NPORT-P/A false 0001752724-19-204373 0000809707 XXXXXXXX S000012705 C000034240 C000034241 C000034238 C000128884 C000034239 Franklin Investors Securities Trust 811-04986 0000809707 549300XUGIR9DEQFV548 One Franklin Parkway San Mateo 94403-1906 650-312-2000 Franklin Managed Income Fund S000012705 XM9TFFPJNQZE8D26W802 2019-10-31 2019-10-31 N 3811432699.82 7617198.11 3803815501.71 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 139255.56000000 USD N FEDERAL HOME LOAN MORTGAGE CORP 4% 10/01/2049 FNL S6XOOCT0IEG5ABCC6L87 3132DV4B8 2234765.68000000 PA USD 2323951.80000000 0.061095281802 Long ABS-MBS USGA US N 2 2049-10-01 Fixed 4.00000000 N N N N N N HSBC Holdings PLC 4.292 09/12/2026 *FIXED TO FLOAT* MLU0ZO3ML4LN2LL2TL39 404280BX6 20000000.00000000 PA USD 21671300.00000000 0.569725318966 Long DBT CORP GB N 2 2026-09-12 Variable 4.29200000 N N N N N N N/A N/A 000000000 -1000.00000000 NC USD -190000.00000000 -0.00499498463 N/A DE CORP US N 1 Susquehanna International Group 549300E8QX0ZMRDC2M81 Put Written GENERAL DYNAMICS CORP STRIKE 160 EXPIRES 01/17/20 PUTS GENERAL DYNAMICS CORP STRIKE 160 EXPIRES 01/17/20 PUTS 100.00000000 160.00000000 USD 2020-01-17 XXXX 19957.51000000 N N N ROYAL DUTCH SHELL PLC SPONSORED ADR A 21380068P1DRHMJ8KU70 780259206 545000.00000000 NS USD 31593650.00000000 0.830577875972 Long EC CORP GB N 1 N N N CAPITAL ONE FINANCIAL CORP 3.80% 01/31/2028 ZUE8T73ROZOF6FLBAR73 14040HBW4 20000000.00000000 PA USD 21287652.20000000 0.559639451241 Long DBT CORP US N 2 2028-01-31 Fixed 3.80000000 N N N N N N Bausch Health Cos Inc 6.125% 04/15/2025 144A B3BS7ACMDUWISF18KY76 91831AAC5 6300000.00000000 PA USD 6555937.50000000 0.172351616345 Long DBT CORP CA N 2 2025-04-15 Fixed 6.12500000 N N N N N N Syngenta Finance NV 5.182% 04/24/2028 144A 54930042S3BYCEGOCN86 87164KAC8 20000000.00000000 PA USD 21213540.00000000 0.557691086501 Long DBT CORP NL N 2 2028-04-24 Fixed 5.18200000 N N N N N N Southern Co/The 6.75% CNV PFD 2019 *SOUEU* 549300FC3G3YU2FBZD92 842587602 280000.00000000 NS USD 14884800.00000000 0.391312354484 Long EP CORP US N 1 N N N MORGAN STANLEY 3.125% 01/23/2023 IGJSJL3JD5P30I6NJZ34 61744YAN8 20000000.00000000 PA USD 20588591.60000000 0.541261572511 Long DBT CORP US N 2 2023-01-23 Fixed 3.12500000 N N N N N N ANALOG DEVICES INC COM USD.167 GYVOE5EZ4GDAVTU4CQ61 032654105 350000.00000000 NS USD 37320500.00000000 0.981133285334 Long EC CORP US N 1 N N N WELLS FARGO & CO COM USD.1666 PBLD0EJDB5FWOLXP3B76 949746101 1100000.00000000 NS USD 56793000.00000000 1.493053487333 Long EC CORP US N 1 N N N GENERAL DYNAMICS CORP COM USD1 9C1X8XOOTYY2FNYTVH06 369550108 150000.00000000 NS USD 26520000.00000000 0.697194698009 Long EC CORP US N 1 N N N CITIGROUP INC 4.125% 07/25/2028 6SHGI4ZSSLCXXQSBB395 172967KU4 20000000.00000000 PA USD 21682040.00000000 0.570007667045 Long DBT CORP US N 2 2028-07-25 Fixed 4.12500000 N N N N N N TGT 9.0% ELN Issued by JPMorgan Chase Bank, National Association 9.0% ELN 9/22/2020 7H6GLXDRUGQFU57RNE97 48128D651 190000.00000000 NS USD 20453600.51000000 0.537712738717 Long EP CORP US N 2 N N N N/A N/A 000000000 -1970.00000000 NC USD -1970.00000000 -0.00005179010 N/A DE CORP US N 1 Credit Suisse Securities (Europe) Ltd. DL6FFRRLF74S01HE2M14 Call Written TEXAS INSTRUMENTS INC STRIKE 140 EXPIRES 11/15/19 CALLS TEXAS INSTRUMENTS INC STRIKE 140 EXPIRES 11/15/19 CALLS 100.00000000 140.00000000 USD 2019-11-15 XXXX 189040.94000000 N N N NESTLE SA ORD USD.1 REGD KY37LUS27QQX7BB93L28 000000000 500000.00000000 NS USD 53250000.00000000 1.399910168515 Long EC CORP CH N 1 N N N Prudential Financial Inc 5.70% 09/15/2048 *FIXED TO FLOAT* 5PRBRS5FEH7NREC8OR45 744320BF8 20000000.00000000 PA USD 22728400.00000000 0.597515836133 Long DBT CORP US N 2 2048-09-15 Variable 5.70000000 N N N N N N TXN 7.5% ELN Issued by Wells Fargo Bank NA 7.5% ELN 5/13/2020 KB1H1DSPRFMYMCUFXT09 94980V298 300000.00000000 NS USD 36051099.30000000 0.947761511666 Long EP CORP US N 2 N N N DOMINION ENERGY INC COM USD NPV ILUL7B6Z54MRYCF6H308 25746U109 528200.00000000 NS USD 43602910.00000000 1.146294029781 Long EC CORP US N 1 N N N BIOGEN INC 3.625% 09/15/2022 W8J5WZB5IY3K0NDQT671 09062XAE3 10000000.00000000 PA USD 10454570.60000000 0.274844313434 Long DBT CORP US N 2 2022-09-15 Fixed 3.62500000 N N N N N N Fiserv Inc 4.2% 10/01/2028 GI7UBEJLXYLGR2C7GV83 337738AR9 20000000.00000000 PA USD 22275714.60000000 0.585615011821 Long DBT CORP US N 2 2028-10-01 Fixed 4.20000000 N N N N N N CVS 8.5% ELN ISSUED BY UBS AG, LONDON BRANCH CVS 8.5% ELN 8/31/2020 BFM8T61CT2L1QCEMIK50 90269A526 350000.00000000 NS USD 22621026.05000000 0.594693040181 Long EP CORP CH N 2 N N N N/A N/A 000000000 -1500.00000000 NC USD -52500.00000000 -0.00138019312 N/A DE CORP US N 1 Susquehanna International Group 549300E8QX0ZMRDC2M81 Call Written GENERAL DYNAMICS CORP STRIKE 200 EXPIRES 01/17/20 CALLS GENERAL DYNAMICS CORP STRIKE 200 EXPIRES 01/17/20 CALLS 100.00000000 200.00000000 USD 2020-01-17 XXXX 551930.27000000 N N N JPMorgan Chase & Co PRF USD 6.00% SER EE *JPM C* 8I5DZWZKVSZI1NUHU748 48128B648 600000.00000000 NS USD 17094000.00000000 0.449390881138 Long EP CORP US N 1 N N N DELL INTERNATIONAL LLC / EMC CORP 4.42% 06/15/2021 144A N/A 25272KAD5 18000000.00000000 PA USD 18599018.76000000 0.488956910545 Long DBT CORP US N 2 2021-06-15 Fixed 4.42000000 N N N N N N N/A N/A 000000000 -1050.00000000 NC USD -3150.00000000 -0.00008281158 N/A DE CORP US N 1 Susquehanna International Group 549300E8QX0ZMRDC2M81 Call Written NORTHROP GRUMMAN CORP STRIKE 400 EXPIRES 11/15/19 CALLS NORTHROP GRUMMAN CORP STRIKE 400 EXPIRES 11/15/19 CALLS 100.00000000 400.00000000 USD 2019-11-15 XXXX 467200.20000000 N N N REYNOLDS AMERICAN INC 4.45% 06/12/2025 02S2RPPVO9RP4NEU2740 761713BG0 15000000.00000000 PA USD 16111528.05000000 0.423562290094 Long DBT CORP US N 2 2025-06-12 Fixed 4.45000000 N N N N N N CHEVRON CORP COM USD.75 N/A 166764100 400000.00000000 NS USD 46456000.00000000 1.221300033587 Long EC CORP US N 1 N N N N/A N/A 000000000 -5000.00000000 NC USD -230000.00000000 -0.00604656035 N/A DE RF US N 1 MORGAN STANLEY 9R7GPTSO7KV3UQJZQ078 Put Written SPDR S&P 500 ETF TRUST STRIKE 260 EXPIRES 12/20/19 PUTS SPDR S&P 500 ETF TRUST STRIKE 260 EXPIRES 12/20/19 PUTS 100.00000000 260.00000000 USD 2019-12-20 XXXX 2371566.43000000 N N N WYNN LAS VEGAS LLC/CAPITAL CORP 5.50% 03/01/2025 144A N/A 983130AV7 10000000.00000000 PA USD 10650000.00000000 0.279982033703 Long DBT CORP US N 2 2025-03-01 Fixed 5.50000000 N N N N N N FANNIE MAE 4% 09/01/2049 FNL B1V7KEBTPIMZEU4LTD58 31418DFS6 2569414.59000000 PA USD 2675080.81000000 0.070326250282 Long ABS-MBS USGA US N 2 2049-09-01 Fixed 4.00000000 N N N N N N N/A N/A 000000000 -2000.00000000 NC USD -104000.00000000 -0.00273409685 N/A DE CORP US N 1 WELLS FARGO SECURITIES LLC VYVVCKR63DVZZN70PB21 Call Written 3M CO STRIKE 185 EXPIRES 01/17/20 CALLS 3M CO STRIKE 185 EXPIRES 01/17/20 CALLS 100.00000000 185.00000000 USD 2020-01-17 XXXX 314545.05000000 N N N EXXON MOBIL CORP COM NPV J3WHBG0MTS7O8ZVMDC91 30231G102 550000.00000000 NS USD 37163500.00000000 0.977005850659 Long EC CORP US N 1 N N N CHS/Community Health Systems Inc 8% 03/15/2026 144A 5493007X5NC5XI1BB106 12543DBC3 10000000.00000000 PA USD 9800000.00000000 0.257636049792 Long DBT CORP US N 2 2026-03-15 Fixed 8.00000000 N N N N N N CSCO 7.0% ELN Issued by Citigroup Global Markets Holdings Inc 7.0% ELN 6/24/2020 82VOJDD5PTRDMVVMGV31 17327P351 743000.00000000 NS USD 36746565.12000000 0.966044885812 Long EP CORP US N 2 N N N TYSON FOODS INC 3.95% 08/15/2024 WD6L6041MNRW1JE49D58 902494AX1 12100000.00000000 PA USD 12995498.62000000 0.341643768320 Long DBT CORP US N 2 2024-08-15 Fixed 3.95000000 N N N N N N NAVIENT CORP 6.125% 03/25/2024 54930067J0ZNOEBRW338 78442FET1 15000000.00000000 PA USD 15742710.00000000 0.413866287492 Long DBT CORP US N 2 2024-03-25 Fixed 6.12500000 N N N N N N NIKE INC 2.375% 11/01/2026 787RXPR0UX0O0XUXPZ81 654106AF0 20000000.00000000 PA USD 20509756.00000000 0.539189032453 Long DBT CORP US N 2 2026-11-01 Fixed 2.37500000 N N N N N N GOVT NATL MORTG ASSN 4% 10/20/2049 SF2 549300M8ZYFG0OCMTT87 36179U4D1 4800000.00000000 PA USD 5032148.59000000 0.132292131091 Long ABS-MBS USGA US N 2 2049-10-20 Fixed 4.00000000 N N N N N N Bausch Health Cos Inc 5.875% 05/15/2023 144A B3BS7ACMDUWISF18KY76 91831AAB7 3207000.00000000 PA USD 3265527.75000000 0.085848741836 Long DBT CORP CA N 2 2023-05-15 Fixed 5.87500000 N N N N N N Bayer US Finance II LLC 4.25% 12/15/2025 144A 529900XWNEXYNJ3X6T40 07274NAJ2 15000000.00000000 PA USD 16121202.30000000 0.423816620252 Long DBT CORP US N 2 2025-12-15 Fixed 4.25000000 N N N N N N GOLDMAN SACHS GROUP INC 3.50% 11/16/2026 784F5XWPLTWKTBV3E584 38145GAH3 15000000.00000000 PA USD 15652722.60000000 0.411500573383 Long DBT CORP US N 2 2026-11-16 Fixed 3.50000000 N N N N N N Bank of America Corp 3.419% 12/20/28 FIXED TO FLOAT 9DJT3UXIJIZJI4WXO774 06051GHD4 15000000.00000000 PA USD 15728517.15000000 0.413493166083 Long DBT CORP US N 2 2028-12-20 Variable 3.41900000 N N N N N N Vistra Operations Co LLC 4.3% 07/15/2029 144A 549300ZH5GKBTJZ7NM23 92840VAE2 20000000.00000000 PA USD 20806363.00000000 0.546986650394 Long DBT CORP US N 2 2029-07-15 Fixed 4.30000000 N N N N N N COCA-COLA CO COM USD0.25 UWJKFUJFZ02DKWI3RY53 191216100 650200.00000000 NS USD 35390386.00000000 0.930391760170 Long EC CORP US N 1 N N N 3M CO COM USD.01 LUZQVYP4VS22CLWDAR65 88579Y101 200000.00000000 NS USD 32998000.00000000 0.867497384801 Long EC CORP US N 1 N N N CHS/COMMUNITY HEALTH SYSTEMS INC 6.25% 03/31/2023 5493007X5NC5XI1BB106 12543DAY6 25000000.00000000 PA USD 24453125.00000000 0.642857809192 Long DBT CORP US N 2 2023-03-31 Fixed 6.25000000 N N N N N N IFT MONEY MARKET PORTFOLIO OEMF-SWEEP MONEY MARKET PORTFOLIO N/A 457756500 329957123.39200000 NS USD 329957123.39000000 8.674372435825 Long EC RF US N 1 N N N COSTCO WHOLESALE CORP 2.75% 05/18/2024 29DX7H14B9S6O3FD6V18 22160KAL9 15000000.00000000 PA USD 15583389.15000000 0.409677839080 Long DBT CORP US N 2 2024-05-18 Fixed 2.75000000 N N N N N N COMMSCOPE TECHNOLOGIES LLC 5.00% 03/15/2027 144A M4TWC4QDOKW45N7T6Y12 20338HAB9 20000000.00000000 PA USD 16450000.00000000 0.432460512151 Long DBT CORP US N 2 2027-03-15 Fixed 5.00000000 N N N N N N BANK OF AMERICA CORP 4.183% 11/25/2027 9DJT3UXIJIZJI4WXO774 06051GGC7 10000000.00000000 PA USD 10840513.30000000 0.284990512687 Long DBT CORP US N 2 2027-11-25 Fixed 4.18300000 N N N N N N FORD MOTOR CO COM USD.01 20S05OYHG0MQM4VUIC57 345370860 2500000.00000000 NS USD 21475000.00000000 0.564564711152 Long EC CORP US N 1 N N N Walmart Inc 3.25% 07/08/2029 Y87794H0US1R65VBXU25 931142EN9 20000000.00000000 PA USD 21660132.40000000 0.569431729542 Long DBT CORP US N 2 2029-07-08 Fixed 3.25000000 N N N N N N DuPont de Nemours Inc 4.493% 11/15/2025 5493004JF0SDFLM8GD76 26078JAC4 20000000.00000000 PA USD 22152424.60000000 0.582373792578 Long DBT CORP US N 2 2025-11-15 Fixed 4.49300000 N N N N N N DOLLAR GENERAL CORP 3.875% 04/15/2027 OPX52SQVOZI8IVSWYU66 256677AE5 10000000.00000000 PA USD 10780465.50000000 0.283411892484 Long DBT CORP US N 2 2027-04-15 Fixed 3.87500000 N N N N N N HCA Inc 5.375% 09/01/2026 L3CJ6J7LJ2DX62FTXD46 404121AH8 25000000.00000000 PA USD 27312500.00000000 0.718029041832 Long DBT CORP US N 2 2026-09-01 Fixed 5.37500000 N N N N N N N/A N/A 000000000 -3500.00000000 NC USD -105000.00000000 -0.00276038624 N/A DE CORP US N 1 RBC Capital Markets LLC 549300LCO2FLSSVFFR64 Call Written ANALOG DEVICES INC STRIKE 125 EXPIRES 12/20/19 CALLS ANALOG DEVICES INC STRIKE 125 EXPIRES 12/20/19 CALLS 100.00000000 125.00000000 USD 2019-12-20 XXXX 563702.65000000 N N N BAT Capital Corp 3.557% 08/15/2027 2138005GYEXN7XRHFA84 05526DBB0 15000000.00000000 PA USD 15128901.00000000 0.397729621565 Long DBT CORP US N 2 2027-08-15 Fixed 3.55700000 N N N N N N Bristol-Myers Squibb Co 4.25% 10/26/2049 144A HLYYNH7UQUORYSJQCN42 110122CD8 10000000.00000000 PA USD 11730939.70000000 0.308399282108 Long DBT CORP US N 2 2049-10-26 Fixed 4.25000000 N N N N N N WELLS FARGO & CO 5.875% 06/15/2167 PERP PBLD0EJDB5FWOLXP3B76 949746RN3 15000000.00000000 PA USD 16625325.00000000 0.437069699950 Long DBT CORP US N 2 N/A Variable 5.87500000 N N N N N N SIRIUS XM RADIO INC 5.375% 04/15/2025 144A WP5O65E6BMU84LNO4227 82967NAU2 15000000.00000000 PA USD 15656250.00000000 0.411593306588 Long DBT CORP US N 2 2025-04-15 Fixed 5.37500000 N N N N N N Anheuser-Busch Cos LLC / Anheuser-Busch InBev Worldwide Inc 4.9% 02/01/2046 N/A 03522AAJ9 10000000.00000000 PA USD 11957338.30000000 0.314351163841 Long DBT CORP US N 2 2046-02-01 Fixed 4.90000000 N N N N N N INTEL CORP COM USD.001 KNX4USFCNGPY45LOCE31 458140100 685000.00000000 NS USD 38723050.00000000 1.018005473256 Long EC CORP US N 1 N N N NVDA 10% ELN Issued by Wells Fargo Bank, N.A 10% ELN 8/17/2020 KB1H1DSPRFMYMCUFXT09 95002A105 260000.00000000 NS USD 45442056.14000000 1.194644065138 Long EP CORP US N 2 N N N GOVT NATL MORTG ASSN 3.5% 09/20/2049 SF2 549300M8ZYFG0OCMTT87 36179UZT2 9629789.72000000 PA USD 10010479.96000000 0.263169440145 Long ABS-MBS USGA US N 2 2049-09-20 Fixed 3.50000000 N N N N N N HCP INC 3.875% 08/15/2024 PZ9HF5U52KPF0MH0QN75 40414LAL3 21700000.00000000 PA USD 23288375.99000000 0.612237264912 Long DBT CORP US N 2 2024-08-15 Fixed 3.87500000 N N N N N N N/A N/A 000000000 -10000.00000000 NC USD -60000.00000000 -0.00157736357 N/A DE CORP US N 1 MORGAN STANLEY 9R7GPTSO7KV3UQJZQ078 Call Written AT&T INC STRIKE 40 EXPIRES 11/15/19 CALLS AT&T INC STRIKE 40 EXPIRES 11/15/19 CALLS 100.00000000 40.00000000 USD 2019-11-15 XXXX 179613.82000000 N N N CLOROX CO 3.10% 10/01/2027 54930044KVSC06Z79I06 189054AV1 15000000.00000000 PA USD 15754066.35000000 0.414164839039 Long DBT CORP US N 2 2027-10-01 Fixed 3.10000000 N N N N N N ABBVIE INC COM USD NPV FR5LCKFTG8054YNNRU85 00287Y109 500000.00000000 NS USD 39775000.00000000 1.045660600050 Long EC CORP US N 1 N N N SCHW 6.0% ELN Issued by Barclays Bank PLC 6.0% ELN 3/12/2020 G5GSEF7VJP5I7OUK5573 06746Y317 755000.00000000 NS USD 31397645.93000000 0.825425047978 Long EP CORP GB N 2 N N N PEPSICO INC COM USD.017 FJSUNZKFNQ5YPJ5OT455 713448108 187200.00000000 NS USD 25678224.00000000 0.675064918065 Long EC CORP US N 1 N N N FANNIE MAE 4% 06/01/2049 FNL B1V7KEBTPIMZEU4LTD58 31418DCZ3 4457641.58000000 PA USD 4628928.24000000 0.121691712910 Long ABS-MBS USGA US N 2 2049-06-01 Fixed 4.00000000 N N N N N N REALTY INCOME CORP 3.875% 07/15/2024 549300CUWDAUZSH43859 756109AQ7 15000000.00000000 PA USD 16097773.20000000 0.423200683439 Long DBT CORP US N 2 2024-07-15 Fixed 3.87500000 N N N N N N RAYTHEON CO NEW COM NPV YR6K3WJN0KKLUPZSNL57 755111507 260000.00000000 NS USD 55174600.00000000 1.450506733967 Long EC CORP US N 1 N N N OCCIDENTAL PETROLEUM CORP COM USD.2 IM7X0T3ECJW4C1T7ON55 674599105 450000.00000000 NS USD 18225000.00000000 0.479124184435 Long EC CORP US N 1 N N N AT&T INC COM USD1 549300Z40J86GGSTL398 00206R102 1000000.00000000 NS USD 38490000.00000000 1.011878730256 Long EC CORP US N 1 N N N CNH INDUSTRIAL NV 3.85% 11/15/2027 549300WGC2HZ5J67V817 12594KAB8 15000000.00000000 PA USD 15656625.00000000 0.411603165110 Long DBT CORP NL N 2 2027-11-15 Fixed 3.85000000 N N N N N N N/A N/A 000000000 -5000.00000000 NC USD -135000.00000000 -0.00354906803 N/A DE RF US N 1 MORGAN STANLEY 9R7GPTSO7KV3UQJZQ078 Put Written SPDR S&P 500 ETF TRUST STRIKE 250 EXPIRES 12/20/19 PUTS SPDR S&P 500 ETF TRUST STRIKE 250 EXPIRES 12/20/19 PUTS 100.00000000 250.00000000 USD 2019-12-20 XXXX 2744746.17000000 N N N PROCTER & GAMBLE CO 2.70% 02/02/2026 2572IBTT8CCZW6AU4141 742718EP0 25000000.00000000 PA USD 26059748.75000000 0.685094972095 Long DBT CORP US N 2 2026-02-02 Fixed 2.70000000 N N N N N N United States Treasury Note/Bond 2.25% 03/31/2020 N/A 9128284C1 100000000.00000000 PA USD 100269531.00000000 2.636025089937 Long DBT UST US N 2 2020-03-31 Fixed 2.25000000 N N N N N N NORTHROP GRUMMAN CORP COM USD1 RIMU48P07456QXSO0R61 666807102 105000.00000000 NS USD 37010400.00000000 0.972980944616 Long EC CORP US N 1 N N N Cigna Corp 3.75% 07/15/2023 549300VIWYMSIGT1U456 125523AF7 20000000.00000000 PA USD 20978273.60000000 0.551506075690 Long DBT CORP US N 2 2023-07-15 Fixed 3.75000000 N N N N N N SEMPRA ENERGY 6.00% CNV PFD *SER A* PBBKGKLRK5S5C0Y4T545 816851406 100000.00000000 NS USD 11603000.00000000 0.305035825075 Long EP CORP US N 1 N N N Bausch Health Cos Inc 5.50% 11/01/2025 144A B3BS7ACMDUWISF18KY76 91911KAN2 10000000.00000000 PA USD 10487600.00000000 0.275712636306 Long DBT CORP CA N 2 2025-11-01 Fixed 5.50000000 N N N N N N KRAFT HEINZ FOODS CO 3.00% 06/01/2026 5493003STKEZ2S0RNU91 50077LAD8 15000000.00000000 PA USD 14961186.00000000 0.393320496045 Long DBT CORP US N 2 2026-06-01 Fixed 3.00000000 N N N N N N PNC FINANCIAL SERVICES GROUP INC 4.85% 12/01/2167 PERP CFGNEKW0P8842LEUIA51 693475AM7 12000000.00000000 PA USD 12392640.00000000 0.325794981234 Long DBT CORP US N 2 N/A Variable 4.85000000 N N N N N N Broadcom Inc 8% CNV PFD a *AVGOP* 549300WV6GIDOZJTV909 11135F200 25000.00000000 NS USD 27075500.00000000 0.711798455730 Long EP CORP US N 1 N N N Cigna Corp 3.4% 03/01/2027 144A 549300VIWYMSIGT1U456 125523CA6 15000000.00000000 PA USD 15488547.45000000 0.407184508371 Long DBT CORP US N 2 2027-03-01 Fixed 3.40000000 N N N N N N PFIZER INC COM USD.05 765LHXWGK1KXCLTFYQ30 717081103 1150000.00000000 NS USD 44125500.00000000 1.160032603583 Long EC CORP US N 1 N N N MSFT 6.00% ELN ISSUED BY MERRILL LYNCH INTERNATIONAL & CO. C.V 6.00% ELN 05/04/2020 AHYI0DDQ2LCHPGHJC422 59027A508 340000.00000000 NS USD 47126840.36000000 1.238936019342 Long EP CORP US N 2 N N N INTERNATIONAL BUSINESS MACHINES CORP COM USD.2 VGRQXHF3J8VDLUA7XE92 459200101 200000.00000000 NS USD 26746000.00000000 0.703136100790 Long EC CORP US N 1 N N N Mylan Inc 4.55% 04/15/2028 30ZMPDNA1RHIBH89C294 628530BK2 19000000.00000000 PA USD 20384150.00000000 0.535886926977 Long DBT CORP US N 2 2028-04-15 Fixed 4.55000000 N N N N N N LOCKHEED MARTIN CORP 3.55% 01/15/2026 DPRBOZP0K5RM2YE8UU08 539830BH1 20000000.00000000 PA USD 21629717.80000000 0.568632148175 Long DBT CORP US N 2 2026-01-15 Fixed 3.55000000 N N N N N N ASHTEAD CAPITAL INC 4.125% 08/15/2025 144A 213800J1134IW58IC398 045054AD5 21000000.00000000 PA USD 21525000.00000000 0.565879180794 Long DBT CORP US N 2 2025-08-15 Fixed 4.12500000 N N N N N N GOVT NATL MORTG ASSN 3.5% 10/20/2049 SF2 549300M8ZYFG0OCMTT87 36179U4C3 9650000.00000000 PA USD 10042452.67000000 0.264009983278 Long ABS-MBS USGA US N 2 2049-10-20 Fixed 3.50000000 N N N N N N United Rentals North America Inc 4.625% 10/15/2025 NGIZXNT70J2LYT3FBI09 911365BH6 20000000.00000000 PA USD 20500000.00000000 0.538932553137 Long DBT CORP US N 2 2025-10-15 Fixed 4.62500000 N N N N N N MORGAN STANLEY COM USD.01 IGJSJL3JD5P30I6NJZ34 617446448 875000.00000000 NS USD 40293750.00000000 1.059298222584 Long EC CORP US N 1 N N N AMERICAN TOWER CORP 3.375% 10/15/2026 5493006ORUSIL88JOE18 03027XAK6 15000000.00000000 PA USD 15620517.30000000 0.410653915600 Long DBT CORP US N 2 2026-10-15 Fixed 3.37500000 N N N N N N AMZN 9.00% ELN ISSUED BY CITIGROUP GLOBAL MARKETS 9.00% ELN 12/16/2019 82VOJDD5PTRDMVVMGV31 17326X488 20000.00000000 NS USD 36295601.30000000 0.954189320793 Long EP CORP US N 2 N N N Freeport-McMoRan Inc 5.25% 09/01/29 549300IRDTHJQ1PVET45 35671DCD5 10000000.00000000 PA USD 10203000.00000000 0.268230675105 Long DBT CORP US N 2 2029-09-01 Fixed 5.25000000 N N N N N N CVS HEALTH CORP 3.875% 07/20/2025 549300EJG376EN5NQE29 126650CL2 15000000.00000000 PA USD 15960801.60000000 0.419599783239 Long DBT CORP US N 2 2025-07-20 Fixed 3.87500000 N N N N N N BARCLAYS PLC ORD GBP.25 213800LBQA1Y9L22JB70 000000000 5000000.00000000 NS 10868825.97000000 0.285734835591 Long EC CORP GB N 1 N N N Dollar Tree Inc 4% 05/15/2025 549300PMSTQITB1WHR43 256746AG3 15000000.00000000 PA USD 16144304.70000000 0.424423968321 Long DBT CORP US N 2 2025-05-15 Fixed 4.00000000 N N N N N N GOOGL 7% ELN ISSUED BY GOLDMAN SACHS INTERNATIONAL 7% ELN 1/21/2020 W22LROWP2IHZNBB6K528 000000000 15000.00000000 NS USD 17945184.02000000 0.471767992215 Long EP CORP GB N 2 N N N NABORS INDUSTRIES INC 5.50% 01/15/2023 549300VFQWRKICUFNU92 62957HAC9 25000000.00000000 PA USD 21250000.00000000 0.558649597764 Long DBT CORP US N 2 2023-01-15 Fixed 5.50000000 N N N N N N FRANKLIN LIBERTY US LOW VOLATILITY ETF ETF USD NPV TIS A/C # 21559 549300HYVMMHHTSYBI89 35473P504 1000000.00000000 NS USD 36596800.00000000 0.962107651739 Long EC RF US N 1 N N N TEXAS INSTRUMENTS INC COM USD1 WDJNR2L6D8RWOEB8T652 882508104 197000.00000000 NS USD 23244030.00000000 0.611071435761 Long EC CORP US N 1 N N N United States Treasury Note/Bond 2.75% 09/30/2020 N/A 9128285B2 100000000.00000000 PA USD 101025391.00000000 2.655896190406 Long DBT UST US N 2 2020-09-30 Fixed 2.75000000 N N N N N N INTC 8.00% ELN ISSUED BY ROYAL BANK OF CANADA 8.00% ELN 07/17/2020 ES7IP3U3RHIGC71XBU11 78013P675 800000.00000000 NS USD 41268744.00000000 1.084930222863 Long EP CORP CA N 2 N N N BBVA USA 3.875% 04/10/2025 C90VT034M03BN29IRA40 20453KAA3 15000000.00000000 PA USD 15830233.65000000 0.416167231110 Long DBT CORP US N 2 2025-04-10 Fixed 3.87500000 N N N N N N MORGAN STANLEY 4.35% 09/08/2026 IGJSJL3JD5P30I6NJZ34 6174467Y9 15000000.00000000 PA USD 16357230.45000000 0.430021657008 Long DBT CORP US N 2 2026-09-08 Fixed 4.35000000 N N N N N N CCO HOLDINGS LLC/CAPITAL CORP 5.125% 05/01/2027 144A N/A 1248EPBT9 15000000.00000000 PA USD 15843750.00000000 0.416522567744 Long DBT CORP US N 2 2027-05-01 Fixed 5.12500000 N N N N N N Las Vegas Sands Corp 3.9% 08/08/29 549300DUOO1KXOHPM605 517834AF4 10000000.00000000 PA USD 10316390.60000000 0.271211645132 Long DBT CORP US N 2 2029-08-08 Fixed 3.90000000 N N N N N N AVGO 10.0% ELN Issued by Barclays Bank PLC 10.0% ELN 6/23/2020 G5GSEF7VJP5I7OUK5573 06747B233 130000.00000000 NS USD 38638488.59000000 1.015782405130 Long EP CORP GB N 2 N N N CHESAPEAKE ENERGY CORP 5.50% 09/15/2026 CNV X2MT1W32SPAZ9WSKLE78 165167CY1 27500000.00000000 PA USD 15451562.50000000 0.406212196492 Long DBT CORP US N 2 2026-09-15 Fixed 5.50000000 N N N N N N United States Treasury Note/Bond 2.875% 10/31/2023 N/A 9128285K2 50000000.00000000 PA USD 52616211.00000000 1.383248240519 Long DBT UST US N 2 2023-10-31 Fixed 2.87500000 N N N N N N PROLOGIS LP 4.25% 08/15/2023 GL16H1DHB0QSHP25F723 74340XAW1 12000000.00000000 PA USD 12958563.12000000 0.340672756451 Long DBT CORP US N 2 2023-08-15 Fixed 4.25000000 N N N N N N MICROCHIP TECHNOLOGY INC 4.333% 06/01/2023 5493007PTFULNYZJ1R12 595017AP9 15000000.00000000 PA USD 15885153.60000000 0.417611043250 Long DBT CORP US N 2 2023-06-01 Fixed 4.33300000 N N N N N N Bristol-Myers Squibb Co 3.4% 07/26/2029 144A HLYYNH7UQUORYSJQCN42 110122CB2 10000000.00000000 PA USD 10769768.60000000 0.283130677477 Long DBT CORP US N 2 2029-07-26 Fixed 3.40000000 N N N N N N ANTHEM INC 3.65% 12/01/2027 8MYN82XMYQH89CTMTH67 036752AB9 10000000.00000000 PA USD 10587126.90000000 0.278329138078 Long DBT CORP US N 2 2027-12-01 Fixed 3.65000000 N N N N N N SEMPRA ENERGY COM USD NPV PBBKGKLRK5S5C0Y4T545 816851109 59000.00000000 NS USD 8526090.00000000 0.224145729364 Long EC CORP US N 1 N N N AAPL 7.0% ELN Issued by JPMorgan Chase Bank, National Association 7.00% ELN 7/20/2020 7H6GLXDRUGQFU57RNE97 48128D693 320000.00000000 NS USD 70450296.00000000 1.852095506954 Long EP CORP US N 2 N N N Ford Motor Credit Co LLC 5.113% 05/03/2029 UDSQCVRUX5BONN0VY111 345397ZR7 25000000.00000000 PA USD 25337057.00000000 0.666095844780 Long DBT CORP US N 2 2029-05-03 Fixed 5.11300000 N N N N N N N/A N/A 000000000 -1870.00000000 NC USD -102850.00000000 -0.00270386405 N/A DE CORP US N 1 Credit Suisse Securities (Europe) Ltd. DL6FFRRLF74S01HE2M14 Call Written PEPSICO INC STRIKE 145 EXPIRES 01/17/20 CALLS PEPSICO INC STRIKE 145 EXPIRES 01/17/20 CALLS 100.00000000 145.00000000 USD 2020-01-17 XXXX 140323.62000000 N N N N/A N/A 000000000 10000.00000000 NC USD 14200000.00000000 0.373309378270 N/A DE RF US N 1 MERRILL LYNCH INTERNATIONAL GGDZP1UYGU9STUHRDP48 Put Purchased SPDR S&P 500 ETF TRUST STRIKE 300 EXPIRES 06/19/20 PUTS SPDR S&P 500 ETF TRUST STRIKE 300 EXPIRES 06/19/20 PUTS 100.00000000 300.00000000 USD 2020-06-19 XXXX -1610381.00000000 N N N N/A N/A 000000000 -6850.00000000 NC USD -548000.00000000 -0.01440658727 N/A DE CORP US N 1 Citigroup Global Markets Ltd XKZZ2JZF41MRHTR1V493 Call Written INTEL CORP STRIKE 60 EXPIRES 01/17/20 CALLS INTEL CORP STRIKE 60 EXPIRES 01/17/20 CALLS 100.00000000 60.00000000 USD 2020-01-17 XXXX -219413.96000000 N N N DUKE ENERGY CORP 3.15% 08/15/2027 I1BZKREC126H0VB1BL91 26441CAX3 20000000.00000000 PA USD 20847575.00000000 0.548070088852 Long DBT CORP US N 2 2027-08-15 Fixed 3.15000000 N N N N N N XILINX INC 2.95% 06/01/2024 6EY4K7ZMF9UX1CU6KC79 983919AJ0 11000000.00000000 PA USD 11382100.95000000 0.299228523173 Long DBT CORP US N 2 2024-06-01 Fixed 2.95000000 N N N N N N N/A N/A 000000000 -10000.00000000 NC USD -3320000.00000000 -0.08728078421 N/A DE CORP US N 1 Credit Suisse Securities (Europe) Ltd. DL6FFRRLF74S01HE2M14 Call Written BRISTOL-MYERS SQUIBB CO STRIKE 55 EXPIRES 12/20/19 CALLS BRISTOL-MYERS SQUIBB CO STRIKE 55 EXPIRES 12/20/19 CALLS 100.00000000 55.00000000 USD 2019-12-20 XXXX -2889224.14000000 N N N JPMORGAN CHASE & CO 5.00% 01/01/2168 PERP *FORMERLY FIXED* 8I5DZWZKVSZI1NUHU748 48127FAA1 15000000.00000000 PA USD 15112500.00000000 0.397298449233 Long DBT CORP US N 2 N/A Variable 5.41863000 N N N N N N VODAFONE GROUP PLC ORD GBP.2095 213800TB53ELEUKM7Q61 G93882192 10000000.00000000 NS 20390383.87000000 0.536050811634 Long EC CORP GB N 1 N N N VERIZON COMMUNICATIONS INC COM USD1 2S72QS2UO2OESLG6Y829 92343V104 850000.00000000 NS USD 51399500.00000000 1.351261647072 Long EC CORP US N 1 N N N HOST HOTELS & RESORTS INC REIT USD.01 N6EL63S0K3PB1YFTDI24 44107P104 1500000.00000000 NS USD 24585000.00000000 0.646324722872 Long EC CORP US N 1 N N N CVS HEALTH CORP 5.05% 03/25/2048 549300EJG376EN5NQE29 126650CZ1 15000000.00000000 PA USD 17209816.80000000 0.452435634490 Long DBT CORP US N 2 2048-03-25 Fixed 5.05000000 N N N N N N N/A N/A 000000000 -3000.00000000 NC USD -165000.00000000 -0.00433774981 N/A DE CORP US N 1 Citigroup Global Markets Ltd XKZZ2JZF41MRHTR1V493 Call Written CVS HEALTH CORP STRIKE 70 EXPIRES 11/15/19 CALLS CVS HEALTH CORP STRIKE 70 EXPIRES 11/15/19 CALLS 100.00000000 70.00000000 USD 2019-11-15 XXXX 20881.78000000 N N N TORONTO-DOMINION BANK ORD NPV PT3QB789TSUIDF371261 891160509 415000.00000000 NS USD 23684050.00000000 0.622639294396 Long EC CORP CA N 1 N N N Tenet Healthcare Corp 4.625% 07/15/2024 0W9AIBT6U6ADJ2I8HK17 88033GCS7 20000000.00000000 PA USD 20650000.00000000 0.542875962062 Long DBT CORP US N 2 2024-07-15 Fixed 4.62500000 N N N N N N ASTRAZENECA PLC SPONSORED ADR PY6ZZQWO2IZFZC3IOL08 046353108 1100000.00000000 NS USD 53933000.00000000 1.417865823822 Long EC CORP GB N 1 N N N JOHNSON & JOHNSON COM USD1 549300G0CFPGEF6X2043 478160104 280000.00000000 NS USD 36971200.00000000 0.971950400417 Long EC CORP US N 1 N N N DISH DBS CORP 5.875% 07/15/2022 N/A 25470XAJ4 12000000.00000000 PA USD 12594720.00000000 0.331107541739 Long DBT CORP US N 2 2022-07-15 Fixed 5.87500000 N N N N N N UNITED STATES TREASURY NOTE/BOND 2.75% 09/15/2021 N/A 9128285A4 50000000.00000000 PA USD 51105469.00000000 1.343531750607 Long DBT UST US N 2 2021-09-15 Fixed 2.75000000 N N N N N N SPRINT SPECTRUM CO LLC / SPRINT SPECTRUM CO II LLC / SP 4.738% 09/20/2029 144A N/A 85208NAD2 25000000.00000000 PA USD 26656500.00000000 0.700783200131 Long ABS-O CORP US N 2 2025-03-20 Fixed 4.73800000 N N N N N N BARCLAYS PLC 3.65% 03/16/2025 213800LBQA1Y9L22JB70 06738EAE5 15000000.00000000 PA USD 15583875.00000000 0.409690611781 Long DBT CORP GB N 2 2025-03-16 Fixed 3.65000000 N N N N N N BANK OF AMERICA CORP COM USD.01 9DJT3UXIJIZJI4WXO774 060505104 1496715.00000000 NS USD 46802278.05000000 1.230403473274 Long EC CORP US N 1 N N N N/A N/A 000000000 10000.00000000 NC USD 2410000.00000000 0.063357436734 N/A DE RF US N 1 MORGAN STANLEY 9R7GPTSO7KV3UQJZQ078 Put Purchased SPDR S&P 500 ETF TRUST STRIKE 290 EXPIRES 12/20/19 PUTS SPDR S&P 500 ETF TRUST STRIKE 290 EXPIRES 12/20/19 PUTS 100.00000000 290.00000000 USD 2019-12-20 XXXX -9920388.00000000 N N N CAPITAL ONE FINANCIAL CORP 3.75% 03/09/2027 ZUE8T73ROZOF6FLBAR73 14040HBN4 10000000.00000000 PA USD 10630906.60000000 0.279480079809 Long DBT CORP US N 2 2027-03-09 Fixed 3.75000000 N N N N N N Edwards Lifesciences Corp 4.3% 06/15/2028 YA13X31F3V31L8TMPR58 28176EAD0 9700000.00000000 PA USD 10956229.64000000 0.288032625007 Long DBT CORP US N 2 2028-06-15 Fixed 4.30000000 N N N N N N SPRINT CORP 7.625% 02/15/2025 549300ZTTY7CXOLJ6539 85207UAJ4 10000000.00000000 PA USD 11012500.00000000 0.289511938606 Long DBT CORP US N 2 2025-02-15 Fixed 7.62500000 N N N N N N Calumet Specialty Products Partners LP / Calumet Finance Corp 11% 04/15/2025 144A N/A 131477AT8 20000000.00000000 PA USD 20200000.00000000 0.531045735286 Long DBT CORP US N 2 2025-04-15 Fixed 11.00000000 N N N N N N THE WILLIAMS COS INC 4.55% 06/24/2024 D71FAKCBLFS2O0RBPG08 969457BW9 10000000.00000000 PA USD 10795844.30000000 0.283816191798 Long DBT CORP US N 2 2024-06-24 Fixed 4.55000000 N N N N N N Williams Cos Inc/The 3.60% 03/15/2022 D71FAKCBLFS2O0RBPG08 96949LAA3 15000000.00000000 PA USD 15440308.80000000 0.405916343551 Long DBT CORP US N 2 2022-03-15 Fixed 3.60000000 N N N N N N CAPITAL ONE FINANCIAL CORP 3.75% 07/28/2026 ZUE8T73ROZOF6FLBAR73 14040HBK0 10000000.00000000 PA USD 10570201.20000000 0.277884171702 Long DBT CORP US N 2 2026-07-28 Fixed 3.75000000 N N N N N N BRISTOL-MYERS SQUIBB CO COM USD0.1 HLYYNH7UQUORYSJQCN42 110122108 1000000.00000000 NS USD 57370000.00000000 1.508222466999 Long EC CORP US N 1 N N N JPMORGAN CHASE & CO COM USD1 8I5DZWZKVSZI1NUHU748 46625H100 500000.00000000 NS USD 62460000.00000000 1.642035476534 Long EC CORP US N 1 N N N N/A N/A 000000000 -2000.00000000 NC USD -22000.00000000 -0.00057836664 N/A DE CORP US N 1 Susquehanna International Group 549300E8QX0ZMRDC2M81 Call Written INTERNATIONAL BUSINESS MACHINES CORP STRIKE 155 EXPIRES 01/17/20 CALLS INTERNATIONAL BUSINESS MACHINES CORP STRIKE 155 EXPIRES 01/17/20 CALLS 100.00000000 155.00000000 USD 2020-01-17 XXXX 398384.01000000 N N N N/A N/A 000000000 -6500.00000000 NC USD -169000.00000000 -0.00444290738 N/A DE CORP US N 1 Goldman Sachs & Co LLC FOR8UP27PHTHYVLBNG30 Call Written COCA-COLA CO STRIKE 57.5 EXPIRES 01/17/20 CALLS COCA-COLA CO STRIKE 57.5 EXPIRES 01/17/20 CALLS 100.00000000 57.50000000 USD 2020-01-17 XXXX 305750.03000000 N N N CVS HEALTH CORP COM USD1 549300EJG376EN5NQE29 126650100 470000.00000000 NS USD 31203300.00000000 0.820315811478 Long EC CORP US N 1 N N N LIBERTY MUTUAL GROUP INC 4.95% 05/01/2022 144A QUR0DG15Z6FFGYCHH861 53079EAW4 7100000.00000000 PA USD 7549144.94000000 0.198462436903 Long DBT CORP US N 2 2022-05-01 Fixed 4.95000000 N N N N N N BB&T Corp FRN 03/01/2168 PERP 549300DRQQI75D2JP341 054937AL1 25000000.00000000 PA USD 25518750.00000000 0.670872443432 Long DBT CORP US N 2 N/A Variable 4.80000000 N N N N N N GOVT NATL MORTG ASSN 4% 09/20/2049 SF2 549300M8ZYFG0OCMTT87 36179UZU9 4989974.85000000 PA USD 5225584.00000000 0.137377430573 Long ABS-MBS USGA US N 2 2049-09-20 Fixed 4.00000000 N N N N N N 2019-11-30 Robert Kubilis Robert Kubilis Robert Kubilis Chief Financial Officer, Chief Accounting Officer and Treasurer