Information Statement (Form DEF 14C)

SCHEDULE 14C INFORMATION

INFORMATION STATEMENT PURSUANT TO SECTION 14(C) OF THE

SECURITIES EXCHANGE ACT OF 1934

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[ ] Preliminary Information Statement

[ ] Confidential, for Use of the Commission Only (as permitted by Rule 14c-5(d)(2))

[X] Definitive Information Statement

FRANKLIN INVESTORS SECURITIES TRUST
(NAME OF REGISTRANT AS SPECIFIED IN ITS CHARTER)

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[ ] Fee computed on table below per Exchange Act Rules 14c-5(g) and 0-11.

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2) Aggregate number of securities to which transaction applies:

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3) Per unit price or other underlying value of transaction computed pursuant to Exchange Act Rule 0-11 (Set forth the amount on which the filing fee is calculated and state how it was determined):

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[ ] Fee paid previously with preliminary materials.

[ ] Check box if any part of the fee is offset as provided by Exchange Act Rule 0-11(a)(2) and identify the filing for which the offsetting fee was paid previously. Identify the previous filing by registration statement number, or the Form or Schedule and the date of its filing.

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franklin LONG DURATION CREDIT fund

A SERIES OF franklin INVESTORS SECURITIES TRUST

One Franklin Parkway

San Mateo, CA 94403-1906

IMPORTANT NOTICE OF INTERNET AVAILABILITY
OF INFORMATION STATEMENT

This notice provides only an overview of the more complete Information Statement that is available to you on the Internet relating to the Franklin Long Duration Credit Fund (the "Fund"), a series of Franklin Investors Securities Trust (the "Trust"). We encourage you to access and review all of the important information contained in the Information Statement, available online at: https://franklintempletonprod.widen.net/s/7ql6jkdqhp/814_stmt_0325.

The Information Statement describes a recent change involving the investment management of the Fund. Franklin Templeton Institutional, LLC ("FT Institutional") currently serves as the investment manager to the Fund. Under an exemptive order from the U.S. Securities and Exchange Commission, FT Institutional is permitted to appoint and replace both wholly owned and unaffiliated sub-advisors, and enter into, amend and terminate sub-advisory agreements with such sub-advisors without obtaining prior shareholder approval, but subject to the approval of the Trust's Board of Trustees (the "Board"). Under the exemptive order, FT Institutional, the Fund's investment manager, has the ultimate responsibility, subject to oversight by the Board, to oversee the Fund's sub-advisor(s) and recommend their hiring, termination and replacement. On December 11, 2024, the Board, on behalf of the Fund, appointed Franklin Advisers, Inc. ("FAV") as a sub-advisor to the Fund and approved a new sub-advisory agreement between FT Institutional and FAV effective as of December 12, 2024, pursuant to which FAV supports FT Institutional in providing investment advice to the Fund. In connection with the appointment of FAV as a sub-advisor to the Fund, Andrew Benson has been added as a portfolio manager to the Fund.

A more detailed description of FAV and its investment operations, information about the new sub-advisory agreement with FAV, and the reasons the Board appointed FAV as a sub-advisor are included in the Information Statement.

This Notice of Internet Availability of Information Statement is being mailed beginning on or about March 12, 2025, to shareholders of record of the Fund as of March 7, 2025. To reduce Fund expenses, we try to identify related shareholders in a household and send only one copy of the Notice of Internet Availability of Information Statement. This process, called "householding," will continue indefinitely unless you instruct us otherwise. If you prefer not to have this document householded, please call us at (800) 632-2301. The Information Statement will be available online until at least 90 days after mailing. A paper or e-mail copy of the full Information Statement may be obtained, without charge, by contacting the Fund at (800) DIAL BEN / (800) 342-5236. If you would like to receive a paper or e-mail copy of the full Information Statement, you must request one.

WE ARE NOT ASKING YOU FOR A PROXY AND YOU ARE REQUESTED

NOT TO SEND US A PROXY.

814-SHLTR 03/25

franklin LONG DURATION CREDIT fund

A SERIES OF franklin INVESTORS SECURITIES TRUST

One Franklin Parkway

San Mateo, CA 94403-1906

INFORMATION STATEMENT

This Information Statement describes a recent change involving the investment management of the Franklin Long Duration Credit Fund (the "Fund"), a series of Franklin Investors Securities Trust (the "Trust"). At a meeting held on December 11, 2024 (the "December Board Meeting"), the Trust's Board of Trustees, on behalf of the Fund (the "Board" or the "Trustees") appointed Franklin Advisers, Inc. ("FAV") as sub-advisor to the Fund and approved a new sub-advisory agreement between Franklin Templeton Institutional, LLC (" FT Institutional" or the "Investment Manager"), the Fund's investment manager, and FAV, effective as of December 12, 2024, pursuant to which FAV supports FT Institutional in providing investment advice to the Fund. In connection with the appointment of FAV as a sub-advisor to the Fund, Andrew Benson has been added as a portfolio manager to the Fund. FT Institutional has the ultimate responsibility, subject to the oversight by the Board, to oversee the Fund's sub-advisor(s) and recommend their hiring, termination and replacement. Under an exemptive order from the U.S. Securities and Exchange Commission (the "SEC"), FT Institutional is permitted to appoint and replace both wholly owned and unaffiliated sub-advisors, and enter into, amend and terminate sub-advisory agreements without obtaining prior shareholder approval, but subject to the approval of the Board (the "Manager of Managers Order").

This Information Statement is being made available via the internet beginning on or about March 12, 2025 to all shareholders of record of the Fund as of March 7, 2025 (the "Record Date"). The Information Statement will be available online at https://franklintempletonprod.widen.net/s/7ql6jkdqhp/814_stmt_0325 until at least 90 days after its mailing to shareholders. A paper or e-mail copy of this Information Statement may be obtained, without charge, by contacting the Fund at (800) DIAL BEN/(800) 342-5236.

WE ARE NOT ASKING YOU FOR A PROXY AND YOU ARE REQUESTED

NOT TO SEND US A PROXY.

Why am I receiving this Information Statement?

This Information Statement is being furnished to you by the Board to inform shareholders of a recent change in the investment management of the Fund. The Board, upon the recommendation of FT Institutional, has approved a new sub-advisory agreement for the Fund between FT Institutional and FAV (the "FAV Sub-Advisory Agreement"). FT Institutional and FAV are both wholly owned subsidiaries of Franklin Resources, Inc. ("FRI"). This Information Statement provides details regarding FAV, the FAV Sub-Advisory Agreement and the reasons the Board appointed FAV as a new sub-advisor.

What is the Manager of Managers Structure?

Following the appointment of FAV as a sub-advisor, the Fund currently has one sub-advisor. FAV provides FT Institutional with investment management advice (which may include research and analysis). Pursuant to the Manager of Managers Order, FT Institutional has the ultimate responsibility, subject to oversight by the Board, to oversee the Fund's sub-advisor(s) and recommend their hiring, termination and replacement. FT Institutional also, subject to the review and approval of the Board, sets the Fund's overall investment strategy; evaluates, selects and recommends sub-advisor(s) to manage all or a portion of the Fund's assets; and implements procedures reasonably designed to ensure that each sub-advisor complies with the Fund's investment goal, policies and restrictions. Subject to review by the Board, FT Institutional may allocate and, when appropriate, reallocate the Fund's assets among sub-advisors, and will monitor and evaluate each sub-advisor's performance.

The Fund, however, must comply with certain conditions when relying on the Manager of Managers Order. One condition is that the Fund, by providing this Information Statement, inform shareholders of the hiring of any new wholly owned or unaffiliated sub-advisor within ninety (90) days after the hiring.

APPOINTMENT OF FAV AS A SUB-ADVISOR TO THE FUND

Why was FAV appointed as a New Sub-Advisor?

FT Institutional recommended, and the Board approved, the appointment of FAV as a sub-advisor to the Fund in order to allow Andrew Benson to serve as a portfolio manager for the Fund. Prior to FT Institutional's recommendation to the Board to approve the FAV Sub-Advisory Agreement, George Bailey, Josh Lohmeier and Michael Cho, were the named portfolio managers of the Fund and all three were designated as co-lead portfolio managers. After the Board's approval, Mr. Baily was no longer a named portfolio manager of the Fund and Messrs. Lohmeier, Cho and Benson were designated as co-lead portfolio managers of the Fund. Mr. Benson is an officer of FT Institutional and an employee of FAV. Mr. Benson joined Franklin Templeton Investments in 2024, prior to joining Franklin Templeton, Mr. Benson was a portfolio manager for Putnam Investment Management, LLC. Management believes that the performance of the Fund would benefit from the dedicated focus of Mr. Benson.

Has the addition of FAV increased the Fund's fees and expenses?

No. The addition of FAV as sub-advisor to the Fund has had no impact on the investment management fees charged to the Fund or the fees paid by Fund shareholders, because the fees paid by FT Institutional to FAV are deducted from the fees paid by the Fund to FT Institutional. The approval of the FAV Sub-Advisory Agreement for the Fund did not affect how the Fund is managed or the Fund's investment goal, principal investment strategies or the principal risks associated with an investment in the Fund.

Information about FAV

FAV, located at One Franklin Parkway, San Mateo, CA 94403, is organized as a California corporation and is registered as an investment adviser with the SEC. FAV is a wholly owned subsidiary of FRI. Together, FAV and its affiliates manage, as of January 31, 2025, approximately $1.5 trillion in assets, and have been in the investment management business since 1947. FRI is a publicly owned holding company with its principal offices located at One Franklin Parkway, San Mateo, California 94403-1906. The principal stockholders of FRI are Charles B. Johnson and Rupert H. Johnson, Jr., who owned approximately 19% and 20%, respectively, of its outstanding shares as of February 28, 2025. The shares deemed to be beneficially owned by Charles B. Johnson include certain shares held by two private charitable foundations for which he is a trustee, of which he disclaims beneficial ownership. The shares deemed to be beneficially owned by Rupert H. Johnson, Jr. include certain shares held by a private charitable foundation for which he is a trustee or by his spouse, of which he disclaims beneficial ownership.

The following table sets forth the name, business address and principal occupation of the principal executive officers and directors of FAV.

FAV does not manage other U.S. registered investment companies with investment objectives and strategies similar to the Fund.

material terms of the FAV Sub-Advisory Agreement

Below is a summary of the material terms of the FAV Sub-Advisory Agreement. This summary is qualified in its entirety by reference to the FAV Sub-Advisory Agreement, a form of which is attached as Exhibit A.

Services. Subject to the overall policies, direction and review of the Board and subject to the instructions and supervision of FT Institutional, FAV provides certain investment advisory services with respect to securities and investments and cash equivalents in the Fund.

Sub-Advisory Fees. FAV's provision of sub-advisory services to the Fund has had no impact on the amount of investment management fees that are paid by the Fund or Fund shareholders because the fees that are received by FAV will be paid directly by FT Institutional. Further, shareholder approval would be necessary to increase the investment management fees that are payable by the Fund, which is not contemplated. The approval of the FAV Sub-Advisory Agreement will not affect how the Fund is managed or the Fund's investment goal, principal investment strategies or the principal risks associated with an investment in the Fund.

Under the FAV Sub-Advisory Agreement, FT Institutional pays FAV a sub-advisory fee of 34% of the "net investment advisory fee" paid by the Fund to FT Institutional. The net investment advisory fee is defined in the FAV Sub-Advisory Agreement to equal (i) 96% of an amount equal to the total investment management fee payable to FT Institutional, minus any Fund fees and/or expenses waived and/or reimbursed by FT Institutional, minus (ii) any fees payable by FT Institutional to Franklin Templeton Services, LLC ("FT Services") for fund administrative services.

Payment of Expenses. During the term of the FAV Sub-Advisory Agreement, FAV pays all expenses incurred by it in connection with the services provided by it under the FAV Sub-Advisory Agreement other than the cost of securities (including brokerage commissions, if any) purchased by the Fund. The Fund and FT Institutional will be responsible for all of their respective expenses and liabilities.

Brokerage. FAV will use its best efforts to obtain for the Fund the most favorable price and execution available when placing trades for the Fund's portfolio transactions. The FAV Sub-Advisory Agreement recognizes that FAV may place orders on behalf of the Fund with a broker who charges a commission for that transaction which is in excess of the amount of commissions that another broker would have charged for effecting that transaction, in recognition of the brokerage and research services that such broker provides, in accordance with the Fund's policies and procedures, the terms of the Fund's investment management agreement, the Fund's Prospectus and Statement of Additional Information, and applicable law.

Limitation of Liability. The FAV Sub-Advisory Agreement provides that in the absence of willful misfeasance, bad faith, gross negligence, or reckless disregard of its obligations or duties under such agreement on the part of FAV, neither FAV nor any of its directors, officers, employees or affiliates will be subject to liability to FT Institutional, the Trust, or the Fund, or to any shareholder of the Fund for any error of judgment or mistake of law or any other act or omission in the course of, or connected with, rendering services thereunder or for any losses that may be sustained in the purchase, holding or sale of any security by the Fund.

Continuance. The FAV Sub-Advisory Agreement will continue in effect for two years after its effective date of December 12, 2024 unless earlier terminated. The FAV Sub-Advisory Agreement is thereafter renewable annually for successive periods of twelve (12) months by a vote of a majority of the Trust's Independent Trustees at a meeting called for the purpose of voting on such approval, and either (a) the affirmative vote of a "majority of the outstanding voting securities" of the Fund, which is defined in the Investment Company Act of 1940 ("1940 Act"), as the lesser of: (A) 67% or more of the voting securities of the Fund present at the meeting, if the holders of more than 50% of the outstanding voting securities of the Fund are present or represented by proxy; or (B) more than 50% of the outstanding voting securities of the Fund (a "1940 Act Majority Vote"), or (b) a majority of the Board as a whole.

Termination. The FAV Sub-Advisory Agreement may be terminated (i) at any time, without payment of any penalty, by the Board upon written notice to FT Institutional and FAV, or a 1940 Act Majority Vote of the Fund's shareholders, or (ii) by FT Institutional or FAV upon not less than sixty (60) days' written notice to the other party.

What fees were paid by the Fund to affiliates of FAV during the most recent fiscal year?

Information regarding the fees paid by the Fund to affiliates of FAV during the Fund's most recently completed fiscal year are provided below, under "ADDITIONAL INFORMATION ABOUT THE FUND."

What factors did the Board consider when approving the FAV Sub-Advisory Agreement?

At the December Board Meeting, the Board, including a majority of the Trustees who are not "interested persons" (as defined in the 1940 Act) of the Trust (the "Independent Trustees") reviewed and approved the FAV Sub-Advisory Agreement effective on December 12, 2024 for an initial two-year period. The Independent Trustees received advice from and met separately with Independent Trustee counsel in considering whether to approve the FAV Sub-Advisory Agreement.

The Board reviewed and considered information provided by the Investment Manager at the December Board Meeting with respect to the approval of the FAV Sub-Advisory Agreement. The Board also reviewed and considered the factors it deemed relevant in approving the FAV Sub-Advisory Agreement, including, but not limited to: (i) the nature, extent, and quality of the services to be provided by FAV; and (ii) the costs of the services to be provided by FAV. The Board further reviewed and considered information provided by management showing the expected impact of hiring FAV on the Investment Manager's profitability consistent with the Manager of Managers Order. The Board also considered that management proposed that the Board approve the FAV Sub-Advisory Agreement in order to facilitate a portfolio management team change. The Board reviewed and further considered the form of FAV Sub-Advisory Agreement and the terms of the FAV Sub-Advisory Agreement, which were discussed at the December Board Meeting, noting that the terms and conditions of the FAV Sub-Advisory Agreement were identical (except with respect to the sub-advisory fee) to the terms and conditions of sub-advisory agreements for other Franklin Templeton (FT) mutual funds.

In approving the FAV Sub-Advisory Agreement, the Board, including a majority of the Independent Trustees, determined, through the exercise of its business judgment, that the hiring of FAV is in the best interests of the Fund and its shareholders and does not involve a conflict of interest from which the Investment Manager or FAV derives an inappropriate advantage. The Board also determined, through the exercise of its business judgment, that the terms of the FAV Sub-Advisory Agreement are fair and reasonable.

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 and considered information regarding the nature, extent and quality of investment management services to be provided by FAV and currently being provided by the Investment Manager and its affiliates to the Fund and its shareholders. In doing so, the Board noted that the Fund employs a "manager of managers" structure pursuant to the Manager of Managers Order granted to the Investment Manager by the SEC, whereby the Investment Manager and the Fund may, without shareholder approval, enter into sub-advisory agreements with sub-advisers that are indirect or direct wholly owned subsidiaries of FRI. In particular, with respect to FAV, the Board took into account Management's representation that there would be no change in services to the Fund, rather reflects that the new portfolio manager proposed to serve as an additional portfolio manager for the Fund is an employee of FAV. The Board reviewed and considered information regarding the nature, quality and extent of investment sub-advisory services to be provided by FAV to the Fund and its shareholders under the FAV Sub-Advisory Agreement; FAV's experience as a manager of other funds and accounts, including those within the FT organization; the personnel, operations, financial condition, and investment management capabilities, methodologies and resources of FAV and FAV's capabilities, as demonstrated by, among other things, its policies and procedures reasonably designed to prevent violations of the federal securities laws.

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 FRI, the parent of the Investment Manager and FAV, 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 project initiatives and capital investments relating to the services provided to the Fund by the FT organization. The Board specifically noted FT's commitment to technological innovation and advancement, including its initiative to create a new enterprise-wide artificial intelligence platform.

Following consideration of such information, the Board was satisfied with the nature, extent and quality of services to be provided by FAV to the Fund and its shareholders.

Fund Performance

The Board noted that the Fund commenced operations on August 22, 2023 and that given the Fund's short operating history and proposed portfolio management team enhancement it determined that additional time will be needed to evaluate the effectiveness of management's actions.

Comparative Fees and Expenses

The Board reviewed and considered information regarding the investment sub-advisory fee to be charged by FAV. The Board noted that the addition of FAV will have no impact on the amount of management fees that are currently paid by the Fund as FAV will be paid by the Investment Manager out of the management fee that the Investment Manager receives from the Fund. The Board further noted that the proposed allocation of the fee between the Investment Manager and FAV reflected the revised apportionment of services to be provided and responsibilities between FT Institutional and FAV. The Board concluded that the proposed investment sub-advisory fee to be paid to FAV is reasonable.

Management Profitability and Economies of Scale

The Board noted management's representation that FT Institutional's profitability is not expected to materially change as a result of the addition of FAV. The Board reviewed and considered the extent to which the Investment Manager may realize economies of scale, if any, as the Fund grows larger and whether the Fund's management fee structure reflects any economies of scale for the benefit of shareholders. With respect to possible economies of scale in the future, the Board noted that it is not anticipated that the Fund will generate significant, if any, profit for FT Institutional and/or its affiliates for some time.

Conclusion

Based on its review, consideration and evaluation of all factors it believed relevant, including the above-described factors and conclusions, the Board, including a majority of the Independent Trustees, approved the FAV Sub-Advisory Agreement for the Fund effective on or about December 12, 2024 for an initial two-year period.

ADDITIONAL INFORMATION ABOUT THE FUND

The Investment Manager

FT Institutional currently serves as the Fund's investment manager pursuant to an investment management agreement between FT Institutional and the Trust, on behalf of the Fund dated August 22, 2023. The Board most recently voted to renew the investment management agreement for the Fund at its May 24, 2023 Board meeting. FT Institutional's principal offices are located at One Madison Avenue, New York, New York 10010. FT Institutional is an indirect, wholly owned subsidiary of FRI. Further information about FRI and its principal shareholders can be found above under "INFORMATION ABOUT FAV."

The Trustees who are interested persons of FT Institutional or its affiliates and certain officers of the Trust who are shareholders of FRI are not compensated by the Trust for their services, but may receive indirect remuneration due to their participation in management, advisory and other fees received by FT Institutional and its affiliates from the Fund.

The Trust, on behalf of the Fund, employs FT Institutional to manage the investment and reinvestment of the Fund's assets, to administer its affairs and to provide or procure, as applicable, administrative and other services, subject to the oversight of the Board. Under the management agreement, FT Institutional has the authority to make all determinations with respect to the investment of the Fund's assets and the purchase and sale of its investment securities. FT Institutional also may place orders for the execution of the Fund's securities transactions. In addition, FT Institutional has the authority and discretion to delegate its investment management responsibilities through the appointment of one or more sub-advisors. In allocating the Fund's assets, FT Institutional has discretion to not allocate any assets to one or more sub-advisors at any time.

The Fund pays FAV a fee equal to an annual rate of 0.300% of the value of its net assets. The fee is calculated daily and paid monthly according to the terms of the management agreement. Each class of the Fund's shares pays its proportionate share of the fee.

Effective March 1, 2025, FT Institutional 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, such as those relating to litigation, indemnification, reorganizations and liquidations) for the Fund so that the ratio of total annual fund operating expenses will not exceed 0.33% for each share class except Class R6 and 0.30% for Class R6. FT Institutional has also contractually agreed to reduce its fees to reflect reduced services resulting from the Fund's investments in FT affiliated funds. In addition, transfer agency fees on Class R6 shares of the Fund have been capped so that transfer agency fees for that class do not exceed 0.03%. These arrangements are expected to continue until February 28, 2026.

For the fiscal year ended October 31, 2024, the aggregate amount of the investment management fees paid by the Fund to FT Institutional was $0 (after fee waivers/expenses reimbursed). Investment management fees for the Fund before waivers totaled $247,221.

FAV began serving as a sub-advisor to the Fund effective December 12, 2024. Prior to the appointment of FAV as a sub-advisor, the Fund had no sub-advisors. FT Institutional compensates FAV for providing investment management advice (which may include research and analysis services).

The Administrator

The administrator for the Fund is FT Services, with offices at One Franklin Parkway, San Mateo, California 94403-1906. FT Services is an indirect, wholly owned subsidiary of FRI and an affiliate of FT Institutional and FAV. The fee for administrative services provided by FT Services is paid by FAV based on the Fund's average daily net assets, and is not an additional expense of the Fund. For the fiscal year ended October 31, 2024, FT Institutional paid $123,425 in Administration Fees. FT Services will continue to provide administrative services to the Fund.

The Principal Underwriter

The principal underwriter for the Fund is Franklin Distributors, LLC ("Distributors"), One Franklin Parkway, San Mateo, California 94403-­1906. As principal underwriter, Distributors receives underwriting commissions and 12b-1 fees pursuant to separate Rule 12b-1 plans adopted by the Board for the Fund, which fees are used for, among other things, service fees paid to securities dealers, advertising expenses and the costs of printing sales material and prospectuses.

For the fiscal year ended October 31, 2024, the aggregate amount of 12b-1 fees received by Distributors from the Fund's Class A, Class C and Class R shares was $0.

Distributors does not receive compensation from the Fund for acting as the principal underwriter with respect to the Fund's Class R6 or Advisor Class shares.

Distributors will continue to act as the principal underwriter for the Fund.

The Transfer Agent

The transfer agent, dividend-paying agent and shareholder servicing agent for the Fund is Franklin Templeton Investor Services, LLC ("FTIS"), located at 100 Fountain Parkway, St. Petersburg, FL 33716.

FTIS will continue to act as the transfer agent, dividend-paying agent and shareholder servicing agent for the Fund.

Other Matters

The Fund's most recent audited financial statements and annual report and the most recent semi-annual report to shareholders succeeding the annual report, if any, are available free of charge. To obtain a copy, please call (800) DIAL BEN/(800) 342-5236 or send a written request to Franklin Templeton Investor Services, P.O. Box 997151, Sacramento, CA 95899-7151.

Principal Shareholders

The outstanding shares and classes of the Fund as of March 7, 2025, are set forth in Exhibit B. To the knowledge of the Fund's management, as of March 7, 2025, there were no other entities, except as set forth in Exhibit B, owning beneficially more than 5% of the outstanding shares of any class of the Fund.

In addition, to the knowledge of the Trust's management, as of March 7, 2025, the officers and board members, as a group, owned of record and beneficially less than 1% of the outstanding shares of each class of the Fund. The board members may own shares in other funds in Franklin Templeton.

Contacting the Board

If a shareholder wishes to send a communication to the Board, such correspondence should be in writing and addressed to the Board at the Fund's offices, One Franklin Parkway, San Mateo, California 94403-1906, Attention: Secretary. The correspondence will be given to the Board for review and consideration.

EXHIBIT A

SUB-ADVISORY AGREEMENT

FRANKLIN INVESTORS SECURITIES TRUST

on behalf of

FRANKLIN LONG DURATION CREDIT FUND

THIS SUB-ADVISORY AGREEMENT (the "Agreement"), made as of the 12^th day of December 2024, by and between , FRANKLIN TEMPLETON INSTITUTIONAL, LLC, a Delaware limited liability company ("FT Institutional"), and Franklin Advisers, Inc., a California corporation ("FAV").

W I T N E S E T H

WHEREAS, FT Institutional and FAV are each registered as an investment adviser under the Investment Advisers Act of 1940, as amended (the "Advisers Act"), and are engaged in the business of supplying investment management services, as an independent contractor;

WHEREAS, FT Institutional, pursuant to an investment management agreement ("Investment Management Agreement"), has been retained to render investment management services to the Franklin Long Duration Credit Fund (the "Fund"), a series of Franklin Investors Securities Trust (the "Trust"), an investment management company registered with the U.S. Securities and Exchange Commission (the "SEC") pursuant to the Investment Company Act of 1940, as amended (the "1940 Act"); and

WHEREAS, FT Institutional desires to retain FAV to render investment advisory, research and related services to the Fund pursuant to the terms and provisions of this Agreement, and FAV is interested in furnishing said services.

NOW, THEREFORE, in consideration of the covenants and the mutual promises hereinafter set forth, the parties hereto, intending to be legally bound hereby, mutually agree as follows:

1. FT Institutional hereby retains FAV, and FAV hereby accepts such engagement, to furnish certain investment advisory services with respect to the assets of the Fund, as more fully set forth herein.

(a) Subject to the overall policies, direction and review of the Trust's Board of Trustees (the "Board") and to the instructions and supervision of FT Institutional, FAV agrees to provide certain investment advisory services with respect to securities and investments and cash equivalents in the Fund. FT Institutional will continue to have full responsibility for all investment advisory services provided to the Fund, including determining the manner in which any voting rights, rights to consent to corporate action and any other rights pertaining to the investment securities within the Fund shall be exercised.

(b) Both FAV and FT Institutional may place all purchase and sale orders on behalf of the Fund.

(c) Unless otherwise instructed by FT Institutional or the Board, and subject to the provisions of this Agreement and to any guidelines or limitations specified from time to time by FT Institutional or by the Board, FAV shall report daily all transactions effected by FAV on behalf of the Fund to FT Institutional and to other entities as reasonably directed by FT Institutional or the Board.

(d) For the term of this Agreement, FAV shall provide the Board at least quarterly, in advance of the regular meetings of the Board, a report of its activities hereunder on behalf of the Fund for the next quarter, all in such form and detail as requested by the Board. Any team members shall also be available to attend such meetings of the Board as the Board may reasonably request.

(e) In performing its services under this Agreement, FAV shall adhere to the Fund's investment objective, policies and restrictions as contained in the Fund's Prospectus and Statement of Additional Information, and in the Trust's Amended and Restated Agreement and Declaration of Trust, and to the investment guidelines most recently established by FT Institutional and shall comply with the provisions of the 1940 Act and the rules and regulations of the SEC thereunder in all material respects and with the provisions of the United States Internal Revenue Code of 1986, as amended, which are applicable to regulated investment companies.

(f) In carrying out its duties hereunder, FAV shall comply with all reasonable instructions of the Fund or FT Institutional in connection therewith.

2. In performing the services described above, FAV shall use its best efforts to obtain for the Fund the most favorable price and execution available. Subject to prior authorization of appropriate policies and procedures by the Board, FAV may, to the extent authorized by law and in accordance with the terms of the Fund's Investment Management Agreement, Prospectus and Statement of Additional Information, cause the Fund to pay a broker who provides brokerage and research services an amount of commission for effecting a portfolio investment transaction in excess of the amount of commission another broker would have charged for effecting that transaction, in recognition of the brokerage and research services that such broker provides, viewed in terms of either the particular transaction or FAV's overall responsibilities with respect to accounts managed by FAV. FAV may use for the benefit of its other clients any such brokerage and research services that FAV obtains from brokers or dealers. To the extent authorized by applicable law, FAV shall not be deemed to have acted unlawfully or to have breached any duty created by this Agreement or otherwise solely by reason of such action.

3. (a) FT Institutional shall pay to FAV a monthly fee in U.S. dollars equal to 34% of the net investment advisory fee payable by the Fund to FAV (the "Net Investment Advisory Fee"), calculated daily, as compensation for the services rendered and obligations assumed by FAV during the preceding month.

For purposes of this Agreement, the Net Investment Advisory Fee payable by the Fund to FT Institutional shall equal (i) 96% of an amount equal to the total investment management fees payable to FT Institutional, minus any Fund fees and/or expenses waived or reimbursed by FT Institutional, minus (ii) any fees payable by FT Institutional to Franklin Templeton Services, LLC for fund administrative services.

The sub-advisory fee under this Agreement shall be payable on the first business day of the first month following the effective day of this Agreement and shall be reduced by the amount of any advance payments made by FT Institutional relating to the previous month.

(b) If this Agreement is terminated prior to the end of any month, the monthly fee shall be prorated for the portion of any month in which this Agreement is in effect which is not a complete month according to the proportion which the number of calendar days in the month during which the Agreement is in effect bears to the total number of calendar days in the month, and shall be payable within 10 days after the date of termination.

4. It is understood that the services provided by FAV are not to be deemed exclusive. FT Institutional acknowledges that FAV may have investment responsibilities, render investment advice to, or perform other investment advisory services to other investment companies and clients, which may invest in the same type of securities as the Fund (collectively, "Clients"). FT Institutional agrees that FAV may give advice or exercise investment responsibility and take such other action with respect to such Clients which may differ from advice given or the timing or nature of action taken with respect to the Fund. In providing services, FAV may use information furnished by others to FT Institutional and FAV in providing services to other such Clients.

5. FAV agrees to use its best efforts in performing the services to be provided by it pursuant to this Agreement.

6. During the term of this Agreement, FAV will pay all expenses incurred by it in connection with the services to be provided by it under this Agreement other than the cost of securities (including brokerage commissions, if any) purchased for the Fund. The Fund and FT Institutional will be responsible for all of their respective expenses and liabilities.

7. FAV shall, unless otherwise expressly provided and authorized, have no authority to act for or represent FT Institutional or the Fund in any way, or in any way be deemed an agent for FT Institutional or the Fund.

8. FAV will treat confidentially and as proprietary information of the Fund all records and other information relative to the Fund and prior, present or potential shareholders, and will not use such records and information for any purpose other than performance of its responsibilities and duties hereunder, except after prior notification to and approval in writing by the Fund, which approval shall not be unreasonably withheld and may not be withheld where FAV may be exposed to civil or criminal contempt proceedings for failure to comply when requested to divulge such information by duly constituted authorities, or when so requested by the Fund.

9. This Agreement shall become effective as of the date first written above and shall continue in effect for two years. If not sooner terminated, this Agreement shall continue in effect for successive periods not exceeding 12 months each thereafter, provided that each such continuance shall be specifically approved at least annually by the vote of a majority of the Trust's Board of Trustees who are not parties to this Agreement or "interested persons" (as defined in the 1940 Act) of any such party, cast in person at a meeting called for the purpose of voting on such approval, and either the vote of (a) a majority of the outstanding voting securities of the Fund, as defined in the 1940 Act, or (b) a majority of the Trust's Board of Trustees as a whole.

10. (a) Notwithstanding the foregoing, this Agreement may be terminated (i) at any time, without the payment of any penalty, by the Board upon written notice to FT Institutional and FAV , or by vote of a majority of the outstanding voting securities of the Fund, as defined in the 1940 Act, or (ii) by FT Institutional or FAV upon not less than sixty (60) days' written notice to the other party.

(b) This Agreement shall terminate automatically in the event of any assignment thereof, as defined in the 1940 Act, and in the event of any termination or assignment of the Investment Management Agreement between FT Institutional and the Fund. ("Assignment" has the meaning set forth in the 1940 Act.)

11. (a) In the absence of willful misfeasance, bad faith, gross negligence, or reckless disregard of its obligations or duties hereunder on the part of FAV , neither FAV nor any of its directors, officers, employees or affiliates shall be subject to liability to FT Institutional , the Trust or the Fund or to any shareholder of the Fund for any error of judgment or mistake of law or any other act or omission in the course of, or connected with, rendering services hereunder or for any losses that may be sustained in the purchase, holding or sale of any security by the Fund.

(b) Notwithstanding paragraph 11(a), to the extent that FT Institutional is found by a court of competent jurisdiction, or the SEC or any other regulatory agency, to be liable to the Fund or any shareholder (a "liability") for any acts undertaken by FAV pursuant to authority delegated as described in Paragraph 1(a), FAV shall indemnify FT Institutional and each of its affiliates, officers, directors and employees (each a "Franklin Indemnified Party") harmless from, against, for and in respect of all losses, damages, costs and expenses incurred by a Franklin Indemnified Party with respect to such liability, together with all legal and other expenses reasonably incurred by any such Franklin Indemnified Party, in connection with such liability.

(c) No provision of this Agreement shall be construed to protect any director or officer of FT Institutional or FAV from liability in violation of Sections 17(h) or (i), respectively, of the 1940 Act.

12. In compliance with the requirements of Rule 31a-3 under the 1940 Act, FAV hereby agrees that all records which it maintains for the Fund are the property of the Fund and further agrees to surrender promptly to the Fund, or to any third party at the Fund's direction, any of such records upon the Fund's request. FAV further agrees to preserve for periods prescribed by Rule 31a-2 under the 1940 Act the records required to be maintained by Rule 31a-1 under the 1940 Act.

13. Upon termination of FAV 's engagement under this Agreement or at the Fund's direction, FAV shall forthwith deliver to the Fund, or to any third party at the Fund's direction, all records, documents and books of accounts which are in the possession or control of FAV and relate directly and exclusively to the performance by FAV of its obligations under this Agreement; provided, however, that FAV shall be permitted to keep such records or copies thereof for such periods of time as are necessary to comply with applicable laws, in which case FAV shall provide the Fund or a designated third party with copies of such retained documents unless providing such copies would contravene such rules, regulations and laws.

Termination of this Agreement or FAV 's engagement hereunder shall be without prejudice to the rights and liabilities created hereunder prior to such termination.

14. If any provision of this Agreement shall be held or made invalid by a court decision, statute, rule or otherwise, in whole or in part, the other provisions hereof shall remain in full force and effect. Invalid provisions shall, in accordance with the intent and purpose of this Agreement, be replaced by such valid provisions which in their economic effect come as closely as legally possible to such invalid provisions.

15. Any notice or other communication required to be given pursuant to this Agreement shall be in writing and given by personal delivery, pre-paid registered mail or nationally-recognized overnight delivery service, or by facsimile transmission and shall be effective upon receipt. Notices and communications shall be given:

(i) to FT Institutional :

280 Park Avenue

New York, NY 10017

(ii) to FAV :

One Franklin Parkway

San Mateo, CA 94403

16. This Agreement shall be interpreted in accordance with and governed by the laws of the State of California.

17. FAV acknowledges that it has received notice of and accepts the limitations of the Trust's liability as set forth in its Amended and Restated Agreement and Declaration of Trust. FAV agrees that the Trust's obligations hereunder shall be limited to the assets of the Fund; that no other series of the Trust shall be liable with respect to this Agreement or in connection with the matters contemplated herein; and that FAV shall not seek satisfaction of any such obligation from any shareholders of the Trust, the Fund nor from any trustee, officer, employee or agent of the Trust, or from any other series of the Trust.

18. Where the effect of a requirement of the 1940 Act or the Advisers Act reflected in any provision of the Agreement is revised by rule, regulation or order of the SEC, such provision shall be deemed to incorporate the effect of such rule, regulation or order.

IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be duly executed by their duly authorized officers.

FRANKLIN TEMPLETON INSTITUTIONAL, LLC

By:

Name:

Title:

FRANKLIN ADVISERS, INC.

By:

Name:

Title:

EXHIBIT B

OUTSTANDING SHARES OF THE Fund

AS OF March 7, 2025

5% SHAREHOLDERS

Entities Owning Beneficially more than Five Percent (5%) of the Outstanding Shares of any Class of the Fund as of March 7, 2025

814-STMT 03/25