# EDGAR Filing Document

**Accession Number:** 0002063946
**File Stem:** 0000940400-26-022712
**Filing Date:** 2026-6
**Character Count:** 165122
**Document Hash:** e7e353338a024abb84eda7db44b81635
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000940400-26-022712.hdr.sgml**: 20260601

**ACCESSION NUMBER**: 0000940400-26-022712

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20260331

**FILED AS OF DATE**: 20260601

**DATE AS OF CHANGE**: 20260601

**PERIOD START**: 20261231

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Franklin BSP Lending Fund
- **CENTRAL INDEX KEY:** 0002063946

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-24075
- **FILM NUMBER:** 261048381

**BUSINESS ADDRESS:**
- **STREET 1:** C/O FRANKLIN TEMPLETON
- **STREET 2:** ONE MADISON AVENUE
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10010
- **BUSINESS PHONE:** (212) 632-3000

**MAIL ADDRESS:**
- **STREET 1:** C/O FRANKLIN TEMPLETON
- **STREET 2:** ONE MADISON AVENUE
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10010

## Nport-Ex

Consolidated Schedule of Investments (unaudited)

March 31, 2026

***If you need assistance accessing this content, please reach out to your sales representative or send an email to*** <u>accessibility@franklintempleton.com.</u>

 **Franklin BSP Lending Fund**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>(Percentages shown based on Fund net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | Maturity <br>Date<br>| Face <br>Amount<br>| Value |
| **Senior Secured 1st Lien Debt — 104.8%** | **Senior Secured 1st Lien Debt — 104.8%** | **Senior Secured 1st Lien Debt — 104.8%** | **Senior Secured 1st Lien Debt — 104.8%** | **Senior Secured 1st Lien Debt — 104.8%** |
| **Bank Loans — 99.8%** | **Bank Loans — 99.8%** | **Bank Loans — 99.8%** | **Bank Loans — 99.8%** | **Bank Loans — 99.8%** |
| *Aerospace & Defense — 4.3%* | *Aerospace & Defense — 4.3%* | *Aerospace & Defense — 4.3%* | *Aerospace & Defense — 4.3%* | *Aerospace & Defense — 4.3%* |
| &nbsp;&nbsp;&nbsp; Saturn Sound Bidco Ltd., Term Loan (1 mo. Term SOFR + 5.250%) | &nbsp;&nbsp; 8.917% | &nbsp;&nbsp; 12/3/31 | &nbsp;&nbsp; $11956854 | &nbsp;&nbsp;&nbsp; $11807394<br> <sup>(a)(b)(c)</sup><br>|
| &nbsp;&nbsp;&nbsp; TransDigm Inc., Term Loan M (1 mo. Term SOFR + 2.500%) | &nbsp;&nbsp; 6.168% | &nbsp;&nbsp; 8/19/32 | &nbsp;&nbsp; 1326667 | &nbsp;&nbsp;&nbsp; 1328133<br> <sup>(a)(b)(d)</sup><br>|
| *Total Aerospace & Defense* | *Total Aerospace & Defense* | *Total Aerospace & Defense* | *Total Aerospace & Defense* | &nbsp;&nbsp; *13135527* |
| *Air Freight & Logistics — 1.5%* | *Air Freight & Logistics — 1.5%* | *Air Freight & Logistics — 1.5%* | *Air Freight & Logistics — 1.5%* | *Air Freight & Logistics — 1.5%* |
| &nbsp;&nbsp;&nbsp; ICAT Intermediate Holdings LLC, 4th Amendment Delayed Draw Term Loan | —  | &nbsp;&nbsp; 3/1/29 | &nbsp;&nbsp; 1503060 | &nbsp;&nbsp;&nbsp; 1483821<br> <sup>(c)(e)</sup><br>|
| &nbsp;&nbsp;&nbsp; ICAT Intermediate Holdings LLC, 4th Amendment Revolving Term Loan | —  | &nbsp;&nbsp; 3/1/29 | &nbsp;&nbsp; 228000 | &nbsp;&nbsp;&nbsp; 225082<br> <sup>(c)(e)</sup><br>|
| &nbsp;&nbsp;&nbsp; ICAT Intermediate Holdings LLC, 4th Amendment Term Loan (1 mo. Term SOFR <br> + 6.250%) | &nbsp;&nbsp; 9.918% | &nbsp;&nbsp; 3/1/29 | &nbsp;&nbsp; 2989975 | &nbsp;&nbsp;&nbsp; 2951703<br> <sup>(a)(b)(c)(d)</sup><br>|
| *Total Air Freight & Logistics* | *Total Air Freight & Logistics* | *Total Air Freight & Logistics* | *Total Air Freight & Logistics* | &nbsp;&nbsp; *4660606* |
| *Automobile Components — 0.5%* | *Automobile Components — 0.5%* | *Automobile Components — 0.5%* | *Automobile Components — 0.5%* | *Automobile Components — 0.5%* |
| &nbsp;&nbsp;&nbsp; Clarios Global LP, 2024 Term Loan B (1 mo. Term SOFR + 2.500%) | &nbsp;&nbsp; 6.168% | &nbsp;&nbsp; 5/6/30 | &nbsp;&nbsp; 1488694 | &nbsp;&nbsp;&nbsp;&nbsp; ***1485902***<br> <sup>(a)(b)(d)</sup><br>|
| *Capital Markets — 9.1%* | *Capital Markets — 9.1%* | *Capital Markets — 9.1%* | *Capital Markets — 9.1%* | *Capital Markets — 9.1%* |
| &nbsp;&nbsp;&nbsp; CoreLogic Inc., First Lien Initial Term Loan (1 mo. Term SOFR + 3.614%) | &nbsp;&nbsp; 7.282% | &nbsp;&nbsp; 6/2/28 | &nbsp;&nbsp; 1496084 | &nbsp;&nbsp;&nbsp; 1434377<br> <sup>(a)(b)(d)</sup><br>|
| &nbsp;&nbsp;&nbsp; Flow Traders Holding LLC, Revolving Term Loan | —  | &nbsp;&nbsp; 10/29/31 | &nbsp;&nbsp; 1692000 | &nbsp;&nbsp;&nbsp; 1668312<br> <sup>(c)(e)</sup><br>|
| &nbsp;&nbsp;&nbsp; Flow Traders Holding LLC, Term Loan (3 mo. Term SOFR + 5.000%) | &nbsp;&nbsp; 8.700% | &nbsp;&nbsp; 10/29/31 | &nbsp;&nbsp; 4489440 | &nbsp;&nbsp;&nbsp; 4426588<br> <sup>(a)(b)(c)(d)</sup><br>|
| &nbsp;&nbsp;&nbsp; Modern Wealth Management, Delayed Draw Term Loan | —  | &nbsp;&nbsp; 8/27/32 | &nbsp;&nbsp; 1554137 | &nbsp;&nbsp;&nbsp; 1543413<br> <sup>(c)(e)</sup><br>|
| &nbsp;&nbsp;&nbsp; Modern Wealth Management, Revolving Term Loan | —  | &nbsp;&nbsp; 8/27/32 | &nbsp;&nbsp; 311000 | &nbsp;&nbsp;&nbsp; 308854<br> <sup>(c)(e)</sup><br>|
| &nbsp;&nbsp;&nbsp; Modern Wealth Management, Initial Term Loan (3 mo. Term SOFR + 4.500%) | &nbsp;&nbsp; 8.201% | &nbsp;&nbsp; 8/27/32 | &nbsp;&nbsp; 2636392 | &nbsp;&nbsp;&nbsp; 2618201<br> <sup>(a)(b)(c)(d)</sup><br>|
| &nbsp;&nbsp;&nbsp; Nexus Buyer LLC, Amendment No. 9 Refinancing Term Loan (1 mo. Term SOFR + <br> 3.500%) | &nbsp;&nbsp; 7.168% | &nbsp;&nbsp; 7/31/31 | &nbsp;&nbsp; 2486203 | &nbsp;&nbsp;&nbsp; 2397632<br> <sup>(a)(b)(d)</sup><br>|
| &nbsp;&nbsp;&nbsp; Rialto Management Group LLC, 2024 Revolving Term Loan | —  | &nbsp;&nbsp; 12/5/30 | &nbsp;&nbsp; 751000 | &nbsp;&nbsp;&nbsp; 751000<br> <sup>(c)(e)</sup><br>|
| &nbsp;&nbsp;&nbsp; Rialto Management Group LLC, Incremental Term Loan (1 mo. Term SOFR + <br> 4.750%) | &nbsp;&nbsp; 8.418% | &nbsp;&nbsp; 12/5/30 | &nbsp;&nbsp; 7509000 | &nbsp;&nbsp;&nbsp; 7509000<br> <sup>(a)(b)(c)(d)</sup><br>|
| &nbsp;&nbsp;&nbsp; Wharf Street Ratings Acquisition LLC, Delayed Draw Term Loan | —  | &nbsp;&nbsp; 9/16/32 | &nbsp;&nbsp; 492000 | &nbsp;&nbsp;&nbsp; 487474<br> <sup>(c)(e)</sup><br>|
| &nbsp;&nbsp;&nbsp; Wharf Street Ratings Acquisition LLC, Revolving Term Loan | —  | &nbsp;&nbsp; 9/16/32 | &nbsp;&nbsp; 492000 | &nbsp;&nbsp;&nbsp; 487474<br> <sup>(c)(e)</sup><br>|
| &nbsp;&nbsp;&nbsp; Wharf Street Ratings Acquisition LLC, Term Loan (1 mo. Term SOFR + 4.750%) | &nbsp;&nbsp; 8.418% | &nbsp;&nbsp; 9/16/32 | &nbsp;&nbsp; 4418925 | &nbsp;&nbsp;&nbsp; 4378271<br> <sup>(a)(b)(c)(d)</sup><br>|
| *Total Capital Markets* | *Total Capital Markets* | *Total Capital Markets* | *Total Capital Markets* | &nbsp;&nbsp; *28010596* |
| *Chemicals — 5.2%* | *Chemicals — 5.2%* | *Chemicals — 5.2%* | *Chemicals — 5.2%* | *Chemicals — 5.2%* |
| &nbsp;&nbsp;&nbsp; Reagent Chemical & Research Inc., Amendment No. 1 Incremental Term Loan (1 <br> mo. Term SOFR + 5.250%) | &nbsp;&nbsp; 8.918% | &nbsp;&nbsp; 4/30/30 | &nbsp;&nbsp; 9572593 | &nbsp;&nbsp;&nbsp; 9572592<br> <sup>(a)(b)(c)(d)</sup><br>|
| &nbsp;&nbsp;&nbsp; US Salt Investors LLC, Revolving Term Loan | —  | &nbsp;&nbsp; 2/28/33 | &nbsp;&nbsp; 666000 | &nbsp;&nbsp;&nbsp; 659407<br> <sup>(c)(e)</sup><br>|
| &nbsp;&nbsp;&nbsp; US Salt Investors LLC, Initial Term Loan (3 mo. Term SOFR + 4.250%) | &nbsp;&nbsp; 7.923% | &nbsp;&nbsp; 2/28/33 | &nbsp;&nbsp; 5732000 | &nbsp;&nbsp;&nbsp; 5675253<br> <sup>(a)(b)(c)(d)</sup><br>|
| *Total Chemicals* | *Total Chemicals* | *Total Chemicals* | *Total Chemicals* | &nbsp;&nbsp; *15907252* |
| *Commercial Services & Supplies — 2.0%* | *Commercial Services & Supplies — 2.0%* | *Commercial Services & Supplies — 2.0%* | *Commercial Services & Supplies — 2.0%* | *Commercial Services & Supplies — 2.0%* |
| &nbsp;&nbsp;&nbsp; Groome Purchaser LLC, Delayed Draw Term Loan A | —  | &nbsp;&nbsp; 8/29/31 | &nbsp;&nbsp; 602000 | &nbsp;&nbsp;&nbsp; 596582<br> <sup>(c)(e)</sup><br>|
| &nbsp;&nbsp;&nbsp; Groome Purchaser LLC, Delayed Draw Term Loan B | —  | &nbsp;&nbsp; 8/29/31 | &nbsp;&nbsp; 904000 | &nbsp;&nbsp;&nbsp; 895864<br> <sup>(c)(e)</sup><br>|
| &nbsp;&nbsp;&nbsp; Groome Purchaser LLC, Revolving Term Loan | —  | &nbsp;&nbsp; 8/29/31 | &nbsp;&nbsp; 452000 | &nbsp;&nbsp;&nbsp; 447932<br> <sup>(c)(e)</sup><br>|
| &nbsp;&nbsp;&nbsp; Groome Purchaser LLC, Initial Term Loan (3 mo. Term SOFR + 4.750%) | &nbsp;&nbsp; 8.480% | &nbsp;&nbsp; 8/29/31 | &nbsp;&nbsp; 2829908 | &nbsp;&nbsp;&nbsp; 2804438<br> <sup>(a)(b)(c)(d)</sup><br>|
| &nbsp;&nbsp;&nbsp; Heritage Environmental Services Inc., Initial Term Loan (1 mo. Term SOFR + <br> 3.250%) | &nbsp;&nbsp; 6.198% | &nbsp;&nbsp; 4/1/33 | &nbsp;&nbsp; 1500000 | &nbsp;&nbsp;&nbsp; 1503750<br> <sup>(a)(b)(c)(d)</sup><br>|
| *Total Commercial Services & Supplies* | *Total Commercial Services & Supplies* | *Total Commercial Services & Supplies* | *Total Commercial Services & Supplies* | &nbsp;&nbsp; *6248566* |
| *Construction & Engineering — 8.9%* | *Construction & Engineering — 8.9%* | *Construction & Engineering — 8.9%* | *Construction & Engineering — 8.9%* | *Construction & Engineering — 8.9%* |
| &nbsp;&nbsp;&nbsp; Michael Baker International LLC, Initial Term Loan (3 mo. Term SOFR + 4.500%) | &nbsp;&nbsp; 8.200% | &nbsp;&nbsp; 12/1/28 | &nbsp;&nbsp; 15490105 | &nbsp;&nbsp;&nbsp; 15065676<br> <sup>(a)(b)(c)(d)</sup><br>|
| &nbsp;&nbsp;&nbsp; Westwood Professional Services Inc., Amendment No. 1 Incremental Term Loan <br> (3 mo. Term SOFR + 4.500%) | &nbsp;&nbsp; 8.200% | &nbsp;&nbsp; 3/21/33 | &nbsp;&nbsp; 12331701 | &nbsp;&nbsp;&nbsp; 12331701<br> <sup>(a)(b)(c)(d)</sup><br>|
| *Total Construction & Engineering* | *Total Construction & Engineering* | *Total Construction & Engineering* | *Total Construction & Engineering* | &nbsp;&nbsp; *27397377* |
| *Consumer Staples Distribution & Retail — 0.5%* | *Consumer Staples Distribution & Retail — 0.5%* | *Consumer Staples Distribution & Retail — 0.5%* | *Consumer Staples Distribution & Retail — 0.5%* | *Consumer Staples Distribution & Retail — 0.5%* |
| &nbsp;&nbsp;&nbsp; Delivery Hero SE, 2026 Dollar Term Loan (3 mo. Term SOFR + 5.000%) | &nbsp;&nbsp; 8.716% | &nbsp;&nbsp; 6/30/32 | &nbsp;&nbsp; 1500000 | &nbsp;&nbsp;&nbsp;&nbsp; ***1453133***<br> <sup>(a)(b)(d)</sup><br>|
| *Distributors — 2.1%* | *Distributors — 2.1%* | *Distributors — 2.1%* | *Distributors — 2.1%* | *Distributors — 2.1%* |
| &nbsp;&nbsp;&nbsp; Charter Industries Holdings LLC, Delayed Draw Term Loan | —  | &nbsp;&nbsp; 10/1/32 | &nbsp;&nbsp; 608000 | &nbsp;&nbsp;&nbsp; 602346<br> <sup>(c)(e)</sup><br>|

---

Franklin BSP Lending Fund 2026 Quarterly Report

\|1

------

Consolidated Schedule of Investments (unaudited) (cont'd)

March 31, 2026

 **Franklin BSP Lending Fund**

(Percentages shown based on Fund net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | Maturity<br> Date<br>| Face<br> Amount<br>| Value |
| &nbsp;&nbsp;&nbsp; Charter Industries Holdings LLC, Revolving Term Loan | —  | &nbsp;&nbsp; 10/1/32 | &nbsp;&nbsp; $912000 | &nbsp;&nbsp;&nbsp; $903518<br> <sup>(c)(e)</sup><br>|
| &nbsp;&nbsp;&nbsp; Charter Industries Holdings LLC, Initial Term Loan (2 mo. Term SOFR + 4.750%) | &nbsp;&nbsp; 8.411% | &nbsp;&nbsp; 10/1/32 | &nbsp;&nbsp; 5077782 | &nbsp;&nbsp;&nbsp; 5027497<br> <sup>(a)(b)(c)(d)</sup><br>|
| *Total Distributors* | *Total Distributors* | *Total Distributors* | *Total Distributors* | &nbsp;&nbsp; *6533361* |
| *Diversified Consumer Services — 1.8%* | *Diversified Consumer Services — 1.8%* | *Diversified Consumer Services — 1.8%* | *Diversified Consumer Services — 1.8%* | *Diversified Consumer Services — 1.8%* |
| &nbsp;&nbsp;&nbsp; Wand NewCo 3 Inc., Tranche B2 Term Loan (1 mo. Term SOFR + 2.500%) | &nbsp;&nbsp; 6.168% | &nbsp;&nbsp; 1/30/31 | &nbsp;&nbsp; 1459715 | &nbsp;&nbsp;&nbsp; 1449760<br> <sup>(a)(b)(d)</sup><br>|
| &nbsp;&nbsp;&nbsp; WIN Holdings III Corp., 2025 Term Loan (1 mo. Term SOFR + 5.100%) | &nbsp;&nbsp; 8.778% | &nbsp;&nbsp; 7/14/28 | &nbsp;&nbsp; 3498420 | &nbsp;&nbsp;&nbsp; 3498420<br> <sup>(a)(b)(c)(d)</sup><br>|
| &nbsp;&nbsp;&nbsp; WIN Holdings III Corp., 2026 Term Loan (1 mo. Term SOFR + 5.850%) | &nbsp;&nbsp; 9.528% | &nbsp;&nbsp; 7/17/28 | &nbsp;&nbsp; 497000 | &nbsp;&nbsp;&nbsp; 497000<br> <sup>(a)(b)(c)(d)</sup><br>|
| *Total Diversified Consumer Services* | *Total Diversified Consumer Services* | *Total Diversified Consumer Services* | *Total Diversified Consumer Services* | &nbsp;&nbsp; *5445180* |
| *Diversified Telecommunication Services — 6.3%* | *Diversified Telecommunication Services — 6.3%* | *Diversified Telecommunication Services — 6.3%* | *Diversified Telecommunication Services — 6.3%* | *Diversified Telecommunication Services — 6.3%* |
| &nbsp;&nbsp;&nbsp; Genesys Cloud Services Holdings II LLC, 2025 Dollar Term Loan (1 mo. Term <br> SOFR + 2.500%) | &nbsp;&nbsp; 6.168% | &nbsp;&nbsp; 1/30/32 | &nbsp;&nbsp; 1492462 | &nbsp;&nbsp;&nbsp; 1430898<br> <sup>(a)(b)(d)</sup><br>|
| &nbsp;&nbsp;&nbsp; Hunter Communications & Technologies LLC, Delayed Draw Team Loan | —  | &nbsp;&nbsp; 3/31/32 | &nbsp;&nbsp; 2855000 | &nbsp;&nbsp;&nbsp; 2826450<br> <sup>(c)(e)</sup><br>|
| &nbsp;&nbsp;&nbsp; Hunter Communications & Technologies LLC, Revolving Term Loan | —  | &nbsp;&nbsp; 3/31/32 | &nbsp;&nbsp; 572000 | &nbsp;&nbsp;&nbsp; 566280<br> <sup>(c)(e)</sup><br>|
| &nbsp;&nbsp;&nbsp; Hunter Communications & Technologies LLC, Initial Term Loan (1 mo. Term SOFR <br> + 4.750%) | &nbsp;&nbsp; 8.418%% | &nbsp;&nbsp; 1/2/40 | &nbsp;&nbsp; 5282000 | &nbsp;&nbsp;&nbsp; 5229180<br> <sup>(a)(b)(c)(d)</sup><br>|
| &nbsp;&nbsp;&nbsp; Last Dance Intermediate II, LLC, 2026 Incremental Delayed Draw Term Loan | —  | &nbsp;&nbsp; 3/31/31 | &nbsp;&nbsp; 7488000 | &nbsp;&nbsp;&nbsp; 7488000<br> <sup>(c)(e)</sup><br>|
| &nbsp;&nbsp;&nbsp; Zayo Group Holdings Inc., Dollar Term Loan (1 mo. Term SOFR + 3.114%) | &nbsp;&nbsp; 6.782% | &nbsp;&nbsp; 3/11/30 | &nbsp;&nbsp; 2000288 | &nbsp;&nbsp;&nbsp; 1967673<br> <sup>(a)(b)(d)</sup><br>|
| *Total Diversified Telecommunication Services* | *Total Diversified Telecommunication Services* | *Total Diversified Telecommunication Services* | *Total Diversified Telecommunication Services* | &nbsp;&nbsp; *19508481* |
| *Electrical Equipment — 5.5%* | *Electrical Equipment — 5.5%* | *Electrical Equipment — 5.5%* | *Electrical Equipment — 5.5%* | *Electrical Equipment — 5.5%* |
| &nbsp;&nbsp;&nbsp; Trystar LLC, Amendment No. 2 Incremental Delayed Draw Term Loan | —  | &nbsp;&nbsp; 8/6/31 | &nbsp;&nbsp; 10636000 | &nbsp;&nbsp;&nbsp; 10636000<br> <sup>(c)(e)</sup><br>|
| &nbsp;&nbsp;&nbsp; Trystar LLC, Amendment No. 2 Incremental Revolving Term Loan | —  | &nbsp;&nbsp; 8/6/31 | &nbsp;&nbsp; 2836000 | &nbsp;&nbsp;&nbsp; 2836000<br> <sup>(c)(e)</sup><br>|
| &nbsp;&nbsp;&nbsp; Trystar LLC, Amendment No. 2 Incremental Term Loan (3 mo. Term SOFR + <br> 4.500%) | &nbsp;&nbsp; 8.167% | &nbsp;&nbsp; 8/6/31 | &nbsp;&nbsp; 3545000 | &nbsp;&nbsp;&nbsp; 3545000<br> <sup>(a)(b)(c)(d)</sup><br>|
| *Total Electrical Equipment* | *Total Electrical Equipment* | *Total Electrical Equipment* | *Total Electrical Equipment* | &nbsp;&nbsp; *17017000* |
| *Financial Services — 6.4%* | *Financial Services — 6.4%* | *Financial Services — 6.4%* | *Financial Services — 6.4%* | *Financial Services — 6.4%* |
| &nbsp;&nbsp;&nbsp; Aprio Advisory Group LLC, 2025 Incremental Delayed Draw Term Loan | —  | &nbsp;&nbsp; 8/1/31 | &nbsp;&nbsp; 10536000 | &nbsp;&nbsp;&nbsp; 10435908<br> <sup>(c)(e)</sup><br>|
| &nbsp;&nbsp;&nbsp; Aprio Advisory Group LLC, Revolving Term Loan | —  | &nbsp;&nbsp; 8/1/31 | &nbsp;&nbsp; 855000 | &nbsp;&nbsp;&nbsp; 846878<br> <sup>(c)(e)</sup><br>|
| &nbsp;&nbsp;&nbsp; Jane Street Group LLC, Extended Term Loan (3 mo. Term SOFR + 2.000%) | &nbsp;&nbsp; 5.673% | &nbsp;&nbsp; 12/15/31 | &nbsp;&nbsp; 498684 | &nbsp;&nbsp;&nbsp; 490184<br> <sup>(a)(b)(d)</sup><br>|
| &nbsp;&nbsp;&nbsp; Jump Financial LLC, Term Loan B1 (3 mo. Term SOFR + 3.500%) | &nbsp;&nbsp; 7.200% | &nbsp;&nbsp; 2/26/32 | &nbsp;&nbsp; 1990000 | &nbsp;&nbsp;&nbsp; 1992487<br> <sup>(a)(b)(c)(d)</sup><br>|
| &nbsp;&nbsp;&nbsp; Jupiter Borrower Inc., Term Loan B | —  | &nbsp;&nbsp; 3/25/33 | &nbsp;&nbsp; 1500000 | &nbsp;&nbsp;&nbsp; 1500000<br> <sup>(a)(b)(c)</sup><br>|
| &nbsp;&nbsp;&nbsp; Wipfli Advisory LLC, Delayed Draw Term Loan | —  | &nbsp;&nbsp; 10/1/32 | &nbsp;&nbsp; 1037000 | &nbsp;&nbsp;&nbsp; 1034615<br> <sup>(c)(e)</sup><br>|
| &nbsp;&nbsp;&nbsp; Wipfli Advisory LLC, Revolving Term Loan | —  | &nbsp;&nbsp; 10/1/32 | &nbsp;&nbsp; 691000 | &nbsp;&nbsp;&nbsp; 687821<br> <sup>(c)(e)</sup><br>|
| &nbsp;&nbsp;&nbsp; Wipfli Advisory LLC, Term Loan (2 mo. Term SOFR + 4.500%) | &nbsp;&nbsp; 8.161% | &nbsp;&nbsp; 10/1/32 | &nbsp;&nbsp; 2764000 | &nbsp;&nbsp;&nbsp; 2757643<br> <sup>(a)(b)(c)(d)</sup><br>|
| *Total Financial Services* | *Total Financial Services* | *Total Financial Services* | *Total Financial Services* | &nbsp;&nbsp; *19745536* |
| *Health Care Equipment & Supplies — 0.3%* | *Health Care Equipment & Supplies — 0.3%* | *Health Care Equipment & Supplies — 0.3%* | *Health Care Equipment & Supplies — 0.3%* | *Health Care Equipment & Supplies — 0.3%* |
| &nbsp;&nbsp;&nbsp; Hologic Inc., USD Initial Term Loan B | —  | &nbsp;&nbsp; 4/7/33 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; ***989315***<br> <sup>(a)(b)</sup><br>|
| *Health Care Providers & Services — 1.5%* | *Health Care Providers & Services — 1.5%* | *Health Care Providers & Services — 1.5%* | *Health Care Providers & Services — 1.5%* | *Health Care Providers & Services — 1.5%* |
| &nbsp;&nbsp;&nbsp; Cotiviti Inc., Initial Term Loan (1 mo. Term SOFR + 2.750%) | &nbsp;&nbsp; 6.418% | &nbsp;&nbsp; 5/1/31 | &nbsp;&nbsp; 2484874 | &nbsp;&nbsp;&nbsp; 2295415<br> <sup>(a)(b)(d)</sup><br>|
| &nbsp;&nbsp;&nbsp; Raven Acquisition Holdings LLC, Initial Term Loan | —  | &nbsp;&nbsp; 11/19/31 | &nbsp;&nbsp; 933000 | &nbsp;&nbsp;&nbsp; 916421<br> <sup>(a)(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Raven Acquisition Holdings LLC, 2024 Delayed Draw Term Loan | —  | &nbsp;&nbsp; 11/19/31 | &nbsp;&nbsp; 67000 | &nbsp;&nbsp;&nbsp; 65809<br> <sup>(a)(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Zelis Cost Management Buyer Inc., Amendment No. 5 Term Loan (1 mo. Term <br> SOFR + 3.250%) | &nbsp;&nbsp; 6.918% | &nbsp;&nbsp; 11/26/31 | &nbsp;&nbsp; 1488693 | &nbsp;&nbsp;&nbsp; 1444219<br> <sup>(a)(b)(d)</sup><br>|
| *Total Health Care Providers & Services* | *Total Health Care Providers & Services* | *Total Health Care Providers & Services* | *Total Health Care Providers & Services* | &nbsp;&nbsp; *4721864* |
| *Health Care Technology — 0.3%* | *Health Care Technology — 0.3%* | *Health Care Technology — 0.3%* | *Health Care Technology — 0.3%* | *Health Care Technology — 0.3%* |
| &nbsp;&nbsp;&nbsp; Gainwell Acquisition Corp., Term Loan B (3 mo. Term SOFR + 4.100%) | &nbsp;&nbsp; 7.800% | &nbsp;&nbsp; 10/1/27 | &nbsp;&nbsp; 997368 | &nbsp;&nbsp;&nbsp;&nbsp; ***970360***<br> <sup>(a)(b)(d)</sup><br>|
| *Hotels, Restaurants & Leisure — 1.0%* | *Hotels, Restaurants & Leisure — 1.0%* | *Hotels, Restaurants & Leisure — 1.0%* | *Hotels, Restaurants & Leisure — 1.0%* | *Hotels, Restaurants & Leisure — 1.0%* |
| &nbsp;&nbsp;&nbsp; UFC Holdings LLC, Term Loan B5 (3 mo. Term SOFR + 2.000%) | &nbsp;&nbsp; 5.664% | &nbsp;&nbsp; 11/21/31 | &nbsp;&nbsp; 1496231 | &nbsp;&nbsp;&nbsp; 1497166<br> <sup>(a)(b)(d)</sup><br>|
| &nbsp;&nbsp;&nbsp; Whatabrands LLC, 2024 Refinancing Term Loan B (1 mo. Term SOFR + 2.500%) | &nbsp;&nbsp; 6.168% | &nbsp;&nbsp; 8/3/28 | &nbsp;&nbsp; 1488694 | &nbsp;&nbsp;&nbsp; 1488031<br> <sup>(a)(b)(d)</sup><br>|
| *Total Hotels, Restaurants & Leisure* | *Total Hotels, Restaurants & Leisure* | *Total Hotels, Restaurants & Leisure* | *Total Hotels, Restaurants & Leisure* | &nbsp;&nbsp; *2985197* |
| *Insurance — 6.1%* | *Insurance — 6.1%* | *Insurance — 6.1%* | *Insurance — 6.1%* | *Insurance — 6.1%* |
| &nbsp;&nbsp;&nbsp; Alera Group Inc., 2026 New Term Loan (1 mo. Term SOFR + 2.750%) | &nbsp;&nbsp; 6.418% | &nbsp;&nbsp; 5/28/32 | &nbsp;&nbsp; 997500 | &nbsp;&nbsp;&nbsp; 969555<br> <sup>(a)(b)(d)</sup><br>|
| &nbsp;&nbsp;&nbsp; Galway Borrower LLC, Refinancing Term Loan B (3 mo. Term SOFR + 4.500%) | &nbsp;&nbsp; 8.200% | &nbsp;&nbsp; 9/29/28 | &nbsp;&nbsp; 1075607 | &nbsp;&nbsp;&nbsp; 1075607<br> <sup>(a)(b)(c)(d)</sup><br>|

---

2\|

Franklin BSP Lending Fund 2026 Quarterly Report

------

 **Franklin BSP Lending Fund**

(Percentages shown based on Fund net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | Maturity<br> Date<br>| Face<br> Amount<br>| Value |
| &nbsp;&nbsp;&nbsp; Galway Borrower LLC, 2nd Amendment Delayed Draw Term Loan (3 mo. Term <br> SOFR + 4.500%) | &nbsp;&nbsp; 8.200% | &nbsp;&nbsp; 9/29/28 | &nbsp;&nbsp; $1782756 | &nbsp;&nbsp;&nbsp; $1782756<br> <sup>(a)(b)(c)(d)</sup><br>|
| &nbsp;&nbsp;&nbsp; HIG Operations Holdings Inc., Amendment No. 6 Delayed Draw Term Loan B | —  | &nbsp;&nbsp; 6/11/31 | &nbsp;&nbsp; 15000000 | &nbsp;&nbsp;&nbsp; 15000000<br> <sup>(c)(e)</sup><br>|
| *Total Insurance* | *Total Insurance* | *Total Insurance* | *Total Insurance* | &nbsp;&nbsp; *18827918* |
| *Interactive Media & Services — 0.5%* | *Interactive Media & Services — 0.5%* | *Interactive Media & Services — 0.5%* | *Interactive Media & Services — 0.5%* | *Interactive Media & Services — 0.5%* |
| &nbsp;&nbsp;&nbsp; CMI Marketing Inc., Term Loan B (1 mo. Term SOFR + 4.364%) | &nbsp;&nbsp; 8.032% | &nbsp;&nbsp; 3/23/28 | &nbsp;&nbsp; 1488281 | &nbsp;&nbsp;&nbsp;&nbsp; ***1436191***<br> <sup>(a)(b)(c)(d)</sup><br>|
| *Life Sciences Tools & Services — 0.5%* | *Life Sciences Tools & Services — 0.5%* | *Life Sciences Tools & Services — 0.5%* | *Life Sciences Tools & Services — 0.5%* | *Life Sciences Tools & Services — 0.5%* |
| &nbsp;&nbsp;&nbsp; Resonetics LLC, 2025 Specified Refinancing Term Loan (3 mo. Term SOFR + <br> 2.750%) | &nbsp;&nbsp; 6.421% | &nbsp;&nbsp; 6/18/31 | &nbsp;&nbsp; 1488750 | &nbsp;&nbsp;&nbsp;&nbsp; ***1484797***<br> <sup>(a)(b)(d)</sup><br>|
| *Machinery — 0.3%* | *Machinery — 0.3%* | *Machinery — 0.3%* | *Machinery — 0.3%* | *Machinery — 0.3%* |
| &nbsp;&nbsp;&nbsp; TK Elevator Midco Gmbh, Term Loan Facility B2 | —  | &nbsp;&nbsp; 4/30/30 | &nbsp;&nbsp; 1100000 | &nbsp;&nbsp;&nbsp;&nbsp; ***1102981***<br> <sup>(a)(b)</sup><br>|
| *Media — 0.5%* | *Media — 0.5%* | *Media — 0.5%* | *Media — 0.5%* | *Media — 0.5%* |
| &nbsp;&nbsp;&nbsp; Nielsen Consumer Inc., 2025 Term Loan | —  | &nbsp;&nbsp; 10/31/30 | &nbsp;&nbsp; 1496231 | &nbsp;&nbsp;&nbsp;&nbsp; ***1479399***<br> <sup>(a)(b)(c)</sup><br>|
| *Oil, Gas & Consumable Fuels — 8.5%* | *Oil, Gas & Consumable Fuels — 8.5%* | *Oil, Gas & Consumable Fuels — 8.5%* | *Oil, Gas & Consumable Fuels — 8.5%* | *Oil, Gas & Consumable Fuels — 8.5%* |
| &nbsp;&nbsp;&nbsp; ACE Solutions LLC, Delayed Draw Term Loan | —  | &nbsp;&nbsp; 3/24/32 | &nbsp;&nbsp; 6836000 | &nbsp;&nbsp;&nbsp; 6733460<br> <sup>(c)(e)</sup><br>|
| &nbsp;&nbsp;&nbsp; ACE Solutions LLC, Closing Date Delayed Draw Term Loan | —  | &nbsp;&nbsp; 3/24/32 | &nbsp;&nbsp; 2849000 | &nbsp;&nbsp;&nbsp; 2806265<br> <sup>(c)(e)</sup><br>|
| &nbsp;&nbsp;&nbsp; ACE Solutions LLC, Initial Term Loan (3 mo. Term SOFR + 5.250%) | &nbsp;&nbsp; 8.956% | &nbsp;&nbsp; 3/24/32 | &nbsp;&nbsp; 9590000 | &nbsp;&nbsp;&nbsp; 9446150<br> <sup>(a)(b)(c)(d)</sup><br>|
| &nbsp;&nbsp;&nbsp; Palmdale Oil Co. LLC, Delayed Draw Term Loan | —  | &nbsp;&nbsp; 12/5/31 | &nbsp;&nbsp; 929000 | &nbsp;&nbsp;&nbsp; 929000<br> <sup>(c)(e)</sup><br>|
| &nbsp;&nbsp;&nbsp; Palmdale Oil Co. LLC, Initial Term Loan (3 mo. Term SOFR + 4.750%) | &nbsp;&nbsp; 8.450% | &nbsp;&nbsp; 12/12/31 | &nbsp;&nbsp; 3086265 | &nbsp;&nbsp;&nbsp; 3086265<br> <sup>(a)(b)(c)(d)</sup><br>|
| &nbsp;&nbsp;&nbsp; Palmdale Oil Co. LLC, Closing Date Delayed Draw Term Loan | —  | &nbsp;&nbsp; 12/12/31 | &nbsp;&nbsp; 3094000 | &nbsp;&nbsp;&nbsp; 3079458<br> <sup>(c)(e)</sup><br>|
| *Total Oil, Gas & Consumable Fuels* | *Total Oil, Gas & Consumable Fuels* | *Total Oil, Gas & Consumable Fuels* | *Total Oil, Gas & Consumable Fuels* | &nbsp;&nbsp; *26080598* |
| *Passenger Airlines — 0.3%* | *Passenger Airlines — 0.3%* | *Passenger Airlines — 0.3%* | *Passenger Airlines — 0.3%* | *Passenger Airlines — 0.3%* |
| &nbsp;&nbsp;&nbsp; American Airlines Inc./AAdvantage Loyality IP Ltd., Repriced Term Loan (3 mo. <br> Term SOFR + 2.250%) | &nbsp;&nbsp; 5.918% | &nbsp;&nbsp; 4/20/28 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; ***992500***<br> <sup>(a)(b)(d)</sup><br>|
| *Professional Services — 15.5%* | *Professional Services — 15.5%* | *Professional Services — 15.5%* | *Professional Services — 15.5%* | *Professional Services — 15.5%* |
| &nbsp;&nbsp;&nbsp; Axiom Global Inc., 7th Amendment Term Loan (3 mo. Term SOFR + 4.600%) | &nbsp;&nbsp; 8.267% | &nbsp;&nbsp; 10/2/28 | &nbsp;&nbsp; 14962500 | &nbsp;&nbsp;&nbsp; 14962500<br> <sup>(a)(b)(c)(d)</sup><br>|
| &nbsp;&nbsp;&nbsp; Bayou Holdings Buyer Inc., Delayed Draw Term Loan | —  | &nbsp;&nbsp; 9/18/31 | &nbsp;&nbsp; 705000 | &nbsp;&nbsp;&nbsp; 700206<br> <sup>(c)(e)</sup><br>|
| &nbsp;&nbsp;&nbsp; Bayou Holdings Buyer Inc., Revolving Term Loan | —  | &nbsp;&nbsp; 9/18/31 | &nbsp;&nbsp; 564000 | &nbsp;&nbsp;&nbsp; 558868<br> <sup>(c)(e)</sup><br>|
| &nbsp;&nbsp;&nbsp; Bayou Holdings Buyer Inc., Term Loan (3 mo. Term SOFR + 4.750%) | &nbsp;&nbsp; 8.450% | &nbsp;&nbsp; 9/18/31 | &nbsp;&nbsp; 3648665 | &nbsp;&nbsp;&nbsp; 3631881<br> <sup>(a)(b)(c)(d)</sup><br>|
| &nbsp;&nbsp;&nbsp; Onesource Virtual Inc., Revolving Term Loan | —  | &nbsp;&nbsp; 1/31/33 | &nbsp;&nbsp; 2503000 | &nbsp;&nbsp;&nbsp; 2490735<br> <sup>(c)(e)</sup><br>|
| &nbsp;&nbsp;&nbsp; Onesource Virtual Inc., Initial Term Loan (3 mo. Term SOFR + 4.750%) | &nbsp;&nbsp; 8.45% | &nbsp;&nbsp; 1/28/33 | &nbsp;&nbsp; 17525000 | &nbsp;&nbsp;&nbsp; 17439128<br> <sup>(a)(b)(c)(d)</sup><br>|
| &nbsp;&nbsp;&nbsp; Trinity Air Consultants Holdings Corp., Delayed Draw Term Loan | —  | &nbsp;&nbsp; 6/29/28 | &nbsp;&nbsp; 602000 | &nbsp;&nbsp;&nbsp; 602000<br> <sup>(c)(e)</sup><br>|
| &nbsp;&nbsp;&nbsp; Trinity Air Consultants Holdings Corp., Revolving Term Loan | —  | &nbsp;&nbsp; 6/29/29 | &nbsp;&nbsp; 161000 | &nbsp;&nbsp;&nbsp; 161000<br> <sup>(c)(e)</sup><br>|
| &nbsp;&nbsp;&nbsp; Trinity Air Consultants Holdings Corp., 2025 Incremental Term Loan (3 mo. Term <br> SOFR + 4.350%) | &nbsp;&nbsp; 8.018% | &nbsp;&nbsp; 6/29/28 | &nbsp;&nbsp; 2802616 | &nbsp;&nbsp;&nbsp; 2796220<br> <sup>(a)(b)(c)(d)</sup><br>|
| &nbsp;&nbsp;&nbsp; Victors CCC Buyer LLC, Amendment No.6 Incremental Delayed Draw Term Loan | —  | &nbsp;&nbsp; 6/1/29 | &nbsp;&nbsp; 936000 | &nbsp;&nbsp;&nbsp; 936000<br> <sup>(c)(e)</sup><br>|
| &nbsp;&nbsp;&nbsp; Victors CCC Buyer LLC, Amendment No.6 Incremental Term Loan (1 mo. Term <br> SOFR + 4.500%) | &nbsp;&nbsp; 8.168% | &nbsp;&nbsp; 6/1/29 | &nbsp;&nbsp; 2800980 | &nbsp;&nbsp;&nbsp; 2800980<br> <sup>(a)(b)(c)(d)</sup><br>|
| &nbsp;&nbsp;&nbsp; Victors CCC Buyer LLC, 5th Amendment Incremental Term Loan (3 mo. Term <br> SOFR + 4.500%) | &nbsp;&nbsp; 8.164% | &nbsp;&nbsp; 6/1/29 | &nbsp;&nbsp; 838000 | &nbsp;&nbsp;&nbsp; 838000<br> <sup>(a)(b)(c)(d)</sup><br>|
| *Total Professional Services* | *Total Professional Services* | *Total Professional Services* | *Total Professional Services* | &nbsp;&nbsp; *47917518* |
| *Semiconductors & Semiconductor Equipment — 0.5%* | *Semiconductors & Semiconductor Equipment — 0.5%* | *Semiconductors & Semiconductor Equipment — 0.5%* | *Semiconductors & Semiconductor Equipment — 0.5%* | *Semiconductors & Semiconductor Equipment — 0.5%* |
| &nbsp;&nbsp;&nbsp; Altar Bidco Inc., Initial Term Loan | —  | &nbsp;&nbsp; 2/1/29 | &nbsp;&nbsp; 1496114 | &nbsp;&nbsp;&nbsp;&nbsp; ***1489569***<br> <sup>(a)(b)</sup><br>|
| *Software — 9.4%* | *Software — 9.4%* | *Software — 9.4%* | *Software — 9.4%* | *Software — 9.4%* |
| &nbsp;&nbsp;&nbsp; Saab Purchaser Inc., 1st Amendment Delayed Draw Term Loan | —  | &nbsp;&nbsp; 11/12/31 | &nbsp;&nbsp; 2971000 | &nbsp;&nbsp;&nbsp; 2942478<br> <sup>(c)(e)</sup><br>|
| &nbsp;&nbsp;&nbsp; Saab Purchaser Inc., Revolving Term Loan | —  | &nbsp;&nbsp; 11/12/31 | &nbsp;&nbsp; 396000 | &nbsp;&nbsp;&nbsp; 392198<br> <sup>(c)(e)</sup><br>|
| &nbsp;&nbsp;&nbsp; Saab Purchaser Inc., 1st Amendment Term Loan (3 mo. Term SOFR + 4.500%) | &nbsp;&nbsp; 8.200% | &nbsp;&nbsp; 11/12/31 | &nbsp;&nbsp; 3070000 | &nbsp;&nbsp;&nbsp; 3040528<br> <sup>(a)(b)(c)(d)</sup><br>|
| &nbsp;&nbsp;&nbsp; Vanco Payment Solutions LLC, Revolving Term Loan | —  | &nbsp;&nbsp; 12/1/31 | &nbsp;&nbsp; 492000 | &nbsp;&nbsp;&nbsp; 487129<br> <sup>(c)(e)</sup><br>|
| &nbsp;&nbsp;&nbsp; Vanco Payment Solutions LLC, 7th Amendment Term Loan (3 mo. Term SOFR + <br> 4.750%) | &nbsp;&nbsp; 8.450% | &nbsp;&nbsp; 12/1/31 | &nbsp;&nbsp; 10417890 | &nbsp;&nbsp;&nbsp; 10314753<br> <sup>(a)(b)(c)(d)</sup><br>|
| &nbsp;&nbsp;&nbsp; Varicent Intermediate Holdings Corp., Amendment No. 1 Delayed Draw Term Loan | —  | &nbsp;&nbsp; 8/22/31 | &nbsp;&nbsp; 210000 | &nbsp;&nbsp;&nbsp; 206325<br> <sup>(c)(e)</sup><br>|
| &nbsp;&nbsp;&nbsp; Varicent Intermediate Holdings Corp., Amendment No. 1 Revolving Term Loan | —  | &nbsp;&nbsp; 8/25/31 | &nbsp;&nbsp; 99000 | &nbsp;&nbsp;&nbsp; 97268<br> <sup>(c)(e)</sup><br>|
| &nbsp;&nbsp;&nbsp; Varicent Intermediate Holdings Corp., Amendment No. 1 Term Loan (3 mo. Term <br> SOFR + 2.875%) | &nbsp;&nbsp; 6.547% | &nbsp;&nbsp; 8/22/31 | &nbsp;&nbsp; 852000 | &nbsp;&nbsp;&nbsp; 837090<br> <sup>(a)(b)(c)(d)</sup><br>|

---

Franklin BSP Lending Fund 2026 Quarterly Report

\|3

------

Consolidated Schedule of Investments (unaudited) (cont'd)

March 31, 2026

 **Franklin BSP Lending Fund**

(Percentages shown based on Fund net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | Maturity<br> Date<br>| Face<br> Amount<br>| Value |
| &nbsp;&nbsp;&nbsp; Zendesk Inc., 2024 Delayed Draw Term Loan | —  | &nbsp;&nbsp; 11/22/28 | &nbsp;&nbsp; $1306727 | &nbsp;&nbsp;&nbsp; $1285820<br> <sup>(c)(e)</sup><br>|
| &nbsp;&nbsp;&nbsp; Zendesk Inc., 2025 Delayed Draw Term Loan | —  | &nbsp;&nbsp; 11/22/28 | &nbsp;&nbsp; 685857 | &nbsp;&nbsp;&nbsp; 674883<br> <sup>(c)(e)</sup><br>|
| &nbsp;&nbsp;&nbsp; Zendesk Inc., 2024 Revolving Term Loan | —  | &nbsp;&nbsp; 11/22/28 | &nbsp;&nbsp; 825188 | &nbsp;&nbsp;&nbsp; 811985<br> <sup>(c)(e)</sup><br>|
| &nbsp;&nbsp;&nbsp; Zendesk Inc., 2024 Term Loan (3 mo. Term SOFR + 5.000%) | &nbsp;&nbsp; 8.706% | &nbsp;&nbsp; 11/22/28 | &nbsp;&nbsp; 8104688 | &nbsp;&nbsp;&nbsp; 7975013<br> <sup>(a)(b)(c)(d)</sup><br>|
| *Total Software* | *Total Software* | *Total Software* | *Total Software* | &nbsp;&nbsp; *29065470* |
| *Transportation Infrastructure — 0.5%* | *Transportation Infrastructure — 0.5%* | *Transportation Infrastructure — 0.5%* | *Transportation Infrastructure — 0.5%* | *Transportation Infrastructure — 0.5%* |
| &nbsp;&nbsp;&nbsp; Brown Group Holding LLC, Initial Term Loan (1 mo. Term SOFR + 2.500%) | &nbsp;&nbsp; 6.168% | &nbsp;&nbsp; 7/1/31 | &nbsp;&nbsp; 1488665 | &nbsp;&nbsp;&nbsp;&nbsp; ***1492483***<br> <sup>(a)(b)(d)</sup><br>|
| **Total Bank Loans (Cost — $307,156,442)** | **Total Bank Loans (Cost — $307,156,442)** | **Total Bank Loans (Cost — $307,156,442)** | **Total Bank Loans (Cost — $307,156,442)** | &nbsp;&nbsp; **307584677** |
| **Corporate Bonds & Notes — 5.0%** | **Corporate Bonds & Notes — 5.0%** | **Corporate Bonds & Notes — 5.0%** | **Corporate Bonds & Notes — 5.0%** | **Corporate Bonds & Notes — 5.0%** |
| *Diversified Telecommunication Services — 0.5%* | *Diversified Telecommunication Services — 0.5%* | *Diversified Telecommunication Services — 0.5%* | *Diversified Telecommunication Services — 0.5%* | *Diversified Telecommunication Services — 0.5%* |
| &nbsp;&nbsp;&nbsp; VZ Secured Financing BV, Senior Secured Notes | &nbsp;&nbsp; 7.500% | &nbsp;&nbsp; 1/15/33 | &nbsp;&nbsp; 1500000<br>| &nbsp;&nbsp;&nbsp;&nbsp; **1415248**<br> <sup>(f)</sup><br>|
| *Electric Utilities — 0.5%* | *Electric Utilities — 0.5%* | *Electric Utilities — 0.5%* | *Electric Utilities — 0.5%* | *Electric Utilities — 0.5%* |
| &nbsp;&nbsp;&nbsp; Pacific Gas and Electric Co., First Mortgage Bonds | &nbsp;&nbsp; 5.900% | &nbsp;&nbsp; 10/1/54 | &nbsp;&nbsp; 1500000<br>| &nbsp;&nbsp;&nbsp; **1398807**<br>|
| *Financial Services — 0.5%* | *Financial Services — 0.5%* | *Financial Services — 0.5%* | *Financial Services — 0.5%* | *Financial Services — 0.5%* |
| &nbsp;&nbsp;&nbsp; Jane Street Group/JSG Finance Inc., Senior Secured Notes | &nbsp;&nbsp; 7.125% | &nbsp;&nbsp; 4/30/31 | &nbsp;&nbsp; 1500000<br>| &nbsp;&nbsp;&nbsp;&nbsp; **1542849**<br> <sup>(g)</sup><br>|
| *Health Care Providers & Services — 0.5%* | *Health Care Providers & Services — 0.5%* | *Health Care Providers & Services — 0.5%* | *Health Care Providers & Services — 0.5%* | *Health Care Providers & Services — 0.5%* |
| &nbsp;&nbsp;&nbsp; Tenet Healthcare Corp., Senior Secured Notes | &nbsp;&nbsp; 6.750% | &nbsp;&nbsp; 5/15/31 | &nbsp;&nbsp; 1500000<br>| &nbsp;&nbsp;&nbsp; **1534092**<br>|
| *IT Services — 1.5%* | *IT Services — 1.5%* | *IT Services — 1.5%* | *IT Services — 1.5%* | *IT Services — 1.5%* |
| &nbsp;&nbsp;&nbsp; APLD ComputeCo 2 LLC, Senior Secured Notes | &nbsp;&nbsp; 6.750% | &nbsp;&nbsp; 3/15/31 | &nbsp;&nbsp; 1000000<br>| &nbsp;&nbsp;&nbsp;&nbsp; **993339**<br> <sup>(g)</sup><br>|
| &nbsp;&nbsp;&nbsp; Cipher Compute LLC, Senior Secured Notes | &nbsp;&nbsp; 7.125% | &nbsp;&nbsp; 11/15/30 | &nbsp;&nbsp; 1500000<br>| &nbsp;&nbsp;&nbsp;&nbsp; **1555919**<br> <sup>(g)</sup><br>|
| &nbsp;&nbsp;&nbsp; WULF Compute LLC, Senior Secured Notes | &nbsp;&nbsp; 7.750% | &nbsp;&nbsp; 10/15/30 | &nbsp;&nbsp; 2000000<br>| &nbsp;&nbsp;&nbsp;&nbsp; **2114630**<br> <sup>(g)</sup><br>|
| *Total IT Services* | *Total IT Services* | *Total IT Services* | *Total IT Services* | &nbsp;&nbsp; *4663888* |
| *Media — 0.4%* | *Media — 0.4%* | *Media — 0.4%* | *Media — 0.4%* | *Media — 0.4%* |
| &nbsp;&nbsp;&nbsp; Charter Communications Operating LLC/Charter Communications Operating <br> Capital Corp., Senior Secured Notes | &nbsp;&nbsp; 6.484% | &nbsp;&nbsp; 10/23/45 | &nbsp;&nbsp; 1500000<br>| &nbsp;&nbsp;&nbsp; **1384270**<br>|
| *Passenger Airlines — 1.1%* | *Passenger Airlines — 1.1%* | *Passenger Airlines — 1.1%* | *Passenger Airlines — 1.1%* | *Passenger Airlines — 1.1%* |
| &nbsp;&nbsp;&nbsp; American Airlines Inc., Senior Secured Notes | &nbsp;&nbsp; 7.250% | &nbsp;&nbsp; 2/15/28 | &nbsp;&nbsp; 1500000<br>| &nbsp;&nbsp;&nbsp;&nbsp; **1509695**<br> <sup>(g)</sup><br>|
| &nbsp;&nbsp;&nbsp; JetBlue Airways Corp./JetBlue Loyalty LP, Senior Secured Notes | &nbsp;&nbsp; 9.875% | &nbsp;&nbsp; 9/20/31 | &nbsp;&nbsp; 2000000<br>| &nbsp;&nbsp;&nbsp;&nbsp; **1892837**<br> <sup>(g)</sup><br>|
| *Total Passenger Airlines* | *Total Passenger Airlines* | *Total Passenger Airlines* | *Total Passenger Airlines* | &nbsp;&nbsp; *3402532* |
| **Total Corporate Bonds & Notes (Cost — $15,668,007)** | **Total Corporate Bonds & Notes (Cost — $15,668,007)** | **Total Corporate Bonds & Notes (Cost — $15,668,007)** | **Total Corporate Bonds & Notes (Cost — $15,668,007)** | &nbsp;&nbsp; **15341686** |
| **Total Senior Secured 1st Lien Debt (Cost — $322,824,449)** | **Total Senior Secured 1st Lien Debt (Cost — $322,824,449)** | **Total Senior Secured 1st Lien Debt (Cost — $322,824,449)** | **Total Senior Secured 1st Lien Debt (Cost — $322,824,449)** | &nbsp;&nbsp; **322926363** |
| **Senior Secured 2nd Lien Debt — 14.0%** | **Senior Secured 2nd Lien Debt — 14.0%** | **Senior Secured 2nd Lien Debt — 14.0%** | **Senior Secured 2nd Lien Debt — 14.0%** | **Senior Secured 2nd Lien Debt — 14.0%** |
| **Bank Loans — 13.5%** | **Bank Loans — 13.5%** | **Bank Loans — 13.5%** | **Bank Loans — 13.5%** | **Bank Loans — 13.5%** |
| *Electrical Equipment — 4.4%* | *Electrical Equipment — 4.4%* | *Electrical Equipment — 4.4%* | *Electrical Equipment — 4.4%* | *Electrical Equipment — 4.4%* |
| &nbsp;&nbsp;&nbsp; Resilience Parent LLC, Initial Term Loan (3 mo. Term SOFR + 5.250%) | &nbsp;&nbsp; 8.876% | &nbsp;&nbsp; 2/27/34 | &nbsp;&nbsp; 13699000 | &nbsp;&nbsp;&nbsp;&nbsp; ***13563380***<br> <sup>(a)(b)(c)(d)</sup><br>|
| *Financial Services — 5.5%* | *Financial Services — 5.5%* | *Financial Services — 5.5%* | *Financial Services — 5.5%* | *Financial Services — 5.5%* |
| &nbsp;&nbsp;&nbsp; Ascensus Group Holdings Inc., Initial Term Loan (1 mo. Term SOFR + 5.250%) | &nbsp;&nbsp; 8.918% | &nbsp;&nbsp; 11/25/33 | &nbsp;&nbsp; 16755000 | &nbsp;&nbsp;&nbsp;&nbsp; ***17006325***<br> <sup>(a)(b)(c)(d)</sup><br>|
| *Health Care Equipment & Supplies — 2.2%* | *Health Care Equipment & Supplies — 2.2%* | *Health Care Equipment & Supplies — 2.2%* | *Health Care Equipment & Supplies — 2.2%* | *Health Care Equipment & Supplies — 2.2%* |
| &nbsp;&nbsp;&nbsp; Hologic Inc., Second Lien Term Loan | —  | &nbsp;&nbsp; 4/7/32 | &nbsp;&nbsp; 6817000 | &nbsp;&nbsp;&nbsp;&nbsp; ***6782915***<br> <sup>(a)(b)(c)</sup><br>|
| *Machinery — 1.4%* | *Machinery — 1.4%* | *Machinery — 1.4%* | *Machinery — 1.4%* | *Machinery — 1.4%* |
| &nbsp;&nbsp;&nbsp; Victory Buyer LLC, 2026 Term Loan (3 mo. Term SOFR + 6.000%) | &nbsp;&nbsp; 9.668% | &nbsp;&nbsp; 2/13/34 | &nbsp;&nbsp; 4348000 | &nbsp;&nbsp;&nbsp;&nbsp; ***4305389***<br> <sup>(a)(b)(c)(d)</sup><br>|
| **Total Bank Loans (Cost — $41,290,365)** | **Total Bank Loans (Cost — $41,290,365)** | **Total Bank Loans (Cost — $41,290,365)** | **Total Bank Loans (Cost — $41,290,365)** | &nbsp;&nbsp; **41658009** |
| **Corporate Bonds & Notes — 0.5%** | **Corporate Bonds & Notes — 0.5%** | **Corporate Bonds & Notes — 0.5%** | **Corporate Bonds & Notes — 0.5%** | **Corporate Bonds & Notes — 0.5%** |
| *Independent Power and Renewable Electricity Producers — 0.5%* | *Independent Power and Renewable Electricity Producers — 0.5%* | *Independent Power and Renewable Electricity Producers — 0.5%* | *Independent Power and Renewable Electricity Producers — 0.5%* | *Independent Power and Renewable Electricity Producers — 0.5%* |
| &nbsp;&nbsp;&nbsp; VoltaGrid LLC, Secured Notes | &nbsp;&nbsp; 7.375% | &nbsp;&nbsp; 11/1/30 | &nbsp;&nbsp; 1500000<br>| &nbsp;&nbsp;&nbsp;&nbsp; **1549904**<br> <sup>(g)</sup><br>|
| **Total Senior Secured 2nd Lien Debt (Cost — $42,771,903)** | **Total Senior Secured 2nd Lien Debt (Cost — $42,771,903)** | **Total Senior Secured 2nd Lien Debt (Cost — $42,771,903)** | **Total Senior Secured 2nd Lien Debt (Cost — $42,771,903)** | &nbsp;&nbsp; **43207913** |
| **Equity/Other Investments — 9.7%** | **Equity/Other Investments — 9.7%** | **Equity/Other Investments — 9.7%** | **Equity/Other Investments — 9.7%** | **Equity/Other Investments — 9.7%** |
| **Corporate Bonds & Notes — 8.7%** | **Corporate Bonds & Notes — 8.7%** | **Corporate Bonds & Notes — 8.7%** | **Corporate Bonds & Notes — 8.7%** | **Corporate Bonds & Notes — 8.7%** |
| *Diversified Telecommunication Services — 0.5%* | *Diversified Telecommunication Services — 0.5%* | *Diversified Telecommunication Services — 0.5%* | *Diversified Telecommunication Services — 0.5%* | *Diversified Telecommunication Services — 0.5%* |
| &nbsp;&nbsp;&nbsp; American Tower Corp., Senior Notes | &nbsp;&nbsp; 4.700% | &nbsp;&nbsp; 12/15/32 | &nbsp;&nbsp; 1500000<br>| &nbsp;&nbsp;&nbsp; **1474548**<br>|
| *Electrical Equipment — 0.3%* | *Electrical Equipment — 0.3%* | *Electrical Equipment — 0.3%* | *Electrical Equipment — 0.3%* | *Electrical Equipment — 0.3%* |
| &nbsp;&nbsp;&nbsp; Vertiv Holdings Co., Senior Notes | &nbsp;&nbsp; 4.850% | &nbsp;&nbsp; 3/15/36 | &nbsp;&nbsp; 1000000<br>| &nbsp;&nbsp;&nbsp; **972787**<br>|

---

4\|

Franklin BSP Lending Fund 2026 Quarterly Report

------

 **Franklin BSP Lending Fund**

(Percentages shown based on Fund net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | Maturity<br> Date<br>| Face<br> Amount<br>| Value |
| *Financial Services — 1.2%* | *Financial Services — 1.2%* | *Financial Services — 1.2%* | *Financial Services — 1.2%* | *Financial Services — 1.2%* |
| &nbsp;&nbsp;&nbsp; Apollo Global Management Inc., Senior Notes | &nbsp;&nbsp; 6.375% | &nbsp;&nbsp; 11/15/33 | &nbsp;&nbsp; $1000000<br>| &nbsp;&nbsp;&nbsp; **$1059650**<br>|
| &nbsp;&nbsp;&nbsp; Freedom Mortgage Holdings LLC, Senior Notes | &nbsp;&nbsp; 6.875% | &nbsp;&nbsp; 5/1/31 | &nbsp;&nbsp; 2000000<br>| &nbsp;&nbsp;&nbsp;&nbsp; **1871766**<br> <sup>(g)</sup><br>|
| &nbsp;&nbsp;&nbsp; KKR & Co. Inc., Senior Notes | &nbsp;&nbsp; 5.100% | &nbsp;&nbsp; 8/7/35 | &nbsp;&nbsp; 1000000<br>| &nbsp;&nbsp;&nbsp; **967833**<br>|
| *Total Financial Services* | *Total Financial Services* | *Total Financial Services* | *Total Financial Services* | &nbsp;&nbsp; *3899249* |
| *Hotels, Restaurants & Leisure — 0.5%* | *Hotels, Restaurants & Leisure — 0.5%* | *Hotels, Restaurants & Leisure — 0.5%* | *Hotels, Restaurants & Leisure — 0.5%* | *Hotels, Restaurants & Leisure — 0.5%* |
| &nbsp;&nbsp;&nbsp; NCL Corp. Ltd., Senior Notes | &nbsp;&nbsp; 5.875% | &nbsp;&nbsp; 1/15/31 | &nbsp;&nbsp; 1500000<br>| &nbsp;&nbsp;&nbsp;&nbsp; **1458249**<br> <sup>(g)</sup><br>|
| *Interactive Media & Services — 0.5%* | *Interactive Media & Services — 0.5%* | *Interactive Media & Services — 0.5%* | *Interactive Media & Services — 0.5%* | *Interactive Media & Services — 0.5%* |
| &nbsp;&nbsp;&nbsp; Neptune Bidco US Inc., Senior Secured Notes | &nbsp;&nbsp; 9.290% | &nbsp;&nbsp; 4/15/29 | &nbsp;&nbsp; 1500000<br>| &nbsp;&nbsp;&nbsp;&nbsp; **1505397**<br> <sup>(g)</sup><br>|
| *IT Services — 1.1%* | *IT Services — 1.1%* | *IT Services — 1.1%* | *IT Services — 1.1%* | *IT Services — 1.1%* |
| &nbsp;&nbsp;&nbsp; APLD ComputeCo LLC, Senior Secured Notes | &nbsp;&nbsp; 9.250% | &nbsp;&nbsp; 12/15/30 | &nbsp;&nbsp; 1500000<br>| &nbsp;&nbsp;&nbsp;&nbsp; **1546803**<br> <sup>(g)</sup><br>|
| &nbsp;&nbsp;&nbsp; Flash Compute LLC, Senior Secured Notes | &nbsp;&nbsp; 7.250% | &nbsp;&nbsp; 12/31/30 | &nbsp;&nbsp; 1000000<br>| &nbsp;&nbsp;&nbsp;&nbsp; **1008041**<br> <sup>(g)</sup><br>|
| &nbsp;&nbsp;&nbsp; SV RNO Property Owner 1 LLC, Senior Secured Notes | &nbsp;&nbsp; 5.875% | &nbsp;&nbsp; 3/1/31 | &nbsp;&nbsp; 1000000<br>| &nbsp;&nbsp;&nbsp;&nbsp; **989088**<br> <sup>(g)</sup><br>|
| *Total IT Services* | *Total IT Services* | *Total IT Services* | *Total IT Services* | &nbsp;&nbsp; *3543932* |
| *Machinery — 0.5%* | *Machinery — 0.5%* | *Machinery — 0.5%* | *Machinery — 0.5%* | *Machinery — 0.5%* |
| &nbsp;&nbsp;&nbsp; WESCO Distribution Inc., Senior Notes | &nbsp;&nbsp; 5.250% | &nbsp;&nbsp; 4/15/31 | &nbsp;&nbsp; 1500000<br>| &nbsp;&nbsp;&nbsp;&nbsp; **1494796**<br> <sup>(g)</sup><br>|
| *Metals & Mining — 0.5%* | *Metals & Mining — 0.5%* | *Metals & Mining — 0.5%* | *Metals & Mining — 0.5%* | *Metals & Mining — 0.5%* |
| &nbsp;&nbsp;&nbsp; Taseko Mines Ltd., Senior Secured Notes | &nbsp;&nbsp; 8.250% | &nbsp;&nbsp; 5/1/30 | &nbsp;&nbsp; 1500000<br>| &nbsp;&nbsp;&nbsp;&nbsp; **1565715**<br> <sup>(g)</sup><br>|
| *Oil, Gas & Consumable Fuels — 1.1%* | *Oil, Gas & Consumable Fuels — 1.1%* | *Oil, Gas & Consumable Fuels — 1.1%* | *Oil, Gas & Consumable Fuels — 1.1%* | *Oil, Gas & Consumable Fuels — 1.1%* |
| &nbsp;&nbsp;&nbsp; Golar LNG Ltd., Senior Notes | &nbsp;&nbsp; 7.500% | &nbsp;&nbsp; 10/2/30 | &nbsp;&nbsp; 1500000<br>| &nbsp;&nbsp;&nbsp;&nbsp; **1518477**<br> <sup>(g)</sup><br>|
| &nbsp;&nbsp;&nbsp; Venture Global Plaquemines LNG LLC, Senior Secured Notes | &nbsp;&nbsp; 6.125% | &nbsp;&nbsp; 12/15/30 | &nbsp;&nbsp; 2000000<br>| &nbsp;&nbsp;&nbsp;&nbsp; **2057952**<br> <sup>(g)</sup><br>|
| *Total Oil, Gas & Consumable Fuels* | *Total Oil, Gas & Consumable Fuels* | *Total Oil, Gas & Consumable Fuels* | *Total Oil, Gas & Consumable Fuels* | &nbsp;&nbsp; *3576429* |
| *Passenger Airlines — 1.0%* | *Passenger Airlines — 1.0%* | *Passenger Airlines — 1.0%* | *Passenger Airlines — 1.0%* | *Passenger Airlines — 1.0%* |
| &nbsp;&nbsp;&nbsp; Delta Air Lines Inc., Senior Notes | &nbsp;&nbsp; 5.250% | &nbsp;&nbsp; 7/10/30 | &nbsp;&nbsp; 1500000<br>| &nbsp;&nbsp;&nbsp; **1510515**<br>|
| &nbsp;&nbsp;&nbsp; United Airlines Holdings Inc., Senior Notes | &nbsp;&nbsp; 5.375% | &nbsp;&nbsp; 3/1/31 | &nbsp;&nbsp; 1500000<br>| &nbsp;&nbsp;&nbsp; **1470850**<br>|
| *Total Passenger Airlines* | *Total Passenger Airlines* | *Total Passenger Airlines* | *Total Passenger Airlines* | &nbsp;&nbsp; *2981365* |
| *Semiconductors & Semiconductor Equipment — 0.5%* | *Semiconductors & Semiconductor Equipment — 0.5%* | *Semiconductors & Semiconductor Equipment — 0.5%* | *Semiconductors & Semiconductor Equipment — 0.5%* | *Semiconductors & Semiconductor Equipment — 0.5%* |
| &nbsp;&nbsp;&nbsp; Qnity Electronics Inc., Senior Secured Notes | &nbsp;&nbsp; 5.750% | &nbsp;&nbsp; 8/15/32 | &nbsp;&nbsp; 1500000<br>| &nbsp;&nbsp;&nbsp;&nbsp; **1503662**<br> <sup>(g)</sup><br>|
| *Software — 1.0%* | *Software — 1.0%* | *Software — 1.0%* | *Software — 1.0%* | *Software — 1.0%* |
| &nbsp;&nbsp;&nbsp; Fair Isaac Corp., Senior Notes | &nbsp;&nbsp; 6.250% | &nbsp;&nbsp; 9/15/34 | &nbsp;&nbsp; 1500000<br>| &nbsp;&nbsp;&nbsp;&nbsp; **1476581**<br> <sup>(g)</sup><br>|
| &nbsp;&nbsp;&nbsp; Oracle Corp., Senior Notes | &nbsp;&nbsp; 6.250% | &nbsp;&nbsp; 11/9/32 | &nbsp;&nbsp; 1500000<br>| &nbsp;&nbsp;&nbsp; **1539917**<br>|
| *Total Software* | *Total Software* | *Total Software* | *Total Software* | &nbsp;&nbsp; *3016498* |
| **Total Corporate Bonds & Notes (Cost — $27,371,379)** | **Total Corporate Bonds & Notes (Cost — $27,371,379)** | **Total Corporate Bonds & Notes (Cost — $27,371,379)** | **Total Corporate Bonds & Notes (Cost — $27,371,379)** | &nbsp;&nbsp; **26992627** |
|  |  | Acquisition <br>Date<br>| Cost |  |
| **Equity — 1.0%** | **Equity — 1.0%** | **Equity — 1.0%** | **Equity — 1.0%** | **Equity — 1.0%** |
| *Financial Services — 1.0%* | *Financial Services — 1.0%* | *Financial Services — 1.0%* | *Financial Services — 1.0%* | *Financial Services — 1.0%* |
| &nbsp;&nbsp;&nbsp; BSP Equipment Financing LLC |  | &nbsp;&nbsp; 11/12/25 | &nbsp;&nbsp; 2978727<br>| &nbsp;&nbsp;&nbsp;&nbsp; **2978727**<br> <sup>(c)(h)(i)(j)</sup><br>|
| **Total Equity/Other Investments (Cost — $30,350,106)** | **Total Equity/Other Investments (Cost — $30,350,106)** | **Total Equity/Other Investments (Cost — $30,350,106)** | **Total Equity/Other Investments (Cost — $30,350,106)** | &nbsp;&nbsp; **29971354** |
|  | Rate | Maturity <br>Date<br>| Face <br>Amount<br>|  |
| **Subordinated Debt — 6.7%** | **Subordinated Debt — 6.7%** | **Subordinated Debt — 6.7%** | **Subordinated Debt — 6.7%** | **Subordinated Debt — 6.7%** |
| **Corporate Bonds & Notes — 6.7%** | **Corporate Bonds & Notes — 6.7%** | **Corporate Bonds & Notes — 6.7%** | **Corporate Bonds & Notes — 6.7%** | **Corporate Bonds & Notes — 6.7%** |
| *Aerospace & Defense — 0.9%* | *Aerospace & Defense — 0.9%* | *Aerospace & Defense — 0.9%* | *Aerospace & Defense — 0.9%* | *Aerospace & Defense — 0.9%* |
| &nbsp;&nbsp;&nbsp; Boeing Co., Senior Notes | &nbsp;&nbsp; 5.930% | &nbsp;&nbsp; 5/1/60 | &nbsp;&nbsp; $1500000<br>| &nbsp;&nbsp;&nbsp; **1441071**<br>|
| &nbsp;&nbsp;&nbsp; TransDigm Inc., Subordinated Notes | &nbsp;&nbsp; 6.750% | &nbsp;&nbsp; 1/31/34 | &nbsp;&nbsp; 1500000<br>| &nbsp;&nbsp;&nbsp;&nbsp; **1520782**<br> <sup>(g)</sup><br>|
| *Total Aerospace & Defense* | *Total Aerospace & Defense* | *Total Aerospace & Defense* | *Total Aerospace & Defense* | &nbsp;&nbsp; *2961853* |
| *Electronic Equipment, Instruments & Components — 0.5%* | *Electronic Equipment, Instruments & Components — 0.5%* | *Electronic Equipment, Instruments & Components — 0.5%* | *Electronic Equipment, Instruments & Components — 0.5%* | *Electronic Equipment, Instruments & Components — 0.5%* |
| &nbsp;&nbsp;&nbsp; Coherent Corp., Senior Notes | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 12/15/29 | &nbsp;&nbsp; 1500000<br>| &nbsp;&nbsp;&nbsp;&nbsp; **1472599**<br> <sup>(g)</sup><br>|
| *Financial Services — 0.3%* | *Financial Services — 0.3%* | *Financial Services — 0.3%* | *Financial Services — 0.3%* | *Financial Services — 0.3%* |
| &nbsp;&nbsp;&nbsp; Shift4 Payments LLC/Shift4 Payments Finance Sub Inc., Senior Notes | &nbsp;&nbsp; 6.750% | &nbsp;&nbsp; 8/15/32 | &nbsp;&nbsp; 1000000<br>| &nbsp;&nbsp;&nbsp;&nbsp; **984540**<br> <sup>(g)</sup><br>|

---

Franklin BSP Lending Fund 2026 Quarterly Report

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Consolidated Schedule of Investments (unaudited) (cont'd)

March 31, 2026

 **Franklin BSP Lending Fund**

(Percentages shown based on Fund net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | Maturity<br> Date<br>| Face<br> Amount<br>| Value |
| *Ground Transportation — 0.5%* | *Ground Transportation — 0.5%* | *Ground Transportation — 0.5%* | *Ground Transportation — 0.5%* | *Ground Transportation — 0.5%* |
| &nbsp;&nbsp;&nbsp; Avis Budget Car Rental LLC/Avis Budget Finance Inc., Senior Notes | &nbsp;&nbsp; 8.000% | &nbsp;&nbsp; 2/15/31 | &nbsp;&nbsp; $1500000<br>| &nbsp;&nbsp;&nbsp;&nbsp; **$1483807**<br> <sup>(g)</sup><br>|
| *Health Care Technology — 0.8%* | *Health Care Technology — 0.8%* | *Health Care Technology — 0.8%* | *Health Care Technology — 0.8%* | *Health Care Technology — 0.8%* |
| &nbsp;&nbsp;&nbsp; AthenaHealth Group Inc., Senior Notes | &nbsp;&nbsp; 6.500% | &nbsp;&nbsp; 2/15/30 | &nbsp;&nbsp; 2500000<br>| &nbsp;&nbsp;&nbsp;&nbsp; **2349234**<br> <sup>(g)</sup><br>|
| *IT Services — 0.3%* | *IT Services — 0.3%* | *IT Services — 0.3%* | *IT Services — 0.3%* | *IT Services — 0.3%* |
| &nbsp;&nbsp;&nbsp; CoreWeave Inc., Senior Notes | &nbsp;&nbsp; 9.250% | &nbsp;&nbsp; 6/1/30 | &nbsp;&nbsp; 1000000<br>| &nbsp;&nbsp;&nbsp;&nbsp; **972614**<br> <sup>(g)</sup><br>|
| *Media — 0.5%* | *Media — 0.5%* | *Media — 0.5%* | *Media — 0.5%* | *Media — 0.5%* |
| &nbsp;&nbsp;&nbsp; Sirius XM Radio LLC, Senior Notes | &nbsp;&nbsp; 5.875% | &nbsp;&nbsp; 4/15/32 | &nbsp;&nbsp; 1500000<br>| &nbsp;&nbsp;&nbsp;&nbsp; **1491541**<br> <sup>(g)</sup><br>|
| *Metals & Mining — 0.5%* | *Metals & Mining — 0.5%* | *Metals & Mining — 0.5%* | *Metals & Mining — 0.5%* | *Metals & Mining — 0.5%* |
| &nbsp;&nbsp;&nbsp; Novelis Corp., Senior Notes | &nbsp;&nbsp; 6.875% | &nbsp;&nbsp; 1/30/30 | &nbsp;&nbsp; 1500000<br>| &nbsp;&nbsp;&nbsp;&nbsp; **1514176**<br> <sup>(g)</sup><br>|
| *Mortgage Real Estate Investment Trusts (REITs) — 0.6%* | *Mortgage Real Estate Investment Trusts (REITs) — 0.6%* | *Mortgage Real Estate Investment Trusts (REITs) — 0.6%* | *Mortgage Real Estate Investment Trusts (REITs) — 0.6%* | *Mortgage Real Estate Investment Trusts (REITs) — 0.6%* |
| &nbsp;&nbsp;&nbsp; Rithm Capital Corp., Senior Notes | &nbsp;&nbsp; 8.000% | &nbsp;&nbsp; 7/15/30 | &nbsp;&nbsp; 2000000<br>| &nbsp;&nbsp;&nbsp;&nbsp; **1931902**<br> <sup>(g)</sup><br>|
| *Oil, Gas & Consumable Fuels — 1.0%* | *Oil, Gas & Consumable Fuels — 1.0%* | *Oil, Gas & Consumable Fuels — 1.0%* | *Oil, Gas & Consumable Fuels — 1.0%* | *Oil, Gas & Consumable Fuels — 1.0%* |
| &nbsp;&nbsp;&nbsp; Devon Energy Corp., Senior Notes | &nbsp;&nbsp; 5.750% | &nbsp;&nbsp; 9/15/54 | &nbsp;&nbsp; 1500000<br>| &nbsp;&nbsp;&nbsp; **1410815**<br>|
| &nbsp;&nbsp;&nbsp; Northern Oil & Gas Inc., Senior Notes | &nbsp;&nbsp; 8.750% | &nbsp;&nbsp; 6/15/31 | &nbsp;&nbsp; 1500000<br>| &nbsp;&nbsp;&nbsp;&nbsp; **1560630**<br> <sup>(g)</sup><br>|
| *Total Oil, Gas & Consumable Fuels* | *Total Oil, Gas & Consumable Fuels* | *Total Oil, Gas & Consumable Fuels* | *Total Oil, Gas & Consumable Fuels* | &nbsp;&nbsp; *2971445* |
| *Semiconductors & Semiconductor Equipment — 0.8%* | *Semiconductors & Semiconductor Equipment — 0.8%* | *Semiconductors & Semiconductor Equipment — 0.8%* | *Semiconductors & Semiconductor Equipment — 0.8%* | *Semiconductors & Semiconductor Equipment — 0.8%* |
| &nbsp;&nbsp;&nbsp; Advanced Micro Devices Inc., Senior Notes | &nbsp;&nbsp; 4.393% | &nbsp;&nbsp; 6/1/52 | &nbsp;&nbsp; 1500000<br>| &nbsp;&nbsp;&nbsp; **1245262**<br>|
| &nbsp;&nbsp;&nbsp; Broadcom Inc., Senior Notes | &nbsp;&nbsp; 3.500% | &nbsp;&nbsp; 2/15/41 | &nbsp;&nbsp; 1500000<br>| &nbsp;&nbsp;&nbsp; **1197371**<br>|
| *Total Semiconductors & Semiconductor Equipment* | *Total Semiconductors & Semiconductor Equipment* | *Total Semiconductors & Semiconductor Equipment* | *Total Semiconductors & Semiconductor Equipment* | &nbsp;&nbsp; *2442633* |
| **Total Corporate Bonds & Notes (Cost — $20,869,225)** | **Total Corporate Bonds & Notes (Cost — $20,869,225)** | **Total Corporate Bonds & Notes (Cost — $20,869,225)** | **Total Corporate Bonds & Notes (Cost — $20,869,225)** | &nbsp;&nbsp; **20576344** |
| **Bank Loans — 0.0%** | **Bank Loans — 0.0%** | **Bank Loans — 0.0%** | **Bank Loans — 0.0%** | **Bank Loans — 0.0%** |
| *Professional Services — 0.0%* | *Professional Services — 0.0%* | *Professional Services — 0.0%* | *Professional Services — 0.0%* | *Professional Services — 0.0%* |
| &nbsp;&nbsp;&nbsp; Onesource Virtual Inc., Initial Term Loan | &nbsp;&nbsp; 12.000% | &nbsp;&nbsp; 1/30/34 | &nbsp;&nbsp; 10000 | &nbsp;&nbsp;&nbsp;&nbsp; ***10000***<br> <sup>(a)(b)(c)</sup><br>|
| **Total Subordinated Debt (Cost — $20,879,225)** | **Total Subordinated Debt (Cost — $20,879,225)** | **Total Subordinated Debt (Cost — $20,879,225)** | **Total Subordinated Debt (Cost — $20,879,225)** | &nbsp;&nbsp; **20586344** |
| **Warrants — 0.0%††**  | **Warrants — 0.0%††**  | **Warrants — 0.0%††**  | **Warrants — 0.0%††**  | **Warrants — 0.0%††**  |
| *Professional Services — 0.0%††* | *Professional Services — 0.0%††* | *Professional Services — 0.0%††* | *Professional Services — 0.0%††* | *Professional Services — 0.0%††* |
| &nbsp;&nbsp;&nbsp; Onesource Virtual Inc. (Cost — $0) |  |  | &nbsp;&nbsp; 1269 | &nbsp;&nbsp;&nbsp; **$0**<br> \*<sup>(c)(k)</sup><br>|
| **Total Investments before Short-Term Investments (Cost — $416,825,683)** | **Total Investments before Short-Term Investments (Cost — $416,825,683)** | **Total Investments before Short-Term Investments (Cost — $416,825,683)** | **Total Investments before Short-Term Investments (Cost — $416,825,683)** | &nbsp;&nbsp; **416691974** |
|  | Rate |  | Shares |  |
| **Short-Term Investments — 2.9%** | **Short-Term Investments — 2.9%** | **Short-Term Investments — 2.9%** | **Short-Term Investments — 2.9%** | **Short-Term Investments — 2.9%** |
| **Money Market Funds — 2.9%** | **Money Market Funds — 2.9%** | **Money Market Funds — 2.9%** | **Money Market Funds — 2.9%** | **Money Market Funds — 2.9%** |
| &nbsp;&nbsp;&nbsp; Western Asset Premier Institutional Government Reserves <br>(Cost — $8,739,080) | &nbsp;&nbsp; 3.589% |  | &nbsp;&nbsp; 8739080 | &nbsp;&nbsp;&nbsp;&nbsp; **8739080**<br> <sup>(j)(l)</sup><br>|
| **Total Investments — 138.1% (Cost — $425,564,763)** | **Total Investments — 138.1% (Cost — $425,564,763)** | **Total Investments — 138.1% (Cost — $425,564,763)** | **Total Investments — 138.1% (Cost — $425,564,763)** | &nbsp;&nbsp; **425431054** |
| &nbsp;&nbsp;&nbsp; Liabilities in Excess of Other Assets — (38.1)% | &nbsp;&nbsp;&nbsp; Liabilities in Excess of Other Assets — (38.1)% | &nbsp;&nbsp;&nbsp; Liabilities in Excess of Other Assets — (38.1)% | &nbsp;&nbsp;&nbsp; Liabilities in Excess of Other Assets — (38.1)% | &nbsp;&nbsp;&nbsp; (117385718)<br>|
| **Total Net Assets — 100.0%** | **Total Net Assets — 100.0%** | **Total Net Assets — 100.0%** | **Total Net Assets — 100.0%** | &nbsp;&nbsp; **$308045336** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

6\|

Franklin BSP Lending Fund 2026 Quarterly Report

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 **Franklin BSP Lending Fund**

---

| | |
|:---|:---|
| †† | Represents less than 0.1%. |
| \* | Non-income producing security. |
| <sup>(a)</sup> | Interest rates disclosed represent the effective rates on senior loans. Ranges in interest rates are attributable to multiple contracts under the same loan. |
| <sup>(b)</sup> | Senior loans may be considered restricted in that the Fund ordinarily is contractually obligated to receive approval from the agent bank and/or borrower <br> prior to the disposition of a senior loan. <br>|
| <sup>(c)</sup> | Security is valued using significant unobservable inputs (Note 1). |
| <sup>(d)</sup> | Variable rate security. Interest rate disclosed is as of the most recent information available. Certain variable rate securities are not based on a published <br> reference rate and spread but are determined by the issuer or agent and are based on current market conditions. These securities do not indicate a <br> reference rate and spread in their description above.<br>|
| <sup>(e)</sup> | All or a portion of this loan is unfunded as of March 31, 2026. The interest rate for fully unfunded term loans is to be determined. At March 31, 2026, the <br> total principal amount of unfunded commitments totaled $83,861,848.<br>|
| <sup>(f)</sup> | All or a portion of this loan has not settled as of March 31, 2026. Interest rates are not effective until settlement date. Interest rates shown, if any, are for <br> the settled portion of the loan.<br>|
| <sup>(g)</sup> | Security is exempt from registration under Rule 144A of the Securities Act of 1933. This security may be resold in transactions that are exempt from <br> registration, normally to qualified institutional buyers. This security has been deemed liquid pursuant to guidelines approved by the Board of Trustees.<br>|
| <sup>(h)</sup> | Investment has no redemption provision, is issued in private placement transactions and are restricted to resale. The investment may have been purchased <br> on various dates and for different amounts. The date of the first purchase is reflected under the acquisition date as shown in the Consolidated Schedule of <br> Investments. Total fair value of restricted investment as of March 31, 2026 was $2,978,727, or 1.0% of net assets. <br>|
| <sup>(i)</sup> | Investment has a total capital commitment of $6,177,000, of which $3,717,141 remained unfunded at March 31, 2026. |
| <sup>(j)</sup> | In this instance, as defined in the Investment Company Act of 1940, an "Affiliated Company" represents Fund ownership of at least 5% of the outstanding <br> voting securities of an issuer, or a company which is under common ownership or control with the Fund . At March 31, 2026 , the total market value of <br> investments in Affiliated Companies was $11,717,807 and the cost was $11,717,807 (Note 2).<br>|
| <sup>(k)</sup> | Value is less than $1. |
| <sup>(l)</sup> | Rate shown is one-day yield as of the end of the reporting period.  |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Abbreviation(s) used in this schedule:** | **Abbreviation(s) used in this schedule:** | **Abbreviation(s) used in this schedule:** |
| CMI |  | California Mortgage Insurance Program— Insured Bonds |
| SOFR | —  | Secured Overnight Financing Rate |

---

This Consolidated Schedule of Investments is unaudited and is intended to provide information about the Fund's investments as of the date of the schedule.

Franklin BSP Lending Fund 2026 Quarterly Report

\|7

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Notes to Consolidated Schedule of Investments (unaudited)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**1. Organization and significant accounting policies**

Franklin BSP Lending Fund (the "Fund") is a Delaware statutory trust registered under the Investment Company Act of 1940, as amended (the "1940 Act"), as a non-diversified, closed-end management investment company. The Fund operates as an "interval fund". The Fund commenced operations on August 7, 2025.

The Fund's investment objective is to generate risk-adjusted returns (i.e., returns made relative to the amount of risk taken) with consistent current income. The Fund seeks to achieve its investment objective through private debt investment opportunities in middle-market companies in the United States, which it generally defines as companies with $25 million to $100 million EBITDA. Under normal circumstances, debt investments will represent at least 80% of the Fund's net assets (plus the amount of any borrowings for investment purposes). The investment portfolio will consist of privately offered secured debt (including senior secured, unitranche, and second-lien debt) and unsecured debt (including senior unsecured and subordinated debt) across directly originated corporate loans and, to a lesser extent, broadly syndicated corporate loans, collateralized loan obligations and high yield corporate bonds. The Fund also intends to invest a portion of its assets in a portfolio of liquid assets, including cash and cash equivalents, liquid fixed income securities and other credit instruments, derivatives and other investment companies, including money market funds and exchange traded funds.

The Fund is designed primarily for long-term investors and not as a trading vehicle. The Fund is an "interval fund", which, subject to applicable law, conducts quarterly repurchase offers for between 5% and 25% of the Fund's outstanding shares at a price equal to net asset value ("NAV") per share. Under normal market conditions, the Fund currently intends to repurchase 5% of its outstanding shares at NAV per share on a quarterly basis. It is also possible that a repurchase offer may be oversubscribed, with the result that the shareholders of the Fund may only be able to have a portion of their shares repurchased. The Fund does not currently intend to list its shares for trading on any national securities exchange. The shares are, therefore, not readily marketable. Even though the Fund will make quarterly repurchase offers to provide liquidity to shareholders, shareholders should consider their shares to be illiquid.

The Fund may make investments through one or more wholly-owned subsidiaries (each, a "Subsidiary" and collectively, the "Subsidiaries"). The Fund may form a Subsidiary in order to pursue its investment objective and strategies. Unless otherwise noted, these financial statements are the consolidated financial statements of the Fund and its wholly-owned Subsidiaries. All intercompany transactions have been eliminated in consolidation. As of March 31, 2026, the Fund's sole wholly-owned subsidiary is FBLEND Equipment Finance Holdings LLC ("FBLEND Sub"). FBLEND Sub is a Delaware limited liability company that has elected to be taxed as a corporation for federal income tax purposes. As of March 31, 2026, 0.7% of the Fund's total market value of investments is held by FBLEND Sub.

The Fund follows the accounting and reporting guidance in Financial Accounting Standards Board ("FASB") Accounting Standards Codification Topic 946, *Financial Services – Investment Companies* ("ASC 946"). The following are significant accounting policies consistently followed by the Fund and are in conformity with U.S. generally accepted accounting principles ("GAAP"), including, but not limited to, ASC 946.

**(a) Investment valuation.** The Fund calculates its net asset value on a daily basis by subtracting liabilities (including accrued expenses or distributions) from the total assets of the Fund (the value of investments, plus cash or other assets, including interest and distributions accrued but not yet received). The Fund's assets and liabilities are valued in accordance with GAAP using the principles set forth below.

<u>Valuation oversight</u>

Pursuant to policies adopted by the Board of Trustees (the "Board"), the Manager has been designated as the valuation designee and is responsible for the oversight of the valuation process. The Board has designated the Manager to perform these fair value determinations relating to the value of such investments, in accordance with such procedures and Rule 2a-5 under the 1940 Act. The Fund's Manager is assisted by the Global Fund Valuation Committee (the "Valuation Committee"). The Valuation Committee is responsible for making fair value determinations, evaluating the effectiveness of the Fund's pricing policies, and reporting to the Fund's Manager and the Board. The Board oversees the Valuation Committee's implementation of the valuation policy and may consult with representatives from the Fund's outside legal counsel or other third-party consultants in their discussions and deliberations. Fair valuation is based on, among other things, input from the Manager, the Valuation Committee, and one or more independent valuation firms.

Investments without a readily determinable fair value are primarily valued using a market approach, an income approach, or both approaches, as appropriate. The market approach uses prices and other relevant information generated by market transactions involving identical or comparable assets or liabilities (including a business). The income approach uses valuation techniques to convert future amounts (for example, cash flows or earnings) to a single present amount (discounted). The measurement is based on the value indicated by current market expectations about those future amounts.

8\|

Franklin BSP Lending Fund 2026 Quarterly Report

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In following these approaches, the types of factors that the Fund management may take into account in fair value pricing the Fund's investments include, as relevant: available current market data, including relevant and applicable market trading and transaction comparables, applicable market yields and multiples, security covenants, call protection provisions, information rights, the nature and realizable value of any collateral, the portfolio company's ability to make payments, its earnings and discounted cashflows, the markets in which the portfolio company does business, comparisons of financial ratios of peer companies that are public, M&A comparables, and enterprise values, among other factors. When available, broker quotations and/or quotations provided by pricing services are considered as an input in the valuation process. With respect to investments for which market quotations are not readily available, a multi-step valuation process is undertaken, as described below:

Investments without a readily determinable fair value are primarily valued using a market approach, an income approach, or both approaches, as appropriate. The market approach uses prices and other relevant information generated by market transactions involving identical or comparable assets or liabilities (including a business). The income approach uses valuation techniques to convert future amounts (for example, cash flows or earnings) to a single present amount (discounted). The measurement is based on the value indicated by current market expectations about those future amounts. In following these approaches, the types of factors that the Fund management may take into account in fair value pricing the Fund's investments include, as relevant: available current market data, including relevant and applicable market trading and transaction comparables, applicable market yields and multiples, security covenants, call protection provisions, information rights, the nature and realizable value of any collateral, the portfolio company's ability to make payments, its earnings and discounted cashflows, the markets in which the portfolio company does business, comparisons of financial ratios of peer companies that are public, M&A comparables, and enterprise values, among other factors. When available, broker quotations and/or quotations provided by pricing services are considered as an input in the valuation process. With respect to investments for which market quotations are not readily available, a multi-step valuation process is undertaken, as described below:

The valuations for fixed income securities (which may include, but are not limited to, corporate bonds, mortgage-backed and asset-back securities, and collateralized mortgage obligations) and certain derivative instruments are typically the prices supplied by independent third party pricing services, which may use market prices or broker/dealer quotations or a variety of valuation techniques and methodologies. The independent third party pricing services typically use inputs that are observable such as issuer details, interest rates, yield curves, prepayment speeds, credit risks/spreads, default rates and quoted prices for similar securities. Investments in open-end funds are valued at the closing net asset value per share of each fund on the day of valuation. Equity securities, including exchange-traded funds, for which market quotations are available are valued at the last reported sales price or official closing price on the primary market or exchange on which they trade. When the Fund holds securities or other assets that are denominated in a foreign currency, the Fund will normally use the currency exchange rates as of 4:00 p.m. (Eastern Time). If independent third-party pricing services are unable to supply prices for a portfolio investment, or if the prices supplied are deemed by the Manager to be unreliable, the market price may be determined by the Manager using quotations from one or more broker/dealers or at the transaction price if the security has recently been purchased and no value has yet been obtained from a pricing service or pricing broker. When reliable prices are not readily available, such as when the value of a security has been significantly affected by events after the close of the exchange or market on which the security is principally traded, but before the Fund calculates its net asset value, the Fund values these securities as determined in accordance with procedures approved by the Fund's Board.

When determining the reliability of third party pricing information for investments owned by the Fund, the Valuation Committee, among other things, conducts due diligence reviews of pricing vendors, monitors the daily change in prices and reviews transactions among market participants.

Pursuant to policies adopted by the Board, the Fund's manager has been designated as the valuation designee and is responsible for the oversight of the daily valuation process. The Fund's manager is assisted by the Global Fund Valuation Committee (the "Valuation Committee"). The Valuation Committee is responsible for making fair value determinations, evaluating the effectiveness of the Fund's pricing policies, and reporting to the Fund's manager and the Board. When determining the reliability of third party pricing information for investments owned by the Fund, the Valuation Committee, among other things, conducts due diligence reviews of pricing vendors, monitors the daily change in prices and reviews transactions among market participants.

The Valuation Committee will consider pricing methodologies it deems relevant and appropriate when making fair value determinations. Examples of possible methodologies include, but are not limited to, multiple of earnings; discount from market of a similar freely traded security; discounted cash-flow analysis; book value or a multiple thereof; risk premium/yield analysis; yield to maturity; and/or fundamental investment analysis. The Valuation Committee will also consider factors it deems relevant and appropriate in light of the facts and circumstances. Examples of possible factors include, but are not

Franklin BSP Lending Fund 2026 Quarterly Report

\|9

------

Notes to Consolidated Schedule of Investments (unaudited) (cont'd)

limited to, the type of security; the issuer's financial statements; the purchase price of the security; the discount from market value of unrestricted securities of the same class at the time of purchase; analysts' research and observations from financial institutions; information regarding any transactions or offers with respect to the security; the existence of merger proposals or tender offers affecting the security; the price and extent of public trading in similar securities of the issuer or comparable companies; and the existence of a shelf registration for restricted securities.

For each portfolio security that has been fair valued pursuant to the policies adopted by the Board, the fair value price is compared against the last available and next available market quotations. The Valuation Committee reviews the results of such back testing monthly and fair valuation occurrences are reported to the Board quarterly.

The Fund uses valuation techniques to measure fair value that are consistent with the market approach and/or income approach, depending on the type of security and the particular circumstance. The market approach uses prices and other relevant information generated by market transactions involving identical or comparable securities. The income approach uses valuation techniques to discount estimated future cash flows to present value.

GAAP establishes a disclosure hierarchy that categorizes the inputs to valuation techniques used to value assets and liabilities at measurement date. These inputs are summarized in the three broad levels listed below:

• Level 1 — unadjusted quoted prices in active markets for identical investments

• Level 2 — other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, credit risk, etc.)

• Level 3 — significant unobservable inputs (including the Fund's own assumptions in determining the fair value of investments)

The inputs or methodologies used to value securities are not necessarily an indication of the risk associated with investing in those securities.

The following is a summary of the inputs used in valuing the Fund's assets carried at fair value: <br>

---

| | | | | |
|:---|:---|:---|:---|:---|
| **ASSETS** | **ASSETS** | **ASSETS** | **ASSETS** | **ASSETS** |
| Description | &nbsp;&nbsp; Quoted Prices <br>(Level 1)<br>| &nbsp;&nbsp; Other Significant <br>Observable Inputs <br>(Level 2)<br>| &nbsp;&nbsp; Significant <br>Unobservable <br>Inputs <br>(Level 3)<br>| Total |
| Long-Term Investments†: |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Bank Loans: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Aerospace & Defense | &nbsp;&nbsp; — | &nbsp;&nbsp; $1328133 | &nbsp;&nbsp; $11807394 | &nbsp;&nbsp; $13135527 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Air Freight & Logistics | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 4660606 | &nbsp;&nbsp; 4660606 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Capital Markets | &nbsp;&nbsp; — | &nbsp;&nbsp; 3832009 | &nbsp;&nbsp; 24178587 | &nbsp;&nbsp; 28010596 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Chemicals | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 15907252 | &nbsp;&nbsp; 15907252 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Commercial Services & Supplies | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 6248566 | &nbsp;&nbsp; 6248566 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Construction & Engineering | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 27397377 | &nbsp;&nbsp; 27397377 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Distributors | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 6533361 | &nbsp;&nbsp; 6533361 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Diversified Consumer Services | &nbsp;&nbsp; — | &nbsp;&nbsp; 1449760 | &nbsp;&nbsp; 3995420 | &nbsp;&nbsp; 5445180 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Diversified Telecommunication Services | &nbsp;&nbsp; — | &nbsp;&nbsp; 3398571 | &nbsp;&nbsp; 16109910 | &nbsp;&nbsp; 19508481 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Electrical Equipment | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 30580380 | &nbsp;&nbsp; 30580380 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Financial Services | &nbsp;&nbsp; — | &nbsp;&nbsp; 490184 | &nbsp;&nbsp; 36261677 | &nbsp;&nbsp; 36751861 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Health Care Equipment & Supplies | &nbsp;&nbsp; — | &nbsp;&nbsp; 989315 | &nbsp;&nbsp; 6782915 | &nbsp;&nbsp; 7772230 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Insurance | &nbsp;&nbsp; — | &nbsp;&nbsp; 969555 | &nbsp;&nbsp; 17858363 | &nbsp;&nbsp; 18827918 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interactive Media & Services | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 1436191 | &nbsp;&nbsp; 1436191 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Machinery | &nbsp;&nbsp; — | &nbsp;&nbsp; 1102981 | &nbsp;&nbsp; 4305390 | &nbsp;&nbsp; 5408371 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Media | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 1479399 | &nbsp;&nbsp; 1479399 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Oil, Gas & Consumable Fuels | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 26080598 | &nbsp;&nbsp; 26080598 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Professional Services | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 47927518 | &nbsp;&nbsp; 47927518 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Software | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 29065470 | &nbsp;&nbsp; 29065470 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other Bank Loans | &nbsp;&nbsp; — | &nbsp;&nbsp; 17075804 | &nbsp;&nbsp; — | &nbsp;&nbsp; 17075804 |
| &nbsp;&nbsp;&nbsp; Corporate Bonds & Notes | &nbsp;&nbsp; — | &nbsp;&nbsp; 64460561 | &nbsp;&nbsp; — | &nbsp;&nbsp; 64460561 |
| &nbsp;&nbsp;&nbsp; Equity | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 2978727 | &nbsp;&nbsp; 2978727 |
| &nbsp;&nbsp;&nbsp; Warrants | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 0<br> \*<br>| &nbsp;&nbsp; 0\* |
| Total Long-Term Investments | &nbsp;&nbsp; — | &nbsp;&nbsp; 95096873 | &nbsp;&nbsp; 321595101 | &nbsp;&nbsp; 416691974 |
| Short-Term Investments† | &nbsp;&nbsp; $8739080 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 8739080 |
| **Total Investments** | &nbsp;&nbsp; **$8739080** | &nbsp;&nbsp; **$95096873** | &nbsp;&nbsp; **$321595101** | &nbsp;&nbsp; **$425431054** |

---

10\|

Franklin BSP Lending Fund 2026 Quarterly Report

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| † | See Consolidated Schedule of Investments for additional detailed categorizations. |
| \* | Amount represents less than $1. |

---

The following is a reconciliation of investments in which significant unobservable inputs (Level 3) were used in determining fair value: <br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Investments in <br>Securities<br>| Balance <br>as of <br>December 31, 2025<br>| Accrued <br>premiums/ <br>discounts<br>| Realized <br>gain <br>(loss)<br>| Change in <br>unrealized <br>appreciation <br>(depreciation)<br>| Purchases |
| **Senior Loans:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Aerospace & Defense |  |  |  |  | $11807394 |
| &nbsp;&nbsp;&nbsp; Air Freight & Logistics | $4663747 | $4723 | $110 | $478 |  |
| &nbsp;&nbsp;&nbsp; Capital Markets | 24201319 | 7902 | 310 | (1118) |  |
| &nbsp;&nbsp;&nbsp; Chemicals | 10103000 | 6582 | 7491 | (13434) | 6334020 |
| &nbsp;&nbsp;&nbsp; Commercial Services <br> & Supplies<br>| 4749927 | 1471 | 65 | 11695 | 1492500 |
| &nbsp;&nbsp;&nbsp; Construction & <br> Engineering<br>| 16005000 | 37845 | 512 | 64899 | 12301185 |
| &nbsp;&nbsp;&nbsp; Distributors | 6624786 | 2035 | 863 | (3105) |  |
| &nbsp;&nbsp;&nbsp; Diversified Consumer <br> Services<br>| 3516000 | 3710 | 152 | 6078 | 487060 |
| &nbsp;&nbsp;&nbsp; Diversified <br> Telecommunication <br> Services<br>|  | 2231 |  | 72649 | 16035030 |
| &nbsp;&nbsp;&nbsp; Electrical Equipment |  | 3963 |  | 82492 | 30493925 |
| &nbsp;&nbsp;&nbsp; Financial Services | 34404601 | 7088 | 12 | 362476 | 1492500 |
| &nbsp;&nbsp;&nbsp; Health Care <br> Equipment & <br> Supplies<br>|  |  |  | 34085 | 6748830 |
| &nbsp;&nbsp;&nbsp; Insurance | 17865527 | 657 | (24) | (633) |  |
| &nbsp;&nbsp;&nbsp; Interactive Media & <br> Services<br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Machinery |  | 569 |  | 301 | 4304520 |
| &nbsp;&nbsp;&nbsp; Media |  |  |  | (1870) | 1481269 |
| &nbsp;&nbsp;&nbsp; Oil, Gas & <br> Consumable Fuels<br>| 7101840 | 1451 |  | (833) | 18985875 |
| &nbsp;&nbsp;&nbsp; Professional Services | 23470911 | 19410 | 566 | 22663 | 24474040 |
| &nbsp;&nbsp;&nbsp; Software | 29331489 | 10158 | 617 | (205894) |  |
| **Equity** | 2459859 |  |  |  | 518868 |
| **Warrants** |  |  |  |  |  |
| **Total** | **$184498006** | **$109795** | **$10674** | **$430929** | **$136957016** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Investments in <br>Securities (cont'd)<br>| Sales | Transfers <br>into <br>Level 3<br>| Transfers <br>out of <br>Level 3<br>| Balance <br>as of <br>March 31, 2026<br>| Net change <br>in unrealized <br>appreciation <br>(depreciation) for <br> investments <br>in securities <br>still held at <br>March 31, 2026<br>|
| **Senior Loans:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Aerospace & Defense |  |  |  | $11807394 |  |
| &nbsp;&nbsp;&nbsp; Air Freight & Logistics | $(8452) |  |  | 4660606 | $478 |
| &nbsp;&nbsp;&nbsp; Capital Markets | (29826) |  |  | 24178587 | (1118) |
| &nbsp;&nbsp;&nbsp; Chemicals | (530407) |  |  | 15907252 | (13434) |
| &nbsp;&nbsp;&nbsp; Commercial Services <br> & Supplies<br>| (7092) |  |  | 6248566 | 11695 |
| &nbsp;&nbsp;&nbsp; Construction & <br> Engineering<br>| (1012064) |  |  | 27397377 | 64899 |
| &nbsp;&nbsp;&nbsp; Distributors | (91218) |  |  | 6533361 | (3105) |
| &nbsp;&nbsp;&nbsp; Diversified Consumer <br> Services<br>| (17580) |  |  | 3995420 | 6078 |

---

Franklin BSP Lending Fund 2026 Quarterly Report

\|11

------

Notes to Consolidated Schedule of Investments (unaudited) (cont'd)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Investments in<br> Securities (cont'd)<br>| Sales | Transfers<br> into<br> Level 3<br>| Transfers<br> out of<br> Level 3<br>| Balance<br> as of<br> March 31, 2026<br>| Net change<br> in unrealized<br> appreciation<br> (depreciation) for <br> investments<br> in securities<br> still held at<br> March 31, 2026<br>|
| &nbsp;&nbsp;&nbsp; Diversified <br> Telecommunication <br> Services<br>|  |  |  | $16109910 | $72649 |
| &nbsp;&nbsp;&nbsp; Electrical Equipment |  |  |  | 30580380 | 82492 |
| &nbsp;&nbsp;&nbsp; Financial Services | $(5000) |  |  | 36261677 | 362476 |
| &nbsp;&nbsp;&nbsp; Health Care <br> Equipment & <br> Supplies<br>|  |  |  | 6782915 | 34085 |
| &nbsp;&nbsp;&nbsp; Insurance | (7164) |  |  | 17858363 | (633) |
| &nbsp;&nbsp;&nbsp; Interactive Media & <br> Services<br>|  | $1436191 |  | 1436191 |  |
| &nbsp;&nbsp;&nbsp; Machinery |  |  |  | 4305390 | 301 |
| &nbsp;&nbsp;&nbsp; Media |  |  |  | 1479399 | (1870) |
| &nbsp;&nbsp;&nbsp; Oil, Gas & <br> Consumable Fuels<br>| (7735) |  |  | 26080598 | (833) |
| &nbsp;&nbsp;&nbsp; Professional Services | (60072) |  |  | 47927518 | 22663 |
| &nbsp;&nbsp;&nbsp; Software | (70900) |  |  | 29065470 | (205894) |
| **Equity** |  |  |  | 2978727 |  |
| **Warrants** |  |  |  |  |  |
| **Total** | **$(1847510)** | **$1436191** | **—** | **$321595101** | **$430929** |

---

The following table summarizes the valuation techniques used and unobservable inputs approved by the Valuation Committee to determine the fair value of certain material Level 3 investments. The table does not include Level 3 investments with values derived utilizing prices from prior transactions or third party pricing information without adjustment (e.g., broker quotes, pricing services, net asset values). <br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | Fair Value <br>at 3/31/26 <br>(000's)\*<br>| Valuation <br>Technique(s)<br>| Unobservable <br>Input(s)<br>| Range/Weighted <br>Average<br>| Impact to Valuation <br>from an Increase in <br>Input\*\*<br>|
| **Senior Secured 1st Lien Debt** | **Senior Secured 1st Lien Debt** | **Senior Secured 1st Lien Debt** | **Senior Secured 1st Lien Debt** | **Senior Secured 1st Lien Debt** | **Senior Secured 1st Lien Debt** |
| Aerospace & Defense | $11807 | Yield Analysis | Market Yield | 8.930%-10.020% | Decrease |
| Air Freight & Logistics | 4661 | Yield Analysis | Market Yield | 10.680%-11.740% | Decrease |
| Capital Markets | 24179 | Yield Analysis | Market Yield | 8.370%-9.440% | Decrease |
| Chemical | 9573 | Yield Analysis | Market Yield | 9.340%-10.460% | Decrease |
| Commercial Services & Supplies | 4745 | Yield Analysis | Market Yield | 8.450%-9.530% | Decrease |
| Construction & Engineering | 27397 | Yield Analysis | Market Yield | 8.590%-10.430% | Decrease |
| Distributors | 6533 | Yield Analysis | Market Yield | 8.640%-9.590% | Decrease |
| Diversified Consumer Services | 3995 | Yield Analysis | Market Yield | 8.650%-10.650% | Decrease |
| Diversified Telecommunication Services | 7488 | Yield Analysis | Market Yield | 8.150%-9.210% | Decrease |
| Electrical Equipment | 17017 | Yield Analysis | Market Yield | 7.480%-8.560% | Decrease |
| Financial Services | 15763 | Yield Analysis | Market Yield | 8.380%-9.150% | Decrease |
| Insurance | 17858 | Yield Analysis | Market Yield | 8.070%-8.890% | Decrease |
| Oil, Gas & Consumable Fuels | 6166 | Yield Analysis | Market Yield | 8.300%-8.840% | Decrease |
| Professional Services | 42950 | Yield Analysis | Market Yield | 7.900%-9.900% | Decrease |
| Software | 29065 | Yield Analysis | Market Yield | 8.210%-11.020% | Decrease |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>

---

| |
|:---|
| \* Senior secured 1st lien debt investments of $53,872,308, Senior secured 2nd lien debt investments of $17,868,770, Equity of $2,978,727 and Subordinated debt <br> of $10,000 are fair valued at cost based on recent transaction prices as of March 31, 2026, in accordance with procedures approved by the Board and are not <br> included in the table above.<br>|
| \*\* This column represents the directional change in the fair value of the Level 3 investments that would result in an increase from the corresponding unobservable <br> input. A decrease to the unobservable input would have the opposite effect. Significant increases and decreases in these unobservable inputs in isolation could <br> result in significantly higher or lower fair value measurements.<br>|

---

**2. Transactions with affiliated companies**

As defined by the 1940 Act, an affiliated company is one in which the Fund owns 5% or more of the outstanding voting securities, or a company which is under common ownership or control with the Fund. The following company was considered

12\|

Franklin BSP Lending Fund 2026 Quarterly Report

------

an affiliated company for all or some portion of the period ended March 31, 2026. The following transactions were effected in such company for the period ended March 31, 2026. <br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | Affiliate <br>Value at <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>December 31, <br>2025 | Purchased | Purchased | Sold | Sold |
|  | Affiliate <br>Value at <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>December 31, <br>2025 | Cost | Shares | Proceeds | Shares |
| Money Market Funds: | Money Market Funds: | Money Market Funds: | Money Market Funds: |  |  |
| Western Asset Premier <br> Institutional Government <br> Reserves<br>| $19509436 | $187796877 | 187796877 | $198567233 | 198567233 |
| Equity: | Equity: | Equity: | Equity: |  |  |
| BSP Equipment <br> Financing LLC<br>| 2459859 | 518868 |  |  |  |
| **Total** | **$21969295** | **$188315745** |  | **$198567233** |  |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>

---

| | | | | |
|:---|:---|:---|:---|:---|
| (cont'd) | Realized <br>Gain (Loss)<br>| Dividend <br>Income<br>| Net Increase <br>(Decrease) in <br>Unrealized <br>Appreciation <br>(Depreciation)<br>| Affiliate <br>Value at <br>March 31, <br>2026<br>|
| Money Market Funds: | Money Market Funds: | Money Market Funds: |  |  |
| Western Asset Premier <br> Institutional Government <br> Reserves<br>|  | $276314 |  | $8739080 |
| Equity: | Equity: | Equity: |  |  |
| BSP Equipment <br> Financing LLC<br>|  |  |  | 2978727 |
| **Total** | **—** | **$276314** | **—** | **$11717807** |

---

Franklin BSP Lending Fund 2026 Quarterly Report

\|13

------

## 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 BSP Lending Fund

- **b. Investment Company Act file number:** 811-24075

- **c. CIK number of Registrant:** 0002063946

- **d. LEI of Registrant:** 2549003XEMRVS2F8EV89

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

  - **Street Address 1:** One Madison Avenue

  - **City:** New York

  - **State:** NY

  - **Foreign country:** US

  - **Zip / Postal Code:** 10010

  - **Telephone number:** 212-632-3000

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

- **a. Name of Series:** Franklin BSP Lending Fund

- **c. LEI of Series:** 2549003XEMRVS2F8EV89

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

- **a. Date of fiscal year-end:** 2026-12-31

- **b. Date as of which information is reported:** 2026-03-31

**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:** $440483290.18

**Total Liabilities:** $132426317.95

**Net Assets:** $308056972.23

**Cash Not Reported:** $19013865.83

**Currency Risk Metrics (dv01):**

- 

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

- **3-Month:** 0.00000000 | **1-Year:** 289.35282000 | **5-Year:** 3626.38952000 | **10-Year:** 9851.82792000 | **30-Year:** 1414.22018000

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

- **3-Month:** 0.00000000 | **1-Year:** 12374.62297000 | **5-Year:** 13967.17991000 | **10-Year:** 44.48127000 | **30-Year:** 0.00000000

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000000005 | 0.79%                | 0.33%                | 0.67%                |
| Class ID C000000001 | 0.10%                | 0.34%                | 0.59%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $15353.85                | $17007.89                                  |
| Month 2  | $15603.36                | $-299099.55                                |
| Month 3  | $234263.45               | $-596450.32                                |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Qnity Electronics Inc.                                                               | QNTELE 5.75 08/15/32 144A                                                                               | CUSIP: 74743LAA8<br>LEI: 254900RSUG4J9TFFZX53 | Long             | DBT              | CORP              | US        |   1500000 | PA      | $1503661.50   | 0.49%             | 2032-08-15      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| Vertiv Holdings Co                                                                   | VRT 4.85 03/15/36                                                                                       | CUSIP: 92537NAA6<br>LEI: 549300KTTIRAOGXCRV69 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $972787.36    | 0.32%             | 2036-03-15      | Fixed         | 4.85%                 | No            |                  2 | On Loan: No      |
| Novelis Corporation                                                                  | HNDLIN 6.875 01/30/30 144A                                                                              | CUSIP: 670001AL0<br>LEI: 549300G5F3W3B52WYL23 | Long             | DBT              | CORP              | US        |   1500000 | PA      | $1514176.50   | 0.49%             | 2030-01-30      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| Fair Isaac Corporation                                                               | FAIRIC 6.25 09/15/34 144A                                                                               | CUSIP: 303250AJ3<br>LEI: RI6HET5SJUEY30V1PS26 | Long             | DBT              | CORP              | US        |   1500000 | PA      | $1476581.40   | 0.48%             | 2034-09-15      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| Solifi Initial 2025 DDTL                                                             | Solifi Initial 2025 DDTL                                                                                | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   2971000 | PA      | $2942478.40   | 0.96%             | 2031-11-30      | Floating      | 4.75%                 | No            |                  3 | On Loan: No      |
| Wesco Distribution, Inc.                                                             | WCC 5.25 04/15/31 144A                                                                                  | CUSIP: 95081QAT1<br>LEI: 549300I2CEZJG9N4AH67 | Long             | DBT              | CORP              | US        |   1500000 | PA      | $1494796.35   | 0.49%             | 2031-04-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Varicent 1L Rev                                                                      | Varicent 1L Rev                                                                                         | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     99000 | PA      | $97267.50     | 0.03%             | 2031-08-23      | Floating      | 2.62%                 | No            |                  3 | On Loan: No      |
| Palmdale 1L DDTL-1 2025                                                              | Palmdale 1L DDTL-1 2025                                                                                 | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    929000 | PA      | $929000.00    | 0.30%             | 2031-12-05      | Floating      | 4.75%                 | No            |                  3 | On Loan: No      |
| Northern Oil And Gas, Inc.                                                           | NOG 8.75 06/15/31 144A                                                                                  | CUSIP: 665530AB7<br>LEI: OKFF0PIZDDMNH4UCYE51 | Long             | DBT              | CORP              | US        |   1500000 | PA      | $1560630.00   | 0.51%             | 2031-06-15      | Fixed         | 8.75%                 | No            |                  2 | On Loan: No      |
| VNTELV TL 2L USD 2026                                                                | VNTELV TL 2L USD 2026                                                                                   | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   4348000 | PA      | $4305389.60   | 1.40%             | 2034-02-13      | Floating      | 6.00%                 | No            |                  3 | On Loan: No      |
| Charter DDTL 2025                                                                    | Charter DDTL 2025                                                                                       | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    608000 | PA      | $602345.60    | 0.20%             | 2032-10-01      | Floating      | 4.75%                 | No            |                  3 | On Loan: No      |
| Zendesk Rev                                                                          | Zendesk Rev                                                                                             | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    825188 | PA      | $811985.33    | 0.26%             | 2028-11-22      | Floating      | 5.00%                 | No            |                  3 | On Loan: No      |
| Charter TL 2025                                                                      | Charter TL 2025                                                                                         | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   5077782 | PA      | $5030558.98   | 1.63%             | 2032-10-01      | Floating      | 4.75%                 | No            |                  3 | On Loan: No      |
| Heritage Environmental Services, Inc.                                                | ARCWOOD ENVIRONMENTAL                                                                                   | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1500000 | PA      | $1503750.00   | 0.49%             | 2033-03-18      | Floating      | 0.00%                 | No            |                  3 | On Loan: No      |
| Groome 1L DDTL-A 2025                                                                | Groome 1L DDTL-A 2025                                                                                   | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    602000 | PA      | $596582.00    | 0.19%             | 2031-08-29      | Floating      | 4.75%                 | No            |                  3 | On Loan: No      |
| Devon Energy Corporation                                                             | DVN 5.75 09/15/54                                                                                       | CUSIP: 25179MBH5<br>LEI: 54930042348RKR3ZPN35 | Long             | DBT              | CORP              | US        |   1500000 | PA      | $1410814.88   | 0.46%             | 2054-09-15      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| Groome Revolver 2025                                                                 | Groome Revolver 2025                                                                                    | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    452000 | PA      | $447932.00    | 0.15%             | 2031-08-29      | Floating      | 4.75%                 | No            |                  3 | On Loan: No      |
| Freedom Mortgage Holdings LLC                                                        | FREMOR 6.875 05/01/31 144A                                                                              | CUSIP: 35641AAE8<br>LEI: 254900ROJ91RGM43S156 | Long             | DBT              | CORP              | US        |   2000000 | PA      | $1871766.20   | 0.61%             | 2031-05-01      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| Galway Borrower LLC                                                                  | GAL Refinancing Second Amendment DDTL                                                                   | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   1778911 | PA      | $1778910.58   | 0.58%             | 2028-09-29      | Floating      | 8.20%                 | No            |                  3 | On Loan: No      |
| Modern Wealth Revolver 2025                                                          | Modern Wealth Revolver 2025                                                                             | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    311000 | PA      | $308854.10    | 0.10%             | 2031-08-29      | Floating      | 4.75%                 | No            |                  3 | On Loan: No      |
| Boeing Co.                                                                           | BA 5.93 05/01/60                                                                                        | CUSIP: 097023CX1<br>LEI: RVHJWBXLJ1RFUBSY1F30 | Long             | DBT              | CORP              | US        |   1500000 | PA      | $1441070.64   | 0.47%             | 2060-05-01      | Fixed         | 5.93%                 | No            |                  2 | On Loan: No      |
| Zendesk 2025 DDTL                                                                    | Zendesk 2025 DDTL                                                                                       | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    685857 | PA      | $674882.86    | 0.22%             | 2028-11-22      | Floating      | 5.00%                 | No            |                  3 | On Loan: No      |
| Brown Group Holding LLC                                                              | BROWN GROUP HOLDING LLC                                                                                 | CUSIP: 11565HAB2<br>LEI: 25490094PF4HHK9QS109 | Long             | LON              | CORP              | US        |   1488665 | PA      | $1492483.41   | 0.48%             | 2031-07-01      | Floating      | 6.17%                 | No            |                  2 | On Loan: No      |
| BSP Equipment Financing LLC                                                          | BSP Equipment Financing LLC                                                                             | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | US        |   3198273 | NS      | $0.00         | 0.00%             |  |  |  | No            |                  3 | On Loan: No      |
| Sirius Xm Radio LLC                                                                  | SIRI 5.875 04/15/32 144A                                                                                | CUSIP: 82966BAA3<br>LEI: WP5O65E6BMU84LNO4227 | Long             | DBT              | CORP              | US        |   1500000 | PA      | $1491540.60   | 0.48%             | 2032-04-15      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| NCL Corporation Ltd.                                                                 | NCLH 5.875 01/15/31 144A                                                                                | CUSIP: 62886HBY6<br>LEI: UNZWILHE4KMRP9K2L524 | Long             | DBT              | CORP              | BM        |   1500000 | PA      | $1458248.75   | 0.47%             | 2031-01-15      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| Advanced Micro Devices Inc.                                                          | AMD 4.393 06/01/52                                                                                      | CUSIP: 007903BG1<br>LEI: R2I72C950HOYXII45366 | Long             | DBT              | CORP              | US        |   1500000 | PA      | $1245261.92   | 0.40%             | 2052-06-01      | Fixed         | 4.39%                 | No            |                  2 | On Loan: No      |
| Jump Financial LLC                                                                   | Jump Financial Term Loan B 350 2032-02-01                                                               | CUSIP: 48138UAE7<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   1990000 | PA      | $1992487.50   | 0.65%             | 2032-02-26      | Floating      | 7.20%                 | No            |                  3 | On Loan: No      |
| Reagent TL 2025                                                                      | Reagent TL 2025                                                                                         | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   9572592 | PA      | $9572592.50   | 3.11%             | 2031-04-30      | Floating      | 5.25%                 | No            |                  3 | On Loan: No      |
| Trinity 1L DDTL25_2                                                                  | Trinity 1L DDTL25_2                                                                                     | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    602000 | PA      | $602000.00    | 0.20%             | 2029-06-29      | Floating      | 4.50%                 | No            |                  3 | On Loan: No      |
| Broadcom Inc                                                                         | AVGO 3.5 02/15/41                                                                                       | CUSIP: 11135FCV1<br>LEI: 549300WV6GIDOZJTV909 | Long             | DBT              | CORP              | US        |   1500000 | PA      | $1197370.65   | 0.39%             | 2041-02-15      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Varicent 1L TL 2025                                                                  | Varicent 1L TL 2025                                                                                     | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    852000 | PA      | $837090.00    | 0.27%             | 2031-08-23      | Floating      | 2.62%                 | No            |                  3 | On Loan: No      |
| Alera Group Inc                                                                      | Alera Group Term Loan B 275 2032-05-01                                                                  | CUSIP: 01451PAE6<br>LEI: 2549003D76KZAKICNX26 | Long             | LON              | CORP              | US        |    997500 | PA      | $969555.04    | 0.31%             | 2032-05-28      | Floating      | 6.42%                 | No            |                  2 | On Loan: No      |
| CCC 1L TL 2026_2                                                                     | CCC 1L TL 2026_2                                                                                        | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   2808000 | PA      | $2808000.00   | 0.91%             | 2029-06-01      | Floating      | 4.50%                 | No            |                  3 | On Loan: No      |
| Wipfli DDTL 2025                                                                     | Wipfli DDTL 2025                                                                                        | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1037000 | PA      | $1034614.90   | 0.34%             | 2032-10-01      | Floating      | 4.50%                 | No            |                  3 | On Loan: No      |
| Groome 1L 2025                                                                       | Groome 1L 2025                                                                                          | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   2829908 | PA      | $2804438.33   | 0.91%             | 2031-08-29      | Floating      | 4.75%                 | No            |                  3 | On Loan: No      |
| Tenet Healthcare Corporation                                                         | THC 6.75 05/15/31                                                                                       | CUSIP: 88033GDU1<br>LEI: 0W9AIBT6U6ADJ2I8HK17 | Long             | DBT              | CORP              | US        |   1500000 | PA      | $1534092.00   | 0.50%             | 2031-05-15      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| Flow Traders Rev 2025                                                                | Flow Traders Rev 2025                                                                                   | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1692000 | PA      | $1668312.00   | 0.54%             | 2031-10-29      | Floating      | 5.00%                 | No            |                  3 | On Loan: No      |
| Trinity 1L Rev                                                                       | Trinity 1L Rev                                                                                          | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    161000 | PA      | $161000.00    | 0.05%             | 2028-06-29      | Floating      | 4.25%                 | No            |                  3 | On Loan: No      |
| Apld Computeco LLC                                                                   | APLD 9.25 12/15/30 144A                                                                                 | CUSIP: 00202DAA5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1500000 | PA      | $1546803.00   | 0.50%             | 2030-12-15      | Fixed         | 9.25%                 | No            |                  2 | On Loan: No      |
| US Salt 1L Rev 26                                                                    | US Salt 1L Rev 26                                                                                       | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    666000 | PA      | $659406.60    | 0.21%             | 2033-02-26      | Floating      | 4.25%                 | No            |                  3 | On Loan: No      |
| Trinity 1L TL 25                                                                     | Trinity 1L TL 25                                                                                        | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   2802616 | PA      | $2802615.91   | 0.91%             | 2029-06-29      | Floating      | 4.50%                 | No            |                  3 | On Loan: No      |
| Window 1L TL 25                                                                      | Window 1L TL 25                                                                                         | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   3498420 | PA      | $3498420.00   | 1.14%             | 2028-07-15      | Fixed         | 5.00%                 | No            |                  3 | On Loan: No      |
| Axiom Global Inc                                                                     | Axiom 1L 24                                                                                             | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | US        |  14962500 | PA      | $14962500.00  | 4.86%             | 2028-10-02      | Floating      | 0.00%                 | No            |                  3 | On Loan: No      |
| Raven Acquisition Holdings, LLC                                                      | RCM L 11/20/31 2                                                                                        | CUSIP: 75419XAD6<br>LEI: N/A                  | Long             | LON              | CORP              | US        |     67000 | PA      | $65809.41     | 0.02%             | 2031-11-19      | Floating      | 6.88%                 | No            |                  2 | On Loan: No      |
| Charter Rev 2025                                                                     | Charter Rev 2025                                                                                        | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    912000 | PA      | $903518.40    | 0.29%             | 2032-10-01      | Floating      | 4.75%                 | No            |                  3 | On Loan: No      |
| Groome 1L DDTL-B 2025                                                                | Groome 1L DDTL-B 2025                                                                                   | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    904000 | PA      | $895864.00    | 0.29%             | 2031-08-29      | Floating      | 4.75%                 | No            |                  3 | On Loan: No      |
| Rialto 1L Rev                                                                        | Rialto 1L Rev                                                                                           | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    751000 | PA      | $751000.00    | 0.24%             | 2030-12-05      | Floating      | 5.00%                 | No            |                  3 | On Loan: No      |
| Solifi Initial 2025 Revolver                                                         | Solifi Initial 2025 Revolver                                                                            | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    396000 | PA      | $392198.40    | 0.13%             | 2031-11-30      | Floating      | 4.75%                 | No            |                  3 | On Loan: No      |
| MICBAK Sr. Secured TL 2025                                                           | MICBAK Sr. Secured TL 2025                                                                              | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |  15529000 | PA      | $15103505.40  | 4.90%             | 2028-12-01      | Floating      | 4.50%                 | No            |                  3 | On Loan: No      |
| Athenahealth Group Inc.                                                              | ATHENA 6.5 02/15/30 144A                                                                                | CUSIP: 60337JAA4<br>LEI: 254900AA3KZN4Q7A5Z33 | Long             | DBT              | CORP              | US        |   2500000 | PA      | $2349234.25   | 0.76%             | 2030-02-15      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| Altus DDTL 2025                                                                      | Altus DDTL 2025                                                                                         | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    705000 | PA      | $700206.00    | 0.23%             | 2031-09-18      | Floating      | 4.75%                 | No            |                  3 | On Loan: No      |
| SV RNO Property Owner 1 LLC                                                          | TRACTC 5.875 03/01/31 144A                                                                              | CUSIP: 78488XAA2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1000000 | PA      | $989087.56    | 0.32%             | 2031-03-01      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| Rialto 1L TL 2025 Incremental                                                        | Rialto 1L TL 2025 Incremental                                                                           | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   7509000 | PA      | $7509000.00   | 2.44%             | 2030-12-05      | Floating      | 5.00%                 | No            |                  3 | On Loan: No      |
| KBRA DDTL 2025                                                                       | KBRA DDTL 2025                                                                                          | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    492000 | PA      | $487473.60    | 0.16%             | 2032-07-09      | None          | 0.00%                 | No            |                  3 | On Loan: No      |
| KBRA Rev 2025                                                                        | KBRA Rev 2025                                                                                           | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    492000 | PA      | $487473.60    | 0.16%             | 2032-07-09      | None          | 0.00%                 | No            |                  3 | On Loan: No      |
| HOPPER MERGER SUB INC                                                                | HOPPER MERGER SUB INC                                                                                   | CUSIP: 000000000<br>LEI: 9845009E9B4548A5N478 | Long             | LON              | CORP              | US        |   1000000 | PA      | $989315.00    | 0.32%             | 2033-01-14      | Floating      | 5.92%                 | No            |                  2 | On Loan: No      |
| Maclean TL 2L USD 26                                                                 | Maclean TL 2L USD 26                                                                                    | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |  13699000 | PA      | $13563379.90  | 4.40%             | 2034-03-04      | Floating      | 5.25%                 | No            |                  3 | On Loan: No      |
| AAdvantage Loyality IP Ltd (American Airlines Inc)                                   | American Airlines Term Loan B 225 2028-04-01                                                            | CUSIP: 02376CBS3<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   1000000 | PA      | $992500.00    | 0.32%             | 2028-04-20      | Floating      | 5.92%                 | No            |                  2 | On Loan: No      |
| Genesys Cloud Services Holdings II LLC (f/k/a Greeneden US Holdings II LLC)          | Genesys Telecommunications Laboratories Term Loan B 250 2032-01-01                                      | CUSIP: 39479UAY9<br>LEI: 254900CRMBG6WX4HX396 | Long             | LON              | CORP              | US        |   1492462 | PA      | $1430898.25   | 0.46%             | 2032-01-30      | Floating      | 6.17%                 | No            |                  2 | On Loan: No      |
| TransDigm, Inc.                                                                      | TDG 6.75 01/31/34 144a                                                                                  | CUSIP: 893647CA3<br>LEI: 88Q84GB3X55CF5OC7582 | Long             | DBT              | CORP              | US        |   1500000 | PA      | $1520782.50   | 0.49%             | 2034-01-31      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| RAVEN ACQUISITION HOLDINGS LLC                                                       | RAVEN ACQUISITION HOLDINGS LLC                                                                          | CUSIP: 75419XAC8<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    933000 | PA      | $916420.59    | 0.30%             | 2031-11-20      | Floating      | 6.67%                 | No            |                  2 | On Loan: No      |
| Delivery Hero SE                                                                     | DELIVERY HERO FINCO LLC                                                                                 | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1500000 | PA      | $1453132.50   | 0.47%             | 2032-06-30      | Floating      | 8.72%                 | No            |                  2 | On Loan: No      |
| Wipfli TL 2025                                                                       | Wipfli TL 2025                                                                                          | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   2764000 | PA      | $2757642.80   | 0.90%             | 2032-10-01      | Floating      | 4.50%                 | No            |                  3 | On Loan: No      |
| Whatabrands LLC                                                                      | Whataburger Term Loan B 250 2028-08-01                                                                  | CUSIP: 96244UAJ6<br>LEI: 254900HMMX4HTWIP0085 | Long             | LON              | CORP              | US        |   1492462 | PA      | $1491798.17   | 0.48%             | 2028-08-03      | Floating      | 6.17%                 | No            |                  2 | On Loan: No      |
| Delta Air Lines Inc.                                                                 | DAL 5.25 07/10/30                                                                                       | CUSIP: 247361A32<br>LEI: Q2CCMS6R0AS67HJMBN42 | Long             | DBT              | CORP              | US        |   1500000 | PA      | $1510514.46   | 0.49%             | 2030-07-10      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Resonetics LLC                                                                       | Resonetics Term Loan B 275 2031-06-01                                                                   | CUSIP: 76118EAL2<br>LEI: 5493007F3QX6Z23QGO95 | Long             | LON              | CORP              | US        |   1488750 | PA      | $1484797.37   | 0.48%             | 2031-06-18      | Floating      | 6.42%                 | No            |                  2 | On Loan: No      |
| Trystar Incremental T/L 2025                                                         | Trystar Incremental T/L 2025                                                                            | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |  10636000 | PA      | $10636000.00  | 3.45%             | 2031-08-06      | Floating      | 4.25%                 | No            |                  3 | On Loan: No      |
| Window 1L TL 26                                                                      | Window 1L TL 26                                                                                         | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    497000 | PA      | $497000.00    | 0.16%             | 2028-07-16      | Fixed         | 5.00%                 | No            |                  3 | On Loan: No      |
| Apld Computeco 2 LLC                                                                 | PFORGE 6.75 03/15/31 144A                                                                               | CUSIP: 03772CAA1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1000000 | PA      | $993339.10    | 0.32%             | 2031-03-15      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| Gainwell Acquisition Corp                                                            | Gainwell Technologies (fka Milano Acqusition/DXC State & Local HHS) First-lien Term Loan 400 2027-08-03 | CUSIP: 59909TAC8<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    997368 | PA      | $970359.68    | 0.31%             | 2027-10-01      | Floating      | 7.80%                 | No            |                  2 | On Loan: No      |
| KBRA 1L 2025                                                                         | KBRA 1L 2025                                                                                            | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   4430000 | PA      | $4389244.00   | 1.42%             | 2032-07-09      | None          | 0.00%                 | No            |                  3 | On Loan: No      |
| ICAT Revolver 2025                                                                   | ICAT Revolver 2025                                                                                      | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    228000 | PA      | $225081.60    | 0.07%             | 2029-03-01      | Floating      | 6.25%                 | No            |                  3 | On Loan: No      |
| TK Elevator Midco Gmbh                                                               | TK Elevator (fka Thyssenkrupp Elevator) Term Loan B (Incremental) 275 2030-04-01                        | CUSIP: 000000000<br>LEI: 254900K869UN2ZWVB351 | Long             | LON              | CORP              | US        |   1100000 | PA      | $1102981.00   | 0.36%             | 2030-04-30      | Floating      | 0.00%                 | No            |                  2 | On Loan: No      |
| Apollo Global Management Inc                                                         | APO 6.375 11/15/33                                                                                      | CUSIP: 03769MAA4<br>LEI: 254900LMFT1CY9IYB476 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $1059650.01   | 0.34%             | 2033-11-15      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| VZ Secured Financing BV                                                              | ZIGGO 7.5 01/15/33 REGS                                                                                 | CUSIP: 000000000<br>LEI: 549300MG611MYCOWY949 | Long             | DBT              | CORP              | NL        |   1500000 | PA      | $1415248.35   | 0.46%             | 2033-01-15      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| Legg Mason Partners Institutional Trust                                              | Legg Mason Partners Institutional Trust GVT RSEVS PRM                                                   | CUSIP: 52470G494<br>LEI: 549300WB3XRN9YTWFB76 | Long             | STIV             | RF                | US        |  18892244 | NS      | $18892244.00  | 6.13%             |  |  |  | No            |                  1 | On Loan: No      |
| Oracle Corp.                                                                         | ORCL 6.25 11/09/32                                                                                      | CUSIP: 68389XCJ2<br>LEI: 1Z4GXXU7ZHVWFCD8TV52 | Long             | DBT              | CORP              | US        |   1500000 | PA      | $1539916.88   | 0.50%             | 2032-11-09      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| Flow Traders TL 2025                                                                 | Flow Traders TL 2025                                                                                    | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   4489440 | PA      | $4426587.84   | 1.44%             | 2031-10-29      | Floating      | 5.00%                 | No            |                  3 | On Loan: No      |
| Wipfli Rev 2025                                                                      | Wipfli Rev 2025                                                                                         | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    691000 | PA      | $687821.40    | 0.22%             | 2032-10-01      | Floating      | 4.50%                 | No            |                  3 | On Loan: No      |
| Hologic, Inc.                                                                        | Hologi 01/14/33                                                                                         | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   6817000 | PA      | $6782915.00   | 2.20%             | 2040-01-01      | Floating      | 0.00%                 | No            |                  3 | On Loan: No      |
| United Airlines Holdings Inc                                                         | UAL 5.375 03/01/31                                                                                      | CUSIP: 910047AL3<br>LEI: 98450079DA0B78DD6764 | Long             | DBT              | CORP              | US        |   1500000 | PA      | $1470850.05   | 0.48%             | 2031-03-01      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| Nexus Buyer LLC                                                                      | NEXUS BUYER LLC                                                                                         | CUSIP: 65343UAH5<br>LEI: 254900PILSANV8WOOF24 | Long             | LON              | CORP              | US        |   2492481 | PA      | $2403686.56   | 0.78%             | 2031-07-31      | Floating      | 7.17%                 | No            |                  2 | On Loan: No      |
| Cotiviti Inc                                                                         | Cotiviti Inc Term Loan B 325 2031-02-12                                                                 | CUSIP: 22164MAB3<br>LEI: 254900YAQHVRTG4IFI64 | Long             | LON              | CORP              | US        |   2484874 | PA      | $2295414.69   | 0.75%             | 2031-05-01      | Floating      | 6.42%                 | No            |                  2 | On Loan: No      |
| Rithm Capital Corp.                                                                  | RITM 8 07/15/30 144A                                                                                    | CUSIP: 64828TAC6<br>LEI: 549300WNTHGEO5LP2G31 | Long             | DBT              | CORP              | US        |   2000000 | PA      | $1931901.60   | 0.63%             | 2030-07-15      | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| Voltagrid LLC                                                                        | VOLTAG 7.375 11/01/30 144A                                                                              | CUSIP: 92874BAA3<br>LEI: 254900R5BEUGIKK1FM03 | Long             | DBT              | CORP              | US        |   1500000 | PA      | $1549903.50   | 0.50%             | 2030-11-01      | Fixed         | 7.38%                 | No            |                  2 | On Loan: No      |
| Ace Solutions Sr. Secured DDTL 26-1                                                  | Ace Solutions Sr. Secured DDTL 26-1                                                                     | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   6836000 | PA      | $6733460.00   | 2.19%             | 2032-03-24      | Floating      | 5.25%                 | No            |                  3 | On Loan: No      |
| CoreWeave Inc.                                                                       | CRWV 9.25 06/01/30 144A                                                                                 | CUSIP: 21873SAB4<br>LEI: 984500511DP2B6186053 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $972614.40    | 0.32%             | 2030-06-01      | Fixed         | 9.25%                 | No            |                  2 | On Loan: No      |
| Transdigm                                                                            | TransDigm Term Loan M (Incremental) 250 2032-08-01                                                      | CUSIP: 89364MCE2<br>LEI: 88Q84GB3X55CF5OC7582 | Long             | LON              | CORP              | US        |   1326667 | PA      | $1328132.64   | 0.43%             | 2032-08-19      | Floating      | 6.17%                 | No            |                  2 | On Loan: No      |
| Jane Street Group LLC / JSG Finance Inc.                                             | JANEST 7.125 04/30/31 144A                                                                              | CUSIP: 47077WAC2<br>LEI: 5493002N1IVX6KHGYO08 | Long             | DBT              | CORP              | US        |   1500000 | PA      | $1542849.00   | 0.50%             | 2031-04-30      | Fixed         | 7.12%                 | No            |                  2 | On Loan: No      |
| Shift4 Payments Llc / Shift4 Payments Finance Subordinated Incorporated              | FOUR 6.75 08/15/32 144A                                                                                 | CUSIP: 82453AAB3<br>LEI: 254900GTEMR7L40VPI74 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $984540.04    | 0.32%             | 2032-08-15      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| Coherent Corp                                                                        | COHR 5 12/15/29 144A                                                                                    | CUSIP: 902104AC2<br>LEI: 549300O5C25A0MMHHU33 | Long             | DBT              | CORP              | US        |   1500000 | PA      | $1472599.20   | 0.48%             | 2029-12-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Modern Wealth 1L TL 2025                                                             | Modern Wealth 1L TL 2025                                                                                | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   2636392 | PA      | $2618201.39   | 0.85%             | 2032-08-29      | Floating      | 4.75%                 | No            |                  3 | On Loan: No      |
| CMI Marketing Inc                                                                    | CMIMAR L 03/23/28 4                                                                                     | CUSIP: 12576LAG7<br>LEI: 2549008V69JBBIX9J563 | Long             | LON              | CORP              | US        |   1492188 | PA      | $1439960.94   | 0.47%             | 2028-03-23      | Floating      | 8.03%                 | No            |                  3 | On Loan: No      |
| KKR & Co Inc.                                                                        | KKR 5.1 08/07/35                                                                                        | CUSIP: 48251WAB0<br>LEI: 54930013V5I303TF9571 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $967833.09    | 0.31%             | 2035-08-07      | Fixed         | 5.10%                 | No            |                  2 | On Loan: No      |
| Trystar Incremental T/L 2025                                                         | Trystar Incremental T/L 2025                                                                            | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   3545000 | PA      | $3545000.00   | 1.15%             | 2031-08-06      | Floating      | 4.25%                 | No            |                  3 | On Loan: No      |
| Socket DDTL 2026                                                                     | Socket DDTL 2026                                                                                        | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   7488000 | PA      | $7488000.00   | 2.43%             | 2031-03-31      | Floating      | 4.75%                 | No            |                  3 | On Loan: No      |
| American Tower Corporation                                                           | AMT 4.7 12/15/32                                                                                        | CUSIP: 03027XCR9<br>LEI: 5493006ORUSIL88JOE18 | Long             | DBT              | CORP              | US        |   1500000 | PA      | $1474548.38   | 0.48%             | 2032-12-15      | Fixed         | 4.70%                 | No            |                  2 | On Loan: No      |
| Venture Global Plaquemines Lng LLC                                                   | VEGLPL 6.125 12/15/30 144A                                                                              | CUSIP: 922966AE6<br>LEI: 549300TKP4I6OJ02BF90 | Long             | DBT              | CORP              | US        |   2000000 | PA      | $2057952.00   | 0.67%             | 2030-12-15      | Fixed         | 6.12%                 | No            |                  2 | On Loan: No      |
| Zendesk TL                                                                           | Zendesk TL                                                                                              | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   8104688 | PA      | $7975012.54   | 2.59%             | 2028-11-22      | Floating      | 5.00%                 | No            |                  3 | On Loan: No      |
| One Source Virtual Sr. Secured TL                                                    | One Source Virtual Sr. Secured TL                                                                       | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |  17525000 | PA      | $17439127.50  | 5.66%             | 2033-01-30      | Floating      | 4.75%                 | No            |                  3 | On Loan: No      |
| CCC 1L DDTL 26                                                                       | CCC 1L DDTL 26                                                                                          | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    936000 | PA      | $936000.00    | 0.30%             | 2029-06-01      | Floating      | 4.50%                 | No            |                  3 | On Loan: No      |
| One Source Virtual Sub Notes 2026                                                    | One Source Virtual Sub Notes 2026                                                                       | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     10000 | PA      | $10000.00     | 0.00%             | 2034-01-30      | Fixed         | 12.00%                | No            |                  3 | On Loan: No      |
| Jane Street Group LLC                                                                | Jane Street Group Term Loan B 200 2031-12-01                                                            | CUSIP: 47077DAM2<br>LEI: 5493002N1IVX6KHGYO08 | Long             | LON              | CORP              | US        |    500000 | PA      | $491477.50    | 0.16%             | 2031-12-15      | Floating      | 5.67%                 | No            |                  2 | On Loan: No      |
| Altar Bidco Inc                                                                      | Altar Bidco Inc                                                                                         | CUSIP: 02090CAE0<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   1496114 | PA      | $1489568.49   | 0.48%             | 2029-02-01      | Floating      | 0.00%                 | No            |                  2 | On Loan: No      |
| Flash Compute LLC                                                                    | FLASHC 7.25 12/31/30 144A                                                                               | CUSIP: 33853QAA9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1000000 | PA      | $1008041.00   | 0.33%             | 2030-12-31      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| Modern Wealth DDTL 2025                                                              | Modern Wealth DDTL 2025                                                                                 | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1554137 | PA      | $1543413.42   | 0.50%             | 2032-08-29      | Floating      | 4.75%                 | No            |                  3 | On Loan: No      |
| Zelis Cost Management Buyer Inc                                                      | Zelis Healthcare Term Loan B (Incremental) 325 2031-10-20                                               | CUSIP: 98932TAH6<br>LEI: 549300U8NGLZN5R1Y309 | Long             | LON              | CORP              | US        |   1492462 | PA      | $1447875.01   | 0.47%             | 2031-11-26      | Floating      | 6.92%                 | No            |                  2 | On Loan: No      |
| Taseko Mines Limited                                                                 | TKOCN 8.25 05/01/30 144A                                                                                | CUSIP: 876511AG1<br>LEI: 549300XKUO1JSLU7KX54 | Long             | DBT              | CORP              | CA        |   1500000 | PA      | $1565715.00   | 0.51%             | 2030-05-01      | Fixed         | 8.25%                 | No            |                  2 | On Loan: No      |
| CCC 1L TL 2026                                                                       | CCC 1L TL 2026                                                                                          | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    838000 | PA      | $838000.00    | 0.27%             | 2029-06-01      | Floating      | 4.50%                 | No            |                  3 | On Loan: No      |
| Aprio DDTL 2025                                                                      | Aprio DDTL 2025                                                                                         | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | US        |  10536000 | PA      | $10435908.00  | 3.39%             | 2031-08-01      | Floating      | 4.75%                 | No            |                  3 | On Loan: No      |
| One Source Virtual Sr. Secured Revolver                                              | One Source Virtual Sr. Secured Revolver                                                                 | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   2503000 | PA      | $2490735.30   | 0.81%             | 2033-01-30      | Floating      | 4.75%                 | No            |                  3 | On Loan: No      |
| Avis Budget Car Rental LLC/Avis Budget Finance Inc.                                  | CAR 8 02/15/31 144A                                                                                     | CUSIP: 053773BH9<br>LEI: XN8R4HH1TVC1XOCL5P21 | Long             | DBT              | CORP              | US        |   1500000 | PA      | $1483807.50   | 0.48%             | 2031-02-15      | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| Palmdale 1L DDTL-2 2025                                                              | Palmdale 1L DDTL-2 2025                                                                                 | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   3086265 | PA      | $3086265.00   | 1.00%             | 2031-12-05      | Floating      | 4.75%                 | No            |                  3 | On Loan: No      |
| Zayo Group Holdings Inc                                                              | ZAYO L 03/11/30 1                                                                                       | CUSIP: 98919XAH4<br>LEI: 529900Z6OTS7RT0V0I47 | Long             | LON              | CORP              | US        |   1999399 | PA      | $1966798.37   | 0.64%             | 2030-03-11      | Floating      | 6.78%                 | No            |                  2 | On Loan: No      |
| Higgin Amend 6 DDTL-B                                                                | Higgin Amend 6 DDTL-B                                                                                   | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |  15000000 | PA      | $15000000.00  | 4.87%             | 2031-05-05      | Floating      | 4.50%                 | No            |                  3 | On Loan: No      |
| Clarios Global LP                                                                    | CLARIOS GLOBAL LP                                                                                       | CUSIP: 000000000<br>LEI: 549300474L1ZLXZY2P98 | Long             | LON              | CORP              | N/A       |   1488693 | PA      | $1485902.18   | 0.48%             | 2030-05-06      | Floating      | 6.17%                 | No            |                  2 | On Loan: No      |
| Vanco Sr. Secured 2025 Revolver                                                      | Vanco Sr. Secured 2025 Revolver                                                                         | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    492000 | PA      | $487129.20    | 0.16%             | 2031-12-01      | Floating      | 4.75%                 | No            |                  3 | On Loan: No      |
| Trystar Incremental Revolver 2025                                                    | Trystar Incremental Revolver 2025                                                                       | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   2836000 | PA      | $2836000.00   | 0.92%             | 2031-08-06      | Floating      | 4.25%                 | No            |                  3 | On Loan: No      |
| Neptune BidCo US Inc.                                                                | NLSN 9.29 04/15/29 144A                                                                                 | CUSIP: 640695AA0<br>LEI: 549300VG15T3VCYZ4531 | Long             | DBT              | CORP              | US        |   1500000 | PA      | $1505397.00   | 0.49%             | 2029-04-15      | Fixed         | 9.29%                 | No            |                  2 | On Loan: No      |
| Aprio Revolver 2025                                                                  | Aprio Revolver 2025                                                                                     | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    855000 | PA      | $846877.50    | 0.27%             | 2031-08-01      | Floating      | 4.75%                 | No            |                  3 | On Loan: No      |
| One Source Virtual                                                                   | One Source Virtual Warrants 2026                                                                        | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      1269 | NS      | $0.00         | 0.00%             |  |  |  | No            |                  3 | On Loan: No      |
| CoreLogic Inc                                                                        | CoreLogic Term Loan B 350 2028-03-28                                                                    | CUSIP: 21870FBA6<br>LEI: 54930086CD8K2UIL0516 | Long             | LON              | CORP              | US        |   1496084 | PA      | $1434377.58   | 0.47%             | 2028-06-02      | Floating      | 7.28%                 | No            |                  2 | On Loan: No      |
| Palmdale 1L TL 2025                                                                  | Palmdale 1L TL 2025                                                                                     | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   3094000 | PA      | $3079458.20   | 1.00%             | 2031-12-05      | Floating      | 4.75%                 | No            |                  3 | On Loan: No      |
| AMERICAN AIRLINES INC                                                                | AAL 7.25 02/15/28 144A                                                                                  | CUSIP: 023771T32<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1500000 | PA      | $1509695.03   | 0.49%             | 2028-02-15      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| WULF Compute LLC                                                                     | WULF 7.75 10/15/30 144A                                                                                 | CUSIP: 982911AA7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   2000000 | PA      | $2114630.00   | 0.69%             | 2030-10-15      | Fixed         | 7.75%                 | No            |                  2 | On Loan: No      |
| US Salt 1L TL 26                                                                     | US Salt 1L TL 26                                                                                        | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   5732000 | PA      | $5675253.20   | 1.84%             | 2033-02-28      | Floating      | 4.25%                 | No            |                  3 | On Loan: No      |
| Pacific Gas and Electric Company                                                     | PCG 5.9 10/01/54                                                                                        | CUSIP: 694308KT3<br>LEI: 1HNPXZSMMB7HMBMVBS46 | Long             | DBT              | CORP              | US        |   1500000 | PA      | $1398807.21   | 0.45%             | 2054-10-01      | Fixed         | 5.90%                 | No            |                  2 | On Loan: No      |
| Wand NewCo 3 Inc                                                                     | WAND NEWCO 3 INC                                                                                        | CUSIP: 93369PAM6<br>LEI: 549300Y3VZEWMSQW8494 | Long             | LON              | CORP              | US        |   1459715 | PA      | $1449760.20   | 0.47%             | 2031-01-30      | Floating      | 6.17%                 | No            |                  2 | On Loan: No      |
| Varicent 1L DDTL 2025                                                                | Varicent 1L DDTL 2025                                                                                   | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    210000 | PA      | $206325.00    | 0.07%             | 2031-08-23      | Floating      | 2.62%                 | No            |                  3 | On Loan: No      |
| Ascensus Group Holdings Inc (f/k/a Mercury Borrower Inc)                             | ASCENS TL 2L USD 2025                                                                                   | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | US        |  16755000 | PA      | $17006325.00  | 5.52%             | 2033-11-25      | Floating      | 8.92%                 | No            |                  3 | On Loan: No      |
| Charter Communications Operating, LLC/Charter Communications Operating Capital Corp. | CHTR 6.484 10/23/45                                                                                     | CUSIP: 161175BA1<br>LEI: 549300TPZNMN50BJ3745 | Long             | DBT              | CORP              | US        |   1500000 | PA      | $1384270.23   | 0.45%             | 2045-10-23      | Fixed         | 6.48%                 | No            |                  2 | On Loan: No      |
| ICAT TL 2025                                                                         | ICAT TL 2025                                                                                            | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   2989975 | PA      | $2951703.32   | 0.96%             | 2029-03-01      | Floating      | 6.25%                 | No            |                  3 | On Loan: No      |
| BSP Equipment Financing LLC                                                          | BSP Equipment Financing LLC                                                                             | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | US        |   2978727 | NS      | $2978726.78   | 0.97%             |  |  |  | No            |                  3 | On Loan: No      |
| UFC Holdings LLC (Zuffa)/TKO Group                                                   | TKO Group Holdings (UFC) Term Loan B 200 2031-11-01                                                     | CUSIP: 90266UAL7<br>LEI: 549300JEOTH7UMZ3C491 | Long             | LON              | CORP              | US        |   1496231 | PA      | $1497166.30   | 0.49%             | 2031-11-21      | Floating      | 5.66%                 | No            |                  2 | On Loan: No      |
| ICAT DDTL 2025                                                                       | ICAT DDTL 2025                                                                                          | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1503060 | PA      | $1483820.83   | 0.48%             | 2029-03-01      | Floating      | 6.25%                 | No            |                  3 | On Loan: No      |
| GAL 1L TL                                                                            | GAL 1L TL                                                                                               | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1075607 | PA      | $1075606.61   | 0.35%             | 2028-09-29      | Floating      | 4.50%                 | No            |                  3 | On Loan: No      |
| Zendesk DDTL                                                                         | Zendesk DDTL                                                                                            | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1306727 | PA      | $1285819.54   | 0.42%             | 2028-11-22      | Floating      | 5.00%                 | No            |                  3 | On Loan: No      |
| Vanco Sr. Secured 2025 TL                                                            | Vanco Sr. Secured 2025 TL                                                                               | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |  10417890 | PA      | $10314752.89  | 3.35%             | 2031-12-01      | Floating      | 4.75%                 | No            |                  3 | On Loan: No      |
| Altus TL 2025                                                                        | Altus TL 2025                                                                                           | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   3648665 | PA      | $3631881.14   | 1.18%             | 2031-09-18      | Floating      | 4.75%                 | No            |                  3 | On Loan: No      |
| Golar LNG Limited                                                                    | GLNG 7.5 10/02/30 144A                                                                                  | CUSIP: 38046YAE1<br>LEI: 213800C2VSFZG3EZLO34 | Long             | DBT              | CORP              | BM        |   1500000 | PA      | $1518477.00   | 0.49%             | 2030-10-02      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| Nielsen Consumer Inc                                                                 | INDY US HOLDCO LLC                                                                                      | CUSIP: 45674PAS3<br>LEI: 254900QPZS54FU2J9C09 | Long             | LON              | CORP              | US        |   1496231 | PA      | $1479398.55   | 0.48%             | 2030-10-31      | Floating      | 0.00%                 | No            |                  3 | On Loan: No      |
| Ace Solutions Sr. Secured TL 26                                                      | Ace Solutions Sr. Secured TL 26                                                                         | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   9590000 | PA      | $9446150.00   | 3.07%             | 2032-03-24      | Floating      | 5.25%                 | No            |                  3 | On Loan: No      |
| Solifi Initial 2025 TL                                                               | Solifi Initial 2025 TL                                                                                  | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   3070000 | PA      | $3040528.00   | 0.99%             | 2031-11-30      | Floating      | 4.75%                 | No            |                  3 | On Loan: No      |
| JUPITER BORROWER INC                                                                 | JUPITER BORROWER INC                                                                                    | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1500000 | PA      | $1500000.00   | 0.49%             | 2033-03-25      | Floating      | 0.00%                 | No            |                  3 | On Loan: No      |
| Altus Rev 2025                                                                       | Altus Rev 2025                                                                                          | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    564000 | PA      | $558867.60    | 0.18%             | 2031-09-18      | Floating      | 4.75%                 | No            |                  3 | On Loan: No      |
| Ace Solutions Sr. Secured DDTL 26-2                                                  | Ace Solutions Sr. Secured DDTL 26-2                                                                     | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   2849000 | PA      | $2806265.00   | 0.91%             | 2032-03-24      | Floating      | 5.25%                 | No            |                  3 | On Loan: No      |
| JETBLUE AIRWAYS CORP / JETBLUE LOYALTY LP                                            | JBLU 9.875 09/20/31 144A                                                                                | CUSIP: 476920AA1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   2000000 | PA      | $1892836.68   | 0.61%             | 2031-09-20      | Fixed         | 9.88%                 | No            |                  2 | On Loan: No      |
| Westwood 1L TL 26                                                                    | Westwood 1L TL 26                                                                                       | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |  12363000 | PA      | $12363000.00  | 4.01%             | 2031-09-19      | Floating      | 4.50%                 | No            |                  3 | On Loan: No      |
| Cipher Compute LLC                                                                   | CIFR 7.125 11/15/30 144A                                                                                | CUSIP: 17253NAA5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1500000 | PA      | $1555918.50   | 0.51%             | 2030-11-15      | Fixed         | 7.12%                 | No            |                  2 | On Loan: No      |

### Signature

**Date Signed:** 2026-05-27

**Name of Applicant:** Franklin BSP Lending Fund

**Signature:** Christopher Berarducci

**Name of Signer:** Christopher Berarducci

**Title:** Principal Financial Officer