# EDGAR Filing Document

**Accession Number:** 0000809707
**File Stem:** 0001752724-25-153746
**Filing Date:** 2025-6
**Character Count:** 75842
**Document Hash:** d6956ceed237fa908d65b3ed49ff9a98
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001752724-25-153746.hdr.sgml**: 20250624

**ACCESSION NUMBER**: 0001752724-25-153746

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 1

**CONFORMED PERIOD OF REPORT**: 20250430

**FILED AS OF DATE**: 20250624

**DATE AS OF CHANGE**: 20250624

**PERIOD START**: 20251031

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Franklin Investors Securities Trust
- **CENTRAL INDEX KEY:** 0000809707

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** FL
- **FISCAL YEAR END:** 1031

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-04986
- **FILM NUMBER:** 251068709

**BUSINESS ADDRESS:**
- **STREET 1:** ONE FRANKLIN PARKWAY
- **CITY:** SAN MATEO
- **STATE:** CA
- **ZIP:** 94403-1906
- **BUSINESS PHONE:** 650-312-2200

**MAIL ADDRESS:**
- **STREET 1:** ONE FRANKLIN PARKWAY
- **CITY:** SAN MATEO
- **STATE:** CA
- **ZIP:** 94403-1906

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** FRANKLIN INVESTORS SECURITIES TRUST
- **DATE OF NAME CHANGE:** 19920703

## Series and Classes Contracts Data

### Franklin Managed Income Fund (Series ID: S000012705)

| Class ID   | Class Name    | Ticker Symbol   |
|:---|:---|:---|
| C000034238 | Class A       | FBLAX           |
| C000034239 | Class C       | FBMCX           |
| C000034240 | Class R       | FBFQX           |
| C000034241 | Advisor Class | FBFZX           |
| C000128884 | Class R6      | FBFRX           |

## Form NPORT-P: Monthly Portfolio Investments Report

### NPORT-P: Part A: General Information

**Item A.1. Information about the Registrant.**

- **a. Name of Registrant:** Franklin Investors Securities Trust

- **b. Investment Company Act file number:** 811-04986

- **c. CIK number of Registrant:** 0000809707

- **d. LEI of Registrant:** 549300XUGIR9DEQFV548

- **e. Address and telephone number of Registrant.**

  - **Street Address 1:** One Franklin Parkway

  - **City:** San Mateo

  - **State:** CA

  - **Foreign country:** US

  - **Zip / Postal Code:** 94403-1906

  - **Telephone number:** 650-312-2000

**Item A.2. Information about the Series.**

- **a. Name of Series:** Franklin Managed Income Fund

- **b. EDGAR series identifier (if any):** S000012705

- **c. LEI of Series:** XM9TFFPJNQZE8D26W802

**Item A.3. Reporting period.**

- **a. Date of fiscal year-end:** 2025-10-31

- **b. Date as of which information is reported:** 2025-04-30

**Item A.4. Final filing**

Does the Fund anticipate that this will be its final filing on Form N-PORT? **No**

### Fund Information

**Total Assets:** $3293885764.49

**Total Liabilities:** $35050441.06

**Net Assets:** $3258835323.43

**Cash Not Reported:** $37158574.44

**Currency Risk Metrics (dv01):**

- 

**Credit Spread Risk - Investment Grade (dv01):**

- **3-Month:** -114.68000000 | **1-Year:** -22554.80000000 | **5-Year:** -303801.99000000 | **10-Year:** -310213.57000000 | **30-Year:** -356586.42000000

**Credit Spread Risk - Non-Investment Grade (dv01):**

- **3-Month:** 0.00000000 | **1-Year:** 0.00000000 | **5-Year:** 0.00000000 | **10-Year:** 0.00000000 | **30-Year:** 0.00000000

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000034241 | 2.49%                | -0.78%               | -2.38%               |
| Class ID C000034240 | 2.45%                | -0.82%               | -2.50%               |
| Class ID C000034239 | 2.44%                | -0.88%               | -2.50%               |
| Class ID C000034238 | 2.48%                | -0.81%               | -2.49%               |
| Class ID C000128884 | 2.50%                | -0.86%               | -2.38%               |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $2887836.02              | $66670190.67                               |
| Month 2  | $23613050.51             | $-65947111.34                              |
| Month 3  | $-87309007.42            | $-4854698.00                               |

**Designated Index Information**

- **Index Name:** ICE BofA Corp. & High Yield + Barclays US Agg + MSCI USA High Div. Yield Index

- **Index Identifier:** HB10266

### Schedule of Portfolio Investments

| Name                                                                       | Title                                                                      | Identifiers                                   | Payoff Profile   | Asset Category   | Issuer Category   | Country   |   Balance | Units   | Value (USD)   | % of Net Assets   | Maturity Date   | Coupon Type   | Annualized Rate (%)   | Restricted?   |   Fair Value Level | Lending Status   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Shell plc                                                                  | Shell plc                                                                  | CUSIP: 780259305<br>LEI: 21380068P1DRHMJ8KU70 | Long             | EC               | CORP              | GB        |    250000 | NS      | $16120000.00  | 0.49%             |  |  |  | No            |                  1 | On Loan: No      |
| Five Corners Funding Trust III                                             | Five Corners Funding Trust III                                             | CUSIP: 33830GAA9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |  10000000 | PA      | $10275536.80  | 0.32%             | 2033-02-15      | Fixed         | 5.79%                 | No            |                  2 | On Loan: No      |
| GNMA                                                                       | GNMA II, Single-family, 30 Year                                            | CUSIP: 3618N5GP8<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |  99481836 | PA      | $99535268.69  | 3.05%             | 2055-02-20      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Exxon Mobil Corp.                                                          | Exxon Mobil Corp.                                                          | CUSIP: 30231G102<br>LEI: J3WHBG0MTS7O8ZVMDC91 | Long             | EC               | CORP              | US        |    600000 | NS      | $63378000.00  | 1.94%             |  |  |  | No            |                  1 | On Loan: No      |
| Flex Ltd.                                                                  | Flex Ltd.                                                                  | CUSIP: 33938XAB1<br>LEI: 549300EAQH74YHD07T53 | Long             | DBT              | CORP              | SG        |  20000000 | PA      | $19700439.80  | 0.60%             | 2030-05-12      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| FHLMC Pool                                                                 | FHLMC Pool, 30 Year                                                        | CUSIP: 3132DWMY6<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   9632882 | PA      | $9618966.41   | 0.30%             | 2054-11-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Regal Rexnord Corp.                                                        | Regal Rexnord Corp.                                                        | CUSIP: 758750AM5<br>LEI: QH78R09VCJGQKPBPYU33 | Long             | DBT              | CORP              | US        |  20000000 | PA      | $20524173.40  | 0.63%             | 2028-04-15      | Fixed         | 6.05%                 | No            |                  2 | On Loan: No      |
| Ingersoll Rand, Inc.                                                       | Ingersoll Rand, Inc.                                                       | CUSIP: 45687VAB2<br>LEI: 5299004C02FMZCUOIR50 | Long             | DBT              | CORP              | US        |  20000000 | PA      | $20565699.20  | 0.63%             | 2033-08-14      | Fixed         | 5.70%                 | No            |                  2 | On Loan: No      |
| Mizuho Markets Cayman LP into Exxon Mobil Corp.                            | Mizuho Markets Cayman LP into Exxon Mobil Corp.                            | CUSIP: 60701E246<br>LEI: 549300KHUXLS6Q30KT26 | Long             | SN               | CORP              | KY        |    130000 | NS      | $13938057.95  | 0.43%             | 2026-04-07      | Fixed         | 8.50%                 | No            |                  2 | On Loan: No      |
| Citigroup Global Markets Holdings, Inc. into Boeing Co. (The)              | Citigroup Global Markets Holdings, Inc. into Boeing Co. (The)              | CUSIP: 17331V485<br>LEI: 82VOJDD5PTRDMVVMGV31 | Long             | SN               | CORP              | US        |     40000 | NS      | $6589521.85   | 0.20%             | 2025-12-08      | Fixed         | 8.50%                 | No            |                  2 | On Loan: No      |
| Occidental Petroleum Corp.                                                 | Occidental Petroleum Corp.                                                 | CUSIP: 674599EC5<br>LEI: IM7X0T3ECJW4C1T7ON55 | Long             | DBT              | CORP              | US        |  10000000 | PA      | $10271540.00  | 0.32%             | 2028-09-01      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| American Tower Corp.                                                       | American Tower Corp.                                                       | CUSIP: 03027XCF5<br>LEI: 5493006ORUSIL88JOE18 | Long             | DBT              | CORP              | US        |  10000000 | PA      | $10485421.90  | 0.32%             | 2033-11-15      | Fixed         | 5.90%                 | No            |                  2 | On Loan: No      |
| Huntsman International LLC                                                 | Huntsman International LLC                                                 | CUSIP: 44701QBE1<br>LEI: 3YTEJFW18LGIUQ2N5J61 | Long             | DBT              | CORP              | US        |  20000000 | PA      | $18861928.20  | 0.58%             | 2029-05-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| General Motors Co.                                                         | General Motors Co.                                                         | CUSIP: 37045VAZ3<br>LEI: 54930070NSV60J38I987 | Long             | DBT              | CORP              | US        |  15000000 | PA      | $14877452.55  | 0.46%             | 2032-10-15      | Fixed         | 5.60%                 | No            |                  2 | On Loan: No      |
| International Business Machines Corp.                                      | International Business Machines Corp.                                      | CUSIP: 459200101<br>LEI: VGRQXHF3J8VDLUA7XE92 | Long             | EC               | CORP              | US        |     85000 | NS      | $20554700.00  | 0.63%             |  |  |  | No            |                  1 | On Loan: No      |
| Fifth Third Bancorp                                                        | Fifth Third Bancorp                                                        | CUSIP: 316773DK3<br>LEI: THRNG6BD57P9QWTQLG42 | Long             | DBT              | CORP              | US        |  10000000 | PA      | $10489184.60  | 0.32%             | 2029-07-27      | Fixed         | 6.34%                 | No            |                  2 | On Loan: No      |
| FHLMC Pool                                                                 | FHLMC Pool, 30 Year                                                        | CUSIP: 3132DWHT3<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |  45113781 | PA      | $45143068.38  | 1.39%             | 2053-07-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Merrill Lynch BV into Microsoft Corp                                       | Merrill Lynch BV into Microsoft Corp                                       | CUSIP: 59027W237<br>LEI: 549300RQ1D1WIE085245 | Long             | SN               | CORP              | NL        |     45000 | NS      | $18014863.11  | 0.55%             | 2025-10-06      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| NextEra Energy, Inc.                                                       | NextEra Energy, Inc.                                                       | CUSIP: 65339F101<br>LEI: 254900RHL9MEUS5NKX63 | Long             | EC               | CORP              | US        |    275000 | NS      | $18392000.00  | 0.56%             |  |  |  | No            |                  1 | On Loan: No      |
| Goldman Sachs Group, Inc. (The)                                            | Goldman Sachs Group, Inc. (The)                                            | CUSIP: 38141GA53<br>LEI: 784F5XWPLTWKTBV3E584 | Long             | DBT              | CORP              | US        |  10000000 | PA      | $10899717.50  | 0.33%             | 2034-10-24      | Fixed         | 6.56%                 | No            |                  2 | On Loan: No      |
| Boeing Co. (The)                                                           | Boeing Co. (The)                                                           | CUSIP: 097023105<br>LEI: RVHJWBXLJ1RFUBSY1F30 | Long             | EC               | CORP              | US        |     40000 | NS      | $7329600.00   | 0.22%             |  |  |  | No            |                  1 | On Loan: No      |
| Carrier Global Corp.                                                       | Carrier Global Corp.                                                       | CUSIP: 14448CBC7<br>LEI: 549300JE3W6CWY2NAN77 | Long             | DBT              | CORP              | US        |  20000000 | PA      | $21068734.40  | 0.65%             | 2034-03-15      | Fixed         | 5.90%                 | No            |                  2 | On Loan: No      |
| Barclays plc                                                               | Barclays plc                                                               | CUSIP: 06738ECD5<br>LEI: 213800LBQA1Y9L22JB70 | Long             | DBT              | CORP              | GB        |  15000000 | PA      | $15917947.95  | 0.49%             | 2028-11-02      | Fixed         | 7.38%                 | No            |                  2 | On Loan: No      |
| Edison International                                                       | Edison International                                                       | CUSIP: 281020107<br>LEI: 549300I7ROF15MAEVP56 | Long             | EC               | CORP              | US        |    350000 | NS      | $18728500.00  | 0.57%             |  |  |  | No            |                  1 | On Loan: No      |
| Delta Air Lines, Inc. / SkyMiles IP Ltd.                                   | Delta Air Lines, Inc. / SkyMiles IP Ltd.                                   | CUSIP: 830867AB3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |  25000000 | PA      | $24854617.25  | 0.76%             | 2028-10-20      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| Crown Castle, Inc.                                                         | Crown Castle, Inc.                                                         | CUSIP: 22822VBC4<br>LEI: 54930012H97VSM0I2R19 | Long             | DBT              | CORP              | US        |  10000000 | PA      | $9784735.50   | 0.30%             | 2033-05-01      | Fixed         | 5.10%                 | No            |                  2 | On Loan: No      |
| Johnson & Johnson                                                          | Johnson & Johnson                                                          | CUSIP: 478160104<br>LEI: 549300G0CFPGEF6X2043 | Long             | EC               | CORP              | US        |    350000 | NS      | $54708500.00  | 1.68%             |  |  |  | No            |                  1 | On Loan: No      |
| Morgan Stanley                                                             | Morgan Stanley                                                             | CUSIP: 61747YEY7<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | DBT              | CORP              | US        |  15000000 | PA      | $16067500.95  | 0.49%             | 2033-10-18      | Fixed         | 6.34%                 | No            |                  2 | On Loan: No      |
| Pfizer, Inc.                                                               | Pfizer, Inc.                                                               | CUSIP: 717081103<br>LEI: 765LHXWGK1KXCLTFYQ30 | Long             | EC               | CORP              | US        |    750000 | NS      | $18307500.00  | 0.56%             |  |  |  | No            |                  1 | On Loan: No      |
| PNC Financial Services Group, Inc. (The)                                   | PNC Financial Services Group, Inc. (The)                                   | CUSIP: 693475BJ3<br>LEI: CFGNEKW0P8842LEUIA51 | Long             | DBT              | CORP              | US        |  10000000 | PA      | $10452613.90  | 0.32%             | 2033-10-28      | Fixed         | 6.04%                 | No            |                  2 | On Loan: No      |
| Pilgrim's Pride Corp.                                                      | Pilgrim's Pride Corp.                                                      | CUSIP: 72147KAJ7<br>LEI: 549300ZSLGV64ZL3HD75 | Long             | DBT              | CORP              | US        |  21000000 | PA      | $19874250.90  | 0.61%             | 2031-04-15      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| Deutsche Post AG                                                           | Deutsche Post AG                                                           | CUSIP: N/A<br>LEI: 8ER8GIG7CSMVD8VUFE78       | Long             | EC               | CORP              | DE        |    400000 | NS      | $17091203.28  | 0.52%             |  |  |  | No            |                  2 | On Loan: No      |
| Wells Fargo Bank NA into Schlumberger NV                                   | Wells Fargo Bank NA into Schlumberger NV                                   | CUSIP: N/A<br>LEI: N/A                        | Long             | SN               | CORP              | US        |    330000 | NS      | $11464947.23  | 0.35%             | 2025-11-26      | Fixed         | 10.00%                | No            |                  2 | On Loan: No      |
| Citigroup, Inc.                                                            | Citigroup, Inc.                                                            | CUSIP: 172967PA3<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | DBT              | CORP              | US        |  10000000 | PA      | $10602791.00  | 0.33%             | 2033-11-17      | Fixed         | 6.27%                 | No            |                  2 | On Loan: No      |
| Viatris, Inc.                                                              | Viatris, Inc.                                                              | CUSIP: 92556VAD8<br>LEI: 254900ZZTSW7NL773X71 | Long             | DBT              | CORP              | US        |  20000000 | PA      | $17321133.60  | 0.53%             | 2030-06-22      | Fixed         | 2.70%                 | No            |                  2 | On Loan: No      |
| Barclays Bank plc into International Business Machines Corp.               | Barclays Bank plc into International Business Machines Corp.               | CUSIP: 06748N145<br>LEI: G5GSEF7VJP5I7OUK5573 | Long             | SN               | CORP              | GB        |     80000 | NS      | $15500844.84  | 0.48%             | 2025-06-09      | Fixed         | 8.50%                 | No            |                  2 | On Loan: No      |
| Johnson Controls International plc                                         | Johnson Controls International plc                                         | CUSIP: N/A<br>LEI: 549300XQ6S1GYKGBL205       | Long             | EC               | CORP              | IE        |    200000 | NS      | $16780000.00  | 0.51%             |  |  |  | No            |                  1 | On Loan: No      |
| JPMorgan Chase & Co.                                                       | JPMorgan Chase & Co.                                                       | CUSIP: 46647PDY9<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | DBT              | CORP              | US        |  10000000 | PA      | $10743745.20  | 0.33%             | 2034-10-23      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| US Bancorp                                                                 | US Bancorp                                                                 | CUSIP: 91159HJJ0<br>LEI: N1GZ7BBF3NP8GI976H15 | Long             | DBT              | CORP              | US        |  10000000 | PA      | $10365068.00  | 0.32%             | 2033-10-21      | Fixed         | 5.85%                 | No            |                  2 | On Loan: No      |
| Home Depot, Inc. (The)                                                     | Home Depot, Inc. (The)                                                     | CUSIP: 437076102<br>LEI: QEKMOTMBBKA8I816DO57 | Long             | EC               | CORP              | US        |    150000 | NS      | $54073500.00  | 1.66%             |  |  |  | No            |                  1 | On Loan: No      |
| AbbVie, Inc.                                                               | AbbVie, Inc.                                                               | CUSIP: 00287YCY3<br>LEI: FR5LCKFTG8054YNNRU85 | Long             | DBT              | CORP              | US        |  15000000 | PA      | $14454834.30  | 0.44%             | 2035-03-15      | Fixed         | 4.55%                 | No            |                  2 | On Loan: No      |
| JBS USA Holding Lux SARL / JBS USA Food Co. / JBS Lux Co. SARL             | JBS USA Holding Lux SARL / JBS USA Food Co. / JBS Lux Co. SARL             | CUSIP: 47214BAC2<br>LEI: N/A                  | Long             | DBT              | CORP              | LU        |  15000000 | PA      | $16273485.00  | 0.50%             | 2034-03-15      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| Ashtead Capital, Inc.                                                      | Ashtead Capital, Inc.                                                      | CUSIP: 045054AR4<br>LEI: 213800J1134IW58IC398 | Long             | DBT              | CORP              | US        |  10000000 | PA      | $10122720.70  | 0.31%             | 2033-10-15      | Fixed         | 5.95%                 | No            |                  2 | On Loan: No      |
| JBS USA Holding Lux SARL / JBS USA Food Co. / JBS Lux Co. SARL             | JBS USA Holding Lux SARL / JBS USA Food Co. / JBS Lux Co. SARL             | CUSIP: 46590XAM8<br>LEI: N/A                  | Long             | DBT              | CORP              | LU        |   5000000 | PA      | $4572179.50   | 0.14%             | 2031-12-01      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| Toronto-Dominion Bank (The) into Starbucks Corp.                           | Toronto-Dominion Bank (The) into Starbucks Corp.                           | CUSIP: 891160A52<br>LEI: PT3QB789TSUIDF371261 | Long             | SN               | CORP              | CA        |    115000 | NS      | $9624022.46   | 0.30%             | 2026-01-12      | Fixed         | 9.00%                 | No            |                  2 | On Loan: No      |
| United States of America                                                   | U.S. Treasury Bills                                                        | CUSIP: 912797PC5<br>LEI: 254900HROIFWPRGM1V77 | Long             | STIV             | UST               | US        |  20000000 | PA      | $19988336.20  | 0.61%             | 2025-05-06      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Mileage Plus Holdings LLC / Mileage Plus Intellectual Property Assets Ltd. | Mileage Plus Holdings LLC / Mileage Plus Intellectual Property Assets Ltd. | CUSIP: 599191AA1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   6750000 | PA      | $6776655.75   | 0.21%             | 2027-06-20      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| Pacific Gas and Electric Co.                                               | Pacific Gas and Electric Co.                                               | CUSIP: 694308KJ5<br>LEI: 1HNPXZSMMB7HMBMVBS46 | Long             | DBT              | CORP              | US        |  10000000 | PA      | $10205591.70  | 0.31%             | 2033-01-15      | Fixed         | 6.15%                 | No            |                  2 | On Loan: No      |
| FNMA                                                                       | FNMA, 30 Year                                                              | CUSIP: 31418ER93<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |  38859352 | PA      | $39578093.10  | 1.21%             | 2053-05-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Albemarle Corp.                                                            | Albemarle Corp.                                                            | CUSIP: 012653200<br>LEI: HDBLS2Q6GV1LSKQPBS54 | Long             | EP               | CORP              | US        |    575000 | NS      | $17612250.00  | 0.54%             |  |  |  | No            |                  1 | On Loan: No      |
| Southern Co. (The)                                                         | Southern Co. (The)                                                         | CUSIP: 842587107<br>LEI: 549300FC3G3YU2FBZD92 | Long             | EC               | CORP              | US        |    500000 | NS      | $45945000.00  | 1.41%             |  |  |  | No            |                  1 | On Loan: No      |
| FNMA                                                                       | FNMA, 30 Year                                                              | CUSIP: 31418FED5<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |  10585708 | PA      | $10570415.98  | 0.32%             | 2054-11-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| MetLife, Inc.                                                              | MetLife, Inc.                                                              | CUSIP: 59156RAP3<br>LEI: C4BXATY60WC6XEOZDX54 | Long             | DBT              | CORP              | US        |  10000000 | PA      | $9905823.00   | 0.30%             | 2036-12-15      | Fixed         | 6.40%                 | No            |                  2 | On Loan: No      |
| JPMorgan Chase Bank NA into Comcast Corp.                                  | JPMorgan Chase Bank NA into Comcast Corp.                                  | CUSIP: N/A<br>LEI: N/A                        | Long             | SN               | CORP              | US        |    800000 | NS      | $27873582.40  | 0.86%             | 2025-09-02      | Fixed         | 8.50%                 | No            |                  2 | On Loan: No      |
| AstraZeneca plc                                                            | AstraZeneca plc                                                            | CUSIP: 046353108<br>LEI: PY6ZZQWO2IZFZC3IOL08 | Long             | EC               | CORP              | GB        |    250000 | NS      | $17947500.00  | 0.55%             |  |  |  | No            |                  1 | On Loan: No      |
| Williams Cos., Inc. (The)                                                  | Williams Cos., Inc. (The)                                                  | CUSIP: 969457CJ7<br>LEI: D71FAKCBLFS2O0RBPG08 | Long             | DBT              | CORP              | US        |  20000000 | PA      | $20461024.60  | 0.63%             | 2033-03-15      | Fixed         | 5.65%                 | No            |                  2 | On Loan: No      |
| NRG Energy, Inc.                                                           | NRG Energy, Inc.                                                           | CUSIP: 629377CT7<br>LEI: 5E2UPK5SW04M13XY7I38 | Long             | DBT              | CORP              | US        |  10000000 | PA      | $10781760.00  | 0.33%             | 2033-03-15      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| Pacific Gas and Electric Co.                                               | Pacific Gas and Electric Co.                                               | CUSIP: 694308JM0<br>LEI: 1HNPXZSMMB7HMBMVBS46 | Long             | DBT              | CORP              | US        |  20000000 | PA      | $19411405.40  | 0.60%             | 2030-07-01      | Fixed         | 4.55%                 | No            |                  2 | On Loan: No      |
| Capital One Financial Corp.                                                | Capital One Financial Corp.                                                | CUSIP: 14040HCZ6<br>LEI: ZUE8T73ROZOF6FLBAR73 | Long             | DBT              | CORP              | US        |  10000000 | PA      | $10422727.30  | 0.32%             | 2029-06-08      | Fixed         | 6.31%                 | No            |                  2 | On Loan: No      |
| FHLMC Pool                                                                 | FHLMC Pool, 30 Year                                                        | CUSIP: 3132DWG80<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |  15936510 | PA      | $15643667.75  | 0.48%             | 2053-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Medtronic plc                                                              | Medtronic plc                                                              | CUSIP: N/A<br>LEI: 549300GX3ZBSQWUXY261       | Long             | EC               | CORP              | IE        |    200000 | NS      | $16952000.00  | 0.52%             |  |  |  | No            |                  1 | On Loan: No      |
| UBS AG into Oracle Corp.                                                   | UBS AG into Oracle Corp.                                                   | CUSIP: 90301T616<br>LEI: BFM8T61CT2L1QCEMIK50 | Long             | SN               | CORP              | CH        |    185000 | NS      | $24741552.18  | 0.76%             | 2025-06-10      | Fixed         | 9.00%                 | No            |                  2 | On Loan: No      |
| Merrill Lynch BV into Microsoft Corp.                                      | Merrill Lynch BV into Microsoft Corp.                                      | CUSIP: 59027W328<br>LEI: 549300RQ1D1WIE085245 | Long             | SN               | CORP              | NL        |     40000 | NS      | $15777499.34  | 0.48%             | 2026-03-09      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| Air Products and Chemicals, Inc.                                           | Air Products and Chemicals, Inc.                                           | CUSIP: 009158106<br>LEI: 7QEON6Y1RL5XR3R1W237 | Long             | EC               | CORP              | US        |    100000 | NS      | $27109000.00  | 0.83%             |  |  |  | No            |                  1 | On Loan: No      |
| GNMA                                                                       | GNMA II, Single-family, 30 Year                                            | CUSIP: 3618N5GQ6<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |  49713140 | PA      | $50363313.31  | 1.55%             | 2055-02-20      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Royal Bank of Canada into Microchip Technology, Inc.                       | Royal Bank of Canada into Microchip Technology, Inc.                       | CUSIP: N/A<br>LEI: N/A                        | Long             | SN               | CORP              | US        |    355000 | NS      | $15518922.93  | 0.48%             | 2026-05-05      | Fixed         | 11.00%                | No            |                  2 | On Loan: No      |
| Philip Morris International, Inc.                                          | Philip Morris International, Inc.                                          | CUSIP: 718172109<br>LEI: HL3H1H2BGXWVG3BSWR90 | Long             | EC               | CORP              | US        |    200000 | NS      | $34272000.00  | 1.05%             |  |  |  | No            |                  1 | On Loan: No      |
| United Rentals North America, Inc.                                         | United Rentals North America, Inc.                                         | CUSIP: 911365BQ6<br>LEI: NGIZXNT70J2LYT3FBI09 | Long             | DBT              | CORP              | US        |  22500000 | PA      | $22808182.50  | 0.70%             | 2029-12-15      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Broadcom, Inc.                                                             | Broadcom, Inc.                                                             | CUSIP: 11135FBL4<br>LEI: 549300WV6GIDOZJTV909 | Long             | DBT              | CORP              | US        |  20000000 | PA      | $17580122.60  | 0.54%             | 2034-04-15      | Fixed         | 3.47%                 | No            |                  2 | On Loan: No      |
| United Airlines Pass-Through Trust                                         | United Airlines Pass-Through Trust, Series 2020-1, Class B                 | CUSIP: N/A<br>LEI: N/A                        | Long             | DBT              | CORP              | US        |   3988500 | PA      | $3975038.81   | 0.12%             | 2027-07-15      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| FHLMC Pool                                                                 | FHLMC Pool, 30 Year                                                        | CUSIP: 3132DWNK5<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |  13115516 | PA      | $13096569.53  | 0.40%             | 2055-01-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Morgan Stanley                                                             | Morgan Stanley                                                             | CUSIP: 6174468L6<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | DBT              | CORP              | US        |  10000000 | PA      | $9136357.00   | 0.28%             | 2031-01-22      | Fixed         | 2.70%                 | No            |                  2 | On Loan: No      |
| GNMA                                                                       | GNMA II, Single-family, 30 Year                                            | CUSIP: 3618N5EW5<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |   9863429 | PA      | $9988578.77   | 0.31%             | 2055-01-20      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| US Bancorp                                                                 | US Bancorp                                                                 | CUSIP: 902973304<br>LEI: N1GZ7BBF3NP8GI976H15 | Long             | EC               | CORP              | US        |    250000 | NS      | $10085000.00  | 0.31%             |  |  |  | No            |                  1 | On Loan: No      |
| United States of America                                                   | U.S. Treasury Notes                                                        | CUSIP: 91282CHT1<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |  60000000 | PA      | $59255859.60  | 1.82%             | 2033-08-15      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| United States of America                                                   | U.S. Treasury Bonds Principal STRIPS                                       | CUSIP: 912803HD8<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        | 265000000 | PA      | $67304737.10  | 2.07%             | 2054-08-15      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Bank of America Corp.                                                      | Bank of America Corp.                                                      | CUSIP: 06051GLU1<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | DBT              | CORP              | US        |  15000000 | PA      | $15635421.60  | 0.48%             | 2034-09-15      | Fixed         | 5.87%                 | No            |                  2 | On Loan: No      |
| Cisco Systems, Inc.                                                        | Cisco Systems, Inc.                                                        | CUSIP: 17275R102<br>LEI: 549300LKFJ962MZ46593 | Long             | EC               | CORP              | US        |    525000 | NS      | $30308250.00  | 0.93%             |  |  |  | No            |                  1 | On Loan: No      |
| Starbucks Corp.                                                            | Starbucks Corp.                                                            | CUSIP: 855244109<br>LEI: OQSJ1DU9TAOC51A47K68 | Long             | EC               | CORP              | US        |    175000 | NS      | $14008750.00  | 0.43%             |  |  |  | No            |                  1 | On Loan: No      |
| Dow Chemical Co. (The)                                                     | Dow Chemical Co. (The)                                                     | CUSIP: 260543DG5<br>LEI: ZQUIP1CSZO8LXRBSOU78 | Long             | DBT              | CORP              | US        |  10000000 | PA      | $10661404.10  | 0.33%             | 2033-03-15      | Fixed         | 6.30%                 | No            |                  2 | On Loan: No      |
| Ashtead Capital, Inc.                                                      | Ashtead Capital, Inc.                                                      | CUSIP: 04505AAA7<br>LEI: 213800J1134IW58IC398 | Long             | DBT              | CORP              | US        |  15000000 | PA      | $14885363.40  | 0.46%             | 2032-08-11      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Freeport-McMoRan, Inc.                                                     | Freeport-McMoRan, Inc.                                                     | CUSIP: 35671DCH6<br>LEI: 549300IRDTHJQ1PVET45 | Long             | DBT              | CORP              | US        |  15000000 | PA      | $14764456.50  | 0.45%             | 2030-08-01      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| Oracle Corp.                                                               | Oracle Corp.                                                               | CUSIP: 68389XBE4<br>LEI: 1Z4GXXU7ZHVWFCD8TV52 | Long             | DBT              | CORP              | US        |  20000000 | PA      | $17738934.60  | 0.54%             | 2035-05-15      | Fixed         | 3.90%                 | No            |                  2 | On Loan: No      |
| Fifth Third Bancorp                                                        | Fifth Third Bancorp                                                        | CUSIP: 316773100<br>LEI: THRNG6BD57P9QWTQLG42 | Long             | EC               | CORP              | US        |    300000 | NS      | $10782000.00  | 0.33%             |  |  |  | No            |                  1 | On Loan: No      |
| General Motors Financial Co., Inc.                                         | General Motors Financial Co., Inc.                                         | CUSIP: 37045XCY0<br>LEI: 5493008B6JBRUJ90QL97 | Long             | DBT              | CORP              | US        |  20000000 | PA      | $18410590.40  | 0.56%             | 2030-06-21      | Fixed         | 3.60%                 | No            |                  2 | On Loan: No      |
| Edison International                                                       | Edison International                                                       | CUSIP: 281020AW7<br>LEI: 549300I7ROF15MAEVP56 | Long             | DBT              | CORP              | US        |  20000000 | PA      | $20848927.80  | 0.64%             | 2029-11-15      | Fixed         | 6.95%                 | No            |                  2 | On Loan: —       |
| Morgan Stanley                                                             | Morgan Stanley                                                             | CUSIP: 617446448<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | EC               | CORP              | US        |    150000 | NS      | $17313000.00  | 0.53%             |  |  |  | No            |                  1 | On Loan: No      |
| FNMA                                                                       | FNMA, 30 Year                                                              | CUSIP: 31418ER77<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |  15896941 | PA      | $15604824.70  | 0.48%             | 2053-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Micron Technology, Inc.                                                    | Micron Technology, Inc.                                                    | CUSIP: 595112BZ5<br>LEI: B3DXGBC8GAIYWI2Z0172 | Long             | DBT              | CORP              | US        |   5000000 | PA      | $5106811.75   | 0.16%             | 2033-02-09      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| FHLMC Pool                                                                 | FHLMC Pool, 30 Year                                                        | CUSIP: 3132DWNX7<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   8462060 | PA      | $8449835.85   | 0.26%             | 2055-02-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Lowe's Cos., Inc.                                                          | Lowe's Cos., Inc.                                                          | CUSIP: 548661107<br>LEI: WAFCR4OKGSC504WU3E95 | Long             | EC               | CORP              | US        |     50000 | NS      | $11178000.00  | 0.34%             |  |  |  | No            |                  1 | On Loan: No      |
| Analog Devices, Inc.                                                       | Analog Devices, Inc.                                                       | CUSIP: 032654105<br>LEI: GYVOE5EZ4GDAVTU4CQ61 | Long             | EC               | CORP              | US        |    200000 | NS      | $38984000.00  | 1.20%             |  |  |  | No            |                  1 | On Loan: No      |
| HP, Inc.                                                                   | HP, Inc.                                                                   | CUSIP: 40434LAN5<br>LEI: WHKXQACZ14C5XRO8LW03 | Long             | DBT              | CORP              | US        |  15000000 | PA      | $14937615.90  | 0.46%             | 2033-01-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Lowe's Cos., Inc.                                                          | Lowe's Cos., Inc.                                                          | CUSIP: 548661EL7<br>LEI: WAFCR4OKGSC504WU3E95 | Long             | DBT              | CORP              | US        |  10000000 | PA      | $9971185.20   | 0.31%             | 2033-04-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Royal Bank of Canada into Cisco Systems, Inc.                              | Royal Bank of Canada into Cisco Systems, Inc.                              | CUSIP: 779942424<br>LEI: ES7IP3U3RHIGC71XBU11 | Long             | SN               | CORP              | CA        |    100000 | NS      | $5282999.39   | 0.16%             | 2025-09-17      | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| NextEra Energy, Inc.                                                       | NextEra Energy, Inc.                                                       | CUSIP: 65339F119<br>LEI: 254900RHL9MEUS5NKX63 | Long             | EP               | CORP              | US        |    475000 | NS      | $20149500.00  | 0.62%             |  |  |  | No            |                  1 | On Loan: No      |
| Chevron Corp.                                                              | Chevron Corp.                                                              | CUSIP: 166764100<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    575000 | NS      | $78234500.00  | 2.40%             |  |  |  | No            |                  1 | On Loan: No      |
| Boeing Co. (The)                                                           | Boeing Co. (The)                                                           | CUSIP: 097023CY9<br>LEI: RVHJWBXLJ1RFUBSY1F30 | Long             | DBT              | CORP              | US        |  15000000 | PA      | $15148978.65  | 0.46%             | 2030-05-01      | Fixed         | 5.15%                 | No            |                  2 | On Loan: No      |
| Target Corp.                                                               | Target Corp.                                                               | CUSIP: 87612E106<br>LEI: 8WDDFXB5T1Z6J0XC1L66 | Long             | EC               | CORP              | US        |     37500 | NS      | $3626250.00   | 0.11%             |  |  |  | No            |                  1 | On Loan: No      |
| FHLMC Pool                                                                 | FHLMC Pool, 30 Year                                                        | CUSIP: 3132DWMX8<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |  23831669 | PA      | $23344319.32  | 0.72%             | 2054-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| TotalEnergies SE                                                           | TotalEnergies SE                                                           | CUSIP: 89151E109<br>LEI: 529900S21EQ1BO4ESM68 | Long             | EC               | CORP              | FR        |    275000 | NS      | $15633750.00  | 0.48%             |  |  |  | No            |                  1 | On Loan: No      |
| Vistra Operations Co. LLC                                                  | Vistra Operations Co. LLC                                                  | CUSIP: 92840VAE2<br>LEI: 549300ZH5GKBTJZ7NM23 | Long             | DBT              | CORP              | US        |  36000000 | PA      | $35225631.00  | 1.08%             | 2029-07-15      | Fixed         | 4.30%                 | No            |                  2 | On Loan: No      |
| Southern Co. (The)                                                         | Southern Co. (The)                                                         | CUSIP: 842587DL8<br>LEI: 549300FC3G3YU2FBZD92 | Long             | DBT              | CORP              | US        |  15000000 | PA      | $15601705.50  | 0.48%             | 2032-10-15      | Fixed         | 5.70%                 | No            |                  2 | On Loan: No      |
| GNMA                                                                       | GNMA II, Single-family, 30 Year                                            | CUSIP: 3618N5JE0<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |  49880619 | PA      | $50532983.67  | 1.55%             | 2055-03-20      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Rio Tinto plc                                                              | Rio Tinto plc                                                              | CUSIP: 767204100<br>LEI: 213800YOEO5OQ72G2R82 | Long             | EC               | CORP              | GB        |    250000 | NS      | $14850000.00  | 0.46%             |  |  |  | No            |                  1 | On Loan: No      |
| Goldman Sachs International Bank into NIKE, Inc.                           | Goldman Sachs International Bank into NIKE, Inc.                           | CUSIP: N/A<br>LEI: N/A                        | Long             | SN               | CORP              | US        |    128000 | NS      | $7730340.21   | 0.24%             | 2026-03-31      | Fixed         | 9.00%                 | No            |                  2 | On Loan: No      |
| Broadcom, Inc.                                                             | Broadcom, Inc.                                                             | CUSIP: 11135FAS0<br>LEI: 549300WV6GIDOZJTV909 | Long             | DBT              | CORP              | US        |  10000000 | PA      | $9560598.60   | 0.29%             | 2032-11-15      | Fixed         | 4.30%                 | No            |                  2 | On Loan: No      |
| Coca-Cola Co. (The)                                                        | Coca-Cola Co. (The)                                                        | CUSIP: 191216100<br>LEI: UWJKFUJFZ02DKWI3RY53 | Long             | EC               | CORP              | US        |    450000 | NS      | $32647500.00  | 1.00%             |  |  |  | No            |                  1 | On Loan: No      |
| United Airlines Pass-Through Trust                                         | United Airlines Pass-Through Trust, Series 2020-1, Class A                 | CUSIP: 90931GAA7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   3974958 | PA      | $4050457.90   | 0.12%             | 2027-10-15      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| Wells Fargo Bank NA into Target Corp.                                      | Wells Fargo Bank NA into Target Corp.                                      | CUSIP: N/A<br>LEI: N/A                        | Long             | SN               | CORP              | US        |    275000 | NS      | $26530998.56  | 0.81%             | 2026-05-13      | Fixed         | 10.00%                | No            |                  2 | On Loan: No      |
| Procter & Gamble Co. (The)                                                 | Procter & Gamble Co. (The)                                                 | CUSIP: 742718109<br>LEI: 2572IBTT8CCZW6AU4141 | Long             | EC               | CORP              | US        |    300000 | NS      | $48771000.00  | 1.50%             |  |  |  | No            |                  1 | On Loan: No      |
| FHLMC Pool                                                                 | FHLMC Pool, 30 Year                                                        | CUSIP: 3132DWNM1<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |  15911570 | PA      | $16151450.93  | 0.50%             | 2055-01-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Truist Financial Corp.                                                     | Truist Financial Corp.                                                     | CUSIP: 89832Q109<br>LEI: 549300DRQQI75D2JP341 | Long             | EC               | CORP              | US        |    350000 | NS      | $13419000.00  | 0.41%             |  |  |  | No            |                  1 | On Loan: No      |
| Sempra, Inc.                                                               | Sempra, Inc.                                                               | CUSIP: 816851BR9<br>LEI: PBBKGKLRK5S5C0Y4T545 | Long             | DBT              | CORP              | US        |  15000000 | PA      | $15109326.45  | 0.46%             | 2033-08-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Verizon Communications, Inc.                                               | Verizon Communications, Inc.                                               | CUSIP: 92343V104<br>LEI: 2S72QS2UO2OESLG6Y829 | Long             | EC               | CORP              | US        |    100000 | NS      | $4406000.00   | 0.14%             |  |  |  | No            |                  1 | On Loan: No      |
| FHLMC Pool                                                                 | FHLMC Pool, 30 Year                                                        | CUSIP: 3132DWJR5<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   7868192 | PA      | $7864750.75   | 0.24%             | 2053-11-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Amgen, Inc.                                                                | Amgen, Inc.                                                                | CUSIP: 031162100<br>LEI: 62QBXGPJ34PQ72Z12S66 | Long             | EC               | CORP              | US        |    100000 | NS      | $29092000.00  | 0.89%             |  |  |  | No            |                  1 | On Loan: No      |
| Bank of America Corp.                                                      | Bank of America Corp.                                                      | CUSIP: 060505104<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | EC               | CORP              | US        |    500000 | NS      | $19940000.00  | 0.61%             |  |  |  | No            |                  1 | On Loan: No      |
| JBS USA Holding Lux SARL / JBS USA Food Co. / JBS Lux Co. SARL             | JBS USA Holding Lux SARL / JBS USA Food Co. / JBS Lux Co. SARL             | CUSIP: 46590XAL0<br>LEI: N/A                  | Long             | DBT              | CORP              | LU        |  10000000 | PA      | $10160590.00  | 0.31%             | 2030-01-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Charles Schwab Corp. (The)                                                 | Charles Schwab Corp. (The)                                                 | CUSIP: 808513CE3<br>LEI: 549300VSGCJ7E698NM85 | Long             | DBT              | CORP              | US        |  10000000 | PA      | $10454418.10  | 0.32%             | 2034-05-19      | Fixed         | 5.85%                 | No            |                  2 | On Loan: No      |
| Fresenius Medical Care US Finance III, Inc.                                | Fresenius Medical Care US Finance III, Inc.                                | CUSIP: 35805BAE8<br>LEI: 5299006ZHLMXOOUVTU44 | Long             | DBT              | CORP              | US        |  20000000 | PA      | $17169123.40  | 0.53%             | 2031-12-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| General Motors Financial Co., Inc.                                         | General Motors Financial Co., Inc.                                         | CUSIP: 37045XED4<br>LEI: 5493008B6JBRUJ90QL97 | Long             | DBT              | CORP              | US        |  10000000 | PA      | $10342914.90  | 0.32%             | 2033-01-09      | Fixed         | 6.40%                 | No            |                  2 | On Loan: No      |
| VICI Properties LP / VICI Note Co., Inc.                                   | VICI Properties LP / VICI Note Co., Inc.                                   | CUSIP: 92564RAB1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |  20000000 | PA      | $19447932.00  | 0.60%             | 2029-12-01      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| Merrill Lynch BV into Advanced Micro Devices, Inc.                         | Merrill Lynch BV into Advanced Micro Devices, Inc.                         | CUSIP: 59027W336<br>LEI: 549300RQ1D1WIE085245 | Long             | SN               | CORP              | NL        |    125000 | NS      | $11531870.52  | 0.35%             | 2026-05-06      | Fixed         | 11.00%                | No            |                  2 | On Loan: No      |
| Healthpeak OP LLC                                                          | Healthpeak OP LLC                                                          | CUSIP: 42250PAE3<br>LEI: PZ9HF5U52KPF0MH0QN75 | Long             | DBT              | CORP              | US        |  20000000 | PA      | $20099068.20  | 0.62%             | 2032-12-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Boeing Co. (The)                                                           | Boeing Co. (The)                                                           | CUSIP: 097023204<br>LEI: RVHJWBXLJ1RFUBSY1F30 | Long             | EP               | CORP              | US        |    450000 | NS      | $27621000.00  | 0.85%             |  |  |  | No            |                  1 | On Loan: No      |
| FNMA                                                                       | FNMA, 30 Year                                                              | CUSIP: 3140XPBW8<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |  38618849 | PA      | $37909908.51  | 1.16%             | 2053-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Capital One Financial Corp.                                                | Capital One Financial Corp.                                                | CUSIP: 14040HCT0<br>LEI: ZUE8T73ROZOF6FLBAR73 | Long             | DBT              | CORP              | US        |  10000000 | PA      | $9832673.70   | 0.30%             | 2033-05-10      | Fixed         | 5.27%                 | No            |                  2 | On Loan: No      |
| RTX Corp.                                                                  | RTX Corp.                                                                  | CUSIP: 75513E101<br>LEI: I07WOS4YJ0N7YRFE7309 | Long             | EC               | CORP              | US        |    155000 | NS      | $19550150.00  | 0.60%             |  |  |  | No            |                  1 | On Loan: No      |
| AbbVie, Inc.                                                               | AbbVie, Inc.                                                               | CUSIP: 00287Y109<br>LEI: FR5LCKFTG8054YNNRU85 | Long             | EC               | CORP              | US        |    225000 | NS      | $43897500.00  | 1.35%             |  |  |  | No            |                  1 | On Loan: No      |
| Union Pacific Corp.                                                        | Union Pacific Corp.                                                        | CUSIP: 907818108<br>LEI: 549300LMMRSZZCZ8CL11 | Long             | EC               | CORP              | US        |    150000 | NS      | $32349000.00  | 0.99%             |  |  |  | No            |                  1 | On Loan: No      |
| Wells Fargo Bank NA into Boeing Co. (The)                                  | Wells Fargo Bank NA into Boeing Co. (The)                                  | CUSIP: 95002A139<br>LEI: KB1H1DSPRFMYMCUFXT09 | Long             | SN               | CORP              | US        |     50000 | NS      | $9122533.49   | 0.28%             | 2025-06-17      | Fixed         | 9.00%                 | No            |                  2 | On Loan: No      |
| Sempra, Inc.                                                               | Sempra, Inc.                                                               | CUSIP: 816851109<br>LEI: PBBKGKLRK5S5C0Y4T545 | Long             | EC               | CORP              | US        |    250000 | NS      | $18567500.00  | 0.57%             |  |  |  | No            |                  1 | On Loan: No      |
| FHLMC Pool                                                                 | FHLMC Pool, 30 Year                                                        | CUSIP: 3132DWNY5<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   4939893 | PA      | $5014366.24   | 0.15%             | 2055-02-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| FNMA                                                                       | FNMA, 30 Year                                                              | CUSIP: 3140QBMZ8<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    884413 | PA      | $836016.85    | 0.03%             | 2049-08-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Duke Energy Corp.                                                          | Duke Energy Corp.                                                          | CUSIP: 26441C204<br>LEI: I1BZKREC126H0VB1BL91 | Long             | EC               | CORP              | US        |    300000 | NS      | $36606000.00  | 1.12%             |  |  |  | No            |                  1 | On Loan: No      |
| UnitedHealth Group, Inc.                                                   | UnitedHealth Group, Inc.                                                   | CUSIP: 91324P102<br>LEI: 549300GHBMY8T5GXDE41 | Long             | EC               | CORP              | US        |     50000 | NS      | $20572000.00  | 0.63%             |  |  |  | No            |                  1 | On Loan: No      |
| Amgen, Inc.                                                                | Amgen, Inc.                                                                | CUSIP: 031162DR8<br>LEI: 62QBXGPJ34PQ72Z12S66 | Long             | DBT              | CORP              | US        |  15000000 | PA      | $15162781.80  | 0.47%             | 2033-03-02      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Goldman Sachs Bank USA into Applied Materials, Inc.                        | Goldman Sachs Bank USA into Applied Materials, Inc.                        | CUSIP: 38151L407<br>LEI: KD3XUN7C6T14HNAYLU02 | Long             | SN               | CORP              | US        |    135000 | NS      | $17987400.00  | 0.55%             | 2026-05-05      | Fixed         | 10.00%                | No            |                  2 | On Loan: No      |
| INSTITUTIONAL FIDUCIARY TRUST                                              | INSTITUTIONAL FIDUCIARY TRUST                                              | CUSIP: N/A<br>LEI: N/A                        | Long             | STIV             | RF                | US        |   5883444 | NS      | $5883444.00   | 0.18%             |  |  |  | No            |                  1 | On Loan: No      |
| McDonald's Corp.                                                           | McDonald's Corp.                                                           | CUSIP: 580135101<br>LEI: UE2136O97NLB5BYP9H04 | Long             | EC               | CORP              | US        |     50000 | NS      | $15982500.00  | 0.49%             |  |  |  | No            |                  1 | On Loan: No      |
| Institutional Fiduciary Trust - Money Market Portfolio                     | Institutional Fiduciary Trust - Money Market Portfolio                     | CUSIP: 457756500<br>LEI: 549300M4TP89K77LG374 | Long             | STIV             | RF                | US        |  30946528 | NS      | $30946528.18  | 0.95%             |  |  |  | No            |                  1 | On Loan: No      |
| Barclays Bank plc into Amazon.com, Inc.                                    | Barclays Bank plc into Amazon.com, Inc.                                    | CUSIP: N/A<br>LEI: N/A                        | Long             | SN               | CORP              | US        |     80000 | NS      | $15276923.15  | 0.47%             | 2026-03-25      | Fixed         | 10.00%                | No            |                  2 | On Loan: No      |
| JPMorgan Chase & Co.                                                       | JPMorgan Chase & Co., Series NN                                            | CUSIP: 48128BAQ4<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | DBT              | CORP              | US        |  10000000 | PA      | $10325951.10  | 0.32%             | 2029-06-01      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| Goldman Sachs Group, Inc. (The)                                            | Goldman Sachs Group, Inc. (The)                                            | CUSIP: 38141GYN8<br>LEI: 784F5XWPLTWKTBV3E584 | Long             | DBT              | CORP              | US        |  15000000 | PA      | $13020867.90  | 0.40%             | 2032-10-21      | Fixed         | 2.65%                 | No            |                  2 | On Loan: No      |
| CVS Health Corp.                                                           | CVS Health Corp.                                                           | CUSIP: 126650100<br>LEI: 549300EJG376EN5NQE29 | Long             | EC               | CORP              | US        |    200000 | NS      | $13342000.00  | 0.41%             |  |  |  | No            |                  1 | On Loan: No      |
| Oracle Corp.                                                               | Oracle Corp.                                                               | CUSIP: 68389XCJ2<br>LEI: 1Z4GXXU7ZHVWFCD8TV52 | Long             | DBT              | CORP              | US        |  10000000 | PA      | $10667905.90  | 0.33%             | 2032-11-09      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| BAT Capital Corp.                                                          | BAT Capital Corp.                                                          | CUSIP: 05526DBX2<br>LEI: 2138005GYEXN7XRHFA84 | Long             | DBT              | CORP              | US        |  25000000 | PA      | $28592958.50  | 0.88%             | 2032-10-19      | Fixed         | 7.75%                 | No            |                  2 | On Loan: No      |
| AerCap Ireland Capital DAC / AerCap Global Aviation Trust                  | AerCap Ireland Capital DAC / AerCap Global Aviation Trust                  | CUSIP: 00774MAX3<br>LEI: N/A                  | Long             | DBT              | CORP              | IE        |  20000000 | PA      | $17679994.00  | 0.54%             | 2032-01-30      | Fixed         | 3.30%                 | No            |                  2 | On Loan: No      |
| Ford Motor Credit Co. LLC                                                  | Ford Motor Credit Co. LLC                                                  | CUSIP: 345397C35<br>LEI: UDSQCVRUX5BONN0VY111 | Long             | DBT              | CORP              | US        |  15000000 | PA      | $15447499.35  | 0.47%             | 2027-11-04      | Fixed         | 7.35%                 | No            |                  2 | On Loan: No      |
| Brown & Brown, Inc.                                                        | Brown & Brown, Inc.                                                        | CUSIP: 115236AC5<br>LEI: 549300PC8KTJ71XKFY89 | Long             | DBT              | CORP              | US        |  25000000 | PA      | $21601933.25  | 0.66%             | 2031-03-15      | Fixed         | 2.38%                 | No            |                  2 | On Loan: No      |
| Barclays plc                                                               | Barclays plc                                                               | CUSIP: 06738ECA1<br>LEI: 213800LBQA1Y9L22JB70 | Long             | DBT              | CORP              | GB        |  10000000 | PA      | $10181632.70  | 0.31%             | 2033-08-09      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| Citigroup, Inc.                                                            | Citigroup, Inc.                                                            | CUSIP: 172967PU9<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | DBT              | CORP              | US        |  15000000 | PA      | $15049149.00  | 0.46%             | 2036-01-24      | Fixed         | 6.02%                 | No            |                  2 | On Loan: No      |
| Wells Fargo & Co.                                                          | Wells Fargo & Co.                                                          | CUSIP: 95000U3D3<br>LEI: PBLD0EJDB5FWOLXP3B76 | Long             | DBT              | CORP              | US        |  25000000 | PA      | $25110127.50  | 0.77%             | 2034-04-24      | Fixed         | 5.39%                 | No            |                  2 | On Loan: No      |
| Lockheed Martin Corp.                                                      | Lockheed Martin Corp.                                                      | CUSIP: 539830109<br>LEI: DPRBOZP0K5RM2YE8UU08 | Long             | EC               | CORP              | US        |     75000 | NS      | $35831250.00  | 1.10%             |  |  |  | No            |                  1 | On Loan: No      |
| Truist Financial Corp.                                                     | Truist Financial Corp.                                                     | CUSIP: 89788MAM4<br>LEI: 549300DRQQI75D2JP341 | Long             | DBT              | CORP              | US        |  10000000 | PA      | $9792388.00   | 0.30%             | 2034-01-26      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| Energy Transfer LP                                                         | Energy Transfer LP                                                         | CUSIP: 29273VAQ3<br>LEI: MTLVN9N7JE8MIBIJ1H73 | Long             | DBT              | CORP              | US        |  15000000 | PA      | $15216048.90  | 0.47%             | 2033-02-15      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| Nestle SA                                                                  | Nestle SA                                                                  | CUSIP: 641069406<br>LEI: KY37LUS27QQX7BB93L28 | Long             | EC               | CORP              | CH        |    250000 | NS      | $26647500.00  | 0.82%             |  |  |  | No            |                  1 | On Loan: No      |
| Morgan Stanley                                                             | Morgan Stanley                                                             | CUSIP: 61747YFG5<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | DBT              | CORP              | US        |  15000000 | PA      | $15163018.05  | 0.47%             | 2034-07-21      | Fixed         | 5.42%                 | No            |                  2 | On Loan: No      |
| Texas Instruments, Inc.                                                    | Texas Instruments, Inc.                                                    | CUSIP: 882508104<br>LEI: WDJNR2L6D8RWOEB8T652 | Long             | EC               | CORP              | US        |    275000 | NS      | $44013750.00  | 1.35%             |  |  |  | No            |                  1 | On Loan: No      |
| ArcelorMittal SA                                                           | ArcelorMittal SA                                                           | CUSIP: 03938LBE3<br>LEI: 2EULGUTUI56JI9SAL165 | Long             | DBT              | CORP              | LU        |  10000000 | PA      | $10404059.40  | 0.32%             | 2027-11-29      | Fixed         | 6.55%                 | No            |                  2 | On Loan: No      |
| Centene Corp.                                                              | Centene Corp.                                                              | CUSIP: 15135BAT8<br>LEI: 549300Z7JJ4TQSQGT333 | Long             | DBT              | CORP              | US        |  25000000 | PA      | $24126139.75  | 0.74%             | 2029-12-15      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| Humana, Inc.                                                               | Humana, Inc.                                                               | CUSIP: 444859BV3<br>LEI: 529900YLDW34GJAO4J06 | Long             | DBT              | CORP              | US        |  15000000 | PA      | $15368682.00  | 0.47%             | 2033-03-01      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| HCA, Inc.                                                                  | HCA, Inc.                                                                  | CUSIP: 404119CQ0<br>LEI: L3CJ6J7LJ2DX62FTXD46 | Long             | DBT              | CORP              | US        |  15000000 | PA      | $15101285.55  | 0.46%             | 2033-06-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |

### Signature

**Date Signed:** 2025-05-30

**Name of Applicant:** Franklin Investors Securities Trust

**Signature:** Monica Krogh

**Name of Signer:** Monica Krogh

**Title:** Assistant Treasurer