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        <name>Bank of America Corp.</name>
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        <name>Boeing Co. (The)</name>
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        <name>Boston Scientific Corp.</name>
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        <name>Broadcom, Inc.</name>
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        <name>CBRE Group, Inc.</name>
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        <name>Canadian Natural Resources Ltd.</name>
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        <name>Canadian Pacific Kansas City Ltd.</name>
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        <name>Carrier Global Corp.</name>
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        <name>Casey's General Stores, Inc.</name>
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        <name>CenterPoint Energy, Inc.</name>
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        <name>Chevron Corp.</name>
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        <name>Coca-Cola Co. (The)</name>
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        <name>Dell Technologies, Inc.</name>
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        <name>Duke Energy Corp.</name>
        <lei>I1BZKREC126H0VB1BL91</lei>
        <title>Duke Energy Corp.</title>
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        <name>Evergy, Inc.</name>
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        <title>Evergy, Inc.</title>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>HCA Healthcare, Inc.</name>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Hubbell, Inc.</name>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Ingersoll Rand, Inc.</name>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Franklin Institutional U.S. Government Money Market Fund</name>
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          <isin value="US4577565009"/>
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        <assetCat>STIV</assetCat>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Intercontinental Exchange, Inc.</name>
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        <title>Intercontinental Exchange, Inc.</title>
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          <isin value="US45866F1049"/>
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        <fairValLevel>1</fairValLevel>
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        <name>JPMorgan Chase &amp; Co.</name>
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        <fairValLevel>1</fairValLevel>
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        <name>Johnson &amp; Johnson</name>
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        <curCd>USD</curCd>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>KLA Corp.</name>
        <lei>549300H0BF5JCG96TJ81</lei>
        <title>KLA Corp.</title>
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          <isin value="US4824801009"/>
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        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Lennar Corp.</name>
        <lei>529900G61XVRLX5TJX09</lei>
        <title>Lennar Corp., Class A</title>
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          <isin value="US5260571048"/>
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        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Lowe's Cos., Inc.</name>
        <lei>WAFCR4OKGSC504WU3E95</lei>
        <title>Lowe's Cos., Inc.</title>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>McDonald's Corp.</name>
        <lei>UE2136O97NLB5BYP9H04</lei>
        <title>McDonald's Corp.</title>
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          <isin value="US5801351017"/>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Microsoft Corp.</name>
        <lei>INR2EJN1ERAN0W5ZP974</lei>
        <title>Microsoft Corp.</title>
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        <fairValLevel>1</fairValLevel>
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        <name>Morgan Stanley</name>
        <lei>IGJSJL3JD5P30I6NJZ34</lei>
        <title>Morgan Stanley</title>
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        <name>NextEra Energy, Inc.</name>
        <lei>254900RHL9MEUS5NKX63</lei>
        <title>NextEra Energy, Inc.</title>
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        <name>NextEra Energy, Inc.</name>
        <lei>254900RHL9MEUS5NKX63</lei>
        <title>NextEra Energy, Inc.</title>
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      <invstOrSec>
        <name>NVIDIA Corp.</name>
        <lei>549300S4KLFTLO7GSQ80</lei>
        <title>NVIDIA Corp.</title>
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        <name>Oracle Corp.</name>
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        <title>Oracle Corp.</title>
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        <name>Oracle Corp.</name>
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        <title>Oracle Corp., Series D</title>
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        <name>PPL Corp.</name>
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        <title>PPL Corp.</title>
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        <name>PPL Corp.</name>
        <lei>9N3UAJSNOUXFKQLF3V18</lei>
        <title>PPL Corp.</title>
        <cusip>69351T866</cusip>
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        <name>Parker-Hannifin Corp.</name>
        <lei>5493002CONDB4N2HKI23</lei>
        <title>Parker-Hannifin Corp.</title>
        <cusip>701094104</cusip>
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        <invCountry>US</invCountry>
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        <name>Philip Morris International, Inc.</name>
        <lei>HL3H1H2BGXWVG3BSWR90</lei>
        <title>Philip Morris International, Inc.</title>
        <cusip>718172109</cusip>
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        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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        <name>Procter &amp; Gamble Co. (The)</name>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Prologis, Inc.</name>
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        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>RTX Corp.</name>
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          <isin value="US75513E1010"/>
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        <curCd>USD</curCd>
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        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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        <name>Shell plc</name>
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        <curCd>USD</curCd>
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        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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        <name>SLB Ltd.</name>
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        <curCd>USD</curCd>
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        <invCountry>CW</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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        <name>Charles Schwab Corp. (The)</name>
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        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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        <name>Southern Co. (The)</name>
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        <title>Southern Co. (The), Series A</title>
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          <isin value="US8425878423"/>
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        <assetCat>EP</assetCat>
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        <fairValLevel>1</fairValLevel>
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        <name>Stryker Corp.</name>
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        <title>Stryker Corp.</title>
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        <name>Suncor Energy, Inc.</name>
        <lei>894500XO86FKXQGPYV71</lei>
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        <curCd>USD</curCd>
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        <assetCat>EC</assetCat>
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        <invCountry>CA</invCountry>
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        <fairValLevel>1</fairValLevel>
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        <name>T-Mobile US, Inc.</name>
        <lei>549300QHIJYOHPACPG31</lei>
        <title>T-Mobile US, Inc.</title>
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        <assetCat>EC</assetCat>
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      <invstOrSec>
        <name>Thermo Fisher Scientific, Inc.</name>
        <lei>HCHV7422L5HDJZCRFL38</lei>
        <title>Thermo Fisher Scientific, Inc.</title>
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          <isin value="US8835561023"/>
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        <valUSD>41923900.00000000</valUSD>
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        <assetCat>EC</assetCat>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Tractor Supply Co.</name>
        <lei>549300OJ9VZHZRO6I137</lei>
        <title>Tractor Supply Co.</title>
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          <isin value="US8923561067"/>
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        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>
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        <name>United Rentals, Inc.</name>
        <lei>5323X5O7RN0NKFCDRY08</lei>
        <title>United Rentals, Inc.</title>
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        <valUSD>57061555.46000000</valUSD>
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        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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        <name>UnitedHealth Group, Inc.</name>
        <lei>549300GHBMY8T5GXDE41</lei>
        <title>UnitedHealth Group, Inc.</title>
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          <isin value="US91324P1021"/>
          <other otherDesc="Inhouse Asset ID" value="12365"/>
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        <balance>220000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>91168000.00000000</valUSD>
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        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>
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      <invstOrSec>
        <name>Ventas, Inc.</name>
        <lei>ORQTRC074CWLT3DKHT41</lei>
        <title>Ventas, Inc.</title>
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          <isin value="US92276F1003"/>
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        <balance>810000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>75743100.00000000</valUSD>
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        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Walmart, Inc.</name>
        <lei>Y87794H0US1R65VBXU25</lei>
        <title>Walmart, Inc.</title>
        <cusip>931142103</cusip>
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          <isin value="US9311421039"/>
          <other otherDesc="Inhouse Asset ID" value="1352"/>
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        <balance>367500.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>40866000.00000000</valUSD>
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        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Wells Fargo Bank NA into Ingersoll Rand, Inc.</name>
        <lei>N/A</lei>
        <title>Wells Fargo Bank NA into Ingersoll Rand, Inc.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="Inhouse Asset ID" value="1505132"/>
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        <balance>257500.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>21443798.62000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>SN</assetCat>
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        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Mizuho Markets Cayman LP into Amazon.com, Inc.</name>
        <lei>549300KHUXLS6Q30KT26</lei>
        <title>Mizuho Markets Cayman LP into Amazon.com, Inc.</title>
        <cusip>60701E410</cusip>
        <identifiers>
          <isin value="US60701E4109"/>
          <other otherDesc="Inhouse Asset ID" value="1506267"/>
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        <balance>99500.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>26294295.01000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>SN</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>KY</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
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      <invstOrSec>
        <name>Royal Bank of Canada into Lennar Corp.</name>
        <lei>ES7IP3U3RHIGC71XBU11</lei>
        <title>Royal Bank of Canada into Lennar Corp.</title>
        <cusip>78017L506</cusip>
        <identifiers>
          <isin value="US78017L5066"/>
          <other otherDesc="Inhouse Asset ID" value="1523329"/>
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        <balance>193000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>16186664.64000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>SN</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
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          <couponKind>Fixed</couponKind>
          <annualizedRt>7.00000000</annualizedRt>
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        <securityLending>
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      <invstOrSec>
        <name>Royal Bank of Canada into Schlumberger NV</name>
        <lei>ES7IP3U3RHIGC71XBU11</lei>
        <title>Royal Bank of Canada into Schlumberger NV</title>
        <cusip>78017L647</cusip>
        <identifiers>
          <isin value="US78017L6478"/>
          <other otherDesc="Inhouse Asset ID" value="1535271"/>
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        <balance>548500.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>22767277.04000000</valUSD>
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        <assetCat>SN</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2026-10-30</maturityDt>
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          <annualizedRt>8.50000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Citigroup Global Markets Holdings, Inc. into Thermo Fisher Scientific, Inc.</name>
        <lei>82VOJDD5PTRDMVVMGV31</lei>
        <title>Citigroup Global Markets Holdings, Inc. into Thermo Fisher Scientific, Inc.</title>
        <cusip>17333P809</cusip>
        <identifiers>
          <isin value="US17333P8095"/>
          <other otherDesc="Inhouse Asset ID" value="1536766"/>
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        <balance>47500.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>27270421.04000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>SN</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2026-11-06</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.00000000</annualizedRt>
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        <securityLending>
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      <invstOrSec>
        <name>Barclays Bank plc into Parker-Hannifin Corp.</name>
        <lei>N/A</lei>
        <title>Barclays Bank plc into Parker-Hannifin Corp.</title>
        <cusip>N/A</cusip>
        <identifiers>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <annualizedRt>7.00000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Toronto-Dominion Bank (The) into BJ's Wholesale Club Holdings, Inc.</name>
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        <title>Toronto-Dominion Bank (The) into BJ's Wholesale Club Holdings, Inc.</title>
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        <identifiers>
          <isin value="XS2990356201"/>
          <other otherDesc="Inhouse Asset ID" value="1555427"/>
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        <balance>197000.00000000</balance>
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        <invCountry>CA</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
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          <annualizedRt>6.00000000</annualizedRt>
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      <invstOrSec>
        <name>Wells Fargo Bank NA into Charles Schwab Corp. (The)</name>
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        <identifiers>
          <other otherDesc="Inhouse Asset ID" value="1557308"/>
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        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2027-01-08</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.50000000</annualizedRt>
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      <invstOrSec>
        <name>Barclays Bank plc into Prologis, Inc.</name>
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        <valUSD>22566496.41000000</valUSD>
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        <invCountry>US</invCountry>
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        <debtSec>
          <maturityDt>2027-01-28</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.50000000</annualizedRt>
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      <invstOrSec>
        <name>Citigroup Global Markets Holdings, Inc. into CBRE Group, Inc.</name>
        <lei>82VOJDD5PTRDMVVMGV31</lei>
        <title>Citigroup Global Markets Holdings, Inc. into CBRE Group, Inc.</title>
        <cusip>17333Q757</cusip>
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          <isin value="US17333Q7575"/>
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        <curCd>USD</curCd>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2027-02-26</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>7.00000000</annualizedRt>
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        <securityLending>
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          <isNonCashCollateral>N</isNonCashCollateral>
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      <invstOrSec>
        <name>Royal Bank of Canada into Canadian Natural Resources Ltd.</name>
        <lei>ES7IP3U3RHIGC71XBU11</lei>
        <title>Royal Bank of Canada into Canadian Natural Resources Ltd.</title>
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        <identifiers>
          <isin value="US78017W2391"/>
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        <balance>445000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>20439301.18000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>SN</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2027-03-10</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>9.50000000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
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      <invstOrSec>
        <name>UBS AG into American Express Co.</name>
        <lei>BFM8T61CT2L1QCEMIK50</lei>
        <title>UBS AG into American Express Co.</title>
        <cusip>90304M527</cusip>
        <identifiers>
          <isin value="US90304M5278"/>
          <other otherDesc="Inhouse Asset ID" value="1589542"/>
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        <balance>60500.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>20339678.87000000</valUSD>
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        <assetCat>SN</assetCat>
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        <invCountry>CH</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2026-09-18</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>7.00000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Toronto-Dominion Bank (The) into Agilent Technologies, Inc.</name>
        <lei>549300KHUXLS6Q30KT26</lei>
        <title>Toronto-Dominion Bank (The) into Agilent Technologies, Inc.</title>
        <cusip>60701E550</cusip>
        <identifiers>
          <isin value="XS2990353281"/>
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        <balance>157000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>20918971.71000000</valUSD>
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        <assetCat>SN</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>KY</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2026-10-16</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.00000000</annualizedRt>
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        <securityLending>
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      <invstOrSec>
        <name>Goldman Sachs Bank USA into Cisco Systems, Inc.</name>
        <lei>KD3XUN7C6T14HNAYLU02</lei>
        <title>Goldman Sachs Bank USA into Cisco Systems, Inc.</title>
        <cusip>38152A376</cusip>
        <identifiers>
          <isin value="US38152A3766"/>
          <other otherDesc="Inhouse Asset ID" value="1614053"/>
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        <balance>259000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>26280492.24000000</valUSD>
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        <assetCat>SN</assetCat>
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        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2027-05-14</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>7.50000000</annualizedRt>
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        <securityLending>
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      <invstOrSec>
        <name>Merrill Lynch BV into Eaton Corp. plc</name>
        <lei>549300RQ1D1WIE085245</lei>
        <title>Merrill Lynch BV into Eaton Corp. plc</title>
        <cusip>59028A341</cusip>
        <identifiers>
          <isin value="US59028A3418"/>
          <other otherDesc="Inhouse Asset ID" value="1615984"/>
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        <balance>48000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>19335555.42000000</valUSD>
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        <assetCat>SN</assetCat>
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        <invCountry>NL</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2027-05-21</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>7.50000000</annualizedRt>
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      <invstOrSec>
        <name>Goldman Sachs Bank USA into United Rentals, Inc.</name>
        <lei>KD3XUN7C6T14HNAYLU02</lei>
        <title>Goldman Sachs Bank USA into United Rentals, Inc.</title>
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        <identifiers>
          <isin value="US38152A4426"/>
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        <valUSD>29746020.43000000</valUSD>
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        <assetCat>SN</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2027-06-25</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>9.00000000</annualizedRt>
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      <invstOrSec>
        <name>Royal Bank of Canada into Apple, Inc.</name>
        <lei>ES7IP3U3RHIGC71XBU11</lei>
        <title>Royal Bank of Canada into Apple, Inc.</title>
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        <identifiers>
          <isin value="US78017W6277"/>
          <other otherDesc="Inhouse Asset ID" value="1630856"/>
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        <balance>85000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>25632637.54000000</valUSD>
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        <assetCat>SN</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2027-01-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.50000000</annualizedRt>
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        <name>Citigroup Global Markets Holdings, Inc. into Boeing Co. (The)</name>
        <lei>82VOJDD5PTRDMVVMGV31</lei>
        <title>Citigroup Global Markets Holdings, Inc. into Boeing Co. (The)</title>
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        <identifiers>
          <isin value="US17333N4328"/>
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        <valUSD>24036958.58000000</valUSD>
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        <invCountry>US</invCountry>
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        <debtSec>
          <maturityDt>2027-07-09</maturityDt>
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          <annualizedRt>8.00000000</annualizedRt>
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        <name>Barclays Bank plc into NVIDIA Corp.</name>
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        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

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          <maturityDt>2027-07-23</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>8.00000000</annualizedRt>
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        <name>Citigroup Global Markets Holdings, Inc. into Microsoft Corp.</name>
        <lei>82VOJDD5PTRDMVVMGV31</lei>
        <title>Citigroup Global Markets Holdings, Inc. into Microsoft Corp.</title>
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        <valUSD>27634473.33000000</valUSD>
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        <invCountry>US</invCountry>
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          <maturityDt>2027-04-09</maturityDt>
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          <annualizedRt>8.00000000</annualizedRt>
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        <name>AstraZeneca plc</name>
        <lei>PY6ZZQWO2IZFZC3IOL08</lei>
        <title>AstraZeneca plc</title>
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        <assetCat>EC</assetCat>
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        <invCountry>GB</invCountry>
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        <name>Eaton Corp. plc</name>
        <lei>549300VDIGTMXUNT7H71</lei>
        <title>Eaton Corp. plc</title>
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        <balance>145000.00000000</balance>
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        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>IE</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Linde plc</name>
        <lei>5299003QR1WT0EF88V51</lei>
        <title>Linde plc</title>
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          <isin value="IE000S9YS762"/>
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        <balance>132500.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>63385350.00000000</valUSD>
        <pctVal>1.259398524221</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>IE</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Medtronic plc</name>
        <lei>549300GX3ZBSQWUXY261</lei>
        <title>Medtronic plc</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="IE00BTN1Y115"/>
          <other otherDesc="Inhouse Asset ID" value="596122"/>
        </identifiers>
        <balance>720000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>61480800.00000000</valUSD>
        <pctVal>1.221557170354</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>IE</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>TE Connectivity plc</name>
        <lei>6367003TB6K484NFHE54</lei>
        <title>TE Connectivity plc</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="IE000IVNQZ81"/>
          <other otherDesc="Inhouse Asset ID" value="1398978"/>
        </identifiers>
        <balance>180000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>37024200.00000000</valUSD>
        <pctVal>0.735630912197</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>IE</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
    </invstOrSecs>
    <explntrNotes>
      <explntrNote note="Monthly returns presented in Item B.5(a) have been calculated without deducting any applicable sales loads or redemption fees." noteItem="B.5.a"/>
    </explntrNotes>
    <signature>
      <ncom:dateSigned>2026-08-31</ncom:dateSigned>
      <ncom:nameOfApplicant>Franklin Investors Securities Trust</ncom:nameOfApplicant>
      <ncom:signature>Monica Krogh</ncom:signature>
      <ncom:signerName>Monica Krogh</ncom:signerName>
      <ncom:title>Assistant Treasurer</ncom:title>
    </signature>
  </formData>
  <documents>XXXX</documents>
</edgarSubmission>
