# EDGAR Filing Document

**Accession Number:** 0000809707
**File Stem:** 0002071691-25-009362
**Filing Date:** 2025-12
**Character Count:** 70431
**Document Hash:** 988e3c306983d2147a924e93c8c58e8f
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0002071691-25-009362.hdr.sgml**: 20251223

**ACCESSION NUMBER**: 0002071691-25-009362

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 1

**CONFORMED PERIOD OF REPORT**: 20251031

**FILED AS OF DATE**: 20251223

**DATE AS OF CHANGE**: 20251223

**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:** 251595263

**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:** 2025-10-31

**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:** $3324103388.04

**Total Liabilities:** $5445838.27

**Net Assets:** $3318657549.77

**Currency Risk Metrics (dv01):**

- 

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

- **3-Month:** -168.39000000 | **1-Year:** -26405.16000000 | **5-Year:** -279930.93000000 | **10-Year:** -229757.28000000 | **30-Year:** -426893.05000000

**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 | 2.97%                | 0.40%                | 0.39%                |
| Class ID C000034240 | 2.84%                | 0.43%                | 0.35%                |
| Class ID C000034239 | 2.84%                | 0.39%                | 0.31%                |
| Class ID C000034238 | 2.87%                | 0.45%                | 0.37%                |
| Class ID C000128884 | 2.89%                | 0.40%                | 0.47%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-1078225.05             | $84845789.82                               |
| Month 2  | $1409043.27              | $4157036.26                                |
| Month 3  | $1365542.81              | $2871871.22                                |

**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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| FHLMC Pool                                                     | FHLMC Pool, 30 Year                                            | CUSIP: 3142J6BU6<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   4881241 | PA      | $4995700.09   | 0.15%             | 2055-09-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Shell plc                                                      | Shell plc                                                      | CUSIP: 780259305<br>LEI: 21380068P1DRHMJ8KU70 | Long             | EC               | CORP              | GB        |    250000 | NS      | $18730000.00  | 0.56%             |  |  |  | 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      | $10531705.20  | 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        |  96389675 | PA      | $97261766.37  | 2.93%             | 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      | $68616000.00  | 2.07%             |  |  |  | No            |                  1 | On Loan: No      |
| Flex Ltd.                                                      | Flex Ltd.                                                      | CUSIP: 33938XAB1<br>LEI: 549300EAQH74YHD07T53 | Long             | DBT              | CORP              | SG        |  20000000 | PA      | $20260901.80  | 0.61%             | 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        |   9168253 | PA      | $9269048.56   | 0.28%             | 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      | $20693390.20  | 0.62%             | 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      | $21292213.80  | 0.64%             | 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      | $14822607.61  | 0.45%             | 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      | $7081434.19   | 0.21%             | 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      | $10478760.00  | 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      | $10701627.00  | 0.32%             | 2033-11-15      | Fixed         | 5.90%                 | No            |                  2 | On Loan: No      |
| General Motors Co.                                             | General Motors Co.                                             | CUSIP: 37045VAZ3<br>LEI: 54930070NSV60J38I987 | Long             | DBT              | CORP              | US        |  15000000 | PA      | $15654486.00  | 0.47%             | 2032-10-15      | Fixed         | 5.60%                 | No            |                  2 | On Loan: No      |
| GNMA                                                           | GNMA II, Single-family, 30 Year                                | CUSIP: 3618N5PJ2<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |  12488395 | PA      | $12603307.18  | 0.38%             | 2055-06-20      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| International Business Machines Corp.                          | International Business Machines Corp.                          | CUSIP: 459200101<br>LEI: VGRQXHF3J8VDLUA7XE92 | Long             | EC               | CORP              | US        |    100000 | NS      | $30741000.00  | 0.93%             |  |  |  | No            |                  1 | On Loan: No      |
| Fifth Third Bancorp                                            | Fifth Third Bancorp                                            | CUSIP: 316773DK3<br>LEI: THRNG6BD57P9QWTQLG42 | Long             | DBT              | CORP              | US        |  10000000 | PA      | $10515384.10  | 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        |  42618577 | PA      | $43208108.33  | 1.30%             | 2053-07-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| NextEra Energy, Inc.                                           | NextEra Energy, Inc.                                           | CUSIP: 65339F101<br>LEI: 254900RHL9MEUS5NKX63 | Long             | EC               | CORP              | US        |    275000 | NS      | $22385000.00  | 0.67%             |  |  |  | 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      | $11176831.70  | 0.34%             | 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      | $8040800.00   | 0.24%             |  |  |  | No            |                  1 | On Loan: No      |
| Carrier Global Corp.                                           | Carrier Global Corp.                                           | CUSIP: 14448CBC7<br>LEI: 549300JE3W6CWY2NAN77 | Long             | DBT              | CORP              | US        |  20000000 | PA      | $21537349.80  | 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      | $15881938.50  | 0.48%             | 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      | $19383000.00  | 0.58%             |  |  |  | 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      | $25177960.25  | 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      | $10133680.30  | 0.31%             | 2033-05-01      | Fixed         | 5.10%                 | No            |                  2 | On Loan: No      |
| Johnson & Johnson                                              | Johnson & Johnson                                              | CUSIP: 478160104<br>LEI: 549300G0CFPGEF6X2043 | Long             | EC               | CORP              | US        |    300000 | NS      | $56661000.00  | 1.71%             |  |  |  | No            |                  1 | On Loan: No      |
| Merck & Co., Inc.                                              | Merck & Co., Inc.                                              | CUSIP: 58933Y105<br>LEI: 4YV9Y5M8S0BRK1RP0397 | Long             | EC               | CORP              | US        |    550000 | NS      | $47289000.00  | 1.42%             |  |  |  | No            |                  1 | On Loan: No      |
| Morgan Stanley                                                 | Morgan Stanley                                                 | CUSIP: 61747YEY7<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | DBT              | CORP              | US        |  15000000 | PA      | $16501280.10  | 0.50%             | 2033-10-18      | Fixed         | 6.34%                 | No            |                  2 | On Loan: No      |
| Royal Bank of Canada into Texas Instruments, Inc.              | Royal Bank of Canada into Texas Instruments, Inc.              | CUSIP: N/A<br>LEI: ES7IP3U3RHIGC71XBU11       | Long             | SN               | CORP              | CA        |     68000 | NS      | $11623641.98  | 0.35%             | 2026-07-21      | Fixed         | 9.00%                 | No            |                  2 | On Loan: No      |
| Pfizer, Inc.                                                   | Pfizer, Inc.                                                   | CUSIP: 717081103<br>LEI: 765LHXWGK1KXCLTFYQ30 | Long             | EC               | CORP              | US        |    750000 | NS      | $18487500.00  | 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      | $10783887.00  | 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      | $20342183.40  | 0.61%             | 2031-04-15      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| Citigroup, Inc.                                                | Citigroup, Inc.                                                | CUSIP: 172967PA3<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | DBT              | CORP              | US        |  10000000 | PA      | $10914501.50  | 0.33%             | 2033-11-17      | Fixed         | 6.27%                 | No            |                  2 | On Loan: No      |
| United Parcel Service, Inc.                                    | United Parcel Service, Inc., Class B                           | CUSIP: 911312106<br>LEI: D01LMJZU09ULLNCY6Z23 | Long             | EC               | CORP              | US        |    175000 | NS      | $16873500.00  | 0.51%             |  |  |  | No            |                  1 | On Loan: No      |
| Merrill Lynch BV into UnitedHealth Group, Inc.                 | Merrill Lynch BV into UnitedHealth Group, Inc.                 | CUSIP: N/A<br>LEI: 549300RQ1D1WIE085245       | Long             | SN               | CORP              | NL        |     55000 | NS      | $18228094.93  | 0.55%             | 2026-07-01      | Fixed         | 10.00%                | No            |                  2 | On Loan: No      |
| Viatris, Inc.                                                  | Viatris, Inc.                                                  | CUSIP: 92556VAD8<br>LEI: 254900ZZTSW7NL773X71 | Long             | DBT              | CORP              | US        |  20000000 | PA      | $18100781.20  | 0.55%             | 2030-06-22      | Fixed         | 2.70%                 | 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      | $22878000.00  | 0.69%             |  |  |  | No            |                  1 | On Loan: No      |
| United States of America                                       | U.S. Treasury Bills                                            | CUSIP: 912797QQ3<br>LEI: 254900HROIFWPRGM1V77 | Long             | STIV             | UST               | US        |  35000000 | PA      | $34962491.55  | 1.05%             | 2025-11-13      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| JPMorgan Chase & Co.                                           | JPMorgan Chase & Co.                                           | CUSIP: 46647PDY9<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | DBT              | CORP              | US        |  10000000 | PA      | $11016838.80  | 0.33%             | 2034-10-23      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| GNMA                                                           | GNMA II, Single-family, 30 Year                                | CUSIP: 3618N5MQ9<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |   9958885 | PA      | $10050521.69  | 0.30%             | 2055-05-20      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| US Bancorp                                                     | US Bancorp                                                     | CUSIP: 91159HJJ0<br>LEI: N1GZ7BBF3NP8GI976H15 | Long             | DBT              | CORP              | US        |  10000000 | PA      | $10668176.70  | 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        |    135000 | NS      | $51244650.00  | 1.54%             |  |  |  | No            |                  1 | On Loan: No      |
| AbbVie, Inc.                                                   | AbbVie, Inc.                                                   | CUSIP: 00287YCY3<br>LEI: FR5LCKFTG8054YNNRU85 | Long             | DBT              | CORP              | US        |  15000000 | PA      | $14839205.25  | 0.45%             | 2035-03-15      | Fixed         | 4.55%                 | No            |                  2 | On Loan: No      |
| Barclays Bank plc into Micron Technology, Inc.                 | Barclays Bank plc into Micron Technology, Inc.                 | CUSIP: N/A<br>LEI: G5GSEF7VJP5I7OUK5573       | Long             | SN               | CORP              | GB        |     85000 | NS      | $11962581.19  | 0.36%             | 2026-09-08      | Fixed         | 10.00%                | 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      | $16558170.00  | 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      | $10578468.60  | 0.32%             | 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      | $4733597.50   | 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      | $9409334.35   | 0.28%             | 2026-01-12      | Fixed         | 9.00%                 | 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      | $10621860.20  | 0.32%             | 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        |  35337557 | PA      | $36351489.32  | 1.10%             | 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      | $25432250.00  | 0.77%             |  |  |  | No            |                  1 | On Loan: No      |
| Southern Co. (The)                                             | Southern Co. (The)                                             | CUSIP: 842587107<br>LEI: 549300FC3G3YU2FBZD92 | Long             | EC               | CORP              | US        |    500000 | NS      | $47020000.00  | 1.42%             |  |  |  | No            |                  1 | On Loan: No      |
| FNMA                                                           | FNMA, 30 Year                                                  | CUSIP: 31418FED5<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   9999012 | PA      | $10111193.99  | 0.30%             | 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      | $10559510.00  | 0.32%             | 2036-12-15      | Fixed         | 6.40%                 | No            |                  2 | On Loan: No      |
| AstraZeneca plc                                                | AstraZeneca plc                                                | CUSIP: 046353108<br>LEI: PY6ZZQWO2IZFZC3IOL08 | Long             | EC               | CORP              | GB        |    250000 | NS      | $20600000.00  | 0.62%             |  |  |  | No            |                  1 | On Loan: No      |
| Williams Cos., Inc. (The)                                      | Williams Cos., Inc. (The)                                      | CUSIP: 969457CJ7<br>LEI: D71FAKCBLFS2O0RBPG08 | Long             | DBT              | CORP              | US        |  20000000 | PA      | $21043696.80  | 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      | $11047700.00  | 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      | $19880064.60  | 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      | $10482692.00  | 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        |  15182844 | PA      | $15182832.02  | 0.46%             | 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        |    125000 | NS      | $11337500.00  | 0.34%             |  |  |  | No            |                  1 | 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      | $17758912.97  | 0.54%             | 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      | $24259000.00  | 0.73%             |  |  |  | No            |                  1 | 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      | $18968674.22  | 0.57%             | 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      | $28866000.00  | 0.87%             |  |  |  | No            |                  1 | On Loan: No      |
| Comcast Corp.                                                  | Comcast Corp., Class A                                         | CUSIP: 20030N101<br>LEI: 51M0QTTNCGUN7KFCFZ59 | Long             | EC               | CORP              | US        |    800000 | NS      | $22268000.00  | 0.67%             |  |  |  | No            |                  1 | On Loan: No      |
| United States of America                                       | U.S. Treasury Bonds                                            | CUSIP: 912810UK2<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |  60000000 | PA      | $60806250.00  | 1.83%             | 2055-05-15      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| United Rentals North America, Inc.                             | United Rentals North America, Inc.                             | CUSIP: 911365BQ6<br>LEI: NGIZXNT70J2LYT3FBI09 | Long             | DBT              | CORP              | US        |  22500000 | PA      | $23110537.50  | 0.70%             | 2029-12-15      | Fixed         | 6.00%                 | 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        |   2749500 | PA      | $2750135.68   | 0.08%             | 2027-07-15      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| Merrill Lynch BV into Freeport-McMoRan, Inc.                   | Merrill Lynch BV into Freeport-McMoRan, Inc.                   | CUSIP: 59027W351<br>LEI: 549300RQ1D1WIE085245 | Long             | SN               | CORP              | NL        |    805000 | NS      | $31973806.61  | 0.96%             | 2026-05-12      | Fixed         | 10.00%                | No            |                  2 | On Loan: No      |
| FHLMC Pool                                                     | FHLMC Pool, 30 Year                                            | CUSIP: 3132DWNK5<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |  12400886 | PA      | $12537224.20  | 0.38%             | 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      | $9362811.20   | 0.28%             | 2031-01-22      | Fixed         | 2.70%                 | No            |                  2 | On Loan: No      |
| US Bancorp                                                     | US Bancorp                                                     | CUSIP: 902973304<br>LEI: N1GZ7BBF3NP8GI976H15 | Long             | EC               | CORP              | US        |    250000 | NS      | $11670000.00  | 0.35%             |  |  |  | No            |                  1 | On Loan: No      |
| United States of America                                       | U.S. Treasury Bonds                                            | CUSIP: 912803HD8<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        | 265000000 | PA      | $68906598.50  | 2.08%             | 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      | $16084289.25  | 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      | $38382750.00  | 1.16%             |  |  |  | No            |                  1 | On Loan: No      |
| Starbucks Corp.                                                | Starbucks Corp.                                                | CUSIP: 855244109<br>LEI: OQSJ1DU9TAOC51A47K68 | Long             | EC               | CORP              | US        |    115000 | NS      | $9300050.00   | 0.28%             |  |  |  | No            |                  1 | On Loan: No      |
| Dow Chemical Co. (The)                                         | Dow Chemical Co. (The)                                         | CUSIP: 260543DG5<br>LEI: ZQUIP1CSZO8LXRBSOU78 | Long             | DBT              | CORP              | US        |  10000000 | PA      | $10704906.80  | 0.32%             | 2033-03-15      | Fixed         | 6.30%                 | No            |                  2 | On Loan: No      |
| PepsiCo, Inc.                                                  | PepsiCo, Inc.                                                  | CUSIP: 713448108<br>LEI: FJSUNZKFNQ5YPJ5OT455 | Long             | EC               | CORP              | US        |    350000 | NS      | $51131500.00  | 1.54%             |  |  |  | No            |                  1 | On Loan: No      |
| Ashtead Capital, Inc.                                          | Ashtead Capital, Inc.                                          | CUSIP: 04505AAA7<br>LEI: 213800J1134IW58IC398 | Long             | DBT              | CORP              | US        |  15000000 | PA      | $15497825.40  | 0.47%             | 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      | $15042682.20  | 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      | $17877769.40  | 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      | $12486000.00  | 0.38%             |  |  |  | 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      | $19191382.60  | 0.58%             | 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      | $21254836.00  | 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      | $24600000.00  | 0.74%             |  |  |  | No            |                  1 | On Loan: No      |
| FNMA                                                           | FNMA, 30 Year                                                  | CUSIP: 31418ER77<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |  15095635 | PA      | $15091731.26  | 0.45%             | 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      | $5307756.25   | 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        |   8006340 | PA      | $8094363.95   | 0.24%             | 2055-02-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| GNMA                                                           | GNMA II, Single-family, 30 Year                                | CUSIP: 3618N5TP4<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |   9940790 | PA      | $10130893.20  | 0.31%             | 2055-08-20      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Analog Devices, Inc.                                           | Analog Devices, Inc.                                           | CUSIP: 032654105<br>LEI: GYVOE5EZ4GDAVTU4CQ61 | Long             | EC               | CORP              | US        |    200000 | NS      | $46826000.00  | 1.41%             |  |  |  | No            |                  1 | On Loan: No      |
| HP, Inc.                                                       | HP, Inc.                                                       | CUSIP: 40434LAN5<br>LEI: WHKXQACZ14C5XRO8LW03 | Long             | DBT              | CORP              | US        |  15000000 | PA      | $15474997.35  | 0.47%             | 2033-01-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: —       |
| SLB Ltd.                                                       | SLB Ltd.                                                       | CUSIP: 806857108<br>LEI: 213800ZUA17OK3QLGM62 | Long             | EC               | CORP              | CW        |    321000 | NS      | $11575260.00  | 0.35%             |  |  |  | No            |                  1 | On Loan: No      |
| NextEra Energy, Inc.                                           | NextEra Energy, Inc.                                           | CUSIP: 65339F119<br>LEI: 254900RHL9MEUS5NKX63 | Long             | EP               | CORP              | US        |    475000 | NS      | $23232250.00  | 0.70%             |  |  |  | No            |                  1 | On Loan: No      |
| Chevron Corp.                                                  | Chevron Corp.                                                  | CUSIP: 166764100<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    450000 | NS      | $70974000.00  | 2.14%             |  |  |  | No            |                  1 | On Loan: No      |
| FHLMC Pool                                                     | FHLMC Pool, 30 Year                                            | CUSIP: 3132DWMX8<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |  22942276 | PA      | $22847182.15  | 0.69%             | 2054-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Halliburton Co.                                                | Halliburton Co.                                                | CUSIP: 406216101<br>LEI: ENYF8GB5SMQZ25S06U51 | Long             | EC               | CORP              | US        |    300000 | NS      | $8052000.00   | 0.24%             |  |  |  | No            |                  1 | On Loan: No      |
| TotalEnergies SE                                               | TotalEnergies SE                                               | CUSIP: 89151E109<br>LEI: 529900S21EQ1BO4ESM68 | Long             | EC               | CORP              | FR        |    275000 | NS      | $17116000.00  | 0.52%             |  |  |  | No            |                  1 | On Loan: No      |
| ConocoPhillips                                                 | ConocoPhillips                                                 | CUSIP: 20825C104<br>LEI: WPTL2Z3FIYTHSP5V2253 | Long             | EC               | CORP              | US        |     75000 | NS      | $6664500.00   | 0.20%             |  |  |  | No            |                  1 | On Loan: No      |
| Vistra Operations Co. LLC                                      | Vistra Operations Co. LLC                                      | CUSIP: 92840VAE2<br>LEI: 549300ZH5GKBTJZ7NM23 | Long             | DBT              | CORP              | US        |  30000000 | PA      | $29717005.20  | 0.90%             | 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      | $15922552.80  | 0.48%             | 2032-10-15      | Fixed         | 5.70%                 | No            |                  2 | On Loan: No      |
| BNP Paribas Issuance BV into Target Corp.                      | BNP Paribas Issuance BV into Target Corp.                      | CUSIP: N/A<br>LEI: 7245009UXRIGIRYOBR48       | Long             | SN               | CORP              | NL        |     55000 | NS      | $4952052.36   | 0.15%             | 2026-10-07      | Fixed         | 11.00%                | No            |                  2 | On Loan: No      |
| Rio Tinto plc                                                  | Rio Tinto plc                                                  | CUSIP: 767204100<br>LEI: 213800YOEO5OQ72G2R82 | Long             | EC               | CORP              | GB        |    250000 | NS      | $17935000.00  | 0.54%             |  |  |  | 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      | $8420373.05   | 0.25%             | 2026-03-31      | Fixed         | 9.00%                 | No            |                  2 | On Loan: No      |
| Coca-Cola Co. (The)                                            | Coca-Cola Co. (The)                                            | CUSIP: 191216100<br>LEI: UWJKFUJFZ02DKWI3RY53 | Long             | EC               | CORP              | US        |    300000 | NS      | $20670000.00  | 0.62%             |  |  |  | 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        |   3400583 | PA      | $3481796.07   | 0.10%             | 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      | $25702054.08  | 0.77%             | 2026-05-13      | Fixed         | 10.00%                | No            |                  2 | On Loan: No      |
| GNMA                                                           | GNMA II, Single-family, 30 Year                                | CUSIP: 3618N5PK9<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |  12348403 | PA      | $12592099.10  | 0.38%             | 2055-06-20      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Procter & Gamble Co. (The)                                     | Procter & Gamble Co. (The)                                     | CUSIP: 742718109<br>LEI: 2572IBTT8CCZW6AU4141 | Long             | EC               | CORP              | US        |    200000 | NS      | $30074000.00  | 0.91%             |  |  |  | No            |                  1 | On Loan: No      |
| Truist Financial Corp.                                         | Truist Financial Corp.                                         | CUSIP: 89832Q109<br>LEI: 549300DRQQI75D2JP341 | Long             | EC               | CORP              | US        |    350000 | NS      | $15620500.00  | 0.47%             |  |  |  | No            |                  1 | On Loan: No      |
| Sempra, Inc.                                                   | Sempra, Inc.                                                   | CUSIP: 816851BR9<br>LEI: PBBKGKLRK5S5C0Y4T545 | Long             | DBT              | CORP              | US        |  15000000 | PA      | $15694552.35  | 0.47%             | 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      | $3974000.00   | 0.12%             |  |  |  | No            |                  1 | On Loan: No      |
| FHLMC Pool                                                     | FHLMC Pool, 30 Year                                            | CUSIP: 3132DWJR5<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   7488035 | PA      | $7591846.22   | 0.23%             | 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      | $29843000.00  | 0.90%             |  |  |  | No            |                  1 | On Loan: No      |
| Southern Co. (The)                                             | Southern Co. (The)                                             | CUSIP: 842587EC7<br>LEI: 549300FC3G3YU2FBZD92 | Long             | DBT              | CORP              | US        |   4000000 | PA      | $4080000.00   | 0.12%             | 2028-06-15      | Fixed         | 3.25%                 | No            |                  2 | On Loan: No      |
| Bank of America Corp.                                          | Bank of America Corp.                                          | CUSIP: 060505104<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | EC               | CORP              | US        |    500000 | NS      | $26725000.00  | 0.81%             |  |  |  | No            |                  1 | On Loan: No      |
| Charles Schwab Corp. (The)                                     | Charles Schwab Corp. (The)                                     | CUSIP: 808513CE3<br>LEI: 549300VSGCJ7E698NM85 | Long             | DBT              | CORP              | US        |  10000000 | PA      | $10702551.20  | 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      | $17966892.80  | 0.54%             | 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      | $10779860.80  | 0.32%             | 2033-01-09      | Fixed         | 6.40%                 | No            |                  2 | On Loan: No      |
| FNMA                                                           | FNMA, 30 Year                                                  | CUSIP: 31418FNK9<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |  16936606 | PA      | $17333750.46  | 0.52%             | 2055-08-01      | Fixed         | 6.00%                 | 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      | $19841807.40  | 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      | $14230553.49  | 0.43%             | 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      | $20594865.60  | 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      | $29124000.00  | 0.88%             |  |  |  | No            |                  1 | On Loan: No      |
| FNMA                                                           | FNMA, 30 Year                                                  | CUSIP: 3140XPBW8<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |  36797860 | PA      | $36769379.60  | 1.11%             | 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      | $10214398.00  | 0.31%             | 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      | $27667500.00  | 0.83%             |  |  |  | No            |                  1 | On Loan: No      |
| Broadcom, Inc.                                                 | Broadcom, Inc.                                                 | CUSIP: 11135FCT6<br>LEI: 549300WV6GIDOZJTV909 | Long             | DBT              | CORP              | US        |  20000000 | PA      | $18330206.60  | 0.55%             | 2034-04-15      | Fixed         | 3.47%                 | No            |                  2 | On Loan: No      |
| AbbVie, Inc.                                                   | AbbVie, Inc.                                                   | CUSIP: 00287Y109<br>LEI: FR5LCKFTG8054YNNRU85 | Long             | EC               | CORP              | US        |    165000 | NS      | $35976600.00  | 1.08%             |  |  |  | No            |                  1 | On Loan: No      |
| Union Pacific Corp.                                            | Union Pacific Corp.                                            | CUSIP: 907818108<br>LEI: 549300LMMRSZZCZ8CL11 | Long             | EC               | CORP              | US        |    150000 | NS      | $33055500.00  | 1.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Sempra, Inc.                                                   | Sempra, Inc.                                                   | CUSIP: 816851109<br>LEI: PBBKGKLRK5S5C0Y4T545 | Long             | EC               | CORP              | US        |    250000 | NS      | $22985000.00  | 0.69%             |  |  |  | No            |                  1 | On Loan: No      |
| GNMA                                                           | GNMA II, Single-family, 30 Year                                | CUSIP: 3618N5MR7<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |   4922416 | PA      | $5013535.39   | 0.15%             | 2055-05-20      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| FNMA                                                           | FNMA, 30 Year                                                  | CUSIP: 3140QBMZ8<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    844803 | PA      | $817676.01    | 0.02%             | 2049-08-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| GNMA                                                           | GNMA II, Single-family, 30 Year                                | CUSIP: 3618N5XQ7<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        | 100000000 | PA      | $101018542.00 | 3.04%             | 2055-10-20      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Duke Energy Corp.                                              | Duke Energy Corp.                                              | CUSIP: 26441C204<br>LEI: I1BZKREC126H0VB1BL91 | Long             | EC               | CORP              | US        |    300000 | NS      | $37290000.00  | 1.12%             |  |  |  | No            |                  1 | 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      | $22529102.36  | 0.68%             | 2026-05-05      | Fixed         | 10.00%                | No            |                  2 | On Loan: No      |
| Franklin Institutional U.S. Government Money Market Fund       | Franklin Institutional U.S. Government Money Market Fund       | CUSIP: N/A<br>LEI: N/A                        | Long             | STIV             | RF                | US        |   2731000 | NS      | $2731000.00   | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| McDonald's Corp.                                               | McDonald's Corp.                                               | CUSIP: 580135101<br>LEI: UE2136O97NLB5BYP9H04 | Long             | EC               | CORP              | US        |     50000 | NS      | $14921500.00  | 0.45%             |  |  |  | No            |                  1 | On Loan: No      |
| Franklin Institutional U.S. Government Money Market Fund       | Franklin Institutional U.S. Government Money Market Fund       | CUSIP: 457756500<br>LEI: 549300M4TP89K77LG374 | Long             | STIV             | RF                | US        |   6376938 | NS      | $6376938.45   | 0.19%             |  |  |  | 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      | $17616331.85  | 0.53%             | 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      | $10549900.00  | 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      | $13497319.65  | 0.41%             | 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      | $15630000.00  | 0.47%             |  |  |  | No            |                  1 | On Loan: No      |
| Oracle Corp.                                                   | Oracle Corp.                                                   | CUSIP: 68389XCJ2<br>LEI: 1Z4GXXU7ZHVWFCD8TV52 | Long             | DBT              | CORP              | US        |  10000000 | PA      | $10717299.30  | 0.32%             | 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      | $29155363.00  | 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      | $18463513.00  | 0.56%             | 2032-01-30      | Fixed         | 3.30%                 | No            |                  2 | On Loan: No      |
| Brown & Brown, Inc.                                            | Brown & Brown, Inc.                                            | CUSIP: 115236AC5<br>LEI: 549300PC8KTJ71XKFY89 | Long             | DBT              | CORP              | US        |  25000000 | PA      | $22285457.75  | 0.67%             | 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      | $10518041.40  | 0.32%             | 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      | $15698472.00  | 0.47%             | 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      | $25972622.50  | 0.78%             | 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      | $36891000.00  | 1.11%             |  |  |  | No            |                  1 | On Loan: No      |
| Truist Financial Corp.                                         | Truist Financial Corp.                                         | CUSIP: 89788MAM4<br>LEI: 549300DRQQI75D2JP341 | Long             | DBT              | CORP              | US        |  10000000 | PA      | $10132512.70  | 0.31%             | 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      | $15710448.00  | 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      | $23880000.00  | 0.72%             |  |  |  | No            |                  1 | On Loan: No      |
| Morgan Stanley                                                 | Morgan Stanley                                                 | CUSIP: 61747YFG5<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | DBT              | CORP              | US        |  15000000 | PA      | $15654952.80  | 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      | $44401500.00  | 1.34%             |  |  |  | No            |                  1 | On Loan: No      |
| ArcelorMittal SA                                               | ArcelorMittal SA                                               | CUSIP: 03938LBE3<br>LEI: 2EULGUTUI56JI9SAL165 | Long             | DBT              | CORP              | LU        |  10000000 | PA      | $10402514.10  | 0.31%             | 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      | $24268095.00  | 0.73%             | 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      | $15814637.70  | 0.48%             | 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      | $15646924.35  | 0.47%             | 2033-06-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |

### Signature

**Date Signed:** 2025-12-01

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

**Signature:** Monica Krogh

**Name of Signer:** Monica Krogh

**Title:** Assistant Treasurer