Not
FDIC
Insured
May
Lose
Value
No
Bank
Guarantee
FUT-Q1PH
1
Schedule
of
Investments
(unaudited)
Franklin
Universal
Trust
2
Notes
to
Schedule
of
Investments
23
Franklin
Universal
Trust
Schedule
of
Investments
(unaudited),
November
30,
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
45.7%
Electric
Utilities
25.1%
Alliant
Energy
Corp.
.................................
United
States
80,000
$
5,056,000
American
Electric
Power
Co.,
Inc.
.......................
United
States
36,000
3,594,960
Constellation
Energy
Corp.
............................
United
States
10,000
2,565,600
Duke
Energy
Corp.
..................................
United
States
40,000
4,682,000
Edison
International
.................................
United
States
36,000
3,159,000
Entergy
Corp.
......................................
United
States
30,000
4,685,100
Evergy,
Inc.
........................................
United
States
72,000
4,653,360
Exelon
Corp.
.......................................
United
States
65,000
2,571,400
FirstEnergy
Corp.
...................................
United
States
50,000
2,127,500
NextEra
Energy,
Inc.
.................................
United
States
115,000
9,047,050
Pinnacle
West
Capital
Corp.
...........................
United
States
20,000
1,874,000
PPL
Corp.
.........................................
United
States
24,500
855,785
Southern
Co.
(The)
..................................
United
States
50,000
4,456,500
Xcel
Energy,
Inc.
....................................
United
States
55,000
3,990,800
53,319,055
Metals
&
Mining
2.5%
BHP
Group
Ltd.
,
ADR
................................
Australia
25,185
1,325,990
Freeport-McMoRan,
Inc.
..............................
United
States
40,380
1,784,796
Newmont
Corp.
.....................................
United
States
26,000
1,090,440
Rio
Tinto
plc
,
ADR
...................................
Australia
15,000
942,600
South32
Ltd.
,
ADR
..................................
Australia
10,074
121,996
5,265,822
Multi-Utilities
16.4%
CenterPoint
Energy,
Inc.
..............................
United
States
122,800
4,005,736
CMS
Energy
Corp.
..................................
United
States
60,000
4,182,600
Consolidated
Edison,
Inc.
.............................
United
States
20,000
2,011,800
Dominion
Energy,
Inc.
................................
United
States
65,000
3,818,750
DTE
Energy
Co.
....................................
United
States
30,000
3,773,400
NiSource,
Inc.
......................................
United
States
60,000
2,285,400
Public
Service
Enterprise
Group,
Inc.
....................
United
States
45,000
4,243,500
Sempra
...........................................
United
States
90,000
8,430,300
WEC
Energy
Group,
Inc.
..............................
United
States
20,000
2,021,000
34,772,486
Oil,
Gas
&
Consumable
Fuels
1.6%
a
Amplify
Energy
Corp.
................................
United
States
245
1,644
Birch
Permian
Holdings,
Inc.
...........................
United
States
32,490
220,526
California
Resources
Corp.
............................
United
States
47
2,780
DT
Midstream,
Inc.
..................................
United
States
10,000
1,061,200
Enbridge,
Inc.
......................................
Canada
39,360
1,707,437
Expand
Energy
Corp.
................................
United
States
1,985
196,436
Woodside
Energy
Group
Ltd.
,
ADR
......................
Australia
9,101
145,980
3,336,003
Pharmaceuticals
0.1%
a
Endo,
Inc.
.........................................
United
States
11,359
258,985
Total
Common
Stocks
(Cost
$
34,376,604
)
....................................
96,952,351
Convertible
Preferred
Stocks
0.1%
Aerospace
&
Defense
0.1%
a
Boeing
Co.
(The)
,
6
%
................................
United
States
3,000
166,170
a
Total
Convertible
Preferred
Stocks
(Cost
$
150,000
)
............................
166,170
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
$
577,500
Total
Preferred
Stocks
(Cost
$
598,125
)
.......................................
577,500
Warrants
Warrants
0.0%
†
Oil,
Gas
&
Consumable
Fuels
0.0%
†
a
Expand
Energy
Corp.
,
2/09/26
.........................
United
States
215
16,708
Total
Warrants
(Cost
$
18,168
)
...............................................
16,708
Principal
Amount
*
Corporate
Bonds
76.7%
Aerospace
&
Defense
1.1%
b
,c
Bombardier,
Inc.
,
Senior
Note
,
144A,
7%,
6/01/32
...........
Canada
900,000
919,509
b
,c
TransDigm,
Inc.
,
Senior
Secured
Note
,
144A,
6%,
1/15/33
.....
United
States
1,500,000
1,501,155
2,420,664
Automobile
Components
2.7%
b
,c
Adient
Global
Holdings
Ltd.
,
Senior
Note
,
144A,
8.25%,
4/15/31
....................
United
States
700,000
731,778
Senior
Secured
Note
,
144A,
7%,
4/15/28
................
United
States
400,000
409,368
b
Allison
Transmission,
Inc.
,
Senior
Bond
,
144A,
3.75%,
1/30/31
....................
United
States
300,000
269,856
Senior
Note
,
144A,
4.75%,
10/01/27
...................
United
States
600,000
587,571
b
,c
Dornoch
Debt
Merger
Sub,
Inc.
,
Senior
Note
,
144A,
6.625%,
10/15/29
........................................
United
States
1,400,000
1,110,127
c
Goodyear
Tire
&
Rubber
Co.
(The)
,
Senior
Note
,
9.5%,
5/31/25
.
United
States
560,000
565,190
b
,d
IHO
Verwaltungs
GmbH
,
Senior
Secured
Note
,
144A,
PIK,
7.75%,
11/15/30
.........
Germany
400,000
400,676
Senior
Secured
Note
,
144A,
PIK,
8%,
11/15/32
...........
Germany
900,000
911,925
b
,c
ZF
North
America
Capital,
Inc.
,
Senior
Note
,
144A,
6.75%,
4/23/30
.........................................
Germany
700,000
683,975
5,670,466
Automobiles
0.5%
b
,c
Jaguar
Land
Rover
Automotive
plc
,
Senior
Note
,
144A,
5.5%,
7/15/29
.........................................
United
Kingdom
1,100,000
1,079,735
Biotechnology
0.6%
b
Emergent
BioSolutions,
Inc.
,
Senior
Note
,
144A,
3.875%,
8/15/28
United
States
900,000
725,343
b
Grifols
SA
,
Senior
Note
,
144A,
4.75%,
10/15/28
............
Spain
600,000
548,008
1,273,351
Broadline
Retail
0.3%
b
Wayfair
LLC
,
Senior
Secured
Note
,
144A,
7.25%,
10/31/29
....
United
States
700,000
711,125
Building
Products
2.1%
b
,c
Advanced
Drainage
Systems,
Inc.
,
Senior
Note
,
144A,
6.375%,
6/15/30
.........................................
United
States
500,000
504,570
b
Cornerstone
Building
Brands,
Inc.
,
Senior
Note
,
144A,
6.125%,
1/15/29
.........................................
United
States
300,000
253,024
b
,c
EMRLD
Borrower
LP
/
Emerald
Co-Issuer,
Inc.
,
Senior
Secured
Note
,
144A,
6.625%,
12/15/30
........................
United
States
900,000
911,071
b
Miter
Brands
Acquisition
Holdco,
Inc.
/
MIWD
Borrower
LLC
,
Senior
Secured
Note
,
144A,
6.75%,
4/01/32
..............
United
States
500,000
509,300
b
,c
Smyrna
Ready
Mix
Concrete
LLC
,
Senior
Secured
Note
,
144A,
8.875%,
11/15/31
..................................
United
States
1,200,000
1,277,797
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
Standard
Industries,
Inc.
,
c
Senior
Bond
,
144A,
4.75%,
1/15/28
....................
United
States
500,000
$
486,323
Senior
Bond
,
144A,
4.375%,
7/15/30
...................
United
States
100,000
93,101
Senior
Note
,
144A,
6.5%,
8/15/32
.....................
United
States
400,000
409,485
4,444,671
Capital
Markets
0.7%
b
Jane
Street
Group
/
JSG
Finance,
Inc.
,
c
Senior
Secured
Note
,
144A,
4.5%,
11/15/29
.............
United
States
500,000
476,339
Senior
Secured
Note
,
144A,
6.125%,
11/01/32
...........
United
States
500,000
502,437
b
StoneX
Group,
Inc.
,
Senior
Secured
Note
,
144A,
7.875%,
3/01/31
United
States
500,000
529,232
1,508,008
Chemicals
3.2%
b
,d
,e
,f
Anagram
Holdings
LLC
/
Anagram
International,
Inc.
,
Secured
Note
,
144A,
PIK,
10%,
8/15/26
........................
United
States
257,209
—
b
Avient
Corp.
,
Senior
Note
,
144A,
6.25%,
11/01/31
...........
United
States
300,000
303,551
b
Braskem
Idesa
SAPI
,
Senior
Secured
Bond
,
144A,
6.99%,
2/20/32
.........................................
Mexico
300,000
225,163
b
Cerdia
Finanz
GmbH
,
Senior
Secured
Note
,
144A,
9.375%,
10/03/31
........................................
Germany
500,000
523,294
b
Consolidated
Energy
Finance
SA
,
Senior
Note
,
144A,
5.625%,
10/15/28
........................................
Switzerland
600,000
517,741
b
Element
Solutions,
Inc.
,
Senior
Note
,
144A,
3.875%,
9/01/28
...
United
States
200,000
192,646
b
,c
GPD
Cos.,
Inc.
,
Senior
Secured
Note
,
144A,
10.125%,
4/01/26
.
United
States
1,500,000
1,446,914
b
,c
Illuminate
Buyer
LLC
/
Illuminate
Holdings
IV,
Inc.
,
Senior
Note
,
144A,
9%,
7/01/28
.................................
United
States
1,000,000
1,015,434
b
,d
Kobe
US
Midco
2,
Inc.
,
Senior
Note
,
144A,
PIK,
9.25%,
11/01/26
United
States
231,525
193,999
b
,c
Rain
Carbon,
Inc.
,
Senior
Secured
Note
,
144A,
12.25%,
9/01/29
United
States
1,200,000
1,289,265
b
Rain
CII
Carbon
LLC
/
CII
Carbon
Corp.
,
Secured
Note
,
144A,
7.25%,
4/01/25
...................................
United
States
33,000
32,742
b
,c
Vibrantz
Technologies,
Inc.
,
Senior
Note
,
144A,
9%,
2/15/30
...
United
States
1,000,000
948,468
6,689,217
Commercial
Services
&
Supplies
2.3%
b
,c
Allied
Universal
Holdco
LLC
,
Senior
Secured
Note
,
144A,
7.875%,
2/15/31
...................................
United
States
1,200,000
1,229,874
b
,c
Enviri
Corp.
,
Senior
Note
,
144A,
5.75%,
7/31/27
............
United
States
500,000
480,850
b
,c
Prime
Security
Services
Borrower
LLC
/
Prime
Finance,
Inc.
,
Senior
Secured
Note
,
144A,
3.375%,
8/31/27
.............
United
States
600,000
564,689
b
,c
RR
Donnelley
&
Sons
Co.
,
Senior
Secured
Note
,
144A,
9.5%,
8/01/29
.........................................
United
States
1,125,000
1,156,585
b
,c
VM
Consolidated,
Inc.
,
Senior
Note
,
144A,
5.5%,
4/15/29
.....
United
States
800,000
775,778
b
Wrangler
Holdco
Corp.
,
Senior
Note
,
144A,
6.625%,
4/01/32
...
Canada
700,000
721,776
4,929,552
Communications
Equipment
0.6%
b
CommScope
LLC
,
Senior
Note
,
144A,
7.125%,
7/01/28
.......
United
States
1,600,000
1,354,578
Construction
&
Engineering
0.2%
b
Arcosa,
Inc.
,
c
Senior
Note
,
144A,
4.375%,
4/15/29
...................
United
States
300,000
284,558
Senior
Note
,
144A,
6.875%,
8/15/32
...................
United
States
100,000
103,328
387,886
Consumer
Finance
2.3%
b
Encore
Capital
Group,
Inc.
,
Senior
Secured
Note
,
144A,
9.25%,
4/01/29
.............
United
States
600,000
645,440
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
Encore
Capital
Group,
Inc.,
(continued)
Senior
Secured
Note
,
144A,
8.5%,
5/15/30
..............
United
States
400,000
$
424,704
b
,c
FirstCash,
Inc.
,
Senior
Note
,
144A,
6.875%,
3/01/32
.........
United
States
1,100,000
1,122,921
b
Macquarie
Airfinance
Holdings
Ltd.
,
Senior
Note
,
144A,
6.4%,
3/26/29
.....................
United
Kingdom
100,000
103,486
Senior
Note
,
144A,
6.5%,
3/26/31
.....................
United
Kingdom
200,000
208,061
c
OneMain
Finance
Corp.
,
Senior
Note
,
9%,
1/15/29
..........
United
States
1,400,000
1,491,128
b
,c
PROG
Holdings,
Inc.
,
Senior
Note
,
144A,
6%,
11/15/29
.......
United
States
900,000
880,051
4,875,791
Consumer
Staples
Distribution
&
Retail
0.3%
b
,c
US
Foods,
Inc.
,
Senior
Note
,
144A,
6.875%,
9/15/28
.........
United
States
700,000
724,161
Containers
&
Packaging
2.4%
b
Ardagh
Packaging
Finance
plc
/
Ardagh
Holdings
USA,
Inc.
,
Senior
Note
,
144A,
5.25%,
8/15/27
.....................
United
States
600,000
358,704
b
Intelligent
Packaging
Ltd.
Finco,
Inc.
/
Intelligent
Packaging
Ltd.
Co-Issuer
LLC
,
Senior
Secured
Note
,
144A,
6%,
9/15/28
....
Canada
125,000
123,895
b
,c
Mauser
Packaging
Solutions
Holding
Co.
,
Secured
Note
,
144A,
9.25%,
4/15/27
...................
United
States
1,500,000
1,538,553
Senior
Secured
Note
,
144A,
7.875%,
4/15/27
............
United
States
1,000,000
1,024,947
b
Pactiv
Evergreen
Group
Issuer
LLC
/
Pactiv
Evergreen
Group
Issuer,
Inc.
,
Senior
Secured
Note
,
144A,
4.375%,
10/15/28
...
United
States
300,000
284,215
b
,c
Pactiv
Evergreen
Group
Issuer,
Inc.
/
Pactiv
Evergreen
Group
Issuer
LLC
,
Senior
Secured
Note
,
144A,
4%,
10/15/27
......
United
States
1,200,000
1,149,341
b
,c
Trivium
Packaging
Finance
BV
,
Senior
Note
,
144A,
8.5%,
8/15/27
Netherlands
500,000
501,348
4,981,003
Distributors
0.6%
b
Gates
Corp.
,
Senior
Note
,
144A,
6.875%,
7/01/29
...........
United
States
400,000
411,038
b
,c
Ritchie
Bros
Holdings,
Inc.
,
Senior
Note
,
144A,
7.75%,
3/15/31
....................
Canada
500,000
529,449
Senior
Secured
Note
,
144A,
6.75%,
3/15/28
.............
Canada
300,000
309,240
1,249,727
Diversified
Consumer
Services
0.4%
Grand
Canyon
University
,
Secured
Note
,
5.125%,
10/01/28
....
United
States
800,000
758,429
Diversified
REITs
1.1%
b
,c
Global
Net
Lease,
Inc.
/
Global
Net
Lease
Operating
Partnership
LP
,
Senior
Note
,
144A,
3.75%,
12/15/27
.................
United
States
800,000
742,788
b
,c
Necessity
Retail
REIT,
Inc.
(The)
/
American
Finance
Operating
Partner
LP
,
Senior
Note
,
144A,
4.5%,
9/30/28
.............
United
States
900,000
836,301
b
,c
VICI
Properties
LP
/
VICI
Note
Co.,
Inc.
,
Senior
Note
,
144A,
3.75%,
2/15/27
...................................
United
States
700,000
678,866
2,257,955
Diversified
Telecommunication
Services
2.1%
b
CCO
Holdings
LLC
/
CCO
Holdings
Capital
Corp.
,
c
Senior
Bond
,
144A,
5.375%,
6/01/29
...................
United
States
500,000
487,295
c
Senior
Bond
,
144A,
4.5%,
8/15/30
.....................
United
States
1,700,000
1,548,181
Senior
Bond
,
144A,
4.25%,
2/01/31
....................
United
States
200,000
179,246
b
Iliad
Holding
SASU
,
c
Senior
Secured
Note
,
144A,
7%,
10/15/28
...............
France
800,000
813,103
g
Senior
Secured
Note
,
144A,
7%,
4/15/32
................
France
425,000
430,115
b
,c
Virgin
Media
Secured
Finance
plc
,
Senior
Secured
Bond
,
144A,
4.5%,
8/15/30
....................................
United
Kingdom
1,100,000
972,298
4,430,238
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)
Electric
Utilities
1.7%
b
California
Buyer
Ltd.
/
Atlantica
Sustainable
Infrastructure
plc
,
Senior
Note
,
144A,
6.375%,
2/15/32
....................
Spain
1,500,000
$
1,502,669
b
,c
NRG
Energy,
Inc.
,
Senior
Note
,
144A,
5.75%,
7/15/29
........
United
States
800,000
795,969
b
Vistra
Operations
Co.
LLC
,
Senior
Note
,
144A,
5.625%,
2/15/27
...................
United
States
500,000
500,457
c
Senior
Note
,
144A,
4.375%,
5/01/29
...................
United
States
400,000
382,658
Senior
Note
,
144A,
7.75%,
10/15/31
...................
United
States
100,000
106,313
Senior
Note
,
144A,
6.875%,
4/15/32
...................
United
States
400,000
415,348
3,703,414
Electrical
Equipment
0.8%
c
Regal
Rexnord
Corp.
,
Senior
Note
,
6.3%,
2/15/30
..........................
United
States
500,000
521,698
Senior
Note
,
6.4%,
4/15/33
..........................
United
States
400,000
421,808
b
,c
Vertiv
Group
Corp.
,
Senior
Secured
Note
,
144A,
4.125%,
11/15/28
........................................
United
States
800,000
762,515
1,706,021
Electronic
Equipment,
Instruments
&
Components
0.4%
b
,c
TTM
Technologies,
Inc.
,
Senior
Note
,
144A,
4%,
3/01/29
......
United
States
500,000
467,747
b
Zebra
Technologies
Corp.
,
Senior
Note
,
144A,
6.5%,
6/01/32
..
United
States
300,000
308,048
775,795
Energy
Equipment
&
Services
1.9%
b
Enerflex
Ltd.
,
Senior
Secured
Note
,
144A,
9%,
10/15/27
......
Canada
160,000
167,568
b
,c
Kodiak
Gas
Services
LLC
,
Senior
Note
,
144A,
7.25%,
2/15/29
..
United
States
700,000
724,145
b
Nabors
Industries,
Inc.
,
Senior
Note
,
144A,
9.125%,
1/31/30
...................
United
States
300,000
312,132
Senior
Note
,
144A,
8.875%,
8/15/31
...................
United
States
1,000,000
967,028
Oceaneering
International,
Inc.
,
Senior
Note
,
6%,
2/01/28
.....
United
States
300,000
297,952
b
Transocean
Titan
Financing
Ltd.
,
Senior
Secured
Note
,
144A,
8.375%,
2/01/28
...................................
United
States
100,000
103,016
Transocean,
Inc.
,
Senior
Bond
,
6.8%,
3/15/38
..........................
United
States
100,000
83,782
b
Senior
Note
,
144A,
8.25%,
5/15/29
....................
United
States
100,000
101,120
b
Senior
Secured
Note
,
144A,
8.75%,
2/15/30
.............
United
States
680,000
708,899
b
,c
Weatherford
International
Ltd.
,
Senior
Note
,
144A,
8.625%,
4/30/30
.........................................
United
States
500,000
521,142
3,986,784
Entertainment
0.4%
b
,c
Banijay
Entertainment
SAS
,
Senior
Secured
Note
,
144A,
8.125%,
5/01/29
.........................................
France
800,000
833,762
Financial
Services
3.3%
b
Freedom
Mortgage
Holdings
LLC
,
Senior
Note
,
144A,
9.25%,
2/01/29
.........................................
United
States
300,000
311,151
b
GGAM
Finance
Ltd.
,
Senior
Note
,
144A,
8%,
2/15/27
......................
Ireland
200,000
207,310
Senior
Note
,
144A,
8%,
6/15/28
......................
Ireland
700,000
740,088
b
Jefferson
Capital
Holdings
LLC
,
Senior
Note
,
144A,
6%,
8/15/26
......................
United
States
500,000
498,615
Senior
Note
,
144A,
9.5%,
2/15/29
.....................
United
States
1,400,000
1,495,960
b
,c
Nationstar
Mortgage
Holdings,
Inc.
,
Senior
Bond
,
144A,
5.75%,
11/15/31
........................................
United
States
1,100,000
1,070,085
b
PHH
Escrow
Issuer
LLC
,
Senior
Note
,
144A,
9.875%,
11/01/29
.
United
States
1,500,000
1,452,900
b
PRA
Group,
Inc.
,
c
Senior
Note
,
144A,
8.375%,
2/01/28
...................
United
States
600,000
618,901
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)
Financial
Services
(continued)
b
PRA
Group,
Inc.,
(continued)
Senior
Note
,
144A,
5%,
10/01/29
.....................
United
States
300,000
$
277,307
Senior
Note
,
144A,
8.875%,
1/31/30
...................
United
States
400,000
420,941
7,093,258
Food
Products
1.7%
b
,d
Chobani
Holdco
II
LLC
,
Senior
Note
,
144A,
PIK,
8.75%,
10/01/29
United
States
600,000
628,936
b
Chobani
LLC
/
Chobani
Finance
Corp.,
Inc.
,
Senior
Note
,
144A,
7.625%,
7/01/29
...................
United
States
200,000
210,775
c
Senior
Secured
Note
,
144A,
4.625%,
11/15/28
...........
United
States
800,000
775,945
b
Darling
Ingredients,
Inc.
,
Senior
Note
,
144A,
6%,
6/15/30
.....
United
States
200,000
199,526
c
Pilgrim's
Pride
Corp.
,
Senior
Bond
,
6.875%,
5/15/34
.........
United
States
1,100,000
1,202,871
b
,c
Post
Holdings,
Inc.
,
Senior
Bond
,
144A,
5.625%,
1/15/28
...................
United
States
113,000
114,060
Senior
Bond
,
144A,
4.625%,
4/15/30
...................
United
States
400,000
375,481
3,507,594
Ground
Transportation
1.5%
b
,c
Avis
Budget
Car
Rental
LLC
/
Avis
Budget
Finance,
Inc.
,
Senior
Note
,
144A,
8.25%,
1/15/30
..........................
United
States
1,100,000
1,145,077
b
,c
First
Student
Bidco,
Inc.
/
First
Transit
Parent,
Inc.
,
Senior
Secured
Note
,
144A,
4%,
7/31/29
.....................
United
States
900,000
833,667
b
Watco
Cos.
LLC
/
Watco
Finance
Corp.
,
Senior
Note
,
144A,
7.125%,
8/01/32
...................................
United
States
500,000
520,222
b
,c
XPO,
Inc.
,
Senior
Note
,
144A,
7.125%,
2/01/32
.............
United
States
700,000
730,434
3,229,400
Health
Care
Equipment
&
Supplies
0.6%
b
Bausch
+
Lomb
Corp.
,
Senior
Secured
Note
,
144A,
8.375%,
10/01/28
........................................
United
States
400,000
418,586
b
,c
Medline
Borrower
LP
,
Senior
Note
,
144A,
5.25%,
10/01/29
....
United
States
500,000
488,553
b
,c
Neogen
Food
Safety
Corp.
,
Senior
Note
,
144A,
8.625%,
7/20/30
United
States
400,000
432,861
1,340,000
Health
Care
Providers
&
Services
3.0%
c
Centene
Corp.
,
Senior
Bond
,
2.5%,
3/01/31
..........................
United
States
500,000
420,116
Senior
Note
,
2.45%,
7/15/28
.........................
United
States
500,000
452,468
Senior
Note
,
2.625%,
8/01/31
........................
United
States
500,000
418,314
b
CHS/Community
Health
Systems,
Inc.
,
Secured
Note
,
144A,
6.125%,
4/01/30
..................
United
States
500,000
370,521
Senior
Secured
Note
,
144A,
6%,
1/15/29
................
United
States
300,000
280,224
Senior
Secured
Note
,
144A,
10.875%,
1/15/32
...........
United
States
500,000
520,930
b
DaVita,
Inc.
,
c
Senior
Note
,
144A,
4.625%,
6/01/30
...................
United
States
1,200,000
1,124,827
Senior
Note
,
144A,
6.875%,
9/01/32
...................
United
States
200,000
206,713
b
,c
Kedrion
SpA
,
Senior
Secured
Note
,
144A,
6.5%,
9/01/29
......
Italy
1,000,000
952,145
b
MPH
Acquisition
Holdings
LLC
,
Senior
Note
,
144A,
5.75%,
11/01/28
........................................
United
States
1,000,000
469,720
c
Tenet
Healthcare
Corp.
,
Senior
Secured
Note
,
6.125%,
6/15/30
.................
United
States
700,000
704,457
Senior
Secured
Note
,
6.75%,
5/15/31
..................
United
States
500,000
512,747
6,433,182
Health
Care
REITs
0.1%
MPT
Operating
Partnership
LP
/
MPT
Finance
Corp.
,
Senior
Bond
,
5.25%,
8/01/26
...............................
United
States
200,000
181,494
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)
Hotel
&
Resort
REITs
1.1%
b
Pebblebrook
Hotel
LP
/
PEB
Finance
Corp.
,
Senior
Note
,
144A,
6.375%,
10/15/29
..................................
United
States
700,000
$
703,126
b
,c
RHP
Hotel
Properties
LP
/
RHP
Finance
Corp.
,
Senior
Note
,
144A,
7.25%,
7/15/28
....................
United
States
300,000
311,561
Senior
Note
,
144A,
6.5%,
4/01/32
.....................
United
States
1,100,000
1,119,026
b
XHR
LP
,
Senior
Note
,
144A,
6.625%,
5/15/30
..............
United
States
200,000
203,253
2,336,966
Hotels,
Restaurants
&
Leisure
5.4%
b
1011778
BC
ULC
/
New
Red
Finance,
Inc.
,
Secured
Bond
,
144A,
4%,
10/15/30
.....................................
Canada
400,000
363,632
b
,e
,f
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
827,650
b
,c
Caesars
Entertainment,
Inc.
,
Senior
Secured
Note
,
144A,
7%,
2/15/30
................
United
States
300,000
309,638
Senior
Secured
Note
,
144A,
6.5%,
2/15/32
..............
United
States
800,000
816,665
b
,c
Carnival
Corp.
,
Senior
Note
,
144A,
7.625%,
3/01/26
...................
United
States
200,000
201,442
Senior
Note
,
144A,
5.75%,
3/01/27
....................
United
States
1,500,000
1,507,472
b
,c
Carnival
Holdings
Bermuda
Ltd.
,
Senior
Note
,
144A,
10.375%,
5/01/28
.........................................
United
States
400,000
429,629
b
,c
Fertitta
Entertainment
LLC
/
Fertitta
Entertainment
Finance
Co.,
Inc.
,
Senior
Note
,
144A,
6.75%,
1/15/30
.................
United
States
1,300,000
1,218,935
b
Great
Canadian
Gaming
Corp.
,
Senior
Secured
Note
,
144A,
8.75%,
11/15/29
...................................
Canada
900,000
936,827
b
NCL
Corp.
Ltd.
,
Senior
Note
,
144A,
5.875%,
3/15/26
.........
United
States
300,000
300,238
b
Royal
Caribbean
Cruises
Ltd.
,
c
Senior
Note
,
144A,
5.5%,
8/31/26
.....................
United
States
500,000
501,727
Senior
Note
,
144A,
6.25%,
3/15/32
....................
United
States
300,000
306,741
Senior
Note
,
144A,
6%,
2/01/33
......................
United
States
500,000
506,597
b
,c
Six
Flags
Entertainment
Corp.
/
Six
Flags
Theme
Parks,
Inc.
,
Senior
Secured
Note
,
144A,
6.625%,
5/01/32
.............
United
States
1,000,000
1,025,548
b
,c
Station
Casinos
LLC
,
Senior
Note
,
144A,
4.5%,
2/15/28
......
United
States
400,000
383,008
b
Viking
Cruises
Ltd.
,
Senior
Note
,
144A,
5.875%,
9/15/27
...................
United
States
300,000
298,185
c
Senior
Note
,
144A,
7%,
2/15/29
......................
United
States
600,000
606,409
b
,c
Wynn
Resorts
Finance
LLC
/
Wynn
Resorts
Capital
Corp.
,
Senior
Note
,
144A,
7.125%,
2/15/31
.........................
United
States
800,000
845,625
11,385,968
Household
Durables
2.0%
b
,c
Ashton
Woods
USA
LLC
/
Ashton
Woods
Finance
Co.
,
Senior
Note
,
144A,
4.625%,
8/01/29
.........................
United
States
1,200,000
1,122,463
b
,c
Dream
Finders
Homes,
Inc.
,
Senior
Note
,
144A,
8.25%,
8/15/28
United
States
500,000
524,519
b
,c
LGI
Homes,
Inc.
,
Senior
Note
,
144A,
8.75%,
12/15/28
........
United
States
800,000
849,224
M/I
Homes,
Inc.
,
Senior
Note
,
3.95%,
2/15/30
..............
United
States
600,000
549,640
b
,c
Weekley
Homes
LLC
/
Weekley
Finance
Corp.
,
Senior
Note
,
144A,
4.875%,
9/15/28
..............................
United
States
1,300,000
1,242,449
4,288,295
Household
Products
0.2%
b
Energizer
Holdings,
Inc.
,
Senior
Note
,
144A,
4.375%,
3/31/29
..
United
States
400,000
376,191
Independent
Power
and
Renewable
Electricity
Producers
1.2%
b
,c
Calpine
Corp.
,
Senior
Note
,
144A,
4.625%,
2/01/29
..........
United
States
700,000
669,101
b
Clearway
Energy
Operating
LLC
,
c
Senior
Bond
,
144A,
3.75%,
1/15/32
....................
United
States
400,000
347,682
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)
Independent
Power
and
Renewable
Electricity
Producers
(continued)
b
Clearway
Energy
Operating
LLC,
(continued)
Senior
Note
,
144A,
4.75%,
3/15/28
....................
United
States
400,000
$
388,532
Senior
Note
,
144A,
3.75%,
2/15/31
....................
United
States
300,000
265,986
b
Leeward
Renewable
Energy
Operations
LLC
,
Senior
Note
,
144A,
4.25%,
7/01/29
...................................
United
States
1,000,000
925,874
2,597,175
Insurance
1.6%
b
Acrisure
LLC
/
Acrisure
Finance,
Inc.
,
Senior
Note
,
144A,
8.5%,
6/15/29
.....................
United
States
400,000
416,724
Senior
Secured
Note
,
144A,
7.5%,
11/06/30
.............
United
States
400,000
408,456
b
Alliant
Holdings
Intermediate
LLC
/
Alliant
Holdings
Co-Issuer
,
Senior
Note
,
144A,
6.75%,
10/15/27
...................
United
States
800,000
799,448
Senior
Secured
Note
,
144A,
7%,
1/15/31
................
United
States
500,000
508,193
Jones
Deslauriers
Insurance
Management,
Inc.
,
b,c
Senior
Note
,
144A,
10.5%,
12/15/30
...................
Canada
1,200,000
1,303,936
3,436,757
IT
Services
1.3%
b
,c
Cablevision
Lightpath
LLC
,
Senior
Secured
Note
,
144A,
3.875%,
9/15/27
.........................................
United
States
500,000
471,069
b
,c
Cogent
Communications
Group,
Inc.
/
Cogent
Communications
Finance,
Inc.
,
Senior
Note
,
144A,
7%,
6/15/27
............
United
States
700,000
707,459
b
,c
Fortress
Intermediate
3,
Inc.
,
Senior
Secured
Note
,
144A,
7.5%,
6/01/31
.........................................
United
States
600,000
622,553
b
Gartner,
Inc.
,
c
Senior
Note
,
144A,
4.5%,
7/01/28
.....................
United
States
500,000
488,502
Senior
Note
,
144A,
3.625%,
6/15/29
...................
United
States
200,000
186,973
c
Senior
Note
,
144A,
3.75%,
10/01/30
...................
United
States
300,000
277,749
2,754,305
Life
Sciences
Tools
&
Services
0.3%
b
,c
Fortrea
Holdings,
Inc.
,
Senior
Secured
Note
,
144A,
7.5%,
7/01/30
United
States
700,000
709,032
Machinery
2.0%
b
,c
ATS
Corp.
,
Senior
Note
,
144A,
4.125%,
12/15/28
...........
Canada
1,300,000
1,218,147
b
,c
Calderys
Financing
LLC
,
Senior
Secured
Note
,
144A,
11.25%,
6/01/28
.........................................
France
800,000
860,441
b
,c
Esab
Corp.
,
Senior
Note
,
144A,
6.25%,
4/15/29
.............
United
States
600,000
611,144
Hillenbrand,
Inc.
,
Senior
Note
,
6.25%,
2/15/29
..............
United
States
600,000
612,357
b
Manitowoc
Co.,
Inc.
(The)
,
Secured
Note
,
144A,
9.25%,
10/01/31
United
States
500,000
525,625
b
Terex
Corp.
,
Senior
Note
,
144A,
6.25%,
10/15/32
...........
United
States
300,000
300,545
4,128,259
Media
2.6%
b
Clear
Channel
Outdoor
Holdings,
Inc.
,
Senior
Note
,
144A,
7.75%,
4/15/28
....................
United
States
300,000
276,577
c
Senior
Note
,
144A,
7.5%,
6/01/29
.....................
United
States
500,000
443,066
c
Senior
Secured
Note
,
144A,
5.125%,
8/15/27
............
United
States
400,000
390,790
c
Senior
Secured
Note
,
144A,
9%,
9/15/28
................
United
States
500,000
530,927
b
CSC
Holdings
LLC
,
Senior
Bond
,
144A,
3.375%,
2/15/31
...................
United
States
300,000
219,092
c
Senior
Note
,
144A,
11.25%,
5/15/28
...................
United
States
700,000
693,298
Senior
Note
,
144A,
11.75%,
1/31/29
...................
United
States
200,000
198,498
b
,f
Diamond
Sports
Group
LLC
/
Diamond
Sports
Finance
Co.
,
Senior
Note
,
144A,
6.625%,
8/15/27
...................
United
States
700,000
3,903
Senior
Secured
Note
,
144A,
5.375%,
8/15/26
............
United
States
800,000
4,460
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)
Media
(continued)
b
Directv
Financing
LLC
/
Directv
Financing
Co-Obligor,
Inc.
,
Senior
Secured
Note
,
144A,
5.875%,
8/15/27
..................
United
States
200,000
$
196,694
b
,c
LCPR
Senior
Secured
Financing
DAC
,
Senior
Secured
Note
,
144A,
6.75%,
10/15/27
..............................
United
States
450,000
409,898
b
,c
McGraw-Hill
Education,
Inc.
,
Senior
Secured
Note
,
144A,
7.375%,
9/01/31
...................................
United
States
800,000
829,244
b
News
Corp.
,
Senior
Note
,
144A,
3.875%,
5/15/29
...........
United
States
200,000
187,984
b
Outfront
Media
Capital
LLC
/
Outfront
Media
Capital
Corp.
,
Senior
Bond
,
144A,
4.625%,
3/15/30
...................
United
States
100,000
94,013
Senior
Note
,
144A,
5%,
8/15/27
......................
United
States
100,000
98,703
b
,c
Scripps
Escrow,
Inc.
,
Senior
Note
,
144A,
5.875%,
7/15/27
.....
United
States
600,000
458,403
b
,c
Sirius
XM
Radio,
Inc.
,
Senior
Note
,
144A,
4%,
7/15/28
.......
United
States
600,000
563,870
5,599,420
Metals
&
Mining
2.0%
c
ATI,
Inc.
,
Senior
Note
,
7.25%,
8/15/30
....................
United
States
700,000
732,458
b
Cleveland-Cliffs,
Inc.
,
Senior
Note
,
144A,
7%,
3/15/32
......................
United
States
600,000
603,799
Senior
Note
,
144A,
7.375%,
5/01/33
...................
United
States
600,000
611,623
c
Commercial
Metals
Co.
,
Senior
Bond
,
3.875%,
2/15/31
.......
United
States
700,000
634,304
b
Constellium
SE
,
c
Senior
Note
,
144A,
3.75%,
4/15/29
....................
United
States
600,000
550,445
Senior
Note
,
144A,
6.375%,
8/15/32
...................
United
States
400,000
398,523
b
,c
FMG
Resources
August
2006
Pty.
Ltd.
,
Senior
Bond
,
144A,
4.375%,
4/01/31
...................................
Australia
500,000
458,664
b
Novelis
Corp.
,
Senior
Bond
,
144A,
3.875%,
8/15/31
...................
United
States
100,000
87,945
Senior
Note
,
144A,
3.25%,
11/15/26
...................
United
States
100,000
96,294
4,174,055
Mortgage
Real
Estate
Investment
Trusts
(REITs)
0.6%
b
,c
Apollo
Commercial
Real
Estate
Finance,
Inc.
,
Senior
Secured
Note
,
144A,
4.625%,
6/15/29
.........................
United
States
1,500,000
1,337,141
Oil,
Gas
&
Consumable
Fuels
9.7%
b
Antero
Resources
Corp.
,
Senior
Note
,
144A,
7.625%,
2/01/29
...................
United
States
166,000
170,273
c
Senior
Note
,
144A,
5.375%,
3/01/30
...................
United
States
700,000
688,231
b
,c
Calumet
Specialty
Products
Partners
LP
/
Calumet
Finance
Corp.
,
Senior
Note
,
144A,
8.125%,
1/15/27
...................
United
States
900,000
900,466
Senior
Secured
Note
,
144A,
9.25%,
7/15/29
.............
United
States
800,000
830,744
b
CITGO
Petroleum
Corp.
,
Senior
Secured
Note
,
144A,
8.375%,
1/15/29
.........................................
United
States
500,000
520,810
b
,c
Civitas
Resources,
Inc.
,
Senior
Note
,
144A,
8.375%,
7/01/28
...................
United
States
700,000
731,514
Senior
Note
,
144A,
8.75%,
7/01/31
....................
United
States
700,000
742,949
b
Coronado
Finance
Pty.
Ltd.
,
Senior
Secured
Note
,
144A,
9.25%,
10/01/29
........................................
Australia
800,000
824,477
b
,c
CrownRock
LP
/
CrownRock
Finance,
Inc.
,
Senior
Note
,
144A,
5%,
5/01/29
......................................
United
States
300,000
305,231
b
DT
Midstream,
Inc.
,
Senior
Note
,
144A,
4.125%,
6/15/29
......
United
States
300,000
285,155
b
,c
EnLink
Midstream
LLC
,
Senior
Note
,
144A,
6.5%,
9/01/30
.....
United
States
800,000
851,048
b
EQM
Midstream
Partners
LP
,
Senior
Note
,
144A,
7.5%,
6/01/27
United
States
100,000
102,812
b
,c
EQT
Corp.
,
Senior
Note
,
144A,
3.125%,
5/15/26
............
United
States
300,000
291,992
b
Expand
Energy
Corp.
,
Senior
Note
,
144A,
6.75%,
4/15/29
.....
United
States
500,000
507,926
b
Harbour
Energy
plc
,
Senior
Note
,
144A,
5.5%,
10/15/26
......
United
Kingdom
500,000
498,372
b
Hess
Midstream
Operations
LP
,
Senior
Note
,
144A,
6.5%,
6/01/29
United
States
500,000
512,644
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)
b
Hilcorp
Energy
I
LP
/
Hilcorp
Finance
Co.
,
Senior
Bond
,
144A,
6%,
2/01/31
......................
United
States
200,000
$
190,454
c
Senior
Note
,
144A,
6%,
4/15/30
......................
United
States
300,000
289,447
c
Senior
Note
,
144A,
8.375%,
11/01/33
..................
United
States
700,000
740,035
b
Kinetik
Holdings
LP
,
Senior
Note
,
144A,
5.875%,
6/15/30
......
United
States
400,000
399,519
b
Kraken
Oil
&
Gas
Partners
LLC
,
Senior
Note
,
144A,
7.625%,
8/15/29
.........................................
United
States
600,000
596,307
b
,c
Martin
Midstream
Partners
LP
/
Martin
Midstream
Finance
Corp.
,
Secured
Note
,
144A,
11.5%,
2/15/28
...................
United
States
1,700,000
1,851,357
b
Matador
Resources
Co.
,
c
Senior
Note
,
144A,
6.5%,
4/15/32
.....................
United
States
700,000
702,808
Senior
Note
,
144A,
6.25%,
4/15/33
....................
United
States
800,000
790,955
b
,d
,e
,f
Murray
Energy
Corp.
,
Secured
Note
,
144A,
PIK,
12%,
4/15/24
.
United
States
757,734
—
b
,c
Northriver
Midstream
Finance
LP
,
Senior
Secured
Note
,
144A,
6.75%,
7/15/32
...................................
Canada
600,000
615,316
b
Sunoco
LP
,
Senior
Note
,
144A,
7.25%,
5/01/32
.............
United
States
500,000
523,548
Sunoco
LP
/
Sunoco
Finance
Corp.
,
Senior
Note
,
6%,
4/15/27
...........................
United
States
500,000
501,730
Senior
Note
,
4.5%,
5/15/29
..........................
United
States
200,000
190,922
b
,c
Venture
Global
Calcasieu
Pass
LLC
,
Senior
Secured
Bond
,
144A,
4.125%,
8/15/31
............
United
States
300,000
273,342
Senior
Secured
Note
,
144A,
3.875%,
8/15/29
............
United
States
300,000
278,857
Senior
Secured
Note
,
144A,
6.25%,
1/15/30
.............
United
States
400,000
409,763
b
Venture
Global
LNG,
Inc.
,
c
Senior
Secured
Note
,
144A,
8.125%,
6/01/28
............
United
States
600,000
627,481
Senior
Secured
Note
,
144A,
9.5%,
2/01/29
..............
United
States
500,000
558,859
c
Senior
Secured
Note
,
144A,
8.375%,
6/01/31
............
United
States
500,000
527,324
b
,c
Viper
Energy,
Inc.
,
Senior
Note
,
144A,
7.375%,
11/01/31
......
United
States
700,000
731,527
Vital
Energy,
Inc.
,
Senior
Note
,
9.75%,
10/15/30
........................
United
States
400,000
429,613
b
Senior
Note
,
144A,
7.875%,
4/15/32
...................
United
States
500,000
492,276
20,486,084
Paper
&
Forest
Products
0.2%
b
Magnera
Corp.
,
Senior
Note
,
144A,
4.75%,
11/15/29
.........
United
States
400,000
359,911
Passenger
Airlines
0.7%
b
American
Airlines,
Inc.
/
AAdvantage
Loyalty
IP
Ltd.
,
Senior
Secured
Note
,
144A,
5.5%,
4/20/26
....................
United
States
350,000
350,129
b
Delta
Air
Lines,
Inc.
/
SkyMiles
IP
Ltd.
,
Senior
Secured
Note
,
144A,
4.75%,
10/20/28
..............................
United
States
700,000
695,467
b
United
Airlines,
Inc.
,
Senior
Secured
Note
,
144A,
4.375%,
4/15/26
............
United
States
100,000
98,643
c
Senior
Secured
Note
,
144A,
4.625%,
4/15/29
............
United
States
300,000
288,507
1,432,746
Personal
Care
Products
0.3%
b
,c
Coty,
Inc.
/
HFC
Prestige
Products,
Inc.
/
HFC
Prestige
International
US
LLC
,
Senior
Secured
Note
,
144A,
6.625%,
7/15/30
.........................................
United
States
600,000
614,811
Pharmaceuticals
0.8%
b
1375209
BC
Ltd.
,
Senior
Secured
Note
,
144A,
9%,
1/30/28
....
Canada
305,000
305,097
b
Endo
Finance
Holdings,
Inc.
,
Senior
Secured
Note
,
144A,
8.5%,
4/15/31
.........................................
United
States
200,000
213,135
c
Teva
Pharmaceutical
Finance
Netherlands
III
BV
,
Senior
Note
,
4.75%,
5/09/27
.........................
Israel
600,000
586,969
Senior
Note
,
7.875%,
9/15/29
........................
Israel
300,000
325,051
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)
Pharmaceuticals
(continued)
c
Teva
Pharmaceutical
Finance
Netherlands
III
BV,
(continued)
Senior
Note
,
8.125%,
9/15/31
........................
Israel
300,000
$
337,714
1,767,966
Real
Estate
Management
&
Development
0.4%
b
,c
Five
Point
Operating
Co.
LP
/
Five
Point
Capital
Corp.
,
Senior
Note
,
144A,
10.5%,
1/15/28
..........................
United
States
335,834
343,278
b
,c
Forestar
Group,
Inc.
,
Senior
Note
,
144A,
3.85%,
5/15/26
......
United
States
500,000
490,324
833,602
Software
1.0%
b
,c
Camelot
Finance
SA
,
Senior
Secured
Note
,
144A,
4.5%,
11/01/26
United
States
300,000
293,529
b
,c
McAfee
Corp.
,
Senior
Note
,
144A,
7.375%,
2/15/30
..........
United
States
800,000
778,581
b
,c
Rocket
Software,
Inc.
,
Senior
Note
,
144A,
6.5%,
2/15/29
......
United
States
1,100,000
1,041,996
2,114,106
Specialized
REITs
0.5%
b
,c
Iron
Mountain,
Inc.
,
Senior
Bond
,
144A,
5.625%,
7/15/32
...................
United
States
300,000
293,499
Senior
Note
,
144A,
7%,
2/15/29
......................
United
States
700,000
723,336
1,016,835
Specialty
Retail
0.6%
b
,c
Evergreen
Acqco
1
LP
/
TVI,
Inc.
,
Senior
Secured
Note
,
144A,
9.75%,
4/26/28
...................................
United
States
648,000
684,095
b
,c
Gap,
Inc.
(The)
,
Senior
Note
,
144A,
3.625%,
10/01/29
........
United
States
700,000
636,643
1,320,738
Textiles,
Apparel
&
Luxury
Goods
0.4%
b
,c
Hanesbrands,
Inc.
,
Senior
Note
,
144A,
9%,
2/15/31
..........
United
States
700,000
753,159
Trading
Companies
&
Distributors
1.6%
b
,c
EquipmentShare.com,
Inc.
,
Secured
Note
,
144A,
9%,
5/15/28
.....................
United
States
800,000
835,342
Secured
Note
,
144A,
8.625%,
5/15/32
..................
United
States
600,000
629,404
b
,c
H&E
Equipment
Services,
Inc.
,
Senior
Note
,
144A,
3.875%,
12/15/28
........................................
United
States
600,000
556,466
b
,c
Herc
Holdings,
Inc.
,
Senior
Note
,
144A,
6.625%,
6/15/29
......
United
States
900,000
922,565
b
WESCO
Distribution,
Inc.
,
Senior
Note
,
144A,
6.375%,
3/15/29
.
United
States
400,000
410,000
3,353,777
Wireless
Telecommunication
Services
1.3%
b
Altice
France
Holding
SA
,
Senior
Secured
Note
,
144A,
10.5%,
5/15/27
.........................................
Luxembourg
1,500,000
430,839
b
,c
Connect
Finco
SARL
/
Connect
US
Finco
LLC
,
Senior
Secured
Note
,
144A,
9%,
9/15/29
............................
United
Kingdom
1,300,000
1,201,361
e
Digicel
Group
Holdings
Ltd.
,
Zero
Cpn.,
11/17/33
...............................
Bermuda
26,768
750
Zero
Cpn.,
11/17/33
...............................
Bermuda
218
143
b
,c
Zegona
Finance
plc
,
Senior
Secured
Note
,
144A,
8.625%,
7/15/29
.........................................
United
Kingdom
1,100,000
1,171,500
2,804,593
Total
Corporate
Bonds
(Cost
$
169,456,812
)
...................................
162,519,153
Franklin
Universal
Trust
Schedule
of
Investments
(unaudited)
See
Notes
to
Schedule
of
Investments.
Quarterly
Schedule
of
Investments
13
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
Senior
Floating
Rate
Interests
0.1%
Media
0.1%
f,h
Diamond
Sports
Group
LLC,
First
Lien,
CME
Term
Loan
,
14.772
%
,
(
1-month
SOFR
+
10
%
),
5/26/26
...............
United
States
16,338
$
14,224
d
Diamond
Sports
Group
LLC,
First
Lien,
Debtor-In-Possession
Term
Loan
,
PIK,
10
%
,
12/02/24
.......................
United
States
84,993
92,248
106,472
a
a
a
a
a
a
Total
Senior
Floating
Rate
Interests
(Cost
$
100,225
)
...........................
106,472
i
Marketplace
Loans
1.9%
e
Financial
Services
1.9%
a
a
a
a
a
a
Total
Marketplace
Loans
(Cost
$
4,729,132
)
...................................
4,013,893
Asset-Backed
Securities
0.0%
†
Financial
Services
0.0%
†
b
,j
Consumer
Loan
Underlying
Bond
Certificate
Issuer
Trust
I
,
2019-26
,
PT
,
144A,
FRN
,
18.781%,
8/15/44
..............
United
States
2,136
2,081
2019-31
,
PT
,
144A,
FRN
,
3.157%,
9/15/44
...............
United
States
2,515
2,397
2019-37
,
PT
,
144A,
FRN
,
6.126%,
10/17/44
..............
United
States
3,957
3,170
2019-42
,
PT
,
144A,
FRN
,
1.514%,
11/15/44
..............
United
States
2,068
1,628
2019-51
,
PT
,
144A,
FRN
,
12.322%,
1/15/45
..............
United
States
6,123
5,958
2019-52
,
PT
,
144A,
FRN
,
12.084%,
1/15/45
..............
United
States
5,860
5,394
2019-S6
,
PT
,
144A,
FRN
,
11.814%,
10/17/44
.............
United
States
2,690
2,354
2019-S8
,
PT
,
144A,
FRN
,
1.41%,
1/15/45
................
United
States
1,929
1,907
2020-2
,
PT
,
144A,
FRN
,
10.924%,
3/15/45
...............
United
States
7,190
6,985
2020-7
,
PT
,
144A,
FRN
,
10.583%,
4/17/45
...............
United
States
5,045
4,135
b
,j
Prosper
Pass-Thru
Trust
III
,
2020-PT1
,
A
,
144A,
FRN
,
8.796%,
3/15/26
...............
United
States
4,338
3,543
2020-PT2
,
A
,
144A,
FRN
,
9.444%,
4/15/26
...............
United
States
5,068
4,301
2020-PT3
,
A
,
144A,
FRN
,
7.183%,
5/15/26
...............
United
States
1,348
1,136
b
,j
Upgrade
Master
Pass-Thru
Trust
,
2019-PT2
,
A
,
144A,
FRN
,
26.706%,
2/15/26
.
.................................
United
States
3,017
2,799
47,788
a
a
a
a
a
a
Total
Asset-Backed
Securities
(Cost
$
50,297
)
.................................
47,788
Municipal
Bonds
0.2%
Arizona
0.2%
b
,k
Maricopa
County
Industrial
Development
Authority
,
Grand
Canyon
University
Obligated
Group
,
Revenue
,
144A,
2024
,
7.375
%
,
10/01/29
........................................
United
States
430,000
440,692
Total
Municipal
Bonds
(Cost
$
432,681
)
.......................................
440,692
Shares
a
Escrows
and
Litigation
Trusts
0.0%
†
a,e
Endo
GUC
Trust,
Escrow
Account
.......................
United
States
51,454
—
a,e
Endo,
Inc.,
Escrow
Account
............................
United
States
500,000
—
a
Expand
Energy
Corp.,
Escrow
Account
...................
United
States
1,500,000
5,625
a,e
Par
Pharmaceutical,
Inc.,
Escrow
Account
.................
United
States
225,000
—
Total
Escrows
and
Litigation
Trusts
(Cost
$
19,546
)
............................
5,625
Total
Long
Term
Investments
(Cost
$
209,931,590
)
.............................
264,846,352
a
Franklin
Universal
Trust
Schedule
of
Investments
(unaudited)
Quarterly
Schedule
of
Investments
See
Notes
to
Schedule
of
Investments.
14
See
Abbreviations
on
page
27
.
Short
Term
Investments
2.4%
a
a
Country
Shares
a
Value
a
a
a
a
a
a
Money
Market
Funds
2.4%
l,m
Institutional
Fiduciary
Trust
-
Money
Market
Portfolio
,
4.369
%
..
United
States
5,146,018‌
$
5,146,018
Total
Money
Market
Funds
(Cost
$
5,146,018
)
.................................
5,146,018
Total
Short
Term
Investments
(Cost
$
5,146,018
)
...............................
5,146,018
a
Total
Investments
(Cost
$
215,077,608
)
127.4
%
................................
$269,992,370
Credit
Facility
(
28.3
)
%
......................................................
(60,000,000)
Other
Assets,
less
Liabilities
0.9
%
...........................................
1,947,883
Net
Assets
100.0%
.........................................................
$211,940,253
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
November
30,
2024,
the
aggregate
value
of
these
securities
was
$150,073,528,
representing
70.8%
of
net
assets.
c
A
portion
or
all
of
the
security
is
pledged
as
collateral
in
connection
with
the
Fund’s
credit
facility.
d
Income
may
be
received
in
additional
securities
and/or
cash.
e
Fair
valued
using
significant
unobservable
inputs.
See
Note
4
regarding
fair
value
measurements.
f
Defaulted
security
or
security
for
which
income
has
been
deemed
uncollectible.
g
A
portion
or
all
of
the
security
purchased
on
a
delayed
delivery
basis.
h
The
coupon
rate
shown
represents
the
rate
inclusive
of
any
caps
or
floors,
if
applicable,
in
effect
at
period
end.
i
See
full
breakdown
of
marketplace
loans
holdings
in
the
table
at
the
end
of
this
schedule.
j
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.
k
Security
purchased
on
a
when-issued
basis.
l
See
Note
3
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),
November
30,
2024
See
Notes
to
Schedule
of
Investments.
Quarterly
Schedule
of
Investments
15
At
November
30,
2024,
the
Fund
had
the
following
marketplace
loans
outstanding.
Description
Principal
Amount
Value
Marketplace
Loans
-
1.9%
Freedom
Financial
Asset
Management
LLC
APP-11766706.FP.FTS.B
,
23
.99
%
,
2/02/25
$
738
$
739
APP-11694349.FP.FTS.B
,
14
.24
%
,
2/07/25
2,570
2,575
APP-12394118.FP.FTS.B
,
17
.74
%
,
3/10/25
2,639
2,684
APP-14953979.FP.FTS.B
,
7
.74
%
,
7/13/25
.
6,696
6,732
APP-15094222.FP.FTS.B
,
10
.24
%
,
7/14/25
5,485
5,515
APP-15034726.FP.FTS.B
,
25
.49
%
,
7/25/25
2,535
2,594
APP-10111431.FP.FTS.B
,
10
.99
%
,
9/15/25
4,721
4,767
APP-10140977.FP.FTS.B
,
24
.99
%
,
9/15/25
3,096
3,247
APP-10091198.FP.FTS.B
,
15
.49
%
,
9/24/25
600
599
APP-11022514.FP.FTS.B
,
18
.49
%
,
10/26/25
5,099
5,259
APP-10578403.FP.FTS.B
,
15
.99
%
,
10/30/25
5,902
6,046
APP-10561192.FP.FTS.B
,
8
.99
%
,
11/03/25
4,600
4,668
APP-10841976.FP.FTS.B
,
10
.99
%
,
11/28/25
2,373
2,388
APP-11105408.FP.FTS.B
,
10
.99
%
,
12/14/25
3,553
3,596
APP-11843242.FP.FTS.B
,
12
.24
%
,
12/15/25
6,204
6,272
APP-11022500.FP.FTS.B
,
17
.99
%
,
12/16/25
4,019
4,157
APP-10868780.FP.FTS.B
,
14
.49
%
,
1/02/26
10,626
10,837
APP-11798391.FP.FTS.B
,
18
.49
%
,
1/04/26
3,730
3,828
APP-12378685.FP.FTS.B
,
15
.99
%
,
2/01/26
5,311
5,389
APP-11757188.FP.FTS.B
,
18
.24
%
,
2/02/26
3,776
3,796
APP-11757063.FP.FTS.B
,
17
.99
%
,
2/05/26
7,557
7,694
APP-12281543.FP.FTS.B
,
16
.74
%
,
3/08/26
13,924
14,370
APP-12246304.FP.FTS.B
,
18
.24
%
,
3/08/26
12,855
13,338
APP-12397373.FP.FTS.B
,
15
.99
%
,
3/15/26
5,428
5,531
APP-11799488.FP.FTS.B
,
16
.99
%
,
3/16/26
7,918
8,149
APP-12419810.FP.FTS.B
,
15
.74
%
,
3/20/26
15,724
16,171
APP-12421465.FP.FTS.B
,
17
.99
%
,
3/23/26
3,572
3,598
APP-13524997.FP.FTS.B
,
10
.59
%
,
3/25/26
6,041
6,118
APP-12270812.FP.FTS.B
,
16
.99
%
,
4/22/26
5,303
5,477
APP-13511680.FP.FTS.B
,
12
.84
%
,
5/05/26
6,214
6,303
APP-13477482.FP.FTS.B
,
10
.34
%
,
5/18/26
16,289
16,539
APP-13527002.FP.FTS.B
,
15
.59
%
,
5/19/26
4,361
4,440
APP-14943761.FP.FTS.B
,
15
.99
%
,
6/01/26
9,639
9,779
APP-15053141.FP.FTS.B
,
18
.99
%
,
7/15/26
9,777
10,167
APP-15064308.FP.FTS.B
,
22
.49
%
,
7/15/26
11,006
11,585
APP-15065994.FP.FTS.B
,
17
.74
%
,
7/20/26
28,034
2,769
APP-15054013.FP.FTS.B
,
17
.99
%
,
7/20/26
8,019
8,280
APP-15109634.FP.FTS.B
,
19
.49
%
,
7/21/26
4,964
5,128
APP-15073340.FP.FTS.B
,
15
.99
%
,
7/25/26
4,805
4,896
APP-14860724.FP.FTS.B
,
20
.99
%
,
7/26/26
9,670
10,195
APP-15111841.FP.FTS.B
,
7
.84
%
,
7/28/26
.
15,922
2,245
APP-14956830.FP.FTS.B
,
15
.74
%
,
7/28/26
14,349
14,925
APP-10133595.FP.FTS.B
,
11
.99
%
,
8/11/26
8,386
8,506
APP-10145662.FP.FTS.B
,
18
.99
%
,
9/17/26
10,245
10,643
APP-13256383.FP.FTS.B
,
7
.99
%
,
9/18/26
.
18,538
18,836
APP-10460831.FP.FTS.B
,
21
.99
%
,
9/19/26
3,730
3,887
APP-10572421.FP.FTS.B
,
10
.49
%
,
9/20/26
14,896
15,129
APP-10112510.FP.FTS.B
,
16
.49
%
,
9/25/26
5,762
5,902
APP-09931612.FP.FTS.B
,
14
.24
%
,
10/03/26
7,299
7,400
APP-10838239.FP.FTS.B
,
12
.49
%
,
10/12/26
14,786
15,012
APP-10845328.FP.FTS.B
,
11
.99
%
,
10/16/26
11,378
11,549
APP-10704368.FP.FTS.B
,
14
.99
%
,
10/16/26
9,050
9,236
APP-10745909.FP.FTS.B
,
17
.99
%
,
10/16/26
24,481
24,981
APP-10829192.FP.FTS.B
,
18
.99
%
,
10/16/26
12,138
12,592
APP-10581131.FP.FTS.B
,
22
.49
%
,
10/22/26
5,006
5,261
APP-10384953.FP.FTS.B
,
19
.99
%
,
11/02/26
8,279
8,574
Description
Principal
Amount
Value
Freedom
Financial
Asset
Management
LLC
(continued)
APP-11119432.FP.FTS.B
,
11
.99
%
,
11/03/26
$
10,383
$
10,534
APP-11187454.FP.FTS.B
,
22
.49
%
,
11/10/26
2,073
2,078
APP-15107872.FP.FTS.B
,
20
.49
%
,
11/15/26
4,107
4,143
APP-10848002.FP.FTS.B
,
17
.99
%
,
11/19/26
12,138
12,576
APP-10842381.FP.FTS.B
,
12
.49
%
,
11/21/26
16,282
16,553
APP-10671079.FP.FTS.B
,
11
.99
%
,
11/30/26
13,086
13,278
APP-10670975.FP.FTS.B
,
21
.49
%
,
11/30/26
4,435
4,483
APP-11094577.FP.FTS.B
,
19
.49
%
,
12/08/26
6,379
6,670
APP-11008022.FP.FTS.B
,
11
.99
%
,
12/13/26
6,882
6,998
APP-11021456.FP.FTS.B
,
20
.99
%
,
12/15/26
19,609
20,659
APP-11116084.FP.FTS.B
,
19
.49
%
,
12/19/26
1,310
1,300
APP-11007668.FP.FTS.B
,
19
.99
%
,
12/19/26
9,616
10,049
APP-11111264.FP.FTS.B
,
16
.49
%
,
12/20/26
6,127
6,280
APP-11874582.FP.FTS.B
,
17
.49
%
,
12/23/26
11,301
11,677
APP-11677084.FP.FTS.B
,
15
.49
%
,
12/26/26
22,745
23,145
APP-11799609.FP.FTS.B
,
10
.99
%
,
1/01/27
16,087
16,322
APP-10224478.FP.FTS.B
,
20
.49
%
,
1/02/27
15,259
15,916
APP-11036570.FP.FTS.B
,
22
.99
%
,
1/20/27
3,648
3,668
APP-11844341.FP.FTS.B
,
16
.74
%
,
2/01/27
18,134
18,661
APP-11824892.FP.FTS.B
,
16
.99
%
,
2/03/27
9,133
9,308
APP-11724933.FP.FTS.B
,
14
.24
%
,
2/05/27
7,649
7,791
APP-12397051.FP.FTS.B
,
17
.49
%
,
2/06/27
6,672
6,878
APP-11743079.FP.FTS.B
,
16
.24
%
,
2/07/27
23,190
7,368
APP-11757936.FP.FTS.B
,
19
.99
%
,
2/07/27
5,342
5,532
APP-11763967.FP.FTS.B
,
19
.99
%
,
2/07/27
8,525
8,857
APP-11838245.FP.FTS.B
,
19
.99
%
,
2/11/27
4,897
5,043
APP-11798652.FP.FTS.B
,
11
.74
%
,
2/14/27
29,666
3,127
APP-11843528.FP.FTS.B
,
19
.99
%
,
2/14/27
161
161
APP-11752200.FP.FTS.B
,
21
.49
%
,
2/23/27
12,082
4,049
APP-10128827.FP.FTS.B
,
25
.49
%
,
2/24/27
4,979
5,194
APP-11674918.FP.FTS.B
,
20
.49
%
,
2/25/27
14,511
15,200
APP-10848317.FP.FTS.B
,
12
.24
%
,
2/28/27
10,165
6,462
APP-12106158.FP.FTS.B
,
11
.24
%
,
3/07/27
9,054
9,197
APP-11696610.FP.FTS.B
,
14
.24
%
,
3/07/27
15,112
4,542
APP-11845152.FP.FTS.B
,
11
.74
%
,
3/15/27
22,915
23,328
APP-11801830.FP.FTS.B
,
16
.49
%
,
3/15/27
11,393
11,661
APP-12407302.FP.FTS.B
,
18
.99
%
,
3/15/27
6,376
6,601
APP-11863466.FP.FTS.B
,
25
.49
%
,
3/17/27
6,468
2,227
APP-12385340.FP.FTS.B
,
25
.49
%
,
3/17/27
5,446
5,730
APP-12341500.FP.FTS.B
,
20
.49
%
,
3/20/27
9,744
10,220
APP-12396943.FP.FTS.B
,
13
.49
%
,
3/21/27
9,569
9,773
APP-12270734.FP.FTS.B
,
16
.99
%
,
3/21/27
10,509
10,775
APP-13531026.FP.FTS.B
,
11
.59
%
,
3/28/27
13,394
13,649
APP-13513406.FP.FTS.B
,
14
.34
%
,
4/01/27
28,510
28,979
APP-11744634.FP.FTS.B
,
19
.99
%
,
4/01/27
11,163
11,501
APP-12304720.FP.FTS.B
,
18
.74
%
,
4/06/27
29,531
30,557
APP-11872928.FP.FTS.B
,
11
.24
%
,
4/15/27
8,940
9,106
APP-13478834.FP.FTS.B
,
16
.99
%
,
5/03/27
12,034
12,429
APP-13508795.FP.FTS.B
,
9
.59
%
,
5/05/27
.
9,778
9,937
APP-13047632.FP.FTS.B
,
11
.49
%
,
5/05/27
6,522
6,621
APP-13485036.FP.FTS.B
,
13
.34
%
,
5/06/27
7,525
7,673
APP-08710316.FP.FTS.B
,
10
.99
%
,
5/13/27
19,075
19,414
APP-13498730.FP.FTS.B
,
11
.34
%
,
5/15/27
11,165
11,373
APP-13329158.FP.FTS.B
,
17
.99
%
,
5/15/27
3,641
3,662
APP-13453359.FP.FTS.B
,
18
.24
%
,
5/15/27
18,476
14,043
APP-13479562.FP.FTS.B
,
18
.49
%
,
5/17/27
10,954
1,156
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-13227905.FP.FTS.B
,
21
.99
%
,
5/18/27
$
6,316
$
6,586
APP-13517315.FP.FTS.B
,
12
.09
%
,
5/19/27
28,249
28,807
APP-13507352.FP.FTS.B
,
20
.49
%
,
5/19/27
5,811
6,028
APP-13531806.FP.FTS.B
,
16
.99
%
,
5/20/27
12,405
12,717
APP-13485605.FP.FTS.B
,
18
.99
%
,
5/20/27
8,340
8,607
APP-14906773.FP.FTS.B
,
9
.74
%
,
7/15/27
.
23,100
23,505
APP-15064429.FP.FTS.B
,
14
.49
%
,
7/15/27
16,375
16,691
APP-15070181.FP.FTS.B
,
19
.99
%
,
7/15/27
11,185
11,586
APP-14865954.FP.FTS.B
,
11
.74
%
,
7/16/27
16,101
16,388
APP-15149750.FP.FTS.B
,
11
.99
%
,
7/16/27
1,388
1,387
APP-15057995.FP.FTS.B
,
18
.99
%
,
7/23/27
6,312
6,469
APP-15058449.FP.FTS.B
,
11
.99
%
,
7/25/27
7,210
7,355
APP-15078317.FP.FTS.B
,
13
.99
%
,
7/25/27
12,688
12,970
APP-13302186.FP.FTS.B
,
20
.49
%
,
7/25/27
9,516
9,914
APP-15055723.FP.FTS.B
,
11
.24
%
,
7/26/27
18,916
19,300
APP-15048744.FP.FTS.B
,
16
.49
%
,
7/27/27
14,413
14,941
APP-15053719.FP.FTS.B
,
16
.99
%
,
7/28/27
6,998
7,180
APP-15133409.FP.FTS.B
,
15
.49
%
,
7/30/27
15,879
16,215
APP-15053776.FP.FTS.B
,
17
.49
%
,
7/30/27
7,714
7,954
APP-15039962.FP.FTS.B
,
12
.49
%
,
8/28/27
32,224
32,899
APP-14958373.FP.FTS.B
,
12
.24
%
,
9/16/27
11,490
11,721
APP-15070551.FP.FTS.B
,
24
.74
%
,
4/27/28
13,209
13,736
APP-10836612.FP.FTS.B
,
21
.49
%
,
12/15/34
2,772
300
APP-11007940.FP.FTS.B
,
10
.49
%
,
12/19/34
106
106
APP-11799520.FP.FTS.B
,
16
.99
%
,
12/25/34
328
329
1,288,698
LendingClub
Corp.
164089980.LC.FTS.B
,
17
.74
%
,
2/28/25
...
3,550
–
167132427.LC.FTS.B
,
20
.55
%
,
2/28/25
...
2,330
2,333
167747801.LC.FTS.B
,
16
.12
%
,
3/15/25
...
5,341
–
168420680.LC.FTS.B
,
17
.74
%
,
3/16/25
...
1,934
1,932
168140265.LC.FTS.B
,
15
.24
%
,
3/21/25
...
2,244
2,244
167712249.LC.FTS.B
,
14
.3
%
,
4/20/25
...
1,869
1,867
165352318.LC.FTS.B
,
15
.24
%
,
6/22/25
...
4,451
4,438
161483895.LC.FTS.B
,
13
.08
%
,
11/07/34
..
860
855
160809803.LC.FTS.B
,
13
.08
%
,
11/08/34
..
6,793
5,337
19,006
LendingClub
Corp.
-
LCX
164542068.LC.FTS.B
,
25
.65
%
,
1/21/25
...
749
755
LendingClub
Corp.
-
LCX
PM
184916811.LC.FTS.B
,
15
.99
%
,
1/18/25
...
1,406
701
185085067.LC.FTS.B
,
22
.99
%
,
1/18/25
...
1,279
1,287
184905245.LC.FTS.B
,
15
.99
%
,
1/19/25
...
7,278
–
185231531.LC.FTS.B
,
21
.49
%
,
1/19/25
...
295
297
185449370.LC.FTS.B
,
18
.44
%
,
1/25/25
...
1,359
1,353
185529283.LC.FTS.B
,
18
.99
%
,
1/27/25
...
1,432
1,429
185074501.LC.FTS.B
,
12
.74
%
,
1/29/25
...
510
509
185743058.LC.FTS.B
,
12
.19
%
,
2/02/25
...
783
778
185720673.LC.FTS.B
,
14
.49
%
,
2/04/25
...
605
600
184778654.LC.FTS.B
,
16
.19
%
,
2/04/25
...
740
89
185806351.LC.FTS.B
,
18
.99
%
,
2/07/25
...
4,186
–
185828353.LC.FTS.B
,
22
.99
%
,
2/08/25
...
5,182
482
186050160.LC.FTS.B
,
15
.99
%
,
2/10/25
...
1,797
1,788
185828265.LC.FTS.B
,
19
.44
%
,
2/10/25
...
1,714
1,721
185731098.LC.FTS.B
,
18
.99
%
,
2/14/25
...
426
424
186141198.LC.FTS.B
,
18
.99
%
,
2/14/25
...
533
531
Description
Principal
Amount
Value
LendingClub
Corp.
-
LCX
PM
(continued)
186248821.LC.FTS.B
,
12
.94
%
,
2/16/25
...
$
2,027
$
2,017
188498393.LC.FTS.B
,
18
.99
%
,
4/25/25
...
7,020
7,034
187330959.LC.FTS.B
,
23
.99
%
,
4/25/25
...
2,773
2,825
188790970.LC.FTS.B
,
19
.99
%
,
4/27/25
...
4,421
4,448
188578940.LC.FTS.B
,
23
.99
%
,
4/27/25
...
220
223
188852266.LC.FTS.B
,
23
.99
%
,
4/27/25
...
1,529
684
188781202.LC.FTS.B
,
15
.99
%
,
4/28/25
...
2,918
2,892
188845200.LC.FTS.B
,
16
.99
%
,
4/28/25
...
407
408
188849723.LC.FTS.B
,
19
.49
%
,
4/28/25
...
419
425
188683873.LC.FTS.B
,
23
.99
%
,
5/01/25
...
2,730
2,764
185591984.LC.FTS.B
,
18
.99
%
,
5/28/25
...
3,199
3,198
188854471.LC.FTS.B
,
24
.79
%
,
8/27/25
...
1,183
1,213
171733583.LC.FTS.B
,
18
.24
%
,
10/30/25
..
6,674
2,664
186109882.LC.FTS.B
,
5
%
,
2/14/26
......
8,358
1,073
185030629.LC.FTS.B
,
28
.99
%
,
1/13/27
...
3,632
3,700
185203099.LC.FTS.B
,
21
.99
%
,
1/19/27
...
6,563
6,602
185257156.LC.FTS.B
,
23
.99
%
,
1/19/27
...
7,814
7,926
185208719.LC.FTS.B
,
27
.99
%
,
1/19/27
...
5,559
5,661
185284755.LC.FTS.B
,
20
.24
%
,
1/21/27
...
13,055
13,070
184608676.LC.FTS.B
,
21
.99
%
,
1/21/27
...
8,471
8,603
185280664.LC.FTS.B
,
21
.99
%
,
1/21/27
...
10,105
10,136
185094462.LC.FTS.B
,
22
.99
%
,
1/21/27
...
6,875
6,983
186073191.LC.FTS.B
,
23
.99
%
,
1/26/27
...
5,721
5,799
185465019.LC.FTS.B
,
21
.99
%
,
1/27/27
...
14,190
14,387
184862697.LC.FTS.B
,
13
.19
%
,
1/28/27
...
8,318
8,151
185102499.LC.FTS.B
,
17
.49
%
,
1/28/27
...
8,411
8,304
185625736.LC.FTS.B
,
17
.24
%
,
1/31/27
...
7,580
7,507
185553869.LC.FTS.B
,
17
.44
%
,
1/31/27
...
9,490
9,404
185801067.LC.FTS.B
,
15
.19
%
,
2/04/27
...
8,152
7,988
185785605.LC.FTS.B
,
16
.99
%
,
2/04/27
...
13,415
13,219
185670781.LC.FTS.B
,
14
.74
%
,
2/08/27
...
21,630
21,211
186105140.LC.FTS.B
,
14
.99
%
,
2/10/27
...
7,570
–
186053383.LC.FTS.B
,
18
.49
%
,
2/10/27
...
15,410
1,879
186037923.LC.FTS.B
,
23
.49
%
,
2/12/27
...
4,156
4,185
185962334.LC.FTS.B
,
16
.49
%
,
2/14/27
...
19,296
19,045
186072313.LC.FTS.B
,
19
.99
%
,
2/14/27
...
9,953
1,195
186114907.LC.FTS.B
,
24
.99
%
,
2/14/27
...
5,302
–
185957980.LC.FTS.B
,
10
.99
%
,
2/15/27
...
12,384
12,145
185644818.LC.FTS.B
,
17
.24
%
,
2/15/27
...
18,060
17,422
185788975.LC.FTS.B
,
20
.44
%
,
2/15/27
...
23,125
22,955
186037630.LC.FTS.B
,
23
.99
%
,
2/15/27
...
9,066
9,145
185737435.LC.FTS.B
,
19
.74
%
,
2/16/27
...
11,381
–
186255693.LC.FTS.B
,
28
.99
%
,
2/16/27
...
4,993
5,088
185994246.LC.FTS.B
,
23
.99
%
,
2/17/27
...
4,413
–
186004411.LC.FTS.B
,
21
.99
%
,
2/28/27
...
9,523
1,283
185584314.LC.FTS.B
,
23
.99
%
,
2/28/27
...
7,694
7,716
188791237.LC.FTS.B
,
27
.99
%
,
4/24/27
...
13,103
–
188681928.LC.FTS.B
,
22
.99
%
,
4/25/27
...
6,815
–
188818650.LC.FTS.B
,
20
.99
%
,
4/26/27
...
3,911
3,922
188684882.LC.FTS.B
,
23
.99
%
,
4/26/27
...
3,888
3,863
188850161.LC.FTS.B
,
18
.99
%
,
4/27/27
...
4,795
4,758
188844587.LC.FTS.B
,
20
.99
%
,
4/27/27
...
6,111
6,131
188821742.LC.FTS.B
,
23
.99
%
,
4/27/27
...
12,557
12,765
188832786.LC.FTS.B
,
27
.99
%
,
4/27/27
...
3,254
3,342
188770586.LC.FTS.B
,
21
.49
%
,
4/28/27
...
11,341
11,262
188825826.LC.FTS.B
,
23
.49
%
,
4/28/27
...
6,414
6,490
188877761.LC.FTS.B
,
25
.99
%
,
4/28/27
...
4,653
4,727
188729615.LC.FTS.B
,
28
.99
%
,
4/28/27
...
16,798
17,215
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)
188842402.LC.FTS.B
,
21
.49
%
,
4/30/27
...
$
3,980
$
700
188806927.LC.FTS.B
,
23
.99
%
,
4/30/27
...
9,746
9,766
188652977.LC.FTS.B
,
23
.99
%
,
5/24/27
...
2,277
2,279
185215933.LC.FTS.B
,
28
.99
%
,
6/25/27
...
12,791
2,580
185500483.LC.FTS.B
,
23
.99
%
,
7/18/27
...
24,329
2,286
185051135.LC.FTS.B
,
23
.99
%
,
8/28/27
...
16,535
16,482
185440062.LC.FTS.B
,
17
.49
%
,
9/25/27
...
15,092
14,749
185579608.LC.FTS.B
,
23
.99
%
,
10/15/27
..
23,258
2,187
188826193.LC.FTS.B
,
22
.99
%
,
12/26/27
..
6,458
609
188698368.LC.FTS.B
,
20
.99
%
,
4/27/28
...
16,175
15,740
446,419
Prosper
Funding
LLC
1688336.PS.FTS.B
,
19
.2
%
,
1/12/25
.....
7,551
1,935
1674329.PS.FTS.B
,
14
.89
%
,
1/16/25
....
420
420
1700011.PS.FTS.B
,
13
.9
%
,
1/21/25
.....
316
318
1697303.PS.FTS.B
,
13
.9
%
,
1/31/25
.....
420
421
1715485.PS.FTS.B
,
16
%
,
2/15/25
.......
2,549
2,554
1714630.PS.FTS.B
,
16
.16
%
,
2/15/25
....
1,532
1,536
1714624.PS.FTS.B
,
19
.41
%
,
2/15/25
....
2,873
2,571
1715122.PS.FTS.B
,
19
.8
%
,
2/15/25
.....
290
291
1723116.PS.FTS.B
,
16
.29
%
,
2/17/25
....
540
–
1720755.PS.FTS.B
,
13
.96
%
,
2/28/25
....
3,444
3,445
1749541.PS.FTS.B
,
22
.03
%
,
4/05/25
....
623
621
1750351.PS.FTS.B
,
15
.2
%
,
4/06/25
.....
561
559
1745381.PS.FTS.B
,
12
.9
%
,
4/08/25
.....
3,267
3,240
1714408.PS.FTS.B
,
22
.11
%
,
4/12/25
....
5,102
–
1750903.PS.FTS.B
,
24
.4
%
,
4/15/25
.....
2,000
1,815
1742906.PS.FTS.B
,
15
.4
%
,
4/30/25
.....
430
426
1752241.PS.FTS.B
,
14
.7
%
,
5/10/25
.....
16,888
10,295
1743767.PS.FTS.B
,
25
.71
%
,
5/14/25
....
2,051
2,058
1758243.PS.FTS.B
,
24
.4
%
,
7/16/25
.....
1,678
1,265
1701129.PS.FTS.B
,
16
.4
%
,
7/17/25
.....
2,712
2,693
1701120.PS.FTS.B
,
15
.9
%
,
12/12/25
....
4,486
4,406
1606127.PS.FTS.B
,
15
.2
%
,
8/17/26
.....
3,987
3,965
1607933.PS.FTS.B
,
18
.5
%
,
8/19/26
.....
916
933
1608617.PS.FTS.B
,
13
.7
%
,
8/20/26
.....
2,579
2,555
1609277.PS.FTS.B
,
15
.7
%
,
8/23/26
.....
6,191
6,167
1610327.PS.FTS.B
,
27
.6
%
,
8/24/26
.....
4,128
4,309
1621434.PS.FTS.B
,
14
.6
%
,
8/26/26
.....
1,462
1,454
1621428.PS.FTS.B
,
20
%
,
8/26/26
.......
4,852
4,955
1611746.PS.FTS.B
,
14
.29
%
,
8/27/26
....
4,061
4,079
1625740.PS.FTS.B
,
18
.48
%
,
9/16/26
....
4,937
4,306
1635897.PS.FTS.B
,
12
%
,
9/23/26
.......
9,623
9,527
1635735.PS.FTS.B
,
14
.68
%
,
9/23/26
....
6,800
6,731
1627036.PS.FTS.B
,
16
.33
%
,
9/25/26
....
6,279
6,241
1637445.PS.FTS.B
,
13
.3
%
,
9/27/26
.....
4,646
4,658
1634247.PS.FTS.B
,
16
.7
%
,
10/05/26
....
11,499
11,420
1626046.PS.FTS.B
,
15
.18
%
,
10/16/26
...
4,667
4,607
1626758.PS.FTS.B
,
17
.96
%
,
10/24/26
...
11,033
10,978
1644875.PS.FTS.B
,
11
.6
%
,
10/26/26
....
3,527
3,489
1648324.PS.FTS.B
,
12
.2
%
,
10/26/26
....
9,479
9,377
1645337.PS.FTS.B
,
18
.48
%
,
10/27/26
...
10,237
10,608
1646123.PS.FTS.B
,
13
.32
%
,
10/28/26
...
3,606
3,639
1661010.PS.FTS.B
,
12
.5
%
,
11/05/26
....
12,365
12,159
1651868.PS.FTS.B
,
9
.45
%
,
11/08/26
....
5,943
5,849
1658185.PS.FTS.B
,
10
.5
%
,
11/08/26
....
4,171
4,112
1653323.PS.FTS.B
,
16
%
,
11/09/26
......
5,960
5,899
Description
Principal
Amount
Value
Prosper
Funding
LLC
(continued)
1666362.PS.FTS.B
,
19
%
,
11/09/26
......
$
3,602
$
3,645
1666911.PS.FTS.B
,
10
.62
%
,
11/10/26
....
6,035
5,942
1660066.PS.FTS.B
,
12
.6
%
,
11/10/26
....
16,667
16,407
1666890.PS.FTS.B
,
17
%
,
11/10/26
......
8,134
8,239
1661433.PS.FTS.B
,
28
.23
%
,
11/14/26
....
3,212
833
1666359.PS.FTS.B
,
21
%
,
11/15/26
......
3,229
3,341
1651871.PS.FTS.B
,
20
.66
%
,
11/20/26
....
2,929
2,962
1651913.PS.FTS.B
,
25
.67
%
,
11/22/26
....
4,016
4,145
1672316.PS.FTS.B
,
10
.44
%
,
12/14/26
...
6,248
6,148
1685634.PS.FTS.B
,
12
.5
%
,
12/14/26
....
3,946
3,882
1672730.PS.FTS.B
,
13
.8
%
,
12/14/26
....
17,570
17,360
1685271.PS.FTS.B
,
16
.8
%
,
12/14/26
....
9,114
–
1678372.PS.FTS.B
,
22
.8
%
,
12/14/26
....
6,106
6,330
1672147.PS.FTS.B
,
16
.56
%
,
12/15/26
...
11,461
1,527
1687344.PS.FTS.B
,
19
%
,
12/17/26
......
2,638
2,683
1685997.PS.FTS.B
,
12
.87
%
,
12/18/26
...
4,471
4,399
1678354.PS.FTS.B
,
11
.07
%
,
12/20/26
....
7,288
7,171
1687950.PS.FTS.B
,
11
.5
%
,
12/20/26
....
7,168
7,073
1675010.PS.FTS.B
,
12
.5
%
,
12/20/26
....
5,509
4,880
1678387.PS.FTS.B
,
18
.33
%
,
12/23/26
...
6,627
6,689
1685637.PS.FTS.B
,
11
.7
%
,
12/28/26
....
15,311
15,230
1672718.PS.FTS.B
,
14
.38
%
,
1/07/27
....
4,255
4,180
1686078.PS.FTS.B
,
10
.5
%
,
1/08/27
.....
6,023
5,920
1700808.PS.FTS.B
,
11
.4
%
,
1/12/27
.....
5,034
4,951
1701108.PS.FTS.B
,
15
.7
%
,
1/12/27
.....
18,532
18,306
1694491.PS.FTS.B
,
12
.62
%
,
1/13/27
....
7,662
7,537
1694725.PS.FTS.B
,
18
.4
%
,
1/13/27
.....
8,185
8,302
1701537.PS.FTS.B
,
19
.3
%
,
1/13/27
.....
8,265
8,382
1695958.PS.FTS.B
,
10
.5
%
,
1/14/27
.....
7,487
7,357
1689173.PS.FTS.B
,
11
.2
%
,
1/14/27
.....
11,095
613
1695787.PS.FTS.B
,
11
.7
%
,
1/14/27
.....
12,630
12,428
1694719.PS.FTS.B
,
16
.93
%
,
1/17/27
....
9,661
9,526
1702455.PS.FTS.B
,
15
.18
%
,
1/20/27
....
8,496
8,345
1689251.PS.FTS.B
,
19
%
,
1/21/27
.......
2,211
2,238
1707746.PS.FTS.B
,
9
.45
%
,
2/14/27
.....
3,482
3,423
1720917.PS.FTS.B
,
13
.7
%
,
2/15/27
.....
6,676
6,598
1714648.PS.FTS.B
,
16
.7
%
,
2/15/27
.....
4,140
4,090
1721346.PS.FTS.B
,
16
.7
%
,
2/15/27
.....
11,041
11,211
1720911.PS.FTS.B
,
18
.59
%
,
2/15/27
....
14,082
14,293
1714642.PS.FTS.B
,
18
.7
%
,
2/15/27
.....
5,639
5,724
1714636.PS.FTS.B
,
23
.58
%
,
2/15/27
....
3,278
3,402
1707734.PS.FTS.B
,
10
.29
%
,
2/16/27
....
4,431
4,379
1709201.PS.FTS.B
,
18
.48
%
,
2/16/27
....
7,033
7,142
1714627.PS.FTS.B
,
11
.4
%
,
2/17/27
.....
10,935
10,737
1703169.PS.FTS.B
,
25
.6
%
,
2/25/27
.....
10,410
10,778
1752624.PS.FTS.B
,
17
.23
%
,
4/05/27
....
11,798
11,555
1753011.PS.FTS.B
,
12
%
,
4/06/27
.......
8,372
8,181
1754293.PS.FTS.B
,
13
.4
%
,
4/12/27
.....
6,800
6,680
1747163.PS.FTS.B
,
16
.2
%
,
4/12/27
.....
14,593
14,329
1744328.PS.FTS.B
,
14
.89
%
,
4/15/27
....
11,587
11,361
1752654.PS.FTS.B
,
12
.76
%
,
4/30/27
....
8,820
8,604
1750735.PS.FTS.B
,
16
%
,
5/06/27
.......
3,414
3,421
1607291.PS.FTS.B
,
28
.59
%
,
7/18/27
....
4,654
104
1650328.PS.FTS.B
,
11
.2
%
,
7/29/27
.....
6,108
5,924
1705005.PS.FTS.B
,
15
%
,
12/19/27
......
15,897
7,515
1630510.PS.FTS.B
,
11
.97
%
,
10/10/34
....
39
19
1655723.PS.FTS.B
,
15
.1
%
,
11/15/34
....
17
17
1672733.PS.FTS.B
,
15
%
,
12/14/34
......
346
346
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)
1678747.PS.FTS.B
,
19
.3
%
,
12/14/34
....
$
72
$
72
1672982.PS.FTS.B
,
22
%
,
12/15/34
......
113
113
1674347.PS.FTS.B
,
15
.86
%
,
12/17/34
...
489
492
570,367
Upgrade,
Inc.
-
Card
992428468.UG.FTS.B
,
25
.95
%
,
4/03/25
..
30
31
992256275.UG.FTS.B
,
29
.49
%
,
4/03/25
..
5
5
992269560.UG.FTS.B
,
29
.49
%
,
4/03/25
..
59
59
992290976.UG.FTS.B
,
29
.49
%
,
4/03/25
..
180
23
992291050.UG.FTS.B
,
29
.49
%
,
4/03/25
..
2
2
992354024.UG.FTS.B
,
29
.49
%
,
4/03/25
..
5
6
992357933.UG.FTS.B
,
29
.49
%
,
4/03/25
..
63
64
992361376.UG.FTS.B
,
29
.49
%
,
4/03/25
..
1
1
992453316.UG.FTS.B
,
28
.98
%
,
4/04/25
..
48
47
992266370.UG.FTS.B
,
29
.49
%
,
4/04/25
..
123
126
992342016.UG.FTS.B
,
29
.49
%
,
4/04/25
..
73
35
992421200.UG.FTS.B
,
29
.49
%
,
4/04/25
..
68
4
992264407.UG.FTS.B
,
14
.97
%
,
4/05/25
..
184
184
992391676.UG.FTS.B
,
15
.97
%
,
4/05/25
..
15
15
992417616.UG.FTS.B
,
17
.99
%
,
4/05/25
..
25
25
992286525.UG.FTS.B
,
18
.8
%
,
4/05/25
...
29
29
992416415.UG.FTS.B
,
19
.21
%
,
4/05/25
..
303
306
992424538.UG.FTS.B
,
19
.21
%
,
4/05/25
..
108
64
992256001.UG.FTS.B
,
19
.97
%
,
4/05/25
..
177
15
992346135.UG.FTS.B
,
19
.99
%
,
4/05/25
..
99
101
992431381.UG.FTS.B
,
19
.99
%
,
4/05/25
..
15
15
992433537.UG.FTS.B
,
19
.99
%
,
4/05/25
..
75
75
992296469.UG.FTS.B
,
21
.98
%
,
4/05/25
..
28
28
992271316.UG.FTS.B
,
28
.98
%
,
4/05/25
..
38
39
992290941.UG.FTS.B
,
28
.98
%
,
4/05/25
..
29
30
992305223.UG.FTS.B
,
28
.98
%
,
4/05/25
..
32
32
992314088.UG.FTS.B
,
28
.98
%
,
4/05/25
..
5
5
992350450.UG.FTS.B
,
28
.98
%
,
4/05/25
..
224
224
992404668.UG.FTS.B
,
28
.98
%
,
4/05/25
..
42
8
992426381.UG.FTS.B
,
28
.98
%
,
4/05/25
..
29
30
992239162.UG.FTS.B
,
29
.49
%
,
4/05/25
..
37
37
992240128.UG.FTS.B
,
29
.49
%
,
4/05/25
..
152
154
992243368.UG.FTS.B
,
29
.49
%
,
4/05/25
..
68
69
992247116.UG.FTS.B
,
29
.49
%
,
4/05/25
..
111
–
992255844.UG.FTS.B
,
29
.49
%
,
4/05/25
..
17
16
992268980.UG.FTS.B
,
29
.49
%
,
4/05/25
..
20
21
992271586.UG.FTS.B
,
29
.49
%
,
4/05/25
..
39
40
992275962.UG.FTS.B
,
29
.49
%
,
4/05/25
..
57
58
992276049.UG.FTS.B
,
29
.49
%
,
4/05/25
..
60
10
992291806.UG.FTS.B
,
29
.49
%
,
4/05/25
..
134
138
992293542.UG.FTS.B
,
29
.49
%
,
4/05/25
..
3
3
992301441.UG.FTS.B
,
29
.49
%
,
4/05/25
..
54
55
992326966.UG.FTS.B
,
29
.49
%
,
4/05/25
..
24
24
992341543.UG.FTS.B
,
29
.49
%
,
4/05/25
..
4
4
992341758.UG.FTS.B
,
29
.49
%
,
4/05/25
..
61
62
992344325.UG.FTS.B
,
29
.49
%
,
4/05/25
..
2
2
992355380.UG.FTS.B
,
29
.49
%
,
4/05/25
..
3
3
992359643.UG.FTS.B
,
29
.49
%
,
4/05/25
..
88
89
992359656.UG.FTS.B
,
29
.49
%
,
4/05/25
..
223
92
992368911.UG.FTS.B
,
29
.49
%
,
4/05/25
..
80
81
992369632.UG.FTS.B
,
29
.49
%
,
4/05/25
..
55
56
992371951.UG.FTS.B
,
29
.49
%
,
4/05/25
..
28
28
Description
Principal
Amount
Value
Upgrade,
Inc.
-
Card
(continued)
992391427.UG.FTS.B
,
29
.49
%
,
4/05/25
..
$
36
$
37
992394239.UG.FTS.B
,
29
.49
%
,
4/05/25
..
26
26
992401130.UG.FTS.B
,
29
.49
%
,
4/05/25
..
44
45
992419811.UG.FTS.B
,
29
.49
%
,
4/05/25
..
28
28
992425789.UG.FTS.B
,
29
.49
%
,
4/05/25
..
84
85
992427607.UG.FTS.B
,
29
.49
%
,
4/05/25
..
6
6
992444707.UG.FTS.B
,
29
.49
%
,
4/05/25
..
29
30
992452371.UG.FTS.B
,
29
.49
%
,
4/05/25
..
32
33
992455102.UG.FTS.B
,
29
.49
%
,
4/05/25
..
100
102
992460328.UG.FTS.B
,
29
.49
%
,
8/01/25
..
55
56
992301470.UG.FTS.B
,
28
.98
%
,
12/02/25
.
115
90
992238906.UG.FTS.B
,
22
.97
%
,
4/03/27
..
2,660
1,784
992391277.UG.FTS.B
,
28
.98
%
,
10/03/29
.
6
6
4,998
Upstart
Network,
Inc.
L2491823.UP.FTS.B
,
6
.34
%
,
1/24/25
....
295
292
L2499551.UP.FTS.B
,
8
.93
%
,
1/24/25
....
626
618
L2498779.UP.FTS.B
,
11
.48
%
,
1/24/25
....
65
64
L2497791.UP.FTS.B
,
11
.97
%
,
1/24/25
....
261
258
L2499082.UP.FTS.B
,
12
.89
%
,
1/24/25
....
922
910
L2499854.UP.FTS.B
,
22
.79
%
,
1/24/25
....
520
514
FW2498195.UP.FTS.B
,
26
.98
%
,
1/24/25
..
523
518
L2501009.UP.FTS.B
,
5
.3
%
,
1/25/25
.....
98
97
L2501544.UP.FTS.B
,
6
.11
%
,
1/25/25
.....
211
209
L2477274.UP.FTS.B
,
6
.54
%
,
1/25/25
....
274
271
L2502696.UP.FTS.B
,
7
.45
%
,
1/25/25
....
280
276
FW2502837.UP.FTS.B
,
8
.49
%
,
1/25/25
...
62
62
L2502709.UP.FTS.B
,
10
.64
%
,
1/25/25
....
563
557
FW2503345.UP.FTS.B
,
13
.6
%
,
1/25/25
...
390
185
L1729059.UP.FTS.B
,
7
.36
%
,
2/17/25
....
112
111
L1730069.UP.FTS.B
,
14
.07
%
,
2/17/25
....
2,404
2,168
FW2031299.UP.FTS.B
,
21
.82
%
,
4/12/25
..
1,599
1,348
FW2032694.UP.FTS.B
,
22
.49
%
,
4/12/25
..
2,140
86
L2971722.UP.FTS.B
,
8
.62
%
,
4/19/25
....
2,959
2,915
L2972108.UP.FTS.B
,
15
.03
%
,
4/19/25
....
553
546
L2970836.UP.FTS.B
,
15
.68
%
,
4/19/25
....
1,643
117
FW2250596.UP.FTS.B
,
22
.87
%
,
5/14/25
..
891
761
FW2971973.UP.FTS.B
,
20
.05
%
,
9/19/25
..
1,383
1,074
L2250196.UP.FTS.B
,
14
.38
%
,
10/15/25
...
1,881
137
FW2503195.UP.FTS.B
,
11
.21
%
,
11/25/25
.
3,463
240
FW1729657.UP.FTS.B
,
9
.44
%
,
9/17/26
...
2,955
2,876
L1729743.UP.FTS.B
,
11
.64
%
,
9/17/26
....
21,751
21,240
L1730112.UP.FTS.B
,
15
.91
%
,
9/17/26
....
1,381
1,363
FW1730043.UP.FTS.B
,
21
.14
%
,
9/17/26
..
2,369
1,568
L1730077.UP.FTS.B
,
21
.62
%
,
9/17/26
....
1,209
1,190
L1730290.UP.FTS.B
,
23
.01
%
,
9/17/26
....
3,818
3,747
L1730120.UP.FTS.B
,
23
.06
%
,
9/17/26
....
6,071
1,498
L1729627.UP.FTS.B
,
24
.42
%
,
9/17/26
....
5,102
5,012
L1729392.UP.FTS.B
,
25
.28
%
,
9/17/26
....
617
44
FW1730388.UP.FTS.B
,
28
.64
%
,
9/17/26
..
8,227
8,096
FW1729641.UP.FTS.B
,
30
.22
%
,
9/17/26
..
2,608
2,568
FW1728143.UP.FTS.B
,
30
.44
%
,
9/17/26
..
2,843
2,799
FW1730150.UP.FTS.B
,
30
.64
%
,
9/17/26
..
500
492
FW1729390.UP.FTS.B
,
32
.18
%
,
9/17/26
..
1,361
916
FW1728926.UP.FTS.B
,
32
.35
%
,
9/17/26
..
1,459
1,436
FW1902353.UP.FTS.B
,
5
.71
%
,
10/22/26
..
5,844
5,632
L1902219.UP.FTS.B
,
10
.65
%
,
10/22/26
...
4,471
4,363
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)
Upstart
Network,
Inc.
(continued)
L1901059.UP.FTS.B
,
11
.8
%
,
10/22/26
....
$
1,799
$
1,757
FW1902782.UP.FTS.B
,
14
.11
%
,
10/22/26
.
9,300
9,090
FW1901571.UP.FTS.B
,
16
.95
%
,
10/22/26
.
6,063
5,989
FW1901195.UP.FTS.B
,
18
.66
%
,
10/22/26
.
1,139
1,118
L1901212.UP.FTS.B
,
19
.55
%
,
10/22/26
...
3,025
2,971
L1902855.UP.FTS.B
,
19
.55
%
,
10/22/26
...
1,501
1,474
L1901936.UP.FTS.B
,
21
.29
%
,
10/22/26
...
6,194
939
L1901067.UP.FTS.B
,
23
.17
%
,
10/22/26
...
7,826
7,699
L1901771.UP.FTS.B
,
24
.44
%
,
10/22/26
...
2,292
402
L1902683.UP.FTS.B
,
25
.19
%
,
10/22/26
...
6,401
6,303
L1901951.UP.FTS.B
,
25
.24
%
,
10/22/26
...
1,281
1,262
FW1902836.UP.FTS.B
,
25
.41
%
,
10/22/26
.
25,629
25,232
L1902657.UP.FTS.B
,
25
.42
%
,
10/22/26
...
1,038
1,022
FW1902401.UP.FTS.B
,
25
.71
%
,
10/22/26
.
2,522
2,484
FW1902199.UP.FTS.B
,
26
.04
%
,
10/22/26
.
2,263
2,229
FW1886406.UP.FTS.B
,
27
.97
%
,
10/22/26
.
8,556
734
FW1902391.UP.FTS.B
,
31
.19
%
,
10/22/26
.
2,211
346
FW1901303.UP.FTS.B
,
31
.21
%
,
10/22/26
.
2,159
2,131
FW1900628.UP.FTS.B
,
31
.23
%
,
10/22/26
.
625
617
FW1902681.UP.FTS.B
,
31
.63
%
,
10/22/26
.
4,564
4,507
FW1902299.UP.FTS.B
,
31
.27
%
,
10/27/26
.
4,609
4,549
L1902840.UP.FTS.B
,
22
.56
%
,
11/01/26
...
7,058
6,934
L1901748.UP.FTS.B
,
12
.93
%
,
11/05/26
...
4,315
4,211
L2032896.UP.FTS.B
,
9
.9
%
,
11/12/26
.....
3,216
3,128
L2032147.UP.FTS.B
,
11
.65
%
,
11/12/26
...
3,763
3,667
L2032600.UP.FTS.B
,
12
.19
%
,
11/12/26
...
3,460
3,373
L2032561.UP.FTS.B
,
12
.57
%
,
11/12/26
...
7,143
6,962
FW2032979.UP.FTS.B
,
12
.77
%
,
11/12/26
.
3,817
3,721
L2032884.UP.FTS.B
,
12
.78
%
,
11/12/26
...
3,817
3,721
FW2032727.UP.FTS.B
,
12
.91
%
,
11/12/26
.
1,672
1,631
L2032885.UP.FTS.B
,
12
.92
%
,
11/12/26
...
2,247
2,193
FW2032278.UP.FTS.B
,
13
.85
%
,
11/12/26
.
2,414
2,355
L2032791.UP.FTS.B
,
14
.03
%
,
11/12/26
...
1,412
1,378
L2032226.UP.FTS.B
,
14
.31
%
,
11/12/26
...
11,755
11,467
L2031580.UP.FTS.B
,
14
.88
%
,
11/12/26
...
617
605
L2032373.UP.FTS.B
,
14
.92
%
,
11/12/26
...
5,111
2,258
FW2032722.UP.FTS.B
,
14
.98
%
,
11/12/26
.
3,334
3,258
L2032268.UP.FTS.B
,
15
.84
%
,
11/12/26
...
9,633
9,487
FW2031845.UP.FTS.B
,
15
.93
%
,
11/12/26
.
7,933
3,563
FW2032502.UP.FTS.B
,
16
.77
%
,
11/12/26
.
4,016
3,920
L2033008.UP.FTS.B
,
17
.14
%
,
11/12/26
...
3,222
3,175
L2031479.UP.FTS.B
,
17
.32
%
,
11/12/26
...
7,808
7,690
L2030768.UP.FTS.B
,
17
.71
%
,
11/12/26
...
2,533
2,496
L2032284.UP.FTS.B
,
17
.94
%
,
11/12/26
...
2,549
2,493
L2032006.UP.FTS.B
,
17
.99
%
,
11/12/26
...
2,953
2,890
L2032849.UP.FTS.B
,
19
.14
%
,
11/12/26
...
6,180
6,093
L2030806.UP.FTS.B
,
19
.55
%
,
11/12/26
...
2,071
2,026
FW2032947.UP.FTS.B
,
19
.59
%
,
11/12/26
.
13,015
12,713
L2031425.UP.FTS.B
,
19
.77
%
,
11/12/26
...
3,037
2,973
L2032060.UP.FTS.B
,
20
.25
%
,
11/12/26
...
3,130
3,064
L2032456.UP.FTS.B
,
20
.93
%
,
11/12/26
...
785
769
L2032183.UP.FTS.B
,
24
.12
%
,
11/12/26
...
5,444
5,334
FW2033202.UP.FTS.B
,
25
.01
%
,
11/12/26
.
8,272
8,110
FW2031174.UP.FTS.B
,
25
.25
%
,
11/12/26
.
5,203
5,101
L2031934.UP.FTS.B
,
25
.51
%
,
11/12/26
...
1,860
26
FW2031600.UP.FTS.B
,
26
.6
%
,
11/12/26
..
3,032
58
L2032677.UP.FTS.B
,
26
.71
%
,
11/12/26
...
4,160
4,081
FW2003411.UP.FTS.B
,
27
.5
%
,
11/12/26
..
4,442
2,163
Description
Principal
Amount
Value
Upstart
Network,
Inc.
(continued)
FW2032753.UP.FTS.B
,
27
.55
%
,
11/12/26
.
$
785
$
770
FW2032946.UP.FTS.B
,
27
.87
%
,
11/12/26
.
14,129
13,871
FW2032799.UP.FTS.B
,
29
.91
%
,
11/12/26
.
1,386
1,361
FW2031644.UP.FTS.B
,
30
.67
%
,
11/12/26
.
1,048
1,029
FW2031985.UP.FTS.B
,
31
%
,
11/12/26
...
121
119
FW2031873.UP.FTS.B
,
31
.05
%
,
11/12/26
.
652
96
FW2032325.UP.FTS.B
,
31
.07
%
,
11/12/26
.
700
688
FW2031596.UP.FTS.B
,
31
.1
%
,
11/12/26
..
3,173
3,118
FW2032994.UP.FTS.B
,
31
.15
%
,
11/12/26
.
2,417
174
FW2031715.UP.FTS.B
,
31
.33
%
,
11/12/26
.
2,809
2,761
L2031623.UP.FTS.B
,
9
.89
%
,
11/16/26
....
15,805
15,378
FW2101958.UP.FTS.B
,
6
.23
%
,
11/23/26
..
17,066
16,440
L2102006.UP.FTS.B
,
8
.84
%
,
11/23/26
....
22,668
22,055
L2102059.UP.FTS.B
,
12
.22
%
,
11/23/26
...
10,031
9,794
L2101522.UP.FTS.B
,
12
.34
%
,
11/23/26
...
15,893
15,518
L2103822.UP.FTS.B
,
12
.78
%
,
11/23/26
...
2,386
2,330
L2102939.UP.FTS.B
,
13
.35
%
,
11/23/26
...
1,682
1,642
L2076017.UP.FTS.B
,
13
.49
%
,
11/23/26
...
1,719
1,681
L2095249.UP.FTS.B
,
14
.31
%
,
11/23/26
...
8,337
1,845
L2068146.UP.FTS.B
,
16
.06
%
,
11/23/26
...
3,186
3,147
L2102751.UP.FTS.B
,
16
.5
%
,
11/23/26
....
1,997
1,974
L2103150.UP.FTS.B
,
16
.57
%
,
11/23/26
...
3,059
2,989
FW2101751.UP.FTS.B
,
16
.63
%
,
11/23/26
.
10,853
2,509
L2050778.UP.FTS.B
,
18
.01
%
,
11/23/26
...
4,575
4,523
L2102051.UP.FTS.B
,
19
.71
%
,
11/23/26
...
2,911
2,859
FW2102941.UP.FTS.B
,
20
.37
%
,
11/23/26
.
10,445
10,270
L2102313.UP.FTS.B
,
20
.5
%
,
11/23/26
....
772
759
L2102400.UP.FTS.B
,
22
.64
%
,
11/23/26
...
3,157
3,107
L2101750.UP.FTS.B
,
24
.17
%
,
11/23/26
...
3,856
3,800
FW2102727.UP.FTS.B
,
24
.84
%
,
11/23/26
.
2,195
2,163
L2103842.UP.FTS.B
,
25
.11
%
,
11/23/26
...
2,200
2,165
L2101935.UP.FTS.B
,
25
.31
%
,
11/23/26
...
717
706
L2101880.UP.FTS.B
,
25
.39
%
,
11/23/26
...
1,661
1,637
L2103491.UP.FTS.B
,
25
.4
%
,
11/23/26
....
363
358
L2102028.UP.FTS.B
,
25
.89
%
,
11/23/26
...
3,327
3,280
FW2101678.UP.FTS.B
,
26
.5
%
,
11/23/26
..
1,984
1,957
FW2103284.UP.FTS.B
,
27
.1
%
,
11/23/26
..
2,169
2,138
FW2103532.UP.FTS.B
,
28
.75
%
,
11/23/26
.
6,378
72
FW2103786.UP.FTS.B
,
31
.2
%
,
11/23/26
..
897
885
FW2103069.UP.FTS.B
,
31
.22
%
,
11/23/26
.
1,286
1,271
FW2031117.UP.FTS.B
,
18
.34
%
,
11/27/26
.
5,435
1,321
L2250662.UP.FTS.B
,
8
.88
%
,
12/14/26
....
5,180
5,039
L2249279.UP.FTS.B
,
9
.09
%
,
12/14/26
....
2,365
2,301
L2251398.UP.FTS.B
,
9
.28
%
,
12/14/26
....
3,787
3,684
L2247842.UP.FTS.B
,
9
.8
%
,
12/14/26
....
4,310
313
FW2251249.UP.FTS.B
,
10
.34
%
,
12/14/26
.
9,118
8,875
L2248805.UP.FTS.B
,
10
.51
%
,
12/14/26
...
5,317
736
L2249903.UP.FTS.B
,
11
.03
%
,
12/14/26
...
1,452
1,414
L2251043.UP.FTS.B
,
12
.11
%
,
12/14/26
...
15,698
15,292
L2250070.UP.FTS.B
,
12
.15
%
,
12/14/26
...
3,278
3,195
L2247235.UP.FTS.B
,
13
.18
%
,
12/14/26
...
1,988
1,937
L2250820.UP.FTS.B
,
13
.59
%
,
12/14/26
...
1,598
1,558
L2251440.UP.FTS.B
,
16
.23
%
,
12/14/26
...
665
654
L2249248.UP.FTS.B
,
16
.43
%
,
12/14/26
...
6,127
6,034
L2249629.UP.FTS.B
,
17
.8
%
,
12/14/26
....
3,292
3,213
FW2249113.UP.FTS.B
,
18
.58
%
,
12/14/26
.
14,350
2,025
L2249412.UP.FTS.B
,
19
.96
%
,
12/14/26
...
1,108
795
L2248975.UP.FTS.B
,
19
.98
%
,
12/14/26
...
5,709
4,122
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)
Upstart
Network,
Inc.
(continued)
L2250558.UP.FTS.B
,
20
.67
%
,
12/14/26
...
$
4,394
$
4,303
L2251409.UP.FTS.B
,
20
.71
%
,
12/14/26
...
6,512
6,376
L2251393.UP.FTS.B
,
20
.81
%
,
12/14/26
...
2,648
2,592
L2249780.UP.FTS.B
,
21
.14
%
,
12/14/26
...
4,360
4,270
L2250707.UP.FTS.B
,
21
.52
%
,
12/14/26
...
3,455
781
L2249149.UP.FTS.B
,
21
.87
%
,
12/14/26
...
5,493
5,380
FW2248314.UP.FTS.B
,
21
.92
%
,
12/14/26
.
1,924
1,885
L2249898.UP.FTS.B
,
22
.33
%
,
12/14/26
...
12,059
11,895
L2251333.UP.FTS.B
,
22
.77
%
,
12/14/26
...
8,687
8,511
L2249183.UP.FTS.B
,
22
.87
%
,
12/14/26
...
2,063
483
FW2251497.UP.FTS.B
,
23
.11
%
,
12/14/26
.
2,718
2,665
L2250010.UP.FTS.B
,
23
.56
%
,
12/14/26
...
2,797
2,742
FW2248932.UP.FTS.B
,
23
.62
%
,
12/14/26
.
1,256
182
L2249765.UP.FTS.B
,
23
.67
%
,
12/14/26
...
2,240
2,196
L2250334.UP.FTS.B
,
24
.44
%
,
12/14/26
...
4,909
4,811
L2250314.UP.FTS.B
,
24
.91
%
,
12/14/26
...
1,921
1,886
L2249782.UP.FTS.B
,
24
.98
%
,
12/14/26
...
2,383
2,338
L2248144.UP.FTS.B
,
25
.08
%
,
12/14/26
...
2,691
2,641
L2250779.UP.FTS.B
,
25
.12
%
,
12/14/26
...
1,051
38
L2248450.UP.FTS.B
,
25
.14
%
,
12/14/26
...
3,666
822
L2249856.UP.FTS.B
,
25
.32
%
,
12/14/26
...
683
670
L2249823.UP.FTS.B
,
25
.41
%
,
12/14/26
...
2,458
1,804
L2251395.UP.FTS.B
,
25
.45
%
,
12/14/26
...
1,255
1,231
L2250992.UP.FTS.B
,
25
.92
%
,
12/14/26
...
5,745
5,639
FW2248550.UP.FTS.B
,
26
.2
%
,
12/14/26
..
2,624
1,704
L2249257.UP.FTS.B
,
26
.38
%
,
12/14/26
...
5,194
5,101
FW2249342.UP.FTS.B
,
27
.92
%
,
12/14/26
.
2,728
2,679
FW2251120.UP.FTS.B
,
28
.37
%
,
12/14/26
.
7,632
7,500
FW2249976.UP.FTS.B
,
28
.77
%
,
12/14/26
.
958
941
FW2249951.UP.FTS.B
,
30
.44
%
,
12/14/26
.
1,215
792
FW2249983.UP.FTS.B
,
30
.63
%
,
12/14/26
.
1,162
1,143
FW2250251.UP.FTS.B
,
30
.69
%
,
12/14/26
.
3,775
2,422
FW2249049.UP.FTS.B
,
30
.95
%
,
12/14/26
.
3,817
3,755
FW2249041.UP.FTS.B
,
31
.12
%
,
12/14/26
.
664
654
FW2250974.UP.FTS.B
,
31
.12
%
,
12/14/26
.
2,016
1,984
FW2248893.UP.FTS.B
,
31
.17
%
,
12/14/26
.
1,085
1,068
FW2249653.UP.FTS.B
,
31
.19
%
,
12/14/26
.
2,292
2,255
FW2251410.UP.FTS.B
,
31
.25
%
,
12/14/26
.
2,958
1,908
L2251963.UP.FTS.B
,
7
.31
%
,
12/15/26
....
5,731
5,571
L2141755.UP.FTS.B
,
8
.51
%
,
12/15/26
....
22,632
22,018
L2252339.UP.FTS.B
,
8
.65
%
,
12/15/26
....
11,735
11,411
L2252737.UP.FTS.B
,
8
.71
%
,
12/15/26
....
9,868
9,600
L2252298.UP.FTS.B
,
8
.83
%
,
12/15/26
....
1,065
805
L2252476.UP.FTS.B
,
9
.18
%
,
12/15/26
....
4,729
4,601
FW2253701.UP.FTS.B
,
10
.99
%
,
12/15/26
.
6,247
6,085
L2253738.UP.FTS.B
,
11
.28
%
,
12/15/26
...
14,568
14,190
L2247794.UP.FTS.B
,
12
.65
%
,
12/15/26
...
2,222
2,166
L2253650.UP.FTS.B
,
13
.61
%
,
12/15/26
...
3,248
3,167
L2253384.UP.FTS.B
,
13
.79
%
,
12/15/26
...
6,010
5,860
L2252931.UP.FTS.B
,
15
.49
%
,
12/15/26
...
1,745
1,719
L2252976.UP.FTS.B
,
16
.75
%
,
12/15/26
...
3,273
3,226
L2252199.UP.FTS.B
,
17
.21
%
,
12/15/26
...
4,901
4,785
L2253164.UP.FTS.B
,
17
.76
%
,
12/15/26
...
2,580
2,528
FW2251546.UP.FTS.B
,
19
.76
%
,
12/15/26
.
8,088
7,924
L2252318.UP.FTS.B
,
20
.43
%
,
12/15/26
...
1,622
1,590
L2251727.UP.FTS.B
,
20
.77
%
,
12/15/26
...
1,361
1,333
L2253118.UP.FTS.B
,
21
.32
%
,
12/15/26
...
10,919
10,706
L2251670.UP.FTS.B
,
22
.36
%
,
12/15/26
...
2,762
2,709
Description
Principal
Amount
Value
Upstart
Network,
Inc.
(continued)
L2252135.UP.FTS.B
,
22
.59
%
,
12/15/26
...
$
1,661
$
1,629
L2250541.UP.FTS.B
,
24
.85
%
,
12/15/26
...
1,690
1,660
L2252209.UP.FTS.B
,
25
.21
%
,
12/15/26
...
726
713
L2252447.UP.FTS.B
,
25
.4
%
,
12/15/26
....
684
672
FW2253392.UP.FTS.B
,
25
.5
%
,
12/15/26
..
4,231
2,712
FW2248936.UP.FTS.B
,
26
.48
%
,
12/15/26
.
3,347
3,288
FW2252023.UP.FTS.B
,
28
.67
%
,
12/15/26
.
2,707
2,663
FW2253234.UP.FTS.B
,
28
.94
%
,
12/15/26
.
6,315
6,210
FW2252233.UP.FTS.B
,
30
.05
%
,
12/15/26
.
1,492
1,469
FW2252687.UP.FTS.B
,
30
.62
%
,
12/15/26
.
8,992
8,853
FW2251570.UP.FTS.B
,
31
.17
%
,
12/15/26
.
8,104
39
FW2253542.UP.FTS.B
,
31
.19
%
,
12/15/26
.
1,145
1,128
FW2251389.UP.FTS.B
,
31
.46
%
,
12/15/26
.
11,157
10,982
L2251912.UP.FTS.B
,
13
.91
%
,
12/19/26
...
1,758
1,714
L2252296.UP.FTS.B
,
8
.02
%
,
12/26/26
....
6,995
6,800
FW2250801.UP.FTS.B
,
31
.11
%
,
12/28/26
.
1,867
–
L2499407.UP.FTS.B
,
5
.37
%
,
1/24/27
....
23,316
22,412
L2499766.UP.FTS.B
,
6
.26
%
,
1/24/27
....
2,830
2,721
L2492277.UP.FTS.B
,
7
.6
%
,
1/24/27
.....
3,264
3,173
L2500086.UP.FTS.B
,
7
.95
%
,
1/24/27
....
5,508
5,366
L2497458.UP.FTS.B
,
8
.44
%
,
1/24/27
....
16,879
16,415
L2497353.UP.FTS.B
,
9
.69
%
,
1/24/27
....
6,395
6,221
L2500305.UP.FTS.B
,
11
.35
%
,
1/24/27
....
503
490
FW2499235.UP.FTS.B
,
11
.45
%
,
1/24/27
..
3,264
3,182
L2498623.UP.FTS.B
,
12
.18
%
,
1/24/27
....
1,155
1,125
FW2497574.UP.FTS.B
,
12
.62
%
,
1/24/27
..
17,993
17,530
L2497797.UP.FTS.B
,
12
.7
%
,
1/24/27
....
3,578
3,489
L2500282.UP.FTS.B
,
13
.29
%
,
1/24/27
....
5,171
5,042
L2498730.UP.FTS.B
,
14
.35
%
,
1/24/27
....
3,236
3,155
FW2499948.UP.FTS.B
,
14
.6
%
,
1/24/27
...
3,657
3,569
L2500513.UP.FTS.B
,
14
.9
%
,
1/24/27
....
10,488
10,235
L2494019.UP.FTS.B
,
16
.44
%
,
1/24/27
....
3,201
3,159
L2497377.UP.FTS.B
,
16
.51
%
,
1/24/27
....
2,938
2,899
L2500130.UP.FTS.B
,
18
.16
%
,
1/24/27
....
3,807
3,737
L2500098.UP.FTS.B
,
18
.6
%
,
1/24/27
....
4,099
4,048
L2497754.UP.FTS.B
,
19
.19
%
,
1/24/27
....
1,705
1,674
L2498546.UP.FTS.B
,
19
.91
%
,
1/24/27
....
3,751
3,682
L2497528.UP.FTS.B
,
19
.93
%
,
1/24/27
....
2,772
2,722
L2499090.UP.FTS.B
,
20
.13
%
,
1/24/27
....
3,333
3,274
FW2499205.UP.FTS.B
,
20
.72
%
,
1/24/27
..
3,377
3,324
L2499153.UP.FTS.B
,
21
.13
%
,
1/24/27
....
635
624
L2497527.UP.FTS.B
,
21
.34
%
,
1/24/27
....
2,813
2,768
FW2494038.UP.FTS.B
,
22
.37
%
,
1/24/27
..
2,275
2,236
FW2497553.UP.FTS.B
,
23
.05
%
,
1/24/27
..
9,855
9,704
L2500427.UP.FTS.B
,
23
.85
%
,
1/24/27
....
5,958
5,890
L2500298.UP.FTS.B
,
25
.15
%
,
1/24/27
....
936
920
FW2497649.UP.FTS.B
,
25
.29
%
,
1/24/27
..
23,426
23,094
L2500230.UP.FTS.B
,
25
.4
%
,
1/24/27
....
3,049
3,006
L2500426.UP.FTS.B
,
25
.41
%
,
1/24/27
....
762
751
L2497705.UP.FTS.B
,
25
.44
%
,
1/24/27
....
2,387
2,355
L2500467.UP.FTS.B
,
25
.44
%
,
1/24/27
....
1,032
1,018
L2500357.UP.FTS.B
,
26
.3
%
,
1/24/27
....
5,500
5,425
FW2498744.UP.FTS.B
,
26
.78
%
,
1/24/27
..
5,941
5,861
L2497724.UP.FTS.B
,
27
.87
%
,
1/24/27
....
3,148
3,098
FW2498534.UP.FTS.B
,
28
.67
%
,
1/24/27
..
1,132
1,118
FW2499784.UP.FTS.B
,
29
.61
%
,
1/24/27
..
4,367
308
FW2498768.UP.FTS.B
,
30
.06
%
,
1/24/27
..
918
907
FW2499403.UP.FTS.B
,
30
.76
%
,
1/24/27
..
1,726
1,705
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)
FW2498894.UP.FTS.B
,
31
.13
%
,
1/24/27
..
$
2,226
$
2,200
FW2497608.UP.FTS.B
,
31
.43
%
,
1/24/27
..
1,050
1,038
FW2497327.UP.FTS.B
,
33
.75
%
,
1/24/27
..
1,204
1,191
FW2502639.UP.FTS.B
,
4
.89
%
,
1/25/27
...
6,238
5,995
L2443263.UP.FTS.B
,
6
.66
%
,
1/25/27
....
4,030
3,876
L2501608.UP.FTS.B
,
7
.8
%
,
1/25/27
.....
9,625
9,262
L2501547.UP.FTS.B
,
8
.21
%
,
1/25/27
....
3,008
2,926
L2502319.UP.FTS.B
,
8
.49
%
,
1/25/27
....
20,199
19,648
L2502134.UP.FTS.B
,
9
.38
%
,
1/25/27
....
15,537
15,115
L2502174.UP.FTS.B
,
9
.86
%
,
1/25/27
....
7,742
7,550
FW2498378.UP.FTS.B
,
11
.81
%
,
1/25/27
..
15,169
14,789
L2501198.UP.FTS.B
,
12
.05
%
,
1/25/27
....
6,341
6,182
L2500626.UP.FTS.B
,
12
.15
%
,
1/25/27
....
2,250
2,198
FW2502179.UP.FTS.B
,
12
.78
%
,
1/25/27
..
1,023
998
L2501977.UP.FTS.B
,
12
.89
%
,
1/25/27
....
20,277
19,777
L2502247.UP.FTS.B
,
13
.43
%
,
1/25/27
....
2,062
2,011
L2503471.UP.FTS.B
,
13
.93
%
,
1/25/27
....
2,681
2,614
L2500808.UP.FTS.B
,
14
.3
%
,
1/25/27
....
3,854
3,760
L2501876.UP.FTS.B
,
14
.91
%
,
1/25/27
....
2,098
2,048
L2499095.UP.FTS.B
,
16
.97
%
,
1/25/27
....
1,610
1,590
L2501997.UP.FTS.B
,
17
.77
%
,
1/25/27
....
2,708
2,674
FW2501148.UP.FTS.B
,
17
.78
%
,
1/25/27
..
1,082
1,069
FW2501125.UP.FTS.B
,
17
.82
%
,
1/25/27
..
813
798
L2502439.UP.FTS.B
,
18
.98
%
,
1/25/27
....
3,833
3,764
L2500727.UP.FTS.B
,
19
.88
%
,
1/25/27
....
4,649
1,087
FW2501295.UP.FTS.B
,
20
.14
%
,
1/25/27
..
556
546
FW2500961.UP.FTS.B
,
20
.28
%
,
1/25/27
..
3,561
3,504
FW2501561.UP.FTS.B
,
21
.33
%
,
1/25/27
..
3,085
3,036
L2503424.UP.FTS.B
,
21
.51
%
,
1/25/27
....
5,524
5,429
L2501728.UP.FTS.B
,
21
.52
%
,
1/25/27
....
3,020
218
L2502058.UP.FTS.B
,
21
.83
%
,
1/25/27
....
5,825
5,735
L2500977.UP.FTS.B
,
22
.64
%
,
1/25/27
....
3,991
3,931
L2502763.UP.FTS.B
,
23
.93
%
,
1/25/27
....
2,638
190
FW2503468.UP.FTS.B
,
24
.6
%
,
1/25/27
...
1,959
1,932
FW2503375.UP.FTS.B
,
24
.71
%
,
1/25/27
..
1,784
1,760
FW2503209.UP.FTS.B
,
25
.12
%
,
1/25/27
..
4,039
3,983
L2500860.UP.FTS.B
,
25
.49
%
,
1/25/27
....
802
791
FW2501330.UP.FTS.B
,
26
.47
%
,
1/25/27
..
3,266
3,224
FW2502187.UP.FTS.B
,
26
.63
%
,
1/25/27
..
2,966
2,927
FW2501053.UP.FTS.B
,
27
.35
%
,
1/25/27
..
4,837
4,775
FW2474863.UP.FTS.B
,
27
.63
%
,
1/25/27
..
1,740
1,717
FW2502652.UP.FTS.B
,
27
.68
%
,
1/25/27
..
2,936
2,899
FW2503169.UP.FTS.B
,
27
.77
%
,
1/25/27
..
598
590
FW2501180.UP.FTS.B
,
28
.56
%
,
1/25/27
..
1,863
1,840
FW2500797.UP.FTS.B
,
28
.58
%
,
1/25/27
..
1,177
1,163
FW2502849.UP.FTS.B
,
29
.19
%
,
1/25/27
..
614
607
FW2501203.UP.FTS.B
,
30
.73
%
,
1/25/27
..
862
853
FW2503502.UP.FTS.B
,
31
.01
%
,
1/25/27
..
1,550
1,533
FW2501430.UP.FTS.B
,
31
.03
%
,
1/25/27
..
1,117
1,105
FW2502879.UP.FTS.B
,
31
.04
%
,
1/25/27
..
19,011
18,834
FW2500654.UP.FTS.B
,
31
.21
%
,
1/25/27
..
606
599
FW2502276.UP.FTS.B
,
33
.54
%
,
1/25/27
..
3,171
3,140
L2500341.UP.FTS.B
,
18
.83
%
,
1/28/27
....
1,416
1,390
FW2499482.UP.FTS.B
,
28
.65
%
,
1/28/27
..
10,220
10,097
FW2498422.UP.FTS.B
,
31
.2
%
,
2/01/27
...
641
634
FW2500954.UP.FTS.B
,
23
.81
%
,
2/07/27
..
4,793
4,729
L2500786.UP.FTS.B
,
26
.35
%
,
2/09/27
....
1,711
1,684
FW1729970.UP.FTS.B
,
18
.27
%
,
2/17/27
..
16,043
9,953
Description
Principal
Amount
Value
Upstart
Network,
Inc.
(continued)
L1729858.UP.FTS.B
,
25
.05
%
,
2/17/27
....
$
14,965
$
9,590
FW1729684.UP.FTS.B
,
29
.1
%
,
2/17/27
...
7,874
7,772
L1902477.UP.FTS.B
,
13
.65
%
,
3/22/27
....
5,439
5,299
FW1901509.UP.FTS.B
,
31
.16
%
,
3/22/27
..
6,131
431
L2031108.UP.FTS.B
,
11
.34
%
,
4/12/27
....
27,710
5,784
L2030962.UP.FTS.B
,
13
.54
%
,
4/12/27
....
5,389
251
L2032266.UP.FTS.B
,
21
.24
%
,
4/12/27
....
3,251
3,185
L2032168.UP.FTS.B
,
21
.6
%
,
4/12/27
....
8,516
613
FW2032681.UP.FTS.B
,
22
.41
%
,
4/12/27
..
1,567
1,537
L2032337.UP.FTS.B
,
26
.62
%
,
4/12/27
....
6,183
2,739
L2972334.UP.FTS.B
,
6
.17
%
,
4/19/27
....
26,094
25,182
L2971979.UP.FTS.B
,
6
.84
%
,
4/19/27
....
14,098
13,610
L2971286.UP.FTS.B
,
7
.38
%
,
4/19/27
....
13,236
12,781
L2972081.UP.FTS.B
,
7
.8
%
,
4/19/27
.....
2,854
1,873
FW2972190.UP.FTS.B
,
7
.92
%
,
4/19/27
...
25,204
24,343
L2971527.UP.FTS.B
,
13
.17
%
,
4/19/27
....
5,933
5,802
L2967243.UP.FTS.B
,
14
.24
%
,
4/19/27
....
9,718
9,506
L2971759.UP.FTS.B
,
16
.29
%
,
4/19/27
....
4,456
4,405
L2971657.UP.FTS.B
,
16
.32
%
,
4/19/27
....
1,261
1,247
L2971854.UP.FTS.B
,
16
.46
%
,
4/19/27
....
1,784
1,764
FW2968818.UP.FTS.B
,
17
.01
%
,
4/19/27
..
10,373
1,391
L2972316.UP.FTS.B
,
18
.63
%
,
4/19/27
....
31,344
6,611
L2971776.UP.FTS.B
,
19
.69
%
,
4/19/27
....
3,989
3,947
L2972008.UP.FTS.B
,
20
.74
%
,
4/19/27
....
3,359
3,319
FW2971982.UP.FTS.B
,
21
.48
%
,
4/19/27
..
1,201
86
FW2971643.UP.FTS.B
,
24
.95
%
,
4/19/27
..
13,510
13,371
L2971841.UP.FTS.B
,
25
.2
%
,
4/19/27
....
913
903
L2030886.UP.FTS.B
,
25
.5
%
,
4/19/27
....
14,561
9,097
FW2972220.UP.FTS.B
,
26
.42
%
,
4/19/27
..
2,508
2,485
L2971662.UP.FTS.B
,
26
.49
%
,
4/19/27
....
644
636
FW2972102.UP.FTS.B
,
26
.72
%
,
4/19/27
..
2,091
2,071
FW2972305.UP.FTS.B
,
27
.33
%
,
4/19/27
..
3,889
3,855
FW2972030.UP.FTS.B
,
28
.07
%
,
4/19/27
..
3,700
264
L2102253.UP.FTS.B
,
20
.85
%
,
4/23/27
....
4,765
4,696
L2100737.UP.FTS.B
,
22
.28
%
,
4/23/27
....
13,413
13,288
FW2101765.UP.FTS.B
,
29
.07
%
,
4/23/27
..
3,070
218
FW2102410.UP.FTS.B
,
22
.44
%
,
5/07/27
..
3,134
3,091
L2250389.UP.FTS.B
,
13
.11
%
,
5/14/27
....
12,214
11,872
FW2250025.UP.FTS.B
,
13
.65
%
,
5/14/27
..
4,190
2,475
L2247268.UP.FTS.B
,
14
.22
%
,
5/14/27
....
29,072
28,534
L2250559.UP.FTS.B
,
14
.84
%
,
5/14/27
....
4,110
3,996
L2248252.UP.FTS.B
,
18
.48
%
,
5/14/27
....
1,985
415
FW2249414.UP.FTS.B
,
19
.5
%
,
5/14/27
...
4,491
4,406
L2251037.UP.FTS.B
,
19
.7
%
,
5/14/27
....
1,110
1,092
FW2250365.UP.FTS.B
,
20
.49
%
,
5/14/27
..
20,396
527
FW2248500.UP.FTS.B
,
23
.6
%
,
5/14/27
...
1,927
1,895
L2250245.UP.FTS.B
,
24
.75
%
,
5/14/27
....
1,207
1,185
FW2249682.UP.FTS.B
,
30
.35
%
,
5/14/27
..
1,283
91
L2252566.UP.FTS.B
,
19
.55
%
,
5/15/27
....
3,449
3,359
L2252234.UP.FTS.B
,
21
.66
%
,
5/15/27
....
2,947
640
FW2252591.UP.FTS.B
,
31
.67
%
,
5/15/27
..
6,449
1,507
L2250436.UP.FTS.B
,
22
.79
%
,
5/27/27
....
14,799
14,600
L2248430.UP.FTS.B
,
21
.51
%
,
5/28/27
....
1,126
80
L2253562.UP.FTS.B
,
23
.61
%
,
5/28/27
....
3,418
247
L2497350.UP.FTS.B
,
13
.11
%
,
6/24/27
....
6,017
5,842
FW2497520.UP.FTS.B
,
17
.89
%
,
6/24/27
..
4,054
3,992
L2497796.UP.FTS.B
,
18
.8
%
,
6/24/27
....
4,491
621
L2500224.UP.FTS.B
,
25
.04
%
,
6/24/27
....
3,694
3,644
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)
FW2499989.UP.FTS.B
,
28
.3
%
,
6/24/27
...
$
5,831
$
5,769
L2472114.UP.FTS.B
,
7
.63
%
,
6/25/27
.....
12,241
1,445
L2501796.UP.FTS.B
,
9
.36
%
,
6/25/27
....
8,338
8,107
L2500638.UP.FTS.B
,
25
.31
%
,
6/25/27
....
674
667
FW2503491.UP.FTS.B
,
26
.41
%
,
6/25/27
..
1,719
123
FW2502647.UP.FTS.B
,
31
.05
%
,
6/25/27
..
6,672
6,626
L2503404.UP.FTS.B
,
16
.88
%
,
7/01/27
....
5,541
5,446
FW1729187.UP.FTS.B
,
30
.3
%
,
7/17/27
...
4,340
4,274
L1900981.UP.FTS.B
,
20
.57
%
,
8/22/27
....
2,137
483
FW2972075.UP.FTS.B
,
9
.42
%
,
9/19/27
...
23,275
13,063
L2971880.UP.FTS.B
,
24
%
,
9/19/27
......
24,954
14,755
L2101315.UP.FTS.B
,
12
.86
%
,
9/23/27
....
2,911
170
L2250624.UP.FTS.B
,
16
.92
%
,
10/14/27
...
3,946
285
FW2249158.UP.FTS.B
,
11
.8
%
,
10/28/27
..
7,969
7,751
FW2500185.UP.FTS.B
,
30
.96
%
,
11/24/27
.
6,651
6,505
L2498668.UP.FTS.B
,
13
.66
%
,
11/25/27
...
25,447
24,749
L2499062.UP.FTS.B
,
17
.84
%
,
12/08/27
...
961
938
L2971929.UP.FTS.B
,
24
.66
%
,
2/19/28
....
14,992
14,802
L1901406.UP.FTS.B
,
27
.3
%
,
10/22/28
....
4,000
3,987
L2249713.UP.FTS.B
,
11
.85
%
,
12/14/34
...
132
130
L2249391.UP.FTS.B
,
12
.58
%
,
12/14/34
...
16
15
L2251228.UP.FTS.B
,
12
.94
%
,
12/14/34
...
52
51
L2251099.UP.FTS.B
,
15
.99
%
,
12/14/34
...
27
23
L2249946.UP.FTS.B
,
17
.98
%
,
12/14/34
...
142
140
L2250240.UP.FTS.B
,
20
.48
%
,
12/14/34
...
21
18
L2250459.UP.FTS.B
,
21
.22
%
,
12/14/34
...
163
161
FW2250657.UP.FTS.B
,
22
.04
%
,
12/14/34
.
37
37
FW2251405.UP.FTS.B
,
24
.46
%
,
12/14/34
.
77
76
FW2250011.UP.FTS.B
,
27
.44
%
,
12/14/34
.
399
229
L2253130.UP.FTS.B
,
10
.71
%
,
12/15/34
...
184
182
L2253233.UP.FTS.B
,
17
.76
%
,
12/15/34
...
203
200
L2251602.UP.FTS.B
,
18
.36
%
,
12/15/34
...
252
242
L2240893.UP.FTS.B
,
21
.21
%
,
12/15/34
...
925
912
FW2249426.UP.FTS.B
,
22
.47
%
,
12/15/34
.
532
506
L2253201.UP.FTS.B
,
23
.48
%
,
12/15/34
...
114
113
L2248952.UP.FTS.B
,
12
.98
%
,
12/21/34
...
234
231
1,683,650
Total
Marketplace
Loans
(Cost
$
4,729,132
)
......
$4,013,893
Franklin
Universal
Trust
23
Quarterly
Schedule
of
Investments
Notes
to
Schedule
of
Investments
(unaudited)
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)
24
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.
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
November
30,
2024
,
the
Fund
held
investments
in
affiliated
management
investment
companies
as
follows:
4. 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
November
30,
2024,
in
valuing
the Fund's
assets
carried
at
fair
value,
is
as
follows:  
    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,
4.369%
$4,054,622
$14,604,244
$(13,512,848)
$—
$—
$5,146,018
5,146,018
$54,886
Total
Affiliated
Securities
...
$4,054,622
$14,604,244
$(13,512,848)
$—
$—
$5,146,018
$54,886
2. Financial
Instrument
Valuation
(continued)
Franklin
Universal
Trust
Notes
to
Schedule
of
Investments
(unaudited)
25
Quarterly
Schedule
of
Investments
Level
1
Level
2
Level
3
Total
Franklin
Universal
Trust
Assets:
Investments
in
Securities:
Common
Stocks
:
Electric
Utilities
........................
$
53,319,055
$
—
$
—
$
53,319,055
Metals
&
Mining
.......................
5,265,822
—
—
5,265,822
Multi-Utilities
..........................
34,772,486
—
—
34,772,486
Oil,
Gas
&
Consumable
Fuels
.............
3,115,477
220,526
—
3,336,003
Pharmaceuticals
.......................
258,985
—
—
258,985
Convertible
Preferred
Stocks
................
166,170
—
—
166,170
Preferred
Stocks
.........................
577,500
—
—
577,500
Warrants
...............................
16,708
—
—
16,708
Corporate
Bonds
:
Aerospace
&
Defense
...................
—
2,420,664
—
2,420,664
Automobile
Components
.................
—
5,670,466
—
5,670,466
Automobiles
..........................
—
1,079,735
—
1,079,735
Biotechnology
.........................
—
1,273,351
—
1,273,351
Broadline
Retail
.......................
—
711,125
—
711,125
Building
Products
......................
—
4,444,671
—
4,444,671
Capital
Markets
........................
—
1,508,008
—
1,508,008
Chemicals
...........................
—
6,689,217
—
a
6,689,217
Commercial
Services
&
Supplies
...........
—
4,929,552
—
4,929,552
Communications
Equipment
..............
—
1,354,578
—
1,354,578
Construction
&
Engineering
...............
—
387,886
—
387,886
Consumer
Finance
.....................
—
4,875,791
—
4,875,791
Consumer
Staples
Distribution
&
Retail
......
—
724,161
—
724,161
Containers
&
Packaging
.................
—
4,981,003
—
4,981,003
Distributors
...........................
—
1,249,727
—
1,249,727
Diversified
Consumer
Services
............
—
758,429
—
758,429
Diversified
REITs
......................
—
2,257,955
—
2,257,955
Diversified
Telecommunication
Services
.....
—
4,430,238
—
4,430,238
Electric
Utilities
........................
—
3,703,414
—
3,703,414
Electrical
Equipment
....................
—
1,706,021
—
1,706,021
Electronic
Equipment,
Instruments
&
Components
........................
—
775,795
—
775,795
Energy
Equipment
&
Services
.............
—
3,986,784
—
3,986,784
Entertainment
.........................
—
833,762
—
833,762
Financial
Services
......................
—
7,093,258
—
7,093,258
Food
Products
........................
—
3,507,594
—
3,507,594
Ground
Transportation
..................
—
3,229,400
—
3,229,400
Health
Care
Equipment
&
Supplies
.........
—
1,340,000
—
1,340,000
Health
Care
Providers
&
Services
..........
—
6,433,182
—
6,433,182
Health
Care
REITs
.....................
—
181,494
—
181,494
Hotel
&
Resort
REITs
...................
—
2,336,966
—
2,336,966
Hotels,
Restaurants
&
Leisure
.............
—
11,385,968
—
a
11,385,968
Household
Durables
....................
—
4,288,295
—
4,288,295
Household
Products
....................
—
376,191
—
376,191
Independent
Power
and
Renewable
Electricity
Producers
..........................
—
2,597,175
—
2,597,175
Insurance
............................
—
3,436,757
—
3,436,757
IT
Services
...........................
—
2,754,305
—
2,754,305
Life
Sciences
Tools
&
Services
............
—
709,032
—
709,032
Machinery
............................
—
4,128,259
—
4,128,259
Media
...............................
—
5,599,420
—
5,599,420
Metals
&
Mining
.......................
—
4,174,055
—
4,174,055
Mortgage
Real
Estate
Investment
Trusts
(REITs)
............................
—
1,337,141
—
1,337,141
Oil,
Gas
&
Consumable
Fuels
.............
—
20,486,084
—
a
20,486,084
4. Fair
Value
Measurements
(continued)
Franklin
Universal
Trust
Notes
to
Schedule
of
Investments
(unaudited)
26
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 November
30,
2024,
the
reconciliation
is
as
follows:
Level
1
Level
2
Level
3
Total
Franklin
Universal
Trust
(continued)
Assets:
(continued)
Investments
in
Securities:
(continued)
Corporate
Bonds:
(continued)
Paper
&
Forest
Products
.................
$
—
$
359,911
$
—
$
359,911
Passenger
Airlines
.....................
—
1,432,746
—
1,432,746
Personal
Care
Products
.................
—
614,811
—
614,811
Pharmaceuticals
.......................
—
1,767,966
—
1,767,966
Real
Estate
Management
&
Development
....
—
833,602
—
833,602
Software
.............................
—
2,114,106
—
2,114,106
Specialized
REITs
......................
—
1,016,835
—
1,016,835
Specialty
Retail
........................
—
1,320,738
—
1,320,738
Textiles,
Apparel
&
Luxury
Goods
..........
—
753,159
—
753,159
Trading
Companies
&
Distributors
..........
—
3,353,777
—
3,353,777
Wireless
Telecommunication
Services
.......
—
2,803,700
893
2,804,593
Senior
Floating
Rate
Interests
...............
—
106,472
—
106,472
Marketplace
Loans
.......................
—
—
4,013,893
4,013,893
Asset-Backed
Securities
...................
—
47,788
—
47,788
Municipal
Bonds
.........................
—
440,692
—
440,692
Escrows
and
Litigation
Trusts
...............
—
5,625
—
a
5,625
Short
Term
Investments
...................
5,146,018
—
—
5,146,018
Total
Investments
in
Securities
...........
$102,638,221
$163,339,363
$4,014,786
$269,992,370
a
Includes
financial
instruments
determined
to
have
no
value.
Balance
at
Beginning
of
Period
Purchases
a
Sales
b
Transfer
Into
Level
3
c
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
:
Chemicals
........
$
—
$
—
$
—
$
3,851
$
—
$
—
$
—
$
(3,851)
$
—
d
$
(3,851)
Hotels,
Restaurants
&
Leisure
.........
—
d
—
—
—
—
—
—
—
—
d
—
Oil,
Gas
&
Consumable
Fuels
..........
—
d
—
—
—
—
—
—
—
—
d
—
Wireless
Telecommunication
Services
........
893
—
—
—
—
136
—
(136)
893
(136)
Marketplace
Loans
:
Financial
Services
...
5,201,571
12,940
(1,112,936)
—
—
—
(39,880)
(47,802)
4,013,893
(183,273)
Escrows
and
Litigation
Trusts
:
 —
d
—
d
(7,052)
—
—
—
7,052
—
—
d
—
Total
Investments
in
Securities
............
$5,202,464
$12,940
$(1,119,988)
$3,851
$—
$136
$(32,828)
$(51,789)
$4,014,786
$(187,260)
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.
4. Fair
Value
Measurements
(continued)
Franklin
Universal
Trust
Notes
to
Schedule
of
Investments
(unaudited)
27
Quarterly
Schedule
of
Investments
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
November
30,
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
fair
value
of
immaterial
assets
and/or
liabilities
developed
using
various
valuation
techniques
and
unobservable
inputs.
May
also
include
values
derived
using
recent
transactions,
private
transaction
prices
or
non-public
third-party
pricing
information
which
is
unobservable.
d
Includes
financial
instruments
determined
to
have
no
value.
Abbreviations
c
Transferred
into
Level
3
as
a
result
of
the
unavailability
of
a
quoted
market
price
in
an
active
market
for
identical
securities
or
as
a
result
of
the
unreliability
of
the
foreign
exchange
rate
and
other
significant
observable
valuation
inputs.
May
include
amounts
related
to
a
corporate
action.
d
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...........
$4,013,893
Discounted
cash
flow
Loss-adjusted
discount
rate
3.2%
-
13.8%
(8.0%)
Decrease
Projected
loss
rate
0.6%
-
91.6%
(20.3%)
Decrease
All
Other
Investments……….
893
c,d
Total.......................................
$4,014,786
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
4. Fair
Value
Measurements
(continued)
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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