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      <invstOrSec>
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      <invstOrSec>
        <name>AerCap Ireland Capital DAC / AerCap Global Aviation Trust</name>
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        <name>Kyndryl Holdings, Inc.</name>
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        <name>American Electric Power Co., Inc.</name>
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        <name>General Motors Co.</name>
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        <name>UBS AG into Morgan Stanley</name>
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        <invCountry>CH</invCountry>
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          <maturityDt>2022-02-11</maturityDt>
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        <name>Northrop Grumman Corp.</name>
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        <name>Occidental Petroleum Corp.</name>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2028-09-01</maturityDt>
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        <name>Bristol-Myers Squibb Co.</name>
        <lei>HLYYNH7UQUORYSJQCN42</lei>
        <title>Bristol-Myers Squibb Co.</title>
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        <balance>10000000.00000000</balance>
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        <invCountry>US</invCountry>
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        <name>Royal Bank of Canada into Analog Devices, Inc.</name>
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        <name>Bristol-Myers Squibb Co.</name>
        <lei>HLYYNH7UQUORYSJQCN42</lei>
        <title>Bristol-Myers Squibb Co.</title>
        <cusip>110122108</cusip>
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        <name>Tenet Healthcare Corp.</name>
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        <title>Tenet Healthcare Corp.</title>
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        <name>Eli Lilly &amp; Co.</name>
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        <name>Bausch Health Cos., Inc.</name>
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        <invCountry>CA</invCountry>

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        <name>Suzano Austria GmbH</name>
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        <invCountry>AT</invCountry>

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        <name>International Business Machines Corp.</name>
        <lei>VGRQXHF3J8VDLUA7XE92</lei>
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        <name>Ford Motor Credit Co. LLC</name>
        <lei>UDSQCVRUX5BONN0VY111</lei>
        <title>Ford Motor Credit Co. LLC</title>
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        <name>Truist Financial Corp.</name>
        <lei>549300DRQQI75D2JP341</lei>
        <title>Truist Financial Corp., Series N</title>
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        <name>American Electric Power Co., Inc.</name>
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        <name>UBS AG into Chevron Corp.</name>
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        <name>Altria Group, Inc.</name>
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        <name>Mauser Packaging Solutions Holding Co.</name>
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        <name>CSC Holdings LLC</name>
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        <name>American Tower Corp.</name>
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        <name>Jazz Securities DAC</name>
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        <name>Edwards Lifesciences Corp.</name>
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        <name>Travelers Cos., Inc. (The)</name>
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        <name>Capital One Financial Corp.</name>
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        <name>Huntsman Corp.</name>
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        <name>US Bancorp</name>
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        <name>Post Holdings, Inc.</name>
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      <invstOrSec>
        <name>Citigroup, Inc.</name>
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        <name>Pacific Gas and Electric Co.</name>
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        <name>Broadcom Corp. / Broadcom Cayman Finance Ltd.</name>
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        <name>Owl Rock Capital Corp.</name>
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        <name>Wells Fargo &amp; Co.</name>
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        <name>JPMorgan Chase &amp; Co.</name>
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        <title>JPMorgan Chase &amp; Co., Series KK</title>
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        <valUSD>9638700.00000000</valUSD>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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        <name>Citigroup Global Markets Holdings, Inc. into Ford Motor Co.</name>
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        <name>AstraZeneca plc</name>
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        <invCountry>GB</invCountry>
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        <fairValLevel>1</fairValLevel>
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        <name>FMG Resources August 2006 Pty. Ltd.</name>
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        <name>Sprint Spectrum Co. LLC / Sprint Spectrum Co. II LLC / Sprint Spectrum Co. III LLC</name>
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        <name>NextEra Energy, Inc.</name>
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        <name>Credit Suisse AG into Amazon.com, Inc.</name>
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        <name>KKR &amp; Co., Inc.</name>
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        <name>Medtronic plc</name>
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        <name>Air Products and Chemicals, Inc.</name>
        <lei>7QEON6Y1RL5XR3R1W237</lei>
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        <name>National Bank of Canada into Microchip Technology, Inc.</name>
        <lei>BSGEFEIOM18Y80CKCV46</lei>
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        <invCountry>CA</invCountry>
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        <name>Grifols Escrow Issuer SA</name>
        <lei>959800HLB3PGTGSLVV62</lei>
        <title>Grifols Escrow Issuer SA</title>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>American Tower Corp.</name>
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      <invstOrSec>
        <name>BCE, Inc.</name>
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        <name>Cleveland-Cliffs, Inc.</name>
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        <name>Anthem, Inc.</name>
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      <invstOrSec>
        <name>Comcast Corp.</name>
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        <fairValLevel>1</fairValLevel>
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        <name>United Airlines Pass-Through Trust</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Las Vegas Sands Corp.</name>
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        <title>Las Vegas Sands Corp.</title>
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        <fairValLevel>2</fairValLevel>
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        <name>Liberty Mutual Group, Inc.</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Citigroup Global Markets Holdings, Inc. into JPMorgan Chase &amp; Co.</name>
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      <invstOrSec>
        <name>Bank of America Corp.</name>
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        <name>US Bancorp</name>
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        <name>National Bank of Canada into Air Products and Chemicals, Inc.</name>
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        <name>Verizon Communications, Inc.</name>
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        <name>Ardagh Metal Packaging Finance USA LLC / Ardagh Metal Packaging Finance plc</name>
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        <cusip>03969YAB4</cusip>
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      <invstOrSec>
        <name>Pacific Gas and Electric Co.</name>
        <lei>1HNPXZSMMB7HMBMVBS46</lei>
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        <name>Cisco Systems, Inc.</name>
        <lei>549300LKFJ962MZ46593</lei>
        <title>Cisco Systems, Inc.</title>
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        <name>CHS/Community Health Systems, Inc.</name>
        <lei>5493007X5NC5XI1BB106</lei>
        <title>CHS/Community Health Systems, Inc.</title>
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        <invCountry>US</invCountry>
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        <name>Prudential Financial, Inc.</name>
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        <name>JPMorgan Chase &amp; Co.</name>
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        <name>Endo Luxembourg Finance Co. I SARL / Endo US, Inc.</name>
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        <name>Morgan Stanley</name>
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        <name>Microchip Technology, Inc.</name>
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        <name>United States of America</name>
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        <name>Change Healthcare, Inc.</name>
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        <name>Organon &amp; Co. / Organon Foreign Debt Co-Issuer BV</name>
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        <name>Chevron Corp.</name>
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        <name>Dominion Energy, Inc.</name>
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        <name>Target Corp.</name>
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        <name>TotalEnergies SE</name>
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        <name>American Tower Corp.</name>
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        <name>Rio Tinto plc</name>
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        <name>Franklin Liberty US Low Volatility ETF</name>
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      <invstOrSec>
        <name>SCIH Salt Holdings, Inc.</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Cigna Corp.</name>
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        <name>Institutional Fiduciary Trust Money Market Portfolio</name>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>CCO Holdings LLC / CCO Holdings Capital Corp.</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Bayer US Finance II LLC</name>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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        <name>Coca-Cola Co. (The)</name>
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      <invstOrSec>
        <name>United Airlines Pass-Through Trust</name>
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      <invstOrSec>
        <name>Royal Bank of Canada into CVS Health Corp.</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Bank of America Corp.</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Procter &amp; Gamble Co. (The)</name>
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        <name>T-Mobile USA, Inc.</name>
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        <name>Boeing Co. (The)</name>
        <lei>RVHJWBXLJ1RFUBSY1F30</lei>
        <title>Boeing Co. (The)</title>
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      <invstOrSec>
        <name>Truist Financial Corp.</name>
        <lei>549300DRQQI75D2JP341</lei>
        <title>Truist Financial Corp.</title>
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        <name>Morgan Stanley</name>
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        <title>Morgan Stanley</title>
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        <name>DuPont de Nemours, Inc.</name>
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        <name>Verizon Communications, Inc.</name>
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        <name>United States of America</name>
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      <invstOrSec>
        <name>Cigna Corp.</name>
        <lei>549300VIWYMSIGT1U456</lei>
        <title>Cigna Corp.</title>
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        <name>Capital One Financial Corp.</name>
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        <name>Duke Energy Corp.</name>
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        <name>Institutional Fiduciary Trust - Money Market Portfolio</name>
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        <name>BAT Capital Corp.</name>
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        <name>Boston Scientific Corp.</name>
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        <name>CVS Health Corp.</name>
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        <name>Reynolds American, Inc.</name>
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        <name>DISH DBS Corp.</name>
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        <name>BNP PARIBAS SA </name>
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        <name>Lockheed Martin Corp.</name>
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        <name>Sprint Corp.</name>
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        <name>Bausch Health Cos., Inc.</name>
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        <name>Societe Generale SA into Workday, Inc.</name>
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        <name>Bausch Health Cos., Inc.</name>
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        <name>Las Vegas Sands Corp.</name>
        <lei>549300DUOO1KXOHPM605</lei>
        <title>Las Vegas Sands Corp.</title>
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        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>10126712.50000000</valUSD>
        <pctVal>0.241394153488</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2024-08-08</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.20000000</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>AbbVie, Inc.</name>
        <lei>FR5LCKFTG8054YNNRU85</lei>
        <title>AbbVie, Inc.</title>
        <cusip>00287YCT4</cusip>
        <identifiers>
          <isin value="US00287YCT47"/>
          <other otherDesc="Inhouse Asset ID" value="1122037"/>
        </identifiers>
        <balance>5000000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>5051375.10000000</valUSD>
        <pctVal>0.120411477684</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2022-10-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.25000000</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>
