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      <invstOrSec>
        <name>BlackRock, Inc.</name>
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      <invstOrSec>
        <name>Credit Suisse AG into Thermo Fisher Scientific, Inc.</name>
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      <invstOrSec>
        <name>Republic Services, Inc.</name>
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        <name>NextEra Energy, Inc.</name>
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      <invstOrSec>
        <name>Goldman Sachs International Bank into Dollar Tree, Inc.</name>
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        <name>American Express Co.</name>
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        <name>Institutional Fiduciary Trust Money Market Portfolio</name>
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        <name>Johnson &amp; Johnson</name>
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        <name>Pfizer, Inc.</name>
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      <invstOrSec>
        <name>Royal Bank of Canada into HCA Healthcare, Inc.</name>
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        <name>United Parcel Service, Inc.</name>
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        <name>Suncor Energy, Inc.</name>
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        <name>Huntsman Corp.</name>
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        <name>Sherwin-Williams Co. (The)</name>
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        <name>Citigroup, Inc.</name>
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        <name>BNP Paribas Issuance BV into Bank of America Corp.</name>
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        <title>BNP Paribas Issuance BV into Bank of America Corp.</title>
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        <name>Linde plc</name>
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        <name>Fortive Corp.</name>
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        <title>Fortive Corp.</title>
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        <name>Broadcom, Inc.</name>
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        <name>Canadian Natural Resources Ltd.</name>
        <lei>549300T15RIMIKZC5Q38</lei>
        <title>Canadian Natural Resources Ltd.</title>
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        <name>Essential Utilities, Inc.</name>
        <lei>549300ILTEOF3E3QY357</lei>
        <title>Essential Utilities, Inc.</title>
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        <name>KKR &amp; Co., Inc.</name>
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      <invstOrSec>
        <name>Medtronic plc</name>
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        <isRestrictedSec>N</isRestrictedSec>

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      <invstOrSec>
        <name>BNP Paribas Issuance BV into TJX Cos., Inc. (The)</name>
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      <invstOrSec>
        <name>Comcast Corp.</name>
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        <name>Xcel Energy, Inc.</name>
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      <invstOrSec>
        <name>Credit Suisse AG into Amazon.com, Inc.</name>
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        <name>Goldman Sachs International Bank into Canadian Natural Resources Ltd.</name>
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        <title>Goldman Sachs International Bank into Canadian Natural Resources Ltd.</title>
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        <invCountry>GB</invCountry>

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        <name>Arthur J Gallagher &amp; Co.</name>
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        <name>Cisco Systems, Inc.</name>
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        <name>PepsiCo, Inc.</name>
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        <name>JPMorgan Chase &amp; Co.</name>
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        <name>Morgan Stanley</name>
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        <name>Apollo Global Management, Inc.</name>
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        <name>Lowe's Cos., Inc.</name>
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        <name>Chevron Corp.</name>
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        <name>Target Corp.</name>
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        <name>Stanley Black &amp; Decker, Inc.</name>
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        <name>BASF SE</name>
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        <name>Coca-Cola Co. (The)</name>
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        <name>Royal Bank of Canada into Microsoft Corp.</name>
        <lei>ES7IP3U3RHIGC71XBU11</lei>
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        <name>TJX Cos., Inc. (The)</name>
        <lei>V167QI9I69W364E2DY52</lei>
        <title>TJX Cos., Inc. (The)</title>
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        <name>Norfolk Southern Corp.</name>
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        <name>Procter &amp; Gamble Co. (The)</name>
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        <name>Truist Financial Corp.</name>
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        <name>Microsoft Corp.</name>
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        <name>Ares Management Corp.</name>
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        <name>Bank of America Corp.</name>
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        <name>BNP PARIBAS SA </name>
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        <name>Public Storage</name>
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        <name>Royal Bank of Canada into Fidelity National Information Services, Inc.</name>
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        <name>Prologis, Inc.</name>
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        <name>Emerson Electric Co.</name>
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        <name>Royal Bank of Canada into Eaton Corp. plc</name>
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        <name>Raytheon Technologies Corp.</name>
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        <name>HCA Healthcare, Inc.</name>
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        <name>Becton Dickinson and Co.</name>
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        <name>Mondelez International, Inc.</name>
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        <name>BNP Paribas Issuance BV into American Express Co.</name>
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        <name>Broadcom, Inc.</name>
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        <name>EOG Resources, Inc.</name>
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        <name>Duke Energy Corp.</name>
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        <title>Duke Energy Corp.</title>
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        <name>UnitedHealth Group, Inc.</name>
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        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Thermo Fisher Scientific, Inc.</name>
        <lei>HCHV7422L5HDJZCRFL38</lei>
        <title>Thermo Fisher Scientific, Inc.</title>
        <cusip>883556102</cusip>
        <identifiers>
          <isin value="US8835561023"/>
          <other otherDesc="Inhouse Asset ID" value="30383"/>
        </identifiers>
        <balance>62500.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>36331250.00000000</valUSD>
        <pctVal>0.975317704822</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Danaher Corp.</name>
        <lei>S4BKK9OTCEWQ3YHPFM11</lei>
        <title>Danaher Corp., Series B</title>
        <cusip>235851409</cusip>
        <identifiers>
          <isin value="US2358514097"/>
          <other otherDesc="Inhouse Asset ID" value="1068725"/>
        </identifiers>
        <balance>13000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>20074600.00000000</valUSD>
        <pctVal>0.538905564692</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <loanByFundCondition isLoanByFund="Y" loanVal="7896496.38000000"/>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Visa, Inc.</name>
        <lei>549300JZ4OKEHW3DPJ59</lei>
        <title>Visa, Inc., Class A</title>
        <cusip>92826C839</cusip>
        <identifiers>
          <isin value="US92826C8394"/>
          <other otherDesc="Inhouse Asset ID" value="414858"/>
        </identifiers>
        <balance>89000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>20129130.00000000</valUSD>
        <pctVal>0.540369430495</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>TELUS Corp.</name>
        <lei>L2TEUTQ8OSHMJWVLCE40</lei>
        <title>TELUS Corp.</title>
        <cusip>87971M103</cusip>
        <identifiers>
          <isin value="CA87971M1032"/>
          <other otherDesc="Inhouse Asset ID" value="22691"/>
        </identifiers>
        <balance>634000.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CAD" exchangeRt="1.27110000"/>
        <valUSD>14918527.26000000</valUSD>
        <pctVal>0.400490040022</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Illinois Tool Works, Inc.</name>
        <lei>76NA4I14SZCFAYMNSV04</lei>
        <title>Illinois Tool Works, Inc.</title>
        <cusip>452308109</cusip>
        <identifiers>
          <isin value="US4523081093"/>
          <other otherDesc="Inhouse Asset ID" value="29902"/>
        </identifiers>
        <balance>100000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>23392000.00000000</valUSD>
        <pctVal>0.627961651504</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>McDonald's Corp.</name>
        <lei>UE2136O97NLB5BYP9H04</lei>
        <title>McDonald's Corp.</title>
        <cusip>580135101</cusip>
        <identifiers>
          <isin value="US5801351017"/>
          <other otherDesc="Inhouse Asset ID" value="799"/>
        </identifiers>
        <balance>230000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>59673500.00000000</valUSD>
        <pctVal>1.601943810321</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Institutional Fiduciary Trust - Money Market Portfolio</name>
        <lei>549300M4TP89K77LG374</lei>
        <title>Institutional Fiduciary Trust - Money Market Portfolio</title>
        <cusip>457756500</cusip>
        <identifiers>
          <isin value="US4577565009"/>
          <other otherDesc="Inhouse Asset ID" value="170875"/>
        </identifiers>
        <balance>56588815.34100000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>56588815.34000000</valUSD>
        <pctVal>1.519135000751</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>STIV</assetCat>
        <issuerCat>RF</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Healthpeak Properties, Inc.</name>
        <lei>PZ9HF5U52KPF0MH0QN75</lei>
        <title>Healthpeak Properties, Inc.</title>
        <cusip>42250P103</cusip>
        <identifiers>
          <isin value="US42250P1030"/>
          <other otherDesc="Inhouse Asset ID" value="9196"/>
        </identifiers>
        <balance>960000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>33955200.00000000</valUSD>
        <pctVal>0.911532296047</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Boston Scientific Corp.</name>
        <lei>Y6ZDD9FP4P8JSSJMW954</lei>
        <title>Boston Scientific Corp., Series A</title>
        <cusip>101137206</cusip>
        <identifiers>
          <isin value="US1011372067"/>
          <other otherDesc="Inhouse Asset ID" value="1073646"/>
        </identifiers>
        <balance>430500.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>50170470.00000000</valUSD>
        <pctVal>1.346833584043</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Citigroup Global Markets Holdings, Inc. into salesforce.com, Inc.</name>
        <lei>82VOJDD5PTRDMVVMGV31</lei>
        <title>Citigroup Global Markets Holdings, Inc. into salesforce.com, Inc.</title>
        <cusip>17329L333</cusip>
        <identifiers>
          <isin value="US17329L3336"/>
          <other otherDesc="Inhouse Asset ID" value="1158478"/>
        </identifiers>
        <balance>107500.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>25091810.86000000</valUSD>
        <pctVal>0.673593321942</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>SN</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2022-08-19</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Entergy Corp.</name>
        <lei>4XM3TW50JULSLG8BNC79</lei>
        <title>Entergy Corp.</title>
        <cusip>29364G103</cusip>
        <identifiers>
          <isin value="US29364G1031"/>
          <other otherDesc="Inhouse Asset ID" value="25229"/>
        </identifiers>
        <balance>285000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>31854450.00000000</valUSD>
        <pctVal>0.855137355923</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Shell plc</name>
        <lei>21380068P1DRHMJ8KU70</lei>
        <title>Shell plc, Class A</title>
        <cusip>780259206</cusip>
        <identifiers>
          <isin value="US7802592060"/>
          <other otherDesc="Inhouse Asset ID" value="339933"/>
        </identifiers>
        <balance>1092500.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>56154500.00000000</valUSD>
        <pctVal>1.507475742108</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Lockheed Martin Corp.</name>
        <lei>DPRBOZP0K5RM2YE8UU08</lei>
        <title>Lockheed Martin Corp.</title>
        <cusip>539830109</cusip>
        <identifiers>
          <isin value="US5398301094"/>
          <other otherDesc="Inhouse Asset ID" value="31735"/>
        </identifiers>
        <balance>48000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>18678240.00000000</valUSD>
        <pctVal>0.501420076846</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Texas Instruments, Inc.</name>
        <lei>WDJNR2L6D8RWOEB8T652</lei>
        <title>Texas Instruments, Inc.</title>
        <cusip>882508104</cusip>
        <identifiers>
          <isin value="US8825081040"/>
          <other otherDesc="Inhouse Asset ID" value="5041"/>
        </identifiers>
        <balance>215000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>38590350.00000000</valUSD>
        <pctVal>1.035963573791</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Fidelity National Information Services, Inc.</name>
        <lei>6WQI0GK1PRFVBA061U48</lei>
        <title>Fidelity National Information Services, Inc.</title>
        <cusip>31620M106</cusip>
        <identifiers>
          <isin value="US31620M1062"/>
          <other otherDesc="Inhouse Asset ID" value="211511"/>
        </identifiers>
        <balance>148000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>17748160.00000000</valUSD>
        <pctVal>0.476451943602</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Credit Suisse AG into Stanley Black &amp; Decker, Inc.</name>
        <lei>N/A</lei>
        <title>Credit Suisse AG into Stanley Black &amp; Decker, Inc.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="Inhouse Asset ID" value="1138694"/>
        </identifiers>
        <balance>133000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>23418619.23000000</valUSD>
        <pctVal>0.628676248615</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>SN</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2022-03-31</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.50000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
    </invstOrSecs>
    <explntrNotes>
      <explntrNote note="Monthly returns presented in Item B.5(a) have been calculated without deducting any applicable sales loads or redemption fees." noteItem="B.5.a"/>
    </explntrNotes>
    <signature>
      <ncom:dateSigned>2022-03-02</ncom:dateSigned>
      <ncom:nameOfApplicant>Franklin Investors Securities Trust</ncom:nameOfApplicant>
      <ncom:signature>Jeffrey W. White </ncom:signature>
      <ncom:signerName>Jeffrey W. White </ncom:signerName>
      <ncom:title>Assistant Treasurer</ncom:title>
    </signature>
  </formData>
  <documents>XXXX</documents>
</edgarSubmission>
