Franklin Convertible Securities Fund
Actively managed U.S. bond fund
As of its 2026 Q2 report, Franklin Convertible Securities Fund held 74 positions with $2.96B in net assets. Its ten largest holdings made up 26.6% of the fund. The FISCX share class costs 0.82% a year. Over the 12 months to May 2026, FISCX returned 23.9%, with dividends reinvested. In 2026 Q3 it added 9 new positions and exited 10.
To maximize total return, consistent with reasonable risk, by seeking to optimize capital appreciation and high current income under varying market conditions.
The fund invests at least 80% of its net assets in convertible securities—debt or preferred stock convertible into common equity—seeking to balance equity upside participation with fixed-income stability and reduced volatility. The manager emphasizes equity characteristics while evaluating issuers' long-term earnings, asset value, and cash flow, and may hold enhanced convertible structures that trade conversion premiums for improved yield or downside protection. Convertible securities typically carry below-investment-grade ratings, so the fund may hold up to 100% in non-investment-grade debt. Because security selection depends on the manager's assessment of individual issuers and equity features, performance will diverge from any benchmark.
What you own
| Company | Weight | Value | Shares | Reported price |
|---|---|---|---|---|
INFXXFranklin Institutional U.S. Government Money Market Fund | 3.96% | $117.20M | — | — |
Albemarle Corp. | 2.80% | $82.87M | 1.1M | $77.94 |
Welltower OP LLC 3.13% · due 2029-07-15 | 2.76% | $81.45M | — | — |
MACOM Technology Solutions Holdings, Inc. 0.00% · due 2029-12-15 | 2.71% | $80.00M | — | — |
MKS, Inc. 1.25% · due 2030-06-01 | 2.67% | $78.78M | — | — |
Hewlett Packard Enterprise Co. | 2.64% | $78.15M | 1.0M | $76.62 |
Bridgebio Pharma, Inc. 1.75% · due 2031-03-01 | 2.58% | $76.32M | — | — |
Burlington Stores, Inc. 1.25% · due 2027-12-15 | 2.33% | $68.99M | — | — |
CenterPoint Energy, Inc. 4.25% · due 2026-08-15 | 2.09% | $61.74M | — | — |
NextEra Energy, Inc. | 2.08% | $61.40M | 1.0M | $59.04 |
Reported price is the fund's own reported value divided by its own reported shares at 2026-04-30 — not a live quote, and not what the fund paid.
All 74 holdings, with the share counts as filed, open with a free account.
What the fund is made of
Percentages are of fund net assets. Rounding, liabilities and short positions can make totals differ from 100%.
| Bonds | 73.88% |
| Stocks | 21.70% |
| Cash & short-term | 3.96% |
By sector
- Information Technology
- 23.6%
- Health Care
- 14.1%
- Utilities
- 9.0%
- Other
- 8.4%
- 10 other sectors
- 44.8%
- Information Technology
- 23.6%
- Health Care
- 14.1%
- Utilities
- 9.0%
- Other
- 8.4%
- Financials
- 7.4%
- Consumer Discretionary
- 7.2%
- Industrials
- 7.0%
- Communication Services
- 5.6%
- Real Estate
- 4.6%
- Consumer Staples
- 3.9%
- International
- 3.6%
- Cash
- 2.1%
- Materials
- 1.7%
- Energy
- 1.7%
How it has done
FISCX share class · total returns with dividends reinvested
Volatility over the last 12 months: 8.07%. Past returns are a record, not a forecast.
Jun 2026 and Jul 2026 have been filed since the trailing figures were struck, so they are not in the table above or the curve — every figure here shares one cut-off, which is what makes them comparable with other funds.
The 4 share classes hold the same portfolio
| Share class | Expense ratio | 1 year | 3 years | 5 years | Worst fall |
|---|---|---|---|---|---|
| 0.82% | +23.93% | +56.71% | +39.16% | -8.38% | |
| 1.57% | +23.04% | +53.21% | +34.04% | -8.56% | |
| 0.57% | +24.24% | +57.86% | +40.94% | -8.32% | |
| 0.51% | +24.32% | +58.16% | +41.43% | -8.32% |
These classes hold the same portfolio, so the 7.39pp spread over 5 years is the cost difference between them — roughly 1.48pp a year — not a difference in what they own.
Fees & fund details
Franklin Convertible Securities Fund is an actively managed U.S. bond fund. 0% of FISCX’s stock holdings are in companies whose revenue grew in the top quartile of U.S. companies over the last five fiscal years (covering 100% of the fund’s equity).
- Asset class
- Bonds
- Region
- United States
- Management
- Actively managed
- Fund type
- Open-end fund
- Credit quality
- High yield
- Rate sensitivity
- Short duration
- Expense ratio, by class
- 0.51% – 1.57%· FISCX 0.82%
- Portfolio turnover
- 30.12% a year · as of 2026 Q1
Net is what a holder pays after the adviser's contractual waiver; gross is before it. A waiver can expire.
Turnover is how much of the portfolio was replaced in a year.
Classified from what the fund holds, not from its name · 2026 Q2. The summary is a paraphrase of the prospectus; the objective is verbatim.
What changed this quarter
Positions that entered or left the fund since its previous filing. Positions that were only resized are not listed.
9 new· the largest 7
10 exited· the largest 8
Debt profile
What this fund holds — value-weighted across its bond and securitized long positions · as of 2026-04-30
Share of the fund's debt by how its coupon behaves — the fact that decides whether a rate move reaches this portfolio at all.
| Fixed rate | 80.6% |
| Zero-coupon or unclassified | 19.4% |
Share of the fund's debt value in each maturity band, shortest first.
| <1y | 11.6% |
| 1-3y | 27.7% |
| 3-5y | 49.0% |
| 5-10y | 9.7% |
| 10y+ | 1.9% |
These three overlap — one holding can be in arrears and paying in kind at once — so they are shown separately and never summed.
Risk profile
Interest-rate and credit-spread sensitivity, both in years · as of 2026Q2
More of this fund’s sensitivity sits in credit spreads than in interest rates — a rate rally that comes with a credit selloff works against it.
Where the loss would come from. The two shocks are the same size, so this is the balance of the fund's two sensitivities rather than a bet on one moving more.
| Credit spreads | 60% |
| Interest rates | 40% |
Filers report the impact of a 0.01% move only, so the total is our own scaling of that one number and overstates the loss on most bonds — read it as approximate, never as precise. The two sensitivities overlap rather than add up: they measure the same positions against different shocks, which is why the durations above are shown side by side and never summed.
Share of the fund's spread duration carried by each credit tier.
| High yield | +1.25 yr |
| Investment grade | +0.21 yr |
Share of duration at each point, shortest first. A positive figure loses value when spreads widen; a negative one offsets — a credit hedge.
| 3 mo | 0.01 yr | 1% |
| 1 yr | 0.34 yr | 34% |
| 5 yr | 0.62 yr | 63% |
| 10 yr | 0.02 yr | 2% |
| 30 yr | 0.00 yr | 0% |
| 3 mo | 0.03 yr | 2% |
| 1 yr | 0.47 yr | 32% |
| 5 yr | 0.94 yr | 64% |
| 10 yr | 0.03 yr | 2% |
30 yr is NEGATIVE (-0.00 yr) — a deliberate hedge at that point on the curve, so it is not part of the band above.
The two bands measure the same positions against different shocks and do not add — a Treasury carries rate duration and no spread duration, a floating-rate credit the reverse. Rate tenors are also summed across every currency the fund discloses.
Show the numbers
| Tenor | Rate yrs | IG yrs | HY yrs | IG $/bp | HY $/bp |
|---|---|---|---|---|---|
| 3 mo | +0.01 | +0.02 | +0.01 | $4.7k | $2.8k |
| 1 yr | +0.34 | +0.06 | +0.41 | $16.3k | $122.0k |
| 5 yr | +0.62 | +0.14 | +0.80 | $41.7k | $236.0k |
| 10 yr | +0.02 | +0.00 | +0.03 | $187 | $8.7k |
| 30 yr | +0.00 | +0.00 | -0.00 | $0 | -$256 |
Dollar change per 1bp of spread movement, as filed and sign-anchored. A blank cell was not filed; a zero was.
A newer credit-spread reading (2026Q3) is on file. This page holds one quarter across every figure on it, so that one appears here next quarter.
Understand how this fund fits with the rest.
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