# EDGAR Filing Document

**Accession Number:** 0002063946
**File Stem:** 0000940400-25-011547
**Filing Date:** 2025-11
**Character Count:** 63103
**Document Hash:** 04fb117f9bf7cf2db1cbc9f4dfccce79
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000940400-25-011547.hdr.sgml**: 20251128

**ACCESSION NUMBER**: 0000940400-25-011547

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250930

**FILED AS OF DATE**: 20251128

**DATE AS OF CHANGE**: 20251128

**PERIOD START**: 20251231

**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:** 251534567

**BUSINESS ADDRESS:**
- **STREET 1:** C/O FRANKLIN TEMPLETON
- **STREET 2:** 280 PARK AVENUE
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10017
- **BUSINESS PHONE:** (212) 632-3000

**MAIL ADDRESS:**
- **STREET 1:** C/O FRANKLIN TEMPLETON
- **STREET 2:** 280 PARK AVENUE
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10017

## Nport-Ex

Schedule of Investments (unaudited)

September 30, 2025

 **Franklin BSP Lending Fund**

(Percentages shown based on Fund net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | Maturity <br>Date<br>| Face <br>Amount<br>| Value |
| **Senior Secured 1st Lien Debt — 84.0%** | **Senior Secured 1st Lien Debt — 84.0%** | **Senior Secured 1st Lien Debt — 84.0%** | **Senior Secured 1st Lien Debt — 84.0%** | **Senior Secured 1st Lien Debt — 84.0%** |
| **Bank Loans — 77.1%** | **Bank Loans — 77.1%** | **Bank Loans — 77.1%** | **Bank Loans — 77.1%** | **Bank Loans — 77.1%** |
| *Business Services — 18.9%* | *Business Services — 18.9%* | *Business Services — 18.9%* | *Business Services — 18.9%* | *Business Services — 18.9%* |
| &nbsp;&nbsp;&nbsp; Corporation Service Co., USD Term Loan B | —  | &nbsp;&nbsp; 11/2/29 | &nbsp;&nbsp; $1473837 | &nbsp;&nbsp;&nbsp; $1461862<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Groome Purchaser LLC, Delayed Draw Term Loan A | —  | &nbsp;&nbsp; 8/29/31 | &nbsp;&nbsp; 602000 | &nbsp;&nbsp;&nbsp; 596068<br> <sup>(b)(c)</sup><br>|
| &nbsp;&nbsp;&nbsp; Groome Purchaser LLC, Delayed Draw Term Loan B | —  | &nbsp;&nbsp; 8/29/31 | &nbsp;&nbsp; 904000 | &nbsp;&nbsp;&nbsp; 895092<br> <sup>(b)(c)</sup><br>|
| &nbsp;&nbsp;&nbsp; Groome Purchaser LLC, Revolving Term Loan | —  | &nbsp;&nbsp; 8/29/31 | &nbsp;&nbsp; 452000 | &nbsp;&nbsp;&nbsp; 447546<br> <sup>(b)(c)</sup><br>|
| &nbsp;&nbsp;&nbsp; Groome Purchaser LLC, Initial Term Loan (1 mo. Term SOFR + 4.750%) | &nbsp;&nbsp; 8.913% | &nbsp;&nbsp; 8/29/31 | &nbsp;&nbsp; 2837000 | &nbsp;&nbsp;&nbsp; 2809044<br> <sup>(b)(d)(e)(f)</sup><br>|
| &nbsp;&nbsp;&nbsp; Bayou Holdings Buyer Inc., Delayed Draw Term Loan | —  | &nbsp;&nbsp; 9/18/31 | &nbsp;&nbsp; 705000 | &nbsp;&nbsp;&nbsp; 697989<br> <sup>(b)(c)</sup><br>|
| &nbsp;&nbsp;&nbsp; Bayou Holdings Buyer Inc., Revolving Credit Term Loan | —  | &nbsp;&nbsp; 9/18/31 | &nbsp;&nbsp; 564000 | &nbsp;&nbsp;&nbsp; 558391<br> <sup>(b)(c)</sup><br>|
| &nbsp;&nbsp;&nbsp; Bayou Holdings Buyer Inc., Term Loan (3 mo. Term SOFR + 4.750%) | &nbsp;&nbsp; 8.776% | &nbsp;&nbsp; 9/18/31 | &nbsp;&nbsp; 3667000 | &nbsp;&nbsp;&nbsp; 3630532<br> <sup>(b)(d)(e)(f)</sup><br>|
| &nbsp;&nbsp;&nbsp; Wharf Street Ratings Acquisition LLC, Delayed Draw Term Loan | —  | &nbsp;&nbsp; 7/9/32 | &nbsp;&nbsp; 492000 | &nbsp;&nbsp;&nbsp; 487107<br> <sup>(b)(c)</sup><br>|
| &nbsp;&nbsp;&nbsp; Wharf Street Ratings Acquisition LLC, Revolving Term Loan | —  | &nbsp;&nbsp; 7/9/32 | &nbsp;&nbsp; 492000 | &nbsp;&nbsp;&nbsp; 487108<br> <sup>(b)(c)</sup><br>|
| &nbsp;&nbsp;&nbsp; Wharf Street Ratings Acquisition LLC, Term Loan (1 mo. Term SOFR + 4.750%) | &nbsp;&nbsp; 8.913% | &nbsp;&nbsp; 7/9/32 | &nbsp;&nbsp; 4430000 | &nbsp;&nbsp;&nbsp; 4385948<br> <sup>(b)(d)(e)(f)</sup><br>|
| **Total Business Services** | **Total Business Services** | **Total Business Services** | **Total Business Services** | &nbsp;&nbsp; **16456687** |
| *Consumer — 7.5%* | *Consumer — 7.5%* | *Consumer — 7.5%* | *Consumer — 7.5%* | *Consumer — 7.5%* |
| &nbsp;&nbsp;&nbsp; Wand NewCo 3 Inc., Term Loan B2 | —  | &nbsp;&nbsp; 1/30/31 | &nbsp;&nbsp; 1481806 | &nbsp;&nbsp;&nbsp; 1478494<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; CNT Holdings I Corp., 2025 Replacement Term Loan (3 mo. Term SOFR + 2.250%) | &nbsp;&nbsp; 6.558% | &nbsp;&nbsp; 11/8/32 | &nbsp;&nbsp; 1496240 | &nbsp;&nbsp;&nbsp; 1497041<br> <sup>(d)(e)(f)</sup><br>|
| &nbsp;&nbsp;&nbsp; WIN Holdings III Corp., 2025 Term Loan (1 mo. Term SOFR + 5.100%) | &nbsp;&nbsp; 9.250% | &nbsp;&nbsp; 7/15/28 | &nbsp;&nbsp; 3516000 | &nbsp;&nbsp;&nbsp; 3516000<br> <sup>(b)(d)(e)(f)</sup><br>|
| **Total Consumer** | **Total Consumer** | **Total Consumer** | **Total Consumer** | &nbsp;&nbsp; **6491535** |
| *Financials — 14.9%* | *Financials — 14.9%* | *Financials — 14.9%* | *Financials — 14.9%* | *Financials — 14.9%* |
| &nbsp;&nbsp;&nbsp; CPI Holdco B LLC, Initial Term Loan (1 mo. Term SOFR + 2.000%) | &nbsp;&nbsp; 6.163% | &nbsp;&nbsp; 5/17/31 | &nbsp;&nbsp; 1496222 | &nbsp;&nbsp;&nbsp; 1496221<br> <sup>(d)(e)(f)</sup><br>|
| &nbsp;&nbsp;&nbsp; Nexus Buyer LLC, Amendment No. 9 Refinancing Term Loan (1 mo. Term SOFR + <br> 3.500%) | &nbsp;&nbsp; 7.663% | &nbsp;&nbsp; 7/31/31 | &nbsp;&nbsp; 1496240 | &nbsp;&nbsp;&nbsp; 1494408<br> <sup>(d)(e)(f)</sup><br>|
| &nbsp;&nbsp;&nbsp; Osaic Holdings Inc., Initial Term Loan | —  | &nbsp;&nbsp; 7/30/32 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp; 1000570<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Finco I LLC, 2025 Replacement Term Loan | —  | &nbsp;&nbsp; 6/27/29 | &nbsp;&nbsp; 1496250 | &nbsp;&nbsp;&nbsp; 1494230<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Alliant Holdings Intermediate LLC, 2025 Replacement Term Loan (1 mo. Term SOFR <br> + 2.500%) | &nbsp;&nbsp; 6.666% | &nbsp;&nbsp; 9/19/31 | &nbsp;&nbsp; 1496250 | &nbsp;&nbsp;&nbsp; 1493744<br> <sup>(d)(e)(f)</sup><br>|
| &nbsp;&nbsp;&nbsp; Modern Wealth Management, Delayed Draw Term Loan (1 mo. Term SOFR + <br> 4.500%) | —  | &nbsp;&nbsp; 8/29/32 | &nbsp;&nbsp; 1555000 | &nbsp;&nbsp;&nbsp; 1543484<br> <sup>(b)(c)</sup><br>|
| &nbsp;&nbsp;&nbsp; Modern Wealth Management, Revolving Term Loan | —  | &nbsp;&nbsp; 8/29/31 | &nbsp;&nbsp; 311000 | &nbsp;&nbsp;&nbsp; 308702<br> <sup>(b)(c)</sup><br>|
| &nbsp;&nbsp;&nbsp; Modern Wealth Management Intermediate ll LLC, Initial Term Loan (3 mo. Term <br> SOFR + 4.500%) | &nbsp;&nbsp; 8.502% | &nbsp;&nbsp; 8/29/32 | &nbsp;&nbsp; 2643000 | &nbsp;&nbsp;&nbsp; 2623426<br> <sup>(b)(d)(e)(f)</sup><br>|
| &nbsp;&nbsp;&nbsp; Victory Capital Holdings Inc., Term Loan B3 | —  | &nbsp;&nbsp; 9/23/32 | &nbsp;&nbsp; 1500000 | &nbsp;&nbsp;&nbsp; 1499070<br> <sup>(a)</sup><br>|
| **Total Financials** | **Total Financials** | **Total Financials** | **Total Financials** | &nbsp;&nbsp; **12953855** |
| *Food & Beverage — 1.7%* | *Food & Beverage — 1.7%* | *Food & Beverage — 1.7%* | *Food & Beverage — 1.7%* | *Food & Beverage — 1.7%* |
| &nbsp;&nbsp;&nbsp; Whatabrands LLC, 2024 Refinancing Term Loan B (1 mo. Term SOFR + 2.500%) | &nbsp;&nbsp; 6.663% | &nbsp;&nbsp; 8/3/28 | &nbsp;&nbsp; 1496231 | &nbsp;&nbsp;&nbsp;&nbsp; ***1499089***<br> <sup>(d)(e)(f)</sup><br>|
| *Health Care — 5.1%* | *Health Care — 5.1%* | *Health Care — 5.1%* | *Health Care — 5.1%* | *Health Care — 5.1%* |
| &nbsp;&nbsp;&nbsp; Zelis Cost Management Buyer Inc., Amendment No. 5 Term Loan (1 mo. Term SOFR <br> + 3.250%) | &nbsp;&nbsp; 7.413% | &nbsp;&nbsp; 11/26/31 | &nbsp;&nbsp; 1496231 | &nbsp;&nbsp;&nbsp; 1498102<br> <sup>(d)(e)(f)</sup><br>|
| &nbsp;&nbsp;&nbsp; Cotiviti Inc., Initial Term Loan (1 mo. Term SOFR + 2.750%) | &nbsp;&nbsp; 7.030% | &nbsp;&nbsp; 5/1/31 | &nbsp;&nbsp; 1496222 | &nbsp;&nbsp;&nbsp; 1472529<br> <sup>(d)(e)(f)</sup><br>|
| &nbsp;&nbsp;&nbsp; Resonetics LLC, 2025 Specified Refinancing Commitment Term Loan (1 mo. Term <br> SOFR + 2.750%) | &nbsp;&nbsp; 7.064% | &nbsp;&nbsp; 6/18/31 | &nbsp;&nbsp; 1496250 | &nbsp;&nbsp;&nbsp; 1496594<br> <sup>(d)(e)(f)</sup><br>|
| **Total Health Care** | **Total Health Care** | **Total Health Care** | **Total Health Care** | &nbsp;&nbsp; **4467225** |
| *Industrials — 5.0%* | *Industrials — 5.0%* | *Industrials — 5.0%* | *Industrials — 5.0%* | *Industrials — 5.0%* |
| &nbsp;&nbsp;&nbsp; IRB Holding Corp., 2024 Replacement New Term Loan B (1 mo. Term SOFR + <br> 2.500%) | &nbsp;&nbsp; 6.663% | &nbsp;&nbsp; 12/15/27 | &nbsp;&nbsp; 1496231 | &nbsp;&nbsp;&nbsp; 1498214<br> <sup>(d)(e)(f)</sup><br>|
| &nbsp;&nbsp;&nbsp; EMRLD Borrower LP, 2nd Amendment Incremental Term Loan | —  | &nbsp;&nbsp; 8/4/31 | &nbsp;&nbsp; 1496250 | &nbsp;&nbsp;&nbsp; 1491387<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; TransDigm Inc., Term Loan M (3 mo. Term SOFR + 2.500%) | &nbsp;&nbsp; 6.502% | &nbsp;&nbsp; 8/13/32 | &nbsp;&nbsp; 1333334 | &nbsp;&nbsp;&nbsp; 1333400<br> <sup>(d)(e)(f)</sup><br>|
| **Total Industrials** | **Total Industrials** | **Total Industrials** | **Total Industrials** | &nbsp;&nbsp; **4323001** |
| *Media/Entertainment — 1.7%* | *Media/Entertainment — 1.7%* | *Media/Entertainment — 1.7%* | *Media/Entertainment — 1.7%* | *Media/Entertainment — 1.7%* |
| &nbsp;&nbsp;&nbsp; CMI Marketing, Inc., Term Loan B (1 mo. Term SOFR + 4.364%) | &nbsp;&nbsp; 8.528% | &nbsp;&nbsp; 3/23/28 | &nbsp;&nbsp; 1496094 | &nbsp;&nbsp;&nbsp;&nbsp; ***1489548***<br> <sup>(d)(e)(f)</sup><br>|
| *Other — 1.7%* | *Other — 1.7%* | *Other — 1.7%* | *Other — 1.7%* | *Other — 1.7%* |
| &nbsp;&nbsp;&nbsp; Brown Group Holding LLC, Initial Term Loan | —  | &nbsp;&nbsp; 7/1/31 | &nbsp;&nbsp; 1500000 | &nbsp;&nbsp;&nbsp;&nbsp; ***1502617***<br> <sup>(a)</sup><br>|

---

Franklin BSP Lending Fund 2025 Quarterly Report

\|1

------

Schedule of Investments (unaudited) (cont'd)

September 30, 2025

 **Franklin BSP Lending Fund**

(Percentages shown based on Fund net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | Maturity<br> Date<br>| Face<br> Amount<br>| Value |
| *Retail — 1.1%* | *Retail — 1.1%* | *Retail — 1.1%* | *Retail — 1.1%* | *Retail — 1.1%* |
| &nbsp;&nbsp;&nbsp; Harbor Freight Tools USA Inc., Initial Term Loan | —  | &nbsp;&nbsp; 6/11/31 | &nbsp;&nbsp; $1000000 | &nbsp;&nbsp;&nbsp; $***983700***<br> <sup>(a)</sup><br>|
| *Software/Services — 9.0%* | *Software/Services — 9.0%* | *Software/Services — 9.0%* | *Software/Services — 9.0%* | *Software/Services — 9.0%* |
| &nbsp;&nbsp;&nbsp; Genesys Cloud Services Holdings II LLC, 2025 Dollar Term Loan (1 mo. Term SOFR <br> + 2.500%) | &nbsp;&nbsp; 6.663% | &nbsp;&nbsp; 1/30/32 | &nbsp;&nbsp; 1500000 | &nbsp;&nbsp;&nbsp; 1492343<br> <sup>(d)(e)(f)</sup><br>|
| &nbsp;&nbsp;&nbsp; Saab Purchaser Inc., 1st Amendment Delayed Draw Term Loan | —  | &nbsp;&nbsp; 11/30/31 | &nbsp;&nbsp; 2971000 | &nbsp;&nbsp;&nbsp; 2941394<br> <sup>(b)(c)</sup><br>|
| &nbsp;&nbsp;&nbsp; Saab Purchaser Inc., Revolving Term Loan | —  | &nbsp;&nbsp; 11/30/31 | &nbsp;&nbsp; 396000 | &nbsp;&nbsp;&nbsp; 392054<br> <sup>(b)(c)</sup><br>|
| &nbsp;&nbsp;&nbsp; Saab Purchaser Inc., 1st Amendment Term Loan (3 mo. Term SOFR + 4.750%) | &nbsp;&nbsp; 8.752% | &nbsp;&nbsp; 11/30/31 | &nbsp;&nbsp; 3070000 | &nbsp;&nbsp;&nbsp; 3039407<br> <sup>(b)(d)(e)(f)</sup><br>|
| **Total Software/Services** | **Total Software/Services** | **Total Software/Services** | **Total Software/Services** | &nbsp;&nbsp; **7865198** |
| *Technology — 1.7%* | *Technology — 1.7%* | *Technology — 1.7%* | *Technology — 1.7%* | *Technology — 1.7%* |
| &nbsp;&nbsp;&nbsp; UKG Inc., Term Loan B (3 mo. Term SOFR + 2.500%) | &nbsp;&nbsp; 6.810% | &nbsp;&nbsp; 2/10/31 | &nbsp;&nbsp; 1500000 | &nbsp;&nbsp;&nbsp;&nbsp; ***1500202***<br> <sup>(d)(e)(f)</sup><br>|
| *Transportation — 8.8%* | *Transportation — 8.8%* | *Transportation — 8.8%* | *Transportation — 8.8%* | *Transportation — 8.8%* |
| &nbsp;&nbsp;&nbsp; Clarios Global LP, 2024 Term Loan B (1 mo. Term SOFR + 2.500%) | &nbsp;&nbsp; 6.663% | &nbsp;&nbsp; 5/6/30 | &nbsp;&nbsp; 1496231 | &nbsp;&nbsp;&nbsp; 1498805<br> <sup>(d)(e)(f)</sup><br>|
| &nbsp;&nbsp;&nbsp; American Airlines Inc., Repriced Term Loan | —  | &nbsp;&nbsp; 4/20/28 | &nbsp;&nbsp; 1500000 | &nbsp;&nbsp;&nbsp; 1499482<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; ICAT Intermediate Holdings LLC, 4th Amendment Delayed Draw Term Loan | —  | &nbsp;&nbsp; 3/1/29 | &nbsp;&nbsp; 1504000 | &nbsp;&nbsp;&nbsp; 1481458<br> <sup>(b)(c)</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; 224583<br> <sup>(b)(c)</sup><br>|
| &nbsp;&nbsp;&nbsp; ICAT Intermediate Holdings LLC, 4th Amendment Term Loan (1 mo. Term SOFR + <br> 6.250%) | &nbsp;&nbsp; 10.416% | &nbsp;&nbsp; 3/1/29 | &nbsp;&nbsp; 3005000 | &nbsp;&nbsp;&nbsp; 2959961<br> <sup>(b)(d)(e)(f)</sup><br>|
| **Total Transportation** | **Total Transportation** | **Total Transportation** | **Total Transportation** | &nbsp;&nbsp; **7664289** |
| **Total Bank Loans (Cost — $67,190,412)** | **Total Bank Loans (Cost — $67,190,412)** | **Total Bank Loans (Cost — $67,190,412)** | **Total Bank Loans (Cost — $67,190,412)** | &nbsp;&nbsp; **67196946** |
| **Corporate Bonds & Notes — 6.9%** |  |  |  |  |
| *Cable — 1.7%* | *Cable — 1.7%* | *Cable — 1.7%* | *Cable — 1.7%* | *Cable — 1.7%* |
| &nbsp;&nbsp;&nbsp; Charter Communications Operating LLC/Charter Communications Operating Capital <br> Corp., Senior Secured Notes | &nbsp;&nbsp; 6.484% | &nbsp;&nbsp; 10/23/45 | &nbsp;&nbsp; 1500000<br>| &nbsp;&nbsp;&nbsp; **1482683**<br>|
| *Financials — 1.7%* | *Financials — 1.7%* | *Financials — 1.7%* | *Financials — 1.7%* | *Financials — 1.7%* |
| &nbsp;&nbsp;&nbsp; Icahn Enterprises LP/Icahn Enterprises Finance Corp., Senior Secured Notes | &nbsp;&nbsp; 5.250% | &nbsp;&nbsp; 5/15/27 | &nbsp;&nbsp; 1500000<br>| &nbsp;&nbsp;&nbsp; **1475597**<br>|
| *Health Care — 1.8%* | *Health Care — 1.8%* | *Health Care — 1.8%* | *Health Care — 1.8%* | *Health Care — 1.8%* |
| &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; **1554110**<br>|
| *Utilities — 1.7%* | *Utilities — 1.7%* | *Utilities — 1.7%* | *Utilities — 1.7%* | *Utilities — 1.7%* |
| &nbsp;&nbsp;&nbsp; Pacific Gas and Electric Co., 1st Mortgage Bonds | &nbsp;&nbsp; 5.900% | &nbsp;&nbsp; 10/1/54 | &nbsp;&nbsp; 1500000<br>| &nbsp;&nbsp;&nbsp; **1463835**<br>|
| **Total Corporate Bonds & Notes (Cost — $5,913,874)** | **Total Corporate Bonds & Notes (Cost — $5,913,874)** | **Total Corporate Bonds & Notes (Cost — $5,913,874)** | **Total Corporate Bonds & Notes (Cost — $5,913,874)** | &nbsp;&nbsp; **5976225** |
| **Total Senior Secured 1st Lien Debt (Cost — $73,104,286)** | **Total Senior Secured 1st Lien Debt (Cost — $73,104,286)** | **Total Senior Secured 1st Lien Debt (Cost — $73,104,286)** | **Total Senior Secured 1st Lien Debt (Cost — $73,104,286)** | &nbsp;&nbsp; **73173171** |
| **Subordinated Debt — 4.8%** | **Subordinated Debt — 4.8%** | **Subordinated Debt — 4.8%** | **Subordinated Debt — 4.8%** | **Subordinated Debt — 4.8%** |
| **Corporate Bonds & Notes — 4.8%** |  |  |  |  |
| *Energy — 1.6%* | *Energy — 1.6%* | *Energy — 1.6%* | *Energy — 1.6%* | *Energy — 1.6%* |
| &nbsp;&nbsp;&nbsp; Devon Energy Corp., Senior Notes | &nbsp;&nbsp; 5.750% | &nbsp;&nbsp; 9/15/54 | &nbsp;&nbsp; 1500000<br>| &nbsp;&nbsp;&nbsp; **1392547**<br>|
| *Industrials — 1.7%* | *Industrials — 1.7%* | *Industrials — 1.7%* | *Industrials — 1.7%* | *Industrials — 1.7%* |
| &nbsp;&nbsp;&nbsp; Boeing Co., Senior Notes | &nbsp;&nbsp; 5.930% | &nbsp;&nbsp; 5/1/60 | &nbsp;&nbsp; 1500000<br>| &nbsp;&nbsp;&nbsp; **1499666**<br>|
| *Technology — 1.5%* | *Technology — 1.5%* | *Technology — 1.5%* | *Technology — 1.5%* | *Technology — 1.5%* |
| &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; **1293915**<br>|
| **Total Corporate Bonds & Notes (Cost — $4,082,526)** | **Total Corporate Bonds & Notes (Cost — $4,082,526)** | **Total Corporate Bonds & Notes (Cost — $4,082,526)** | **Total Corporate Bonds & Notes (Cost — $4,082,526)** | &nbsp;&nbsp; **4186128** |
| **Total Subordinated Debt (Cost — $4,082,526)** | **Total Subordinated Debt (Cost — $4,082,526)** | **Total Subordinated Debt (Cost — $4,082,526)** | **Total Subordinated Debt (Cost — $4,082,526)** | &nbsp;&nbsp; **4186128** |
| **Total Investments before Short-Term Investments (Cost — $77,186,812)** | **Total Investments before Short-Term Investments (Cost — $77,186,812)** | **Total Investments before Short-Term Investments (Cost — $77,186,812)** | **Total Investments before Short-Term Investments (Cost — $77,186,812)** | &nbsp;&nbsp; **77359299** |
| **Short-Term Investments — 29.1%** |  |  |  |  |
|  |  |  | Shares |  |
| **Money Market Funds — 29.1%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Western Asset Premier Institutional Government Reserves, Premium Shares <br>(Cost — $25,408,512) | &nbsp;&nbsp; 4.101% |  | &nbsp;&nbsp; 25408512 | &nbsp;&nbsp;&nbsp;&nbsp; **25408512**<br> <sup>(g)(h)</sup><br>|
| **Total Investments — 117.9% (Cost — $102,595,324)** | **Total Investments — 117.9% (Cost — $102,595,324)** | **Total Investments — 117.9% (Cost — $102,595,324)** | **Total Investments — 117.9% (Cost — $102,595,324)** | &nbsp;&nbsp; **102767811** |
| &nbsp;&nbsp;&nbsp; Liabilities in Excess of Other Assets — (17.9)% | &nbsp;&nbsp;&nbsp; Liabilities in Excess of Other Assets — (17.9)% | &nbsp;&nbsp;&nbsp; Liabilities in Excess of Other Assets — (17.9)% | &nbsp;&nbsp;&nbsp; Liabilities in Excess of Other Assets — (17.9)% | &nbsp;&nbsp;&nbsp; (15615921)<br>|
| **Total Net Assets — 100.0%** | **Total Net Assets — 100.0%** | **Total Net Assets — 100.0%** | **Total Net Assets — 100.0%** | &nbsp;&nbsp; **$87151890** |

---

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

2\|

Franklin BSP Lending Fund 2025 Quarterly Report

------

 **Franklin BSP Lending Fund**

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

<sup>(a)</sup> All or a portion of this loan has not settled as of September 30, 2025. Interest rates are not effective until settlement date. Interest rates shown, if any, are for the settled portion of the loan. 

<sup>(b)</sup> Security is valued using significant unobservable inputs (Note 1).

<sup>(c)</sup> All or a portion of this loan is unfunded as of September 30, 2025. The interest rate for fully unfunded term loans is to be determined. At September 30, 2025, the total principal amount and market value of unfunded commitments totaled $11,076,579 and $11,060,976, respectively. 

<sup>(d)</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>(e)</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 prior to the disposition of a senior loan. 

<sup>(f)</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 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 reference rate and spread in their description above. 

<sup>(g)</sup> Rate shown is one-day yield as of the end of the reporting period. 

<sup>(h)</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 voting securities of an issuer, or a company which is under common ownership or control with the Fund. At September 30, 2025, the total market value of investments in Affiliated Companies was $25,408,512 and the cost was $25,408,512 (Note 2). 

&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:** |
| SOFR |  | Secured Overnight Financing Rate |

---

This 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 2025 Quarterly Report

\|3

------

Notes to 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 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 ("Shareholders") 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 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. 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:

4\|

Franklin BSP Lending Fund 2025 Quarterly Report

------

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

• Each portfolio company or investment will be valued by the Manager, with assistance from one or more independent

valuation firms;

• The independent valuation firm(s) conduct independent appraisals and make an independent assessment of the

value of each investment; and

• The Manager, under the supervision of the Board, determines the fair value of each investment, in good faith, based on

the input of independent valuation firms (to the extent applicable) and the Manager's own analysis.

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.

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 and liabilities 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; Business Services | &nbsp;&nbsp; — | &nbsp;&nbsp; $1461862 | &nbsp;&nbsp; $14994825 | &nbsp;&nbsp; $16456687 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Consumer | &nbsp;&nbsp; — | &nbsp;&nbsp; 2975535 | &nbsp;&nbsp; 3516000 | &nbsp;&nbsp; 6491535 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Financials | &nbsp;&nbsp; — | &nbsp;&nbsp; 8478243 | &nbsp;&nbsp; 4475612 | &nbsp;&nbsp; 12953855 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Software/Services | &nbsp;&nbsp; — | &nbsp;&nbsp; 1492343 | &nbsp;&nbsp; 6372855 | &nbsp;&nbsp; 7865198 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transportation | &nbsp;&nbsp; — | &nbsp;&nbsp; 2998287 | &nbsp;&nbsp; 4666002 | &nbsp;&nbsp; 7664289 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other Senior Loans | &nbsp;&nbsp; — | &nbsp;&nbsp; 15765382 | &nbsp;&nbsp; — | &nbsp;&nbsp; 15765382 |
| &nbsp;&nbsp;&nbsp; Corporate Bonds & Notes | &nbsp;&nbsp; — | &nbsp;&nbsp; 10162353 | &nbsp;&nbsp; — | &nbsp;&nbsp; 10162353 |
| Total Long-Term Investments | &nbsp;&nbsp; — | &nbsp;&nbsp; 43334005 | &nbsp;&nbsp; 34025294 | &nbsp;&nbsp; 77359299 |
| Short-Term Investments† | &nbsp;&nbsp; $25408512 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 25408512 |
| **Total Investments** | &nbsp;&nbsp; **$25408512** | &nbsp;&nbsp; **$43334005** | &nbsp;&nbsp; **$34025294** | &nbsp;&nbsp; **$102767811** |

---

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

† See Schedule of Investments for additional detailed categorizations.

Franklin BSP Lending Fund 2025 Quarterly Report

\|5

------

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

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>August 7, 2025\*<br>| Accrued <br>premiums/ <br>discounts<br>| Realized <br>gain <br>(loss)<br>| Change in <br>unrealized <br>appreciation <br>(depreciation)<br>| Purchases |
| **Bank Loans:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Business Services |  | $1088 |  | $(9803) | $15003540 |
| &nbsp;&nbsp;&nbsp; Consumer |  | 512 |  | 34648 | 3480840 |
| &nbsp;&nbsp;&nbsp; Financials |  | 308 |  | (5710) | 4481014 |
| &nbsp;&nbsp;&nbsp; Software/Services |  | 221 |  | 4 | 6372630 |
| &nbsp;&nbsp;&nbsp; Transportation |  | 102 |  | (45) | 4665945 |
| **Total** | **—** | **$2231** | **—** | **$19094** | **$34003969** |

---

&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>September 30, 2025<br>| Net change <br>in unrealized <br>appreciation <br>(depreciation) for <br> investments <br>in securities <br>still held at <br>September 30, 2025<br>|
| **Bank Loans:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Business Services |  |  |  | $14994825 | $(9803) |
| &nbsp;&nbsp;&nbsp; Consumer |  |  |  | 3516000 | 34648 |
| &nbsp;&nbsp;&nbsp; Financials |  |  |  | 4475612 | (5710) |
| &nbsp;&nbsp;&nbsp; Software/Services |  |  |  | 6372855 | 4 |
| &nbsp;&nbsp;&nbsp; Transportation |  |  |  | 4666002 | (45) |
| **Total** | **—** | **—** | **—** | **$34025294** | **$19094** |

---

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

\* Date of commencement of operations.

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 8/7/25<sup>†</sup> <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:** |
| Consumer | $3516 | Yield Analysis | Market Yield | 9.400%-10.400% | 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>

---

| |
|:---|
| † Date of commencement of operations. |
| \* Senior Secured 1st Lien Debt with a value of $30,509,294 are fair valued at cost as of September 30, 2025, in accordance with procedures approved by the Board <br> and are not 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 result <br> 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 an affiliated company for all or some portion of the period ended September 30, 2025. The following transactions were effected in such company for the period ended September 30, 2025. <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>August 7, 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>August 7, 2025\* | Cost | Shares | Proceeds | Shares |
| Western Asset Premier <br> Institutional Government <br> Reserves, Premium <br> Shares<br>|  | $160745851 | 160745851 | $135337339 | 135337339 |

---

6\|

Franklin BSP Lending Fund 2025 Quarterly Report

------

&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>September 30, <br>2025<br>|
| Western Asset Premier <br> Institutional Government <br> Reserves, Premium Shares<br>|  | $256354 |  | $25408512 |

---

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

\* Date of commencement of operations.

Franklin BSP Lending Fund 2025 Quarterly Report

\|7

------

## 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:** 280 Park Avenue

  - **City:** New York

  - **State:** NY

  - **Foreign country:** US

  - **Zip / Postal Code:** 10017

  - **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:** 2025-12-31

- **b. Date as of which information is reported:** 2025-09-30

**Item A.4. Final filing**

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

### Fund Information

**Total Assets:** $111567265.38

**Total Liabilities:** $24414631.91

**Net Assets:** $87152633.47

**Currency Risk Metrics (dv01):**

- 

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

- **3-Month:** 0.00000000 | **1-Year:** 0.00000000 | **5-Year:** 0.00000000 | **10-Year:** 7845.11885000 | **30-Year:** 1548.50969000

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

- **3-Month:** 7.10953000 | **1-Year:** 3563.92962000 | **5-Year:** 1676.87969000 | **10-Year:** 0.00000000 | **30-Year:** 0.00000000

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000000005 |  |  | 0.90%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $0.00                    | $0.00                                      |
| Month 2  | $0.00                    | $-15825.61                                 |
| Month 3  | $40.48                   | $188314.96                                 |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Modern Wealth Revolver 2025                             | Modern Wealth Revolver 2025                                                     | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    311000 | PA      | $308701.71    | 0.35%             | 2031-08-29      | Floating      | 4.75%                 | No            |                  3 | On Loan: No      |
| WHATABRANDS LLC                                         | WHATABRANDS LLC                                                                 | CUSIP: 96244UAJ6<br>LEI: 254900HMMX4HTWIP0085 | Long             | LON              | CORP              | US        |   1500000 | PA      | $1502865.00   | 1.72%             | 2028-08-03      | Floating      | 6.64%                 | No            |                  2 | On Loan: No      |
| KBRA Rev 2025                                           | KBRA Rev 2025                                                                   | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    492000 | PA      | $487107.55    | 0.56%             | 2032-07-09      | None          | 0.00%                 | 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      | $3039407.45   | 3.49%             | 2031-11-30      | Floating      | 4.75%                 | No            |                  3 | On Loan: No      |
| IRB HOLDING CORP                                        | IRB HOLDING CORP                                                                | CUSIP: 44988LAL1<br>LEI: 549300HVW4WNWYBXN830 | Long             | LON              | CORP              | US        |   1496231 | PA      | $1498213.67   | 1.72%             | 2027-12-15      | Floating      | 6.68%                 | No            |                  2 | On Loan: No      |
| Groome Revolver 2025                                    | Groome Revolver 2025                                                            | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    452000 | PA      | $447545.99    | 0.51%             | 2031-08-29      | Floating      | 4.75%                 | No            |                  3 | On Loan: No      |
| HARBOR FREIGHT TOOLS                                    | HARBOR FREIGHT TOOLS USA INC                                                    | CUSIP: 41151PAR6<br>LEI: 549300Y48HLCFTTB4249 | Long             | LON              | CORP              | US        |   1000000 | PA      | $983700.00    | 1.13%             | 2031-06-11      | Floating      | 6.68%                 | No            |                  2 | On Loan: No      |
| ADVANCED MICRO DEVICES                                  | Advanced Micro Devices Inc                                                      | CUSIP: 007903BG1<br>LEI: R2I72C950HOYXII45366 | Long             | DBT              | CORP              | US        |   1500000 | PA      | $1293915.54   | 1.48%             | 2052-06-01      | Fixed         | 4.39%                 | No            |                  2 | On Loan: No      |
| EMRLD BORROWER LP                                       | EMRLD BORROWER LP                                                               | CUSIP: 26872NAD1<br>LEI: 5493000GJYE7GAQCUC61 | Long             | LON              | CORP              | US        |   1496250 | PA      | $1491387.19   | 1.71%             | 2031-08-04      | Floating      | 6.50%                 | No            |                  2 | 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      | $895091.98    | 1.03%             | 2031-08-29      | Floating      | 4.75%                 | No            |                  3 | On Loan: No      |
| Altus TL 2025                                           | Altus TL 2025                                                                   | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   3667000 | PA      | $3630531.69   | 4.17%             | 2031-09-18      | Floating      | 4.75%                 | No            |                  3 | On Loan: No      |
| ICAT Revolver 2025                                      | ICAT Revolver 2025                                                              | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    228000 | PA      | $224582.74    | 0.26%             | 2029-03-01      | Floating      | 6.25%                 | No            |                  3 | On Loan: No      |
| TENET HEALTHCARE CORP                                   | Tenet Healthcare Corp                                                           | CUSIP: 88033GDU1<br>LEI: 0W9AIBT6U6ADJ2I8HK17 | Long             | DBT              | CORP              | US        |   1500000 | PA      | $1554110.66   | 1.78%             | 2031-05-15      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| TRANSDIGM GROUP INC                                     | TRANSDIGM GROUP INC                                                             | CUSIP: 89364MCE2<br>LEI: 88Q84GB3X55CF5OC7582 | Long             | LON              | CORP              | US        |   1333333 | PA      | $1333400.00   | 1.53%             | 2032-08-13      | Floating      | 6.63%                 | No            |                  2 | On Loan: No      |
| Altus DDTL 2025                                         | Altus DDTL 2025                                                                 | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    705000 | PA      | $697988.78    | 0.80%             | 2031-09-18      | Floating      | 4.75%                 | No            |                  3 | On Loan: No      |
| CREATIVE PLANNING INC                                   | CREATIVE PLANNING LLC                                                           | CUSIP: 1261MAAB6<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   1496222 | PA      | $1496221.66   | 1.72%             | 2031-05-19      | Floating      | 6.14%                 | No            |                  2 | On Loan: No      |
| CLARIOS GLOBAL LP                                       | CLARIOS GLOBAL LP                                                               | CUSIP: 000000000<br>LEI: 549300474L1ZLXZY2P98 | Long             | LON              | CORP              | US        |   1496231 | PA      | $1498804.68   | 1.72%             | 2030-05-06      | Floating      | 6.65%                 | No            |                  2 | On Loan: No      |
| BOEING CO                                               | Boeing Co/The                                                                   | CUSIP: 097023CX1<br>LEI: RVHJWBXLJ1RFUBSY1F30 | Long             | DBT              | CORP              | US        |   1500000 | PA      | $1499665.58   | 1.72%             | 2060-05-01      | Fixed         | 5.93%                 | No            |                  2 | 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      | $596067.89    | 0.68%             | 2031-08-29      | Floating      | 4.75%                 | No            |                  3 | On Loan: No      |
| Groome 1L 2025                                          | Groome 1L 2025                                                                  | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   2837000 | PA      | $2809044.20   | 3.22%             | 2031-08-29      | Floating      | 4.75%                 | No            |                  3 | On Loan: No      |
| Altus Rev 2025                                          | Altus Rev 2025                                                                  | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    564000 | PA      | $558391.02    | 0.64%             | 2031-09-18      | Floating      | 4.75%                 | No            |                  3 | On Loan: No      |
| Modern Wealth 1L TL 2025                                | Modern Wealth 1L TL 2025                                                        | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   2643000 | PA      | $2623425.94   | 3.01%             | 2032-08-29      | Floating      | 4.75%                 | No            |                  3 | On Loan: No      |
| BROWN GROUP HOLDING LLC                                 | BROWN GROUP HOLDING LLC                                                         | CUSIP: 11565HAB2<br>LEI: 25490094PF4HHK9QS109 | Long             | LON              | CORP              | US        |   1500000 | PA      | $1502617.50   | 1.72%             | 2031-07-01      | Floating      | 6.63%                 | No            |                  2 | On Loan: No      |
| CHARTER COMM OPT LLC/CAP                                | Charter Communications Operating LLC / Charter Communications Operating Capital | CUSIP: 161175BA1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1500000 | PA      | $1482682.80   | 1.70%             | 2045-10-23      | Fixed         | 6.48%                 | No            |                  2 | On Loan: No      |
| WAND NEWCO 3 INC                                        | WAND NEWCO 3 INC                                                                | CUSIP: 93369PAM6<br>LEI: 549300Y3VZEWMSQW8494 | Long             | LON              | CORP              | US        |   1481806 | PA      | $1478493.99   | 1.70%             | 2031-01-30      | Floating      | 6.66%                 | No            |                  2 | On Loan: No      |
| CMI MARKETING INC                                       | CMI MARKETING INC                                                               | CUSIP: 12576LAG7<br>LEI: 2549008V69JBBIX9J563 | Long             | LON              | CORP              | US        |   1496094 | PA      | $1489548.34   | 1.71%             | 2028-03-23      | Floating      | 8.50%                 | No            |                  3 | On Loan: No      |
| ALLIANT HOLDINGS INTERMEDI                              | ALLIANT HOLDINGS INTERMEDI                                                      | CUSIP: 01881UAN5<br>LEI: 5493006Q26653NF8SI73 | Long             | LON              | CORP              | US        |   1500000 | PA      | $1497487.50   | 1.72%             | 2031-09-19      | Floating      | 6.63%                 | No            |                  2 | On Loan: No      |
| AADVANTAGE LOYALTY IP                                   | AADVANTAGE LOYALTY IP LTD                                                       | CUSIP: 02376CBS3<br>LEI: N/A                  | Long             | LON              | CORP              | KY        |   1500000 | PA      | $1499482.50   | 1.72%             | 2028-04-20      | Floating      | 6.25%                 | No            |                  2 | On Loan: No      |
| FinCo I LLC                                             | FINCO 06/27/29                                                                  | CUSIP: 31774BAH7<br>LEI: 5493001RSEZ0X6VJMC68 | Long             | LON              | CORP              | US        |   1496250 | PA      | $1494230.06   | 1.71%             | 2029-06-27      | Floating      | 6.08%                 | No            |                  2 | On Loan: No      |
| RESONETICS LLC                                          | RESONETICS LLC                                                                  | CUSIP: 76118EAL2<br>LEI: 5493007F3QX6Z23QGO95 | Long             | LON              | CORP              | US        |   1496250 | PA      | $1496594.14   | 1.72%             | 2031-06-18      | Floating      | 6.92%                 | No            |                  2 | On Loan: No      |
| DEVON ENERGY CORPORATION                                | Devon Energy Corp                                                               | CUSIP: 25179MBH5<br>LEI: 54930042348RKR3ZPN35 | Long             | DBT              | CORP              | US        |   1500000 | PA      | $1392546.63   | 1.60%             | 2054-09-15      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| ICAT DDTL 2025                                          | ICAT DDTL 2025                                                                  | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1504000 | PA      | $1481458.05   | 1.70%             | 2029-03-01      | Floating      | 6.25%                 | No            |                  3 | On Loan: No      |
| COTIVITI INC                                            | COTIVITI INC                                                                    | CUSIP: 22164MAB3<br>LEI: 254900YAQHVRTG4IFI64 | Long             | LON              | CORP              | US        |   1496222 | PA      | $1472528.99   | 1.69%             | 2031-05-01      | Floating      | 6.88%                 | No            |                  2 | On Loan: No      |
| UKG INC                                                 | UKG INC                                                                         | CUSIP: 89841EAB1<br>LEI: 529900FKHWSTQ1GXK240 | Long             | LON              | CORP              | US        |   1500000 | PA      | $1500202.50   | 1.72%             | 2031-02-10      | Floating      | 6.66%                 | No            |                  2 | On Loan: No      |
| ADVISOR GROUP HOLDINGS I                                | OSAIC HOLDINGS INC                                                              | CUSIP: 68773JAG5<br>LEI: 549300XL60BDV6UW5C86 | Long             | LON              | CORP              | US        |   1000000 | PA      | $1000570.00   | 1.15%             | 2032-08-02      | Floating      | 7.13%                 | No            |                  2 | On Loan: No      |
| PACIFIC GAS & ELECTRIC                                  | Pacific Gas and Electric Co                                                     | CUSIP: 694308KT3<br>LEI: 1HNPXZSMMB7HMBMVBS46 | Long             | DBT              | CORP              | US        |   1500000 | PA      | $1463834.81   | 1.68%             | 2054-10-01      | Fixed         | 5.90%                 | No            |                  2 | On Loan: No      |
| CNT HOLDINGS I CORP                                     | CNT HOLDINGS I CORP                                                             | CUSIP: 12656AAF6<br>LEI: 254900SYIEHMSB69WT08 | Long             | LON              | CORP              | US        |   1500000 | PA      | $1500802.50   | 1.72%             | 2032-11-08      | Floating      | 6.50%                 | 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      | $2941393.99   | 3.37%             | 2031-11-30      | Floating      | 4.75%                 | No            |                  3 | On Loan: No      |
| KBRA DDTL 2025                                          | KBRA DDTL 2025                                                                  | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    492000 | PA      | $487107.55    | 0.56%             | 2032-07-09      | None          | 0.00%                 | No            |                  3 | On Loan: No      |
| Western Asset Premier Institutional Government Reserves | Western Asset Premier Institutional Government Reserves                         | CUSIP: 52470G494<br>LEI: 549300WB3XRN9YTWFB76 | Long             | STIV             | RF                | US        |  33107790 | NS      | $33107790.46  | 37.99%            |  |  |  | No            |                  1 | On Loan: No      |
| Window 1L TL 25                                         | Window 1L TL 25                                                                 | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   3516000 | PA      | $3516000.00   | 4.03%             | 2028-07-15      | Fixed         | 5.00%                 | No            |                  3 | On Loan: No      |
| GENESYS CLOUD SERVICES                                  | GENESYS CLOUD SERVICES                                                          | CUSIP: 39479UAY9<br>LEI: 254900CRMBG6WX4HX396 | Long             | LON              | CORP              | US        |   1500000 | PA      | $1492342.50   | 1.71%             | 2032-01-30      | Floating      | 6.66%                 | No            |                  2 | On Loan: No      |
| Modern Wealth DDTL 2025                                 | Modern Wealth DDTL 2025                                                         | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1555000 | PA      | $1543483.67   | 1.77%             | 2032-08-29      | Floating      | 4.75%                 | 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      | $392053.86    | 0.45%             | 2031-11-30      | Floating      | 4.75%                 | No            |                  3 | On Loan: No      |
| ZELIS PAYMENTS BUYER INC                                | ZELIS PAYMENTS BUYER INC                                                        | CUSIP: 98932TAH6<br>LEI: 549300U8NGLZN5R1Y309 | Long             | LON              | CORP              | US        |   1500000 | PA      | $1501875.00   | 1.72%             | 2031-11-26      | Floating      | 7.41%                 | No            |                  2 | On Loan: No      |
| KBRA 1L 2025                                            | KBRA 1L 2025                                                                    | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   4430000 | PA      | $4385948.08   | 5.03%             | 2032-07-09      | None          | 0.00%                 | No            |                  3 | On Loan: No      |
| ICAHN ENTERPRISES/FIN                                   | Icahn Enterprises LP / Icahn Enterprises Finance Corp                           | CUSIP: 451102BZ9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1500000 | PA      | $1475596.82   | 1.69%             | 2027-05-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| VICTORY CAPITAL HOLDINGS INC                            | VICTORY CAPITAL HOLDINGS                                                        | CUSIP: 92645DAM1<br>LEI: 549300BN5LH2CIPPHS71 | Long             | LON              | CORP              | US        |   1500000 | PA      | $1499070.00   | 1.72%             | 2032-09-23      | Floating      | 6.01%                 | No            |                  2 | On Loan: No      |
| ICAT TL 2025                                            | ICAT TL 2025                                                                    | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   3005000 | PA      | $2959961.06   | 3.40%             | 2029-03-01      | Floating      | 6.25%                 | No            |                  3 | On Loan: No      |
| NEXUS BUYER LLC                                         | NEXUS BUYER LLC                                                                 | CUSIP: 65343UAH5<br>LEI: 254900PILSANV8WOOF24 | Long             | LON              | CORP              | US        |   1496241 | PA      | $1494407.71   | 1.71%             | 2031-07-31      | Floating      | 7.63%                 | No            |                  2 | On Loan: No      |
| CORP SERVICE CO                                         | CORP SERVICE CO                                                                 | CUSIP: 22006VAL3<br>LEI: 549300NOPSIMGJNT8J31 | Long             | LON              | CORP              | US        |   1473837 | PA      | $1461862.28   | 1.68%             | 2029-11-05      | Floating      | 6.14%                 | No            |                  2 | On Loan: No      |

### Signature

**Date Signed:** 2025-11-25

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

**Signature:** Christopher Berarducci

**Name of Signer:** Christopher Berarducci

**Title:** Principal Financial Officer