Fixed Income

FLDBX Franklin Long Duration Credit Fund

Aims for Additional Source of Alpha: The portfolio construction process supplements traditional sources of value add like sector allocation and security selection, providing an additional source of potential alpha.
Risk Mitigation: As part of the investment process, portfolios are stress-tested through different interest rate and credit scenarios, with the objective of building portfolios that deliver favorable outcomes relative to the benchmark during periods of heightened market volatility.
Pure IG Credit Exposure: The strategy has little to no exposure in off-benchmark security types (high yield, credit, structured products, etc.) and invests predominately in investment grade securities. Portfolios are managed to be neutral from a duration and beta perspective relative to benchmarks, seeking to minimize further, unintended credit risk.

Overview

See the risks and other important information.

Fund Facts

Fund description

The Fund’s investment goal is to seek to maximize risk-adjusted returns through a combination of income and capital appreciation.

Benchmark: Bloomberg U.S. Long Credit Index
Dividend Frequency, if any: Monthly
Fund Inception Date: 08/22/2023
Distribution Rate at NAVAs of 02/11/2026 (Updated Daily): 5.36%
30-Day SEC Yield—With Waiver^3,4,5As of 01/31/2026 (Updated Monthly): 5.42%
30-Day SEC Yield—Without Waiver^4,5As of 01/31/2026 (Updated Monthly): 5.18%
Effective DurationAs of 01/31/2026 (Updated Monthly): 12.51 Years

Sales Charges, Expenses & Fees

As of 03/01/2025

Gross Expense Ratio⁶: 0.41%
Net Expense Ratio^6,7: 0.30%
Maximum Initial Charge: —
CDSC: N/A
12b-1 Fee: —

Identifiers

Ticker: FLDBX
Fund Number: 814
CUSIP Code: 353612369

Average Annual Total Returns As of 01/31/2026

View performance section for additional info As of 01/31/2026

Class R6

With Sales Charge (POP)

Without Sales Charge (NAV)

6.98%1 Year
—3 Years
—5 Years
—10 Years
6.61%Since Inception
08/22/2023

Performance data quoted represents past performance, which does not guarantee future results. Investment return and principal value of an investment will fluctuate so that an investor’s shares, when sold or redeemed, may be worth more or less than the original cost. Current performance may be lower or higher than the figures shown.

Top Sectors

View portfolio section for additional info

As of 01/31/2026 % of Total (Updated Monthly)

Top Sectors
Consumer Non-Cyclical17.65%
Electric11.03%
Communications10.39%
Banking9.68%
Technology8.97%

Additional Fund Info

Share Class Inception Date: 08/22/2023
Investment Style: Corporate Credit
Lipper Classification: Corporate Debt Funds BBB-Rated
Morningstar Category⁸: Long-Term Bond

Manager and Commentary

About the Team

Franklin Templeton Fixed Income

A global leader in fixed income, the team strives to provide consistent and resilient returns by combining deep fundamental research with rigorous portfolio construction. This solutions-drives approach means maintaining portfolio and risk exposures that align with client expectations.

Franklin Templeton Fixed Income

Managed Fund Since 2023

Managed Fund Since 2024

Latest Insights

January 26, 2026

European fixed income outlook—cautious optimism

January 20, 2026

The municipal bond market outlook: Continued stability—a good sign for investors

January 15, 2026

Flash Insights: Addressing US housing affordability—a targeted financing approach

January 8, 2026

Flash Insights: Notes on Venezuela

Performance

Risk Measures

As of 01/31/2026

Class R6 - Without Sales Charge (NAV)

Measured against: Bloomberg U.S. Long Credit Index

Statistics

Beta Bear

Bull Bear Capture Ratio

Beta Bull

Historical Tracking Error

Information Ratio

Standard Deviation (%)

Class R6

Bloomberg U.S. Long Credit Index

Sharpe Ratio (%)

Class R6

Performance data quoted represents past performance, which does not guarantee future results. Current performance may be lower or higher than the figures shown. Principal value and investment returns will fluctuate, and investors' shares, when redeemed, may be worth more or less than the original cost. Performance would have been lower if fees had not been waived in various periods. Total returns assume the reinvestment of all distributions and the deduction of all Fund expenses. Returns with sales charge reflect a deduction of the stated maximum sales charge. Returns without sales charge would have been lower had sales charges been reflected. An investor cannot invest directly in an index, and unmanaged index returns do not reflect any fees, expenses or sales charges. Returns for periods of less than one year are not annualized.

See the risks and other important information.

Portfolio

Assets

As of01/31/2026 (Updated Monthly)

Total Net Assets: $63.13 Million

Positions

As of 01/31/2026 (Updated Monthly)

Number of Holdings

Fund: 351
Benchmark: 3,453

Portfolio Statistics

As of 01/31/2026 (Updated Monthly)

Effective Duration

Fund: 12.51 Years
Benchmark: 12.47 Years

Average Weighted Maturity

Fund: 21.45 Years
Benchmark: 21.93 Years

Asset Allocation

As of 01/31/2026 % of Total (Updated Monthly)

Asset Allocation
Holdings	Fund
Fixed Income	100.07%
Cash & Cash Equivalents	-0.07%

Holdings
As of 01/31/2026 (Updated Monthly)

Burlington Northern Santa Fe LLC, SR UNSECURED, Sr Unsecured, 5.75%, 5/01/40

Apple Inc., senior bond, 3.85%, 5/04/43

Anheuser-Busch Cos. LLC/InBev Worldwide Inc., senior bond, 4.90%, 2/01/46

Bank of America Corp.,senior bond, 2.676% to 6/19/40FRN thereafter, 6/19/41

MidAmerican Energy Co., first lien, 3.15%, 4/15/50

T-Mobile USA Inc, SR UNSECURED, Sr Unsecured, 3.40%, 10/15/52

Florida Power & Light, secured note, 4.05%, 6/01/42

Charter Communications Operating LLC/Charter Communications Operating Capital Corp., senior secured bond, first lien, 5.375%, 4/01/38

Morgan Stanley,senior bond, 3.971% to 7/21/37,FRN thereafter, 7/22/38

AT&T Inc., senior bond, 4.75%, 5/15/46

Distributions & Tax

Federal ID Number 93-1741702

For information on tax years prior to 2008, please contact us

These amounts represent distributions paid by the fund, foreign taxes passed through (if any), and other distribution characteristics for the calendar year selected. These amounts are reported to shareholders on Form 1099-DIV.

Distributions per Share ($)

Year

Tax Information
Record Date	Ordinary Dividends Dividends paid by a fund that are derived from interest, dividends, net short-term capital gains and other types of ordinary income earned by the fund. For a fund that elects to pass through its foreign taxes paid (a non-cash item), a shareholder's allotted share of foreign taxes has been added to the “Ordinary Dividends” cash distributions received by the shareholder. If the fund passed through foreign taxes paid and later is refunded any portion of those taxes by a foreign tax authority, any interest paid to the fund on that refund is also required to be included in “Ordinary Dividends”.	Qualified Dividends The portion of a fund’s “Ordinary Dividends” that may be eligible for a reduced capital gain tax rate. To be eligible for the lower tax rates, certain holding periods apply and shareholders should consult their tax advisor to determine the amount eligible for the reduced rate. This amount represents both cash distributions and non-cash amounts, such as foreign taxes paid, that have been allocated to shareholders.	Capital Gain Distributions	Unrecaptured Section 1250 Gain	Non-Taxable Return Of Capital	Section 199a Dividends The portion of a fund’s “Ordinary Dividends” generated by a real estate investment trust or earned by a fund from its investments in real estate investment trusts, subject to limitations. Individual (non-corporate) shareholders may be entitled to a special deduction from gross income for “Section 199A Dividends” received from a fund. To qualify for this deduction certain holding periods apply and shareholders should consult their tax advisor.	Foreign Tax Paid	Exempt Interest Dividends	Interest on Tax Reclaim Refunds
Jan 27	0.0472	—	—	—	—	—	—	—	—
Feb 24	0.0466	—	—	—	—	—	—	—	—
Mar 25	0.0435	—	—	—	—	—	—	—	—
Apr 24	0.0453	—	—	—	—	—	—	—	—
May 22	0.0455	—	—	—	—	—	—	—	—
Jun 24	0.0462	—	—	—	—	—	—	—	—
Jul 25	0.05	—	—	—	—	—	—	—	—
Aug 25	0.043	—	—	—	—	—	—	—	—
Sep 24	0.045	—	—	—	—	—	—	—	—
Oct 27	0.044818	—	0.000282	—	—	—	—	—	—
Nov 21	0.0463	—	—	—	—	—	—	—	—
Dec 24	0.0435	—	0.0146	—	—	—	—	—	—
	0.546918	—	0.014882	—	—	—	—	—	—

Jan 27

Feb 24

Mar 25

Apr 24

May 22

Jun 24

Jul 25

Aug 25

Sep 24

Oct 27

Nov 21

Dec 24

Supplemental Tax Information

Foreign Source Income: —
Foreign Source Qualified Dividends: —
Direct U.S. Government Obligations The portion of “Ordinary Dividends” attributable to earnings from US Treasury and certain other government securities may be categorized as a fund containing US government obligations. This income may be exempt from state personal income taxes. The percentage for direct US government obligation interests available for tax-exempt treatment may be limited in states that require the fund to meet certain minimum thresholds. Shareholders should consult their tax advisor to determine the availability of exemptions in their state.: 0.71%
Specified Private Activity Bond Interest: —
Dividends Received Deduction: —
Section 163(j): 99.98%
Indiana Resident Taxable Income: —
Utah Resident Taxable Income The portion of “Exempt-Interest Dividends” subject to Utah income tax. Subject to certain exceptions, the state of Utah provides that income earned from non-federal government entities outside of Utah (non-Utah municipal bonds) is taxable to Utah resident shareholders. Income earned from states that do not tax Utah obligations are also exempt. Shareholders should consult their tax advisor about applicability.: —

Franklin Templeton and its specialized investment managers and its employees are not in the business of providing tax or legal advice to taxpayers. These materials and any tax-related statements are not intended or written to be used, and cannot be used or relied upon, by any such taxpayer for the purpose of avoiding tax penalties or complying with any applicable tax laws or regulations. Tax-related statements, if any, may have been written in connection with the promotion or marketing of the transaction(s) or matter(s) addressed by these materials, to the extent allowed by applicable law. Each investor’s tax situation is different, and is based on an individual’s tax bracket, type of account used for investment and other factors. Any such taxpayer should seek advice based on the taxpayer's particular circumstances from an independent tax advisor.

Pricing

Pricing History

As of 02/11/2026 (Updated Daily)

Time Period

From

From Date

To Date

Daily Fund Prices

As of 02/11/2026

Share Prices

As of 02/11/2026

NAV ¹(Net Asset Value): $10.17
NAV Change ¹: $-0.03
NAV Change (%) ¹: -0.29%
POP ⁹(Public Offering Price): $10.17

52-Week Range

Highest NAV As of 10/27/2025: $10.55
Lowest NAV As of 04/10/2025: $9.61

Documents

Fund Literature

Fund Literature
Checkbox	Name	Download	Add to Cart
Checkbox	Factsheet - Franklin Long Duration Credit Fund	Download Document

Regulatory Documents

Regulatory Documents
Checkbox	Name	Download
Checkbox	Annual Report - Franklin Long Duration Credit Fund - Class R6	Download Document
Checkbox	Annual Financial Statements And Other Information - Franklin Investors securities Trust	Download Document
Checkbox	Semi-Annual Report - Franklin Long Duration Credit Fund Class R6	Download Document
Checkbox	Semiannual Financial Statements and Other Information - Franklin Investors Securities Trust	Download Document
Checkbox	Prospectus - Franklin Long Duration Credit Fund	Download Document
Checkbox	Summary Prospectus - Franklin Long Duration Credit Fund	Download Document
Checkbox	Statement of Additional Information - Franklin Long Duration Credit FundMailed hardcopies unavailable.	Download Document
Checkbox	Fiscal Q1 Holdings - Franklin Investors Securities Trust FundsMailed hardcopies unavailable.	Download Document
Checkbox	Fiscal Q3 Holdings - Franklin Investors Securities Trust FundsMailed hardcopies unavailable.	Download Document

Risks

All investments involve risks, including possible loss of principal. Fixed income securities involve interest rate, credit, inflation and reinvestment risks, and possible loss of principal. As interest rates rise, the value of fixed income securities falls. Changes in the credit rating of a bond, or in the credit rating or financial strength of a bond's issuer, insurer or guarantor, may affect the bond's value. International investments are subject to special risks, including currency fluctuations and social, economic and political uncertainties, which could increase volatility. These risks are magnified in emerging markets. Asset-backed, mortgage-backed or mortgage-related securities are subject to prepayment and extension risks. Derivative instruments can be illiquid, may disproportionately increase losses, and have a potentially large impact on performance. The manager may consider environmental, social and governance (ESG) criteria in the research or investment process; however, ESG considerations may not be a determinative factor in security selection. In addition, the manager may not assess every investment for ESG criteria, and not every ESG factor may be identified or evaluated. These and other risks are discussed in the fund's prospectus.

Important Information

Total Returns include change in share price, assume reinvestment of all distributions, and reflect the deduction of fund expenses and applicable fees. Total returns, distribution rate, and yields reflect any applicable expense reductions and fee waivers; without these reductions, the results would have been lower.

Most funds offer multiple share classes. Share classes are subject to different fees and expenses, which will affect their performance.

Certain share classes are only offered to eligible investors as stated in the prospectus. Different minimums may apply to clients of certain service agents. All classes of shares are not available through all distribution channels. See the Fund's prospectus for additional information.

Franklin Distributors, LLC. Member FINRA, SIPC. All entities mentioned are Franklin Templeton affiliated companies. Investment Products: NOT FDIC INSURED | NO BANK GUARANTEE | MAY LOSE VALUE.
Reports and other information about the funds are available on the EDGAR Database on the SEC's Internet site at www.sec.gov.

You need Adobe Acrobat Reader to view and print PDF documents. Download a free version from Adobe's website.

Important data provider notices and terms available at www.franklintempletondatasources.com.

Performance data quoted represents past performance, which does not guarantee future results.

CFA® and Chartered Financial Analyst® are trademarks owned by CFA Institute.

Indexes are unmanaged and one cannot invest directly in an index. They do not reflect any fees, expenses or sales charges.

Investors should carefully consider a fund's investment goals, risks, sales charges and expenses before investing. The prospectus contains this and other information. Please read the prospectus carefully before investing or sending money.

The Bloomberg US Long Credit Index measures the performance of investment-grade, U.S. dollar-denominated, fixed-rate, taxable corporate and non-corporate (non-U.S. agencies, sovereigns, supranationals and local authorities) debt with at least 10 years to maturity.
Source: Bloomberg Indices.

Footnotes

Net Asset Value - the amount per share you would receive if you sold shares that day. NAV Change indicates a change in the Net Asset Value from the previous business day.
Figures are aggregate total return figures, have not been annualized and represent the change in value of an investment over the period indicated.
With Waiver means the performance quote reflects any applicable expense reductions and fee waivers.
During periods of rising inflation, fund yields can vary significantly from month-to-month and may not be repeated.
30-Day SEC Yield is calculated using the net income (interest and dividends) per share earned over a trailing 30-day period (annualized), divided by the fund’s share price at the end of that period. It may not equal the fund’s actual income distribution rate, which reflects the fund’s past dividends paid to shareholders.
Gross Expense Ratio reflects the total annual operating expenses for the share class shown, prior to the deduction of any waiver or reimbursement. Actual expenses may be higher and may impact portfolio returns. Net Expense Ratio reflects total expenses after any fee waivers, implemented expense caps or reimbursements. If a fund has contractual fee waivers, expense caps and/or reimbursements, the expiration date can be found by clicking on the information button next to the net expense ratio. Additional amounts may be voluntarily waived and/or reimbursed and may be modified or discontinued at any time without notice. Expense ratios are as of the most recent prospectus or annual report.
Net Expense Ratio represents the expense ratio applicable to investors.
©2025 Morningstar, Inc. All rights reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information.
Public Offering Price – the purchase price for each share of the fund on a given day. It includes the maximum initial sales charge, if any.
Credit Quality is a measure of a bond issuer's ability to repay interest and principal in a timely manner. The credit ratings shown are based on each portfolio security's rating as provided by S&P Global Ratings, Moody's Investors Service and/or Fitch Ratings, Inc. and typically range from AAA (highest) to D (lowest), or an equivalent and/or similar rating. For this purpose, the manager assigns each security the middle rating from these three agencies. When only two agencies provide ratings, the lower of the two ratings will be assigned. When only one agency assigns a rating, that rating will be used. Foreign government bonds without a specific rating are assigned a country rating, if available. Securities that are unrated by all three agencies are reflected as such. The credit quality of the investments in the portfolio does not apply to the stability or safety of the portfolio. The methodology used for the calculation of credit quality ratings displayed may differ from the methodology for monitoring investment limits, if applicable. Please note, the portfolio itself has not been rated by an independent rating agency.

Sunday	Monday	Tuesday	Wednesday	Thursday	Friday	Saturday

Sunday	Monday	Tuesday	Wednesday	Thursday	Friday	Saturday

Individual Investor

Financial Professional

Institutional Investor

FLDBX Franklin Long Duration Credit Fund

Popular Documents

Overview

Fund description

Sales Charges, Expenses & Fees

Identifiers

Class R6

Top Sectors

Additional Fund Info

Manager and Commentary

About the Team

Latest Insights

Performance

Risk Measures

Portfolio

Asset Allocation

Distributions & Tax

Federal ID Number 93-1741702

Pricing

Chart

Daily Fund Prices

Documents

Risks

Important Information

Footnotes