Not
FDIC
Insured
May
Lose
Value
No
Bank
Guarantee
FUT-Q3PH
1
Schedule
of
Investments
(unaudited)
Franklin
Universal
Trust
2
Notes
to
Schedule
of
Investments
26
Franklin
Universal
Trust
Schedule
of
Investments
(unaudited),
May
31,
2024
Quarterly
Schedule
of
Investments
See
Notes
to
Schedule
of
Investments.
2
a
a
Country
Shares
a
Value
a
a
a
a
a
a
Common
Stocks
49.0%
Electric
Utilities
26.8%
Alliant
Energy
Corp.
...................................
United
States
80,000
$
4,119,200
American
Electric
Power
Co.,
Inc.
.........................
United
States
65,000
5,866,250
Constellation
Energy
Corp.
..............................
United
States
21,666
4,706,938
Duke
Energy
Corp.
....................................
United
States
40,000
4,142,800
Edison
International
...................................
United
States
36,000
2,766,600
Entergy
Corp.
........................................
United
States
30,000
3,374,700
Evergy,
Inc.
..........................................
United
States
72,000
3,935,520
Exelon
Corp.
.........................................
United
States
65,000
2,440,750
FirstEnergy
Corp.
.....................................
United
States
61,000
2,455,860
NextEra
Energy,
Inc.
...................................
United
States
115,000
9,202,299
Pinnacle
West
Capital
Corp.
.............................
United
States
25,000
1,971,500
PPL
Corp.
...........................................
United
States
24,500
718,585
Southern
Co.
(The)
....................................
United
States
53,000
4,247,420
Xcel
Energy,
Inc.
......................................
United
States
55,000
3,049,750
52,998,172
Independent
Power
and
Renewable
Electricity
Producers
0.6%
a
Talen
Energy
Corp.
....................................
United
States
11,116
1,280,007
Metals
&
Mining
3.0%
BHP
Group
Ltd.
,
ADR
..................................
Australia
25,185
1,499,263
Freeport-McMoRan,
Inc.
................................
United
States
40,380
2,129,238
Newmont
Corp.
.......................................
United
States
26,000
1,090,440
Rio
Tinto
plc
,
ADR
.....................................
Australia
15,000
1,051,500
South32
Ltd.
,
ADR
....................................
Australia
10,074
133,178
5,903,619
Multi-Utilities
16.8%
CenterPoint
Energy,
Inc.
................................
United
States
122,800
3,746,628
CMS
Energy
Corp.
....................................
United
States
78,000
4,908,540
Consolidated
Edison,
Inc.
...............................
United
States
35,000
3,309,250
Dominion
Energy,
Inc.
..................................
United
States
65,000
3,504,800
DTE
Energy
Co.
......................................
United
States
30,000
3,495,900
NiSource,
Inc.
........................................
United
States
60,000
1,743,600
Public
Service
Enterprise
Group,
Inc.
......................
United
States
45,000
3,409,200
Sempra
.............................................
United
States
90,000
6,932,700
WEC
Energy
Group,
Inc.
................................
United
States
28,000
2,268,840
33,319,458
Oil,
Gas
&
Consumable
Fuels
1.6%
a
Amplify
Energy
Corp.
..................................
United
States
245
1,544
Birch
Permian
Holdings,
Inc.
.............................
United
States
32,490
280,226
California
Resources
Corp.
..............................
United
States
27
1,278
Chesapeake
Energy
Corp.
..............................
United
States
1,871
170,130
DT
Midstream,
Inc.
....................................
United
States
15,000
1,006,200
Enbridge,
Inc.
........................................
Canada
39,360
1,439,789
Woodside
Energy
Group
Ltd.
,
ADR
........................
Australia
9,101
168,369
3,067,536
Pharmaceuticals
0.2%
a
Endo,
Inc.
...........................................
United
States
8,510
241,118
a,b
Endo,
Inc.
,
144A
......................................
United
States
2,849
80,722
321,840
Total
Common
Stocks
(Cost
$
38,193,735
)
......................................
96,890,632
Franklin
Universal
Trust
Schedule
of
Investments
(unaudited)
See
Notes
to
Schedule
of
Investments.
Quarterly
Schedule
of
Investments
3
a
a
Country
Shares
a
Value
a
a
a
a
a
a
Preferred
Stocks
0.3%
Electric
Utilities
0.3%
SCE
Trust
II
,
5.1
%
....................................
United
States
27,500
$
538,450
Total
Preferred
Stocks
(Cost
$
598,125
)
.........................................
538,450
Warrants
Warrants
0.0%
†
Oil,
Gas
&
Consumable
Fuels
0.0%
†
a
California
Resources
Corp.
,
10/27/24
......................
United
States
64
763
Total
Warrants
(Cost
$
–
)
......................................................
763
Principal
Amount
*
Corporate
Bonds
74.4%
Aerospace
&
Defense
0.5%
b,c
Bombardier,
Inc.
,
Senior
Note
,
144A,
7
%
,
6/01/32
.............
Canada
900,000
904,407
Automobile
Components
3.1%
b,d
Adient
Global
Holdings
Ltd.,
Senior
Note
,
144A,
8.25
%
,
4/15/31
......................
United
States
700,000
729,759
Senior
Secured
Note
,
144A,
7
%
,
4/15/28
..................
United
States
400,000
408,740
b
Allison
Transmission,
Inc.,
Senior
Bond
,
144A,
3.75
%
,
1/30/31
......................
United
States
300,000
260,224
Senior
Note
,
144A,
4.75
%
,
10/01/27
.....................
United
States
600,000
579,108
b,d
Dornoch
Debt
Merger
Sub,
Inc.
,
Senior
Note
,
144A,
6.625
%
,
10/15/29
..........................................
United
States
1,400,000
1,211,095
b
Garrett
Motion
Holdings,
Inc.
/
Garrett
LX
I
SARL
,
Senior
Note
,
144A,
7.75
%
,
5/31/32
.....................................
United
States
700,000
705,199
d
Goodyear
Tire
&
Rubber
Co.
(The),
Senior
Note
,
9.5
%
,
5/31/25
............................
United
States
900,000
902,861
Senior
Note
,
5
%
,
7/15/29
.............................
United
States
600,000
552,385
b,d
ZF
North
America
Capital,
Inc.
,
Senior
Note
,
144A,
6.75
%
,
4/23/30
Germany
700,000
709,078
6,058,449
Automobiles
0.5%
b,d
Jaguar
Land
Rover
Automotive
plc
,
Senior
Note
,
144A,
5.5
%
,
7/15/29
...........................................
United
Kingdom
1,100,000
1,050,451
Beverages
0.3%
b,d
Primo
Water
Holdings,
Inc.
,
Senior
Note
,
144A,
4.375
%
,
4/30/29
..
Canada
700,000
642,488
Biotechnology
0.4%
b
Emergent
BioSolutions,
Inc.
,
Senior
Note
,
144A,
3.875
%
,
8/15/28
.
United
States
900,000
542,025
b
Grifols
SA
,
Senior
Note
,
144A,
4.75
%
,
10/15/28
..............
Spain
400,000
348,383
890,408
Building
Products
2.6%
b,d
Advanced
Drainage
Systems,
Inc.
,
Senior
Note
,
144A,
6.375
%
,
6/15/30
...........................................
United
States
500,000
499,495
b,d
AmeriTex
HoldCo
Intermediate
LLC
,
Senior
Secured
Note
,
144A,
10.25
%
,
10/15/28
....................................
United
States
600,000
629,594
b
Cornerstone
Building
Brands,
Inc.
,
Senior
Note
,
144A,
6.125
%
,
1/15/29
...........................................
United
States
300,000
244,320
b,d
Eco
Material
Technologies,
Inc.
,
Senior
Secured
Note
,
144A,
7.875
%
,
1/31/27
.....................................
United
States
500,000
500,382
b,d
EMRLD
Borrower
LP
/
Emerald
Co-Issuer,
Inc.
,
Senior
Secured
Note
,
144A,
6.625
%
,
12/15/30
..........................
United
States
900,000
902,693
b
Miter
Brands
Acquisition
Holdco,
Inc.
/
MIWD
Borrower
LLC
,
Senior
Secured
Note
,
144A,
6.75
%
,
4/01/32
.....................
United
States
500,000
496,994
Franklin
Universal
Trust
Schedule
of
Investments
(unaudited)
Quarterly
Schedule
of
Investments
See
Notes
to
Schedule
of
Investments.
4
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
Corporate
Bonds
(continued)
Building
Products
(continued)
b,d
Smyrna
Ready
Mix
Concrete
LLC
,
Senior
Secured
Note
,
144A,
8.875
%
,
11/15/31
....................................
United
States
1,200,000
$
1,264,523
b
Standard
Industries,
Inc.,
d
Senior
Bond
,
144A,
4.75
%
,
1/15/28
......................
United
States
500,000
476,712
Senior
Bond
,
144A,
4.375
%
,
7/15/30
.....................
United
States
100,000
89,315
5,104,028
Capital
Markets
0.7%
b,d
HAT
Holdings
I
LLC
/
HAT
Holdings
II
LLC
,
Senior
Note
,
144A,
6
%
,
4/15/25
...........................................
United
States
400,000
398,286
b,d
Jane
Street
Group
/
JSG
Finance,
Inc.
,
Senior
Secured
Note
,
144A,
4.5
%
,
11/15/29
......................................
United
States
500,000
463,896
b
StoneX
Group,
Inc.
,
Senior
Secured
Note
,
144A,
7.875
%
,
3/01/31
.
United
States
500,000
512,085
1,374,267
Chemicals
2.9%
b,e,f
Anagram
Holdings
LLC
/
Anagram
International,
Inc.
,
Secured
Note
,
144A,
PIK,
10
%
,
8/15/26
..............................
United
States
257,209
5,137
b
Braskem
Idesa
SAPI
,
Senior
Secured
Bond
,
144A,
6.99
%
,
2/20/32
Mexico
300,000
223,232
b
Consolidated
Energy
Finance
SA
,
Senior
Note
,
144A,
5.625
%
,
10/15/28
..........................................
Switzerland
600,000
516,909
b
Element
Solutions,
Inc.
,
Senior
Note
,
144A,
3.875
%
,
9/01/28
.....
United
States
200,000
182,171
b,d
GPD
Cos.,
Inc.
,
Senior
Secured
Note
,
144A,
10.125
%
,
4/01/26
...
United
States
1,500,000
1,445,714
b,d
Illuminate
Buyer
LLC
/
Illuminate
Holdings
IV,
Inc.
,
Senior
Note
,
144A,
9
%
,
7/01/28
...................................
United
States
1,000,000
1,001,753
b,e
Kobe
US
Midco
2,
Inc.
,
Senior
Note
,
144A,
PIK,
9.25
%
,
11/01/26
..
United
States
220,500
181,667
b,d
Rain
Carbon,
Inc.
,
Senior
Secured
Note
,
144A,
12.25
%
,
9/01/29
..
United
States
1,200,000
1,281,382
b
Rain
CII
Carbon
LLC
/
CII
Carbon
Corp.
,
Secured
Note
,
144A,
7.25
%
,
4/01/25
.....................................
United
States
33,000
32,434
b,d
Vibrantz
Technologies,
Inc.
,
Senior
Note
,
144A,
9
%
,
2/15/30
.....
United
States
1,000,000
923,138
5,793,537
Commercial
Services
&
Supplies
2.1%
b,d
Allied
Universal
Holdco
LLC
,
Senior
Secured
Note
,
144A,
7.875
%
,
2/15/31
...........................................
United
States
1,200,000
1,197,455
b,d
APX
Group,
Inc.
,
Senior
Note
,
144A,
5.75
%
,
7/15/29
...........
United
States
800,000
760,260
b,d
Enviri
Corp.
,
Senior
Note
,
144A,
5.75
%
,
7/31/27
..............
United
States
500,000
474,578
b,d
Prime
Security
Services
Borrower
LLC
/
Prime
Finance,
Inc.
,
Senior
Secured
Note
,
144A,
3.375
%
,
8/31/27
....................
United
States
600,000
551,017
b,d
Stericycle,
Inc.
,
Senior
Note
,
144A,
3.875
%
,
1/15/29
...........
United
States
1,200,000
1,090,727
4,074,037
Communications
Equipment
0.4%
b
CommScope,
Inc.
,
Senior
Note
,
144A,
7.125
%
,
7/01/28
.........
United
States
1,600,000
648,463
b
Viasat,
Inc.
,
Senior
Note
,
144A,
7.5
%
,
5/30/31
................
United
States
200,000
136,531
784,994
Construction
&
Engineering
0.5%
b,d
Arcosa,
Inc.
,
Senior
Note
,
144A,
4.375
%
,
4/15/29
.............
United
States
300,000
278,996
b,d
VM
Consolidated,
Inc.
,
Senior
Note
,
144A,
5.5
%
,
4/15/29
.......
United
States
800,000
764,124
1,043,120
Consumer
Finance
2.4%
b
Encore
Capital
Group,
Inc.,
Senior
Secured
Note
,
144A,
9.25
%
,
4/01/29
...............
United
States
600,000
625,167
Senior
Secured
Note
,
144A,
8.5
%
,
5/15/30
................
United
States
400,000
400,813
b,d
FirstCash,
Inc.
,
Senior
Note
,
144A,
6.875
%
,
3/01/32
...........
United
States
1,100,000
1,092,176
Franklin
Universal
Trust
Schedule
of
Investments
(unaudited)
See
Notes
to
Schedule
of
Investments.
Quarterly
Schedule
of
Investments
5
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
Corporate
Bonds
(continued)
Consumer
Finance
(continued)
b
Macquarie
Airfinance
Holdings
Ltd.,
Senior
Note
,
144A,
6.4
%
,
3/26/29
.......................
United
Kingdom
100,000
$
101,137
Senior
Note
,
144A,
6.5
%
,
3/26/31
.......................
United
Kingdom
200,000
203,269
d
OneMain
Finance
Corp.
,
Senior
Note
,
9
%
,
1/15/29
............
United
States
1,400,000
1,470,662
b,d
PROG
Holdings,
Inc.
,
Senior
Note
,
144A,
6
%
,
11/15/29
.........
United
States
900,000
844,656
4,737,880
Consumer
Staples
Distribution
&
Retail
0.7%
b,d
Albertsons
Cos.,
Inc.
/
Safeway,
Inc.
/
New
Albertsons
LP
/
Albertsons
LLC
,
Senior
Note
,
144A,
3.5
%
,
3/15/29
...........
United
States
800,000
714,198
b,d
US
Foods,
Inc.
,
Senior
Note
,
144A,
6.875
%
,
9/15/28
...........
United
States
700,000
713,123
1,427,321
Containers
&
Packaging
3.6%
b
Ardagh
Packaging
Finance
plc
/
Ardagh
Holdings
USA,
Inc.,
Senior
Note
,
144A,
5.25
%
,
8/15/27
......................
United
States
600,000
353,130
d
Senior
Secured
Note
,
144A,
5.25
%
,
4/30/25
...............
United
States
800,000
788,368
b,d
LABL,
Inc.
,
Senior
Secured
Note
,
144A,
9.5
%
,
11/01/28
........
United
States
300,000
305,526
b,d
Mauser
Packaging
Solutions
Holding
Co.,
Secured
Note
,
144A,
9.25
%
,
4/15/27
.....................
United
States
1,500,000
1,495,171
Senior
Secured
Note
,
144A,
7.875
%
,
4/15/27
..............
United
States
1,000,000
1,020,110
b,d
Owens-Brockway
Glass
Container,
Inc.,
Senior
Note
,
144A,
6.625
%
,
5/13/27
.....................
United
States
375,000
372,627
Senior
Note
,
144A,
7.25
%
,
5/15/31
......................
United
States
800,000
798,290
b
Pactiv
Evergreen
Group
Issuer
LLC
/
Pactiv
Evergreen
Group
Issuer,
Inc.
,
Senior
Secured
Note
,
144A,
4.375
%
,
10/15/28
..........
United
States
300,000
278,576
b,d
Pactiv
Evergreen
Group
Issuer,
Inc.
/
Pactiv
Evergreen
Group
Issuer
LLC
,
Senior
Secured
Note
,
144A,
4
%
,
10/15/27
.............
United
States
1,200,000
1,121,056
b,d
Trivium
Packaging
Finance
BV
,
Senior
Note
,
144A,
8.5
%
,
8/15/27
.
Netherlands
500,000
499,339
7,032,193
Distributors
0.6%
b,c
Gates
Corp.
(The)
,
Senior
Note
,
144A,
6.875
%
,
7/01/29
........
United
States
400,000
404,341
b,d
Ritchie
Bros
Holdings,
Inc.,
Senior
Note
,
144A,
7.75
%
,
3/15/31
......................
Canada
500,000
522,524
Senior
Secured
Note
,
144A,
6.75
%
,
3/15/28
...............
Canada
300,000
303,373
1,230,238
Diversified
Consumer
Services
0.7%
Grand
Canyon
University
,
Secured
Note
,
5.125
%
,
10/01/28
......
United
States
800,000
720,704
b
Wand
NewCo
3,
Inc.
,
Senior
Secured
Note
,
144A,
7.625
%
,
1/30/32
United
States
600,000
615,326
1,336,030
Diversified
REITs
1.1%
b,d
Global
Net
Lease,
Inc.
/
Global
Net
Lease
Operating
Partnership
LP
,
Senior
Note
,
144A,
3.75
%
,
12/15/27
......................
United
States
800,000
696,387
b,d
Necessity
Retail
REIT,
Inc.
(The)
/
American
Finance
Operating
Partner
LP
,
Senior
Note
,
144A,
4.5
%
,
9/30/28
...............
United
States
900,000
780,443
b,d
VICI
Properties
LP
/
VICI
Note
Co.,
Inc.
,
Senior
Note
,
144A,
3.75
%
,
2/15/27
...........................................
United
States
700,000
663,194
2,140,024
Diversified
Telecommunication
Services
1.9%
b
CCO
Holdings
LLC
/
CCO
Holdings
Capital
Corp.,
d
Senior
Bond
,
144A,
5.375
%
,
6/01/29
.....................
United
States
500,000
448,271
d
Senior
Bond
,
144A,
4.5
%
,
8/15/30
.......................
United
States
1,700,000
1,413,892
Senior
Bond
,
144A,
4.25
%
,
2/01/31
......................
United
States
200,000
161,364
b,d
Iliad
Holding
SASU
,
Senior
Secured
Note
,
144A,
7
%
,
10/15/28
...
France
800,000
792,988
Franklin
Universal
Trust
Schedule
of
Investments
(unaudited)
Quarterly
Schedule
of
Investments
See
Notes
to
Schedule
of
Investments.
6
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
Corporate
Bonds
(continued)
Diversified
Telecommunication
Services
(continued)
b,d
Virgin
Media
Secured
Finance
plc
,
Senior
Secured
Bond
,
144A,
4.5
%
,
8/15/30
......................................
United
Kingdom
1,100,000
$
923,054
3,739,569
Electric
Utilities
0.7%
b
Vistra
Operations
Co.
LLC,
Senior
Note
,
144A,
5.625
%
,
2/15/27
.....................
United
States
600,000
590,751
d
Senior
Note
,
144A,
4.375
%
,
5/01/29
.....................
United
States
400,000
370,579
Senior
Note
,
144A,
7.75
%
,
10/15/31
.....................
United
States
100,000
103,974
Senior
Note
,
144A,
6.875
%
,
4/15/32
.....................
United
States
400,000
402,865
1,468,169
Electrical
Equipment
0.8%
d
Regal
Rexnord
Corp.,
Senior
Note
,
6.3
%
,
2/15/30
............................
United
States
500,000
512,081
Senior
Note
,
6.4
%
,
4/15/33
............................
United
States
400,000
411,961
b,d
Vertiv
Group
Corp.
,
Senior
Secured
Note
,
144A,
4.125
%
,
11/15/28
United
States
800,000
742,144
1,666,186
Electronic
Equipment,
Instruments
&
Components
0.4%
b,d
TTM
Technologies,
Inc.
,
Senior
Note
,
144A,
4
%
,
3/01/29
........
United
States
500,000
453,322
b
Zebra
Technologies
Corp.
,
Senior
Note
,
144A,
6.5
%
,
6/01/32
....
United
States
300,000
302,183
755,505
Energy
Equipment
&
Services
2.1%
b,d
Enerflex
Ltd.
,
Senior
Secured
Note
,
144A,
9
%
,
10/15/27
........
Canada
900,000
920,488
b,d
Kodiak
Gas
Services
LLC
,
Senior
Note
,
144A,
7.25
%
,
2/15/29
....
United
States
700,000
711,128
b,d
Nabors
Industries
Ltd.
,
Senior
Note
,
144A,
7.25
%
,
1/15/26
......
United
States
600,000
601,925
b
Nabors
Industries,
Inc.
,
Senior
Note
,
144A,
9.125
%
,
1/31/30
.....
United
States
300,000
310,010
Oceaneering
International,
Inc.
,
Senior
Note
,
6
%
,
2/01/28
.......
United
States
300,000
295,831
b
Transocean
Titan
Financing
Ltd.
,
Senior
Secured
Note
,
144A,
8.375
%
,
2/01/28
.....................................
United
States
100,000
104,027
b
Transocean,
Inc.
,
Senior
Secured
Note
,
144A,
8.75
%
,
2/15/30
....
United
States
720,000
751,640
b,d
Weatherford
International
Ltd.
,
Senior
Note
,
144A,
8.625
%
,
4/30/30
United
States
500,000
517,346
4,212,395
Entertainment
0.4%
b,d
Banijay
Entertainment
SASU
,
Senior
Secured
Note
,
144A,
8.125
%
,
5/01/29
...........................................
France
800,000
818,435
Financial
Services
2.7%
b
Freedom
Mortgage
Holdings
LLC
,
Senior
Note
,
144A,
9.25
%
,
2/01/29
...........................................
United
States
300,000
303,271
b
GGAM
Finance
Ltd.,
Senior
Note
,
144A,
8
%
,
2/15/27
........................
Ireland
200,000
205,919
Senior
Note
,
144A,
8
%
,
6/15/28
........................
Ireland
700,000
725,239
b
Jefferson
Capital
Holdings
LLC,
Senior
Note
,
144A,
6
%
,
8/15/26
........................
United
States
600,000
594,432
Senior
Note
,
144A,
9.5
%
,
2/15/29
.......................
United
States
1,300,000
1,338,219
b,d
Nationstar
Mortgage
Holdings,
Inc.
,
Senior
Bond
,
144A,
5.75
%
,
11/15/31
..........................................
United
States
1,100,000
1,017,866
b
PRA
Group,
Inc.,
Senior
Note
,
144A,
8.375
%
,
2/01/28
.....................
United
States
600,000
596,734
Senior
Note
,
144A,
5
%
,
10/01/29
.......................
United
States
300,000
254,659
Senior
Note
,
144A,
8.875
%
,
1/31/30
.....................
United
States
400,000
396,010
5,432,349
Franklin
Universal
Trust
Schedule
of
Investments
(unaudited)
See
Notes
to
Schedule
of
Investments.
Quarterly
Schedule
of
Investments
7
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
Corporate
Bonds
(continued)
Food
Products
1.5%
b
Chobani
LLC
/
Chobani
Finance
Corp.,
Inc.,
Senior
Note
,
144A,
7.625
%
,
7/01/29
.....................
United
States
200,000
$
203,993
d
Senior
Secured
Note
,
144A,
4.625
%
,
11/15/28
.............
United
States
800,000
755,049
b
Darling
Ingredients,
Inc.
,
Senior
Note
,
144A,
6
%
,
6/15/30
.......
United
States
200,000
195,626
d
Pilgrim's
Pride
Corp.
,
Senior
Bond
,
6.875
%
,
5/15/34
...........
United
States
1,100,000
1,162,869
b,d
Post
Holdings,
Inc.,
Senior
Bond
,
144A,
5.625
%
,
1/15/28
.....................
United
States
300,000
293,372
Senior
Bond
,
144A,
4.625
%
,
4/15/30
.....................
United
States
400,000
363,477
2,974,386
Ground
Transportation
0.8%
b,d
First
Student
Bidco,
Inc.
/
First
Transit
Parent,
Inc.
,
Senior
Secured
Note
,
144A,
4
%
,
7/31/29
..............................
United
States
900,000
811,730
b,d
XPO,
Inc.
,
Senior
Note
,
144A,
7.125
%
,
2/01/32
...............
United
States
700,000
713,302
1,525,032
Health
Care
Equipment
&
Supplies
0.7%
b
Bausch
+
Lomb
Corp.
,
Senior
Secured
Note
,
144A,
8.375
%
,
10/01/28
..........................................
United
States
400,000
407,500
b,d
Medline
Borrower
LP
,
Senior
Note
,
144A,
5.25
%
,
10/01/29
......
United
States
500,000
471,726
b,d
Neogen
Food
Safety
Corp.
,
Senior
Note
,
144A,
8.625
%
,
7/20/30
..
United
States
400,000
429,362
1,308,588
Health
Care
Providers
&
Services
3.2%
d
Centene
Corp.,
Senior
Bond
,
2.5
%
,
3/01/31
............................
United
States
500,000
407,846
Senior
Note
,
2.45
%
,
7/15/28
...........................
United
States
500,000
441,293
Senior
Note
,
2.625
%
,
8/01/31
..........................
United
States
500,000
407,260
b
CHS/Community
Health
Systems,
Inc.,
Secured
Note
,
144A,
6.125
%
,
4/01/30
....................
United
States
500,000
357,020
Senior
Secured
Note
,
144A,
6
%
,
1/15/29
..................
United
States
300,000
268,916
Senior
Secured
Note
,
144A,
10.875
%
,
1/15/32
.............
United
States
500,000
517,247
b,d
DaVita,
Inc.
,
Senior
Note
,
144A,
4.625
%
,
6/01/30
.............
United
States
1,200,000
1,075,893
b,d
Kedrion
SpA
,
Senior
Secured
Note
,
144A,
6.5
%
,
9/01/29
........
Italy
1,000,000
915,125
b
ModivCare
Escrow
Issuer,
Inc.
,
Senior
Note
,
144A,
5
%
,
10/01/29
.
United
States
100,000
71,120
b
MPH
Acquisition
Holdings
LLC
,
Senior
Note
,
144A,
5.75
%
,
11/01/28
United
States
1,000,000
595,877
d
Tenet
Healthcare
Corp.,
Senior
Secured
Note
,
6.125
%
,
6/15/30
...................
United
States
700,000
694,687
b
Senior
Secured
Note
,
144A,
6.75
%
,
5/15/31
...............
United
States
500,000
505,204
6,257,488
Health
Care
REITs
0.1%
MPT
Operating
Partnership
LP
/
MPT
Finance
Corp.
,
Senior
Bond
,
5.25
%
,
8/01/26
.....................................
United
States
200,000
181,780
Hotel
&
Resort
REITs
0.7%
b,d
RHP
Hotel
Properties
LP
/
RHP
Finance
Corp.,
Senior
Note
,
144A,
7.25
%
,
7/15/28
......................
United
States
300,000
306,675
Senior
Note
,
144A,
6.5
%
,
4/01/32
.......................
United
States
1,100,000
1,093,988
1,400,663
Hotels,
Restaurants
&
Leisure
4.9%
b
1011778
BC
ULC
/
New
Red
Finance,
Inc.
,
Secured
Bond
,
144A,
4
%
,
10/15/30
.......................................
Canada
400,000
348,341
b,f,g
24
Hour
Fitness
Worldwide,
Inc.
,
Senior
Note
,
144A,
8
%
,
6/01/22
.
United
States
1,800,000
—
b
Allwyn
Entertainment
Financing
UK
plc
,
Senior
Secured
Note
,
144A,
7.875
%
,
4/30/29
.....................................
Czech
Republic
800,000
819,404
Franklin
Universal
Trust
Schedule
of
Investments
(unaudited)
Quarterly
Schedule
of
Investments
See
Notes
to
Schedule
of
Investments.
8
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
Corporate
Bonds
(continued)
Hotels,
Restaurants
&
Leisure
(continued)
b,d
Caesars
Entertainment,
Inc.,
Senior
Secured
Note
,
144A,
7
%
,
2/15/30
..................
United
States
300,000
$
303,428
Senior
Secured
Note
,
144A,
6.5
%
,
2/15/32
................
United
States
800,000
791,581
b,d
Carnival
Corp.,
Senior
Note
,
144A,
7.625
%
,
3/01/26
.....................
United
States
200,000
201,210
Senior
Note
,
144A,
5.75
%
,
3/01/27
......................
United
States
1,500,000
1,473,311
b,d
Carnival
Holdings
Bermuda
Ltd.
,
Senior
Note
,
144A,
10.375
%
,
5/01/28
...........................................
United
States
400,000
433,306
b,d
Fertitta
Entertainment
LLC
/
Fertitta
Entertainment
Finance
Co.,
Inc.
,
Senior
Note
,
144A,
6.75
%
,
1/15/30
.......................
United
States
1,300,000
1,149,983
b
NCL
Corp.
Ltd.
,
Senior
Note
,
144A,
5.875
%
,
3/15/26
...........
United
States
300,000
295,157
b
Royal
Caribbean
Cruises
Ltd.,
d
Senior
Note
,
144A,
5.5
%
,
8/31/26
.......................
United
States
500,000
492,949
Senior
Note
,
144A,
6.25
%
,
3/15/32
......................
United
States
300,000
298,820
b,d
Six
Flags
Entertainment
Corp.
/
Six
Flags
Theme
Parks,
Inc.
,
Senior
Secured
Note
,
144A,
6.625
%
,
5/01/32
....................
United
States
1,000,000
1,001,354
b,d
Station
Casinos
LLC
,
Senior
Note
,
144A,
4.5
%
,
2/15/28
........
United
States
400,000
372,746
b
Viking
Cruises
Ltd.,
Senior
Note
,
144A,
5.875
%
,
9/15/27
.....................
United
States
300,000
293,105
d
Senior
Note
,
144A,
7
%
,
2/15/29
........................
United
States
600,000
601,571
b,d
Wynn
Resorts
Finance
LLC
/
Wynn
Resorts
Capital
Corp.
,
Senior
Note
,
144A,
7.125
%
,
2/15/31
...........................
United
States
800,000
821,929
9,698,195
Household
Durables
2.2%
b,d
Ashton
Woods
USA
LLC
/
Ashton
Woods
Finance
Co.
,
Senior
Note
,
144A,
4.625
%
,
8/01/29
................................
United
States
1,500,000
1,349,103
b,d
Dream
Finders
Homes,
Inc.
,
Senior
Note
,
144A,
8.25
%
,
8/15/28
..
United
States
500,000
514,053
b,d
LGI
Homes,
Inc.
,
Senior
Note
,
144A,
8.75
%
,
12/15/28
..........
United
States
800,000
831,130
M/I
Homes,
Inc.
,
Senior
Note
,
3.95
%
,
2/15/30
................
United
States
600,000
524,514
b,d
Weekley
Homes
LLC
/
Weekley
Finance
Corp.
,
Senior
Note
,
144A,
4.875
%
,
9/15/28
.....................................
United
States
1,300,000
1,196,236
4,415,036
Independent
Power
and
Renewable
Electricity
Producers
1.7%
b,d
Calpine
Corp.,
Senior
Bond
,
144A,
5
%
,
2/01/31
........................
United
States
900,000
831,884
Senior
Note
,
144A,
4.625
%
,
2/01/29
.....................
United
States
700,000
651,207
b
Clearway
Energy
Operating
LLC,
d
Senior
Bond
,
144A,
3.75
%
,
1/15/32
......................
United
States
400,000
340,765
Senior
Note
,
144A,
4.75
%
,
3/15/28
......................
United
States
400,000
380,560
Senior
Note
,
144A,
3.75
%
,
2/15/31
......................
United
States
300,000
262,014
b
Leeward
Renewable
Energy
Operations
LLC
,
Senior
Note
,
144A,
4.25
%
,
7/01/29
.....................................
United
States
1,000,000
886,989
3,353,419
Insurance
0.9%
b
Alliant
Holdings
Intermediate
LLC
/
Alliant
Holdings
Co-Issuer,
Senior
Note
,
144A,
6.75
%
,
10/15/27
.....................
United
States
300,000
294,312
Senior
Secured
Note
,
144A,
7
%
,
1/15/31
..................
United
States
500,000
501,635
b,d
Jones
Deslauriers
Insurance
Management,
Inc.
,
Senior
Note
,
144A,
10.5
%
,
12/15/30
.....................................
Canada
900,000
973,155
1,769,102
IT
Services
1.5%
b,d
Cablevision
Lightpath
LLC
,
Senior
Secured
Note
,
144A,
3.875
%
,
9/15/27
...........................................
United
States
500,000
436,496
Franklin
Universal
Trust
Schedule
of
Investments
(unaudited)
See
Notes
to
Schedule
of
Investments.
Quarterly
Schedule
of
Investments
9
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
Corporate
Bonds
(continued)
IT
Services
(continued)
b
Fortress
Intermediate
3,
Inc.
,
Senior
Secured
Note
,
144A,
7.5
%
,
6/01/31
...........................................
United
States
600,000
$
608,430
b
Gartner,
Inc.,
d
Senior
Note
,
144A,
4.5
%
,
7/01/28
.......................
United
States
500,000
476,496
Senior
Note
,
144A,
3.625
%
,
6/15/29
.....................
United
States
200,000
180,919
d
Senior
Note
,
144A,
3.75
%
,
10/01/30
.....................
United
States
300,000
265,197
b,d
Presidio
Holdings,
Inc.
,
Senior
Note
,
144A,
8.25
%
,
2/01/28
......
United
States
900,000
917,657
2,885,195
Life
Sciences
Tools
&
Services
0.5%
b,d
Fortrea
Holdings,
Inc.
,
Senior
Secured
Note
,
144A,
7.5
%
,
7/01/30
.
United
States
1,000,000
1,000,747
Machinery
1.6%
b,d
ATS
Corp.
,
Senior
Note
,
144A,
4.125
%
,
12/15/28
.............
Canada
1,300,000
1,173,609
b,d
Calderys
Financing
LLC
,
Senior
Secured
Note
,
144A,
11.25
%
,
6/01/28
...........................................
France
800,000
854,014
b
Esab
Corp.
,
Senior
Note
,
144A,
6.25
%
,
4/15/29
...............
United
States
600,000
602,125
Hillenbrand,
Inc.
,
Senior
Note
,
6.25
%
,
2/15/29
................
United
States
600,000
597,491
3,227,239
Media
2.3%
b
Clear
Channel
Outdoor
Holdings,
Inc.,
Senior
Note
,
144A,
7.75
%
,
4/15/28
......................
United
States
300,000
259,060
d
Senior
Note
,
144A,
7.5
%
,
6/01/29
.......................
United
States
500,000
411,000
d
Senior
Secured
Note
,
144A,
5.125
%
,
8/15/27
..............
United
States
400,000
378,232
d
Senior
Secured
Note
,
144A,
9
%
,
9/15/28
..................
United
States
500,000
520,851
b
CSC
Holdings
LLC,
Senior
Bond
,
144A,
3.375
%
,
2/15/31
.....................
United
States
300,000
175,999
d
Senior
Note
,
144A,
11.25
%
,
5/15/28
.....................
United
States
700,000
565,530
Senior
Note
,
144A,
11.75
%
,
1/31/29
.....................
United
States
500,000
397,667
b,f
Diamond
Sports
Group
LLC
/
Diamond
Sports
Finance
Co.,
Senior
Note
,
144A,
6.625
%
,
8/15/27
.....................
United
States
700,000
13,300
Senior
Secured
Note
,
144A,
5.375
%
,
8/15/26
..............
United
States
800,000
15,200
b
Directv
Financing
LLC
/
Directv
Financing
Co-Obligor,
Inc.
,
Senior
Secured
Note
,
144A,
5.875
%
,
8/15/27
....................
United
States
200,000
187,960
b,d
LCPR
Senior
Secured
Financing
DAC
,
Senior
Secured
Note
,
144A,
6.75
%
,
10/15/27
.....................................
United
States
450,000
426,611
b
News
Corp.
,
Senior
Note
,
144A,
3.875
%
,
5/15/29
.............
United
States
200,000
181,666
b
Outfront
Media
Capital
LLC
/
Outfront
Media
Capital
Corp.,
Senior
Bond
,
144A,
4.625
%
,
3/15/30
.....................
United
States
100,000
88,997
Senior
Note
,
144A,
5
%
,
8/15/27
........................
United
States
100,000
96,106
b,d
Scripps
Escrow,
Inc.
,
Senior
Note
,
144A,
5.875
%
,
7/15/27
.......
United
States
600,000
390,265
b,d
Sirius
XM
Radio,
Inc.
,
Senior
Note
,
144A,
4
%
,
7/15/28
.........
United
States
600,000
537,682
4,646,126
Metals
&
Mining
1.5%
d
ATI,
Inc.
,
Senior
Note
,
7.25
%
,
8/15/30
......................
United
States
700,000
717,314
d
Commercial
Metals
Co.
,
Senior
Bond
,
3.875
%
,
2/15/31
.........
United
States
700,000
617,627
b,d
Constellium
SE
,
Senior
Note
,
144A,
3.75
%
,
4/15/29
...........
United
States
600,000
540,239
b,d
FMG
Resources
August
2006
Pty.
Ltd.
,
Senior
Bond
,
144A,
4.375
%
,
4/01/31
...........................................
Australia
500,000
444,275
b
Novelis
Corp.,
Senior
Bond
,
144A,
3.875
%
,
8/15/31
.....................
United
States
100,000
85,708
Senior
Note
,
144A,
3.25
%
,
11/15/26
.....................
United
States
100,000
93,451
b,d
SunCoke
Energy,
Inc.
,
Senior
Secured
Note
,
144A,
4.875
%
,
6/30/29
United
States
600,000
539,776
3,038,390
Franklin
Universal
Trust
Schedule
of
Investments
(unaudited)
Quarterly
Schedule
of
Investments
See
Notes
to
Schedule
of
Investments.
10
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
Corporate
Bonds
(continued)
Mortgage
Real
Estate
Investment
Trusts
(REITs)
0.8%
b,d
Apollo
Commercial
Real
Estate
Finance,
Inc.
,
Senior
Secured
Note
,
144A,
4.625
%
,
6/15/29
................................
United
States
1,500,000
$
1,254,827
b
Ladder
Capital
Finance
Holdings
LLLP
/
Ladder
Capital
Finance
Corp.
,
Senior
Note
,
144A,
4.75
%
,
6/15/29
.................
United
States
300,000
271,432
1,526,259
Oil,
Gas
&
Consumable
Fuels
9.5%
b
Antero
Resources
Corp.,
Senior
Note
,
144A,
7.625
%
,
2/01/29
.....................
United
States
166,000
171,117
d
Senior
Note
,
144A,
5.375
%
,
3/01/30
.....................
United
States
700,000
670,421
b,d
Calumet
Specialty
Products
Partners
LP
/
Calumet
Finance
Corp.,
Senior
Note
,
144A,
8.125
%
,
1/15/27
.....................
United
States
900,000
850,314
Senior
Secured
Note
,
144A,
9.25
%
,
7/15/29
...............
United
States
800,000
828,000
Cheniere
Energy
Partners
LP,
Senior
Note
,
4.5
%
,
10/01/29
...........................
United
States
500,000
475,512
d
Senior
Note
,
4
%
,
3/01/31
.............................
United
States
700,000
631,333
b
Chesapeake
Energy
Corp.
,
Senior
Note
,
144A,
6.75
%
,
4/15/29
...
United
States
500,000
501,660
b,d
CITGO
Petroleum
Corp.
,
Senior
Secured
Note
,
144A,
8.375
%
,
1/15/29
...........................................
United
States
500,000
517,965
b,d
Civitas
Resources,
Inc.,
Senior
Note
,
144A,
8.375
%
,
7/01/28
.....................
United
States
700,000
735,516
Senior
Note
,
144A,
8.75
%
,
7/01/31
......................
United
States
700,000
748,205
b,d
CrownRock
LP
/
CrownRock
Finance,
Inc.
,
Senior
Note
,
144A,
5
%
,
5/01/29
...........................................
United
States
300,000
296,127
b
DT
Midstream,
Inc.
,
Senior
Note
,
144A,
4.125
%
,
6/15/29
........
United
States
300,000
274,572
b,d
EnLink
Midstream
LLC
,
Senior
Note
,
144A,
6.5
%
,
9/01/30
.......
United
States
800,000
817,750
b
EQM
Midstream
Partners
LP
,
Senior
Note
,
144A,
7.5
%
,
6/01/27
..
United
States
100,000
102,234
b,d
EQT
Corp.
,
Senior
Note
,
144A,
3.125
%
,
5/15/26
..............
United
States
300,000
285,386
b
Harbour
Energy
plc
,
Senior
Note
,
144A,
5.5
%
,
10/15/26
........
United
Kingdom
500,000
489,739
b
Hess
Midstream
Operations
LP
,
Senior
Note
,
144A,
6.5
%
,
6/01/29
United
States
500,000
505,958
b
Hilcorp
Energy
I
LP
/
Hilcorp
Finance
Co.,
Senior
Bond
,
144A,
6
%
,
2/01/31
........................
United
States
200,000
191,300
d
Senior
Note
,
144A,
6
%
,
4/15/30
........................
United
States
300,000
289,730
d
Senior
Note
,
144A,
8.375
%
,
11/01/33
....................
United
States
700,000
749,314
b
Kinetik
Holdings
LP
,
Senior
Note
,
144A,
5.875
%
,
6/15/30
........
United
States
400,000
390,085
b,d
Martin
Midstream
Partners
LP
/
Martin
Midstream
Finance
Corp.
,
Secured
Note
,
144A,
11.5
%
,
2/15/28
.....................
United
States
1,800,000
1,938,784
b,d
Matador
Resources
Co.
,
Senior
Note
,
144A,
6.5
%
,
4/15/32
......
United
States
700,000
699,073
e,f,g,h
Murray
Energy
Corp.
,
Secured
Note
,
144A,
PIK,
12
%
,
4/15/24
...
United
States
757,734
—
b
PBF
Holding
Co.
LLC
/
PBF
Finance
Corp.
,
Senior
Note
,
144A,
7.875
%
,
9/15/30
.....................................
United
States
200,000
205,622
b
Sunoco
LP
,
Senior
Note
,
144A,
7.25
%
,
5/01/32
...............
United
States
500,000
512,245
Sunoco
LP
/
Sunoco
Finance
Corp.,
Senior
Note
,
6
%
,
4/15/27
.............................
United
States
500,000
495,979
Senior
Note
,
4.5
%
,
5/15/29
............................
United
States
200,000
183,713
b,d
Venture
Global
Calcasieu
Pass
LLC,
Senior
Secured
Bond
,
144A,
4.125
%
,
8/15/31
..............
United
States
300,000
265,141
Senior
Secured
Note
,
144A,
3.875
%
,
8/15/29
..............
United
States
300,000
270,407
Senior
Secured
Note
,
144A,
6.25
%
,
1/15/30
...............
United
States
400,000
401,240
b
Venture
Global
LNG,
Inc.,
d
Senior
Secured
Note
,
144A,
8.125
%
,
6/01/28
..............
United
States
600,000
613,620
Senior
Secured
Note
,
144A,
9.5
%
,
2/01/29
................
United
States
500,000
542,573
d
Senior
Secured
Note
,
144A,
8.375
%
,
6/01/31
..............
United
States
500,000
515,959
b,d
Viper
Energy,
Inc.
,
Senior
Note
,
144A,
7.375
%
,
11/01/31
........
United
States
700,000
723,585
Vital
Energy,
Inc.
,
Senior
Note
,
9.75
%
,
10/15/30
..........................
United
States
400,000
437,826
Franklin
Universal
Trust
Schedule
of
Investments
(unaudited)
See
Notes
to
Schedule
of
Investments.
Quarterly
Schedule
of
Investments
11
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
Corporate
Bonds
(continued)
Oil,
Gas
&
Consumable
Fuels
(continued)
Vital
Energy,
Inc.,
(continued)
b
Senior
Note
,
144A,
7.875
%
,
4/15/32
.....................
United
States
500,000
$
508,018
18,836,023
Paper
&
Forest
Products
0.2%
b
Glatfelter
Corp.
,
Senior
Note
,
144A,
4.75
%
,
11/15/29
...........
United
States
400,000
325,248
Passenger
Airlines
0.8%
b
American
Airlines,
Inc.
/
AAdvantage
Loyalty
IP
Ltd.
,
Senior
Secured
Note
,
144A,
5.5
%
,
4/20/26
.............................
United
States
466,667
462,548
b
Delta
Air
Lines,
Inc.
/
SkyMiles
IP
Ltd.
,
Senior
Secured
Note
,
144A,
4.75
%
,
10/20/28
.....................................
United
States
700,000
681,910
b
United
Airlines,
Inc.,
Senior
Secured
Note
,
144A,
4.375
%
,
4/15/26
..............
United
States
100,000
96,419
d
Senior
Secured
Note
,
144A,
4.625
%
,
4/15/29
..............
United
States
300,000
277,524
1,518,401
Personal
Care
Products
0.3%
b,d
Coty,
Inc.
/
HFC
Prestige
Products,
Inc.
/
HFC
Prestige
International
US
LLC
,
Senior
Secured
Note
,
144A,
6.625
%
,
7/15/30
........
United
States
600,000
604,715
Pharmaceuticals
1.2%
b
1375209
BC
Ltd.
,
Senior
Secured
Note
,
144A,
9
%
,
1/30/28
......
Canada
305,000
295,033
b
Bausch
Health
Cos.,
Inc.,
Secured
Note
,
144A,
14
%
,
10/15/30
.....................
United
States
107,000
81,855
Senior
Secured
Note
,
144A,
11
%
,
9/30/28
.................
United
States
542,000
474,250
b
Endo
Finance
Holdings,
Inc.
,
Senior
Secured
Note
,
144A,
8.5
%
,
4/15/31
...........................................
United
States
200,000
205,254
g
Par
Pharmaceutical,
Inc.
,
Zero
Cpn.,
4/01/27
.................
United
States
225,000
—
d
Teva
Pharmaceutical
Finance
Netherlands
III
BV,
Senior
Note
,
4.75
%
,
5/09/27
...........................
Israel
600,000
577,260
Senior
Note
,
7.875
%
,
9/15/29
..........................
Israel
300,000
320,202
Senior
Note
,
8.125
%
,
9/15/31
..........................
Israel
300,000
329,706
2,283,560
Real
Estate
Management
&
Development
0.7%
b,d
Five
Point
Operating
Co.
LP
/
Five
Point
Capital
Corp.
,
Senior
Note
,
144A,
10.5
%
,
1/15/28
.................................
United
States
335,834
345,849
b,d
Forestar
Group,
Inc.
,
Senior
Note
,
144A,
3.85
%
,
5/15/26
........
United
States
500,000
477,244
b,d
Greystar
Real
Estate
Partners
LLC
,
Senior
Secured
Note
,
144A,
7.75
%
,
9/01/30
.....................................
United
States
500,000
526,758
1,349,851
Software
1.1%
b,d
Camelot
Finance
SA
,
Senior
Secured
Note
,
144A,
4.5
%
,
11/01/26
.
United
States
600,000
579,281
b,d
McAfee
Corp.
,
Senior
Note
,
144A,
7.375
%
,
2/15/30
............
United
States
800,000
741,302
b,d
Rocket
Software,
Inc.
,
Senior
Note
,
144A,
6.5
%
,
2/15/29
........
United
States
1,100,000
927,943
2,248,526
Specialized
REITs
0.5%
b,d
Iron
Mountain,
Inc.,
Senior
Bond
,
144A,
5.625
%
,
7/15/32
.....................
United
States
300,000
280,179
Senior
Note
,
144A,
7
%
,
2/15/29
........................
United
States
700,000
709,965
990,144
Specialty
Retail
1.4%
b,d
Evergreen
Acqco
1
LP
/
TVI,
Inc.
,
Senior
Secured
Note
,
144A,
9.75
%
,
4/26/28
.....................................
United
States
648,000
687,747
Franklin
Universal
Trust
Schedule
of
Investments
(unaudited)
Quarterly
Schedule
of
Investments
See
Notes
to
Schedule
of
Investments.
12
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
Corporate
Bonds
(continued)
Specialty
Retail
(continued)
b,d
Gap,
Inc.
(The)
,
Senior
Note
,
144A,
3.625
%
,
10/01/29
..........
United
States
700,000
$
606,427
b,d
Lithia
Motors,
Inc.
,
Senior
Bond
,
144A,
4.375
%
,
1/15/31
........
United
States
300,000
264,581
b
Michaels
Cos.,
Inc.
(The),
Senior
Note
,
144A,
7.875
%
,
5/01/29
.....................
United
States
600,000
408,684
Senior
Secured
Note
,
144A,
5.25
%
,
5/01/28
...............
United
States
300,000
243,640
d
Murphy
Oil
USA,
Inc.
,
Senior
Note
,
4.75
%
,
9/15/29
............
United
States
700,000
660,045
2,871,124
Textiles,
Apparel
&
Luxury
Goods
0.2%
b,d
Hanesbrands,
Inc.
,
Senior
Note
,
144A,
9
%
,
2/15/31
............
United
States
400,000
408,728
Trading
Companies
&
Distributors
1.2%
b,d
EquipmentShare.com,
Inc.,
Secured
Note
,
144A,
9
%
,
5/15/28
.......................
United
States
800,000
826,350
Secured
Note
,
144A,
8.625
%
,
5/15/32
....................
United
States
600,000
622,090
b,d
H&E
Equipment
Services,
Inc.
,
Senior
Note
,
144A,
3.875
%
,
12/15/28
United
States
600,000
538,608
b
WESCO
Distribution,
Inc.
,
Senior
Note
,
144A,
6.375
%
,
3/15/29
...
United
States
400,000
401,964
2,389,012
Wireless
Telecommunication
Services
0.3%
b
Altice
France
Holding
SA
,
Senior
Secured
Note
,
144A,
10.5
%
,
5/15/27
...........................................
Luxembourg
1,500,000
556,443
Digicel
Group
Holdings
Ltd.,
Zero
Cpn.,
11/17/33
.................................
Bermuda
27,004
1,423
557,866
Total
Corporate
Bonds
(Cost
$
159,263,068
)
.....................................
147,307,323
Senior
Floating
Rate
Interests
0.1%
Media
0.1%
Diamond
Sports
Group
LLC
,
f,i
First
Lien,
CME
Term
Loan
,
15.413
%
,
(
1-month
SOFR
+
10
%
),
5/26/26
...........................................
United
States
70,724
66,967
e
First
Lien,
Debtor-In-Possession
Term
Loan
,
PIK,
5
%
,
12/02/24
.
United
States
83,592
120,778
187,745
a
a
a
a
a
a
Total
Senior
Floating
Rate
Interests
(Cost
$
149,840
)
............................
187,745
j
Marketplace
Loans
3.3%
g
Financial
Services
3.3%
a
a
a
a
a
a
Total
Marketplace
Loans
(Cost
$
7,337,185
)
.....................................
6,433,424
Asset-Backed
Securities
0.1%
Financial
Services
0.1%
b
,k
Consumer
Loan
Underlying
Bond
Certificate
Issuer
Trust
I
,
2019-26
,
PT
,
144A,
FRN
,
14.076
%
,
8/15/44
................
United
States
11,990
11,547
2019-31
,
PT
,
144A,
FRN
,
15.745
%
,
9/15/44
................
United
States
12,559
11,840
2019-37
,
PT
,
144A,
FRN
,
17.165
%
,
10/17/44
...............
United
States
15,918
15,266
2019-42
,
PT
,
144A,
FRN
,
14.425
%
,
11/15/44
...............
United
States
13,556
12,900
2019-51
,
PT
,
144A,
FRN
,
15.653
%
,
1/15/45
................
United
States
22,700
21,631
2019-52
,
PT
,
144A,
FRN
,
15.479
%
,
1/15/45
................
United
States
16,873
16,053
2019-S3
,
PT
,
144A,
FRN
,
12.981
%
,
6/15/44
................
United
States
466
451
2019-S4
,
PT
,
144A,
FRN
,
9.472
%
,
8/15/44
.................
United
States
4,210
4,149
2019-S5
,
PT
,
144A,
FRN
,
8.918
%
,
9/15/44
.................
United
States
8,750
8,421
2019-S6
,
PT
,
144A,
FRN
,
10.326
%
,
10/17/44
...............
United
States
12,194
11,609
2019-S7
,
PT
,
144A,
FRN
,
8.645
%
,
12/15/44
................
United
States
8,536
8,121
2019-S8
,
PT
,
144A,
FRN
,
7.582
%
,
1/15/45
.................
United
States
11,562
10,946
Franklin
Universal
Trust
Schedule
of
Investments
(unaudited)
See
Notes
to
Schedule
of
Investments.
Quarterly
Schedule
of
Investments
13
See
Abbreviations
on
page
31
.
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
Asset-Backed
Securities
(continued)
Financial
Services
(continued)
b,k
Consumer
Loan
Underlying
Bond
Certificate
Issuer
Trust
I,
(continued)
2020-2
,
PT
,
144A,
FRN
,
14.086
%
,
3/15/45
.................
United
States
19,260
$
18,241
2020-7
,
PT
,
144A,
FRN
,
15.373
%
,
4/17/45
.................
United
States
11,705
10,927
b
,k
Prosper
Pass-Thru
Trust
III
,
2020-PT1
,
A
,
144A,
FRN
,
10.558
%
,
3/15/26
................
United
States
10,313
9,185
2020-PT2
,
A
,
144A,
FRN
,
12.371
%
,
4/15/26
................
United
States
13,641
12,590
2020-PT3
,
A
,
144A,
FRN
,
2.553
%
,
5/15/26
.................
United
States
2,587
2,172
b,k
Upgrade
Master
Pass-Thru
Trust
,
2019-PT2
,
A
,
144A,
FRN
,
8.768
%
,
2/15/26
.
...........................................
United
States
10,628
10,466
196,515
a
a
a
a
a
a
Total
Asset-Backed
Securities
(Cost
$
198,419
)
.................................
196,515
Shares
a
Escrows
and
Litigation
Trusts
0.0%
†
a
Chesapeake
Energy
Corp.,
Escrow
Account
.................
United
States
1,500,000
34,125
a,g
Endo
DAC,
Escrow
Account
.............................
United
States
302,000
—
a,g
Endo
DAC,
Escrow
Account
.............................
United
States
389,000
—
a,g
Endo,
Inc.,
Escrow
Account
..............................
Luxembourg
500,000
—
Total
Escrows
and
Litigation
Trusts
(Cost
$
48,985
)
..............................
34,125
Total
Long
Term
Investments
(Cost
$
205,789,357
)
...............................
251,588,977
a
Short
Term
Investments
2.6%
a
a
Country
Shares
a
Value
a
a
a
a
a
a
Money
Market
Funds
2.6%
l,m
Institutional
Fiduciary
Trust
-
Money
Market
Portfolio
,
5.006
%
....
United
States
5,144,345‌
5,144,345
Total
Money
Market
Funds
(Cost
$
5,144,345
)
...................................
5,144,345
Total
Short
Term
Investments
(Cost
$
5,144,345
)
.................................
5,144,345
a
Total
Investments
(Cost
$
210,933,702
)
129.8
%
..................................
$256,733,322
Credit
Facility
(
30.3
)
%
........................................................
(60,000,000)
Other
Assets,
less
Liabilities
0.5
%
.............................................
1,132,404
Net
Assets
100.0%
...........................................................
$197,865,726
a
a
a
*
The
principal
amount
is
stated
in
U.S.
dollars
unless
otherwise
indicated.
†
Rounds
to
less
than
0.1%
of
net
assets.
a
Non-income
producing.
b
Security
was
purchased
pursuant
to
Rule
144A
or
Regulation
S
under
the
Securities
Act
of
1933.
144A
securities
may
be
sold
in
transactions
exempt
from
registration
only
to
qualified
institutional
buyers
or
in
a
public
offering
registered
under
the
Securities
Act
of
1933.
Regulation
S
securities
cannot
be
sold
in
the
United
States
without
either
an
effective
registration
statement
filed
pursuant
to
the
Securities
Act
of
1933,
or
pursuant
to
an
exemption
from
registration.
At
May
31,
2024,
the
aggregate
value
of
these
securities
was
$132,852,395,
representing
67.1%
of
net
assets.
c
A
portion
or
all
of
the
security
purchased
on
a
delayed
delivery
basis.
d
A
portion
or
all
of
the
security
is
pledged
as
collateral
in
connection
with
the
Fund’s
revolving
credit
facility.
e
Income
may
be
received
in
additional
securities
and/or
cash.
f
Defaulted
security
or
security
for
which
income
has
been
deemed
uncollectible.
g
Fair
valued
using
significant
unobservable
inputs.
See
Note
5
regarding
fair
value
measurements.
Franklin
Universal
Trust
Schedule
of
Investments
(unaudited)
Quarterly
Schedule
of
Investments
See
Notes
to
Schedule
of
Investments.
14
h
See
Note
3
regarding
restricted
securities.
i
The
coupon
rate
shown
represents
the
rate
inclusive
of
any
caps
or
floors,
if
applicable,
in
effect
at
period
end.
j
See
full
breakdown
of
marketplace
loans
holdings
in
the
table
at
the
end
of
this
schedule.
k
Adjustable
rate
security
with
an
interest
rate
that
is
not
based
on
a
published
reference
index
and
spread.
The
rate
is
based
on
the
structure
of
the
agreement
and
current
market
conditions.
The
coupon
rate
shown
represents
the
rate
at
period
end.
l
See
Note
4
regarding
investments
in
affiliated
management
investment
companies.
m
The
rate
shown
is
the
annualized
seven-day
effective
yield
at
period
end.
Franklin
Universal
Trust
Schedule
of
Investments
(unaudited),
May
31,
2024
See
Notes
to
Schedule
of
Investments.
Quarterly
Schedule
of
Investments
15
At
May
31,
2024,
the
Fund
had
the
following
marketplace
loans
outstanding.
Description
Principal
Amount
Value
Marketplace
Loans
-
3.3%
Freedom
Financial
Asset
Management
LLC
APP-15125689.FP.FTS.B,
5.99%,
7/15/24
.
$
417
$
418
APP-15089870.FP.FTS.B,
20.99%,
7/27/24
989
995
APP-10084299.FP.FTS.B,
16.49%,
8/11/24
1,986
1,582
APP-10849903.FP.FTS.B,
11.24%,
10/16/24
4,483
4,506
APP-11139281.FP.FTS.B,
8.49%,
11/01/24
2,541
2,549
APP-11106155.FP.FTS.B,
12.74%,
11/01/24
4,099
4,117
APP-11021958.FP.FTS.B,
12.24%,
12/10/24
2,644
2,657
APP-11021643.FP.FTS.B,
10.49%,
12/14/24
3,352
3,369
APP-10836612.FP.FTS.B,
21.49%,
12/15/24
3,028
3,072
APP-1169
3890.FP.FTS.B,
13.24%,
12/17/24
9,063
9,108
APP-11007940.FP.FTS.B,
10.49%,
12/19/24
2,737
2,756
APP-10839343.FP.FTS.B,
13.99%,
12/19/24
1,850
1,861
APP-11799520.FP.FTS.B,
16.99%,
12/25/24
2,638
2,659
APP-11681583.FP.FTS.B,
16.99%,
1/30/25
3,943
459
APP-10844126.FP.FTS.B,
23.99%,
1/30/25
7,316
759
APP-11766706.FP.FTS.B,
23.99%,
2/02/25
2,522
2,540
APP-11694349.FP.FTS.B,
14.24%,
2/07/25
8,936
9,006
APP-11862313.FP.FTS.B,
16.49%,
2/11/25
1,747
1,750
APP-12413621.FP.FTS.B,
15.49%,
3/01/25
9,800
1,024
APP-12394118.FP.FTS.B,
17.74%,
3/10/25
6,521
6,659
APP-12410877.FP.FTS.B,
13.74%,
3/15/25
7,769
7,814
APP-13323354.FP.FTS.B,
10.09%,
5/18/25
5,602
5,654
APP-14953979.FP.FTS.B,
7.74%,
7/13/25
.
12,197
12,293
APP-15094222.FP.FTS.B,
10.24%,
7/14/25
9,924
9,998
APP-15084327.FP.FTS.B,
10.74%,
7/14/25
7,833
7,909
APP-15090883.FP.FTS.B,
25.49%,
7/14/25
1,075
1,065
APP-15034726.FP.FTS.B,
25.49%,
7/25/25
4,307
4,373
APP-10111431.FP.FTS.B,
10.99%,
9/15/25
8,091
8,197
APP-10140977.FP.FTS.B,
24.99%,
9/15/25
4,580
4,806
APP-10091198.FP.FTS.B,
15.49%,
9/24/25
2,400
2,413
APP-11022514.FP.FTS.B,
18.49%,
10/26/25
7,341
7,597
APP-10578403.FP.FTS.B,
15.99%,
10/30/25
8,238
8,510
APP-10561192.FP.FTS.B,
8.99%,
11/03/25
6,914
7,002
APP-10841976.FP.FTS.B,
10.99%,
11/28/25
5,106
5,156
APP-11105408.FP.FTS.B,
10.99%,
12/14/25
5,164
5,238
APP-11843242.FP.FTS.B,
12.24%,
12/15/25
8,892
9,008
APP-11022500.FP.FTS.B,
17.99%,
12/16/25
5,752
5,944
APP-11579320.FP.FTS.B,
16.99%,
12/20/25
9,820
10,332
APP-10868780.FP.FTS.B,
14.49%,
1/02/26
14,612
15,053
APP-11798391.FP.FTS.B,
18.49%,
1/04/26
5,097
5,231
APP-11733010.FP.FTS.B,
15.74%,
1/28/26
14,820
15,223
APP-12378685.FP.FTS.B,
15.99%,
2/01/26
7,180
7,289
APP-11757188.FP.FTS.B,
18.24%,
2/02/26
8,119
8,146
APP-11757063.FP.FTS.B,
17.99%,
2/05/26
10,252
10,589
APP-11799488.FP.FTS.B,
16.99%,
2/28/26
11,230
1,191
APP-12281543.FP.FTS.B,
16.74%,
3/08/26
18,720
19,273
APP-12246304.FP.FTS.B,
18.24%,
3/08/26
17,223
17,808
APP-12397373.FP.FTS.B,
15.99%,
3/15/26
7,283
7,416
APP-12419810.FP.FTS.B,
15.74%,
3/20/26
19,840
20,472
APP-12270812.FP.FTS.B,
16.99%,
3/22/26
6,579
6,775
APP-12421465.FP.FTS.B,
17.99%,
3/23/26
12,314
1,339
APP-13524997.FP.FTS.B,
10.59%,
3/25/26
8,116
8,232
APP-13511680.FP.FTS.B,
12.84%,
5/05/26
8,146
8,259
APP-13477482.FP.FTS.B,
10.34%,
5/18/26
21,410
21,748
APP-13527002.FP.FTS.B,
15.59%,
5/19/26
5,647
5,749
APP-14943761.FP.FTS.B,
15.99%,
6/01/26
12,264
12,425
Description
Principal
Amount
Value
Freedom
Financial
Asset
Management
LLC
(continued)
APP-15112645.FP.FTS.B,
16.99%,
7/15/26
$
12,039
$
12,413
APP-15053141.FP.FTS.B,
18.99%,
7/15/26
12,287
12,623
APP-15107872.FP.FTS.B,
20.49%,
7/15/26
8,773
9,096
APP-15064308.FP.FTS.B,
22.49%,
7/15/26
13,753
14,232
APP-15065994.FP.FTS.B,
17.74%,
7/20/26
28,940
29,634
APP-15054013.FP.FTS.B,
17.99%,
7/20/26
10,079
10,328
APP-15109634.FP.FTS.B,
19.49%,
7/21/26
6,213
6,371
APP-15073340.FP.FTS.B,
15.99%,
7/25/26
6,058
6,169
APP-14860724.FP.FTS.B,
20.99%,
7/26/26
12,028
12,485
APP-15111841.FP.FTS.B,
7.84%,
7/28/26
.
18,330
5,617
APP-14956830.FP.FTS.B,
15.74%,
7/28/26
18,115
18,668
APP-15053675.FP.FTS.B,
10.99%,
7/30/26
7,622
7,757
APP-10133595.FP.FTS.B,
11.99%,
8/11/26
10,473
10,643
APP-10140897.FP.FTS.B,
16.99%,
8/12/26
11,645
11,881
APP-10145662.FP.FTS.B,
18.99%,
9/17/26
12,557
13,026
APP-13256383.FP.FTS.B,
7.99%,
9/18/26
.
21,455
21,797
APP-10460831.FP.FTS.B,
21.99%,
9/19/26
4,516
4,705
APP-10572421.FP.FTS.B,
10.49%,
9/20/26
18,484
18,804
APP-10112510.FP.FTS.B,
16.49%,
9/25/26
7,081
7,260
APP-09931612.FP.FTS.B,
14.24%,
10/03/26
8,933
9,064
APP-10838239.FP.FTS.B,
12.49%,
10/12/26
18,079
18,375
APP-10845328.FP.FTS.B,
11.99%,
10/16/26
13,917
14,151
APP-10704368.FP.FTS.B,
14.99%,
10/16/26
11,014
11,251
APP-10745909.FP.FTS.B,
17.99%,
10/16/26
29,603
30,231
APP-10829192.FP.FTS.B,
18.99%,
10/16/26
14,647
15,181
APP-10852939.FP.FTS.B,
16.49%,
10/17/26
143
143
APP-10581131.FP.FTS.B,
22.49%,
10/22/26
6,050
6,332
APP-10384953.FP.FTS.B,
19.99%,
11/02/26
9,939
10,280
APP-11119432.FP.FTS.B,
11.99%,
11/03/26
12,615
12,812
APP-11187454.FP.FTS.B,
22.49%,
11/10/26
2,804
2,823
APP-10848002.FP.FTS.B,
17.99%,
11/19/26
14,731
15,226
APP-10859032.FP.FTS.B,
9.99%,
11/21/26
8,586
8,740
APP-10842381.FP.FTS.B,
12.49%,
11/21/26
19,958
20,309
APP-10671079.FP.FTS.B,
11.99%,
11/30/26
16,074
16,396
APP-10670975.FP.FTS.B,
21.49%,
11/30/26
9,803
10,351
APP-10224478.FP.FTS.B,
20.49%,
12/02/26
16,994
17,622
APP-11094577.FP.FTS.B,
19.49%,
12/08/26
7,570
7,887
APP-11008022.FP.FTS.B,
11.99%,
12/13/26
8,342
8,489
APP-11021456.FP.FTS.B,
20.99%,
12/15/26
23,233
24,289
APP-11116084.FP.FTS.B,
19.49%,
12/19/26
5,240
5,251
APP-11007668.FP.FTS.B,
19.99%,
12/19/26
11,400
11,872
APP-11091099.FP.FTS.B,
9.99%,
12/20/26
17,889
18,227
APP-11111264.FP.FTS.B,
16.49%,
12/20/26
7,328
7,509
APP-11874582.FP.FTS.B,
17.49%,
12/23/26
13,518
13,965
APP-11767307.FP.FTS.B,
14.49%,
12/24/26
16,553
16,863
APP-11461595.FP.FTS.B,
17.99%,
12/24/26
1,698
1,703
APP-11762193.FP.FTS.B,
18.49%,
12/24/26
12,884
1,582
APP-11677084.FP.FTS.B,
15.49%,
12/26/26
27,254
27,760
APP-10848317.FP.FTS.B,
12.24%,
12/30/26
11,719
11,977
APP-11799609.FP.FTS.B,
10.99%,
1/01/27
19,288
19,580
APP-11844341.FP.FTS.B,
16.74%,
1/01/27
20,812
21,356
APP-10916894.FP.FTS.B,
20.49%,
1/01/27
13,668
1,126
APP-11036570.FP.FTS.B,
22.99%,
1/20/27
10,957
11,416
APP-10830375.FP.FTS.B,
19.99%,
1/21/27
10,769
3,601
APP-11824892.FP.FTS.B,
16.99%,
2/03/27
10,801
11,001
APP-11724933.FP.FTS.B,
14.24%,
2/05/27
9,075
9,246
Franklin
Universal
Trust
Schedule
of
Investments
(unaudited)
Quarterly
Schedule
of
Investments
See
Notes
to
Schedule
of
Investments.
16
Description
Principal
Amount
Value
Marketplace
Loans
(continued)
Freedom
Financial
Asset
Management
LLC
(continued)
APP-11674918.FP.FTS.B,
20.49%,
2/05/27
$
16,807
$
17,386
APP-12397051.FP.FTS.B,
17.49%,
2/06/27
7,832
8,041
APP-11743079.FP.FTS.B,
16.24%,
2/07/27
25,857
26,669
APP-11757936.FP.FTS.B,
19.99%,
2/07/27
6,244
6,441
APP-11763967.FP.FTS.B,
19.99%,
2/07/27
9,965
10,301
APP-11838245.FP.FTS.B,
19.99%,
2/11/27
6,075
6,246
APP-11801863.FP.FTS.B,
8.99%,
2/12/27
.
20,674
21,025
APP-11798652.FP.FTS.B,
11.74%,
2/14/27
30,468
31,010
APP-11843528.FP.FTS.B,
19.99%,
2/14/27
1,128
1,126
APP-11845152.FP.FTS.B,
11.74%,
2/15/27
26,186
26,659
APP-11752200.FP.FTS.B,
21.49%,
2/23/27
13,127
13,583
APP-10128827.FP.FTS.B,
25.49%,
2/24/27
6,036
6,298
APP-11122151.FP.FTS.B,
16.49%,
2/27/27
12,476
1,412
APP-11744634.FP.FTS.B,
19.99%,
3/01/27
11,974
12,277
APP-12304720.FP.FTS.B,
18.74%,
3/06/27
32,976
33,921
APP-12106158.FP.FTS.B,
11.24%,
3/07/27
10,771
10,944
APP-11696610.FP.FTS.B,
14.24%,
3/07/27
16,747
17,081
APP-12404066.FP.FTS.B,
22.49%,
3/08/27
24,035
14,663
APP-11872928.FP.FTS.B,
11.24%,
3/15/27
10,163
10,350
APP-11801830.FP.FTS.B,
16.49%,
3/15/27
13,302
13,582
APP-12407302.FP.FTS.B,
18.99%,
3/15/27
7,237
7,447
APP-12272662.FP.FTS.B,
16.49%,
3/17/27
13,084
13,499
APP-11863466.FP.FTS.B,
25.49%,
3/17/27
7,010
7,300
APP-12385340.FP.FTS.B,
25.49%,
3/17/27
6,276
6,523
APP-12341500.FP.FTS.B,
20.49%,
3/20/27
11,308
11,759
APP-12396943.FP.FTS.B,
13.49%,
3/21/27
10,883
11,110
APP-12270734.FP.FTS.B,
16.99%,
3/21/27
12,284
12,581
APP-12408150.FP.FTS.B,
19.99%,
3/21/27
7,524
2,411
APP-13531026.FP.FTS.B,
11.59%,
3/28/27
15,833
16,138
APP-13513406.FP.FTS.B,
14.34%,
4/01/27
33,279
33,799
APP-13478834.FP.FTS.B,
16.99%,
5/03/27
13,962
14,322
APP-13508795.FP.FTS.B,
9.59%,
5/05/27
.
11,529
11,704
APP-13047632.FP.FTS.B,
11.49%,
5/05/27
8,268
8,397
APP-134
85036.FP.FTS.B,
13.34%,
5/06/27
8,787
8,943
APP-08710316.FP.FTS.B,
10.99%,
5/13/27
22,511
22,911
APP-13498730.FP.FTS.B,
11.34%,
5/15/27
13,121
13,355
APP-13329158.FP.FTS.B,
17.99%,
5/15/27
7,064
7,122
APP-13453359.FP.FTS.B,
18.24%,
5/15/27
20,907
21,512
APP-13486869.FP.FTS.B,
11.34%,
5/16/27
20,952
21,337
APP-13512105.FP.FTS.B,
19.49%,
5/16/27
18,321
18,864
APP-13479562.FP.FTS.B,
18.49%,
5/17/27
11,189
11,576
APP-13227905.FP.FTS.B,
21.99%,
5/18/27
7,214
7,454
APP-13517315.FP.FTS.B,
12.09%,
5/19/27
33,041
33,670
APP-13507352.FP.FTS.B,
20.49%,
5/19/27
6,759
6,968
APP-13531806.FP.FTS.B,
16.99%,
5/20/27
14,167
14,488
APP-13485605.FP.FTS.B,
18.99%,
5/20/27
9,529
9,862
APP-13518313.FP.FTS.B,
18.99%,
5/20/27
12,300
12,709
APP-13302186.FP.FTS.B,
20.49%,
5/20/27
10,157
10,504
APP-15111331.FP.FTS.B,
11.99%,
6/11/27
15,212
15,463
APP-14906773.FP.FTS.B,
9.74%,
7/15/27
.
26,924
27,356
APP-15064429.FP.FTS.B,
14.49%,
7/15/27
18,881
19,199
APP-15055216.FP.FTS.B,
19.99%,
7/15/27
12,750
13,051
APP-15070181.FP.FTS.B,
19.99%,
7/15/27
12,746
13,047
APP-14865954.FP.FTS.B,
11.74%,
7/16/27
18,680
18,986
APP-15149750.FP.FTS.B,
11.99%,
7/16/27
3,054
3,060
APP-14914244.FP.FTS.B,
20.99%,
7/22/27
10,351
10,655
APP-15057995.FP.FTS.B,
18.99%,
7/23/27
7,217
7,378
APP-15058449.FP.FTS.B,
11.99%,
7/25/27
8,348
8,506
Description
Principal
Amount
Value
Freedom
Financial
Asset
Management
LLC
(continued)
APP-15078317.FP.FTS.B,
13.99%,
7/25/27
$
14,692
$
14,987
APP-15055723.FP.FTS.B,
11.24%,
7/26/27
21,941
22,356
APP-15048744.FP.FTS.B,
16.49%,
7/27/27
16,505
16,973
APP-15053719.FP.FTS.B,
16.99%,
7/28/27
8,002
8,189
APP-15133409.FP.FTS.B,
15.49%,
7/30/27
18,247
18,679
APP-15053776.FP.FTS.B,
17.49%,
7/30/27
8,702
8,977
APP-15109285.FP.FTS.B,
21.49%,
8/15/27
23,475
2,295
APP-15068287.FP.FTS.B,
26.99%,
8/26/27
3,309
535
APP-15039962.FP.FTS.B,
12.49%,
8/28/27
36,755
37,446
APP-14958373.FP.FTS.B,
12.24%,
9/16/27
12,407
7,338
APP-15070551.FP.FTS.B,
24.74%,
4/27/28
14,509
14,689
APP-13323334.FP.FTS.B,
5.99%,
5/14/34
.
349
254
2,021,568
LendingClub
Corp.
155731933.LC.FTS.B,
15.24%,
7/29/24
...
3,034
633
156235700.LC.FTS.B,
17.74%,
8/06/24
...
1,029
1,028
156759369.LC.FTS.B,
12.4%,
8/09/24
...
1,583
1,576
156752978.LC.FTS.B,
14.3%,
8/09/24
...
2,680
2,672
156812488.LC.FTS.B,
14.3%,
8/12/24
...
743
742
158130288.LC.FTS.B,
14.3%,
9/04/24
...
1,319
1,316
159089545.LC.FTS.B,
16.95%,
9/23/24
...
1,151
1,152
159001219.LC.FTS.B,
12.4%,
9/26/24
...
243
242
158913750.LC.FTS.B,
11.71%,
9/30/24
...
2,155
2,145
155823205.LC.FTS.B,
14.3%,
9/30/24
...
2,142
2,140
160792694.LC.FTS.B,
13.08%,
10/23/24
..
4,413
4,384
161424051.LC.FTS.B,
10.33%,
11/05/24
..
1,854
1,836
162010515.LC.FTS.B,
17.74%,
11/18/24
..
2,043
376
162923894.LC.FTS.B,
18.62%,
12/06/24
..
1,694
1,700
164089980.LC.FTS.B,
17.74%,
2/28/25
...
4,540
–
167132427.LC.FTS.B,
20.55%,
2/28/25
...
5,134
5,158
161483895.LC.FTS.B,
13.08%,
3/07/25
...
2,361
277
167747801.LC.FTS.B,
16.12%,
3/15/25
...
6,281
–
168420680.LC.FTS.B,
17.74%,
3/16/25
...
4,834
4,783
166170570.LC.FTS.B,
17.74%,
3/17/25
...
4,917
885
168140265.LC.FTS.B,
15.24%,
3/21/25
...
5,102
5,049
167712249.LC.FTS.B,
14.3%,
4/20/25
...
6,043
5,990
165352318.LC.FTS.B,
15.24%,
6/22/25
...
8,576
8,451
160809803.LC.FTS.B,
13.08%,
2/23/26
...
10,268
1,792
151259806.LC.FTS.B,
20%,
6/04/34
.....
8,096
135
153974620.LC.FTS.B,
14.3%,
6/24/34
...
1,696
365
154144733.LC.FTS.B,
12.4%,
6/26/34
...
462
462
55,289
LendingClub
Corp.
-
LCX
164542068.LC.FTS.B,
25.65%,
1/21/25
...
2,815
2,842
LendingClub
Corp.
-
LCX
PM
184916811.LC.FTS.B,
15.99%,
1/18/25
...
3,005
3,001
185085067.LC.FTS.B,
22.99%,
1/18/25
...
4,837
4,925
184905245.LC.FTS.B,
15.99%,
1/19/25
...
8,702
–
185231531.LC.FTS.B,
21.49%,
1/19/25
...
1,121
1,132
185449370.LC.FTS.B,
18.44%,
1/25/25
...
3,724
3,712
185337050.LC.FTS.B,
20.99%,
1/25/25
...
8,229
1,538
185529283.LC.FTS.B,
18.99%,
1/27/25
...
5,468
5,469
185074501.LC.FTS.B,
12.74%,
1/29/25
...
1,297
1,298
185743058.LC.FTS.B,
12.19%,
2/02/25
...
2,280
2,267
185670318.LC.FTS.B,
15.44%,
2/02/25
...
6,227
215
185694876.LC.FTS.B,
15.49%,
2/02/25
...
3,393
3,379
Franklin
Universal
Trust
Schedule
of
Investments
(unaudited)
See
Notes
to
Schedule
of
Investments.
Quarterly
Schedule
of
Investments
17
Description
Principal
Amount
Value
Marketplace
Loans
(continued)
LendingClub
Corp.
-
LCX
PM
(continued)
185720673.LC.FTS.B,
14.49%,
2/04/25
...
$
1,751
$
1,732
184778654.LC.FTS.B,
16.19%,
2/04/25
...
1,039
1,036
185806351.LC.FTS.B,
18.99%,
2/07/25
...
4,436
779
185828353.LC.FTS.B,
22.99%,
2/08/25
...
5,768
5,834
186050160.LC.FTS.B,
15.99%,
2/10/25
...
5,185
5,166
185828265.LC.FTS.B,
19.44%,
2/10/25
...
4,904
4,942
185614486.LC.FTS.B,
19.99%,
2/10/25
...
7,717
7,759
186144016.LC.FTS.B,
Zero
Cpn,
2/14/25
.
5,941
–
185731098.LC.FTS.B,
18.99%,
2/14/25
...
1,221
1,219
186141198.LC.FTS.B,
18.99%,
2/14/25
...
1,526
1,523
186248821.LC.FTS.B,
12.94%,
2/16/25
...
4,818
4,813
185952586.LC.FTS.B,
Zero
Cpn,
2/17/25
.
3,719
–
188498393.LC.FTS.B,
18.99%,
4/25/25
...
13,056
10,518
187330959.LC.FTS.B,
23.99%,
4/25/25
...
5,759
5,904
188790970.LC.FTS.B,
19.99%,
4/27/25
...
9,267
9,277
188578940.LC.FTS.B,
23.9
9%,
4/27/25
...
415
422
188852266.LC.FTS.B,
23.99%,
4/27/25
...
2,309
2,365
188781202.LC.FTS.B,
15.99%,
4/28/25
...
5,181
5,111
188845200.LC.FTS.B,
16.99%,
4/28/25
...
721
725
188849723.LC.FTS.B,
19.49%,
4/28/25
...
738
749
188683873.LC.FTS.B,
23.99%,
5/01/25
...
5,030
5,111
185591984.LC.FTS.B,
18.99%,
5/28/25
...
5,475
5,479
188854471.LC.FTS.B,
24.79%,
8/27/25
...
2,291
452
171733583.LC.FTS.B,
18.24%,
10/30/25
..
8,338
8,312
186109882.LC.FTS.B,
5%,
2/14/26
......
10,173
4,121
185664927.LC.FTS.B,
5%,
2/16/26
......
2,710
2,159
185030629.LC.FTS.B,
28.99%,
1/13/27
...
4,192
4,236
184976261.LC.FTS.B,
15.44%,
1/18/27
...
13,495
1,630
185242092.LC.FTS.B,
20.99%,
1/19/27
...
20,980
–
185203099.LC.FTS.B,
21.99%,
1/19/27
...
8,064
8,003
185257156.LC.FTS.B,
23.99%,
1/19/27
...
9,114
9,097
185208719.LC.FTS.B,
27.99%,
1/19/27
...
6,496
6,568
185284755.LC.FTS.B,
20.24%,
1/21/27
...
15,344
15,180
184608676.LC.FTS.B,
21.99%,
1/21/27
...
9,936
9,931
185280664.LC.FTS.B,
21.99%,
1/21/27
...
11,706
11,579
185094462.LC.FTS.B,
22.99%,
1/21/27
...
8,035
8,031
185215933.LC.FTS.B,
28.99%,
1/25/27
...
13,044
10,612
185465019.LC.FTS.B,
21.99%,
1/27/27
...
16,614
16,594
184862697.LC.FTS.B,
13.19%,
1/28/27
...
9,588
9,298
185102499.LC.FTS.B,
17.49%,
1/28/27
...
9,628
9,420
185551601.LC.FTS.B,
Zero
Cpn,
1/31/27
.
18,255
–
185593614.LC.FTS.B,
14.94%,
1/31/27
...
3,733
3,661
185625736.LC.FTS.B,
17.24%,
1/31/27
...
8,854
8,674
185553869.LC.FTS.B,
17.44%,
1/31/27
...
11,012
10,791
185801067.LC.FTS.B,
15.19%,
2/04/27
...
9,617
9,313
185785605.LC.FTS.B,
16.99%,
2/04/27
...
15,737
15,348
185803689.LC.FTS.B,
12.69%,
2/08/27
...
25,130
23,572
185670781.LC.FTS.B,
14.74%,
2/08/27
...
25,543
24,751
186105140.LC.FTS.B,
14.99%,
2/10/27
...
8,545
382
186053383.LC.FTS.B,
18.49%,
2/10/27
...
16,586
16,187
186037923.LC.FTS.B,
23.49%,
2/10/27
...
4,812
4,786
186073191.LC.FTS.B,
23.99%,
2/10/27
...
6,895
6,859
185962334.LC.FTS.B,
16.49%,
2/14/27
...
22,701
22,161
186055580.LC.FTS.B,
19.49%,
2/14/27
...
11,596
287
186072313.LC.FTS.B,
19.99%,
2/14/27
...
10,702
10,552
186114907.LC.FTS.B,
24.99%,
2/14/27
...
7,162
–
185957980.LC.FTS.B,
10.99%,
2/15/27
...
16,239
15,773
185644818.LC.FTS.B,
17.24%,
2/15/27
...
24,370
23,148
Description
Principal
Amount
Value
LendingClub
Corp.
-
LCX
PM
(continued)
185788975.LC.FTS.B,
20.44%,
2/15/27
...
$
26,948
$
26,496
186037630.LC.FTS.B,
23.99%,
2/15/27
...
10,467
10,408
185737435.LC.FTS.B,
19.74%,
2/16/27
...
12,560
597
186255693.LC.FTS.B,
28.99%,
2/16/27
...
5,729
5,803
185994246.LC.FTS.B,
23.99%,
2/17/27
...
5,757
–
185500483.LC.FTS.B,
23.99%,
2/18/27
...
24,329
24,203
186057988.LC.FTS.B,
23.99%,
2/25/27
...
13,974
13,948
186004411.LC.FTS.B,
21.99%,
2/28/27
...
9,900
9,876
185584314.LC.FTS.B,
23.99%,
2/28/27
...
8,921
8,852
188681928.LC.FTS.B,
22.99%,
4/25/27
...
7,950
–
188818650.LC.FTS.B,
20.99%,
4/26/27
...
4,502
4,483
188684882.LC.FTS.B,
23.99%,
4/26/27
...
4,419
4,339
188570436.LC.FTS.B,
25.99%,
4/26/27
...
5,665
526
188791237.LC.FTS.B,
27.99%,
4/26/27
...
13,829
14,058
188736809.LC.FTS.B,
Zero
Cpn,
4/27/27
.
8,014
–
188850161.LC.FTS.B,
18.99%,
4/27/27
...
5,543
5,451
188698368.LC.FTS.B,
20.99%,
4/27/27
...
17,075
2,185
188844587.LC.FTS.B,
20.99%,
4/27/27
...
7,035
7,008
188821742.LC.FTS.B,
23.99%,
4/27/27
...
14,373
14,428
188832786.LC.FTS.B,
27.99%,
4/27/27
...
3,696
3,786
188770586.LC.FTS.B,
21.49%,
4/28/27
...
12,711
12,542
188825826.LC.FTS.B,
23.49%,
4/28/27
...
7,165
7,175
188877761.LC.FTS.B,
25.99%,
4/28/27
...
5,342
5,310
188729615.LC.FTS.B,
28.99%,
4/28/27
...
18,603
19,060
188842402.LC.FTS.B,
21.49%,
4/30/27
...
4,332
4,300
188806927.LC.FTS.B,
23.99%,
4/30/27
...
11,065
11,070
188652977.LC.FTS.B,
23.99%,
5/24/27
...
2,590
2,562
185186598.LC.FTS.B,
21.99%,
8/19/27
...
6,154
4,856
185440062.LC.FTS.B,
10%,
8/25/27
.....
16,164
12,269
185051135.LC.FTS.B,
23.99%,
8/28/27
...
18,226
17,990
185579608.LC.FTS.B,
23.99%,
10/15/27
..
23,258
9,026
188826193.LC.FTS.B,
10%,
12/26/27
....
6,462
5,269
186094287.LC.FTS.B,
24.99%,
12/29/27
..
8,365
1,668
708,412
Prosper
Funding
LLC
1610038.PS.FTS.B,
15%,
8/17/24
.......
1,279
244
1619058.PS.FTS.B,
19%,
8/23/24
.......
214
215
1612303.PS.FTS.B,
20.8%,
8/23/24
.....
2,183
2,193
1606139.PS.FTS.B,
12.8%,
9/01/24
.....
64
64
1610444.PS.FTS.B,
18.09%,
9/08/24
....
2,006
2,019
1626067.PS.FTS.B,
15.4%,
9/17/24
.....
1,848
1,849
1632888.PS.FTS.B,
17.96%,
9/17/24
....
259
258
1622147.PS.FTS.B,
13.6%,
9/19/24
.....
248
247
1634583.PS.FTS.B,
18.4%,
9/21/24
.....
419
422
1623410.PS.FTS.B,
18.5%,
9/21/24
.....
280
282
1626395.PS.FTS.B,
13.87%,
9/24/24
....
4,657
4,656
1626680.PS.FTS.B,
16%,
9/27/24
.......
1,630
1,637
1632609.PS.FTS.B,
14.39%,
10/06/24
...
1,215
1,211
1630510.PS.FTS.B,
11.97%,
10/10/24
....
1,245
1,240
1626424.PS.FTS.B,
11.7%,
10/19/24
....
2,239
2,020
1645271.PS.FTS.B,
10.8%,
10/27/24
....
3,020
3,007
1648648.PS.FTS.B,
16%,
10/27/24
......
1,186
364
1649014.PS.FTS.B,
22.7%,
10/27/24
....
696
706
1656261.PS.FTS.B,
16%,
10/28/24
......
1,201
1,201
1646552.PS.FTS.B,
15.29%,
10/29/24
...
2,998
2,999
1658149.PS.FTS.B,
13.4%,
11/08/24
....
977
972
1664838.PS.FTS.B,
20.01%,
11/08/24
....
897
894
Franklin
Universal
Trust
Schedule
of
Investments
(unaudited)
Quarterly
Schedule
of
Investments
See
Notes
to
Schedule
of
Investments.
18
Description
Principal
Amount
Value
Marketplace
Loans
(continued)
Prosper
Funding
LLC
(continued)
1665699.PS.FTS.B,
15%,
11/09/24
......
$
2,378
$
1,563
1653836.PS.FTS.B,
14.79%,
11/12/24
....
397
396
1661257.PS.FTS.B,
17.8%,
11/12/24
....
410
411
1655723.PS.FTS.B,
15.1%,
11/15/24
....
4,069
4,046
1685619.PS.FTS.B,
14.39%,
12/14/24
...
1,308
1,301
1672733.PS.FTS.B,
15%,
12/14/24
......
2,314
2,296
1678747.PS.FTS.B,
19.3%,
12/14/24
....
483
485
1679110.PS.FTS.B,
13.36%,
12/15/24
....
1,578
1,565
1672982.PS.FTS.B,
22%,
12/15/24
......
746
749
1680175.PS.FTS.B,
22.6%,
12/16/24
....
803
807
1674770.PS.FTS.B,
13.1%,
12/17/24
....
3,392
3,380
1674329.PS.FTS.B,
14.89%,
12/17/24
...
1,384
1,379
1674347.PS.FTS.B,
15.86%,
12/17/24
...
3,475
3,462
1673372.PS.FTS.B,
16%,
12/17/24
......
1,710
1,713
1688351.PS.FTS.B,
17%,
1/12/25
.......
1,203
1,205
1688342.PS.FTS.B,
17.5%,
1/12/25
.....
3,837
3,833
1688336.PS.FTS.B,
19.2%,
1/12/25
.....
9,309
2,389
1687970.PS.FTS.B,
23.5%,
1/12/25
.....
284
115
1694488.PS.FTS.B,
13.8%,
1/13/25
.....
2,501
2,476
1694470.PS.FTS.B,
15.29%,
1/13/25
....
2,047
633
1700772.PS.FTS.B,
12.1%,
1/17/25
.....
3,296
3,264
1690265.PS.FTS.B,
23.3%,
1/18/25
.....
1,632
1,640
1692512.PS.FTS.B,
19.34%,
1/19/25
....
1,656
1,645
1700011.PS.FTS.B,
13.9%,
1/21/25
.....
1,318
1,309
1688699.PS.FTS.B,
21.8%,
1/27/25
.....
2,510
2,509
1697303.PS.FTS.B,
13.9%,
1/31/25
.....
1,163
1,155
1720938.PS.FTS.B,
13.81%,
2/15/25
....
3,795
493
1715485.PS.FTS.B,
16%,
2/15/25
.......
7,387
7,331
1714630.PS.FTS.B,
16.16%,
2/15/25
....
4,439
4,405
1714624.PS.FTS.B,
19.41%,
2/15/25
....
3,053
3,060
1715122.PS.FTS.B,
19.8%,
2/15/25
.....
788
788
1720920.PS.FTS.B,
21.2%,
2/15/25
.....
3,261
3,287
1722360.PS.FTS.B,
22.6%,
2/16/25
.....
845
850
1723116.PS.FTS.B,
16.29%,
2/17/25
....
655
668
1720755.PS.FTS.B,
13.96%,
2/28/25
....
7,291
7,194
1749541.PS.FTS.B,
22.03%,
4/05/25
....
1,296
1,284
1750351.PS.FTS.B,
15.2%,
4/06/25
.....
1,219
1,200
1744391.PS.FTS.B,
24.09%,
4/07/25
....
1,566
27
1750903.PS.FTS.B,
24.4%,
4/07/25
.....
3,410
3,439
1745381.PS.FTS.B,
12.9%,
4/08/25
.....
6,951
6,820
1714408.PS.FTS.B,
22.11%,
4/12/25
....
5,714
317
1753944.PS.FTS.B,
15.4%,
4/14/25
.....
3,125
814
1758243.PS.FTS.B,
24.4%,
4/16/25
.....
1,982
560
1742906.PS.FTS.B,
15.4%,
4/30/25
.....
798
782
1743767.PS.FTS.B,
25.71%,
5/05/25
....
3,580
3,570
1752241.PS.FTS.B,
14.7%,
5/10/25
.....
20,230
11,925
1701129.PS.FTS.B,
16.4%,
7/17/25
.....
3,732
3,680
1701120.PS.FTS.B,
15.9%,
12/12/25
....
6,420
6,212
1606145.PS.FTS.B,
14%,
8/17/26
.......
9,278
–
1606127.PS.FTS.B,
15.2%,
8/17/26
.....
4,930
4,849
1607933.PS.FTS.B,
18.5%,
8/19/26
.....
1,127
1,139
1608617.PS.FTS.B,
13.7%,
8/20/26
.....
3,207
3,142
1609277.PS.FTS.B,
15.7%,
8/23/26
.....
7,659
7,547
1610327.PS.FTS.B,
27.6%,
8/24/26
.....
4,952
5,140
1621434.PS.FTS.B,
14.6%,
8/26/26
.....
2,142
2,112
1621428.PS.FTS.B,
20%,
8/26/26
.......
5,725
5,804
1611746.PS.FTS.B,
14.29%,
8/27/26
....
4,843
4,752
1625740.PS.FTS.B,
18.48%,
9/16/26
....
5,797
5,859
Description
Principal
Amount
Value
Prosper
Funding
LLC
(continued)
1623731.PS.FTS.B,
18.93%,
9/21/26
....
$
10,482
$
10,620
1635897.PS.FTS.B,
12%,
9/23/26
.......
11,896
11,669
1635735.PS.FTS.B,
14.68%,
9/23/26
....
8,355
8,193
1627036.PS.FTS.B,
16.33%,
9/25/26
....
7,678
7,550
1637445.PS.FTS.B,
13.3%,
9/27/26
.....
5,504
5,395
1626758.PS.FTS.B,
17.96%,
9/30/26
....
13,156
12,941
1634247.PS.FTS.B,
16.7%,
10/05/26
....
13,879
13,630
1626046.PS.FTS.B,
15.18%,
10/16/26
...
5,628
5,496
1644875.PS.FTS.B,
11.6%,
10/26/26
....
4,164
4,076
1648324.PS.FTS.B,
12.2%,
10/26/26
....
11,177
10,939
1644860.PS.FTS.B,
18.33%,
10/26/26
...
7,386
1,215
1645337.PS.FTS.B,
18.48%,
10/27/26
...
11,930
12,070
1646123.PS.FTS.B,
13.32%,
10/28/26
...
4,242
4,177
1649926.PS.FTS.B,
13.8%,
10/29/26
....
19,306
19,016
1655034.PS.FTS.B,
11.7%,
10/31/26
....
13,186
12,884
1661010.PS.FTS.B,
12.5%,
11/05/26
....
14,998
14,616
1654774.PS.FTS.B,
16.18%,
11/05/26
....
20,957
20,484
1651868.PS.FTS.B,
9.45%,
11/08/26
....
7,259
7,081
1658185.PS.FTS.B,
10.5%,
11/08/26
....
5,083
4,957
1658881.PS.FTS.B,
13.8%,
11/09/26
....
16,236
–
1653323.PS.FTS.B,
16%,
11/09/26
......
7,172
7,020
1666362.PS.FTS.B,
19%,
11/09/26
......
4,307
4,325
1666911.PS.FTS.B,
10.62%,
11/10/26
....
7,352
7,173
1660066.PS.FTS.B,
12.6%,
11/10/26
....
20,211
19,717
1660078.PS.FTS.B,
13.93%,
11/10/26
....
12,985
623
1666890.PS.FTS.B,
17%,
11/10/26
......
9,691
9,713
1661433.PS.FTS.B,
28.23%,
11/14/26
....
3,363
3,444
1666359.PS.FTS.B,
21%,
11/15/26
......
3,839
3,947
1662505.PS.FTS.B,
25.4%,
11/15/26
....
6,516
6,736
1651871.PS.FTS.B,
20.66%,
11/20/26
....
3,476
3,479
1651913.PS.FTS.B,
25.67%,
11/22/26
....
4,693
4,808
1672316.PS.FTS.B,
10.44%,
12/14/
26
...
7,553
7,366
1685634.PS.FTS.B,
12.5%,
12/14/26
....
4,747
4,629
1672730.PS.FTS.B,
13.8%,
12/14/26
....
21,059
20,576
1685271.PS.FTS.B,
16.8%,
12/14/26
....
9,282
9,084
1678372.PS.FTS.B,
22.8%,
12/14/26
....
7,184
7,417
1686078.PS.FTS.B,
10.5%,
12/15/26
....
6,976
6,805
1672147.PS.FTS.B,
16.56%,
12/15/26
...
12,428
12,386
1687344.PS.FTS.B,
19%,
12/17/26
......
3,133
3,153
1685997.PS.FTS.B,
12.87%,
12/18/26
...
5,372
5,232
1678354.PS.FTS.B,
11.07%,
12/20/26
....
8,792
8,562
1687950.PS.FTS.B,
11.5%,
12/20/26
....
8,680
8,476
1675010.PS.FTS.B,
12.5%,
12/20/26
....
6,477
6,325
1678387.PS.FTS.B,
18.33%,
12/23/26
...
8,229
8,231
1685637.PS.FTS.B,
11.7%,
12/28/26
....
17,800
17,337
1672718.PS.FTS.B,
14.38%,
1/07/27
....
5,040
4,899
1701111.PS.FTS.B,
10.29%,
1/12/27
.....
14,781
14,390
1700808.PS.FTS.B,
11.4%,
1/12/27
.....
6,028
5,868
1701108.PS.FTS.B,
15.7%,
1/12/27
.....
21,977
21,463
1694491.PS.FTS.B,
12.62%,
1/13/27
....
9,149
8,907
1694725.PS.FTS.B,
18.4%,
1/13/27
.....
9,651
9,673
1701537.PS.FTS.B,
19.3%,
1/13/27
.....
9,727
9,747
1695958.PS.FTS.B,
10.5%,
1/14/27
.....
8,978
8,733
1689173.PS.FTS.B,
11.2%,
1/14/27
.....
11,730
11,425
1695787.PS.FTS.B,
11.7%,
1/14/27
.....
15,113
14,718
1694719.PS.FTS.B,
16.93%,
1/17/27
....
11,414
11,125
1705005.PS.FTS.B,
15%,
1/19/27
.......
16,221
15,881
1702455.PS.FTS.B,
15.18%,
1/20/27
....
10,068
9,789
Franklin
Universal
Trust
Schedule
of
Investments
(unaudited)
See
Notes
to
Schedule
of
Investments.
Quarterly
Schedule
of
Investments
19
Description
Principal
Amount
Value
Marketplace
Loans
(continued)
Prosper
Funding
LLC
(continued)
1689251.PS.FTS.B,
19%,
1/21/27
.......
$
2,600
$
2,599
1707746.PS.FTS.B,
9.45%,
2/14/27
.....
4,205
4,087
1720917.PS.FTS.B,
13.7%,
2/15/27
.....
7,899
7,716
1714648.PS.FTS.B,
16.7%,
2/15/27
.....
4,867
4,753
1721346.PS.FTS.B,
16.7%,
2/15/27
.....
12,979
13,010
1720911.PS.FTS.B,
18.59%,
2/15/27
....
16,486
16,521
1714642.PS.FTS.B,
18.7%,
2/15/27
.....
6,601
6,614
1714636.PS.FTS.B,
23.58%,
2/15/
27
....
3,794
3,897
1707734.PS.FTS.B,
10.29%,
2/16/27
....
7,868
7,713
1709201.PS.FTS.B,
18.48%,
2/16/27
....
8,236
8,257
1714627.PS.FTS.B,
11.4%,
2/17/27
.....
13,001
12,639
1712903.PS.FTS.B,
15.29%,
2/23/27
....
6,179
6,052
1703169.PS.FTS.B,
25.6%,
2/25/27
.....
11,226
11,427
1749550.PS.FTS.B,
11.5%,
4/05/27
.....
9,773
9,453
1752624.PS.FTS.B,
17.23%,
4/05/27
....
13,674
13,222
1753011.PS.FTS.B,
12%,
4/06/27
.......
9,816
9,496
1754293.PS.FTS.B,
13.4%,
4/12/27
.....
7,948
7,708
1747163.PS.FTS.B,
16.2%,
4/12/27
.....
16,951
16,433
1744328.PS.FTS.B,
14.89%,
4/15/27
....
13,482
13,051
1752654.PS.FTS.B,
12.76%,
4/30/27
....
10,239
10,021
1750735.PS.FTS.B,
16%,
5/06/27
.......
3,902
3,838
1607291.PS.FTS.B,
28.59%,
7/18/27
....
4,741
4,805
1650328.PS.FTS.B,
11.2%,
7/29/27
.....
6,525
3,122
1647395.PS.FTS.B,
11.89%,
8/03/27
....
6,576
2,302
912,403
Upgrade,
Inc.
-
Card
992241102.UG.FTS.B,
29.49%,
7/03/24
..
21
21
992343713.UG.FTS.B,
29.49%,
8/03/24
..
16
8
992391277.UG.FTS.B,
28.98%,
10/03/24
.
22
20
992255166.UG.FTS.B,
20.46%,
4/03/25
..
25
4
992428468.UG.FTS.B,
25.95%,
4/03/25
..
63
64
992236701.UG.FTS.B,
29.49%,
4/03/25
..
19
19
992256275.UG.FTS.B,
29.49%,
4/03/25
..
16
16
992269560.UG.FTS.B,
29.49%,
4/03/25
..
142
142
992290976.UG.FTS.B,
29.49%,
4/03/25
..
180
11
992291050.UG.FTS.B,
29.49%,
4/03/25
..
5
5
992345576.UG.FTS.B,
29.49%,
4/03/25
..
204
14
992354024.UG.FTS.B,
29.49%,
4/03/25
..
11
11
992357933.UG.FTS.B,
29.49%,
4/03/25
..
129
134
992361376.UG.FTS.B,
29.49%,
4/03/25
..
4
4
992387188.UG.FTS.B,
28.98%,
4/04/25
..
88
89
992453316.UG.FTS.B,
28.98%,
4/04/25
..
106
106
992463571.UG.FTS.B,
28.98%,
4/04/25
..
76
5
992266370.UG.FTS.B,
29.49%,
4/04/25
..
253
260
992342016.UG.FTS.B,
29.49%,
4/04/25
..
127
127
992421200.UG.FTS.B,
29.49%,
4/04/25
..
92
95
992264407.UG.FTS.B,
14.97%,
4/05/25
..
400
400
992391676.UG.FTS.B,
15.97%,
4/05/25
..
42
42
992417616.UG.FTS.B,
17.99%,
4/05/25
..
52
53
992286525.UG.FTS.B,
18.8%,
4/05/25
...
63
65
992415664.UG.FTS.B,
18.97%,
4/05/25
..
879
890
992416415.UG.FTS.B,
19.21%,
4/05/25
..
632
640
992424538.UG.FTS.B,
19.21%,
4/05/25
..
190
191
992432194.UG.FTS.B,
19.8%,
4/05/25
...
173
175
992256001.UG.FTS.B,
19.97%,
4/05/25
..
230
234
992346135.UG.FTS.B,
19.99%,
4/05/25
..
207
213
992431381.UG.FTS.B,
19.99%,
4/05/25
..
43
43
Description
Principal
Amount
Value
Upgrade,
Inc.
-
Card
(continued)
992433537.UG.FTS.B,
19.99%,
4/05/25
..
$
555
$
570
992386358.UG.FTS.B,
20.46%,
4/05/25
..
339
339
992296469.UG.FTS.B,
21.98%,
4/05/25
..
122
125
992265045.UG.FTS.B,
25.95%,
4/05/25
..
90
12
992302611.UG.FTS.B,
25.95%,
4/05/25
..
560
565
992250719.UG.FTS.B,
27.95%,
4/05/25
..
236
–
992249070.UG.FTS.B,
28.98%,
4/05/25
..
21
21
992271131.UG.FTS.B,
28.98%,
4/05/25
..
202
210
992271316.UG.FTS.B,
28.98%,
4/05/25
..
84
86
992281862.UG.FTS.B,
28.98%,
4/05/25
..
178
180
992290941.UG.FTS.B,
28.98%,
4/05/25
..
59
61
992305223.UG.FTS.B,
28.98%,
4/05/25
..
87
90
992314088.UG.FTS.B,
28.98%,
4/05/25
..
10
10
992321475.UG.FTS.B,
28.98%,
4/05/25
..
238
246
992350450.UG.FTS.B,
28.98%,
4/05/25
..
459
461
992362215.UG.FTS.B,
28.98%,
4/05/25
..
472
480
992404668.UG.FTS.B,
28.98%,
4/05/25
..
66
66
992421379.UG.FTS.B,
28.98%,
4/05/25
..
97
6
992426381.UG.FTS.B,
28.98%,
4/05/25
..
59
61
992430529.UG.FTS.B,
28.98%,
4/05/25
..
26
26
992452945.UG.FTS.B,
28.98%,
4/05/25
..
56
56
992456750.UG.FTS.B,
28.98%,
4/05/25
..
97
100
992376094.UG.FTS.B,
29.48%,
4/05/25
..
78
81
992239162.UG.FTS.B,
29.49%,
4/05/25
..
75
78
992240128.UG.FTS.B,
29.49%,
4/05/25
..
321
328
992241600.UG.FTS.B,
29.49%,
4/05/25
..
66
9
992243368.UG.FTS.B,
29.49%,
4/05/25
..
164
168
992247116.UG.FTS.B,
29.49%,
4/05/25
..
133
136
992255844.UG.FTS.B,
29.49%,
4/05/25
..
43
43
992268866.UG.FTS.B,
29.49%,
4/05/25
..
84
85
992268980.UG.FTS.B,
29.49%,
4/05/25
..
48
49
992271586.UG.FTS.B,
29.49%,
4/05/25
..
84
88
992275962.UG.FTS.B,
29.49%,
4/05/25
..
123
126
992276049.UG.FTS.B,
29.49%,
4/05/25
..
98
102
992291806.UG.FTS.B,
29.49%,
4/05/25
..
285
297
992293542.UG.FTS.B,
29.49%,
4/05/25
..
38
39
992301441.UG.FTS.B,
29.49%,
4/05/25
..
111
115
992320378.UG.FTS.B,
29.49%,
4/05/25
..
104
108
992324857.UG.FTS.B,
29.49%,
4/05/25
..
1
1
992326966.UG.FTS.B,
29.49%,
4/05/25
..
58
59
992341543.UG.FTS.B,
29.49%,
4/05/25
..
31
32
992341758.UG.FTS.B,
29.49%,
4/05/25
..
121
123
992344325.UG.FTS.B,
29.49%,
4/05/25
..
4
4
992355380.UG.FTS.B,
29.49%,
4/05/25
..
31
31
992359643.UG.FTS.B,
29.49%,
4/05/25
..
213
218
992359656.UG.FTS.B,
29.49%,
4/05/25
..
376
392
992359703.UG.FTS.B,
29.49%,
4/05/25
..
87
6
992368911.UG.FTS.B,
29.49%,
4/05/25
..
159
164
992369632.UG.FTS.B,
29.49%,
4/05/25
..
113
116
992371487.UG.FTS.B,
29.49%,
4/05/25
..
101
30
992371951.UG.FTS.B,
29.49%,
4/05/25
..
96
98
992391427.UG.FTS.B,
29.49%,
4/05/25
..
84
87
992394239.UG.FTS.B,
29.49%,
4/05/25
..
67
69
992401130.UG.FTS.B,
29.49%,
4/05/25
..
90
93
992403505.UG.FTS.B,
29.49%,
4/05/25
..
98
29
992419811.UG.FTS.B,
29.49%,
4/05/25
..
66
68
992424526.UG.FTS.B,
29.49%,
4/05/25
..
136
39
992425789.UG.FTS.B,
29.49%,
4/05/25
..
177
183
Franklin
Universal
Trust
Schedule
of
Investments
(unaudited)
Quarterly
Schedule
of
Investments
See
Notes
to
Schedule
of
Investments.
20
Description
Principal
Amount
Value
Marketplace
Loans
(continued)
Upgrade,
Inc.
-
Card
(continued)
992427607.UG.FTS.B,
29.49%,
4/05/25
..
$
41
$
41
992429564.UG.FTS.B,
29.49%,
4/05/25
..
71
5
992444668.UG.FTS.B,
29.49%,
4/05/25
..
800
827
992444707.UG.FTS.B,
29.49%,
4/05/25
..
60
62
992452371.UG.FTS.B,
29.49%,
4/05/25
..
69
71
992454738.UG.FTS.B,
29.49%,
4/05/25
..
961
994
992455102.UG.FTS.B,
29.49%,
4/05/25
..
195
202
992459731.UG.FTS.B,
29.49%,
4/05/25
..
11
11
992401571.UG.FTS.B,
29.49%,
5/03/25
..
52
55
992460328.UG.FTS.B,
29.49%,
8/01/25
..
75
77
992312103.UG.FTS.B,
29.49%,
8/03/25
..
410
31
992301470.UG.FTS.B,
28.98%,
9/02/25
..
122
127
992444060.UG.FTS.B,
28.98%,
12/03/25
.
871
60
992286064.UG.FTS.B,
29.49%,
12/03/25
.
416
300
992238906.UG.FTS.B,
22.97%,
4/03/26
..
2,734
2,763
992300542.UG.FTS.B,
28.98%,
4/03/26
..
139
2
992424737.UG.FTS.B,
25.95%,
9/03/26
..
796
51
992247109.UG.FTS.B,
21.48%,
4/03/29
..
728
–
992332109.UG.FTS.B,
28.48%,
4/03/29
..
8
1
992453174.UG.FTS.B,
29.48%,
4/03/29
..
1
–
992263652.UG.FTS.B,
29.49%,
4/03/29
..
16
–
992278624.UG.FTS.B,
29.49%,
4/03/29
..
64
–
992453117.UG.FTS.B,
28.98%,
6/03/29
..
4
4
992264748.UG.FTS.B,
29.49%,
6/03/29
..
1
1
992356295.UG.FTS.B,
29.49%,
6/03/29
..
16
–
17,251
Upstart
Network,
Inc.
L1729715.UP.FTS.B,
8.39%,
9/17/24
....
743
742
L1722095.UP.FTS.B,
11.17%,
9/17/24
....
128
128
L1729539.UP.FTS.B,
18.67%,
9/17/24
....
529
187
FW1730336.UP.FTS.B,
30.16%,
9/17/24
..
796
804
L1902385.UP.FTS.B,
8.05%,
10/22/24
....
769
769
L1902094.UP.FTS.B,
9.69%,
10/22/24
....
157
157
L1902354.UP.FTS.B,
12.7%,
10/22/24
....
813
816
FW1900872.UP.FTS.B,
18.12%,
10/22/24
.
1,039
1,052
L1902710.UP.FTS.B,
18.85%,
10/22/24
...
960
971
L1900998.UP.FTS.B,
21.32%,
10/22/24
...
639
644
L1875546.UP.FTS.B,
21.84%,
10/22/24
...
325
330
L2031380.UP.FTS.B,
6.17%,
11/12/24
....
1,347
1,340
L2032548.UP.FTS.B,
7.85%,
11/12/24
....
1,956
1,955
L2031918.UP.FTS.B,
8.28%,
11/12/24
....
552
552
L2031630.UP.FTS.B,
9.03%,
11/12/24
....
1,300
1,299
L2033075.UP.FTS.B,
11.83%,
11/12/24
...
620
616
L2032627.UP.FTS.B,
14.45%,
11/12/24
...
395
399
L2031497.UP.FTS.B,
23.3%,
11/12/24
....
457
462
L2102014.UP.FTS.B,
8.1%,
11/23/24
.....
726
728
L2102773.UP.FTS.B,
10.25%,
11/23/24
...
263
263
L2102080.UP.FTS.B,
12.09%,
11/23/24
...
575
573
L2102263.UP.FTS.B,
17.21%,
11/23/24
...
472
480
L2099426.UP.FTS.B,
18.86%,
11/23/24
...
608
610
L2103709.UP.FTS.B,
20.75%,
11/23/24
...
539
548
L2102185.UP.FTS.B,
21.19%,
11/23/24
...
1,847
1,877
L2103127.UP.FTS.B,
21.34%,
11/23/24
...
2,195
2,228
FW2103254.UP.FTS.B,
28.98%,
11/23/24
.
851
867
L2249821.UP.FTS.B,
9.1%,
12/14/24
....
246
237
L2249474.UP.FTS.B,
9.8%,
12/14/24
....
538
538
L2249818.UP.FTS.B,
9.92%,
12/14/24
....
567
565
Description
Principal
Amount
Value
Upstart
Network,
Inc.
(continued)
L2248588.UP.FTS.B,
10.67%,
12/14/24
...
$
2,715
$
2,711
L2249713.UP.FTS.B,
11.85%,
12/14/24
...
893
894
L2249391.UP.FTS.B,
12.58%,
12/14/24
...
441
441
L2251228.UP.FTS.B,
12.94%,
12/14/24
...
341
342
L2251099.UP.FTS.B,
15.99%,
12/14/24
...
312
314
L2249946.UP.FTS.B,
17.98%,
12/14/24
...
953
964
L2250240.UP.FTS.B,
20.48%,
12/14/24
...
232
235
L2250459.UP.FTS.B,
21.22%,
12/14/24
...
1,085
1,098
L2251174.UP.FTS.B,
21.98%,
12/14/24
...
375
375
FW2250657.UP.FTS.B,
22.04%,
12/14/24
.
249
251
FW2251405.UP.FTS.B,
24.46%,
12/14/24
.
510
516
FW2250179.UP.FTS.B,
25.41%,
12/14/24
.
844
853
FW2250656.UP.FTS.B,
26.59%,
12/14/24
.
342
334
FW2250011.UP.FTS.B,
27.44%,
12/14/24
.
867
873
FW2248284.UP.FTS.B,
29.12%,
12/14/24
.
788
762
L2251006.UP.FTS.B,
6.59%,
12/15/24
....
525
523
L2253130.UP.FTS.B,
10.71%,
12/15/24
...
1,313
1,313
L2253233.UP.FTS.B,
17.76%,
12/15/24
...
1,313
1,325
L2251602.UP.FTS.B,
18.36%,
12/15/24
...
840
847
L2252717.UP.FTS.B,
19.17%,
12/15/24
...
1,206
1,220
L2252886.UP.FTS.B,
20.6%,
12/15/24
....
319
322
L2249377.UP.FTS.B,
20.67%,
12/15/24
...
2,327
736
L2240893.UP.FTS.B,
21.21%,
12/15/24
...
6,163
6,235
FW2252326.UP.FTS.B,
21.53%,
12/15/24
.
1,974
1,997
FW2249426.UP.FTS.B,
22.47%,
12/15/24
.
1,770
1,728
L2253201.UP.FTS.B,
23.48%,
12/15/24
...
757
767
L2248952.UP.FTS.B,
12.98%,
12/21/24
...
1,585
1,589
L2491823.UP.FTS.B,
6.34%,
1/24/25
....
1,340
1,330
L2499253.UP.FTS.B,
7.19%,
1/24/25
....
11,403
11,316
L2499551.UP.FTS.B,
8.93%,
1/24/25
....
2,753
2,747
L2498779.UP.FTS.B,
11.48%,
1/24/25
....
283
282
L2497791.UP.FTS.B,
11.97%,
1/24/25
....
1,137
1,136
L2499082.UP.FTS.B,
12.89%,
1/24/25
....
4,015
4,010
L2499336.UP.FTS.B,
15.49%,
1/24/25
....
442
445
L2497587.UP.FTS.B,
16.78%,
1/24/25
....
454
453
L2499854.UP.FTS.B,
22.79%,
1/24/25
....
2,211
2,223
FW2497753.UP.FTS.B,
26.22%,
1/24/25
..
3,067
–
FW2499886.UP.FTS.B,
26.23%,
1/24/25
..
2,346
2,330
FW2498195.UP.FTS.B,
26.98%,
1/24/25
..
2,507
2,505
FW2496668.UP.FTS.B,
5.04%,
1/25/25
...
5,073
5,033
L2501009.UP.FTS.B,
5.3%,
1/25/25
.....
2,649
2,631
L2501544.UP.FTS.B,
6.11%,
1/25/25
.....
935
929
L2477274.UP.FTS.B,
6.54%,
1/25/25
....
1,439
1,428
L2502696.UP.FTS.B,
7.45%,
1/25/25
....
1,182
1,178
FW2502837.UP.FTS.B,
8.49%,
1/25/25
...
274
274
L2502709.UP.FTS.B,
10.64%,
1/25/25
....
4,099
4,084
FW2502461.UP.FTS.B,
10.75%,
1/25/25
..
478
475
L2503015.UP.FTS.B,
11.17%,
1/25/25
....
250
249
FW2503195.UP.FTS.B,
11.21%,
1/25/25
..
3,808
3,804
FW2503345.UP.FTS.B,
13.6%,
1/25/25
...
959
605
FW2503482.UP.FTS.B,
16.69%,
1/25/25
..
286
286
FW2501793.UP.FTS.B,
17.35%,
1/25/25
..
137
100
L2501394.UP.FTS.B,
21.45%,
1/25/25
....
2,599
2,583
FW2502139.UP.FTS.B,
27.5%,
1/25/25
...
1,979
1,986
FW2503051.UP.FTS.B,
29.1%,
1/25/25
...
274
273
L1729059.UP.FTS.B,
7.36%,
2/17/25
....
363
361
L1730069.UP.FTS.B,
14.07%,
2/17/25
....
5,824
5,878
FW2031299.UP.FTS.B,
21.82%,
4/12/25
..
2,761
2,783
Franklin
Universal
Trust
Schedule
of
Investments
(unaudited)
See
Notes
to
Schedule
of
Investments.
Quarterly
Schedule
of
Investments
21
Description
Principal
Amount
Value
Marketplace
Loans
(continued)
Upstart
Network,
Inc.
(continued)
FW2032694.UP.FTS.B,
22.49%,
4/12/25
..
$
2,571
$
2,588
L2971722.UP.FTS.B,
8.62%,
4/19/25
....
6,368
6,362
L2972108.UP.FTS.B,
15.03%,
4/19/25
....
1,171
1,182
L2970836.UP.FTS.B,
15.68%,
4/19/25
....
1,948
1,950
FW2250596.UP.FTS.B,
22.87%,
5/14/25
..
1,454
1,461
FW2971973.UP.FTS.B,
20.05%,
9/19/25
..
1,908
1,921
L2250196.UP.FTS.B,
14.38%,
10/15/25
...
1,974
1,909
FW2503206.UP.FTS.B,
28.84%,
11/25/25
.
735
53
FW2972173.UP.FTS.B,
22.89%,
2/19/26
..
4,985
1,447
FW1729657.UP.FTS.B,
9.44%,
9/17/26
...
3,675
3,661
L1729743.UP.FTS.B,
11.64%,
9/17/26
....
26,920
26,911
L1730112.UP.FTS.B,
15.91%,
9/17/26
....
1,693
1,702
L1729289.UP.FTS.B,
17.07%,
9/17/26
....
1,714
1,723
L1729786.UP.FTS.B,
18.84%,
9/17/26
....
3,492
3,520
FW1730043.UP.FTS.B,
21.14%,
9/17/26
..
2,838
2,880
L1730077.UP.FTS.B,
21.62%,
9/17/26
....
2,487
2,476
L1730290.UP.FTS.B,
23.01%,
9/17/26
....
4,608
4,691
L1730120.UP.FTS.B,
23.06%,
9/17/26
....
6,935
7,039
L1729627.UP.FTS.B,
24.42%,
9/17/26
....
6,141
6,251
L1729392.UP.FTS.B,
25.28%,
9/17/26
....
617
628
FW1729302.UP.FTS.B,
28.5%,
9/17/26
...
1,046
74
FW1730388.UP.FTS.B,
28.64%,
9/17/26
..
9,819
9,997
FW1729744.UP.FTS.B,
29.63%,
9/17/26
..
5,788
5,893
FW1729641.UP.FTS.B,
30.22%,
9/17/26
..
3,102
3,159
FW1728143.UP.FTS.B,
30.44%,
9/17/26
..
3,395
3,455
FW1730150.UP.FTS.B,
30.64%,
9/17/26
..
663
669
FW1729390.UP.FTS.B,
32.18%,
9/17/26
..
1,557
1,584
FW1728926.UP.FTS.B,
32.35%,
9/17/26
..
1,760
1,787
FW1902353.UP.FTS.B,
5.71%,
10/22/26
..
7,265
7,218
L1902780.UP.FTS.B,
7.49%,
10/22/26
....
1,114
1,105
L1902219.UP.FTS.B,
10.65%,
10/22/26
...
5,493
5,493
L1901059.UP.FTS.B,
11.8%,
10/22/26
....
2,209
2,209
FW1902782.UP.FTS.B,
14.11%,
10/22/26
.
11,354
11,355
L1902333.UP.FTS.B,
15.82%,
10/22/26
...
15,480
764
FW1901571.UP.FTS.B,
16.95%,
10/22/26
.
7,344
7,386
FW1901195.UP.FTS.B,
18.66%,
10/22/26
.
1,374
1,386
L1901212.UP.FTS.B,
19.55%,
10/22/26
...
3,735
3,756
L1902855.UP.FTS.B,
19.55%,
10/22/26
...
1,808
1,824
L1901936.UP.FTS.B,
21.29%,
10/22/26
...
6,741
6,869
L1901067.UP.FTS.B,
23.17%,
10/22/26
...
9,355
9,532
L1901771.UP.FTS.B,
24.44
%,
10/22/26
...
2,567
2,577
L1902683.UP.FTS.B,
25.19%,
10/22/26
...
7,620
7,765
L1901951.UP.FTS.B,
25.24%,
10/22/26
...
1,525
1,554
FW1902836.UP.FTS.B,
25.41%,
10/22/26
.
30,837
31,367
L1902657.UP.FTS.B,
25.42%,
10/22/26
...
1,277
1,296
FW1902401.UP.FTS.B,
25.71%,
10/22/26
.
2,999
3,056
FW1902199.UP.FTS.B,
26.04%,
10/22/26
.
2,689
2,740
FW1886406.UP.FTS.B,
27.97%,
10/22/26
.
9,158
1,472
FW1902391.UP.FTS.B,
31.19%,
10/22/26
.
2,385
2,430
FW1901303.UP.FTS.B,
31.21%,
10/22/26
.
2,539
2,588
FW1900628.UP.FTS.B,
31.23%,
10/22/26
.
735
749
FW1902681.UP.FTS.B,
31.63%,
10/22/26
.
5,364
5,467
FW1902299.UP.FTS.B,
31.27%,
10/27/26
.
5,516
5,554
L1902840.UP.FTS.B,
22.56%,
11/01/26
...
8,371
8,448
L1901748.UP.FTS.B,
12.93%,
11/05/26
...
5,229
5,232
L2032896.UP.FTS.B,
9.9%,
11/12/26
.....
3,925
3,907
L2032147.UP.FTS.B,
11.65%,
11/12/26
...
4,573
4,565
L2032600.UP.FTS.B,
12.19%,
11/12/26
...
4,226
4,217
Description
Principal
Amount
Value
Upstart
Network,
Inc.
(continued)
L2032561.UP.FTS.B,
12.57%,
11/12/26
...
$
8,665
$
8,641
FW2032979.UP.FTS.B,
12.77%,
11/12/26
.
4,627
4,619
L2032884.UP.FTS.B,
12.78%,
11/12/26
...
4,628
4,619
FW2032727.UP.FTS.B,
12.91%,
11/12/26
.
2,027
2,024
L2032885.UP.FTS.B,
12.92%,
11/12/26
...
2,765
2,758
FW2032278.UP.FTS.B,
13.85%,
11/12/26
.
2,855
2,849
L2032791.UP.FTS.B,
14.03%,
11/12/26
...
1,719
1,715
L2032226.UP.FTS.B,
14.31%,
11/12/26
...
14,248
14,220
L2031580.UP.FTS.B,
14.88%,
11/12/26
...
843
839
L2032373.UP.FTS.B,
14.92%,
11/12/26
...
5,912
5,902
FW2032722.UP.FTS.B,
14.98%,
11/12/26
.
4,539
4,529
L2032268.UP.FTS.B,
15.84%,
11/12/26
...
11,882
11,888
L2033071.UP.FTS.B,
15.91%,
11/12/26
...
2,328
606
FW2031845.UP.FTS.B,
15.93%,
11/12/26
.
9,416
8,971
FW2032502.UP.FTS.B,
16.77%,
11/12/26
.
4,825
4,812
L2033005.UP.FTS.B,
16.99%,
11/12/26
...
2,483
2,364
L2033008.UP.FTS.B,
17.14%,
11/12/26
...
3,868
3,878
L2031479.UP.FTS.B,
17.32%,
11/12/26
...
9,357
9,372
L2030768.UP.FTS.B,
17.71%,
11/12/26
...
3,038
3,046
L2032284.UP.FTS.B,
17.94%,
11/12/26
...
3,053
3,061
L2032006.UP.FTS.B,
17.99%,
11/12/26
...
3,683
3,688
FW2031117.UP.FTS.B,
18.34%,
11/12/26
.
6,113
6,142
L2032837.UP.FTS.B,
18.39%,
11/12/26
...
280
149
L2032849.UP.FTS.B,
19.14%,
11/12/26
...
7,390
7,410
L2030806.UP.FTS.B,
19.55%,
11/12/26
...
2,473
2,485
FW2032947.UP.FTS.B,
19.59%,
11/12/26
.
15,527
15,490
L2031425.UP.FTS.B,
19.77%,
11/12/26
...
3,851
3,867
L2032060.UP.FTS.B,
20.25%,
11/12/26
...
3,734
3,751
L2032456.UP.FTS.B,
20.93%,
11/12/26
...
937
941
FW2033134.UP.FTS.B,
22.19%,
11/12/26
.
5,171
1,479
L2032183.UP.FTS.B,
24.12%,
11/12/26
...
6,442
6,536
FW2033202.UP.FTS.B,
25.01%,
11/12/26
.
10,206
10,343
L2032689.UP.FTS.B,
25.21%,
11/12/26
...
4,133
617
FW2031174.UP.FTS.B,
25.25%,
11/12/26
.
6,019
6,099
L2032525.UP.FTS.B,
25.33%,
11/12/26
...
653
655
L2031145.UP.FTS.B,
25.44%,
11/12/26
...
3,063
3,077
L2031934.UP.FTS.B,
25.51%,
11/12/26
...
1,956
1,984
FW2031600.UP.FTS.B,
26.6%,
11/12/26
..
3,157
3,197
L2032677.UP.FTS.B,
26.71%,
11/12/26
...
5,268
5,344
FW2003411.UP.FTS.B,
27.5%,
11/12/26
..
5,111
4,934
FW2032753.UP.FTS.B,
27.55%,
11/12/26
.
924
937
FW2032946.UP.FTS.B,
27.87%,
11/12/26
.
16,733
16,947
FW2032799.UP.FTS.B,
29.91%,
11/12/26
.
1,621
1,645
FW2030797.UP.FTS.B,
30%,
11/12/26
...
15,492
15,288
FW2033213.UP.FTS.B,
30.17%,
11/12/26
.
1,123
78
FW2031644.UP.FTS.B,
30.67%,
11/12/26
.
1,224
1,242
FW2031985.UP.FTS.B,
31%,
11/12/26
...
661
657
FW2031873.UP.FTS.B,
31.05%,
11/12/26
.
697
675
FW2032325.UP.FTS.B,
31.07%,
11/12/26
.
818
830
FW2031596.UP.FTS.B,
31.1%,
11/12/26
..
3,735
3,784
FW2032994.UP.FTS.B,
31.15%,
11/12/26
.
2,633
208
FW2031715.UP.FTS.B,
31.33%,
11/12/26
.
3,278
3,326
L2031623.UP.FTS.B,
9.89%,
11/16/26
....
19,288
19,192
FW2101958.UP.FTS.B,
6.23%,
11/23/26
..
21,656
21,524
L2101736.UP.FTS.B,
8.06%,
11/23/26
....
527
525
L2103598.UP.FTS.B,
8.71%,
11/23/26
....
9,127
9,097
L2102006.UP.FTS.B,
8.84%,
11/23/26
....
28,559
28,467
L2102059.UP.FTS.B,
12.22%,
11/23/26
...
12,191
12,191
Franklin
Universal
Trust
Schedule
of
Investments
(unaudited)
Quarterly
Schedule
of
Investments
See
Notes
to
Schedule
of
Investments.
22
Description
Principal
Amount
Value
Marketplace
Loans
(continued)
Upstart
Network,
Inc.
(continued)
L2101522.UP.FTS.B,
12.34%,
11/23/26
...
$
19,839
$
19,847
L2103822.UP.FTS.B,
12.78%,
11/23/26
...
2,975
2,976
L2102939.UP.FTS.B,
13.35%,
11/23/26
...
2,094
2,095
L2076017.UP.FTS.B,
13.49%,
11/23/26
...
2,206
2,204
L2095249.UP.FTS.B,
14.31%,
11/23/26
...
9,664
9,669
L2068146.UP.FTS.B,
16.06%,
11/23/26
...
4,520
4,515
L2102751.UP.FTS.B,
16.5%,
11/23/26
....
2,467
2,482
L2103150.UP.FTS.B,
16.57%,
11/23/26
...
3,674
3,676
FW2101751.UP.FTS.B,
16.63%,
11/23/26
.
12,227
12,299
L2099233.UP.FTS.B,
17.
83%,
11/23/26
...
9,668
9,718
L2050778.UP.FTS.B,
18.01%,
11/23/26
...
5,630
5,663
L2102051.UP.FTS.B,
19.71%,
11/23/26
...
3,564
3,551
FW2102941.UP.FTS.B,
20.37%,
11/23/26
.
12,779
13,029
L2102313.UP.FTS.B,
20.5%,
11/23/26
....
925
941
L2102703.UP.FTS.B,
20.89%,
11/23/26
...
3,210
3,272
L2102400.UP.FTS.B,
22.64%,
11/23/26
...
3,764
3,832
L2101750.UP.FTS.B,
24.17%,
11/23/26
...
4,668
4,695
FW2102727.UP.FTS.B,
24.84%,
11/23/26
.
2,656
2,708
L2103842.UP.FTS.B,
25.11%,
11/23/26
...
2,662
2,685
L2101935.UP.FTS.B,
25.31%,
11/23/26
...
866
883
L2103945.UP.FTS.B,
25.34%,
11/23/26
...
1,749
1,775
L2101880.UP.FTS.B,
25.39%,
11/23/26
...
2,018
2,030
L2103491.UP.FTS.B,
25.4%,
11/23/26
....
535
537
L2102028.UP.FTS.B,
25.89%,
11/23/26
...
4,017
4,096
L2052565.UP.FTS.B,
26.09%,
11/23/26
...
11,885
837
FW2101678.UP.FTS.B,
26.5%,
11/23/26
..
2,382
2,395
FW2103284.UP.FTS.B,
27.1%,
11/23/26
..
2,575
2,619
FW2103532.UP.FTS.B,
28.75%,
11/23/26
.
6,848
6,981
FW2102371.UP.FTS.B,
30.85%,
11/23/26
.
4,321
4,359
FW2103786.UP.FTS.B,
31.2%,
11/23/26
..
1,100
1,115
FW2103069.UP.FTS.B,
31.22%,
11/23/26
.
1,535
1,564
FW2032877.UP.FTS.B,
27.2%,
11/27/26
..
3,174
3,213
FW2102410.UP.FTS.B,
22.44%,
12/07/26
.
3,302
3,321
L2250662.UP.FTS.B,
8.88%,
12/14/26
....
6,286
6,256
L2249279.UP.FTS.B,
9.09%,
12/14/26
....
2,960
2,793
L2251398.UP.FTS.B,
9.28%,
12/14/26
....
4,591
4,569
L2250829.UP.FTS.B,
9.77%,
12/14/26
....
518
495
L2247842.UP.FTS.B,
9.8%,
12/14/26
....
4,412
4,162
L2251213.UP.FTS.B,
9.85%,
12/14/26
....
7,703
495
FW2251249.UP.FTS.B,
10.34%,
12/14/26
.
11,027
11,002
L2248805.UP.FTS.B,
10.51%,
12/14/26
...
6,251
1,641
L2249903.UP.FTS.B,
11.03%,
12/14/26
...
1,753
1,749
L2251043.UP.FTS.B,
12.11%,
12/14/26
...
18,909
18,867
L2250070.UP.FTS.B,
12.15%,
12/14/26
...
4,098
4,088
L2251230.UP.FTS.B,
12.48%,
12/14/26
...
1,054
1,050
L2247235.UP.FTS.B,
13.18%,
12/14/26
...
2,389
2,384
L2250820.UP.FTS.B,
13.59%,
12/14/26
...
1,919
1,915
FW2250025.UP.FTS.B,
13.65%,
12/14/26
.
4,900
694
L2251167.UP.FTS.B,
14.16%,
12/14/26
...
5,666
281
L2250559.UP.FTS.B,
14.84%,
12/14/26
...
4,580
4,566
L2251440.UP.FTS.B,
16.23%,
12/14/26
...
830
830
L2249248.UP.FTS.B,
16.43%,
12/14/26
...
7,316
7,326
L2249629.UP.FTS.B,
17.8%,
12/14/26
....
3,934
3,924
L2249002.UP.FTS.B,
18.13%,
12/14/26
...
2,192
2,200
L2250560.UP.FTS.B,
18.18%,
12/14/26
...
7,180
521
FW2249113.UP.FTS.B,
18.58%,
12/14/26
.
15,724
15,781
L2251037.UP.FTS.B,
19.7%,
12/14/26
....
1,169
1,114
L2249412.UP.FTS.B,
19.96%,
12/14/26
...
1,250
1,250
Description
Principal
Amount
Value
Upstart
Network,
Inc.
(continued)
L2248975.UP.FTS.B,
19.98%,
12/14/26
...
$
6,799
$
6,627
L2250558.UP.FTS.B,
20.67%,
12/14/26
...
5,193
5,264
L2251409.UP.FTS.B,
20.71%,
12/14/26
...
7,697
7,708
L2251393.UP.FTS.B,
20.81%,
12/14/26
...
3,148
3,188
L2249780.UP.FTS.B,
21.14%,
12/14/26
...
5,149
5,219
L2250707.UP.FTS.B,
21.52%,
12/14/26
...
3,850
3,856
L2249149.UP.FTS.B,
21.87%,
12/14/26
...
6,477
6,501
FW2248314.UP.FTS.B,
21.92%,
12/14/26
.
2,268
2,299
L2249898.UP.FTS.B,
22.33%,
12/14/26
...
14,240
14,263
L2251333.UP.FTS.B,
22.77%,
12/14/26
...
10,392
10,525
L2249183.UP.FTS.B,
22.87%,
12/14/26
...
2,287
2,318
FW2251497.UP.FTS.B,
23.11%,
12/14/26
.
3,472
3,463
L2250010.UP.FTS.B,
23.56%,
12/14/26
...
3,286
3,331
FW2248932.UP.FTS.B,
23.62%,
12/14/26
.
1,366
1,318
L2249765.UP.FTS.B,
23.67%,
12/14/26
...
2,631
2,667
L2250948.UP.FTS.B,
23.7%,
12/14/26
....
30,303
29,268
L2248306.UP.FTS.B,
23.97%,
12/14/26
...
16,491
16,715
L2250334.UP.FTS.B,
24.44%,
12/14/26
...
5,759
5,779
L2250314.UP.FTS.B,
24.91%,
12/14/26
...
2,413
2,330
L2249782.UP.FTS.B,
24.98%,
12/14/26
...
2,793
2,830
L2248144.UP.FTS.B,
25.08%,
12/14/26
...
3,182
3,069
L2250779.UP.FTS.B,
25.12%,
12/14/26
...
1,094
1,102
L2248450.UP.FTS.B,
25.14%,
12/14/26
...
4,093
3,894
L2248417.UP.FTS.B,
25.23%,
12/14/26
...
1,532
443
L2249856.UP.FTS.B,
25.32%,
12/14/26
...
800
811
L2249823.UP.FTS.B,
25.41%,
12/14/26
...
2,833
2,831
L2251395.UP.FTS.B,
25.45%,
12/14/26
...
1,469
1,489
L2251149.UP.FTS.B,
25.46%,
12/14/26
...
1,949
139
L2250992.UP.FTS.B,
25.92%,
12/14/26
...
6,714
6,791
FW2248550.UP.FTS.B,
26.2%,
12/14/26
..
2,875
2,907
L2249257.UP.FTS.B,
26.38%,
12/14/26
...
6,211
1,814
FW2249342.UP.FTS.B,
27.92%,
12/14/26
.
3,482
3,505
FW2251120.UP.FTS.B,
28.37%,
12/14/26
.
8,883
9,003
FW2249976.UP.FTS.B,
28.77%,
12/14/26
.
1,185
1,193
FW2249951.UP.FTS.B,
30.44%,
12/14/26
.
1,360
1,377
FW2249983.UP.FTS.B,
30.63%,
12/14/26
.
1,374
1,325
FW2250251.UP.FTS.B,
30.69%,
12/14/26
.
4,335
1,284
FW2249049.UP.FTS.B,
30.95%,
12/14/26
.
4,465
4,310
FW2249041.UP.FTS.B,
31.12%,
12/14/26
.
793
765
FW2250974.UP.FTS.B,
31.12%,
12/14/26
.
2,310
2,336
FW2248893.UP.FTS.B,
31.17%,
12/14/26
.
1,256
1,273
FW2249653.UP.FTS.B,
31.19%,
12/14/26
.
2,653
2,689
FW2251410.UP.FTS.B,
31.25%,
12/14/26
.
3,238
3,276
L2251963.UP.FTS.B,
7.31%,
12/15/26
....
6,992
6,960
L2141755.UP.FTS.B,
8.51%,
12/15/26
....
27,734
27,603
L2252339.UP.FTS.B,
8.65%,
12/15/26
....
14,250
14,185
L2252737.UP.FTS.B,
8.71%,
12/15/26
....
11,979
11,925
L2252298.UP.FTS.B,
8.83%,
12/15/26
....
1,472
1,463
L2252476.UP.FTS.B,
9.18%,
12/15/26
....
5,734
5,705
FW2253701.UP.FTS.B,
10.99%,
12/15/26
.
7,550
7,535
L2253738.UP.FTS.B,
11.28%,
12/15/26
...
17,580
17,548
L2247794.UP.FTS.B,
12.65%,
12/15/26
...
2,674
2,669
L2253650.UP.FTS.B,
13.61%,
12/15/26
...
3,899
3,893
L2253384.UP.FTS.B,
13.79%,
12/15/26
...
7,212
7,200
L2252920.UP.FTS.B,
14.66%,
12/15/26
...
1,914
498
L2252931.UP.FTS.B,
15.49%,
12/15/26
...
2,060
2,063
FW2249675.UP.FTS.B,
16.01%,
12/15/26
.
10,479
757
L2252976.UP.FTS.B,
16.75%,
12/15/26
...
3,913
3,922
Franklin
Universal
Trust
Schedule
of
Investments
(unaudited)
See
Notes
to
Schedule
of
Investments.
Quarterly
Schedule
of
Investments
23
Description
Principal
Amount
Value
Marketplace
Loans
(continued)
Upstart
Network,
Inc.
(continued)
L2252199.UP.FTS.B,
17.21%,
12/15/26
...
$
5,838
$
5,829
L2253164.UP.FTS.B,
17.76%,
12/15/26
...
3,225
3,225
FW2252613.UP.FTS.B,
17.78%,
12/15/26
.
422
418
FW2253547.UP.FTS.B,
18.3%,
12/15/26
..
1,910
91
L2252566.UP.FTS.B,
19.55%,
12/15/26
...
3,766
3,760
FW2251546.UP.FTS.B,
19.76%,
12/15/26
.
9,537
9,581
L2252438.UP.FTS.B,
19.81%,
12/15/26
...
2,849
176
L2252318.UP.FTS.B,
20.43%,
12/15/26
...
1,919
1,927
L2251727.UP.FTS.B,
20.77%,
12/15/26
...
1,607
1,611
L2253118.UP.FTS.B,
21.32%,
12/15/26
...
12,892
13,081
L2251670.UP.FTS.B,
22.36%,
12/15/26
...
3,253
3,301
L2252135.UP.FTS.B,
22.59%,
12/15/26
...
1,955
1,984
L2250541.UP.FTS.B,
24.85%,
12/15/26
...
1,999
2,024
L2252209.UP.FTS.B,
25.21%,
12/15/26
...
887
895
L2252447.UP.FTS.B,
25.4%,
12/15/26
....
801
813
FW2253392.UP.FTS.B,
25.5%,
12/15/26
..
4,887
4,722
FW2248936.UP.FTS.B,
26.48%,
12/15/26
.
3,943
3,995
FW2252023.UP.FTS.B,
28.67%,
12/15/26
.
3,150
3,196
FW2253234.UP.FTS.B,
28.94%,
12/15/26
.
7,412
7,513
FW2252233.UP.FTS.B,
30.05%,
12/15/26
.
1,731
1,756
FW2247630.UP.FTS.B,
30.42%,
12/15/26
.
2,384
166
FW2252687.UP.FTS.B,
30.62%,
12/15/26
.
10,423
10,577
FW2251570.UP.FTS.B,
31.17%,
12/15/26
.
8,389
8,495
FW2253186.UP.FTS.B,
31.17%,
12/15/26
.
1,584
–
FW2253542.UP.FTS.B,
31.19%,
12/15/26
.
1,326
1,346
FW2251389.UP.FTS.B,
31.46%,
12/15/26
.
13,083
13,247
L2251912.UP.FTS.B,
13.91%,
12/19/26
...
2,109
2,106
L2252296.UP.FTS.B,
8.02%,
12/26/26
....
8,756
8,713
FW2249158.UP.FTS.B,
11.8%,
12/28/26
..
9,121
9,085
L2249483.UP.FTS.B,
20.19%,
12/28/26
...
6,575
6,588
L2253562.UP.FTS.B,
23.61%,
12/28/26
...
3,418
3,458
FW2250801.UP.FTS.B,
31.11%,
12/28/26
.
1,939
1,957
L2499407.UP.FTS.B,
5.37%,
1/24/27
....
29,143
28,915
L2499766.UP.FTS.B,
6.26%,
1/24/27
....
3,529
3,501
L2498743.UP.FTS.B,
7.47%,
1/24/27
....
6,550
6,504
L2492277.UP.FTS.B,
7.6%,
1/24/27
.....
4,055
4,026
L2500086.UP.FTS.B,
7.95%,
1/24/27
....
7,167
7,112
L2497458.UP.FTS.B,
8.44%,
1/24/27
....
20,936
20,787
L2497353.UP.FTS.B,
9.69%,
1/24/27
....
7,906
7,851
L2499730.UP.FTS.B,
10.93%,
1/24/27
....
6,606
883
L2500305.UP.FTS.B,
11.35%,
1/24/27
....
618
615
FW2499235.UP.FTS.B,
11.45%,
1/24/27
..
3,911
3,886
L2498623.UP.FTS.B,
12.18%,
1/24/27
....
1,371
1,363
FW2497574.UP.FTS.B,
12.62%,
1/24/27
..
21,222
21,071
L2497797.UP.FTS.B,
12.7%,
1/24/27
....
4,385
4,358
L2500282.UP.FTS.B,
13.29%,
1/24/27
....
6,321
6,275
L2498730.UP.FTS.B,
14.35%,
1/24/27
....
3,823
3,795
FW2499948.UP.FTS.B,
14.6%,
1/24/27
...
4,461
4,433
L2500513.UP.FTS.B,
14.9%,
1/24/27
....
12,783
12,703
L2499400.UP.FTS.B,
15.39%,
1/24/27
....
9,660
1,329
L2494019.UP.FTS.B,
16.44%,
1/24/27
....
3,887
3,868
L2497377.UP.FTS.B,
16.51%,
1/24/27
....
3,566
3,548
L2500130.UP.FTS.B,
18.16%,
1/24/27
....
4,603
4,581
L2500098.UP.FTS.B,
18.6%,
1/24/27
....
4,950
4,925
L2497796.UP.FTS.B,
18.8%,
1/24/27
....
4,782
2,732
L2497754.UP.FTS.B,
19.19%,
1/24/27
....
2,056
2,046
L2498546.UP.FTS.B,
19.91%,
1/24/27
....
4,428
4,398
L2497528.UP.FTS.B,
19.93%,
1/24/27
....
3,337
3,321
Description
Principal
Amount
Value
Upstart
Network,
Inc.
(continued)
L2499090.UP.FTS.B,
20.13%,
1/24/27
....
$
4,011
$
3,991
FW2499205.UP.FTS.B,
20.72%,
1/24/27
..
4,055
4,064
L2499153.UP.FTS.B,
21.13%,
1/24/27
....
786
781
L2497527.UP.FTS.B,
21.34%,
1/24/27
....
3,375
3,389
FW2494038.UP.FTS.B,
22.37%,
1/24/27
..
2,723
2,709
FW2497553.UP.FTS.B,
23.05%,
1/
24/27
..
11,858
11,900
L2500427.UP.FTS.B,
23.85%,
1/24/27
....
7,011
6,965
L2500224.UP.FTS.B,
25.04%,
1/24/27
....
4,051
4,060
L2500298.UP.FTS.B,
25.15%,
1/24/27
....
1,113
1,107
FW2497649.UP.FTS.B,
25.29%,
1/24/27
..
27,848
27,957
L2500230.UP.FTS.B,
25.4%,
1/24/27
....
3,623
3,637
L2500426.UP.FTS.B,
25.41%,
1/24/27
....
906
909
L2497705.UP.FTS.B,
25.44%,
1/24/27
....
2,747
2,753
L2500467.UP.FTS.B,
25.44%,
1/24/27
....
1,185
1,190
L2497190.UP.FTS.B,
26.04%,
1/24/27
....
2,031
2,021
L2500357.UP.FTS.B,
26.3%,
1/24/27
....
6,524
6,549
FW2498744.UP.FTS.B,
26.78%,
1/24/27
..
7,039
7,066
FW2499103.UP.FTS.B,
27.5%,
1/24/27
...
2,392
171
L2497724.UP.FTS.B,
27.87%,
1/24/27
....
3,692
3,672
FW2497801.UP.FTS.B,
28.11%,
1/24/27
..
5,277
1,474
FW2499989.UP.FTS.B,
28.3%,
1/24/27
...
6,133
6,143
FW2497725.UP.FTS.B,
28.51%,
1/24/27
..
940
67
FW2499482.UP.FTS.B,
28.65%,
1/24/27
..
11,699
11,742
FW2498534.UP.FTS.B,
28.67%,
1/24/27
..
1,295
1,298
FW2499784.UP.FTS.B,
29.61%,
1/24/27
..
4,958
349
FW2498768.UP.FTS.B,
30.06%,
1/24/27
..
1,082
1,084
FW2499403.UP.FTS.B,
30.76%,
1/24/27
..
2,027
2,034
FW2498894.UP.FTS.B,
31.13%,
1/24/27
..
2,613
2,622
FW2498422.UP.FTS.B,
31.2%,
1/24/27
...
727
730
FW2497608.UP.FTS.B,
31.43%,
1/24/27
..
1,231
1,236
FW2497327.UP.FTS.B,
33.75%,
1/24/27
..
1,404
1,409
FW2502639.UP.FTS.B,
4.89%,
1/25/27
...
7,589
7,529
L2502859.UP.FTS.B,
5.46%,
1/25/27
....
33,600
2,474
L2443263.UP.FTS.B,
6.66%,
1/25/27
....
5,020
4,981
L2501608.UP.FTS.B,
7.8%,
1/25/27
.....
11,950
11,858
L2501547.UP.FTS.B,
8.21%,
1/25/27
....
3,599
3,574
L2502319.UP.FTS.B,
8.49%,
1/25/27
....
24,155
23,973
L2502134.UP.FTS.B,
9.38%,
1/25/27
....
18,737
18,601
L2502174.UP.FTS.B,
9.86%,
1/25/27
....
9,749
9,681
FW2498378.UP.FTS.B,
11.81%,
1/25/27
..
18,636
18,522
L2501198.UP.FTS.B,
12.05%,
1/25/27
....
7,784
7,736
L2500626.UP.FTS.B,
12.15%,
1/25/27
....
2,785
2,762
FW2502179.UP.FTS.B,
12.78%,
1/25/27
..
1,254
1,246
L2501977.UP.FTS.B,
12.89%,
1/25/27
....
24,258
24,099
L2502535.UP.FTS.B,
13.13%,
1/25/27
....
29,995
29,788
L2502247.UP.FTS.B,
13.43%,
1/25/27
....
2,522
2,507
L2503471.UP.FTS.B,
13.93%,
1/25/27
....
3,168
3,149
L2500808.UP.FTS.B,
14.3%,
1/25/27
....
4,704
4,675
L2500633.UP.FTS.B,
14.62%,
1/25/27
....
2,821
2,802
L2501876.UP.FTS.B,
14.91%,
1/25/27
....
2,557
2,541
L2501591.UP.FTS.B,
16.26%,
1/25/27
....
11,079
6,180
FW2500763.UP.FTS.B,
16.29%,
1/25/27
..
2,782
2,769
L2499095.UP.FTS.B,
16.97%,
1/25/27
....
1,953
1,943
L2500943.UP.FTS.B,
17.28%,
1/25/27
....
5,145
5,116
L2501997.UP.FTS.B,
17.77%,
1/25/27
....
3,277
3,261
FW2501148.UP.FTS.B,
17.78%,
1/25/27
..
1,310
1,304
FW2501125.UP.FTS.B,
17.82%,
1/25/27
..
984
979
L2502439.UP.FTS.B,
18.98%,
1/25/27
....
4,583
4,561
Franklin
Universal
Trust
Schedule
of
Investments
(unaudited)
Quarterly
Schedule
of
Investments
See
Notes
to
Schedule
of
Investments.
24
Description
Principal
Amount
Value
Marketplace
Loans
(continued)
Upstart
Network,
Inc.
(continued)
L2495525.UP.FTS.B,
19.03%,
1/25/27
....
$
4,833
$
2,770
L2502391.UP.FTS.B,
19.43%,
1/25/27
....
10,606
1,440
L2500727.UP.FTS.B,
19.88%,
1/25/27
....
5,411
5,375
FW2501295.UP.FTS.B,
20.14%,
1/25/27
..
669
666
FW2500961.UP.FTS.B,
20.28%,
1/25/27
..
4,388
4,394
L2500557.UP.FTS.B,
21.25%,
1/25/27
....
2,880
207
FW2501561.UP.FTS.B,
21.33%,
1/25/27
..
3,831
3,838
L2503424.UP.FTS.B,
21.51%,
1/25/27
....
6,624
6,594
L2501728.UP.FTS.B,
21.52%,
1/25/27
....
3,392
3,369
L2500163.UP.FTS.B,
21.71%,
1/25/27
....
10,975
1,510
L2502058.UP.FTS.B,
21.83%,
1/25/27
....
6,809
6,825
L2500977.UP.FTS.B,
22.64%,
1/25/27
....
4,774
4,795
L2502763.UP.FTS.B,
23.93%,
1/25/27
....
2,779
2,785
FW2503468.UP.FTS.B,
24.6%,
1/25/27
...
2,287
2,294
FW2503375.UP.FTS.B,
24.71%,
1/25/27
..
2,111
2,117
FW2503209.UP.FTS.B,
25.12%,
1/25/27
..
4,774
4,791
L2502753.UP.FTS.B,
25.33%,
1/25/27
....
2,741
197
L2500577.UP.FTS.B,
25.4%,
1/25/27
....
1,120
156
L2503342.UP.FTS.B,
25.48%,
1/25/27
....
4,574
2,669
L2500860.UP.FTS.B,
25.49%,
1/25/27
....
938
940
L2501610.UP.FTS.B,
25.67%,
1/25/27
....
2,485
177
L2502912.UP.FTS.B,
25.69%,
1/25/27
....
15,574
505
L2502995.UP.FTS.B,
25.82%,
1/25/27
....
2,140
2,141
FW2501330.UP.FTS.B,
26.47%,
1/25/27
..
3,868
3,875
FW2502187.UP.FTS.B,
26.63%,
1/25/27
..
3,515
3,530
FW2501053.UP.FTS.B,
27.35%,
1/25/27
..
5,735
5,746
FW2474863.UP.FTS.B,
27.63%,
1/25/27
..
2,241
2,246
FW2502652.UP.FTS.B,
27.68%,
1/25/27
..
3,472
3,486
FW2503169.UP.FTS.B,
27.77%,
1/25/27
..
710
713
FW2501180.UP.FTS.B,
28.56%,
1/25/27
..
2,140
2,149
FW2500797.UP.FTS.B,
28.58%,
1/25/27
..
1,370
1,373
FW2502849.UP.FTS.B,
29.19%,
1/25/27
..
833
828
FW2501203.UP.FTS.B,
30.73%,
1/25/27
..
1,013
1,017
FW2503502.UP.FTS.B,
31.01%,
1/25/27
..
1,800
1,804
FW2501430.UP.FTS.B,
31.03%,
1/25/27
..
1,309
1,311
FW2502879.UP.FTS.B,
31.04%,
1/25/27
..
21,352
21,409
FW2500654.UP.FTS.B,
31.21%,
1/25/27
..
701
702
FW2502276.UP.FTS.B,
33.54%,
1/25/27
..
3,698
3,704
L2500341.UP.FTS.B,
18.83%,
1/28/27
....
1,657
1,646
L2503404.UP.FTS.B,
16.88%,
2/01/27
....
5,831
5,794
FW2500954.UP.FTS.B,
23.81%,
2/07/27
..
5,551
5,577
L2500786.UP.FTS.B,
26.35%,
2/09/27
....
1,951
1,940
FW1729970.UP.FTS.B,
18.27%,
2/17/27
..
16,848
16,886
L1729858.UP.FTS.B,
25.05%,
2/17/27
....
17,088
17,337
FW1729684.UP.FTS.B,
29.1%,
2/17/27
...
9,023
9,145
L1902477.UP.FTS.B,
13.65%,
3/22/27
....
6,361
6,303
L1901660.UP.FTS.B,
25.23%,
3/22/27
....
1,396
1,407
FW1901509.UP.FTS.B,
31.16%,
3/22/27
..
6,469
1,042
L2031108.UP.FTS.B,
11.34%,
4/12/27
....
32,422
8,300
L2030962.UP.FTS.B,
13.54%,
4/12/27
....
5,520
5,498
L2031106.UP.FTS.B,
17.27%,
4/12/27
....
1,279
1,265
L2030776.UP.FTS.B,
18.15%,
4/12/27
....
4,001
3,784
FW2032194.UP.FTS.B,
19.49%,
4/12/27
..
5,847
423
L2032266.UP.FTS.B,
21.24%,
4/12/27
....
3,515
3,544
L2032168.UP.FTS.B,
21.6%,
4/12/27
....
8,674
2,392
FW2032681.UP.FTS.B,
22.41%,
4/12/27
..
1,802
1,799
L2032337.UP.FTS.B,
26.62%,
4/12/27
....
6,853
6,587
L2972334.UP.FTS.B,
6.17%,
4/19/27
....
31,019
30,806
Description
Principal
Amount
Value
Upstart
Network,
Inc.
(continued)
L2971979.UP.FTS.B,
6.84%,
4/19/27
....
$
16,732
$
16,618
L2971286.UP.FTS.B,
7.38%,
4/19/27
....
15,689
15,582
L2972081.UP.FTS.B,
7.8%,
4/19/27
.....
3,297
3,275
FW2972190.UP.FTS.B,
7.92%,
4/19/27
...
29,835
29,634
L2971728.UP.FTS.B,
11.46%,
4/19/27
....
6,968
6,937
L2971948.UP.FTS.B,
12.78%,
4/19/27
....
5,152
1,334
L2971527.UP.FTS.B,
13.17%,
4/19/27
....
6,940
6,909
L2967243.UP.FTS.B,
14.24%,
4/19/27
....
11,340
11,290
L2971759.UP.FTS.B,
16.29%,
4/19/27
....
5,288
5,269
L2971657.UP.FTS.B,
16.32%,
4/19/27
....
1,471
1,469
L2971854.UP.FTS.B,
16.46%,
4/19/27
....
2,079
2,077
FW2968818.UP.FTS.B,
17.01%,
4/19/27
..
11,124
11,098
FW2971812.UP.FTS.B,
18.16%,
4/19/27
..
17,096
16,971
L2972316.UP.FTS.B,
18.63%,
4/19/27
....
34,409
34,384
L2971776.UP.FTS.B,
19.69%,
4/19/27
....
4,601
4,591
L2972008.UP.FTS.B,
20.74%,
4/19/27
....
3,862
3,904
FW2971982.UP.FTS.B,
21.48%,
4/19/27
..
1,201
1,198
L2970145.UP.FTS.B,
22.58%,
4/19/27
....
6,498
1,848
FW2971643.UP.FTS.B,
24.95%,
4/19/27
..
15,453
15,615
L2971841.UP.FTS.B,
25.2%,
4/19/27
....
1,052
1,062
L2030886.UP.FTS.B,
25.5%,
4/19/27
....
15,436
15,617
FW2972220.UP.FTS.B,
26.42%,
4/19/27
..
2,854
2,878
L2971662.UP.FTS.B,
26.49%,
4/19/27
....
732
731
FW2972102.UP.FTS.B,
26.72%,
4/19/27
..
2,388
2,412
FW2972305.UP.FTS.B,
27.33%,
4/19/27
..
4,418
4,456
FW2972030.UP.FTS.B,
28.07%,
4/19/27
..
3,700
3,732
L2102253.UP.FTS.B,
20.85%,
4/23/27
....
5,407
5,415
L2100737.UP.FTS.B,
22.28%,
4/23/27
....
14,393
14,492
FW2101765.UP.FTS.B,
29.07%,
4/23/27
..
3,105
3,125
FW2103415.UP.FTS.B,
31.09%,
4/23/27
..
10,820
758
L2250389.UP.FTS.B,
13.11%,
5/14/27
....
13,911
13,833
L2247268.UP.FTS.B,
14.22%,
5/14/27
....
32,488
32,345
FW2248341.UP.FTS.B,
18.43%,
5/14/27
..
19,096
18,135
L2248252.UP.FTS.B,
18.48%,
5/14/27
....
2,079
2,072
FW2249414.UP.FTS.B,
19.5%,
5/14/27
...
5,144
5,139
FW2250365.UP.FTS.B,
20.49%,
5/14/27
..
21,272
21,193
L2248430.UP.FTS.B,
21.51%,
5/14/27
....
1,126
1,122
L2249288.UP.FTS.B,
21.82%,
5/14/27
....
3,825
575
FW2248500.UP.FTS.B,
23.6%,
5/14/27
...
2,202
2,218
L2250245.UP.FTS.B,
24.75%,
5/14/27
....
1,375
1,382
L2251286.UP.FTS.B,
25.89%,
5/14/27
....
1,630
1,641
FW2249682.UP.FTS.B,
30.35%,
5/14/27
..
1,286
1,294
L2252226.UP.FTS.B,
14.86%,
5/15/27
....
40,219
5,631
L2252234.UP.FTS.B,
21.66%,
5/15/27
....
3,305
935
FW2253145.UP.FTS.B,
24.76%,
5/15/27
..
11,676
838
FW2251714.UP.FTS.B,
28.54%,
5/15/27
..
4,763
1,399
FW2252591.UP.FTS.B,
31.67%,
5/15/27
..
6,688
6,777
L2250436.UP.FTS.B,
22.79%,
5/27/27
....
15,183
15,330
L2497417.UP.FTS.B,
12.27%,
6/24/27
....
18,541
409
L2497350.UP.FTS.B,
13.11%,
6/24/27
....
6,911
6,837
FW2497520.UP.FTS.B,
17.89%,
6/24/27
..
4,738
4,685
FW2498266.UP.FTS.B,
27.06%,
6/24/27
..
3,347
3,316
FW2463420.UP.FTS.B,
28.55%,
6/24/27
..
785
457
FW2497583.UP.FTS.B,
31.24%,
6/24/27
..
6,462
459
L2472114.UP.FTS.B,
7.63%,
6/25/27
.....
12,838
12,723
L2501796.UP.FTS.B,
9.36%,
6/25/27
....
9,957
9,857
L2503121.UP.FTS.B,
17.35%,
6/25/27
....
9,133
1,246
L2500638.UP.FTS.B,
25.31%,
6/25/27
....
761
761
Franklin
Universal
Trust
Schedule
of
Investments
(unaudited)
See
Notes
to
Schedule
of
Investments.
Quarterly
Schedule
of
Investments
25
Description
Principal
Amount
Value
Marketplace
Loans
(continued)
Upstart
Network,
Inc.
(continued)
FW2501208.UP.FTS.B,
25.83%,
6/25/27
..
$
15,499
$
1,103
FW2503491.UP.FTS.B,
26.41%,
6/2
5/27
..
1,719
235
FW2502647.UP.FTS.B,
31.05%,
6/25/27
..
6,672
6,650
FW1729187.UP.FTS.B,
30.3%,
7/17/27
...
4,892
4,967
L1900981.UP.FTS.B,
20.57%,
8/22/27
....
2,380
1,385
L2032742.UP.FTS.B,
22.42%,
9/12/27
....
1,807
128
FW2972075.UP.FTS.B,
9.42%,
9/19/27
...
26,945
26,734
L2971880.UP.FTS.B,
24%,
9/19/27
......
25,726
25,542
L2101315.UP.FTS.B,
12.86%,
9/23/27
....
3,031
3,018
L2249726.UP.FTS.B,
12.59%,
10/14/27
...
6,400
465
L2250624.UP.FTS.B,
16.92%,
10/14/27
...
4,298
4,252
FW2500185.UP.FTS.B,
30.96%,
11/24/27
.
6,704
6,688
L2498668.UP.FTS.B,
13.66%,
11/25/27
...
29,348
29,064
FW2502838.UP.FTS.B,
16.27%,
11/25/27
.
27,586
27,361
FW2497947.UP.FTS.B,
28.25%,
11/27/27
.
30,665
–
L2499062.UP.FTS.B,
17.84%,
12/08/27
...
1,018
1,010
L2971929.UP.FTS.B,
24.66%,
2/19/28
....
16,457
16,388
L1901406.UP.FTS.B,
27.3%,
10/22/28
....
4,265
4,361
2,715,659
Total
Marketplace
Loans
(Cost
$7,337,185)
......
$6,433,424
Franklin
Universal
Trust
Notes
to
Schedule
of
Investments
(unaudited)
26
Quarterly
Schedule
of
Investments
1.
Organization
Franklin
Universal
Trust (Fund)
is
registered under
the
Investment
Company
Act
of
1940
(1940
Act)
as
a
closed-end
management
investment
company.
The
Fund
follows
the
accounting
and
reporting
guidance
in
Financial
Accounting
Standards
Board
(FASB)
Accounting
Standards
Codification
Topic
946,
Financial
Services
–
Investment
Companies
(ASC
946)
and
applies
the
specialized
accounting
and
reporting
guidance
in
U.S.
Generally
Accepted
Accounting
Principles
(U.S.
GAAP),
including,
but
not
limited
to,
ASC
946.
2. Financial
Instrument
Valuation
The
Fund's investments
in
financial
instruments
are
carried
at
fair
value
daily.
Fair
value
is
the
price
that
would
be
received
to
sell
an
asset
or
paid
to
transfer
a
liability
in
an
orderly
transaction
between
market
participants
on
the
measurement
date.
The
Fund
calculates the
net
asset
value
(NAV)
per
share
each
business
day
as
of
4
p.m.
Eastern
time
or
the
regularly
scheduled
close
of
the
New
York
Stock
Exchange
(NYSE),
whichever
is
earlier.
Senior
fixed
rate
notes
issued
by
the
Fund
are
carried
at
cost. Under
compliance
policies
and
procedures
approved
by
the Fund's
Board
of Trustees
(the
Board),
the
Board
has
designated
the
Fund's
investment
manager
as
the
valuation
designee
and
has
responsibility
for
oversight
of
valuation.
The
investment
manager
is
assisted
by
the
Fund's administrator
in
performing
this responsibility,
including
leading
the
cross-
functional
Valuation
Committee
(VC).
The
Fund
may
utilize
independent
pricing
services,
quotations
from
securities
and
financial
instrument
dealers,
and
other
market
sources
to
determine
fair
value.
Equity
securities
listed
on
an
exchange
or
on
the
NASDAQ
National
Market
System
are
valued
at
the
last
quoted
sale
price
or
the
official
closing
price
of
the
day,
respectively.
Foreign
equity
securities
are
valued
as
of
the
close
of
trading
on
the
foreign
stock
exchange
on
which
the
security
is
primarily
traded
or
as
of
4
p.m.
Eastern
time.
The
value
is
then
converted
into
its
U.S.
dollar
equivalent
at
the
foreign
exchange
rate
in
effect
at
4
p.m. Eastern
time
on
the
day
that
the
value
of
the
security
is
determined.
Over-the-counter
(OTC)
securities
are
valued
within
the
range
of
the
most
recent
quoted
bid
and
ask
prices.
Securities
that
trade
in
multiple
markets
or
on
multiple
exchanges
are
valued
according
to
the
broadest
and
most
representative
market.
Certain
equity
securities
are
valued
based
upon
fundamental
characteristics
or
relationships
to
similar
securities.
Debt
securities
generally
trade
in
the
OTC
market
rather
than
on
a
securities
exchange.
The Fund's
pricing
services
use
multiple
valuation
techniques
to
determine
fair
value.
In
instances
where
sufficient
market
activity
exists,
the
pricing
services
may
utilize
a
market-based
approach
through
which
quotes
from
market
makers
are
used
to
determine
fair
value.
In
instances
where
sufficient
market
activity
may
not
exist
or
is
limited,
the
pricing
services
also
utilize
proprietary
valuation
models
which
may
consider
market
characteristics
such
as
benchmark
yield
curves,
credit
spreads,
estimated
default
rates,
anticipated
market
interest
rate
volatility,
coupon
rates,
anticipated
timing
of
principal
repayments,
underlying
collateral,
and
other
unique
security
features
in
order
to
estimate
the
relevant
cash
flows,
which
are
then
discounted
to
calculate
the
fair
value.
Securities
denominated
in
a
foreign
currency
are
converted
into
their
U.S.
dollar
equivalent
at
the
foreign
exchange
rate
in
effect
at
4
p.m.
Eastern
time
on
the
date
that
the
values
of
the
foreign
debt
securities
are
determined.
Investments
in
open-end
mutual
funds
are
valued
at
the
closing
NAV.
The
Fund
has procedures
to
determine
the
fair
value
of
financial
instruments
for
which
market
prices
are
not
reliable
or
readily
available.
Under
these
procedures,
the
Fund
primarily employs
a
market-based
approach
which
may
use
related
or
comparable
assets
or
liabilities,
recent
transactions,
market
multiples,
and
other
relevant
information
for
the
investment
to
determine
the
fair
value
of
the
investment.
An
income-based
valuation
approach
may
also
be
used
in
which
the
anticipated
future
cash
flows
of
the
investment
are
discounted
to
calculate
fair
value.
Discounts
may
also
be
applied
due
to
the
nature
or
duration
of
any
restrictions
on
the
disposition
of
the
investments.
Due
to
the
inherent
uncertainty
of
valuations
of
such
investments,
the
fair
values
may
differ
significantly
from
the
values
that
would
have
been
used
had
an
active
market
existed. 
Franklin
Universal
Trust
Notes
to
Schedule
of
Investments
(unaudited)
27
Quarterly
Schedule
of
Investments
Trading
in
securities
on
foreign
securities
stock
exchanges
and
OTC
markets
may
be
completed
before
4
p.m.
Eastern
time.
In
addition,
trading
in
certain
foreign
markets
may
not
take
place
on
every
Fund’s
business
day.
Events
can
occur
between
the
time
at
which
trading
in
a
foreign
security
is
completed
and
4
p.m.
Eastern
time
that
might
call
into
question
the
reliability
of
the
value
of
a
portfolio
security
held
by
the
Fund.
As
a
result,
differences
may
arise
between
the
value
of
the
Fund’s
portfolio securities
as
determined
at
the
foreign
market
close
and
the
latest
indications
of
value
at
4
p.m.
Eastern
time.
In
order
to
minimize
the
potential
for
these
differences,
an
independent
pricing
service
may
be
used
to
adjust
the
value
of
the
Fund's
portfolio
securities
to
the
latest
indications
of
fair
value
at 4
p.m.
Eastern
time.
When
the
last
day
of
the
reporting
period
is
a
non-business
day,
certain
foreign
markets
may
be
open
on
those
days
that
the
Fund’s
NAV
is
not
calculated,
which
could
result
in
differences
between
the
value
of
the
Fund’s
portfolio
securities
on
the
last
business
day
and
the
last
calendar
day
of
the
reporting
period.
Any
security
valuation
changes
due
to
an
open
foreign
market
are
adjusted
and
reflected
by
the
Fund for
financial
reporting
purposes.
3.
Restricted
Securities
At
May
31,
2024,
investments
in
restricted
securities,
excluding
securities
exempt
from
registration
under
the
Securities
Act
of
1933,
were
as
follows:
4.
Investments
in
Affiliated
Management
Investment
Companies 
The
Fund
invests
in
one
or
more
affiliated
management
investment
companies.
As
defined
in
the
1940
Act,
an
investment
is
deemed
to
be
a
"Controlled
Affiliate"
of
a
fund
when
a
fund
owns,
either
directly
or
indirectly,
25%
or
more
of
the
affiliated
fund's
outstanding
shares
or
has
the
power
to
exercise
control
over
management
or
policies
of
such
fund.
The
Fund
does
not
invest
for
purposes
of
exercising
a
controlling
influence
over
the
management
or
policies.
During
the
period
ended
May
31,
2024
,
the
Fund
held
investments
in
affiliated
management
investment
companies
as
follows:
Principal
Amount
*
Issuer
Acquisition
Date
Cost
Value
Franklin
Universal
Trust
757,734
Murray
Energy
Corp.,
Secured
Note,
144A,
PIK,
12%,
4/15/24
..................................
4/09/15
-
4/15/19
$
790,481
$
—
Total
Restricted
Securities
(Value
is
—
%
of
Net
Assets)
..............
$790,481
$—
*
In
U.S.
dollars
unless
otherwise
indicated.
    aa
Value
at
Beginning
of
Period
Purchases
Sales
Realized
Gain
(Loss)
Net
Change
in
Unrealized
Appreciation
(Depreciation)
Value
at
End
of
Period
Number
of
Shares
Held
at
End
of
Period
Investment
Income
a      
a  
a  
a  
a  
a  
a  
a  
Franklin
Universal
Trust
Non-Controlled
Affiliates
Dividends
Institutional
Fiduciary
Trust
-
Money
Market
Portfolio
,
5.006
%
$7,233,846
$40,482,807
$(42,572,308)
$—
$—
$5,144,345
5,144,345
$181,323
Total
Affiliated
Securities
...
$7,233,846
$40,482,807
$(42,572,308)
$—
$—
$5,144,345
$181,323
2. Financial
Instrument
Valuation
(continued)
Franklin
Universal
Trust
Notes
to
Schedule
of
Investments
(unaudited)
28
Quarterly
Schedule
of
Investments
5. Fair
Value
Measurements 
The Fund
follows a
fair
value
hierarchy
that
distinguishes
between
market
data
obtained
from
independent
sources
(observable
inputs)
and
the Fund's
own
market
assumptions
(unobservable
inputs).
These
inputs
are
used
in
determining
the
value
of
the
Fund's
financial
instruments
and
are
summarized
in
the
following
fair
value
hierarchy:
Level
1
–
quoted
prices
in
active
markets
for
identical
financial
instruments
Level
2
–
other
significant
observable
inputs
(including
quoted
prices
for
similar
financial
instruments,
interest
rates,
prepayment
speed,
credit
risk,
etc.)
Level
3
–
significant
unobservable
inputs
(including
the
Fund's
own
assumptions
in
determining
the
fair
value
of
financial
instruments)
The
input
levels
are
not
necessarily
an
indication
of
the
risk
or
liquidity
associated
with
financial
instruments
at
that
level.
A
summary
of
inputs
used
as
of
May
31,
2024,
in
valuing
the Fund's
assets
carried
at
fair
value,
is
as
follows:  
Level
1
Level
2
Level
3
Total
Franklin
Universal
Trust
Assets:
Investments
in
Securities:
Common
Stocks
:
Electric
Utilities
........................
$
52,998,172
$
—
$
—
$
52,998,172
Independent
Power
and
Renewable
Electricity
Producers
..........................
1,280,007
—
—
1,280,007
Metals
&
Mining
.......................
5,903,619
—
—
5,903,619
Multi-Utilities
..........................
33,319,458
—
—
33,319,458
Oil,
Gas
&
Consumable
Fuels
.............
2,787,310
280,226
—
3,067,536
Pharmaceuticals
.......................
—
321,840
—
321,840
Preferred
Stocks
.........................
538,450
—
—
538,450
Warrants
...............................
763
—
—
763
Corporate
Bonds
:
Aerospace
&
Defense
...................
—
904,407
—
904,407
Automobile
Components
.................
—
6,058,449
—
6,058,449
Automobiles
..........................
—
1,050,451
—
1,050,451
Beverages
...........................
—
642,488
—
642,488
Biotechnology
.........................
—
890,408
—
890,408
Building
Products
......................
—
5,104,028
—
5,104,028
Capital
Markets
........................
—
1,374,267
—
1,374,267
Chemicals
...........................
—
5,793,537
—
5,793,537
Commercial
Services
&
Supplies
...........
—
4,074,037
—
4,074,037
Communications
Equipment
..............
—
784,994
—
784,994
Construction
&
Engineering
...............
—
1,043,120
—
1,043,120
Consumer
Finance
.....................
—
4,737,880
—
4,737,880
Consumer
Staples
Distribution
&
Retail
......
—
1,427,321
—
1,427,321
Containers
&
Packaging
.................
—
7,032,193
—
7,032,193
Distributors
...........................
—
1,230,238
—
1,230,238
Diversified
Consumer
Services
............
—
1,336,030
—
1,336,030
Diversified
REITs
......................
—
2,140,024
—
2,140,024
Diversified
Telecommunication
Services
.....
—
3,739,569
—
3,739,569
Electric
Utilities
........................
—
1,468,169
—
1,468,169
Electrical
Equipment
....................
—
1,666,186
—
1,666,186
Electronic
Equipment,
Instruments
&
Components
........................
—
755,505
—
755,505
Energy
Equipment
&
Services
.............
—
4,212,395
—
4,212,395
Entertainment
.........................
—
818,435
—
818,435
Financial
Services
......................
—
5,432,349
—
5,432,349
Food
Products
........................
—
2,974,386
—
2,974,386
Franklin
Universal
Trust
Notes
to
Schedule
of
Investments
(unaudited)
29
Quarterly
Schedule
of
Investments
Level
1
Level
2
Level
3
Total
Franklin
Universal
Trust
(continued)
Assets:
(continued)
Investments
in
Securities:
Corporate
Bonds:
Ground
Transportation
..................
$
—
$
1,525,032
$
—
$
1,525,032
Health
Care
Equipment
&
Supplies
.........
—
1,308,588
—
1,308,588
Health
Care
Providers
&
Services
..........
—
6,257,488
—
6,257,488
Health
Care
REITs
.....................
—
181,780
—
181,780
Hotel
&
Resort
REITs
...................
—
1,400,663
—
1,400,663
Hotels,
Restaurants
&
Leisure
.............
—
9,698,195
—
a
9,698,195
Household
Durables
....................
—
4,415,036
—
4,415,036
Independent
Power
and
Renewable
Electricity
Producers
..........................
—
3,353,419
—
3,353,419
Insurance
............................
—
1,769,102
—
1,769,102
IT
Services
...........................
—
2,885,195
—
2,885,195
Life
Sciences
Tools
&
Services
............
—
1,000,747
—
1,000,747
Machinery
............................
—
3,227,239
—
3,227,239
Media
...............................
—
4,646,126
—
4,646,126
Metals
&
Mining
.......................
—
3,038,390
—
3,038,390
Mortgage
Real
Estate
Investment
Trusts
(REITs)
............................
—
1,526,259
—
1,526,259
Oil,
Gas
&
Consumable
Fuels
.............
—
18,836,023
—
a
18,836,023
Paper
&
Forest
Products
.................
—
325,248
—
325,248
Passenger
Airlines
.....................
—
1,518,401
—
1,518,401
Personal
Care
Products
.................
—
604,715
—
604,715
Pharmaceuticals
.......................
—
2,283,560
—
a
2,283,560
Real
Estate
Management
&
Development
....
—
1,349,851
—
1,349,851
Software
.............................
—
2,248,526
—
2,248,526
Specialized
REITs
......................
—
990,144
—
990,144
Specialty
Retail
........................
—
2,871,124
—
2,871,124
Textiles,
Apparel
&
Luxury
Goods
..........
—
408,728
—
408,728
Trading
Companies
&
Distributors
..........
—
2,389,012
—
2,389,012
Wireless
Telecommunication
Services
.......
—
557,866
—
557,866
Senior
Floating
Rate
Interests
...............
—
187,745
—
187,745
Marketplace
Loans
.......................
—
—
6,433,424
6,433,424
Asset-Backed
Securities
...................
—
196,515
—
196,515
Escrows
and
Litigation
Trusts
...............
—
34,125
—
a
34,125
Short
Term
Investments
...................
5,144,345
—
—
5,144,345
Total
Investments
in
Securities
...........
$101,972,124
$148,327,774
$6,433,424
$256,733,322
a
Includes
financial
instruments
determined
to
have
no
value.
5. Fair
Value
Measurements 
(continued)
Franklin
Universal
Trust
Notes
to
Schedule
of
Investments
(unaudited)
30
Quarterly
Schedule
of
Investments
A
reconciliation
in
which
Level
3
inputs
are
used
in
determining
fair
value
is
presented
when
there
are
significant
Level
3
assets
and/or
liabilities
at
the
beginning
and/or
end
of
the
period.
At 
May
31,
2024
,
the
reconciliation
is
as
follows:
Significant
unobservable
valuation
inputs
for
material
Level
3
assets
and/or
liabilities
and
impact
to
fair
value
as
a
result
of
changes
in
unobservable
valuation
inputs
as
of
May
31,
2024
,
are
as
follows:
a
Weighted
based
on
the
relative
fair
value
of
the
financial
instruments.
b
Represents
the
directional
change
in
the
fair
value
of
the
Level
3
financial
instruments
that
would
result
from
a
significant
and
reasonable
increase
in
the
corresponding
input.
A
significant
and
reasonable
decrease
in
the
input
would
have
the
opposite
effect.
Significant
increases
and
decreases
in
these
inputs
in
isolation
could
result
in
significantly
higher
or
lower
fair
value
measurements.
c
Includes
financial
instruments
determined
to
have
no
value.
Balance
at
Beginning
of
Period
Purchases
a
Sales
b
Transfer
Into
Level
3
Transfer
Out
of
Level
3
Net
Accretion
(Amortiza-
tion)
Net
Realized
Gain
(Loss)
Net
Unr
ealized
Appreciatio
n
(
Depreciation
)
Balance
at
End
of
Period
Net
Change
in
Unrealized
Appreciation
(Depreciation)
on
Assets
Held
at
Period
End
a
a
a
a
a
a
a
a
a
a
a
Franklin
Universal
Trust
Assets:
Investments
in
Securities:
Corporate
Bonds
:
Hotels,
Restaurants
&
Leisure
.........
$
—
c
$
—
$
—
$
—
$
—
$
—
$
—
$
—
$
—
c
$
—
Oil,
Gas
&
Consumable
Fuels
..........
—
c
—
—
—
—
—
—
—
—
c
—
Pharmaceuticals
....
—
—
c
(
1,390
)
—
—
—
1,390
—
—
c
—
Marketplace
Loans
:
Financial
Services
...
11,122,540
c
18,186
(
4,862,704
)
—
—
—
(
334,993
)
490,395
6,433,424
(
103,642
)
Escrows
and
Litigation
Trusts
:
—
—
c
(
3,088
)
—
—
—
3,088
—
—
c
—
Total
Investments
in
Securities
............
$11,122,540
$18,186
$(4,867,182)
$—
$—
$—
$(330,515)
$490,395
$6,433,424
$(103,642)
a
Purchases
include
all
purchases
of
securities
and
securities
received
in
corporate
actions.
b
Sales
include
all
sales
of
securities,
maturities,
paydowns
and
securities
tendered
in
corporate
actions.
c
Includes
financial
instruments
determined
to
have
no
value.
Description
Fair
Value
at
End
of
Period
Valuation
Technique
Unobservable
Inputs
Amount
(Weighted
Average)
a
Impact
to
Fair
Value
if
Input
Increases
b
Franklin
Universal
Trust
Assets:
Investments
in
Securities:
Marketplace
Loans:
Financial
Services...........
$6,433,424
Discounted
cash
flow
Loss-adjusted
discount
rate
0.5%
-
19.6%
(8.2%)
Decrease
Projected
loss
rate
1.5%
-
86.2%
(18.0%)
Decrease
All
Other
Investments……….
—
c
Total.......................................
$6,433,424
5. Fair
Value
Measurements 
(continued)
Franklin
Universal
Trust
Notes
to
Schedule
of
Investments
(unaudited)
31
Quarterly
Schedule
of
Investments
Abbreviations
Selected
Portfolio
ADR
American
Depositary
Receipt
CME
Chicago
Mercantile
Exchange
FRN
Floating
Rate
Note
PIK
Payment-In-Kind
REIT
Real
Estate
Investment
Trust
SOFR
Secured
Overnight
Financing
Rate
For
additional
information
on
the
Fund's
significant
accounting
policies,
please
refer
to
the Fund's
most
recent
semiannual
or
annual
shareholder
report. 
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