.463%,

11/29/35

...

1,026

521,121

Freedom

Financial

Asset

Management

LLC

b

APP-16899367.FP.FTS.B,

25.49%,

11/30/25

..........................

2,096

APP-17010427.FP.FTS.B,

8.74%,

12/25/25

APP-11461331.FP.FTS.B,

8.99%,

12/25/25

APP-14959860.FP.FTS.B,

19.74%,

1/03/26

1,162

1,159

APP-14147815.FP.FTS.B,

19.99%,

1/18/26

APP-11740312.FP.FTS.B,

20.49%,

2/03/26

1,954

1,983

APP-11872702.FP.FTS.B,

7.99%,

2/20/26

.

1,212

1,216

APP-12410099.FP.FTS.B,

10.24%,

3/15/26

1,697

1,706

Franklin

Investors

Securities

Trust

Schedule

of

Investments

#### Franklin

#### Low

#### Duration

#### Total

#### Return

#### Fund
(continued)

franklintempleton.com

Annual

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-12032996.FP.FTS.B,

12.34%,

5/22/26

$

1,908

$

1,925

APP-13485505.FP.FTS.B,

15.74%,

5/22/26

5,249

5,355

APP-13826786.FP.FTS.B,

16.49%,

6/03/26

APP-14181485.FP.FTS.B,

11.34%,

6/17/26

9,060

9,137

APP-14057334.FP.FTS.B,

17.49%,

6/18/26

4,672

4,789

APP-14192027.FP.FTS.B,

9.84%,

6/19/26

.

4,705

4,741

APP-07740556.FP.FTS.B,

12.59%,

6/19/26

3,748

3,779

APP-13963648.FP.FTS.B,

17.24%,

6/19/26

6,592

6,760

APP-15602395.FP.FTS.B,

17.24%,

6/24/26

4,658

4,782

APP-14329001.FP.FTS.B,

23.49%,

6/24/26

1,711

1,779

APP-14214629.FP.FTS.B,

10.34%,

6/26/26

2,326

2,336

APP-15676938.FP.FTS.B,

14.49%,

7/06/26

2,340

2,359

b

APP-16070360.FP.FTS.B,

20.74%,

7/10/26

13,870

3,130

APP-15869429.FP.FTS.B,

21.99%,

7/10/26

2,302

2,386

APP-15054747.FP.FTS.B,

21.49%,

7/12/26

6,085

6,302

APP-16085008.FP.FTS.B,

18.49%,

7/14/26

4,719

4,825

APP-14865932.FP.FTS.B,

17.49%,

7/15/26

6,089

6,271

APP-14882473.FP.FTS.B,

12.99%,

7/17/26

8,549

8,634

APP-14688717.FP.FTS.B,

10.99%,

7/18/26

2,588

2,612

APP-14118175.FP.FTS.B,

10.09%,

7/19/26

840

842

APP-14870900.FP.FTS.B,

17.49%,

7/19/26

4,525

4,588

APP-14820629.FP.FTS.B,

17.24%,

7/20/26

9,157

9,514

APP-14865904.FP.FTS.B,

15.74%,

7/23/26

8,698

8,832

APP-14964964.FP.FTS.B,

18.99%,

7/23/26

6,104

6,376

APP-13767438.FP.FTS.B,

10.74%,

7/25/26

5,293

5,334

APP-15048537.FP.FTS.B,

20.99%,

7/25/26

6,095

6,370

APP-16811535.FP.FTS.B,

21.74%,

8/03/26

11,369

11,781

APP-17117415.FP.FTS.B,

11.24%,

8/06/26

7,211

7,276

APP-10219598.FP.FTS.B,

15.49%,

8/11/26

3,621

3,701

APP-16036383.FP.FTS.B,

20.24%,

8/13/26

3,041

3,118

APP-15327014.FP.FTS.B,

9.24%,

8/14/26

.

7,618

7,699

APP-15585646.FP.FTS.B,

9.49%,

8/14/26

.

3,063

3,093

APP-15594751.FP.FTS.B,

10.74%,

8/14/26

7,184

7,255

APP-15449600.FP.FTS.B,

20.74%,

8/15/26

7,808

2,973

APP-15493477.FP.FTS.B,

16.74%,

8/20/26

4,782

4,856

APP-15743821.FP.FTS.B,

26.49%,

8/20/26

3,282

3,452

APP-15757972.FP.FTS.B,

18.24%,

8/21/26

3,583

3,635

APP-15750146.FP.FTS.B,

19.24%,

8/21/26

3,174

3,259

APP-12414817.FP.FTS.B,

15.24%,

8/26/26

4,670

4,720

APP-16078255.FP.FTS.B,

19.24%,

8/26/26

6,981

7,176

APP-14153218.FP.FTS.B,

17.99%,

9/01/26

10,632

3,727

APP-16947974.FP.FTS.B,

13.24%,

9/06/26

4,546

4,650

APP-17143594.FP.FTS.B,

9.99%,

9/07/26

.

3,819

3,859

APP-16728029.FP.FTS.B,

26.49%,

9/09/26

2,703

1,794

APP-16681815.FP.FTS.B,

8.24%,

9/16/26

.

6,283

6,347

APP-16640720.FP.FTS.B,

9.99%,

9/18/26

.

12,317

12,447

APP-14176550.FP.FTS.B,

10.34%,

9/18/26

6,158

6,212

APP-16637870.FP.FTS.B,

12.49%,

9/18/26

4,151

4,201

APP-17100593.FP.FTS.B,

9.49%,

9/20/26

.

4,834

4,886

APP-17124398.FP.FTS.B,

9.74%,

9/20/26

.

12,284

12,435

b

APP-11934555.FP.FTS.B,

19.49%,

9/22/26

8,028

845

APP-17439783.FP.FTS.B,

10.74%,

9/25/26

1,491

1,508

APP-15589148.FP.FTS.B,

14.49%,

10/08/26

..........................

3,187

3,223

APP-14329008.FP.FTS.B,

19.49%,

10/17/26

..........................

9,600

10,064

#### Description

#### Principal

#### Amount

#### Value
Freedom

Financial

Asset

Management

LLC

(continued)

APP-11741994.FP.FTS.B,

18.99%,

12/16/26

..........................

$

5,376

$

5,539

APP-11737893.FP.FTS.B,

25.49%,

12/18/26

..........................

3,803

3,968

APP-11694428.FP.FTS.B,

14.49%,

12/22/26

..........................

832

834

APP-11751120.FP.FTS.B,

8.99%,

12/23/26

10,837

10,969

APP-11694004.FP.FTS.B,

11.74%,

12/23/26

14,125

14,295

APP-11708423.FP.FTS.B,

20.99%,

12/23/26

..........................

12,016

12,451

APP-11743539.FP.FTS.B,

21.74%,

12/23/26

..........................

3,950

4,020

b

APP-11752109.FP.FTS.B,

22.49%,

12/23/26

..........................

5,274

792

APP-14548332.FP.FTS.B,

16.49%,

1/05/27

3,372

3,410

APP-11939491.FP.FTS.B,

15.49%,

1/08/27

5,027

5,156

APP-11795112.FP.FTS.B,

19.99%,

1/08/27

APP-11603796.FP.FTS.B,

20.99%,

1/15/27

5,449

5,712

APP-11749683.FP.FTS.B,

16.74%,

1/25/27

6,193

6,310

APP-12268807.FP.FTS.B,

10.99%,

2/01/27

8,526

8,613

APP-11703116.FP.FTS.B,

19.49%,

2/05/27

4,323

4,461

APP-12293217.FP.FTS.B,

17.49%,

2/15/27

8,929

9,173

APP-11922307.FP.FTS.B,

20.49%,

2/15/27

3,947

4,108

APP-11904406.FP.FTS.B,

11.24%,

2/19/27

6,262

6,343

APP-11942494.FP.FTS.B,

18.99%,

2/19/27

6,685

6,903

APP-11940530.FP.FTS.B,

13.49%,

2/20/27

5,972

6,060

APP-11861145.FP.FTS.B,

13.24%,

2/22/27

6,534

6,614

APP-10229823.FP.FTS.B,

25.49%,

2/26/27

4,097

4,295

b

APP-11612708.FP.FTS.B,

22.99%,

3/04/27

8,080

839

APP-12361627.FP.FTS.B,

8.99%,

3/07/27

.

7,772

7,859

APP-12389833.FP.FTS.B,

16.49%,

3/07/27

4,201

4,324

APP-12410874.FP.FTS.B,

10.99%,

3/08/27

6,054

6,101

APP-12408565.FP.FTS.B,

17.99%,

3/19/27

8,544

8,865

APP-12412441.FP.FTS.B,

11.24%,

3/22/27

13,197

13,406

APP-11877626.FP.FTS.B,

13.59%,

4/14/27

14,941

15,167

APP-13682302.FP.FTS.B,

18.49%,

4/15/27

4,087

4,224

APP-13744711.FP.FTS.B,

26.49%,

4/15/27

3,630

3,800

APP-12119826.FP.FTS.B,

12.09%,

4/16/27

18,038

18,260

b

APP-13767273.FP.FTS.B,

11.59%,

4/18/27

7,499

825

APP-13929153.FP.FTS.B,

9.59%,

4/20/27

.

4,777

4,841

APP-14057284.FP.FTS.B,

13.59%,

4/23/27

14,446

14,660

APP-14099769.FP.FTS.B,

20.49%,

4/30/27

8,111

8,517

APP-14187476.FP.FTS.B,

17.99%,

5/01/27

11,050

11,341

APP-14087177.FP.FTS.B,

18.99%,

5/02/27

7,105

7,371

APP-14289803.FP.FTS.B,

22.49%,

5/02/27

4,099

4,227

APP-14041540.FP.FTS.B,

11.59%,

5/03/27

8,013

8,126

APP-13483981.FP.FTS.B,

16.99%,

5/15/27

5,053

5,225

APP-13485148.FP.FTS.B,

18.49%,

5/15/27

11,455

11,868

APP-13849753.FP.FTS.B,

9.34%,

5/20/27

.

11,804

11,969

APP-13800465.FP.FTS.B,

18.49%,

5/20/27

4,819

5,033

APP-13529032.FP.FTS.B,

18.74%,

5/20/27

14,614

15,158

APP-13705972.FP.FTS.B,

26.49%,

5/20/27

4,686

4,914

APP-13542298.FP.FTS.B,

11.34%,

5/21/27

9,430

9,578

APP-13767415.FP.FTS.B,

19.49%,

5/21/27

5,914

6,061

APP-13838022.FP.FTS.B,

22.49%,

5/21/27

3,403

3,537

APP-13628676.FP.FTS.B,

16.99%,

5/27/27

5,045

5,157

Franklin

Investors

Securities

Trust

Schedule

of

Investments

#### Franklin

#### Low

#### Duration

#### Total

#### Return

#### Fund
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Annual

Report

#### Description

#### Principal

#### Amount

#### Value

#### Marketplace

#### Loans
(continued)

Freedom

Financial

Asset

Management

LLC

(continued)

APP-13485109.FP.FTS.B,

20.49%,

5/27/27

$

5,143

$

5,404

APP-13724215.FP.FTS.B,

10.09%,

5/28/27

17,177

17,444

APP-13751462.FP.FTS.B,

11.59%,

5/28/27

13,967

14,218

APP-13899643.FP.FTS.B,

12.09%,

5/28/27

19,373

19,653

APP-13574037.FP.FTS.B,

15.24%,

5/28/27

18,905

19,330

APP-13628755.FP.FTS.B,

19.49%,

5/28/27

4,449

4,613

APP-13521024.FP.FTS.B,

20.99%,

5/28/27

6,935

7,293

APP-13836108.FP.FTS.B,

13.59%,

5/31/27

15,199

15,485

APP-13623936.FP.FTS.B,

9.34%,

6/03/27

.

14,930

15,126

APP-14688354.FP.FTS.B,

17.49%,

6/04/27

11,134

11,316

APP-14200239.FP.FTS.B,

11.34%,

6/06/27

APP-14165096.FP.FTS.B,

14.74%,

6/06/27

12,180

12,408

APP-14192451.FP.FTS.B,

17.99%,

6/06/27

12,340

12,678

APP-14083608.FP.FTS.B,

20.49%,

6/06/27

2,295

2,305

APP-14225512.FP.FTS.B,

20.49%,

6/07/27

4,315

4,442

APP-13914635.FP.FTS.B,

20.99%,

6/10/27

9,320

5,702

APP-14324970.FP.FTS.B,

24.74%,

6/12/27

6,574

6,920

APP-14219059.FP.FTS.B,

11.34%,

6/16/27

6,163

6,232

APP-15597460.FP.FTS.B,

16.49%,

6/16/27

13,179

13,404

APP-14301553.FP.FTS.B,

22.49%,

6/16/27

7,300

7,581

APP-14138938.FP.FTS.B,

11.59%,

6/17/27

6,410

6,506

APP-14200894.FP.FTS.B,

23.49%,

6/17/27

6,284

6,608

APP-14243912.FP.FTS.B,

26.49%,

6/17/27

4,355

4,570

APP-14057201.FP.FTS.B,

15.99%,

6/18/27

5,014

5,181

APP-14108165.FP.FTS.B,

20.49%,

6/18/27

7,601

7,889

APP-14066107.FP.FTS.B,

9.34%,

6/19/27

.

14,931

15,154

APP-13484916.FP.FTS.B,

14.99%,

6/19/27

7,247

7,371

APP-14165192.FP.FTS.B,

17.99%,

6/19/27

2,692

2,712

APP-14025039.FP.FTS.B,

20.49%,

6/19/27

5,411

5,653

APP-14202174.FP.FTS.B,

11.59%,

6/20/27

5,045

5,124

APP-14077334.FP.FTS.B,

13.59%,

6/20/27

8,677

8,781

APP-14194952.FP.FTS.B,

17.99%,

6/20/27

8,622

8,920

APP-11743712.FP.FTS.B,

21.49%,

6/22/27

7,228

7,600

APP-14227617.FP.FTS.B,

20.99%,

6/25/27

4,716

4,958

APP-14292674.FP.FTS.B,

21.99%,

6/25/27

7,872

8,313

APP-13695730.FP.FTS.B,

26.49%,

6/28/27

3,839

1,366

APP-15753390.FP.FTS.B,

26.99%,

7/01/27

5,208

5,485

APP-15653357.FP.FTS.B,

21.24%,

7/04/27

3,774

3,882

APP-14883847.FP.FTS.B,

17.24%,

7/06/27

3,236

3,284

APP-15556990.FP.FTS.B,

21.24%,

7/06/27

4,739

4,873

APP-14902078.FP.FTS.B,

11.74%,

7/07/27

9,947

10,079

APP-14904704.FP.FTS.B,

13.99%,

7/07/27

15,709

15,940

APP-14923950.FP.FTS.B,

13.74%,

7/08/27

5,333

5,415

APP-14868239.FP.FTS.B,

11.99%,

7/12/27

4,900

4,970

APP-14709072.FP.FTS.B,

17.49%,

7/12/27

3,824

3,847

APP-14818480.FP.FTS.B,

11.74%,

7/15/27

13,434

13,596

APP-14914496.FP.FTS.B,

11.74%,

7/15/27

16,164

16,403

APP-15137192.FP.FTS.B,

11.99%,

7/15/27

7,072

7,171

APP-14843307.FP.FTS.B,

11.99%,

7/17/27

5,434

5,507

APP-14811744.FP.FTS.B,

13.99%,

7/19/27

14,724

14,989

APP-14688586.FP.FTS.B,

17.49%,

7/19/27

11,940

12,198

APP-14160424.FP.FTS.B,

23.99%,

7/19/27

8,255

8,736

APP-14188625.FP.FTS.B,

13.59%,

7/20/27

8,851

9,014

APP-14902830.FP.FTS.B,

16.24%,

7/20/27

17,451

18,047

APP-15056862.FP.FTS.B,

22.99%,

7/20/27

9,500

9,970

APP-14865961.FP.FTS.B,

11.74%,

7/21/27

14,535

14,768

APP-14937680.FP.FTS.B,

11.99%,

7/21/27

4,767

4,815

#### Description

#### Principal

#### Amount

#### Value
Freedom

Financial

Asset

Management

LLC

(continued)

APP-14881643.FP.FTS.B,

17.49%,

7/21/27

$

9,669

$

9,884

APP-14877061.FP.FTS.B,

9.99%,

7/22/27

.

6,530

6,634

APP-14314279.FP.FTS.B,

23.49%,

7/25/27

3,607

3,784

APP-14335800.FP.FTS.B,

19.99%,

7/27/27

6,866

7,153

APP-13417402.FP.FTS.B,

17.99%,

7/28/27

6,655

7,002

APP-15053109.FP.FTS.B,

11.74%,

7/29/27

8,138

8,278

APP-16690743.FP.FTS.B,

18.49%,

8/01/27

3,790

3,846

APP-15361603.FP.FTS.B,

19.74%,

8/01/27

3,534

3,608

APP-15584134.FP.FTS.B,

12.99%,

8/03/27

11,237

11,406

APP-16724945.FP.FTS.B,

13.99%,

8/03/27

7,982

3,671

APP-16827842.FP.FTS.B,

16.24%,

8/03/27

11,077

11,229

APP-17031491.FP.FTS.B,

13.99%,

8/05/27

22,657

23,021

APP-17272402.FP.FTS.B,

21.24%,

8/05/27

15,415

15,935

APP-15713621.FP.FTS.B,

12.49%,

8/06/27

7,291

7,388

APP-14143499.FP.FTS.B,

17.24%,

8/07/27

15,778

16,253

APP-15045243.FP.FTS.B,

21.49%,

8/10/27

9,628

10,025

APP-15437840.FP.FTS.B,

20.24%,

8/13/27

7,603

7,952

APP-16055829.FP.FTS.B,

12.99%,

8/14/27

5,111

5,209

APP-16079598.FP.FTS.B,

20.49%,

8/14/27

9,790

5,730

APP-15638158.FP.FTS.B,

21.24%,

8/14/27

4,516

4,661

APP-14058523.FP.FTS.B,

21.99%,

8/14/27

16,350

17,049

APP-15398960.FP.FTS.B,

12.99%,

8/15/27

18,572

18,875

APP-15709743.FP.FTS.B,

14.49%,

8/15/27

17,598

17,908

APP-15299307.FP.FTS.B,

14.99%,

8/15/27

13,234

13,480

APP-15544956.FP.FTS.B,

18.74%,

8/15/27

7,332

7,496

APP-15702332.FP.FTS.B,

20.24%,

8/15/27

4,773

4,874

APP-15600789.FP.FTS.B,

22.24%,

8/15/27

3,716

3,856

APP-16074588.FP.FTS.B,

23.49%,

8/15/27

7,281

7,616

APP-15763149.FP.FTS.B,

26.99%,

8/15/27

5,434

5,714

APP-15602475.FP.FTS.B,

12.49%,

8/19/27

7,607

7,732

APP-15601188.FP.FTS.B,

21.24%,

8/19/27

23,594

24,413

APP-15811836.FP.FTS.B,

19.74%,

8/20/27

11,819

12,227

APP-15741986.FP.FTS.B,

12.49%,

8/21/27

6,277

6,326

APP-15602128.FP.FTS.B,

21.74%,

8/21/27

6,624

6,920

APP-16024812.FP.FTS.B,

12.99%,

8/22/27

5,163

5,258

APP-14178173.FP.FTS.B,

15.24%,

8/26/27

9,618

9,809

APP-15871509.FP.FTS.B,

20.49%,

8/26/27

8,747

9,110

APP-16071674.FP.FTS.B,

22.49%,

8/26/27

5,223

5,424

APP-15234987.FP.FTS.B,

16.74%,

8/27/27

13,400

13,717

APP-14346063.FP.FTS.B,

18.49%,

8/27/27

12,669

13,162

APP-16019364.FP.FTS.B,

20.99%,

8/28/27

14,109

14,662

APP-15594246.FP.FTS.B,

25.49%,

8/30/27

13,991

14,837

APP-14911217.FP.FTS.B,

13.99%,

9/07/27

11,414

11,618

APP-17244225.FP.FTS.B,

9.49%,

9/09/27

.

8,898

9,024

APP-17250115.FP.FTS.B,

9.74%,

9/09/27

.

3,181

3,226

b

APP-15558741.FP.FTS.B,

19.49%,

9/12/27

23,711

2,697

APP-17450366.FP.FTS.B,

21.24%,

9/13/27

5,769

5,963

APP-16817244.FP.FTS.B,

18.24%,

9/14/27

24,185

24,706

APP-16652517.FP.FTS.B,

14.24%,

9/15/27

7,478

7,582

APP-11750409.FP.FTS.B,

17.99%,

9/15/27

8,501

8,839

APP-16847088.FP.FTS.B,

18.24%,

9/15/27

5,099

5,294

APP-15584156.FP.FTS.B,

26.99%,

9/15/27

APP-16906029.FP.FTS.B,

17.74%,

9/17/27

5,078

5,178

APP-14177752.FP.FTS.B,

11.59%,

9/18/27

11,784

11,992

APP-16599721.FP.FTS.B,

13.49%,

9/19/27

2,596

2,608

APP-15742698.FP.FTS.B,

20.74%,

9/20/27

10,339

10,870

Franklin

Investors

Securities

Trust

Schedule

of

Investments

#### Franklin

#### Low

#### Duration

#### Total

#### Return

#### Fund
(continued)

franklintempleton.com

Annual

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-15738048.FP.FTS.B,

24.99%,

9/20/27

$

8,417

$

8,749

APP-15723564.FP.FTS.B,

26.99%,

9/21/27

1,928

731

APP-15758289.FP.FTS.B,

26.99%,

9/21/27

5,595

5,901

APP-17193229.FP.FTS.B,

11.99%,

9/22/27

6,657

6,785

APP-13628761.FP.FTS.B,

20.99%,

9/23/27

1,799

1,808

APP-15037668.FP.FTS.B,

26.99%,

9/23/27

5,875

6,206

APP-17329208.FP.FTS.B,

20.99%,

9/25/27

8,850

2,935

b

APP-15684113.FP.FTS.B,

20.74%,

10/18/27

..........................

4,821

1,774

APP-16061296.FP.FTS.B,

23.49%,

10/27/27

..........................

3,528

3,609

APP-15718443.FP.FTS.B,

26.99%,

10/30/27

..........................

14,084

14,913

APP-14122876.FP.FTS.B,

23.49%,

11/20/27

..........................

18,405

19,388

APP-15757316.FP.FTS.B,

24.99%,

11/24/27

..........................

12,827

13,518

APP-14840263.FP.FTS.B,

17.49%,

12/08/27

..........................

14,066

14,359

APP-17433516.FP.FTS.B,

20.49%,

12/12/27

..........................

13,459

13,878

b

APP-15589159.FP.FTS.B,

26.74%,

12/22/27

..........................

8,671

899

APP-16893024.FP.FTS.B,

19.99%,

1/11/28

9,977

10,181

APP-15032228.FP.FTS.B,

23.49%,

9/12/35

b

APP-15537240.FP.FTS.B,

25.49%,

11/12/35

..........................

2,963

1,783,972

LendingClub

Corp.

-

LCX

PM

188053341. LC.FTS.B,

6%,

4/08/27

......

2,168

2,207

187514926. LC.FTS.B,

23.49%,

4/11/27

...

3,328

3,428

188110736. LC.FTS.B,

23.99%,

4/13/27

...

5,485

–

188308390. LC.FTS.B,

25.99%,

4/14/27

...

2,655

2,758

188225211. LC.FTS.B,

20.99%,

4/18/27

...

6,225

6,180

188575003. LC.FTS.B,

22.49%,

4/20/27

...

2,503

2,562

188450442. LC.FTS.B,

15.19%,

4/21/27

...

10,707

10,498

188615522. LC.FTS.B,

16.19%,

4/21/27

...

6,207

6,206

188593509. LC.FTS.B,

19.44%,

4/21/27

...

2,923

2,984

188582913. LC.FTS.B,

20.49%,

4/21/27

...

13,708

–

188633218. LC.FTS.B,

28.99%,

4/21/27

...

5,475

5,694

188630360. LC.FTS.B,

20.49%,

4/22/27

...

9,060

9,233

188277503. LC.FTS.B,

23.19%,

4/22/27

...

4,328

4,436

187548960. LC.FTS.B,

20.49%,

4/25/27

...

7,696

7,625

187548690. LC.FTS.B,

23.49%,

4/25/27

...

8,938

–

188528665. LC.FTS.B,

23.99%,

4/25/27

...

3,081

3,162

187899660. LC.FTS.B,

23.99%,

4/29/27

...

9,249

9,473

b

188303635. LC.FTS.B,

20.99%,

6/21/27

...

5,948

188186124. LC.FTS.B,

21.49%,

11/12/27

..

3,773

3,690

188574271. LC.FTS.B,

22.49%,

11/30/27

..

19,004

–

b

188256153. LC.FTS.B,

18.99%,

12/12/27

..

3,672

b

188223031. LC.FTS.B,

18.99%,

1/28/28

...

19,062

2,536

188415292. LC.FTS.B,

22.99%,

7/20/28

...

16,933

16,861

188123636. LC.FTS.B,

5%,

4/13/35

......

100,343

#### Description

#### Principal

#### Amount

#### Value
Prosper

Funding

LLC

1751899. PS.FTS.B,

22.6%,

1/20/26

.....

$

833

$

832

b

1700571. PS.FTS.B,

18.11%,

1/24/26

....

3,306

1655235. PS.FTS.B,

24.03%,

10/27/26

...

4,269

4,445

1649350. PS.FTS.B,

18.78%,

10/28/26

...

3,792

3,876

1657464. PS.FTS.B,

10.5%,

10/29/26

....

1,028

1,029

1646555. PS.FTS.B,

10.9%,

10/29/26

....

6,627

6,640

1646915. PS.FTS.B,

16.1%,

10/29/26

....

4,339

4,439

1658775. PS.FTS.B,

12.5%,

11/02/26

....

8,173

8,138

1658917. PS.FTS.B,

10.7%,

11/09/26

....

3,695

3,689

1666464. PS.FTS.B,

15.29%,

11/09/26

....

2,851

2,871

1654475. PS.FTS.B,

10.8%,

11/10/26

....

4,945

2,789

1660093. PS.FTS.B,

10.9%,

11/10/26

....

817

814

1654907. PS.FTS.B,

16%,

11/12/26

......

3,121

3,168

1667685. PS.FTS.B,

17.1%,

11/15/26

....

7,392

7,502

1665225. PS.FTS.B,

19.53%,

11/18/26

....

1,388

1,393

1686612. PS.FTS.B,

16.8%,

12/16/26

....

7,635

7,688

1673612. PS.FTS.B,

19.3%,

12/16/26

....

1,951

1,983

1674065. PS.FTS.B,

27.18%,

12/16/26

...

5,467

5,669

1674635. PS.FTS.B,

13.77%,

12/17/26

...

5,066

5,091

1681423. PS.FTS.B,

10.08%,

12/20/26

...

4,224

4,220

1688043. PS.FTS.B,

10.5%,

12/20/26

....

3,386

3,382

1681000. PS.FTS.B,

11.6%,

12/20/26

....

1,876

1,877

1673600. PS.FTS.B,

11.6%,

12/25/26

....

2,908

2,902

1681444. PS.FTS.B,

9.81%,

12/27/26

....

8,630

1,939

1675322. PS.FTS.B,

21.09%,

12/30/26

...

5,993

6,268

1687826. PS.FTS.B,

12.6%,

1/12/27

.....

3,735

3,726

1688201. PS.FTS.B,

24.03%,

1/12/27

....

3,692

3,833

1694575. PS.FTS.B,

11.99%,

1/13/27

....

6,472

6,459

1688543. PS.FTS.B,

16.18%,

1/13/27

....

4,972

4,982

1695334. PS.FTS.B,

15.1%,

1/14/27

.....

3,562

3,582

1702050. PS.FTS.B,

18.78%,

1/14/27

....

3,424

3,487

1689323. PS.FTS.B,

26.88%,

1/14/27

....

1,151

1,196

1689608. PS.FTS.B,

28.23%,

1/14/27

....

5,859

6,086

1705371. PS.FTS.B,

12.62%,

1/20/27

....

9,341

9,336

1693711. PS.FTS.B,

21.63%,

1/31/27

....

3,925

4,078

1715428. PS.FTS.B,

9.99%,

2/15/27

.....

1,599

1,594

1715575. PS.FTS.B,

18.59%,

2/15/27

....

3,319

3,373

1709420. PS.FTS.B,

21.18%,

2/16/27

....

4,081

4,161

1709807. PS.FTS.B,

15.1%,

2/17/27

.....

6,183

6,214

1696093. PS.FTS.B,

16%,

2/17/27

.......

5,013

5,107

1711007. PS.FTS.B,

18.78%,

2/18/27

....

6,082

6,208

1710686. PS.FTS.B,

19%,

2/18/27

.......

3,631

3,707

1708892. PS.FTS.B,

11.79%,

2/20/27

....

6,602

6,579

1688975. PS.FTS.B,

12.4%,

2/26/27

.....

7,530

7,499

1708439. PS.FTS.B,

16.7%,

3/09/27

.....

2,499

2,544

1749361. PS.FTS.B,

10.5%,

4/05/27

.....

4,997

4,959

1742753. PS.FTS.B,

11.7%,

4/05/27

.....

5,091

5,051

1752456. PS.FTS.B,

16.18%,

4/05/27

....

2,642

1,466

1749730. PS.FTS.B,

11.6%,

4/06/27

.....

5,449

5,408

1752861. PS.FTS.B,

12.5%,

4/06/27

.....

3,680

3,652

1750153. PS.FTS.B,

16.9%,

4/06/27

.....

3,534

3,579

1754274. PS.FTS.B,

11.6%,

4/07/27

.....

1,271

1,261

1751020. PS.FTS.B,

14.49%,

4/07/27

....

2,111

2,105

1753719. PS.FTS.B,

14.68%,

4/07/27

....

2,968

2,945

1745348. PS.FTS.B,

10.4%,

4/08/27

.....

10,692

10,616

1755504. PS.FTS.B,

10.29%,

4/11/27

....

3,202

3,181

1752913. PS.FTS.B,

15.5%,

4/11/27

.....

3,848

3,838

Franklin

Investors

Securities

Trust

Schedule

of

Investments

#### Franklin

#### Low

#### Duration

#### Total

#### Return

#### Fund
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Annual

Report

#### Description

#### Principal

#### Amount

#### Value

#### Marketplace

#### Loans
(continued)

Prosper

Funding

LLC

(continued)

1756335. PS.FTS.B,

18.33%,

4/12/27

....

$

9,417

$

9,563

1755102. PS.FTS.B,

15.29%,

4/13/27

....

11,589

11,547

1755513. PS.FTS.B,

21%,

4/20/27

.......

2,534

2,629

b

1704399. PS.FTS.B,

13.8%,

11/03/27

....

19,135

939

1693289. PS.FTS.B,

12.9%,

12/21/27

....

4,441

4,394

1743968. PS.FTS.B,

11.2%,

3/15/28

.....

8,984

8,785

272,599

Upgrade,

Inc.

-

Card

991835626. UG.FTS.B,

28.98%,

4/15/26

..

b

991803612. UG.FTS.B,

29.49%,

8/15/26

..

b

991763663. UG.FTS.B,

16.99%,

9/13/30

..

Upstart

Network,

Inc.

L1714660.UP.FTS.B,

8.12%,

9/15/26

....

8,511

2,677

L1717453.UP.FTS.B,

9.3%,

9/15/26

.....

10,972

10,755

L1712309.UP.FTS.B,

10.63%,

9/15/26

....

899

884

L1716286.UP.FTS.B,

13.58%,

9/15/26

....

3,554

3,495

b

L1716175.UP.FTS.B,

19.72%,

9/15/26

....

3,690

L1714787.UP.FTS.B,

19.9%,

9/15/26

....

L1717659.UP.FTS.B,

24.51%,

9/15/26

....

858

845

L1715574.UP.FTS.B,

25.72%,

9/15/26

....

1,557

1,533

L1713640.UP.FTS.B,

26.25%,

9/15/26

....

1,453

L1705442.UP.FTS.B,

26.69%,

9/15/26

....

2,053

2,021

FW1718296.UP.FTS.B,

26.73%,

9/15/26

..

2,005

1,974

FW1718304.UP.FTS.B,

30.56%,

9/15/26

..

865

853

FW1708223.UP.FTS.B,

31.43%,

9/15/26

..

1,192

1,175

FW1718952.UP.FTS.B,

31.98%,

9/15/26

..

2,457

2,423

FW1718497.UP.FTS.B,

32.01%,

9/15/26

..

725

715

L1888552.UP.FTS.B,

7.94%,

10/20/26

....

7,449

5,410

L1888883.UP.FTS.B,

8.11%,

10/20/26

....

2,824

2,768

FW1885766.UP.FTS.B,

12.47%,

10/20/26

.

8,030

7,898

L1885346.UP.FTS.B,

12.58%,

10/20/26

...

754

741

L1883791.UP.FTS.B,

16%,

10/20/26

.....

2,963

2,932

L1887062.UP.FTS.B,

16.6%,

10/20/26

....

1,340

1,321

FW1886267.UP.FTS.B,

17.53%,

10/20/26

.

2,860

2,819

FW1885177.UP.FTS.B,

19.83%,

10/20/26

.

1,711

1,686

L1888979.UP.FTS.B,

20.2%,

10/20/26

....

5,169

5,092

L1887570.UP.FTS.B,

22.24%,

10/20/26

...

949

935

L1887186.UP.FTS.B,

23.15%,

10/20/26

...

601

592

L1886386.UP.FTS.B,

23.7%,

10/20/26

....

L1882558.UP.FTS.B,

25.08%,

10/20/26

...

FW1887450.UP.FTS.B,

25.16%,

10/20/26

.

4,628

4,566

FW1885417.UP.FTS.B,

25.25%,

10/20/26

.

1,551

1,530

L1888117.UP.FTS.B,

25.32%,

10/20/26

...

1,273

1,256

L1885428.UP.FTS.B,

25.94%,

10/20/26

...

4,802

3,644

L1862311.UP.FTS.B,

26.09%,

10/20/26

...

2,521

2,487

FW1885184.UP.FTS.B,

29.51%,

10/20/26

.

4,417

4,361

FW1884150.UP.FTS.B,

30.85%,

10/20/26

.

FW1888248.UP.FTS.B,

31.19%,

10/20/26

.

1,821

1,796

FW1888517.UP.FTS.B,

31.21%,

10/20/26

.

675

667

FW1886674.UP.FTS.B,

31.35%,

10/20/26

.

1,424

1,406

L2047884.UP.FTS.B,

7.92%,

11/15/26

....

3,453

3,383

L2048411.UP.FTS.B,

8.56%,

11/15/26

....

1,001

979

L2047237.UP.FTS.B,

9.32%,

11/15/26

....

1,802

1,763

#### Description

#### Principal

#### Amount

#### Value
Upstart

Network,

Inc.

(continued)

FW2046704.UP.FTS.B,

9.53%,

11/15/26

..

$

3,878

$

3,795

L2039266.UP.FTS.B,

10.56%,

11/15/26

...

L2048156.UP.FTS.B,

13.55%,

11/15/26

...

1,969

1,413

L2046597.UP.FTS.B,

14.02%,

11/15/26

...

5,575

5,478

L2047243.UP.FTS.B,

14.23%,

11/15/26

...

5,039

4,951

FW2047393.UP.FTS.B,

14.85%,

11/15/26

.

2,825

2,792

FW2049034.UP.FTS.B,

15.15%,

11/15/26

.

1,803

1,781

L2048596.UP.FTS.B,

15.55%,

11/15/26

...

1,690

1,661

L2048855.UP.FTS.B,

15.99%,

11/15/26

...

2,705

2,673

b

L2048386.UP.FTS.B,

16.67%,

11/15/26

...

3,625

571

L2046932.UP.FTS.B,

17.96%,

11/15/26

...

5,587

5,494

L2049268.UP.FTS.B,

19.7%,

11/15/26

....

2,430

715

L2049153.UP.FTS.B,

19.94%,

11/15/26

...

3,066

3,012

L2047279.UP.FTS.B,

20.87%,

11/15/26

...

2,799

2,751

L2048606.UP.FTS.B,

21.48%,

11/15/26

...

3,200

3,144

b

L2047175.UP.FTS.B,

21.59%,

11/15/26

...

512

L2047532.UP.FTS.B,

21.84%,

11/15/26

...

1,578

1,551

b

L2047358.UP.FTS.B,

21.89%,

11/15/26

...

1,892

L2047197.UP.FTS.B,

21.93%,

11/15/26

...

3,444

3,390

FW2047187.UP.FTS.B,

22.1%,

11/15/26

..

5,066

4,981

FW2049063.UP.FTS.B,

22.49%,

11/15/26

.

8,927

8,790

b

FW2047777.UP.FTS.B,

22.57%,

11/15/26

.

1,333

b

L2048190.UP.FTS.B,

23.66%,

11/15/26

...

5,861

FW2034466.UP.FTS.B,

24.37%,

11/15/26

.

917

902

L2047240.UP.FTS.B,

24.44%,

11/15/26

...

1,209

1,111

L2047586.UP.FTS.B,

24.7%,

11/15/26

....

757

744

L2048978.UP.FTS.B,

25.37%,

11/15/26

...

3,319

3,266

L2049419.UP.FTS.B,

25.38%,

11/15/26

...

L2048909.UP.FTS.B,

25.5%,

11/15/26

....

881

669

FW2027220.UP.FTS.B,

25.94%,

11/15/26

.

569

560

FW2047100.UP.FTS.B,

26.77%,

11/15/26

.

1,016

1,000

FW2047988.UP.FTS.B,

29.5%,

11/15/26

..

2,847

2,804

FW2047468.UP.FTS.B,

30.8%,

11/15/26

..

FW2049349.UP.FTS.B,

30.81%,

11/15/26

.

573

564

FW2049409.UP.FTS.B,

31.09%,

11/15/26

.

3,758

3,702

FW1979816.UP.FTS.B,

31.12%,

11/15/26

.

1,030

1,014

FW2048749.UP.FTS.B,

31.13%,

11/15/26

.

905

891

FW2047594.UP.FTS.B,

31.24%,

11/15/26

.

FW2048610.UP.FTS.B,

31.92%,

11/15/26

.

2,360

2,326

FW2096102.UP.FTS.B,

7.51%,

11/22/26

..

2,103

2,058

L2094764.UP.FTS.B,

11.93%,

11/22/26

...

713

701

FW2083090.UP.FTS.B,

12.64%,

11/22/26

.

L2094888.UP.FTS.B,

12.99%,

11/22/26

...

L2094766.UP.FTS.B,

16.38%,

11/22/26

...

1,160

1,149

FW2095326.UP.FTS.B,

16.9%,

11/22/26

..

1,462

1,448

L2095105.UP.FTS.B,

17.31%,

11/22/26

...

6,954

5,037

FW2094890.UP.FTS.B,

17.34%,

11/22/26

.

4,414

4,371

FW2096292.UP.FTS.B,

18.39%,

11/22/26

.

2,572

2,537

L2094851.UP.FTS.B,

18.61%,

11/22/26

...

13,648

13,519

L2096899.UP.FTS.B,

19.33%,

11/22/26

...

3,945

3,892

L2096144.UP.FTS.B,

19.54%,

11/22/26

...

4,487

4,427

FW2094159.UP.FTS.B,

20.44%,

11/22/26

.

2,902

2,864

L2096760.UP.FTS.B,

21.84%,

11/22/26

...

3,469

3,421

FW2095395.UP.FTS.B,

22.89%,

11/22/26

.

622

L2094312.UP.FTS.B,

25.16%,

11/22/26

...

9,990

9,862

L2096356.UP.FTS.B,

25.27%,

11/22/26

...

Franklin

Investors

Securities

Trust

Schedule

of

Investments

#### Franklin

#### Low

#### Duration

#### Total

#### Return

#### Fund
(continued)

franklintempleton.com

Annual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

#### Description

#### Principal

#### Amount

#### Value

#### Marketplace

#### Loans
(continued)

Upstart

Network,

Inc.

(continued)

FW2095277.UP.FTS.B,

25.75%,

11/22/26

.

$

5,007

$

4,944

L2094270.UP.FTS.B,

25.87%,

11/22/26

...

1,070

1,057

FW2094585.UP.FTS.B,

27.16%,

11/22/26

.

1,946

1,441

L2096054.UP.FTS.B,

27.38%,

11/22/26

...

1,132

1,118

L2096384.UP.FTS.B,

27.83%,

11/22/26

...

3,168

3,129

FW2096342.UP.FTS.B,

28.48%,

11/22/26

.

1,751

1,730

b

FW2096376.UP.FTS.B,

29.09%,

11/22/26

.

2,415

FW2096279.UP.FTS.B,

30.8%,

11/22/26

..

FW2096663.UP.FTS.B,

31.48%,

11/22/26

.

1,931

1,459

FW2089645.UP.FTS.B,

31.75%,

11/22/26

.

3,441

3,436

FW2094660.UP.FTS.B,

31.22%,

11/24/26

.

3,872

3,828

b

FW2096115.UP.FTS.B,

23.24%,

11/28/26

.

1,432

L2096773.UP.FTS.B,

24.83%,

12/03/26

...

955

942

FW2024402.UP.FTS.B,

24.5%,

12/06/26

..

4,243

4,186

FW2293082.UP.FTS.B,

6.16%,

12/21/26

..

1,052

1,025

FW2293501.UP.FTS.B,

7.39%,

12/21/26

..

1,977

1,933

L2292686.UP.FTS.B,

7.74%,

12/21/26

....

808

790

L2295697.UP.FTS.B,

8.34%,

12/21/26

....

L2295880.UP.FTS.B,

8.72%,

12/21/26

....

820

802

L2295310.UP.FTS.B,

9.3%,

12/21/26

....

1,991

1,949

L2294640.UP.FTS.B,

9.73%,

12/21/26

....

658

647

L2288385.UP.FTS.B,

12.86%,

12/21/26

...

1,468

1,442

L2294220.UP.FTS.B,

13.69%,

12/21/26

...

1,785

1,754

L2294790.UP.FTS.B,

13.78%,

12/21/26

...

1,843

1,811

L2296049.UP.FTS.B,

17.33%,

12/21/26

...

1,576

1,561

L2295430.UP.FTS.B,

18.6%,

12/21/26

....

5,165

3,718

L2295608.UP.FTS.B,

18.98%,

12/21/26

...

3,229

3,183

FW2293617.UP.FTS.B,

19.06%,

12/21/26

.

2,415

1,750

FW2294886.UP.FTS.B,

19.07%,

12/21/26

.

669

FW2293806.UP.FTS.B,

19.41%,

12/21/26

.

2,541

2,516

L2296294.UP.FTS.B,

19.65%,

12/21/26

...

L2293347.UP.FTS.B,

20.07%,

12/21/26

...

9,854

9,716

L2294842.UP.FTS.B,

21.22%,

12/21/26

...

1,672

1,647

L2296434.UP.FTS.B,

21.52%,

12/21/26

...

892

651

L2296037.UP.FTS.B,

22.38%,

12/21/26

...

1,609

1,586

L2286942.UP.FTS.B,

22.51%,

12/21/26

...

737

726

L2293386.UP.FTS.B,

22.55%,

12/21/26

...

2,727

2,689

L2294767.UP.FTS.B,

23.15%,

12/21/26

...

904

891

FW2295460.UP.FTS.B,

23.88%,

12/21/26

.

9,953

7,240

L2295515.UP.FTS.B,

24.19%,

12/21/26

...

5,539

4,087

L2294601.UP.FTS.B,

24.7%,

12/21/26

....

17,567

17,328

L2246443.UP.FTS.B,

25.23%,

12/21/26

...

L2294392.UP.FTS.B,

25.44%,

12/21/26

...

6,879

6,785

L2287500.UP.FTS.B,

25.45%,

12/21/26

...

2,502

786

L2292073.UP.FTS.B,

25.46%,

12/21/26

...

1,066

1,052

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

.

4,651

4,594

FW2295248.UP.FTS.B,

30.94%,

12/21/26

.

1,491

1,472

FW2293727.UP.FTS.B,

31.05%,

12/21/26

.

552

546

FW2293310.UP.FTS.B,

31.11%,

12/21/26

.

690

682

FW2295496.UP.FTS.B,

31.18%,

12/21/26

.

922

911

FW2293684.UP.FTS.B,

31.29%,

12/21/26

.

1,153

1,139

L2300162.UP.FTS.B,

5.78%,

12/22/26

....

L2298149.UP.FTS.B,

5.81%,

12/22/26

....

12,218

11,880

L2298867.UP.FTS.B,

6.47%,

12/22/26

....

4,088

2,831

b

L2298677.UP.FTS.B,

6.71%,

12/22/26

....

1,244

#### Description

#### Principal

#### Amount

#### Value
Upstart

Network,

Inc.

(continued)

FW2299026.UP.FTS.B,

7.03%,

12/22/26

..

$

1,328

$

1,299

L2299006.UP.FTS.B,

7.25%,

12/22/26

....

4,256

4,161

L2300059.UP.FTS.B,

7.96%,

12/22/26

....

1,338

1,309

FW2297741.UP.FTS.B,

8.43%,

12/22/26

..

1,633

1,597

L2296751.UP.FTS.B,

9.09%,

12/22/26

....

1,652

1,616

FW2300319.UP.FTS.B,

9.33%,

12/22/26

..

1,161

1,136

L2275171.UP.FTS.B,

9.45%,

12/22/26

....

690

675

FW2275119.UP.FTS.B,

10.09%,

12/22/26

.

8,401

8,220

L2261699.UP.FTS.B,

10.41%,

12/22/26

...

1,126

1,102

L2299578.UP.FTS.B,

10.73%,

12/22/26

...

1,142

1,123

L2296896.UP.FTS.B,

10.8%,

12/22/26

....

851

836

L2296884.UP.FTS.B,

10.85%,

12/22/26

...

2,838

2,788

L2288091.UP.FTS.B,

12.04%,

12/22/26

...

2,894

2,844

L2296913.UP.FTS.B,

12.48%,

12/22/26

...

2,826

2,293

FW2296819.UP.FTS.B,

12.8%,

12/22/26

..

L2297301.UP.FTS.B,

13.19%,

12/22/26

...

1,703

L2297394.UP.FTS.B,

13.43%,

12/22/26

...

1,184

1,164

FW2296544.UP.FTS.B,

14.31%,

12/22/26

.

1,503

1,477

L2296608.UP.FTS.B,

15.19%,

12/22/26

...

5,146

5,061

L2298101.UP.FTS.B,

15.46%,

12/22/26

...

793

784

FW2298689.UP.FTS.B,

15.52%,

12/22/26

.

5,361

5,308

L2300266.UP.FTS.B,

15.81%,

12/22/26

...

6,674

6,564

L2297702.UP.FTS.B,

16.54%,

12/22/26

...

FW2296844.UP.FTS.B,

16.78%,

12/22/26

.

709

702

FW2242642.UP.FTS.B,

17.23%,

12/22/26

.

2,159

2,139

FW2298313.UP.FTS.B,

17.76%,

12/22/26

.

4,823

4,778

L2297949.UP.FTS.B,

18.76%,

12/22/26

...

1,288

1,271

FW2298046.UP.FTS.B,

19.21%,

12/22/26

.

3,246

3,201

L2298737.UP.FTS.B,

20.98%,

12/22/26

...

1,666

1,644

L2300374.UP.FTS.B,

21.31%,

12/22/26

...

976

962

L2296777.UP.FTS.B,

21.4%,

12/22/26

....

3,355

3,308

FW2298033.UP.FTS.B,

21.61%,

12/22/26

.

5,548

5,475

L2298829.UP.FTS.B,

22.17%,

12/22/26

...

1,620

1,599

FW2297460.UP.FTS.B,

22.74%,

12/22/26

.

18,524

13,618

L2296515.UP.FTS.B,

22.98%,

12/22/26

...

1,029

1,015

L2298974.UP.FTS.B,

23.47%,

12/22/26

...

622

614

FW2300425.UP.FTS.B,

23.57%,

12/22/26

.

2,751

2,714

L2296775.UP.FTS.B,

23.9%,

12/22/26

....

1,564

1,544

L2296638.UP.FTS.B,

23.96%,

12/22/26

...

L2297604.UP.FTS.B,

24.33%,

12/22/26

...

524

518

b

L2299447.UP.FTS.B,

24.64%,

12/22/26

...

963

L2292373.UP.FTS.B,

25.33%,

12/22/26

...

603

595

L2296962.UP.FTS.B,

25.46%,

12/22/26

...

1,212

1,196

L2298544.UP.FTS.B,

25.47%,

12/22/26

...

1,247

1,231

L2296379.UP.FTS.B,

26.17%,

12/22/26

...

4,199

1,271

FW2298545.UP.FTS.B,

26.68%,

12/22/26

.

4,915

4,855

FW2299436.UP.FTS.B,

27.39%,

12/22/26

.

1,472

1,454

FW2296934.UP.FTS.B,

28.08%,

12/22/26

.

2,098

2,074

FW2298568.UP.FTS.B,

28.54%,

12/22/26

.

2,835

2,802

FW2297392.UP.FTS.B,

29.67%,

12/22/26

.

FW2296795.UP.FTS.B,

30.46%,

12/22/26

.

571

564

FW2299939.UP.FTS.B,

30.93%,

12/22/26

.

b

FW2297499.UP.FTS.B,

30.95%,

12/22/26

.

603

FW2300108.UP.FTS.B,

31.04%,

12/22/26

.

b

FW2298159.UP.FTS.B,

31.15%,

12/22/26

.

1,480

FW2296911.UP.FTS.B,

31.17%,

12/22/26

.

FW2294359.UP.FTS.B,

31.33%,

12/22/26

.

19,309

19,289

Franklin

Investors

Securities

Trust

Schedule

of

Investments

#### Franklin

#### Low

#### Duration

#### Total

#### Return

#### Fund
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Annual

Report

#### Description

#### Principal

#### Amount

#### Value

#### Marketplace

#### Loans
(continued)

Upstart

Network,

Inc.

(continued)

FW2300018.UP.FTS.B,

31.65%,

12/22/26

.

$

2,124

$

2,101

L2296095.UP.FTS.B,

23.73%,

12/26/26

...

3,426

3,378

FW2295931.UP.FTS.B,

5.9%,

12/27/26

...

3,914

3,806

L2424153.UP.FTS.B,

4.86%,

1/13/27

....

13,144

12,779

L2426247.UP.FTS.B,

4.87%,

1/13/27

....

4,266

4,144

L2424670.UP.FTS.B,

5.86%,

1/13/27

....

2,639

2,564

L2425940.UP.FTS.B,

5.96%,

1/13/27

....

5,528

5,373

L2427954.UP.FTS.B,

5.98%,

1/13/27

....

8,891

4,734

b

FW2426682.UP.FTS.B,

6.38%,

1/13/27

...

5,436

502

L2424813.UP.FTS.B,

6.62%,

1/13/27

....

5,068

4,927

L2426387.UP.FTS.B,

7.28%,

1/13/27

....

1,282

1,246

L2427644.UP.FTS.B,

7.93%,

1/13/27

....

720

703

FW2427445.UP.FTS.B,

7.98%,

1/13/27

...

2,306

2,253

L2424761.UP.FTS.B,

8.01%,

1/13/27

....

1,468

1,437

L2426445.UP.FTS.B,

8.42%,

1/13/27

....

FW2426523.UP.FTS.B,

8.45%,

1/13/27

...

865

850

L2427091.UP.FTS.B,

8.49%,

1/13/27

....

2,034

1,988

FW2426991.UP.FTS.B,

9.24%,

1/13/27

...

1,767

1,727

L2427076.UP.FTS.B,

9.69%,

1/13/27

....

2,501

2,444

L2425208.UP.FTS.B,

9.97%,

1/13/27

....

1,926

1,884

L2428214.UP.FTS.B,

10.52%,

1/13/27

....

814

795

L2423014.UP.FTS.B,

10.64%,

1/13/27

....

8,132

7,948

FW2425681.UP.FTS.B,

11.84%,

1/13/27

..

8,978

8,814

b

L2426346.UP.FTS.B,

13.31%,

1/13/27

....

914

L2428411.UP.FTS.B,

15.14%,

1/13/27

....

1,554

1,535

b

FW2398372.UP.FTS.B,

15.37%,

1/13/27

..

4,956

b

FW2412323.UP.FTS.B,

15.91%,

1/13/27

..

4,245

L2426798.UP.FTS.B,

16.24%,

1/13/27

....

5,269

5,176

L2428444.UP.FTS.B,

16.71%,

1/13/27

....

1,990

1,967

FW2428748.UP.FTS.B,

17.09%,

1/13/27

..

3,334

3,296

L2425118.UP.FTS.B,

17.11%,

1/13/27

....

2,335

2,296

FW2423151.UP.FTS.B,

17.2%,

1/13/27

...

1,470

1,446

FW2425055.UP.FTS.B,

17.43%,

1/13/27

..

5,499

5,407

L2428454.UP.FTS.B,

18.63%,

1/13/27

....

L2424684.UP.FTS.B,

20.1%,

1/13/27

....

2,037

2,000

L2426770.UP.FTS.B,

20.84%,

1/13/27

....

5,286

5,191

L2427912.UP.FTS.B,

21.34%,

1/13/27

....

L2395761.UP.FTS.B,

22.53%,

1/13/27

....

10,836

10,648

L2404751.UP.FTS.B,

24.81%,

1/13/27

....

6,708

6,597

L2422250.UP.FTS.B,

25.13%,

1/13/27

....

1,161

1,141

L2423497.UP.FTS.B,

25.16%,

1/13/27

....

598

588

L2424771.UP.FTS.B,

25.96%,

1/13/27

....

832

818

FW2424834.UP.FTS.B,

26.08%,

1/13/27

..

2,048

2,014

FW2425245.UP.FTS.B,

26.25%,

1/13/27

..

675

FW2426259.UP.FTS.B,

26.65%,

1/13/27

..

1,912

1,882

FW2425948.UP.FTS.B,

27.28%,

1/13/27

..

2,766

1,684

FW2422977.UP.FTS.B,

28.17%,

1/13/27

..

4,242

FW2425791.UP.FTS.B,

29.41%,

1/13/27

..

1,315

1,294

FW2426985.UP.FTS.B,

30.26%,

1/13/27

..

12,768

12,570

FW2427875.UP.FTS.B,

30.3%,

1/13/27

...

FW2423548.UP.FTS.B,

30.41%,

1/13/27

..

1,154

FW2425371.UP.FTS.B,

30.51%,

1/13/27

..

802

790

FW2423407.UP.FTS.B,

30.57%,

1/13/27

..

FW2425795.UP.FTS.B,

30.94%,

1/13/27

..

1,697

1,672

FW2425961.UP.FTS.B,

31.09%,

1/13/27

..

FW2423715.UP.FTS.B,

32.57%,

1/13/27

..

#### Description

#### Principal

#### Amount

#### Value
Upstart

Network,

Inc.

(continued)

L2435082.UP.FTS.B,

5.24%,

1/14/27

....

$

7,452

$

7,240

L2435136.UP.FTS.B,

5.4%,

1/14/27

.....

2,894

2,812

L2435334.UP.FTS.B,

5.79%,

1/14/27

....

861

836

FW2431037.UP.FTS.B,

6.01%,

1/14/27

...

1,115

1,083

FW2434481.UP.FTS.B,

6.18%,

1/14/27

...

721

710

L2434868.UP.FTS.B,

6.25%,

1/14/27

....

3,078

2,991

L2434814.UP.FTS.B,

6.49%,

1/14/27

....

730

710

L2431798.UP.FTS.B,

6.68%,

1/14/27

....

3,711

3,613

b

FW2430681.UP.FTS.B,

7.21%,

1/14/27

...

10,807

1,614

L2429292.UP.FTS.B,

7.41%,

1/14/27

....

3,425

3,346

L2434635.UP.FTS.B,

7.74%,

1/14/27

....

6,083

5,943

L2434529.UP.FTS.B,

8.37%,

1/14/27

....

2,032

1,986

L2430462.UP.FTS.B,

8.4%,

1/14/27

.....

7,260

7,094

L2429477.UP.FTS.B,

8.93%,

1/14/27

....

4,074

3,981

L2429964.UP.FTS.B,

9.01%,

1/14/27

....

1,467

1,433

L2429979.UP.FTS.B,

9.08%,

1/14/27

....

881

861

L2432514.UP.FTS.B,

9.62%,

1/14/27

....

10,371

10,136

L2434796.UP.FTS.B,

9.68%,

1/14/27

....

7,410

7,242

L2434345.UP.FTS.B,

9.69%,

1/14/27

....

2,267

2,221

FW2433055.UP.FTS.B,

10.82%,

1/14/27

..

1,061

1,040

L2430601.UP.FTS.B,

11.3%,

1/14/27

.....

5,333

5,233

L2434462.UP.FTS.B,

12.63%,

1/14/27

....

630

619

FW2432090.UP.FTS.B,

12.83%,

1/14/27

..

2,029

1,991

L2435380.UP.FTS.B,

12.98%,

1/14/27

....

1,680

1,649

FW2430692.UP.FTS.B,

13.13%,

1/14/27

..

2,822

2,771

L2434354.UP.FTS.B,

13.48%,

1/14/27

....

1,578

1,549

L2433923.UP.FTS.B,

13.81%,

1/14/27

....

3,301

1,852

L2434928.UP.FTS.B,

15.16%,

1/14/27

....

1,619

1,590

L2429267.UP.FTS.B,

16.52%,

1/14/27

....

3,351

3,312

FW2435527.UP.FTS.B,

16.65%,

1/14/27

..

6,458

3,690

L2429626.UP.FTS.B,

16.81%,

1/14/27

....

1,329

1,314

L2426379.UP.FTS.B,

19.1%,

1/14/27

....

1,891

1,871

L2429755.UP.FTS.B,

19.15%,

1/14/27

....

5,159

5,066

L2430735.UP.FTS.B,

20.49%,

1/14/27

....

2,375

2,334

L2432761.UP.FTS.B,

21.77%,

1/14/27

....

792

784

L2434330.UP.FTS.B,

21.77%,

1/14/27

....

3,215

3,181

L2433930.UP.FTS.B,

22.17%,

1/14/27

....

3,878

3,812

FW2434152.UP.FTS.B,

22.94%,

1/14/27

..

5,642

5,547

L2435514.UP.FTS.B,

24.62%,

1/14/27

....

3,832

1,158

L2429892.UP.FTS.B,

24.74%,

1/14/27

....

708

696

L2432911.UP.FTS.B,

25.19%,

1/14/27

....

1,902

1,871

L2428819.UP.FTS.B,

25.51%,

1/14/27

....

3,499

3,443

L2430189.UP.FTS.B,

25.96%,

1/14/27

....

2,317

2,279

FW2427919.UP.FTS.B,

26.2%,

1/14/27

...

3,794

3,734

b

FW2433321.UP.FTS.B,

26.46%,

1/14/27

..

887

FW2430722.UP.FTS.B,

26.47%,

1/14/27

..

4,500

4,429

FW2434298.UP.FTS.B,

26.5%,

1/14/27

...

1,249

1,229

FW2428882.UP.FTS.B,

27.27%,

1/14/27

..

2,295

2,259

FW2435389.UP.FTS.B,

28.43%,

1/14/27

..

FW2429972.UP.FTS.B,

28.92%,

1/14/27

..

787

775

FW2432969.UP.FTS.B,

29.06%,

1/14/27

..

3,940

3,881

b

FW2431137.UP.FTS.B,

29.79%,

1/14/27

..

2,496

FW2434725.UP.FTS.B,

31.06%,

1/14/27

..

1,302

1,282

FW2434302.UP.FTS.B,

31.74%,

1/14/27

..

1,427

1,406

FW2430067.UP.FTS.B,

32.35%,

1/14/27

..

1,793

1,767

FW2429192.UP.FTS.B,

34.62%,

1/14/27

..

2,785

2,748

Franklin

Investors

Securities

Trust

Schedule

of

Investments

#### Franklin

#### Low

#### Duration

#### Total

#### Return

#### Fund
(continued)

franklintempleton.com

Annual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

#### Description

#### Principal

#### Amount

#### Value

#### Marketplace

#### Loans
(continued)

Upstart

Network,

Inc.

(continued)

b

L2435960.UP.FTS.B,

5.66%,

1/18/27

....

$

1,287

$

L2436314.UP.FTS.B,

6.73%,

1/18/27

....

2,345

1,807

L2436166.UP.FTS.B,

7.3%,

1/18/27

.....

2,848

2,768

L2437526.UP.FTS.B,

8.11%,

1/18/27

.....

1,659

1,138

L2435968.UP.FTS.B,

8.28%,

1/18/27

....

14,484

14,152

L2438360.UP.FTS.B,

8.62%,

1/18/27

....

5,406

1,518

FW2436679.UP.FTS.B,

8.8%,

1/18/27

....

1,461

1,428

FW2437428.UP.FTS.B,

9.23%,

1/18/27

...

1,145

1,120

L2439293.UP.FTS.B,

9.38%,

1/18/27

....

1,312

1,284

L2437916.UP.FTS.B,

11.63%,

1/18/27

....

1,532

1,503

L2436944.UP.FTS.B,

13.68%,

1/18/27

....

9,531

9,357

FW2435953.UP.FTS.B,

14.04%,

1/18/27

..

1,114

1,094

L2436120.UP.FTS.B,

16.49%,

1/18/27

....

991

981

FW2433283.UP.FTS.B,

19.48%,

1/18/27

..

1,715

1,697

L2437522.UP.FTS.B,

20.01%,

1/18/27

....

522

514

L2436835.UP.FTS.B,

20.74%,

1/18/27

....

5,280

5,194

FW2436112.UP.FTS.B,

23.4%,

1/18/27

...

1,282

1,262

L2435765.UP.FTS.B,

24.15%,

1/18/27

....

591

582

L2436225.UP.FTS.B,

25.02%,

1/18/27

....

L2437383.UP.FTS.B,

25.04%,

1/18/27

....

4,483

4,416

L2435644.UP.FTS.B,

25.47%,

1/18/27

....

5,154

3,723

L2435936.UP.FTS.B,

25.47%,

1/18/27

....

775

764

L2436823.UP.FTS.B,

26.4%,

1/18/27

....

1,485

1,463

FW2438660.UP.FTS.B,

27.49%,

1/18/27

..

1,546

1,524

FW2436660.UP.FTS.B,

28.46%,

1/18/27

..

1,605

b

FW2435922.UP.FTS.B,

28.48%,

1/18/27

..

1,795

FW2438349.UP.FTS.B,

30.51%,

1/18/27

..

FW2437637.UP.FTS.B,

31.11%,

1/18/27

..

688

679

FW2438118.UP.FTS.B,

31.57%,

1/18/27

..

3,336

3,291

FW2438330.UP.FTS.B,

31.74%,

1/18/27

..

1,467

1,447

FW2426856.UP.FTS.B,

16.14%,

1/21/27

..

3,305

3,266

FW2423642.UP.FTS.B,

28.44%,

1/22/27

..

1,581

1,556

L2426699.UP.FTS.B,

13.25%,

1/25/27

....

3,786

3,716

L2435766.UP.FTS.B,

10.44%,

1/28/27

....

2,710

2,655

L2435828.UP.FTS.B,

15.11%,

2/01/27

....

3,452

3,388

L2431623.UP.FTS.B,

19.58%,

2/02/27

....

14,334

14,179

L2435811.UP.FTS.B,

10.45%,

2/05/27

....

12,926

12,623

L2604537.UP.FTS.B,

4.81%,

2/10/27

....

6,332

6,145

L2528315.UP.FTS.B,

7.51%,

2/10/27

....

3,501

3,417

FW2594995.UP.FTS.B,

9.66%,

2/10/27

...

9,130

8,914

L2606699.UP.FTS.B,

11.87%,

2/10/27

....

7,820

7,666

L2608120.UP.FTS.B,

12.12%,

2/10/27

....

8,806

8,633

L2602160.UP.FTS.B,

13.05%,

2/10/27

....

2,822

2,767

L2606798.UP.FTS.B,

13.38%,

2/10/27

....

3,338

3,273

L2605310.UP.FTS.B,

13.4%,

2/10/27

....

2,254

2,210

L2604725.UP.FTS.B,

13.41%,

2/10/27

....

1,105

1,083

L2608712.UP.FTS.B,

13.54%,

2/10/27

....

1,339

1,313

L2607120.UP.FTS.B,

13.67%,

2/10/27

....

5,843

5,731

L2607960.UP.FTS.B,

13.74%,

2/10/27

....

2,517

2,469

FW2604743.UP.FTS.B,

13.75%,

2/10/27

..

4,377

4,291

FW2606882.UP.FTS.B,

13.95%,

2/10/27

..

2,694

2,641

L2603034.UP.FTS.B,

14.68%,

2/10/27

....

3,540

3,495

FW2602616.UP.FTS.B,

14.79%,

2/10/27

..

17,064

16,737

b

FW2602511.UP.FTS.B,

15.19%,

2/10/27

..

11,285

1,635

L2605446.UP.FTS.B,

15.44%,

2/10/27

....

1,449

1,430

L2602901.UP.FTS.B,

15.85%,

2/10/27

....

1,267

1,250

L2608142.UP.FTS.B,

19.78%,

2/10/27

....

3,190

3,125

#### Description

#### Principal

#### Amount

#### Value
Upstart

Network,

Inc.

(continued)

L2609196.UP.FTS.B,

20.26%,

2/10/27

....

$

2,218

$

2,178

L2607782.UP.FTS.B,

20.62%,

2/10/27

....

1,016

996

L2607501.UP.FTS.B,

20.9%,

2/10/27

....

2,236

2,192

FW2607597.UP.FTS.B,

21.25%,

2/10/27

..

823

809

L2603922.UP.FTS.B,

21.73%,

2/10/27

....

2,072

2,032

L2608576.UP.FTS.B,

21.77%,

2/10/27

....

1,584

1,553

L2608126.UP.FTS.B,

22.06%,

2/10/27

....

1,637

1,606

FW2607078.UP.FTS.B,

22.55%,

2/10/27

..

1,301

L2602456.UP.FTS.B,

22.85%,

2/10/27

....

3,087

3,027

L2608111.UP.FTS.B,

23.17%,

2/10/27

....

6,186

6,068

L2606964.UP.FTS.B,

23.53%,

2/10/27

....

L2606747.UP.FTS.B,

23.7%,

2/10/27

....

3,732

3,661

L2604262.UP.FTS.B,

24.39%,

2/10/27

....

1,953

1,916

L2601898.UP.FTS.B,

24.69%,

2/10/27

....

550

540

L2608510.UP.FTS.B,

25%,

2/10/27

......

L2605594.UP.FTS.B,

25.02%,

2/10/27

....

1,102

1,082

L2604053.UP.FTS.B,

25.25%,

2/10/27

....

752

738

L2606928.UP.FTS.B,

25.27%,

2/10/27

....

875

L2609551.UP.FTS.B,

25.3%,

2/10/27

....

1,029

1,010

FW2609019.UP.FTS.B,

25.41%,

2/10/27

..

1,666

1,636

L2608348.UP.FTS.B,

25.54%,

2/10/27

....

2,382

2,338

b

L2603713.UP.FTS.B,

25.81%,

2/10/27

....

1,712

FW2604813.UP.FTS.B,

25.83%,

2/10/27

..

2,785

2,734

FW2604860.UP.FTS.B,

26.47%,

2/10/27

..

2,205

2,165

FW2607306.UP.FTS.B,

26.66%,

2/10/27

..

1,198

1,176

L2604862.UP.FTS.B,

27.57%,

2/10/27

....

4,148

4,074

FW2603425.UP.FTS.B,

27.81%,

2/10/27

..

1,361

1,337

FW2608113.UP.FTS.B,

28.22%,

2/10/27

..

679

667

FW2605555.UP.FTS.B,

29.52%,

2/10/27

..

959

942

FW2607282.UP.FTS.B,

30.52%,

2/10/27

..

2,681

2,632

FW2606754.UP.FTS.B,

31.29%,

2/10/27

..

1,617

1,590

FW2607854.UP.FTS.B,

31.49%,

2/10/27

..

2,564

2,521

L2610465.UP.FTS.B,

5.18%,

2/11/27

.....

5,612

5,471

L2570795.UP.FTS.B,

6.48%,

2/11/27

.....

3,171

1,653

FW2614143.UP.FTS.B,

6.93%,

2/11/27

...

1,203

1,169

L2610842.UP.FTS.B,

9.27%,

2/11/27

.....

3,504

3,421

L2613434.UP.FTS.B,

9.37%,

2/11/27

.....

4,646

4,537

FW2610585.UP.FTS.B,

9.75%,

2/11/27

...

8,258

4,385

L2611172.UP.FTS.B,

10.14%,

2/11/27

....

849

832

FW2613043.UP.FTS.B,

11.2%,

2/11/27

...

4,071

3,991

L2615397.UP.FTS.B,

11.54%,

2/11/27

....

2,270

2,225

L2615183.UP.FTS.B,

12.14%,

2/11/27

....

3,933

3,856

L2615652.UP.FTS.B,

12.4%,

2/11/27

.....

1,381

1,354

FW2604554.UP.FTS.B,

13.07%,

2/11/27

..

6,686

6,554

FW2615345.UP.FTS.B,

13.1%,

2/11/27

...

2,813

2,763

L2615756.UP.FTS.B,

13.21%,

2/11/27

....

1,606

894

L2612166.UP.FTS.B,

13.67%,

2/11/27

....

1,451

1,427

L2615304.UP.FTS.B,

13.86%,

2/11/27

....

12,872

12,620

L2614922.UP.FTS.B,

13.97%,

2/11/27

....

3,733

3,660

L2612964.UP.FTS.B,

14.24%,

2/11/27

....

4,058

3,980

L2613480.UP.FTS.B,

14.65%,

2/11/27

....

3,569

3,504

L2615636.UP.FTS.B,

14.73%,

2/11/27

....

8,991

8,877

L2612790.UP.FTS.B,

14.98%,

2/11/27

....

5,169

5,072

L2612114.UP.FTS.B,

14.99%,

2/11/27

....

2,943

2,887

L2610220.UP.FTS.B,

15.29%,

2/11/27

....

2,749

2,714

L2610243.UP.FTS.B,

15.41%,

2/11/27

....

2,839

2,803

L2539854.UP.FTS.B,

15.78%,

2/11/27

....

1,558

1,539

Franklin

Investors

Securities

Trust

Schedule

of

Investments

#### Franklin

#### Low

#### Duration

#### Total

#### Return

#### Fund
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Annual

Report

#### Description

#### Principal

#### Amount

#### Value

#### Marketplace

#### Loans
(continued)

Upstart

Network,

Inc.

(continued)

L2614929.UP.FTS.B,

16.21%,

2/11/27

....

$

1,569

$

1,539

L2611366.UP.FTS.B,

16.4%,

2/11/27

.....

1,746

1,725

L2612163.UP.FTS.B,

17.53%,

2/11/27

....

1,205

1,190

FW2611103.UP.FTS.B,

17.75%,

2/11/27

..

1,934

518

L2615159.UP.FTS.B,

17.82%,

2/11/27

....

1,962

1,927

b

L2613884.UP.FTS.B,

18.39%,

2/11/27

....

1,885

FW2610980.UP.FTS.B,

18.94%,

2/11/27

..

3,624

3,581

L2614124.UP.FTS.B,

18.99%,

2/11/27

....

2,252

2,213

L2601501.UP.FTS.B,

19.21%,

2/11/27

....

1,782

1,751

L2609505.UP.FTS.B,

19.3%,

2/11/27

.....

692

680

FW2611297.UP.FTS.B,

19.83%,

2/11/27

..

5,698

5,631

L2612449.UP.FTS.B,

20.03%,

2/11/27

....

3,617

3,554

L2609761.UP.FTS.B,

20.76%,

2/11/27

....

1,859

1,823

L2615540.UP.FTS.B,

20.79%,

2/11/27

....

2,233

2,195

L2612113.UP.FTS.B,

20.93%,

2/11/27

....

3,092

3,039

FW2612937.UP.FTS.B,

21.48%,

2/11/27

..

9,409

9,229

L2615221.UP.FTS.B,

21.7%,

2/11/27

.....

3,767

3,695

L2610047.UP.FTS.B,

22.57%,

2/11/27

....

1,219

1,196

L2612720.UP.FTS.B,

23.21%,

2/11/27

....

b

FW2613747.UP.FTS.B,

23.43%,

2/11/27

..

5,025

L2611969.UP.FTS.B,

23.47%,

2/11/27

....

L2610518.UP.FTS.B,

23.54%,

2/11/27

....

11,779

11,560

L2611149.UP.FTS.B,

23.94%,

2/11/27

....

7,762

7,619

L2614419.UP.FTS.B,

24.18%,

2/11/27

....

1,205

FW2613750.UP.FTS.B,

25.19%,

2/11/27

..

1,025

1,008

L2613208.UP.FTS.B,

25.22%,

2/11/27

....

578

568

L2612096.UP.FTS.B,

25.23%,

2/11/27

....

789

775

b

FW2614897.UP.FTS.B,

25.36%,

2/11/27

..

1,682

L2612279.UP.FTS.B,

25.43%,

2/11/27

....

4,844

4,758

L2611604.UP.FTS.B,

26.15%,

2/11/27

....

1,997

1,962

FW2611559.UP.FTS.B,

26.48%,

2/11/27

..

1,420

1,394

FW2610030.UP.FTS.B,

27.01%,

2/11/27

..

1,481

1,454

FW2609816.UP.FTS.B,

27.78%,

2/11/27

..

5,651

5,553

FW2608240.UP.FTS.B,

28.43%,

2/11/27

..

4,523

4,446

b

FW2614134.UP.FTS.B,

28.75%,

2/11/27

..

4,945

FW2615423.UP.FTS.B,

28.85%,

2/11/27

..

6,212

6,107

FW2614677.UP.FTS.B,

28.98%,

2/11/27

..

2,255

2,217

FW2612243.UP.FTS.B,

29.25%,

2/11/27

..

731

719

FW2611548.UP.FTS.B,

30.39%,

2/11/27

..

541

532

FW2612001.UP.FTS.B,

30.9%,

2/11/27

...

1,036

1,019

FW2609619.UP.FTS.B,

30.92%,

2/11/27

..

1,210

1,190

FW2610795.UP.FTS.B,

30.98%,

2/11/27

..

FW2611533.UP.FTS.B,

31.12%,

2/11/27

..

1,655

1,627

FW2610773.UP.FTS.B,

31.41%,

2/11/27

..

6,141

6,041

FW2610510.UP.FTS.B,

33.6%,

2/11/27

...

744

733

FW2614310.UP.FTS.B,

33.97%,

2/11/27

..

1,030

1,013

FW2610903.UP.FTS.B,

34.14%,

2/11/27

..

9,566

9,412

L2611816.UP.FTS.B,

21.62%,

2/12/27

....

1,227

L2617298.UP.FTS.B,

5.1%,

2/14/27

.....

3,209

3,114

L2617141.UP.FTS.B,

5.84%,

2/14/27

....

2,107

2,048

L2616590.UP.FTS.B,

7.87%,

2/14/27

....

8,040

7,848

L2616809.UP.FTS.B,

11.55%,

2/14/27

....

1,884

1,848

L2617800.UP.FTS.B,

13.82%,

2/14/27

....

1,800

1,765

L2616432.UP.FTS.B,

16.81%,

2/14/27

....

2,812

2,779

FW2616193.UP.FTS.B,

17.47%,

2/14/27

..

532

526

L2617103.UP.FTS.B,

18.14%,

2/14/27

....

2,688

2,642

#### Description

#### Principal

#### Amount

#### Value
Upstart

Network,

Inc.

(continued)

L2612816.UP.FTS.B,

19.36%,

2/14/27

....

$

7,324

$

7,196

L2616072.UP.FTS.B,

19.58%,

2/14/27

....

1,503

1,478

L2616722.UP.FTS.B,

19.8%,

2/14/27

....

2,127

2,087

L2616174.UP.FTS.B,

20.55%,

2/14/27

....

514

506

FW2615937.UP.FTS.B,

21.82%,

2/14/27

..

3,765

3,697

FW2617069.UP.FTS.B,

23.16%,

2/14/27

..

9,540

9,371

L2616368.UP.FTS.B,

24.5%,

2/14/27

....

3,402

3,344

L2616717.UP.FTS.B,

25.42%,

2/14/27

....

990

973

L2617627.UP.FTS.B,

25.47%,

2/14/27

....

673

661

L2617283.UP.FTS.B,

25.65%,

2/14/27

....

2,381

1,384

FW2617973.UP.FTS.B,

26.17%,

2/14/27

..

3,037

2,986

FW2616788.UP.FTS.B,

28.08%,

2/14/27

..

5,041

4,955

FW2617614.UP.FTS.B,

28.35%,

2/14/27

..

10,542

2,823

FW2616093.UP.FTS.B,

29.88%,

2/14/27

..

3,344

1,883

FW2618539.UP.FTS.B,

30.94%,

2/14/27

..

2,219

2,183

FW2616908.UP.FTS.B,

31.23%,

2/14/27

..

1,983

1,951

FW2618241.UP.FTS.B,

31.49%,

2/14/27

..

3,839

3,780

L1715513.UP.FTS.B,

13.27%,

2/15/27

....

12,608

3,493

L1694887.UP.FTS.B,

15.52%,

2/15/27

....

2,044

2,004

L1692458.UP.FTS.B,

22.21%,

2/15/27

....

1,589

1,563

L1715518.UP.FTS.B,

26.49%,

2/15/27

....

5,228

3,737

FW2606426.UP.FTS.B,

26.19%,

2/16/27

..

1,381

1,355

FW2437431.UP.FTS.B,

30.95%,

2/16/27

..

785

773

FW2613392.UP.FTS.B,

27.98%,

2/18/27

..

4,958

4,873

L2608264.UP.FTS.B,

15.55%,

2/20/27

....

8,685

8,577

b

FW2612642.UP.FTS.B,

27.88%,

2/22/27

..

1,026

L2433080.UP.FTS.B,

22.02%,

2/23/27

....

6,142

6,037

FW2612944.UP.FTS.B,

29.57%,

2/24/27

..

3,135

3,084

FW2604033.UP.FTS.B,

19.37%,

2/25/27

..

3,598

3,535

L2610061.UP.FTS.B,

14.43%,

2/28/27

....

8,504

8,344

L2618109.UP.FTS.B,

12.08%,

3/07/27

....

11,711

11,476

L2047210.UP.FTS.B,

23.31%,

3/15/27

....

2,528

L1886082.UP.FTS.B,

11.37%,

3/20/27

....

16,086

10,877

FW1887715.UP.FTS.B,

13.02%,

3/20/27

..

3,282

2,202

FW2427607.UP.FTS.B,

7.35%,

4/13/27

...

2,972

FW2949972.UP.FTS.B,

5.25%,

4/14/27

...

1,969

1,913

L2949121.UP.FTS.B,

6.79%,

4/14/27

....

5,319

5,176

L2950010.UP.FTS.B,

6.8%,

4/14/27

.....

2,355

2,289

L2949215.UP.FTS.B,

6.84%,

4/14/27

....

6,496

6,314

L2951687.UP.FTS.B,

7.49%,

4/14/27

....

3,607

3,521

L2951012.UP.FTS.B,

7.81%,

4/14/27

....

3,833

3,730

L2951121.UP.FTS.B,

7.86%,

4/14/27

.....

5,504

5,384

L2949685.UP.FTS.B,

9.14%,

4/14/27

....

1,397

1,367

b

L2949220.UP.FTS.B,

9.21%,

4/14/27

....

3,640

L2949108.UP.FTS.B,

9.33%,

4/14/27

....

5,981

2,995

L2951245.UP.FTS.B,

9.94%,

4/14/27

....

3,537

3,461

L2934626.UP.FTS.B,

10.81%,

4/14/27

....

2,624

1,343

L2950964.UP.FTS.B,

11.19%,

4/14/27

....

3,582

3,520

L2950306.UP.FTS.B,

11.59%,

4/14/27

....

8,325

8,184

FW2950525.UP.FTS.B,

11.91%,

4/14/27

..

18,246

17,924

L2944042.UP.FTS.B,

12.19%,

4/14/27

....

6,738

6,619

L2942764.UP.FTS.B,

12.22%,

4/14/27

....

4,945

4,858

L2950333.UP.FTS.B,

12.69%,

4/14/27

....

1,476

1,450

b

FW2951712.UP.FTS.B,

12.87%,

4/14/27

..

1,737

FW2949810.UP.FTS.B,

13.53%,

4/14/27

..

4,744

4,661

FW2949125.UP.FTS.B,

13.6%,

4/14/27

...

1,608

1,580

L2950742.UP.FTS.B,

13.63%,

4/14/27

....

3,741

3,676

Franklin

Investors

Securities

Trust

Schedule

of

Investments

#### Franklin

#### Low

#### Duration

#### Total

#### Return

#### Fund
(continued)

franklintempleton.com

Annual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

#### Description

#### Principal

#### Amount

#### Value

#### Marketplace

#### Loans
(continued)

Upstart

Network,

Inc.

(continued)

FW2951854.UP.FTS.B,

14.02%,

4/14/27

..

$

7,150

$

7,027

L2949763.UP.FTS.B,

14.31%,

4/14/27

....

2,438

2,397

FW2951175.UP.FTS.B,

14.6%,

4/14/27

...

835

820

FW2949070.UP.FTS.B,

14.69%,

4/14/27

..

10,010

9,843

FW2949368.UP.FTS.B,

15%,

4/14/27

....

1,069

1,059

L2948932.UP.FTS.B,

15.2%,

4/14/27

....

574

565

L2951339.UP.FTS.B,

15.29%,

4/14/27

....

7,025

3,583

FW2950466.UP.FTS.B,

15.31%,

4/14/27

..

L2951714.UP.FTS.B,

15.35%,

4/14/27

....

5,334

5,244

L2950927.UP.FTS.B,

15.36%,

4/14/27

....

1,458

1,434

L2949017.UP.FTS.B,

15.76%,

4/14/27

....

919

904

L2950042.UP.FTS.B,

16.06%,

4/14/27

....

659

653

FW2946278.UP.FTS.B,

16.33%,

4/14/27

..

5,316

5,269

L2948755.UP.FTS.B,

16.72%,

4/14/27

....

3,405

3,375

FW2951535.UP.FTS.B,

17.04%,

4/14/27

..

7,942

7,872

FW2948748.UP.FTS.B,

17.23%,

4/14/27

..

L2948803.UP.FTS.B,

17.33%,

4/14/27

....

1,692

1,678

FW2949561.UP.FTS.B,

17.84%,

4/14/27

..

8,348

8,221

L2950280.UP.FTS.B,

18.73%,

4/14/27

....

1,729

1,714

FW2950372.UP.FTS.B,

18.88%,

4/14/27

..

3,671

3,639

L2949923.UP.FTS.B,

19.64%,

4/14/27

....

L2951216.UP.FTS.B,

19.73%,

4/14/27

....

939

925

L2950858.UP.FTS.B,

20.56%,

4/14/27

....

2,041

2,010

L2951820.UP.FTS.B,

20.59%,

4/14/27

....

13,293

13,184

FW2949268.UP.FTS.B,

20.97%,

4/14/27

..

1,826

1,799

FW2950781.UP.FTS.B,

21.26%,

4/14/27

..

4,599

4,563

FW2948170.UP.FTS.B,

21.44%,

4/14/27

..

2,684

2,645

FW2951375.UP.FTS.B,

22.32%,

4/14/27

..

1,395

1,373

FW2949464.UP.FTS.B,

22.55%,

4/14/27

..

1,399

1,377

FW2946360.UP.FTS.B,

23.4%,

4/14/27

...

3,215

3,165

L2951812.UP.FTS.B,

23.47%,

4/14/27

....

1,268

703

FW2950779.UP.FTS.B,

23.54%,

4/14/27

..

1,482

826

L2951427.UP.FTS.B,

23.72%,

4/14/27

....

2,840

2,796

L2948992.UP.FTS.B,

24.59%,

4/14/27

....

13,768

13,562

L2950134.UP.FTS.B,

24.82%,

4/14/27

....

592

584

L2950602.UP.FTS.B,

25.04%,

4/14/27

....

686

676

L2950811.UP.FTS.B,

25.09%,

4/14/27

....

FW2951030.UP.FTS.B,

25.2%,

4/14/27

...

1,669

1,644

L2942965.UP.FTS.B,

25.22%,

4/14/27

....

4,390

4,324

L2949738.UP.FTS.B,

25.23%,

4/14/27

....

878

865

L2951261.UP.FTS.B,

25.24%,

4/14/27

....

791

780

L2950776.UP.FTS.B,

25.38%,

4/14/27

....

1,526

1,503

L2951384.UP.FTS.B,

25.41%,

4/14/27

....

1,157

1,140

L2949492.UP.FTS.B,

25.47%,

4/14/27

....

2,026

1,995

L2951548.UP.FTS.B,

25.47%,

4/14/27

....

1,101

1,085

L2950216.UP.FTS.B,

25.49%,

4/14/27

....

2,443

1,394

FW2950277.UP.FTS.B,

25.52%,

4/14/27

..

1,000

984

FW2950220.UP.FTS.B,

26.02%,

4/14/27

..

887

874

L2951255.UP.FTS.B,

26.02%,

4/14/27

....

3,679

3,625

FW2951228.UP.FTS.B,

26.2%,

4/14/27

...

1,585

1,563

FW2948773.UP.FTS.B,

27.56%,

4/14/27

..

2,095

2,065

FW2948716.UP.FTS.B,

27.71%,

4/14/27

..

4,075

4,017

FW2949765.UP.FTS.B,

28.19%,

4/14/27

..

4,560

4,496

FW2948843.UP.FTS.B,

28.64%,

4/14/27

..

4,580

4,517

FW2950464.UP.FTS.B,

29.27%,

4/14/27

..

1,765

1,740

FW2951435.UP.FTS.B,

30.37%,

4/14/27

..

898

886

FW2950357.UP.FTS.B,

30.48%,

4/14/27

..

5,286

5,217

FW2949044.UP.FTS.B,

30.94%,

4/14/27

..

2,033

2,006

#### Description

#### Principal

#### Amount

#### Value
Upstart

Network,

Inc.

(continued)

FW2949727.UP.FTS.B,

30.99%,

4/14/27

..

$

942

$

929

FW2950575.UP.FTS.B,

31.06%,

4/14/27

..

1,273

1,257

FW2950561.UP.FTS.B,

31.2%,

4/14/27

...

708

699

FW2949051.UP.FTS.B,

32.15%,

4/14/27

..

2,407

2,377

FW2950185.UP.FTS.B,

32.24%,

4/14/27

..

2,291

2,261

L2048072.UP.FTS.B,

11.58%,

4/15/27

....

4,397

4,302

b

L2048360.UP.FTS.B,

14.07%,

4/15/27

....

2,980

L2046952.UP.FTS.B,

18.41%,

4/15/27

....

1,207

1,192

L2049386.UP.FTS.B,

19.96%,

4/15/27

....

2,507

1,704

FW2048990.UP.FTS.B,

20.89%,

4/15/27

..

1,468

999

L2951305.UP.FTS.B,

20.52%,

4/16/27

....

1,527

1,505

L2949973.UP.FTS.B,

20.99%,

4/16/27

....

2,491

2,456

L2950367.UP.FTS.B,

22.21%,

4/16/27

....

4,601

4,565

FW2932125.UP.FTS.B,

30.95%,

4/18/27

..

4,275

4,223

L2949050.UP.FTS.B,

24.74%,

4/20/27

....

6,560

6,465

L2047847.UP.FTS.B,

25.96%,

4/20/27

....

3,320

3,264

b

L2096414.UP.FTS.B,

14.36%,

4/22/27

....

2,345

L2095820.UP.FTS.B,

19.69%,

4/22/27

....

3,898

3,841

L2950334.UP.FTS.B,

20.22%,

4/22/27

....

1,791

1,777

L2088829.UP.FTS.B,

21.32%,

4/22/27

....

4,990

3,407

FW2094908.UP.FTS.B,

29.15%,

4/22/27

..

24,491

17,132

FW2950896.UP.FTS.B,

16.97%,

4/28/27

..

4,260

4,187

L2948840.UP.FTS.B,

19.72%,

4/28/27

....

6,504

6,405

L2046907.UP.FTS.B,

21.17%,

4/28/27

....

1,499

1,470

b

FW2951725.UP.FTS.B,

27.54%,

4/28/27

..

2,282

FW2607843.UP.FTS.B,

18.35%,

5/10/27

..

1,804

L2430454.UP.FTS.B,

7.62%,

5/14/27

....

3,082

L1882034.UP.FTS.B,

17.06%,

5/20/27

....

1,043

FW2293764.UP.FTS.B,

6.23%,

5/21/27

...

7,254

4,773

L2293969.UP.FTS.B,

25.41%,

5/21/27

....

6,272

4,337

FW2294924.UP.FTS.B,

28.38%,

5/21/27

..

1,461

FW2296510.UP.FTS.B,

28.63%,

5/21/27

..

3,602

958

FW2294300.UP.FTS.B,

29.67%,

5/21/27

..

2,272

617

FW2294827.UP.FTS.B,

31.11%,

5/21/27

..

1,283

1,269

L2298796.UP.FTS.B,

7.68%,

5/22/27

....

686

668

FW2297812.UP.FTS.B,

27.74%,

5/22/27

..

2,181

2,150

L2300474.UP.FTS.B,

25.38%,

5/27/27

....

1,363

1,347

L2292250.UP.FTS.B,

12.42%,

6/01/27

....

4,586

4,486

FW2296458.UP.FTS.B,

30.75%,

6/06/27

..

4,559

4,501

L2426279.UP.FTS.B,

17.73%,

6/13/27

....

1,762

1,739

FW2423361.UP.FTS.B,

26.6%,

6/13/27

...

1,674

1,642

b

FW2424974.UP.FTS.B,

28.61%,

6/13/27

..

11,667

832

FW2424580.UP.FTS.B,

31.2%,

6/13/27

...

10,481

10,322

L2432199.UP.FTS.B,

7.42%,

6/14/27

....

1,547

1,507

L2429715.UP.FTS.B,

8.3%,

6/14/27

.....

1,410

1,373

b

L2435208.UP.FTS.B,

8.4%,

6/14/27

.....

19,120

1,266

L2433061.UP.FTS.B,

9.38%,

6/14/27

....

3,057

2,979

L2435410.UP.FTS.B,

17.3%,

6/14/27

....

6,327

6,257

L2436235.UP.FTS.B,

19.1%,

6/18/27

....

2,137

1,424

L2437642.UP.FTS.B,

9.64%,

6/20/27

....

FW2438645.UP.FTS.B,

31.19%,

6/26/27

..

2,138

2,110

L2431725.UP.FTS.B,

12.26%,

6/28/27

....

18,973

18,571

L2604772.UP.FTS.B,

7.89%,

7/10/27

....

9,117

8,888

b

L2581968.UP.FTS.B,

13.8%,

7/10/27

....

5,339

L2607609.UP.FTS.B,

15.09%,

7/10/27

....

1,412

1,380

L2607076.UP.FTS.B,

16.42%,

7/10/27

....

11,217

10,963

Franklin

Investors

Securities

Trust

Schedule

of

Investments

#### Franklin

#### Low

#### Duration

#### Total

#### Return

#### Fund
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Annual

Report

#### Description

#### Principal

#### Amount

#### Value

#### Marketplace

#### Loans
(continued)

Upstart

Network,

Inc.

(continued)

b

FW2602895.UP.FTS.B,

17.44%,

7/10/27

..

$

6,599

$

926

L2608552.UP.FTS.B,

22.9%,

7/10/27

....

1,336

1,306

L2608553.UP.FTS.B,

23.5%,

7/10/27

....

5,053

4,958

FW2603700.UP.FTS.B,

31.08%,

7/10/27

..

1,249

1,230

FW2602032.UP.FTS.B,

31.57%,

7/10/27

..

3,422

3,371

L2615143.UP.FTS.B,

13.89%,

7/11/27

....

2,282

2,232

L2611504.UP.FTS.B,

16.36%,

7/11/27

....

3,264

3,194

FW2609511.UP.FTS.B,

18.92%,

7/11/27

..

7,251

7,163

L2610020.UP.FTS.B,

20.86%,

7/11/27

....

1,361

FW2613777.UP.FTS.B,

27.07%,

7/11/27

..

931

913

L2616269.UP.FTS.B,

19.1%,

7/14/27

....

11,171

5,628

b

L2615913.UP.FTS.B,

19.56%,

7/14/27

....

4,173

L2614826.UP.FTS.B,

22.6%,

7/14/27

....

3,610

1,880

L2618649.UP.FTS.B,

24.27%,

7/14/27

....

5,312

5,208

L2615878.UP.FTS.B,

25.5%,

7/14/27

....

4,415

1,116

FW2617595.UP.FTS.B,

30.34%,

7/14/27

..

1,108

L1716174.UP.FTS.B,

24.2%,

7/15/27

....

8,031

7,878

b

FW2617490.UP.FTS.B,

27.91%,

7/21/27

..

22,943

1,639

FW2603295.UP.FTS.B,

23.18%,

7/24/27

..

4,949

4,845

FW1714570.UP.FTS.B,

27.72%,

7/25/27

..

3,241

3,189

FW1882891.UP.FTS.B,

25.65%,

8/20/27

..

982

969

FW2951315.UP.FTS.B,

9.91%,

9/14/27

...

2,665

2,605

L2951595.UP.FTS.B,

10.95%,

9/14/27

....

2,614

2,558

L2948733.UP.FTS.B,

13.2%,

9/14/27

....

3,228

1,464

L2949507.UP.FTS.B,

15.04%,

9/14/27

....

5,044

4,945

L2949405.UP.FTS.B,

16.41%,

9/14/27

....

10,676

4,836

L2949925.UP.FTS.B,

17.43%,

9/14/27

....

5,147

1,149

FW2951370.UP.FTS.B,

20.97%,

9/14/27

..

5,300

5,214

FW2951123.UP.FTS.B,

24.74%,

9/14/27

..

8,941

646

L2949682.UP.FTS.B,

25.05%,

9/14/27

....

782

FW2950395.UP.FTS.B,

28.88%,

9/14/27

..

12,186

12,060

L2047067.UP.FTS.B,

21.22%,

9/15/27

....

9,628

2,471

FW2049311.UP.FTS.B,

21.75%,

9/15/27

..

2,518

2,464

b

FW2046950.UP.FTS.B,

31.12%,

9/15/27

..

3,853

FW2094906.UP.FTS.B,

12.24%,

9/22/27

..

872

856

L2293030.UP.FTS.B,

8.8%,

10/21/27

....

1,045

1,019

FW2292945.UP.FTS.B,

31.23%,

10/21/27

.

1,483

b

L2300702.UP.FTS.B,

15.45%,

10/22/27

...

20,684

2,851

L2300131.UP.FTS.B,

24.08%,

10/22/27

...

7,270

7,149

L2421701.UP.FTS.B,

5.91%,

11/13/27

....

9,324

9,003

b

FW2424710.UP.FTS.B,

21.52%,

11/13/27

.

9,874

714

L2432901.UP.FTS.B,

6.93%,

11/14/27

....

6,218

6,027

L2433991.UP.FTS.B,

7.94%,

11/14/27

....

2,133

2,083

b

FW2430164.UP.FTS.B,

9.11%,

11/14/27

..

2,888

FW2429622.UP.FTS.B,

15.13%,

11/14/27

.

2,005

1,963

b

FW2435458.UP.FTS.B,

28.74%,

11/14/27

.

2,776

L2438805.UP.FTS.B,

9.71%,

11/18/27

....

3,569

3,486

L2432353.UP.FTS.B,

7.41%,

11/20/27

....

6,006

5,863

L2435424.UP.FTS.B,

10.13%,

11/21/27

...

2,010

1,964

FW2605935.UP.FTS.B,

31.23%,

12/10/27

.

3,685

3,618

L2611260.UP.FTS.B,

17.12%,

12/11/27

...

10,958

2,633

L2611326.UP.FTS.B,

18.28%,

12/11/27

...

4,313

4,226

L2611597.UP.FTS.B,

25.33%,

12/11/27

...

7,236

7,088

FW2617504.UP.FTS.B,

30.27%,

12/14/27

.

12,116

11,921

FW2609734.UP.FTS.B,

31%,

12/16/27

...

748

734

#### Description

#### Principal

#### Amount

#### Value
Upstart

Network,

Inc.

(continued)

FW2607135.UP.FTS.B,

30.71%,

12/20/27

.

$

1,597

$

1,034

FW2615716.UP.FTS.B,

30.71%,

12/21/27

.

1,368

1,343

L2616852.UP.FTS.B,

19.82%,

12/28/27

...

3,559

3,480

FW2950242.UP.FTS.B,

24.53%,

2/14/28

..

1,442

1,420

FW2951084.UP.FTS.B,

30.63%,

2/14/28

..

9,974

4,723

FW2950648.UP.FTS.B,

30.95%,

2/14/28

..

676

667

L1718966.UP.FTS.B,

18.89%,

9/15/28

....

5,759

5,676

L1718702.UP.FTS.B,

26.02%,

9/15/28

....

3,159

3,168

L2608032.UP.FTS.B,

17.27%,

2/10/29

....

2,674

2,621

L2605139.UP.FTS.B,

28.33%,

2/10/29

....

1,565

1,561

L1886617.UP.FTS.B,

19.5%,

3/20/29

....

7,576

4,117

L2607986.UP.FTS.B,

25.66%,

7/10/29

....

18,454

17,577

b

L1716921.UP.FTS.B,

23.03%,

7/15/35

....

FW2951735.UP.FTS.B,

15.61%,

9/14/35

..

2,056,277

#### Total

#### Marketplace

#### Loans

#### (Cost

#### $11,101,214

####)
.......................

#### $4,734,383
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,

October

31,

2025

#### Franklin

#### Low

#### Duration

#### Total

#### Return

#### Fund
franklintempleton.com

Annual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

At

October

31,

2025

,

the

Fund

had

the

following futures

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

$

26,477,891

12/19/25

$

(26,025)

U.S.

Treasury

Year

Ultra

Notes

................

Short

1,270,328

12/19/25

(10,500)

U.S.

Treasury

Year

Notes

.....................

Long

3,378

703,442,111

12/31/25

(1,022,809)

U.S.

Treasury

Year

Notes

.....................

Short

54,496,258

12/31/25

204,465

U.S.

Treasury

Long

Bonds

.....................

Short

3,284,750

12/19/25

(70,038)

Total

Futures

Contracts

......................................................................

$(924,907)

\*

As

of

period

end.

Franklin

Investors

Securities

Trust

Schedule

of

Investments

#### Franklin

#### Low

#### Duration

#### Total

#### Return

#### Fund
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Annual

Report

At

October

31,

2025

,

the

Fund

had

the

following credit

default

swap

contracts outstanding.

See

Note

(d).

#### 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

#### Sell

#### Protection

#### c,d

#### Traded

#### Index
CDX.NA.IG.45

..

1.00%

Quarterly

12/20/30

107,675,000

$

2,496,184

$

2,416,066

$

80,118

Investment

Grade

Total

Centrally

Cleared

Swap

Contracts

.....................................

$2,496,184

$2,416,066

$80,118

#### OTC

#### Swap

#### Contracts

#### to

#### Sell

#### Protection

#### c,d

#### Single

#### Name
Carnival

Corp.

..

1.00%

Quarterly

CITI

6/20/27

2,080,000

22,030

(123,062)

145,092

BB+

#### Traded

#### Index
CDX.NA.HY.39

.

5.00%

Quarterly

JPHQ

12/20/27

5,500,000

487,276

165,587

321,689

Non-

Investment

Grade

CDX.NA.IG.41

..

1.00%

Quarterly

CITI

12/20/28

12,100,000

36,899

(253,753)

290,652

Investment

Grade

Total

OTC

Swap

Contracts

..............................................

$546,205

$(211,228)

$757,433

Total

Credit

Default

Swap

Contracts

....................................

$3,042,389

$

2,204,838

$837,551

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

Annual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

#### Year

#### Ended

#### October

#### 31,

#### 2025

#### 2024

#### 2023

#### 2022

#### 2021

#### Class

#### A

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

year)

Net

asset

value,

beginning

of

year

...................

$7.55

$7.43

$7.48

$7.89

$7.95

Income

from

investment

operations

a

:

Net

investment

income

(loss)

b

....................

0.317 0.310 0.193 0.017 (0.006)

Net

realized

and

unrealized

gains

(losses)

...........

0.040 0.163 0.003 (0.340)

0.022 Total

from

investment

operations

....................

0.357 0.473 0.196 (0.323)

0.016 Less

distributions

from:

Net

investment

income

..........................

(0.357)

(0.353)

(0.246)

(0.087)

(0.076)

Net

asset

value,

end

of

year

.......................

$7.55

$7.55

$7.43

$7.48

$7.89

Total

return

c

...................................

4.84%

6.49%

2.66%

(4.11)%

0.20%

#### Ratios

#### to

#### average

#### net

#### assets
Expenses

before

waiver

and

payments

by

affiliates

......

0.98%

0.98%

1.00%

0.93%

0.97%

Expenses

net

of

waiver

and

payments

by

affiliates

.......

0.83%

0.83%

0.84%

d

0.87%

0.91%

Net

investment

income

(loss)

......................

4.20%

4.12%

2.59%

0.22%

(0.07)%

#### Supplemental

#### data
Net

assets

,

end

of

year

(000's)

.....................

$256,869

$260,416

$284,319

$353,584

$432,447

Portfolio

turnover

rate

............................

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.

d

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.

Annual

Report

a

#### Year

#### Ended

#### October

#### 31,

#### 2025

#### 2024

#### 2023

#### 2022

#### 2021

#### Class

#### A1

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

year)

Net

asset

value,

beginning

of

year

...................

$7.54

$7.42

$7.48

$7.88

$7.95

Income

from

investment

operations

a

:

Net

investment

income

b

.........................

0.328 0.321 0.206 0.029 0.006 Net

realized

and

unrealized

gains

(losses)

...........

0.041 0.163 (0.009)

(0.330)

0.012 Total

from

investment

operations

....................

0.369 0.484 0.197 (0.301)

0.018 Less

distributions

from:

Net

investment

income

..........................

(0.369)

(0.364)

(0.257)

(0.099)

(0.088)

Net

asset

value,

end

of

year

.......................

$7.54

$7.54

$7.42

$7.48

$7.88

Total

return

c

...................................

4.86%

6.65%

2.81%

(3.85)%

0.23%

#### Ratios

#### to

#### average

#### net

#### assets
Expenses

before

waiver

and

payments

by

affiliates

......

0.83%

0.83%

0.85%

0.78%

0.82%

Expenses

net

of

waiver

and

payments

by

affiliates

.......

0.68%

0.68%

0.69%

d

0.72%

0.77%

Net

investment

income

...........................

4.35%

4.27%

2.75%

0.37%

0.08%

#### Supplemental

#### data
Net

assets

,

end

of

year

(000's)

.....................

$40,411

$44,019

$47,732

$55,048

$66,942

Portfolio

turnover

rate

............................

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.

d

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

Annual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

#### Year

#### Ended

#### October

#### 31,

#### 2025

#### 2024

#### 2023

#### 2022

#### 2021

#### Class

#### C

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

year)

Net

asset

value,

beginning

of

year

...................

$7.54

$7.42

$7.48

$7.88

$7.95

Income

from

investment

operations

a

:

Net

investment

income

(loss)

b

....................

0.287 0.279 0.161 (0.017)

(0.035)

Net

realized

and

unrealized

gains

(losses)

...........

0.040 0.164 (0.005)

(0.326)

0.010 Total

from

investment

operations

....................

0.327 0.443 0.156 (0.343)

(0.025)

Less

distributions

from:

Net

investment

income

..........................

(0.327)

(0.323)

(0.216)

(0.057)

(0.045)

Net

asset

value,

end

of

year

.......................

$7.54

$7.54

$7.42

$7.48

$7.88

Total

return

c

...................................

4.42%

6.07%

2.11%

(4.37)%

(0.32)%

#### Ratios

#### to

#### average

#### net

#### assets
Expenses

before

waiver

and

payments

by

affiliates

......

1.38%

1.38%

1.40%

1.34%

1.38%

Expenses

net

of

waiver

and

payments

by

affiliates

.......

1.23%

1.23%

1.24%

d

1.27%

1.33%

Net

investment

income

(loss)

......................

3.80%

3.71%

2.15%

(0.22)%

(0.45)%

#### Supplemental

#### data
Net

assets

,

end

of

year

(000's)

.....................

$9,023

$9,931

$13,586

$21,568

$36,318

Portfolio

turnover

rate

............................

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.

d

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.

Annual

Report

a

#### Year

#### Ended

#### October

#### 31,

#### 2025

#### 2024

#### 2023

#### 2022

#### 2021

#### Class

#### R6

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

year)

Net

asset

value,

beginning

of

year

...................

$7.56

$7.44

$7.50

$7.90

$7.97

Income

from

investment

operations

a

:

Net

investment

income

b

.........................

0.338 0.331 0.213 0.040 0.021 Net

realized

and

unrealized

gains

(losses)

...........

0.041 0.163 (0.003)

(0.331)

0.014 Total

from

investment

operations

....................

0.379 0.494 0.210 (0.291)

0.035 Less

distributions

from:

Net

investment

income

..........................

(0.379)

(0.374)

(0.270)

(0.109)

(0.105)

Net

asset

value,

end

of

year

.......................

$7.56

$7.56

$7.44

$7.50

$7.90

Total

return

....................................

5.12%

6.78%

2.85%

(3.71)%

0.44%

#### Ratios

#### to

#### average

#### net

#### assets
Expenses

before

waiver

and

payments

by

affiliates

......

0.64%

0.64%

0.66%

0.59%

0.63%

Expenses

net

of

waiver

and

payments

by

affiliates

.......

0.55%

0.55%

0.56%

c

0.56%

0.55%

Net

investment

income

...........................

4.47%

4.39%

2.84%

0.52%

0.27%

#### Supplemental

#### data
Net

assets

,

end

of

year

(000's)

.....................

$17,340

$18,710

$20,265

$29,513

$41,913

Portfolio

turnover

rate

............................

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

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

Annual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

#### Year

#### Ended

#### October

#### 31,

#### 2025

#### 2024

#### 2023

#### 2022

#### 2021

#### Advisor

#### Class

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

year)

Net

asset

value,

beginning

of

year

...................

$7.56

$7.43

$7.49

$7.89

$7.96

Income

from

investment

operations

a

:

Net

investment

income

b

.........................

0.335 0.329 0.213 0.040 0.014 Net

realized

and

unrealized

gains

(losses)

...........

0.031 0.173 (0.008)

(0.334)

0.012 Total

from

investment

operations

....................

0.366 0.502 0.205 (0.294)

0.026 Less

distributions

from:

Net

investment

income

..........................

(0.376)

(0.372)

(0.265)

(0.106)

(0.096)

Net

asset

value,

end

of

year

.......................

$7.55

$7.56

$7.43

$7.49

$7.89

Total

return

....................................

4.96%

6.89%

2.78%

(3.76)%

0.33%

#### Ratios

#### to

#### average

#### net

#### assets
Expenses

before

waiver

and

payments

by

affiliates

......

0.73%

0.72%

0.75%

0.67%

0.72%

Expenses

net

of

waiver

and

payments

by

affiliates

.......

0.58%

0.58%

0.59%

c

0.62%

0.66%

Net

investment

income

...........................

4.44%

4.37%

2.84%

0.52%

0.18%

#### Supplemental

#### data
Net

assets

,

end

of

year

(000's)

.....................

$56,718

$55,502

$77,434

$99,817

$86,615

Portfolio

turnover

rate

............................

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

Benefit

of

expense

reduction

rounds

to

less

than

0.01%.

Franklin

Investors

Securities

Trust

Schedule

of

Investments,

October

31,

2025

#### Franklin

#### Low

#### Duration

#### U.S.

#### Government

#### Securities

#### Fund
franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Annual

Report

a

a

#### Principal

#### Amount
a

#### Value
a

a

#### a
a

#### U.S.

#### Government

#### and

#### Agency

#### Securities

#### 20.2%
U.S.

Treasury

Notes

,

2.625 %,

1/31/26

...................................................

$

10,000,000

$

9,969,546

2.5 %,

2/28/26

....................................................

2,162,000

2,152,562

4.875 %,

4/30/26

...................................................

18,238,000

18,329,220

4.125 %,

1/31/27

...................................................

20,000,000

20,103,516

4.25 %,

3/15/27

...................................................

11,000,000

11,086,797

4.5 %,

4/15/27

....................................................

15,000,000

15,178,711

#### Total

#### U.S.

#### Government

#### and

#### Agency

#### Securities

#### (Cost

#### $

#### 76,336,812

####)
.................

#### 76,820,352

#### Mortgage-Backed

#### Securities

#### 51.2%
a

#### Federal

#### Home

#### Loan

#### Mortgage

#### Corp.
(FHLMC)

#### Adjustable

#### Rate

#### 15.4%
FHLMC

,

6.139 %

-

6.25 %,

(6-month

Refinitiv

USD

IBOR

Consumer

Cash

Fallbacks

+/-

MBS

Margin),

4/01/36

-

1/01/37

.......................................

192,077

194,803

FHLMC

,

6.418 %,

(1-year

Refinitiv

USD

IBOR

Consumer

Cash

Fallbacks

+/-

MBS

Margin),

6/01/47

...................................................

3,856,802

3,994,318

FHLMC

,

6.448 %,

(1-year

Refinitiv

USD

IBOR

Consumer

Cash

Fallbacks

+/-

MBS

Margin),

8/01/47

...................................................

3,422,886

3,559,424

FHLMC

,

6.466 %,

(1-year

Refinitiv

USD

IBOR

Consumer

Cash

Fallbacks

+/-

MBS

Margin),

10/01/46

..................................................

2,723,497

2,815,304

FHLMC

,

6.517 %,

(1-year

Refinitiv

USD

IBOR

Consumer

Cash

Fallbacks

+/-

MBS

Margin),

7/01/46

...................................................

5,695,708

5,925,886

FHLMC

,

6.576 %,

(1-year

Refinitiv

USD

IBOR

Consumer

Cash

Fallbacks

+/-

MBS

Margin),

11/01/46

..................................................

4,119,205

4,282,455

FHLMC

,

6.658 %,

(1-year

Refinitiv

USD

IBOR

Consumer

Cash

Fallbacks

+/-

MBS

Margin),

11/01/46

..................................................

3,238,350

3,379,492

FHLMC

,

6.661 %,

(1-year

Refinitiv

USD

IBOR

Consumer

Cash

Fallbacks

+/-

MBS

Margin),

9/01/37

...................................................

3,370,293

3,503,353

FHLMC

,

6.09 %

-

7.524 %,

(1-year

Refinitiv

USD

IBOR

Consumer

Cash

Fallbacks

+/-

MBS

Margin),

8/01/34

-

5/01/45

.......................................

25,204,673

26,010,798

FHLMC

,

6.25 %

-

7.688 %,

(1-year

CMT

T-Note

+/-

MBS

Margin),

8/01/33

-

6/01/37

..

4,711,345

4,864,456

58,530,289

#### Federal

#### Home

#### Loan

#### Mortgage

#### Corp.
(FHLMC)

#### Fixed

#### Rate

#### 0.9%
FHLMC

Pool,

Year

,

5.5 %,

12/01/54

....................................

1,826,648

1,846,824

FHLMC

Pool,

Year

,

%,

5/01/53

......................................

1,716,116

1,762,670

3,609,494

a

#### Federal

#### National

#### Mortgage

#### Association
(FNMA)

#### Adjustable

#### Rate

#### 29.1%
FNMA

,

4.358 %,

(COFI

11th

District

+/-

MBS

Margin),

4/01/34

..................

3,303,261

3,271,383

FNMA

,

5.265 %,

(1-month

Refinitiv

USD

IBOR

Consumer

Cash

Fallbacks

+/-

MBS

Margin),

8/01/27

...................................................

16,798

16,749

FNMA

,

4.21 %

-

5.415 %,

(COFI

11th

District

+/-

MBS

Margin),

12/01/25

-

12/01/37

...

1,522,040

1,506,160

FNMA

,

5.05 %

-

5.871 %,

(3-year

CMT

T-Note

+/-

MBS

Margin),

1/01/26

-

7/01/34

....

10,808

10,879

FNMA

,

3.564 %

-

6.036 %,

(5-year

CMT

T-Note

+/-

MBS

Margin),

4/01/27

-

2/01/30

...

12,560

12,533

FNMA

,

6.222 %,

(6-month

H15BDI

+/-

MBS

Margin),

11/01/34

..................

30,804

30,433

FNMA

,

6.293 %,

(1-year

CMT

T-Note

+/-

MBS

Margin),

5/01/36

.................

3,360,039

3,479,911

FNMA

,

6.426 %,

(1-year

Refinitiv

USD

IBOR

Consumer

Cash

Fallbacks

+/-

MBS

Margin),

9/01/38

...................................................

5,233,123

5,413,064

FNMA

,

6.451 %,

(1-year

Refinitiv

USD

IBOR

Consumer

Cash

Fallbacks

+/-

MBS

Margin),

5/01/47

...................................................

3,063,344

3,171,743

FNMA

,

6.458 %,

(1-year

Refinitiv

USD

IBOR

Consumer

Cash

Fallbacks

+/-

MBS

Margin),

9/01/45

...................................................

1,825,034

1,898,427

FNMA

,

6.465 %,

(1-year

Refinitiv

USD

IBOR

Consumer

Cash

Fallbacks

+/-

MBS

Margin),

4/01/47

...................................................

7,833,365

8,113,187

FNMA

,

6.487 %,

(1-year

Refinitiv

USD

IBOR

Consumer

Cash

Fallbacks

+/-

MBS

Margin),

4/01/40

...................................................

1,987,397

2,051,076

Franklin

Investors

Securities

Trust

Schedule

of

Investments

#### Franklin

#### Low

#### Duration

#### U.S.

#### Government

#### Securities

#### Fund
(continued)

franklintempleton.com

Annual

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

,

6.514 %,

(1-year

Refinitiv

USD

IBOR

Consumer

Cash

Fallbacks

+/-

MBS

Margin),

4/01/44

...................................................

$

12,897,055

$

13,465,399

FNMA

,

6.531 %,

(1-year

Refinitiv

USD

IBOR

Consumer

Cash

Fallbacks

+/-

MBS

Margin),

7/01/42

...................................................

1,947,336

2,017,197

FNMA

,

5.22 %

-

7.082 %,

(6-month

Refinitiv

USD

IBOR

Consumer

Cash

Fallbacks

+/-

MBS

Margin),

8/01/27

-

12/01/37

......................................

8,391,849

8,533,328

FNMA

,

5.665 %

-

7.406 %,

(1-year

Refinitiv

USD

IBOR

Consumer

Cash

Fallbacks

+/-

MBS

Margin),

4/01/32

-

5/01/48

.......................................

42,295,643

43,386,024

FNMA

,

4.961 %

-

7.428 %,

(1-year

CMT

T-Note

+/-

MBS

Margin),

2/01/26

-

12/01/40

..

11,781,184

12,072,622

FNMA

,

5.067 %

-

7.45 %,

(12-month

average

of

1-year

CMT

+/-

MBS

Margin),

11/01/27

-

11/01/44

.......................................................

2,079,163

2,114,028

110,564,143

#### Federal

#### National

#### Mortgage

#### Association
(FNMA)

#### Fixed

#### Rate

#### 5.0%
FNMA,

Year

,

5.5 %,

4/01/53

.........................................

11,060,245

11,226,337

FNMA,

Year

,

5.5 %,

3/01/54

.........................................

1,847,797

1,870,380

FNMA,

Year

,

%,

7/01/53

...........................................

3,944,723

4,046,089

FNMA,

Year

,

%,

7/01/55

...........................................

1,736,142

1,776,343

18,919,149

a

#### Government

#### National

#### Mortgage

#### Association
(GNMA)

#### Adjustable

#### Rate

#### 0.0%

#### †
GNMA

II

,

4.75 %

-

5.625 %,

(1-year

CMT

T-Note

+/-

MBS

Margin),

9/20/33

-

5/20/36

..

216,454

219,402

219,402

#### Government

#### National

#### Mortgage

#### Association
(GNMA)

#### Fixed

#### Rate

#### 0.8%
GNMA

II,

Single-family,

Year

,

%,

7/20/55

...............................

2,900,393

2,954,084

#### Total

#### Mortgage-Backed

#### Securities

#### (Cost

#### $

#### 197,209,145

####)
...........................

#### 194,796,561

#### Agency

#### Commercial

#### Mortgage-Backed

#### Securities

#### 22.8%

#### Financial

#### Services

#### 22.8%
b

FHLMC

,

4988

,

AF

,

FRN

,

4.82 %

,

(30-day

SOFR

Average

+

0.464 %),

10/15/37

...........

3,086,804

3,044,840

4891

,

AF

,

FRN

,

4.87 %

,

(30-day

SOFR

Average

+

0.514 %),

7/15/42

............

4,472,831

4,529,539

,

F23

,

FRN

,

5.233 %

,

(30-day

SOFR

Average

+

1.05 %),

5/25/54

............

1,380,682

1,382,975

,

F4

,

FRN

,

4.82 %

,

Strip

,

(30-day

SOFR

Average

+

0.464 %),

10/15/37

........

2,850,009

2,814,283

4989

,

FA

,

FRN

,

4.82 %

,

(30-day

SOFR

Average

+

0.464 %),

8/15/40

............

3,941,506

3,878,172

5537

,

FC

,

FRN

,

5.333 %

,

(30-day

SOFR

Average

+

1.15 %),

5/25/55

............

1,864,193

1,872,315

4915

,

FE

,

FRN

,

4.87 %

,

(30-day

SOFR

Average

+

0.514 %),

2/15/38

............

6,307,899

6,231,286

5568

,

FG

,

FRN

,

5.283 %

,

(30-day

SOFR

Average

+

1.1 %),

8/25/55

.............

1,845,128

1,851,267

5517

,

FH

,

FRN

,

5.333 %

,

(30-day

SOFR

Average

+

1.15 %),

3/25/55

............

1,780,715

1,791,107

4895

,

GF

,

FRN

,

4.87 %

,

(30-day

SOFR

Average

+

0.514 %),

11/15/43

...........

4,541,083

4,480,901

4197

,

KF

,

FRN

,

4.77 %

,

(30-day

SOFR

Average

+

0.414 %),

9/15/37

............

1,201,013

1,157,990

4107

,

KF

,

FRN

,

4.86 %

,

(30-day

SOFR

Average

+

0.504 %),

6/15/38

............

1,300,722

1,286,722

4215

,

KF

,

FRN

,

4.77 %

,

(30-day

SOFR

Average

+

0.414 %),

2/15/40

............

954,863

931,002

4730

,

WF

,

FRN

,

4.82 %

,

(30-day

SOFR

Average

+

0.464 %),

8/15/38

............

2,630,513

2,596,964

4794

,

WF

,

FRN

,

4.82 %

,

(30-day

SOFR

Average

+

0.464 %),

3/15/43

............

2,720,633

2,680,720

b

FHLMC,

Multi-family

Structured

Pass-Through

Certificates

,

KF160

,

AS

,

FRN

,

5.008 %

,

(30-day

SOFR

Average

+

0.7 %),

10/25/30

...........

2,708,851

2,718,817

KF163

,

AS

,

FRN

,

4.888 %

,

(30-day

SOFR

Average

+

0.58 %),

4/25/34

...........

2,887,392

2,890,633

KF164

,

AS

,

FRN

,

4.878 %

,

(30-day

SOFR

Average

+

0.57 %),

10/25/34

..........

3,849,126

3,853,367

b

FNMA

,

2019-38

,

AF

,

FRN

,

4.87 %

,

(30-day

SOFR

Average

+

0.514 %),

7/25/49

..........

3,132,807

3,106,503

2019-59

,

BF

,

FRN

,

4.87 %

,

(30-day

SOFR

Average

+

0.514 %),

10/25/49

.........

4,622,628

4,575,283

2019-38

,

CF

,

FRN

,

4.747 %

,

(30-day

SOFR

Average

+

0.564 %),

7/25/49

.........

1,186,054

1,163,068

2021-44

,

FA

,

FRN

,

4.555 %

,

(30-day

SOFR

Average

+

0.2 %),

6/25/45

...........

3,800,379

3,712,760

Franklin

Investors

Securities

Trust

Schedule

of

Investments

#### Franklin

#### Low

#### Duration

#### U.S.

#### Government

#### Securities

#### Fund
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Annual

Report

a

a

#### Principal

#### Amount
a

#### Value
a

a

#### a
a

#### Agency

#### Commercial

#### Mortgage-Backed

#### Securities
(continued)

#### Financial

#### Services
(continued)

b

FNMA,

(continued)

2024-98

,

FA

,

FRN

,

5.333 %

,

(30-day

SOFR

Average

+

1.15 %),

12/25/53

.........

$

857,566

$

860,475

2024-103

,

FB

,

FRN

,

5.133 %

,

(30-day

SOFR

Average

+

0.95 %),

1/25/55

.........

2,368,538

2,373,383

2024-105

,

FC

,

FRN

,

5.183 %

,

(30-day

SOFR

Average

+

%),

1/25/55

...........

2,611,640

2,620,375

2025-59

,

FD

,

FRN

,

5.283 %

,

(30-day

SOFR

Average

+

1.1 %),

8/25/55

..........

1,902,117

1,908,774

2025-55

,

FG

,

FRN

,

5.283 %

,

(30-day

SOFR

Average

+

1.1 %),

7/25/55

..........

1,948,938

1,955,194

2020-54

,

WF

,

FRN

,

4.525 %

,

(30-day

SOFR

Average

+

0.564 %),

8/25/50

........

2,538,960

2,442,411

2021-8

,

YF

,

FRN

,

4.555 %

,

(30-day

SOFR

Average

+

0.2 %),

3/25/61

............

7,597,000

7,571,441

2021-36

,

YF

,

FRN

,

4.555 %

,

(30-day

SOFR

Average

+

0.2 %),

6/25/61

...........

3,763,708

3,775,977

b

GNMA

,

2010-12

,

FD

,

FRN

,

4.746 %

,

(1-month

SOFR

+

0.714 %),

1/16/40

..........

453,706

453,564

86,512,108

a

a

a

a

a

#### Total

#### Agency

#### Commercial

#### Mortgage-Backed

#### Securities

#### (Cost

#### $

#### 87,199,766

####)
.........

#### 86,512,108

#### Total

#### Long

#### Term

#### Investments

#### (Cost

#### $

#### 360,745,723

####)
...............................

#### 358,129,021

#### a
a

a

a

#### Short

#### Term

#### Investments

#### 4.8%

#### Shares
a

#### Money

#### Market

#### Funds

#### 4.8%
c,d

Franklin

Institutional

U.S.

Government

Money

Market

Fund

,

4.038 %

.............

18,214,577

18,214,577

#### Total

#### Money

#### Market

#### Funds

#### (Cost

#### $

#### 18,214,577

####)
..................................

#### 18,214,577

#### Total

#### Short

#### Term

#### Investments

#### (Cost

#### $

#### 18,214,577

####)
................................

#### 18,214,577

#### a

#### Total

#### Investments

#### (Cost

#### $

#### 378,960,300

####)
99.0 #### %
...................................

#### $376,343,598

#### Other

#### Assets,

#### less

#### Liabilities
1.0 #### %
.............................................

#### 4,016,316

#### Net

#### Assets

#### 100.0%

#### ...........................................................

#### $380,359,914
†

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,

October

31,

2025

#### Franklin

#### Low

#### Duration

#### U.S.

#### Government

#### Securities

#### Fund
franklintempleton.com

Annual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

At

October

31,

2025

,

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

$

5,427,766

12/19/25

$

(44,864)

U.S.

Treasury

Year

Notes

.....................

Long

500

104,121,094

12/31/25

(152,470)

U.S.

Treasury

Long

Bonds

.....................

Short

1,290,438

12/19/25

(27,516)

Total

Futures

Contracts

......................................................................

$(224,850)

\*

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.

Annual

Report

a

#### Year

#### Ended

#### October

#### 31,

#### 2025

#### 2024

#### 2023

#### 2022

#### 2021

#### Class

#### A

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

year)

Net

asset

value,

beginning

of

year

...................

$12.79

$11.25

$11.73

$13.83

$11.73

Income

from

investment

operations

a

:

Net

investment

income

b

.........................

0.43 0.45 0.46 0.35 0.30 Net

realized

and

unrealized

gains

(losses)

...........

0.26 1.66 (0.40)

(1.46)

2.36 Total

from

investment

operations

....................

0.69 2.11 0.06 (1.11)

2.66 Less

distributions

from:

Net

investment

income

..........................

(0.57)

(0.57)

(0.54)

(0.50)

(0.47)

Net

realized

gains

.............................

(0.14)

—

—

(0.49)

(0.09)

Total

distributions

...............................

(0.71)

(0.57)

(0.54)

(0.99)

(0.56)

Net

asset

value,

end

of

year

.......................

$12.77

$12.79

$11.25

$11.73

$13.83

Total

return

c

...................................

5.66%

19.00%

0.34%

(8.52)%

23.01%

#### Ratios

#### to

#### average

#### net

#### assets
Expenses

before

waiver

and

payments

by

affiliates

......

0.91%

0.90%

0.90%

0.91%

0.92%

Expenses

net

of

waiver

and

payments

by

affiliates

.......

0.91%

d

0.90%

d

0.89%

e

0.90%

e

0.91%

e

Net

investment

income

...........................

3.45%

3.63%

3.78%

2.72%

2.27%

#### Supplemental

#### data
Net

assets

,

end

of

year

(000's)

.....................

$2,867,571

$3,014,871

$2,844,145

$3,102,045

$3,523,379

Portfolio

turnover

rate

............................

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.

d

Benefit

of

waiver

and

payments

by

affiliates

rounds

to

less

than

0.01%.

e

Benefit

of

expense

reduction

rounds

to

less

than

0.01%.

Franklin

Investors

Securities

Trust

Financial

Highlights

#### Franklin

#### Managed

#### Income

#### Fund
(continued)

franklintempleton.com

Annual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

#### Year

#### Ended

#### October

#### 31,

#### 2025

#### 2024

#### 2023

#### 2022

#### 2021

#### Class

#### C

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

year)

Net

asset

value,

beginning

of

year

...................

$12.65

$11.13

$11.61

$13.68

$11.61

Income

from

investment

operations

a

:

Net

investment

income

b

.........................

0.34 0.36 0.36 0.25 0.20 Net

realized

and

unrealized

gains

(losses)

...........

0.25 1.63 (0.39)

(1.43)

2.34 Total

from

investment

operations

....................

0.59 1.99 (0.03)

(1.18)

2.54 Less

distributions

from:

Net

investment

income

..........................

(0.47)

(0.47)

(0.45)

(0.40)

(0.38)

Net

realized

gains

.............................

(0.14)

—

—

(0.49)

(0.09)

Total

distributions

...............................

(0.61)

(0.47)

(0.45)

(0.89)

(0.47)

Net

asset

value,

end

of

year

.......................

$12.63

$12.65

$11.13

$11.61

$13.68

Total

return

c

...................................

4.89%

18.08%

(0.46)%

(9.15)%

22.07%

#### Ratios

#### to

#### average

#### net

#### assets
Expenses

before

waiver

and

payments

by

affiliates

......

1.66%

1.65%

1.65%

1.66%

1.66%

Expenses

net

of

waiver

and

payments

by

affiliates

.......

1.66%

d

1.65%

d

1.64%

e

1.65%

e

1.65%

e

Net

investment

income

...........................

2.71%

2.90%

3.01%

1.94%

1.54%

#### Supplemental

#### data
Net

assets

,

end

of

year

(000's)

.....................

$69,580

$95,404

$115,185

$168,085

$259,206

Portfolio

turnover

rate

............................

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.

d

Benefit

of

waiver

and

payments

by

affiliates

rounds

to

less

than

0.01%.

e

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.

Annual

Report

a

#### Year

#### Ended

#### October

#### 31,

#### 2025

#### 2024

#### 2023

#### 2022

#### 2021

#### Class

#### R

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

year)

Net

asset

value,

beginning

of

year

...................

$12.83

$11.28

$11.77

$13.88

$11.76

Income

from

investment

operations

a

:

Net

investment

income

b

.........................

0.40 0.42 0.43 0.32 0.27 Net

realized

and

unrealized

gains

(losses)

...........

0.26 1.67 (0.40)

(1.47)

2.38 Total

from

investment

operations

....................

0.66 2.09 0.03 (1.15)

2.65 Less

distributions

from:

Net

investment

income

..........................

(0.54)

(0.54)

(0.52)

(0.47)

(0.44)

Net

realized

gains

.............................

(0.14)

—

—

(0.49)

(0.09)

Total

distributions

...............................

(0.68)

(0.54)

(0.52)

(0.96)

(0.53)

Net

asset

value,

end

of

year

.......................

$12.81

$12.83

$11.28

$11.77

$13.88

Total

return

....................................

5.39%

18.75%

0.02%

(8.79)%

22.84%

#### Ratios

#### to

#### average

#### net

#### assets
Expenses

before

waiver

and

payments

by

affiliates

......

1.16%

1.15%

1.15%

1.16%

1.16%

Expenses

net

of

waiver

and

payments

by

affiliates

.......

1.16%

c

1.15%

c

1.14%

d

1.15%

d

1.15%

d

Net

investment

income

...........................

3.21%

3.36%

3.52%

2.47%

2.03%

#### Supplemental

#### data
Net

assets

,

end

of

year

(000's)

.....................

$2,552

$2,780

$2,382

$2,976

$3,435

Portfolio

turnover

rate

............................

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

Benefit

of

waiver

and

payments

by

affiliates

rounds

to

less

than

0.01%.

d

Benefit

of

expense

reduction

rounds

to

less

than

0.01%.

Franklin

Investors

Securities

Trust

Financial

Highlights

#### Franklin

#### Managed

#### Income

#### Fund
(continued)

franklintempleton.com

Annual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

`

a

#### Year

#### Ended

#### October

#### 31,

#### 2025

#### 2024

#### 2023

#### 2022

#### 2021

#### Class

#### R6

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

year)

Net

asset

value,

beginning

of

year

...................

$12.83

$11.28

$11.77

$13.88

$11.76

Income

from

investment

operations

a

:

Net

investment

income

b

.........................

0.47 0.49 0.50 0.39 0.34 Net

realized

and

unrealized

gains

(losses)

...........

0.26 1.67 (0.40)

(1.46)

2.39 Total

from

investment

operations

....................

0.73 2.16 0.10 (1.07)

2.73 Less

distributions

from:

Net

investment

income

..........................

(0.61)

(0.61)

(0.59)

(0.55)

(0.52)

Net

realized

gains

.............................

(0.14)

—

—

(0.49)

(0.09)

Total

distributions

...............................

(0.75)

(0.61)

(0.59)

(1.04)

(0.61)

Net

asset

value,

end

of

year

.......................

$12.81

$12.83

$11.28

$11.77

$13.88

Total

return

....................................

5.99%

19.43%

0.61%

(8.23)%

23.52%

#### Ratios

#### to

#### average

#### net

#### assets
Expenses

before

waiver

and

payments

by

affiliates

......

0.59%

0.59%

0.59%

0.60%

0.60%

Expenses

net

of

waiver

and

payments

by

affiliates

.......

0.59%

c

0.58%

0.58%

d

0.59%

d

0.59%

d

Net

investment

income

...........................

3.77%

3.94%

4.10%

3.05%

2.59%

#### Supplemental

#### data
Net

assets

,

end

of

year

(000's)

.....................

$185,418

$187,499

$174,925

$169,511

$184,084

Portfolio

turnover

rate

............................

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

Benefit

of

waiver

and

payments

by

affiliates

rounds

to

less

than

0.01%.

d

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.

Annual

Report

a

#### Year

#### Ended

#### October

#### 31,

#### 2025

#### 2024

#### 2023

#### 2022

#### 2021

#### Advisor

#### Class

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

year)

Net

asset

value,

beginning

of

year

...................

$12.82

$11.28

$11.76

$13.87

$11.76

Income

from

investment

operations

a

:

Net

investment

income

b

.........................

0.47 0.48 0.49 0.38 0.34 Net

realized

and

unrealized

gains

(losses)

...........

0.25 1.66 (0.39)

(1.46)

2.37 Total

from

investment

operations

....................

0.72 2.14 0.10 (1.08)

2.71 Less

distributions

from:

Net

investment

income

..........................

(0.60)

(0.60)

(0.58)

(0.54)

(0.51)

Net

realized

gains

.............................

(0.14)

—

—

(0.49)

(0.09)

Total

distributions

...............................

(0.74)

(0.60)

(0.58)

(1.03)

(0.60)

Net

asset

value,

end

of

year

.......................

$12.80

$12.82

$11.28

$11.76

$13.87

Total

return

....................................

5.92%

19.25%

0.60%

(8.31)%

23.34%

#### Ratios

#### to

#### average

#### net

#### assets
Expenses

before

waiver

and

payments

by

affiliates

......

0.66%

0.65%

0.65%

0.66%

0.67%

Expenses

net

of

waiver

and

payments

by

affiliates

.......

0.66%

c

0.65%

c

0.64%

d

0.65%

d

0.66%

d

Net

investment

income

...........................

3.70%

3.88%

4.03%

2.98%

2.52%

#### Supplemental

#### data
Net

assets

,

end

of

year

(000's)

.....................

$192,406

$203,398

$191,532

$203,346

$228,617

Portfolio

turnover

rate

............................

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

Benefit

of

waiver

and

payments

by

affiliates

rounds

to

less

than

0.01%.

d

Benefit

of

expense

reduction

rounds

to

less

than

0.01%.

Franklin

Investors

Securities

Trust

Schedule

of

Investments,

October

31,

2025

#### Franklin

#### Managed

#### Income

#### Fund
franklintempleton.com

Annual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

a

#### Country

#### Shares
a

#### Value
a

a

#### a
a

#### Common

#### Stocks

#### 38.6%

#### Aerospace

#### &

#### Defense

#### 2.2%
a

Boeing

Co.

(The)

...................................

United

States

40,000

$

8,040,800

Lockheed

Martin

Corp.

...............................

United

States

75,000

36,891,000

RTX

Corp.

........................................

United

States

155,000

27,667,500

72,599,300

#### Air

#### Freight

#### &

#### Logistics

#### 0.5%
United

Parcel

Service,

Inc.

,

B

..........................

United

States

175,000

16,873,500

#### Banks

#### 2.0%
Bank

of

America

Corp.

...............................

United

States

500,000

26,725,000

Fifth

Third

Bancorp

..................................

United

States

300,000

12,486,000

Truist

Financial

Corp.

................................

United

States

350,000

15,620,500

US

Bancorp

.......................................

United

States

250,000

11,670,000

66,501,500

#### Beverages

#### 2.2%
Coca-Cola

Co.

(The)

.................................

United

States

300,000

20,670,000

PepsiCo,

Inc.

......................................

United

States

350,000

51,131,500

71,801,500

#### Biotechnology

#### 2.0%
AbbVie,

Inc.

.......................................

United

States

165,000

35,976,600

Amgen,

Inc.

.......................................

United

States

100,000

29,843,000

65,819,600

#### Building

#### Products

#### 0.7%
Johnson

Controls

International

plc

.......................

United

States

200,000

22,878,000

#### Capital

#### Markets

#### 0.7%
Morgan

Stanley

.....................................

United

States

150,000

24,600,000

#### Chemicals

#### 0.7%
Air

Products

and

Chemicals,

Inc.

........................

United

States

100,000

24,259,000

#### Communications

#### Equipment

#### 1.2%
Cisco

Systems,

Inc.

.................................

United

States

525,000

38,382,750

#### Diversified

#### Telecommunication

#### Services

#### 0.1%
Verizon

Communications,

Inc.

..........................

United

States

100,000

3,974,000

#### Electric

#### Utilities

#### 3.8%
Duke

Energy

Corp.

..................................

United

States

300,000

37,290,000

Edison

International

.................................

United

States

350,000

19,383,000

NextEra

Energy,

Inc.

.................................

United

States

275,000

22,385,000

Southern

Co.

(The)

..................................

United

States

500,000

47,020,000

126,078,000

#### Energy

#### Equipment

#### &

#### Services

#### 0.6%
Halliburton

Co.

.....................................

United

States

300,000

8,052,000

SLB

Ltd.

..........................................

United

States

321,000

11,575,260

19,627,260

#### Food

#### Products

#### 0.7%
Nestle

SA

,

ADR

....................................

United

States

250,000

23,880,000

#### Ground

#### Transportation

#### 1.0%
Union

Pacific

Corp.

..................................

United

States

150,000

33,055,500

#### Health

#### Care

#### Equipment

#### &

#### Supplies

#### 0.3%
Medtronic

plc

......................................

United

States

125,000

11,337,500

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.

Annual

Report

a

a

#### Country

#### Shares
a

#### Value
a

a

#### a
a

#### Common

#### Stocks
(continued)

#### Health

#### Care

#### Providers

#### &

#### Services

#### 0.5%
CVS

Health

Corp.

...................................

United

States

200,000

$

15,630,000

#### Hotels,

#### Restaurants

#### &

#### Leisure

#### 0.7%
McDonald's

Corp.

...................................

United

States

50,000

14,921,500

Starbucks

Corp.

....................................

United

States

115,000

9,300,050

24,221,550

#### Household

#### Products

#### 0.9%
Procter

&

Gamble

Co.

(The)

...........................

United

States

200,000

30,074,000

#### IT

#### Services

#### 0.9%
International

Business

Machines

Corp.

...................

United

States

100,000

30,741,000

#### Media

#### 0.7%
Comcast

Corp.

,

A

...................................

United

States

800,000

22,268,000

#### Metals

#### &

#### Mining

#### 0.5%
Rio

Tinto

plc

,

ADR

...................................

Australia

250,000

17,935,000

#### Multi-Utilities

#### 0.7%
Sempra,

Inc.

.......................................

United

States

250,000

22,985,000

#### Oil,

#### Gas

#### &

#### Consumable

#### Fuels

#### 5.5%
Chevron

Corp.

.....................................

United

States

450,000

70,974,000

ConocoPhillips

.....................................

United

States

75,000

6,664,500

Exxon

Mobil

Corp.

...................................

United

States

600,000

68,616,000

Shell

plc

,

ADR

......................................

United

States

250,000

18,730,000

TotalEnergies

SE

,

ADR

...............................

France

275,000

17,116,000

182,100,500

#### Pharmaceuticals

#### 4.3%
AstraZeneca

plc

,

ADR

................................

United

Kingdom

250,000

20,600,000

Johnson

&

Johnson

.................................

United

States

300,000

56,661,000

Merck

&

Co.,

Inc.

...................................

United

States

550,000

47,289,000

Pfizer,

Inc.

.........................................

United

States

750,000

18,487,500

143,037,500

#### Semiconductors

#### &

#### Semiconductor

#### Equipment

#### 2.8%
Analog

Devices,

Inc.

.................................

United

States

200,000

46,826,000

Texas

Instruments,

Inc.

...............................

United

States

275,000

44,401,500

91,227,500

#### Specialty

#### Retail

#### 1.5%
Home

Depot,

Inc.

(The)

...............................

United

States

135,000

51,244,650

#### Tobacco

#### 0.9%
Philip

Morris

International,

Inc.

.........................

United

States

200,000

28,866,000

#### Total

#### Common

#### Stocks

#### (Cost

#### $

#### 967,269,374

####)
...................................

#### 1,281,998,110
b

#### Equity-Linked

#### Securities

#### 7.2%

#### Aerospace

#### &

#### Defense

#### 0.2%
c

Citigroup

Global

Markets

Holdings,

Inc.

into

Boeing

Co.

(The)

,

144A,

8.5 %

,

12/08/25

...............................

United

States

40,000

7,150,869

#### Broadline

#### Retail

#### 0.5%
c

Barclays

Bank

plc

into

Amazon.com,

Inc.

,

144A,

%

,

3/25/26

..

United

States

80,000

17,780,252

#### Consumer

#### Staples

#### Distribution

#### &

#### Retail

#### 0.9%
c

BNP

Paribas

Issuance

BV

into

Target

Corp.

,

144A,

%

,

10/07/26

United

States

55,000

4,998,974

c

Wells

Fargo

Bank

NA

into

Target

Corp.

,

144A,

%

,

5/13/26

...

United

States

275,000

26,277,897

31,276,871

Franklin

Investors

Securities

Trust

Schedule

of

Investments

#### Franklin

#### Managed

#### Income

#### Fund
(continued)

franklintempleton.com

Annual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

a

#### Country

#### Shares
a

#### Value
a

a

#### a
a

b

#### Equity-Linked

#### Securities
(continued)

#### Health

#### Care

#### Providers

#### &

#### Services

#### 0.6%
c

Merrill

Lynch

BV

into

UnitedHealth

Group,

Inc.

,

144A,

%

,

7/01/26

.........................................

United

States

55,000

$

18,369,078

#### Hotels,

#### Restaurants

#### &

#### Leisure

#### 0.3%
c

Toronto-Dominion

Bank

(The)

into

Starbucks

Corp.

,

144A,

%

,

1/12/26

.........................................

United

States

115,000

9,457,525

#### Metals

#### &

#### Mining

#### 1.0%
c

Merrill

Lynch

BV

into

Freeport-McMoRan,

Inc.

,

144A,

%

,

5/12/26

.........................................

United

States

805,000

32,630,072

#### Oil,

#### Gas

#### &

#### Consumable

#### Fuels

#### 0.5%
c

Mizuho

Markets

Cayman

LP

into

Exxon

Mobil

Corp.

,

144A,

8.5 %

,

4/07/26

.........................................

United

States

130,000

14,927,122

#### Semiconductors

#### &

#### Semiconductor

#### Equipment

#### 2.4%
c

Barclays

Bank

plc

into

Micron

Technology,

Inc.

,

144A,

%

,

9/08/26

.........................................

United

States

85,000

12,140,809

c

Goldman

Sachs

Bank

USA

into

Applied

Materials,

Inc.

,

144A,

%

,

5/05/26

.....................................

United

States

135,000

22,958,801

c

Merrill

Lynch

BV

into

Advanced

Micro

Devices,

Inc.

,

144A,

%

,

5/06/26

.........................................

United

States

125,000

14,503,197

c

Royal

Bank

of

Canada

into

Microchip

Technology,

Inc.

,

144A,

%

,

5/05/26

.....................................

United

States

355,000

19,329,878

c

Royal

Bank

of

Canada

into

Texas

Instruments,

Inc.

,

144A,

%

,

7/21/26

.........................................

United

States

68,000

11,660,712

80,593,397

#### Software

#### 0.5%
c

Merrill

Lynch

BV

into

Microsoft

Corp.

,

144A,

%

,

3/09/26

......

United

States

40,000

17,920,205

#### Textiles,

#### Apparel

#### &

#### Luxury

#### Goods

#### 0.3%
c

Goldman

Sachs

International

Bank

into

NIKE,

Inc.

,

144A,

%

,

3/31/26

.........................................

United

States

128,000

8,497,084

#### Total

#### Equity-Linked

#### Securities

#### (Cost

#### $

#### 219,231,945

####)
............................

#### 238,602,475

#### Convertible

#### Preferred

#### Stocks

#### 2.4%

#### Aerospace

#### &

#### Defense

#### 0.9%
Boeing

Co.

(The)

,

%

................................

United

States

450,000

29,124,000

#### Chemicals

#### 0.8%
Albemarle

Corp.

,

7.25 %

..............................

United

States

575,000

25,432,250

#### Electric

#### Utilities

#### 0.7%
NextEra

Energy,

Inc.

,

7.234 %

..........................

United

States

475,000

23,232,250

#### Total

#### Convertible

#### Preferred

#### Stocks

#### (Cost

#### $

#### 61,838,860

####)
.........................

#### 77,788,500

#### Principal

#### Amount

#### \*

#### Convertible

#### Bonds

#### 0.1%

#### Electric

#### Utilities

#### 0.1%
c

Southern

Co.

(The)

,

Senior

Note

,

144A,

3.25 %

,

6/15/28

......

United

States

4,000,000

4,080,000

#### Total

#### Convertible

#### Bonds

#### (Cost

#### $

#### 4,000,000

####)
...................................

#### 4,080,000

#### Corporate

#### Bonds

#### 31.2%

#### Automobiles

#### 0.5%
General

Motors

Co.

,

Senior

Bond

,

5.6 %

,

10/15/32

...........

United

States

15,000,000

15,654,486

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.

Annual

Report

a

a

#### Country

#### Principal

#### Amount

#### \*
a

#### Value
a

#### a
a

#### Corporate

#### Bonds
(continued)

#### Banks

#### 4.8%
Bank

of

America

Corp.

,

Senior

Bond

,

5.872%

to

9/14/33,

FRN

thereafter

,

9/15/34

.................................

United

States

15,000,000

$

16,084,289

Barclays

plc

,

Senior

Bond

,

5.746%

to

8/08/32,

FRN

thereafter

,

8/09/33

...

United

Kingdom

10,000,000

10,518,041

Senior

Note

,

7.385%

to

11/01/27,

FRN

thereafter

,

11/02/28

..

United

Kingdom

15,000,000

15,881,939

Citigroup,

Inc.

,

Senior

Bond

,

6.27%

to

11/16/32,

FRN

thereafter

,

11/17/33

...

United

States

10,000,000

10,914,501

Sub.

Bond

,

6.02%

to

1/23/35,

FRN

thereafter

,

1/24/36

......

United

States

15,000,000

15,698,472

Fifth

Third

Bancorp

,

Senior

Note

,

6.339%

to

7/26/28,

FRN

thereafter

,

7/27/29

.................................

United

States

10,000,000

10,515,384

JPMorgan

Chase

&

Co.

,

d

NN

,

Junior

Sub.

Bond

,

6.875%

to

5/31/29,

FRN

thereafter

,

Perpetual

.......................................

United

States

10,000,000

10,549,900

Senior

Bond

,

6.254%

to

10/22/33,

FRN

thereafter

,

10/23/34

.

United

States

10,000,000

11,016,839

PNC

Financial

Services

Group,

Inc.

(The)

,

Senior

Bond

,

6.037%

to

10/27/32,

FRN

thereafter

,

10/28/33

...................

United

States

10,000,000

10,783,887

Truist

Financial

Corp.

,

Senior

Bond

,

5.122%

to

1/25/33,

FRN

thereafter

,

1/26/34

.................................

United

States

10,000,000

10,132,513

US

Bancorp

,

Senior

Bond

,

5.85%

to

10/20/32,

FRN

thereafter

,

10/21/33

........................................

United

States

10,000,000

10,668,177

Wells

Fargo

&

Co.

,

Senior

Bond

,

5.389%

to

4/23/33,

FRN

thereafter

,

4/24/34

.................................

United

States

25,000,000

25,972,622

158,736,564

#### Biotechnology

#### 0.4%
AbbVie,

Inc.

,

Senior

Bond

,

4.55 %

,

3/15/35

................

United

States

15,000,000

14,839,205

#### Building

#### Products

#### 0.6%
Carrier

Global

Corp.

,

Senior

Bond

,

5.9 %

,

3/15/34

...........

United

States

20,000,000

21,537,350

#### Capital

#### Markets

#### 2.3%
Charles

Schwab

Corp.

(The)

,

Senior

Bond

,

5.853%

to

5/18/33,

FRN

thereafter

,

5/19/34

.............................

United

States

10,000,000

10,702,551

Goldman

Sachs

Group,

Inc.

(The)

,

Senior

Bond

,

2.65%

to

10/20/31,

FRN

thereafter

,

10/21/32

..

United

States

15,000,000

13,497,320

Senior

Bond

,

6.561%

to

10/23/33,

FRN

thereafter

,

10/24/34

.

United

States

10,000,000

11,176,832

Morgan

Stanley

,

Senior

Bond

,

2.699%

to

1/21/30,

FRN

thereafter

,

1/22/31

...

United

States

10,000,000

9,362,811

Senior

Bond

,

6.342%

to

10/17/32,

FRN

thereafter

,

10/18/33

.

United

States

15,000,000

16,501,280

Senior

Bond

,

5.424%

to

7/20/33,

FRN

thereafter

,

7/21/34

...

United

States

15,000,000

15,654,953

76,895,747

#### Chemicals

#### 0.3%
Dow

Chemical

Co.

(The)

,

Senior

Bond

,

6.3 %

,

3/15/33

........

United

States

10,000,000

10,704,907

#### Consumer

#### Finance

#### 2.1%
AerCap

Ireland

Capital

DAC

/

AerCap

Global

Aviation

Trust

,

Senior

Bond

,

3.3 %

,

1/30/32

..........................

Ireland

20,000,000

18,463,513

Capital

One

Financial

Corp.

,

Senior

Bond

,

5.268%

to

5/09/32,

FRN

thereafter

,

5/10/33

...

United

States

10,000,000

10,214,398

Senior

Note

,

6.312%

to

6/07/28,

FRN

thereafter

,

6/08/29

....

United

States

10,000,000

10,482,692

General

Motors

Financial

Co.,

Inc.

,

Senior

Bond

,

3.6 %

,

6/21/30

..........................

United

States

20,000,000

19,191,382

Senior

Bond

,

6.4 %

,

1/09/33

..........................

United

States

10,000,000

10,779,861

69,131,846

Franklin

Investors

Securities

Trust

Schedule

of

Investments

#### Franklin

#### Managed

#### Income

#### Fund
(continued)

franklintempleton.com

Annual

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)

#### 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

$

19,841,807

#### Electric

#### Utilities

#### 3.3%
e

Edison

International

,

Senior

Note

,

6.95 %

,

11/15/29

..........

United

States

20,000,000

21,254,836

c

NRG

Energy,

Inc.

,

Senior

Secured

Bond

,

144A,

%

,

3/15/33

...

United

States

10,000,000

11,047,700

Pacific

Gas

and

Electric

Co.

,

Senior

Bond

,

4.55 %

,

7/01/30

.........................

United

States

20,000,000

19,880,065

Senior

Bond

,

6.15 %

,

1/15/33

.........................

United

States

10,000,000

10,621,860

Southern

Co.

(The)

,

Senior

Bond

,

5.7 %

,

10/15/32

...........

United

States

15,000,000

15,922,553

c

Vistra

Operations

Co.

LLC

,

Senior

Secured

Bond

,

144A,

4.3 %

,

7/15/29

.........................................

United

States

30,000,000

29,717,005

108,444,019

#### Electrical

#### Equipment

#### 0.6%
Regal

Rexnord

Corp.

,

Senior

Note

,

6.05 %

,

4/15/28

..........

United

States

20,000,000

20,693,390

#### Electronic

#### Equipment,

#### Instruments

#### &

#### Components

#### 0.6%
Flex

Ltd.

,

Senior

Bond

,

4.875 %

,

5/12/30

..................

United

States

20,000,000

20,260,902

#### Food

#### Products

#### 1.3%
JBS

USA

Holding

Lux

SARL

/

JBS

USA

Food

Co.

/

JBS

Lux

Co.

SARL

,

Senior

Note

,

3.75 %

,

12/01/31

........................

United

States

5,000,000

4,733,598

Senior

Note

,

6.75 %

,

3/15/34

.........................

United

States

15,000,000

16,558,170

Pilgrim's

Pride

Corp.

,

Senior

Note

,

4.25 %

,

4/15/31

..........

United

States

21,000,000

20,342,183

41,633,951

#### Ground

#### Transportation

#### 0.8%
c

Ashtead

Capital,

Inc.

,

Senior

Bond

,

144A,

5.5 %

,

8/11/32

.....................

United

Kingdom

15,000,000

15,497,825

Senior

Bond

,

144A,

5.95 %

,

10/15/33

...................

United

Kingdom

10,000,000

10,578,469

26,076,294

#### Health

#### Care

#### Providers

#### &

#### Services

#### 2.2%
Centene

Corp.

,

Senior

Note

,

4.625 %

,

12/15/29

.............

United

States

25,000,000

24,268,095

c

Fresenius

Medical

Care

US

Finance

III,

Inc.

,

Senior

Bond

,

144A,

%

,

12/01/31

.....................................

Germany

20,000,000

17,966,893

HCA,

Inc.

,

Senior

Bond

,

5.5 %

,

6/01/33

...................

United

States

15,000,000

15,646,924

Humana,

Inc.

,

Senior

Bond

,

5.875 %

,

3/01/33

...............

United

States

15,000,000

15,814,638

73,696,550

#### Health

#### Care

#### REITs

#### 0.6%
Healthpeak

OP

LLC

,

Senior

Note

,

5.25 %

,

12/15/32

..........

United

States

20,000,000

20,594,866

#### Insurance

#### 1.3%
Brown

&

Brown,

Inc.

,

Senior

Bond

,

2.375 %

,

3/15/31

.........

United

States

25,000,000

22,285,458

c

Five

Corners

Funding

Trust

III

,

Senior

Note

,

144A,

5.791 %

,

2/15/33

.........................................

United

States

10,000,000

10,531,705

MetLife,

Inc.

,

Junior

Sub.

Bond

,

6.4 %

,

12/15/36

.............

United

States

10,000,000

10,559,510

43,376,673

#### Machinery

#### 0.6%
Ingersoll

Rand,

Inc.

,

Senior

Bond

,

5.7 %

,

8/14/33

............

United

States

20,000,000

21,292,214

#### Metals

#### &

#### Mining

#### 0.8%
ArcelorMittal

SA

,

Senior

Note

,

6.55 %

,

11/29/27

.............

Luxembourg

10,000,000

10,402,514

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.

Annual

Report

a

a

#### Country

#### Principal

#### Amount

#### \*
a

#### Value
a

#### a
a

#### Corporate

#### Bonds
(continued)

#### Metals

#### &

#### Mining
(continued)

Freeport-McMoRan,

Inc.

,

Senior

Bond

,

4.625 %

,

8/01/30

......

United

States

15,000,000

$

15,042,682

25,445,196

#### Multi-Utilities

#### 0.5%
Sempra,

Inc.

,

Senior

Bond

,

5.5 %

,

8/01/33

.................

United

States

15,000,000

15,694,552

#### Oil,

#### Gas

#### &

#### Consumable

#### Fuels

#### 1.4%
Energy

Transfer

LP

,

Senior

Bond

,

5.75 %

,

2/15/33

...........

United

States

15,000,000

15,710,448

Occidental

Petroleum

Corp.

,

Senior

Note

,

6.375 %

,

9/01/28

....

United

States

10,000,000

10,478,760

Williams

Cos.,

Inc.

(The)

,

Senior

Bond

,

5.65 %

,

3/15/33

.......

United

States

20,000,000

21,043,697

47,232,905

#### Passenger

#### Airlines

#### 0.8%
c

Delta

Air

Lines,

Inc.

/

SkyMiles

IP

Ltd.

,

Senior

Secured

Note

,

144A,

4.75 %

,

10/20/28

..............................

United

States

25,000,000

25,177,960

#### Pharmaceuticals

#### 0.5%
Viatris,

Inc.

,

Senior

Note

,

2.7 %

,

6/22/30

...................

United

States

20,000,000

18,100,781

#### Semiconductors

#### &

#### Semiconductor

#### Equipment

#### 0.7%
Broadcom,

Inc.

,

Senior

Note

,

3.469 %

,

4/15/34

..............

United

States

20,000,000

18,330,207

Micron

Technology,

Inc.

,

Senior

Bond

,

5.875 %

,

2/09/33

.......

United

States

5,000,000

5,307,756

23,637,963

#### Software

#### 0.9%
Oracle

Corp.

,

Senior

Bond

,

6.25 %

,

11/09/32

........................

United

States

10,000,000

10,717,299

Senior

Bond

,

3.9 %

,

5/15/35

..........................

United

States

20,000,000

17,877,770

28,595,069

#### Specialized

#### REITs

#### 0.6%
American

Tower

Corp.

,

Senior

Bond

,

5.9 %

,

11/15/33

.........

United

States

10,000,000

10,701,627

Crown

Castle,

Inc.

,

Senior

Bond

,

5.1 %

,

5/01/33

.............

United

States

10,000,000

10,133,680

20,835,307

#### Technology

#### Hardware,

#### Storage

#### &

#### Peripherals

#### 0.5%
e

HP,

Inc.

,

Senior

Bond

,

5.5 %

,

1/15/33

.....................

United

States

15,000,000

15,474,997

#### Tobacco

#### 0.9%
BAT

Capital

Corp.

,

Senior

Bond

,

7.75 %

,

10/19/32

...........

United

Kingdom

25,000,000

29,155,363

#### Trading

#### Companies

#### &

#### Distributors

#### 0.7%
c

United

Rentals

North

America,

Inc.

,

Senior

Secured

Note

,

144A,

%

,

12/15/29

.....................................

United

States

22,500,000

23,110,538

#### Total

#### Corporate

#### Bonds

#### (Cost

#### $

#### 962,252,616

####)
...................................

#### 1,035,871,402

#### U.S.

#### Government

#### and

#### Agency

#### Securities

#### 3.9%
U.S.

Treasury

Bonds

,

f

.79

%

,

8/15/54

...................................

United

States

265,000,000

68,906,599

4.75 %,

5/15/55

...................................

United

States

60,000,000

60,806,250

#### Total

#### U.S.

#### Government

#### and

#### Agency

#### Securities

#### (Cost

#### $

#### 124,487,009

####)
..............

#### 129,712,849

#### Asset-Backed

#### Securities

#### 0.2%

#### Passenger

#### Airlines

#### 0.2%
United

Airlines

Pass-Through

Trust

,

2020-1

,

A

,

5.875 %

,

10/15/27

.........................

United

States

3,400,583

3,481,796

Franklin

Investors

Securities

Trust

Schedule

of

Investments

#### Franklin

#### Managed

#### Income

#### Fund
(continued)

franklintempleton.com

Annual

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)

#### Passenger

#### Airlines
(continued)

United

Airlines

Pass-Through

Trust,

(continued)

2020-1

,

B

,

4.875 %

,

7/15/27

..........................

United

States

2,749,500

$

2,750,136

6,231,932

a

a

a

a

a

a

#### Total

#### Asset-Backed

#### Securities

#### (Cost

#### $

#### 6,150,083

####)
..............................

#### 6,231,932

#### Mortgage-Backed

#### Securities

#### 14.8%

#### Federal

#### Home

#### Loan

#### Mortgage

#### Corp.
(FHLMC)

#### Fixed

#### Rate

#### 3.8%
FHLMC

Pool,

Year

,

%,

5/01/53

......................

United

States

15,182,844

15,182,832

FHLMC

Pool,

Year

,

%,

11/01/54

.....................

United

States

22,942,276

22,847,182

FHLMC

Pool,

Year

,

5.5 %,

7/01/53

.....................

United

States

42,618,577

43,208,108

FHLMC

Pool,

Year

,

5.5 %,

11/01/53

-

2/01/55

............

United

States

37,063,515

37,492,483

FHLMC

Pool,

Year

,

%,

9/01/55

......................

United

States

4,881,241

4,995,700

123,726,305

#### Federal

#### National

#### Mortgage

#### Association
(FNMA)

#### Fixed

#### Rate

#### 3.5%
FNMA,

Year

,

%,

8/01/49

...........................

United

States

844,803

817,676

FNMA,

Year

,

%,

5/01/53

...........................

United

States

15,095,635

15,091,731

FNMA,

Year

,

%,

11/01/53

..........................

United

States

36,797,860

36,769,380

FNMA,

Year

,

5.5 %,

11/01/54

.........................

United

States

9,999,012

10,111,194

FNMA,

Year

,

%,

5/01/53

...........................

United

States

35,337,557

36,351,489

FNMA,

Year

,

%,

8/01/55

...........................

United

States

16,936,606

17,333,751

116,475,221

#### Government

#### National

#### Mortgage

#### Association
(GNMA)

#### Fixed

#### Rate

#### 7.5%
GNMA

II,

Single-family,

Year

,

5.5 %,

2/20/55

.............

United

States

96,389,675

97,261,766

GNMA

II,

Single-family,

Year

,

5.5 %,

5/20/55

-

6/20/55

......

United

States

22,447,280

22,653,829

GNMA

II,

Single-family,

Year

,

5.5 %,

10/20/55

............

United

States

100,000,000

101,018,542

GNMA

II,

Single-family,

Year

,

%,

5/20/55

-

8/20/55

.......

United

States

27,211,610

27,736,528

248,670,665

#### Total

#### Mortgage-Backed

#### Securities

#### (Cost

#### $

#### 482,438,887

####)
.........................

#### 488,872,191

#### Total

#### Long

#### Term

#### Investments

#### (Cost

#### $

#### 2,827,668,774

####)
...........................

#### 3,263,157,459

#### a

#### Short

#### Term

#### Investments

#### 1.3%
a

a

#### Country

#### Principal

#### Amount

#### \*
a

#### Value
a

a

#### a
a

#### U.S.

#### Government

#### and

#### Agency

#### Securities

#### 1.0%
f

U.S.

Treasury

Bills

,

.97

%

,

11/13/25

.....................

United

States

35,000,000

34,962,492

#### Total

#### U.S.

#### Government

#### and

#### Agency

#### Securities

#### (Cost

#### $

#### 34,954,384

####)
...............

#### 34,962,492

#### Shares

#### Money

#### Market

#### Funds

#### 0.2%
g,h

Franklin

Institutional

U.S.

Government

Money

Market

Fund

,

4.038 %

.........................................

United

States

5,072,858

5,072,858

#### Total

#### Money

#### Market

#### Funds

#### (Cost

#### $

#### 5,072,858

####)
.................................

#### 5,072,858
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.

Annual

Report

#### Short

#### Term

#### Investments
(continued)

a

a

#### Country

#### Shares
a

#### Value
a

a

#### a
a

i

#### Investments

#### from

#### Cash

#### Collateral

#### Received

#### for

#### Loaned

#### Securities

#### 0.1%

#### Money

#### Market

#### Funds

#### 0.1%
g,h

Franklin

Institutional

U.S.

Government

Money

Market

Fund

,

4.038 %

.........................................

United

States

2,731,000

$

2,731,000

#### Total

#### Investments

#### from

#### Cash

#### Collateral

#### Received

#### for

#### Loaned

#### Securities

#### (Cost

#### $

#### 2,731,000

####)
..........................................................

#### 2,731,000

#### Total

#### Short

#### Term

#### Investments

#### (Cost

#### $

#### 42,758,242

####)
..............................

#### 42,766,350

#### a

#### Total

#### Investments

#### (Cost

#### $

#### 2,870,427,016

####)
99.7 #### %
................................

#### $3,305,923,809

#### Other

#### Assets,

#### less

#### Liabilities
0.3 #### %
...........................................

#### 11,603,110

#### Net

#### Assets

#### 100.0%

#### .........................................................

#### $3,317,526,919

#### 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

October

31,

2025,

the

aggregate

value

of

these

securities

was

$406,152,377,

representing

12.2%

of

net

assets.

d

Perpetual

security

with

no

stated

maturity

date.

e

A

portion

or

all

of

the

security

is

on

loan

at

October

31,

2025. See

Note

1(f).

f

The

rate

shown

represents

the

yield

at

period

end.

g

See

Note

3(f)

regarding

investments

in

affiliated

management

investment

companies.

h

The

rate

shown

is

the

annualized

seven-day

effective

yield

at

period

end.

i

See

Note

1(f)

regarding

securities

on

loan.

Franklin

Investors

Securities

Trust

Financial

Highlights

#### Franklin

#### Total

#### Return

#### Fund
franklintempleton.com

Annual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

#### Year

#### Ended

#### October

#### 31,

#### 2025

#### 2024

#### 2023

#### 2022

#### 2021

#### \*

#### Class

#### A

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

year)

Net

asset

value,

beginning

of

year

...................

$8.30

$7.77

$7.94

$9.98

$10.04

Income

from

investment

operations

a

:

Net

investment

income

b

.........................

0.332 0.310 0.288 0.229 0.176 Net

realized

and

unrealized

gains

(losses)

...........

0.153 0.536 (0.186)

(2.006)

0.036 Total

from

investment

operations

....................

0.485 0.846 0.102 (1.777)

0.212 Less

distributions

from:

Net

investment

income

..........................

(0.345)

(0.316)

(0.272)

(0.260)

(0.272)

Tax

return

of

capital

............................

—

—

—

(0.003)

—

Total

distributions

...............................

(0.345)

(0.316)

(0.272)

(0.263)

(0.272)

Net

asset

value,

end

of

year

.......................

$8.44

$8.30

$7.77

$7.94

$9.98

Total

return

c

...................................

5.98%

10.99%

1.14%

(18.06)%

2.12%

#### Ratios

#### to

#### average

#### net

#### assets
Expenses

before

waiver

and

payments

by

affiliates

......

0.92%

0.92%

0.94%

0.92%

0.89%

Expenses

net

of

waiver

and

payments

by

affiliates

.......

0.77%

0.83%

0.83%

d

0.82%

d

0.83%

Net

investment

income

...........................

4.00%

3.75%

3.50%

2.52%

1.75%

#### Supplemental

#### data
Net

assets

,

end

of

year

(000's)

.....................

$2,403,057

$2,523,536

$2,494,183

$2,716,548

$3,876,156

Portfolio

turnover

rate

............................

234.19%

204.24%

e

127.45%

197.26%

184.44%

e

Portfolio

turnover

rate

excluding

mortgage

dollar

rolls

f

....

87.23%

100.79%

e

81.72%

105.09%

59.70%

e

\*

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.

d

Benefit

of

expense

reduction

rounds

to

less

than

0.01%.

e

Excludes

the

value

of

portfolio

activity

as

a

result

of

in-kind

transactions.

See

Note

(h)

for

prior

year

information.

f

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.

Annual

Report

a

#### Year

#### Ended

#### October

#### 31,

#### 2025

#### 2024

#### 2023

#### 2022

#### 2021

#### \*

#### Class

#### C

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

year)

Net

asset

value,

beginning

of

year

...................

$8.22

$7.71

$7.88

$9.90

$9.97

Income

from

investment

operations

a

:

Net

investment

income

b

.........................

0.299 0.277 0.256 0.193 0.137 Net

realized

and

unrealized

gains

(losses)

...........

0.163 0.517 (0.186)

(1.985)

0.025 Total

from

investment

operations

....................

0.462 0.794 0.070 (1.792)

0.162 Less

distributions

from:

Net

investment

income

..........................

(0.312)

(0.284)

(0.240)

(0.225)

(0.232)

Tax

return

of

capital

............................

—

—

—

(0.003)

—

Total

distributions

...............................

(0.312)

(0.284)

(0.240)

(0.228)

(0.232)

Net

asset

value,

end

of

year

.......................

$8.37

$8.22

$7.71

$7.88

$9.90

Total

return

c

...................................

5.74%

10.36%

0.75%

(18.33)%

1.63%

#### Ratios

#### to

#### average

#### net

#### assets
Expenses

before

waiver

and

payments

by

affiliates

......

1.32%

1.33%

1.35%

1.32%

1.30%

Expenses

net

of

waiver

and

payments

by

affiliates

.......

1.18%

1.23%

1.23%

d

1.23%

d

1.24%

Net

investment

income

...........................

3.63%

3.38%

3.12%

2.14%

1.37%

#### Supplemental

#### data
Net

assets

,

end

of

year

(000's)

.....................

$19,633

$24,832

$30,819

$91,669

$141,309

Portfolio

turnover

rate

............................

234.19%

204.24%

e

127.45%

197.26%

184.44%

e

Portfolio

turnover

rate

excluding

mortgage

dollar

rolls

f

....

87.23%

100.79%

e

81.72%

105.09%

59.70%

e

\*

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.

d

Benefit

of

expense

reduction

rounds

to

less

than

0.01%.

e

Excludes

the

value

of

portfolio

activity

as

a

result

of

in-kind

transactions.

See

Note

(h)

for

prior

year

information.

f

See

Note

1(g)

regarding

mortgage

dollar

rolls.

Franklin

Investors

Securities

Trust

Financial

Highlights

#### Franklin

#### Total

#### Return

#### Fund
(continued)

franklintempleton.com

Annual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

#### Year

#### Ended

#### October

#### 31,

#### 2025

#### 2024

#### 2023

#### 2022

#### 2021

#### \*

#### Class

#### R

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

year)

Net

asset

value,

beginning

of

year

...................

$8.26

$7.74

$7.90

$9.94

$10.00

Income

from

investment

operations

a

:

Net

investment

income

b

.........................

0.312 0.289 0.268 0.206 0.152 Net

realized

and

unrealized

gains

(losses)

...........

0.163 0.527 (0.176)

(2.005)

0.035 Total

from

investment

operations

....................

0.475 0.816 0.092 (1.799)

0.187 Less

distributions

from:

Net

investment

income

..........................

(0.325)

(0.296)

(0.252)

(0.238)

(0.247)

Tax

return

of

capital

............................

—

—

—

(0.003)

—

Total

distributions

...............................

(0.325)

(0.296)

(0.252)

(0.241)

(0.247)

Net

asset

value,

end

of

year

.......................

$8.41

$8.26

$7.74

$7.90

$9.94

Total

return

....................................

5.87%

10.62%

1.03%

(18.34)%

1.87%

#### Ratios

#### to

#### average

#### net

#### assets
Expenses

before

waiver

and

payments

by

affiliates

......

1.17%

1.18%

1.19%

1.17%

1.14%

Expenses

net

of

waiver

and

payments

by

affiliates

.......

1.02%

1.08%

1.08%

c

1.08%

c

1.09%

Net

investment

income

...........................

3.78%

3.52%

3.27%

2.29%

1.52%

#### Supplemental

#### data
Net

assets

,

end

of

year

(000's)

.....................

$7,497

$7,596

$7,336

$8,827

$12,623

Portfolio

turnover

rate

............................

234.19%

204.24%

d

127.45%

197.26%

184.44%

d

Portfolio

turnover

rate

excluding

mortgage

dollar

rolls

e

....

87.23%

100.79%

d

81.72%

105.09%

59.70%

d

\*

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

Benefit

of

expense

reduction

rounds

to

less

than

0.01%.

d

Excludes

the

value

of

portfolio

activity

as

a

result

of

in-kind

transactions.

See

Note

(h)

for

prior

year

information.

e

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.

Annual

Report

a

#### Year

#### Ended

#### October

#### 31,

#### 2025

#### 2024

#### 2023

#### 2022

#### 2021

#### \*

#### Class

#### R6

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

year)

Net

asset

value,

beginning

of

year

...................

$8.36

$7.83

$8.00

$10.05

$10.11

Income

from

investment

operations

a

:

Net

investment

income

b

.........................

0.362 0.340 0.318 0.263 0.213 Net

realized

and

unrealized

gains

(losses)

...........

0.153 0.536 (0.186)

(2.017)

0.035 Total

from

investment

operations

....................

0.515 0.876 0.132 (1.754)

0.248 Less

distributions

from:

Net

investment

income

..........................

(0.375)

(0.346)

(0.302)

(0.293)

(0.308)

Tax

return

of

capital

............................

—

—

—

(0.003)

—

Total

distributions

...............................

(0.375)

(0.346)

(0.302)

(0.296)

(0.308)

Net

asset

value,

end

of

year

.......................

$8.50

$8.36

$7.83

$8.00

$10.05

Total

return

....................................

6.44%

11.30%

1.50%

(17.74)%

2.47%

#### Ratios

#### to

#### average

#### net

#### assets
Expenses

before

waiver

and

payments

by

affiliates

......

0.55%

0.57%

0.58%

0.56%

0.52%

Expenses

net

of

waiver

and

payments

by

affiliates

.......

0.41%

0.47%

0.47%

c

0.44%

c

0.46%

Net

investment

income

...........................

4.33%

4.08%

3.84%

2.89%

2.10%

#### Supplemental

#### data
Net

assets

,

end

of

year

(000's)

.....................

$387,279

$396,341

$390,582

$434,834

$601,624

Portfolio

turnover

rate

............................

234.19%

204.24%

d

127.45%

197.26%

184.44%

d

Portfolio

turnover

rate

excluding

mortgage

dollar

rolls

e

....

87.23%

100.79%

d

81.72%

105.09%

59.70%

d

\*

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

Benefit

of

expense

reduction

rounds

to

less

than

0.01%.

d

Excludes

the

value

of

portfolio

activity

as

a

result

of

in-kind

transactions.

See

Note

(h)

for

prior

year

information.

e

See

Note

1(g)

regarding

mortgage

dollar

rolls.

Franklin

Investors

Securities

Trust

Financial

Highlights

#### Franklin

#### Total

#### Return

#### Fund
(continued)

franklintempleton.com

Annual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

#### Year

#### Ended

#### October

#### 31,

#### 2025

#### 2024

#### 2023

#### 2022

#### 2021

#### \*

#### Advisor

#### Class

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

year)

Net

asset

value,

beginning

of

year

...................

$8.35

$7.82

$7.99

$10.04

$10.10

Income

from

investment

operations

a

:

Net

investment

income

b

.........................

0.353 0.331 0.309 0.251 0.202 Net

realized

and

unrealized

gains

(losses)

...........

0.163 0.536 (0.186)

(2.015)

0.035 Total

from

investment

operations

....................

0.516 0.867 0.123 (1.764)

0.237 Less

distributions

from:

Net

investment

income

..........................

(0.366)

(0.337)

(0.293)

(0.283)

(0.297)

Tax

return

of

capital

............................

—

—

—

(0.003)

—

Total

distributions

...............................

(0.366)

(0.337)

(0.293)

(0.286)

(0.297)

Net

asset

value,

end

of

year

.......................

$8.50

$8.35

$7.82

$7.99

$10.04

Total

return

....................................

6.33%

11.19%

1.39%

(17.86)%

2.36%

#### Ratios

#### to

#### average

#### net

#### assets
Expenses

before

waiver

and

payments

by

affiliates

......

0.66%

0.67%

0.69%

0.66%

0.64%

Expenses

net

of

waiver

and

payments

by

affiliates

.......

0.52%

0.58%

0.58%

c

0.57%

c

0.58%

Net

investment

income

...........................

4.23%

3.99%

3.73%

2.76%

2.00%

#### Supplemental

#### data
Net

assets

,

end

of

year

(000's)

.....................

$202,363

$201,353

$156,009

$175,044

$232,016

Portfolio

turnover

rate

............................

234.19%

204.24%

d

127.45%

197.26%

184.44%

d

Portfolio

turnover

rate

excluding

mortgage

dollar

rolls

e

....

87.23%

100.79%

d

81.72%

105.09%

59.70%

d

\*

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

Benefit

of

expense

reduction

rounds

to

less

than

0.01%.

d

Excludes

the

value

of

portfolio

activity

as

a

result

of

in-kind

transactions.

See

Note

(h)

for

prior

year

information.

e

See

Note

1(g)

regarding

mortgage

dollar

rolls.

Franklin

Investors

Securities

Trust

Schedule

of

Investments,

October

31,

2025

#### Franklin

#### Total

#### Return

#### Fund
franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Annual

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

$

136,652

#### Hotels,

#### Restaurants

#### &

#### Leisure

#### 0.0%

#### †
a

Hour

Fitness

Worldwide,

Inc.

........................

United

States

83,833

3,563

#### Machinery

#### 0.0%

#### †
b

UTEX

Industries,

Inc.

................................

United

States

4,843

251,343

#### Total

#### Common

#### Stocks

#### (Cost

#### $997,073)

#### .......................................

#### 391,558

#### Preferred

#### Stocks

#### 0.1%

#### Banks

#### 0.1%
Citigroup

Capital

XIII,

10.47%

..........................

United

States

93,000

2,792,790

#### Total

#### Preferred

#### Stocks

#### (Cost

#### $2,325,000)

#### .....................................

#### 2,792,790

#### Warrants

#### 0.0%

#### Machinery

#### 0.0%
a,b

UTEX

Industries,

Inc.,

12/05/25

.........................

United

States

—

#### Total

#### Warrants

#### (Cost

#### $366)

#### .................................................

#### —

#### Principal

#### Amount

#### \*

#### Corporate

#### Bonds

#### 41.5%

#### Aerospace

#### &

#### Defense

#### 1.0%
Boeing

Co.

(The)

,

Senior

Bond,

3.625%,

2/01/31

........................

United

States

6,500,000

6,235,065

Senior

Bond,

6.875%,

3/15/39

........................

United

States

3,200,000

3,638,968

Senior

Note,

5.15%,

5/01/30

.........................

United

States

13,500,000

13,890,153

c

Bombardier,

Inc.

,

Senior

Note

,

144A,

6.75 %

,

6/15/33

.........

Canada

975,000

1,024,723

c

Efesto

Bidco

SpA

Efesto

US

LLC

,

XR

,

Senior

Secured

Note

,

144A,

7.5 %

,

2/15/32

...............................

Italy

1,100,000

1,099,120

Howmet

Aerospace,

Inc.

,

Senior

Note

,

4.85 %

,

10/15/31

.......

United

States

2,400,000

2,465,437

c

TransDigm,

Inc.

,

Senior

Secured

Note,

144A,

6%,

1/15/33

................

United

States

140,000

142,366

Senior

Sub.

Note,

144A,

6.75%,

1/31/34

................

United

States

850,000

881,470

29,377,302

#### Automobile

#### Components

#### 0.0%

#### †
c

Forvia

SE

,

Senior

Note

,

144A,

6.75 %

,

9/15/33

..............

France

355,000

360,422

#### Automobiles

#### 0.2%
c

Hyundai

Capital

America

,

Senior

Note,

144A,

5.35%,

3/19/29

....................

United

States

1,600,000

1,644,341

Senior

Note,

144A,

5.4%,

6/23/32

.....................

United

States

4,900,000

5,067,780

6,712,121

#### Banks

#### 6.8%
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

2,544,648

Banco

Santander

SA

,

Sub.

Bond

,

2.749 %

,

12/03/30

.........

Spain

3,600,000

3,270,664

Bank

of

America

Corp.

,

Senior

Bond,

2.592%

to

4/28/30,

FRN

thereafter,

4/29/31

...

United

States

6,700,000

6,232,953

Senior

Bond,

1.922%

to

10/23/30,

FRN

thereafter,

10/24/31

.

United

States

5,300,000

4,717,716

Senior

Bond,

2.972%

to

2/03/32,

FRN

thereafter,

2/04/33

...

United

States

7,500,000

6,842,012

Franklin

Investors

Securities

Trust

Schedule

of

Investments

#### Franklin

#### Total

#### Return

#### Fund
(continued)

franklintempleton.com

Annual

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)

Bank

of

America

Corp.,

(continued)

Senior

Bond,

5.468%

to

1/22/34,

FRN

thereafter,

1/23/35

...

United

States

10,000,000

$

10,449,978

Sub.

Bond,

3.846%

to

3/07/32,

FRN

thereafter,

3/08/37

.....

United

States

1,434,000

1,345,979

c

BPCE

SA

,

Senior

Non-Preferred

Note,

144A,

2.045%

to

10/18/26,

FRN

thereafter,

10/19/27

................................

France

9,500,000

9,298,703

Senior

Non-Preferred

Note,

144A,

5.716%

to

1/17/29,

FRN

thereafter,

1/18/30

.................................

France

7,000,000

7,249,099

c

CaixaBank

SA

,

Senior

Non-Preferred

Note

,

144A,

4.885%

to

7/02/30,

FRN

thereafter

,

7/03/31

......................

Spain

5,200,000

5,267,734

Citigroup,

Inc.

,

Senior

Bond,

2.572%

to

6/02/30,

FRN

thereafter,

6/03/31

...

United

States

8,000,000

7,379,272

Senior

Bond,

3.057%

to

1/24/32,

FRN

thereafter,

1/25/33

...

United

States

16,100,000

14,715,091

c

Danske

Bank

A/S

,

Senior

Non-Preferred

Note

,

144A,

5.705%

to

2/28/29,

FRN

thereafter

,

3/01/30

......................

Denmark

6,800,000

7,071,656

HSBC

Holdings

plc

,

Senior

Bond

,

3.973%

to

5/21/29,

FRN

thereafter

,

5/22/30

.................................

United

Kingdom

6,500,000

6,415,062

JPMorgan

Chase

&

Co.

,

Senior

Bond,

4.493%

to

3/23/30,

FRN

thereafter,

3/24/31

...

United

States

17,100,000

17,272,052

Senior

Bond,

2.58%

to

4/21/31,

FRN

thereafter,

4/22/32

....

United

States

1,700,000

1,550,138

Senior

Bond,

5.336%

to

1/22/34,

FRN

thereafter,

1/23/35

...

United

States

9,300,000

9,658,342

Sub.

Bond,

5.576%

to

7/22/35,

FRN

thereafter,

7/23/36

.....

United

States

1,985,000

2,059,457

Lloyds

Banking

Group

plc

,

Senior

Note

,

5.871%

to

3/05/28,

FRN

thereafter

,

3/06/29

.................................

United

Kingdom

5,300,000

5,497,588

Mizuho

Financial

Group,

Inc.

,

Senior

Note

,

5.778%

to

7/05/28,

FRN

thereafter

,

7/06/29

.............................

Japan

6,000,000

6,242,824

PNC

Financial

Services

Group,

Inc.

(The)

,

Senior

Note

,

5.3%

to

1/20/27,

FRN

thereafter

,

1/21/28

......................

United

States

3,800,000

3,851,077

Santander

UK

Group

Holdings

plc

,

Senior

Note

,

1.673%

to

6/23/26,

FRN

thereafter

,

6/14/27

......................

United

Kingdom

6,500,000

6,394,292

c

Societe

Generale

SA

,

Senior

Non-Preferred

Note,

144A,

1.792%

to

6/08/26,

FRN

thereafter,

6/09/27

.................................

France

10,800,000

10,628,858

Senior

Non-Preferred

Note,

144A,

6.446%

to

1/09/28,

FRN

thereafter,

1/10/29

.................................

France

6,500,000

6,768,546

Toronto-Dominion

Bank

(The)

,

Senior

Note

,

4.693 %

,

9/15/27

...

Canada

12,000,000

12,139,642

Truist

Financial

Corp.

,

Senior

Note,

7.161%

to

10/29/28,

FRN

thereafter,

10/30/29

..

United

States

4,950,000

5,351,351

Senior

Note,

5.435%

to

1/23/29,

FRN

thereafter,

1/24/30

....

United

States

4,400,000

4,548,529

Wells

Fargo

&

Co.

,

Senior

Bond,

3.35%

to

3/01/32,

FRN

thereafter,

3/02/33

....

United

States

9,000,000

8,393,734

Senior

Bond,

5.499%

to

1/22/34,

FRN

thereafter,

1/23/35

...

United

States

7,500,000

7,831,863

Senior

Note,

5.198%

to

1/22/29,

FRN

thereafter,

1/23/30

....

United

States

5,200,000

5,351,558

206,340,418

#### Biotechnology

#### 1.2%
AbbVie,

Inc.

,

Senior

Note

,

3.2 %

,

11/21/29

.................

United

States

3,000,000

2,898,644

Amgen,

Inc.

,

Senior

Bond

,

5.25 %

,

3/02/33

.................

United

States

14,300,000

14,811,669

Biogen,

Inc.

,

Senior

Bond

,

2.25 %

,

5/01/30

.................

United

States

6,900,000

6,313,723

c

CSL

Finance

plc

,

Senior

Bond

,

144A,

4.25 %

,

4/27/32

........

United

States

6,500,000

6,404,465

Regeneron

Pharmaceuticals,

Inc.

,

Senior

Bond

,

1.75 %

,

9/15/30

United

States

7,500,000

6,655,372

37,083,873

Franklin

Investors

Securities

Trust

Schedule

of

Investments

#### Franklin

#### Total

#### Return

#### Fund
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Annual

Report

a

a

#### Country

#### Principal

#### Amount

#### \*
a

#### Value
a

#### a
a

#### Corporate

#### Bonds
(continued)

#### Broadline

#### Retail

#### 0.0%
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

—

—

#### Building

#### Products

#### 0.4%
Carlisle

Cos.,

Inc.

,

Senior

Bond

,

5.25 %

,

9/15/35

............

United

States

820,000

834,668

c

JH

North

America

Holdings,

Inc.

,

Senior

Secured

Note

,

144A,

5.875 %

,

1/31/31

...................................

United

States

175,000

178,599

c

Miter

Brands

Acquisition

Holdco,

Inc.

/

MIWD

Borrower

LLC

,

Senior

Secured

Note

,

144A,

6.75 %

,

4/01/32

..............

United

States

2,600,000

2,670,400

Owens

Corning

,

Senior

Bond

,

3.875 %

,

6/01/30

.............

United

States

6,500,000

6,373,544

c

Quikrete

Holdings,

Inc.

,

Senior

Note,

144A,

6.75%,

3/01/33

....................

United

States

150,000

156,217

Senior

Secured

Note,

144A,

6.375%,

3/01/32

............

United

States

300,000

311,392

c

Standard

Building

Solutions,

Inc.

,

Senior

Note

,

144A,

6.25 %

,

8/01/33

.........................................

United

States

825,000

842,026

11,366,846

#### Capital

#### Markets

#### 2.4%
Deutsche

Bank

AG

,

Senior

Preferred

Note

,

5.371 %

,

9/09/27

...

Germany

9,500,000

9,744,350

Goldman

Sachs

Group,

Inc.

(The)

,

Senior

Bond,

2.65%

to

10/20/31,

FRN

thereafter,

10/21/32

..

United

States

15,000,000

13,497,320

Senior

Bond,

3.102%

to

2/23/32,

FRN

thereafter,

2/24/33

...

United

States

6,500,000

5,965,598

Senior

Note,

1.948%

to

10/20/26,

FRN

thereafter,

10/21/27

..

United

States

9,700,000

9,489,164

c

Jane

Street

Group

/

JSG

Finance,

Inc.

,

Senior

Secured

Note

,

144A,

6.125 %

,

11/01/32

.............................

United

States

1,150,000

1,171,201

Morgan

Stanley

,

Senior

Bond,

1.928%

to

4/27/31,

FRN

thereafter,

4/28/32

...

United

States

15,200,000

13,306,038

Senior

Bond,

5.466%

to

1/17/34,

FRN

thereafter,

1/18/35

...

United

States

8,650,000

9,000,952

Sub.

Bond,

5.948%

to

1/18/33,

FRN

thereafter,

1/19/38

.....

United

States

542,000

568,691

c

Prologis

Targeted

US

Logistics

Fund

LP

,

Senior

Note

,

144A,

5.25 %

,

4/01/29

...................................

United

States

2,500,000

2,579,247

c

Stonex

Escrow

Issuer

LLC

,

Secured

Note

,

144A,

6.875 %

,

7/15/32

United

States

305,000

315,832

c

StoneX

Group,

Inc.

,

Senior

Secured

Note

,

144A,

7.875 %

,

3/01/31

United

States

700,000

741,974

c

UBS

Group

AG

,

Senior

Note

,

144A,

5.428%

to

2/07/29,

FRN

thereafter

,

2/08/30

.................................

Switzerland

6,500,000

6,727,176

73,107,543

#### Chemicals

#### 0.2%
c

Qnity

Electronics,

Inc.

,

Senior

Note,

144A,

6.25%,

8/15/33

....................

United

States

140,000

143,949

Senior

Secured

Note,

144A,

5.75%,

8/15/32

.............

United

States

240,000

244,532

c

Rain

Carbon,

Inc.

,

Senior

Secured

Note

,

144A,

12.25 %

,

9/01/29

United

States

4,500,000

4,797,725

5,186,206

#### Commercial

#### Services

#### &

#### Supplies

#### 0.2%
Republic

Services,

Inc.

,

Senior

Bond

,

%

,

4/01/34

...........

United

States

6,500,000

6,682,975

#### Communications

#### Equipment

#### 0.5%
Motorola

Solutions,

Inc.

,

Senior

Bond

,

2.75 %

,

5/24/31

........

United

States

16,800,000

15,410,427

#### Consumer

#### Finance

#### 0.9%
AerCap

Ireland

Capital

DAC

/

AerCap

Global

Aviation

Trust

,

Senior

Bond

,

3.4 %

,

10/29/33

.........................

Ireland

11,300,000

10,200,109

Franklin

Investors

Securities

Trust

Schedule

of

Investments

#### Franklin

#### Total

#### Return

#### Fund
(continued)

franklintempleton.com

Annual

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)

#### Consumer

#### Finance
(continued)

c

Avolon

Holdings

Funding

Ltd.

,

Senior

Note,

144A,

4.9%,

10/10/30

....................

Ireland

3,265,000

$

3,281,683

Senior

Note,

144A,

4.95%,

10/15/32

...................

Ireland

6,200,000

6,121,980

c

FirstCash,

Inc.

,

Senior

Note

,

144A,

6.875 %

,

3/01/32

.........

United

States

4,800,000

4,986,613

General

Motors

Financial

Co.,

Inc.

,

Senior

Bond,

5.45%,

9/06/34

.........................

United

States

1,515,000

1,534,127

Senior

Note,

4.2%,

10/27/28

.........................

United

States

980,000

977,805

27,102,317

#### Consumer

#### Staples

#### Distribution

#### &

#### Retail

#### 0.4%
Dollar

Tree,

Inc.

,

Senior

Bond,

4.2%,

5/15/28

..........................

United

States

8,000,000

7,970,613

Senior

Bond,

2.65%,

12/01/31

........................

United

States

3,300,000

2,948,987

10,919,600

#### Containers

#### &

#### Packaging

#### 0.2%
c

Toucan

FinCo

Ltd.

/

Toucan

FinCo

Can,

Inc.

/

Toucan

FinCo

US

LLC

,

Senior

Secured

Note

,

144A,

9.5 %

,

5/15/30

...........

Canada

775,000

727,391

WRKCo,

Inc.

,

Senior

Bond

,

%

,

6/15/33

..................

United

States

4,700,000

4,189,846

4,917,237

#### Diversified

#### REITs

#### 0.3%
VICI

Properties

LP

,

Senior

Note

,

5.125 %

,

11/15/31

..........

United

States

9,000,000

9,119,476

#### Diversified

#### Telecommunication

#### Services

#### 1.1%
AT&T,

Inc.

,

Senior

Bond

,

2.55 %

,

12/01/33

.................

United

States

21,000,000

17,842,220

Verizon

Communications,

Inc.

,

Senior

Bond,

5.05%,

5/09/33

.........................

United

States

6,500,000

6,644,541

Senior

Note,

2.355%,

3/15/32

........................

United

States

9,000,000

7,872,671

c

WULF

Compute

LLC

,

Senior

Secured

Note

,

144A,

7.75 %

,

10/15/30

........................................

United

States

560,000

582,151

32,941,583

#### Electric

#### Utilities

#### 3.4%
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

3,273,901

D,

Junior

Sub.

Bond,

6.05%

to

3/14/36,

FRN

thereafter,

3/15/56

.........................................

United

States

1,090,000

1,104,742

c

California

Buyer

Ltd.

/

Atlantica

Sustainable

Infrastructure

plc

,

Senior

Note

,

144A,

6.375 %

,

2/15/32

....................

United

Kingdom

3,600,000

3,639,596

Commonwealth

Edison

Co.

,

Senior

Bond

,

6.45 %

,

1/15/38

.....

United

States

700,000

791,226

Duke

Energy

Corp.

,

Senior

Bond,

2.45%,

6/01/30

.........................

United

States

2,900,000

2,680,026

Senior

Bond,

4.5%,

8/15/32

..........................

United

States

2,000,000

1,991,826

Senior

Bond,

5.75%,

9/15/33

.........................

United

States

6,500,000

6,909,365

Duke

Energy

Ohio,

Inc.

,

Senior

Bond

,

5.25 %

,

4/01/33

........

United

States

1,300,000

1,351,008

c

Enel

Finance

International

NV

,

Senior

Bond,

144A,

6.8%,

9/15/37

.....................

Italy

3,000,000

3,385,398

Senior

Note,

144A,

4.375%,

9/30/30

...................

Italy

1,210,000

1,202,808

Exelon

Corp.

,

Senior

Bond

,

4.05 %

,

4/15/30

................

United

States

8,400,000

8,326,543

NextEra

Energy

Capital

Holdings,

Inc.

,

Senior

Bond,

2.44%,

1/15/32

.........................

United

States

9,000,000

7,971,131

Senior

Note,

5.3%,

3/15/32

..........................

United

States

7,370,000

7,691,434

Franklin

Investors

Securities

Trust

Schedule

of

Investments

#### Franklin

#### Total

#### Return

#### Fund
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Annual

Report

a

a

#### Country

#### Principal

#### Amount

#### \*
a

#### Value
a

#### a
a

#### Corporate

#### Bonds
(continued)

#### Electric

#### Utilities
(continued)

Pacific

Gas

and

Electric

Co.

,

Senior

Secured

Bond

,

3.25 %

,

6/01/31

.........................................

United

States

7,300,000

$

6,745,251

Southern

Co.

(The)

,

A

,

Senior

Bond

,

3.7 %

,

4/30/30

..........

United

States

10,500,000

10,257,450

Virginia

Electric

and

Power

Co.

,

Senior

Bond,

5%,

4/01/33

...........................

United

States

7,900,000

8,063,099

Senior

Bond,

6.35%,

11/30/37

........................

United

States

520,000

577,936

c

Vistra

Operations

Co.

LLC

,

Senior

Secured

Bond,

144A,

4.3%,

7/15/29

..............

United

States

10,000,000

9,905,669

Senior

Secured

Bond,

144A,

6.95%,

10/15/33

............

United

States

2,000,000

2,226,371

Xcel

Energy,

Inc.

,

Senior

Bond,

4.6%,

6/01/32

..........................

United

States

8,200,000

8,148,791

Senior

Bond,

5.45%,

8/15/33

.........................

United

States

5,500,000

5,705,437

101,949,008

#### Electronic

#### Equipment,

#### Instruments

#### &

#### Components

#### 0.4%
e

Amphenol

Corp.

,

Senior

Note

,

4.4 %

,

2/15/33

...............

United

States

3,415,000

3,377,952

Flex

Ltd.

,

Senior

Bond,

4.875%,

5/12/30

........................

United

States

7,500,000

7,597,838

Senior

Note,

5.25%,

1/15/32

.........................

United

States

900,000

924,960

11,900,750

#### Energy

#### Equipment

#### &

#### Services

#### 0.1%
c

Kodiak

Gas

Services

LLC

,

Senior

Bond,

144A,

6.75%,

10/01/35

...................

United

States

250,000

257,615

Senior

Note,

144A,

6.5%,

10/01/33

....................

United

States

1,425,000

1,461,185

c

Weatherford

International

Ltd.

,

Senior

Note

,

144A,

6.75 %

,

10/15/33

........................................

United

States

775,000

792,539

2,511,339

#### Financial

#### Services

#### 1.0%
Corebridge

Financial,

Inc.

,

Senior

Note

,

6.05 %

,

9/15/33

.......

United

States

6,000,000

6,408,022

Fiserv,

Inc.

,

Senior

Bond,

3.5%,

7/01/29

..........................

United

States

1,200,000

1,155,132

Senior

Bond,

2.65%,

6/01/30

.........................

United

States

9,100,000

8,355,284

Senior

Bond,

5.625%,

8/21/33

........................

United

States

6,500,000

6,703,713

c

Freedom

Mortgage

Holdings

LLC

,

Senior

Note,

144A,

8.375%,

4/01/32

...................

United

States

1,050,000

1,095,769

Senior

Note,

144A,

7.875%,

4/01/33

...................

United

States

300,000

308,456

c

Jefferson

Capital

Holdings

LLC

,

Senior

Note

,

144A,

9.5 %

,

2/15/29

United

States

3,200,000

3,374,080

c

Petronas

Capital

Ltd.

,

Senior

Note

,

144A,

4.95 %

,

1/03/31

.....

Malaysia

1,810,000

1,870,826

c

Rocket

Cos.,

Inc.

,

Senior

Note

,

144A,

6.375 %

,

8/01/33

.......

United

States

1,075,000

1,121,203

30,392,485

#### Food

#### Products

#### 1.0%
JBS

USA

Holding

Lux

SARL

/

JBS

USA

Food

Co.

/

JBS

Lux

Co.

SARL

,

Senior

Note,

3%,

2/02/29

...........................

United

States

2,000,000

1,918,060

Senior

Note,

3.625%,

1/15/32

........................

United

States

2,500,000

2,337,467

Senior

Note,

5.75%,

4/01/33

.........................

United

States

6,500,000

6,775,327

c

Mars,

Inc.

,

Senior

Note

,

144A,

5.2 %

,

3/01/35

...............

United

States

10,630,000

10,914,481

McCormick

&

Co.,

Inc.

,

Senior

Bond

,

4.95 %

,

4/15/33

.........

United

States

7,000,000

7,114,987

29,060,322

#### Ground

#### Transportation

#### 0.1%
Burlington

Northern

Santa

Fe

LLC

,

Senior

Bond

,

6.15 %

,

5/01/37

United

States

3,100,000

3,459,986

Franklin

Investors

Securities

Trust

Schedule

of

Investments

#### Franklin

#### Total

#### Return

#### Fund
(continued)

franklintempleton.com

Annual

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)

c

Watco

Cos.

LLC

/

Watco

Finance

Corp.

,

Senior

Note

,

144A,

7.125 %

,

8/01/32

...................................

United

States

80,000

$

82,956

3,542,942

#### Health

#### Care

#### Equipment

#### &

#### Supplies

#### 0.4%
Baxter

International,

Inc.

,

Senior

Bond

,

2.539 %

,

2/01/32

......

United

States

7,500,000

6,559,199

Boston

Scientific

Corp.

,

Senior

Bond

,

2.65 %

,

6/01/30

........

United

States

6,000,000

5,634,244

12,193,443

#### Health

#### Care

#### Providers

#### &

#### Services

#### 2.4%
Centene

Corp.

,

Senior

Bond

,

%

,

10/15/30

................

United

States

2,500,000

2,232,639

Cigna

Group

(The)

,

Senior

Bond

,

5.25 %

,

2/15/34

...........

United

States

6,500,000

6,686,950

CVS

Health

Corp.

,

Senior

Bond,

5.3%,

6/01/33

..........................

United

States

5,000,000

5,140,769

Senior

Bond,

4.78%,

3/25/38

.........................

United

States

3,200,000

3,008,307

Senior

Bond,

2.7%,

8/21/40

..........................

United

States

2,000,000

1,438,656

Senior

Note,

5%,

9/15/32

...........................

United

States

2,161,000

2,195,908

c

DaVita,

Inc.

,

Senior

Note,

144A,

4.625%,

6/01/30

...................

United

States

4,900,000

4,736,100

Senior

Note,

144A,

6.875%,

9/01/32

...................

United

States

1,500,000

1,555,515

Elevance

Health,

Inc.

,

Senior

Bond

,

4.75 %

,

2/15/33

.........

United

States

7,000,000

7,031,432

HCA,

Inc.

,

Senior

Note,

3.625%,

3/15/32

........................

United

States

9,000,000

8,473,074

Senior

Note,

4.6%,

11/15/32

.........................

United

States

1,660,000

1,650,182

Icon

Investments

Six

DAC

,

Senior

Secured

Bond

,

%

,

5/08/34

.

United

States

500,000

524,808

Kaiser

Foundation

Hospitals

,

2019

,

Senior

Bond

,

3.266 %

,

11/01/49

........................................

United

States

11,270,000

8,067,749

c

Kedrion

SpA

,

Senior

Secured

Note

,

144A,

6.5 %

,

9/01/29

......

Italy

4,600,000

4,499,647

Providence

St

Joseph

Health

Obligated

Group

,

H

,

2.746 %

,

10/01/26

........................................

United

States

8,875,000

8,765,271

UnitedHealth

Group,

Inc.

,

Senior

Note

,

5.15 %

,

7/15/34

.......

United

States

6,000,000

6,169,006

72,176,013

#### Health

#### Care

#### REITs

#### 0.3%
Alexandria

Real

Estate

Equities,

Inc.

,

Senior

Bond,

4.75%,

4/15/35

.........................

United

States

6,500,000

6,300,068

Senior

Bond,

5.25%,

5/15/36

.........................

United

States

2,600,000

2,579,373

MPT

Operating

Partnership

LP

/

MPT

Finance

Corp.

,

Senior

Bond

,

3.5 %

,

3/15/31

...............................

United

States

1,400,000

990,011

9,869,452

#### Health

#### Care

#### Technology

#### 0.2%
IQVIA,

Inc.

,

Senior

Secured

Note

,

6.25 %

,

2/01/29

...........

United

States

4,300,000

4,533,004

#### 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

6,074,834

c

XHR

LP

,

Senior

Note

,

144A,

6.625 %

,

5/15/30

..............

United

States

555,000

567,193

6,642,027

#### Hotels,

#### Restaurants

#### &

#### Leisure

#### 0.3%
c

Carnival

Corp.

,

Senior

Note

,

144A,

5.75 %

,

3/15/30

..........

United

States

1,800,000

1,855,170

c

NCL

Corp.

Ltd.

,

Senior

Note,

144A,

6.75%,

2/01/32

....................

United

States

600,000

616,911

Franklin

Investors

Securities

Trust

Schedule

of

Investments

#### Franklin

#### Total

#### Return

#### Fund
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Annual

Report

a

a

#### Country

#### Principal

#### Amount

#### \*
a

#### Value
a

#### a
a

#### Corporate

#### Bonds
(continued)

#### Hotels,

#### Restaurants

#### &

#### Leisure
(continued)

c

NCL

Corp.

Ltd.,

(continued)

Senior

Note,

144A,

6.25%,

9/15/33

....................

United

States

430,000

$

435,179

c

Rivers

Enterprise

Lender

LLC

/

Rivers

Enterprise

Lender

Corp.

,

Senior

Secured

Note

,

144A,

6.25 %

,

10/15/30

.............

United

States

275,000

277,413

Royal

Caribbean

Cruises

Ltd.

,

Senior

Bond

,

5.375 %

,

1/15/36

..

United

States

1,255,000

1,264,158

Starbucks

Corp.

,

Senior

Bond

,

2.55 %

,

11/15/30

.............

United

States

2,500,000

2,308,951

c

Viking

Cruises

Ltd.

,

Senior

Note

,

144A,

5.875 %

,

10/15/33

.....

United

States

870,000

884,957

7,642,739

#### Household

#### Durables

#### 0.3%
Newell

Brands,

Inc.

,

Senior

Note,

6.375%,

5/15/30

........................

United

States

100,000

95,250

Senior

Note,

6.625%,

5/15/32

........................

United

States

75,000

70,688

c

Senior

Note,

144A,

8.5%,

6/01/28

.....................

United

States

350,000

359,946

PulteGroup,

Inc.

,

Senior

Bond

,

%

,

2/15/35

................

United

States

6,500,000

7,008,507

c

Weekley

Homes

LLC

/

Weekley

Finance

Corp.

,

Senior

Note

,

144A,

4.875 %

,

9/15/28

..............................

United

States

2,800,000

2,736,753

10,271,144

#### Independent

#### Power

#### and

#### Renewable

#### Electricity

#### Producers

#### 0.5%
c

AES

Andes

SA

,

Senior

Note

,

144A,

6.25 %

,

3/14/32

..........

Chile

880,000

918,880

Constellation

Energy

Generation

LLC

,

Senior

Bond,

5.8%,

3/01/33

..........................

United

States

4,000,000

4,275,277

Senior

Bond,

6.125%,

1/15/34

........................

United

States

8,950,000

9,742,571

c

Talen

Energy

Supply

LLC

,

Senior

Bond,

144A,

6.5%,

2/01/36

.....................

United

States

610,000

632,160

Senior

Note,

144A,

6.25%,

2/01/34

....................

United

States

570,000

584,862

16,153,750

#### Insurance

#### 2.5%
c

Acrisure

LLC

/

Acrisure

Finance,

Inc.

,

Senior

Note

,

144A,

8.5 %

,

6/15/29

.........................................

United

States

1,600,000

1,680,878

c

Alliant

Holdings

Intermediate

LLC

/

Alliant

Holdings

Co-Issuer

,

Senior

Secured

Note

,

144A,

%

,

1/15/31

................

United

States

6,500,000

6,738,537

Arthur

J

Gallagher

&

Co.

,

Senior

Note

,

%

,

2/15/32

..........

United

States

2,625,000

2,679,762

c

Athene

Global

Funding

,

Secured

Note,

144A,

5.033%,

7/17/30

..................

United

States

4,550,000

4,619,161

Senior

Secured

Bond,

144A,

5.543%,

8/22/35

............

United

States

2,900,000

2,935,453

Brown

&

Brown,

Inc.

,

Senior

Bond,

2.375%,

3/15/31

........................

United

States

5,500,000

4,902,801

Senior

Bond,

5.55%,

6/23/35

.........................

United

States

1,605,000

1,652,976

Senior

Note,

5.25%,

6/23/32

.........................

United

States

895,000

917,971

CNA

Financial

Corp.

,

Senior

Bond

,

5.125 %

,

2/15/34

.........

United

States

6,500,000

6,548,198

c

Corebridge

Global

Funding

,

Secured

Note

,

144A,

5.9 %

,

9/19/28

United

States

3,400,000

3,558,352

F&G

Annuities

&

Life,

Inc.

,

Senior

Note

,

6.5 %

,

6/04/29

.......

United

States

2,600,000

2,716,280

c

Five

Corners

Funding

Trust

II

,

Senior

Note

,

144A,

2.85 %

,

5/15/30

United

States

3,000,000

2,820,959

c

Five

Corners

Funding

Trust

III

,

Senior

Note

,

144A,

5.791 %

,

2/15/33

.........................................

United

States

6,500,000

6,845,608

c

Metropolitan

Life

Global

Funding

I

,

Secured

Note,

144A,

5.05%,

1/06/28

...................

United

States

10,300,000

10,517,496

Secured

Note,

144A,

4.3%,

8/25/29

....................

United

States

3,700,000

3,721,109

c

RGA

Global

Funding

,

Secured

Note

,

144A,

5.5 %

,

1/11/31

.....

United

States

6,900,000

7,193,671

Franklin

Investors

Securities

Trust

Schedule

of

Investments

#### Franklin

#### Total

#### Return

#### Fund
(continued)

franklintempleton.com

Annual

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)

c

Sammons

Financial

Group,

Inc.

,

Senior

Bond

,

144A,

6.875 %

,

4/15/34

.........................................

United

States

4,400,000

$

4,848,697

74,897,909

#### Interactive

#### Media

#### &

#### Services

#### 0.1%
Meta

Platforms,

Inc.

,

Senior

Bond,

4.95%,

5/15/33

.........................

United

States

1,200,000

1,232,709

Senior

Note,

4.6%,

11/15/32

.........................

United

States

2,540,000

2,553,513

3,786,222

#### IT

#### Services

#### 0.0%

#### †
c

Cogent

Communications

Group

LLC

/

Cogent

Finance,

Inc.

,

Senior

Secured

Note

,

144A,

6.5 %

,

7/01/32

...............

United

States

900,000

860,593

#### Life

#### Sciences

#### Tools

#### &

#### Services

#### 0.1%
Revvity,

Inc.

,

Senior

Bond

,

2.25 %

,

9/15/31

................

United

States

1,800,000

1,572,653

#### Machinery

#### 0.0%

#### †
c

ESAB

Corp.

,

Senior

Note

,

144A,

6.25 %

,

4/15/29

............

United

States

800,000

819,691

#### Media

#### 1.8%
Charter

Communications

Operating

LLC

/

Charter

Communications

Operating

Capital

Corp.

,

Senior

Secured

Bond

,

2.8 %

,

4/01/31

...............................

United

States

12,500,000

11,214,669

c

Clear

Channel

Outdoor

Holdings,

Inc.

,

Senior

Secured

Note

,

144A,

7.875 %

,

4/01/30

..............................

United

States

3,000,000

3,147,726

Comcast

Corp.

,

Senior

Bond,

1.5%,

2/15/31

..........................

United

States

4,000,000

3,458,658

Senior

Bond,

4.8%,

5/15/33

..........................

United

States

14,700,000

14,771,149

c

Directv

Financing

LLC

,

Senior

Secured

Note

,

144A,

8.875 %

,

2/01/30

.........................................

United

States

2,900,000

2,886,454

c

Directv

Financing

LLC

/

Directv

Financing

Co-Obligor,

Inc.

,

Senior

Secured

Note

,

144A,

5.875 %

,

8/15/27

..................

United

States

1,640,000

1,641,102

c

Gray

Media,

Inc.

,

Senior

Secured

Note

,

144A,

7.25 %

,

8/15/33

..

United

States

665,000

651,785

Paramount

Global

,

Senior

Bond

,

4.2 %

,

5/19/32

.............

United

States

10,000,000

9,254,518

c

Sinclair

Television

Group,

Inc.

,

Senior

Secured

Note

,

144A,

8.125 %

,

2/15/33

...................................

United

States

850,000

867,234

Time

Warner

Cable

LLC

,

Senior

Secured

Bond

,

6.55 %

,

5/01/37

United

States

5,700,000

5,844,497

53,737,792

#### Metals

#### &

#### Mining

#### 0.6%
BHP

Billiton

Finance

USA

Ltd.

,

Senior

Bond

,

5.25 %

,

9/08/33

...

Australia

6,500,000

6,773,624

c

Novelis

Corp.

,

Senior

Note

,

144A,

6.375 %

,

8/15/33

..........

United

States

930,000

943,043

Rio

Tinto

Finance

USA

plc

,

Senior

Note

,

%

,

3/14/32

.........

Australia

9,700,000

10,006,135

17,722,802

#### Multi-Utilities

#### 0.6%
Berkshire

Hathaway

Energy

Co.

,

Senior

Bond

,

6.125 %

,

4/01/36

United

States

2,700,000

2,930,699

Dominion

Energy,

Inc.

,

C

,

Senior

Note

,

3.375 %

,

4/01/30

......

United

States

4,351,000

4,184,306

DTE

Energy

Co.

,

Senior

Note

,

4.875 %

,

6/01/28

.............

United

States

6,700,000

6,814,771

Public

Service

Enterprise

Group,

Inc.

,

Senior

Bond

,

5.4 %

,

3/15/35

United

States

2,725,000

2,811,378

Southern

Co.

Gas

Capital

Corp.

,

Senior

Bond

,

5.15 %

,

9/15/32

.

United

States

2,000,000

2,059,748

18,800,902

Franklin

Investors

Securities

Trust

Schedule

of

Investments

#### Franklin

#### Total

#### Return

#### Fund
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Annual

Report

a

a

#### Country

#### Principal

#### Amount

#### \*
a

#### Value
a

#### a
a

#### Corporate

#### Bonds
(continued)

#### Oil,

#### Gas

#### &

#### Consumable

#### Fuels

#### 3.9%
c

Aker

BP

ASA

,

Senior

Bond

,

144A,

%

,

1/15/31

.............

Norway

5,400,000

$

5,212,253

Boardwalk

Pipelines

LP

,

Senior

Bond

,

3.4 %

,

2/15/31

.........

United

States

6,275,000

5,891,821

BP

Capital

Markets

America,

Inc.

,

Senior

Bond

,

4.989 %

,

4/10/34

United

States

2,300,000

2,351,657

Canadian

Natural

Resources

Ltd.

,

Senior

Bond

,

2.95 %

,

7/15/30

Canada

5,900,000

5,536,287

Cheniere

Energy,

Inc.

,

Senior

Note,

4.625%,

10/15/28

.......................

United

States

1,700,000

1,696,713

Senior

Note,

5.65%,

4/15/34

.........................

United

States

1,700,000

1,758,999

c

CITGO

Petroleum

Corp.

,

Senior

Secured

Note

,

144A,

6.375 %

,

6/15/26

.........................................

United

States

3,000,000

3,005,499

ConocoPhillips

Co.

,

Senior

Bond

,

5.05 %

,

9/15/33

...........

United

States

2,500,000

2,578,669

c

Crescent

Energy

Finance

LLC

,

Senior

Note,

144A,

7.375%,

1/15/33

...................

United

States

250,000

236,357

Senior

Note,

144A,

8.375%,

1/15/34

...................

United

States

665,000

651,058

Eastern

Energy

Gas

Holdings

LLC

,

Senior

Bond

,

5.8 %

,

1/15/35

United

States

6,255,000

6,601,255

Energy

Transfer

LP

,

Senior

Bond,

5.55%,

5/15/34

.........................

United

States

9,500,000

9,758,859

Senior

Note,

6.4%,

12/01/30

.........................

United

States

4,000,000

4,330,859

c

Senior

Note,

144A,

6%,

2/01/29

......................

United

States

2,000,000

2,025,134

Enterprise

Products

Operating

LLC

,

Senior

Bond

,

3.125 %

,

7/31/29

.........................................

United

States

2,000,000

1,934,567

Hess

Corp.

,

Senior

Bond

,

7.125 %

,

3/15/33

................

United

States

5,200,000

6,058,973

c

Hess

Midstream

Operations

LP

,

Senior

Note

,

144A,

6.5 %

,

6/01/29

United

States

5,700,000

5,910,689

c

KazMunayGas

National

Co.

JSC

,

Senior

Bond

,

Reg

S,

5.375 %

,

4/24/30

.........................................

Kazakhstan

940,000

966,934

c

Kinetik

Holdings

LP

,

Senior

Note

,

144A,

6.625 %

,

12/15/28

.....

United

States

4,000,000

4,110,932

MPLX

LP

,

Senior

Bond

,

5.4 %

,

4/01/35

....................

United

States

11,300,000

11,385,800

ONEOK,

Inc.

,

Senior

Note

,

4.75 %

,

10/15/31

...............

United

States

5,000,000

5,002,611

c

Pertamina

Hulu

Energi

PT

,

Senior

Note

,

144A,

5.25 %

,

5/21/30

.

Indonesia

1,410,000

1,440,935

c

Raizen

Fuels

Finance

SA

,

Senior

Note

,

144A,

6.25 %

,

7/08/32

..

Brazil

910,000

774,637

TotalEnergies

Capital

SA

,

Senior

Bond

,

4.724 %

,

9/10/34

......

France

3,820,000

3,853,243

TransCanada

PipeLines

Ltd.

,

Senior

Bond

,

4.25 %

,

5/15/28

....

Canada

3,400,000

3,399,672

Transcontinental

Gas

Pipe

Line

Co.

LLC

,

Senior

Note

,

3.25 %

,

5/15/30

.........................................

United

States

4,500,000

4,297,063

c

Var

Energi

ASA

,

Senior

Bond

,

144A,

%

,

11/15/32

..........

Norway

6,500,000

7,511,658

c

Venture

Global

Calcasieu

Pass

LLC

,

Senior

Secured

Bond,

144A,

4.125%,

8/15/31

............

United

States

2,000,000

1,850,616

Senior

Secured

Note,

144A,

3.875%,

8/15/29

............

United

States

500,000

473,994

c

Venture

Global

Plaquemines

LNG

LLC

,

Senior

Secured

Bond,

144A,

7.75%,

5/01/35

.............

United

States

350,000

395,186

Senior

Secured

Bond,

144A,

6.75%,

1/15/36

.............

United

States

245,000

259,638

Senior

Secured

Note,

144A,

7.5%,

5/01/33

..............

United

States

350,000

385,139

Senior

Secured

Note,

144A,

6.5%,

1/15/34

..............

United

States

145,000

151,973

Viper

Energy

Partners

LLC

,

Senior

Bond

,

5.7 %

,

8/01/35

......

United

States

2,194,000

2,238,780

c

Vital

Energy,

Inc.

,

Senior

Note

,

144A,

7.875 %

,

4/15/32

.......

United

States

500,000

473,654

Williams

Cos.,

Inc.

(The)

,

Senior

Bond

,

3.5 %

,

11/15/30

.......

United

States

3,200,000

3,056,848

117,568,962

#### Passenger

#### Airlines

#### 0.2%
c

Delta

Air

Lines,

Inc.

/

SkyMiles

IP

Ltd.

,

Senior

Secured

Note

,

144A,

4.75 %

,

10/20/28

..............................

United

States

6,500,000

6,546,270

c

United

Airlines,

Inc.

,

Senior

Secured

Note

,

144A,

4.375 %

,

4/15/26

United

States

118,793

118,622

6,664,892

Franklin

Investors

Securities

Trust

Schedule

of

Investments

#### Franklin

#### Total

#### Return

#### Fund
(continued)

franklintempleton.com

Annual

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)

#### Personal

#### Care

#### Products

#### 0.4%
Haleon

US

Capital

LLC

,

Senior

Note

,

3.625 %

,

3/24/32

.......

United

States

6,500,000

$

6,157,558

Kenvue,

Inc.

,

Senior

Note

,

4.85 %

,

5/22/32

.................

United

States

6,000,000

6,080,698

c

Opal

Bidco

SAS

,

Senior

Secured

Note

,

144A,

6.5 %

,

3/31/32

...

France

1,275,000

1,314,268

13,552,524

#### Pharmaceuticals

#### 0.9%
c

Bayer

US

Finance

LLC

,

Senior

Note

,

144A,

6.375 %

,

11/21/30

..

Germany

10,000,000

10,682,978

c

Endo

Finance

Holdings,

Inc.

,

Senior

Secured

Note

,

144A,

8.5 %

,

4/15/31

.........................................

United

States

800,000

848,938

Pfizer

Investment

Enterprises

Pte.

Ltd.

,

Senior

Bond

,

4.75 %

,

5/19/33

.........................................

United

States

4,100,000

4,150,886

Royalty

Pharma

plc

,

Senior

Bond

,

2.15 %

,

9/02/31

...........

United

States

11,800,000

10,301,876

25,984,678

#### Professional

#### Services

#### 0.0%

#### †
c

CACI

International,

Inc.

,

Senior

Note

,

144A,

6.375 %

,

6/15/33

..

United

States

450,000

468,436

#### Residential

#### REITs

#### 0.1%
Essex

Portfolio

LP

,

Senior

Bond

,

5.375 %

,

4/01/35

...........

United

States

3,200,000

3,313,164

#### Semiconductors

#### &

#### Semiconductor

#### Equipment

#### 0.4%
c

Foundry

JV

Holdco

LLC

,

Senior

Secured

Bond,

144A,

6.25%,

1/25/35

.............

United

States

9,300,000

9,907,188

Senior

Secured

Note,

144A,

5.9%,

1/25/33

..............

United

States

1,970,000

2,075,429

11,982,617

#### Software

#### 0.7%
c

McAfee

Corp.

,

Senior

Note

,

144A,

7.375 %

,

2/15/30

..........

United

States

6,000,000

5,500,683

Oracle

Corp.

,

Senior

Bond,

2.875%,

3/25/31

........................

United

States

9,000,000

8,206,356

Senior

Note,

4.8%,

9/26/32

..........................

United

States

1,125,000

1,113,740

Synopsys,

Inc.

,

Senior

Note

,

%

,

4/01/32

.................

United

States

5,400,000

5,515,082

20,335,861

#### Specialized

#### REITs

#### 0.7%
American

Tower

Corp.

,

Senior

Bond,

1.875%,

10/15/30

.......................

United

States

4,500,000

3,989,660

Senior

Bond,

5.35%,

3/15/35

.........................

United

States

9,700,000

9,973,877

c

Iron

Mountain,

Inc.

,

Senior

Note

,

144A,

%

,

2/15/29

.........

United

States

6,000,000

6,184,356

c

Millrose

Properties,

Inc.

,

Senior

Note,

144A,

6.375%,

8/01/30

...................

United

States

1,125,000

1,140,627

Senior

Note,

144A,

6.25%,

9/15/32

....................

United

States

375,000

377,126

21,665,646

#### Technology

#### Hardware,

#### Storage

#### &

#### Peripherals

#### 0.2%
Hewlett

Packard

Enterprise

Co.

,

Senior

Note

,

4.85 %

,

10/15/31

.

United

States

7,400,000

7,479,042

#### Textiles,

#### Apparel

#### &

#### Luxury

#### Goods

#### 0.1%
PVH

Corp.

,

Senior

Note

,

5.5 %

,

6/13/30

...................

United

States

422,000

430,004

Tapestry,

Inc.

,

Senior

Bond

,

5.5 %

,

3/11/35

.................

United

States

2,245,000

2,287,390

2,717,394

#### Tobacco

#### 0.4%
BAT

Capital

Corp.

,

Senior

Note

,

4.625 %

,

3/22/33

...........

United

Kingdom

2,250,000

2,223,531

Franklin

Investors

Securities

Trust

Schedule

of

Investments

#### Franklin

#### Total

#### Return

#### Fund
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Annual

Report

a

a

#### Country

#### Principal

#### Amount

#### \*
a

#### Value
a

#### a
a

#### Corporate

#### Bonds
(continued)

#### Tobacco
(continued)

Philip

Morris

International,

Inc.

,

Senior

Bond

,

5.375 %

,

2/15/33

..

United

States

8,800,000

$

9,168,228

11,391,759

#### Trading

#### Companies

#### &

#### Distributors

#### 0.6%
c

EquipmentShare.com,

Inc.

,

Secured

Note,

144A,

9%,

5/15/28

.....................

United

States

5,090,000

5,134,741

Secured

Note,

144A,

8.625%,

5/15/32

..................

United

States

1,110,000

1,121,579

c

Herc

Holdings,

Inc.

,

Senior

Note

,

144A,

7.25 %

,

6/15/33

.......

United

States

250,000

263,767

c

QXO

Building

Products,

Inc.

,

Senior

Secured

Note

,

144A,

6.75 %

,

4/30/32

.........................................

United

States

850,000

882,090

c

WESCO

Distribution,

Inc.

,

Senior

Note,

144A,

6.375%,

3/15/29

...................

United

States

3,500,000

3,620,466

Senior

Note,

144A,

6.625%,

3/15/32

...................

United

States

6,300,000

6,592,635

17,615,278

#### Wireless

#### Telecommunication

#### Services

#### 0.8%
T-Mobile

USA,

Inc.

,

Senior

Bond,

5.15%,

4/15/34

.........................

United

States

6,500,000

6,640,885

Senior

Note,

3.875%,

4/15/30

........................

United

States

12,000,000

11,757,599

c

Zegona

Finance

plc

,

Senior

Secured

Note

,

144A,

8.625 %

,

7/15/29

.........................................

United

Kingdom

5,400,000

5,753,586

24,152,070

#### Total

#### Corporate

#### Bonds

#### (Cost

#### $1,242,299,045)
.................................

#### 1,252,557,651
f

#### Senior

#### Floating

#### Rate

#### Interests

#### 1.5%
g

#### Aerospace

#### &

#### Defense

#### 0.0%

#### †
Goat

Holdco

LLC,

First

Lien,

CME

Term

Loan,

B,

6.715%,

(1-month

SOFR

+

2.75%),

1/27/32

.....................

United

States

238,800

238,999

Signia

Aerospace

LLC,

First

Lien,

CME

Term

Loan,

6.918%,

(1-month

SOFR

+

2.75%;

3-month

SOFR

+

2.75%),

12/11/31

.

United

States

296,859

297,603

TransDigm,

Inc.,

First

Lien,

CME

Term

Loan,

K,

6.252%,

(3-month

SOFR

+

2.25%),

3/22/30

............................

United

States

425,000

425,825

962,427

a

a

a

a

a

a

g

#### Air

#### Freight

#### &

#### Logistics

#### 0.0%

#### †
Clue

Opco

LLC,

First

Lien,

CME

Term

Loan,

B,

8.338%,

(3-month

SOFR

+

4.5%),

12/19/30

............................

United

States

340,000

331,359

Rand

Parent

LLC,

First

Lien,

CME

Term

Loan,

B,

7.002%,

(3-month

SOFR

+

3%),

3/18/30

.......................

United

States

704,777

693,032

1,024,391

a

a

a

a

a

a

g

#### Automobile

#### Components

#### 0.1%
e

American

Axle

&

Manufacturing,

Inc.,

First

Lien,

Incremental

CME

Term

Loan,

C,

7.408%,

(12-month

SOFR

+

3.25%),

2/24/32

..

United

States

295,398

293,921

Clarios

Global

LP,

First

Lien,

Amendment

No.

Dollar

CME

Term

Loan,

6.715%,

(1-month

SOFR

+

2.75%),

1/28/32

.........

United

States

469,941

471,997

DexKo

Global,

Inc.,

First

Lien,

Closing

Date

Dollar

CME

Term

Loan,

7.829%,

(1-month

SOFR

+

3.75%),

10/04/28

........

United

States

454,803

448,757

First

Brands

Group

LLC,

First

Lien,

2021

CME

Term

Loan,

9.57%,

(3-month

SOFR

+

5%),

3/30/27

.......................

United

States

748,008

249,086

e

First

Brands

Group

LLC,

First

Lien,

Debtor-In-Possession

CME

Term

Loan,

5.679%,

(1-month

SOFR

+

1.55%),

6/29/26

.....

United

States

119,312

126,918

First

Brands

Group

LLC,

Second

Lien,

2021

CME

Term

Loan,

13.07%,

(3-month

SOFR

+

8.5%),

3/30/28

...............

United

States

296,984

6,979

Franklin

Investors

Securities

Trust

Schedule

of

Investments

#### Franklin

#### Total

#### Return

#### Fund
(continued)

franklintempleton.com

Annual

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

#### Automobile

#### Components
(continued)

Highline

Aftermarket

Acquisition

LLC,

First

Lien,

2025-1

CME

Term

Loan,

7.699%,

(3-month

SOFR

+

3.5%),

2/13/30

......

United

States

124,756

$

125,303

1,722,961

a

a

a

a

a

a

#### Automobiles

#### 0.0%

#### †
g

American

Trailer

World

Corp.,

First

Lien,

CME

Term

Loan,

B,

7.815%,

(1-month

SOFR

+

3.75%),

3/03/28

..............

United

States

342,011

304,176

#### Beverages

#### 0.0%

#### †
g

Primo

Brands

Corp.,

First

Lien,

2025

Refinancing

CME

Term

Loan,

6.252%,

(3-month

SOFR

+

2.25%),

3/31/28

.........

United

States

545,725

547,785

#### Broadline

#### Retail

#### 0.0%

#### †
g

Peer

Holding

III

BV,

First

Lien,

CME

Term

Loan,

B5B,

6.502%,

(3-month

SOFR

+

2.5%),

7/01/31

......................

Netherlands

228,843

230,073

g

#### Building

#### Products

#### 0.1%
Chariot

Buyer

LLC,

First

Lien,

Amendment

No.

Incremental

CME

Term

Loan,

7.163%,

(1-month

SOFR

+

3%),

9/08/32

...

United

States

91,875

92,277

Cornerstone

Building

Brands,

Inc.,

First

Lien,

CME

Term

Loan,

C,

8.532%,

(1-month

SOFR

+

4.5%),

5/15/31

...............

United

States

742,500

654,796

EMRLD

Borrower

LP,

First

Lien,

Initial

CME

Term

Loan,

B,

6.449%,

(3-month

SOFR

+

2.25%),

5/31/30

..............

United

States

175,106

174,878

EMRLD

Borrower

LP,

First

Lien,

Second

Amendment

Incremental

CME

Term

Loan,

6.122%,

(6-month

SOFR

+

2.25%),

8/04/31

.

United

States

102,517

102,288

Quikrete

Holdings,

Inc.,

First

Lien,

CME

Term

Loan,

B2,

6.215%,

(1-month

SOFR

+

2.25%),

3/19/29

.....................

United

States

116,028

116,295

Quikrete

Holdings,

Inc.,

First

Lien,

CME

Term

Loan,

B3,

6.215%,

(1-month

SOFR

+

2.25%),

2/10/32

.....................

United

States

274,483

275,126

Smyrna

Ready

Mix

Concrete

LLC,

First

Lien,

2025

CME

Term

Loan,

6.977%,

(1-month

SOFR

+

3%),

3/30/29

............

United

States

70,080

70,255

1,485,915

a

a

a

a

a

a

g

#### Capital

#### Markets

#### 0.1%
Citadel

Securities

Global

Holdings

LLC,

First

Lien,

2024

CME

Term

Loan,

6.163%,

(1-month

SOFR

+

2%),

10/31/31

......

United

States

512,345

514,491

Edelman

Financial

Engines

Center

LLC

(The),

First

Lien,

Initial

CME

Term

Loan,

6.965%,

(1-month

SOFR

+

3%),

4/07/28

...

United

States

453,986

456,050

GIH

Borrower

LLC,

First

Lien,

CME

Term

Loan,

B,

6.502%,

(3-month

SOFR

+

2.5%),

11/26/31

.....................

United

States

175,837

176,790

Jane

Street

Group

LLC,

First

Lien,

Extended

CME

Term

Loan,

6.197%,

(3-month

SOFR

+

2%),

12/15/31

................

United

States

528,106

523,847

1,671,178

a

a

a

a

a

a

g

#### Chemicals

#### 0.1%
A-AP

Buyer,

Inc.,

First

Lien,

Initial

CME

Term

Loan,

6.752%,

(3-month

SOFR

+

2.75%),

9/09/31

.....................

United

States

213,574

213,841

Albaugh

LLC,

First

Lien,

Initial

CME

Term

Loan,

7.715%,

(1-month

SOFR

+

3.75%),

4/06/29

.....................

United

States

523,855

517,745

Hexion

Holdings

Corp.,

First

Lien,

2024

Refinancing

CME

Term

Loan,

8.131%,

(1-month

SOFR

+

4%),

3/15/29

............

United

States

273,059

268,476

INEOS

US

Finance

LLC,

First

Lien,

2030

Dollar

CME

Term

Loan,

7.215%,

(1-month

SOFR

+

3.25%),

2/18/30

..............

Luxembourg

230,147

198,251

INEOS

US

Petrochem

LLC,

First

Lien,

2030

Dollar

CME

Term

Loan,

B,

7.815%,

(1-month

SOFR

+

3.75%),

3/14/30

.......

United

States

413,652

335,447

INEOS

US

Petrochem

LLC,

First

Lien,

New

CME

Term

Loan,

B1,

8.315%,

(1-month

SOFR

+

4.25%),

4/02/29

..............

United

States

114,828

96,073

Franklin

Investors

Securities

Trust

Schedule

of

Investments

#### Franklin

#### Total

#### Return

#### Fund
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Annual

Report

a

a

#### Country

#### Principal

#### Amount

#### \*
a

#### Value
a

#### a
a

f

#### Senior

#### Floating

#### Rate

#### Interests
(continued)

g

#### Chemicals
(continued)

e

Lummus

Technology

Holdings

V

LLC,

First

Lien,

Add-on

CME

Term

Loan,

B,

6.183%,

(12-month

SOFR

+

2.5%),

12/31/29

..

United

States

396,127

$

394,146

Minerals

Technologies,

Inc.,

First

Lien,

CME

Term

Loan,

B,

5.968%,

(1-month

SOFR

+

2%),

11/26/31

................

United

States

413,542

414,575

Nouryon

Finance

BV,

First

Lien,

November

2024

Dollar

CME

Term

Loan,

B2,

7.162%,

(3-month

SOFR

+

3.25%),

4/03/28

..

Netherlands

142,487

142,554

Paint

Intermediate

III

LLC,

First

Lien,

Initial

CME

Term

Loan,

B,

7.242%,

(3-month

SOFR

+

3%),

10/09/31

................

United

States

473,434

474,085

SCIH

Salt

Holdings,

Inc.,

First

Lien,

Incremental

CME

Term

Loan,

B1,

7.197%,

(6-month

SOFR

+

3%),

1/31/29

.............

United

States

648,310

651,515

e

Solstice

Advanced

Materials,

Inc.,

First

Lien,

CME

Term

Loan,

B,

5.759%,

(12-month

SOFR

+

2%),

9/17/32

................

United

States

225,090

225,887

3,932,595

a

a

a

a

a

a

g

#### Commercial

#### Services

#### &

#### Supplies

#### 0.0%

#### †
Allied

Universal

Holdco

LLC,

First

Lien,

Amendment

No.

Replacement

USD

CME

Term

Loan,

7.315%,

(1-month

SOFR

+

3.25%),

8/20/32

...................................

United

States

95,141

95,634

APi

Group

DE,

Inc.,

First

Lien,

2021

Incremental

CME

Term

Loan,

5.715%,

(1-month

SOFR

+

1.75%),

1/03/29

..............

United

States

91,832

92,039

Cimpress

USA,

Inc.,

First

Lien,

2024-2

Refinancing

CME

Term

Loan,

B1,

6.465%,

(1-month

SOFR

+

2.5%),

5/17/28

.......

Ireland

461,599

463,136

Openlane,

Inc.,

First

Lien,

2025

Incremental

CME

Term

Loan,

6.588%,

(1-month

SOFR

+

2.5%),

10/01/32

..............

United

States

250,000

250,625

PG

Polaris

BidCo

SARL,

First

Lien,

Initial

CME

Term

Loan,

6.715%,

(1-month

SOFR

+

2.75%),

3/26/31

..............

Luxembourg

184,160

185,104

Spin

Holdco,

Inc.,

First

Lien,

Initial

CME

Term

Loan,

8.393%,

(3-month

SOFR

+

4%),

3/06/28

.......................

United

States

74,345

62,410

1,148,948

a

a

a

a

a

a

g

#### Construction

#### &

#### Engineering

#### 0.1%
Artera

Services

LLC,

First

Lien,

CME

Term

Loan,

C,

8.502%,

(3-month

SOFR

+

4.5%),

2/18/31

......................

United

States

742,462

635,481

Brand

Industrial

Services,

Inc.,

First

Lien,

CME

Term

Loan,

C,

8.796%,

(3-month

SOFR

+

4.5%),

8/01/30

...............

United

States

344,975

306,165

Radar

Bidco

SARL,

First

Lien,

CME

Term

Loan,

B3,

7.185%,

(3-month

SOFR

+

3.25%),

4/04/31

.....................

Luxembourg

187,767

189,410

Zekelman

Industries,

Inc.,

First

Lien,

2024

CME

Term

Loan,

6.265%,

(1-month

SOFR

+

2.25%),

1/24/31

..............

United

States

331,900

332,773

1,463,829

a

a

a

a

a

a

#### Consumer

#### Finance

#### 0.0%

#### †
g

Neon

Maple

US

Debt

Mergersub,

Inc.,

First

Lien,

CME

Term

Loan,

B1,

6.913%,

(1-month

SOFR

+

2.75%),

11/17/31

.....

United

States

447,146

448,114

g

#### Containers

#### &

#### Packaging

#### 0.1%
Charter

Next

Generation,

Inc.,

First

Lien,

2024

Replacement

CME

Term

Loan,

6.798%,

(1-month

SOFR

+

2.75%),

11/29/30

....

United

States

114,860

115,410

Clydesdale

Acquisition

Holdings,

Inc.,

First

Lien,

2025

Incremental

Closing

Date

CME

Term

Loan,

B,

7.215%,

(1-month

SOFR

+

3.25%),

4/01/32

...................................

United

States

579,827

579,216

b

Kleopatra

Finco

SARL,

First

Lien,

USD

CME

Term

Loan,

B,

13.991%,

(1-month

SOFR

+

10%),

11/27/25

..............

Luxembourg

40,883

36,452

Klockner

Pentaplast

of

America,

Inc.,

First

Lien,

USD

CME

Term

Loan,

B,

9.044%,

(6-month

SOFR

+

4.75%),

2/12/26

.......

Luxembourg

401,313

177,332

Franklin

Investors

Securities

Trust

Schedule

of

Investments

#### Franklin

#### Total

#### Return

#### Fund
(continued)

franklintempleton.com

Annual

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)

Owens-Brockway

Glass

Container,

Inc.,

First

Lien,

CME

Term

Loan,

B1,

6.838%,

(3-month

SOFR

+

3%),

9/30/32

.........

United

States

309,100

$

308,970

1,217,380

a

a

a

a

a

a

g

#### Distributors

#### 0.0%

#### †
Core

&

Main

LP,

First

Lien,

CME

Term

Loan,

D,

5.991%,

(1-month

SOFR

+

2%),

7/27/28

...............................

United

States

327,447

328,060

Verde

Purchaser

LLC,

First

Lien,

Second

Refinancing

CME

Term

Loan,

8.002%,

(3-month

SOFR

+

4%),

11/30/30

...........

United

States

438,516

422,311

750,371

a

a

a

a

a

a

g

#### Electrical

#### Equipment

#### 0.0%

#### †
Indicor

LLC,

First

Lien,

Dollar

CME

Term

Loan,

D,

6.752%,

(3-month

SOFR

+

2.75%),

11/22/29

....................

United

States

444,148

446,049

Pinnacle

Buyer

LLC,

First

Lien,

Initial

CME

Term

Loan,

B,

6.485%,

(3-month

SOFR

+

2.5%),

9/13/32

...............

United

States

182,646

183,673

WEC

US

Holdings,

Inc.,

First

Lien,

Initial

CME

Term

Loan,

6.384%,

(1-month

SOFR

+

2.25%),

1/27/31

..............

United

States

106,069

106,434

736,156

a

a

a

a

a

a

#### Electronic

#### Equipment,

#### Instruments

#### &

#### Components

#### 0.0%

#### †
e,g

Spectris

plc,

First

Lien,

CME

Term

Loan,

6.844%,

(12-month

SOFR

+

2.75%),

9/24/32

............................

United

Kingdom

35,608

35,742

#### Energy

#### Equipment

#### &

#### Services

#### 0.0%

#### †
g

Star

Holding

LLC,

First

Lien,

CME

Term

Loan,

B,

8.465%,

(1-month

SOFR

+

4.5%),

7/18/31

......................

United

States

342,500

332,377

g

#### Entertainment

#### 0.0%

#### †
Banijay

Entertainment

SAS,

First

Lien,

CME

Term

Loan,

B3,

6.879%,

(1-month

SOFR

+

2.75%),

3/01/28

..............

France

137,787

138,705

Playtika

Holding

Corp.,

First

Lien,

CME

Term

Loan,

B1,

6.829%,

(1-month

SOFR

+

2.75%),

3/13/28

.....................

United

States

440,400

431,513

570,218

a

a

a

a

a

a

g

#### Financial

#### Services

#### 0.0%

#### †
Priority

Holdings

LLC,

First

Lien,

CME

Term

Loan,

B,

7.715%,

(1-month

SOFR

+

3.75%),

7/30/32

.....................

United

States

390,615

391,299

e

Speed

Midco

SARL,

First

Lien,

USD

CME

Term

Loan,

B,

6.288%,

(6-month

SOFR

+

2.5%),

10/01/32

..............

Luxembourg

182,749

182,634

573,933

a

a

a

a

a

a

g

#### Food

#### Products

#### 0.0%

#### †
Aspire

Bakeries

Holdings

LLC,

First

Lien,

Second

Amendment

CME

Term

Loan,

7.468%,

(1-month

SOFR

+

3.5%),

12/23/30

.

United

States

197,038

198,517

e

Chobani

LLC,

First

Lien,

CME

Term

Loan,

B,

5.933%,

(12-month

SOFR

+

2.25%),

10/22/32

...........................

United

States

245,377

246,221

Froneri

International

Ltd.,

First

Lien,

CME

Term

Loan,

B4,

6.197%,

(6-month

SOFR

+

2%),

9/30/31

................

United

Kingdom

321,670

319,796

764,534

a

a

a

a

a

a

g

#### Ground

#### Transportation

#### 0.1%
Aggreko

Holdings,

Inc.,

First

Lien,

2025

Amended

USD

CME

Term

Loan,

7.215%,

(3-month

SOFR

+

3%),

5/21/31

.......

United

Kingdom

63,184

63,658

First

Student

Bidco,

Inc.,

First

Lien,

11th

Amendment

Repricing

CME

Term

Loan,

6.711%,

(3-month

SOFR

+

2.5%),

8/15/30

..

United

States

409,298

410,373

Franklin

Investors

Securities

Trust

Schedule

of

Investments

#### Franklin

#### Total

#### Return

#### Fund
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Annual

Report

a

a

#### Country

#### Principal

#### Amount

#### \*
a

#### Value
a

#### a
a

f

#### Senior

#### Floating

#### Rate

#### Interests
(continued)

g

#### Ground

#### Transportation
(continued)

First

Student

Bidco,

Inc.,

First

Lien,

CME

Term

Loan,

C,

6.711%,

(1-month

SOFR

+

2.5%),

8/15/30

......................

United

States

125,490

$

125,788

e

Hertz

Corp.

(The),

First

Lien,

Initial

CME

Term

Loan,

B,

7.579%,

(1-month

SOFR

+

3.5%),

6/30/28

......................

United

States

187,997

156,441

e

Hertz

Corp.

(The),

First

Lien,

Initial

CME

Term

Loan,

C,

7.579%,

(1-month

SOFR

+

3.5%),

6/30/28

......................

United

States

37,003

30,792

Kenan

Advantage

Group,

Inc.

(The),

First

Lien,

U.S.

CME

Term

Loan,

B4,

7.215%,

(1-month

SOFR

+

3.25%),

1/25/29

......

United

States

92,268

90,930

h

LaserShip,

Inc.,

First

Lien,

CME

Term

Loan,

D,

PIK,

5.763%,

(3-month

SOFR

+

1.5%),

8/10/29

......................

United

States

71,742

20,550

WWEX

Uni

Topco

Holdings

LLC,

First

Lien,

Initial

CME

Term

Loan,

8.002%,

(3-month

SOFR

+

4%),

7/26/28

............

United

States

267,224

267,073

1,165,605

a

a

a

a

a

a

#### Health

#### Care

#### Equipment

#### &

#### Supplies

#### 0.0%

#### †
g

Bausch

+

Lomb

Corp.,

First

Lien,

Third

Amendment

CME

Term

Loan,

8.215%,

(1-month

SOFR

+

4.25%),

1/15/31

.........

United

States

508,573

512,387

g

#### Health

#### Care

#### Providers

#### &

#### Services

#### 0.1%
Charlotte

Buyer,

Inc.,

First

Lien,

Second

Refinancing

CME

Term

Loan,

8.298%,

(1-month

SOFR

+

4.25%),

2/11/28

.........

United

States

179,060

178,803

Dermatology

Intermediate

Holdings

III,

Inc.,

First

Lien,

Initial

CME

Term

Loan,

8.09%,

(3-month

SOFR

+

4.25%),

3/26/29

......

United

States

311,695

295,200

Medical

Solutions

Holdings,

Inc.,

First

Lien,

CME

Term

Loan,

7.44%,

(3-month

SOFR

+

3.5%),

11/01/28

...............

United

States

184,682

59,098

Pacific

Dental

Services,

Inc.,

First

Lien,

CME

Term

Loan,

6.537%,

(1-month

SOFR

+

2.5%),

3/17/31

......................

United

States

207,016

207,670

e

Paradigm

Parent

LLC,

First

Lien,

Initial

CME

Term

Loan,

8.553%,

(12-month

SOFR

+

4.5%),

4/16/32

.....................

United

States

225,000

201,375

Phoenix

Guarantor,

Inc.,

First

Lien,

CME

Term

Loan,

B5,

6.465%,

(1-month

SOFR

+

2.5%),

2/21/31

......................

United

States

246,880

247,909

Surgery

Center

Holdings,

Inc.,

First

Lien,

2025

Refinancing

CME

Term

Loan,

6.465%,

(1-month

SOFR

+

2.5%),

12/19/30

.....

United

States

16,669

16,732

US

Anesthesia

Partners,

Inc.,

First

Lien,

Initial

CME

Term

Loan,

8.499%,

(1-month

SOFR

+

4.25%),

10/02/28

.............

United

States

453,647

454,663

1,661,450

a

a

a

a

a

a

#### Health

#### Care

#### Technology

#### 0.0%

#### †
e,g

Cotiviti,

Inc.,

First

Lien,

New

CME

Term

Loan,

B,

6.884%,

(1-month

SOFR

+

2.75%),

5/01/31

.....................

United

States

311,713

301,063

g

#### Hotels,

#### Restaurants

#### &

#### Leisure

#### 0.1%
1011778

BC

ULC,

First

Lien,

CME

Term

Loan,

B5,

5.715%,

(1-month

SOFR

+

1.75%),

9/20/30

.....................

Canada

342,481

341,963

Caesars

Entertainment,

Inc.,

First

Lien,

2023

Incremental

CME

Term

Loan,

B,

6.215%,

(1-month

SOFR

+

2.25%),

2/06/30

...

United

States

215,040

213,987

Dave

&

Buster's,

Inc.,

First

Lien,

2024

Refinancing

CME

Term

Loan,

B,

7.25%,

(1-month

SOFR

+

3.25%),

6/29/29

........

United

States

342,740

315,866

Entain

Holdings

Gibraltar

Ltd.,

First

Lien,

CME

Term

Loan,

B,

6.252%,

(3-month

SOFR

+

2.25%),

10/31/29

.............

United

Kingdom

472,355

473,132

Flutter

Financing

BV,

First

Lien,

2024

Refinancing

CME

Term

Loan,

B,

5.752%,

(3-month

SOFR

+

1.75%),

12/02/30

......

Ireland

531,880

530,417

Flynn

Restaurant

Group

LP,

First

Lien,

2025

CME

Term

Loan,

7.715%,

(1-month

SOFR

+

3.75%),

1/28/32

..............

United

States

640,638

643,892

Golden

State

Foods

LLC,

First

Lien,

Initial

CME

Term

Loan,

8.002%,

(3-month

SOFR

+

4%),

12/04/31

................

United

States

151,021

151,781

Great

Canadian

Gaming

Corp.,

First

Lien,

CME

Term

Loan,

B,

8.753%,

(3-month

SOFR

+

4.75%),

11/01/29

.............

Canada

605,364

603,472

Franklin

Investors

Securities

Trust

Schedule

of

Investments

#### Franklin

#### Total

#### Return

#### Fund
(continued)

franklintempleton.com

Annual

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

#### Hotels,

#### Restaurants

#### &

#### Leisure
(continued)

Scientific

Games

Holdings

LP,

First

Lien,

2024

Refinancing

Dollar

CME

Term

Loan,

6.934%,

(3-month

SOFR

+

3%),

4/04/29

...

United

States

451,036

$

446,300

Whatabrands

LLC,

First

Lien,

2024-2

Refinancing

CME

Term

Loan.

B,

6.465%,

(1-month

SOFR

+

2.5%),

8/03/28

........

United

States

126,367

126,790

3,847,600

a

a

a

a

a

a

g

#### Household

#### Durables

#### 0.0%

#### †
AI

Aqua

Merger

Sub,

Inc.,

First

Lien,

2025

Refinancing

CME

Term

Loan,

B,

7.129%,

(1-month

SOFR

+

3%),

7/31/28

..........

United

States

164,761

165,307

Hunter

Douglas,

Inc.,

First

Lien,

CME

Term

Loan,

B1,

7.252%,

(3-month

SOFR

+

3.25%),

1/16/32

.....................

Netherlands

482,340

484,276

649,583

a

a

a

a

a

a

#### Household

#### Products

#### 0.0%

#### †
e,g

Lavender

Dutch

BorrowerCo

BV,

First

Lien,

CME

Term

Loan,

B,

7.009%,

(12-month

SOFR

+

3.25%),

9/27/32

.............

Netherlands

204,255

204,638

g

#### Independent

#### Power

#### and

#### Renewable

#### Electricity

#### Producers

#### 0.0%

#### †
Calpine

Construction

Finance

Co.

LP,

First

Lien,

Refinancing

CME

Term

Loan,

6.163%,

(1-month

SOFR

+

2%),

7/19/30

...

United

States

340,000

340,692

Calpine

Corp.,

First

Lien,

2024

CME

Term

Loan,

5.715%,

(1-month

SOFR

+

1.75%),

1/31/31

.....................

United

States

537,300

537,448

Talen

Energy

Supply

LLC,

First

Lien,

2024-1

Incremental

CME

Term

Loan,

B,

6.733%,

(3-month

SOFR

+

2.5%),

12/11/31

...

United

States

133,520

133,896

1,012,036

a

a

a

a

a

a

g

#### Insurance

#### 0.1%
Acrisure

LLC,

First

Lien,

CME

Term

Loan,

B6,

7.163%,

(1-month

SOFR

+

3%),

11/06/30

..............................

United

States

478,071

478,370

Asurion

LLC,

First

Lien,

New

CME

Term

Loan,

B10,

8.065%,

(1-month

SOFR

+

4%),

8/21/28

.......................

United

States

68,418

68,589

Asurion

LLC,

First

Lien,

New

CME

Term

Loan,

B11,

8.327%,

(1-month

SOFR

+

4.25%),

8/21/28

.....................

United

States

335,793

337,319

Asurion

LLC,

Second

Lien,

New

CME

Term

Loan,

B4,

9.329%,

(1-month

SOFR

+

5.25%),

1/19/29

.....................

United

States

113,780

108,794

Broadstreet

Partners

Group

LLC,

First

Lien,

2024

CME

Term

Loan,

B,

6.715%,

(1-month

SOFR

+

2.75%),

6/16/31

.......

United

States

341,413

342,595

Sedgwick

Claims

Management

Services,

Inc.,

First

Lien,

2024

CME

Term

Loan,

6.465%,

(1-month

SOFR

+

2.5%),

7/31/31

..

United

States

309,694

309,975

1,645,642

a

a

a

a

a

a

g

#### IT

#### Services

#### 0.1%
Kaseya,

Inc.,

First

Lien,

Initial

CME

Term

Loan,

7.215%,

(1-month

SOFR

+

3.25%),

3/22/32

............................

United

States

746,250

747,104

MH

Sub

I

LLC

(Micro

Holding

Corp.),

First

Lien,

CME

Term

Loan,

8.252%,

(3-month

SOFR

+

4.25%),

5/03/28

..............

United

States

466,827

425,749

MH

Sub

I

LLC,

First

Lien,

2024

December

New

CME

Term

Loan,

8.215%,

(1-month

SOFR

+

4.25%),

12/31/31

.............

United

States

315,969

255,461

1,428,314

a

a

a

a

a

a

g

#### Machinery

#### 0.0%

#### †
CPM

Holdings,

Inc.,

First

Lien,

Initial

CME

Term

Loan,

8.634%,

(1-month

SOFR

+

4.5%),

9/28/28

......................

United

States

319,361

318,762

Franklin

Investors

Securities

Trust

Schedule

of

Investments

#### Franklin

#### Total

#### Return

#### Fund
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Annual

Report

a

a

#### Country

#### Principal

#### Amount

#### \*
a

#### Value
a

#### a
a

f

#### Senior

#### Floating

#### Rate

#### Interests
(continued)

g

#### Machinery
(continued)

Tiger

Acquisition

LLC,

First

Lien,

Refinancing

Initial

CME

Term

Loan,

6.502%,

(1-month

SOFR

+

2.5%),

8/23/32

..........

United

States

103,906

$

104,361

423,123

a

a

a

a

a

a

g

#### Media

#### 0.0%

#### †
e

Advantage

Sales

&

Marketing,

Inc.,

First

Lien,

CME

Term

Loan,

B1,

8.446%,

(3-month

SOFR

+

4.25%),

10/28/27

..........

United

States

299,096

264,679

Cengage

Learning,

Inc.,

First

Lien,

2024

Refinancing

CME

Term

Loan,

7.631%,

(1-month

SOFR

+

3.5%;

3-month

SOFR

+

3.5%),

3/24/31

....................................

United

States

146,939

145,240

409,919

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,

5.965%,

(1-month

SOFR

+

2%),

1/02/30

.............

United

States

248,128

248,128

g

#### Oil,

#### Gas

#### &

#### Consumable

#### Fuels

#### 0.1%
Delek

US

Holdings,

Inc.,

First

Lien,

CME

Term

Loan,

B,

7.565%,

(1-month

SOFR

+

3.5%),

11/09/29

.....................

United

States

448,846

448,916

EPIC

Crude

Services

LP,

First

Lien,

CME

Term

Loan,

6.34%,

(3-month

SOFR

+

2.5%),

10/15/31

.....................

United

States

312,395

314,264

Oryx

Midstream

Services

Permian

Basin

LLC,

First

Lien,

Initial

CME

Term

Loan,

6.227%,

(1-month

SOFR

+

2.25%),

10/05/28

United

States

491,288

493,101

UGI

Energy

Services

LLC,

First

Lien,

Initial

CME

Term

Loan,

6.465%,

(1-month

SOFR

+

2.5%),

2/22/30

...............

United

States

374,505

376,924

1,633,205

a

a

a

a

a

a

g

#### Passenger

#### Airlines

#### 0.1%
AAdvantage

Loyalty

IP

Ltd.,

First

Lien,

CME

Term

Loan,

6.134%,

(3-month

SOFR

+

2.25%),

4/20/28

.....................

United

States

84,400

84,592

Air

Canada,

First

Lien,

CME

Term

Loan,

5.965%,

(1-month

SOFR

+

2%),

3/21/31

....................................

Canada

87,611

87,928

AS

Mileage

Plan

IP

Ltd.,

First

Lien,

Initial

CME

Term

Loan,

5.634%,

(3-month

SOFR

+

1.75%),

10/15/31

.............

United

States

552,550

555,313

United

Airlines,

Inc.,

First

Lien,

CME

Term

Loan,

B,

6.196%,

(3-month

SOFR

+

2%),

2/24/31

.......................

United

States

185,487

186,232

WestJet

Loyalty

LP,

First

Lien,

Initial

CME

Term

Loan,

7.252%,

(3-month

SOFR

+

3.25%),

2/14/31

.....................

Canada

531,900

534,395

1,448,460

a

a

a

a

a

a

#### Pharmaceuticals

#### 0.0%

#### †
e,g

Southern

Veterinary

Partners

LLC,

First

Lien,

2025

New

CME

Term

Loan,

6.365%,

(3-month

SOFR

+

2.5%),

12/04/31

.....

United

States

250,000

250,123

g

#### Professional

#### Services

#### 0.0%

#### †
CoreLogic,

Inc.,

First

Lien,

Initial

CME

Term

Loan,

7.579%,

(1-month

SOFR

+

3.5%),

6/02/28

......................

United

States

454,991

455,674

Maximus,

Inc.,

First

Lien,

CME

Term

Loan,

B,

5.965%,

(1-month

SOFR

+

2%),

5/30/31

...............................

United

States

201,378

202,302

Soliant

Lower

Intermediate

LLC,

First

Lien,

Initial

CME

Term

Loan,

7.794%,

(6-month

SOFR

+

3.75%),

7/18/31

.........

United

States

118,467

109,434

767,410

a

a

a

a

a

a

#### Real

#### Estate

#### Management

#### &

#### Development

#### 0.0%

#### †
g

Cushman

&

Wakefield

US

Borrower

LLC,

First

Lien,

2025-2

CME

Term

Loan,

6.715%,

(1-month

SOFR

+

2.75%),

1/31/30

.....

United

States

457,650

459,558

Franklin

Investors

Securities

Trust

Schedule

of

Investments

#### Franklin

#### Total

#### Return

#### Fund
(continued)

franklintempleton.com

Annual

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)

#### Semiconductors

#### &

#### Semiconductor

#### Equipment

#### 0.0%

#### †
e,g

Altar

Bidco,

Inc.,

First

Lien,

CME

Term

Loan,

6.783%,

(12-month

SOFR

+

3.1%),

2/01/29

.............................

United

States

498,711

$

492,228

g

#### Software

#### 0.1%
Adeia,

Inc.,

First

Lien,

Initial

CME

Term

Loan,

B6,

6.465%,

(1-month

SOFR

+

2.5%),

6/08/28

......................

United

States

430,958

433,652

Central

Parent

LLC,

First

Lien,

2024

Refinancing

CME

Term

Loan,

7.252%,

(3-month

SOFR

+

3.25%),

7/06/29

.........

United

States

762,300

630,018

Clover

Holdings

LLC,

First

Lien,

Initial

CME

Term

Loan,

7.829%,

(1-month

SOFR

+

3.75%),

12/09/31

....................

United

States

504,354

504,984

ConnectWise

LLC,

First

Lien,

Initial

CME

Term

Loan,

7.763%,

(3-month

SOFR

+

3.5%),

9/29/28

......................

United

States

201,923

202,463

e

Dawn

Bidco

LLC,

First

Lien,

CME

Term

Loan,

6.759%,

(12-month

SOFR

+

3%),

10/07/32

..............................

United

States

458,333

457,350

KnowBe4,

Inc.,

First

Lien,

CME

Term

Loan,

7.59%,

(3-month

SOFR

+

3.75%),

7/23/32

............................

United

States

281,250

281,250

McAfee

Corp.,

First

Lien,

CME

Term

Loan,

B1,

6.965%,

(1-month

SOFR

+

3%),

3/01/29

...............................

United

States

328,666

312,917

Ping

Identity

Holding

Corp.,

First

Lien,

CME

Term

Loan,

6.433%,

(12-month

SOFR

+

2.75%),

11/05/32

...................

United

States

106,635

106,835

Project

Alpha

Intermediate

Holding,

Inc.,

First

Lien,

Second

Amendment

Refinancing

CME

Term

Loan,

7.252%,

(3-month

SOFR

+

3.25%),

10/28/30

...........................

United

States

280,451

280,851

3,210,320

a

a

a

a

a

a

g

#### Specialty

#### Retail

#### 0.1%
AIP

RD

Buyer

Corp.,

First

Lien,

CME

Term

Loan,

7.465%,

(1-month

SOFR

+

3.5%),

12/23/30

.....................

United

States

492,027

493,489

Evergreen

Acqco

LP,

First

Lien,

Initial

CME

Term

Loan,

7.026%,

(3-month

SOFR

+

3%),

9/17/32

.......................

United

States

121,063

121,320

h

GNC

Holdings,

Inc.,

Second

Lien,

CME

Term

Loan,

PIK,

10.263%,

(1-month

SOFR

+

6%),

10/07/26

...............

United

States

872,802

610,961

Great

Outdoors

Group

LLC,

First

Lien,

CME

Term

Loan,

B,

7.215%,

(1-month

SOFR

+

3.25%),

1/23/32

..............

United

States

127,429

127,588

RealTruck

Group,

Inc.,

First

Lien,

Initial

CME

Term

Loan,

8.028%,

(1-month

SOFR

+

3.75%),

1/31/28

.....................

United

States

672,775

592,883

Specialty

Building

Products

Holdings

LLC,

First

Lien,

Initial

CME

Term

Loan,

7.815%,

(1-month

SOFR

+

3.75%),

10/16/28

....

United

States

342,308

329,160

White

Cap

Supply

Holdings

LLC,

First

Lien,

CME

Term

Loan,

C,

7.215%,

(1-month

SOFR

+

3.25%),

10/19/29

.............

United

States

336,377

337,583

2,612,984

a

a

a

a

a

a

g

#### Textiles,

#### Apparel

#### &

#### Luxury

#### Goods

#### 0.0%

#### †
Flash

Charm,

Inc.,

First

Lien,

CME

Term

Loan,

B2,

7.796%,

(3-month

SOFR

+

3.5%),

3/02/28

......................

United

States

350,735

314,346

Hanesbrands,

Inc.,

First

Lien,

CME

Term

Loan,

B,

6.715%,

(1-month

SOFR

+

2.75%),

3/08/32

.....................

United

States

563,059

565,874

880,220

a

a

a

a

a

a

#### Water

#### Utilities

#### 0.0%

#### †
g

Deep

Blue

Operating

I

LLC,

First

Lien,

Initial

CME

Term

Loan,

6.884%,

(1-month

SOFR

+

2.75%),

10/01/32

.............

United

States

124,304

124,848

#### Total

#### Senior

#### Floating

#### Rate

#### Interests

#### (Cost

#### $47,254,795)
........................

#### 45,311,947
Franklin

Investors

Securities

Trust

Schedule

of

Investments

#### Franklin

#### Total

#### Return

#### Fund
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Annual

Report

a

a

#### Country

#### Principal

#### Amount

#### \*
a

#### Value
a

#### a
a

i

#### Marketplace

#### Loans

#### 0.1%
b

#### Financial

#### Services

#### 0.1%
a

a

a

a

a

a

#### Total

#### Marketplace

#### Loans

#### (Cost

#### $9,883,545)
...................................

#### $

#### 3,992,684

#### Foreign

#### Government

#### and

#### Agency

#### Securities

#### 1.9%
c

Bank

Gospodarstwa

Krajowego

,

Senior

Bond

,

Reg

S,

5.375 %

,

5/22/33

.........................................

Poland

940,000

983,368

c

Benin

Government

Bond

,

Senior

Bond

,

Reg

S,

4.95 %

,

1/22/35

.

Benin

1,310,000

EUR

1,414,337

Brazil

Government

Bond

,

Senior

Bond,

3.875%,

6/12/30

........................

Brazil

2,190,000

2,105,466

Senior

Bond,

6%,

10/20/33

...........................

Brazil

580,000

594,500

c

Bulgaria

Government

Bond

,

Senior

Note

,

Reg

S,

3.625 %

,

9/05/32

Bulgaria

1,030,000

EUR

1,230,360

Chile

Government

Bond

,

Senior

Bond,

5.65%,

1/13/37

.........................

Chile

870,000

923,244

Senior

Note,

4.85%,

1/22/29

.........................

Chile

890,000

911,271

Colombia

Government

Bond

,

Senior

Bond,

3.125%,

4/15/31

........................

Colombia

1,800,000

1,583,280

Senior

Bond,

8%,

11/14/35

...........................

Colombia

800,000

874,000

c

Comision

Federal

de

Electricidad

,

Senior

Bond

,

Reg

S,

3.348 %

,

2/09/31

.........................................

Mexico

1,560,000

1,408,445

c

Corp.

Nacional

del

Cobre

de

Chile

,

Senior

Bond

,

144A,

3.75 %

,

1/15/31

.........................................

Chile

1,160,000

1,114,363

c

Dominican

Republic

Government

Bond

,

Senior

Bond,

144A,

6.95%,

3/15/37

....................

Dominican

Republic

1,200,000

1,281,780

Senior

Bond,

Reg

S,

5.95%,

1/25/27

...................

Dominican

Republic

1,190,000

1,208,802

c

Eagle

Funding

Luxco

SARL

,

Senior

Note

,

144A,

5.5 %

,

8/17/30

.

Mexico

900,000

915,435

Ecopetrol

SA

,

Senior

Bond

,

4.625 %

,

11/02/31

..............

Colombia

650,000

583,486

c

Electricite

de

France

SA

,

Senior

Note

,

144A,

5.7 %

,

5/23/28

....

France

2,100,000

2,168,858

c

Guatemala

Government

Bond

,

Senior

Note

,

144A,

7.05 %

,

10/04/32

........................................

Guatemala

2,320,000

2,570,850

c

Hungary

Government

Bond

,

Senior

Note

,

Reg

S,

5.25 %

,

6/16/29

Hungary

1,480,000

1,514,546

c

Indonesia

Government

Bond

,

Senior

Bond

,

Reg

S,

4.35 %

,

1/08/27

.........................................

Indonesia

2,270,000

2,280,606

c

Ivory

Coast

Government

Bond

,

Senior

Bond

,

Reg

S,

6.125 %

,

6/15/33

.........................................

Ivory

Coast

1,720,000

1,677,240

c

Kazakhstan

Government

Bond

,

Senior

Bond

,

Reg

S,

4.714 %

,

4/09/35

.........................................

Kazakhstan

1,600,000

1,583,410

Mexico

Government

Bond

,

Senior

Bond

,

2.659 %

,

5/24/31

.....

Mexico

1,590,000

1,425,117

Panama

Government

Bond

,

Senior

Note

,

7.5 %

,

3/01/31

......

Panama

1,650,000

1,830,675

c

Paraguay

Government

Bond

,

Senior

Bond

,

Reg

S,

4.95 %

,

4/28/31

.........................................

Paraguay

2,460,000

2,500,246

Peru

Government

Bond

,

Senior

Bond

,

2.783 %

,

1/23/31

.......

Peru

3,350,000

3,104,780

Petroleos

Mexicanos

,

Senior

Note

,

6.7 %

,

2/16/32

...........

Mexico

770,000

769,821

Philippines

Government

Bond

,

Senior

Bond

,

5.5 %

,

2/04/35

....

Philippines

1,870,000

1,993,333

c

Power

Finance

Corp.

Ltd.

,

Senior

Bond

,

Reg

S,

3.95 %

,

4/23/30

.

India

1,410,000

1,375,075

c

Romania

Government

Bond

,

Senior

Bond,

Reg

S,

5.625%,

2/22/36

..................

Romania

1,300,000

EUR

1,478,101

Senior

Note,

Reg

S,

3%,

2/27/27

......................

Romania

1,900,000

1,866,219

South

Africa

Government

Bond

,

Senior

Bond,

4.85%,

9/27/27

.........................

South

Africa

1,190,000

1,204,843

Senior

Bond,

5.875%,

4/20/32

........................

South

Africa

1,270,000

1,310,250

c

Southern

Gas

Corridor

CJSC

,

Senior

Bond

,

Reg

S,

6.875 %

,

3/24/26

.........................................

Azerbaijan

1,250,000

1,263,718

Turkiye

Government

Bond

,

Senior

Bond

,

5.95 %

,

1/15/31

......

Turkiye

1,810,000

1,812,472

Franklin

Investors

Securities

Trust

Schedule

of

Investments

#### Franklin

#### Total

#### Return

#### Fund
(continued)

franklintempleton.com

Annual

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)

Uruguay

Government

Bond

,

Senior

Bond

,

4.375 %

,

1/23/31

....

Uruguay

3,340,000

$

3,382,084

c

Uzbekistan

Government

Bond

,

Senior

Note

,

144A,

6.9 %

,

2/28/32

Uzbekistan

1,120,000

1,216,834

#### Total

#### Foreign

#### Government

#### and

#### Agency

#### Securities

#### (Cost

#### $54,055,862)
............

#### 55,461,215

#### U.S.

#### Government

#### and

#### Agency

#### Securities

#### 16.5%
FFCB

,

2.1 %,

2/25/36

.................................

United

States

9,300,000

7,480,619

U.S.

Treasury

Bonds

,

1.125%,

5/15/40

..................................

United

States

18,400,000

11,843,563

1.75%,

8/15/41

...................................

United

States

35,800,000

24,529,992

3.875%,

2/15/43

..................................

United

States

5,100,000

4,669,787

2.5%,

5/15/46

....................................

United

States

14,300,000

10,170,316

2.25%,

8/15/46

...................................

United

States

39,300,000

26,532,106

2.75%,

8/15/47

...................................

United

States

10,600,000

7,771,539

2.75%,

11/15/47

..................................

United

States

16,140,000

11,803,005

3.125%,

5/15/48

..................................

United

States

30,400,000

23,696,563

2.875%,

5/15/49

..................................

United

States

51,215,000

37,757,058

j

2.25%,

8/15/49

...................................

United

States

77,980,000

50,382,391

1.25%,

5/15/50

...................................

United

States

54,335,000

27,017,866

1.875%,

11/15/51

.................................

United

States

88,390,000

50,618,812

3.625%,

5/15/53

..................................

United

States

27,300,000

22,776,838

4.25%,

8/15/54

...................................

United

States

6,470,000

6,034,791

4.75%,

8/15/55

...................................

United

States

18,050,000

18,298,188

U.S.

Treasury

Notes

,

2.75%,

4/30/27

...................................

United

States

33,300,000

32,877,246

3.25%,

6/30/27

...................................

United

States

4,100,000

4,076,057

3.875%,

11/30/27

.................................

United

States

77,600,000

78,038,016

2.875%,

5/15/28

..................................

United

States

8,600,000

8,452,355

4.5%,

5/31/29

....................................

United

States

28,300,000

29,113,072

4.25%,

8/15/35

...................................

United

States

5,000,000

5,062,891

#### Total

#### U.S.

#### Government

#### and

#### Agency

#### Securities

#### (Cost

#### $547,713,546)
..............

#### 499,003,071

#### Asset-Backed

#### Securities

#### 11.5%

#### Financial

#### Services

#### 11.5%
c,g

AGL

CLO

Ltd.

,

2021-14A

,

AR

,

144A,

FRN

,

%

,

(3-month

SOFR

+

1.13 %),

12/02/34

.

...........................

United

States

7,900,000

7,907,793

c,g

Angel

Oak

Mortgage

Trust

,

2025-HB1

,

A1

,

144A,

FRN

,

5.983 %

,

(30-day

SOFR

Average

+

1.8 %),

2/25/55

.

................

United

States

1,796,660

1,809,780

c,g

Ares

LXV

CLO

Ltd.

,

2022-65A

,

A1R

,

144A,

FRN

,

4.978 %

,

(3-month

SOFR

+

1.12 %),

7/25/34

.

....................

United

States

14,850,000

14,850,000

c

BRAVO

Residential

Funding

Trust

,

2024-CES1,

A1A,

144A,

6.377%,

4/25/54

................

United

States

2,781,795

2,819,672

g

2025-HE1,

A1,

144A,

FRN,

5.533%,

(30-day

SOFR

Average

+

1.35%),

9/25/72

...................................

United

States

3,788,000

3,790,832

c,g

Buckhorn

Park

CLO

Ltd.

,

2019-1A

,

ARR

,

144A,

FRN

,

4.954 %

,

(3-month

SOFR

+

1.07 %),

7/18/34

.

....................

United

States

4,120,000

4,123,295

c,g

Carlyle

Global

Market

Strategies

CLO

Ltd.

,

2015-4A,

A1R3,

144A,

FRN,

4.804%,

(3-month

SOFR

+

0.92%),

7/20/32

...................................

United

States

6,031,369

6,036,939

2016-1A,

A1R3,

144A,

FRN,

4.974%,

(3-month

SOFR

+

1.09%),

4/20/34

...................................

United

States

7,750,000

7,756,331

c,g

CIFC

Funding

Ltd.

,

2022-2A,

A1R,

144A,

FRN,

4.854%,

(3-month

SOFR

+

0.97%),

4/19/35

.........................................

United

States

23,690,000

23,692,961

2024-2A,

A1,

144A,

FRN,

5.377%,

(3-month

SOFR

+

1.52%),

4/22/37

.........................................

United

States

7,200,000

7,235,095

Franklin

Investors

Securities

Trust

Schedule

of

Investments

#### Franklin

#### Total

#### Return

#### Fund
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Annual

Report

a

a

#### Country

#### Principal

#### Amount

#### \*
a

#### Value
a

#### a
a

#### Asset-Backed

#### Securities
(continued)

#### Financial

#### Services
(continued)

c

Compass

Datacenters

Issuer

II

LLC

,

2024-2A,

A1,

144A,

5.022%,

8/25/49

...................

United

States

1,474,000

$

1,482,082

2025-1A,

A1,

144A,

5.316%,

5/25/50

...................

United

States

1,582,000

1,607,963

e

2025-2A,

A1,

144A,

4.926%,

11/25/50

..................

United

States

6,539,000

6,561,514

c,k

Consumer

Loan

Underlying

Bond

Certificate

Issuer

Trust

I

,

2019-52,

PT,

144A,

FRN,

16.268%,

1/15/45

..............

United

States

5,309

2,639

2020-2,

PT,

144A,

FRN,

16.26%,

3/15/45

................

United

States

2,932

2,559

2020-7,

PT,

144A,

FRN,

16.119%,

4/17/45

...............

United

States

1,737

1,428

g

CWABS,

Inc.

Asset-Backed

Certificates

Trust

,

2004-1

,

M1

,

FRN

,

4.856 %

,

(1-month

SOFR

+

0.864 %),

3/25/34

.

.............

United

States

114,636

117,687

c,g

Dryden

CLO

Ltd.

,

2019-68A

,

ARR

,

144A,

FRN

,

5.005 %

,

(3-month

SOFR

+

1.1 %),

7/15/35

.

.....................

United

States

10,600,000

10,610,524

c,g

Elevation

CLO

Ltd.

,

2018-10A

,

AR

,

144A,

FRN

,

4.804 %

,

(3-month

SOFR

+

0.92 %),

10/20/31

.

...........................

United

States

718,739

719,522

c

FIGRE

Trust

,

2025-FL1,

A1,

144A,

5.265%,

7/25/55

..................

United

States

2,297,994

2,303,010

k

2025-HE4,

A,

144A,

FRN,

5.408%,

7/25/55

..............

United

States

1,057,832

1,063,879

k

2025-HE5,

A,

144A,

FRN,

5.285%,

8/25/55

..............

United

States

1,909,102

1,918,412

c

FirstKey

Homes

Trust

,

2020-SFR2

,

A

,

144A,

1.266 %

,

10/19/37

.

.

United

States

9,506,671

9,487,449

c,g

GoldenTree

Loan

Management

US

CLO

Ltd.

,

2021-11A

,

AR

,

144A,

FRN

,

4.964 %

,

(3-month

SOFR

+

1.08 %),

10/20/34

.

...

United

States

15,590,000

15,601,731

c

GS

Mortgage-Backed

Securities

Trust

,

2025-CES2,

A1,

144A,

5.18%,

9/25/55

..................

United

States

2,658,274

2,661,723

g

2025-HE1,

A1,

144A,

FRN,

5.733%,

(30-day

SOFR

Average

+

1.55%),

10/25/55

..................................

United

States

2,917,854

2,928,109

c

Home

Partners

of

America

Trust

,

2021-2,

B,

144A,

2.302%,

12/17/26

....................

United

States

15,225,275

14,829,707

2021-3,

B,

144A,

2.649%,

1/17/41

.....................

United

States

5,705,549

5,356,350

c,g

Invesco

CLO

Ltd.

,

2021-2A

,

AR

,

144A,

FRN

,

5.005 %

,

(3-month

SOFR

+

1.1 %),

7/15/34

.

.............................

United

States

14,850,000

14,853,712

c

J.P.

Morgan

Mortgage

Trust

,

g

2023-HE2,

A1,

144A,

FRN,

5.884%,

(30-day

SOFR

Average

+

1.7%),

3/20/54

....................................

United

States

913,229

917,364

k

2025-CES2,

A1,

144A,

FRN,

5.592%,

6/25/55

............

United

States

2,607,269

2,626,171

c,g

KKR

CLO

Ltd.

,

2022-43A

,

A1R

,

144A,

FRN

,

5.655 %

,

(3-month

SOFR

+

1.75 %),

1/15/36

.

............................

Jersey

2,800,000

2,809,355

c,g

KKR

CLO

Ltd.

,

2024-54A

,

A

,

144A,

FRN

,

5.225 %

,

(3-month

SOFR

+

1.32 %),

1/15/38

.

............................

United

States

7,024,000

7,054,807

c,g

LCM

Ltd.

,

34A

,

A1R

,

144A,

FRN

,

5.064 %

,

(3-month

SOFR

+

1.18 %),

10/20/34

.

.................................

United

States

12,500,000

12,503,125

c,g

Madison

Park

Funding

XLV

Ltd.

,

2020-45A

,

ARR

,

144A,

FRN

,

4.985 %

,

(3-month

SOFR

+

1.08 %),

7/15/34

.

..............

United

States

11,500,000

11,509,035

c,g

Marble

Point

CLO

XV

Ltd.

,

2019-1A

,

A1R2

,

144A,

FRN

,

4.9 %

,

(3-month

SOFR

+

1.04 %),

7/23/32

.

....................

United

States

2,558,177

2,560,583

c,g

Neuberger

Berman

Loan

Advisers

CLO

Ltd.

,

2022-48A

,

A1R

,

144A,

FRN

,

4.948 %

,

(3-month

SOFR

+

1.09 %),

4/25/36

.

....

United

States

14,850,000

14,860,188

c,g

Neuberger

Berman

Loan

Advisers

CLO

Ltd.

,

2022-50A

,

AR

,

144A,

FRN

,

5.11 %

,

(3-month

SOFR

+

1.25 %),

7/23/36

.

.....

Jersey

2,525,000

2,526,257

c

New

Economy

Assets

-

Phase

Sponsor

LLC

,

2021-1

,

A1

,

144A,

1.91 %

,

10/20/61

.

..................................

United

States

19,400,000

16,429,286

c,g

Oaktree

CLO

Ltd.

,

2021-1A

,

A1R

,

144A,

FRN

,

5.255 %

,

(3-month

SOFR

+

1.35 %),

1/15/38

.

............................

United

States

3,145,000

3,151,239

c,g

Octagon

Investment

Partners

Ltd.

,

2018-1A,

A1,

144A,

FRN,

5.136%,

(3-month

SOFR

+

1.232%),

4/15/31

.........................................

United

States

3,040,899

3,042,454

2018-1A,

A2,

144A,

FRN,

5.366%,

(3-month

SOFR

+

1.462%),

4/15/31

.........................................

United

States

8,500,000

8,505,547

Franklin

Investors

Securities

Trust

Schedule

of

Investments

#### Franklin

#### Total

#### Return

#### Fund
(continued)

franklintempleton.com

Annual

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,g

Octagon

Investment

Partners

Ltd.

,

2019-1A

,

A1RR

,

144A,

FRN

,

5.055 %

,

(3-month

SOFR

+

1.15 %),

4/15/35

.

.........

United

States

9,975,000

$

9,983,479

c

PK

Alift

Loan

Funding

LP

,

2025-2

,

A

,

144A,

4.75 %

,

3/15/43

.

..

United

States

1,551,000

1,556,391

c,g

Sound

Point

CLO

XXII

Ltd.

,

2019-1A

,

ARR

,

144A,

FRN

,

4.914 %

,

(3-month

SOFR

+

1.03 %),

1/20/32

.

....................

United

States

3,614,919

3,618,690

c,g

Symphony

CLO

XXIII

Ltd.

,

2020-23A

,

AR2

,

144A,

FRN

,

4.805 %

,

(3-month

SOFR

+

0.9 %),

1/15/34

.

.....................

United

States

4,490,465

4,492,951

c,g

THL

Credit

Wind

River

CLO

Ltd.

,

2019-3A

,

AR2

,

144A,

FRN

,

4.965 %

,

(3-month

SOFR

+

1.06 %),

4/15/31

.

..............

United

States

1,225,359

1,225,359

c,g

Towd

Point

Mortgage

Trust

,

2025-HE2

,

A1A

,

144A,

FRN

,

5.533 %

,

(30-day

SOFR

Average

+

1.35 %),

9/25/65

.

...............

United

States

5,133,573

5,142,720

c

Truist

Bank

Auto

Credit-Linked

Notes

,

2025-1

,

B

,

144A,

4.728 %

,

9/26/33

.

.........................................

United

States

4,495,946

4,495,083

c,g

Venture

CLO

Ltd.

,

2021-41A

,

A1RR

,

144A,

FRN

,

5.014 %

,

(3-month

SOFR

+

1.13 %),

1/20/34

.

....................

United

States

5,450,000

5,455,705

c,g

Venture

CLO

Ltd.

,

2022-45A

,

A1R

,

144A,

FRN

,

5.154 %

,

(3-month

SOFR

+

1.27 %),

7/20/35

.

....................

Jersey

12,000,000

12,016,020

c,g

Voya

CLO

Ltd.

,

2018-2A,

A2,

144A,

FRN,

5.416%,

(3-month

SOFR

+

1.512%),

7/15/31

.........................................

United

States

1,500,000

1,501,228

2020-1A,

ARR,

144A,

FRN,

4.974%,

(3-month

SOFR

+

1.08%),

7/16/34

.........................................

United

States

15,000,000

15,011,912

c,g

Wellfleet

CLO

Ltd.

,

2021-3A

,

AR

,

144A,

FRN

,

5.105 %

,

(3-month

SOFR

+

1.2 %),

1/15/35

.

.............................

United

States

12,000,000

12,014,623

c,g

Zais

CLO

Ltd.

,

2022-18A

,

A1R

,

144A,

FRN

,

5.178 %

,

(3-month

SOFR

+

1.32 %),

10/25/37

.

...........................

United

States

10,500,000

10,502,625

347,644,895

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

6,886

6,962

#### Passenger

#### Airlines

#### 0.0%

#### †
United

Airlines

Pass-Through

Trust

,

2020-1

,

B

,

4.875 %

,

7/15/27

.

United

States

343,688

343,767

#### Total

#### Asset-Backed

#### Securities

#### (Cost

#### $350,946,819)
............................

#### 347,995,624

#### Commercial

#### Mortgage-Backed

#### Securities

#### 3.3%

#### Financial

#### Services

#### 3.3%
BANK

,

2019-BN18

,

A2

,

3.474 %

,

5/15/62

..................

United

States

2,300,000

2,243,686

k

BANK5

Trust

,

2025-5YR17

,

AS

,

FRN

,

5.626 %

,

11/15/58

......

United

States

2,797,000

2,890,610

Barclays

Commercial

Mortgage

Trust

,

2019-C3

,

A2

,

3.438 %

,

5/15/52

.........................................

United

States

2,796,613

2,756,878

BBCMS

Mortgage

Trust

,

k,l

2024-5C31,

XA,

IO,

FRN,

1.061%,

12/15/57

..............

United

States

31,885,389

1,219,505

k,l

2025-5C33,

XA,

IO,

FRN,

0.818%,

3/15/58

...............

United

States

55,690,559

1,719,958

2025-5C37,

AS,

5.382%,

9/15/58

......................

United

States

4,532,000

4,633,723

Benchmark

Mortgage

Trust

,

2019-B13,

A2,

2.889%,

8/15/57

.......................

United

States

4,166,725

4,018,036

2020-B17,

A2,

2.211%,

3/15/53

.......................

United

States

4,702,207

4,448,709

k,l

2025-V13,

XA,

IO,

FRN,

0.914%,

2/15/58

................

United

States

47,837,000

1,506,138

k,l

2025-V14,

XA,

IO,

FRN,

0.768%,

4/15/57

................

United

States

85,823,013

2,568,219

c,g

BX

Commercial

Mortgage

Trust

,

2021-VOLT

,

B

,

144A,

FRN

,

5.097 %

,

(1-month

SOFR

+

1.064 %),

9/15/36

.............

United

States

9,533,269

9,529,681

c,g

BX

Mortgage

Trust

,

2021-PAC

,

B

,

144A,

FRN

,

5.045 %

,

(1-month

SOFR

+

1.013 %),

10/15/36

..........................

United

States

9,220,000

9,196,406

Franklin

Investors

Securities

Trust

Schedule

of

Investments

#### Franklin

#### Total

#### Return

#### Fund
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Annual

Report

a

a

#### Country

#### Principal

#### Amount

#### \*
a

#### Value
a

#### a
a

#### Commercial

#### Mortgage-Backed

#### Securities
(continued)

#### Financial

#### Services
(continued)

c,g

BX

Trust

,

2022-IND

,

A

,

144A,

FRN

,

5.523 %

,

(1-month

SOFR

+

1.491 %),

4/15/37

..................................

United

States

7,446,701

$

7,455,345

CFCRE

Commercial

Mortgage

Trust

,

2016-C7

,

A3

,

3.839 %

,

12/10/54

........................................

United

States

3,055,000

3,026,252

Citigroup

Commercial

Mortgage

Trust

,

2016-P4,

A2,

2.45%,

7/10/49

.........................

United

States

1,954,820

1,943,711

2020-GC46,

A2,

2.708%,

2/15/53

......................

United

States

1,892,638

1,816,508

CSAIL

Commercial

Mortgage

Trust

,

2015-C3,

A4,

3.718%,

8/15/48

........................

United

States

79,588

79,410

2017-CX10,

A3,

3.398%,

11/15/50

.....................

United

States

1,883,200

1,879,865

c,e,k

CSTL

Commercial

Mortgage

Trust

,

2025-GATE2

,

A

,

144A,

FRN

,

4.59 %

,

11/10/42

...................................

United

States

4,581,000

4,586,726

GS

Mortgage

Securities

Trust

,

2016-GS2,

A4,

3.05%,

5/10/49

........................

United

States

1,352,000

1,344,688

2019-GC42,

A2,

2.933%,

9/10/52

......................

United

States

3,648,142

3,551,338

JPMBB

Commercial

Mortgage

Securities

Trust

,

2016-C1

,

A5

,

3.576 %

,

3/17/49

...................................

United

States

4,544,765

4,532,396

Morgan

Stanley

Bank

of

America

Merrill

Lynch

Trust

,

2015-C27,

AS,

4.068%,

12/15/47

......................

United

States

1,416,144

1,407,617

k,l

2025-5C1,

XA,

IO,

FRN,

1.156%,

3/15/58

................

United

States

46,553,467

2,057,970

e

2025-5C2,

AS,

5.384%,

11/15/30

......................

United

States

1,923,000

1,974,734

Morgan

Stanley

Capital

I

Trust

,

2016-BNK2,

A4,

3.049%,

11/15/49

.....................

United

States

2,266,000

2,212,755

k,l

2021-L5,

XA,

IO,

FRN,

1.262%,

5/15/54

.................

United

States

40,526,383

1,800,052

c,g

SCG

Commercial

Mortgage

Trust

,

2025-FLWR

,

A

,

144A,

FRN

,

5.282 %

,

(1-month

SOFR

+

1.25 %),

8/15/42

..............

United

States

3,500,000

3,505,656

c,g

SHRN

Trust

,

2025-MF18

,

A

,

144A,

FRN

,

5.3 %

,

(1-month

SOFR

+

1.2 %),

10/15/40

...................................

United

States

4,562,000

4,567,926

Wells

Fargo

Commercial

Mortgage

Trust

,

k

2016-C32,

B,

FRN,

4.682%,

1/15/59

...................

United

States

2,300,000

2,261,784

2016-LC24,

AS,

3.367%,

10/15/49

.....................

United

States

3,440,000

3,370,540

100,106,822

a

a

a

a

a

a

#### Total

#### Commercial

#### Mortgage-Backed

#### Securities

#### (Cost

#### $99,842,651)
..............

#### 100,106,822

#### Mortgage-Backed

#### Securities

#### 27.9%
m

#### Federal

#### Home

#### Loan

#### Mortgage

#### Corp.
(FHLMC)

#### Adjustable

#### Rate

#### 0.0%

#### †
FHLMC,

4.215%,

(COFI

11th

District

+/-

MBS

Margin),

11/01/27

United

States

113,958

112,843

#### Federal

#### Home

#### Loan

#### Mortgage

#### Corp.
(FHLMC)

#### Fixed

#### Rate

#### 9.7%
FHLMC

Gold

Pool,

Year,

4.5%,

3/01/39

................

United

States

386,805

390,671

FHLMC

Gold

Pool,

Year,

5%,

8/01/33

-

2/01/39

...........

United

States

2,494,388

2,566,126

FHLMC

Gold

Pool,

Year,

5.5%,

1/01/35

-

12/01/37

........

United

States

252,807

262,610

FHLMC

Gold

Pool,

Year,

6%,

5/01/33

-

4/01/38

...........

United

States

286,115

301,669

FHLMC

Gold

Pool,

Year,

6.5%,

4/01/26

-

3/01/39

.........

United

States

208,139

218,923

FHLMC

Gold

Pool,

Year,

7%,

1/01/28

-

7/01/32

...........

United

States

11,355

11,886

FHLMC

Gold

Pool,

Year,

7.5%,

3/01/32

................

United

States

4,264

4,479

FHLMC

Gold

Pool,

Year,

8%,

2/01/30

..................

United

States

2,225

2,311

FHLMC

Gold

Pool,

Year,

8.5%,

8/01/30

................

United

States

FHLMC

Pool,

Year,

2%,

4/01/37

-

8/01/37

...............

United

States

7,698,121

7,090,776

FHLMC

Pool,

Year,

2.5%,

5/01/37

.....................

United

States

2,985,647

2,809,892

FHLMC

Pool,

Year,

3%,

4/01/37

-

9/01/37

...............

United

States

3,118,884

2,990,129

FHLMC

Pool,

Year,

4%,

12/01/39

.....................

United

States

2,966,356

2,921,615

FHLMC

Pool,

Year,

2%,

3/01/51

......................

United

States

44,655,846

36,621,636

FHLMC

Pool,

Year,

2%,

3/01/52

......................

United

States

35,700,673

29,121,881

FHLMC

Pool,

Year,

2%,

4/01/52

......................

United

States

50,503,426

41,211,206

Franklin

Investors

Securities

Trust

Schedule

of

Investments

#### Franklin

#### Total

#### Return

#### Fund
(continued)

franklintempleton.com

Annual

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)

#### Federal

#### Home

#### Loan

#### Mortgage

#### Corp.
(FHLMC)

#### Fixed

#### Rate
(continued)

FHLMC

Pool,

Year,

2%,

5/01/51

......................

United

States

3,796,685

$

3,083,054

FHLMC

Pool,

Year,

2.5%,

10/01/51

....................

United

States

32,314,329

27,554,222

FHLMC

Pool,

Year,

2.5%,

5/01/52

.....................

United

States

25,157,471

21,386,968

FHLMC

Pool,

Year,

2.5%,

7/01/52

.....................

United

States

3,606,433

3,065,630

FHLMC

Pool,

Year,

3%,

2/01/52

......................

United

States

55,513,632

49,433,415

FHLMC

Pool,

Year,

3%,

3/01/52

......................

United

States

987,862

877,605

FHLMC

Pool,

Year,

3.5%,

12/01/52

....................

United

States

5,880,713

5,444,626

FHLMC

Pool,

Year,

4%,

8/01/52

......................

United

States

32,388,070

30,896,157

FHLMC

Pool,

Year,

4.5%,

8/01/52

.....................

United

States

24,347,580

23,749,036

FHLMC

Pool,

Year,

5.5%,

10/01/55

....................

United

States

589,548

595,892

292,612,913

m

#### Federal

#### National

#### Mortgage

#### Association
(FNMA)

#### Adjustable

#### Rate

#### 0.0%

#### †
FNMA,

4.219%

-

4.905%,

(COFI

11th

District

+/-

MBS

Margin),

12/01/27

-

9/01/34

.................................

United

States

564,762

556,878

FNMA,

5.991%,

(6-month

Refinitiv

USD

IBOR

Consumer

Cash

Fallbacks

+/-

MBS

Margin),

10/01/32

...................

United

States

29,949

30,210

FNMA,

6.294%

-

6.31%,

(1-year

CMT

T-Note

+/-

MBS

Margin),

12/01/34

-

10/01/36

................................

United

States

32,644

33,502

FNMA,

6.22%

-

6.659%,

(1-year

Refinitiv

USD

IBOR

Consumer

Cash

Fallbacks

+/-

MBS

Margin),

2/01/34

-

3/01/37

........

United

States

191,830

195,190

815,780

#### Federal

#### National

#### Mortgage

#### Association
(FNMA)

#### Fixed

#### Rate

#### 11.2%
FNMA,

Year,

2%,

4/01/37

...........................

United

States

343,206

316,129

FNMA,

Year,

3%,

9/01/37

-

10/01/37

...................

United

States

3,930,263

3,767,978

FNMA,

Year,

3.5%,

12/01/39

.........................

United

States

490,267

475,156

FNMA,

Year,

2.5%,

4/01/52

.........................

United

States

12,973,294

11,081,221

FNMA,

Year,

3.5%,

12/01/52

.........................

United

States

29,917,107

27,607,908

FNMA,

Year,

4.5%,

9/01/55

.........................

United

States

363,306

354,287

FNMA,

Year,

5%,

6/01/36

-

10/01/55

...................

United

States

3,849,259

3,847,509

FNMA,

Year,

5.5%,

6/01/33

-

8/01/55

..................

United

States

20,118,782

20,407,911

FNMA,

Year,

6%,

9/01/32

-

9/01/38

....................

United

States

1,967,417

2,073,629

FNMA,

Year,

6.5%,

8/01/28

-

5/01/37

..................

United

States

48,497

50,652

FNMA,

Year,

7.5%,

1/01/30

.........................

United

States

1,704

1,762

FNMA,

Year,

8.5%,

4/01/30

-

5/01/32

..................

United

States

9,887

10,246

n

Uniform

Mortgage-Backed

Securities,

1.5%,

TBA,

11/25/40

....

United

States

14,000,000

12,546,165

n

Uniform

Mortgage-Backed

Securities,

2%,

TBA,

11/25/40

.....

United

States

19,000,000

17,493,031

n

Uniform

Mortgage-Backed

Securities,

2.5%,

TBA,

11/25/40

....

United

States

6,000,000

5,645,959

n

Uniform

Mortgage-Backed

Securities,

2.5%,

TBA,

11/25/55

....

United

States

27,280,000

23,165,602

n

Uniform

Mortgage-Backed

Securities,

4.5%,

TBA,

11/25/40

-

11/25/55

........................................

United

States

2,000,000

1,973,175

n

Uniform

Mortgage-Backed

Securities,

5%,

TBA,

11/25/40

.....

United

States

3,000,000

3,029,626

n

Uniform

Mortgage-Backed

Securities,

5%,

TBA,

11/25/55

.....

United

States

30,190,000

30,042,714

n

Uniform

Mortgage-Backed

Securities,

5.5%,

TBA,

11/25/55

....

United

States

45,850,000

46,329,266

n

Uniform

Mortgage-Backed

Securities,

6%,

TBA,

11/25/55

.....

United

States

70,090,000

71,681,970

n

Uniform

Mortgage-Backed

Securities,

6.5%,

TBA,

11/25/55

....

United

States

54,000,000

55,924,613

337,826,509

m

#### Government

#### National

#### Mortgage

#### Association
(GNMA)

#### Adjustable

#### Rate

#### 0.0%

#### †
GNMA

II,

4.75%

-

4.75%,

(1-year

CMT

T-Note

+/-

MBS

Margin),

10/20/26

-

10/20/26

................................

United

States

1,230

1,230

1,230

#### Government

#### National

#### Mortgage

#### Association
(GNMA)

#### Fixed

#### Rate

#### 7.0%
GNMA

I,

Year,

7%,

10/15/27

-

6/15/31

..................

United

States

3,952

4,126

GNMA

I,

Single-family,

Year,

6%,

1/15/39

...............

United

States

40,179

42,173

Franklin

Investors

Securities

Trust

Schedule

of

Investments

#### Franklin

#### Total

#### Return

#### Fund
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Annual

Report

a

a

#### Country

#### Principal

#### Amount

#### \*
a

#### Value
a

#### a
a

#### Mortgage-Backed

#### Securities
(continued)

#### Government

#### National

#### Mortgage

#### Association
(GNMA)

#### Fixed

#### Rate
(continued)

GNMA

I,

Single-family,

Year,

6.5%,

10/15/31

-

7/15/38

......

United

States

5,747

$

5,955

GNMA

I,

Single-family,

Year,

7%,

4/15/28

...............

United

States

1,254

1,262

GNMA

II,

Single-family,

Year,

2%,

7/20/52

...............

United

States

7,451,527

6,212,677

n

GNMA

II,

Single-family,

Year,

2%,

11/15/55

..............

United

States

20,940,000

17,422,027

GNMA

II,

Single-family,

Year,

2.5%,

9/20/51

-

7/20/52

......

United

States

27,722,723

24,036,943

n

GNMA

II,

Single-family,

Year,

2.5%,

11/15/55

............

United

States

16,110,000

13,947,095

GNMA

II,

Single-family,

Year,

3%,

10/20/49

-

6/20/52

......

United

States

8,057,667

7,249,534

n

GNMA

II,

Single-family,

Year,

3%,

11/15/55

..............

United

States

22,000,000

19,772,500

n

GNMA

II,

Single-family,

Year,

3.5%,

11/15/55

............

United

States

17,260,000

15,802,095

n

GNMA

II,

Single-family,

Year,

4%,

11/15/55

..............

United

States

13,000,000

12,297,290

n

GNMA

II,

Single-family,

Year,

4.5%,

11/15/55

............

United

States

13,790,000

13,461,022

n

GNMA

II,

Single-family,

Year,

5%,

11/15/55

..............

United

States

20,000,000

19,941,552

n

GNMA

II,

Single-family,

Year,

5.5%,

11/15/55

............

United

States

33,930,000

34,215,111

GNMA

II,

Single-family,

Year,

6%,

5/20/31

...............

United

States

733

763

n

GNMA

II,

Single-family,

Year,

6%,

11/15/55

..............

United

States

23,690,000

24,113,054

GNMA

II,

Single-family,

Year,

6.5%,

3/20/28

-

5/20/55

......

United

States

3,028,420

3,128,195

GNMA

II,

Single-family,

Year,

7.5%,

8/20/30

-

1/20/33

......

United

States

10,057

10,387

211,663,761

#### Total

#### Mortgage-Backed

#### Securities

#### (Cost

#### $844,526,037)
.........................

#### 843,033,036

#### Residential

#### Mortgage-Backed

#### Securities

#### 3.0%

#### Capital

#### Markets

#### 0.0%

#### †
g

Merrill

Lynch

Mortgage

Investors

Trust

,

2003-A

,

1A

,

FRN

,

4.846 %

,

(1-month

SOFR

+

0.854 %),

3/25/28

.............

United

States

57,695

56,263

#### Commercial

#### Services

#### &

#### Supplies

#### 0.1%
c,g

Bellemeade

Re

Ltd.

,

2021-3A

,

B1

,

144A,

FRN

,

8.033 %

,

(30-day

SOFR

Average

+

3.85 %),

9/25/31

.....................

United

States

2,439,000

2,524,553

#### Financial

#### Services

#### 2.9%
c

BRAVO

Residential

Funding

Trust

,

k

2019-2,

A3,

144A,

FRN,

3.5%,

10/25/44

.................

United

States

2,292,169

2,203,831

2023-NQM6,

A1,

144A,

6.602%,

9/25/63

................

United

States

1,085,780

1,095,795

c

CAFL

Issuer

LP

,

2025-RRTL1

,

A1

,

144A,

5.684 %

,

5/28/40

.....

United

States

1,171,000

1,181,062

c,g

Chase

Home

Lending

Mortgage

Trust

,

2025-3,

A11,

144A,

FRN,

5.483%,

(30-day

SOFR

Average

+

1.3%),

2/25/56

....................................

United

States

2,770,097

2,773,140

2025-7,

A11,

144A,

FRN,

5.583%,

(30-day

SOFR

Average

+

1.4%),

5/25/56

....................................

United

States

2,481,107

2,489,769

c,k

CIM

Trust

,

2018-INV1,

A4,

144A,

FRN,

4%,

8/25/48

................

United

States

853,467

803,537

2019-INV1,

A1,

144A,

FRN,

4%,

2/25/49

................

United

States

370,119

355,561

2019-INV2,

A3,

144A,

FRN,

4%,

5/25/49

................

United

States

1,353,076

1,284,073

c,k

Citigroup

Mortgage

Loan

Trust

,

2013-A

,

A

,

144A,

FRN

,

%

,

5/25/42

.........................................

United

States

128,962

118,852

c,k

COLT

Mortgage

Loan

Trust

,

2022-4

,

A1

,

144A,

FRN

,

4.301 %

,

3/25/67

.........................................

United

States

2,427,251

2,420,497

Credit

Suisse

First

Boston

Mortgage

Securities

Corp.

,

2004-6

,

3A1

,

%

,

1/25/38

..................................

Switzerland

72,815

41,438

c

Cross

Mortgage

Trust

,

2024-H1

,

A1

,

144A,

6.085 %

,

12/25/68

..

United

States

863,300

870,899

c,g

FHLMC

STACR

REMIC

Trust

,

2025-DNA1,

A1,

144A,

FRN,

5.133%,

(30-day

SOFR

Average

+

0.95%),

1/25/45

...................................

United

States

2,783,125

2,787,195

2025-DNA2,

A1,

144A,

FRN,

5.283%,

(30-day

SOFR

Average

+

1.1%),

5/25/45

....................................

United

States

2,332,688

2,341,259

2025-DNA3,

M1,

144A,

FRN,

5.283%,

(30-day

SOFR

Average

+

1.1%),

9/25/45

..................................

United

States

3,567,660

3,572,191

Franklin

Investors

Securities

Trust

Schedule

of

Investments

#### Franklin

#### Total

#### Return

#### Fund
(continued)

franklintempleton.com

Annual

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)

g

FNMA

Connecticut

Avenue

Securities

Trust

,

2017-C06,

2M2,

FRN,

7.097%,

(30-day

SOFR

Average

+

2.914%),

2/25/30

..................................

United

States

1,559,477

$

1,585,572

c

2025-R01,

1M1,

144A,

FRN,

5.283%,

(30-day

SOFR

Average

+

1.1%),

1/25/45

....................................

United

States

2,185,140

2,188,455

c

2025-R02,

1A1,

144A,

FRN,

5.183%,

(30-day

SOFR

Average

+

1%),

2/25/45

.....................................

United

States

1,515,177

1,518,838

c

2025-R03,

2A1,

144A,

FRN,

5.633%,

(30-day

SOFR

Average

+

1.45%),

3/25/45

...................................

United

States

2,238,420

2,254,135

c

2025-R04,

1A1,

144A,

FRN,

5.183%,

(30-day

SOFR

Average

+

1%),

5/25/45

.....................................

United

States

1,984,784

1,989,017

c,g

GS

Mortgage-Backed

Securities

Trust

,

2025-PJ8

,

A27

,

144A,

FRN

,

5.483 %

,

(30-day

SOFR

Average

+

1.3 %),

2/25/56

.....

United

States

1,164,518

1,165,070

c

HOMES

Trust

,

2024-NQM1

,

A1

,

144A,

5.915 %

,

7/25/69

......

United

States

2,122,375

2,141,993

c

Imperial

Fund

Mortgage

Trust

,

2023-NQM1

,

A1

,

144A,

5.941 %

,

2/25/68

.........................................

United

States

2,397,170

2,396,484

c

J.P.

Morgan

Mortgage

Trust

,

k

2021-15,

A4,

144A,

FRN,

2.5%,

6/25/52

.................

United

States

5,963,929

5,341,387

2024-CES1,

A1A,

144A,

5.919%,

6/25/54

................

United

States

1,449,318

1,459,912

c,k

LHOME

Mortgage

Trust

,

2025-RTL2

,

A1

,

144A,

FRN

,

5.612 %

,

4/25/40

.........................................

United

States

1,116,000

1,124,135

c,k

Mill

City

Mortgage

Loan

Trust

,

2018-4

,

A1B

,

144A,

FRN

,

3.5 %

,

4/25/66

.........................................

United

States

3,201,452

3,149,084

c

Morgan

Stanley

Residential

Mortgage

Loan

Trust

,

2024-NQM1

,

A1

,

144A,

6.152 %

,

12/25/68

..........................

United

States

2,431,603

2,453,856

c

OBX

Trust

,

k

2021-J3,

A4,

144A,

FRN,

2.5%,

10/25/51

................

United

States

1,207,880

1,084,890

2024-NQM2,

A1,

144A,

5.878%,

12/25/63

...............

United

States

1,400,898

1,411,694

2024-NQM3,

A1,

144A,

6.129%,

12/25/63

...............

United

States

1,736,944

1,756,075

2024-NQM4,

A1,

144A,

6.067%,

1/25/64

................

United

States

1,076,494

1,089,169

2024-NQM8,

A1,

144A,

6.233%,

5/25/64

................

United

States

2,881,719

2,919,142

g

2025-J2,

AF,

144A,

FRN,

5.483%,

(30-day

SOFR

Average

+

1.3%),

9/25/55

....................................

United

States

2,911,779

2,913,376

c,k

Onity

Loan

Investment

Trust

,

2025-HB1

,

A

,

144A,

FRN

,

%

,

6/25/38

.........................................

United

States

450,030

440,216

c,g

PMT

Loan

Trust

,

2025-J2

,

A11

,

144A,

FRN

,

5.533 %

,

(30-day

SOFR

Average

+

1.35 %),

8/25/56

.....................

United

States

788,043

790,135

c,k

Provident

Funding

Associates

LLP

,

2021-J1

,

A3

,

144A,

FRN

,

2.5 %

,

2/20/49

....................................

United

States

1,912,689

1,709,868

c,k

Provident

Funding

Mortgage

Trust

,

2019-1

,

A2

,

144A,

FRN

,

%

,

12/25/49

........................................

United

States

1,432,937

1,243,872

c,k

PSMC

Trust

,

2021-3

,

A3

,

144A,

FRN

,

2.5 %

,

8/25/51

.........

United

States

10,421,185

9,438,174

c,g

Radian

Mortgage

Capital

Trust

,

2025-J3

,

A25

,

144A,

FRN

,

5.683 %

,

(30-day

SOFR

Average

+

1.5 %),

12/25/55

........

United

States

1,801,466

1,807,056

c,g

Sequoia

Mortgage

Trust

,

2025-8

,

A26F

,

144A,

FRN

,

5.583 %

,

(30-

day

SOFR

Average

+

1.4 %),

9/25/55

...................

United

States

2,613,687

2,616,555

c,k

Towd

Point

Mortgage

Trust

,

2017-1

,

A2

,

144A,

FRN

,

3.5 %

,

10/25/56

........................................

United

States

1,608,120

1,602,102

c

Verus

Securitization

Trust

,

2023-6,

A1,

144A,

6.665%,

9/25/68

....................

United

States

544,741

550,781

2024-4,

A1,

144A,

6.218%,

6/25/69

....................

United

States

1,807,334

1,833,332

86,313,474

a

a

a

a

a

a

#### Total

#### Residential

#### Mortgage-Backed

#### Securities

#### (Cost

#### $91,587,445)
...............

#### 88,894,290
Franklin

Investors

Securities

Trust

Schedule

of

Investments

#### Franklin

#### Total

#### Return

#### Fund
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Annual

Report

a

a

#### Country

#### Principal

#### Amount

#### \*
a

#### Value
a

#### a
a

#### Agency

#### Commercial

#### Mortgage-Backed

#### Securities

#### 3.5%

#### Financial

#### Services

#### 3.5%
FHLMC

,

l

5016,

PI,

IO,

3%,

9/25/50

............................

United

States

21,037,459

$

3,685,536

l

5077,

AI,

IO,

2%,

2/25/51

............................

United

States

30,617,714

3,723,790

l

5158,

IV,

IO,

4%,

1/25/49

............................

United

States

47,861,367

10,013,689

l

5365,

IO,

2.5%,

7/25/51

.............................

United

States

59,931,077

9,651,798

g

5444,

FC,

FRN,

5.303%,

(30-day

SOFR

Average

+

1.12%),

8/25/54

.........................................

United

States

8,742,866

8,769,032

FNMA

,

g

2005-122,

FN,

FRN,

4.647%,

(30-day

SOFR

Average

+

0.464%),

1/25/36

..................................

United

States

362,660

359,394

l

2020-47,

ID,

IO,

4%,

7/25/50

.........................

United

States

15,306,203

3,388,391

g

2024-105,

KF,

FRN,

5.183%,

(30-day

SOFR

Average

+

1%),

1/25/55

.........................................

United

States

13,552,631

13,597,285

g

2024-77,

FM,

FRN,

5.133%,

(30-day

SOFR

Average

+

0.95%),

11/25/54

........................................

United

States

9,321,715

9,318,118

g

2024-82,

FE,

FRN,

5.133%,

(30-day

SOFR

Average

+

0.95%),

11/25/54

........................................

United

States

11,962,101

11,957,502

g

2024-87,

FB,

FRN,

5.283%,

(30-day

SOFR

Average

+

1.1%),

12/25/54

........................................

United

States

13,110,793

13,150,532

l

GNMA

,

2020-189,

IA,

IO,

4%,

12/20/49

.......................

United

States

23,042,225

5,040,637

2022-78,

IO,

3%,

8/20/51

............................

United

States

19,795,709

3,365,811

2025-5,

IO,

3.5%,

4/20/51

...........................

United

States

51,794,229

10,112,481

106,133,996

a

a

a

a

a

a

#### Total

#### Agency

#### Commercial

#### Mortgage-Backed

#### Securities

#### (Cost

#### $106,062,763)
......

#### 106,133,996

#### Municipal

#### Bonds

#### 1.8%

#### California

#### 1.4%
California

Municipal

Finance

Authority

,

FBI

San

Diego

Project

,

Revenue

,

2020

,

2.519 %

,

10/01/35

.....................

United

States

9,360,000

6,485,947

Golden

State

Tobacco

Securitization

Corp.

,

Revenue

,

2021

,

Refunding

,

3.85 %

,

6/01/50

...........................

United

States

12,565,000

11,533,950

San

Bernardino

Community

College

District

,

GO,

2021,

Refunding,

2.686%,

8/01/41

.................

United

States

20,405,000

15,763,764

GO,

2021,

Refunding,

2.856%,

8/01/49

.................

United

States

11,880,000

8,151,057

41,934,718

#### Ohio

#### 0.4%
Greenville

City

School

District

,

GO

,

2019

,

Refunding

,

3.541 %

,

1/01/51

.........................................

United

States

16,585,000

12,982,647

#### Texas

#### 0.0%

#### †
City

of

Austin

,

Electric

Utility

,

Revenue

,

2019

C

,

Refunding

,

2.785 %

,

11/15/31

..................................

United

States

370,000

345,095

#### Total

#### Municipal

#### Bonds

#### (Cost

#### $70,394,116)
....................................

#### 55,262,460

#### Shares
a

#### Escrows

#### and

#### Litigation

#### Trusts

#### 0.0%

#### †
a,b

K2016470219

South

Africa

Ltd.,

Escrow

Account

............

South

Africa

141,599

2,153

Franklin

Investors

Securities

Trust

Schedule

of

Investments

#### Franklin

#### Total

#### Return

#### Fund
(continued)

franklintempleton.com

Annual

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)

a

Mesquite

Energy,

Inc.,

Escrow

Account

...................

United

States

3,000,000

$

15,150

#### Total

#### Escrows

#### and

#### Litigation

#### Trusts

#### (Cost

#### $2,814,454)

#### .........................

#### 17,303

#### Total

#### Long

#### Term

#### Investments

#### (Cost

#### $3,470,703,517)

#### ...........................

#### 3,400,954,447

#### a

#### Number

#### of

#### Contracts

#### Notional

#### Amount

#### #

#### a

#### aa

#### Options

#### Purchased

#### 0.1%

#### Puts

#### -

#### Over-the-Counter

#### Credit

#### Default

#### Swaptions

#### 0.1%
Buy

protection

on

Markit

CDX

North

American

High

Yield

Index

Series

45-V1,

Strike

Price

$1.06,

Counterparty

MSCO,

Expires

1/21/26

.........................................

115,500,000

1,114,524

Buy

protection

on

Markit

CDX

North

American

High

Yield

Index

Series

45-V1,

Strike

Price

$1.06,

Counterparty

BNDP,

Expires

1/21/26

.........................................

168,300,000

1,624,021

#### Total

#### Options

#### Purchased

#### (Cost

#### $3,967,838)

#### ...................................

#### 2,738,545

#### Short

#### Term

#### Investments

#### 1.7%
a

a

#### Country

#### Shares
a

#### Value
a

a

#### a
a

#### Money

#### Market

#### Funds

#### 1.7%
o,p

Franklin

Institutional

U.S.

Government

Money

Market

Fund,

4.038%

.........................................

United

States

49,990,332

49,990,332

#### Total

#### Money

#### Market

#### Funds

#### (Cost

#### $49,990,332)
................................

#### 49,990,332

#### Total

#### Short

#### Term

#### Investments

#### (Cost

#### $49,990,332

####)
..............................

#### 49,990,332

#### a

#### Total

#### Investments

#### (Cost

#### $3,524,661,687)

#### 114.4%

#### ...............................

#### $3,453,683,324

#### Options

#### Written

#### (0.1)%

#### .....................................................

#### (1,542,844)

#### Other

#### Assets,

#### less

#### Liabilities

#### (14.3)%

#### ........................................

#### (432,310,672)

#### Net

#### Assets

#### 100.0%

#### .........................................................

#### $3,019,829,808

#### a

#### Number

#### of

#### Contracts

#### Notional

#### Amount

#### #
q

#### Options

#### Written

#### (0.1)%

#### Puts

#### -

#### Over-the-Counter

#### Credit

#### Default

#### Swaptions

#### (0.1)%
Sell

protection

on

Markit

CDX

North

American

High

Yield

Index

Series

45-V1,

Strike

Price

$1.04,

Counterparty

MSCO,

Expires

1/21/26

.........................................

(115,500,000)

(627,902)

Sell

protection

on

Markit

CDX

North

American

High

Yield

Index

Series

45-V1,

Strike

Price

$1.04,

Counterparty

BNDP,

Expires

1/21/26

.........................................

(168,300,000)

(914,942)

(1,542,844)

#### Total

#### Options

#### Written

#### (Premiums

#### received

#### $2,358,213)

#### .........................

#### $

#### (1,542,844)
Franklin

Investors

Securities

Trust

Schedule

of

Investments

#### Franklin

#### Total

#### Return

#### Fund
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Annual

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

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

October

31,

2025,

the

aggregate

value

of

these

securities

was

$846,708,669,

representing

28.0%

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

October

31,

2025,

the

value

of

this

security

pledged

amounted

to

$11,448,786,

representing

0.4%

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,

October

31,

2025

#### Franklin

#### Total

#### Return

#### Fund
franklintempleton.com

Annual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

At

October

31,

2025,

the

Fund

had

the

following

marketplace

loans

outstanding.

See

Note

1(i).

#### Description

#### Principal

#### Amount

#### Value

#### Marketplace

#### Loans

#### -

#### 0.1%
Block,

Inc.

a

7844276. SQ.FTS.B,

4.784%,

11/30/25

...

$

503

$

a

7842806. SQ.FTS.B,

4.788%,

11/30/25

...

564

a

7848174. SQ.FTS.B,

5.906%,

11/30/25

...

a,b

7844687. SQ.FTS.B,

6.164%,

11/30/25

...

12,110

6,860

a,b

7845202. SQ.FTS.B,

6.287%,

11/30/25

...

2,732

a,b

7851095. SQ.FTS.B,

5.723%,

12/01/25

...

17,054

9,215

a,b

7855369. SQ.FTS.B,

4.751%,

12/03/25

...

3,143

a

7855437. SQ.FTS.B,

4.78%,

12/03/25

....

a

7855213. SQ.FTS.B,

5.535%,

12/03/25

...

2,209

1,372

a

7857315. SQ.FTS.B,

4.778%,

12/04/25

...

3,639

2,727

a

7858529. SQ.FTS.B,

5.726%,

12/04/25

...

1,491

919

a

7856674. SQ.FTS.B,

6.289%,

12/04/25

...

1,783

1,009

a,b

7869424. SQ.FTS.B,

6.289%,

12/06/25

...

11,411

a

7872643. SQ.FTS.B,

5.346%,

12/07/25

...

1,258

1,111

a

7878444. SQ.FTS.B,

4.778%,

12/10/25

...

1,615

1,406

a

7882492. SQ.FTS.B,

4.778%,

12/11/25

...

3,288

2,526

a,b

7881465. SQ.FTS.B,

5.54%,

12/11/25

....

3,068

a

7881388. SQ.FTS.B,

5.917%,

12/11/25

...

a

7884480. SQ.FTS.B,

4.781%,

12/12/25

...

4,714

3,483

a

7886066. SQ.FTS.B,

5.346%,

12/12/25

...

21,073

15,227

a,b

7885234. SQ.FTS.B,

5.917%,

12/12/25

...

1,279

a

7891807. SQ.FTS.B,

4.784%,

12/13/25

...

1,579

923

a,b

7894898. SQ.FTS.B,

4.75%,

12/14/25

....

1,313

a

7894130. SQ.FTS.B,

4.767%,

12/14/25

...

a

7895685. SQ.FTS.B,

4.771%,

12/14/25

...

a

7895575. SQ.FTS.B,

5.094%,

12/14/25

...

3,022

2,165

a

7895745. SQ.FTS.B,

6.463%,

12/14/25

...

925

546

a

7900540. SQ.FTS.B,

4.785%,

12/16/25

...

848

728

a

7902529. SQ.FTS.B,

5.094%,

12/17/25

...

2,424

1,818

a,b

7902827. SQ.FTS.B,

6.168%,

12/17/25

...

1,631

a

7905583. SQ.FTS.B,

4.777%,

12/18/25

...

2,887

1,684

a

7905884. SQ.FTS.B,

5.899%,

12/18/25

...

624

a

7910151. SQ.FTS.B,

6.162%,

12/19/25

...

3,771

2,312

a

7913516. SQ.FTS.B,

5.346%,

12/20/25

...

7,111

5,732

a

7918327. SQ.FTS.B,

5.912%,

12/21/25

...

4,160

2,522

a

7919109. SQ.FTS.B,

5.344%,

12/22/25

...

1,937

1,313

a,b

7919647. SQ.FTS.B,

6.184%,

12/22/25

...

a,b

7924288. SQ.FTS.B,

4.75%,

12/24/25

....

3,735

a,b

7924505. SQ.FTS.B,

5.436%,

12/24/25

...

2,823

a

7924567. SQ.FTS.B,

5.885%,

12/24/25

...

a

7924133. SQ.FTS.B,

5.915%,

12/24/25

...

2,072

1,219

a

7926943. SQ.FTS.B,

4.78%,

12/25/25

....

2,368

1,675

a

7927836. SQ.FTS.B,

4.78%,

12/25/25

....

1,380

1,249

a

7926543. SQ.FTS.B,

5.093%,

12/25/25

...

3,237

2,312

#### Description

#### Principal

#### Amount

#### Value
Block,

Inc.

(continued)

a,b

7924762. SQ.FTS.B,

5.911%,

12/25/25

...

$

24,106

$

a

7930283. SQ.FTS.B,

6.301%,

12/26/25

...

a

7936470. SQ.FTS.B,

5.096%,

12/27/25

...

1,869

1,584

a

7934910. SQ.FTS.B,

5.338%,

12/27/25

...

737

622

a

7941098. SQ.FTS.B,

5.096%,

12/28/25

...

1,046

971

a,b

7938776. SQ.FTS.B,

5.914%,

12/28/25

...

8,317

a

7945635. SQ.FTS.B,

4.78%,

1/01/26

.....

668

608

a

7945084. SQ.FTS.B,

5.349%,

1/01/26

....

3,632

2,528

a

7947201. SQ.FTS.B,

6.301%,

1/01/26

....

728

a

7945398. SQ.FTS.B,

6.484%,

1/01/26

....

a

7949409. SQ.FTS.B,

5.915%,

1/02/26

....

a,b

7951375. SQ.FTS.B,

6.168%,

1/02/26

....

3,970

1,511

a

7951302. SQ.FTS.B,

6.478%,

1/02/26

....

a,b

7957554. SQ.FTS.B,

4.757%,

1/03/26

....

852

a,b

7957892. SQ.FTS.B,

5.719%,

1/03/26

....

1,916

938

a,b

7956696. SQ.FTS.B,

5.909%,

1/03/26

....

6,001

a

7957091. SQ.FTS.B,

5.909%,

1/03/26

....

a

7957594. SQ.FTS.B,

6.132%,

1/03/26

....

a,b

7956978. SQ.FTS.B,

6.162%,

1/03/26

....

3,117

a,b

7957811. SQ.FTS.B,

6.453%,

1/03/26

....

a

7959379. SQ.FTS.B,

4.755%,

1/04/26

....

1,525

540

a,b

7960956. SQ.FTS.B,

4.745%,

1/05/26

....

6,522

1,603

a

7961501. SQ.FTS.B,

6.289%,

1/05/26

....

7,741

5,987

a,b

7963717. SQ.FTS.B,

4.757%,

1/06/26

....

934

a

7963288. SQ.FTS.B,

5.359%,

1/06/26

....

1,061

512

a,b

7963850. SQ.FTS.B,

6.298%,

1/06/26

....

504

a,b

7967953. SQ.FTS.B,

5.095%,

1/08/26

....

15,279

a

7966595. SQ.FTS.B,

6.173%,

1/08/26

....

1,968

680

a

7970205. SQ.FTS.B,

5.094%,

1/09/26

....

27,182

17,144

a

7969990. SQ.FTS.B,

5.906%,

1/09/26

....

1,456

998

a,b

7974096. SQ.FTS.B,

4.748%,

1/10/26

....

7,166

a

7972343. SQ.FTS.B,

5.345%,

1/10/26

....

2,050

1,332

a

7984914. SQ.FTS.B,

5.096%,

1/13/26

....

2,692

1,643

a

7985503. SQ.FTS.B,

4.78%,

1/14/26

.....

2,774

2,585

a

7987457. SQ.FTS.B,

5.892%,

1/15/26

....

a

7986075. SQ.FTS.B,

6.158%,

1/15/26

....

531

a,b

7987012. SQ.FTS.B,

6.48%,

1/15/26

.....

10,229

a

7990648. SQ.FTS.B,

4.774%,

1/16/26

....

3,054

1,637

a

7991599. SQ.FTS.B,

4.779%,

1/16/26

....

a

7990813. SQ.FTS.B,

4.78%,

1/16/26

.....

a,b

8000806. SQ.FTS.B,

4.78%,

1/17/26

.....

27,376

953

a

7994523. SQ.FTS.B,

5.096%,

1/17/26

....

1,678

1,226

a,b

8000256. SQ.FTS.B,

5.912%,

1/17/26

....

5,956

a

8003194. SQ.FTS.B,

5.346%,

1/18/26

....

3,277

2,727

Franklin

Investors

Securities

Trust

Schedule

of

Investments

#### Franklin

#### Total

#### Return

#### Fund
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Annual

Report

#### Description

#### Principal

#### Amount

#### Value

#### Marketplace

#### Loans
(continued)

Block,

Inc.

(continued)

a,b

8003591. SQ.FTS.B,

6.163%,

1/18/26

....

$

12,452

$

a

8009056. SQ.FTS.B,

4.78%,

1/19/26

.....

6,942

3,696

a,b

8007319. SQ.FTS.B,

6.477%,

1/19/26

....

12,785

a,b

8014047. SQ.FTS.B,

4.751%,

1/22/26

....

6,204

a,b

8015515. SQ.FTS.B,

4.746%,

1/23/26

....

2,333

a,b

8016641. SQ.FTS.B,

4.747%,

1/23/26

....

5,023

a

8015845. SQ.FTS.B,

4.78%,

1/23/26

.....

6,104

4,868

a

8016896. SQ.FTS.B,

6.289%,

1/23/26

....

–

a

8025825. SQ.FTS.B,

4.78%,

1/25/26

.....

3,350

2,599

a

8027210. SQ.FTS.B,

5.092%,

1/25/26

....

1,127

985

a

8023989. SQ.FTS.B,

5.098%,

1/25/26

....

4,836

2,335

a

8025368. SQ.FTS.B,

6.146%,

1/25/26

....

a,b

8028768. SQ.FTS.B,

5.347%,

1/26/26

....

7,152

3,410

a

8029259. SQ.FTS.B,

5.718%,

1/26/26

....

861

a

8031355. SQ.FTS.B,

5.902%,

1/27/26

....

a

8032785. SQ.FTS.B,

4.785%,

1/28/26

....

a

8036914. SQ.FTS.B,

5.354%,

1/29/26

....

2,702

1,670

a

8039538. SQ.FTS.B,

5.092%,

1/30/26

....

a

8038799. SQ.FTS.B,

5.544%,

1/30/26

....

a

8038230. SQ.FTS.B,

6.163%,

1/30/26

....

2,891

1,792

a

8037451. SQ.FTS.B,

6.164%,

1/30/26

....

a

8038405. SQ.FTS.B,

6.471%,

1/30/26

....

a

8042336. SQ.FTS.B,

6.482%,

1/31/26

....

1,714

1,119

a

8049098. SQ.FTS.B,

5.094%,

2/01/26

....

5,838

5,313

a,b

8050308. SQ.FTS.B,

5.346%,

2/01/26

....

3,444

2,109

a

8047355. SQ.FTS.B,

5.902%,

2/01/26

....

a,b

8049639. SQ.FTS.B,

6.486%,

2/01/26

....

2,226

894

a,b

8051996. SQ.FTS.B,

4.751%,

2/02/26

....

4,640

1,137

a,b

8051483. SQ.FTS.B,

5.346%,

2/02/26

....

1,694

913

a

8050775. SQ.FTS.B,

6.157%,

2/02/26

....

523

a,b

8050572. SQ.FTS.B,

6.289%,

2/02/26

....

3,832

a

8055695. SQ.FTS.B,

4.783%,

2/04/26

....

3,457

2,569

a

8055982. SQ.FTS.B,

6.148%,

2/04/26

....

533

a,b

8057620. SQ.FTS.B,

4.751%,

2/05/26

....

8,330

a

8057890. SQ.FTS.B,

5.346%,

2/05/26

....

3,105

2,532

a

8059705. SQ.FTS.B,

5.535%,

2/05/26

....

4,403

3,912

a

8058155. SQ.FTS.B,

5.723%,

2/05/26

....

18,298

12,314

a

8062730. SQ.FTS.B,

5.136%,

2/06/26

....

a

8062731. SQ.FTS.B,

5.534%,

2/06/26

....

12,872

12,192

a

8076225. SQ.FTS.B,

4.783%,

2/10/26

....

881

831

a,b

8076793. SQ.FTS.B,

6.294%,

2/10/26

....

2,373

a,b

8077372. SQ.FTS.B,

4.778%,

2/11/26

....

3,025

1,110

a

8078299. SQ.FTS.B,

4.746%,

2/12/26

....

1,275

a

8078088. SQ.FTS.B,

4.777%,

2/12/26

....

4,006

2,740

a

8081797. SQ.FTS.B,

6.268%,

2/13/26

....

a

8085774. SQ.FTS.B,

5.095%,

2/14/26

....

1,214

1,202

#### Description

#### Principal

#### Amount

#### Value
Block,

Inc.

(continued)

a

8090007. SQ.FTS.B,

4.78%,

2/15/26

.....

$

11,423

$

8,322

a,b

8093036. SQ.FTS.B,

6.477%,

2/15/26

....

10,658

a

8093678. SQ.FTS.B,

5.727%,

2/16/26

....

5,346

2,906

a

8101696. SQ.FTS.B,

5.093%,

2/19/26

....

1,959

1,765

a

8099621. SQ.FTS.B,

5.346%,

2/19/26

....

12,315

6,987

a

8105051. SQ.FTS.B,

5.092%,

2/20/26

....

2,747

1,749

a

8106732. SQ.FTS.B,

4.78%,

2/21/26

.....

17,428

13,245

a

8109434. SQ.FTS.B,

6.15%,

2/21/26

.....

a

8113487. SQ.FTS.B,

5.723%,

2/22/26

....

4,392

2,994

a,b

8115296. SQ.FTS.B,

6.55%,

2/23/26

.....

2,433

a

8119010. SQ.FTS.B,

4.952%,

2/24/26

....

1,056

624

a

8119176. SQ.FTS.B,

5.099%,

2/24/26

....

a,b

8119560. SQ.FTS.B,

5.409%,

2/25/26

....

8,595

a,b

8124329. SQ.FTS.B,

5.912%,

2/26/26

....

23,671

638

a,b

8123557. SQ.FTS.B,

6.418%,

2/26/26

....

3,612

a

8126086. SQ.FTS.B,

6.416%,

2/27/26

....

1,902

1,328

a

8126705. SQ.FTS.B,

6.441%,

2/27/26

....

616

a

8140625. SQ.FTS.B,

4.78%,

2/28/26

.....

4,642

4,027

a

8142519. SQ.FTS.B,

4.78%,

2/28/26

.....

12,089

8,241

a

8128439. SQ.FTS.B,

5.094%,

2/28/26

....

1,054

1,018

a,b

8128121. SQ.FTS.B,

5.912%,

2/28/26

....

5,320

a,b

8137489. SQ.FTS.B,

5.912%,

2/28/26

....

34,354

688

a,b

8143486. SQ.FTS.B,

6.328%,

3/01/26

....

4,836

a

8149300. SQ.FTS.B,

4.739%,

3/03/26

....

a

8149324. SQ.FTS.B,

4.782%,

3/03/26

....

843

821

a

8145783. SQ.FTS.B,

5.125%,

3/03/26

....

1,054

888

a,b

8150842. SQ.FTS.B,

4.781%,

3/04/26

....

12,085

a,b

8152413. SQ.FTS.B,

6.149%,

3/04/26

....

7,326

a

8158305. SQ.FTS.B,

5.114%,

3/05/26

....

3,340

2,965

a

8156889. SQ.FTS.B,

5.12%,

3/05/26

.....

1,237

570

a

8158243. SQ.FTS.B,

5.665%,

3/05/26

....

4,577

2,969

a

8162815. SQ.FTS.B,

4.779%,

3/07/26

....

a

8162625. SQ.FTS.B,

5.111%,

3/07/26

....

1,162

1,012

a,b

8162406. SQ.FTS.B,

6.152%,

3/07/26

....

3,360

a

8162785. SQ.FTS.B,

6.416%,

3/07/26

....

889

601

a

8163239. SQ.FTS.B,

5.921%,

3/08/26

....

1,574

924

a

8165070. SQ.FTS.B,

4.78%,

3/09/26

.....

a

8164748. SQ.FTS.B,

4.953%,

3/09/26

....

925

734

a

8170695. SQ.FTS.B,

6.551%,

3/10/26

....

706

574

a

8178311. SQ.FTS.B,

5.66%,

3/12/26

.....

1,906

1,639

a,b

8179992. SQ.FTS.B,

6.673%,

3/12/26

....

35,767

751

a,b

8184135. SQ.FTS.B,

6.666%,

3/13/26

....

2,144

a

8184322. SQ.FTS.B,

5.403%,

3/14/26

....

508

a

8184364. SQ.FTS.B,

5.413%,

3/14/26

....

1,768

1,219

a

8185085. SQ.FTS.B,

6.665%,

3/14/26

....

a

8185824. SQ.FTS.B,

4.78%,

3/15/26

.....

1,643

1,552

Franklin

Investors

Securities

Trust

Schedule

of

Investments

#### Franklin

#### Total

#### Return

#### Fund
(continued)

franklintempleton.com

Annual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

#### Description

#### Principal

#### Amount

#### Value

#### Marketplace

#### Loans
(continued)

Block,

Inc.

(continued)

a

8185742. SQ.FTS.B,

5.108%,

3/15/26

....

$

$

a

8186305. SQ.FTS.B,

4.78%,

3/16/26

.....

4,923

1,522

a

8187994. SQ.FTS.B,

5.11%,

3/16/26

.....

a

8190004. SQ.FTS.B,

4.779%,

3/17/26

....

2,970

2,325

a

8191128. SQ.FTS.B,

4.78%,

3/17/26

.....

5,311

4,954

a

8190250. SQ.FTS.B,

4.784%,

3/17/26

....

1,240

1,214

a,b

8192240. SQ.FTS.B,

4.953%,

3/17/26

....

1,288

a

8195862. SQ.FTS.B,

4.78%,

3/18/26

.....

1,615

1,600

a

8196839. SQ.FTS.B,

4.78%,

3/18/26

.....

6,093

5,836

a

8194482. SQ.FTS.B,

4.781%,

3/18/26

....

10,066

6,994

a

8195426. SQ.FTS.B,

6.436%,

3/18/26

....

1,193

862

a,b

8195481. SQ.FTS.B,

6.547%,

3/18/26

....

12,519

4,046

a

8198902. SQ.FTS.B,

4.78%,

3/19/26

.....

8,878

8,427

a

8201077. SQ.FTS.B,

6.43%,

3/19/26

.....

772

554

a

8204347. SQ.FTS.B,

5.409%,

3/20/26

....

696

661

a

8204408. SQ.FTS.B,

6.434%,

3/20/26

....

644

a

8206858. SQ.FTS.B,

5.108%,

3/21/26

....

931

691

a,b

8207770. SQ.FTS.B,

5.111%,

3/22/26

....

2,680

a

8209725. SQ.FTS.B,

4.783%,

3/23/26

....

2,350

2,154

a

8209877. SQ.FTS.B,

5.114%,

3/23/26

....

2,439

2,283

a

8209494. SQ.FTS.B,

5.116%,

3/23/26

....

2,245

1,955

a

8210573. SQ.FTS.B,

5.911%,

3/23/26

....

6,916

5,510

a

8208651. SQ.FTS.B,

6.147%,

3/23/26

....

1,258

983

a

8210054. SQ.FTS.B,

6.15%,

3/23/26

.....

4,749

4,248

a,b

8208433. SQ.FTS.B,

6.153%,

3/23/26

....

3,727

a

8211937. SQ.FTS.B,

5.411%,

3/24/26

....

601

583

a

8211765. SQ.FTS.B,

5.669%,

3/24/26

....

2,583

1,589

a

8214068. SQ.FTS.B,

6.15%,

3/24/26

.....

10,142

3,093

a

8217075. SQ.FTS.B,

4.775%,

3/25/26

....

a,b

8215377. SQ.FTS.B,

5.114%,

3/25/26

....

8,091

a

8216765. SQ.FTS.B,

6.152%,

3/25/26

....

8,165

4,438

a,b

8217448. SQ.FTS.B,

6.333%,

3/25/26

....

1,594

a

8222713. SQ.FTS.B,

6.148%,

3/26/26

....

663

624

a

8220835. SQ.FTS.B,

6.55%,

3/26/26

.....

1,374

892

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

–

#### Description

#### Principal

#### Amount

#### Value
Block,

Inc.

(continued)

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

....

–

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

–

Franklin

Investors

Securities

Trust

Schedule

of

Investments

#### Franklin

#### Total

#### Return

#### Fund
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Annual

Report

#### Description

#### Principal

#### Amount

#### Value

#### Marketplace

#### Loans
(continued)

Block,

Inc.

(continued)

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

4860428. SQ.FTS.B,

4.56%,

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

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

....

–

#### Description

#### Principal

#### Amount

#### Value
Block,

Inc.

(continued)

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

–

a,b

4989680. SQ.FTS.B,

4.871%,

8/11/33

....

6,187

–

a,b

4990405. SQ.FTS.B,

4.403%,

8/12/33

....

1,074

–

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

–

Franklin

Investors

Securities

Trust

Schedule

of

Investments

#### Franklin

#### Total

#### Return

#### Fund
(continued)

franklintempleton.com

Annual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

#### Description

#### Principal

#### Amount

#### Value

#### Marketplace

#### Loans
(continued)

Block,

Inc.

(continued)

a,b

5025377. SQ.FTS.B,

4.561%,

8/18/33

....

$

4,937

$

–

a,b

5026387. SQ.FTS.B,

4.55%,

8/19/33

.....

1,641

–

a,b

5025999. SQ.FTS.B,

4.558%,

8/19/33

....

4,449

–

a,b

5027200. SQ.FTS.B,

5.128%,

8/21/33

....

811

–

a,b

5035879. SQ.FTS.B,

4.55%,

8/23/33

.....

757

–

a,b

5034542. SQ.FTS.B,

4.561%,

8/23/33

....

3,605

–

a,b

5037885. SQ.FTS.B,

2.809%,

8/24/33

....

10,669

–

a,b

5041320. SQ.FTS.B,

5.024%,

8/25/33

....

6,419

–

a,b

5044612. SQ.FTS.B,

4.539%,

8/27/33

....

–

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

....

14,129

–

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

....

5,472

–

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

–

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

–

#### Description

#### Principal

#### Amount

#### Value
Block,

Inc.

(continued)

a,b

5099132. SQ.FTS.B,

4.56%,

9/22/33

.....

$

37,393

$

–

a,b

5098444. SQ.FTS.B,

4.597%,

9/22/33

....

4,780

–

a,b

5102220. SQ.FTS.B,

5.031%,

9/23/33

....

2,484

–

a,b

5107188. SQ.FTS.B,

3.201%,

9/24/33

....

2,474

–

a,b

5104481. SQ.FTS.B,

4.717%,

9/24/33

....

1,513

–

a,b

5109124. SQ.FTS.B,

5.031%,

9/25/33

....

519

–

a,b

5109714. SQ.FTS.B,

5.031%,

9/25/33

....

8,108

–

a,b

5113482. SQ.FTS.B,

3.298%,

9/28/33

....

1,152

–

a,b

5114403. SQ.FTS.B,

4.552%,

9/28/33

....

1,028

–

a,b

5114309. SQ.FTS.B,

4.566%,

9/28/33

....

906

–

a,b

5111943. SQ.FTS.B,

4.822%,

9/28/33

....

842

–

a,b

5115942. SQ.FTS.B,

4.061%,

9/29/33

....

25,309

–

a,b

5122298. SQ.FTS.B,

3.298%,

9/30/33

....

1,008

–

a,b

5118981. SQ.FTS.B,

3.626%,

9/30/33

....

3,773

–

a,b

5119496. SQ.FTS.B,

4.498%,

9/30/33

....

4,666

–

a,b

5122010. SQ.FTS.B,

4.582%,

9/30/33

....

629

–

a,b

5118308. SQ.FTS.B,

4.719%,

9/30/33

....

6,298

–

a,b

5117310. SQ.FTS.B,

4.877%,

9/30/33

....

4,690

–

a,b

5125832. SQ.FTS.B,

4.465%,

10/01/33

...

649

–

a,b

5126318. SQ.FTS.B,

5.031%,

10/01/33

...

–

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

–

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

–

Franklin

Investors

Securities

Trust

Schedule

of

Investments

#### Franklin

#### Total

#### Return

#### Fund
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Annual

Report

#### Description

#### Principal

#### Amount

#### Value

#### Marketplace

#### Loans
(continued)

Block,

Inc.

(continued)

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

–

a,b

5291714. SQ.FTS.B,

4.561%,

11/13/33

...

943

–

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

–

#### Description

#### Principal

#### Amount

#### Value
Block,

Inc.

(continued)

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

...

684

–

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

5336855. SQ.FTS.B,

2.83%,

11/25/33

....

660

–

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

–

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

5515935. SQ.FTS.B,

4.56%,

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

–

Franklin

Investors

Securities

Trust

Schedule

of

Investments

#### Franklin

#### Total

#### Return

#### Fund
(continued)

franklintempleton.com

Annual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

#### Description

#### Principal

#### Amount

#### Value

#### Marketplace

#### Loans
(continued)

Block,

Inc.

(continued)

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

...

5,784

–

a,b

5575354. SQ.FTS.B,

4.874%,

12/21/33

...

1,643

–

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

...

1,682

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

5587763. SQ.FTS.B,

4.718%,

12/24/33

...

6,170

–

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

–

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

....

1,507

–

a,b

5655805. SQ.FTS.B,

4.559%,

1/09/34

....

9,103

–

a,b

5655794. SQ.FTS.B,

4.78%,

1/09/34

.....

–

#### Description

#### Principal

#### Amount

#### Value
Block,

Inc.

(continued)

a,b

5656707. SQ.FTS.B,

3.044%,

1/10/34

....

$

3,920

$

–

a,b

5656317. SQ.FTS.B,

4.403%,

1/10/34

....

3,805

–

a,b

5656852. SQ.FTS.B,

4.477%,

1/10/34

....

716

–

a,b

5656603. SQ.FTS.B,

4.88%,

1/10/34

.....

–

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

5670219. SQ.FTS.B,

4.563%,

1/12/34

....

540

–

a,b

5672062. SQ.FTS.B,

5.367%,

1/12/34

....

957

–

a,b

5672716. SQ.FTS.B,

4.563%,

1/13/34

....

1,598

–

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

....

18,011

–

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

–

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

5777849. SQ.FTS.B,

4.556%,

2/05/34

....

2,753

–

a,b

5775630. SQ.FTS.B,

4.566%,

2/05/34

....

3,070

–

a,b

5778865. SQ.FTS.B,

4.722%,

2/05/34

....

1,883

–

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

–

Franklin

Investors

Securities

Trust

Schedule

of

Investments

#### Franklin

#### Total

#### Return

#### Fund
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Annual

Report

#### Description

#### Principal

#### Amount

#### Value

#### Marketplace

#### Loans
(continued)

Block,

Inc.

(continued)

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

5805328. SQ.FTS.B,

4.555%,

2/11/34

....

–

a,b

5801833. SQ.FTS.B,

4.558%,

2/11/34

....

1,116

–

a,b

5805490. SQ.FTS.B,

4.575%,

2/11/34

....

629

–

a,b

5804251. SQ.FTS.B,

4.717%,

2/11/34

....

3,653

–

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

....

1,214

–

a,b

5818633. SQ.FTS.B,

5.262%,

2/15/34

....

762

–

a,b

5821739. SQ.FTS.B,

4.56%,

2/16/34

.....

19,441

–

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

5840032. SQ.FTS.B,

4.56%,

2/23/34

.....

6,710

–

a,b

5844917. SQ.FTS.B,

3.933%,

2/24/34

....

2,860

–

a,b

5843566. SQ.FTS.B,

4.56%,

2/24/34

.....

5,389

–

a,b

5843736. SQ.FTS.B,

5.015%,

2/24/34

....

1,275

–

a,b

5848650. SQ.FTS.B,

4.814%,

2/25/34

....

2,710

–

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

–

#### Description

#### Principal

#### Amount

#### Value
Block,

Inc.

(continued)

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

....

3,408

–

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

–

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

–

Franklin

Investors

Securities

Trust

Schedule

of

Investments

#### Franklin

#### Total

#### Return

#### Fund
(continued)

franklintempleton.com

Annual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

#### Description

#### Principal

#### Amount

#### Value

#### Marketplace

#### Loans
(continued)

Block,

Inc.

(continued)

a,b

5950020. SQ.FTS.B,

5.438%,

3/29/34

....

$

2,365

$

–

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

....

630

–

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

....

2,325

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

6012358. SQ.FTS.B,

4.527%,

4/20/34

....

713

–

a,b

6011014. SQ.FTS.B,

5.275%,

4/20/34

....

1,209

–

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

–

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

....

–

#### Description

#### Principal

#### Amount

#### Value
Block,

Inc.

(continued)

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

....

1,454

–

a,b

6140505. SQ.FTS.B,

5.381%,

5/17/34

....

3,963

–

a,b

6140493. SQ.FTS.B,

5.456%,

5/17/34

....

–

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

....

1,016

–

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

....

1,378

–

a,b

6271434. SQ.FTS.B,

4.968%,

7/01/34

....

674

–

a,b

6274028. SQ.FTS.B,

5.252%,

7/03/34

....

7,166

–

a,b

6275869. SQ.FTS.B,

5.377%,

7/04/34

....

8,494

–

a,b

6278505. SQ.FTS.B,

5.771%,

7/04/34

....

–

a,b

6281173. SQ.FTS.B,

4.752%,

7/05/34

....

574

–

a,b

6285882. SQ.FTS.B,

5.255%,

7/07/34

....

3,875

–

a,b

6297788. SQ.FTS.B,

5.444%,

7/12/34

....

884

–

a,b

6304026. SQ.FTS.B,

4.528%,

7/14/34

....

4,503

–

Franklin

Investors

Securities

Trust

Schedule

of

Investments

#### Franklin

#### Total

#### Return

#### Fund
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Annual

Report

#### Description

#### Principal

#### Amount

#### Value

#### Marketplace

#### Loans
(continued)

Block,

Inc.

(continued)

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

....

10,080

–

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

6501697. SQ.FTS.B,

4.963%,

9/16/34

....

–

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

–

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

–

#### Description

#### Principal

#### Amount

#### Value
Block,

Inc.

(continued)

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

6607285. SQ.FTS.B,

4.655%,

10/24/34

...

3,831

a,b

6610631. SQ.FTS.B,

5.129%,

10/25/34

...

5,370

–

a,b

6609951. SQ.FTS.B,

5.571%,

10/25/34

...

859

–

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

6631659. SQ.FTS.B,

6.262%,

11/02/34

...

2,159

–

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

...

2,173

–

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

...

–

Franklin

Investors

Securities

Trust

Schedule

of

Investments

#### Franklin

#### Total

#### Return

#### Fund
(continued)

franklintempleton.com

Annual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

#### Description

#### Principal

#### Amount

#### Value

#### Marketplace

#### Loans
(continued)

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

...

1,591

–

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

....

1,083

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

....

#### Description

#### Principal

#### Amount

#### Value
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

....

4,185

a,b

6845464. SQ.FTS.B,

5.567%,

1/15/35

....

876

a,b

6861516. SQ.FTS.B,

4.751%,

1/20/35

....

2,500

a,b

6860790. SQ.FTS.B,

6.009%,

1/20/35

....

4,246

a,b

6858335. SQ.FTS.B,

6.42%,

1/20/35

.....

705

a,b

6864423. SQ.FTS.B,

5.566%,

1/21/35

....

8,861

a,b

6863964. SQ.FTS.B,

6%,

1/21/35

.......

1,197

a,b

6864699. SQ.FTS.B,

5.439%,

1/22/35

....

–

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

6888984. SQ.FTS.B,

4.935%,

1/31/35

....

6,130

578

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

....

26,246

2,509

a,b

6904916. SQ.FTS.B,

5.178%,

2/05/35

....

a,b

6904370. SQ.FTS.B,

6.161%,

2/05/35

....

3,220

a,b

6910971. SQ.FTS.B,

5.376%,

2/08/35

....

21,142

a,b

6909059. SQ.FTS.B,

6.263%,

2/08/35

....

3,599

a,b

6923831. SQ.FTS.B,

6.181%,

2/15/35

....

1,021

–

a,b

6933459. SQ.FTS.B,

4.755%,

2/17/35

....

2,173

a,b

6933558. SQ.FTS.B,

5.447%,

2/17/35

....

3,195

a,b

6935864. SQ.FTS.B,

5.566%,

2/17/35

....

2,480

a,b

6937431. SQ.FTS.B,

4.94%,

2/18/35

.....

2,039

a,b

6937013. SQ.FTS.B,

5.189%,

2/18/35

....

2,482

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

Franklin

Investors

Securities

Trust

Schedule

of

Investments

#### Franklin

#### Total

#### Return

#### Fund
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Annual

Report

#### Description

#### Principal

#### Amount

#### Value

#### Marketplace

#### Loans
(continued)

Block,

Inc.

(continued)

a,b

6967101. SQ.FTS.B,

4.94%,

2/28/35

.....

$

1,945

$

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

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

....

1,276

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

....

3,925

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

7073426. SQ.FTS.B,

6.259%,

4/02/35

....

3,817

951

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

7085488. SQ.FTS.B,

4.934%,

4/05/35

....

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

.....

3,449

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

#### Description

#### Principal

#### Amount

#### Value
Block,

Inc.

(continued)

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

....

5,181

1,478

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

954

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

....

4,189

1,256

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

7220570. SQ.FTS.B,

4.937%,

5/14/35

....

1,243

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

1,059

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

....

21,293

2,248

Franklin

Investors

Securities

Trust

Schedule

of

Investments

#### Franklin

#### Total

#### Return

#### Fund
(continued)

franklintempleton.com

Annual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

#### Description

#### Principal

#### Amount

#### Value

#### Marketplace

#### Loans
(continued)

Block,

Inc.

(continued)

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

....

a,b

7298390. SQ.FTS.B,

5.188%,

6/08/35

....

832

a,b

7303458. SQ.FTS.B,

4.652%,

6/10/35

....

1,975

771

a,b

7312996. SQ.FTS.B,

5.565%,

6/12/35

....

2,265

933

a,b

7315379. SQ.FTS.B,

4.936%,

6/13/35

....

14,812

1,290

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

7327635. SQ.FTS.B,

5.193%,

6/15/35

....

a,b

7328785. SQ.FTS.B,

5.566%,

6/16/35

....

6,965

a,b

7333634. SQ.FTS.B,

5.771%,

6/18/35

....

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

.....

4,229

1,066

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

1,585

a,b

7371001. SQ.FTS.B,

5.562%,

6/30/35

....

1,240

a,b

7371632. SQ.FTS.B,

6.003%,

6/30/35

....

1,258

a,b

7371839. SQ.FTS.B,

6.243%,

7/01/35

....

1,078

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

....

55,481

10,531

a,b

7377495. SQ.FTS.B,

4.655%,

7/03/35

....

4,729

2,134

a,b

7377915. SQ.FTS.B,

5.191%,

7/03/35

....

2,442

a,b

7378930. SQ.FTS.B,

5.377%,

7/03/35

....

1,076

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

7391026. SQ.FTS.B,

5.187%,

7/08/35

....

1,495

596

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

7406511. SQ.FTS.B,

4.936%,

7/13/35

....

6,229

2,449

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

....

1,231

632

#### Description

#### Principal

#### Amount

#### Value
Block,

Inc.

(continued)

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

....

9,018

1,212

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

7461398. SQ.FTS.B,

5.571%,

8/02/35

....

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

7464926. SQ.FTS.B,

6.165%,

8/05/35

....

1,997

1,054

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

....

7,908

4,408

a,b

7487915. SQ.FTS.B,

4.654%,

8/12/35

....

24,269

13,136

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

7508857. SQ.FTS.B,

4.755%,

8/17/35

....

a,b

7512941. SQ.FTS.B,

5.191%,

8/20/35

....

4,092

1,983

a,b

7515032. SQ.FTS.B,

5.38%,

8/20/35

.....

1,203

a,b

7518657. SQ.FTS.B,

5.377%,

8/21/35

....

1,292

684

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

....

16,532

3,024

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

699

a,b

7530328. SQ.FTS.B,

4.654%,

8/25/35

....

a,b

7530955. SQ.FTS.B,

5.57%,

8/25/35

.....

a,b

7534105. SQ.FTS.B,

4.654%,

8/26/35

....

682

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

613

a,b

7562885. SQ.FTS.B,

6.004%,

9/05/35

....

8,387

Franklin

Investors

Securities

Trust

Schedule

of

Investments

#### Franklin

#### Total

#### Return

#### Fund
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Annual

Report

#### Description

#### Principal

#### Amount

#### Value

#### Marketplace

#### Loans
(continued)

Block,

Inc.

(continued)

a

7566454. SQ.FTS.B,

5.731%,

9/06/35

....

$

$

a

7566502. SQ.FTS.B,

6.002%,

9/06/35

....

870

a,b

7571798. SQ.FTS.B,

4.937%,

9/07/35

....

13,156

a,b

7571356. SQ.FTS.B,

5.188%,

9/07/35

....

17,532

2,625

a

7572337. SQ.FTS.B,

5.56%,

9/07/35

.....

a

7571315. SQ.FTS.B,

5.577%,

9/07/35

....

a

7573833. SQ.FTS.B,

5.765%,

9/07/35

....

a,b

7580380. SQ.FTS.B,

4.923%,

9/10/35

....

842

a

7585994. SQ.FTS.B,

4.654%,

9/12/35

....

8,540

4,792

a,b

7584863. SQ.FTS.B,

4.749%,

9/12/35

....

14,320

a

7587494. SQ.FTS.B,

4.937%,

9/12/35

....

a

7587908. SQ.FTS.B,

5.752%,

9/12/35

....

2,809

1,585

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

7590816. SQ.FTS.B,

6.17%,

9/13/35

.....

a,b

7589431. SQ.FTS.B,

6.417%,

9/13/35

....

4,982

708

a,b

7598984. SQ.FTS.B,

5.189%,

9/15/35

....

8,984

a

7601738. SQ.FTS.B,

5.754%,

9/17/35

....

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

7617327. SQ.FTS.B,

5.378%,

9/21/35

....

20,647

13,263

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

785

a

7626562. SQ.FTS.B,

5.281%,

9/26/35

....

563

a

7633539. SQ.FTS.B,

5.344%,

9/27/35

....

2,544

1,564

a

7633493. SQ.FTS.B,

5.755%,

9/27/35

....

549

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

7637379. SQ.FTS.B,

5.375%,

9/28/35

....

1,728

679

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

7641906. SQ.FTS.B,

5.377%,

9/29/35

....

10,898

6,723

a

7643287. SQ.FTS.B,

6.476%,

9/29/35

....

555

a,b

7645813. SQ.FTS.B,

6.184%,

10/01/35

...

946

a

7653005. SQ.FTS.B,

5.184%,

10/02/35

...

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

677

a,b

7662217. SQ.FTS.B,

5.563%,

10/04/35

...

4,430

#### Description

#### Principal

#### Amount

#### Value
Block,

Inc.

(continued)

a,b

7659875. SQ.FTS.B,

6.17%,

10/04/35

....

$

$

a

7665718. SQ.FTS.B,

5.533%,

10/05/35

...

4,721

2,716

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

7669086. SQ.FTS.B,

5.377%,

10/07/35

...

877

a,b

7671011. SQ.FTS.B,

5.157%,

10/08/35

...

a,b

7671923. SQ.FTS.B,

5.567%,

10/08/35

...

4,283

a

7683706. SQ.FTS.B,

4.778%,

10/11/35

...

1,605

1,156

a

7687178. SQ.FTS.B,

5.912%,

10/12/35

...

908

575

a,b

7690511. SQ.FTS.B,

6.267%,

10/14/35

...

936

a

7692666. SQ.FTS.B,

4.762%,

10/15/35

...

a,b

7693971. SQ.FTS.B,

5.348%,

10/15/35

...

8,978

a

7693460. SQ.FTS.B,

6.294%,

10/15/35

...

653

a,b

7699696. SQ.FTS.B,

5.566%,

10/17/35

...

18,110

a

7697716. SQ.FTS.B,

6.164%,

10/17/35

...

2,284

1,285

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

7724116. SQ.FTS.B,

5.349%,

10/25/35

...

636

a,b

7722826. SQ.FTS.B,

5.527%,

10/25/35

...

1,164

510

a

7722271. SQ.FTS.B,

6.164%,

10/25/35

...

735

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

7730655. SQ.FTS.B,

6.184%,

10/27/35

...

841

a

7733155. SQ.FTS.B,

5.533%,

10/28/35

...

887

545

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

7745988. SQ.FTS.B,

5.346%,

11/01/35

...

2,163

1,310

a,b

7751484. SQ.FTS.B,

5.096%,

11/02/35

...

4,718

2,640

a

7751646. SQ.FTS.B,

6.172%,

11/02/35

...

a

7763236. SQ.FTS.B,

5.912%,

11/06/35

...

4,170

1,874

a

7760734. SQ.FTS.B,

5.922%,

11/06/35

...

a

7760998. SQ.FTS.B,

6.16%,

11/06/35

....

a,b

7760287. SQ.FTS.B,

6.169%,

11/06/35

...

6,714

a

7766291. SQ.FTS.B,

5.398%,

11/07/35

...

a

7766724. SQ.FTS.B,

6.169%,

11/07/35

...

1,464

875

a,b

7771517. SQ.FTS.B,

4.78%,

11/08/35

....

1,673

a,b

7770019. SQ.FTS.B,

5.533%,

11/08/35

...

2,669

1,894

a,b

7777312. SQ.FTS.B,

4.717%,

11/09/35

...

a

7778593. SQ.FTS.B,

5.738%,

11/10/35

...

a

7781121. SQ.FTS.B,

5.912%,

11/10/35

...

3,459

2,233

a,b

7783246. SQ.FTS.B,

6.159%,

11/12/35

...

1,495

a

7787446. SQ.FTS.B,

4.78%,

11/13/35

....

642

a,b

7785778. SQ.FTS.B,

5.099%,

11/13/35

...

1,433

773

a

7791324. SQ.FTS.B,

5.089%,

11/14/35

...

919

596

a

7792716. SQ.FTS.B,

4.786%,

11/15/35

...

Franklin

Investors

Securities

Trust

Schedule

of

Investments

#### Franklin

#### Total

#### Return

#### Fund
(continued)

franklintempleton.com

Annual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

#### Description

#### Principal

#### Amount

#### Value

#### Marketplace

#### Loans
(continued)

Block,

Inc.

(continued)

a

7792924. SQ.FTS.B,

5.725%,

11/15/35

...

$

$

a

7794833. SQ.FTS.B,

6.144%,

11/15/35

...

a

7798612. SQ.FTS.B,

6.468%,

11/16/35

...

a

7803938. SQ.FTS.B,

4.767%,

11/17/35

...

a,b

7804032. SQ.FTS.B,

6.162%,

11/18/35

...

11,301

3,356

a,b

7805135. SQ.FTS.B,

4.756%,

11/19/35

...

a

7805154. SQ.FTS.B,

5.922%,

11/19/35

...

969

578

a

7809092. SQ.FTS.B,

5.346%,

11/20/35

...

2,997

1,917

a

7811350. SQ.FTS.B,

4.78%,

11/21/35

....

1,178

870

a

7811469. SQ.FTS.B,

4.784%,

11/21/35

...

a

7812610. SQ.FTS.B,

5.72%,

11/21/35

....

866

631

a,b

7821101. SQ.FTS.B,

4.742%,

11/23/35

...

4,175

a

7824941. SQ.FTS.B,

5.094%,

11/23/35

...

13,198

8,773

a,b

7822908. SQ.FTS.B,

5.723%,

11/23/35

...

20,456

2,184

a,b

7828520. SQ.FTS.B,

5.727%,

11/24/35

...

2,729

a

7830282. SQ.FTS.B,

6.289%,

11/25/35

...

8,633

4,330

a

7839910. SQ.FTS.B,

4.75%,

11/29/35

....

4,316

1,994

a

7836965. SQ.FTS.B,

5.724%,

11/29/35

...

20,025

12,642

a

7839465. SQ.FTS.B,

6.297%,

11/29/35

...

518,234

Freedom

Financial

Asset

Management

LLC

APP-08988851.FP.FTS.B,

16.99%,

12/01/25

..........................

2,092

2,098

APP-11802431.FP.FTS.B,

10.24%,

12/18/25

..........................

621

622

APP-10746117.FP.FTS.B,

8.99%,

12/26/25

APP-11104135.FP.FTS.B,

11.49%,

1/03/26

2,241

2,245

APP-11770041.FP.FTS.B,

15.99%,

2/02/26

1,045

1,053

APP-10480296.FP.FTS.B,

19.49%,

2/12/26

APP-11817724.FP.FTS.B,

20.74%,

2/12/26

2,407

2,459

APP-11237745.FP.FTS.B,

17.49%,

2/20/26

659

663

APP-11946533.FP.FTS.B,

16.24%,

3/01/26

1,586

1,591

b

APP-12236342.FP.FTS.B,

16.49%,

3/08/26

6,218

672

APP-12106220.FP.FTS.B,

18.99%,

3/12/26

938

945

APP-12246852.FP.FTS.B,

23.99%,

3/12/26

APP-08739403.FP.FTS.B,

16.99%,

3/21/26

3,352

3,384

APP-11799543.FP.FTS.B,

13.24%,

4/12/26

1,272

1,280

APP-08698355.FP.FTS.B,

18.99%,

4/17/26

APP-09019999.FP.FTS.B,

13.49%,

4/22/26

4,373

4,398

APP-09087999.FP.FTS.B,

21.49%,

4/30/26

4,753

4,875

APP-08979983.FP.FTS.B,

19.99%,

5/01/26

1,994

2,025

APP-08726744.FP.FTS.B,

21.49%,

5/01/26

6,113

6,214

APP-09321377.FP.FTS.B,

17.49%,

5/15/26

4,064

4,095

APP-09352425.FP.FTS.B,

14.99%,

5/28/26

4,939

4,981

APP-09057834.FP.FTS.B,

18.99%,

5/29/26

5,222

2,253

APP-08970713.FP.FTS.B,

12.99%,

5/30/26

3,982

4,018

APP-08976475.FP.FTS.B,

20.99%,

5/30/26

2,125

2,206

APP-08924285.FP.FTS.B,

14.99%,

5/31/26

3,115

3,144

APP-09060458.FP.FTS.B,

22.49%,

5/31/26

1,098

1,123

APP-08847606.FP.FTS.B,

15.49%,

6/04/26

5,623

5,652

APP-08979954.FP.FTS.B,

12.99%,

6/05/26

4,430

4,468

#### Description

#### Principal

#### Amount

#### Value
Freedom

Financial

Asset

Management

LLC

(continued)

APP-09027027.FP.FTS.B,

21.49%,

6/05/26

$

5,522

$

5,747

APP-09074502.FP.FTS.B,

17.49%,

6/12/26

6,316

6,390

b

APP-08907777.FP.FTS.B,

17.99%,

6/12/26

2,044

APP-09074432.FP.FTS.B,

19.99%,

6/12/26

2,309

2,380

APP-09045278.FP.FTS.B,

12.99%,

6/14/26

1,963

1,978

APP-09096903.FP.FTS.B,

12.99%,

6/15/26

2,713

2,733

APP-08847769.FP.FTS.B,

14.99%,

6/15/26

2,691

2,714

APP-09029834.FP.FTS.B,

18.49%,

6/18/26

2,280

2,308

APP-09125842.FP.FTS.B,

20.49%,

6/18/26

1,219

1,227

APP-09281875.FP.FTS.B,

14.99%,

6/20/26

4,464

4,497

APP-09238269.FP.FTS.B,

15.49%,

6/28/26

9,422

9,525

APP-09096348.FP.FTS.B,

18.99%,

6/28/26

4,465

4,528

APP-09201816.FP.FTS.B,

19.49%,

6/28/26

1,984

2,059

APP-09355512.FP.FTS.B,

20.99%,

6/29/26

2,816

2,866

APP-08984739.FP.FTS.B,

17.49%,

7/01/26

8,805

8,873

APP-09717698.FP.FTS.B,

13.24%,

7/03/26

4,252

4,280

APP-09379010.FP.FTS.B,

22.49%,

7/04/26

4,861

4,985

APP-09445164.FP.FTS.B,

13.49%,

7/06/26

6,053

6,094

APP-09448166.FP.FTS.B,

14.99%,

7/07/26

5,084

5,133

APP-08684302.FP.FTS.B,

13.74%,

7/08/26

6,949

7,000

APP-09351977.FP.FTS.B,

19.49%,

7/10/26

4,259

4,353

APP-08684475.FP.FTS.B,

18.99%,

7/11/26

2,083

2,138

APP-09328185.FP.FTS.B,

15.49%,

7/12/26

6,847

6,912

APP-09241097.FP.FTS.B,

20.49%,

7/15/26

5,336

5,542

APP-09356919.FP.FTS.B,

15.49%,

7/20/26

5,866

5,941

b

APP-09015317.FP.FTS.B,

18.99%,

7/22/26

5,560

886

APP-09012359.FP.FTS.B,

23.49%,

7/23/26

3,642

3,789

APP-08924296.FP.FTS.B,

22.49%,

7/30/26

9,909

10,390

APP-09708763.FP.FTS.B,

17.49%,

8/10/26

4,192

4,282

APP-09780659.FP.FTS.B,

17.49%,

8/10/26

6,642

6,720

APP-09789653.FP.FTS.B,

23.49%,

8/10/26

4,626

4,789

b

APP-09759315.FP.FTS.B,

13.24%,

8/11/26

6,464

729

APP-09593157.FP.FTS.B,

14.74%,

8/12/26

7,607

4,939

APP-09291173.FP.FTS.B,

13.24%,

8/15/26

4,494

4,525

APP-09778508.FP.FTS.B,

13.24%,

8/15/26

5,228

5,272

APP-10045496.FP.FTS.B,

14.49%,

8/15/26

2,255

2,274

APP-09708666.FP.FTS.B,

19.49%,

8/15/26

5,054

5,218

APP-09242266.FP.FTS.B,

22.99%,

8/15/26

11,955

4,236

APP-10214566.FP.FTS.B,

17.99%,

8/18/26

5,429

5,551

APP-10213964.FP.FTS.B,

18.99%,

8/18/26

4,353

4,472

APP-10246936.FP.FTS.B,

9.99%,

8/20/26

.

3,712

3,748

APP-09717880.FP.FTS.B,

15.74%,

8/20/26

5,648

5,712

APP-09811789.FP.FTS.B,

22.49%,

8/20/26

1,812

1,879

APP-10127112.FP.FTS.B,

16.49%,

8/21/26

3,406

3,455

APP-10293482.FP.FTS.B,

11.99%,

8/22/26

3,416

3,447

APP-09726787.FP.FTS.B,

15.24%,

8/24/26

3,418

3,460

APP-09787833.FP.FTS.B,

15.74%,

8/24/26

8,606

8,713

APP-09708684.FP.FTS.B,

21.49%,

8/24/26

12,212

12,634

APP-09759659.FP.FTS.B,

13.24%,

8/25/26

6,503

6,572

APP-09812236.FP.FTS.B,

13.24%,

8/26/26

3,945

3,982

APP-10233694.FP.FTS.B,

18.99%,

8/30/26

4,455

4,601

APP-10352432.FP.FTS.B,

11.99%,

9/01/26

4,374

4,409

APP-11335385.FP.FTS.B,

10.99%,

9/04/26

1,109

1,111

APP-10389562.FP.FTS.B,

17.49%,

9/05/26

4,886

4,989

APP-10525907.FP.FTS.B,

11.99%,

9/15/26

5,302

1,884

b

APP-09133899.FP.FTS.B,

22.99%,

9/16/26

17,030

1,369

Franklin

Investors

Securities

Trust

Schedule

of

Investments

#### Franklin

#### Total

#### Return

#### Fund
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Annual

Report

#### Description

#### Principal

#### Amount

#### Value

#### Marketplace

#### Loans
(continued)

Freedom

Financial

Asset

Management

LLC

(continued)

APP-10158390.FP.FTS.B,

12.49%,

9/21/26

$

8,471

$

8,554

APP-10209954.FP.FTS.B,

16.49%,

9/23/26

3,055

3,101

APP-08902866.FP.FTS.B,

20.49%,

9/23/26

8,033

8,377

APP-08924259.FP.FTS.B,

15.49%,

9/29/26

9,048

9,180

APP-10663520.FP.FTS.B,

12.49%,

9/30/26

8,302

8,387

APP-10115186.FP.FTS.B,

23.49%,

10/01/26

..........................

6,447

6,723

APP-10195837.FP.FTS.B,

11.99%,

10/02/26

..........................

4,118

4,154

APP-10622691.FP.FTS.B,

18.99%,

10/02/26

..........................

3,337

3,434

APP-10210290.FP.FTS.B,

19.99%,

10/02/26

..........................

1,996

2,033

APP-10374305.FP.FTS.B,

11.99%,

10/05/26

..........................

4,590

4,630

APP-10157026.FP.FTS.B,

14.24%,

10/05/26

..........................

3,811

3,852

APP-10692650.FP.FTS.B,

11.99%,

10/08/26

..........................

4,422

4,464

APP-10291582.FP.FTS.B,

17.49%,

10/09/26

..........................

5,109

5,221

APP-10682190.FP.FTS.B,

19.49%,

10/09/26

..........................

5,755

5,969

APP-10477663.FP.FTS.B,

20.99%,

10/12/26

..........................

2,428

2,432

APP-10199991.FP.FTS.B,

16.99%,

10/15/26

..........................

5,177

5,251

APP-10365188.FP.FTS.B,

14.24%,

10/17/26

..........................

3,702

3,747

APP-10091993.FP.FTS.B,

19.99%,

10/20/26

..........................

5,728

5,919

APP-10463469.FP.FTS.B,

18.99%,

10/24/26

..........................

14,978

15,427

APP-10364110.FP.FTS.B,

11.24%,

10/25/26

11,664

11,797

APP-10512737.FP.FTS.B,

17.49%,

10/25/26

..........................

5,740

5,913

APP-10274873.FP.FTS.B,

20.49%,

10/25/26

..........................

5,016

5,217

APP-10352498.FP.FTS.B,

18.49%,

10/28/26

..........................

3,761

3,889

APP-10432641.FP.FTS.B,

15.49%,

10/29/26

..........................

7,862

8,001

APP-09132903.FP.FTS.B,

18.99%,

10/31/26

..........................

5,357

4,524

APP-10203378.FP.FTS.B,

18.99%,

11/01/26

..........................

1,656

1,685

APP-10583684.FP.FTS.B,

16.99%,

11/02/26

..........................

5,655

5,792

APP-11307937.FP.FTS.B,

11.99%,

11/08/26

5,909

5,964

APP-09709453.FP.FTS.B,

14.24%,

11/09/26

..........................

5,266

1,949

APP-11099818.FP.FTS.B,

16.49%,

11/09/26

3,381

3,425

APP-08114000.FP.FTS.B,

13.24%,

11/10/26

6,491

6,554

APP-10765319.FP.FTS.B,

14.49%,

11/11/26

1,957

1,976

APP-11395641.FP.FTS.B,

11.99%,

11/14/26

2,177

2,181

APP-10714394.FP.FTS.B,

11.99%,

11/15/26

7,564

7,641

APP-11304024.FP.FTS.B,

17.49%,

11/15/26

4,095

4,205

#### Description

#### Principal

#### Amount

#### Value
Freedom

Financial

Asset

Management

LLC

(continued)

APP-10689192.FP.FTS.B,

12.49%,

11/16/26

..........................

$

10,377

$

10,492

APP-10768778.FP.FTS.B,

14.74%,

11/18/26

..........................

10,716

10,853

APP-10170330.FP.FTS.B,

11.99%,

11/20/26

3,512

3,550

APP-09778451.FP.FTS.B,

18.99%,

11/20/26

..........................

8,079

8,356

APP-10756762.FP.FTS.B,

12.49%,

11/21/26

..........................

8,522

8,619

APP-09766134.FP.FTS.B,

15.24%,

11/23/26

..........................

7,240

7,343

APP-11304530.FP.FTS.B,

21.49%,

11/24/26

15,576

16,161

APP-11333408.FP.FTS.B,

17.99%,

11/25/26

4,023

4,202

APP-11386113.FP.FTS.B,

18.99%,

11/25/26

2,260

2,329

b

APP-10229284.FP.FTS.B,

18.99%,

12/04/26

..........................

6,079

1,265

APP-10776411.FP.FTS.B,

11.99%,

12/09/26

8,933

9,027

APP-11741440.FP.FTS.B,

19.99%,

12/16/26

..........................

3,293

3,388

APP-11283905.FP.FTS.B,

15.99%,

12/21/26

..........................

15,124

15,368

APP-11187285.FP.FTS.B,

12.49%,

12/22/26

10,950

11,076

APP-11305667.FP.FTS.B,

20.49%,

12/27/26

..........................

8,705

9,102

APP-11776378.FP.FTS.B,

20.49%,

12/27/26

..........................

11,123

11,564

APP-11124061.FP.FTS.B,

11.99%,

12/28/26

8,428

2,886

APP-11306747.FP.FTS.B,

14.24%,

12/28/26

..........................

4,528

4,593

APP-11410923.FP.FTS.B,

23.49%,

12/28/26

..........................

3,222

3,375

APP-11798578.FP.FTS.B,

11.74%,

12/29/26

12,895

13,062

APP-11266733.FP.FTS.B,

11.99%,

12/30/26

7,257

7,349

APP-11333109.FP.FTS.B,

15.99%,

1/03/27

5,122

5,188

APP-11333811.FP.FTS.B,

16.99%,

1/03/27

4,851

4,977

APP-11332983.FP.FTS.B,

18.99%,

1/04/27

5,046

5,181

APP-11355890.FP.FTS.B,

14.74%,

1/07/27

12,333

12,485

APP-11389311.FP.FTS.B,

17.49%,

1/07/27

13,053

13,257

APP-11333372.FP.FTS.B,

18.49%,

1/07/27

6,440

6,670

APP-11128695.FP.FTS.B,

14.49%,

1/08/27

2,323

2,350

APP-11385154.FP.FTS.B,

18.99%,

1/08/27

4,997

5,136

APP-10916969.FP.FTS.B,

19.99%,

1/08/27

3,685

3,792

APP-11393205.FP.FTS.B,

21.99%,

1/08/27

APP-10710819.FP.FTS.B,

16.99%,

1/09/27

2,448

2,459

APP-11380536.FP.FTS.B,

17.49%,

1/09/27

5,629

5,756

APP-11335531.FP.FTS.B,

16.99%,

1/10/27

5,890

6,063

APP-12243964.FP.FTS.B,

19.99%,

1/15/27

5,026

5,220

APP-11277516.FP.FTS.B,

18.49%,

1/18/27

8,191

8,454

APP-12231521.FP.FTS.B,

17.24%,

1/26/27

12,191

12,584

APP-12151284.FP.FTS.B,

17.99%,

1/27/27

6,775

7,095

APP-12241564.FP.FTS.B,

19.99%,

1/27/27

1,568

1,579

APP-12243989.FP.FTS.B,

21.99%,

1/27/27

3,520

3,664

APP-10606291.FP.FTS.B,

18.49%,

1/28/27

600

602

APP-09940038.FP.FTS.B,

17.49%,

1/29/27

6,631

6,861

APP-11795116.FP.FTS.B,

11.74%,

2/04/27

8,060

8,159

APP-11396422.FP.FTS.B,

18.99%,

2/08/27

6,707

6,911

APP-11798862.FP.FTS.B,

16.49%,

2/09/27

4,408

4,480

Franklin

Investors

Securities

Trust

Schedule

of

Investments

#### Franklin

#### Total

#### Return

#### Fund
(continued)

franklintempleton.com

Annual

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-11810406.FP.FTS.B,

11.74%,

2/10/27

$

15,719

$

15,918

APP-11787878.FP.FTS.B,

19.99%,

2/10/27

2,674

2,753

APP-11779303.FP.FTS.B,

10.99%,

2/11/27

2,950

2,964

APP-11791248.FP.FTS.B,

11.24%,

2/11/27

12,420

12,592

APP-11779953.FP.FTS.B,

16.74%,

2/11/27

18,403

10,752

APP-11789582.FP.FTS.B,

19.49%,

2/11/27

5,271

1,812

APP-11805082.FP.FTS.B,

19.49%,

2/11/27

7,783

8,079

APP-11753796.FP.FTS.B,

19.99%,

2/12/27

5,405

5,618

APP-11805436.FP.FTS.B,

22.49%,

2/12/27

3,809

3,964

APP-10688549.FP.FTS.B,

18.99%,

2/16/27

11,881

12,319

APP-12266273.FP.FTS.B,

23.74%,

2/18/27

10,206

10,685

APP-10253670.FP.FTS.B,

19.99%,

2/19/27

3,128

3,239

APP-11339522.FP.FTS.B,

23.49%,

2/21/27

7,523

7,875

APP-10769483.FP.FTS.B,

17.99%,

2/22/27

9,824

10,117

b

APP-10580822.FP.FTS.B,

18.49%,

2/22/27

10,622

1,498

APP-12228409.FP.FTS.B,

19.99%,

3/01/27

4,959

5,124

APP-11194668.FP.FTS.B,

14.24%,

3/03/27

7,797

7,923

APP-11317083.FP.FTS.B,

20.49%,

3/03/27

4,365

4,521

APP-12172287.FP.FTS.B,

19.99%,

3/07/27

6,173

6,407

APP-12130498.FP.FTS.B,

13.24%,

3/10/27

7,262

7,368

APP-12213871.FP.FTS.B,

19.99%,

3/11/27

8,008

8,403

APP-12244387.FP.FTS.B,

11.24%,

3/12/27

10,432

10,586

APP-12236483.FP.FTS.B,

15.24%,

3/13/27

13,874

14,263

APP-10683987.FP.FTS.B,

12.49%,

3/16/27

13,410

13,585

APP-10550902.FP.FTS.B,

9.99%,

3/24/27

.

1,131

1,131

b

APP-10156518.FP.FTS.B,

19.99%,

3/31/27

1,512

APP-11391376.FP.FTS.B,

19.99%,

3/31/27

11,191

11,699

APP-09094872.FP.FTS.B,

14.99%,

4/01/27

4,026

4,044

APP-12180444.FP.FTS.B,

25.49%,

4/04/27

832

834

APP-11496336.FP.FTS.B,

11.24%,

4/11/27

6,523

3,673

APP-11823747.FP.FTS.B,

13.74%,

4/11/27

4,676

4,746

APP-11799128.FP.FTS.B,

10.99%,

4/12/27

8,449

8,574

APP-10672023.FP.FTS.B,

18.49%,

4/15/27

3,660

3,737

APP-10459721.FP.FTS.B,

20.99%,

4/23/27

18,239

19,024

APP-11277041.FP.FTS.B,

20.49%,

4/30/27

10,687

11,237

APP-10315402.FP.FTS.B,

22.99%,

5/30/27

8,017

8,484

APP-11301237.FP.FTS.B,

18.49%,

6/02/27

7,803

8,154

APP-10482600.FP.FTS.B,

16.49%,

6/30/27

4,934

5,034

APP-09447903.FP.FTS.B,

23.49%,

6/30/27

11,064

2,449

APP-11579250.FP.FTS.B,

11.24%,

8/15/27

13,959

14,180

APP-12222310.FP.FTS.B,

18.24%,

9/21/27

19,441

20,284

APP-10244251.FP.FTS.B,

20.49%,

9/28/27

11,812

12,349

b

APP-11800371.FP.FTS.B,

19.74%,

10/10/27

..........................

7,716

1,321

b

APP-11315623.FP.FTS.B,

15.49%,

11/02/27

10,013

2,058

APP-10839237.FP.FTS.B,

10.99%,

11/15/35

..........................

539

540

APP-11210666.FP.FTS.B,

10.99%,

11/15/35

APP-11237796.FP.FTS.B,

16.49%,

11/15/35

1,146,462

LendingClub

Corp.

-

LCX

PM

172960729. LC.FTS.B,

14.02%,

12/19/25

..

7,286

–

172424365. LC.FTS.B,

15.4%,

12/20/25

...

575

575

173277936. LC.FTS.B,

16.08%,

12/31/25

..

2,823

2,839

173604231. LC.FTS.B,

14.02%,

1/12/26

...

814

809

#### Description

#### Principal

#### Amount

#### Value
LendingClub

Corp.

-

LCX

PM

(continued)

173663810. LC.FTS.B,

17.3%,

1/13/26

...

$

617

$

619

173394313. LC.FTS.B,

16.08%,

1/16/26

...

1,341

1,340

173666949. LC.FTS.B,

20.74%,

1/25/26

...

975

983

174084354. LC.FTS.B,

12.49%,

1/26/26

...

2,643

2,642

174293135. LC.FTS.B,

14.74%,

2/04/26

...

3,024

3,019

174267823. LC.FTS.B,

16.99%,

2/04/26

...

1,393

1,396

174297080. LC.FTS.B,

15.74%,

2/05/26

...

936

938

181324642. LC.FTS.B,

15.19%,

10/13/26

..

19,085

–

181681556. LC.FTS.B,

19.49%,

10/14/26

..

4,255

4,322

182220241. LC.FTS.B,

23.99%,

10/14/26

..

2,585

2,663

182279442. LC.FTS.B,

21.99%,

10/15/26

..

7,031

7,231

182239660. LC.FTS.B,

19.99%,

10/16/26

..

4,297

4,368

182337953. LC.FTS.B,

15.19%,

10/17/26

..

4,387

4,416

182424479. LC.FTS.B,

28.99%,

10/19/26

..

10,096

–

182489147. LC.FTS.B,

18.99%,

10/20/26

..

9,850

9,929

182400546. LC.FTS.B,

20.44%,

10/20/26

..

1,939

1,967

182381955. LC.FTS.B,

26.99%,

10/20/26

..

1,272

1,318

181832576. LC.FTS.B,

27.49%,

10/21/26

..

8,067

8,344

182373053. LC.FTS.B,

20.44%,

10/22/26

..

5,794

5,900

182135115. LC.FTS.B,

24.99%,

10/28/26

..

8,005

8,331

182100249. LC.FTS.B,

28.99%,

10/28/26

..

5,150

–

182412380. LC.FTS.B,

23.99%,

11/01/26

..

2,957

3,019

182763696. LC.FTS.B,

23.99%,

11/01/26

..

4,950

5,076

182249975. LC.FTS.B,

25.99%,

11/01/26

..

4,333

4,467

182814285. LC.FTS.B,

15.44%,

11/02/26

..

8,004

7,969

182871113. LC.FTS.B,

21.99%,

11/02/26

..

6,337

6,504

182810881. LC.FTS.B,

28.99%,

11/02/26

..

2,102

2,153

182715994. LC.FTS.B,

18.99%,

11/03/26

..

3,472

3,488

182871003. LC.FTS.B,

24.99%,

11/03/26

..

6,422

2,542

182934282. LC.FTS.B,

15.44%,

11/04/26

..

4,002

4,023

182956744. LC.FTS.B,

16.49%,

11/05/26

..

8,724

8,736

182845986. LC.FTS.B,

19.99%,

11/05/26

..

2,679

2,722

182433195. LC.FTS.B,

25.99%,

11/05/26

..

4,116

–

182834096. LC.FTS.B,

15.49%,

11/08/26

..

10,622

–

183010490. LC.FTS.B,

16.49%,

11/08/26

..

6,457

6,419

183224681. LC.FTS.B,

13.49%,

11/15/26

..

4,428

4,451

183101425. LC.FTS.B,

17.44%,

11/15/26

..

8,267

8,330

182999628. LC.FTS.B,

17.74%,

11/15/26

..

3,641

3,662

182737896. LC.FTS.B,

19.49%,

11/15/26

..

6,096

6,204

182946956. LC.FTS.B,

24.99%,

11/15/26

..

6,629

6,893

182962134. LC.FTS.B,

24.99%,

11/15/26

..

6,386

6,617

182977646. LC.FTS.B,

16.99%,

11/16/26

..

9,010

9,064

183238822. LC.FTS.B,

16.99%,

11/16/26

..

6,757

6,750

183287259. LC.FTS.B,

18.19%,

11/16/26

..

3,166

3,180

183200190. LC.FTS.B,

19.49%,

11/16/26

..

1,829

1,861

183239325. LC.FTS.B,

24.99%,

11/16/26

..

6,598

–

183197788. LC.FTS.B,

25.99%,

11/16/26

..

7,189

5,898

183321499. LC.FTS.B,

16.49%,

11/17/26

..

931

936

183253428. LC.FTS.B,

25.99%,

11/17/26

..

6,720

6,980

182954228. LC.FTS.B,

13.49%,

11/18/26

..

7,710

7,741

183368090. LC.FTS.B,

19.49%,

11/18/26

..

3,296

3,358

183287872. LC.FTS.B,

23.99%,

11/18/26

..

3,057

3,126

182932552. LC.FTS.B,

13.19%,

11/19/26

..

4,472

3,594

183409505. LC.FTS.B,

15.19%,

11/19/26

..

9,190

7,386

183394419. LC.FTS.B,

16.49%,

11/19/26

..

2,557

–

183391565. LC.FTS.B,

23.99%,

11/19/26

..

2,133

2,195

183333541. LC.FTS.B,

14.19%,

11/22/26

..

6,160

6,201

182980965. LC.FTS.B,

17.24%,

11/22/26

..

5,886

5,941

Franklin

Investors

Securities

Trust

Schedule

of

Investments

#### Franklin

#### Total

#### Return

#### Fund
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Annual

Report

#### Description

#### Principal

#### Amount

#### Value

#### Marketplace

#### Loans
(continued)

LendingClub

Corp.

-

LCX

PM

(continued)

183371257. LC.FTS.B,

17.74%,

11/22/26

..

$

9,602

$

7,716

183418746. LC.FTS.B,

19.49%,

11/22/26

..

9,166

9,332

183434742. LC.FTS.B,

23.19%,

11/22/26

..

2,661

2,749

183477091. LC.FTS.B,

13.19%,

11/23/26

..

2,754

2,777

183485184. LC.FTS.B,

13.99%,

11/23/26

..

1,675

1,689

183298862. LC.FTS.B,

14.19%,

11/23/26

..

11,390

11,478

183505251. LC.FTS.B,

16.49%,

11/23/26

..

2,907

2,936

183425539. LC.FTS.B,

18.49%,

11/23/26

..

5,909

5,922

183430694. LC.FTS.B,

18.49%,

11/23/26

..

10,593

–

183430676. LC.FTS.B,

21.99%,

11/23/26

..

7,287

7,534

183407041. LC.FTS.B,

24.99%,

11/23/26

..

814

840

183095344. LC.FTS.B,

13.44%,

11/24/26

..

11,062

11,175

183249731. LC.FTS.B,

17.49%,

11/24/26

..

4,018

4,047

183149701. LC.FTS.B,

18.49%,

11/24/26

..

9,264

9,338

183425358. LC.FTS.B,

18.49%,

11/24/26

..

2,406

2,424

182954964. LC.FTS.B,

19.49%,

11/24/26

..

6,556

6,695

183524584. LC.FTS.B,

13.19%,

11/26/26

..

2,603

2,628

183499818. LC.FTS.B,

16.44%,

11/26/26

..

11,624

11,630

183525639. LC.FTS.B,

21.99%,

11/26/26

..

1,901

1,968

183193272. LC.FTS.B,

15.44%,

11/27/26

..

1,480

1,495

183556398. LC.FTS.B,

23.99%,

11/28/26

..

3,091

3,194

183476845. LC.FTS.B,

16.49%,

11/29/26

..

4,271

4,309

183447683. LC.FTS.B,

20.44%,

11/29/26

..

6,033

6,167

183369356. LC.FTS.B,

20.99%,

11/29/26

..

1,691

1,713

183304070. LC.FTS.B,

15.99%,

11/30/26

..

11,754

11,815

183359968. LC.FTS.B,

16.49%,

11/30/26

..

6,452

6,510

b

183434269. LC.FTS.B,

17.24%,

11/30/26

..

2,961

183585512. LC.FTS.B,

19.99%,

11/30/26

..

7,382

7,484

183618524. LC.FTS.B,

22.99%,

11/30/26

..

8,035

8,326

183540100. LC.FTS.B,

23.99%,

11/30/26

..

2,958

–

183611465. LC.FTS.B,

24.99%,

11/30/26

..

3,978

4,141

183633965. LC.FTS.B,

24.99%,

11/30/26

..

1,983

2,070

183676944. LC.FTS.B,

17.24%,

12/01/26

..

1,888

1,895

183067587. LC.FTS.B,

6%,

12/02/26

.....

6,070

6,145

183768813. LC.FTS.B,

13.24%,

12/02/26

..

4,428

4,434

183699303. LC.FTS.B,

17.24%,

12/02/26

..

7,144

–

183721314. LC.FTS.B,

17.44%,

12/03/26

..

5,167

5,191

183746554. LC.FTS.B,

18.49%,

12/03/26

..

1,363

1,361

183771895. LC.FTS.B,

21.99%,

12/03/26

..

6,089

6,254

182329589. LC.FTS.B,

24.99%,

12/03/26

..

3,737

3,846

183877324. LC.FTS.B,

16.49%,

12/06/26

..

12,444

12,465

183799901. LC.FTS.B,

17.74%,

12/06/26

..

3,172

3,186

183790054. LC.FTS.B,

18.49%,

12/06/26

..

2,645

537

b

183312099. LC.FTS.B,

18.99%,

12/07/26

..

4,619

590

183415342. LC.FTS.B,

19.49%,

12/07/26

..

9,776

9,817

183762991. LC.FTS.B,

19.49%,

12/07/26

..

7,242

7,317

183495228. LC.FTS.B,

20.44%,

12/07/26

..

1,979

2,008

b

183520272. LC.FTS.B,

21.49%,

12/07/26

..

8,820

183885314. LC.FTS.B,

21.99%,

12/07/26

..

2,030

2,087

183867910. LC.FTS.B,

23.99%,

12/07/26

..

5,223

5,370

183866613. LC.FTS.B,

25.99%,

12/07/26

..

3,100

3,178

183492757. LC.FTS.B,

16.99%,

12/08/26

..

4,735

4,756

183933487. LC.FTS.B,

23.99%,

12/08/26

..

5,223

5,372

183461812. LC.FTS.B,

16.74%,

12/09/26

..

6,090

6,105

183987324. LC.FTS.B,

23.99%,

12/09/26

..

5,583

5,729

183966000. LC.FTS.B,

24.99%,

12/09/26

..

1,782

1,845

183970462. LC.FTS.B,

24.99%,

12/09/26

..

1,059

1,098

#### Description

#### Principal

#### Amount

#### Value
LendingClub

Corp.

-

LCX

PM

(continued)

184009395. LC.FTS.B,

9.49%,

12/10/26

...

$

9,148

$

9,101

184012121. LC.FTS.B,

13.44%,

12/10/26

..

5,628

5,653

183680345. LC.FTS.B,

16.44%,

12/10/26

..

4,041

4,064

183129988. LC.FTS.B,

16.99%,

12/10/26

..

5,450

5,469

183607115. LC.FTS.B,

17.24%,

12/10/26

..

9,575

908

183793588. LC.FTS.B,

17.24%,

12/10/26

..

2,228

2,235

184022156. LC.FTS.B,

20.49%,

12/10/26

..

3,210

3,255

183611528. LC.FTS.B,

23.99%,

12/10/26

..

4,465

4,488

183970602. LC.FTS.B,

24.99%,

12/10/26

..

4,239

4,383

183943387. LC.FTS.B,

15.44%,

12/13/26

..

7,190

7,214

184033080. LC.FTS.B,

17.44%,

12/13/26

..

6,857

6,856

183731402. LC.FTS.B,

19.44%,

12/13/26

..

5,209

5,302

184062734. LC.FTS.B,

21.49%,

12/13/26

..

1,828

–

184039087. LC.FTS.B,

24.99%,

12/13/26

..

3,357

3,474

184051343. LC.FTS.B,

28.99%,

12/13/26

..

6,806

7,024

184176824. LC.FTS.B,

14.99%,

12/14/26

..

4,253

4,258

183228318. LC.FTS.B,

15.19%,

12/14/26

..

11,506

9,059

184144008. LC.FTS.B,

16.99%,

12/14/26

..

5,652

5,673

184109137. LC.FTS.B,

17.74%,

12/14/26

..

5,849

–

184114198. LC.FTS.B,

18.99%,

12/14/26

..

7,923

7,973

183841644. LC.FTS.B,

19.99%,

12/14/26

..

5,572

522

184130928. LC.FTS.B,

21.99%,

12/14/26

..

7,666

–

183623138. LC.FTS.B,

23.99%,

12/14/26

..

3,707

3,801

184107590. LC.FTS.B,

23.99%,

12/14/26

..

2,445

2,500

183641094. LC.FTS.B,

24.99%,

12/14/26

..

3,554

3,680

183159318. LC.FTS.B,

6%,

12/15/26

.....

2,440

2,436

184198353. LC.FTS.B,

14.01%,

12/15/26

..

12,659

4,963

183712326. LC.FTS.B,

15.44%,

12/15/26

..

2,021

2,029

183603668. LC.FTS.B,

17.19%,

12/15/26

..

9,196

–

183809680. LC.FTS.B,

17.24%,

12/15/26

..

10,650

10,548

183996173. LC.FTS.B,

17.44%,

12/15/26

..

11,405

11,419

183649794. LC.FTS.B,

21.49%,

12/15/26

..

8,994

9,141

183905553. LC.FTS.B,

13.44%,

12/16/26

..

1,925

1,913

184144886. LC.FTS.B,

15.19%,

12/16/26

..

8,532

8,594

183965552. LC.FTS.B,

16.49%,

12/16/26

..

4,993

3,997

183706984. LC.FTS.B,

21.49%,

12/16/26

..

1,806

1,816

183612692. LC.FTS.B,

13.49%,

12/17/26

..

4,150

4,169

184223937. LC.FTS.B,

16.44%,

12/17/26

..

5,919

5,947

184248806. LC.FTS.B,

18.49%,

12/17/26

..

9,071

9,126

184214073. LC.FTS.B,

27.99%,

12/17/26

..

4,418

4,579

183673632. LC.FTS.B,

15.44%,

12/18/26

..

4,760

4,743

183852446. LC.FTS.B,

17.99%,

12/18/26

..

5,267

5,254

184104646. LC.FTS.B,

17.44%,

12/20/26

..

5,999

6,046

184283202. LC.FTS.B,

19.49%,

12/20/26

..

2,607

2,658

184059193. LC.FTS.B,

21.99%,

12/20/26

..

7,628

7,871

184343324. LC.FTS.B,

Zero

Cpn,

12/21/26

14,614

–

184382909. LC.FTS.B,

12.99%,

12/21/26

..

5,881

5,912

184130767. LC.FTS.B,

16.44%,

12/21/26

..

6,527

6,509

184309308. LC.FTS.B,

17.24%,

12/21/26

..

1,030

1,024

184032290. LC.FTS.B,

20.99%,

12/21/26

..

7,393

7,395

184358622. LC.FTS.B,

21.99%,

12/21/26

..

4,234

4,362

183726564. LC.FTS.B,

Zero

Cpn,

12/23/26

14,973

–

184224030. LC.FTS.B,

15.49%,

12/23/26

..

6,174

6,194

184421299. LC.FTS.B,

16.74%,

12/23/26

..

2,342

2,363

183436430. LC.FTS.B,

16.99%,

12/23/26

..

11,181

11,255

184427346. LC.FTS.B,

19.74%,

12/23/26

..

11,843

–

184321733. LC.FTS.B,

23.99%,

12/23/26

..

11,658

557

Franklin

Investors

Securities

Trust

Schedule

of

Investments

#### Franklin

#### Total

#### Return

#### Fund
(continued)

franklintempleton.com

Annual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

#### Description

#### Principal

#### Amount

#### Value

#### Marketplace

#### Loans
(continued)

LendingClub

Corp.

-

LCX

PM

(continued)

183940387. LC.FTS.B,

19.99%,

12/25/26

..

$

6,138

$

6,258

184275242. LC.FTS.B,

23.99%,

12/27/26

..

6,964

7,209

184249796. LC.FTS.B,

15.44%,

12/28/26

..

5,029

5,070

184172800. LC.FTS.B,

16.44%,

12/28/26

..

4,167

–

184142978. LC.FTS.B,

17.44%,

12/28/26

..

4,776

4,811

184029644. LC.FTS.B,

17.49%,

12/28/26

..

10,410

10,479

183866022. LC.FTS.B,

24.99%,

12/28/26

..

4,947

–

183977917. LC.FTS.B,

16.49%,

12/30/26

..

12,047

–

184298012. LC.FTS.B,

18.74%,

12/30/26

..

1,666

1,678

184066327. LC.FTS.B,

14.19%,

12/31/26

..

4,492

4,515

183794746. LC.FTS.B,

21.99%,

12/31/26

..

12,226

–

184379539. LC.FTS.B,

12.19%,

1/02/27

...

9,360

9,267

183888494. LC.FTS.B,

17.99%,

1/06/27

...

3,310

3,309

183882896. LC.FTS.B,

6%,

1/07/27

......

5,610

5,650

183999420. LC.FTS.B,

12.99%,

3/09/27

...

12,536

10,536

183154136. LC.FTS.B,

18.49%,

3/16/27

...

3,576

3,591

184013288. LC.FTS.B,

24.99%,

4/10/27

...

8,583

8,883

182675743. LC.FTS.B,

15%,

4/15/27

.....

17,295

–

183536773. LC.FTS.B,

19.74%,

4/16/27

...

12,474

10,108

183436461. LC.FTS.B,

10%,

4/23/27

.....

12,312

10,064

184040777. LC.FTS.B,

23.99%,

4/24/27

...

4,594

890

182419678. LC.FTS.B,

19.99%,

4/25/27

...

8,818

8,957

182469398. LC.FTS.B,

21.99%,

5/05/27

...

8,100

8,291

183710879. LC.FTS.B,

19.95%,

5/06/27

...

10,640

1,900

182925771. LC.FTS.B,

23.99%,

5/12/27

...

15,255

15,569

182882013. LC.FTS.B,

24.99%,

5/24/27

...

8,948

9,301

184033235. LC.FTS.B,

24.99%,

5/24/27

...

11,370

9,394

183805030. LC.FTS.B,

17.49%,

6/16/27

...

12,571

9,838

183437929. LC.FTS.B,

20.49%,

6/30/27

...

10,839

10,988

183593989. LC.FTS.B,

27.49%,

7/15/27

...

12,367

12,690

183590285. LC.FTS.B,

5%,

7/16/27

......

8,912

7,489

183252907. LC.FTS.B,

16.49%,

9/23/27

...

7,032

6,959

184033253. LC.FTS.B,

28.99%,

10/25/27

..

3,334

3,465

184211532. LC.FTS.B,

15%,

10/28/27

....

18,358

18,448

182185437. LC.FTS.B,

5%,

10/29/27

.....

7,634

7,672

b

184064152. LC.FTS.B,

19.49%,

10/13/28

..

14,835

1,286

172830533. LC.FTS.B,

Zero

Cpn,

1/04/34

.

1,662

–

182406475. LC.FTS.B,

19.99%,

11/03/34

..

2,868

–

182863664. LC.FTS.B,

19.99%,

11/17/34

..

–

183339903. LC.FTS.B,

Zero

Cpn,

11/26/34

4,926

–

183558965. LC.FTS.B,

18.99%,

12/06/34

..

2,231

–

183915427. LC.FTS.B,

13.24%,

12/08/34

..

5,953

–

b

183409645. LC.FTS.B,

5%,

12/20/34

.....

2,462

184435348. LC.FTS.B,

17.99%,

12/23/34

..

1,756

–

184149278. LC.FTS.B,

16.49%,

1/28/35

...

3,223

–

184090151. LC.FTS.B,

19.99%,

2/28/35

...

2,807

–

184253510. LC.FTS.B,

18.49%,

8/21/35

...

4,459

–

996,937

Prosper

Funding

LLC

1613481. PS.FTS.B,

19.78%,

8/11/26

....

3,629

3,677

1604105. PS.FTS.B,

13.74%,

8/12/26

....

6,533

6,526

1613874. PS.FTS.B,

15.2%,

8/12/26

.....

2,235

2,255

1613892. PS.FTS.B,

19.18%,

8/12/26

....

1,514

1,537

1607647. PS.FTS.B,

15%,

8/13/26

.......

1,783

1,798

1615164. PS.FTS.B,

17%,

8/13/26

.......

2,288

2,327

1607977. PS.FTS.B,

25.48%,

8/13/26

....

1,195

1,229

#### Description

#### Principal

#### Amount

#### Value
Prosper

Funding

LLC

(continued)

1604924. PS.FTS.B,

28.4%,

8/13/26

.....

$

1,757

$

1,810

1608526. PS.FTS.B,

19.78%,

8/16/26

....

1,936

1,966

1604936. PS.FTS.B,

25%,

8/16/26

.......

532

548

1616271. PS.FTS.B,

12.5%,

8/17/26

.....

2,555

2,555

1609138. PS.FTS.B,

16.18%,

8/17/26

....

3,413

3,412

1611388. PS.FTS.B,

15.8%,

8/19/26

.....

2,048

2,050

1612375. PS.FTS.B,

14.29%,

8/23/26

....

2,199

2,226

1620525. PS.FTS.B,

16.4%,

8/24/26

.....

1,370

1,387

1622217. PS.FTS.B,

16.7%,

9/07/26

.....

1605623. PS.FTS.B,

16.64%,

9/15/26

....

3,146

3,175

1633221. PS.FTS.B,

18.13%,

9/17/26

....

9,041

9,123

1606780. PS.FTS.B,

29.08%,

9/18/26

....

2,398

2,477

1628728. PS.FTS.B,

12.5%,

9/22/26

.....

1,628

1,632

1628947. PS.FTS.B,

12.5%,

9/23/26

.....

2,559

2,565

1635660. PS.FTS.B,

12.87%,

9/23/26

....

2,360

2,363

1625255. PS.FTS.B,

13.2%,

9/23/26

.....

1,885

1,887

1636926. PS.FTS.B,

11.6%,

9/24/26

.....

2,633

2,637

b

1629340. PS.FTS.B,

12.9%,

9/24/26

.....

2,709

1630456. PS.FTS.B,

12.76%,

9/27/26

....

3,506

3,516

1630438. PS.FTS.B,

15.29%,

9/27/26

....

2,443

2,473

1630432. PS.FTS.B,

15.9%,

9/27/26

.....

2,962

3,009

1634442. PS.FTS.B,

13.93%,

9/28/26

....

2,287

2,288

1624733. PS.FTS.B,

16.33%,

10/17/26

...

1,864

1,884

1655382. PS.FTS.B,

12.8%,

10/27/26

....

8,894

8,906

1655400. PS.FTS.B,

13.7%,

10/27/26

....

1,548

1,566

1648636. PS.FTS.B,

15.2%,

10/27/26

....

530

535

1645256. PS.FTS.B,

16.33%,

10/27/26

...

2,159

2,182

1645934. PS.FTS.B,

10.5%,

10/28/26

....

1,952

1,956

1649653. PS.FTS.B,

14.7%,

10/28/26

....

1,759

1,779

1646096. PS.FTS.B,

15.1%,

10/28/26

....

1,586

1,604

1646336. PS.FTS.B,

16.33%,

10/28/26

...

5,421

5,482

1657014. PS.FTS.B,

10.5%,

10/31/26

....

9,216

9,228

1650649. PS.FTS.B,

13.8%,

10/31/26

....

2,201

2,231

1657476. PS.FTS.B,

13.8%,

11/01/26

....

4,172

4,190

1658550. PS.FTS.B,

9.45%,

11/02/26

....

3,873

3,861

1651418. PS.FTS.B,

11.6%,

11/05/26

.....

536

534

1650998. PS.FTS.B,

12.7%,

11/05/26

....

4,096

4,085

1660986. PS.FTS.B,

16.8%,

11/05/26

....

7,302

7,342

1654327. PS.FTS.B,

22.55%,

11/05/26

....

2,616

2,697

1651841. PS.FTS.B,

15.4%,

11/08/26

....

1,571

1,581

1665054. PS.FTS.B,

16.93%,

11/08/26

....

8,963

4,557

1652894. PS.FTS.B,

12.7%,

11/09/26

....

2,208

2,202

1659130. PS.FTS.B,

15.18%,

11/09/26

....

3,984

4,011

1652711. PS.FTS.B,

16.2%,

11/09/26

.....

3,616

3,673

1654496. PS.FTS.B,

11.79%,

11/10/26

....

2,689

2,685

1660783. PS.FTS.B,

11.7%,

11/12/26

.....

4,832

4,827

1658878. PS.FTS.B,

12.98%,

11/13/26

....

6,871

6,851

1659238. PS.FTS.B,

10.8%,

11/15/26

....

1,994

1,989

1656380. PS.FTS.B,

10.9%,

11/15/26

....

2,111

2,111

1654759. PS.FTS.B,

11.89%,

11/19/26

....

1,276

1,272

1660438. PS.FTS.B,

16%,

11/19/26

......

1,477

1,499

1645613. PS.FTS.B,

12.62%,

11/20/26

....

3,760

3,764

1653277. PS.FTS.B,

13.8%,

12/10/26

....

7,381

7,390

1679077. PS.FTS.B,

15.12%,

12/15/26

...

6,092

6,117

1685964. PS.FTS.B,

15.29%,

12/15/26

...

6,108

6,133

1672964. PS.FTS.B,

28.23%,

12/15/26

...

3,698

3,832

1680172. PS.FTS.B,

13.4%,

12/16/26

....

3,554

3,571

Franklin

Investors

Securities

Trust

Schedule

of

Investments

#### Franklin

#### Total

#### Return

#### Fund
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Annual

Report

#### Description

#### Principal

#### Amount

#### Value

#### Marketplace

#### Loans
(continued)

Prosper

Funding

LLC

(continued)

1680709. PS.FTS.B,

10.5%,

12/20/26

....

$

5,677

$

5,667

1681081. PS.FTS.B,

11.33%,

12/20/26

....

2,740

2,737

1681270. PS.FTS.B,

13.08%,

12/20/26

...

2,062

2,060

1677662. PS.FTS.B,

18.25%,

12/23/26

...

7,040

7,183

1659142. PS.FTS.B,

14.6%,

12/29/26

....

2,656

2,662

1656207. PS.FTS.B,

23.64%,

5/27/27

....

12,994

13,125

1656341. PS.FTS.B,

15.29%,

6/15/27

....

8,049

1,956

1630162. PS.FTS.B,

16.33%,

8/22/27

....

12,959

10,901

1665885. PS.FTS.B,

13.7%,

8/27/27

.....

10,660

5,817

1672340. PS.FTS.B,

15.1%,

11/14/35

....

253,851

Upgrade,

Inc.

-

Card

b

991269532. UG.FTS.B,

29.46%,

1/05/26

..

b

991421184. UG.FTS.B,

29.49%,

1/06/26

..

991238529. UG.FTS.B,

19.8%,

1/16/26

...

b

991131752. UG.FTS.B,

29.49%,

1/20/26

..

991168137. UG.FTS.B,

19.8%,

2/21/26

...

b

991152518. UG.FTS.B,

18.97%,

2/23/26

..

991149182. UG.FTS.B,

28.48%,

5/21/26

..

991182716. UG.FTS.B,

21.98%,

5/26/26

..

991161030. UG.FTS.B,

29.49%,

6/18/26

..

991123245. UG.FTS.B,

26.94%,

8/23/26

..

991148239. UG.FTS.B,

29.49%,

9/20/26

..

991087378. UG.FTS.B,

21.36%,

11/15/26

.

991356469. UG.FTS.B,

16.99%,

12/07/26

.

991265247. UG.FTS.B,

16.99%,

12/12/26

.

991359359. UG.FTS.B,

15.99%,

12/14/26

.

991467528. UG.FTS.B,

15.99%,

12/14/26

.

991326633. UG.FTS.B,

21.99%,

12/19/26

.

991020944. UG.FTS.B,

15.99%,

1/06/27

..

1,296

1,329

991217394. UG.FTS.B,

29.49%,

1/20/27

..

991180816. UG.FTS.B,

29.49%,

1/23/27

..

991119833. UG.FTS.B,

19.21%,

2/20/27

..

615

991226691. UG.FTS.B,

15.99%,

3/06/27

..

991249712. UG.FTS.B,

15.99%,

3/06/27

..

1,482

1,537

991120297. UG.FTS.B,

22.97%,

3/23/27

..

1,095

837

991218283. UG.FTS.B,

14.98%,

6/27/27

..

3,301

2,295

991058306. UG.FTS.B,

20.46%,

7/11/27

..

505

503

b

991418120. UG.FTS.B,

14.98%,

7/13/27

..

991252958. UG.FTS.B,

18.97%,

7/24/27

..

991225567. UG.FTS.B,

19.8%,

1/18/28

...

991299503. UG.FTS.B,

17.99%,

1/27/28

..

991162953. UG.FTS.B,

26.94%,

1/27/28

..

991418802. UG.FTS.B,

29.49%,

2/10/28

..

991262312. UG.FTS.B,

29.49%,

6/29/28

..

991089483. UG.FTS.B,

29.49%,

11/15/28

.

991102474. UG.FTS.B,

29.49%,

11/16/28

.

2,500

2,452

991098718. UG.FTS.B,

23.95%,

12/09/28

.

505

991266262. UG.FTS.B,

19.8%,

12/16/28

..

1,305

742

b

991223479. UG.FTS.B,

29.49%,

3/18/29

..

991137442. UG.FTS.B,

21.46%,

2/25/30

..

b

991152322. UG.FTS.B,

26.94%,

3/27/30

..

512

b

991216328. UG.FTS.B,

26.94%,

3/27/30

..

b

991293334. UG.FTS.B,

16.99%,

7/13/30

..

#### Description

#### Principal

#### Amount

#### Value
Upgrade,

Inc.

-

Card

(continued)

b

991072361. UG.FTS.B,

21.46%,

8/10/30

..

$

$

b

991226484. UG.FTS.B,

21.46%,

8/10/30

..

991176181. UG.FTS.B,

19.99%,

9/23/30

..

b

991179044. UG.FTS.B,

21.46%,

9/29/30

..

b

991284608. UG.FTS.B,

21.98%,

10/04/30

.

–

991233872. UG.FTS.B,

17.99%,

10/05/30

.

991299072. UG.FTS.B,

29.49%,

10/23/30

.

991025029. UG.FTS.B,

21.46%,

11/09/30

.

991237888. UG.FTS.B,

28.98%,

11/15/30

.

991100555. UG.FTS.B,

29.49%,

11/20/30

.

991124779. UG.FTS.B,

29.49%,

11/22/30

.

991197071. UG.FTS.B,

21.98%,

11/09/31

.

13,982

Upstart

Network,

Inc.

L1410769.UP.FTS.B,

17.3%,

7/09/26

....

998

980

L1410682.UP.FTS.B,

18.43%,

7/09/26

....

1,991

1,957

L1410871.UP.FTS.B,

19.36%,

7/09/26

....

874

859

L1406959.UP.FTS.B,

19.7%,

7/09/26

....

562

552

L1612245.UP.FTS.B,

7.13%,

8/23/26

....

915

894

L1612759.UP.FTS.B,

7.7%,

8/23/26

.....

1,070

1,049

L1613031.UP.FTS.B,

10.95%,

8/23/26

....

2,272

2,241

L1612198.UP.FTS.B,

11.94%,

8/23/26

....

2,669

2,628

L1606587.UP.FTS.B,

14.39%,

8/23/26

....

10,861

10,698

FW1613143.UP.FTS.B,

19.39%,

8/23/26

..

4,797

4,735

FW1613287.UP.FTS.B,

21.05%,

8/23/26

..

717

708

L1611961.UP.FTS.B,

21.45%,

8/23/26

....

1,368

1,349

L1612389.UP.FTS.B,

21.85%,

8/23/26

....

1,559

1,539

L1605896.UP.FTS.B,

25.03%,

8/23/26

....

9,060

7,051

L1612867.UP.FTS.B,

25.04%,

8/23/26

....

L1612430.UP.FTS.B,

25.3%,

8/23/26

....

L1610778.UP.FTS.B,

25.4%,

8/23/26

....

1,044

1,031

L1613041.UP.FTS.B,

26.53%,

8/23/26

....

1,569

1,361

FW1612948.UP.FTS.B,

30.7%,

8/23/26

...

2,869

2,837

L1613779.UP.FTS.B,

8.38%,

8/24/26

....

2,764

2,711

L1614080.UP.FTS.B,

9.53%,

8/24/26

....

599

587

L1613838.UP.FTS.B,

13.27%,

8/24/26

....

FW1614076.UP.FTS.B,

14.66%,

8/24/26

..

2,163

2,131

L1617016.UP.FTS.B,

15.82%,

8/24/26

....

3,926

3,888

L1617004.UP.FTS.B,

16.62%,

8/24/26

....

1,377

1,364

b

L1613683.UP.FTS.B,

16.65%,

8/24/26

....

1,835

FW1613769.UP.FTS.B,

16.69%,

8/24/26

..

1,139

1,124

L1616581.UP.FTS.B,

16.94%,

8/24/26

....

671

665

L1614751.UP.FTS.B,

17.63%,

8/24/26

....

3,427

3,383

L1614375.UP.FTS.B,

18.88%,

8/24/26

....

1,903

1,879

L1616929.UP.FTS.B,

19.05%,

8/24/26

....

2,386

2,356

L1613574.UP.FTS.B,

19.14%,

8/24/26

....

716

707

L1618259.UP.FTS.B,

19.27%,

8/24/26

....

1,916

1,891

L1617537.UP.FTS.B,

20.26%,

8/24/26

....

900

889

L1613128.UP.FTS.B,

21.09%,

8/24/26

....

12,441

12,287

L1617008.UP.FTS.B,

21.28%,

8/24/26

....

776

766

FW1617548.UP.FTS.B,

21.5%,

8/24/26

...

1,193

1,178

FW1616680.UP.FTS.B,

21.59%,

8/24/26

..

2,991

2,954

L1617314.UP.FTS.B,

23.08%,

8/24/26

....

609

602

FW1614723.UP.FTS.B,

23.32%,

8/24/26

..

3,837

3,789

FW1614111.UP.FTS.B,

23.36%,

8/24/26

..

2,372

2,343

Franklin

Investors

Securities

Trust

Schedule

of

Investments

#### Franklin

#### Total

#### Return

#### Fund
(continued)

franklintempleton.com

Annual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

#### Description

#### Principal

#### Amount

#### Value

#### Marketplace

#### Loans
(continued)

Upstart

Network,

Inc.

(continued)

L1617338.UP.FTS.B,

23.46%,

8/24/26

....

$

653

$

645

L1617363.UP.FTS.B,

23.46%,

8/24/26

....

1,935

1,918

FW1616273.UP.FTS.B,

23.5%,

8/24/26

...

L1616072.UP.FTS.B,

24%,

8/24/26

......

1,215

1,201

L1599086.UP.FTS.B,

24.44%,

8/24/26

....

1,986

1,962

L1617884.UP.FTS.B,

24.99%,

8/24/26

....

L1617253.UP.FTS.B,

25.15%,

8/24/26

....

3,688

3,644

FW1591289.UP.FTS.B,

25.18%,

8/24/26

..

897

886

L1613599.UP.FTS.B,

25.21%,

8/24/26

....

660

652

L1616132.UP.FTS.B,

25.25%,

8/24/26

....

L1614231.UP.FTS.B,

25.4%,

8/24/26

....

503

FW1618114.UP.FTS.B,

25.78%,

8/24/26

..

853

843

b

FW1614841.UP.FTS.B,

27.56%,

8/24/26

..

863

b

FW1614066.UP.FTS.B,

29.58%,

8/24/26

..

2,267

FW1613869.UP.FTS.B,

30.42%,

8/24/26

..

FW1615250.UP.FTS.B,

30.57%,

8/24/26

..

FW1614110.UP.FTS.B,

32.03%,

8/24/26

..

1,170

1,013

L1619126.UP.FTS.B,

9.43%,

8/25/26

....

2,011

1,973

L1619757.UP.FTS.B,

12.57%,

8/25/26

....

1,699

1,674

L1572047.UP.FTS.B,

12.99%,

8/25/26

....

955

942

L1620125.UP.FTS.B,

15.38%,

8/25/26

....

FW1619311.UP.FTS.B,

16.02%,

8/25/26

..

1,344

1,332

FW1619065.UP.FTS.B,

16.98%,

8/25/26

..

5,762

5,709

L1619610.UP.FTS.B,

17.18%,

8/25/26

....

1,117

1,104

L1620043.UP.FTS.B,

17.72%,

8/25/26

....

677

667

L1618616.UP.FTS.B,

21.44%,

8/25/26

....

2,490

2,460

FW1619947.UP.FTS.B,

22.69%,

8/25/26

..

L1620763.UP.FTS.B,

23.08%,

8/25/26

....

1,380

1,364

L1620526.UP.FTS.B,

23.25%,

8/25/26

....

513

507

L1621031.UP.FTS.B,

25.07%,

8/25/26

....

1,579

1,561

L1619585.UP.FTS.B,

25.33%,

8/25/26

....

1,928

1,906

L1618792.UP.FTS.B,

25.43%,

8/25/26

....

1,059

FW1620759.UP.FTS.B,

25.44%,

8/25/26

..

1,059

1,047

b

L1621068.UP.FTS.B,

25.46%,

8/25/26

....

1,585

b

FW1617532.UP.FTS.B,

25.68%,

8/25/26

..

1,004

L1620151.UP.FTS.B,

26.66%,

8/25/26

....

3,558

3,518

L1617795.UP.FTS.B,

13.57%,

9/01/26

....

5,947

5,852

b

FW1615073.UP.FTS.B,

30.97%,

9/03/26

..

1,233

–

L1706771.UP.FTS.B,

9.86%,

9/13/26

....

3,991

3,922

FW1703655.UP.FTS.B,

10.14%,

9/13/26

..

1,010

992

FW1705224.UP.FTS.B,

10.49%,

9/13/26

..

5,608

5,510

L1706707.UP.FTS.B,

14.84%,

9/13/26

....

4,841

4,759

FW1705595.UP.FTS.B,

15.51%,

9/13/26

..

3,631

3,586

L1706683.UP.FTS.B,

16.01%,

9/13/26

....

652

L1705287.UP.FTS.B,

16.2%,

9/13/26

....

2,850

2,815

FW1706882.UP.FTS.B,

17.33%,

9/13/26

..

1,187

1,172

L1706066.UP.FTS.B,

18.08%,

9/13/26

....

677

666

L1705021.UP.FTS.B,

18.29%,

9/13/26

....

2,111

2,077

FW1701942.UP.FTS.B,

19.32%,

9/13/26

..

3,925

3,861

L1705415.UP.FTS.B,

19.86%,

9/13/26

....

2,316

2,279

L1706913.UP.FTS.B,

20.18%,

9/13/26

....

1,912

1,878

L1706223.UP.FTS.B,

20.97%,

9/13/26

....

4,621

2,990

FW1705757.UP.FTS.B,

21.7%,

9/13/26

...

975

958

L1706178.UP.FTS.B,

22.1%,

9/13/26

....

955

939

L1706147.UP.FTS.B,

23.21%,

9/13/26

....

1,394

1,370

L1706443.UP.FTS.B,

23.44%,

9/13/26

....

864

849

#### Description

#### Principal

#### Amount

#### Value
Upstart

Network,

Inc.

(continued)

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

....

2,282

2,243

L1699725.UP.FTS.B,

24.98%,

9/13/26

....

575

L1705130.UP.FTS.B,

24.98%,

9/13/26

....

876

600

L1705055.UP.FTS.B,

24.99%,

9/13/26

....

556

L1706179.UP.FTS.B,

25.28%,

9/13/26

....

L1705964.UP.FTS.B,

25.31%,

9/13/26

....

1,475

1,450

L1707003.UP.FTS.B,

25.5%,

9/13/26

....

L1706122.UP.FTS.B,

26.74%,

9/13/26

....

710

623

FW1706840.UP.FTS.B,

26.82%,

9/13/26

..

10,638

10,460

FW1705300.UP.FTS.B,

26.94%,

9/13/26

..

646

635

FW1705464.UP.FTS.B,

28.92%,

9/13/26

..

2,270

2,234

FW1706229.UP.FTS.B,

30.24%,

9/13/26

..

1,373

1,352

FW1705888.UP.FTS.B,

30.31%,

9/13/26

..

882

868

FW1705881.UP.FTS.B,

30.81%,

9/13/26

..

1,686

1,659

FW1705876.UP.FTS.B,

30.83%,

9/13/26

..

530

521

FW1706907.UP.FTS.B,

30.87%,

9/13/26

..

559

550

FW1704990.UP.FTS.B,

31.11%,

9/13/26

..

FW1706597.UP.FTS.B,

31.11%,

9/13/26

..

592

583

FW1703542.UP.FTS.B,

31.45%,

9/13/26

..

8,914

5,764

L1706806.UP.FTS.B,

15.22%,

9/15/26

....

1,577

1,552

L1705598.UP.FTS.B,

17.01%,

9/21/26

....

732

723

L1877184.UP.FTS.B,

9.06%,

10/19/26

....

2,133

2,090

L1851771.UP.FTS.B,

9.22%,

10/19/26

....

834

817

L1875318.UP.FTS.B,

10.07%,

10/19/26

...

1,299

1,278

L1881256.UP.FTS.B,

11.03%,

10/19/26

...

2,860

2,811

L1879834.UP.FTS.B,

11.35%,

10/19/26

...

6,092

5,989

FW1878185.UP.FTS.B,

13.38%,

10/19/26

.

10,261

10,088

L1878258.UP.FTS.B,

14.16%,

10/19/26

...

2,312

1,685

L1877450.UP.FTS.B,

14.9%,

10/19/26

....

883

869

L1880586.UP.FTS.B,

15.78%,

10/19/26

...

2,016

1,994

L1864741.UP.FTS.B,

16.15%,

10/19/26

...

1,630

1,612

L1881295.UP.FTS.B,

16.28%,

10/19/26

...

2,344

711

L1878278.UP.FTS.B,

16.38%,

10/19/26

...

2,698

2,668

L1877933.UP.FTS.B,

16.4%,

10/19/26

....

667

657

L1878027.UP.FTS.B,

16.7%,

10/19/26

....

2,590

2,561

L1881555.UP.FTS.B,

17.31%,

10/19/26

...

1,824

1,797

FW1876338.UP.FTS.B,

17.58%,

10/19/26

.

990

980

L1879412.UP.FTS.B,

17.84%,

10/19/26

...

982

972

L1880587.UP.FTS.B,

18.12%,

10/19/26

...

1,110

1,098

L1871080.UP.FTS.B,

18.23%,

10/19/26

...

1,429

1,409

FW1881398.UP.FTS.B,

18.35%,

10/19/26

.

1,043

776

L1879198.UP.FTS.B,

19.39%,

10/19/26

...

2,800

2,761

L1876835.UP.FTS.B,

19.58%,

10/19/26

...

L1871750.UP.FTS.B,

19.96%,

10/19/26

...

1,687

1,661

FW1880709.UP.FTS.B,

20.07%,

10/19/26

.

2,005

1,984

L1876035.UP.FTS.B,

20.11%,

10/19/26

...

1,146

1,128

FW1880186.UP.FTS.B,

20.64%,

10/19/26

.

1,589

1,564

FW1878006.UP.FTS.B,

22.44%,

10/19/26

.

3,567

3,513

FW1875013.UP.FTS.B,

22.78%,

10/19/26

.

2,687

2,648

L1877299.UP.FTS.B,

22.84%,

10/19/26

...

3,589

3,535

FW1866351.UP.FTS.B,

22.85%,

10/19/26

.

754

743

FW1880160.UP.FTS.B,

22.89%,

10/19/26

.

1,349

1,329

L1876513.UP.FTS.B,

22.94%,

10/19/26

...

1,409

1,388

FW1880088.UP.FTS.B,

23.43%,

10/19/26

.

2,778

2,737

FW1876728.UP.FTS.B,

23.57%,

10/19/26

.

4,103

4,042

Franklin

Investors

Securities

Trust

Schedule

of

Investments

#### Franklin

#### Total

#### Return

#### Fund
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Annual

Report

#### Description

#### Principal

#### Amount

#### Value

#### Marketplace

#### Loans
(continued)

Upstart

Network,

Inc.

(continued)

b

L1880563.UP.FTS.B,

24.05%,

10/19/26

...

$

1,068

$

L1881431.UP.FTS.B,

24.79%,

10/19/26

...

L1877594.UP.FTS.B,

24.95%,

10/19/26

...

1,081

1,066

L1880129.UP.FTS.B,

24.99%,

10/19/26

...

1,111

855

L1876477.UP.FTS.B,

25.39%,

10/19/26

...

1,087

1,072

L1876404.UP.FTS.B,

25.47%,

10/19/26

...

622

613

L1873948.UP.FTS.B,

25.57%,

10/19/26

...

3,343

2,554

FW1879167.UP.FTS.B,

25.8%,

10/19/26

..

L1879783.UP.FTS.B,

25.86%,

10/19/26

...

1,123

854

FW1877802.UP.FTS.B,

26.08%,

10/19/26

.

2,353

2,320

FW1877751.UP.FTS.B,

26.95%,

10/19/26

.

1,375

1,048

FW1877218.UP.FTS.B,

28.56%,

10/19/26

.

3,243

3,199

FW1876795.UP.FTS.B,

29.56%,

10/19/26

.

1,056

1,041

FW1878098.UP.FTS.B,

30.84%,

10/19/26

.

FW1878489.UP.FTS.B,

30.93%,

10/19/26

.

585

FW1880229.UP.FTS.B,

31.05%,

10/19/26

.

FW1877716.UP.FTS.B,

31.6%,

10/19/26

..

1,358

1,340

FW1876495.UP.FTS.B,

31.7%,

10/19/26

..

2,174

2,147

L1990756.UP.FTS.B,

7.18%,

11/08/26

....

2,973

2,908

L1994718.UP.FTS.B,

8.83%,

11/08/26

....

4,852

4,747

L1991230.UP.FTS.B,

9.13%,

11/08/26

....

6,182

6,053

L1996991.UP.FTS.B,

9.23%,

11/08/26

....

7,159

7,003

L1993451.UP.FTS.B,

9.84%,

11/08/26

....

2,997

2,934

L1996355.UP.FTS.B,

10.29%,

11/08/26

...

3,403

3,338

L1992891.UP.FTS.B,

10.76%,

11/08/26

...

2,129

2,088

FW1995006.UP.FTS.B,

10.93%,

11/08/26

.

3,440

3,376

L1988958.UP.FTS.B,

10.98%,

11/08/26

...

L1998866.UP.FTS.B,

11.49%,

11/08/26

...

4,535

4,450

L1996448.UP.FTS.B,

11.66%,

11/08/26

...

10,758

10,555

L1994627.UP.FTS.B,

11.81%,

11/08/26

...

1,614

1,579

L1995371.UP.FTS.B,

12.23%,

11/08/26

...

1,082

1,062

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

...

767

753

L1993366.UP.FTS.B,

14.1%,

11/08/26

....

559

548

L1994789.UP.FTS.B,

14.19%,

11/08/26

...

1,958

1,922

FW1997293.UP.FTS.B,

14.33%,

11/08/26

.

1,500

881

L1995404.UP.FTS.B,

14.33%,

11/08/26

...

2,251

2,220

L1991804.UP.FTS.B,

14.89%,

11/08/26

...

2,267

2,225

L1995379.UP.FTS.B,

15.15%,

11/08/26

...

1,989

1,953

L1992261.UP.FTS.B,

15.59%,

11/08/26

...

801

786

FW1991255.UP.FTS.B,

15.82%,

11/08/26

.

3,305

3,245

L1992970.UP.FTS.B,

16.04%,

11/08/26

...

4,240

4,183

L1989989.UP.FTS.B,

16.18%,

11/08/26

...

3,108

3,066

L1989606.UP.FTS.B,

16.9%,

11/08/26

....

1,169

1,154

FW1999118.UP.FTS.B,

17.22%,

11/08/26

.

1,763

1,739

L1993764.UP.FTS.B,

17.26%,

11/08/26

...

L1991180.UP.FTS.B,

17.58%,

11/08/26

...

1,036

1,022

L1988482.UP.FTS.B,

18.26%,

11/08/26

...

2,329

2,287

L1995842.UP.FTS.B,

18.87%,

11/08/26

...

1,054

1,036

b

L1996217.UP.FTS.B,

19.54%,

11/08/26

...

1,866

L1996185.UP.FTS.B,

20.69%,

11/08/26

...

1,550

1,530

L1988462.UP.FTS.B,

20.81%,

11/08/26

...

1,862

1,838

L1991281.UP.FTS.B,

20.82%,

11/08/26

...

684

672

L1994689.UP.FTS.B,

21.04%,

11/08/26

...

1,269

1,246

L1989334.UP.FTS.B,

21.32%,

11/08/26

...

6,683

4,159

#### Description

#### Principal

#### Amount

#### Value
Upstart

Network,

Inc.

(continued)

L1991956.UP.FTS.B,

21.37%,

11/08/26

...

$

627

$

619

L1989095.UP.FTS.B,

21.91%,

11/08/26

...

2,478

2,435

L1991663.UP.FTS.B,

21.95%,

11/08/26

...

3,187

3,124

FW1989899.UP.FTS.B,

22.28%,

11/08/26

.

867

850

L1991475.UP.FTS.B,

22.35%,

11/08/26

...

635

623

L1999817.UP.FTS.B,

23.27%,

11/08/26

...

1,932

1,895

L1996843.UP.FTS.B,

24.19%,

11/08/26

...

3,269

3,206

FW1994028.UP.FTS.B,

24.21%,

11/08/26

.

2,287

2,243

L1989848.UP.FTS.B,

24.75%,

11/08/26

...

2,237

2,195

FW1991387.UP.FTS.B,

24.97%,

11/08/26

.

1,582

970

L1919784.UP.FTS.B,

25.31%,

11/08/26

...

3,717

3,646

L1995398.UP.FTS.B,

25.36%,

11/08/26

...

869

852

L1992549.UP.FTS.B,

25.44%,

11/08/26

...

3,424

3,358

L1992732.UP.FTS.B,

26.2%,

11/08/26

....

1,612

1,007

FW1998563.UP.FTS.B,

26.46%,

11/08/26

.

819

803

FW1998048.UP.FTS.B,

26.92%,

11/08/26

.

849

833

L1990551.UP.FTS.B,

26.95%,

11/08/26

...

3,295

3,233

FW1994443.UP.FTS.B,

27.95%,

11/08/26

.

3,460

3,395

FW1994756.UP.FTS.B,

28%,

11/08/26

...

1,037

1,017

FW1996228.UP.FTS.B,

28.64%,

11/08/26

.

4,176

4,099

FW1991541.UP.FTS.B,

29.36%,

11/08/26

.

2,104

2,066

FW1999851.UP.FTS.B,

29.4%,

11/08/26

..

1,590

1,561

FW1992347.UP.FTS.B,

29.82%,

11/08/26

.

10,591

10,401

FW1994293.UP.FTS.B,

30.31%,

11/08/26

.

519

510

FW1997312.UP.FTS.B,

30.32%,

11/08/26

.

FW1989533.UP.FTS.B,

30.48%,

11/08/26

.

FW1996257.UP.FTS.B,

30.52%,

11/08/26

.

FW1991024.UP.FTS.B,

30.67%,

11/08/26

.

b

FW1998245.UP.FTS.B,

30.99%,

11/08/26

.

4,287

FW1996197.UP.FTS.B,

31.07%,

11/08/26

.

1,514

1,487

FW1991890.UP.FTS.B,

31.12%,

11/08/26

.

1,091

1,072

FW1994027.UP.FTS.B,

31.13%,

11/08/26

.

973

956

FW1999282.UP.FTS.B,

31.18%,

11/08/26

.

3,032

2,977

L1995369.UP.FTS.B,

8.19%,

11/10/26

....

2,021

1,977

FW1876658.UP.FTS.B,

27.58%,

11/11/26

.

1,226

1,210

L1997469.UP.FTS.B,

17.09%,

11/15/26

...

2,706

2,657

L2073684.UP.FTS.B,

7.58%,

11/18/26

....

2,476

2,423

L2070708.UP.FTS.B,

7.71%,

11/18/26

....

4,989

4,882

L2070082.UP.FTS.B,

8.09%,

11/18/26

....

5,036

4,929

L2073150.UP.FTS.B,

9.42%,

11/18/26

....

4,154

4,066

L2071865.UP.FTS.B,

10.09%,

11/18/26

...

1,957

1,922

L2075029.UP.FTS.B,

10.15%,

11/18/26

...

2,381

2,341

L2074643.UP.FTS.B,

10.22%,

11/18/26

...

5,180

5,089

L2072338.UP.FTS.B,

10.5%,

11/18/26

....

1,972

1,931

L2075077.UP.FTS.B,

11.07%,

11/18/26

...

796

782

L2075040.UP.FTS.B,

11.45%,

11/18/26

...

3,721

3,656

L2074193.UP.FTS.B,

12.02%,

11/18/26

...

2,433

2,392

L2075044.UP.FTS.B,

12.3%,

11/18/26

....

1,084

1,065

L2074536.UP.FTS.B,

12.35%,

11/18/26

...

1,627

1,599

b

L2069740.UP.FTS.B,

13.83%,

11/18/26

...

5,600

L2073949.UP.FTS.B,

13.85%,

11/18/26

...

1,396

1,372

L2070988.UP.FTS.B,

13.92%,

11/18/26

...

1,013

999

L2070587.UP.FTS.B,

14.32%,

11/18/26

...

2,242

2,217

L2074701.UP.FTS.B,

14.63%,

11/18/26

...

1,802

1,782

FW2075148.UP.FTS.B,

14.93%,

11/18/26

.

1,133

1,120

FW2072823.UP.FTS.B,

15.21%,

11/18/26

.

679

667

L1995487.UP.FTS.B,

15.52%,

11/18/26

...

1,437

1,418

Franklin

Investors

Securities

Trust

Schedule

of

Investments

#### Franklin

#### Total

#### Return

#### Fund
(continued)

franklintempleton.com

Annual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

#### Description

#### Principal

#### Amount

#### Value

#### Marketplace

#### Loans
(continued)

Upstart

Network,

Inc.

(continued)

L2074846.UP.FTS.B,

15.74%,

11/18/26

...

$

4,301

$

4,255

L2073860.UP.FTS.B,

16.19%,

11/18/26

...

658

650

L2071149.UP.FTS.B,

16.73%,

11/18/26

...

7,301

7,223

FW2075122.UP.FTS.B,

17.19%,

11/18/26

.

1,174

1,162

L2074833.UP.FTS.B,

17.19%,

11/18/26

...

3,941

3,899

FW2075299.UP.FTS.B,

17.67%,

11/18/26

.

1,183

1,171

L2069944.UP.FTS.B,

18.01%,

11/18/26

...

3,224

2,363

L2074700.UP.FTS.B,

18.17%,

11/18/26

...

1,940

1,919

FW2070090.UP.FTS.B,

18.57%,

11/18/26

.

FW2074803.UP.FTS.B,

18.88%,

11/18/26

.

3,770

3,731

FW2074495.UP.FTS.B,

19.61%,

11/18/26

.

2,460

2,424

L2074954.UP.FTS.B,

19.66%,

11/18/26

...

1,672

1,647

L2072694.UP.FTS.B,

20.25%,

11/18/26

...

1,017

1,002

L2071378.UP.FTS.B,

20.26%,

11/18/26

...

2,504

1,845

FW2070300.UP.FTS.B,

20.46%,

11/18/26

.

3,122

3,072

L2073048.UP.FTS.B,

20.74%,

11/18/26

...

1,551

1,529

L2073994.UP.FTS.B,

21.04%,

11/18/26

...

1,558

1,536

L2072786.UP.FTS.B,

22.57%,

11/18/26

...

4,051

3,990

L2073707.UP.FTS.B,

22.91%,

11/18/26

...

898

885

L2074779.UP.FTS.B,

22.95%,

11/18/26

...

3,220

3,171

L2073694.UP.FTS.B,

22.99%,

11/18/26

...

1,835

1,807

L2075061.UP.FTS.B,

23.07%,

11/18/26

...

2,834

2,790

L2073355.UP.FTS.B,

23.21%,

11/18/26

...

1,608

1,584

L2074657.UP.FTS.B,

23.23%,

11/18/26

...

1,370

b

L2074997.UP.FTS.B,

24.24%,

11/18/26

...

1,607

FW2073759.UP.FTS.B,

25.15%,

11/18/26

.

L2075027.UP.FTS.B,

25.16%,

11/18/26

...

1,994

1,965

L2075204.UP.FTS.B,

25.29%,

11/18/26

...

1,625

1,601

L2070733.UP.FTS.B,

25.4%,

11/18/26

....

1,015

1,000

L2045168.UP.FTS.B,

25.61%,

11/18/26

...

573

565

FW2075060.UP.FTS.B,

26.35%,

11/18/26

.

1,953

584

FW2074102.UP.FTS.B,

27.44%,

11/18/26

.

878

866

FW2073976.UP.FTS.B,

27.83%,

11/18/26

.

606

518

b

FW2075115.UP.FTS.B,

29.25%,

11/18/26

.

2,603

FW2074265.UP.FTS.B,

29.67%,

11/18/26

.

2,994

2,955

FW2074064.UP.FTS.B,

29.92%,

11/18/26

.

638

629

FW2072059.UP.FTS.B,

30.46%,

11/18/26

.

1,460

1,441

FW2072695.UP.FTS.B,

30.47%,

11/18/26

.

b

FW2070830.UP.FTS.B,

31%,

11/18/26

...

1,745

FW2074713.UP.FTS.B,

31.25%,

11/18/26

.

2,946

2,163

FW2070592.UP.FTS.B,

31.39%,

11/18/26

.

L1989003.UP.FTS.B,

15.35%,

11/20/26

...

7,139

7,010

FW1993779.UP.FTS.B,

28.2%,

11/20/26

..

5,183

5,090

FW1995866.UP.FTS.B,

29.41%,

11/22/26

.

1,137

1,117

L2074195.UP.FTS.B,

15.15%,

11/24/26

...

2,851

2,803

L2216952.UP.FTS.B,

8.42%,

12/09/26

....

4,094

4,009

L2217859.UP.FTS.B,

8.75%,

12/09/26

....

5,476

5,352

L2214639.UP.FTS.B,

9.77%,

12/09/26

....

2,366

2,314

L2217133.UP.FTS.B,

11.03%,

12/09/26

...

7,042

6,908

FW2216190.UP.FTS.B,

12.02%,

12/09/26

.

1,447

1,419

L2215565.UP.FTS.B,

13.14%,

12/09/26

...

1,768

1,735

L2214819.UP.FTS.B,

13.75%,

12/09/26

...

1,763

1,731

L2218351.UP.FTS.B,

14.35%,

12/09/26

...

FW2215838.UP.FTS.B,

16.38%,

12/09/26

.

2,475

2,444

L2217862.UP.FTS.B,

16.51%,

12/09/26

...

2,767

2,730

L2217548.UP.FTS.B,

17.23%,

12/09/26

...

4,717

4,657

L2217603.UP.FTS.B,

17.91%,

12/09/26

...

1,899

1,875

#### Description

#### Principal

#### Amount

#### Value
Upstart

Network,

Inc.

(continued)

L2217227.UP.FTS.B,

18.97%,

12/09/26

...

$

3,554

$

3,491

L2213701.UP.FTS.B,

19.91%,

12/09/26

...

951

934

L2215303.UP.FTS.B,

20.05%,

12/09/26

...

2,298

2,252

L2215373.UP.FTS.B,

20.25%,

12/09/26

...

FW2214210.UP.FTS.B,

20.55%,

12/09/26

.

1,655

1,626

FW2213572.UP.FTS.B,

21.18%,

12/09/26

.

518

508

FW2215010.UP.FTS.B,

21.32%,

12/09/26

.

677

669

FW2215319.UP.FTS.B,

21.51%,

12/09/26

.

1,353

1,326

L2213576.UP.FTS.B,

22.2%,

12/09/26

....

1,193

1,173

L2217530.UP.FTS.B,

22.65%,

12/09/26

...

1,540

1,510

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

...

594

582

FW2218127.UP.FTS.B,

24.14%,

12/09/26

.

3,488

3,423

L2216002.UP.FTS.B,

24.2%,

12/09/26

....

1,693

1,661

FW2214164.UP.FTS.B,

24.23%,

12/09/26

.

12,297

12,090

FW2214689.UP.FTS.B,

24.38%,

12/09/26

.

1,224

1,201

b

L2218752.UP.FTS.B,

24.44%,

12/09/26

...

534

L2217516.UP.FTS.B,

24.76%,

12/09/26

...

510

501

L2215557.UP.FTS.B,

25.29%,

12/09/26

...

815

800

L2213659.UP.FTS.B,

25.4%,

12/09/26

....

1,351

1,326

L2215136.UP.FTS.B,

25.42%,

12/09/26

...

1,802

529

L2214897.UP.FTS.B,

25.44%,

12/09/26

...

5,825

5,718

L2214140.UP.FTS.B,

25.45%,

12/09/26

...

L2216607.UP.FTS.B,

25.48%,

12/09/26

...

1,066

1,047

b

L2214388.UP.FTS.B,

25.7%,

12/09/26

....

1,584

L2218260.UP.FTS.B,

25.7%,

12/09/26

....

2,353

2,309

FW2215725.UP.FTS.B,

28.05%,

12/09/26

.

1,720

FW2215661.UP.FTS.B,

28.62%,

12/09/26

.

4,396

4,319

FW2216442.UP.FTS.B,

29.14%,

12/09/26

.

3,489

3,428

FW2218562.UP.FTS.B,

29.96%,

12/09/26

.

FW2217960.UP.FTS.B,

30.51%,

12/09/26

.

1,911

1,878

FW2217757.UP.FTS.B,

30.55%,

12/09/26

.

1,217

1,195

FW2216633.UP.FTS.B,

30.84%,

12/09/26

.

FW2217843.UP.FTS.B,

31.21%,

12/09/26

.

b

FW2216011.UP.FTS.B,

31.3%,

12/09/26

..

1,066

b

FW2216867.UP.FTS.B,

31.83%,

12/09/26

.

2,504

FW2217138.UP.FTS.B,

32.58%,

12/09/26

.

2,270

2,247

FW2219336.UP.FTS.B,

7.29%,

12/10/26

..

2,666

2,606

L2220935.UP.FTS.B,

8.04%,

12/10/26

....

2,975

2,908

L2220551.UP.FTS.B,

8.19%,

12/10/26

....

596

583

L2220654.UP.FTS.B,

9.13%,

12/10/26

....

3,430

3,372

FW2222412.UP.FTS.B,

10.49%,

12/10/26

.

L2220236.UP.FTS.B,

11.73%,

12/10/26

...

6,176

6,060

L2220260.UP.FTS.B,

12.23%,

12/10/26

...

14,517

14,246

L2221352.UP.FTS.B,

13.11%,

12/10/26

...

L2221255.UP.FTS.B,

13.17%,

12/10/26

...

2,220

2,178

L2220245.UP.FTS.B,

13.24%,

12/10/26

...

7,854

7,707

b

L2218875.UP.FTS.B,

13.44%,

12/10/26

...

4,352

L2221936.UP.FTS.B,

13.59%,

12/10/26

...

1,902

1,867

L2211103.UP.FTS.B,

13.86%,

12/10/26

...

3,932

3,859

L2221548.UP.FTS.B,

14.74%,

12/10/26

...

L2194261.UP.FTS.B,

15.71%,

12/10/26

...

3,265

3,223

FW2219230.UP.FTS.B,

15.75%,

12/10/26

.

3,465

3,420

FW2221538.UP.FTS.B,

17.36%,

12/10/26

.

5,043

4,980

L2219356.UP.FTS.B,

17.56%,

12/10/26

...

3,388

3,346

Franklin

Investors

Securities

Trust

Schedule

of

Investments

#### Franklin

#### Total

#### Return

#### Fund
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Annual

Report

#### Description

#### Principal

#### Amount

#### Value

#### Marketplace

#### Loans
(continued)

Upstart

Network,

Inc.

(continued)

L2220037.UP.FTS.B,

17.77%,

12/10/26

...

$

1,016

$

1,003

b

L2222111.UP.FTS.B,

18.1%,

12/10/26

....

2,084

L2210120.UP.FTS.B,

18.97%,

12/10/26

...

1,099

1,080

FW2219505.UP.FTS.B,

19.04%,

12/10/26

.

7,554

7,422

L2221919.UP.FTS.B,

19.66%,

12/10/26

...

1,829

1,797

L2221739.UP.FTS.B,

19.78%,

12/10/26

...

2,944

2,886

L2221097.UP.FTS.B,

19.86%,

12/10/26

...

679

667

L2221612.UP.FTS.B,

20.59%,

12/10/26

...

3,998

3,920

L2222005.UP.FTS.B,

20.98%,

12/10/26

...

513

506

L2222012.UP.FTS.B,

21.64%,

12/10/26

...

1,159

1,137

FW2219145.UP.FTS.B,

21.86%,

12/10/26

.

FW2220653.UP.FTS.B,

22.15%,

12/10/26

.

2,091

2,051

FW2220221.UP.FTS.B,

22.46%,

12/10/26

.

2,383

2,338

L2220670.UP.FTS.B,

23.96%,

12/10/26

...

678

666

FW2214196.UP.FTS.B,

23.98%,

12/10/26

.

2,135

2,095

L2219719.UP.FTS.B,

24.34%,

12/10/26

...

FW2222025.UP.FTS.B,

24.95%,

12/10/26

.

3,576

3,510

L2221560.UP.FTS.B,

25.03%,

12/10/26

...

955

b

L2222196.UP.FTS.B,

25.5%,

12/10/26

....

1,138

L2222524.UP.FTS.B,

25.5%,

12/10/26

....

959

942

FW2219378.UP.FTS.B,

27.07%,

12/10/26

.

4,487

4,409

FW2220064.UP.FTS.B,

27.61%,

12/10/26

.

848

833

FW2219847.UP.FTS.B,

28.03%,

12/10/26

.

2,154

2,116

FW2221547.UP.FTS.B,

28.78%,

12/10/26

.

1,302

1,280

FW2222054.UP.FTS.B,

29.08%,

12/10/26

.

2,987

2,937

FW2220353.UP.FTS.B,

29.92%,

12/10/26

.

1,151

1,132

FW2221075.UP.FTS.B,

30.26%,

12/10/26

.

1,328

1,305

FW2221564.UP.FTS.B,

30.28%,

12/10/26

.

1,463

922

FW2221531.UP.FTS.B,

30.36%,

12/10/26

.

1,329

1,307

FW2221439.UP.FTS.B,

30.5%,

12/10/26

..

836

822

FW2219745.UP.FTS.B,

31.03%,

12/10/26

.

880

866

FW2216231.UP.FTS.B,

31.22%,

12/10/26

.

1,344

1,322

FW2218939.UP.FTS.B,

31.36%,

12/10/26

.

1,538

1,513

FW2219361.UP.FTS.B,

31.69%,

12/10/26

.

5,671

5,578

L2220687.UP.FTS.B,

23.72%,

12/11/26

...

799

784

L2217252.UP.FTS.B,

25.25%,

12/14/26

...

720

708

L2074379.UP.FTS.B,

20.93%,

12/18/26

...

6,206

6,106

FW2213955.UP.FTS.B,

18.45%,

12/24/26

.

3,233

956

FW2220958.UP.FTS.B,

32.58%,

12/25/26

.

3,266

3,213

FW2217553.UP.FTS.B,

16.03%,

12/28/26

.

1,834

1,801

L1611722.UP.FTS.B,

19.13%,

1/23/27

....

2,590

2,550

L1614273.UP.FTS.B,

14.09%,

1/24/27

....

3,389

3,328

L1613957.UP.FTS.B,

19.33%,

1/24/27

....

3,865

3,811

L1616477.UP.FTS.B,

19.45%,

1/24/27

....

2,489

1,788

b

L1614645.UP.FTS.B,

22.79%,

1/24/27

....

1,408

L1616362.UP.FTS.B,

23.47%,

1/24/27

....

2,142

2,113

FW1613124.UP.FTS.B,

26.6%,

1/24/27

...

6,722

4,848

FW1605600.UP.FTS.B,

29.46%,

1/24/27

..

2,930

2,900

FW1615354.UP.FTS.B,

31.17%,

1/24/27

..

5,212

5,152

L1619050.UP.FTS.B,

15.55%,

1/25/27

....

1,283

1,270

FW1615921.UP.FTS.B,

28.4%,

1/25/27

...

7,236

7,157

L1611110.UP.FTS.B,

20.52%,

2/01/27

....

8,511

8,398

L1699552.UP.FTS.B,

17.37%,

2/13/27

....

1,403

1,377

FW1705472.UP.FTS.B,

19.5%,

2/13/27

...

3,983

2,190

L1706613.UP.FTS.B,

27.15%,

2/13/27

....

3,667

2,122

L1880702.UP.FTS.B,

9.87%,

3/19/27

....

5,938

1,529

#### Description

#### Principal

#### Amount

#### Value
Upstart

Network,

Inc.

(continued)

b

FW1879016.UP.FTS.B,

10.84%,

3/19/27

..

$

9,788

$

714

L1879248.UP.FTS.B,

19.71%,

3/19/27

....

2,338

2,298

L1880423.UP.FTS.B,

25.24%,

3/19/27

....

2,889

2,843

FW1880356.UP.FTS.B,

28.86%,

3/19/27

..

1,064

1,049

FW1876421.UP.FTS.B,

26.08%,

3/27/27

..

2,567

2,525

L1991593.UP.FTS.B,

11.07%,

4/08/27

....

17,024

16,634

L1998298.UP.FTS.B,

13.53%,

4/08/27

....

1,682

1,646

L1990886.UP.FTS.B,

17.65%,

4/08/27

....

2,939

2,901

b

L1997930.UP.FTS.B,

20.97%,

4/08/27

....

2,216

b

L1992016.UP.FTS.B,

21%,

4/08/27

......

19,628

3,009

b

L1990332.UP.FTS.B,

24.87%,

4/08/27

....

6,879

FW1990199.UP.FTS.B,

27.43%,

4/08/27

..

8,657

2,263

FW1993453.UP.FTS.B,

28.76%,

4/08/27

..

7,823

2,152

b

FW1996092.UP.FTS.B,

29.72%,

4/08/27

..

1,962

FW1988366.UP.FTS.B,

30.88%,

4/08/27

..

2,924

1,641

FW1990513.UP.FTS.B,

31.11%,

4/08/27

..

2,650

2,605

L2071590.UP.FTS.B,

16.75%,

4/18/27

....

2,903

745

L2074108.UP.FTS.B,

16.87%,

4/18/27

....

1,131

781

L2070593.UP.FTS.B,

17.59%,

4/18/27

....

8,078

7,924

L2074570.UP.FTS.B,

18.15%,

4/18/27

....

6,561

4,449

L2071288.UP.FTS.B,

18.9%,

4/18/27

....

1,468

1,453

L2074593.UP.FTS.B,

18.9%,

4/18/27

....

604

FW2071863.UP.FTS.B,

19.94%,

4/18/27

..

1,479

1,460

L2074730.UP.FTS.B,

20.02%,

4/18/27

....

1,970

1,937

b

L2073933.UP.FTS.B,

20.06%,

4/18/27

....

2,622

FW2075442.UP.FTS.B,

22.23%,

4/18/27

..

3,199

3,147

L2073235.UP.FTS.B,

22.81%,

4/18/27

....

3,006

2,956

L2074932.UP.FTS.B,

23.75%,

4/18/27

....

3,490

3,433

L1989271.UP.FTS.B,

15.62%,

4/22/27

....

5,091

3,393

FW1991256.UP.FTS.B,

25.07%,

4/22/27

..

9,105

8,900

L1988372.UP.FTS.B,

13.34%,

4/23/27

....

2,041

1,998

L1993049.UP.FTS.B,

14.87%,

4/23/27

....

8,414

8,236

L2214144.UP.FTS.B,

11.27%,

5/09/27

....

2,357

2,314

L2218508.UP.FTS.B,

20.09%,

5/09/27

....

2,977

2,920

L2217598.UP.FTS.B,

23.52%,

5/09/27

....

4,366

4,275

L2198465.UP.FTS.B,

24.17%,

5/09/27

....

2,190

2,145

L2215729.UP.FTS.B,

25.13%,

5/09/27

....

5,795

5,681

L2216524.UP.FTS.B,

25.42%,

5/09/27

....

6,357

3,389

L2216795.UP.FTS.B,

26.15%,

5/09/27

....

5,702

5,582

FW2218340.UP.FTS.B,

31.07%,

5/09/27

..

5,032

2,774

L2221765.UP.FTS.B,

7.56%,

5/10/27

....

3,234

3,153

L2211511.UP.FTS.B,

12.64%,

5/10/27

....

24,522

12,085

L2221125.UP.FTS.B,

15.5%,

5/10/27

.....

785

769

L2221797.UP.FTS.B,

19.44%,

5/10/27

....

6,050

5,940

L2221701.UP.FTS.B,

19.55%,

5/10/27

....

2,713

2,678

FW2219211.UP.FTS.B,

31.11%,

5/10/27

..

3,152

1,705

FW2219137.UP.FTS.B,

32.32%,

5/10/27

..

5,188

2,798

b

FW2214150.UP.FTS.B,

26.84%,

5/24/27

..

1,639

L1600527.UP.FTS.B,

20.35%,

6/24/27

....

4,570

4,494

FW1613781.UP.FTS.B,

20.91%,

6/24/27

..

b

L1619343.UP.FTS.B,

16.69%,

6/25/27

....

4,823

FW2219804.UP.FTS.B,

10.44%,

7/10/27

..

1,906

L1704834.UP.FTS.B,

12.73%,

7/13/27

....

2,302

2,260

L1706347.UP.FTS.B,

23.37%,

7/13/27

....

4,024

2,223

FW1705037.UP.FTS.B,

26.99%,

7/13/27

..

978

957

Franklin

Investors

Securities

Trust

Schedule

of

Investments

#### Franklin

#### Total

#### Return

#### Fund
(continued)

franklintempleton.com

Annual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

#### Description

#### Principal

#### Amount

#### Value

#### Marketplace

#### Loans
(continued)

Upstart

Network,

Inc.

(continued)

L1994793.UP.FTS.B,

11.1%,

9/08/27

.....

$

4,472

$

4,383

b

FW1998913.UP.FTS.B,

15.22%,

9/08/27

..

1,931

FW1991474.UP.FTS.B,

24.66%,

9/08/27

..

2,303

2,257

FW1998543.UP.FTS.B,

22.52%,

9/13/27

..

8,256

2,062

L2074857.UP.FTS.B,

16.11%,

9/18/27

....

9,653

688

L2073937.UP.FTS.B,

18.46%,

9/18/27

....

4,582

4,531

L2214500.UP.FTS.B,

18.31%,

10/09/27

...

14,877

3,527

L2217220.UP.FTS.B,

24.27%,

10/09/27

...

3,315

1,610

b

L2219737.UP.FTS.B,

25.45%,

10/10/27

...

1,245

1,063,218

#### Total

#### Marketplace

#### Loans

#### (Cost

#### $9,883,545

####)
.......................

#### $3,992,684
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,

October

31,

2025

#### Franklin

#### Total

#### Return

#### Fund
franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Annual

Report

At

October

31,

2025

,

the

Fund

had

the

following futures

contracts

outstanding.

See

Note

(d).

At

October

31,

2025,

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

$

1,363,124

12/08/25

$

Euro-Bund

.................................

Short

2,386,262

12/08/25

(6,272)

U.S.

Treasury

Year

Notes

....................

Short

708

79,771,688

12/19/25

(78,443)

U.S.

Treasury

Year

Ultra

Notes

................

Long

37,763,391

12/19/25

(28,993)

U.S.

Treasury

Year

Notes

.....................

Long

1,503

312,988,009

12/31/25

(480,092)

U.S.

Treasury

Year

Notes

.....................

Short

8,627,664

12/31/25

(13,687)

U.S.

Treasury

Long

Bonds

.....................

Long

38,361,188

12/19/25

117,763

U.S.

Treasury

Ultra

Bonds

......................

Long

4,244,844

12/19/25

161,827

Total

Futures

Contracts

......................................................................

$(327,512)

\*

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

2,230,000

2,604,972

12/01/25

$

30,628

$

—

Euro

.............

JPHQ

Sell

330,000

385,324

4/30/26

1,396

—

Euro

.............

JPHQ

Sell

891,000

1,034,513

5/04/26

—

(2,293)

Total

Forward

Exchange

Contracts

...................................................

$32,024

$(2,293)

Net

unrealized

appreciation

(depreciation)

............................................

$29,731

\*

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

#### Franklin

#### Total

#### Return

#### Fund
(continued)

franklintempleton.com

Annual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

At

October

31,

2025

,

the

Fund

had

the

following credit

default

swap

contracts outstanding.

See

Note

(d).

At

October

31,

2025

,

the

Fund

had

the

following

interest

rate

swap

contracts

outstanding.

See

Note

(d).

#### 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

#### Sell

#### Protection

#### c,d

#### Traded

#### Index
CDX.NA.HY.45

.

5.00%

Quarterly

12/20/30

45,500,000

$

3,558,872

$

3,002,270

$

556,602

Non-

Investment

Grade

Total

Centrally

Cleared

Swap

Contracts

.....................................

$3,558,872

$3,002,270

$556,602

#### OTC

#### Swap

#### Contracts

#### to

#### Sell

#### Protection

#### c,d

#### Single

#### Name
Carnival

Corp.

..

1.00%

Quarterly

CITI

6/20/27

4,980,000

52,746

(294,637)

347,383

BB+

#### Traded

#### Index
CDX.NA.HY.39

.

5.00%

Quarterly

JPHQ

12/20/27

16,900,000

1,497,267

508,803

988,464

Non-

Investment

Grade

CDX.NA.IG.41

..

1.00%

Quarterly

CITI

12/20/28

31,300,000

95,448

(656,404)

751,852

Investment

Grade

Total

OTC

Swap

Contracts

..............................................

$1,645,461

$(442,238)

$2,087,699

Total

Credit

Default

Swap

Contracts

....................................

$5,204,333

$

2,560,032

$2,644,301

a

In

U.S.

dollars

unless

otherwise

indicated.

For

contracts

to

sell

protection,

the

notional

amount

is

equal

to

the

maximum

potential

amount

of

the

future

payments

and

no

recourse

provisions

have

been

entered

into

in

association

with

the

contracts.

b

Based

on

Standard

and

Poor's

(S&P)

Rating

for

single

name

swaps

and

internal

ratings

for

index

swaps.

Internal

ratings

based

on

mapping

into

equivalent

ratings

from

external

vendors.

c

Performance

triggers

for

settlement

of

contract

include

default,

bankruptcy

or

restructuring

for

single

name

swaps,

and

failure

to

pay

or

bankruptcy

of

the

underlying

securities

for

traded

index

swaps.

d

The

fund

enters

contracts

to

sell

protection

to

create

a

long

credit

position.

#### Interest

#### Rate

#### Swap

#### Contracts

#### Description

#### Payment

#### Frequency

#### Maturity

#### Date

#### Notional

#### Amount

#### \*

#### Value

#### Upfront

#### Payments
(Receipts)

#### Unrealized

#### Appreciation
(Depreciation)

aa

#### aa

#### Centrally

#### Cleared

#### Swap

#### Contracts
Receive

Floating

1-day

SOFR

..............

Annual

Pay

Fixed

1.924%

...

Annual

8/12/27

34,300,000

$

1,071,720

$

1,000

$

1,070,720

Total

Interest

Rate

Swap

Contracts

.................................

$1,071,720

$

1,000

$1,070,720

\*

In

U.S.

dollars

unless

otherwise

indicated.

Franklin

Investors

Securities

Trust

Schedule

of

Investments

#### Franklin

#### Total

#### Return

#### Fund
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Annual

Report

At

October

31,

2025

,

the

Fund

had

the

following total

return swap

contracts

outstanding.

See

Note

1(d)

.

See

Note 9 regarding

other

derivative

information.

#### Total

#### Return

#### Swap

#### Contracts

#### Underlying

#### Instruments

#### Financing

#### Rate

#### Payment

#### Frequency

#### Counter-

#### party

#### Maturity

#### Date

#### Notional

#### Value

#### \*

#### Value/

#### Unrealized

#### Appreciation
(Depreciation)

#### OTC

#### Swap

#### Contracts

#### Long

#### a
Markit

iBoxx

USD

Liquid

Leveraged

Loans

Total

Return

Index

...................

1-day

SOFR

Quarterly

BNDP

3/20/26

30,000,000

$

324,423

#### Short

#### b
U.S.

Treasury

Bonds

...................

4.2%

At

Maturity

BOFA

12/11/25

32,100,000

130,106

Total

Return

Swap

Contracts

....................................................................

$454,529

\*

In

U.S.

dollars

unless

otherwise

indicated.

a

The

Fund

receives

the

total

return

on

the

underlying

instrument

and

pays

a

variable

financing

rate.

b

The

Fund

receives

the

total

return

on

the

underlying

instrument.

See

Abbreviations

on

.

Franklin

Investors

Securities

Trust

Financial

Statements

Statements

of

Assets

and

Liabilities

October

31,

2025

franklintempleton.com

Annual

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
Assets:

Investments

in

securities:

Cost

-

Unaffiliated

issuers

................

$2,590,829,763

$2,995,989,597

$1,332,966,486

$58,879,259

Cost

-

Non-controlled

affiliates

(Note

f

and

10)

49,034,508

124,434,549

169,282,352

562,275

Value

-

Unaffiliated

issuers

(Includes

securities

loaned

of

$—,

$—,

$11,517,990

and

$—,

respectively)

..........................

$2,978,242,388

$4,418,428,600

$1,289,354,764

$61,682,528

Value

-

Non-controlled

affiliates

(Note

f

and

10)

49,034,508

124,434,549

156,368,055

562,275

Cash

.................................

—

1,032,842

4,941,244

—

Receivables:

Investment

securities

sold

................

—

6,334,160

17,140,013

—

Capital

shares

sold

.....................

1,537,160

1,420,912

396,773

480,165

Dividends

and

interest

..................

9,299,898

4,183,986

8,353,198

811,272

Affiliates

.............................

—

—

—

47,086

Unrealized

appreciation

on

unfunded

loan

commitments

(Note

8)

....................

—

—

809

—

Total

assets

.......................

3,038,113,954

4,555,835,049

1,476,554,856

63,583,326

Liabilities:

Payables:

Investment

securities

purchased

...........

—

13,408,104

57,707,688

549,455

Capital

shares

redeemed

................

1,300,457

1,582,532

3,074,571

4,054

Management

fees

......................

1,145,054

1,691,796

669,486

—

Distribution

fees

.......................

243,203

881,201

240,991

—

Transfer

agent

fees

.....................

640,989

843,315

293,913

1,200

Professional

fees

......................

—

53,479

116,632

64,973

Trustees'

fees

and

expenses

..............

1,564

1,997

1,151

Distributions

to

shareholders

..............

—

—

672,756

—

Payable

upon

return

of

securities

loaned

(Note

f)

—

—

11,779,000

—

Unrealized

depreciation

on

unfunded

loan

commitments

(Note

8)

....................

—

—

—

Accrued

expenses

and

other

liabilities

........

150,463

102,177

96,229

14,040

Total

liabilities

......................

3,481,730

18,564,601

74,652,836

633,730

Net

assets,

at

value

..............

$3,034,632,224

$4,537,270,448

$1,401,902,020

$62,949,596

Net

assets

consist

of:

Paid-in

capital

..........................

$2,418,210,551

$2,776,565,082

$2,033,506,093

$60,078,179

Total

distributable

earnings

(losses)

..........

616,421,673

1,760,705,366

(631,604,073)

2,871,417

Net

assets,

at

value

..............

$3,034,632,224

$4,537,270,448

$1,401,902,020

$62,949,596

Franklin

Investors

Securities

Trust

Financial

Statements

Statements

of

Assets

and

Liabilities

(continued)

October

31,

2025

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Annual

Report

#### 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

....................

$1,000,556,651

$3,714,872,908

$958,198,986

$—

Shares

outstanding

.....................

39,174,579

105,070,902

127,770,508

—

Net

asset

value

per

share

a,b

...............

$25.54

$35.36

$7.50

$—

Maximum

offering

price

per

share

(net

asset

value

per

share

÷

94.50%,

94.50%,

97.75%

and

—%

,

respectively)

b

.....................

$27.03

$37.42

$7.67

$—

#### Class

#### C:
Net

assets,

at

value

....................

$37,057,711

$105,095,282

$64,247,575

$—

Shares

outstanding

.....................

1,494,038

2,995,969

8,564,992

—

Net

asset

value

and

maximum

offering

price

per

share

a,b

..............................

$24.80

$35.08

$7.50

$—

#### Class

#### R:
Net

assets,

at

value

....................

$—

$17,236,844

$—

$—

Shares

outstanding

.....................

—

487,283

—

—

Net

asset

value

and

maximum

offering

price

per

share

b

...............................

$—

$35.37

$—

$—

#### Class

#### R6:
Net

assets,

at

value

....................

$125,202,443

$256,283,933

$137,341,223

$62,949,596

Shares

outstanding

.....................

4,850,383

7,229,464

18,284,993

6,117,201

Net

asset

value

and

maximum

offering

price

per

share

b

...............................

$25.81

$35.45

$7.51

$10.29

#### Advisor

#### Class:
Net

assets,

at

value

....................

$1,871,815,419

$443,781,481

$242,114,236

$—

Shares

outstanding

.....................

73,279,837

12,523,580

32,266,406

—

Net

asset

value

and

maximum

offering

price

per

share

b

...............................

$25.54

$35.44

$7.50

$—

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)

October

31,

2025

franklintempleton.com

Annual

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
Assets:

Investments

in

securities:

Cost

-

Unaffiliated

issuers

................

$1,887,756,251

$360,745,723

$2,862,623,158

$3,474,671,355

Cost

-

Non-controlled

affiliates

(Note

f)

.....

51,946,645

18,214,577

7,803,858

49,990,332

Value

-

Unaffiliated

issuers

(Includes

securities

loaned

of

$2,496,437,

$—,

$8,418,031

and

$—,

respectively)

..........................

$1,882,931,571

$358,129,021

$3,298,119,951

$3,403,692,992

Value

-

Non-controlled

affiliates

(Note

f)

.....

51,946,645

18,214,577

7,803,858

49,990,332

Cash

.................................

381,098

—

746,098

Receivables:

Investment

securities

sold

................

50,181,559

1,795,095

—

5,340,078

Capital

shares

sold

.....................

1,968,203

387,309

1,142,078

1,407,817

Dividends

and

interest

..................

11,369,908

2,095,541

18,009,333

24,856,783

European

Union

tax

reclaims

(Note

j)

......

—

—

540,791

—

Deposits

with

brokers

for:

OTC

derivative

contracts

...............

—

—

—

130,000

Futures

contracts

.....................

3,883,413

569,275

—

3,165,172

Variation

margin

on

futures

contracts

........

15,906

6,031

—

—

OTC

swap

contracts

(upfront

payments

$298,864,

$–,

$–

and

$918,327,

respectively)

...........

165,587

—

—

508,803

Unrealized

appreciation

on

OTC

forward

exchange

contracts

..............................

—

—

—

32,024

Unrealized

appreciation

on

OTC

swap

contracts

.

757,433

—

—

2,542,228

Unrealized

appreciation

on

unfunded

loan

commitments

(Note

8)

....................

—

—

Deferred

tax

benefit

......................

—

—

—

95,813

Total

assets

.......................

2,003,601,634

381,196,861

3,325,616,011

3,492,508,519

Liabilities:

Payables:

Investment

securities

purchased

...........

41,366,187

—

—

23,160,641

Payable

for

purchases

of

TBA

securities

(Note

c)

.................................

—

—

—

438,909,705

Capital

shares

redeemed

................

2,696,511

476,252

2,272,760

4,671,926

Management

fees

......................

457,274

52,980

1,567,571

801,269

Distribution

fees

.......................

307,386

62,795

675,360

527,437

Transfer

agent

fees

.....................

393,542

104,892

635,466

837,998

Professional

fees

......................

114,840

87,597

80,201

131,377

Trustees'

fees

and

expenses

..............

1,606

2,583

2,456

Distributions

to

shareholders

..............

—

—

962

—

Variation

margin

on

futures

contracts

........

—

—

—

109,268

Variation

margin

on

centrally

cleared

swap

contracts

............................

33,824

—

—

40,448

Deposits

from

brokers

for:

TBA

transactions

(Note

c)

.............

—

—

—

487,679

OTC

swap

contracts

(upfront

receipts

$763,309,

$–,

$–

and

$2,181,912,

respectively)

.........

376,815

—

—

1,155,217

Options

written,

at

value

(premiums

received

$167,922,

$–,

$–

and

$2,358,213,

respectively)

.

197,874

—

—

1,542,844

Unrealized

depreciation

on

OTC

forward

exchange

contracts

..............................

—

—

—

2,293

Payable

upon

return

of

securities

loaned

(Note

f)

2,574,000

—

2,731,000

—

Unrealized

depreciation

on

unfunded

loan

commitments

(Note

8)

....................

—

—

Accrued

expenses

and

other

liabilities

........

239,249

52,042

123,189

298,143

Franklin

Investors

Securities

Trust

Financial

Statements

Statements

of

Assets

and

Liabilities

(continued)

October

31,

2025

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Annual

Report

#### Franklin

#### Low

#### Duration

#### Total

#### Return

#### Fund

#### Franklin

#### Low

#### Duration

#### U.S.

#### Government

#### Securities

#### Fund

#### Franklin

#### Managed

#### Income

#### Fund

#### Franklin

#### Total

#### Return

#### Fund
Total

liabilities

......................

48,759,118

836,947

8,089,092

472,678,711

Net

assets,

at

value

..............

$1,954,842,516

$380,359,914

$3,317,526,919

$3,019,829,808

Net

assets

consist

of:

Paid-in

capital

..........................

$2,320,786,129

$548,980,839

$2,882,374,821

$3,823,308,418

Total

distributable

earnings

(losses)

..........

(365,943,613)

(168,620,925)

435,152,098

(803,478,610)

Net

assets,

at

value

..............

$1,954,842,516

$380,359,914

$3,317,526,919

$3,019,829,808

#### 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

....................

$1,375,233,674

$256,868,909

$2,867,571,364

$2,403,057,413

Shares

outstanding

.....................

152,590,463

34,038,192

224,587,620

284,630,447

Net

asset

value

per

share

a,b

...............

$9.01

$7.55

$12.77

$8.44

Maximum

offering

price

per

share

(net

asset

value

per

share

÷

97.75%,

97.75%,

94.50%

and

96.25%,

respectively)

b

...................

$9.22

$7.72

$13.51

$8.77

#### Class

#### A1:
Net

assets,

at

value

....................

$—

$40,410,765

$—

$—

Shares

outstanding

.....................

—

5,356,304

—

—

Net

asset

value

per

share

a,b

...............

$—

$7.54

$—

$—

Maximum

offering

price

per

share

(net

asset

value

per

share

÷

—%,

97.75%,

—%

and

—%,

respectively)

b

.........................

$—

$7.71

$—

$—

#### Class

#### C:
Net

assets,

at

value

....................

$26,770,590

$9,022,714

$69,580,120

$19,633,052

Shares

outstanding

.....................

2,984,860

1,196,531

5,510,040

2,345,684

Net

asset

value

and

maximum

offering

price

per

share

a,b

..............................

$8.97

$7.54

$12.63

$8.37

#### Class

#### R:
Net

assets,

at

value

....................

$788,960

$—

$2,552,078

$7,497,187

Shares

outstanding

.....................

87,614

—

199,206

891,960

Net

asset

value

and

maximum

offering

price

per

share

b

...............................

$9.00

$—

$12.81

$8.41

#### Class

#### R6:
Net

assets,

at

value

....................

$392,035,937

$17,339,742

$185,417,654

$387,278,939

Shares

outstanding

.....................

43,211,864

2,294,273

14,478,942

45,541,296

Net

asset

value

and

maximum

offering

price

per

share

b

...............................

$9.07

$7.56

$12.81

$8.50

#### Advisor

#### Class:
Net

assets,

at

value

....................

$160,013,355

$56,717,784

$192,405,703

$202,363,217

Shares

outstanding

.....................

17,655,516

7,507,819

15,027,092

23,821,058

Net

asset

value

and

maximum

offering

price

per

share

b

...............................

$9.06

$7.55

$12.80

$8.50

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

year

ended

October

31,

2025

franklintempleton.com

Annual

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
Investment

income:

Dividends:

(net

of

foreign

taxes

of

$–,

$653,426,

$–

and

$–,

respectively)

Unaffiliated

issuers

.....................

$22,398,792

$89,979,171

$912,926

$—

Non-controlled

affiliates

(Note

f

and

10)

.....

3,435,787

5,643,852

4,239,925

15,519

Interest:

Unaffiliated

issuers

.....................

35,383,508

13,907

111,958,976

4,081,018

Income

from

securities

loaned:

Unaffiliated

entities

(net

of

fees

and

rebates)

..

(2,352)

—

(63,644)

—

Non-controlled

affiliates

(Note

f)

..........

44,104

—

84,212

—

Other

income

(Note

j)

....................

—

6,706

—

—

Total

investment

income

................

61,259,839

95,643,636

117,132,395

4,096,537

Expenses:

Management

fees

(Note

a)

................

13,132,170

19,476,955

8,320,582

216,647

Distribution

fees:

(Note

3c)

Class

A

.............................

2,412,546

8,714,638

2,443,856

—

Class

C

.............................

442,794

1,040,133

471,884

—

Class

R

.............................

—

76,413

—

—

Transfer

agent

fees:

(Note

3e)

Class

A

.............................

863,183

2,721,406

946,853

—

Class

C

.............................

39,609

81,773

70,530

—

Class

R

.............................

—

11,890

—

—

Class

R6

............................

33,131

58,794

26,969

11,129

Advisor

Class

.........................

1,547,544

317,003

271,927

—

Custodian

fees

.........................

17,615

21,625

1,948

Reports

to

shareholders

fees

...............

130,061

193,448

73,592

9,036

Registration

and

filing

fees

.................

136,148

129,500

178,159

36,641

Professional

fees

........................

88,248

76,724

149,039

88,943

Trustees'

fees

and

expenses

...............

29,759

45,335

16,112

Other

.................................

78,851

109,350

47,992

20,137

Total

expenses

......................

18,951,659

33,074,987

13,019,443

383,052

Expenses

waived/paid

by

affiliates

(Note

f

and

g)

...........................

(222,464)

(392,955)

(221,140)

(233,957)

Net

expenses

......................

18,729,195

32,682,032

12,798,303

149,095

Net

investment

income

.............

42,530,644

62,961,604

104,334,092

3,947,442

Franklin

Investors

Securities

Trust

Financial

Statements

Statements

of

Operations

(continued)

for

the

year

ended

October

31,

2025

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Annual

Report

#### 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

...................

262,763,454

387,626,171

(12,822,220)

122,705

Foreign

currency

transactions

.............

—

(70,301)

—

—

Net

realized

gain

(loss)

...............

262,763,454

387,555,870

(12,822,220)

122,705

Net

change

in

unrealized

appreciation

(depreciation)

on:

Investments:

Unaffiliated

issuers

...................

132,846,056

111,074,774

(17,443,692)

(473,715)

Non-controlled

affiliates

(Note

f

and

10)

...

—

—

3,240,163

—

Translation

of

other

assets

and

liabilities

denominated

in

foreign

currencies

........

—

72,217

—

—

Unfunded

loan

commitments

(Note

8)

.......

—

—

(2,123)

—

Net

change

in

unrealized

appreciation

(depreciation)

......................

132,846,056

111,146,991

(14,205,652)

(473,715)

Net

realized

and

unrealized

gain

(loss)

.........

395,609,510

498,702,861

(27,027,872)

(351,010)

Net

increase

(decrease)

in

net

assets

resulting

from

operations

...............................

$438,140,154

$561,664,465

$77,306,220

$3,596,432

Franklin

Investors

Securities

Trust

Financial

Statements

Statements

of

Operations

(continued)

for

the

year

ended

October

31,

2025

franklintempleton.com

Annual

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
Investment

income:

Dividends:

(net

of

foreign

taxes

of

$–,

$–,

$838,010

and

$–,

respectively)

Unaffiliated

issuers

.....................

$38,104

$—

$46,480,986

$279,222

Non-controlled

affiliates

(Note

f)

..........

1,564,253

563,418

1,065,186

2,715,002

Interest:

(net

of

foreign

taxes

of

$134,

$—,

$—

and

$—,

respectively)

Unaffiliated

issuers:

Paydown

gain

(loss)

..................

708,090

(1,948,053)

184,062

5,281,804

Paid

in

cash

a

........................

92,356,300

20,907,482

98,683,562

137,948,781

Income

from

securities

loaned:

Unaffiliated

entities

(net

of

fees

and

rebates)

..

16,007

—

(94,507)

2,285

Non-controlled

affiliates

(Note

f)

..........

10,841

—

134,216

999

Other

income

(Note

j)

....................

—

—

52,883

—

Total

investment

income

................

94,693,595

19,522,847

146,506,388

146,228,093

Expenses:

Management

fees

(Note

a)

................

10,142,778

1,941,864

18,524,753

14,954,117

Distribution

fees:

(Note

3c)

Class

A

.............................

3,392,458

650,656

7,243,682

6,109,539

Class

A1

............................

—

42,268

—

—

Class

C

.............................

189,048

61,580

800,082

141,076

Class

R

.............................

2,786

—

13,388

36,117

Transfer

agent

fees:

(Note

3e)

Class

A

.............................

1,515,094

348,518

2,596,493

3,235,417

Class

A1

............................

—

56,705

—

—

Class

C

.............................

32,449

12,708

71,474

28,643

Class

R

.............................

623

—

2,401

9,581

Class

R6

............................

76,197

8,957

43,505

80,758

Advisor

Class

.........................

185,850

77,700

173,161

267,843

Custodian

fees

.........................

7,491

1,936

20,034

19,263

Reports

to

shareholders

fees

...............

130,331

28,023

173,859

247,168

Registration

and

filing

fees

.................

100,693

66,889

139,370

165,199

Professional

fees

........................

140,022

103,001

109,474

163,292

Trustees'

fees

and

expenses

...............

20,613

4,371

36,107

32,952

Marketplace

lending

fees

(Note

i)

...........

568,897

—

—

576,440

Other

.................................

275,583

158,764

117,204

229,972

Total

expenses

......................

16,780,913

3,563,940

30,064,987

26,297,377

Expenses

waived/paid

by

affiliates

(Note

f

and

g)

...........................

(5,588,263)

(562,378)

(25,706)

(4,392,297)

Net

expenses

......................

11,192,650

3,001,562

30,039,281

21,905,080

Net

investment

income

.............

83,500,945

16,521,285

116,467,107

124,323,013

Franklin

Investors

Securities

Trust

Financial

Statements

Statements

of

Operations

(continued)

for

the

year

ended

October

31,

2025

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Annual

Report

#### 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

...................

(5,077,257)

30,994

32,826,862

(44,527,657)

Written

options

........................

111,800

—

10,510,979

3,850,802

Foreign

currency

transactions

.............

1,935

—

(39,434)

6,319

Forward

exchange

contracts

..............

—

—

—

(98,901)

Futures

contracts

......................

(470,476)

(669,049)

—

461,574

TBA

sale

commitments

..................

—

—

—

(23,024)

Swap

contracts

........................

2,034,143

—

—

1,843,087

Net

realized

gain

(loss)

...............

(3,399,855)

(638,055)

43,298,407

(38,487,800)

Net

change

in

unrealized

appreciation

(depreciation)

on:

Investments:

Unaffiliated

issuers

...................

18,026,901

2,114,265

25,668,495

97,665,645

Translation

of

other

assets

and

liabilities

denominated

in

foreign

currencies

........

—

(25,568)

265,202

Unfunded

loan

commitments

(Note

8)

.......

—

—

Written

options

........................

(29,952)

—

(3,471,290)

329,894

Forward

exchange

contracts

..............

—

—

—

29,731

Futures

contracts

......................

607,439

460,685

—

(2,993,157)

Swap

contracts

........................

(159,813)

—

—

(782,239)

Net

change

in

unrealized

appreciation

(depreciation)

......................

18,444,929

2,574,950

22,171,637

94,515,445

Net

realized

and

unrealized

gain

(loss)

.........

15,045,074

1,936,895

65,470,044

56,027,645

Net

increase

(decrease)

in

net

assets

resulting

from

operations

...............................

$98,546,019

$18,458,180

$181,937,151

$180,350,658

a

Includes

amortization

of

premium

and

accretion

of

discount.

Franklin

Investors

Securities

Trust

Financial

Statements

Statements

of

Changes

in

Net

Assets

franklintempleton.com

Annual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

#### Franklin

#### Convertible

#### Securities

#### Fund

#### Franklin

#### Equity

#### Income

#### Fund

#### Year

#### Ended

#### October

#### 31,

#### 2025

#### Year

#### Ended

#### October

#### 31,

#### 2024

#### Year

#### Ended

#### October

#### 31,

#### 2025

#### Year

#### Ended

#### October

#### 31,

#### 2024
Increase

(decrease)

in

net

assets:

Operations:

Net

investment

income

............

$42,530,644

$28,568,686

$62,961,604

$66,754,101

Net

realized

gain

(loss)

............

262,763,454

90,289,514

387,555,870

353,871,690

Net

change

in

unrealized

appreciation

(depreciation)

.................

132,846,056

460,306,586

111,146,991

672,993,764

Net

increase

(decrease)

in

net

assets

resulting

from

operations

.

438,140,154

579,164,786

561,664,465

1,093,619,555

Distributions

to

shareholders:

Class

A

........................

(43,030,814)

(23,043,895)

(329,310,104)

(125,505,390)

Class

C

........................

(1,910,967)

(1,164,461)

(9,408,163)

(3,390,661)

Class

R

........................

—

—

(1,366,263)

(473,035)

Class

R6

.......................

(4,934,199)

(2,574,099)

(22,641,676)

(7,575,533)

Advisor

Class

...................

(79,197,478)

(41,500,014)

(38,911,162)

(15,624,492)

Total

distributions

to

shareholders

.....

(129,073,458)

(68,282,469)

(401,637,368)

(152,569,111)

Capital

share

transactions:

(Note

2)

Class

A

........................

(65,357,566)

(122,081,466)

146,975,507

(116,745,926)

Class

C

........................

(20,346,076)

(26,416,536)

(5,570,448)

(14,099,093)

Class

R

........................

—

—

1,965,232

846,536

Class

R6

.......................

12,598,175

(7,811,691)

25,253,919

26,827,927

Advisor

Class

...................

28,002,803

(117,431,294)

30,640,817

(23,254,504)

Total

capital

share

transactions

.......

(45,102,664)

(273,740,987)

199,265,027

(126,425,060)

Net

increase

(decrease)

in

net

assets

.....................

263,964,032

237,141,330

359,292,124

814,625,384

Net

assets:

Beginning

of

year

..................

2,770,668,192

2,533,526,862

4,177,978,324

3,363,352,940

End

of

year

......................

$3,034,632,224

$2,770,668,192

$4,537,270,448

$4,177,978,324

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.

Annual

Report

#### Franklin

#### Floating

#### Rate

#### Daily

#### Access

#### Fund

#### Franklin

#### Long

#### Duration

#### Credit

#### Fund

#### Year

#### Ended

#### October

#### 31,

#### 2025

#### Year

#### Ended

#### October

#### 31,

#### 2024

#### Year

#### Ended

#### October

#### 31,

#### 2025

#### Year

#### Ended

#### October

#### 31,

#### 2024
Increase

(decrease)

in

net

assets:

Operations:

Net

investment

income

............

$104,334,092

$137,608,534

$3,947,442

$4,484,719

Net

realized

gain

(loss)

............

(12,822,220)

1,966,906

122,705

1,229,194

Net

change

in

unrealized

appreciation

(depreciation)

.................

(14,205,652)

(2,102,588)

(473,715)

7,013,757

Net

increase

(decrease)

in

net

assets

resulting

from

operations

.

77,306,220

137,472,852

3,596,432

12,727,670

Distributions

to

shareholders:

Class

A

........................

(75,867,237)

(80,661,636)

—

—

Class

C

........................

(5,386,138)

(6,987,977)

—

—

Class

R6

.......................

(10,726,605)

(10,929,626)

(5,108,556)

(4,510,102)

Advisor

Class

...................

(22,458,987)

(29,568,706)

—

—

Total

distributions

to

shareholders

.....

(114,438,967)

(128,147,945)

(5,108,556)

(4,510,102)

Capital

share

transactions:

(Note

2)

Class

A

........................

29,033,825

74,761,638

—

—

Class

C

........................

(12,344,538)

(2,681,564)

—

—

Class

R6

.......................

22,905,466

(479,138)

(22,847,675)

12,884,070

Advisor

Class

...................

(23,648,782)

(48,191,187)

—

—

Total

capital

share

transactions

.......

15,945,971

23,409,749

(22,847,675)

12,884,070

Net

increase

(decrease)

in

net

assets

.....................

(21,186,776)

32,734,656

(24,359,799)

21,101,638

Net

assets:

Beginning

of

year

..................

1,423,088,796

1,390,354,140

87,309,395

66,207,757

End

of

year

......................

$1,401,902,020

$1,423,088,796

$62,949,596

$87,309,395

Franklin

Investors

Securities

Trust

Financial

Statements

Statements

of

Changes

in

Net

Assets

(continued)

franklintempleton.com

Annual

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

#### Year

#### Ended

#### October

#### 31,

#### 2025

#### Year

#### Ended

#### October

#### 31,

#### 2024

#### Year

#### Ended

#### October

#### 31,

#### 2025

#### Year

#### Ended

#### October

#### 31,

#### 2024
Increase

(decrease)

in

net

assets:

Operations:

Net

investment

income

............

$83,500,945

$90,008,308

$16,521,285

$17,730,738

Net

realized

gain

(loss)

............

(3,399,855)

(4,217,550)

(638,055)

(670,154)

Net

change

in

unrealized

appreciation

(depreciation)

.................

18,444,929

52,838,133

2,574,950

10,128,393

Net

increase

(decrease)

in

net

assets

resulting

from

operations

.

98,546,019

138,628,891

18,458,180

27,188,977

Distributions

to

shareholders:

Class

A

........................

(58,098,431)

(61,187,185)

(12,261,744)

(12,595,527)

Class

A1

.......................

—

—

(2,056,299)

(2,270,474)

Class

C

........................

(1,133,566)

(1,501,325)

(408,878)

(490,356)

Class

R

........................

(22,592)

(13,493)

—

—

Class

R6

.......................

(18,671,430)

(21,439,739)

(918,647)

(937,628)

Advisor

Class

...................

(7,500,124)

(7,817,169)

(2,873,122)

(3,827,056)

Total

distributions

to

shareholders

.....

(85,426,143)

(91,958,911)

(18,518,690)

(20,121,041)

Capital

share

transactions:

(Note

2)

Class

A

........................

16,049,499

(152,469,142)

(3,511,473)

(28,292,749)

Class

A1

.......................

—

—

(3,602,675)

(4,490,128)

Class

C

........................

(6,213,968)

(12,261,384)

(903,879)

(3,863,051)

Class

R

........................

389,817

84,826

—

—

Class

R6

.......................

(32,716,546)

(72,191,723)

(1,362,855)

(1,868,058)

Advisor

Class

...................

(7,903,005)

(11,553,215)

1,224,381

(23,313,747)

Total

capital

share

transactions

.......

(30,394,203)

(248,390,638)

(8,156,501)

(61,827,733)

Net

increase

(decrease)

in

net

assets

.....................

(17,274,327)

(201,720,658)

(8,217,011)

(54,759,797)

Net

assets:

Beginning

of

year

..................

1,972,116,843

2,173,837,501

388,576,925

443,336,722

End

of

year

......................

$1,954,842,516

$1,972,116,843

$380,359,914

$388,576,925

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.

Annual

Report

#### Franklin

#### Managed

#### Income

#### Fund

#### Franklin

#### Total

#### Return

#### Fund

#### Year

#### Ended

#### October

#### 31,

#### 2025

#### Year

#### Ended

#### October

#### 31,

#### 2024

#### Year

#### Ended

#### October

#### 31,

#### 2025

#### Year

#### Ended

#### October

#### 31,

#### 2024
Increase

(decrease)

in

net

assets:

Operations:

Net

investment

income

............

$116,467,107

$128,003,371

$124,323,013

$120,827,149

Net

realized

gain

(loss)

............

43,298,407

85,325,023

(38,487,800)

(95,413,425)

Net

change

in

unrealized

appreciation

(depreciation)

.................

22,171,637

393,698,095

94,515,445

302,027,251

Net

increase

(decrease)

in

net

assets

resulting

from

operations

.

181,937,151

607,026,489

180,350,658

327,440,975

Distributions

to

shareholders:

Class

A

........................

(164,085,760)

(137,766,155)

(100,973,853)

(98,103,988)

Class

C

........................

(4,009,700)

(4,110,172)

(816,163)

(976,806)

Class

R

........................

(143,688)

(107,913)

(282,176)

(275,730)

Class

R6

.......................

(10,993,532)

(9,034,791)

(17,446,189)

(16,673,916)

Advisor

Class

...................

(11,438,775)

(9,674,579)

(8,810,200)

(7,124,067)

Total

distributions

to

shareholders

.....

(190,671,455)

(160,693,610)

(128,328,581)

(123,154,507)

Capital

share

transactions:

(Note

2)

Class

A

........................

(140,262,368)

(211,726,418)

(162,056,756)

(136,154,186)

Class

C

........................

(25,109,595)

(34,469,426)

(5,533,944)

(8,020,204)

Class

R

........................

(227,037)

93,765

(226,097)

(231,992)

Class

R6

.......................

(1,783,777)

(10,845,635)

(15,594,842)

(20,245,336)

Advisor

Class

...................

(10,308,269)

(13,601,951)

(2,439,033)

35,094,461

Total

capital

share

transactions

.......

(177,691,046)

(270,549,665)

(185,850,672)

(129,557,257)

Net

increase

(decrease)

in

net

assets

.....................

(186,425,350)

175,783,214

(133,828,595)

74,729,211

Net

assets:

Beginning

of

year

..................

3,503,952,269

3,328,169,055

3,153,658,403

3,078,929,192

End

of

year

......................

$3,317,526,919

$3,503,952,269

$3,019,829,808

$3,153,658,403

Franklin

Investors

Securities

Trust

Notes

to

Financial

Statements

franklintempleton.com

Annual

Report

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

Effective

September

2,

2025,

the

Franklin

Convertible

Securities

Fund

reopened

to

new

investors.

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.

Franklin

Investors

Securities

Trust

Notes

to

Financial

Statements

franklintempleton.com

Annual

Report

Investments

in open-end mutual

funds

are

valued

at

the

closing

NAV.

Certain

derivative

financial

instruments

are

centrally

cleared

or

trade

in

the

OTC

market.

The

Funds' pricing

services

use

various

techniques

including

industry

standard

option

pricing

models

and

proprietary

discounted

cash

flow

models

to

determine

the

fair

value

of

those

instruments.

The

Funds' net

benefit

or

obligation

under

the

derivative

contract,

as

measured

by

the

fair

value

of

the

contract,

is

included

in

net

assets.

The

Funds

have

procedures

to

determine

the

fair

value

of

financial

instruments

for

which

market

prices

are

not

reliable

or

readily

available.

Under

these

procedures,

the

Funds

primarily

employ

a

market-based

approach

which

may

use

related

or

comparable

assets

or

liabilities,

recent

transactions,

market

multiples,

and

other

relevant

information

for

the

investment

to

determine

the

fair

value

of

the

investment.

An

income-based

valuation

approach

may

also

be

used

in

which

the

anticipated

future

cash

flows

of

the

investment

are

discounted

to

calculate

fair

value.

Discounts

may

also

be

applied

due

to

the

nature

or

duration

of

any

restrictions

on

the

disposition

of

the

investments.

Due

to

the

inherent

uncertainty

of

valuations

of

such

investments,

the

fair

values

may

differ

significantly

from

the

values

that

would

have

been

used

had

an

active

market

existed.

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.

1. #### Organization

#### and

#### Significant

#### Accounting

#### Policies
(continued)

a. #### Financial

#### Instrument

#### Valuation
(continued)

Franklin

Investors

Securities

Trust

Notes

to

Financial

Statements

franklintempleton.com

Annual

Report

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

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

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

1. #### Organization

#### and

#### Significant

#### Accounting

#### Policies
(continued)

Franklin

Investors

Securities

Trust

Notes

to

Financial

Statements

franklintempleton.com

Annual

Report

the

Statements

of

Assets

and

Liabilities.

Futures

contracts

outstanding

at

period

end,

if

any,

are

listed

in

the

Funds'

Schedules

of

Investments.

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

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.

1. #### Organization

#### and

#### Significant

#### Accounting

#### Policies
(continued)

d. #### Derivative

#### Financial

#### Instruments
(continued)

Franklin

Investors

Securities

Trust

Notes

to

Financial

Statements

franklintempleton.com

Annual

Report

Upon

exercise

of

an

option,

the

acquisition

cost

or

sales

proceeds

of

the

underlying

investment

is

adjusted

by

any

premium

received

or

paid.

Upon

expiration

of

an

option,

any

premium

received

or

paid

is

recorded

as

a

realized

gain

or

loss.

Upon

closing

an

option

other

than

through

expiration

or

exercise,

the

difference

between

the

premium

received

or

paid

and

the

cost

to

close

the

position

is

recorded

as

a

realized

gain

or

loss.

Option

contracts

outstanding

at

period

end,

if

any,

are

listed

in

the

Funds'

Schedules

of

Investments.

See

Note

9 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.

Additionally,

at

October

31,

2025,

Franklin

Managed

Income

Fund

held

$6,108,670

in

U.S.

Government

and

Agency

securities

as

collateral.

These

securities

are

held

as

collateral

in

segregated

accounts

with

the

Fund's

custodian.

The

Fund

cannot

repledge

or

resell

these

securities

held

as

collateral.

As

such,

the

non-cash

collateral

is

excluded

from

the

Statements

of

Assets

and

Liabilities. 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

franklintempleton.com

Annual

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.

When

a

capital

gain

tax

is

determined

to

apply, certain

or all Funds record

an

estimated

deferred

tax

liability

in

an

amount

that

would

be

payable

if

the

securities

were

disposed

of

on

the

valuation

date.

As

a

result

of

several

court

cases,

in

certain

countries

across

the

European

Union, certain

or

all Funds

filed

additional

tax

reclaims

for

previously

withheld

taxes

on

dividends

earned

in

those

countries

(EU

reclaims). Income

recognized,

if

any,

for

EU

reclaims

is

reflected

as

other

income

in

the

Statements

of

Operations

and

any

related

receivable,

if

any,

is

reflected

as

European

Union

tax

reclaims

in

the

Statements

of

Assets

and

Liabilities.

Any

fees

associated

with

these

filings

are

reflected

in

other

expenses in

the

Statements

of

Operations.

When

uncertainty

exists

as

to

the

ultimate

resolution

of

these

proceedings,

the

likelihood

of

receipt

of

these

EU

reclaims,

and

the

potential

timing

of

payment,

no

amounts

are

reflected

in

the

financial

statements.

For

U.S.

income

tax

purposes,

EU

reclaims

received

by

the

Funds,

if

any,

reduce

the

amount

of

foreign

taxes

Fund

shareholders

can

use

as

tax

deductions

or credits

on

their

income

tax

returns.

Each

Fund

may

recognize

an

income

tax

liability

related

to

its

uncertain

tax

positions

under

U.S.

GAAP

when

the

uncertain

tax

position

has

a

less

than

50%

probability

that

it

will

be

sustained

upon

examination

by

the

tax

authorities

based

on

its

technical

merits.

As

of

October

31,

2025, each

Fund

has

determined

that

no

tax

liability

is

required

in

its

financial

statements

related

to

uncertain

tax

positions

for

any

open

tax

years

(or

expected

to

be

taken

in

future

tax

1. #### Organization

#### and

#### Significant

#### Accounting

#### Policies
(continued)

Franklin

Investors

Securities

Trust

Notes

to

Financial

Statements

franklintempleton.com

Annual

Report

years).

Open

tax

years

are

those

that

remain

subject

to

examination

and

are

based

on

the

statute

of

limitations

in

each

jurisdiction

in

which

the

Fund

invests.

k. #### Security

#### Transactions,

#### Investment

#### Income,

#### Expenses

#### and

#### Distributions
Security

transactions

are

accounted

for

on

trade

date.

Realized

gains

and

losses

on

security

transactions

are

determined

on

a

specific

identification

basis.

Interest

income

(including

interest

income

from

payment-in-kind

securities,

if

any)

and

estimated

expenses

are

accrued

daily.

Amortization

of

premium

and

accretion

of

discount

on

debt

securities

are

included

in

interest

income.

Paydown

gains

and

losses

are

recorded

separately

on the

Statements

of

Operations.

Certain

or

all

Funds

may

receive

other

income

from

investments

in

senior

secured

corporate

loans

or

unfunded

commitments,

including

amendment

fees,

consent

fees

or

commitment

fees.

These fees

are

recorded

as

income

when

received

by

the

Fund. Facility

fees

are

recognized

as

income

over

the

expected

term

of

the

loan.

Dividend

income

and

realized

gain

distributions

are

recorded

on

the

ex-dividend

date

except

for

certain

dividends

from

securities

where

the

dividend

rate

is

not

available.

In

such

cases,

the

dividend

is

recorded

as

soon

as

the

information

is

received

by

the

Funds. Dividends

from

net

investment

income

are

normally

declared

daily;

these

dividends

may

be

reinvested

or

paid

monthly

to

shareholders.

Distributions

from

realized

capital

gains

and

other

distributions,

if

any,

are

recorded

on

the

ex-

dividend

date.

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

franklintempleton.com

Annual

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

October

31,

2025,

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:
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

Year

ended

October

31,

2024

Shares

sold

a

...................................

1,907,208

$40,416,998

9,060,373

$283,463,620

Shares

issued

in

reinvestment

of

distributions

..........

1,034,841

21,641,963

4,063,521

122,929,490

Shares

redeemed

...............................

(8,720,569)

(184,140,427)

(16,857,783)

(523,139,036)

Net

increase

(decrease)

..........................

(5,778,520)

$(122,081,466)

(3,733,889)

$(116,745,926)

Class

C

#### Class

#### C

#### Shares:
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)

Year

ended

October

31,

2024

Shares

sold

...................................

98,264

$2,018,416

445,666

$13,892,816

Shares

issued

in

reinvestment

of

distributions

..........

57,040

1,146,832

112,637

3,352,840

Shares

redeemed

a

..............................

(1,434,247)

(29,581,784)

(1,018,427)

(31,344,749)

Net

increase

(decrease)

..........................

(1,278,943)

$(26,416,536)

(460,124)

$(14,099,093)

Class

R

1. #### Organization

#### and

#### Significant

#### Accounting

#### Policies
(continued)

Franklin

Investors

Securities

Trust

Notes

to

Financial

Statements

franklintempleton.com

Annual

Report

#### Franklin

#### Convertible

#### Securities

#### Fund

#### Franklin

#### Equity

#### Income

#### Fund

#### Shares

#### Amount

#### Shares

#### Amount

#### Class

#### R

#### Shares:
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

Year

ended

October

31,

2024

Shares

sold

...................................

—

$—

67,320

$2,109,525

Shares

issued

in

reinvestment

of

distributions

..........

—

—

15,329

463,859

Shares

redeemed

...............................

—

—

(54,807)

(1,726,848)

Net

increase

(decrease)

..........................

—

$—

27,842

$846,536

Class

R6

#### Class

#### R6

#### Shares:
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

Year

ended

October

31,

2024

Shares

sold

...................................

738,606

$15,895,130

1,994,146

$62,985,673

Shares

issued

in

reinvestment

of

distributions

..........

113,410

2,402,387

194,773

5,940,846

Shares

redeemed

...............................

(1,229,211)

(26,109,208)

(1,348,781)

(42,098,592)

Net

increase

(decrease)

..........................

(377,195)

$(7,811,691)

840,138

$26,827,927

Advisor

Class

#### Advisor

#### Class

#### Shares:
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

Year

ended

October

31,

2024

Shares

sold

...................................

15,174,000

$325,511,931

2,601,050

$81,741,531

Shares

issued

in

reinvestment

of

distributions

..........

1,650,820

34,597,568

495,590

15,032,714

Shares

redeemed

...............................

(22,651,923)

(477,540,793)

(3,861,158)

(120,028,749)

Net

increase

(decrease)

..........................

(5,827,103)

$(117,431,294)

(764,518)

$(23,254,504)

2. #### Shares

#### of

#### Beneficial

#### Interest
(continued)

Franklin

Investors

Securities

Trust

Notes

to

Financial

Statements

franklintempleton.com

Annual

Report

#### Franklin

#### Floating

#### Rate

#### Daily

#### Access

#### Fund

#### Franklin

#### Long

#### Duration

#### Credit

#### Fund

#### Shares

#### Amount

#### Shares

#### Amount
Class

A

#### Class

#### A

#### Shares:
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

—

$—

Year

ended

October

31,

2024

Shares

sold

a

...................................

37,075,758

$287,364,348

—

$—

Shares

issued

in

reinvestment

of

distributions

..........

9,791,876

75,891,697

—

—

Shares

redeemed

...............................

(37,250,048)

(288,494,407)

—

—

Net

increase

(decrease)

..........................

9,617,586

$74,761,638

—

$—

Class

C

#### Class

#### C

#### Shares:
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)

—

$—

Year

ended

October

31,

2024

Shares

sold

...................................

3,260,010

$25,303,856

—

$—

Shares

issued

in

reinvestment

of

distributions

..........

868,414

6,735,710

—

—

Shares

redeemed

a

..............................

(4,484,892)

(34,721,130)

—

—

Net

increase

(decrease)

..........................

(356,468)

$(2,681,564)

—

$—

Class

R6

#### Class

#### R6

#### Shares:
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)

Year

ended

October

31,

2024

Shares

sold

...................................

5,479,757

$42,665,765

1,201,969

$12,589,876

Shares

issued

in

reinvestment

of

distributions

..........

356,698

2,771,087

158,868

1,659,602

Shares

redeemed

...............................

(5,888,070)

(45,915,990)

(126,865)

(1,365,408)

Net

increase

(decrease)

..........................

(51,615)

$(479,138)

1,233,972

$12,884,070

Advisor

Class

2. #### Shares

#### of

#### Beneficial

#### Interest
(continued)

Franklin

Investors

Securities

Trust

Notes

to

Financial

Statements

franklintempleton.com

Annual

Report

#### Franklin

#### Floating

#### Rate

#### Daily

#### Access

#### Fund

#### Franklin

#### Long

#### Duration

#### Credit

#### Fund

#### Shares

#### Amount

#### Shares

#### Amount

#### Advisor

#### Class

#### Shares:
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)

—

$—

Year

ended

October

31,

2024

Shares

sold

...................................

21,309,935

$165,323,381

—

$—

Shares

issued

in

reinvestment

of

distributions

..........

3,545,899

27,515,514

—

—

Shares

redeemed

...............................

(31,126,460)

(241,030,082)

—

—

Net

increase

(decrease)

..........................

(6,270,626)

$(48,191,187)

—

$—

#### Franklin

#### Low

#### Duration

#### Total

#### Return

#### Fund

#### Franklin

#### Low

#### Duration

#### U.S.

#### Government

#### Securities

#### Fund

#### Shares

#### Amount

#### Shares

#### Amount
Class

A

#### Class

#### A

#### Shares:
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)

Year

ended

October

31,

2024

Shares

sold

a

...................................

25,865,426

$230,517,075

6,019,098

$45,471,626

Shares

issued

in

reinvestment

of

distributions

..........

6,695,433

59,595,609

1,606,221

12,091,493

Shares

redeemed

...............................

(49,738,148)

(442,581,826)

(11,404,729)

(85,855,868)

Net

increase

(decrease)

..........................

(17,177,289)

$(152,469,142)

(3,779,410)

$(28,292,749)

Class

A1

#### Class

#### A1

#### Shares:
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)

Year

ended

October

31,

2024

Shares

sold

...................................

—

$—

597,495

$4,479,824

Shares

issued

in

reinvestment

of

distributions

..........

—

—

288,668

2,172,501

Shares

redeemed

...............................

—

—

(1,480,928)

(11,142,453)

Net

increase

(decrease)

..........................

—

$—

(594,765)

$(4,490,128)

Class

C

2. #### Shares

#### of

#### Beneficial

#### Interest
(continued)

Franklin

Investors

Securities

Trust

Notes

to

Financial

Statements

franklintempleton.com

Annual

Report

#### Franklin

#### Low

#### Duration

#### Total

#### Return

#### Fund

#### Franklin

#### Low

#### Duration

#### U.S.

#### Government

#### Securities

#### Fund

#### Shares

#### Amount

#### Shares

#### Amount

#### Class

#### C

#### Shares:
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)

Year

ended

October

31,

2024

Shares

sold

...................................

441,726

$3,912,691

212,148

$1,594,449

Shares

issued

in

reinvestment

of

distributions

..........

164,442

1,456,273

64,366

484,032

Shares

redeemed

a

..............................

(1,994,139)

(17,630,348)

(790,409)

(5,941,532)

Net

increase

(decrease)

..........................

(1,387,971)

$(12,261,384)

(513,895)

$(3,863,051)

Class

R

#### Class

#### R

#### Shares:
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

—

$—

Year

ended

October

31,

2024

Shares

sold

...................................

21,155

$187,841

—

$—

Shares

issued

in

reinvestment

of

distributions

..........

1,513

13,464

—

—

Shares

redeemed

...............................

(13,114)

(116,479)

—

—

Net

increase

(decrease)

..........................

9,554

$84,826

—

$—

Class

R6

#### Class

#### R6

#### Shares:
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)

Year

ended

October

31,

2024

Shares

sold

...................................

9,288,620

$83,147,869

474,972

$3,583,732

Shares

issued

in

reinvestment

of

distributions

..........

2,387,172

21,388,364

124,284

937,246

Shares

redeemed

...............................

(19,729,812)

(176,727,956)

(848,512)

(6,389,036)

Net

increase

(decrease)

..........................

(8,054,020)

$(72,191,723)

(249,256)

$(1,868,058)

Advisor

Class

2. #### Shares

#### of

#### Beneficial

#### Interest
(continued)

Franklin

Investors

Securities

Trust

Notes

to

Financial

Statements

franklintempleton.com

Annual

Report

#### Franklin

#### Low

#### Duration

#### Total

#### Return

#### Fund

#### Franklin

#### Low

#### Duration

#### U.S.

#### Government

#### Securities

#### Fund

#### Shares

#### Amount

#### Shares

#### Amount

#### Advisor

#### Class

#### Shares:
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

Year

ended

October

31,

2024

Shares

sold

...................................

4,784,011

$42,781,503

3,847,524

$28,978,738

Shares

issued

in

reinvestment

of

distributions

..........

811,173

7,261,353

495,235

3,731,659

Shares

redeemed

...............................

(6,886,558)

(61,596,071)

(7,413,874)

(56,024,144)

Net

increase

(decrease)

..........................

(1,291,374)

$(11,553,215)

(3,071,115)

$(23,313,747)

#### Franklin

#### Managed

#### Income

#### Fund

#### Franklin

#### Total

#### Return

#### Fund

#### Shares

#### Amount

#### Shares

#### Amount
Class

A

#### Class

#### A

#### Shares:
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)

Year

ended

October

31,

2024

Shares

sold

a

...................................

14,785,484

$183,247,530

36,939,563

$305,918,352

Shares

issued

in

reinvestment

of

distributions

..........

10,775,140

134,095,697

11,731,324

96,992,531

Shares

redeemed

...............................

(42,699,928)

(529,069,645)

(65,328,060)

(539,065,069)

Net

increase

(decrease)

..........................

(17,139,304)

$(211,726,418)

(16,657,173)

$(136,154,186)

Class

C

#### Class

#### C

#### Shares:
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)

Year

ended

October

31,

2024

Shares

sold

...................................

660,064

$8,096,951

509,543

$4,163,398

Shares

issued

in

reinvestment

of

distributions

..........

327,724

4,029,379

117,407

961,857

Shares

redeemed

a

..............................

(3,798,532)

(46,595,756)

(1,606,293)

(13,145,459)

Net

increase

(decrease)

..........................

(2,810,744)

$(34,469,426)

(979,343)

$(8,020,204)

Class

R

2. #### Shares

#### of

#### Beneficial

#### Interest
(continued)

Franklin

Investors

Securities

Trust

Notes

to

Financial

Statements

franklintempleton.com

Annual

Report

#### Franklin

#### Managed

#### Income

#### Fund

#### Franklin

#### Total

#### Return

#### Fund

#### Shares

#### Amount

#### Shares

#### Amount

#### Class

#### R

#### Shares:
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)

Year

ended

October

31,

2024

Shares

sold

...................................

38,023

$473,714

182,629

$1,499,480

Shares

issued

in

reinvestment

of

distributions

..........

8,519

106,562

33,352

274,625

Shares

redeemed

...............................

(40,999)

(486,511)

(244,235)

(2,006,097)

Net

increase

(decrease)

..........................

5,543

$93,765

(28,254)

$(231,992)

Class

R6

#### Class

#### R6

#### Shares:
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)

Year

ended

October

31,

2024

Shares

sold

...................................

2,630,976

$32,878,508

8,784,772

$73,201,812

Shares

issued

in

reinvestment

of

distributions

..........

721,357

9,004,836

1,992,225

16,593,439

Shares

redeemed

...............................

(4,241,530)

(52,728,979)

(13,228,351)

(110,040,587)

Net

increase

(decrease)

..........................

(889,197)

$(10,845,635)

(2,451,354)

$(20,245,336)

Advisor

Class

#### Advisor

#### Class

#### Shares:
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)

Year

ended

October

31,

2024

Shares

sold

...................................

2,681,206

$33,481,571

10,222,117

$85,457,564

Shares

issued

in

reinvestment

of

distributions

..........

693,635

8,656,018

811,608

6,755,270

Shares

redeemed

...............................

(4,498,135)

(55,739,540)

(6,858,965)

(57,118,373)

Net

increase

(decrease)

..........................

(1,123,294)

$(13,601,951)

4,174,760

$35,094,461

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

franklintempleton.com

Annual

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

franklintempleton.com

Annual

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:

For

the

year

ended

October

31,

2025,

each

Fund's

gross

effective

investment

management

fee

rate

based

on

average

daily

net

assets

was

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

#### Franklin

#### Convertible

#### Securities

#### Fund

#### Franklin

#### Equity

#### Income

#### Fund

#### Franklin

#### Floating

#### Rate

#### Daily

#### Access

#### Fund
Gross

effective

investment

management

fee

rate

........

0.461%

0.458%

0.568%

3. #### Transactions

#### with

#### Affiliates
(continued)

a. #### Management

#### Fees
(continued)

Franklin

Investors

Securities

Trust

Notes

to

Financial

Statements

franklintempleton.com

Annual

Report

Effective

December

12,

2024,

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

#### 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%

0.518%

0.500%

#### Franklin

#### Managed

#### Income

#### Fund

#### Franklin

#### Total

#### Return

#### Fund
Gross

effective

investment

management

fee

rate

........

0.552%

0.488%

#### 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

franklintempleton.com

Annual

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

year:

#### 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

..................

$10,560

$434,724

$40,259

CDSC

retained

...........................

$1,523

$17,950

$129,611

#### 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

..................

$—

$27,579

$2,195

CDSC

retained

...........................

$—

$52,175

$7,551

#### Franklin

#### Managed

#### Income

#### Fund

#### Franklin

#### Total

#### Return

#### Fund
Sales

charges

retained

net

of

commissions

paid

to

unaffiliated

brokers/dealers

..................

$133,164

$67,523

CDSC

retained

...........................

$19,938

$29,100

3. #### Transactions

#### with

#### Affiliates
(continued)

c. #### Distribution

#### Fees
(continued)

Franklin

Investors

Securities

Trust

Notes

to

Financial

Statements

franklintempleton.com

Annual

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

year

ended

October

31,

2025,

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

year

ended

October

31,

2025,

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

........................

$569,351

$1,067,450

$505,926

#### Franklin

#### Long

#### Duration

#### Credit

#### Fund

#### Franklin

#### Low

#### Duration

#### Total

#### Return

#### Fund

#### Franklin

#### Low

#### Duration

#### U.S.

#### Government

#### Securities

#### Fund
Transfer

agent

fees

........................

$9,465

$494,218

$213,212

#### Franklin

#### Managed

#### Income

#### Fund

#### Franklin

#### Total

#### Return

#### Fund
Transfer

agent

fees

........................

$864,139

$817,002

3. #### Transactions

#### with

#### Affiliates
(continued)

Franklin

Investors

Securities

Trust

Notes

to

Financial

Statements

franklintempleton.com

Annual

Report

#### &nbsp;&nbsp;&nbsp;&nbsp;aa

#### Value

#### at

#### Beginning

#### of

#### Year

#### Purchases

#### Sales

#### Realized

#### Gain
(Loss)

#### Net

#### Change

#### in

#### Unrealized

#### Appreciation
(Depreciation)

#### Value

#### at

#### End

#### of

#### Year

#### Number

#### of

#### Shares

#### Held

#### at

#### End

#### of

#### Year

#### Investment

#### Income

#### a&nbsp;&nbsp;&nbsp;&nbsp;

#### a

#### Franklin

#### Convertible

#### Securities

#### Fund

#### Non-Controlled

#### Affiliates
Dividends

Franklin

Institutional

U.S.

Government

Money

Market

Fund,

4.038%

............

$70,682,496

$846,752,905

$(868,400,893)

$—

$—

$49,034,508

49,034,508

$3,435,787

#### Non-Controlled

#### Affiliates
Income

from

securities

loaned

Franklin

Institutional

U.S.

Government

Money

Market

Fund,

4.038%

............

$—

$105,367,000

$(105,367,000)

$—

$—

$—

—

$44,104

#### Total

#### Affiliated

#### Securities

#### ...
$70,682,496

$952,119,905

$(973,767,893)

$—

$—

$49,034,508

$3,479,891

#### Franklin

#### Equity

#### Income

#### Fund

#### Non-Controlled

#### Affiliates
Dividends

Franklin

Institutional

U.S.

Government

Money

Market

Fund,

4.038%

............

$133,810,879

$884,965,600

$(894,341,930)

$—

$—

$124,434,549

124,434,549

$5,643,852

#### Total

#### Affiliated

#### Securities

#### ...
$133,810,879

$884,965,600

$(894,341,930)

$—

$—

$124,434,549

$5,643,852

#### Franklin

#### Floating

#### Rate

#### Daily

#### Access

#### Fund

#### Non-Controlled

#### Affiliates
Dividends

Franklin

Institutional

U.S.

Government

Money

Market

Fund,

4.038%

............

$71,138,403

$102,290,442

$(42,402,885)

$—

$—

$131,025,960

131,025,960

$3,158,077

#### Non-Controlled

#### Affiliates
Income

from

securities

loaned

Franklin

Institutional

U.S.

Government

Money

Market

Fund,

4.038%

............

$—

$57,545,000

$(45,766,000)

$—

$—

$11,779,000

11,779,000

$84,212

#### Total

#### Affiliated

#### Securities

#### ...
$71,138,403

$159,835,442

$(88,168,885)

$—

$—

$142,804,960

$3,242,289

3. #### Transactions

#### with

#### Affiliates
(continued)

f. #### Investments

#### in

#### Affiliated

#### Management

#### Investment

#### Companies
(continued)

Franklin

Investors

Securities

Trust

Notes

to

Financial

Statements

franklintempleton.com

Annual

Report

#### &nbsp;&nbsp;&nbsp;&nbsp;aa

#### Value

#### at

#### Beginning

#### of

#### Year

#### Purchases

#### Sales

#### Realized

#### Gain
(Loss)

#### Net

#### Change

#### in

#### Unrealized

#### Appreciation
(Depreciation)

#### Value

#### at

#### End

#### of

#### Year

#### Number

#### of

#### Shares

#### Held

#### at

#### End

#### of

#### Year

#### Investment

#### Income

#### Franklin

#### Long

#### Duration

#### Credit

#### Fund

#### Non-Controlled

#### Affiliates
Dividends

Franklin

Institutional

U.S.

Government

Money

Market

Fund,

4.038%

............

$550,322

$14,337,064

$(14,325,111)

$—

$—

$562,275

562,275

$15,519

#### Total

#### Affiliated

#### Securities

#### ...
$550,322

$14,337,064

$(14,325,111)

$—

$—

$562,275

$15,519

#### Franklin

#### Low

#### Duration

#### Total

#### Return

#### Fund

#### Non-Controlled

#### Affiliates
Dividends

Franklin

Institutional

U.S.

Government

Money

Market

Fund,

4.038%

............

$39,511,981

$115,447,213

$(105,586,549)

$—

$—

$49,372,645

49,372,645

$1,564,253

#### Non-Controlled

#### Affiliates
Income

from

securities

loaned

Franklin

Institutional

U.S.

Government

Money

Market

Fund,

4.038%

............

$—

$13,858,000

$(11,284,000)

$—

$—

$2,574,000

2,574,000

$10,841

#### Total

#### Affiliated

#### Securities

#### ...
$39,511,981

$129,305,213

$(116,870,549)

$—

$—

$51,946,645

$1,575,094

#### Franklin

#### Low

#### Duration

#### U.S.

#### Government

#### Securities

#### Fund

#### Non-Controlled

#### Affiliates
Dividends

Franklin

Institutional

U.S.

Government

Money

Market

Fund,

4.038%

............

$11,291,109

$100,703,491

$(93,780,023)

$—

$—

$18,214,577

18,214,577

$563,418

#### Total

#### Affiliated

#### Securities

#### ...
$11,291,109

$100,703,491

$(93,780,023)

$—

$—

$18,214,577

$563,418

#### Franklin

#### Managed

#### Income

#### Fund

#### Non-Controlled

#### Affiliates
Dividends

Franklin

Institutional

U.S.

Government

Money

Market

Fund,

4.038%

............

$34,371,577

$740,992,712

$(770,291,431)

$—

$—

$5,072,858

5,072,858

$1,065,186

3. #### Transactions

#### with

#### Affiliates
(continued)

f. #### Investments

#### in

#### Affiliated

#### Management

#### Investment

#### Companies
(continued)

Franklin

Investors

Securities

Trust

Notes

to

Financial

Statements

franklintempleton.com

Annual

Report

g. #### Waiver

#### and

#### Expense

#### Reimbursements
Effective

March

1,

2025,

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,

2026. Total

expenses

waived

or

paid

are

not

subject

to

recapture

subsequent

to

the

Fund's

fiscal

year

end.

Prior

to

March

1,

2025,

the

expenses

(excluding

certain

fees

and

expenses

as

previously

disclosed)

for

Franklin

Long

Duration

Fund

were

limited

to

0.09%

based

on

the

average

net

assets

of

each

class.

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

#### &nbsp;&nbsp;&nbsp;&nbsp;aa

#### Value

#### at

#### Beginning

#### of

#### Year

#### Purchases

#### Sales

#### Realized

#### Gain
(Loss)

#### Net

#### Change

#### in

#### Unrealized

#### Appreciation
(Depreciation)

#### Value

#### at

#### End

#### of

#### Year

#### Number

#### of

#### Shares

#### Held

#### at

#### End

#### of

#### Year

#### Investment

#### Income

#### Franklin

#### Managed

#### Income

#### Fund
(continued)

#### Non-Controlled

#### Affiliates
Income

from

securities

loaned

Franklin

Institutional

U.S.

Government

Money

Market

Fund,

4.038%

............

$1,244,000

$86,929,000

$(85,442,000)

$—

$—

$2,731,000

2,731,000

$134,216

#### Total

#### Affiliated

#### Securities

#### ...
$35,615,577

$827,921,712

$(855,733,431)

$—

$—

$7,803,858

$1,199,402

#### Franklin

#### Total

#### Return

#### Fund

#### Non-Controlled

#### Affiliates
Dividends

Franklin

Institutional

U.S.

Government

Money

Market

Fund,

4.038%

............

$111,055,410

$790,368,494

$(851,433,572)

$—

$—

$49,990,332

49,990,332

$2,715,002

#### Non-Controlled

#### Affiliates
Income

from

securities

loaned

Franklin

Institutional

U.S.

Government

Money

Market

Fund,

4.038%

............

$—

$666,000

$(666,000)

$—

$—

$—

—

$999

#### Total

#### Affiliated

#### Securities

#### ...
$111,055,410

$791,034,494

$(852,099,572)

$—

$—

$49,990,332

$2,716,001

3. #### Transactions

#### with

#### Affiliates
(continued)

f. #### Investments

#### in

#### Affiliated

#### Management

#### Investment

#### Companies
(continued)

Franklin

Investors

Securities

Trust

Notes

to

Financial

Statements

franklintempleton.com

Annual

Report

litigation,

indemnification,

reorganizations,

and

liquidations)

for

each

class

of

the

Fund

do

not

exceed 0.44%

and

for

Class

R6

do

not

exceed

0.30%

based

on

the

average

net

assets

of

each

class

until February

28,

2026. Total

expenses

waived

or

paid

are

not

subject

to

recapture

subsequent

to

the

Fund's

fiscal

year

end.

Advisers

has contractually

agreed

in

advance

to

waive

or

limit

its fees

and

to

assume

as

its

own

expense

certain

expenses

otherwise

payable

by Franklin Low

Duration

U.S.

Government

Securities Fund

so

that

the

operating expenses

(excluding

interest

expense,

distribution

fees

and acquired

fund

fees

and

expenses and

certain

non-routine

expenses

or

costs,

including

those

relating

to

litigation,

indemnification,

reorganizations,

and

liquidations)

for

each

class

of

the

Fund

do

not

exceed 0.58%

based

on

the

average

net

assets

of

each

class

until February

28,

2026. 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,

2026. Total

expenses

waived

or

paid

are

not

subject

to

recapture

subsequent

to

the

Fund's

fiscal

year

end.

Effective

April

7,

2025,

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,

2026. Total

expenses

waived

or

paid

are

not

subject

to

recapture

subsequent

to

the

Fund's

fiscal

year

end.

Prior

to

April

7,

2025,

the

expenses

(excluding

certain

fees

and

expenses

as

previously

disclosed)

for

each

class

of

the

Fund

were

limited

to

0.58%

and

for

Class

R6

were

limited

to

0.47%

based

on

average

net

assets

of

each

class.

Additionally,

FT

Institutional

has

contractually

agreed

in

advance

to

limit

the

investment

management

fees

for

Franklin

Long

Duration

Credit

Fund

to

0.00%

of

the

average

daily

net

assets

of

the

Fund

until

February

28,

2025. Total

expenses

waived

or

paid

are

not

subject

to

recapture

subsequent

to

the

Fund's

fiscal

year

end.

Effective

March

1,

2025,

the

contractual

waiver

was

eliminated.

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,

2026. h. #### Other

#### Affiliated

#### Transactions
At

October

31,

2025, Templeton

International

Inc.

owned 41.3%

of Franklin

Long

Duration

Credit

Fund's

outstanding

shares.

Investment

activities

of

this

shareholder

could

have

a

material

impact

on

the

Fund.

During

the year

ended

October

31,

2024,

Franklin

Low Duration Total

Return

Fund

and

Franklin

Total

Return

Fund

(Funds) realized

$2,725,535

and

$1,731,315,

respectively,

of

net

losses

resulting

from

in-kind

transactions

in

which

the

Funds

redeemed

shares

of

the

Franklin Floating

Rate

Income

Fund,

a

series

of

Franklin

Floating

Rate

Master

Trust, for

securities

held

by

the

underlying

fund

rather

than

for

cash.

3. #### with

#### Affiliates
(continued)

g. #### Waiver

#### and

#### Expense

#### Reimbursements
(continued)

Franklin

Investors

Securities

Trust

Notes

to

Financial

Statements

franklintempleton.com

Annual

Report

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:

During

the

year

ended October

31,

2025,

the

utilized

capital

loss

carryforwards

were

as

follows:

The

tax

character

of

distributions

paid

during

the

years

ended

October

31,

2025

and

2024,

was

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

#### 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

#### Low

#### Duration

#### Total

#### Return

#### Fund

#### Franklin

#### Total

#### Return

#### Fund
Capital

loss

utilized

carryforwards

...............................................

$3,159,705

$224,529

#### Franklin

#### Convertible

#### Securities

#### Fund

#### Franklin

#### Equity

#### Income

#### Fund

#### 2025

#### 2024

#### 2025

#### 2024
Distributions

paid

from:

Ordinary

income

........................

$63,512,183

$30,728,248

$89,412,492

$92,566,771

Long

term

capital

gain

....................

65,561,275

37,554,221

312,224,876

60,002,340

$129,073,458

$68,282,469

$401,637,368

$152,569,111

#### Franklin

#### Floating

#### Rate

#### Daily

#### Access

#### Fund

#### Franklin

#### Long

#### Duration

#### Credit

#### Fund

#### 2025

#### 2024

#### 2025

#### 2024
Distributions

paid

from:

Ordinary

income

........................

$114,438,967

$128,147,945

$4,923,507

$4,510,102

Long

term

capital

gain

....................

—

—

185,049

—

$114,438,967

$128,147,945

$5,108,556

$4,510,102

Franklin

Investors

Securities

Trust

Notes

to

Financial

Statements

franklintempleton.com

Annual

Report

At

October

31,

2025,

the

cost

of

investments,

net

unrealized

appreciation

(depreciation)

,

undistributed

ordinary

income

and

undistributed

long

term

capital

gains

for

income

tax

purposes

were

as

follows:

#### Franklin

#### Low

#### Duration

#### Total

#### Return

#### Fund

#### Franklin

#### Low

#### Duration

#### U.S.

#### Government

#### Securities

#### Fund

#### 2025

#### 2024

#### 2025

#### 2024
Distributions

paid

from:

Ordinary

income

........................

$85,426,143

$91,958,911

$18,518,690

$20,121,041

#### Franklin

#### Managed

#### Income

#### Fund

#### Franklin

#### Total

#### Return

#### Fund

#### 2025

#### 2024

#### 2025

#### 2024
Distributions

paid

from:

Ordinary

income

........................

$140,064,495

$154,890,753

$128,328,581

$123,154,507

Long

term

capital

gain

....................

50,606,960

5,802,857

—

—

$190,671,455

$160,693,610

$128,328,581

$123,154,507

#### Franklin

#### Convertible

#### Securities

#### Fund

#### Franklin

#### Equity

#### Income

#### Fund

#### Franklin

#### Floating

#### Rate

#### Daily

#### Access

#### Fund
a

a

a

a

Cost

of

investments

.......................

$2,649,728,609

$3,129,747,174

$1,502,203,016

Unrealized

appreciation

.....................

$442,756,114

$1,476,555,307

$9,520,087

Unrealized

depreciation

.....................

(65,207,827)

(63,439,332)

(66,000,284)

Net

unrealized

appreciation

(depreciation)

.......

$377,548,287

$1,413,115,975

$(56,480,197)

Distributable

earnings:

Undistributed

ordinary

income

................

$90,815,797

$4,872,508

$8,590,281

Undistributed

long

term

capital

gains

...........

148,057,587

342,666,506

—

Total

distributable

earnings

..................

$238,873,384

$347,539,014

$8,590,281

#### 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

.......................

$59,451,587

$1,947,609,366

$378,727,104

Unrealized

appreciation

.....................

$2,970,677

$16,933,408

$1,596,159

Unrealized

depreciation

.....................

(177,461)

(27,744,950)

(4,204,515)

Net

unrealized

appreciation

(depreciation)

.......

$2,793,216

$(10,811,542)

$(2,608,356)

Distributable

earnings:

Undistributed

ordinary

income

................

$—

$673,696

$—

Undistributed

long

term

capital

gains

...........

90,950

—

—

Total

distributable

earnings

..................

$90,950

$673,696

$—

4. #### Income

#### Taxes
(continued)

Franklin

Investors

Securities

Trust

Notes

to

Financial

Statements

franklintempleton.com

Annual

Report

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

Convertible

Securities

Fund,

Franklin

Equity

Income

Fund,

Franklin

Long

Duration

Credit

Fund

and Franklin

Managed

Income

Fund, utilized

a

tax

accounting

practice

to

treat

a

portion

of

the

proceeds

from

capital

shares

redeemed

as

a

distribution

from

realized

capital

gains.

5. #### Investment

#### Transactions
Purchases

and

sales

of

investments

(excluding

short

term

securities)

for

the

year

ended

October

31,

2025,

were

as

follows:

#### Franklin

#### Managed

#### Income

#### Fund

#### Franklin

#### Total

#### Return

#### Fund
a

a

a

Cost

of

investments

.......................

$2,875,282,757

$3,540,793,220

Unrealized

appreciation

.....................

$451,243,676

$53,058,106

Unrealized

depreciation

.....................

(20,602,624)

(135,278,045)

Net

unrealized

appreciation

(depreciation)

.......

$430,641,052

$(82,219,939)

Distributable

earnings:

Undistributed

ordinary

income

................

$—

$432,067

Undistributed

long

term

capital

gains

...........

4,014,445

—

Total

distributable

earnings

..................

$4,014,445

$432,067

#### Franklin

#### Convertible

#### Securities

#### Fund

#### Franklin

#### Equity

#### Income

#### Fund

#### Franklin

#### Floating

#### Rate

#### Daily

#### Access

#### Fund
Purchases

..............................

$834,440,141

$1,379,070,821

$625,616,461

Sales

..................................

$862,850,008

$1,485,463,781

$623,058,899

#### Franklin

#### Long

#### Duration

#### Credit

#### Fund

#### Franklin

#### Low

#### Duration

#### Total

#### Return

#### Fund

#### Franklin

#### Low

#### Duration

#### U.S.

#### Government

#### Securities

#### Fund
Purchases

..............................

$23,660,373

$1,322,852,658

$54,659,088

Sales

..................................

$48,117,916

$1,389,977,961

$65,666,715

#### Franklin

#### Managed

#### Income

#### Fund

#### Franklin

#### Total

#### Return

#### Fund
Purchases

..............................

$1,397,577,140

$8,185,210,613

Sales

..................................

$1,631,061,405

$8,357,758,792

4. #### Income

#### Taxes
(continued)

Franklin

Investors

Securities

Trust

Notes

to

Financial

Statements

franklintempleton.com

Annual

Report

At

October

31,

2025,

in

connection

with

securities

lending

transactions,

certain

or

all

Funds

loaned

investments

and

received

cash

collateral

as

follows:

6. #### Credit

#### Risk

#### and

#### Defaulted

#### Securities
At

October

31,

2025, 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

October

31,

2025,

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

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

#### Franklin

#### Floating

#### Rate

#### Daily

#### Access

#### Fund

#### Franklin

#### Low

#### Duration

#### Total

#### Return

#### Fund

#### Franklin

#### Managed

#### Income

#### Fund

#### Securities

#### lending

#### transactions

#### a

#### :
Equity

investments

b

.........................................

$11,779,000

$2,574,000

$2,731,000

a

The

agreements

can

be

terminated

at

any

time.

b

The

gross

amount

of

recognized

liability

for

such

transactions

is

included

in

payable

upon

return

of

securities

loaned

in

the

Statements

of

Assets

and

Liabilities.

#### Franklin

#### Convertible

#### Securities

#### Fund

#### Franklin

#### Floating

#### Rate

#### Daily

#### Access

#### Fund

#### Franklin

#### Low

#### Duration

#### Total

#### Return

#### Fund

#### Franklin

#### Low

#### Duration

#### U.S.

#### Government

#### Securities

#### Fund
Credit

risk

.....................................

62.7%

84.8%

14.9%

22.8%

#### Franklin

#### Total

#### Return

#### Fund
Credit

risk

.....................................

8.1%

5. #### Investment

#### Transactions
(continued)

Franklin

Investors

Securities

Trust

Notes

to

Financial

Statements

franklintempleton.com

Annual

Report

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. #### 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

October

31,

2025,

unfunded

commitments

were

as

follows:

#### Borrower

#### Unfunded

#### Commitment

#### Franklin

#### Floating

#### Rate

#### Daily

#### Access

#### Fund
Clydesdale

Acquisition

Holdings,

Inc.

$

118,227

GC

Ferry

Acquisition

I,

Inc.

853,964

Signia

Aerospace

LLC

161,647

$

1,133,838

#### Borrower

#### Unfunded

#### Commitment

#### Franklin

#### Low

#### Duration

#### Total

#### Return

#### Fund
Clydesdale

Acquisition

Holdings,

Inc.

$

9,852

Pinnacle

Buyer

LLC

38,215

$

48,067

#### Borrower

#### Unfunded

#### Commitment

#### Franklin

#### Total

#### Return

#### Fund
Clydesdale

Acquisition

Holdings,

Inc.

$

9,852

Pinnacle

Buyer

LLC

35,124

Signia

Aerospace

LLC

18,652

$

63,628

7. #### Concentration

#### of

#### Risk
(continued)

Franklin

Investors

Securities

Trust

Notes

to

Financial

Statements

franklintempleton.com

Annual

Report

9. #### Other

#### Derivative

#### Information
At

October

31,

2025,

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

$

204,465

a

Variation

margin

on

futures

contracts

$

1,129,372

a

Credit

contracts

............

Investments

in

securities,

at

value

180,274

b

Options

written,

at

value

197,874

Variation

margin

on

centrally

cleared

swap

contracts

80,118

a

Variation

margin

on

centrally

cleared

swap

contracts

—

OTC

swap

contracts

(upfront

payments)

165,587

OTC

swap

contracts

(upfront

receipts)

376,815

Unrealized

appreciation

on

OTC

swap

contracts

757,433

Unrealized

depreciation

on

OTC

swap

contracts

—

Total

....................

$1,387,877

$1,704,061

#### Franklin

#### Low

#### Duration

#### U.S.

#### Government

#### Securities

#### Fund
Interest

rate

contracts

.......

Variation

margin

on

futures

contracts

—

Variation

margin

on

futures

contracts

224,850

a

Total

....................

$—

$224,850

#### Franklin

#### Total

#### Return

#### Fund
Interest

rate

contracts

.......

Variation

margin

on

futures

contracts

279,975

a

Variation

margin

on

futures

contracts

607,487

a

Variation

margin

on

centrally

cleared

swap

contracts

1,070,720

a

Variation

margin

on

centrally

cleared

swap

contracts

—

Unrealized

appreciation

on

OTC

swap

contracts

130,106

Unrealized

depreciation

on

OTC

swap

contracts

—

Foreign

exchange

contracts

..

Unrealized

appreciation

on

OTC

forward

exchange

contracts

32,024

Unrealized

depreciation

on

OTC

forward

exchange

contracts

2,293

Credit

contracts

............

Investments

in

securities,

at

value

2,738,545

b

Options

written,

at

value

1,542,844

Variation

margin

on

centrally

cleared

swap

contracts

556,602

a

Variation

margin

on

centrally

cleared

swap

contracts

—

OTC

swap

contracts

(upfront

payments)

508,803

OTC

swap

contracts

(upfront

receipts)

951,041

Unrealized

appreciation

on

OTC

swap

contracts

2,412,122

Unrealized

depreciation

on

OTC

swap

contracts

—

Total

....................

$7,728,897

$3,103,665

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

year

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

franklintempleton.com

Annual

Report

For

the

year

ended

October

31,

2025

,

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

#### Year

#### Statement

#### of

#### Operations

#### Location

#### Net

#### Change

#### in

#### Unrealized

#### Appreciation
(Depreciation)

#### for

#### the

#### Year

#### 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

$(470,476)

Futures

contracts

$607,439

Credit

contracts

...............

Investments

298,025

a

Investments

28,064

a

Written

options

111,800

Written

options

(29,952)

Swap

contracts

2,034,143

Swap

contracts

(159,813)

Total

.......................

$1,973,492

$445,738

#### 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

(669,049)

Futures

contracts

460,685

Credit

contracts

...............

Total

.......................

$(669,049)

$460,685

#### Franklin

#### Managed

#### Income

#### Fund
Net

realized

gain

(loss)

from:

Net

change

in

unrealized

&nbsp;&nbsp;&nbsp;&nbsp;appreciation

(depreciation)

on:

Equity

contracts

..............

Written

options

10,510,979

Written

options

(3,471,290)

Total

.......................

$10,510,979

$(3,471,290)

#### Franklin

#### Total

#### Return

#### Fund
Net

realized

gain

(loss)

from:

Net

change

in

unrealized

&nbsp;&nbsp;&nbsp;&nbsp;appreciation

(depreciation)

on:

Interest

rate

contracts

..........

Futures

contracts

461,574

Futures

contracts

(2,993,157)

Swap

contracts

(32,387)

Swap

contracts

(800,107)

Foreign

exchange

contracts

.....

Forward

exchange

contracts

(98,901)

Forward

exchange

contracts

29,731

Credit

contracts

...............

Investments

(4,337,030)

a

Investments

(267,276)

a

Written

options

3,850,802

Written

options

329,894

Swap

contracts

1,875,474

Swap

contracts

17,868

Total

.......................

$1,719,532

$(3,683,047)

9. #### Other

#### Derivative

#### Information
(continued)

Franklin

Investors

Securities

Trust

Notes

to

Financial

Statements

franklintempleton.com

Annual

Report

For

the

year

ended

October

31,

2025

,

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

October

31,

2025,

the

Funds'

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

#### Managed

#### Income

#### Fund
Futures

contracts

.....................................

$

790,755,121

$

116,909,702

$

–

Swap

contracts

.......................................

80,393,462

–

–

Options

.............................................

13,776,923

–

795,762

#### Franklin

#### Total

#### Return

#### Fund
Futures

contracts

..........................................................................

$

432,630,503

Swap

contracts

............................................................................

185,060,769

Forwards

exchange

contracts

.................................................................

1,523,734

Options

..................................................................................

128,061,538

#### Gross

#### Amounts

#### of

#### Assets

#### and

#### Liabilities

#### Presented

#### in

#### the

#### Statement

#### of

#### Assets

#### and

#### Liabilities

#### Assets

#### a

#### Liabilities

#### a

#### Franklin

#### Low

#### Duration

#### Total

#### Return

#### Fund
Options

Purchased

....................................

$

180,274

$

—

Options

Written

.......................................

—

197,874

Swap

Contracts

.......................................

923,020

376,815

Total

.............................................

$1,103,294

$574,689

#### Franklin

#### Total

#### Return

#### Fund
Forward

Exchange

Contracts

.............................

32,024

2,293

Options

Purchased

....................................

2,738,545

—

Options

Written

.......................................

—

1,542,844

Swap

Contracts

.......................................

3,051,031

951,041

Total

.............................................

$5,821,600

$2,496,178

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.

9. #### Other

#### Derivative

#### Information
(continued)

Franklin

Investors

Securities

Trust

Notes

to

Financial

Statements

franklintempleton.com

Annual

Report

At

October

31,

2025,

OTC

derivative

assets,

which

may

be

offset

against

OTC

derivative

liabilities

and

collateral

received

from

the

counterparty,

are

as

follows:

At

October

31,

2025,

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

.....................

$

616,018

$

(574,689)

$

—

$

—

$

41,329

JPHQ

...................

487,276

—

(339,012)

—

148,264

Total

...................

$1,103,294

$(574,689)

$(339,012)

$—

$189,593

#### Franklin

#### Total

#### Return

#### Fund

#### Counterparty
BNDP

...................

1,948,444

(914,942)

(793,616)

—

239,886

BOFA

....................

130,106

—

—

—

130,106

CITI

.....................

1,099,235

(951,041)

(148,194)

—

—

JPHQ

...................

1,529,291

(2,293)

(1,364,499)

—

162,499

MSCO

...................

1,114,524

(627,902)

(486,622)

—

—

Total

...................

$5,821,600

$(2,496,178)

$(2,792,931)

$—

$532,491

#### 2
a

At

October

31,

2025,

the

Funds

received

U.S.

Treasury

Bonds,

Notes

and

Inflation

Indexed

Bonds

as

collateral

for

derivatives.

b

In

some

instances,

the

collateral

amounts

disclosed

in

the

table

above

were

adjusted

due

to

the

requirement

to

limit

the

collateral

amounts

to

avoid

the

effect

of

over

collateralization.

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

#### Net

#### Amount

#### (Not

#### less

#### than

#### zero)

#### Franklin

#### Low

#### Duration

#### Total

#### Return

#### Fund

#### Counterparty
CITI

.....................

$

574,689

$

(574,689)

$

—

$

—

$

—

JPHQ

...................

—

—

—

—

—

Total

...................

$574,689

$(574,689)

$—

$—

$—

9. #### Other

#### Derivative

#### Information
(continued)

Franklin

Investors

Securities

Trust

Notes

to

Financial

Statements

franklintempleton.com

Annual

Report

See

Note

1(d)

regarding

derivative

financial

instruments.

See

Abbreviations

on

page

251. 10. #### Holdings

#### of

#### 5%

#### Voting

#### Securities

#### of

#### Portfolio

#### Companies
The

1940

Act

defines

"affiliated

companies"

to

include

investments

in

portfolio

companies

in

which

a

fund

owns

5%

or

more

of

the

outstanding

voting

securities.

Additionally,

as

defined

in

the

1940

Act,

an

investment

is

deemed

to

be

a

"Controlled

Affiliate"

of

a

fund

when

a

fund

owns,

either

directly

or

indirectly,

25%

or

more

of

the

affiliated

companies'

outstanding

shares

or

has

the

power

to

exercise

control

over

management

or

policies

of

such

company.

During

the

year

ended

October

31,

2025,

investments

in

"affiliated

companies"

were

as

follows:

11. #### Credit

#### Facility
The

Funds,

together

with

other

U.S.

registered

and

foreign

investment

funds

(collectively,

Borrowers),

managed

by

Franklin

Templeton,

are

borrowers

in

a

joint

syndicated

senior

unsecured

credit

facility

totaling

$2.995

billion

(Global

Credit

Facility)

which

matures

on

January

30,

2026. 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.

#### Amounts

#### Not

#### Offset

#### in

#### the

#### Statement

#### of

#### Assets

#### and

#### Liabilities

#### Gross

#### Amounts

#### of

#### Liabilities

#### Presented

#### in

#### the

#### Statement

#### of

#### Assets

#### and

#### Liabilities

#### Financial

#### Instruments

#### Available

#### for

#### Offset

#### Financial

#### Instruments

#### Collateral

#### Pledged

#### Cash

#### Collateral

#### Pledged

#### Net

#### Amount

#### (Not

#### less

#### than

#### zero)

#### Franklin

#### Total

#### Return

#### Fund

#### Counterparty
BNDP

...................

$

914,942

$

(914,942)

$

—

$

—

$

—

BOFA

....................

—

—

—

—

—

CITI

.....................

951,041

(951,041)

—

—

—

JPHQ

...................

2,293

(2,293)

—

—

—

MSCO

...................

627,902

(627,902)

—

—

—

Total

...................

$2,496,178

$(2,496,178)

$—

$—

$—

#### Value

#### at

#### Beginning

#### of

#### Year

#### Purchases

#### Sales

#### Realized

#### Gain
(Loss)

#### Net

#### Change

#### in

#### Unrealized

#### Appreciation
(Depreciation)

#### Value

#### at

#### End

#### of

#### Year

#### Number

#### of

#### Shares/Warrants

#### Held

#### at

#### End

#### of

#### Year

#### Investment

#### Income

#### Franklin

#### Floating

#### Rate

#### Daily

#### Access

#### Fund

#### Non-Controlled

#### Affiliates
Dividends

UTEX

Industries,

Inc.

...

$

10,322,930

$

—

$

—

$

—

$

3,240,165

$

13,563,095

261,340

$

1,081,848

UTEX

Industries,

Inc.,

2/20/49

...........

—

—

—

(2) —

634

—

#### Total

#### Affiliated

#### Securities
(Value

is

1.0%

of

Net

Assets)

#### ...........
$10,322,932

$—

$—

$—

$3,240,163

$13,563,095

$1,081,848

9. #### Other

#### Derivative

#### Information
(continued)

Franklin

Investors

Securities

Trust

Notes

to

Financial

Statements

franklintempleton.com

Annual

Report

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

year ended

October

31,

2025,

the

Funds

did

not

use

the

Global

Credit

Facility.

12. #### 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)

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

October

31,

2025,

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

Common

Stocks

.........................

$

13,619,468

$

—

$

—

$

13,619,468

Convertible

Preferred

Stocks

................

481,606,666

—

—

481,606,666

Convertible

Bonds

.......................

—

2,477,677,406

—

2,477,677,406

Corporate

Bonds

........................

—

5,338,848

—

5,338,848

Short

Term

Investments

...................

49,034,508

—

—

49,034,508

Total

Investments

in

Securities

...........

$544,260,642

$2,483,016,254

$—

$3,027,276,896

#### Franklin

#### Equity

#### Income

#### Fund

#### Assets:
Investments

in

Securities:

a

Common

Stocks

.........................

3,766,045,317

—

—

3,766,045,317

Equity-Linked

Securities

...................

—

450,309,483

—

450,309,483

Convertible

Preferred

Stocks

................

202,073,800

—

—

202,073,800

Short

Term

Investments

...................

124,434,549

—

—

124,434,549

Total

Investments

in

Securities

...........

$4,092,553,666

$450,309,483

$—

$4,542,863,149

#### Franklin

#### Floating

#### Rate

#### Daily

#### Access

#### Fund

#### Assets:
Investments

in

Securities:

Common

Stocks

:

Hotels,

Restaurants

&

Leisure

.............

—

78,412

—

78,412

Machinery

............................

—

—

13,563,095

13,563,095

Oil,

Gas

&

Consumable

Fuels

.............

4,716,952

—

—

4,716,952

11. #### Credit

#### Facility
(continued)

Franklin

Investors

Securities

Trust

Notes

to

Financial

Statements

franklintempleton.com

Annual

Report

#### Level

#### 1

#### Level

#### 2

#### Level

#### 3

#### Total

#### Franklin

#### Floating

#### Rate

#### Daily

#### Access

#### Fund
(continued)

#### Assets:
(continued)

Investments

in

Securities:

(continued)

Management

Investment

Companies

.........

$

12,817,343

$

—

$

—

$

12,817,343

Warrants

...............................

—

—

—

b

—

Corporate

Bonds

........................

—

76,679,030

—

76,679,030

Senior

Floating

Rate

Interests

...............

—

1,194,296,537

682,367

1,194,978,904

Escrows

and

Litigation

Trusts

...............

—

—

84,123

84,123

Short

Term

Investments

...................

142,804,960

—

—

142,804,960

Total

Investments

in

Securities

...........

$160,339,255

$1,271,053,979

$14,329,585

$1,445,722,819

Other

Financial

Instruments:

Unfunded

Loan

Commitments

..............

$—

$809

$—

$809

Total

Other

Financial

Instruments

.........

$—

$809

$—

$809

#### Liabilities:
Other

Financial

Instruments:

Unfunded

Loan

Commitments

...............

$—

$419

$—

$419

Total

Other

Financial

Instruments

.........

$—

$419

$—

$419

#### Franklin

#### Long

#### Duration

#### Credit

#### Fund

#### Assets:
Investments

in

Securities:

a

Corporate

Bonds

........................

—

56,260,901

—

56,260,901

Foreign

Government

and

Agency

Securities

....

—

2,890,948

—

2,890,948

U.S.

Government

and

Agency

Securities

.......

—

1,119,149

—

1,119,149

Municipal

Bonds

.........................

—

1,411,530

—

1,411,530

Short

Term

Investments

...................

562,275

—

—

562,275

Total

Investments

in

Securities

...........

$562,275

$61,682,528

$—

$62,244,803

#### Franklin

#### Low

#### Duration

#### Total

#### Return

#### Fund

#### Assets:
Investments

in

Securities:

Common

Stocks

:

Hotels,

Restaurants

&

Leisure

.............

—

6,789

—

6,789

Machinery

............................

—

—

478,918

478,918

Specialty

Retail

........................

—

—

—

b

—

Warrants

...............................

—

—

—

b

—

Corporate

Bonds

:

Aerospace

&

Defense

...................

—

20,727,505

—

20,727,505

Automobile

Components

.................

—

1,895,039

—

1,895,039

Automobiles

..........................

—

16,074,984

—

16,074,984

Banks

...............................

—

164,077,849

—

164,077,849

Beverages

...........................

—

6,364,150

—

6,364,150

Broadline

Retail

.......................

—

—

—

b

—

Building

Products

......................

—

8,550,166

—

8,550,166

Capital

Markets

........................

—

52,680,760

—

52,680,760

Chemicals

...........................

—

5,483,343

—

5,483,343

Commercial

Services

&

Supplies

...........

—

994,707

—

994,707

Communications

Equipment

..............

—

3,162,798

—

3,162,798

Consumer

Finance

.....................

—

49,745,663

—

49,745,663

Consumer

Staples

Distribution

&

Retail

......

—

2,903,808

—

2,903,808

Containers

&

Packaging

.................

—

2,010,585

—

2,010,585

Diversified

REITs

......................

—

4,160,133

—

4,160,133

Diversified

Telecommunication

Services

.....

—

233,900

—

233,900

Electric

Utilities

........................

—

19,112,488

—

19,112,488

Electrical

Equipment

....................

—

1,110,520

—

1,110,520

Electronic

Equipment,

Instruments

&

Components

........................

—

1,388,813

—

1,388,813

12. #### Fair

#### Value

#### Measurements
(continued)

Franklin

Investors

Securities

Trust

Notes

to

Financial

Statements

franklintempleton.com

Annual

Report

#### Level

#### 1

#### Level

#### 2

#### Level

#### 3

#### Total

#### Franklin

#### Low

#### Duration

#### Total

#### Return

#### Fund
(continued)

#### Assets:
(continued)

Investments

in

Securities:

(continued)

Corporate

Bonds:

(continued)

Entertainment

.........................

$

—

$

4,410,583

$

—

$

4,410,583

Financial

Services

......................

—

13,699,903

—

13,699,903

Food

Products

........................

—

12,184,940

—

12,184,940

Ground

Transportation

..................

—

10,880,501

—

10,880,501

Health

Care

Equipment

&

Supplies

.........

—

5,450,585

—

5,450,585

Health

Care

Providers

&

Services

..........

—

29,751,596

—

29,751,596

Health

Care

REITs

.....................

—

2,455,458

—

2,455,458

Health

Care

Technology

.................

—

3,478,817

—

3,478,817

Hotel

&

Resort

REITs

...................

—

1,181,439

—

1,181,439

Hotels,

Restaurants

&

Leisure

.............

—

11,202,327

—

11,202,327

Household

Durables

....................

—

8,878,726

—

8,878,726

Independent

Power

and

Renewable

Electricity

Producers

..........................

—

1,079,198

—

1,079,198

Insurance

............................

—

59,791,138

—

59,791,138

Interactive

Media

&

Services

..............

—

7,689,852

—

7,689,852

Life

Sciences

Tools

&

Services

............

—

6,495,221

—

6,495,221

Machinery

............................

—

1,643,798

—

1,643,798

Media

...............................

—

8,242,175

—

8,242,175

Metals

&

Mining

.......................

—

3,390,798

—

3,390,798

Mortgage

Real

Estate

Investment

Trusts

(REITs)

............................

—

2,903,935

—

2,903,935

Multi-Utilities

..........................

—

8,739,612

—

8,739,612

Oil,

Gas

&

Consumable

Fuels

.............

—

42,314,574

—

42,314,574

Passenger

Airlines

.....................

—

742,959

—

742,959

Personal

Care

Products

.................

—

7,634,009

—

7,634,009

Pharmaceuticals

.......................

—

11,645,336

—

11,645,336

Professional

Services

...................

—

815,943

—

815,943

Semiconductors

&

Semiconductor

Equipment

.

—

17,137,432

—

17,137,432

Software

.............................

—

1,512,760

—

1,512,760

Specialized

REITs

......................

—

15,195,510

—

15,195,510

Technology

Hardware,

Storage

&

Peripherals

.

—

6,627,829

—

6,627,829

Textiles,

Apparel

&

Luxury

Goods

..........

—

261,874

—

261,874

Tobacco

.............................

—

7,835,757

—

7,835,757

Trading

Companies

&

Distributors

..........

—

6,331,385

—

6,331,385

Wireless

Telecommunication

Services

.......

—

10,343,525

—

10,343,525

Senior

Floating

Rate

Interests

...............

—

50,327,318

69,460

50,396,778

Marketplace

Loans

.......................

—

—

4,734,383

4,734,383

Foreign

Government

and

Agency

Securities

....

—

16,954,173

—

16,954,173

U.S.

Government

and

Agency

Securities

.......

—

386,725,675

—

386,725,675

Asset-Backed

Securities

...................

—

311,212,178

—

311,212,178

Commercial

Mortgage-Backed

Securities

......

—

71,696,294

—

71,696,294

Mortgage-Backed

Securities

................

—

20,528,064

—

20,528,064

Residential

Mortgage-Backed

Securities

.......

—

144,054,302

—

144,054,302

Agency

Commercial

Mortgage-Backed

Securities

—

166,275,418

—

166,275,418

Municipal

Bonds

.........................

—

17,051,101

—

17,051,101

Escrows

and

Litigation

Trusts

...............

—

9,595

923

10,518

Options

Purchased

.......................

—

180,274

—

180,274

Short

Term

Investments

...................

51,946,645

—

—

51,946,645

Total

Investments

in

Securities

...........

$51,946,645

$1,877,647,887

$5,283,684

$1,934,878,216

12. #### Fair

#### Value

#### Measurements
(continued)

Franklin

Investors

Securities

Trust

Notes

to

Financial

Statements

franklintempleton.com

Annual

Report

#### Level

#### 1

#### Level

#### 2

#### Level

#### 3

#### Total

#### Franklin

#### Low

#### Duration

#### Total

#### Return

#### Fund
(continued)

#### Assets:
(continued)

Other

Financial

Instruments:

Futures

Contracts

.......................

$204,465

$—

$—

$204,465

Swap

Contracts

.........................

—

837,551

—

837,551

Unfunded

Loan

Commitments

..............

—

—

Total

Other

Financial

Instruments

.........

$204,465

$837,862

$—

$1,042,327

#### Liabilities:
Other

Financial

Instruments:

Options

Written

..........................

$—

$197,874

$—

$197,874

Futures

Contracts

........................

1,129,372

—

—

1,129,372

Unfunded

Loan

Commitments

...............

—

—

Total

Other

Financial

Instruments

.........

$1,129,372

$197,884

$—

$1,327,256

#### Franklin

#### Low

#### Duration

#### U.S.

#### Government

#### Securities

#### Fund

#### Assets:
Investments

in

Securities:

a

U.S.

Government

and

Agency

Securities

.......

$

—

$

76,820,352

$

—

$

76,820,352

Mortgage-Backed

Securities

................

—

194,796,561

—

194,796,561

Agency

Commercial

Mortgage-Backed

Securities

—

86,512,108

—

86,512,108

Short

Term

Investments

...................

18,214,577

—

—

18,214,577

Total

Investments

in

Securities

...........

$18,214,577

$358,129,021

$—

$376,343,598

#### Liabilities:
Other

Financial

Instruments:

Futures

Contracts

........................

$224,850

$—

$—

$224,850

Total

Other

Financial

Instruments

.........

$224,850

$—

$—

$224,850

#### Franklin

#### Managed

#### Income

#### Fund

#### Assets:
Investments

in

Securities:

a

Common

Stocks

.........................

1,281,998,110

—

—

1,281,998,110

Equity-Linked

Securities

...................

—

238,602,475

—

238,602,475

Convertible

Preferred

Stocks

................

77,788,500

—

—

77,788,500

Convertible

Bonds

.......................

—

4,080,000

—

4,080,000

Corporate

Bonds

........................

—

1,035,871,402

—

1,035,871,402

U.S.

Government

and

Agency

Securities

.......

—

129,712,849

—

129,712,849

Asset-Backed

Securities

...................

—

6,231,932

—

6,231,932

Mortgage-Backed

Securities

................

—

488,872,191

—

488,872,191

Short

Term

Investments

...................

7,803,858

34,962,492

—

42,766,350

Total

Investments

in

Securities

...........

$1,367,590,468

$1,938,333,341

$—

$3,305,923,809

#### Franklin

#### Total

#### Return

#### Fund

#### Assets:
Investments

in

Securities:

Common

Stocks

:

Energy

Equipment

&

Services

.............

136,652

—

—

136,652

Hotels,

Restaurants

&

Leisure

.............

—

3,563

—

3,563

Machinery

............................

—

—

251,343

251,343

Preferred

Stocks

.........................

2,792,790

—

—

2,792,790

Warrants

...............................

—

—

—

b

—

Corporate

Bonds

:

Aerospace

&

Defense

...................

—

29,377,302

—

29,377,302

Automobile

Components

.................

—

360,422

—

360,422

Automobiles

..........................

—

6,712,121

—

6,712,121

Banks

...............................

—

206,340,418

—

206,340,418

Biotechnology

.........................

—

37,083,873

—

37,083,873

Broadline

Retail

.......................

—

—

—

b

—

Building

Products

......................

—

11,366,846

—

11,366,846

12. #### Fair

#### Value

#### Measurements
(continued)

Franklin

Investors

Securities

Trust

Notes

to

Financial

Statements

franklintempleton.com

Annual

Report

#### Level

#### 1

#### Level

#### 2

#### Level

#### 3

#### Total

#### Franklin

#### Total

#### Return

#### Fund
(continued)

#### Assets:
(continued)

Investments

in

Securities:

(continued)

Corporate

Bonds:

(continued)

Capital

Markets

........................

$

—

$

73,107,543

$

—

$

73,107,543

Chemicals

...........................

—

5,186,206

—

5,186,206

Commercial

Services

&

Supplies

...........

—

6,682,975

—

6,682,975

Communications

Equipment

..............

—

15,410,427

—

15,410,427

Consumer

Finance

.....................

—

27,102,317

—

27,102,317

Consumer

Staples

Distribution

&

Retail

......

—

10,919,600

—

10,919,600

Containers

&

Packaging

.................

—

4,917,237

—

4,917,237

Diversified

REITs

......................

—

9,119,476

—

9,119,476

Diversified

Telecommunication

Services

.....

—

32,941,583

—

32,941,583

Electric

Utilities

........................

—

101,949,008

—

101,949,008

Electronic

Equipment,

Instruments

&

Components

........................

—

11,900,750

—

11,900,750

Energy

Equipment

&

Services

.............

—

2,511,339

—

2,511,339

Financial

Services

......................

—

30,392,485

—

30,392,485

Food

Products

........................

—

29,060,322

—

29,060,322

Ground

Transportation

..................

—

3,542,942

—

3,542,942

Health

Care

Equipment

&

Supplies

.........

—

12,193,443

—

12,193,443

Health

Care

Providers

&

Services

..........

—

72,176,013

—

72,176,013

Health

Care

REITs

.....................

—

9,869,452

—

9,869,452

Health

Care

Technology

.................

—

4,533,004

—

4,533,004

Hotel

&

Resort

REITs

...................

—

6,642,027

—

6,642,027

Hotels,

Restaurants

&

Leisure

.............

—

7,642,739

—

7,642,739

Household

Durables

....................

—

10,271,144

—

10,271,144

Independent

Power

and

Renewable

Electricity

Producers

..........................

—

16,153,750

—

16,153,750

Insurance

............................

—

74,897,909

—

74,897,909

Interactive

Media

&

Services

..............

—

3,786,222

—

3,786,222

IT

Services

...........................

—

860,593

—

860,593

Life

Sciences

Tools

&

Services

............

—

1,572,653

—

1,572,653

Machinery

............................

—

819,691

—

819,691

Media

...............................

—

53,737,792

—

53,737,792

Metals

&

Mining

.......................

—

17,722,802

—

17,722,802

Multi-Utilities

..........................

—

18,800,902

—

18,800,902

Oil,

Gas

&

Consumable

Fuels

.............

—

117,568,962

—

117,568,962

Passenger

Airlines

.....................

—

6,664,892

—

6,664,892

Personal

Care

Products

.................

—

13,552,524

—

13,552,524

Pharmaceuticals

.......................

—

25,984,678

—

25,984,678

Professional

Services

...................

—

468,436

—

468,436

Residential

REITs

......................

—

3,313,164

—

3,313,164

Semiconductors

&

Semiconductor

Equipment

.

—

11,982,617

—

11,982,617

Software

.............................

—

20,335,861

—

20,335,861

Specialized

REITs

......................

—

21,665,646

—

21,665,646

Technology

Hardware,

Storage

&

Peripherals

.

—

7,479,042

—

7,479,042

Textiles,

Apparel

&

Luxury

Goods

..........

—

2,717,394

—

2,717,394

Tobacco

.............................

—

11,391,759

—

11,391,759

Trading

Companies

&

Distributors

..........

—

17,615,278

—

17,615,278

Wireless

Telecommunication

Services

.......

—

24,152,070

—

24,152,070

Senior

Floating

Rate

Interests

...............

—

45,275,495

36,452

45,311,947

Marketplace

Loans

.......................

—

—

3,992,684

3,992,684

Foreign

Government

and

Agency

Securities

....

—

55,461,215

—

55,461,215

U.S.

Government

and

Agency

Securities

.......

—

499,003,071

—

499,003,071

Asset-Backed

Securities

...................

—

347,995,624

—

347,995,624

Commercial

Mortgage-Backed

Securities

......

—

100,106,822

—

100,106,822

Mortgage-Backed

Securities

................

—

843,033,036

—

843,033,036

12. #### Fair

#### Value

#### Measurements
(continued)

Franklin

Investors

Securities

Trust

Notes

to

Financial

Statements

franklintempleton.com

Annual

Report

#### Level

#### 1

#### Level

#### 2

#### Level

#### 3

#### Total

#### Franklin

#### Total

#### Return

#### Fund
(continued)

#### Assets:
(continued)

Investments

in

Securities:

(continued)

Residential

Mortgage-Backed

Securities

.......

$

—

$

88,894,290

$

—

$

88,894,290

Agency

Commercial

Mortgage-Backed

Securities

—

106,133,996

—

106,133,996

Municipal

Bonds

.........................

—

55,262,460

—

55,262,460

Escrows

and

Litigation

Trusts

...............

—

15,150

2,153

17,303

Options

Purchased

.......................

—

2,738,545

—

2,738,545

Short

Term

Investments

...................

49,990,332

—

—

49,990,332

Total

Investments

in

Securities

...........

$52,919,774

$3,396,480,918

$4,282,632

$3,453,683,324

Other

Financial

Instruments:

Forward

Exchange

Contracts

...............

$—

$32,024

$—

$32,024

Futures

Contracts

.......................

279,975

—

—

279,975

Swap

Contracts

.........................

—

4,169,550

—

4,169,550

Unfunded

Loan

Commitments

..............

—

—

Total

Other

Financial

Instruments

.........

$279,975

$4,201,953

$—

$4,481,928

#### Liabilities:
Other

Financial

Instruments:

Options

Written

..........................

$—

$1,542,844

$—

$1,542,844

Forward

Exchange

Contracts

...............

—

2,293

—

2,293

Futures

Contracts

........................

607,487

—

—

607,487

Unfunded

Loan

Commitments

...............

—

—

Total

Other

Financial

Instruments

.........

$607,487

$1,545,147

$—

$2,152,634

a

For

detailed

categories,

see

the

accompanying

Schedule

of

Investments.

b

Includes

financial

instruments

determined

to

have

no

value.

12. #### Fair

#### Value

#### Measurements
(continued)

Franklin

Investors

Securities

Trust

Notes

to

Financial

Statements

franklintempleton.com

Annual

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

year

.

At

October

31,

2025

,

the

reconciliations

are

as

follows:

#### Balance

#### at

#### Beginning

#### of

#### Year

#### Purchases

#### a

#### Sales

#### b

#### Transfer

#### Into

#### Level

#### 3

#### c

#### Transfer

#### Out

#### of

#### Level

#### 3

#### Net

#### Accretion

#### (Amortiza-

#### tion)

#### Net

#### Realized

#### Gain
(Loss)

#### Net

#### Unr

#### ealized

#### Appreciatio

#### n

#### (#### Depreciation

####)

#### Balance

#### at

#### End

#### of

#### Year

#### Net

#### Change

#### in

#### Unrealized

#### Appreciation
(Depreciation)

#### on

#### Assets

#### Held

#### at

#### Year

#### End

#### a

#### Franklin

#### Floating

#### Rate

#### Daily

#### Access

#### Fund

#### Assets:
Investments

in

Securities:

Common

Stocks

:

Machinery

.........

$

—

$

—

$

—

$

10,322,930

$

—

$

—

$

—

$

3,240,165

$

13,563,095

$

3,240,165

Warrants

:

Machinery

.........

—

—

—

—

—

—

(2) —

d

(2) Senior

Floating

Rate

Interests

:

Containers

&

Packaging

—

668,987

—

—

—

42,603

—

(29,223)

682,367

(29,223)

Escrows

and

Litigation

Trusts

:

—

d

—

—

—

—

—

—

84,123

84,123

84,123

Total

Investments

in

Securities

............

$2

$668,987

$—

$10,322,930

$—

$42,603

$—

$3,295,063

$14,329,585

$3,295,063

#### Franklin

#### Low

#### Duration

#### Total

#### Return

#### Fund

#### Assets:
Investments

in

Securities:

Common

Stocks

:

Broadline

Retail

.....

—

d

—

—

d

—

—

—

(92,988)

92,988

—

—

Machinery

.........

—

—

—

364,506

—

—

—

114,412

478,918

114,412

Specialty

Retail

.....

—

d

—

—

—

—

—

—

—

—

d

—

Warrants

:

Machinery

.........

—

—

—

—

—

—

(3) —

d

(3) Corporate

Bonds

:

Broadline

Retail

.....

—

d

—

—

—

—

—

—

—

—

d

—

Financial

Services

...

—

d

—

(13,564)

—

—

—

(964,409)

977,973

—

—

Senior

Floating

Rate

Interests

:

Containers

&

Packaging

—

68,099

—

—

—

4,337

—

(2,976)

69,460

(2,976)

Marketplace

Loans

:

Financial

Services

...

30,550,636

62,892

(25,926,017)

—

—

—

212,632

(165,760)

4,734,383

(4,538,173)

Escrows

and

Litigation

Trusts

:

—

d

—

—

—

—

—

—

923

923

923

Total

Investments

in

Securities

............

$30,550,639

$130,991

$(25,939,581)

$364,506

$—

$4,337

$(844,765)

$1,017,557

$5,283,684

$(4,425,817)

a

Purchases

include

all

purchases

of

securities

and

securities

received

in

corporate

actions.

b

Sales

include

all

sales

of

securities,

maturities,

paydowns

and

securities

tendered

in

corporate

actions.

c

Transferred

into

Level

as

a

result

of

the

unavailability

of

a

quoted

market

price

in

an

active

market

for

identical

securities

and

other

significant

observable

valuation

inputs.

May

include

amounts

related

to

a

corporate

action.

d

Includes

financial

instruments

determined

to

have

no

value.

12. #### Fair

#### Value

#### Measurements
(continued)

Franklin

Investors

Securities

Trust

Notes

to

Financial

Statements

franklintempleton.com

Annual

Report

a

Represents

the

directional

change

in

the

fair

value

of

the

Level

financial

instruments

that

would

result

from

a

significant

and

reasonable

increase

in

the

corresponding

input.

A

significant

and

reasonable

decrease

in

the

input

would

have

the

opposite

effect.

Significant

increases

and

decreases

in

these

inputs

in

isolation

could

result

in

significantly

higher

or

lower

fair

value

measurements.

b

Includes

the

fair

value

of

immaterial

assets

and/or

liabilities

developed

using

various

valuation

techniques

and

unobservable

inputs.

c

Includes

financial

instruments

determined

to

have

no

value.

#### Abbreviation

#### List

#### EBITDA

#### -
Earnings

before

interest,

taxes,

depreciation

and

amortization

#### EV

#### -
Enterprise

value

13. #### 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.

14. #### New

#### Accounting

#### Pronouncements
In

December

2023,

the

FASB

issued

ASU

No.

2023-09,

Income

Taxes

(Topic

740)

–

Improvements

to

Income

Tax

Disclosures.

The

amendments

enhance

income

tax

disclosures

by

requiring

greater

disaggregation

in

the

rate

reconciliation

and

income

taxes

paid

by

jurisdiction,

while

removing

certain

disclosure

requirements.

The

ASU

is

effective

for

annual

periods

beginning

after

December

15,

2024,

with

early

adoption

permitted.

Management

is

currently

evaluating

the

impact

and

believes

that

the

adoption

of

the

ASU

will

not

have

a

material

impact

on

the

financial

statements.

#### Description

#### Fair

#### Value

#### at

#### End

#### of

#### Year

#### Valuation

#### Technique

#### Unobservable

#### Inputs

#### Amount

#### /

#### Range

#### (Weighted

#### Average)

#### Impact

#### to

#### Fair

#### Value

#### if

#### Input

#### Increases

#### a

#### Franklin

#### Floating

#### Rate

#### Daily

#### Access

#### Fund

#### Assets:
Investments

in

Securities:

Common

Stocks:

Machinery

.

.

.

.

.

.

.

.

.

$13,563,095

Market

comparables

Discount

for

lack

of

marketability

5.6%

Decrease

EBITDA

$35.4

mil

Increase

EV/EBITDA

multiple

8.3x

Increase

All

Other

Investments

.

.

.

.

766,490

b,c

Total

.

.

.

.

.

.

.

.

.

.

.

.

.

.

............

$14,329,585

12. #### Fair

#### Value

#### Measurements
(continued)

Franklin

Investors

Securities

Trust

Notes

to

Financial

Statements

franklintempleton.com

Annual

Report

15. #### Subsequent

#### Events
The

Funds

have

evaluated

subsequent

events

through

the

issuance

of

the

financial

statements

and

determined

that

no

events

have

occurred

that

require

disclosure.

#### Abbreviations

#### Counterparty

#### BNDP
BNP

Paribas

SA

#### BOFA
Bank

of

America

NA

#### CITI
Citibank

NA

#### JPHQ
JPMorgan

Chase

Bank

NA

#### MSCO
Morgan

Stanley

#### 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

The

following

reference

rates,

and

their

values

as

of

period

end,

are

used

for

security

descriptions:

#### Reference

#### Index

#### Reference

#### Rate
1-day

SOFR

........................

4.22%

#### Selected

#### Portfolio

#### ADR
American

Depositary

Receipt

#### CLO
Collateralized

Loan

Obligation

#### CME
Chicago

Mercantile

Exchange

#### CMT
Constant

Monthly

U.S.

Treasury

Securities

Yield

Curve

Rate

Index

#### COFI
Cost

of

Funds

Index

#### ETF
Exchange-Traded

Fund

#### ETM
Escrowed

to

Maturity

#### FFCB
Federal

Farm

Credit

Banks

Funding

Corp.

#### FHLMC
Federal

Home

Loan

Mortgage

Corp.

#### FNMA
Federal

National

Mortgage

Association

#### FRN
Floating

Rate

Note

#### GNMA
Government

National

Mortgage

Association

#### GO
General

Obligation

#### H15BDI
U.S.

Treasury

Bill

Auction

High

Discount

Rate

#### IBOR
Interbank

Offered

Rate

#### IO
Interest

Only

#### MBS
Mortgage-Backed

Security

#### PIK
Payment-In-Kind

#### REIT
Real

Estate

Investment

Trust

#### REMIC
Real

Estate

Mortgage

Investment

Conduit

#### SOFR
Secured

Overnight

Financing

Rate

#### STACR
Structured

Agency

Credit

Risk

#### T-Note
Treasury

Note

Franklin

Investors

Securities

Trust

Report

of

Independent

Registered

Public

Accounting

Firm

franklintempleton.com

Annual

Report

To

the

Board

of

Trustees

of

Franklin

Investors

Securities

Trust

and

Shareholders

of

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

and

Franklin

Total

Return

Fund

#### Opinions

#### on

#### the

#### Financial

#### Statements
We

have

audited

the

accompanying

statements

of

assets

and

liabilities,

including

the

schedules

of

investments,

of

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

and

Franklin

Total

Return

Fund

(eight

of

the

funds

constituting

Franklin

Investors

Securities

Trust,

hereafter

collectively

referred

to

as

the

"Funds")

as

of

October

31,

2025,

the

related

statements

of

operations

for

the

year

ended

October

31,

2025,

the

statements

of

changes

in

net

assets

for

each

of

the

two

years

in

the

period

ended

October

31,

2025,

including

the

related

notes,

and

the

financial

highlights

for

each

of

the

periods

indicated

in

the

table

below

(collectively

referred

to

as

the

"financial

statements").

In

our

opinion,

the

financial

statements

present

fairly,

in

all

material

respects,

the

financial

position

of

each

of

the

Funds

as

of

October

31,

2025,

the

results

of

each

of

their

operations

for

the

year

then

ended,

the

changes

in

each

of

their

net

assets

for

each

of

the

two

years

in

the

period

ended

October

31,

2025

and

each

of

the

financial

highlights

for

each

of

the

periods

indicated

in

the

table

below

in

conformity

with

accounting

principles

generally

accepted

in

the

United

States

of

America.

(a) The

financial

highlights

for

each

of

the

periods

indicated

therein

(b) The

financial

highlights

for

each

of

the

four

years

in

the

period

ended

October

31,

2025

and

the

consolidated

financial

highlights

for

the

year

ended

October

31,

2021

#### Basis

#### for

#### Opinions
These

financial

statements

are

the

responsibility

of

the

Funds'

management.

Our

responsibility

is

to

express

an

opinion

on

the

Funds'

financial

statements

based

on

our

audits.

We

are

a

public

accounting

firm

registered

with

the

Public

Company

Accounting

Oversight

Board

(United

States)

(PCAOB)

and

are

required

to

be

independent

with

respect

to

the

Funds

in

accordance

with

the

U.S.

federal

securities

laws

and

the

applicable

rules

and

regulations

of

the

Securities

and

Exchange

Commission

and

the

PCAOB.

We

conducted

our

audits

of

these

financial

statements

in

accordance

with

the

standards

of

the

PCAOB.

Those

standards

require

that

we

plan

and

perform

the

audit

to

obtain

reasonable

assurance

about

whether

the

financial

statements

are

free

of

material

misstatement,

whether

due

to

error

or

fraud.

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

(a) Franklin

Total

Return

Fund

(b) Franklin

Investors

Securities

Trust

Report

of

Independent

Registered

Public

Accounting

Firm

franklintempleton.com

Annual

Report

Our

audits

included

performing

procedures

to

assess

the

risks

of

material

misstatement

of

the

financial

statements,

whether

due

to

error

or

fraud,

and

performing

procedures

that

respond

to

those

risks.

Such

procedures

included

examining,

on

a

test

basis,

evidence

regarding

the

amounts

and

disclosures

in

the

financial

statements.

Our

audits

also

included

evaluating

the

accounting

principles

used

and

significant

estimates

made

by

management,

as

well

as

evaluating

the

overall

presentation

of

the

financial

statements.

Our

procedures

included

confirmation

of

securities

owned

as

of

October

31,

2025,

by

correspondence

with

the

custodians,

transfer

agent,

private

placement

agents,

agent

banks

and

brokers;

when

replies

were

not

received

from

private

placement

agents,

agent

banks

or

brokers,

we

performed

other

auditing

procedures.

We

believe

that

our

audits

provide

a

reasonable

basis

for

our

opinions.

/s/PricewaterhouseCoopers

LLP

San

Francisco,

California

December

18,

2025

We

have

served

as

the

auditor

of

one

or

more

investment

companies

in

the

Franklin

Templeton

Group

of

Funds

since

1948. Franklin

Investors

Securities

Trust

Tax

Information

(unaudited)

franklintempleton.com

Annual

Report

By

mid-February,

tax

information

related

to

a

shareholder's

proportionate

share

of

distributions

paid

during

the

preceding

calendar

year

will

be

received,

if

applicable.

Please

also

refer

to

www.franklintempleton.com

for

per

share

tax

information

related

to

any

distributions

paid

during

the

preceding

calendar

year.

Shareholders

are

advised

to

consult

with

their

tax

advisors

for

further

information

on

the

treatment

of

these

amounts

on

their

tax

returns.

The

following

tax

information

for

the

Funds

is

required

to

be

furnished

to

shareholders

with

respect

to

income

earned

and

distributions

paid

during their

fiscal

year.

The

Funds

below hereby

report

the

following

amounts,

or

if

subsequently

determined

to

be

different,

the

maximum

allowable

amounts,

for

the

fiscal

year

ended

October

31,

2025:

Note

(1) -

The

Law

varies

in

each

state

as

to

whether

and

what

percentage

of

dividend

income

attributable

to

Federal

obligations

is

exempt

from

state

income

tax.

Shareholders

are

advised

to

consult

with

their

tax

advisors

to

determine

if

any

portion

of

the

dividends

received

is

exempt

from

state

income

taxes.

#### Pursuant

#### to:

#### Franklin

#### Convertible

#### Securities

#### Fund

#### Franklin

#### Equity

#### Income

#### Fund

#### Franklin

#### Floating

#### Rate

#### Daily

#### Access

#### Fund
Long-Term

Capital

Gain

Dividends

Distributed

§852(b)(3)(C)

$93,192,322

$333,721,205

—

Income

Eligible

for

Dividends

Received

Deduction

(DRD)

§854(b)(1)(A)

$10,180,198

$67,187,747

$1,081,848

Qualified

Dividend

Income

Earned

(QDI)

§854(b)(1)(B)

$10,180,198

$79,345,038

$1,081,848

Qualified

Net

Interest

Income

(QII)

§871(k)(1)(C)

$26,860,801

—

—

Short-Term

Capital

Gain

Dividends

Distributed

§871(k)(2)(C)

$18,137,750

—

—

Qualified

Business

Income

Dividends

Earned

§199A

—

$3,594,081

—

Section

163(j)

Interest

Dividends

Earned

§163(j)

$33,969,938

$4,115,912

$108,432,472

#### Pursuant

#### to:

#### Franklin

#### Long

#### Duration

#### Credit

#### Fund

#### Franklin

#### Low

#### Duration

#### Total

#### Return

#### Fund

#### Franklin

#### Low

#### Duration

#### U.S.

#### Government

#### Securities

#### Fund
Long-Term

Capital

Gain

Dividends

Distributed

§852(b)(3)(C)

$225,408

—

—

Income

Eligible

for

Dividends

Received

Deduction

(DRD)

§854(b)(1)(A)

—

$38,104

—

Qualified

Dividend

Income

Earned

(QDI)

§854(b)(1)(B)

—

$38,104

—

Qualified

Net

Interest

Income

(QII)

§871(k)(1)(C)

$3,338,202

—

$18,530,309

Short-Term

Capital

Gain

Dividends

Distributed

§871(k)(2)(C)

$983,548

—

—

Section

163(j)

Interest

Dividends

Earned

§163(j)

$4,237,762

$85,540,199

$18,530,309

Interest

Earned

from

Federal

Obligations

Note

(1) $23,309

$17,913,074

$2,989,375

#### Pursuant

#### to:

#### Franklin

#### Managed

#### Income

#### Fund

#### Franklin

#### Total

#### Return

#### Fund
Long-Term

Capital

Gain

Dividends

Distributed

§852(b)(3)(C)

$57,557,856

—

Income

Eligible

for

Dividends

Received

Deduction

(DRD)

§854(b)(1)(A)

$37,732,590

$19,950

Qualified

Dividend

Income

Earned

(QDI)

§854(b)(1)(B)

$42,282,264

$19,950

Section

163(j)

Interest

Dividends

Earned

§163(j)

$79,839,808

$130,107,784

Interest

Earned

from

Federal

Obligations

Note

(1) $3,561,177

$25,590,824

Franklin

Investors

Securities

Trust

franklintempleton.com

Annual

Report

#### FRANKLIN

#### INVESTORS

#### SECURITIES

#### TRUST
(unaudited)

#### 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
(each

a

Fund)

At

an

in-person

meeting

held

on

May

29,

2025

(Meeting),

the

Board

of

Trustees

(Board)

of

Franklin

Investors

Securities

Trust

(Trust),

including

a

majority

of

the

trustees

who

are

not

"interested

persons"

as

defined

in

the

Investment

Company

Act

of

1940

(Independent

Trustees),

reviewed

and

approved

the

continuance

of

the

(i) investment

management

agreement

between

Franklin

Advisers,

Inc.

(FAV)

and

the

Trust,

on

behalf

of

each

Fund

except

the

Franklin

Long

Duration

Credit

Fund;

(ii) investment

management

agreement

between

Franklin

Templeton

Institutional,

LLC

(FTIL),

an

affiliate

of

FAV,

and

the

Trust,

on

behalf

of

the

Franklin

Long

Duration

Credit

Fund;

and

(iii) investment

sub-advisory

agreement

between

FAV

and

FTIL,

on

behalf

of

the

Franklin

Total

Return

Fund

(each

a

Management

Agreement)

for

an

additional

one-year

period.

The

Independent

Trustees

received

advice

from

and

met

separately

with

Independent

Trustee

counsel

to

consider

the

renewal

of

each

Management

Agreement.

Although

the

Management

Agreements

for

the

Funds

were

considered

at

the

same

Board

meeting,

the

Board

considered

the

information

provided

to

it

about

the

Funds

together

and

with

respect

to

each

Fund

separately

as

the

Board

deemed

appropriate.

FAV

and

FTIL

are

each

referred

to

herein

as

a

Manager.

In

considering

the

continuance

of

each

Management

Agreement,

the

Board

reviewed

and

considered

information

provided

by

each

Manager

at

the

Meeting

and

throughout

the

year

at

meetings

of

the

Board

and

its

committees.

The

Board

also

reviewed

and

considered

information

provided

in

response

to

a

detailed

set

of

requests

for

information

submitted

to

each

Manager

by

#### 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

Franklin

Investors

Securities

Trust

franklintempleton.com

Annual

Report

Independent

Trustee

counsel

on

behalf

of

the

Independent

Trustees

in

connection

with

the

annual

contract

renewal

process.

In

addition,

prior

to

the

Meeting,

the

Independent

Trustees

held

a

virtual

contract

renewal

meeting

at

which

the

Independent

Trustees

first

conferred

amongst

themselves

and

Independent

Trustee

counsel

about

contract

renewal

matters,

and

then

met

with

management

to

request

additional

information

that

the

Independent

Trustees

also

considered

prior

to

and

at

the

Meeting.

The

Board

further

considered

all

of

the

factors

it

deemed

relevant

in

approving

the

continuance

of

each

Management

Agreement,

including,

but

not

limited

to:

(i) the

nature,

extent

and

quality

of

the

services

provided

by

each

Manager;

(ii) the

investment

performance

of

each

Fund;

(iii) the

costs

of

the

services

provided

and

profits

realized

by

each

Manager

and

its

affiliates

from

the

relationship

with

each

Fund;

(iv) the

extent

to

which

economies

of

scale

are

realized

as

each

Fund

grows;

and

(v) whether

fee

levels

reflect

these

economies

of

scale

for

the

benefit

of

Fund

investors.

In

approving

the

continuance

of

each

Management

Agreement,

the

Board,

including

a

majority

of

the

Independent

Trustees,

determined,

through

the

exercise

of

its

business

judgment,

that

the

terms

of

the

Management

Agreement

are

fair

and

reasonable

and

that

the

continuance

of

the

Management

Agreement

is

in

the

best

interests

of

the

applicable

Fund

and

its

shareholders.

While

attention

was

given

to

all

information

furnished,

the

following

discusses

some

primary

factors

relevant

to

the

Board's

determination.

#### Nature,

#### Extent

#### and

#### Quality

#### of

#### Services
The

Board

reviewed

the

information

it

received

regarding

the

nature,

extent

and

quality

of

investment

management

services

provided

by

each

Manager

and

its

affiliates

to

the

Funds

and

their

shareholders.

This

information

included,

among

other

things,

the

qualifications,

background

and

experience

of

the

senior

management

and

investment

personnel

of

each

Manager,

as

well

as

information

on

succession

planning

where

appropriate;

the

structure

of

investment

personnel

compensation;

oversight

of

third-party

service

providers;

investment

performance

reports

and

related

financial

information

for

each

Fund;

reports

on

expenses

and

shareholder

services;

legal

and

compliance

matters;

risk

controls;

pricing

and

other

services

provided

by

each

Manager

and

its

affiliates;

and

management

fees

charged

by

each

Manager

and

its

affiliates

to

US

funds

and

other

accounts,

including

management's

explanation

of

differences

among

accounts

where

relevant.

The

Board

also

reviewed

and

considered

an

annual

report

on

payments

made

by

Franklin

Templeton

(FT)

or

the

Funds

to

financial

intermediaries,

as

well

as

a

memorandum

relating

to

third-party

servicing

arrangements.

The

Board

acknowledged

the

ongoing

integration

of

acquired

third-party

fund

families

into

the

FT

family

of

funds

and

management's

continued

development

of

strategies

to

address

evolving

changes

in

domestic

policy

and

continuing

geopolitical

concerns.

The

Board

also

reviewed

and

considered

the

benefits

provided

to

Fund

shareholders

of

investing

in

a

fund

that

is

part

of

the

FT

family

of

funds.

The

Board

noted

the

financial

position

of

Franklin

Resources,

Inc.

(FRI),

the

Managers'

parent,

and

its

commitment

to

the

mutual

fund

business

as

evidenced

by

its

continued

reassessment

of

the

fund

offerings

in

response

to

FT

acquisitions

and

the

market

environment,

as

well

as

its

evaluation

of

ways

to

incorporate

private

assets

into

more

traditional

investment

vehicles.

The

Board

specifically

noted

FT's

commitment

to

technological

innovation

and

advancement,

including

its

continued

focus

on

developing

potential

use

cases

for

tokenization

and

the

blockchain

and

the

use

of

artificial

intelligence

tools

to

help

streamline

day-to-day

tasks.

Following

consideration

of

such

information,

the

Board

was

satisfied

with

the

nature,

extent

and

quality

of

services

provided

by

each

Manager

and

its

affiliates

to

the

Funds

and

their

shareholders.

#### Fund

#### Performance
The

Board

reviewed

and

considered

the

performance

results

of

each

Fund

over

various

time

periods

ended

December

31,

2024. The

Board

considered

the

performance

returns

for

each

Fund

in

comparison

to

the

performance

returns

of

mutual

funds

deemed

comparable

to

the

Fund

included

in

a

universe

(Performance

Universe)

selected

by

Broadridge

Financial

Solutions,

Inc.

(Broadridge),

an

independent

provider

of

investment

company

data.

The

Board

received

a

description

of

the

methodology

used

by

Broadridge

to

select

the

mutual

funds

included

in

a

Performance

Universe.

The

Board

also

reviewed

and

considered

Fund

performance

reports

provided

and

discussions

that

occurred

with

portfolio

managers

at

Board

meetings

throughout

the

year.

A

summary

of

each

Fund's

performance

results

is

below.

Franklin

Investors

Securities

Trust

franklintempleton.com

Annual

Report

*Franklin* 

*Convertible* 

*Securities* 

*Fund*

-

The

Performance

Universe

for

the

Fund

included

the

Fund

and

all

retail

and

institutional

convertible

securities

funds.

The

Board

noted

that

the

Fund's

annualized

total

return

for

the

one-,

three-,

five-

and

10-year

periods

was

above

the

median

and

in

the

first

(best)

quintile

of

its

Performance

Universe.

The

Board

concluded

that

the

Fund's

performance

was

satisfactory.

*Franklin* 

*Equity* 

*Income* 

*Fund*

-

The

Performance

Universe

for

the

Fund

included

the

Fund

and

all

retail

and

institutional

equity

income

funds.

The

Board

noted

that

the

Fund's

annualized

income

return

and

annualized

total

return

for

the

one-,

three-,

five-

and

10-year

periods

were

above

the

medians

of

its

Performance

Universe.

The

Board

further

noted

management's

view

regarding

the

income-related

attributes

of

the

Fund

(e.g.,

a

fund's

investment

objective)

as

set

forth

in

the

Fund's

registration

statement

and

that

the

evaluation

of

the

Fund's

performance

relative

to

its

peers

on

an

income

return

basis

was

appropriate

given

these

attributes.

The

Board

concluded

that

the

Fund's

performance

was

satisfactory.

*Franklin* 

*Floating* 

*Rate* 

*Daily* 

*Access* 

*Fund*

-

The

Performance

Universe

for

the

Fund

included

the

Fund

and

all

retail

and

institutional

loan

participation

funds.

The

Board

noted

that

the

Fund's

annualized

total

return

for

the

three-

and

five-year

periods

was

above

the

median

of

its

Performance

Universe,

but

for

the

one-

and

10-year

periods

was

below

the

median

of

its

Performance

Universe.

The

Board

also

noted

that,

although

below

median,

the

Fund's

one-year

annualized

total

return

was

8.18%.

The

Board

concluded

that

the

Fund's

performance

was

acceptable.

*Franklin* 

*Long* 

*Duration* 

*Credit* 

*Fund*

-

The

Performance

Universe

for

the

Fund

included

the

Fund

and

all

retail

and

institutional

BBB-rated

corporate

debt

funds.

The

Board

noted

that

the

Fund's

annualized

total

return

for

the

one-year

period

was

below

the

median

and

in

the

fifth

quintile

(worst)

of

its

Performance

Universe.

The

Board

further

noted

that

the

Fund

commenced

operations

on

August

22,

2023,

and

thus

has

been

in

operation

for

less

than

three

years.

The

Board

also

noted

that

given

the

Fund's

short

operating

history

and

portfolio

management

team

enhancement,

additional

time

will

be

needed

to

evaluate

the

effectiveness

of

management's

actions.

*Franklin* 

*Low* 

*Duration* 

*Total* 

*Return* 

*Fund*

-

The

Performance

Universe

for

the

Fund

included

the

Fund

and

all

retail

and

institutional

short

investment-grade

debt

funds.

The

Board

noted

that

the

Fund's

annualized

income

return

for

the

three-,

five-

and

10-year

periods

was

above

the

median

of

its

Performance

Universe,

but

for

the

one-year

period

was

below

the

median

of

its

Performance

Universe.

The

Board

also

noted

that

the

Fund's

annualized

total

return

for

the

one-,

three-,

five-

and

10-year

periods

was

below

the

median

of

its

Performance

Universe.

The

Board

discussed

the

Fund's

performance

with

management

and

management

explained

that,

relative

to

its

Performance

Universe,

the

Fund's

underweight

allocation

to

corporate

credit

and

securitized

sectors

detracted

from

Fund

performance

during

the

reporting

periods.

Management

noted

that,

relative

to

its

Performance

Universe,

the

Fund

tends

to

own

more

conservative

positions

within

these

sectors,

particularly

within

those

sectors

which

are

known

for

having

higher

credit

risk,

which

adversely

impacted

the

Fund's

performance

in

the

recent

risk-on

environment.

Management

also

noted

that

the

Fund

outperformed

its

benchmark,

the

Bloomberg

US

Government

&

Credit

(1-3

Year)

Index,

for

the

one-,

three-

and

five-year

period

ended

December

31,

2024. Management

discussed

with

the

Board

the

actions

that

are

being

taken/have

been

taken

in

an

effort

to

improve

the

overall

performance

of

the

Fund,

including,

among

others,

enhancements

to

the

portfolio

construction

process.

The

Board

further

noted

management's

view

regarding

the

income-related

attributes

of

the

Fund

(e.g.,

a

fund's

investment

objective)

as

set

forth

in

the

Fund's

registration

statement

and

that

the

evaluation

of

the

Fund's

performance

relative

to

its

peers

on

an

income

return

basis

was

appropriate

given

these

attributes.

The

Board

also

noted

that

the

Fund's

annualized

income

return

for

each

period

was

positive.

The

Board

concluded

that

the

Fund's

Management

Agreement

should

be

continued

for

an

additional

one-year

period,

while

management's

efforts

continue

to

be

closely

monitored.

*Franklin* 

*Low* 

*Duration* 

*U.S.* 

*Government* 

*Securities* 

*Fund* 

-

The

Performance

Universe

for

the

Fund

included

the

Fund

and

all

retail

and

institutional

short

US

government

funds.

The

Board

noted

that

the

Fund's

annualized

income

return

for

the

one-,

three-,

five-

and

10-year

periods

was

above

the

median

of

its

Performance

Universe.

The

Board

also

noted

that

the

Fund's

annualized

total

return

for

the

one-,

three-

and

five-year

periods

was

above

the

median

of

its

Performance

Universe,

but

for

the

10-year

period

was

below

the

median

of

its

Performance

Universe.

The

Board

also

noted

management's

view

regarding

the

income-related

attributes

of

the

Fund

(e.g.,

a

fund's

investment

objective)

as

set

forth

in

the

Fund's

registration

statement

and

that

the

evaluation

of

the

Fund's

performance

relative

to

its

peers

on

an

income

return

basis

was

appropriate

given

these

attributes.

The

Board

concluded

that

the

Fund's

performance

was

satisfactory.

Franklin

Investors

Securities

Trust

franklintempleton.com

Annual

Report

*Franklin* 

*Managed* 

*Income* 

*Fund*

-

The

Performance

Universe

for

the

Fund

included

the

Fund

and

all

retail

and

institutional

mixed-asset

target

allocation

moderate

funds.

The

Board

noted

that

the

Fund's

annualized

income

return

for

the

one-,

three-,

five-

and

10-year

periods

was

above

the

median

and

in

the

first

(best)

quintile

of

its

Performance

Universe.

The

Board

also

noted

that

the

Fund's

annualized

total

return

for

the

10-year

period

was

above

the

median

of

its

Performance

Universe,

but

for

the

one-,

three-

and

five-year

periods

was

below

the

median

of

its

Performance

Universe.

The

Board

further

noted

management's

view

regarding

the

income-related

attributes

of

the

Fund

(e.g.,

a

fund's

investment

objective)

as

set

forth

in

the

Fund's

registration

statement

and

that

the

evaluation

of

the

Fund's

performance

relative

to

its

peers

on

an

income

return

basis

was

appropriate

given

these

attributes.

The

Board

noted

that

the

Fund's

annualized

income

and

total

return

was

positive

for

all

reporting

periods.

The

Board

concluded

that

the

Fund's

performance

was

satisfactory.

*Franklin* 

*Total* 

*Return* 

*Fund*

-

The

Performance

Universe

for

the

Fund

included

the

Fund

and

all

retail

and

institutional

core

plus

bond

funds.

The

Board

noted

that

the

Fund's

annualized

total

return

for

the

one-,

three-,

five-

and

10-year

periods

was

below

the

median

of

its

Performance

Universe.

The

Board

discussed

the

Fund's

performance

with

management

and

management

explained

that,

relative

to

its

Performance

Universe,

emerging

markets

securities

selection

contributed

to

the

Fund's

three-

and

five-year

underperformance

and

the

Fund's

underweight

US

dollar

duration

in

an

environment

of

generally

rising

interest

rates

contributed

to

the

Fund's

five-year

performance,

but

was

more

than

offset

by

US

Treasury

underperformance

resulting

from

large

rate

moves

over

the

period.

Management

further

explained

that,

securities

selection,

especially

in

corporate

credit

and

agency

mortgage-backed

securities,

contributed

to

the

Fund's

underperformance

relative

to

its

Performance

Universe

during

the

reporting

periods.

Management

discussed

with

the

Board

the

actions

that

are

being

taken/

have

been

taken

in

an

effort

to

improve

the

overall

performance

of

the

Fund,

including,

among

others,

changes

to

the

Fund's

exposure

to

certain

holdings

and

enhancements

to

the

portfolio

construction

process.

The

Board

further

noted

that

the

Fund

outperformed

its

benchmark,

the

Bloomberg

US

Aggregate

Index,

for

the

one-year

period

on

an

annualized

total

return

basis.

The

Board

also

noted

that,

although

below

the

median,

the

Fund's

annualized

total

return

for

the

one-

and

10-year

periods

was

positive.

The

Board

requested

from

management

and

reviewed

and

considered

supplemental

annualized

income

return

performance

for

the

Fund

for

the

one-,

three-,

five-

and

10-year

periods

ending

December

31,

2024,

noting

that

the

Fund

ranked

in

the

th

and

st

percentile

for

the

five-

and

10-year

periods,

respectively,

and

that

the

annualized

income

return

was

positive

for

each

period.

The

Board

concluded

that

the

Fund's

Management

Agreement

should

be

continued

for

an

additional

one-year

period,

while

management's

efforts

continue

to

be

closely

monitored.

#### Comparative

#### Fees

#### and

#### Expenses
The

Board

reviewed

and

considered

information

regarding

each

Fund's

actual

total

expense

ratio

and

its

various

components,

including,

as

applicable,

management

fees;

transfer

agent

expenses;

underlying

fund

expenses;

Rule

12b-1

and

non-Rule

12b-1

service

fees;

and

other

non-management

fees.

The

Board

also

noted

the

quarterly

and

annual

reports

it

receives

on

all

marketing

support

payments

made

by

FT

to

financial

intermediaries.

The

Board

considered

the

actual

total

expense

ratio

and,

separately,

the

contractual

management

fee

rate,

without

the

effect

of

fee

waivers,

if

any

(Management

Rate)

of

each

Fund

in

comparison

to

the

median

expense

ratio

and

median

Management

Rate,

respectively,

of

other

mutual

funds

deemed

comparable

to

and

with

a

similar

expense

structure

to

the

Fund

selected

by

Broadridge

(Expense

Group).

Broadridge

fee

and

expense

data

is

based

upon

information

taken

from

each

fund's

most

recent

annual

or

semi-annual

report,

which

reflects

historical

asset

levels

that

may

be

quite

different

from

those

currently

existing,

particularly

in

a

period

of

market

volatility.

While

recognizing

such

inherent

limitation

and

the

fact

that

expense

ratios

and

Management

Rates

generally

increase

as

assets

decline

and

decrease

as

assets

grow,

the

Board

believed

the

independent

analysis

conducted

by

Broadridge

to

be

an

appropriate

measure

of

comparative

fees

and

expenses.

The

Broadridge

Management

Rate

includes

administrative

charges,

and

the

actual

total

expense

ratio,

for

comparative

consistency,

was

shown

(i) for

Class

A

shares

for

each

Fund

and

for

the

other

funds

in

each

Fund's

Expense

Group,

except

the

Franklin

Low

Duration

U.S.

Government

Securities

Fund

and

the

Franklin

Long

Duration

Credit

Fund;

(ii) for

Class

R6

shares

for

the

Franklin

Long

Duration

Credit

Fund

and

for

Class

I,

Class

IS,

Class

I+,

Class

W

and

Institutional

Class

shares

for

other

funds

in

the

Fund's

Expense

Group

with

multiple

classes

of

shares;

and

(iii) for

Class

A

shares

for

the

Franklin

Low

Duration

U.S.

Government

Securities

Fund

and

for

Class

A

shares

and

Investor

Class

shares

for

other

funds

in

the

Fund's

Expense

Group

with

multiple

classes

of

shares.

The

Board

received

a

description

of

the

methodology

used

by

Broadridge

to

select

the

mutual

funds

included

in

an

Expense

Group.

Franklin

Investors

Securities

Trust

franklintempleton.com

Annual

Report

*Franklin* 

*Convertible* 

*Securities* 

*Fund,* 

*Franklin* 

*Equity* 

*Income* 

*Fund,* 

*Franklin* 

*Floating* 

*Rate* 

*Daily* 

*Access* 

*Fund* 

*and* 

*Franklin* 

*Long* 

*Duration* 

*Credit* 

*Fund* 

-

The

Expense

Group

for

the

Franklin

Convertible

Securities

Fund

included

the

Fund

and

eight

other

convertible

securities

funds.

The

Expense

Group

for

the

Franklin

Equity

Income

Fund

included

the

Fund

and

other

equity

income

funds.

The

Expense

Group

for

the

Franklin

Floating

Rate

Daily

Access

Fund

included

the

Fund

and

other

loan

participation

funds.

The

Expense

Group

for

the

Franklin

Long

Duration

Credit

Fund

included

the

Fund

and

other

BBB-rated

corporate

debt

funds.

The

Board

noted

that

the

Management

Rates

and

actual

total

expense

ratios

for

the

Funds

were

below

the

medians

and

in

the

first

(least

expensive)

quintile

of

their

respective

Expense

Groups.

The

Board

also

noted

that

the

Franklin

Long

Duration

Credit

Fund's

actual

total

expense

ratio

reflected

an

expense

cap

on

operating

expenses.

The

Board

concluded

that

the

Management

Rates

charged

to

the

Funds

are

reasonable.

*Franklin* 

*Low* 

*Duration* 

*Total* 

*Return* 

*Fund*

-

The

Expense

Group

for

the

Fund

included

the

Fund

and

other

short

investment-grade

debt

funds.

The

Board

noted

that

the

Management

Rate

and

actual

total

expense

ratio

were

above

the

medians

of

its

Expense

Group.

The

Board

discussed

the

above

median

Management

Rate

and

actual

total

expense

ratio

with

management

and

management

explained

that

the

Fund's

actual

management

fee,

after

fee

waivers,

was

below

median

and

that

the

above

median

actual

total

expense

ratio

was

primarily

due

to

the

Fund's

Other

Non-Management

Expenses

of

9.4 basis

points

(versus

the

Expense

Group

median

of

4.0 basis

points),

which

were

comprised

of

5.0 basis

points

of

Service

&

Recovery

fees

attributable

to

the

Fund's

investment

in

marketplace

loans.

The

Board

also

noted

that

the

Fund's

actual

total

expense

ratio

reflected

an

expense

cap

on

operating

expenses.

The

Board

concluded

that

the

Management

Rate

charged

to

the

Fund

is

reasonable.

*Franklin* 

*Low* 

*Duration* 

*U.S.* 

*Government* 

*Securities* 

*Fund*

-

The

Expense

Group

for

the

Fund

included

the

Fund

and

seven

other

short

US

government

funds.

The

Board

noted

that

the

Management

Rate

and

actual

total

expense

ratio

for

the

Fund

were

above

the

medians

of

its

Expense

Group.

The

Board

discussed

the

above

median

Management

Rate

and

actual

total

expense

ratio

with

management

and

management

noted

that

the

Fund's

Management

Rate

was

1.7 basis

points

above

median.

Management

also

explained

that

the

total

expenses

for

the

Fund

were

4.5 basis

points

above

median,

which

were

largely

attributable

to

the

Fund's

transfer

agent

expense

of

13.5 basis

points

(vs.

9.9 basis

points

for

the

median

of

the

Expense

Group).

Management

further

explained

that

the

higher

shareholder

transaction

costs,

in

particular

the

transfer

agent

costs,

were

attributable

to

the

Fund's

large

number

of

accounts.

The

Board

also

noted

that

the

Fund's

actual

total

expense

ratio

reflected

an

expense

cap

on

operating

expenses.

The

Board

concluded

that

the

Management

Rate

charged

to

the

Fund

is

reasonable.

*Franklin* 

*Managed* 

*Income* 

*Fund* 

-

The

Expense

Group

for

the

Fund

included

the

Fund

and

nine

other

mixed-asset

target

allocation

moderate

funds.

The

Board

noted

that

the

Management

Rate

for

the

Fund

was

two

basis

points

above

the

median

of

its

Expense

Group.

The

Board

also

noted

that

the

actual

total

expense

ratio

for

the

Fund

was

below

the

median

of

its

Expense

Group.

The

Board

further

noted

that

the

actual

total

expense

ratio

for

the

Fund

reflected

an

expense

cap

on

operating

expenses.

The

Board

concluded

that

the

Management

Rate

charged

to

the

Fund

is

reasonable.

*Franklin* 

*Total* 

*Return* 

*Fund* 

-

The

Expense

Group

for

the

Fund

included

the

Fund

and

other

core

plus

bond

funds.

The

Board

noted

that

the

Management

Rate

and

actual

total

expense

ratio

for

the

Fund

were

above

the

medians

of

its

Expense

Group.

The

Board

discussed

the

above

median

Management

Rate

and

actual

total

expense

ratio

with

management

and

management

explained

that

while

the

Fund's

Management

Rate

was

5.0 basis

points

above

median,

its

actual

management

fee

after

fee

waivers

was

0.1 basis

points

above

median.

Management

also

explained

that

total

expenses

for

the

Fund

were

6.0 basis

points

above

median,

largely

driven

by

Other

Non-Management

Expenses

of

6.4 basis

points

(vs.

3.3 basis

points

for

the

median

of

the

Expense

Group),

which

were

largely

attributable

to

the

Fund's

investment

in

marketplace

loans

(Service

&

Recovery

fees),

which

accounted

for

3.5 of

the

6.4 basis

points

of

Other

Non-Management

Expenses.

The

Board

also

noted

that

the

Fund's

actual

total

expense

ratio

reflected

an

expense

cap

on

operating

expenses.

The

Board

further

noted

management's

representation

that

it

would

decrease

the

Fund's

expense

cap

on

operating

expenses

by

basis

points,

from

to

basis

points,

effective

April

7,

2025. The

Board

concluded

that

the

Management

Rate

charged

to

the

Fund

is

reasonable.

Franklin

Investors

Securities

Trust

franklintempleton.com

Annual

Report

#### Profitability
The

Board

reviewed

and

considered

information

regarding

the

profits

realized

by

each

Manager

and

its

affiliates

in

connection

with

the

operation

of

each

Fund.

In

this

respect,

the

Board

considered

the

Fund

profitability

analysis

that

addresses

the

overall

profitability

of

FT's

US

fund

business,

as

well

as

its

profits

in

providing

investment

management

and

other

services

to

each

of

the

individual

funds

during

the

12-month

period

ended

September

30,

2024,

being

the

most

recent

fiscal

year-end

for

FRI.

The

Board

noted

that

although

management

continually

makes

refinements

to

its

methodologies

used

in

calculating

profitability

in

response

to

organizational

and

product-related

changes,

the

overall

methodology

has

remained

consistent

with

that

used

in

the

Funds'

profitability

report

presentations

from

prior

years.

The

Board

also

noted

that

an

independent

registered

public

accounting

firm

has

been

engaged

to

periodically

review

and

assess

the

allocation

methodologies

to

be

used

solely

by

the

Funds'

Board

with

respect

to

the

profitability

analysis.

The

Board

noted

management's

belief

that

costs

incurred

in

establishing

the

infrastructure

necessary

for

the

type

of

mutual

fund

operations

conducted

by

each

Manager

and

its

affiliates

may

not

be

fully

reflected

in

the

expenses

allocated

to

each

Fund

in

determining

its

profitability,

as

well

as

the

fact

that

the

level

of

profits,

to

a

certain

extent,

reflected

operational

cost

savings

and

efficiencies

initiated

by

management.

As

part

of

this

evaluation,

the

Board

considered

management's

outsourcing

of

certain

operations,

which

effort

has

required

considerable

up-front

expenditures

by

each

Manager,

but

over

the

long

run

is

expected

to

result

in

greater

efficiencies.

The

Board

also

noted

management's

expenditures

in

improving

shareholder

services

provided

to

the

Funds,

as

well

as

the

need

to

implement

systems

and

meet

additional

regulatory

and

compliance

requirements

resulting

from

recent

US

Securities

and

Exchange

Commission

and

other

regulatory

requirements.

The

Board

also

considered

the

extent

to

which

each

Manager

and

its

affiliates

might

derive

ancillary

benefits

from

fund

operations,

including

revenues

generated

from

transfer

agent

services,

potential

benefits

resulting

from

personnel

and

systems

enhancements

necessitated

by

fund

growth,

as

well

as

increased

leverage

with

service

providers

and

counterparties.

Based

upon

its

consideration

of

all

these

factors,

the

Board

concluded

that

the

level

of

profits

realized

by

each

Manager

and

its

affiliates

from

providing

services

to

each

Fund

was

not

excessive

in

view

of

the

nature,

extent

and

quality

of

services

provided

to

each

Fund.

#### Economies

#### of

#### Scale
The

Board

reviewed

and

considered

the

extent

to

which

each

Manager

may

realize

economies

of

scale,

if

any,

as

each

Fund

grows

larger

and

whether

each

Fund's

management

fee

structure

reflects

any

economies

of

scale

for

the

benefit

of

shareholders.

With

respect

to

possible

economies

of

scale,

the

Board

noted

the

existence

of

management

fee

breakpoints,

which

operate

generally

to

share

any

economies

of

scale

with

a

Fund's

shareholders

by

reducing

the

Fund's

effective

management

fees

as

the

Fund

grows

in

size,

for

each

Fund

except

the

Franklin

Long

Duration

Credit

Fund.

The

Board

considered

the

Managers'

views

that

any

analyses

of

potential

economies

of

scale

in

managing

a

particular

fund

are

inherently

limited

in

light

of

the

joint

and

common

costs

and

investments

each

Manager

incurs

across

the

FT

family

of

funds

as

a

whole.

The

Board

noted

that

the

Franklin

Convertible

Securities

Fund,

the

Franklin

Managed

Income

Fund

and

the

Franklin

Total

Return

Fund

had

experienced

a

significant

decrease

in

assets

and

would

not

be

expected

to

demonstrate

additional

economies

of

scale

in

the

near

term.

The

Board

also

noted

that

the

Franklin

Long

Duration

Credit

Fund

does

not

currently

have

an

asset

size

that

would

likely

enable

the

Fund

to

achieve

economies

of

scale.

The

Board

concluded

that

to

the

extent

economies

of

scale

may

be

realized

by

a

Manager

and

its

affiliates,

each

Fund's

management

fee

structure

provided

a

sharing

of

benefits

with

the

Fund

and

its

shareholders

as

the

Fund

grows.

#### Conclusion
Based

on

its

review,

consideration

and

evaluation

of

all

factors

it

believed

relevant,

including

the

above-described

factors

and

conclusions,

the

Board

unanimously

approved

the

continuance

of

each

Management

Agreement

for

an

additional

one-year

period.

FIST-AFSOI

12/25©

2025

Franklin

Templeton.

All

rights

reserved.

ITEM 8. CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES.

The information is disclosed as part of the Financial Statements included in Item 7 of this Form N-CSR.

ITEM 9. PROXY DISCLOSURES FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES.

The information is disclosed as part of the Financial Statements included in Item 7 of this Form N-CSR.

ITEM 10. REMUNERATION PAID TO DIRECTORS, OFFICERS, AND OTHERS OF OPEN-END MANAGEMENT INVESTMENT COMPANIES.

The information is disclosed as part of the Financial Statements included in Item 7 of this Form N-CSR.

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 EQUITY 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 Registrant's chief executive officer and chief financial officer have concluded that the Registrant's disclosure controls
 and procedures (as defined in Rule 30a- 3(c) under the Investment Company Act of 1940, as amended (the "1940 Act")) are effective
 as of a date within 90 days of the filing date of this report that includes the disclosure required by this paragraph, based on their
 evaluation of the disclosure controls and procedures required by Rule 30a-3(b) under the 1940 Act and 15d-15(b) under the Securities Exchange
 Act of 1934.

&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.

Not applicable.

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) Code of Ethics attached hereto.](fist-efp20816_ex99code.htm)

Exhibit 99.CODE ETH

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[(a) (3) Certifications pursuant to section 302 of the Sarbanes-Oxley Act of 2002 attached hereto.](fist-efp20816_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-efp20816_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** | **Franklin Investors Securities Trust** |
| By: | /s/ Christopher Kings |
|  | Christopher Kings |
|  | Chief Executive Officer – Finance and Administration |
| Date: | December 29, 2025 |

---

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: | December 29, 2025 |
| By: | /s/ Jeffrey White |
|  | Jeffrey White |
|  | Chief Financial Officer, Chief Accounting Officer and Treasurer |
| Date: | December 29, 2025 |

---

## Ex-99.Code

**Code of Ethics for Principal Executives & Senior Financial Officers**

---

| | |
|:---|:---|
| **Procedures** | &nbsp;&nbsp;&nbsp;Revised [September 27, 2024] |

---

**FRANKLIN TEMPLETON AFFILIATED FUNDS**

**CODE OF ETHICS FOR PRINCIPAL EXECUTIVES AND**

**SENIOR FINANCIAL OFFICERS**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;I. Covered Officers
 and Purpose of the Code

This code of ethics (the "Code") applies to the Principal Executive Officers, Principal Financial Officer and Principal Accounting Officer (the "Covered Officers") of each investment company advised by a Franklin Resources subsidiary and that is registered with the United States Securities & Exchange Commission ("SEC") (collectively, "FT Funds") for the purpose of promoting:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Honest
 and ethical conduct, including the ethical resolution of actual or apparent conflicts of
 interest between personal and professional relationships;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Full,
 fair, accurate, timely and understandable disclosure in reports and documents that a registrant
 files with, or submits to, the SEC and in other public communications made by or on behalf
 of the FT Funds;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Compliance
 with applicable laws and governmental rules and regulations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The
 prompt internal reporting of violations of the Code to an appropriate person or persons identified
 in the Code; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Accountability
 for adherence to the Code.

Each Covered Officer will be expected to adhere to a high standard of business ethics and must be sensitive to situations that may give rise to actual as well as apparent conflicts of interest.

*\** Rule 38a-1 under the Investment Company Act of 1940 ("1940 Act") and Rule 206(4)-7 under the Investment Advisers Act of 1940 ("Advisers Act") (together the "Compliance Rule") require registered investment companies and registered investment advisers to, among other things, adopt and implement written policies and procedures reasonably designed to prevent violations of the federal securities laws ("Compliance Rule Policies and Procedures").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;II. Other Policies
 and Procedures

This Code shall be the sole code of ethics adopted by the Funds for purposes of Section 406 of the Sarbanes-Oxley Act and the rules and forms applicable to registered investment companies thereunder.

Franklin Resources, Inc. has separately adopted the <u>Code of Ethics and Business Conduct</u> ("Business Conduct"), which is applicable to all officers, directors and employees of Franklin Resources, Inc., including Covered Officers. It summarizes the values, principles and business practices that guide the employee's business conduct and also provides a set of basic principles to guide officers, directors and employees regarding the minimum ethical requirements expected of them. It supplements the values, principles and business conduct identified in the Code and other existing employee policies.

Additionally, the Franklin Templeton Funds have separately adopted the <u>FTI Personal Investments and Insider Trading Policy</u> governing personal securities trading and other related matters. The Code for Insider Trading provides for separate requirements that apply to the Covered Officers and others, and therefore is not part of this Code.

Insofar as other policies or procedures of Franklin Resources, Inc., the Funds, the Funds' adviser, principal underwriter, or other service providers govern or purport to govern the behavior or activities of the Covered Officers who are subject to this Code, they are superseded by this Code to the extent that they overlap or conflict with the provisions of this Code. Please review these other documents or consult with the Legal Department if have questions regarding the applicability of these policies to you.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;III. Covered
 Officers Should Handle Ethically Actual and Apparent Conflicts of Interest

**Overview.** A "conflict of interest" occurs when a Covered Officer's private interest interferes with the interests of, or his or her service to, the FT Funds. For example, a conflict of interest would arise if a Covered Officer, or a member of his family, receives improper personal benefits as a result of a position with the FT Funds.

Certain conflicts of interest arise out of the relationships between Covered Officers and the FT Funds and already are subject to conflict of interest provisions in the Investment Company Act of 1940 ("Investment Company Act") and the Investment Advisers Act of 1940 ("Investment Advisers Act"). For example, Covered Officers may not individually engage in certain transactions (such as the purchase or sale of securities or other property) with the FT Funds because of their status as "affiliated persons" of the FT Funds. The FT Funds' and the investment advisers' compliance programs and procedures are designed to prevent, or identify and correct, violations of these provisions. This Code does not, and is not intended to, repeat or replace these programs and procedures, and such conflicts fall outside of the parameters of this Code.

Although typically not presenting an opportunity for improper personal benefit, conflicts arise from, or as a result of, the contractual relationship between the FT Funds, the investment advisers and the fund administrator of which the Covered Officers are also officers or employees. As a result, this Code recognizes that the Covered Officers will, in the normal course of their duties (whether formally for the FT Funds, for the adviser, the administrator, or for all three), be involved in establishing policies and implementing decisions that will have different effects on the

adviser, administrator and the FT Funds. The participation of the Covered Officers in such activities is inherent in the contractual relationship between the FT Funds, the adviser, and the administrator and is consistent with the performance by the Covered Officers of their duties as officers of the FT Funds. Thus, if performed in conformity with the provisions of the Investment Company Act and the Investment Advisers Act, such activities will be deemed to have been handled ethically. In addition, it is recognized by the FT Funds' Boards of Directors ("Boards") that the Covered Officers may also be officers or employees of one or more other investment companies covered by this or other codes.

Other conflicts of interest are covered by the Code, even if such conflicts of interest are not subject to provisions in the Investment Company Act and the Investment Advisers Act. The following list provides examples of conflicts of interest under the Code, but Covered Officers should keep in mind that these examples are not exhaustive. The overarching principle is that the personal interest of a Covered Officer should not be placed improperly before the interest of the FT Funds.

Each Covered Officer must:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Not
 use his or her personal influence or personal relationships improperly to influence investment
 decisions or financial reporting by the FT Funds whereby the Covered Officer would benefit
 personally to the detriment of the FT Funds;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Not
 cause the FT Funds to take action, or fail to take action, for the individual personal benefit
 of the Covered Officer rather than the benefit of the FT Funds;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Not
 retaliate against any other Covered Officer or any employee of the FT Funds or their affiliated
 persons for reports of potential violations that are made in good faith;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Report
 at least annually the following affiliations or other relationships:<sup>1</sup>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• all
 directorships for public companies and all companies that are required to file reports with
 the SEC;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• any
 direct or indirect business relationship with any independent directors of the FT Funds;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• any
 direct or indirect business relationship with any independent public accounting firm (which
 are not related to the routine issues related to the firm's service as the Covered
 Persons accountant); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• any
 direct or indirect interest in any transaction with any FT Fund that will benefit the officer
 (not including benefits derived from the advisory, sub-advisory, distribution or service
 agreements with affiliates of Franklin Resources).

These reports will be reviewed by the Legal Department for compliance with the Code.

There are some conflict of interest situations that should always be approved in writing by Franklin Resources General Counsel or Deputy General Counsel, if material. Examples of these include<sup>2</sup>:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Service
 as a director on the board of any public or private Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The
 receipt of any gifts in excess of $100 from any person, from any corporation or association.

<sup>1</sup> Reporting of these affiliations or other relationships shall be made by completing the annual Directors and Officers Questionnaire and returning the questionnaire to Franklin Resources Inc, General Counsel or Deputy General Counsel.

<sup>2</sup> Any activity or relationship that would present a conflict for a Covered Officer may also present a conflict for the Covered Officer if a member of the Covered Officer's immediate family engages in such an activity or has such a relationship. The Covered Person should also obtain written approval by FT's General Counsel in such situations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The
 receipt of any entertainment from any Company with which the FT Funds has current or prospective
 business dealings unless such entertainment is business related, reasonable in cost, appropriate
 as to time and place, and not so frequent as to raise any question of impropriety. Notwithstanding
 the foregoing, the Covered Officers must obtain prior approval from the Franklin Resources
 General Counsel for any entertainment with a value in excess of $1000.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Any
 ownership interest in, or any consulting or employment relationship with, any of the FT Fund's
 service providers, other than an investment adviser, principal underwriter, administrator
 or any affiliated person thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• A
 direct or indirect financial interest in commissions, transaction charges or spreads paid
 by the FT Funds for effecting portfolio transactions or for selling or redeeming shares other
 than an interest arising from the Covered Officer's employment, such as compensation
 or equity ownership.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Franklin
 Resources General Counsel or Deputy General Counsel, or the Chief Compliance Officer, will
 provide a report to the FT Funds Audit Committee of any approvals granted at the next regularly
 scheduled meeting.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;IV. Disclosure
 and Compliance

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Each
 Covered Officer should familiarize himself with the disclosure requirements generally applicable
 to the FT Funds;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Each
 Covered Officer should not knowingly misrepresent, or cause others to misrepresent, facts
 about the FT Funds to others, whether within or outside the FT Funds, including to the FT
 Funds' directors and auditors, and to governmental regulators and self- regulatory
 organizations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Each
 Covered Officer should, to the extent appropriate within his or her area of responsibility,
 consult with other officers and employees of the FT Funds, the FT Fund's adviser and
 the administrator with the goal of promoting full, fair, accurate, timely and understandable
 disclosure in the reports and documents the FT Funds file with, or submit to, the SEC and
 in other public communications made by the FT Funds; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• It
 is the responsibility of each Covered Officer to promote compliance with the standards and
 restrictions imposed by applicable laws, rules and regulations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;V. Reporting
 and Accountability

Each Covered Officer must:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Upon
 becoming a covered officer affirm in writing to the Board that he or she has received, read,
 and understands the Code (see Exhibit A);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Annually
 thereafter affirm to the Board that he has complied with the requirements of the Code; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Notify
 Franklin Resources' General Counsel or Deputy General Counsel promptly if he or she
 knows of any violation of this Code. Failure to do so is itself is a violation of this Code.

Franklin Resources' General Counsel and Deputy General Counsel are responsible for applying this Code to specific situations in which questions are presented under it and have the authority to interpret this Code in any particular situation.<sup>3</sup> However, the Independent Directors of the respective FT Funds will consider any approvals or waivers<sup>4</sup> sought by any Chief Executive Officers of the Funds.

The FT Funds will follow these procedures in investigating and enforcing this Code:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Franklin
 Resources General Counsel or Deputy General Counsel will take all appropriate action to investigate
 any potential violations reported to the Legal Department;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• If,
 after such investigation, the General Counsel or Deputy General Counsel believes that no
 violation has occurred, The General Counsel is not required to take any further action;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Any
 matter that the General Counsel or Deputy General Counsel believes is a violation will be
 reported to the Independent Directors of the appropriate FT Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• If
 the Independent Directors concur that a violation has occurred, it will inform and make a
 recommendation to the Board of the appropriate FT Fund or Funds, which will consider appropriate
 action, which may include review of, and appropriate modifications to, applicable policies
 and procedures; notification to appropriate personnel of the investment adviser or its board;
 or a recommendation to dismiss the Covered Officer;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The
 Independent Directors will be responsible for granting waivers, as appropriate; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Any
 changes to or waivers of this Code will, to the extent required, are disclosed as provided
 by SEC rules.<sup>5</sup>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;VI. Other
 Policies and Procedures

This Code shall be the sole code of ethics adopted by the FT Funds for purposes of Section 406 of the Sarbanes-Oxley Act and the rules and forms applicable to registered investment companies thereunder. Insofar as other policies or procedures of the FT Funds, the FT Funds' advisers, principal underwriter, or other service providers govern or purport to govern the behavior or activities of the Covered Officers who are subject to this Code, they are superseded by this Code to the extent that they overlap or conflict with the provisions of this Code. The FTI Personal Investments and Insider Trading Policy, adopted by the FT Funds, FT investment advisers and FT Fund's principal underwriter pursuant to Rule 17j-1 under the Investment Company Act, the Code of Ethics and Business Conduct and more detailed policies and procedures set forth in FT's Employee Handbook are separate requirements applying to the Covered Officers and others, and are not part of this Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;VII. Amendments

Any amendments to this Code must be approved or ratified by a majority vote of the FT Funds' Board including a majority of independent directors.

<sup>3</sup> Franklin Resources General Counsel and Deputy General Counsel are authorized to consult, as appropriate, with members of the Audit Committee, counsel to the FT Funds and counsel to the Independent Directors, and are encouraged to do so.

<sup>4</sup> Item 2 of Form N-CSR defines "waiver" as "the approval by the registrant of a material departure from a provision of the code of ethics" and "implicit waiver," which must also be disclosed, as "the registrant's failure to take action within a reasonable period of time regarding a material departure from a provision of the code of ethics that has been made known to an executive officer" of the registrant. See Part X.

<sup>5</sup> See Part X.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;VIII. Confidentiality

All reports and records prepared or maintained pursuant to this Code will be considered confidential and shall be maintained and protected accordingly. Except as otherwise required by law or this Code, such matters shall not be disclosed to anyone other than the FT Funds' Board and their counsel.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;IX. Internal
 Use

The Code is intended solely for the internal use by the FT Funds and does not constitute an admission, by or on behalf of any FT Funds, as to any fact, circumstance, or legal conclusion.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;X. Disclosure
 on Form N-CSR

Item 2 of Form N-CSR requires a registered management investment company to disclose annually whether, as of the end of the period covered by the report, it has adopted a code of ethics that applies to the registrant's principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions, regardless of whether these officers are employed by the registrant or a third party. If the registrant has not adopted such a code of ethics, it must explain why it has not done so.

The registrant must also: (1) file with the SEC a copy of the code as an exhibit to its annual report; (2) post the text of the code on its Internet website and disclose, in its most recent report on Form N-CSR, its Internet address and the fact that it has posted the code on its Internet website; or (3) undertake in its most recent report on Form N-CSR to provide to any person without charge, upon request, a copy of the code and explain the manner in which such request may be made. Disclosure is also required of amendments to, or waivers (including implicit waivers) from, a provision of the code in the registrant's annual report on Form N-CSR or on its website. If the registrant intends to satisfy the requirement to disclose amendments and waivers by posting such information on its website, it will be required to disclose its Internet address and this intention.

The Legal Department shall be responsible for ensuring that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• a
 copy of the Code is filed with the SEC as an exhibit to each Fund's annual report;
 and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• any
 amendments to, or waivers (including implicit waivers) from, a provision of the Code is disclosed
 in the registrant's annual report on Form N-CSR.

In the event that the foregoing disclosure is omitted or is determined to be incorrect, the Legal Department shall promptly file such information with the SEC as an amendment to Form N- CSR.

In such an event, the Fund Chief Compliance Officer shall review the Code and propose such changes to the Code as are necessary or appropriate to prevent reoccurrences.

**Exhibit A**

**ACKNOWLEDGMENT FORM**

**Franklin Templeton Funds Code of Ethics**

**For Principal Executives and Senior Financial Officers**

**Instructions:**

&nbsp;&nbsp;&nbsp;&nbsp;1. Complete
 all sections of this form.

&nbsp;&nbsp;&nbsp;&nbsp;2. Print
 the completed form, sign, and date.

&nbsp;&nbsp;&nbsp;&nbsp;3. Submit
 completed form to FT's General Counsel c/o Code of Ethics Administration within 10
 days of becoming a Covered Officer and by February 15<sup>th</sup> of each subsequent year.

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| | |
|:---|:---|
| **E-mail:** | Code of Ethics Inquiries & Requests (internal address);<br> lpreclear@franklintempleton.com (external address) |

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---

| |
|:---|
| **Covered Officer's Name:** |
| **Title:** |
| **Department:** |
| **Location:** |
| **Certification for Year Ending:** |

---

***To: Franklin Resources General Counsel, Legal Department***

I acknowledge receiving, reading and understanding the Franklin Templeton Fund's Code of Ethics for Principal Executive Officers and Senior Financial Officers (the "Code"). I will comply fully with all provisions of the Code to the extent they apply to me during the period of my employment. I further understand and acknowledge that any violation of the Code may subject me to disciplinary action, including termination of employment.

---

| | |
|:---|:---|
| ***Signature*** | ***Date signed*** |

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## 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: | December 29, 2025 |
| /s/ Christopher Kings | /s/ Christopher Kings |
| Christopher Kings | Christopher Kings |
| Chief Executive Officer – Finance and Administration | 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: | December 29, 2025 |
| /s/ Jeffrey White | /s/ Jeffrey White |
| Jeffrey White | Jeffrey White |
| Chief Financial Officer, Chief Accounting Officer and Treasurer | 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 **October 31, 2025** (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: December 29, 2025 | Date: December 29, 2025 |

---

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.