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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Five Corners Funding Trust III</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Royalty Pharma plc</name>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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        <name>AerCap Ireland Capital DAC / AerCap Global Aviation Trust</name>
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        <name>Exxon Mobil Corp.</name>
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        <name>Celanese US Holdings LLC</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Flex Ltd.</name>
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        <invCountry>SG</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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        <name>N/A</name>
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          <other otherDesc="Future Ticker" value="TYZ3 Comdty"/>
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        <name>Post Holdings, Inc.</name>
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        <title>Post Holdings, Inc.</title>
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        <name>AbbVie, Inc.</name>
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        <name>Fiserv, Inc.</name>
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        <title>Wells Fargo &amp; Co.</title>
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        <name>General Motors Financial Co., Inc.</name>
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        <name>Northrop Grumman Corp.</name>
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        <name>Occidental Petroleum Corp.</name>
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        <name>Bristol-Myers Squibb Co.</name>
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        <name>T-Mobile USA, Inc.</name>
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        <name>General Motors Co.</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Bausch Health Cos., Inc.</name>
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        <name>International Business Machines Corp.</name>
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        <name>Warnermedia Holdings, Inc.</name>
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        <name>Goldman Sachs Group, Inc. (The)</name>
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        <name>Haleon US Capital LLC</name>
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        <name>Merrill Lynch International &amp; Co. CV into Raytheon Technologies Corp.</name>
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        <name>NextEra Energy, Inc.</name>
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        <name>FMG Resources August 2006 Pty. Ltd.</name>
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        <name>ArcelorMittal SA</name>
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        <name>Barclays plc</name>
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      <invstOrSec>
        <name>Meta Platforms, Inc.</name>
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      <invstOrSec>
        <name>Citigroup Global Markets Holdings, Inc. into Bank of America Corp.</name>
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      <invstOrSec>
        <name>Edison International</name>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Delta Air Lines, Inc. / SkyMiles IP Ltd.</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Johnson &amp; Johnson</name>
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        <fairValLevel>1</fairValLevel>
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        <name>Barclays Bank plc into Ford Motor Co.</name>
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        <invCountry>GB</invCountry>
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        <fairValLevel>2</fairValLevel>
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        <name>Morgan Stanley</name>
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        <title>Morgan Stanley</title>
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      <invstOrSec>
        <name>CVS Health Corp.</name>
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        <title>CVS Health Corp.</title>
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        <invCountry>US</invCountry>
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          <maturityDt>2030-04-01</maturityDt>
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        <name>DTE Energy Co.</name>
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        <title>DTE Energy Co.</title>
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        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Calumet Specialty Products Partners LP / Calumet Finance Corp.</name>
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        <cusip>131477AT8</cusip>
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        <invCountry>US</invCountry>
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          <annualizedRt>11.00000000</annualizedRt>
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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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        <balance>40000000.00000000</balance>
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        <valUSD>39316664.00000000</valUSD>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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        <name>PNC Financial Services Group, Inc. (The)</name>
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        <name>Mizuho Markets Cayman LP into NextEra Energy, Inc.</name>
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        <name>Tenet Healthcare Corp.</name>
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        <name>Pilgrim's Pride Corp.</name>
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        <title>Pilgrim's Pride Corp.</title>
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        <name>Truist Bank</name>
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        <title>Truist Bank</title>
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        <invCountry>US</invCountry>
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      <invstOrSec>
        <name>Ford Motor Co.</name>
        <lei>20S05OYHG0MQM4VUIC57</lei>
        <title>Ford Motor Co.</title>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>
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      <invstOrSec>
        <name>CHS/Community Health Systems, Inc.</name>
        <lei>5493007X5NC5XI1BB106</lei>
        <title>CHS/Community Health Systems, Inc.</title>
        <cusip>12543DBD1</cusip>
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        <name>Cheniere Corpus Christi Holdings LLC</name>
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        <name>Medline Borrower LP</name>
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        <name>Franklin Systematic Style Premia ETF</name>
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        <name>United Parcel Service, Inc.</name>
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        <name>Wynn Las Vegas LLC / Wynn Las Vegas Capital Corp.</name>
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        <name>Verizon Communications, Inc.</name>
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        <name>Freeport-McMoRan, Inc.</name>
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        <name>US Bancorp</name>
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        <name>Home Depot, Inc. (The)</name>
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        <name>Altria Group, Inc.</name>
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        <name>Amazon.com, Inc.</name>
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        <title>Amazon.com, Inc.</title>
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        <name>Citigroup, Inc.</name>
        <lei>6SHGI4ZSSLCXXQSBB395</lei>
        <title>Citigroup, Inc.</title>
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        <name>AbbVie, Inc.</name>
        <lei>FR5LCKFTG8054YNNRU85</lei>
        <title>AbbVie, Inc.</title>
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      <invstOrSec>
        <name>BAT Capital Corp.</name>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Sprint Spectrum Co. LLC / Sprint Spectrum Co. II LLC / Sprint Spectrum Co. III LLC</name>
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          <isin value="US85208NAD21"/>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Pacific Gas and Electric Co.</name>
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          <isin value="US694308JM04"/>
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        <balance>25000000.00000000</balance>
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        <curCd>USD</curCd>
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        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2030-07-01</maturityDt>
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          <annualizedRt>4.55000000</annualizedRt>
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      <invstOrSec>
        <name>Mizuho Markets Cayman LP into Workday, Inc.</name>
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        <title>Mizuho Markets Cayman LP into Workday, Inc.</title>
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        <invCountry>KY</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Capital One Financial Corp.</name>
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        <title>Capital One Financial Corp.</title>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Dominion Energy, Inc.</name>
        <lei>ILUL7B6Z54MRYCF6H308</lei>
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        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2032-08-15</maturityDt>
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          <annualizedRt>4.35000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Air Products and Chemicals, Inc.</name>
        <lei>7QEON6Y1RL5XR3R1W237</lei>
        <title>Air Products and Chemicals, Inc.</title>
        <cusip>009158106</cusip>
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          <isin value="US0091581068"/>
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        <balance>43000.00000000</balance>
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        <curCd>USD</curCd>
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        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Crown Castle, Inc.</name>
        <lei>54930012H97VSM0I2R19</lei>
        <title>Crown Castle, Inc.</title>
        <cusip>22822VAY7</cusip>
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          <isin value="US22822VAY74"/>
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        <balance>10000000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>8165626.10000000</valUSD>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2031-07-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>2.50000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Barclays plc</name>
        <lei>213800LBQA1Y9L22JB70</lei>
        <title>Barclays plc</title>
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          <isin value="US06738EAU91"/>
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        <balance>15000000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>14204916.60000000</valUSD>
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        <assetCat>DBT</assetCat>
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        <invCountry>GB</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-01-10</maturityDt>
          <couponKind>Fixed</couponKind>
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        <name>Goodyear Tire &amp; Rubber Co. (The)</name>
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        <title>Goodyear Tire &amp; Rubber Co. (The)</title>
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        <balance>7500000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>6681830.78000000</valUSD>
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        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2031-07-15</maturityDt>
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          <annualizedRt>5.25000000</annualizedRt>
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        <name>GE HealthCare Technologies, Inc.</name>
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        <title>GE HealthCare Technologies, Inc., Series WI</title>
        <cusip>36267VAK9</cusip>
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        <fairValLevel>2</fairValLevel>
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        <name>UBS AG into Union Pacific Corp.</name>
        <lei>BFM8T61CT2L1QCEMIK50</lei>
        <title>UBS AG into Union Pacific Corp.</title>
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        <balance>100000.00000000</balance>
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        <assetCat>SN</assetCat>
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        <invCountry>CH</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
          <annualizedRt>8.00000000</annualizedRt>
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        <name>Philip Morris International, Inc.</name>
        <lei>HL3H1H2BGXWVG3BSWR90</lei>
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        <fairValLevel>1</fairValLevel>
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        <name>N/A</name>
        <lei>N/A</lei>
        <title>Bristol-Myers Squibb Co.</title>
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        <name>Glencore Funding LLC</name>
        <lei>213800STG1QDNBY87K49</lei>
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        <fairValLevel>2</fairValLevel>
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        <name>United Rentals North America, Inc.</name>
        <lei>NGIZXNT70J2LYT3FBI09</lei>
        <title>United Rentals North America, Inc.</title>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Broadcom, Inc.</name>
        <lei>549300WV6GIDOZJTV909</lei>
        <title>Broadcom, Inc.</title>
        <cusip>11135FBL4</cusip>
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        <balance>30000000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>24625269.30000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
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        <name>Bank of America Corp.</name>
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        <name>Edison International</name>
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        <name>Morgan Stanley</name>
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        <name>Truist Financial Corp.</name>
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        <name>HP, Inc.</name>
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        <name>Chevron Corp.</name>
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        <name>Capital One Financial Corp.</name>
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        <name>Emerald Debt Merger Sub LLC</name>
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        <name>Target Corp.</name>
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        <name>Vistra Operations Co. LLC</name>
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        <name>Rio Tinto plc</name>
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        <name>Apple, Inc.</name>
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        <name>Franklin U.S. Low Volatility ETF</name>
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        <title>Franklin U.S. Low Volatility ETF</title>
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        <name>Truist Financial Corp.</name>
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        <name>UBS AG into Charles Schwab Corp. (The)</name>
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        <name>Flex Ltd.</name>
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        <name>DuPont de Nemours, Inc.</name>
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        <name>Lowe's Cos., Inc.</name>
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        <name>Amgen, Inc.</name>
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        <name>Intel Corp.</name>
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        <name>Bank of America Corp.</name>
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        <name>General Motors Financial Co., Inc.</name>
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        <name>Regal Rexnord Corp.</name>
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        <name>Starbucks Corp.</name>
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        <name>AbbVie, Inc.</name>
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        <name>CVS Health Corp.</name>
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        <name>Union Pacific Corp.</name>
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        <name>Citigroup Global Markets Holdings, Inc. into Exxon Mobil Corp.</name>
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        <name>DaVita, Inc.</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Sempra</name>
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        <name>Royal Bank of Canada into Comcast Corp.</name>
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        <invCountry>CA</invCountry>
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        <name>FNMA</name>
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        <name>Duke Energy Corp.</name>
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        <name>Amgen, Inc.</name>
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        <title>Amgen, Inc.</title>
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        <name>Mizuho Markets Cayman LP into Cisco Systems, Inc.</name>
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        <name>Alcoa Nederland Holding BV</name>
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        <name>Microchip Technology, Inc.</name>
        <lei>5493007PTFULNYZJ1R12</lei>
        <title>Microchip Technology, Inc.</title>
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        <name>Williams Cos., Inc. (The)</name>
        <lei>D71FAKCBLFS2O0RBPG08</lei>
        <title>Williams Cos., Inc. (The)</title>
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        <name>Institutional Fiduciary Trust - Money Market Portfolio</name>
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        <name>CVS Health Corp.</name>
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        <name>Oracle Corp.</name>
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        <name>BAT Capital Corp.</name>
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        <name>Ford Motor Credit Co. LLC</name>
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        <name>Brown &amp; Brown, Inc.</name>
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        <name>Barclays plc</name>
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        <invCountry>GB</invCountry>
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        <name>BNP Paribas Issuance BV into Comcast Corp.</name>
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        <name>Lockheed Martin Corp.</name>
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        <name>Medline Borrower LP</name>
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        <name>Energy Transfer LP</name>
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        <name>US Bancorp</name>
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        <name>Lowe's Cos., Inc.</name>
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        <name>Sprint LLC</name>
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        <name>Texas Instruments, Inc.</name>
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        <title>Texas Instruments, Inc.</title>
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        <name>ArcelorMittal SA</name>
        <lei>2EULGUTUI56JI9SAL165</lei>
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        <invCountry>LU</invCountry>
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        <name>Union Pacific Corp.</name>
        <lei>549300LMMRSZZCZ8CL11</lei>
        <title>Union Pacific Corp.</title>
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          <other otherDesc="Inhouse Asset ID" value="1213759"/>
        </identifiers>
        <balance>15000000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>14683714.65000000</valUSD>
        <pctVal>0.391920379799</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2033-01-20</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.50000000</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>Centene Corp.</name>
        <lei>549300Z7JJ4TQSQGT333</lei>
        <title>Centene Corp.</title>
        <cusip>15135BAT8</cusip>
        <identifiers>
          <isin value="US15135BAT89"/>
          <other otherDesc="Inhouse Asset ID" value="1068941"/>
        </identifiers>
        <balance>25000000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>23265750.00000000</valUSD>
        <pctVal>0.620981937723</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-12-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.62500000</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>Humana, Inc.</name>
        <lei>529900YLDW34GJAO4J06</lei>
        <title>Humana, Inc.</title>
        <cusip>444859BV3</cusip>
        <identifiers>
          <isin value="US444859BV38"/>
          <other otherDesc="Inhouse Asset ID" value="1223057"/>
        </identifiers>
        <balance>15000000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>15623157.90000000</valUSD>
        <pctVal>0.416994890175</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2033-03-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.87500000</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>2023-08-30</ncom:dateSigned>
      <ncom:nameOfApplicant>Franklin Investors Securities Trust</ncom:nameOfApplicant>
      <ncom:signature>Ryan Wheeler</ncom:signature>
      <ncom:signerName>Ryan Wheeler</ncom:signerName>
      <ncom:title>Assistant Treasurer</ncom:title>
    </signature>
  </formData>
  <documents>XXXX</documents>
</edgarSubmission>
