Not
FDIC
Insured
May
Lose
Value
No
Bank
Guarantee
FUT-Q3PH
1
Schedule
of
Investments
(unaudited)
Franklin
Universal
Trust
2
Notes
to
Schedule
of
Investments
32
Franklin
Universal
Trust
Schedule
of
Investments
(unaudited),
May
31,
2023
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
48.5%
Electric
Utilities
25.8%
Alliant
Energy
Corp.
...................................
United
States
80,000
$
4,116,800
American
Electric
Power
Co.,
Inc.
.........................
United
States
65,000
5,402,800
Constellation
Energy
Corp.
..............................
United
States
21,666
1,820,377
Duke
Energy
Corp.
....................................
United
States
40,000
3,571,600
Edison
International
...................................
United
States
36,000
2,430,720
Entergy
Corp.
........................................
United
States
30,000
2,946,000
Evergy,
Inc.
..........................................
United
States
72,000
4,165,200
Exelon
Corp.
.........................................
United
States
65,000
2,577,250
FirstEnergy
Corp.
.....................................
United
States
61,000
2,280,790
NextEra
Energy,
Inc.
...................................
United
States
115,000
8,447,900
Pinnacle
West
Capital
Corp.
.............................
United
States
25,000
1,932,000
PPL
Corp.
...........................................
United
States
24,500
641,900
Southern
Co.
(The)
....................................
United
States
53,000
3,696,750
Xcel
Energy,
Inc.
......................................
United
States
55,000
3,590,950
47,621,037
Independent
Power
and
Renewable
Electricity
Producers
1.4%
a
Talen
Energy
Corp.
....................................
United
States
59,516
2,646,974
Metals
&
Mining
2.3%
b
BHP
Group
Ltd.,
ADR
..................................
Australia
25,185
1,382,657
Freeport-McMoRan,
Inc.
................................
United
States
80,380
2,760,249
b
South32
Ltd.,
ADR
....................................
Australia
10,074
129,048
4,271,954
Multi-Utilities
16.7%
CenterPoint
Energy,
Inc.
................................
United
States
122,800
3,464,188
CMS
Energy
Corp.
....................................
United
States
78,000
4,522,440
Consolidated
Edison,
Inc.
...............................
United
States
35,000
3,265,500
Dominion
Energy,
Inc.
..................................
United
States
65,000
3,268,200
DTE
Energy
Co.
......................................
United
States
30,000
3,228,000
NiSource,
Inc.
........................................
United
States
60,000
1,613,400
Public
Service
Enterprise
Group,
Inc.
......................
United
States
45,000
2,688,750
Sempra
Energy
.......................................
United
States
45,000
6,458,850
WEC
Energy
Group,
Inc.
................................
United
States
28,000
2,445,800
30,955,128
Oil,
Gas
&
Consumable
Fuels
2.3%
a
Amplify
Energy
Corp.
..................................
United
States
245
1,666
Birch
Permian
Holdings,
Inc.
.............................
United
States
32,490
529,311
California
Resources
Corp.
..............................
United
States
27
1,014
Chesapeake
Energy
Corp.
..............................
United
States
1,871
140,793
Civitas
Resources,
Inc.
.................................
United
States
18,598
1,242,346
DT
Midstream,
Inc.
....................................
United
States
15,000
681,900
Enbridge,
Inc.
........................................
Canada
39,360
1,385,472
b
Woodside
Energy
Group
Ltd.,
ADR
........................
Australia
9,101
200,950
4,183,452
Total
Common
Stocks
(Cost
$38,860,249)
......................................
89,678,545
Preferred
Stocks
0.3%
Electric
Utilities
0.3%
SCE
Trust
II,
5.1%
....................................
United
States
27,500
571,725
Total
Preferred
Stocks
(Cost
$598,125)
.........................................
571,725
Franklin
Universal
Trust
Schedule
of
Investments
(unaudited)
See
Notes
to
Schedule
of
Investments.
Quarterly
Schedule
of
Investments
3
a
a
Country
Warrants
a
Value
a
a
a
a
a
a
Warrants
0.0%
†
Oil,
Gas
&
Consumable
Fuels
0.0%
†
a
California
Resources
Corp.,
10/27/24
......................
United
States
64
$
448
Total
Warrants
(Cost
$–)
......................................................
448
Principal
Amount
*
Convertible
Bonds
0.0%
†
Wireless
Telecommunication
Services
0.0%
†
c,d,e
Digicel
Group
Holdings
Ltd.
,
Sub.
Bond
,
144A,
PIK,
7
%
,
Perpetual
Bermuda
28,028
2,922
Total
Convertible
Bonds
(Cost
$7,720)
.........................................
2,922
Corporate
Bonds
74.2%
Aerospace
&
Defense
0.3%
e
TransDigm,
Inc.
,
Senior
Secured
Note
,
144A,
6.75
%
,
8/15/28
....
United
States
600,000
601,441
Automobile
Components
2.5%
e
Adient
Global
Holdings
Ltd.
,
Senior
Note,
144A,
8.25%,
4/15/31
......................
United
States
700,000
700,035
Senior
Secured
Note,
144A,
7%,
4/15/28
..................
United
States
400,000
404,594
e
Allison
Transmission,
Inc.
,
Senior
Bond,
144A,
3.75%,
1/30/31
......................
United
States
300,000
253,583
Senior
Note,
144A,
4.75%,
10/01/27
.....................
United
States
600,000
569,274
e
Dornoch
Debt
Merger
Sub,
Inc.
,
Senior
Note
,
144A,
6.625
%
,
10/15/29
..........................................
United
States
1,600,000
1,203,053
Goodyear
Tire
&
Rubber
Co.
(The)
,
Senior
Note,
9.5%,
5/31/25
............................
United
States
900,000
920,983
Senior
Note,
5%,
7/15/29
.............................
United
States
600,000
541,022
4,592,544
Automobiles
0.6%
e
Jaguar
Land
Rover
Automotive
plc
,
Senior
Note
,
144A,
5.5
%
,
7/15/29
...........................................
United
Kingdom
1,300,000
1,111,089
Banks
0.5%
d
JPMorgan
Chase
&
Co.
,
R
,
Junior
Sub.
Bond
,
6%
to
7/31/23,
FRN
thereafter
,
Perpetual
.................................
United
States
900,000
897,390
Beverages
0.3%
e
Primo
Water
Holdings,
Inc.
,
Senior
Note
,
144A,
4.375
%
,
4/30/29
..
Canada
700,000
603,095
Biotechnology
0.3%
e
Emergent
BioSolutions,
Inc.
,
Senior
Note
,
144A,
3.875
%
,
8/15/28
.
United
States
900,000
495,514
Broadline
Retail
0.5%
e
Macy's
Retail
Holdings
LLC
,
Senior
Bond,
144A,
6.125%,
3/15/32
.....................
United
States
500,000
424,312
Senior
Note,
144A,
5.875%,
3/15/30
.....................
United
States
500,000
433,994
858,306
Building
Products
2.7%
e
Advanced
Drainage
Systems,
Inc.
,
Senior
Note
,
144A,
6.375
%
,
6/15/30
...........................................
United
States
500,000
493,450
e
Camelot
Return
Merger
Sub,
Inc.
,
Senior
Secured
Note
,
144A,
8.75
%
,
8/01/28
.....................................
United
States
500,000
471,822
e
Cornerstone
Building
Brands,
Inc.
,
Senior
Note
,
144A,
6.125
%
,
1/15/29
...........................................
United
States
300,000
222,333
e
Eco
Material
Technologies,
Inc.
,
Senior
Secured
Note
,
144A,
7.875
%
,
1/31/27
.....................................
United
States
500,000
475,697
e
Emerald
Debt
Merger
Sub
LLC
,
Senior
Secured
Note
,
144A,
6.625
%
,
12/15/30
....................................
United
States
1,100,000
1,092,575
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)
e
JELD-WEN,
Inc.
,
Senior
Note
,
144A,
4.875
%
,
12/15/27
.........
United
States
300,000
$
261,687
e
Knife
River
Holding
Co.
,
Senior
Note
,
144A,
7.75
%
,
5/01/31
.....
United
States
500,000
503,300
e
Oscar
AcquisitionCo
LLC
/
Oscar
Finance,
Inc.
,
Senior
Note
,
144A,
9.5
%
,
4/15/30
......................................
United
States
1,000,000
846,010
e
Standard
Industries,
Inc.
,
Senior
Bond,
144A,
4.75%,
1/15/28
......................
United
States
500,000
459,240
Senior
Bond,
144A,
4.375%,
7/15/30
.....................
United
States
100,000
84,540
4,910,654
Capital
Markets
0.6%
Credit
Suisse
Group
AG
,
Senior
Note
,
4.55
%
,
4/17/26
..........
Switzerland
800,000
753,000
e
Jane
Street
Group
/
JSG
Finance,
Inc.
,
Senior
Secured
Note
,
144A,
4.5
%
,
11/15/29
......................................
United
States
500,000
426,957
1,179,957
Chemicals
4.1%
c,e
Anagram
International,
Inc.
/
Anagram
Holdings
LLC
,
Secured
Note
,
144A,
PIK,
10
%
,
8/15/26
..............................
United
States
244,961
192,430
e
ASP
Unifrax
Holdings,
Inc.
,
Senior
Secured
Note
,
144A,
5.25
%
,
9/30/28
...........................................
United
States
200,000
150,875
e
Braskem
Idesa
SAPI
,
Senior
Secured
Bond
,
144A,
6.99
%
,
2/20/32
Mexico
300,000
205,776
Celanese
US
Holdings
LLC
,
Senior
Note
,
6.33
%
,
7/15/29
.......
United
States
1,000,000
1,006,847
e
Consolidated
Energy
Finance
SA
,
Senior
Note
,
144A,
5.625
%
,
10/15/28
..........................................
Switzerland
600,000
511,905
e
Diamond
BC
BV
,
Senior
Note
,
144A,
4.625
%
,
10/01/29
.........
United
States
300,000
301,418
e
Element
Solutions,
Inc.
,
Senior
Note
,
144A,
3.875
%
,
9/01/28
.....
United
States
300,000
262,988
e
GPD
Cos.,
Inc.
,
Senior
Secured
Note
,
144A,
10.125
%
,
4/01/26
...
United
States
1,500,000
1,388,100
e
Illuminate
Buyer
LLC
/
Illuminate
Holdings
IV,
Inc.
,
Senior
Note
,
144A,
9
%
,
7/01/28
...................................
United
States
1,000,000
874,516
c,e
Kobe
US
Midco
2,
Inc.
,
Senior
Note
,
144A,
PIK,
9.25
%
,
11/01/26
..
United
States
200,000
139,000
e
Rain
CII
Carbon
LLC
/
CII
Carbon
Corp.
,
Secured
Note
,
144A,
7.25
%
,
4/01/25
.....................................
United
States
1,500,000
1,455,824
e
SCIH
Salt
Holdings,
Inc.
,
Senior
Secured
Note
,
144A,
4.875
%
,
5/01/28
...........................................
United
States
300,000
266,117
e
Vibrantz
Technologies,
Inc.
,
Senior
Note
,
144A,
9
%
,
2/15/30
.....
United
States
1,000,000
743,920
7,499,716
Commercial
Services
&
Supplies
1.5%
e
APX
Group,
Inc.
,
Senior
Note
,
144A,
5.75
%
,
7/15/29
...........
United
States
800,000
684,519
e
Harsco
Corp.
,
Senior
Note
,
144A,
5.75
%
,
7/31/27
.............
United
States
500,000
432,923
e
Prime
Security
Services
Borrower
LLC
/
Prime
Finance,
Inc.
,
Senior
Secured
Note
,
144A,
3.375
%
,
8/31/27
....................
United
States
600,000
527,554
e
Stericycle,
Inc.
,
Senior
Note
,
144A,
3.875
%
,
1/15/29
...........
United
States
1,200,000
1,060,164
2,705,160
Communications
Equipment
0.6%
e
CommScope,
Inc.
,
Senior
Note
,
144A,
7.125
%
,
7/01/28
.........
United
States
1,600,000
1,077,728
Construction
&
Engineering
1.4%
e
Arcosa,
Inc.
,
Senior
Note
,
144A,
4.375
%
,
4/15/29
.............
United
States
300,000
271,567
e
Great
Lakes
Dredge
&
Dock
Corp.
,
Senior
Note
,
144A,
5.25
%
,
6/01/29
...........................................
United
States
500,000
393,417
e
VM
Consolidated,
Inc.
,
Senior
Note
,
144A,
5.5
%
,
4/15/29
.......
United
States
800,000
729,043
e
Weekley
Homes
LLC
/
Weekley
Finance
Corp.
,
Senior
Note
,
144A,
4.875
%
,
9/15/28
.....................................
United
States
1,300,000
1,141,550
2,535,577
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
1.5%
Ford
Motor
Credit
Co.
LLC
,
Senior
Note
,
6.95
%
,
3/06/26
........
United
States
500,000
$
501,486
e,f
GGAM
Finance
Ltd.
,
Senior
Note
,
144A,
8
%
,
6/15/28
..........
Ireland
700,000
689,850
e
PRA
Group,
Inc.
,
Senior
Note,
144A,
8.375%,
2/01/28
.....................
United
States
600,000
531,375
Senior
Note,
144A,
5%,
10/01/29
.......................
United
States
300,000
225,400
e
PROG
Holdings,
Inc.
,
Senior
Note
,
144A,
6
%
,
11/15/29
.........
United
States
900,000
796,536
2,744,647
Consumer
Staples
Distribution
&
Retail
0.1%
e
Albertsons
Cos.,
Inc.
/
Safeway,
Inc.
/
New
Albertsons
LP
/
Albertsons
LLC
,
Senior
Note
,
144A,
3.5
%
,
3/15/29
...........
United
States
200,000
174,239
Containers
&
Packaging
3.7%
e
Ardagh
Packaging
Finance
plc
/
Ardagh
Holdings
USA,
Inc.
,
Senior
Note,
144A,
5.25%,
8/15/27
......................
United
States
600,000
504,411
Senior
Secured
Note,
144A,
5.25%,
4/30/25
...............
United
States
800,000
784,977
e
LABL,
Inc.
,
Senior
Secured
Note
,
144A,
9.5
%
,
11/01/28
........
United
States
300,000
301,707
e
Mauser
Packaging
Solutions
Holding
Co.
,
Secured
Note,
144A,
9.25%,
4/15/27
.....................
United
States
1,500,000
1,370,452
Senior
Secured
Note,
144A,
7.875%,
8/15/26
..............
United
States
1,000,000
992,229
e
Owens-Brockway
Glass
Container,
Inc.
,
Senior
Note,
144A,
6.625%,
5/13/27
.....................
United
States
375,000
374,869
Senior
Note,
144A,
7.25%,
5/15/31
......................
United
States
800,000
815,000
e
Pactiv
Evergreen
Group
Issuer
LLC
/
Pactiv
Evergreen
Group
Issuer,
Inc.
,
Senior
Secured
Note
,
144A,
4.375
%
,
10/15/28
..........
United
States
300,000
261,452
e
Pactiv
Evergreen
Group
Issuer,
Inc./Pactiv
Evergreen
Group
Issuer
LLC
,
Senior
Secured
Note
,
144A,
4
%
,
10/15/27
.............
United
States
1,200,000
1,058,928
e
Trivium
Packaging
Finance
BV
,
Senior
Note
,
144A,
8.5
%
,
8/15/27
.
Netherlands
500,000
471,350
6,935,375
Distributors
0.4%
e
Ritchie
Bros
Holdings,
Inc.
,
Senior
Note,
144A,
7.75%,
3/15/31
......................
Canada
500,000
521,760
Senior
Secured
Note,
144A,
6.75%,
3/15/28
...............
Canada
300,000
303,942
825,702
Diversified
Consumer
Services
0.4%
Grand
Canyon
University
,
Secured
Note
,
5.125
%
,
10/01/28
......
United
States
800,000
726,392
Diversified
REITs
1.2%
e
Global
Net
Lease,
Inc.
/
Global
Net
Lease
Operating
Partnership
LP
,
Senior
Note
,
144A,
3.75
%
,
12/15/27
......................
United
States
800,000
572,980
e
HAT
Holdings
I
LLC
/
HAT
Holdings
II
LLC
,
Senior
Note
,
144A,
6
%
,
4/15/25
...........................................
United
States
400,000
387,532
e
Necessity
Retail
REIT,
Inc.
(The)
/
American
Finance
Operating
Partner
LP
,
Senior
Note
,
144A,
4.5
%
,
9/30/28
...............
United
States
900,000
689,562
e
VICI
Properties
LP
/
VICI
Note
Co.,
Inc.
,
Senior
Note
,
144A,
3.75
%
,
2/15/27
...........................................
United
States
700,000
649,108
2,299,182
Diversified
Telecommunication
Services
2.5%
e
Altice
France
Holding
SA
,
Senior
Secured
Note
,
144A,
10.5
%
,
5/15/27
...........................................
Luxembourg
1,500,000
897,795
e
CCO
Holdings
LLC
/
CCO
Holdings
Capital
Corp.
,
Senior
Bond,
144A,
5.375%,
6/01/29
.....................
United
States
500,000
450,694
Senior
Bond,
144A,
4.5%,
8/15/30
.......................
United
States
1,700,000
1,400,956
Senior
Bond,
144A,
4.25%,
2/01/31
......................
United
States
200,000
160,397
e
Iliad
Holding
SASU
,
Senior
Secured
Note
,
144A,
7
%
,
10/15/28
...
France
800,000
746,658
Franklin
Universal
Trust
Schedule
of
Investments
(unaudited)
Quarterly
Schedule
of
Investments
See
Notes
to
Schedule
of
Investments.
6
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
Corporate
Bonds
(continued)
Diversified
Telecommunication
Services
(continued)
e
Virgin
Media
Secured
Finance
plc
,
Senior
Secured
Bond
,
144A,
4.5
%
,
8/15/30
......................................
United
Kingdom
1,100,000
$
915,670
4,572,170
Electric
Utilities
0.7%
e
Vistra
Operations
Co.
LLC
,
Senior
Note,
144A,
5.625%,
2/15/27
.....................
United
States
1,000,000
962,840
Senior
Note,
144A,
4.375%,
5/01/29
.....................
United
States
400,000
349,003
1,311,843
Electrical
Equipment
1.4%
e
Regal
Rexnord
Corp.
,
Senior
Bond,
144A,
6.4%,
4/15/33
.......................
United
States
400,000
396,016
Senior
Note,
144A,
6.3%,
2/15/30
.......................
United
States
500,000
499,295
e
Sensata
Technologies
BV
,
Senior
Note
,
144A,
4
%
,
4/15/29
......
United
States
1,000,000
892,002
e
Vertiv
Group
Corp.
,
Senior
Secured
Note
,
144A,
4.125
%
,
11/15/28
United
States
800,000
716,235
2,503,548
Electronic
Equipment,
Instruments
&
Components
0.2%
e
TTM
Technologies,
Inc.
,
Senior
Note
,
144A,
4
%
,
3/01/29
........
United
States
500,000
424,330
Energy
Equipment
&
Services
2.8%
e
CSI
Compressco
LP
/
CSI
Compressco
Finance,
Inc.
,
c
Secured
Note,
144A,
PIK,
10%,
4/01/26
..................
United
States
982,453
820,613
Senior
Secured
Note,
144A,
7.5%,
4/01/25
................
United
States
402,000
385,285
e
Enerflex
Ltd.
,
Senior
Secured
Note
,
144A,
9
%
,
10/15/27
........
Canada
900,000
876,555
e
Nabors
Industries
Ltd.
,
Senior
Note
,
144A,
7.25
%
,
1/15/26
......
United
States
600,000
547,218
Nabors
Industries,
Inc.
,
Senior
Note
,
5.75
%
,
2/01/25
...........
United
States
500,000
478,162
e
Transocean
Titan
Financing
Ltd.
,
Senior
Secured
Note
,
144A,
8.375
%
,
2/01/28
.....................................
United
States
300,000
304,128
e
Transocean,
Inc.
,
Senior
Secured
Note
,
144A,
8.75
%
,
2/15/30
....
United
States
800,000
800,516
e
Weatherford
International
Ltd.
,
Senior
Note,
144A,
8.625%,
4/30/30
.....................
United
States
700,000
704,080
Senior
Secured
Note,
144A,
6.5%,
9/15/28
................
United
States
300,000
297,480
5,214,037
Entertainment
1.0%
e
Banijay
Entertainment
SASU
,
Senior
Secured
Note
,
144A,
5.375
%
,
3/01/25
...........................................
France
1,000,000
980,340
Netflix,
Inc.
,
Senior
Bond
,
5.875
%
,
11/15/28
.................
United
States
800,000
829,931
1,810,271
Financial
Services
1.1%
e
Jefferson
Capital
Holdings
LLC
,
Senior
Note
,
144A,
6
%
,
8/15/26
..
United
States
1,200,000
967,184
MGIC
Investment
Corp.
,
Senior
Note
,
5.25
%
,
8/15/28
..........
United
States
500,000
473,635
Radian
Group,
Inc.
,
Senior
Note
,
6.625
%
,
3/15/25
.............
United
States
600,000
599,997
2,040,816
Food
Products
0.8%
e
Chobani
LLC
/
Chobani
Finance
Corp.,
Inc.
,
Senior
Secured
Note
,
144A,
4.625
%
,
11/15/28
...............................
United
States
800,000
726,668
e
Darling
Ingredients,
Inc.
,
Senior
Note
,
144A,
6
%
,
6/15/30
.......
United
States
200,000
196,975
e
Post
Holdings,
Inc.
,
Senior
Bond,
144A,
5.625%,
1/15/28
.....................
United
States
300,000
289,619
Senior
Bond,
144A,
4.625%,
4/15/30
.....................
United
States
400,000
350,637
1,563,899
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)
Ground
Transportation
0.9%
e
EquipmentShare.com,
Inc.
,
Secured
Note
,
144A,
9
%
,
5/15/28
....
United
States
800,000
$
735,000
e
First
Student
Bidco,
Inc.
/
First
Transit
Parent,
Inc.
,
Senior
Secured
Note
,
144A,
4
%
,
7/31/29
..............................
United
States
900,000
747,875
e
Williams
Scotsman
International,
Inc.
,
Senior
Secured
Note
,
144A,
4.625
%
,
8/15/28
.....................................
United
States
300,000
274,455
1,757,330
Health
Care
Equipment
&
Supplies
0.7%
e
Garden
Spinco
Corp.
,
Senior
Note
,
144A,
8.625
%
,
7/20/30
......
United
States
400,000
433,290
e
Medline
Borrower
LP
,
Senior
Note,
144A,
5.25%,
10/01/29
.....................
United
States
500,000
428,339
Senior
Secured
Note,
144A,
3.875%,
4/01/29
..............
United
States
400,000
345,416
1,207,045
Health
Care
Providers
&
Services
2.6%
Centene
Corp.
,
Senior
Bond,
2.5%,
3/01/31
............................
United
States
500,000
400,593
Senior
Note,
2.45%,
7/15/28
...........................
United
States
500,000
430,065
Senior
Note,
2.625%,
8/01/31
..........................
United
States
500,000
401,140
e
CHS/Community
Health
Systems,
Inc.
,
Secured
Note,
144A,
6.125%,
4/01/30
....................
United
States
500,000
270,525
Senior
Secured
Note,
144A,
6%,
1/15/29
..................
United
States
300,000
242,190
e
DaVita,
Inc.
,
Senior
Note
,
144A,
4.625
%
,
6/01/30
.............
United
States
1,200,000
1,029,312
e
ModivCare
Escrow
Issuer,
Inc.
,
Senior
Note
,
144A,
5
%
,
10/01/29
.
United
States
100,000
76,156
e
MPH
Acquisition
Holdings
LLC
,
Senior
Note
,
144A,
5.75
%
,
11/01/28
United
States
1,200,000
859,176
e
Tenet
Healthcare
Corp.
,
Senior
Secured
Note,
144A,
6.125%,
6/15/30
..............
United
States
700,000
677,184
Senior
Secured
Note,
144A,
6.75%,
5/15/31
...............
United
States
500,000
500,130
4,886,471
Health
Care
REITs
0.1%
MPT
Operating
Partnership
LP
/
MPT
Finance
Corp.
,
Senior
Bond
,
5.25
%
,
8/01/26
.....................................
United
States
200,000
176,999
Hotel
&
Resort
REITs
0.2%
e
XHR
LP
,
Senior
Secured
Note
,
144A,
4.875
%
,
6/01/29
.........
United
States
400,000
342,990
Hotels,
Restaurants
&
Leisure
5.7%
e
1011778
BC
ULC
/
New
Red
Finance,
Inc.
,
Secured
Bond
,
144A,
4
%
,
10/15/30
.......................................
Canada
600,000
515,690
e,g,h
24
Hour
Fitness
Worldwide,
Inc.
,
Senior
Note
,
144A,
8
%
,
6/01/22
.
United
States
1,800,000
—
e
Allwyn
Entertainment
Financing
UK
plc
,
Senior
Secured
Note
,
144A,
7.875
%
,
4/30/29
.....................................
Czech
Republic
800,000
794,696
e
Caesars
Entertainment,
Inc.
,
Senior
Secured
Note
,
144A,
7
%
,
2/15/30
...........................................
United
States
300,000
301,646
e
Carnival
Corp.
,
Senior
Note,
144A,
7.625%,
3/01/26
.....................
United
States
400,000
379,618
Senior
Note,
144A,
5.75%,
3/01/27
......................
United
States
1,500,000
1,285,780
e
Carnival
Holdings
Bermuda
Ltd.
,
Senior
Note
,
144A,
10.375
%
,
5/01/28
...........................................
United
States
400,000
433,350
e
Everi
Holdings,
Inc.
,
Senior
Note
,
144A,
5
%
,
7/15/29
...........
United
States
700,000
621,482
e
Fertitta
Entertainment
LLC
/
Fertitta
Entertainment
Finance
Co.,
Inc.
,
Senior
Note
,
144A,
6.75
%
,
1/15/30
.......................
United
States
1,000,000
814,667
e
Motion
Bondco
DAC
,
Senior
Note
,
144A,
6.625
%
,
11/15/27
......
United
Kingdom
200,000
182,323
e
NCL
Corp.
Ltd.
,
Senior
Note
,
144A,
5.875
%
,
3/15/26
...........
United
States
300,000
272,474
e
Papa
John's
International,
Inc.
,
Senior
Note
,
144A,
3.875
%
,
9/15/29
United
States
300,000
251,598
Franklin
Universal
Trust
Schedule
of
Investments
(unaudited)
Quarterly
Schedule
of
Investments
See
Notes
to
Schedule
of
Investments.
8
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
Corporate
Bonds
(continued)
Hotels,
Restaurants
&
Leisure
(continued)
e
Premier
Entertainment
Sub
LLC
/
Premier
Entertainment
Finance
Corp.
,
Senior
Bond,
144A,
5.875%,
9/01/31
.....................
United
States
500,000
$
344,200
Senior
Note,
144A,
5.625%,
9/01/29
.....................
United
States
800,000
568,820
e
Royal
Caribbean
Cruises
Ltd.
,
Senior
Note,
144A,
5.5%,
8/31/26
.......................
United
States
700,000
658,815
Senior
Note,
144A,
11.625%,
8/15/27
....................
United
States
700,000
761,474
e
Station
Casinos
LLC
,
Senior
Note
,
144A,
4.5
%
,
2/15/28
........
United
States
400,000
356,455
e
Studio
City
Finance
Ltd.
,
Senior
Note
,
144A,
5
%
,
1/15/29
.......
Macau
1,600,000
1,166,280
e
Wynn
Resorts
Finance
LLC
/
Wynn
Resorts
Capital
Corp.
,
Senior
Note
,
144A,
7.125
%
,
2/15/31
...........................
United
States
800,000
800,591
10,509,959
Household
Durables
1.0%
e
Ashton
Woods
USA
LLC
/
Ashton
Woods
Finance
Co.
,
Senior
Note
,
144A,
4.625
%
,
8/01/29
................................
United
States
1,500,000
1,265,310
M/I
Homes,
Inc.
,
Senior
Note
,
3.95
%
,
2/15/30
................
United
States
600,000
515,507
1,780,817
Independent
Power
and
Renewable
Electricity
Producers
1.8%
e
Calpine
Corp.
,
Senior
Bond,
144A,
5%,
2/01/31
........................
United
States
900,000
727,472
Senior
Note,
144A,
4.625%,
2/01/29
.....................
United
States
700,000
592,732
e
Clearway
Energy
Operating
LLC
,
Senior
Bond,
144A,
3.75%,
1/15/32
......................
United
States
400,000
330,147
Senior
Note,
144A,
4.75%,
3/15/28
......................
United
States
600,000
559,284
Senior
Note,
144A,
3.75%,
2/15/31
......................
United
States
300,000
252,083
e
Leeward
Renewable
Energy
Operations
LLC
,
Senior
Note
,
144A,
4.25
%
,
7/01/29
.....................................
United
States
1,000,000
881,005
3,342,723
Insurance
0.6%
e
Alliant
Holdings
Intermediate
LLC
/
Alliant
Holdings
Co-Issuer
,
Senior
Note
,
144A,
6.75
%
,
10/15/27
...........................
United
States
300,000
279,959
e
Jones
Deslauriers
Insurance
Management,
Inc.
,
Senior
Note
,
144A,
10.5
%
,
12/15/30
.....................................
Canada
800,000
803,232
1,083,191
IT
Services
1.9%
e
Cablevision
Lightpath
LLC
,
Senior
Secured
Note
,
144A,
3.875
%
,
9/15/27
...........................................
United
States
500,000
412,527
e
Cogent
Communications
Group,
Inc.
,
Senior
Secured
Note
,
144A,
3.5
%
,
5/01/26
......................................
United
States
500,000
459,656
e
Gartner,
Inc.
,
Senior
Note,
144A,
4.5%,
7/01/28
.......................
United
States
500,000
471,394
Senior
Note,
144A,
3.625%,
6/15/29
.....................
United
States
200,000
177,951
Senior
Note,
144A,
3.75%,
10/01/30
.....................
United
States
300,000
263,523
e
Northwest
Fiber
LLC
/
Northwest
Fiber
Finance
Sub,
Inc.
,
Senior
Note
,
144A,
6
%
,
2/15/28
..............................
United
States
1,100,000
815,694
e
Presidio
Holdings,
Inc.
,
Senior
Note
,
144A,
8.25
%
,
2/01/28
......
United
States
900,000
828,996
3,429,741
Machinery
1.6%
e
ATS
Corp.
,
Senior
Note
,
144A,
4.125
%
,
12/15/28
.............
Canada
1,300,000
1,165,879
e
Calderys
Financing
LLC
,
Senior
Secured
Note
,
144A,
11.25
%
,
6/01/28
...........................................
United
States
800,000
811,480
e
Chart
Industries,
Inc.
,
Senior
Secured
Note
,
144A,
7.5
%
,
1/01/30
.
United
States
700,000
707,924
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)
Machinery
(continued)
e
Titan
Acquisition
Ltd.
/
Titan
Co-Borrower
LLC
,
Senior
Note
,
144A,
7.75
%
,
4/15/26
.....................................
Canada
300,000
$
268,932
2,954,215
Media
3.3%
e
Clear
Channel
International
BV
,
Senior
Secured
Note
,
144A,
6.625
%
,
8/01/25
.....................................
United
Kingdom
400,000
395,006
e
Clear
Channel
Outdoor
Holdings,
Inc.
,
Senior
Note,
144A,
7.75%,
4/15/28
......................
United
States
300,000
223,864
Senior
Note,
144A,
7.5%,
6/01/29
.......................
United
States
500,000
356,728
Senior
Secured
Note,
144A,
5.125%,
8/15/27
..............
United
States
400,000
353,148
CSC
Holdings
LLC
,
Senior
Bond,
5.25%,
6/01/24
...........................
United
States
400,000
371,423
e
Senior
Note,
144A,
7.5%,
4/01/28
.......................
United
States
300,000
162,929
e
Senior
Note,
144A,
11.25%,
5/15/28
.....................
United
States
700,000
664,069
e,h
Diamond
Sports
Group
LLC
/
Diamond
Sports
Finance
Co.
,
Senior
Note,
144A,
6.625%,
8/15/27
.....................
United
States
700,000
14,463
Senior
Secured
Note,
144A,
5.375%,
8/15/26
..............
United
States
800,000
35,612
e
Directv
Financing
LLC
/
Directv
Financing
Co-Obligor,
Inc.
,
Senior
Secured
Note
,
144A,
5.875
%
,
8/15/27
....................
United
States
200,000
176,389
e
DISH
DBS
Corp.
,
Senior
Secured
Note
,
144A,
5.75
%
,
12/01/28
...
United
States
1,000,000
727,200
e
LCPR
Senior
Secured
Financing
DAC
,
Senior
Secured
Note
,
144A,
6.75
%
,
10/15/27
.....................................
United
States
450,000
418,131
e
News
Corp.
,
Senior
Note
,
144A,
3.875
%
,
5/15/29
.............
United
States
200,000
175,888
e
Outfront
Media
Capital
LLC
/
Outfront
Media
Capital
Corp.
,
Senior
Note
,
144A,
5
%
,
8/15/27
..............................
United
States
100,000
89,714
e
Scripps
Escrow,
Inc.
,
Senior
Note
,
144A,
5.875
%
,
7/15/27
.......
United
States
600,000
462,733
e
Sinclair
Television
Group,
Inc.
,
Senior
Bond
,
144A,
5.5
%
,
3/01/30
.
United
States
700,000
406,723
e
Sirius
XM
Radio,
Inc.
,
Senior
Note
,
144A,
4
%
,
7/15/28
.........
United
States
600,000
503,176
e
Univision
Communications,
Inc.
,
Senior
Secured
Note
,
144A,
4.5
%
,
5/01/29
...........................................
United
States
600,000
504,538
6,041,734
Metals
&
Mining
1.2%
Commercial
Metals
Co.
,
Senior
Bond
,
3.875
%
,
2/15/31
.........
United
States
700,000
589,695
e
Constellium
SE
,
Senior
Note
,
144A,
3.75
%
,
4/15/29
...........
United
States
600,000
517,548
e
FMG
Resources
August
2006
Pty.
Ltd.
,
Senior
Bond
,
144A,
4.375
%
,
4/01/31
...........................................
Australia
500,000
423,022
e
Novelis
Corp.
,
Senior
Bond,
144A,
3.875%,
8/15/31
.....................
United
States
100,000
82,235
Senior
Note,
144A,
3.25%,
11/15/26
.....................
United
States
100,000
90,419
e
SunCoke
Energy,
Inc.
,
Senior
Secured
Note
,
144A,
4.875
%
,
6/30/29
United
States
600,000
494,644
2,197,563
Mortgage
Real
Estate
Investment
Trusts
(REITs)
0.5%
e
Apollo
Commercial
Real
Estate
Finance,
Inc.
,
Senior
Secured
Note
,
144A,
4.625
%
,
6/15/29
................................
United
States
1,000,000
760,857
e
Ladder
Capital
Finance
Holdings
LLLP
/
Ladder
Capital
Finance
Corp.
,
Senior
Note
,
144A,
4.75
%
,
6/15/29
.................
United
States
300,000
234,811
995,668
Oil,
Gas
&
Consumable
Fuels
9.9%
e
Antero
Resources
Corp.
,
Senior
Note,
144A,
7.625%,
2/01/29
.....................
United
States
166,000
169,087
Senior
Note,
144A,
5.375%,
3/01/30
.....................
United
States
700,000
644,266
e
Calumet
Specialty
Products
Partners
LP
/
Calumet
Finance
Corp.
,
Senior
Note
,
144A,
8.125
%
,
1/15/27
......................
United
States
900,000
861,556
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)
Oil,
Gas
&
Consumable
Fuels
(continued)
Cheniere
Energy
Partners
LP
,
Senior
Note,
4.5%,
10/01/29
...........................
United
States
1,200,000
$
1,100,008
Senior
Note,
4%,
3/01/31
.............................
United
States
700,000
616,797
Cheniere
Energy,
Inc.
,
Senior
Note
,
4.625
%
,
10/15/28
..........
United
States
700,000
657,655
e
Chesapeake
Energy
Corp.
,
Senior
Note
,
144A,
5.5
%
,
2/01/26
....
United
States
500,000
486,817
Crestwood
Midstream
Partners
LP
/
Crestwood
Midstream
Finance
Corp.
,
Senior
Note,
5.75%,
4/01/25
...........................
United
States
800,000
785,752
e
Senior
Note,
144A,
6%,
2/01/29
........................
United
States
700,000
648,417
e
Senior
Note,
144A,
8%,
4/01/29
........................
United
States
500,000
503,212
e
CrownRock
LP
/
CrownRock
Finance,
Inc.
,
Senior
Note
,
144A,
5
%
,
5/01/29
...........................................
United
States
300,000
281,625
e
DT
Midstream,
Inc.
,
Senior
Note
,
144A,
4.125
%
,
6/15/29
........
United
States
700,000
607,975
e
Endeavor
Energy
Resources
LP
/
EER
Finance,
Inc.
,
Senior
Bond
,
144A,
5.75
%
,
1/30/28
.................................
United
States
1,300,000
1,285,005
e
EnLink
Midstream
LLC
,
Senior
Note
,
144A,
6.5
%
,
9/01/30
.......
United
States
800,000
795,898
e
EQM
Midstream
Partners
LP
,
Senior
Note
,
144A,
7.5
%
,
6/01/27
..
United
States
100,000
100,730
e
EQT
Corp.
,
Senior
Note
,
144A,
3.125
%
,
5/15/26
..............
United
States
300,000
278,060
e
Harbour
Energy
plc
,
Senior
Note
,
144A,
5.5
%
,
10/15/26
........
United
Kingdom
500,000
461,612
e
Hilcorp
Energy
I
LP
/
Hilcorp
Finance
Co.
,
Senior
Bond,
144A,
6%,
2/01/31
........................
United
States
200,000
178,756
Senior
Note,
144A,
5.75%,
2/01/29
......................
United
States
200,000
181,327
Senior
Note,
144A,
6%,
4/15/30
........................
United
States
300,000
270,764
e
Kinetik
Holdings
LP
,
Senior
Note
,
144A,
5.875
%
,
6/15/30
........
United
States
600,000
569,136
e
Martin
Midstream
Partners
LP
/
Martin
Midstream
Finance
Corp.
,
Secured
Note
,
144A,
11.5
%
,
2/15/28
.....................
United
States
1,800,000
1,697,976
c,e,g,h
Murray
Energy
Corp.
,
Secured
Note
,
144A,
PIK,
12
%
,
4/15/24
...
United
States
757,734
—
Occidental
Petroleum
Corp.
,
Senior
Bond,
6.45%,
9/15/36
...........................
United
States
700,000
712,964
Senior
Note,
8.875%,
7/15/30
..........................
United
States
1,100,000
1,268,635
Sunoco
LP
/
Sunoco
Finance
Corp.
,
Senior
Note,
6%,
4/15/27
.............................
United
States
1,000,000
984,873
Senior
Note,
4.5%,
5/15/29
............................
United
States
200,000
178,329
e
Venture
Global
Calcasieu
Pass
LLC
,
Senior
Secured
Bond,
144A,
4.125%,
8/15/31
..............
United
States
300,000
258,968
Senior
Secured
Note,
144A,
3.875%,
8/15/29
..............
United
States
300,000
261,358
Senior
Secured
Note,
144A,
6.25%,
1/15/30
...............
United
States
400,000
396,969
e
Venture
Global
LNG,
Inc.
,
Senior
Secured
Note,
144A,
8.125%,
6/01/28
..............
United
States
600,000
603,684
Senior
Secured
Note,
144A,
8.375%,
6/01/31
..............
United
States
500,000
503,115
18,351,326
Paper
&
Forest
Products
0.1%
e
Glatfelter
Corp.
,
Senior
Note
,
144A,
4.75
%
,
11/15/29
...........
United
States
400,000
254,304
Passenger
Airlines
0.9%
e
American
Airlines
Inc/AAdvantage
Loyalty
IP
Ltd.
,
Senior
Secured
Note
,
144A,
5.5
%
,
4/20/26
.............................
United
States
700,000
687,617
e
Delta
Air
Lines,
Inc.
/
SkyMiles
IP
Ltd.
,
Senior
Secured
Note
,
144A,
4.75
%
,
10/20/28
.....................................
United
States
700,000
676,590
e
United
Airlines,
Inc.
,
Senior
Secured
Note,
144A,
4.375%,
4/15/26
..............
United
States
100,000
94,705
Senior
Secured
Note,
144A,
4.625%,
4/15/29
..............
United
States
300,000
272,057
1,730,969
Personal
Care
Products
0.4%
e
BellRing
Brands,
Inc.
,
Senior
Note
,
144A,
7
%
,
3/15/30
.........
United
States
800,000
811,820
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)
Pharmaceuticals
1.8%
e
1375209
BC
Ltd.
,
Senior
Secured
Note
,
144A,
9
%
,
1/30/28
......
Canada
305,000
$
304,521
e
Bausch
Health
Cos.,
Inc.
,
Secured
Note,
144A,
14%,
10/15/30
.....................
United
States
107,000
67,285
Senior
Secured
Note,
144A,
11%,
9/30/28
.................
United
States
542,000
410,565
e,h
Endo
Dac
/
Endo
Finance
LLC
/
Endo
Finco,
Inc.
,
Secured
Note,
144A,
9.5%,
7/31/27
......................
United
States
302,000
16,987
Senior
Note,
144A,
6%,
6/30/28
........................
United
States
389,000
22,368
e,h
Endo
Luxembourg
Finance
Co.
I
SARL
/
Endo
US,
Inc.
,
Senior
Secured
Note
,
144A,
6.125
%
,
4/01/29
....................
United
States
500,000
365,025
e
Kevlar
SpA
,
Senior
Secured
Note
,
144A,
6.5
%
,
9/01/29
.........
Italy
1,000,000
846,340
e,h
Par
Pharmaceutical,
Inc.
,
Senior
Secured
Note
,
144A,
7.5
%
,
4/01/27
United
States
225,000
166,502
Teva
Pharmaceutical
Finance
Netherlands
III
BV
,
Senior
Note,
4.75%,
5/09/27
...........................
Israel
600,000
553,589
Senior
Note,
7.875%,
9/15/29
..........................
Israel
300,000
308,167
Senior
Note,
8.125%,
9/15/31
..........................
Israel
300,000
311,876
3,373,225
Real
Estate
Management
&
Development
0.4%
e
Five
Point
Operating
Co.
LP
/
Five
Point
Capital
Corp.
,
Senior
Note
,
144A,
7.875
%
,
11/15/25
...............................
United
States
400,000
352,602
e
Forestar
Group,
Inc.
,
Senior
Note
,
144A,
3.85
%
,
5/15/26
........
United
States
500,000
461,235
813,837
Software
1.3%
e
Camelot
Finance
SA
,
Senior
Secured
Note
,
144A,
4.5
%
,
11/01/26
.
United
States
900,000
845,682
e
McAfee
Corp.
,
Senior
Note
,
144A,
7.375
%
,
2/15/30
............
United
States
800,000
673,582
e
Rocket
Software,
Inc.
,
Senior
Note
,
144A,
6.5
%
,
2/15/29
........
United
States
1,100,000
898,004
2,417,268
Specialized
REITs
0.5%
e
Iron
Mountain,
Inc.
,
Senior
Note
,
144A,
7
%
,
2/15/29
...........
United
States
1,000,000
997,604
Specialty
Retail
1.9%
e
Evergreen
Acqco
1
LP
/
TVI,
Inc.
,
Senior
Secured
Note
,
144A,
9.75
%
,
4/26/28
.....................................
United
States
800,000
801,244
e
Gap,
Inc.
(The)
,
Senior
Note
,
144A,
3.625
%
,
10/01/29
..........
United
States
700,000
493,462
e
Lithia
Motors,
Inc.
,
Senior
Bond,
144A,
4.375%,
1/15/31
.....................
United
States
300,000
256,376
Senior
Note,
144A,
4.625%,
12/15/27
....................
United
States
400,000
370,895
e
Michaels
Cos.,
Inc.
(The)
,
Senior
Note,
144A,
7.875%,
5/01/29
.....................
United
States
600,000
369,324
Senior
Secured
Note,
144A,
5.25%,
5/01/28
...............
United
States
300,000
231,321
Murphy
Oil
USA,
Inc.
,
Senior
Note
,
4.75
%
,
9/15/29
............
United
States
700,000
647,241
e
Victoria's
Secret
&
Co.
,
Senior
Note
,
144A,
4.625
%
,
7/15/29
.....
United
States
400,000
307,469
3,477,332
Textiles,
Apparel
&
Luxury
Goods
0.2%
e
Hanesbrands,
Inc.
,
Senior
Note
,
144A,
9
%
,
2/15/31
............
United
States
400,000
400,483
Trading
Companies
&
Distributors
0.5%
e
H&E
Equipment
Services,
Inc.
,
Senior
Note
,
144A,
3.875
%
,
12/15/28
United
States
600,000
515,679
e
WESCO
Distribution,
Inc.
,
Senior
Note
,
144A,
7.25
%
,
6/15/28
....
United
States
400,000
409,206
924,885
Wireless
Telecommunication
Services
0.5%
T-Mobile
USA,
Inc.
,
Senior
Note,
4.75%,
2/01/28
...........................
United
States
600,000
589,838
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)
Wireless
Telecommunication
Services
(continued)
T-Mobile
USA,
Inc.,
(continued)
Senior
Note,
2.625%,
2/15/29
..........................
United
States
300,000
$
262,691
852,529
Total
Corporate
Bonds
(Cost
$157,822,017)
.....................................
137,326,650
Senior
Floating
Rate
Interests
0.1%
Media
0.1%
h,i
Diamond
Sports
Group
LLC
,
First
Lien,
CME
Term
Loan
,
12.775
%
,
(
3-month
SOFR
+
8
%
),
5/25/26
.........................
United
States
159,053
121,853
Total
Senior
Floating
Rate
Interests
(Cost
$148,172)
.............................
121,853
j
Marketplace
Loans
7.1%
g
Financial
Services
7.1%
a
a
a
a
a
a
Total
Marketplace
Loans
(Cost
$14,868,818)
....................................
13,194,179
Asset-Backed
Securities
0.5%
Financial
Services
0.5%
e,k
Consumer
Loan
Underlying
Bond
Certificate
Issuer
Trust
I
,
2019-26,
PT,
144A,
FRN,
15.524%,
8/15/44
................
United
States
67,836
63,918
2019-31,
PT,
144A,
FRN,
13.232%,
9/15/44
................
United
States
57,366
53,334
2019-37,
PT,
144A,
FRN,
15.752%,
10/17/44
...............
United
States
68,999
65,519
2019-42,
PT,
144A,
FRN,
15.007%,
11/15/44
...............
United
States
61,899
58,065
2019-51,
PT,
144A,
FRN,
14.621%,
1/15/45
................
United
States
74,813
70,325
2019-52,
PT,
144A,
FRN,
15.462%,
1/15/45
................
United
States
66,779
63,072
2019-S3,
PT,
144A,
FRN,
10.488%,
6/15/44
................
United
States
11,125
10,364
2019-S4,
PT,
144A,
FRN,
10.422%,
8/15/44
................
United
States
45,579
43,788
2019-S5,
PT,
144A,
FRN,
10.92%,
9/15/44
.................
United
States
46,642
43,670
2019-S6,
PT,
144A,
FRN,
9.549%,
10/17/44
................
United
States
54,044
50,168
2019-S7,
PT,
144A,
FRN,
10.958%,
12/15/44
...............
United
States
36,848
34,200
2019-S8,
PT,
144A,
FRN,
7.624%,
1/15/45
.................
United
States
41,587
38,514
2020-2,
PT,
144A,
FRN,
14.907%,
3/15/45
.................
United
States
62,905
59,260
2020-7,
PT,
144A,
FRN,
13.069%,
4/17/45
.................
United
States
33,577
31,103
e,k
Prosper
Pass-Thru
Trust
III
,
2020-PT1,
A,
144A,
FRN,
15.626%,
3/15/26
................
United
States
32,173
31,266
2020-PT2,
A,
144A,
FRN,
12.446%,
4/15/26
................
United
States
40,279
38,392
2020-PT3,
A,
144A,
FRN,
10.363%,
5/15/26
................
United
States
8,556
7,954
e,k
Upgrade
Master
Pass-Thru
Trust
,
2019-PT2
,
A
,
144A,
FRN
,
18.845
%
,
2/15/26
.
...................................
United
States
39,752
38,808
801,720
a
a
a
a
a
a
Total
Asset-Backed
Securities
(Cost
$820,285)
..................................
801,720
Shares
a
Escrows
and
Litigation
Trusts
0.0%
†
a
Chesapeake
Energy
Corp.,
Escrow
Account
.................
United
States
1,500,000
30,975
Total
Escrows
and
Litigation
Trusts
(Cost
$48,985)
..............................
30,975
Total
Long
Term
Investments
(Cost
$213,174,371)
...............................
241,729,017
a
Franklin
Universal
Trust
Schedule
of
Investments
(unaudited)
See
Notes
to
Schedule
of
Investments.
Quarterly
Schedule
of
Investments
13
See
Abbreviations
on
page
37
.
Short
Term
Investments
3.2%
a
a
Country
Shares
a
Value
a
a
a
Money
Market
Funds
3.1%
l,m
Institutional
Fiduciary
Trust
-
Money
Market
Portfolio,
4.621%
....
United
States
5,830,845‌
$
5,830,845
Total
Money
Market
Funds
(Cost
$5,830,845)
...................................
5,830,845
a
a
a
Investments
from
Cash
Collateral
Received
for
Loaned
Securities
0.1%
Money
Market
Funds
0.1%
l,m
Institutional
Fiduciary
Trust
-
Money
Market
Portfolio,
4.621%
....
United
States
147,000‌
147,000
Total
Investments
from
Cash
Collateral
Received
for
Loaned
Securities
(Cost
$147,000)
.............................................................
147,000
Total
Short
Term
Investments
(Cost
$5,977,845
)
.................................
5,977,845
a
Total
Investments
(Cost
$219,152,216)
133.9%
..................................
$247,706,862
Notes
Payable
(35.1)%
.......................................................
(64,992,840)
Other
Assets,
less
Liabilities
1.2%
.............................................
2,284,844
Net
Assets
100.0%
...........................................................
$184,998,866
*
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
A
portion
or
all
of
the
security
is
on
loan
at
May
31,
2023.
c
Income
may
be
received
in
additional
securities
and/or
cash.
d
Perpetual
security
with
no
stated
maturity
date.
e
Security
was
purchased
pursuant
to
Rule
144A
or
Regulation
S
under
the
Securities
Act
of
1933.
144A
securities
may
be
sold
in
transactions
exempt
from
registration
only
to
qualified
institutional
buyers
or
in
a
public
offering
registered
under
the
Securities
Act
of
1933.
Regulation
S
securities
cannot
be
sold
in
the
United
States
without
either
an
effective
registration
statement
filed
pursuant
to
the
Securities
Act
of
1933,
or
pursuant
to
an
exemption
from
registration.
At
May
31,
2023,
the
aggregate
value
of
these
securities
was
$118,538,610,
representing
64.1%
of
net
assets.
f
A
portion
or
all
of
the
security
purchased
on
a
delayed
delivery
basis.
g
Fair
valued
using
significant
unobservable
inputs.
See
Note
4
regarding
fair
value
measurements.
h
Defaulted
security
or
security
for
which
income
has
been
deemed
uncollectible.
i
The
coupon
rate
shown
represents
the
rate
inclusive
of
any
caps
or
floors,
if
applicable,
in
effect
at
period
end.
j
See
full
breakdown
of
marketplace
loans
holdings
in
the
table
at
the
end
of
this
schedule.
k
Adjustable
rate
security
with
an
interest
rate
that
is
not
based
on
a
published
reference
index
and
spread.
The
rate
is
based
on
the
structure
of
the
agreement
and
current
market
conditions.
The
coupon
rate
shown
represents
the
rate
at
period
end.
l
See
Note
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),
May
31,
2023
Quarterly
Schedule
of
Investments
See
Notes
to
Schedule
of
Investments.
14
At
May
31,
2023,
the
Fund
had
the
following marketplace
loans
outstanding.
Description
Principal
Amount
Value
Marketplace
Loans
-
7.1%
Freedom
Financial
Asset
Management
LLC
APP-10084065.FP.FTS.B,
15.49%,
8/01/23
$
1,024
$
1,025
APP-10095990.FP.FTS.B,
5.99%,
8/05/23
.
1,190
1,192
APP-10236665.FP.FTS.B,
5.99%,
10/04/23
1,731
1,738
APP-10852298.FP.FTS.B,
5.99%,
10/05/23
2,159
2,168
APP-10840576.FP.FTS.B,
5.99%,
10/15/23
2,177
2,189
APP-10847318.FP.FTS.B,
5.99%,
10/15/23
2,345
2,358
APP-09915050.FP.FTS.B,
5.99%,
11/20/23
1,960
1,970
APP-10762832.FP.FTS.B,
15.49%,
11/26/23
1,885
1,899
APP-11022068.FP.FTS.B,
5.99%,
12/06/23
3,054
3,069
APP-11022377.FP.FTS.B,
5.99%,
12/20/23
4,190
1,808
APP-12381966.FP.FTS.B,
20.49%,
1/20/24
4,853
4,911
APP-11834925.FP.FTS.B,
5.99%,
2/11/24
.
3,796
3,831
APP-11634713.FP.FTS.B,
5.99%,
2/13/24
.
4,179
4,209
APP-11595250.FP.FTS.B,
5.99%,
2/18/24
.
3,255
3,281
APP-12399683.FP.FTS.B,
22.49%,
3/20/24
4,883
4,944
APP-13323334.FP.FTS.B,
5.99%,
5/14/24
.
3,613
3,646
APP-13489698.FP.FTS.B,
5.99%,
5/15/24
.
4,749
4,793
APP-13476049.FP.FTS.B,
21.49%,
5/17/24
5,957
6,020
APP-13485474.FP.FTS.B,
15.99%,
5/18/24
3,990
4,035
APP-13471580.FP.FTS.B,
5.99%,
5/19/24
.
4,151
4,191
APP-15125689.FP.FTS.B,
5.99%,
7/15/24
.
5,256
5,310
APP-15138477.FP.FTS.B,
5.99%,
7/16/24
.
4,175
4,218
APP-15143961.FP.FTS.B,
5.99%,
7/16/24
.
1,639
1,645
APP-14522400.FP.FTS.B,
5.99%,
7/23/24
.
5,081
5,134
APP-15089870.FP.FTS.B,
20.99%,
7/27/24
9,626
9,756
APP-10084299.FP.FTS.B,
16.49%,
8/11/24
6,747
4,080
APP-10541747.FP.FTS.B,
16.99%,
9/05/24
5,834
5,856
APP-10836612.FP.FTS.B,
21.49%,
10/15/24
..........................
6,002
5,999
APP-10849903.FP.FTS.B,
11.24%,
10/16/24
14,472
14,593
APP-10584167.FP.FTS.B,
16.99%,
10/28/24
..........................
3,967
4,009
APP-11139281.FP.FTS.B,
8.49%,
11/01/24
7,399
7,448
APP-11106155.FP.FTS.B,
12.74%,
11/01/24
11,519
11,604
APP-11021958.FP.FTS.B,
12.24%,
12/10/24
7,417
7,473
APP-11021643.FP.FTS.B,
10.49%,
12/14/24
9,442
9,529
APP-11695329.FP.FTS.B,
15.99%,
12/15/24
10,239
10,224
APP-11693890.FP.FTS.B,
13.24%,
12/17/24
28,166
28,322
APP-11007940.FP.FTS.B,
10.49%,
12/19/24
7,605
7,689
APP-10839343.FP.FTS.B,
13.99%,
12/19/24
..........................
5,153
5,209
APP-11718442.FP.FTS.B,
19.99%,
12/22/24
25,869
25,958
APP-11799520.FP.FTS.B,
16.99%,
12/25/24
6,711
6,760
APP-10844126.FP.FTS.B,
23.99%,
12/30/24
..........................
9,825
9,889
APP-11859716.FP.FTS.B,
12.49%,
1/01/25
18,164
18,202
APP-11681583.FP.FTS.B,
16.99%,
1/30/25
6,408
6,474
APP-12413621.FP.FTS.B,
15.49%,
2/01/25
14,873
8,983
APP-11766706.FP.FTS.B,
23.99%,
2/02/25
5,511
5,422
APP-11738038.FP.FTS.B,
21.99%,
2/04/25
14,272
1,639
APP-11799331.FP.FTS.B,
8.99%,
2/06/25
.
18,579
18,721
APP-11694349.FP.FTS.B,
14.24%,
2/07/25
20,145
20,156
APP-11862313.FP.FTS.B,
16.49%,
2/11/25
6,418
6,413
APP-11869808.FP.FTS.B,
21.99%,
2/15/25
11,433
11,321
APP-12409067.FP.FTS.B,
13.74%,
3/08/25
23,752
23,891
APP-12394118.FP.FTS.B,
17.74%,
3/10/25
13,946
13,901
Description
Principal
Amount
Value
Freedom
Financial
Asset
Management
LLC
(continued)
APP-11102104.FP.FTS.B,
23.99%,
3/11/25
$
4,582
$
4,533
APP-12410877.FP.FTS.B,
13.74%,
3/15/25
19,681
19,810
APP-12299545.FP.FTS.B,
14.99%,
3/21/25
12,732
12,760
APP-13502295.FP.FTS.B,
14.49%,
5/13/25
20,466
20,624
APP-13323354.FP.FTS.B,
10.09%,
5/18/25
12,040
12,190
APP-14953979.FP.FTS.B,
7.74%,
7/13/25
.
22,583
22,807
APP-15094222.FP.FTS.B,
10.24%,
7/14/25
18,153
18,336
APP-15084327.FP.FTS.B,
10.74%,
7/14/25
14,240
14,405
APP-15090883.FP.FTS.B,
25.49%,
7/14/25
3,655
3,591
APP-15034726.FP.FTS.B,
25.49%,
7/25/25
7,248
7,191
APP-10111431.FP.FTS.B,
10.99%,
9/15/25
13,509
13,706
APP-10140977.FP.FTS.B,
24.99%,
9/15/25
6,823
7,015
APP-10091198.FP.FTS.B,
15.49%,
9/24/25
6,000
6,038
APP-10083835.FP.FTS.B,
10.99%,
9/25/25
9,112
9,265
APP-11022514.FP.FTS.B,
18.49%,
10/21/25
11,020
11,250
APP-10582948.FP.FTS.B,
10.99%,
10/22/25
..........................
15,502
15,729
APP-10578403.FP.FTS.B,
15.99%,
10/30/25
..........................
13,262
13,580
APP-10561192.FP.FTS.B,
8.99%,
11/03/25
11,243
11,399
APP-10841976.FP.FTS.B,
10.99%,
11/28/25
11,316
11,477
APP-10868780.FP.FTS.B,
14.49%,
12/02/25
..........................
20,917
21,217
APP-11116538.FP.FTS.B,
8.99%,
12/10/25
9,859
9,996
APP-11105408.FP.FTS.B,
10.99%,
12/14/25
8,135
8,257
APP-11843242.FP.FTS.B,
12.24%,
12/15/25
13,812
13,964
APP-11097002.FP.FTS.B,
17.99%,
12/15/25
33,495
34,105
APP-11022500.FP.FTS.B,
17.99%,
12/16/25
8,765
8,934
APP-11579320.FP.FTS.B,
16.99%,
12/20/25
14,830
15,184
APP-11798391.FP.FTS.B,
18.49%,
1/04/26
7,486
7,581
APP-11733010.FP.FTS.B,
15.74%,
1/28/26
25,157
25,642
APP-12378685.FP.FTS.B,
15.99%,
2/01/26
10,505
10,611
APP-11757188.FP.FTS.B,
18.24%,
2/02/26
29,918
30,223
APP-11799488.FP.FTS.B,
16.99%,
2/05/26
14,070
14,221
APP-11757063.FP.FTS.B,
17.99%,
2/05/26
14,975
15,150
APP-12281543.FP.FTS.B,
16.74%,
3/08/26
27,203
27,528
APP-12246304.FP.FTS.B,
18.24%,
3/08/26
24,867
25,153
APP-12397373.FP.FTS.B,
15.99%,
3/15/26
10,581
10,732
APP-12338754.FP.FTS.B,
20.49%,
3/15/26
3,520
941
APP-12032813.FP.FTS.B,
17.99%,
3/17/26
9,858
9,991
APP-12419810.FP.FTS.B,
15.74%,
3/20/26
28,693
29,206
APP-12270812.FP.FTS.B,
16.99%,
3/22/26
9,479
9,631
APP-12421465.FP.FTS.B,
17.99%,
3/23/26
15,351
15,593
APP-13524997.FP.FTS.B,
10.59%,
3/25/26
11,953
12,112
APP-13511680.FP.FTS.B,
12.84%,
5/05/26
11,661
11,807
APP-13256383.FP.FTS.B,
7.99%,
5/18/26
.
29,265
29,703
APP-13477482.FP.FTS.B,
10.34%,
5/18/26
30,899
31,381
APP-13527002.FP.FTS.B,
15.59%,
5/19/26
7,940
8,075
APP-14943761.FP.FTS.B,
15.99%,
6/01/26
16,935
17,061
APP-15146572.FP.FTS.B,
10.74%,
7/15/26
6,309
6,319
APP-15112645.FP.FTS.B,
16.99%,
7/15/26
16,536
16,635
APP-15065994.FP.FTS.B,
17.74%,
7/15/26
39,421
39,776
APP-15053141.FP.FTS.B,
18.99%,
7/15/26
16,656
16,754
APP-15107872.FP.FTS.B,
20.49%,
7/15/26
11,847
11,945
APP-15064308.FP.FTS.B,
22.49%,
7/15/26
18,377
18,398
APP-15054013.FP.FTS.B,
17.99%,
7/20/26
13,691
13,844
Franklin
Universal
Trust
Schedule
of
Investments
(unaudited)
See
Notes
to
Schedule
of
Investments.
Quarterly
Schedule
of
Investments
15
Description
Principal
Amount
Value
Marketplace
Loans
(continued)
Freedom
Financial
Asset
Management
LLC
(continued)
APP-15109634.FP.FTS.B,
19.49%,
7/21/26
$
8,380
$
8,480
APP-15053667.FP.FTS.B,
17.99%,
7/22/26
10,975
11,108
APP-15073340.FP.FTS.B,
15.99%,
7/25/26
8,288
8,429
APP-14860724.FP.FTS.B,
20.99%,
7/26/26
16,077
16,242
APP-15041042.FP.FTS.B,
26.49%,
7/26/26
6,481
6,538
APP-15111841.FP.FTS.B,
7.84%,
7/28/26
.
24,023
24,411
APP-14956830.FP.FTS.B,
15.74%,
7/28/26
24,761
25,102
APP-15053675.FP.FTS.B,
10.99%,
7/30/26
10,666
10,855
APP-10133595.FP.FTS.B,
11.99%,
8/11/26
14,297
14,520
APP-10140897.FP.FTS.B,
16.99%,
8/12/26
15,551
15,820
APP-10145662.FP.FTS.B,
18.99%,
9/17/26
16,584
16,940
APP-10460831.FP.FTS.B,
21.99%,
9/19/26
5,856
5,985
APP-10572421.FP.FTS.B,
10.49%,
9/20/26
25,128
25,534
APP-10112510.FP.FTS.B,
16.49%,
9/25/26
9,420
9,621
APP-10145175.FP.FTS.B,
14.49%,
9/26/26
6,894
7,031
APP-10850556.FP.FTS.B,
11.99%,
10/01/26
15,497
15,665
APP-09931612.FP.FTS.B,
14.24%,
10/03/26
..........................
11,879
12,009
APP-10838239.FP.FTS.B,
12.49%,
10/12/26
..........................
24,089
24,432
APP-10835593.FP.FTS.B,
19.49%,
10/15/26
..........................
9,999
1,110
APP-10845328.FP.FTS.B,
11.99%,
10/16/26
18,603
18,885
APP-10704368.FP.FTS.B,
14.99%,
10/16/26
..........................
14,536
14,767
APP-10745909.FP.FTS.B,
17.99%,
10/16/26
..........................
38,589
39,191
APP-10829192.FP.FTS.B,
18.99%,
10/16/26
..........................
19,017
19,364
APP-10852939.FP.FTS.B,
16.49%,
10/17/26
..........................
1,861
1,862
APP-10581131.FP.FTS.B,
22.49%,
10/22/26
7,804
7,969
APP-10575367.FP.FTS.B,
20.99%,
10/25/26
..........................
30,575
10,113
APP-10129146.FP.FTS.B,
23.49%,
10/25/26
..........................
18,024
18,567
APP-10916894.FP.FTS.B,
20.49%,
11/01/26
15,243
15,385
APP-10384953.FP.FTS.B,
19.99%,
11/02/26
12,720
12,860
APP-10224478.FP.FTS.B,
20.49%,
11/02/26
20,631
20,941
APP-11119432.FP.FTS.B,
11.99%,
11/03/26
16,702
16,928
APP-10577758.FP.FTS.B,
17.49%,
11/04/26
9,680
2,975
APP-11187454.FP.FTS.B,
22.49%,
11/10/26
8,035
8,144
APP-10848002.FP.FTS.B,
17.99%,
11/19/26
19,410
19,692
APP-10859032.FP.FTS.B,
9.99%,
11/21/26
11,583
11,774
APP-10842381.FP.FTS.B,
12.49%,
11/21/26
26,569
26,989
APP-10830375.FP.FTS.B,
19.99%,
11/21/26
12,312
12,535
APP-10692450.FP.FTS.B,
17.49%,
11/29/26
20,211
20,666
APP-10671079.FP.FTS.B,
11.99%,
11/30/26
21,077
21,466
APP-10848317.FP.FTS.B,
12.24%,
11/30/26
14,739
14,994
APP-10670975.FP.FTS.B,
21.49%,
11/30/26
12,576
12,922
APP-10860337.FP.FTS.B,
22.99%,
11/30/26
12,728
13,041
APP-11122151.FP.FTS.B,
16.49%,
12/06/26
13,314
6,905
APP-11094577.FP.FTS.B,
19.49%,
12/08/26
9,639
9,804
APP-11008022.FP.FTS.B,
11.99%,
12/13/26
11,017
11,189
APP-11123090.FP.FTS.B,
14.24%,
12/15/26
18,029
18,325
APP-10314454.FP.FTS.B,
15.99%,
12/15/26
..........................
9,343
2,707
APP-11021456.FP.FTS.B,
20.99%,
12/15/26
29,458
29,847
Description
Principal
Amount
Value
Freedom
Financial
Asset
Management
LLC
(continued)
APP-10839250.FP.FTS.B,
17.49%,
12/17/26
..........................
$
11,438
$
11,596
APP-11121084.FP.FTS.B,
17.49%,
12/19/26
14,914
15,135
APP-11116084.FP.FTS.B,
19.49%,
12/19/26
13,100
13,042
APP-11007668.FP.FTS.B,
19.99%,
12/19/26
14,489
14,731
APP-11091099.FP.FTS.B,
9.99%,
12/20/26
23,818
24,223
APP-11111264.FP.FTS.B,
16.49%,
12/20/26
9,459
9,635
APP-11036570.FP.FTS.B,
22.99%,
12/20/26
12,703
12,914
APP-11874582.FP.FTS.B,
17.49%,
12/23/26
17,429
17,686
APP-11751323.FP.FTS.B,
17.99%,
12/23/26
11,196
11,392
APP-11752200.FP.FTS.B,
21.49%,
12/23/26
15,225
15,421
APP-11767307.FP.FTS.B,
14.49%,
12/24/26
21,614
21,875
APP-11461595.FP.FTS.B,
17.99%,
12/24/26
4,244
4,207
APP-11762193.FP.FTS.B,
18.49%,
12/24/26
14,825
15,097
APP-11759070.FP.FTS.B,
24.99%,
12/24/26
39,920
9,016
APP-11677084.FP.FTS.B,
15.49%,
12/26/26
35,310
35,802
APP-11799609.FP.FTS.B,
10.99%,
1/01/27
25,194
25,501
APP-11844341.FP.FTS.B,
16.74%,
1/01/27
26,539
26,706
APP-11870826.FP.FTS.B,
19.99%,
1/04/27
9,260
9,304
APP-11744634.FP.FTS.B,
19.99%,
2/01/27
14,073
14,112
APP-12399764.FP.FTS.B,
25.49%,
2/01/27
7,188
681
APP-11824892.FP.FTS.B,
16.99%,
2/03/27
13,749
13,897
APP-11765220.FP.FTS.B,
11.99%,
2/04/27
39,615
40,147
APP-12396355.FP.FTS.B,
19.99%,
2/04/27
19,106
19,103
APP-11724933.FP.FTS.B,
14.24%,
2/05/27
11,646
11,811
APP-11702245.FP.FTS.B,
17.49%,
2/05/27
12,711
12,557
APP-12419304.FP.FTS.B,
19.99%,
2/05/27
6,235
6,258
APP-11674918.FP.FTS.B,
20.49%,
2/05/27
20,911
21,045
APP-12397051.FP.FTS.B,
17.49%,
2/06/27
9,875
9,934
APP-11696610.FP.FTS.B,
14.24%,
2/07/27
20,195
20,525
APP-11743079.FP.FTS.B,
16.24%,
2/07/27
32,595
32,835
APP-11757936.FP.FTS.B,
19.99%,
2/07/27
7,805
7,868
APP-11763967.FP.FTS.B,
19.99%,
2/07/27
12,455
12,532
APP-11837813.FP.FTS.B,
20.99%,
2/10/27
9,972
9,990
APP-11838245.FP.FTS.B,
19.99%,
2/11/27
8,191
8,271
APP-11801863.FP.FTS.B,
8.99%,
2/12/27
.
27,202
27,586
APP-11798652.FP.FTS.B,
11.74%,
2/14/27
39,557
40,150
APP-11843528.FP.FTS.B,
19.99%,
2/14/27
3,062
3,032
APP-11864146.FP.FTS.B,
11.24%,
2/15/27
14,147
14,363
APP-11872928.FP.FTS.B,
11.24%,
2/15/27
12,692
12,887
APP-11845152.FP.FTS.B,
11.74%,
2/15/27
33,990
34,510
APP-11801830.FP.FTS.B,
16.49%,
2/15/27
16,268
16,504
APP-11842708.FP.FTS.B,
23.49%,
2/16/27
3,338
3,286
APP-10128827.FP.FTS.B,
25.49%,
2/24/27
7,796
7,953
APP-12304720.FP.FTS.B,
18.74%,
3/06/27
41,374
41,564
APP-12106158.FP.FTS.B,
11.24%,
3/07/27
13,935
14,113
APP-12414983.FP.FTS.B,
19.74%,
3/08/27
25,362
15,402
APP-12404066.FP.FTS.B,
22.49%,
3/08/27
29,059
29,081
APP-12408150.FP.FTS.B,
19.99%,
3/10/27
8,874
8,912
APP-12407302.FP.FTS.B,
18.99%,
3/15/27
9,010
9,080
APP-12272662.FP.FTS.B,
16.49%,
3/17/27
16,504
16,625
APP-11863466.FP.FTS.B,
25.49%,
3/17/27
8,528
8,588
APP-12385340.FP.FTS.B,
25.49%,
3/17/27
7,640
7,659
APP-12399677.FP.FTS.B,
19.24%,
3/20/27
18,054
2,016
APP-12341500.FP.FTS.B,
20.49%,
3/20/27
14,006
14,084
APP-12396943.FP.FTS.B,
13.49%,
3/21/27
13,880
14,100
APP-12270734.FP.FTS.B,
16.99%,
3/21/27
15,423
15,673
APP-10314654.FP.FTS.B,
19.74%,
3/21/27
27,420
27,646
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-12381900.FP.FTS.B,
18.49%,
3/22/27
$
17,569
$
17,747
APP-13531026.FP.FTS.B,
11.59%,
3/28/27
20,316
20,593
APP-13513406.FP.FTS.B,
14.34%,
4/01/27
41,874
42,281
APP-13478834.FP.FTS.B,
16.99%,
5/03/27
17,372
17,382
APP-13508795.FP.FTS.B,
9.59%,
5/05/27
.
14,793
14,975
APP-13047632.FP.FTS.B,
11.49%,
5/05/27
11,836
11,986
APP-13485036.FP.FTS.B,
13.34%,
5/06/27
11,076
11,212
APP-13515740.FP.FTS.B,
17.74%,
5/06/27
31,574
31,747
APP-08710316.FP.FTS.B,
10.99%,
5/13/27
28,862
29,262
APP-13498310.FP.FTS.B,
17.99%,
5/13/27
10,279
10,330
APP-13498730.FP.FTS.B,
11.34%,
5/15/27
16,640
16,882
APP-13329158.FP.FTS.B,
17.99%,
5/15/27
13,056
12,991
APP-13453359.FP.FTS.B,
18.24%,
5/15/27
25,918
26,038
APP-13410410.FP.FTS.B,
19.99%,
5/15/27
9,106
9,147
APP-13486869.FP.FTS.B,
11.34%,
5/16/27
26,876
27,286
APP-13531289.FP.FTS.B,
14.09%,
5/16/27
24,961
25,319
APP-13512105.FP.FTS.B,
19.49%,
5/16/27
22,464
22,575
APP-13473219.FP.FTS.B,
22.49%,
5/16/27
13,272
13,210
APP-13479562.FP.FTS.B,
18.49%,
5/17/27
13,773
13,772
APP-13506828.FP.FTS.B,
16.74%,
5/18/27
29,059
29,472
APP-13227905.FP.FTS.B,
21.99%,
5/18/27
8,747
8,785
APP-13517315.FP.FTS.B,
12.09%,
5/19/27
41,820
42,484
APP-13507352.FP.FTS.B,
20.49%,
5/19/27
8,505
8,572
APP-13531806.FP.FTS.B,
16.99%,
5/20/27
17,137
17,397
APP-13485355.FP.FTS.B,
17.24%,
5/20/27
31,685
31,859
APP-13485605.FP.FTS.B,
18.99%,
5/20/27
11,801
11,929
APP-13518313.FP.FTS.B,
18.99%,
5/20/27
14,758
14,798
APP-13302186.FP.FTS.B,
20.49%,
5/20/27
12,382
12,447
APP-15111331.FP.FTS.B,
11.99%,
6/11/27
19,050
19,263
APP-11758670.FP.FTS.B,
16.74%,
7/01/27
43,892
12,411
APP-15090828.FP.FTS.B,
23.24%,
7/14/27
13,811
13,739
APP-14906773.FP.FTS.B,
9.74%,
7/15/27
.
34,048
34,481
APP-13533233.FP.FTS.B,
14.09%,
7/15/27
22,832
23,141
APP-15064429.FP.FTS.B,
14.49%,
7/15/27
23,395
23,665
APP-15106750.FP.FTS.B,
18.99%,
7/15/27
20,069
19,946
APP-15055216.FP.FTS.B,
19.99%,
7/15/27
15,449
15,457
APP-15070181.FP.FTS.B,
19.99%,
7/15/27
15,449
15,457
APP-15109285.FP.FTS.B,
21.49%,
7/15/27
25,929
25,794
APP-14865954.FP.FTS.B,
11.74%,
7/16/27
23,417
23,723
APP-15149750.FP.FTS.B,
11.99%,
7/16/27
6,386
6,402
APP-14958373.FP.FTS.B,
12.24%,
7/16/27
15,509
15,712
APP-15158424.FP.FTS.B,
11.99%,
7/17/27
16,023
16,238
APP-14914244.FP.FTS.B,
20.99%,
7/22/27
12,466
12,495
APP-15057995.FP.FTS.B,
18.99%,
7/23/27
8,797
8,916
APP-15058449.FP.FTS.B,
11.99%,
7/25/27
10,436
10,601
APP-15078317.FP.FTS.B,
13.99%,
7/25/27
18,176
18,450
APP-15055723.FP.FTS.B,
11.24%,
7/26/27
27,515
27,952
APP-15048744.FP.FTS.B,
16.49%,
7/27/27
20,219
20,386
APP-14689753.FP.FTS.B,
18.99%,
7/27/27
21,460
2,440
APP-15053719.FP.FTS.B,
16.99%,
7/28/27
9,780
9,933
APP-11798581.FP.FTS.B,
16.99%,
7/29/27
16,426
16,639
APP-15133409.FP.FTS.B,
15.49%,
7/30/27
22,495
22,858
APP-15053776.FP.FTS.B,
17.49%,
7/30/27
10,607
10,694
APP-11764720.FP.FTS.B,
21.99%,
8/05/27
9,100
9,055
APP-15068287.FP.FTS.B,
26.99%,
8/26/27
9,117
9,104
APP-15039962.FP.FTS.B,
12.49%,
8/28/27
43,929
44,673
APP-15053335.FP.FTS.B,
23.49%,
8/28/27
9,468
9,476
APP-15085248.FP.FTS.B,
22.74%,
8/29/27
11,713
11,721
Description
Principal
Amount
Value
Freedom
Financial
Asset
Management
LLC
(continued)
APP-15070551.FP.FTS.B,
24.74%,
4/27/28
$
16,425
$
16,428
3,902,511
LendingClub
Corp.
161121841.LC.FTS.B,
17.74%,
8/09/23
...
585
218
161393306.LC.FTS.B,
15%,
4/20/24
.....
11,988
1,515
153974620.LC.FTS.B,
14.3%,
6/24/24
...
6,733
6,628
154144733.LC.FTS.B,
12.4%,
6/26/24
...
5,652
5,528
153904028.LC.FTS.B,
17.74%,
6/30/24
...
5,189
5,103
155451456.LC.FTS.B,
11.02%,
7/17/24
...
6,622
6,501
155408143.LC.FTS.B,
16.95%,
7/22/24
...
7,998
7,852
154596020.LC.FTS.B,
16.12%,
7/24/24
...
2,266
2,243
154977601.LC.FTS.B,
16.95%,
7/28/24
...
6,730
1,356
155731933.LC.FTS.B,
15.24%,
7/29/24
...
9,888
9,675
156235700.LC.FTS.B,
17.74%,
8/06/24
...
4,724
4,612
156759369.LC.FTS.B,
12.4%,
8/09/24
...
7,450
7,260
156752978.LC.FTS.B,
14.3%,
8/09/24
...
12,483
12,171
156812488.LC.FTS.B,
14.3%,
8/12/24
...
3,411
3,334
155823205.LC.FTS.B,
14.3%,
8/16/24
...
5,531
5,398
158130288.LC.FTS.B,
14.3%,
9/04/24
...
4,921
4,794
159089545.LC.FTS.B,
16.95%,
9/23/24
...
4,240
4,146
159106791.LC.FTS.B,
17.74%,
9/23/24
...
5,246
5,129
159001219.LC.FTS.B,
12.4%,
9/26/24
...
7,776
7,602
158913750.LC.FTS.B,
11.71%,
9/30/24
...
8,145
7,937
155686835.LC.FTS.B,
16.95%,
9/30/24
...
5,529
231
160792694.LC.FTS.B,
13.08%,
10/23/24
..
14,078
13,685
160029837.LC.FTS.B,
12.4%,
10/29/24
...
11,428
11,095
158011325.LC.FTS.B,
14.3%,
11/03/24
...
7,449
866
161424051.LC.FTS.B,
10.33%,
11/05/24
..
5,289
5,126
161483895.LC.FTS.B,
13.08%,
11/07/24
..
4,449
4,313
162010515.LC.FTS.B,
17.74%,
11/18/24
..
4,213
4,097
157902245.LC.FTS.B,
15.24%,
11/30/24
..
4,939
236
162923894.LC.FTS.B,
18.62%,
12/06/24
..
4,206
4,126
163764805.LC.FTS.B,
Zero
Cpn,
12/23/24
12,140
–
163557424.LC.FTS.B,
11.02%,
12/30/24
..
4,911
4,841
164671360.LC.FTS.B,
11.02%,
1/10/25
...
10,518
10,161
164758820.LC.FTS.B,
11.71%,
1/13/25
...
3,579
3,465
164529142.LC.FTS.B,
12.4%,
1/18/25
...
10,848
10,471
164548038.LC.FTS.B,
11.02%,
1/25/25
...
12,265
11,876
165045221.LC.FTS.B,
15.24%,
1/28/25
...
14,848
14,376
165707974.LC.FTS.B,
20.55%,
1/28/25
...
2,515
2,474
164089980.LC.FTS.B,
17.74%,
2/28/25
...
6,216
5,951
167132427.LC.FTS.B,
20.55%,
2/28/25
...
9,956
9,707
167747801.LC.FTS.B,
16.12%,
3/15/25
...
7,517
7,223
168420680.LC.FTS.B,
17.74%,
3/16/25
...
9,920
9,544
166170570.LC.FTS.B,
17.74%,
3/17/25
...
8,209
7,890
168140265.LC.FTS.B,
15.24%,
3/21/25
...
10,207
9,821
167712249.LC.FTS.B,
14.3%,
4/20/25
...
13,552
13,076
151259806.LC.FTS.B,
20%,
5/04/25
.....
9,420
1,101
165352318.LC.FTS.B,
15.24%,
6/22/25
...
15,946
15,252
166444317.LC.FTS.B,
13.08%,
11/04/25
..
22,975
21,706
160809803.LC.FTS.B,
13.08%,
11/23/25
..
14,830
11,056
165520144.LC.FTS.B,
20.55%,
9/05/26
...
11,584
9,527
160698361.LC.FTS.B,
Zero
Cpn,
10/23/32
8,380
–
163789996.LC.FTS.B,
18.62%,
12/23/32
..
1,335
1,110
164493400.LC.FTS.B,
5%,
1/07/33
......
2,195
2,101
164840710.LC.FTS.B,
11.02%,
1/13/33
...
1,179
1,177
163426985.LC.FTS.B,
Zero
Cpn,
5/26/33
.
274
26
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.
(continued)
$
336,709
LendingClub
Corp.
-
LCX
161911117.LC.FTS.B,
20.55%,
11/14/24
..
$
2,473
2,471
164542068.LC.FTS.B,
25.65%,
1/21/25
...
6,237
6,159
157483547.LC.FTS.B,
Zero
Cpn,
12/13/32
1,988
–
8,630
LendingClub
Corp.
-
LCX
PM
171728432.LC.FTS.B,
17.3%,
10/30/23
...
2,073
2,047
173017997.LC.FTS.B,
14.02%,
12/17/23
..
548
543
172997264.LC.FTS.B,
14.02%,
12/19/23
..
2,302
2,258
173574789.LC.FTS.B,
19.95%,
1/07/24
...
2,208
2,183
173374603.LC.FTS.B,
19.12%,
1/13/24
...
3,723
3,683
185022110.LC.FTS.B,
18.99%,
1/13/25
...
12,483
12,399
184916811.LC.FTS.B,
15.99%,
1/18/25
...
6,438
6,386
185116420.LC.FTS.B,
18.99%,
1/18/25
...
2,639
2,622
185085067.LC.FTS.B,
22.99%,
1/18/25
...
10,847
10,921
184905245.LC.FTS.B,
15.99%,
1/19/25
...
9,851
9,346
185222066.LC.FTS.B,
15.99%,
1/19/25
...
2,062
2,040
185225789.LC.FTS.B,
20.99%,
1/19/25
...
9,467
9,427
185231531.LC.FTS.B,
21.49%,
1/19/25
...
2,531
2,521
185170289.LC.FTS.B,
15.99%,
1/22/25
...
7,056
5,393
184577634.LC.FTS.B,
15.49%,
1/25/25
...
4,283
4,263
185449370.LC.FTS.B,
18.44%,
1/25/25
...
7,851
7,774
185337050.LC.FTS.B,
20.99%,
1/25/25
...
15,147
15,106
185529283.LC.FTS.B,
18.99%,
1/27/25
...
12,483
12,429
185074501.LC.FTS.B,
12.74%,
1/29/25
...
3,024
3,010
185591984.LC.FTS.B,
18.99%,
1/31/25
...
8,959
8,925
184733710.LC.FTS.B,
24.99%,
1/31/25
...
2,247
2,283
185743058.LC.FTS.B,
12.19%,
2/02/25
...
5,016
4,944
185670318.LC.FTS.B,
15.44%,
2/02/25
...
9,575
9,327
185694876.LC.FTS.B,
15.49%,
2/02/25
...
7,343
7,277
185720673.LC.FTS.B,
14.49%,
2/04/25
...
3,810
3,713
184778654.LC.FTS.B,
16.19%,
2/04/25
...
2,243
2,224
185764512.LC.FTS.B,
19.99%,
2/04/25
...
16,348
16,216
185806351.LC.FTS.B,
18.99%,
2/07/25
...
7,830
7,760
185828353.LC.FTS.B,
22.99%,
2/08/25
...
11,952
11,878
186050160.LC.FTS.B,
15.99%,
2/10/25
...
11,204
11,090
185828265.LC.FTS.B,
19.44%,
2/10/25
...
10,433
10,364
185614486.LC.FTS.B,
19.99%,
2/10/25
...
16,358
16,211
186144016.LC.FTS.B,
Zero
Cpn,
2/14/25
.
7,352
–
185731098.LC.FTS.B,
18.99%,
2/14/25
...
2,602
2,584
186141198.LC.FTS.B,
18.99%,
2/14/25
...
3,252
3,230
185870831.LC.FTS.B,
15.99%,
2/15/25
...
4,629
4,595
186248821.LC.FTS.B,
12.94%,
2/16/25
...
9,446
9,376
186046548.LC.FTS.B,
16.49%,
2/17/25
...
3,229
3,206
185952586.LC.FTS.B,
16.99%,
2/17/25
...
4,859
293
188498393.LC.FTS.B,
18.99%,
4/25/25
...
23,461
23,435
188682908.LC.FTS.B,
21.79%,
4/25/25
...
3,401
84
187330959.LC.FTS.B,
23.99%,
4/25/25
...
10,764
10,868
188539697.LC.FTS.B,
27.99%,
4/25/25
...
6,568
6,646
188790970.LC.FTS.B,
19.99%,
4/27/25
...
17,629
17,233
188805747.LC.FTS.B,
22.49%,
4/27/25
...
14,558
1,887
188578940.LC.FTS.B,
23.99%,
4/27/25
...
707
713
188852266.LC.FTS.B,
23.99%,
4/27/25
...
4,306
4,350
188854471.LC.FTS.B,
24.79%,
4/27/25
...
3,604
3,630
188781202.LC.FTS.B,
15.99%,
4/28/25
...
10,038
9,714
Description
Principal
Amount
Value
LendingClub
Corp.
-
LCX
PM
(continued)
188845200.LC.FTS.B,
16.99%,
4/28/25
...
$
1,391
$
1,393
188849723.LC.FTS.B,
19.49%,
4/28/25
...
1,407
1,410
188894731.LC.FTS.B,
23.99%,
4/28/25
...
2,569
19
188623124.LC.FTS.B,
Zero
Cpn,
4/30/25
.
35,826
3,272
188683873.LC.FTS.B,
23.99%,
5/01/25
...
8,932
8,907
185664927.LC.FTS.B,
15%,
6/16/25
.....
3,640
2,850
171733583.LC.FTS.B,
18.24%,
10/30/25
..
13,075
12,761
172637623.LC.FTS.B,
16.08%,
12/17/25
..
11,063
10,775
186109882.LC.FTS.B,
5%,
2/14/26
......
15,701
15,739
184987590.LC.FTS.B,
Zero
Cpn,
1/13/27
.
8,746
–
185030629.LC.FTS.B,
28.99%,
1/13/27
...
5,125
5,165
184976261.LC.FTS.B,
15.44%,
1/18/27
...
16,064
14,956
185102499.LC.FTS.B,
17.49%,
1/18/27
...
12,174
11,832
185105381.LC.FTS.B,
17.74%,
1/18/27
...
10,360
347
185242092.LC.FTS.B,
20.99%,
1/19/27
...
24,508
24,208
185186598.LC.FTS.B,
21.99%,
1/19/27
...
6,633
6,535
185203099.LC.FTS.B,
21.99%,
1/19/27
...
11,502
11,329
185257156.LC.FTS.B,
23.99%,
1/19/27
...
11,293
11,123
185208719.LC.FTS.B,
27.99%,
1/19/27
...
8,142
8,218
185021259.LC.FTS.B,
Zero
Cpn,
1/20/27
.
21,881
2,058
185284755.LC.FTS.B,
20.24%,
1/21/27
...
19,286
19,029
184608676.LC.FTS.B,
21.99%,
1/21/27
...
12,054
11,877
185190835.LC.FTS.B,
21.99%,
1/21/27
...
16,537
16,288
185280664.LC.FTS.B,
21.99%,
1/21/27
...
14,427
14,111
185094462.LC.FTS.B,
22.99%,
1/21/27
...
9,994
9,858
185215933.LC.FTS.B,
28.99%,
1/25/27
...
15,440
15,601
185510835.LC.FTS.B,
Zero
Cpn,
1/27/27
.
25,383
2,346
184953769.LC.FTS.B,
21.99%,
1/27/27
...
23,215
22,953
185465019.LC.FTS.B,
21.99%,
1/27/27
...
20,728
20,494
185285978.LC.FTS.B,
23.19%,
1/27/27
...
25,008
24,721
184862697.LC.FTS.B,
13.19%,
1/28/27
...
12,370
11,923
185051135.LC.FTS.B,
23.99%,
1/28/27
...
19,974
19,636
185551601.LC.FTS.B,
Zero
Cpn,
1/31/27
.
22,171
1,057
185593614.LC.FTS.B,
14.94%,
1/31/27
...
4,798
4,679
185625736.LC.FTS.B,
17.24%,
1/31/27
...
12,132
11,830
185553869.LC.FTS.B,
17.44%,
1/31/27
...
14,202
13,847
185606478.LC.FTS.B,
20.99%,
1/31/27
...
22,245
16,934
185325210.LC.FTS.B,
21.49%,
2/01/27
...
20,332
19,940
185801067.LC.FTS.B,
15.19%,
2/04/27
...
12,236
11,785
185785605.LC.FTS.B,
16.99%,
2/04/27
...
19,746
19,162
185794411.LC.FTS.B,
18.99%,
2/04/27
...
24,910
24,170
185773530.LC.FTS.B,
21.99%,
2/04/27
...
13,319
(509)
185579608.LC.FTS.B,
23.99%,
2/04/27
...
25,457
24,933
185965503.LC.FTS.B,
Zero
Cpn,
2/08/27
.
4,708
444
185803689.LC.FTS.B,
12.69%,
2/08/27
...
32,280
29,927
185670781.LC.FTS.B,
14.74%,
2/08/27
...
32,559
31,380
185765188.LC.FTS.B,
19.49%,
2/08/27
...
20,791
20,135
185788975.LC.FTS.B,
20.44%,
2/08/27
...
33,428
32,753
185500483.LC.FTS.B,
23.99%,
2/08/27
...
29,692
29,145
186105140.LC.FTS.B,
14.99%,
2/10/27
...
9,779
9,433
186053383.LC.FTS.B,
18.49%,
2/10/27
...
20,712
20,128
186004411.LC.FTS.B,
21.99%,
2/10/27
...
11,820
11,621
186037923.LC.FTS.B,
23.49%,
2/10/27
...
5,926
5,825
186073191.LC.FTS.B,
23.99%,
2/10/27
...
8,479
8,334
186131505.LC.FTS.B,
Zero
Cpn,
2/14/27
.
10,464
494
185962334.LC.FTS.B,
16.49%,
2/14/27
...
28,729
27,941
186055580.LC.FTS.B,
19.49%,
2/14/27
...
13,366
13,162
186072313.LC.FTS.B,
19.99%,
2/14/27
...
13,385
13,179
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)
LendingClub
Corp.
-
LCX
PM
(continued)
184948000.LC.FTS.B,
23.99%,
2/14/27
...
$
25,450
$
25,038
186114907.LC.FTS.B,
24.99%,
2/14/27
...
8,518
8,296
185796432.LC.FTS.B,
Zero
Cpn,
2/15/27
.
17,920
3,637
185957980.LC.FTS.B,
10.99%,
2/15/27
...
25,292
24,448
185644818.LC.FTS.B,
17.24%,
2/15/27
...
33,253
31,222
186037630.LC.FTS.B,
23.99%,
2/15/27
...
13,145
10,348
186256667.LC.FTS.B,
Zero
Cpn,
2/16/27
.
19,142
911
185737435.LC.FTS.B,
19.74%,
2/16/27
...
14,052
13,850
186160994.LC.FTS.B,
23.99%,
2/16/27
...
16,967
16,704
186255693.LC.FTS.B,
28.99%,
2/16/27
...
6,920
6,977
185994246.LC.FTS.B,
23.99%,
2/17/27
...
7,027
1,338
185972627.LC.FTS.B,
Zero
Cpn,
2/23/27
.
12,350
593
184697668.LC.FTS.B,
22.49%,
2/23/27
...
16,968
16,736
185440062.LC.FTS.B,
17.49%,
2/25/27
...
18,187
17,748
186057988.LC.FTS.B,
23.99%,
2/25/27
...
17,189
16,978
185584314.LC.FTS.B,
23.99%,
2/28/27
...
10,986
10,771
186094287.LC.FTS.B,
24.99%,
2/28/27
...
8,953
1,806
188640868.LC.FTS.B,
20.99%,
4/25/27
...
17,555
17,072
188665152.LC.FTS.B,
20.99%,
4/25/27
...
8,794
8,674
188676937.LC.FTS.B,
22.99%,
4/25/27
...
10,834
1,392
188681928.LC.FTS.B,
22.99%,
4/25/27
...
8,484
8,425
188661710.LC.FTS.B,
23.19%,
4/25/27
...
8,688
8,640
188722342.LC.FTS.B,
28.99%,
4/25/27
...
6,201
6,302
188741644.LC.FTS.B,
20.49%,
4/26/27
...
17,616
13,348
188818650.LC.FTS.B,
20.99%,
4/26/27
...
5,516
5,492
188082596.LC.FTS.B,
21.49%,
4/26/27
...
18,177
412
188826193.LC.FTS.B,
22.99%,
4/26/27
...
6,936
6,900
188684882.LC.FTS.B,
23.99%,
4/26/27
...
5,317
5,174
188570436.LC.FTS.B,
25.99%,
4/26/27
...
6,316
6,052
188791237.LC.FTS.B,
27.99%,
4/26/27
...
16,293
16,333
188736809.LC.FTS.B,
Zero
Cpn,
4/27/27
.
11,677
495
188850161.LC.FTS.B,
18.99%,
4/27/27
...
6,843
6,740
188709996.LC.FTS.B,
20.49%,
4/27/27
...
25,807
24,442
188698368.LC.FTS.B,
20.99%,
4/27/27
...
18,965
18,336
188844587.LC.FTS.B,
20.99%,
4/27/27
...
8,619
8,583
188172463.LC.FTS.B,
22.49%,
4/27/27
...
9,849
9,598
188821742.LC.FTS.B,
23.99%,
4/27/27
...
17,425
17,341
188832786.LC.FTS.B,
27.99%,
4/27/27
...
4,415
4,492
188838885.LC.FTS.B,
28.99%,
4/27/27
...
8,859
9,011
188770586.LC.FTS.B,
21.49%,
4/28/27
...
15,542
15,300
188825826.LC.FTS.B,
23.49%,
4/28/27
...
8,697
8,629
188877761.LC.FTS.B,
25.99%,
4/28/27
...
6,481
6,361
188729615.LC.FTS.B,
28.99%,
4/28/27
...
22,150
22,493
188842402.LC.FTS.B,
21.49%,
4/30/27
...
5,257
5,214
188806927.LC.FTS.B,
23.99%,
4/30/27
...
13,287
13,205
188652977.LC.FTS.B,
23.99%,
5/24/27
...
3,106
3,046
185298966.LC.FTS.B,
21.49%,
7/30/27
...
21,290
16,464
188683114.LC.FTS.B,
23.99%,
3/27/28
...
38,174
38,126
1,611,363
Prosper
Funding
LLC
1606124.PS.FTS.B,
12.3%,
8/17/24
.....
4,864
4,737
1606139.PS.FTS.B,
12.8%,
8/17/24
.....
2,274
2,218
1616481.PS.FTS.B,
14.89%,
8/17/24
....
7,065
6,913
1609444.PS.FTS.B,
15%,
8/17/24
.......
2,878
2,809
1610038.PS.FTS.B,
15%,
8/17/24
.......
3,813
3,730
1611259.PS.FTS.B,
13.5%,
8/19/24
.....
2,000
1,958
1607870.PS.FTS.B,
14%,
8/19/24
.......
4,717
1,166
Description
Principal
Amount
Value
Prosper
Funding
LLC
(continued)
1618524.PS.FTS.B,
15.2%,
8/20/24
.....
$
4,721
$
4,625
1608122.PS.FTS.B,
19.8%,
8/20/24
.....
824
816
1619058.PS.FTS.B,
19%,
8/23/24
.......
972
966
1612303.PS.FTS.B,
20.8%,
8/23/24
.....
9,849
9,792
1610720.PS.FTS.B,
16.6%,
8/25/24
.....
3,818
3,746
1610444.PS.FTS.B,
18.09%,
8/25/24
....
6,758
6,727
1610027.PS.FTS.B,
18.09%,
8/27/24
....
3,591
3,560
1625728.PS.FTS.B,
12.49%,
9/16/24
....
12,283
11,938
1622147.PS.FTS.B,
13.6%,
9/16/24
.....
989
962
1626067.PS.FTS.B,
15.4%,
9/17/24
.....
6,863
6,699
1632888.PS.FTS.B,
17.96%,
9/17/24
....
1,398
1,365
1622396.PS.FTS.B,
20.4%,
9/17/24
.....
2,474
2,444
1626424.PS.FTS.B,
11.7%,
9/20/24
.....
5,381
5,234
1634583.PS.FTS.B,
18.4%,
9/21/24
.....
1,535
1,522
1623410.PS.FTS.B,
18.5%,
9/21/24
.....
1,024
1,015
1634322.PS.FTS.B,
20.46%,
9/21/24
....
1,558
1,543
1628590.PS.FTS.B,
24.51%,
9/22/24
....
5,192
5,190
1629025.PS.FTS.B,
19.5%,
9/23/24
.....
5,158
5,117
1626395.PS.FTS.B,
13.87%,
9/24/24
....
17,358
16,943
1625876.PS.FTS.B,
14.41%,
9/24/24
....
14,526
1,900
1632609.PS.FTS.B,
14.39%,
9/26/24
....
3,716
3,616
1626680.PS.FTS.B,
16%,
9/27/24
.......
6,376
6,246
1623737.PS.FTS.B,
18.7%,
9/30/24
.....
1,082
1,069
1630510.PS.FTS.B,
11.97%,
10/10/24
....
3,907
3,799
1628891.PS.FTS.B,
14.94%,
10/12/24
...
2,661
2,595
1648309.PS.FTS.B,
14.49%,
10/26/24
...
5,537
5,410
1645271.PS.FTS.B,
10.8%,
10/27/24
....
10,263
9,999
1648648.PS.FTS.B,
16%,
10/27/24
......
2,297
2,240
1649014.PS.FTS.B,
22.7%,
10/27/24
....
2,197
2,196
1656261.PS.FTS.B,
16%,
10/28/24
......
3,930
3,832
1646552.PS.FTS.B,
15.29%,
10/29/24
...
8,349
8,167
1650988.PS.FTS.B,
15.4%,
11/01/24
....
4,644
2,671
1648499.PS.FTS.B,
17%,
11/02/24
......
4,954
–
1661430.PS.FTS.B,
12%,
11/05/24
......
5,987
5,792
1658149.PS.FTS.B,
13.4%,
11/08/24
....
2,747
2,660
1664622.PS.FTS.B,
16.9%,
11/08/24
....
1,421
1,387
1664838.PS.FTS.B,
20.01%,
11/08/24
....
2,900
2,837
1666485.PS.FTS.B,
10.5%,
11/09/24
....
2,155
2,087
1665699.PS.FTS.B,
15%,
11/09/24
......
4,441
4,302
1660360.PS.FTS.B,
14.39%,
11/10/24
....
2,765
2,679
1660285.PS.FTS.B,
18.9%,
11/10/24
....
1,138
1,116
1661320.PS.FTS.B,
12.3%,
11/12/24
....
5,333
670
1653836.PS.FTS.B,
14.79%,
11/12/24
....
1,110
1,076
1661257.PS.FTS.B,
17.8%,
11/12/24
....
1,131
1,110
1655723.PS.FTS.B,
15.1%,
11/15/24
....
11,110
10,787
1645667.PS.FTS.B,
16.6%,
11/17/24
....
6,022
5,935
1646495.PS.FTS.B,
13.3%,
11/28/24
....
16,841
–
1685274.PS.FTS.B,
10.54%,
12/14/24
...
992
962
1685619.PS.FTS.B,
14.39%,
12/14/24
...
3,490
3,371
1672733.PS.FTS.B,
15%,
12/14/24
......
5,827
5,643
1678399.PS.FTS.B,
16.3%,
12/14/24
....
1,469
1,439
1678747.PS.FTS.B,
19.3%,
12/14/24
....
1,196
1,172
1679110.PS.FTS.B,
13.36%,
12/15/24
....
5,682
5,503
1686000.PS.FTS.B,
13.36%,
12/15/24
...
8,652
8,379
1673372.PS.FTS.B,
16%,
12/15/24
......
4,690
4,599
1672982.PS.FTS.B,
22%,
12/15/24
......
1,823
1,787
1680175.PS.FTS.B,
22.6%,
12/16/24
....
2,430
2,404
1674770.PS.FTS.B,
13.1%,
12/17/24
....
8,638
8,375
Franklin
Universal
Trust
Schedule
of
Investments
(unaudited)
See
Notes
to
Schedule
of
Investments.
Quarterly
Schedule
of
Investments
19
Description
Principal
Amount
Value
Marketplace
Loans
(continued)
Prosper
Funding
LLC
(continued)
1674329.PS.FTS.B,
14.89%,
12/17/24
...
$
3,494
$
3,387
1674347.PS.FTS.B,
15.86%,
12/17/24
...
8,806
8,516
1700772.PS.FTS.B,
12.1%,
1/12/25
.....
12,943
3,075
1693870.PS.FTS.B,
13.6%,
1/12/25
.....
3,023
2,921
1701129.PS.FTS.B,
16.4%,
1/12/25
.....
6,814
6,563
1688351.PS.FTS.B,
17%,
1/12/25
.......
2,774
2,708
1688342.PS.FTS.B,
17.5%,
1/12/25
.....
9,891
9,655
1688336.PS.FTS.B,
19.2%,
1/12/25
.....
10,409
6,200
1687970.PS.FTS.B,
23.5%,
1/12/25
.....
894
876
1694488.PS.FTS.B,
13.8%,
1/13/25
.....
7,346
7,111
1694470.PS.FTS.B,
15.29%,
1/13/25
....
4,780
2,730
1689453.PS.FTS.B,
12%,
1/15/25
.......
2,734
2,645
1701126.PS.FTS.B,
13%,
1/15/25
.......
2,074
2,031
1690265.PS.FTS.B,
23.3%,
1/18/25
.....
4,466
4,413
1697473.PS.FTS.B,
10.54%,
1/19/25
....
8,905
8,622
1692512.PS.FTS.B,
19.34%,
1/19/25
....
6,431
6,224
1692137.PS.FTS.B,
20.34%,
1/19/25
....
3,038
–
1700011.PS.FTS.B,
13.9%,
1/21/25
.....
3,028
2,933
1700775.PS.FTS.B,
16.6%,
1/26/25
.....
19,402
11,087
1688699.PS.FTS.B,
21.8%,
1/27/25
.....
5,674
5,520
1697303.PS.FTS.B,
13.9%,
1/31/25
.....
2,530
2,457
1698238.PS.FTS.B,
15.1%,
2/01/25
.....
6,743
6,497
1720755.PS.FTS.B,
13.96%,
2/14/25
....
15,808
15,266
1714645.PS.FTS.B,
11.4%,
2/15/25
.....
4,677
4,518
1715041.PS.FTS.B,
11.4%,
2/15/25
.....
1,247
1,205
1720938.PS.FTS.B,
13.81%,
2/15/25
....
6,318
6,103
1707953.PS.FTS.B,
13.96%,
2/15/25
....
12,699
12,259
1707959.PS.FTS.B,
14.39%,
2/15/25
....
242
239
1707938.PS.FTS.B,
15.86%,
2/15/25
....
8,943
8,624
1715485.PS.FTS.B,
16%,
2/15/25
.......
15,981
15,412
1714630.PS.FTS.B,
16.16%,
2/15/25
....
9,597
9,255
1714624.PS.FTS.B,
19.41%,
2/15/25
....
6,507
6,341
1715122.PS.FTS.B,
19.8%,
2/15/25
.....
1,648
1,600
1720920.PS.FTS.B,
21.2%,
2/15/25
.....
6,894
6,779
1722336.PS.FTS.B,
14.74%,
2/16/25
....
3,658
3,029
1715734.PS.FTS.B,
19.83%,
2/16/25
....
4,564
4,402
1722360.PS.FTS.B,
22.6%,
2/16/25
.....
1,954
1,922
1723116.PS.FTS.B,
16.29%,
2/17/25
....
1,280
1,250
1720923.PS.FTS.B,
18.7%,
2/28/25
.....
17,221
16,749
1708640.PS.FTS.B,
21.8%,
2/28/25
.....
5,758
1,443
1714408.PS.FTS.B,
22.11%,
3/13/25
....
6,970
6,794
1715809.PS.FTS.B,
13.6%,
3/15/25
.....
7,398
315
1749541.PS.FTS.B,
22.03%,
4/05/25
....
2,440
2,351
1750351.PS.FTS.B,
15.2%,
4/06/25
.....
2,393
2,292
1743776.PS.FTS.B,
20.4%,
4/06/25
.....
18,288
10,757
1752996.PS.FTS.B,
25.4%,
4/06/25
.....
1,677
–
1753944.PS.FTS.B,
15.4%,
4/07/25
.....
5,179
4,961
1744391.PS.FTS.B,
24.09%,
4/07/25
....
2,225
2,162
1750903.PS.FTS.B,
24.4%,
4/07/25
.....
5,751
5,586
1745381.PS.FTS.B,
12.9%,
4/08/25
.....
13,647
13,142
1758243.PS.FTS.B,
24.4%,
4/16/25
.....
2,882
2,798
1757968.PS.FTS.B,
13.9%,
4/18/25
.....
4,114
3,958
1742906.PS.FTS.B,
15.4%,
4/30/25
.....
1,455
1,388
1743767.PS.FTS.B,
25.71%,
5/05/25
....
6,138
5,910
1752241.PS.FTS.B,
14.7%,
5/10/25
.....
22,495
12,596
1658650.PS.FTS.B,
13.6%,
10/09/25
....
11,260
10,737
1701120.PS.FTS.B,
15.9%,
12/12/25
....
9,876
9,479
1742903.PS.FTS.B,
18.09%,
2/15/26
....
4,989
1,212
Description
Principal
Amount
Value
Prosper
Funding
LLC
(continued)
1606145.PS.FTS.B,
14%,
8/17/26
.......
$
10,883
$
10,512
1606127.PS.FTS.B,
15.2%,
8/17/26
.....
6,616
6,375
1607933.PS.FTS.B,
18.5%,
8/19/26
.....
1,496
1,476
1608617.PS.FTS.B,
13.7%,
8/20/26
.....
4,344
4,200
1618680.PS.FTS.B,
15.37%,
8/20/26
....
12,818
12,392
1611802.PS.FTS.B,
29.74%,
8/22/26
....
3,204
3,225
1609277.PS.FTS.B,
15.7%,
8/23/26
.....
10,278
9,945
1610327.PS.FTS.B,
27.6%,
8/24/26
.....
6,331
6,390
1621434.PS.FTS.B,
14.6%,
8/26/26
.....
3,380
3,276
1614454.PS.FTS.B,
17.7%,
8/26/26
.....
7,582
7,508
1621428.PS.FTS.B,
20%,
8/26/26
.......
7,689
7,611
1611746.PS.FTS.B,
14.29%,
8/27/26
....
6,676
6,464
1612838.PS.FTS.B,
18.5%,
9/13/26
.....
6,602
3,867
1619286.PS.FTS.B,
12.5%,
9/16/26
.....
8,892
8,586
1625740.PS.FTS.B,
18.48%,
9/16/26
....
7,613
7,475
1627036.PS.FTS.B,
16.33%,
9/20/26
....
10,141
9,783
1624382.PS.FTS.B,
13.4%,
9/21/26
.....
1,954
1,941
1634850.PS.FTS.B,
15.1%,
9/21/26
.....
15,651
15,107
1623734.PS.FTS.B,
18.4%,
9/21/26
.....
7,670
7,520
1623731.PS.FTS.B,
18.93%,
9/21/26
....
13,741
13,525
1628497.PS.FTS.B,
14.89%,
9/22/26
....
8,464
1,128
1635897.PS.FTS.B,
12%,
9/23/26
.......
16,060
15,525
1635735.PS.FTS.B,
14.68%,
9/23/26
....
11,148
10,775
1637445.PS.FTS.B,
13.3%,
9/27/26
.....
7,512
7,268
1626758.PS.FTS.B,
17.96%,
9/30/26
....
17,117
16,481
1634247.PS.FTS.B,
16.7%,
10/05/26
....
18,094
17,390
1626046.PS.FTS.B,
15.18%,
10/16/26
...
7,348
7,079
1644875.PS.FTS.B,
11.6%,
10/26/26
....
5,684
5,494
1655034.PS.FTS.B,
11.7%,
10/26/26
....
17,441
16,859
1648324.PS.FTS.B,
12.2%,
10/26/26
....
15,213
14,705
1644860.PS.FTS.B,
18.33%,
10/26/26
...
9,437
1,370
1645337.PS.FTS.B,
18.48%,
10/27/26
...
15,779
15,527
1646123.PS.FTS.B,
13.32%,
10/28/26
...
5,744
5,549
1649539.PS.FTS.B,
16.7%,
10/28/26
....
15,623
15,088
1644866.PS.FTS.B,
11.1%,
10/29/26
....
7,564
7,306
1650328.PS.FTS.B,
11.2%,
10/29/26
....
7,185
6,950
1646948.PS.FTS.B,
11.79%,
10/29/26
....
11,381
11,008
1649926.PS.FTS.B,
13.8%,
10/29/26
....
25,345
24,493
1656591.PS.FTS.B,
14.79%,
10/29/26
...
27,040
26,419
1650904.PS.FTS.B,
26.43%,
10/29/26
...
6,573
6,633
1655028.PS.FTS.B,
13.8%,
11/01/26
....
6,163
5,925
1647395.PS.FTS.B,
11.89%,
11/03/26
....
7,594
7,289
1661010.PS.FTS.B,
12.5%,
11/05/26
....
19,804
19,037
1661007.PS.FTS.B,
15.8%,
11/05/26
....
15,533
14,854
1654774.PS.FTS.B,
16.18%,
11/05/26
....
27,242
26,049
1661004.PS.FTS.B,
17.8%,
11/05/26
....
4,320
4,189
1661433.PS.FTS.B,
28.23%,
11/05/26
....
4,138
4,092
1651868.PS.FTS.B,
9.45%,
11/08/26
....
9,715
9,347
1658185.PS.FTS.B,
10.5%,
11/08/26
....
6,771
6,514
1658167.PS.FTS.B,
13.5%,
11/08/26
....
18,774
17,978
1658881.PS.FTS.B,
13.8%,
11/09/26
....
18,853
18,057
1653323.PS.FTS.B,
16%,
11/09/26
......
9,331
8,935
1666362.PS.FTS.B,
19%,
11/09/26
......
5,534
5,376
1666359.PS.FTS.B,
21%,
11/09/26
......
4,874
4,843
1666911.PS.FTS.B,
10.62%,
11/10/26
....
9,788
9,421
1660066.PS.FTS.B,
12.6%,
11/10/26
....
26,675
25,671
1660078.PS.FTS.B,
13.93%,
11/10/26
....
15,318
14,741
1646330.PS.FTS.B,
16.2%,
11/10/26
....
23,516
22,621
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)
Prosper
Funding
LLC
(continued)
1666890.PS.FTS.B,
17%,
11/10/26
......
$
12,511
$
12,165
1652018.PS.FTS.B,
19.23%,
11/15/26
....
11,943
11,546
1662505.PS.FTS.B,
25.4%,
11/15/26
....
8,167
8,135
1651871.PS.FTS.B,
20.66%,
11/20/26
....
4,419
4,272
1651913.PS.FTS.B,
25.67%,
11/22/26
....
5,820
5,708
1672147.PS.FTS.B,
16.56%,
12/03/26
...
15,878
15,329
1666100.PS.FTS.B,
18.33%,
12/03/26
...
4,007
3,866
1672316.PS.FTS.B,
10.44%,
12/14/26
...
9,971
9,601
1678354.PS.FTS.B,
11.07%,
12/14/26
....
11,548
11,118
1678396.PS.FTS.B,
11.2%,
12/14/26
....
4,761
4,587
1685634.PS.FTS.B,
12.5%,
12/14/26
....
6,210
5,979
1672730.PS.FTS.B,
13.8%,
12/14/26
....
27,370
26,221
1685271.PS.FTS.B,
16.8%,
12/14/26
....
11,924
11,419
1678387.PS.FTS.B,
18.33%,
12/14/26
...
11,000
10,650
1678372.PS.FTS.B,
22.8%,
12/14/26
....
9,012
8,933
1685631.PS.FTS.B,
27.02%,
12/14/26
...
5,011
4,961
1686078.PS.FTS.B,
10.5%,
12/15/26
....
9,207
8,867
1686378.PS.FTS.B,
17.23%,
12/15/26
...
6,374
6,106
1687344.PS.FTS.B,
19%,
12/17/26
......
4,004
3,890
1685997.PS.FTS.B,
12.87%,
12/18/26
...
7,011
6,749
1687950.PS.FTS.B,
11.5%,
12/20/26
....
11,461
11,051
1675010.PS.FTS.B,
12.5%,
12/20/26
....
8,604
8,299
1685637.PS.FTS.B,
11.7%,
12/28/26
....
23,742
22,851
1672718.PS.FTS.B,
14.38%,
1/07/27
....
6,453
6,206
1701111.PS.FTS.B,
10.29%,
1/12/27
.....
19,409
18,673
1700808.PS.FTS.B,
11.4%,
1/12/27
.....
7,856
7,557
1700805.PS.FTS.B,
13.3%,
1/12/27
.....
8,491
430
1700766.PS.FTS.B,
14.68%,
1/12/27
....
19,985
19,221
1701108.PS.FTS.B,
15.7%,
1/12/27
.....
28,125
26,876
1701147.PS.FTS.B,
21.63%,
1/12/27
....
8,267
8,146
1687964.PS.FTS.B,
22.2%,
1/12/27
.....
6,216
6,124
1694491.PS.FTS.B,
12.62%,
1/13/27
....
11,862
11,413
1694725.PS.FTS.B,
18.4%,
1/13/27
.....
12,215
11,806
1701537.PS.FTS.B,
19.3%,
1/13/27
.....
12,268
11,854
1695958.PS.FTS.B,
10.5%,
1/14/27
.....
11,741
11,298
1689173.PS.FTS.B,
11.2%,
1/14/27
.....
15,302
14,728
1695787.PS.FTS.B,
11.7%,
1/14/27
.....
19,672
18,932
1689251.PS.FTS.B,
19%,
1/14/27
.......
3,267
3,159
1689623.PS.FTS.B,
19%,
1/14/27
.......
2,597
2,511
1694719.PS.FTS.B,
16.93%,
1/17/27
....
14,513
13,849
1705005.PS.FTS.B,
15%,
1/19/27
.......
20,818
19,946
1691789.PS.FTS.B,
26.13%,
1/19/27
....
12,644
12,497
1702455.PS.FTS.B,
15.18%,
1/20/27
....
12,883
12,394
1702237.PS.FTS.B,
11.7%,
1/25/27
.....
7,869
7,592
1700784.PS.FTS.B,
18.25%,
1/26/27
....
8,137
7,861
1703169.PS.FTS.B,
25.6%,
2/11/27
.....
13,596
8,450
1707746.PS.FTS.B,
9.45%,
2/14/27
.....
5,463
5,257
1707734.PS.FTS.B,
10.29%,
2/14/27
....
13,843
13,425
1720764.PS.FTS.B,
22.5%,
2/14/27
.....
9,257
9,085
1707944.PS.FTS.B,
10.9%,
2/15/27
.....
10,682
–
1720917.PS.FTS.B,
13.7%,
2/15/27
.....
10,112
9,662
1714633.PS.FTS.B,
14.39%,
2/15/27
....
12,478
2,833
1707950.PS.FTS.B,
16.5%,
2/15/27
.....
8,198
7,830
1714648.PS.FTS.B,
16.7%,
2/15/27
.....
6,154
5,878
1721346.PS.FTS.B,
16.7%,
2/15/27
.....
16,410
15,826
1715347.PS.FTS.B,
17.29%,
2/15/27
....
12,341
11,900
1720911.PS.FTS.B,
18.59%,
2/15/27
....
20,689
19,943
1714642.PS.FTS.B,
18.7%,
2/15/27
.....
8,280
7,981
Description
Principal
Amount
Value
Prosper
Funding
LLC
(continued)
1714636.PS.FTS.B,
23.58%,
2/15/27
....
$
4,649
$
4,564
1722117.PS.FTS.B,
15.18%,
2/16/27
....
6,518
6,229
1709201.PS.FTS.B,
18.48%,
2/16/27
....
10,340
9,972
1714627.PS.FTS.B,
11.4%,
2/17/27
.....
16,794
16,163
1709846.PS.FTS.B,
26.5%,
2/17/27
.....
8,561
8,409
1720908.PS.FTS.B,
15.29%,
2/22/27
....
24,898
23,786
1712903.PS.FTS.B,
15.29%,
2/23/27
....
7,858
7,528
1715713.PS.FTS.B,
10.8%,
3/14/27
.....
8,195
7,887
1749550.PS.FTS.B,
11.5%,
4/05/27
.....
12,435
11,944
1752624.PS.FTS.B,
17.23%,
4/05/27
....
16,986
16,135
1753011.PS.FTS.B,
12%,
4/06/27
.......
12,463
11,973
1749859.PS.FTS.B,
19.06%,
4/06/27
....
6,159
5,869
1752981.PS.FTS.B,
21%,
4/06/27
.......
5,601
5,421
1750735.PS.FTS.B,
16%,
4/07/27
.......
4,680
4,449
1755072.PS.FTS.B,
10.8%,
4/08/27
.....
4,728
4,566
1754293.PS.FTS.B,
13.4%,
4/12/27
.....
10,031
9,555
1747163.PS.FTS.B,
16.2%,
4/12/27
.....
21,145
20,137
1754398.PS.FTS.B,
22.9%,
4/12/27
.....
10,265
491
1744328.PS.FTS.B,
14.89%,
4/15/27
....
16,882
16,040
1752654.PS.FTS.B,
12.76%,
4/30/27
....
12,710
12,462
1607291.PS.FTS.B,
28.59%,
7/18/27
....
5,436
4,599
1688073.PS.FTS.B,
16.7%,
12/04/27
....
16,600
–
1,979,341
Upgrade,
Inc.
25764424.UG.FTS.B,
25.26%,
7/07/23
...
435
436
Upgrade,
Inc.
-
Card
992271618.UG.FTS.B,
29.49%,
7/03/23
..
18
2
992460429.UG.FTS.B,
29.49%,
8/02/23
..
12
12
992290768.UG.FTS.B,
29.49%,
10/03/23
.
14
14
992294700.UG.FTS.B,
29.49%,
11/03/23
.
22
20
992431329.UG.FTS.B,
29.49%,
11/03/23
.
34
5
992375568.UG.FTS.B,
17.97%,
12/02/23
.
23
20
992264683.UG.FTS.B,
Zero
Cpn,
12/03/23
23
2
992432014.UG.FTS.B,
29.49%,
1/03/24
..
30
27
992273410.UG.FTS.B,
Zero
Cpn,
4/03/24
.
–
–
992270166.UG.FTS.B,
17.71%,
4/03/24
..
63
63
992258570.UG.FTS.B,
26.44%,
4/03/24
..
28
28
992241314.UG.FTS.B,
29.49%,
4/03/24
..
11
11
992343756.UG.FTS.B,
29.49%,
4/03/24
..
366
103
992392020.UG.FTS.B,
29.49%,
4/03/24
..
154
154
992453366.UG.FTS.B,
29.49%,
4/03/24
..
46
1
992460590.UG.FTS.B,
29.49%,
4/03/24
..
–
–
992457777.UG.FTS.B,
Zero
Cpn,
4/04/24
.
175
12
992249570.UG.FTS.B,
20.96%,
4/04/24
..
86
87
992295541.UG.FTS.B,
29.49%,
4/04/24
..
9
9
992306382.UG.FTS.B,
Zero
Cpn,
4/05/24
.
51
4
992320075.UG.FTS.B,
16.49%,
4/05/24
..
27
27
992278634.UG.FTS.B,
17.49%,
4/05/24
..
7
7
992261330.UG.FTS.B,
18.71%,
4/05/24
..
30
30
992407305.UG.FTS.B,
18.71%,
4/05/24
..
55
55
992425399.UG.FTS.B,
18.96%,
4/05/24
..
66
65
992413501.UG.FTS.B,
19.3%,
4/05/24
...
607
606
992393132.UG.FTS.B,
19.99%,
4/05/24
..
44
15
992425235.UG.FTS.B,
19.99%,
4/05/24
..
306
309
992243760.UG.FTS.B,
20.47%,
4/05/24
..
35
35
992253128.UG.FTS.B,
20.96%,
4/05/24
..
172
22
992271480.UG.FTS.B,
20.96%,
4/05/24
..
143
40
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)
Upgrade,
Inc.
-
Card
(continued)
992321694.UG.FTS.B,
20.96%,
4/05/24
..
$
90
$
90
992324567.UG.FTS.B,
20.96%,
4/05/24
..
255
256
992247109.UG.FTS.B,
21.48%,
4/05/24
..
2,067
520
992291104.UG.FTS.B,
21.48%,
4/05/24
..
194
194
992335344.UG.FTS.B,
21.48%,
4/05/24
..
17
17
992419177.UG.FTS.B,
21.48%,
4/05/24
..
119
34
992258460.UG.FTS.B,
22.45%,
4/05/24
..
102
102
992243886.UG.FTS.B,
22.47%,
4/05/24
..
51
42
992270384.UG.FTS.B,
22.47%,
4/05/24
..
62
62
992310198.UG.FTS.B,
22.47%,
4/05/24
..
243
244
992313421.UG.FTS.B,
22.47%,
4/05/24
..
29
29
992420315.UG.FTS.B,
22.47%,
4/05/24
..
10
10
992275523.UG.FTS.B,
23.45%,
4/05/24
..
56
57
992445453.UG.FTS.B,
23.45%,
4/05/24
..
466
60
992460308.UG.FTS.B,
25.44%,
4/05/24
..
61
60
992270855.UG.FTS.B,
26.44%,
4/05/24
..
115
14
992258284.UG.FTS.B,
27.99%,
4/05/24
..
58
59
992240601.UG.FTS.B,
28.48%,
4/05/24
..
130
132
992252825.UG.FTS.B,
28.48%,
4/05/24
..
250
255
992262433.UG.FTS.B,
28.48%,
4/05/24
..
358
363
992269299.UG.FTS.B,
28.48%,
4/05/24
..
48
48
992332109.UG.FTS.B,
28.48%,
4/05/24
..
80
81
992336619.UG.FTS.B,
28.48%,
4/05/24
..
100
101
992425560.UG.FTS.B,
28.48%,
4/05/24
..
155
157
992255211.UG.FTS.B,
29.47%,
4/05/24
..
52
53
992342504.UG.FTS.B,
29.48%,
4/05/24
..
242
246
992406244.UG.FTS.B,
29.48%,
4/05/24
..
192
194
992424634.UG.FTS.B,
29.48%,
4/05/24
..
399
404
992453174.UG.FTS.B,
29.48%,
4/05/24
..
44
44
992237034.UG.FTS.B,
29.49%,
4/05/24
..
55
54
992241102.UG.FTS.B,
29.49%,
4/05/24
..
126
129
992241305.UG.FTS.B,
29.49%,
4/05/24
..
78
80
992242547.UG.FTS.B,
29.49%,
4/05/24
..
94
94
992245006.UG.FTS.B,
29.49%,
4/05/24
..
50
49
992245608.UG.FTS.B,
29.49%,
4/05/24
..
71
72
992250322.UG.FTS.B,
29.49%,
4/05/24
..
34
34
992251623.UG.FTS.B,
29.49%,
4/05/24
..
43
44
992253455.UG.FTS.B,
29.49%,
4/05/24
..
64
65
992253980.UG.FTS.B,
29.49%,
4/05/24
..
154
156
992263652.UG.FTS.B,
29.49%,
4/05/24
..
54
55
992269988.UG.FTS.B,
29.49%,
4/05/24
..
109
111
992270710.UG.FTS.B,
29.49%,
4/05/24
..
80
80
992272262.UG.FTS.B,
29.49%,
4/05/24
..
45
45
992278624.UG.FTS.B,
29.49%,
4/05/24
..
215
219
992301548.UG.FTS.B,
29.49%,
4/05/24
..
114
114
992305197.UG.FTS.B,
29.49%,
4/05/24
..
135
138
992306483.UG.FTS.B,
29.49%,
4/05/24
..
93
94
992312387.UG.FTS.B,
29.49%,
4/05/24
..
92
92
992319935.UG.FTS.B,
29.49%,
4/05/24
..
–
–
992324074.UG.FTS.B,
29.49%,
4/05/24
..
462
459
992326465.UG.FTS.B,
29.49%,
4/05/24
..
108
7
992330489.UG.FTS.B,
29.49%,
4/05/24
..
255
260
992333696.UG.FTS.B,
29.49%,
4/05/24
..
4
4
992337455.UG.FTS.B,
29.49%,
4/05/24
..
198
202
992339612.UG.FTS.B,
29.49%,
4/05/24
..
122
8
992340819.UG.FTS.B,
29.49%,
4/05/24
..
6
6
992344458.UG.FTS.B,
29.49%,
4/05/24
..
164
11
992345378.UG.FTS.B,
29.49%,
4/05/24
..
799
814
Description
Principal
Amount
Value
Upgrade,
Inc.
-
Card
(continued)
992366199.UG.FTS.B,
29.49%,
4/05/24
..
$
38
$
38
992371567.UG.FTS.B,
29.49%,
4/05/24
..
270
274
992377971.UG.FTS.B,
29.49%,
4/05/24
..
233
(11)
992388420.UG.FTS.B,
29.49%,
4/05/24
..
40
40
992389706.UG.FTS.B,
29.49%,
4/05/24
..
23
23
992417871.UG.FTS.B,
29.49%,
4/05/24
..
11
11
992425321.UG.FTS.B,
29.49%,
4/05/24
..
106
107
992436268.UG.FTS.B,
29.49%,
4/05/24
..
83
83
992442175.UG.FTS.B,
29.49%,
4/05/24
..
992
999
992356295.UG.FTS.B,
29.49%,
6/03/24
..
42
37
992343713.UG.FTS.B,
29.49%,
8/03/24
..
62
50
992326831.UG.FTS.B,
29.49%,
9/03/24
..
56
8
992319118.UG.FTS.B,
29.49%,
10/03/24
.
280
229
992385683.UG.FTS.B,
21.98%,
3/31/25
..
88
88
992428468.UG.FTS.B,
25.95%,
4/03/25
..
112
112
992307329.UG.FTS.B,
28.98%,
4/03/25
..
14
13
992268108.UG.FTS.B,
29.49%,
4/03/25
..
422
423
992269560.UG.FTS.B,
29.49%,
4/03/25
..
292
292
992274902.UG.FTS.B,
29.49%,
4/03/25
..
215
224
992279655.UG.FTS.B,
29.49%,
4/03/25
..
173
(14)
992290976.UG.FTS.B,
29.49%,
4/03/25
..
296
303
992291590.UG.FTS.B,
29.49%,
4/03/25
..
–
–
992310969.UG.FTS.B,
29.49%,
4/03/25
..
184
184
992335320.UG.FTS.B,
29.49%,
4/03/25
..
1,474
1,518
992345576.UG.FTS.B,
29.49%,
4/03/25
..
273
281
992357933.UG.FTS.B,
29.49%,
4/03/25
..
235
246
992375406.UG.FTS.B,
29.49%,
4/03/25
..
38
38
992460328.UG.FTS.B,
29.49%,
4/03/25
..
100
103
992258313.UG.FTS.B,
21.98%,
4/04/25
..
95
97
992241764.UG.FTS.B,
28.98%,
4/04/25
..
131
(7)
992301470.UG.FTS.B,
28.98%,
4/04/25
..
132
32
992336155.UG.FTS.B,
28.98%,
4/04/25
..
2,374
2,457
992376698.UG.FTS.B,
28.98%,
4/04/25
..
17
17
992387188.UG.FTS.B,
28.98%,
4/04/25
..
259
266
992453316.UG.FTS.B,
28.98%,
4/04/25
..
292
292
992463571.UG.FTS.B,
28.98%,
4/04/25
..
101
104
992266370.UG.FTS.B,
29.49%,
4/04/25
..
462
476
992342016.UG.FTS.B,
29.49%,
4/04/25
..
231
230
992421008.UG.FTS.B,
29.49%,
4/04/25
..
46
47
992421200.UG.FTS.B,
29.49%,
4/04/25
..
173
178
992254237.UG.FTS.B,
Zero
Cpn,
4/05/25
.
229
16
992260675.UG.FTS.B,
Zero
Cpn,
4/05/25
.
158
11
992261690.UG.FTS.B,
Zero
Cpn,
4/05/25
.
116
8
992271815.UG.FTS.B,
Zero
Cpn,
4/05/25
.
755
53
992305155.UG.FTS.B,
Zero
Cpn,
4/05/25
.
1,672
117
992356241.UG.FTS.B,
Zero
Cpn,
4/05/25
.
262
18
992444531.UG.FTS.B,
Zero
Cpn,
4/05/25
.
4,221
290
992264407.UG.FTS.B,
14.97%,
4/05/25
..
780
778
992391676.UG.FTS.B,
15.97%,
4/05/25
..
91
91
992403635.UG.FTS.B,
15.97%,
4/05/25
..
16
16
992275748.UG.FTS.B,
17.97%,
4/05/25
..
607
602
992369850.UG.FTS.B,
17.97%,
4/05/25
..
1,167
79
992417616.UG.FTS.B,
17.99%,
4/05/25
..
101
102
992286525.UG.FTS.B,
18.8%,
4/05/25
...
124
126
992323394.UG.FTS.B,
18.97%,
4/05/25
..
1,548
1,561
992385717.UG.FTS.B,
18.97%,
4/05/25
..
298
(2)
992415664.UG.FTS.B,
18.97%,
4/05/25
..
1,688
1,705
992239422.UG.FTS.B,
19.21%,
4/05/25
..
381
381
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)
Upgrade,
Inc.
-
Card
(continued)
992253582.UG.FTS.B,
19.21%,
4/05/25
..
$
251
$
18
992369900.UG.FTS.B,
19.21%,
4/05/25
..
44
9
992416415.UG.FTS.B,
19.21%,
4/05/25
..
1,404
1,427
992424538.UG.FTS.B,
19.21%,
4/05/25
..
1,053
1,062
992432194.UG.FTS.B,
19.8%,
4/05/25
...
376
378
992256001.UG.FTS.B,
19.97%,
4/05/25
..
428
434
992290432.UG.FTS.B,
19.99%,
4/05/25
..
4,148
4,322
992331017.UG.FTS.B,
19.99%,
4/05/25
..
232
238
992346135.UG.FTS.B,
19.99%,
4/05/25
..
393
410
992423362.UG.FTS.B,
19.99%,
4/05/25
..
227
(2)
992431381.UG.FTS.B,
19.99%,
4/05/25
..
89
89
992433537.UG.FTS.B,
19.99%,
4/05/25
..
1,056
1,086
992255166.UG.FTS.B,
20.46%,
4/05/25
..
66
65
992373703.UG.FTS.B,
20.46%,
4/05/25
..
352
357
992386358.UG.FTS.B,
20.46%,
4/05/25
..
1,792
1,820
992444107.UG.FTS.B,
20.46%,
4/05/25
..
162
163
992255180.UG.FTS.B,
20.97%,
4/05/25
..
99
(1)
992278945.UG.FTS.B,
21.46%,
4/05/25
..
37
37
992282788.UG.FTS.B,
21.46%,
4/05/25
..
824
824
992339089.UG.FTS.B,
21.46%,
4/05/25
..
49
49
992416161.UG.FTS.B,
21.46%,
4/05/25
..
48
48
992258743.UG.FTS.B,
21.97%,
4/05/25
..
41
41
992293341.UG.FTS.B,
21.98%,
4/05/25
..
1,146
1,162
992296469.UG.FTS.B,
21.98%,
4/05/25
..
230
234
992440479.UG.FTS.B,
21.98%,
4/05/25
..
223
224
992238906.UG.FTS.B,
22.97%,
4/05/25
..
2,734
1,791
992265045.UG.FTS.B,
25.95%,
4/05/25
..
144
145
992302611.UG.FTS.B,
25.95%,
4/05/25
..
1,049
1,037
992424737.UG.FTS.B,
25.95%,
4/05/25
..
804
555
992409011.UG.FTS.B,
26.94%,
4/05/25
..
25
24
992432800.UG.FTS.B,
26.94%,
4/05/25
..
181
(7)
992250719.UG.FTS.B,
27.95%,
4/05/25
..
326
339
992375541.UG.FTS.B,
27.95%,
4/05/25
..
73
73
992364002.UG.FTS.B,
27.99%,
4/05/25
..
206
13
992437875.UG.FTS.B,
27.99%,
4/05/25
..
306
39
992243919.UG.FTS.B,
28.98%,
4/05/25
..
44
45
992249070.UG.FTS.B,
28.98%,
4/05/25
..
227
236
992250607.UG.FTS.B,
28.98%,
4/05/25
..
7
7
992257896.UG.FTS.B,
28.98%,
4/05/25
..
122
127
992258333.UG.FTS.B,
28.98%,
4/05/25
..
331
344
992260520.UG.FTS.B,
28.98%,
4/05/25
..
425
437
992263589.UG.FTS.B,
28.98%,
4/05/25
..
60
61
992263759.UG.FTS.B,
28.98%,
4/05/25
..
435
446
992271131.UG.FTS.B,
28.98%,
4/05/25
..
316
325
992271316.UG.FTS.B,
28.98%,
4/05/25
..
157
163
992278811.UG.FTS.B,
28.98%,
4/05/25
..
128
133
992281862.UG.FTS.B,
28.98%,
4/05/25
..
443
453
992290941.UG.FTS.B,
28.98%,
4/05/25
..
107
111
992294259.UG.FTS.B,
28.98%,
4/05/25
..
347
77
992300542.UG.FTS.B,
28.98%,
4/05/25
..
139
143
992305223.UG.FTS.B,
28.98%,
4/05/25
..
162
168
992314013.UG.FTS.B,
28.98%,
4/05/25
..
19
19
992314088.UG.FTS.B,
28.98%,
4/05/25
..
106
107
992315976.UG.FTS.B,
28.98%,
4/05/25
..
115
120
992318621.UG.FTS.B,
28.98%,
4/05/25
..
40
41
992321475.UG.FTS.B,
28.98%,
4/05/25
..
440
458
992327673.UG.FTS.B,
28.98%,
4/05/25
..
25
25
992350450.UG.FTS.B,
28.98%,
4/05/25
..
835
834
Description
Principal
Amount
Value
Upgrade,
Inc.
-
Card
(continued)
992357000.UG.FTS.B,
28.98%,
4/05/25
..
$
9
$
8
992362215.UG.FTS.B,
28.98%,
4/05/25
..
889
906
992376009.UG.FTS.B,
28.98%,
4/05/25
..
225
16
992377531.UG.FTS.B,
28.98%,
4/05/25
..
41
42
992386343.UG.FTS.B,
28.98%,
4/05/25
..
116
121
992391277.UG.FTS.B,
28.98%,
4/05/25
..
57
59
992399278.UG.FTS.B,
28.98%,
4/05/25
..
4,241
900
992404668.UG.FTS.B,
28.98%,
4/05/25
..
131
130
992407582.UG.FTS.B,
28.98%,
4/05/25
..
13
13
992412921.UG.FTS.B,
28.98%,
4/05/25
..
439
457
992420787.UG.FTS.B,
28.98%,
4/05/25
..
164
170
992421379.UG.FTS.B,
28.98%,
4/05/25
..
140
143
992426381.UG.FTS.B,
28.98%,
4/05/25
..
110
113
992430529.UG.FTS.B,
28.98%,
4/05/25
..
71
73
992444060.UG.FTS.B,
28.98%,
4/05/25
..
932
960
992452945.UG.FTS.B,
28.98%,
4/05/25
..
216
219
992453117.UG.FTS.B,
28.98%,
4/05/25
..
55
56
992455130.UG.FTS.B,
28.98%,
4/05/25
..
370
22
992456750.UG.FTS.B,
28.98%,
4/05/25
..
173
178
992338606.UG.FTS.B,
29.45%,
4/05/25
..
124
126
992362869.UG.FTS.B,
29.45%,
4/05/25
..
427
28
992359180.UG.FTS.B,
29.48%,
4/05/25
..
17
18
992376094.UG.FTS.B,
29.48%,
4/05/25
..
152
158
992236701.UG.FTS.B,
29.49%,
4/05/25
..
44
45
992239162.UG.FTS.B,
29.49%,
4/05/25
..
138
144
992239750.UG.FTS.B,
29.49%,
4/05/25
..
410
415
992240128.UG.FTS.B,
29.49%,
4/05/25
..
599
608
992241600.UG.FTS.B,
29.49%,
4/05/25
..
106
111
992242540.UG.FTS.B,
29.49%,
4/05/25
..
1,682
1,670
992243368.UG.FTS.B,
29.49%,
4/05/25
..
322
332
992247116.UG.FTS.B,
29.49%,
4/05/25
..
243
247
992247201.UG.FTS.B,
29.49%,
4/05/25
..
15
15
992247659.UG.FTS.B,
29.49%,
4/05/25
..
25
–
992252024.UG.FTS.B,
29.49%,
4/05/25
..
73
75
992255844.UG.FTS.B,
29.49%,
4/05/25
..
102
102
992256275.UG.FTS.B,
29.49%,
4/05/25
..
54
55
992258657.UG.FTS.B,
29.49%,
4/05/25
..
153
(8)
992260816.UG.FTS.B,
29.49%,
4/05/25
..
173
21
992264748.UG.FTS.B,
29.49%,
4/05/25
..
52
54
992268866.UG.FTS.B,
29.49%,
4/05/25
..
326
333
992268980.UG.FTS.B,
29.49%,
4/05/25
..
90
93
992271586.UG.FTS.B,
29.49%,
4/05/25
..
157
164
992275943.UG.FTS.B,
29.49%,
4/05/25
..
6
6
992275962.UG.FTS.B,
29.49%,
4/05/25
..
253
260
992275994.UG.FTS.B,
29.49%,
4/05/25
..
49
50
992276049.UG.FTS.B,
29.49%,
4/05/25
..
179
187
992276160.UG.FTS.B,
29.49%,
4/05/25
..
98
102
992279429.UG.FTS.B,
29.49%,
4/05/25
..
44
3
992286064.UG.FTS.B,
29.49%,
4/05/25
..
481
502
992291050.UG.FTS.B,
29.49%,
4/05/25
..
37
38
992291806.UG.FTS.B,
29.49%,
4/05/25
..
527
553
992293542.UG.FTS.B,
29.49%,
4/05/25
..
94
97
992301071.UG.FTS.B,
29.49%,
4/05/25
..
9
9
992301441.UG.FTS.B,
29.49%,
4/05/25
..
202
211
992303097.UG.FTS.B,
29.49%,
4/05/25
..
222
232
992308045.UG.FTS.B,
29.49%,
4/05/25
..
252
253
992312103.UG.FTS.B,
29.49%,
4/05/25
..
445
462
992320378.UG.FTS.B,
29.49%,
4/05/25
..
198
207
Franklin
Universal
Trust
Schedule
of
Investments
(unaudited)
See
Notes
to
Schedule
of
Investments.
Quarterly
Schedule
of
Investments
23
Description
Principal
Amount
Value
Marketplace
Loans
(continued)
Upgrade,
Inc.
-
Card
(continued)
992321464.UG.FTS.B,
29.49%,
4/05/25
..
$
278
$
282
992324857.UG.FTS.B,
29.49%,
4/05/25
..
89
93
992326966.UG.FTS.B,
29.49%,
4/05/25
..
128
133
992328217.UG.FTS.B,
29.49%,
4/05/25
..
126
(6)
992329930.UG.FTS.B,
29.49%,
4/05/25
..
5
5
992336198.UG.FTS.B,
29.49%,
4/05/25
..
116
121
992340410.UG.FTS.B,
29.49%,
4/05/25
..
67
67
992341543.UG.FTS.B,
29.49%,
4/05/25
..
75
77
992341609.UG.FTS.B,
29.49%,
4/05/25
..
36
37
992341758.UG.FTS.B,
29.49%,
4/05/25
..
228
239
992344325.UG.FTS.B,
29.49%,
4/05/25
..
141
147
992354024.UG.FTS.B,
29.49%,
4/05/25
..
35
35
992355380.UG.FTS.B,
29.49%,
4/05/25
..
75
77
992359643.UG.FTS.B,
29.49%,
4/05/25
..
419
431
992359656.UG.FTS.B,
29.49%,
4/05/25
..
687
716
992359703.UG.FTS.B,
29.49%,
4/05/25
..
128
134
992361376.UG.FTS.B,
29.49%,
4/05/25
..
55
54
992365877.UG.FTS.B,
29.49%,
4/05/25
..
14
14
992368911.UG.FTS.B,
29.49%,
4/05/25
..
289
294
992369632.UG.FTS.B,
29.49%,
4/05/25
..
223
230
992371487.UG.FTS.B,
29.49%,
4/05/25
..
166
173
992371951.UG.FTS.B,
29.49%,
4/05/25
..
205
213
992377543.UG.FTS.B,
29.49%,
4/05/25
..
705
736
992391014.UG.FTS.B,
29.49%,
4/05/25
..
154
154
992391427.UG.FTS.B,
29.49%,
4/05/25
..
159
166
992394239.UG.FTS.B,
29.49%,
4/05/25
..
153
157
992400924.UG.FTS.B,
29.49%,
4/05/25
..
36
36
992401130.UG.FTS.B,
29.49%,
4/05/25
..
164
172
992401571.UG.FTS.B,
29.49%,
4/05/25
..
83
19
992403505.UG.FTS.B,
29.49%,
4/05/25
..
165
171
992418075.UG.FTS.B,
29.49%,
4/05/25
..
43
43
992419811.UG.FTS.B,
29.49%,
4/05/25
..
126
130
992424526.UG.FTS.B,
29.49%,
4/05/25
..
231
237
992425789.UG.FTS.B,
29.49%,
4/05/25
..
328
338
992426541.UG.FTS.B,
29.49%,
4/05/25
..
440
452
992427607.UG.FTS.B,
29.49%,
4/05/25
..
171
177
992429564.UG.FTS.B,
29.49%,
4/05/25
..
89
93
992433503.UG.FTS.B,
29.49%,
4/05/25
..
–
–
992444668.UG.FTS.B,
29.49%,
4/05/25
..
1,460
1,504
992444707.UG.FTS.B,
29.49%,
4/05/25
..
110
113
992452371.UG.FTS.B,
29.49%,
4/05/25
..
128
132
992454738.UG.FTS.B,
29.49%,
4/05/25
..
1,754
1,807
992455102.UG.FTS.B,
29.49%,
4/05/25
..
326
230
992455358.UG.FTS.B,
29.49%,
4/05/25
..
90
91
992457021.UG.FTS.B,
29.49%,
4/05/25
..
6
6
992459731.UG.FTS.B,
29.49%,
4/05/25
..
60
62
992460627.UG.FTS.B,
29.49%,
4/05/25
..
8
8
992455279.UG.FTS.B,
29.49%,
8/03/25
..
463
325
992245669.UG.FTS.B,
29.49%,
10/03/25
.
88
(4)
992320167.UG.FTS.B,
Zero
Cpn,
11/03/27
–
–
992351381.UG.FTS.B,
21.97%,
12/03/27
.
–
–
992432730.UG.FTS.B,
29.49%,
2/01/28
..
–
–
992456375.UG.FTS.B,
Zero
Cpn,
3/03/28
.
17
1
992252291.UG.FTS.B,
29.49%,
4/03/28
..
10
–
992457201.UG.FTS.B,
29.48%,
5/01/28
..
4
2
992258080.UG.FTS.B,
Zero
Cpn,
5/03/28
.
16
1
992440270.UG.FTS.B,
29.49%,
5/03/28
..
–
–
992327058.UG.FTS.B,
28.98%,
6/02/28
..
14
2
Description
Principal
Amount
Value
Upgrade,
Inc.
-
Card
(continued)
992251113.UG.FTS.B,
29.49%,
6/03/28
..
$
–
$
–
992260902.UG.FTS.B,
29.49%,
6/03/28
..
3
3
992305996.UG.FTS.B,
29.49%,
6/03/28
..
3
3
992356084.UG.FTS.B,
29.49%,
6/03/28
..
6
6
71,935
Upstart
Network,
Inc.
L1729715.UP.FTS.B,
8.39%,
9/17/24
....
2,852
2,839
L1722095.UP.FTS.B,
11.17%,
9/17/24
....
485
483
FW1729768.UP.FTS.B,
11.21%,
9/17/24
..
1,457
1,452
FW1730324.UP.FTS.B,
15.67%,
9/17/24
..
3,972
3,964
L1729539.UP.FTS.B,
18.67%,
9/17/24
....
1,291
1,293
L1730191.UP.FTS.B,
23.36%,
9/17/24
....
1,260
361
L1730194.UP.FTS.B,
23.58%,
9/17/24
....
582
582
FW1730336.UP.FTS.B,
30.16%,
9/17/24
..
2,769
2,768
L1902385.UP.FTS.B,
8.05%,
10/22/24
....
2,511
2,500
L1902094.UP.FTS.B,
9.69%,
10/22/24
....
508
506
L1902354.UP.FTS.B,
12.7%,
10/22/24
....
2,597
2,589
L1902268.UP.FTS.B,
14.19%,
10/22/24
...
2,815
1,109
L1901213.UP.FTS.B,
15.08%,
10/22/24
...
14,017
13,387
FW1900872.UP.FTS.B,
18.12%,
10/22/24
.
3,235
3,248
L1902710.UP.FTS.B,
18.85%,
10/22/24
...
2,980
2,992
FW1902685.UP.FTS.B,
20.49%,
10/22/24
.
1,726
1,653
L1900998.UP.FTS.B,
21.32%,
10/22/24
...
2,748
2,739
FW1902521.UP.FTS.B,
21.52%,
10/22/24
.
584
586
L1901625.UP.FTS.B,
21.76%,
10/22/24
...
3,207
3,191
L1875546.UP.FTS.B,
21.84%,
10/22/24
...
995
995
L1902017.UP.FTS.B,
22.16%,
10/22/24
...
365
361
L1900754.UP.FTS.B,
23.33%,
10/22/24
...
1,952
1,893
FW1901937.UP.FTS.B,
24.32%,
10/22/24
.
6,744
6,722
L2031380.UP.FTS.B,
6.17%,
11/12/24
....
3,921
3,884
L2032548.UP.FTS.B,
7.85%,
11/12/24
....
5,765
5,728
L2031918.UP.FTS.B,
8.28%,
11/12/24
....
1,592
1,582
L2002430.UP.FTS.B,
8.48%,
11/12/24
....
1,653
1,640
L2031630.UP.FTS.B,
9.03%,
11/12/24
....
3,733
3,710
L2031494.UP.FTS.B,
9.06%,
11/12/24
....
3,030
3,009
L2032651.UP.FTS.B,
9.8%,
11/12/24
.....
1,877
1,865
L2033075.UP.FTS.B,
11.83%,
11/12/24
...
6,001
5,956
L2032627.UP.FTS.B,
14.45%,
11/12/24
...
1,106
1,106
L2033117.UP.FTS.B,
15.91%,
11/12/24
...
3,016
3,015
L2032469.UP.FTS.B,
17.26%,
11/12/24
...
275
272
L2031921.UP.FTS.B,
19.5%,
11/12/24
....
3,428
3,428
FW2031299.UP.FTS.B,
21.82%,
11/12/24
.
4,801
4,771
L2031497.UP.FTS.B,
23.3%,
11/12/24
....
1,269
1,261
FW2033085.UP.FTS.B,
25.77%,
11/12/24
.
4,081
4,056
FW2032765.UP.FTS.B,
27.87%,
11/12/24
.
3,640
3,611
FW2030908.UP.FTS.B,
29.29%,
11/12/24
.
2,811
1,724
L2102716.UP.FTS.B,
6.59%,
11/23/24
....
2,622
2,600
L2103900.UP.FTS.B,
7.28%,
11/23/24
....
1,071
1,061
L2102014.UP.FTS.B,
8.1%,
11/23/24
.....
1,802
1,793
L2102521.UP.FTS.B,
9.48%,
11/23/24
....
3,906
3,887
L2102773.UP.FTS.B,
10.25%,
11/23/24
...
645
642
L2103582.UP.FTS.B,
11.94%,
11/23/24
...
3,371
3,355
L2102080.UP.FTS.B,
12.09%,
11/23/24
...
1,457
1,382
L2102945.UP.FTS.B,
12.52%,
11/23/24
...
3,769
539
L2103173.UP.FTS.B,
14.48%,
11/23/24
...
2,450
2,441
FW2102978.UP.FTS.B,
15.1%,
11/23/24
..
2,011
108
L2101642.UP.FTS.B,
15.95%,
11/23/24
...
4,650
1,322
Franklin
Universal
Trust
Schedule
of
Investments
(unaudited)
Quarterly
Schedule
of
Investments
See
Notes
to
Schedule
of
Investments.
24
Description
Principal
Amount
Value
Marketplace
Loans
(continued)
Upstart
Network,
Inc.
(continued)
L2102263.UP.FTS.B,
17.21%,
11/23/24
...
$
1,126
$
1,130
L2103519.UP.FTS.B,
17.52%,
11/23/24
...
1,947
1,952
L2102733.UP.FTS.B,
17.97%,
11/23/24
...
4,612
333
L2099426.UP.FTS.B,
18.86%,
11/23/24
...
1,424
1,424
L2103410.UP.FTS.B,
20.18%,
11/23/24
...
3,138
876
L2103709.UP.FTS.B,
20.75%,
11/23/24
...
1,267
1,271
L2102185.UP.FTS.B,
21.19%,
11/23/24
...
4,330
4,345
L2103127.UP.FTS.B,
21.34%,
11/23/24
...
6,075
6,067
FW2103254.UP.FTS.B,
28.98%,
11/23/24
.
1,935
1,933
L2250253.UP.FTS.B,
5.3%,
12/14/24
....
10,115
10,006
FW2247150.UP.FTS.B,
7.75%,
12/14/24
..
3,060
3,031
L2249821.UP.FTS.B,
9.1%,
12/14/24
....
561
557
L2249474.UP.FTS.B,
9.8%,
12/14/24
....
1,400
1,390
L2249818.UP.FTS.B,
9.92%,
12/14/24
....
2,149
2,133
L2248588.UP.FTS.B,
10.67%,
12/14/24
...
8,446
8,387
L2251137.UP.FTS.B,
11.74%,
12/14/24
...
14,283
14,163
L2249713.UP.FTS.B,
11.85%,
12/14/24
...
2,286
2,271
L2249033.UP.FTS.B,
12.44%,
12/14/24
...
7,421
543
L2249391.UP.FTS.B,
12.58%,
12/14/24
...
1,215
1,207
L2251228.UP.FTS.B,
12.94%,
12/14/24
...
865
858
L2250705.UP.FTS.B,
13.29%,
12/14/24
...
385
380
L2248867.UP.FTS.B,
14.64%,
12/14/24
...
2,661
2,641
L2251099.UP.FTS.B,
15.99%,
12/14/24
...
805
802
FW2249991.UP.FTS.B,
16.74%,
12/14/24
.
2,650
2,646
L2250280.UP.FTS.B,
16.83%,
12/14/24
...
1,931
1,908
L2248645.UP.FTS.B,
17.82%,
12/14/24
...
3,784
2,243
L2249946.UP.FTS.B,
17.98%,
12/14/24
...
2,373
2,370
FW2249440.UP.FTS.B,
19.65%,
12/14/24
.
597
596
L2250240.UP.FTS.B,
20.48%,
12/14/24
...
641
379
L2250459.UP.FTS.B,
21.22%,
12/14/24
...
2,662
2,644
L2248558.UP.FTS.B,
21.57%,
12/14/24
...
256
252
L2251174.UP.FTS.B,
21.98%,
12/14/24
...
1,729
1,708
FW2250657.UP.FTS.B,
22.04%,
12/14/24
.
608
607
L2248667.UP.FTS.B,
22.71%,
12/14/24
...
1,068
77
L2249754.UP.FTS.B,
22.91%,
12/14/24
...
2,001
1,987
L2250234.UP.FTS.B,
24.22%,
12/14/24
...
3,639
260
FW2249744.UP.FTS.B,
24.36%,
12/14/24
.
1,192
1,182
FW2251405.UP.FTS.B,
24.46%,
12/14/24
.
1,232
1,224
FW2250179.UP.FTS.B,
25.41%,
12/14/24
.
2,256
1,367
FW2250656.UP.FTS.B,
26.59%,
12/14/24
.
770
467
FW2250011.UP.FTS.B,
27.44%,
12/14/24
.
2,451
2,429
FW2249611.UP.FTS.B,
28.33%,
12/14/24
.
1,265
1,253
FW2250630.UP.FTS.B,
28.93%,
12/14/24
.
933
926
FW2249206.UP.FTS.B,
28.96%,
12/14/24
.
895
886
FW2248284.UP.FTS.B,
29.12%,
12/14/24
.
1,876
1,855
L2251006.UP.FTS.B,
6.59%,
12/15/24
....
1,380
1,367
L2252015.UP.FTS.B,
6.88%,
12/15/24
....
1,660
1,644
L2253130.UP.FTS.B,
10.71%,
12/15/24
...
3,403
3,382
L2250196.UP.FTS.B,
14.38%,
12/15/24
...
3,193
3,190
FW2251095.UP.FTS.B,
15.84%,
12/15/24
.
1,114
1,078
FW2251549.UP.FTS.B,
16.2%,
12/15/24
..
309
305
L2253233.UP.FTS.B,
17.76%,
12/15/24
...
3,280
3,268
L2251602.UP.FTS.B,
18.36%,
12/15/24
...
2,082
2,080
L2252717.UP.FTS.B,
19.17%,
12/15/24
...
2,988
2,986
FW2253350.UP.FTS.B,
19.8%,
12/15/24
..
2,399
2,385
L2252886.UP.FTS.B,
20.6%,
12/15/24
....
783
783
L2249377.UP.FTS.B,
20.67%,
12/15/24
...
4,522
4,496
L2252058.UP.FTS.B,
20.99%,
12/15/24
...
820
118
Description
Principal
Amount
Value
Upstart
Network,
Inc.
(continued)
L2240893.UP.FTS.B,
21.21%,
12/15/24
...
$
15,120
$
15,110
FW2252326.UP.FTS.B,
21.53%,
12/15/24
.
4,847
4,844
FW2249426.UP.FTS.B,
22.47%,
12/15/24
.
4,123
3,913
FW2251845.UP.FTS.B,
22.89%,
12/15/24
.
1,154
1,143
L2251577.UP.FTS.B,
23.09%,
12/15/24
...
1,958
1,941
L2253201.UP.FTS.B,
23.48%,
12/15/24
...
1,838
1,828
FW2250071.UP.FTS.B,
30.65%,
12/15/24
.
4,579
177
L2248952.UP.FTS.B,
12.98%,
12/21/24
...
4,038
4,013
L2499293.UP.FTS.B,
6.07%,
1/24/25
....
9,243
9,158
L2491823.UP.FTS.B,
6.34%,
1/24/25
....
2,893
2,867
FW2498281.UP.FTS.B,
7.12%,
1/24/25
...
580
574
L2499253.UP.FTS.B,
7.19%,
1/24/25
....
24,433
24,211
L2491568.UP.FTS.B,
7.35%,
1/24/25
....
1,800
1,697
L2499551.UP.FTS.B,
8.93%,
1/24/25
....
5,879
5,841
L2498976.UP.FTS.B,
9.51%,
1/24/25
....
8,850
8,793
L2499846.UP.FTS.B,
10.23%,
1/24/25
....
3,555
3,533
L2498779.UP.FTS.B,
11.48%,
1/24/25
....
597
593
L2497791.UP.FTS.B,
11.97%,
1/24/25
....
2,396
2,383
L2499082.UP.FTS.B,
12.89%,
1/24/25
....
8,429
8,384
FW2499139.UP.FTS.B,
14.86%,
1/24/25
..
913
913
L2499336.UP.FTS.B,
15.49%,
1/24/25
....
917
917
L2497860.UP.FTS.B,
16.59%,
1/24/25
....
923
922
FW2499341.UP.FTS.B,
16.67%,
1/24/25
..
911
910
L2497587.UP.FTS.B,
16.78%,
1/24/25
....
1,109
1,105
FW2497313.UP.FTS.B,
17.51%,
1/24/25
..
37,125
2,700
L2495345.UP.FTS.B,
20.06%,
1/24/25
....
5,711
409
L2499854.UP.FTS.B,
22.79%,
1/24/25
....
4,455
4,452
L2500532.UP.FTS.B,
23.03%,
1/24/25
....
1,128
1,072
FW2497753.UP.FTS.B,
26.22%,
1/24/25
..
3,887
3,869
FW2499886.UP.FTS.B,
26.23%,
1/24/25
..
7,165
7,115
FW2498195.UP.FTS.B,
26.98%,
1/24/25
..
5,707
5,673
FW2497524.UP.FTS.B,
28.76%,
1/24/25
..
1,925
1,914
FW2496668.UP.FTS.B,
5.04%,
1/25/25
...
12,885
12,762
L2501009.UP.FTS.B,
5.3%,
1/25/25
.....
5,749
5,696
L2501544.UP.FTS.B,
6.11%,
1/25/25
.....
2,022
2,004
L2477274.UP.FTS.B,
6.54%,
1/25/25
....
3,754
3,720
L2502696.UP.FTS.B,
7.45%,
1/25/25
....
2,889
2,870
FW2502837.UP.FTS.B,
8.49%,
1/25/25
...
586
583
L2501769.UP.FTS.B,
8.83%,
1/25/25
....
5,876
5,839
FW2502102.UP.FTS.B,
9.39%,
1/25/25
...
333
329
L2501978.UP.FTS.B,
10.16%,
1/25/25
....
1,185
1,177
L2502709.UP.FTS.B,
10.64%,
1/25/25
....
10,566
10,488
FW2502461.UP.FTS.B,
10.75%,
1/25/25
..
1,454
1,442
L2503015.UP.FTS.B,
11.17%,
1/25/25
....
594
591
FW2503195.UP.FTS.B,
11.21%,
1/25/25
..
8,047
8,006
L2501275.UP.FTS.B,
11.42%,
1/25/25
....
1,611
1,601
L2502561.UP.FTS.B,
11.5%,
1/25/25
.....
1,745
1,736
FW2501076.UP.FTS.B,
12.39%,
1/25/25
..
443
439
L2500956.UP.FTS.B,
13.21%,
1/25/25
....
1,540
1,529
FW2503345.UP.FTS.B,
13.6%,
1/25/25
...
1,815
1,806
FW2503482.UP.FTS.B,
16.69%,
1/25/25
..
642
641
FW2501793.UP.FTS.B,
17.35%,
1/25/25
..
1,235
1,235
L2502079.UP.FTS.B,
20.91%,
1/25/25
....
3,150
3,149
L2501394.UP.FTS.B,
21.45%,
1/25/25
....
8,059
8,024
L2500631.UP.FTS.B,
22.56%,
1/25/25
....
6,356
6,328
FW2502139.UP.FTS.B,
27.5%,
1/25/25
...
3,913
3,896
FW2501617.UP.FTS.B,
27.92%,
1/25/25
..
13,070
13,013
FW2503206.UP.FTS.B,
28.84%,
1/25/25
..
740
732
Franklin
Universal
Trust
Schedule
of
Investments
(unaudited)
See
Notes
to
Schedule
of
Investments.
Quarterly
Schedule
of
Investments
25
Description
Principal
Amount
Value
Marketplace
Loans
(continued)
Upstart
Network,
Inc.
(continued)
FW2503051.UP.FTS.B,
29.1%,
1/25/25
...
$
651
$
646
L1729059.UP.FTS.B,
7.36%,
2/17/25
....
839
829
L1730069.UP.FTS.B,
14.07%,
2/17/25
....
11,634
11,066
FW1729714.UP.FTS.B,
27.13%,
2/17/25
..
3,734
3,702
L2031949.UP.FTS.B,
13.15%,
4/12/25
....
8,305
1,155
FW2032694.UP.FTS.B,
22.49%,
4/12/25
..
4,201
4,128
L2971722.UP.FTS.B,
8.62%,
4/19/25
....
12,762
12,650
L2972108.UP.FTS.B,
15.03%,
4/19/25
....
2,275
2,253
L2970836.UP.FTS.B,
15.68%,
4/19/25
....
3,447
3,419
L2970738.UP.FTS.B,
18.85%,
4/19/25
....
2,796
2,777
FW2972173.UP.FTS.B,
22.89%,
4/19/25
..
7,554
7,464
L2103839.UP.FTS.B,
11.98%,
4/23/25
....
4,166
4,131
FW2102772.UP.FTS.B,
25.91%,
4/23/25
..
4,375
311
FW2103646.UP.FTS.B,
26.77%,
4/23/25
..
2,007
585
FW2032368.UP.FTS.B,
20.11%,
4/27/25
..
6,376
6,300
FW2250596.UP.FTS.B,
22.87%,
5/14/25
..
2,225
2,186
FW2248798.UP.FTS.B,
28.6%,
5/14/25
...
1,572
937
L2253008.UP.FTS.B,
17.8%,
5/15/25
....
3,093
3,057
L2253679.UP.FTS.B,
22.11%,
5/15/25
....
2,985
2,941
FW2249116.UP.FTS.B,
28.33%,
5/15/25
..
960
950
L2502143.UP.FTS.B,
21.34%,
6/25/25
....
7,960
7,887
FW2971973.UP.FTS.B,
20.05%,
9/19/25
..
3,018
2,974
L2501451.UP.FTS.B,
13.58%,
11/25/25
...
433
63
FW1729657.UP.FTS.B,
9.44%,
9/17/26
...
5,019
4,983
L1729743.UP.FTS.B,
11.64%,
9/17/26
....
36,408
36,137
L1728160.UP.FTS.B,
12.23%,
9/17/26
....
3,656
3,629
L1728895.UP.FTS.B,
14.87%,
9/17/26
....
1,495
109
L1730112.UP.FTS.B,
15.91%,
9/17/26
....
2,247
2,230
L1729289.UP.FTS.B,
17.07%,
9/17/26
....
2,264
2,247
FW1729819.UP.FTS.B,
18.12%,
9/17/26
..
1,848
134
FW1729970.UP.FTS.B,
18.27%,
9/17/26
..
19,557
18,449
L1729699.UP.FTS.B,
18.77%,
9/17/26
....
2,388
2,360
L1729786.UP.FTS.B,
18.84%,
9/17/26
....
4,579
4,540
L1729529.UP.FTS.B,
20.22%,
9/17/26
....
9,921
9,932
L1729751.UP.FTS.B,
20.66%,
9/17/26
....
5,685
849
FW1730043.UP.FTS.B,
21.14%,
9/17/26
..
3,558
3,563
L1730077.UP.FTS.B,
21.62%,
9/17/26
....
4,718
4,654
L1730290.UP.FTS.B,
23.01%,
9/17/26
....
5,943
5,953
L1730120.UP.FTS.B,
23.06%,
9/17/26
....
8,652
8,650
L1729719.UP.FTS.B,
23.41%,
9/17/26
....
7,716
7,720
L1729627.UP.FTS.B,
24.42%,
9/17/26
....
7,879
7,891
L1729824.UP.FTS.B,
25.14%,
9/17/26
....
5,201
5,207
L1729392.UP.FTS.B,
25.28%,
9/17/26
....
790
791
FW1729883.UP.FTS.B,
25.62%,
9/17/26
..
3,492
3,478
FW1729302.UP.FTS.B,
28.5%,
9/17/26
...
1,127
1,129
FW1730388.UP.FTS.B,
28.64%,
9/17/26
..
12,405
12,424
FW1729684.UP.FTS.B,
29.1%,
9/17/26
...
10,388
3,053
FW1729744.UP.FTS.B,
29.63%,
9/17/26
..
7,286
7,297
FW1729641.UP.FTS.B,
30.22%,
9/17/26
..
3,897
3,903
FW1728143.UP.FTS.B,
30.44%,
9/17/26
..
4,280
4,285
FW1730150.UP.FTS.B,
30.64%,
9/17/26
..
925
921
FW1729390.UP.FTS.B,
32.18%,
9/17/26
..
1,941
1,942
FW1728926.UP.FTS.B,
32.35%,
9/17/26
..
2,237
2,237
FW1729788.UP.FTS.B,
32.4%,
9/17/26
...
4,816
333
FW1902353.UP.FTS.B,
5.71%,
10/22/26
..
9,989
9,919
L1902780.UP.FTS.B,
7.49%,
10/22/26
....
5,025
4,988
L1902219.UP.FTS.B,
10.65%,
10/22/26
...
7,384
7,331
L1901633.UP.FTS.B,
11.17%,
10/22/26
...
3,705
3,678
Description
Principal
Amount
Value
Upstart
Network,
Inc.
(continued)
L1901059.UP.FTS.B,
11.8%,
10/22/26
....
$
2,953
$
2,931
L1901748.UP.FTS.B,
12.93%,
10/22/26
...
6,722
6,675
FW1902782.UP.FTS.B,
14.11%,
10/22/26
.
15,054
14,950
L1901083.UP.FTS.B,
14.22%,
10/22/26
...
3,527
910
L1902333.UP.FTS.B,
15.82%,
10/22/26
...
18,315
18,184
FW1901571.UP.FTS.B,
16.95%,
10/22/26
.
9,604
9,536
L1901582.UP.FTS.B,
17.7%,
10/22/26
....
17,235
2,504
L1901001.UP.FTS.B,
18.48%,
10/22/26
...
3,504
977
FW1901195.UP.FTS.B,
18.66%,
10/22/26
.
1,785
1,771
L1901585.UP.FTS.B,
18.87%,
10/22/26
...
725
714
L1901212.UP.FTS.B,
19.55%,
10/22/26
...
4,698
4,699
L1902855.UP.FTS.B,
19.55%,
10/22/26
...
2,340
2,322
L1901595.UP.FTS.B,
20.19%,
10/22/26
...
3,663
3,461
L1900981.UP.FTS.B,
20.57%,
10/22/26
...
2,788
2,635
L1901936.UP.FTS.B,
21.29%,
10/22/26
...
8,665
8,684
FW1902510.UP.FTS.B,
21.87%,
10/22/26
.
16,831
485
L1902840.UP.FTS.B,
22.56%,
10/22/26
...
10,392
10,310
L1901067.UP.FTS.B,
23.17%,
10/22/26
...
11,937
11,964
L1901771.UP.FTS.B,
24.44%,
10/22/26
...
4,004
3,976
L1901141.UP.FTS.B,
24.79%,
10/22/26
...
1,637
1,562
L1902683.UP.FTS.B,
25.19%,
10/22/26
...
9,650
9,672
L1901660.UP.FTS.B,
25.23%,
10/22/26
...
1,396
1,332
L1901951.UP.FTS.B,
25.24%,
10/22/26
...
1,931
1,935
FW1902836.UP.FTS.B,
25.41%,
10/22/26
.
39,494
39,533
L1902657.UP.FTS.B,
25.42%,
10/22/26
...
1,676
1,676
FW1902401.UP.FTS.B,
25.71%,
10/22/26
.
3,790
3,799
L1902021.UP.FTS.B,
25.72%,
10/22/26
...
2,097
2,102
FW1902199.UP.FTS.B,
26.04%,
10/22/26
.
3,392
3,400
FW1902133.UP.FTS.B,
27.21%,
10/22/26
.
16,247
16,284
FW1886406.UP.FTS.B,
27.97%,
10/22/26
.
10,359
3,064
FW1901053.UP.FTS.B,
28.68%,
10/22/26
.
2,863
2,870
FW1901509.UP.FTS.B,
31.16%,
10/22/26
.
6,746
6,436
FW1902391.UP.FTS.B,
31.19%,
10/22/26
.
2,966
2,972
FW1901303.UP.FTS.B,
31.21%,
10/22/26
.
3,146
3,154
FW1900628.UP.FTS.B,
31.23%,
10/22/26
.
911
913
FW1902299.UP.FTS.B,
31.27%,
10/22/26
.
6,591
6,597
FW1902681.UP.FTS.B,
31.63%,
10/22/26
.
6,636
6,652
FW1901994.UP.FTS.B,
32.7%,
10/22/26
..
6,351
6,354
L2031623.UP.FTS.B,
9.89%,
11/12/26
....
26,742
26,520
L2032896.UP.FTS.B,
9.9%,
11/12/26
.....
5,244
5,203
L2031352.UP.FTS.B,
11.14%,
11/12/26
...
1,802
1,785
L2032147.UP.FTS.B,
11.65%,
11/12/26
...
6,062
6,008
L2032600.UP.FTS.B,
12.19%,
11/12/26
...
5,703
5,652
L2032561.UP.FTS.B,
12.57%,
11/12/26
...
11,441
11,331
FW2032979.UP.FTS.B,
12.77%,
11/12/26
.
6,104
6,050
L2032884.UP.FTS.B,
12.78%,
11/12/26
...
6,104
6,050
FW2032727.UP.FTS.B,
12.91%,
11/12/26
.
2,672
2,649
L2032885.UP.FTS.B,
12.92%,
11/12/26
...
3,693
3,659
FW2031248.UP.FTS.B,
13.13%,
11/12/26
.
6,303
860
FW2032795.UP.FTS.B,
13.19%,
11/12/26
.
6,119
6,065
L2030962.UP.FTS.B,
13.54%,
11/12/26
...
6,149
6,091
FW2032278.UP.FTS.B,
13.85%,
11/12/26
.
3,788
3,754
L2032791.UP.FTS.B,
14.03%,
11/12/26
...
2,272
2,252
L2032226.UP.FTS.B,
14.31%,
11/12/26
...
18,735
18,568
L2031580.UP.FTS.B,
14.88%,
11/12/26
...
1,269
687
L2032373.UP.FTS.B,
14.92%,
11/12/26
...
7,727
7,660
FW2032722.UP.FTS.B,
14.98%,
11/12/26
.
6,175
6,121
L2032174.UP.FTS.B,
15.1%,
11/12/26
....
5,893
423
Franklin
Universal
Trust
Schedule
of
Investments
(unaudited)
Quarterly
Schedule
of
Investments
See
Notes
to
Schedule
of
Investments.
26
Description
Principal
Amount
Value
Marketplace
Loans
(continued)
Upstart
Network,
Inc.
(continued)
FW2032454.UP.FTS.B,
15.76%,
11/12/26
.
$
3,283
$
3,226
L2032268.UP.FTS.B,
15.84%,
11/12/26
...
16,096
15,913
L2033071.UP.FTS.B,
15.91%,
11/12/26
...
2,877
2,852
FW2031845.UP.FTS.B,
15.93%,
11/12/26
.
12,386
1,749
FW2032538.UP.FTS.B,
16.45%,
11/12/26
.
3,967
2,110
L2032366.UP.FTS.B,
16.55%,
11/12/26
...
6,036
5,981
L2033082.UP.FTS.B,
16.64%,
11/12/26
...
13,532
7,188
L2030808.UP.FTS.B,
16.75%,
11/12/26
...
6,637
6,580
FW2032502.UP.FTS.B,
16.77%,
11/12/26
.
6,254
6,195
L2033005.UP.FTS.B,
16.99%,
11/12/26
...
3,132
3,095
L2033008.UP.FTS.B,
17.14%,
11/12/26
...
5,009
4,957
L2031479.UP.FTS.B,
17.32%,
11/12/26
...
12,372
3,325
L2030768.UP.FTS.B,
17.71%,
11/12/26
...
3,925
3,885
L2032284.UP.FTS.B,
17.94%,
11/12/26
...
3,937
3,883
L2032006.UP.FTS.B,
17.99%,
11/12/26
...
4,918
4,848
FW2031117.UP.FTS.B,
18.34%,
11/12/26
.
7,878
7,784
L2032837.UP.FTS.B,
18.39%,
11/12/26
...
7,880
7,799
L2030864.UP.FTS.B,
18.46%,
11/12/26
...
7,568
7,503
L2032849.UP.FTS.B,
19.14%,
11/12/26
...
9,494
9,396
FW2032194.UP.FTS.B,
19.49%,
11/12/26
.
5,945
5,874
L2030806.UP.FTS.B,
19.55%,
11/12/26
...
3,172
3,134
FW2032947.UP.FTS.B,
19.59%,
11/12/26
.
19,880
19,697
L2031425.UP.FTS.B,
19.77%,
11/12/26
...
4,963
4,902
L2031289.UP.FTS.B,
19.82%,
11/12/26
...
6,353
6,277
L2032060.UP.FTS.B,
20.25%,
11/12/26
...
4,775
4,718
L2032456.UP.FTS.B,
20.93%,
11/12/26
...
1,196
1,181
L2030794.UP.FTS.B,
21.21%,
11/12/26
...
1,360
1,343
L2032266.UP.FTS.B,
21.24%,
11/12/26
...
3,982
3,971
FW2033134.UP.FTS.B,
22.19%,
11/12/26
.
6,383
3,770
L2032183.UP.FTS.B,
24.12%,
11/12/26
...
8,117
8,097
FW2032995.UP.FTS.B,
24.13%,
11/12/26
.
2,441
2,408
FW2031872.UP.FTS.B,
24.66%,
11/12/26
.
24,415
24,353
FW2033202.UP.FTS.B,
25.01%,
11/12/26
.
12,639
12,591
L2032407.UP.FTS.B,
25.01%,
11/12/26
...
983
979
L2032689.UP.FTS.B,
25.21%,
11/12/26
...
4,732
4,676
FW2031174.UP.FTS.B,
25.25%,
11/12/26
.
7,643
7,619
L2032525.UP.FTS.B,
25.33%,
11/12/26
...
816
807
L2031145.UP.FTS.B,
25.44%,
11/12/26
...
3,840
3,794
L2030886.UP.FTS.B,
25.5%,
11/12/26
....
16,915
16,872
L2031934.UP.FTS.B,
25.51%,
11/12/26
...
2,452
2,445
FW2031600.UP.FTS.B,
26.6%,
11/12/26
..
4,045
4,032
FW2031539.UP.FTS.B,
26.65%,
11/12/26
.
4,221
2,497
L2032677.UP.FTS.B,
26.71%,
11/12/26
...
6,574
6,558
FW2032877.UP.FTS.B,
27.2%,
11/12/26
..
4,037
4,022
FW2003411.UP.FTS.B,
27.5%,
11/12/26
..
6,233
6,209
FW2032753.UP.FTS.B,
27.55%,
11/12/26
.
1,152
1,149
FW2031263.UP.FTS.B,
27.74%,
11/12/26
.
3,511
515
FW2032946.UP.FTS.B,
27.87%,
11/12/26
.
20,786
20,702
FW2033144.UP.FTS.B,
29.76%,
11/12/26
.
2,693
191
FW2032799.UP.FTS.B,
29.91%,
11/12/26
.
2,001
1,996
FW2030797.UP.FTS.B,
30%,
11/12/26
...
18,865
18,796
FW2033131.UP.FTS.B,
30.02%,
11/12/26
.
559
549
FW2033213.UP.FTS.B,
30.17%,
11/12/26
.
1,252
1,249
FW2031644.UP.FTS.B,
30.67%,
11/12/26
.
1,506
1,502
FW2031627.UP.FTS.B,
30.86%,
11/12/26
.
4,186
4,176
FW2031985.UP.FTS.B,
31%,
11/12/26
...
1,448
1,431
FW2031873.UP.FTS.B,
31.05%,
11/12/26
.
838
836
FW2032325.UP.FTS.B,
31.07%,
11/12/26
.
1,005
1,003
Description
Principal
Amount
Value
Upstart
Network,
Inc.
(continued)
FW2031596.UP.FTS.B,
31.1%,
11/12/26
..
$
4,621
$
4,604
FW2032994.UP.FTS.B,
31.15%,
11/12/26
.
2,832
63
FW2033066.UP.FTS.B,
31.16%,
11/12/26
.
6,121
6,105
FW2031715.UP.FTS.B,
31.33%,
11/12/26
.
4,026
4,015
FW2033208.UP.FTS.B,
31.39%,
11/12/26
.
3,187
3,179
FW2101958.UP.FTS.B,
6.23%,
11/23/26
..
28,537
28,350
L2101736.UP.FTS.B,
8.06%,
11/23/26
....
713
708
L2103598.UP.FTS.B,
8.71%,
11/23/26
....
11,901
11,819
L2102006.UP.FTS.B,
8.84%,
11/23/26
....
37,221
36,965
FW2103621.UP.FTS.B,
10.34%,
11/23/26
.
4,407
4,374
L2101981.UP.FTS.B,
11.14%,
11/23/26
...
6,773
6,724
L2102059.UP.FTS.B,
12.22%,
11/23/26
...
16,128
16,013
L2101522.UP.FTS.B,
12.34%,
11/23/26
...
25,491
25,312
L2103822.UP.FTS.B,
12.78%,
11/23/26
...
3,815
3,788
L2101315.UP.FTS.B,
12.86%,
11/23/26
...
5,344
5,306
L2102939.UP.FTS.B,
13.35%,
11/23/26
...
2,679
2,661
L2076017.UP.FTS.B,
13.49%,
11/23/26
...
2,897
2,874
L2095249.UP.FTS.B,
14.31%,
11/23/26
...
12,320
12,235
L2101130.UP.FTS.B,
14.68%,
11/23/26
...
2,800
201
L2102807.UP.FTS.B,
15.1%,
11/23/26
....
12,916
613
FW2102638.UP.FTS.B,
15.48%,
11/23/26
.
6,766
6,706
L2068146.UP.FTS.B,
16.06%,
11/23/26
...
7,779
7,721
L2102751.UP.FTS.B,
16.5%,
11/23/26
....
3,119
3,096
L2103150.UP.FTS.B,
16.57%,
11/23/26
...
4,515
4,482
FW2101751.UP.FTS.B,
16.63%,
11/23/26
.
15,606
15,490
L2101428.UP.FTS.B,
17.6%,
11/23/26
....
12,863
1,895
L2099233.UP.FTS.B,
17.83%,
11/23/26
...
12,513
12,418
L2050778.UP.FTS.B,
18.01%,
11/23/26
...
7,077
7,025
FW2101742.UP.FTS.B,
18.05%,
11/23/26
.
6,371
242
L2102561.UP.FTS.B,
18.92%,
11/23/26
...
4,188
135
L2102051.UP.FTS.B,
19.71%,
11/23/26
...
4,590
4,335
L2103543.UP.FTS.B,
19.91%,
11/23/26
...
820
122
FW2102941.UP.FTS.B,
20.37%,
11/23/26
.
15,927
15,954
L2102313.UP.FTS.B,
20.5%,
11/23/26
....
1,186
1,188
L2102253.UP.FTS.B,
20.85%,
11/23/26
...
6,228
6,239
L2102703.UP.FTS.B,
20.89%,
11/23/26
...
4,154
1,209
L2103089.UP.FTS.B,
22.24%,
11/23/26
...
6,953
498
L2103055.UP.FTS.B,
22.44%,
11/23/26
...
1,046
1,038
L2102400.UP.FTS.B,
22.64%,
11/23/26
...
4,794
4,800
L2101750.UP.FTS.B,
24.17%,
11/23/26
...
5,713
5,714
L2102299.UP.FTS.B,
24.27%,
11/23/26
...
5,741
412
L2103547.UP.FTS.B,
24.76%,
11/23/26
...
896
889
FW2102727.UP.FTS.B,
24.84%,
11/23/26
.
3,258
3,264
L2103842.UP.FTS.B,
25.11%,
11/23/26
...
3,262
3,236
L2101935.UP.FTS.B,
25.31%,
11/23/26
...
1,061
1,063
L2103945.UP.FTS.B,
25.34%,
11/23/26
...
2,244
2,243
L2101880.UP.FTS.B,
25.39%,
11/23/26
...
2,452
2,457
L2103491.UP.FTS.B,
25.4%,
11/23/26
....
798
792
L2102346.UP.FTS.B,
25.43%,
11/23/26
...
4,248
4,255
L2103588.UP.FTS.B,
25.44%,
11/23/26
...
3,023
3,028
L2103899.UP.FTS.B,
25.44%,
11/23/26
...
3,168
227
L2102991.UP.FTS.B,
25.76%,
11/23/26
...
3,652
261
L2102028.UP.FTS.B,
25.89%,
11/23/26
...
4,912
4,921
L2052565.UP.FTS.B,
26.09%,
11/23/26
...
13,357
13,382
FW2101678.UP.FTS.B,
26.5%,
11/23/26
..
3,000
886
FW2103284.UP.FTS.B,
27.1%,
11/23/26
..
3,241
3,244
FW2103532.UP.FTS.B,
28.75%,
11/23/26
.
8,294
8,310
FW2102091.UP.FTS.B,
29.86%,
11/23/26
.
4,896
1,458
Franklin
Universal
Trust
Schedule
of
Investments
(unaudited)
See
Notes
to
Schedule
of
Investments.
Quarterly
Schedule
of
Investments
27
Description
Principal
Amount
Value
Marketplace
Loans
(continued)
Upstart
Network,
Inc.
(continued)
FW2101041.UP.FTS.B,
30.44%,
11/23/26
.
$
5,960
$
5,691
FW2102371.UP.FTS.B,
30.85%,
11/23/26
.
6,695
6,709
FW2103415.UP.FTS.B,
31.09%,
11/23/26
.
10,877
10,875
FW2103786.UP.FTS.B,
31.2%,
11/23/26
..
1,333
1,328
FW2103069.UP.FTS.B,
31.22%,
11/23/26
.
1,844
1,848
FW2102063.UP.FTS.B,
31.99%,
11/23/26
.
13,281
3,946
FW2102410.UP.FTS.B,
22.44%,
12/07/26
.
4,092
4,092
L2250662.UP.FTS.B,
8.88%,
12/14/26
....
8,358
8,290
L2249279.UP.FTS.B,
9.09%,
12/14/26
....
3,804
3,773
L2251398.UP.FTS.B,
9.28%,
12/14/26
....
6,093
6,044
L2250829.UP.FTS.B,
9.77%,
12/14/26
....
1,138
1,126
L2247842.UP.FTS.B,
9.8%,
12/14/26
....
5,654
5,608
L2251213.UP.FTS.B,
9.85%,
12/14/26
....
9,171
9,085
FW2251249.UP.FTS.B,
10.34%,
12/14/26
.
14,564
14,428
L2248805.UP.FTS.B,
10.51%,
12/14/26
...
7,913
4,210
L2249903.UP.FTS.B,
11.03%,
12/14/26
...
2,309
2,287
FW2249671.UP.FTS.B,
11.35%,
12/14/26
.
14,180
14,054
L2251005.UP.FTS.B,
11.75%,
12/14/26
...
12,904
3,270
FW2249158.UP.FTS.B,
11.8%,
12/14/26
..
11,597
11,489
L2251043.UP.FTS.B,
12.11%,
12/14/26
...
24,784
24,553
L2250070.UP.FTS.B,
12.15%,
12/14/26
...
5,404
5,353
L2251230.UP.FTS.B,
12.48%,
12/14/26
...
1,511
1,497
L2249726.UP.FTS.B,
12.59%,
12/14/26
...
6,931
6,865
L2251302.UP.FTS.B,
12.76%,
12/14/26
...
4,653
4,609
L2250389.UP.FTS.B,
13.11%,
12/14/26
...
15,907
8,461
L2247235.UP.FTS.B,
13.18%,
12/14/26
...
3,117
3,088
L2250820.UP.FTS.B,
13.59%,
12/14/26
...
2,499
2,476
FW2250025.UP.FTS.B,
13.65%,
12/14/26
.
5,862
5,808
L2240508.UP.FTS.B,
14.03%,
12/14/26
...
200
198
L2251167.UP.FTS.B,
14.16%,
12/14/26
...
6,695
6,629
L2247268.UP.FTS.B,
14.22%,
12/14/26
...
38,607
38,162
L2249868.UP.FTS.B,
14.41%,
12/14/26
...
4,801
2,552
L2250559.UP.FTS.B,
14.84%,
12/14/26
...
5,922
5,863
FW2250857.UP.FTS.B,
15.23%,
12/14/26
.
23,379
23,109
L2251440.UP.FTS.B,
16.23%,
12/14/26
...
1,148
1,134
L2249248.UP.FTS.B,
16.43%,
12/14/26
...
9,447
9,339
L2250291.UP.FTS.B,
16.44%,
12/14/26
...
6,474
1,738
L2250670.UP.FTS.B,
16.58%,
12/14/26
...
3,970
3,933
L2250624.UP.FTS.B,
16.92%,
12/14/26
...
4,773
4,720
L2249982.UP.FTS.B,
16.98%,
12/14/26
...
993
72
FW2250678.UP.FTS.B,
17.4%,
12/14/26
..
2,992
215
L2249629.UP.FTS.B,
17.8%,
12/14/26
....
5,062
5,014
L2249002.UP.FTS.B,
18.13%,
12/14/26
...
2,802
2,765
L2250560.UP.FTS.B,
18.18%,
12/14/26
...
8,007
7,903
FW2248499.UP.FTS.B,
18.23%,
12/14/26
.
4,414
634
FW2248341.UP.FTS.B,
18.43%,
12/14/26
.
20,251
20,007
L2248252.UP.FTS.B,
18.48%,
12/14/26
...
2,408
2,373
FW2249113.UP.FTS.B,
18.58%,
12/14/26
.
20,058
19,798
FW2249102.UP.FTS.B,
18.66%,
12/14/26
.
5,272
383
L2249404.UP.FTS.B,
18.82%,
12/14/26
...
3,423
950
L2250154.UP.FTS.B,
19.32%,
12/14/26
...
8,687
621
L2250499.UP.FTS.B,
19.65%,
12/14/26
...
2,904
2,872
L2251037.UP.FTS.B,
19.7%,
12/14/26
....
1,451
1,435
L2249412.UP.FTS.B,
19.96%,
12/14/26
...
1,625
1,605
L2248975.UP.FTS.B,
19.98%,
12/14/26
...
8,502
8,400
FW2251119.UP.FTS.B,
20.09%,
12/14/26
.
871
856
L2249483.UP.FTS.B,
20.19%,
12/14/26
...
8,089
7,984
FW2250365.UP.FTS.B,
20.49%,
12/14/26
.
24,231
23,958
Description
Principal
Amount
Value
Upstart
Network,
Inc.
(continued)
L2250843.UP.FTS.B,
20.5%,
12/14/26
....
$
4,457
$
4,399
L2250558.UP.FTS.B,
20.67%,
12/14/26
...
6,568
6,544
L2251409.UP.FTS.B,
20.71%,
12/14/26
...
9,733
9,606
L2251393.UP.FTS.B,
20.81%,
12/14/26
...
4,008
3,991
L2249780.UP.FTS.B,
21.14%,
12/14/26
...
6,502
6,478
L2250707.UP.FTS.B,
21.52%,
12/14/26
...
4,899
4,839
L2249030.UP.FTS.B,
21.69%,
12/14/26
...
1,793
1,770
L2249288.UP.FTS.B,
21.82%,
12/14/26
...
4,404
4,388
L2249149.UP.FTS.B,
21.87%,
12/14/26
...
8,156
8,050
FW2248314.UP.FTS.B,
21.92%,
12/14/26
.
2,855
2,845
L2249898.UP.FTS.B,
22.33%,
12/14/26
...
17,943
17,741
L2251333.UP.FTS.B,
22.77%,
12/14/26
...
13,368
13,299
L2249183.UP.FTS.B,
22.87%,
12/14/26
...
2,868
2,858
L2250810.UP.FTS.B,
23.01%,
12/14/26
...
5,767
5,737
FW2251497.UP.FTS.B,
23.11%,
12/14/26
.
4,669
4,592
L2250010.UP.FTS.B,
23.56%,
12/14/26
...
4,111
4,096
FW2248500.UP.FTS.B,
23.6%,
12/14/26
..
2,468
2,459
FW2248932.UP.FTS.B,
23.62%,
12/14/26
.
1,677
990
L2249765.UP.FTS.B,
23.67%,
12/14/26
...
3,291
3,278
L2250948.UP.FTS.B,
23.7%,
12/14/26
....
37,023
36,883
L2248306.UP.FTS.B,
23.97%,
12/14/26
...
20,595
20,517
FW2249399.UP.FTS.B,
24.09%,
12/14/26
.
3,874
559
L2250334.UP.FTS.B,
24.44%,
12/14/26
...
7,182
7,088
L2250245.UP.FTS.B,
24.75%,
12/14/26
...
1,546
1,535
L2250314.UP.FTS.B,
24.91%,
12/14/26
...
2,896
2,888
L2249782.UP.FTS.B,
24.98%,
12/14/26
...
3,476
3,463
L2248144.UP.FTS.B,
25.08%,
12/14/26
...
3,846
3,826
L2250779.UP.FTS.B,
25.12%,
12/14/26
...
1,589
1,581
L2249254.UP.FTS.B,
25.13%,
12/14/26
...
6,722
3,969
L2248450.UP.FTS.B,
25.14%,
12/14/26
...
5,052
2,821
L2248417.UP.FTS.B,
25.23%,
12/14/26
...
1,823
1,816
L2249856.UP.FTS.B,
25.32%,
12/14/26
...
995
991
L2240158.UP.FTS.B,
25.37%,
12/14/26
...
10,317
484
L2249823.UP.FTS.B,
25.41%,
12/14/26
...
3,626
3,580
L2249987.UP.FTS.B,
25.42%,
12/14/26
...
1,869
134
L2251395.UP.FTS.B,
25.45%,
12/14/26
...
1,825
1,818
L2251149.UP.FTS.B,
25.46%,
12/14/26
...
2,156
1,279
L2249309.UP.FTS.B,
25.75%,
12/14/26
...
3,490
3,477
L2250992.UP.FTS.B,
25.92%,
12/14/26
...
8,321
8,274
FW2250494.UP.FTS.B,
25.95%,
12/14/26
.
3,594
257
L2247535.UP.FTS.B,
25.95%,
12/14/26
...
4,977
4,902
FW2248550.UP.FTS.B,
26.2%,
12/14/26
..
3,745
3,731
L2249257.UP.FTS.B,
26.38%,
12/14/26
...
7,411
7,374
FW2249342.UP.FTS.B,
27.92%,
12/14/26
.
4,719
4,686
FW2251120.UP.FTS.B,
28.37%,
12/14/26
.
10,921
10,878
FW2249976.UP.FTS.B,
28.77%,
12/14/26
.
1,566
1,554
FW2249682.UP.FTS.B,
30.35%,
12/14/26
.
1,370
1,361
FW2249951.UP.FTS.B,
30.44%,
12/14/26
.
1,717
1,709
FW2249983.UP.FTS.B,
30.63%,
12/14/26
.
1,626
1,617
FW2250251.UP.FTS.B,
30.69%,
12/14/26
.
5,048
1,472
FW2251385.UP.FTS.B,
30.75%,
12/14/26
.
4,750
4,687
FW2249049.UP.FTS.B,
30.95%,
12/14/26
.
5,377
5,347
FW2249935.UP.FTS.B,
30.97%,
12/14/26
.
3,095
3,076
FW2247285.UP.FTS.B,
30.98%,
12/14/26
.
5,293
775
FW2248234.UP.FTS.B,
31.09%,
12/14/26
.
7,051
7,023
FW2251092.UP.FTS.B,
31.1%,
12/14/26
..
1,614
1,607
FW2250801.UP.FTS.B,
31.11%,
12/14/26
.
2,398
2,382
FW2249041.UP.FTS.B,
31.12%,
12/14/26
.
935
931
Franklin
Universal
Trust
Schedule
of
Investments
(unaudited)
Quarterly
Schedule
of
Investments
See
Notes
to
Schedule
of
Investments.
28
Description
Principal
Amount
Value
Marketplace
Loans
(continued)
Upstart
Network,
Inc.
(continued)
FW2250974.UP.FTS.B,
31.12%,
12/14/26
.
$
2,807
$
2,790
FW2251215.UP.FTS.B,
31.16%,
12/14/26
.
3,484
3,470
FW2248893.UP.FTS.B,
31.17%,
12/14/26
.
1,530
1,524
FW2249653.UP.FTS.B,
31.19%,
12/14/26
.
3,229
3,216
FW2251410.UP.FTS.B,
31.25%,
12/14/26
.
3,929
3,907
FW2247969.UP.FTS.B,
31.61%,
12/14/26
.
5,525
3,293
FW2250563.UP.FTS.B,
31.74%,
12/14/26
.
2,918
427
L2251963.UP.FTS.B,
7.31%,
12/15/26
....
9,362
9,288
L2252296.UP.FTS.B,
8.02%,
12/15/26
....
11,336
11,248
L2141755.UP.FTS.B,
8.51%,
12/15/26
....
37,130
36,835
L2251219.UP.FTS.B,
8.53%,
12/15/26
....
1,895
1,880
L2252339.UP.FTS.B,
8.65%,
12/15/26
....
18,967
18,820
L2252737.UP.FTS.B,
8.71%,
12/15/26
....
15,939
15,816
L2252298.UP.FTS.B,
8.83%,
12/15/26
....
2,307
2,287
L2252476.UP.FTS.B,
9.18%,
12/15/26
....
7,612
7,554
FW2253701.UP.FTS.B,
10.99%,
12/15/26
.
9,961
9,873
L2253738.UP.FTS.B,
11.28%,
12/15/26
...
23,124
22,922
L2247794.UP.FTS.B,
12.65%,
12/15/26
...
3,496
3,466
L2253650.UP.FTS.B,
13.61%,
12/15/26
...
5,078
5,034
L2253384.UP.FTS.B,
13.79%,
12/15/26
...
9,384
9,303
L2251912.UP.FTS.B,
13.91%,
12/15/26
...
2,739
2,715
L2253091.UP.FTS.B,
14.6%,
12/15/26
....
23,438
23,234
L2252906.UP.FTS.B,
14.66%,
12/15/26
...
8,722
8,647
L2252920.UP.FTS.B,
14.66%,
12/15/26
...
2,357
2,337
L2252226.UP.FTS.B,
14.86%,
12/15/26
...
39,573
39,214
L2252357.UP.FTS.B,
15.18%,
12/15/26
...
4,354
4,312
L2252931.UP.FTS.B,
15.49%,
12/15/26
...
2,698
2,668
FW2249675.UP.FTS.B,
16.01%,
12/15/26
.
11,857
11,734
L2252976.UP.FTS.B,
16.75%,
12/15/26
...
5,048
4,995
L2252902.UP.FTS.B,
16.77%,
12/15/26
...
6
6
L2252199.UP.FTS.B,
17.21%,
12/15/26
...
7,488
7,425
L2251888.UP.FTS.B,
17.72%,
12/15/26
...
5,102
734
L2253164.UP.FTS.B,
17.76%,
12/15/26
...
4,358
4,294
FW2252613.UP.FTS.B,
17.78%,
12/15/26
.
3,195
3,153
L2253110.UP.FTS.B,
17.96%,
12/15/26
...
5,263
381
FW2253547.UP.FTS.B,
18.3%,
12/15/26
..
3,007
2,953
L2251960.UP.FTS.B,
19.3%,
12/15/26
....
9,383
681
L2252566.UP.FTS.B,
19.55%,
12/15/26
...
4,812
4,771
FW2251546.UP.FTS.B,
19.76%,
12/15/26
.
12,108
11,964
L2252438.UP.FTS.B,
19.81%,
12/15/26
...
3,230
3,191
L2252318.UP.FTS.B,
20.43%,
12/15/26
...
2,430
2,401
L2250838.UP.FTS.B,
20.47%,
12/15/26
...
2,852
2,797
L2251727.UP.FTS.B,
20.77%,
12/15/26
...
2,031
2,004
L2253118.UP.FTS.B,
21.32%,
12/15/26
...
16,269
16,228
L2252879.UP.FTS.B,
22.23%,
12/15/26
...
899
897
L2251670.UP.FTS.B,
22.36%,
12/15/26
...
4,089
4,079
L2252753.UP.FTS.B,
22.36%,
12/15/26
...
2,963
2,923
L2252135.UP.FTS.B,
22.59%,
12/15/26
...
2,455
2,449
L2251712.UP.FTS.B,
23.15%,
12/15/26
...
23,992
23,900
L2253195.UP.FTS.B,
24.23%,
12/15/26
...
1,788
129
FW2253422.UP.FTS.B,
24.48%,
12/15/26
.
9,704
9,665
L2250541.UP.FTS.B,
24.85%,
12/15/26
...
2,484
2,473
L2252209.UP.FTS.B,
25.21%,
12/15/26
...
1,207
1,203
L2204211.UP.FTS.B,
25.24%,
12/15/26
...
250
246
L2252447.UP.FTS.B,
25.4%,
12/15/26
....
995
993
L2253781.UP.FTS.B,
25.42%,
12/15/26
...
5,077
53
FW2253392.UP.FTS.B,
25.5%,
12/15/26
..
5,890
5,870
FW2252481.UP.FTS.B,
26.36%,
12/15/26
.
10,825
10,798
Description
Principal
Amount
Value
Upstart
Network,
Inc.
(continued)
FW2252287.UP.FTS.B,
26.45%,
12/15/26
.
$
1,317
$
93
FW2248936.UP.FTS.B,
26.48%,
12/15/26
.
4,925
4,908
FW2251714.UP.FTS.B,
28.54%,
12/15/26
.
5,001
4,986
FW2252023.UP.FTS.B,
28.67%,
12/15/26
.
3,869
3,859
FW2253234.UP.FTS.B,
28.94%,
12/15/26
.
9,164
9,135
FW2252989.UP.FTS.B,
29.41%,
12/15/26
.
9,437
8,968
FW2252065.UP.FTS.B,
29.59%,
12/15/26
.
7,991
(20)
FW2252237.UP.FTS.B,
29.62%,
12/15/26
.
5,093
752
FW2252233.UP.FTS.B,
30.05%,
12/15/26
.
2,115
2,110
FW2247630.UP.FTS.B,
30.42%,
12/15/26
.
2,634
2,624
FW2252687.UP.FTS.B,
30.62%,
12/15/26
.
12,717
12,687
FW2252113.UP.FTS.B,
30.81%,
12/15/26
.
1,188
1,186
FW2251570.UP.FTS.B,
31.17%,
12/15/26
.
10,199
10,175
FW2253186.UP.FTS.B,
31.17%,
12/15/26
.
1,784
1,780
FW2253542.UP.FTS.B,
31.19%,
12/15/26
.
1,615
1,611
FW2251389.UP.FTS.B,
31.46%,
12/15/26
.
16,149
16,087
FW2251813.UP.FTS.B,
31.46%,
12/15/26
.
3,639
3,628
FW2251566.UP.FTS.B,
31.95%,
12/15/26
.
5,660
399
L2253562.UP.FTS.B,
23.61%,
12/28/26
...
4,146
4,138
L2499407.UP.FTS.B,
5.37%,
1/24/27
....
37,938
37,687
L2497781.UP.FTS.B,
5.7%,
1/24/27
.....
4,561
4,531
L2499766.UP.FTS.B,
6.26%,
1/24/27
....
4,577
4,547
FW2499326.UP.FTS.B,
6.71%,
1/24/27
...
6,119
6,079
L2498743.UP.FTS.B,
7.47%,
1/24/27
....
8,451
8,388
L2492277.UP.FTS.B,
7.6%,
1/24/27
.....
5,229
5,189
L2500086.UP.FTS.B,
7.95%,
1/24/27
....
9,624
9,549
L2497458.UP.FTS.B,
8.44%,
1/24/27
....
27,000
26,798
L2497353.UP.FTS.B,
9.69%,
1/24/27
....
10,093
10,018
L2499026.UP.FTS.B,
10.04%,
1/24/27
....
15,600
15,484
L2498801.UP.FTS.B,
10.59%,
1/24/27
....
21,115
20,941
L2499730.UP.FTS.B,
10.93%,
1/24/27
....
7,808
7,743
L2500305.UP.FTS.B,
11.35%,
1/24/27
....
785
779
L2498662.UP.FTS.B,
11.41%,
1/24/27
....
7,856
7,791
FW2499235.UP.FTS.B,
11.45%,
1/24/27
..
5,101
5,058
L2498623.UP.FTS.B,
12.18%,
1/24/27
....
1,736
1,721
L2497448.UP.FTS.B,
12.57%,
1/24/27
....
8,599
621
FW2497574.UP.FTS.B,
12.62%,
1/24/27
..
27,187
25,565
L2497797.UP.FTS.B,
12.7%,
1/24/27
....
5,538
5,492
L2500282.UP.FTS.B,
13.29%,
1/24/27
....
7,937
7,872
L2500590.UP.FTS.B,
13.43%,
1/24/27
....
896
886
L2498730.UP.FTS.B,
14.35%,
1/24/27
....
4,788
4,749
FW2499948.UP.FTS.B,
14.6%,
1/24/27
...
5,593
5,547
L2499978.UP.FTS.B,
14.9%,
1/24/27
....
28,493
26,804
L2500513.UP.FTS.B,
14.9%,
1/24/27
....
16,006
15,874
L2499400.UP.FTS.B,
15.39%,
1/24/27
....
11,941
527
L2498019.UP.FTS.B,
15.41%,
1/24/27
....
24,072
23,874
L2499756.UP.FTS.B,
15.54%,
1/24/27
....
23,152
21,779
FW2500346.UP.FTS.B,
16.35%,
1/24/27
..
16,818
16,641
L2494019.UP.FTS.B,
16.44%,
1/24/27
....
4,839
4,793
L2497377.UP.FTS.B,
16.51%,
1/24/27
....
4,438
4,395
L2499556.UP.FTS.B,
16.78%,
1/24/27
....
18,669
1,354
L2499062.UP.FTS.B,
17.84%,
1/24/27
....
1,243
1,170
FW2494435.UP.FTS.B,
17.9%,
1/24/27
...
32,124
31,806
L2500130.UP.FTS.B,
18.16%,
1/24/27
....
5,694
5,631
L2497198.UP.FTS.B,
18.3%,
1/24/27
....
4,885
4,831
L2498470.UP.FTS.B,
18.32%,
1/24/27
....
10,892
10,794
L2499350.UP.FTS.B,
18.35%,
1/24/27
....
24,321
24,048
L2500098.UP.FTS.B,
18.6%,
1/24/27
....
6,114
6,055
Franklin
Universal
Trust
Schedule
of
Investments
(unaudited)
See
Notes
to
Schedule
of
Investments.
Quarterly
Schedule
of
Investments
29
Description
Principal
Amount
Value
Marketplace
Loans
(continued)
Upstart
Network,
Inc.
(continued)
L2497796.UP.FTS.B,
18.8%,
1/24/27
....
$
5,711
$
5,648
L2500341.UP.FTS.B,
18.83%,
1/24/27
....
2,041
2,018
L2497754.UP.FTS.B,
19.19%,
1/24/27
....
2,534
2,506
FW2498275.UP.FTS.B,
19.45%,
1/24/27
..
8,090
7,996
L2499146.UP.FTS.B,
19.77%,
1/24/27
....
3,817
3,596
L2498546.UP.FTS.B,
19.91%,
1/24/27
....
5,423
5,355
L2497528.UP.FTS.B,
19.93%,
1/24/27
....
4,101
4,056
L2499090.UP.FTS.B,
20.13%,
1/24/27
....
4,926
4,872
FW2498254.UP.FTS.B,
20.72%,
1/24/27
..
2,508
2,389
FW2499205.UP.FTS.B,
20.72%,
1/24/27
..
5,060
4,816
L2497852.UP.FTS.B,
20.98%,
1/24/27
....
3,056
459
L2499153.UP.FTS.B,
21.13%,
1/24/27
....
990
979
L2498554.UP.FTS.B,
21.26%,
1/24/27
....
4,284
1,217
L2497527.UP.FTS.B,
21.34%,
1/24/27
....
4,128
4,122
L2497646.UP.FTS.B,
21.52%,
1/24/27
....
1,206
1,187
L2497439.UP.FTS.B,
21.55%,
1/24/27
....
4,608
4,541
L2500177.UP.FTS.B,
21.66%,
1/24/27
....
4,962
4,955
FW2494038.UP.FTS.B,
22.37%,
1/24/27
..
3,318
3,281
L2499540.UP.FTS.B,
22.38%,
1/24/27
....
5,040
4,801
L2497652.UP.FTS.B,
22.95%,
1/24/27
....
848
61
FW2497553.UP.FTS.B,
23.05%,
1/24/27
..
14,467
14,442
FW2498441.UP.FTS.B,
23.1%,
1/24/27
...
8,987
8,974
L2500427.UP.FTS.B,
23.85%,
1/24/27
....
8,779
8,688
L2499847.UP.FTS.B,
24.09%,
1/24/27
....
21,086
19,862
L2500224.UP.FTS.B,
25.04%,
1/24/27
....
4,938
4,705
L2500298.UP.FTS.B,
25.15%,
1/24/27
....
1,343
1,328
FW2497649.UP.FTS.B,
25.29%,
1/24/27
..
33,600
33,548
L2500002.UP.FTS.B,
25.3%,
1/24/27
....
3,274
233
L2498291.UP.FTS.B,
25.35%,
1/24/27
....
1,061
164
L2500230.UP.FTS.B,
25.4%,
1/24/27
....
4,370
4,363
L2500426.UP.FTS.B,
25.41%,
1/24/27
....
1,093
1,091
L2497705.UP.FTS.B,
25.44%,
1/24/27
....
3,346
3,184
L2500467.UP.FTS.B,
25.44%,
1/24/27
....
1,429
1,427
L2497190.UP.FTS.B,
26.04%,
1/24/27
....
2,443
2,416
L2500357.UP.FTS.B,
26.3%,
1/24/27
....
7,845
7,832
FW2498744.UP.FTS.B,
26.78%,
1/24/27
..
8,452
8,438
FW2499122.UP.FTS.B,
26.89%,
1/24/27
..
1,828
1,823
FW2498012.UP.FTS.B,
27.23%,
1/24/27
..
4,996
4,988
FW2499127.UP.FTS.B,
27.37%,
1/24/27
..
4,457
52
FW2499103.UP.FTS.B,
27.5%,
1/24/27
...
2,543
2,539
FW2497665.UP.FTS.B,
27.6%,
1/24/27
...
9,602
9,492
FW2500434.UP.FTS.B,
27.81%,
1/24/27
..
849
847
L2497724.UP.FTS.B,
27.87%,
1/24/27
....
4,415
4,365
FW2497801.UP.FTS.B,
28.11%,
1/24/27
..
5,971
5,952
FW2497947.UP.FTS.B,
28.25%,
1/24/27
..
32,831
31,278
FW2499989.UP.FTS.B,
28.3%,
1/24/27
...
7,040
7,016
L2498023.UP.FTS.B,
28.37%,
1/24/27
....
3,346
3,235
FW2497725.UP.FTS.B,
28.51%,
1/24/27
..
1,056
313
FW2499482.UP.FTS.B,
28.65%,
1/24/27
..
13,964
13,940
FW2498534.UP.FTS.B,
28.67%,
1/24/27
..
1,561
1,486
FW2499784.UP.FTS.B,
29.61%,
1/24/27
..
7,402
7,045
FW2500060.UP.FTS.B,
29.62%,
1/24/27
..
3,672
3,496
FW2498768.UP.FTS.B,
30.06%,
1/24/27
..
1,286
1,284
FW2497607.UP.FTS.B,
30.5%,
1/24/27
...
1,869
1,843
FW2497688.UP.FTS.B,
30.73%,
1/24/27
..
1,055
1,048
FW2499403.UP.FTS.B,
30.76%,
1/24/27
..
2,403
2,399
FW2500502.UP.FTS.B,
30.77%,
1/24/27
..
4,594
323
FW2498079.UP.FTS.B,
30.78%,
1/24/27
..
2,575
2,571
Description
Principal
Amount
Value
Upstart
Network,
Inc.
(continued)
FW2498894.UP.FTS.B,
31.13%,
1/24/27
..
$
3,094
$
3,089
FW2498394.UP.FTS.B,
31.2%,
1/24/27
...
4,602
1,382
FW2498422.UP.FTS.B,
31.2%,
1/24/27
...
861
859
FW2498197.UP.FTS.B,
31.21%,
1/24/27
..
1,118
1,116
FW2497608.UP.FTS.B,
31.43%,
1/24/27
..
1,463
1,460
FW2499925.UP.FTS.B,
31.73%,
1/24/27
..
1,506
1,498
FW2497327.UP.FTS.B,
33.75%,
1/24/27
..
1,649
1,645
FW2502639.UP.FTS.B,
4.89%,
1/25/27
...
10,196
10,129
L2502859.UP.FTS.B,
5.46%,
1/25/27
....
38,750
38,489
L2443263.UP.FTS.B,
6.66%,
1/25/27
....
6,499
6,457
L2501608.UP.FTS.B,
7.8%,
1/25/27
.....
15,396
15,296
L2501651.UP.FTS.B,
8.03%,
1/25/27
....
6,428
1,581
L2501547.UP.FTS.B,
8.21%,
1/25/27
....
4,629
4,595
L2502319.UP.FTS.B,
8.49%,
1/25/27
....
31,580
31,328
L2501796.UP.FTS.B,
9.36%,
1/25/27
....
12,116
12,027
L2502134.UP.FTS.B,
9.38%,
1/25/27
....
24,709
24,525
L2502374.UP.FTS.B,
9.72%,
1/25/27
....
6,615
6,567
L2502174.UP.FTS.B,
9.86%,
1/25/27
....
13,241
13,133
FW2498378.UP.FTS.B,
11.81%,
1/25/27
..
23,620
23,428
L2502791.UP.FTS.B,
11.84%,
1/25/27
....
6,503
6,436
L2501198.UP.FTS.B,
12.05%,
1/25/27
....
9,855
9,775
L2500626.UP.FTS.B,
12.15%,
1/25/27
....
3,807
3,771
L2502704.UP.FTS.B,
12.53%,
1/25/27
....
2,834
2,809
L2502644.UP.FTS.B,
12.76%,
1/25/27
....
8,338
1,170
FW2502179.UP.FTS.B,
12.78%,
1/25/27
..
1,583
1,570
L2501977.UP.FTS.B,
12.89%,
1/25/27
....
31,503
31,243
L2502535.UP.FTS.B,
13.13%,
1/25/27
....
38,660
38,331
L2502247.UP.FTS.B,
13.43%,
1/25/27
....
3,177
3,151
L2503471.UP.FTS.B,
13.93%,
1/25/27
....
3,982
3,950
L2501470.UP.FTS.B,
14.16%,
1/25/27
....
11,958
11,862
L2500808.UP.FTS.B,
14.3%,
1/25/27
....
5,904
5,856
FW2502376.UP.FTS.B,
14.43%,
1/25/27
..
11,975
11,878
L2500633.UP.FTS.B,
14.62%,
1/25/27
....
3,643
3,612
L2501876.UP.FTS.B,
14.91%,
1/25/27
....
3,202
3,176
L2503197.UP.FTS.B,
15.28%,
1/25/27
....
13,025
931
L2501020.UP.FTS.B,
15.56%,
1/25/27
....
1,439
55
L2501591.UP.FTS.B,
16.26%,
1/25/27
....
13,543
13,410
FW2502838.UP.FTS.B,
16.27%,
1/25/27
..
32,246
31,945
FW2500763.UP.FTS.B,
16.29%,
1/25/27
..
3,466
3,433
L2503404.UP.FTS.B,
16.88%,
1/25/27
....
7,152
7,080
L2499095.UP.FTS.B,
16.97%,
1/25/27
....
2,426
2,403
L2500943.UP.FTS.B,
17.28%,
1/25/27
....
6,439
6,376
FW2502154.UP.FTS.B,
17.3%,
1/25/27
...
10,467
752
FW2502260.UP.FTS.B,
17.52%,
1/25/27
..
5,769
5,709
L2501997.UP.FTS.B,
17.77%,
1/25/27
....
4,059
4,021
FW2501148.UP.FTS.B,
17.78%,
1/25/27
..
1,623
1,608
FW2501125.UP.FTS.B,
17.82%,
1/25/27
..
1,218
1,205
L2502739.UP.FTS.B,
18.1%,
1/25/27
....
5,085
5,033
L2502439.UP.FTS.B,
18.98%,
1/25/27
....
5,666
5,602
L2495525.UP.FTS.B,
19.03%,
1/25/27
....
5,669
5,605
L2501884.UP.FTS.B,
19.04%,
1/25/27
....
8,169
8,081
L2502391.UP.FTS.B,
19.43%,
1/25/27
....
12,215
12,098
L2500727.UP.FTS.B,
19.88%,
1/25/27
....
6,642
6,571
FW2501295.UP.FTS.B,
20.14%,
1/25/27
..
821
812
FW2500961.UP.FTS.B,
20.28%,
1/25/27
..
5,504
5,488
L2503073.UP.FTS.B,
21.17%,
1/25/27
....
10,198
733
L2500557.UP.FTS.B,
21.25%,
1/25/27
....
6,143
438
FW2501561.UP.FTS.B,
21.33%,
1/25/27
..
4,866
4,857
Franklin
Universal
Trust
Schedule
of
Investments
(unaudited)
Quarterly
Schedule
of
Investments
See
Notes
to
Schedule
of
Investments.
30
Description
Principal
Amount
Value
Marketplace
Loans
(continued)
Upstart
Network,
Inc.
(continued)
L2503424.UP.FTS.B,
21.51%,
1/25/27
....
$
8,097
$
8,009
L2501728.UP.FTS.B,
21.52%,
1/25/27
....
4,138
4,087
L2500163.UP.FTS.B,
21.71%,
1/25/27
....
12,973
3,699
L2502058.UP.FTS.B,
21.83%,
1/25/27
....
8,277
8,268
FW2497118.UP.FTS.B,
22.54%,
1/25/27
..
3,650
3,600
L2496481.UP.FTS.B,
22.63%,
1/25/27
....
18,304
1,311
L2500977.UP.FTS.B,
22.64%,
1/25/27
....
5,813
5,806
FW2500954.UP.FTS.B,
23.81%,
1/25/27
..
6,677
6,670
FW2502037.UP.FTS.B,
23.81%,
1/25/27
..
3,500
148
L2502763.UP.FTS.B,
23.93%,
1/25/27
....
3,408
3,399
FW2503468.UP.FTS.B,
24.6%,
1/25/27
...
2,835
2,831
FW2503375.UP.FTS.B,
24.71%,
1/25/27
..
2,676
792
FW2503209.UP.FTS.B,
25.12%,
1/25/27
..
5,845
5,837
L2502753.UP.FTS.B,
25.33%,
1/25/27
....
2,937
870
L2501592.UP.FTS.B,
25.36%,
1/25/27
....
1,000
999
L2500577.UP.FTS.B,
25.4%,
1/25/27
....
1,261
1,259
L2503342.UP.FTS.B,
25.48%,
1/25/27
....
5,368
5,360
L2500860.UP.FTS.B,
25.49%,
1/25/27
....
1,163
1,161
L2501610.UP.FTS.B,
25.67%,
1/25/27
....
2,776
2,773
L2502912.UP.FTS.B,
25.69%,
1/25/27
....
17,400
17,372
L2502995.UP.FTS.B,
25.82%,
1/25/27
....
2,646
2,637
FW2501208.UP.FTS.B,
25.83%,
1/25/27
..
16,788
16,721
L2500786.UP.FTS.B,
26.35%,
1/25/27
....
2,359
2,333
FW2503491.UP.FTS.B,
26.41%,
1/25/27
..
1,852
1,849
FW2501330.UP.FTS.B,
26.47%,
1/25/27
..
4,642
4,637
FW2502187.UP.FTS.B,
26.63%,
1/25/27
..
4,223
4,218
FW2503082.UP.FTS.B,
26.84%,
1/25/27
..
2,128
2,122
FW2502725.UP.FTS.B,
26.94%,
1/25/27
..
4,120
68
FW2499783.UP.FTS.B,
27.06%,
1/25/27
..
8,858
2,637
FW2501053.UP.FTS.B,
27.35%,
1/25/27
..
6,971
6,939
FW2474863.UP.FTS.B,
27.63%,
1/25/27
..
2,781
2,776
FW2502652.UP.FTS.B,
27.68%,
1/25/27
..
4,156
4,151
FW2503169.UP.FTS.B,
27.77%,
1/25/27
..
850
849
FW2501180.UP.FTS.B,
28.56%,
1/25/27
..
2,587
2,579
FW2500797.UP.FTS.B,
28.58%,
1/25/27
..
1,682
1,679
FW2502849.UP.FTS.B,
29.19%,
1/25/27
..
1,260
1,257
FW2501594.UP.FTS.B,
30.71%,
1/25/27
..
1,123
58
FW2501203.UP.FTS.B,
30.73%,
1/25/27
..
1,201
1,200
FW2502676.UP.FTS.B,
31.01%,
1/25/27
..
3,366
233
FW2503502.UP.FTS.B,
31.01%,
1/25/27
..
2,199
2,194
FW2502222.UP.FTS.B,
31.02%,
1/25/27
..
1,106
1,103
FW2501430.UP.FTS.B,
31.03%,
1/25/27
..
1,548
1,546
FW2502879.UP.FTS.B,
31.04%,
1/25/27
..
24,918
24,882
FW2502647.UP.FTS.B,
31.05%,
1/25/27
..
7,213
7,186
FW2502834.UP.FTS.B,
31.11%,
1/25/27
..
2,318
2,315
FW2500670.UP.FTS.B,
31.13%,
1/25/27
..
1,001
69
FW2502954.UP.FTS.B,
31.14%,
1/25/27
..
4,339
664
FW2499746.UP.FTS.B,
31.16%,
1/25/27
..
3,096
3,091
FW2500654.UP.FTS.B,
31.21%,
1/25/27
..
851
850
FW2503208.UP.FTS.B,
31.21%,
1/25/27
..
2,235
2,232
FW2502423.UP.FTS.B,
32.98%,
1/25/27
..
1,372
217
FW2502276.UP.FTS.B,
33.54%,
1/25/27
..
4,341
4,334
L1729483.UP.FTS.B,
18.23%,
2/17/27
....
13,863
3,685
L1729858.UP.FTS.B,
25.05%,
2/17/27
....
19,143
19,226
FW1729695.UP.FTS.B,
29.91%,
2/17/27
..
45,286
45,090
FW1729859.UP.FTS.B,
30.83%,
2/17/27
..
9,376
662
L1902477.UP.FTS.B,
13.65%,
3/22/27
....
7,810
7,335
L1902300.UP.FTS.B,
22.58%,
3/22/27
....
4,354
4,339
Description
Principal
Amount
Value
Upstart
Network,
Inc.
(continued)
FW1902098.UP.FTS.B,
26.15%,
3/22/27
..
$
4,643
$
332
FW1901725.UP.FTS.B,
31.78%,
3/22/27
..
12,899
906
L2031108.UP.FTS.B,
11.34%,
4/12/27
....
39,278
38,839
L2030856.UP.FTS.B,
13.22%,
4/12/27
....
7,643
7,575
L2031106.UP.FTS.B,
17.27%,
4/12/27
....
6,656
6,564
L2030776.UP.FTS.B,
18.15%,
4/12/27
....
4,425
4,382
FW2030457.UP.FTS.B,
19.74%,
4/12/27
..
5,647
409
L2032168.UP.FTS.B,
21.6%,
4/12/27
....
8,674
8,575
L2032065.UP.FTS.B,
22.33%,
4/12/27
....
18,008
2,655
FW2032681.UP.FTS.B,
22.41%,
4/12/27
..
2,200
2,165
FW2030941.UP.FTS.B,
26.62%,
4/12/27
..
24,923
24,716
L2032337.UP.FTS.B,
26.62%,
4/12/27
....
8,240
2,380
FW2031474.UP.FTS.B,
30.22%,
4/12/27
..
2,947
1,745
L2972334.UP.FTS.B,
6.17%,
4/19/27
....
40,430
40,184
L2972137.UP.FTS.B,
6.42%,
4/19/27
....
12,144
12,070
L2971979.UP.FTS.B,
6.84%,
4/19/27
....
21,741
21,610
L2971286.UP.FTS.B,
7.38%,
4/19/27
....
20,334
20,212
L2972081.UP.FTS.B,
7.8%,
4/19/27
.....
4,304
4,277
FW2972190.UP.FTS.B,
7.92%,
4/19/27
...
38,573
38,340
L2971556.UP.FTS.B,
10.11%,
4/19/27
....
20,827
20,630
L2971728.UP.FTS.B,
11.46%,
4/19/27
....
8,869
8,786
L2971948.UP.FTS.B,
12.78%,
4/19/27
....
6,235
6,176
L2971527.UP.FTS.B,
13.17%,
4/19/27
....
8,769
8,687
L2967243.UP.FTS.B,
14.24%,
4/19/27
....
14,262
14,130
L2970341.UP.FTS.B,
15.34%,
4/19/27
....
5,685
795
L2971759.UP.FTS.B,
16.29%,
4/19/27
....
6,430
6,353
L2971657.UP.FTS.B,
16.32%,
4/19/27
....
1,843
1,820
L2971854.UP.FTS.B,
16.46%,
4/19/27
....
2,610
2,578
FW2968818.UP.FTS.B,
17.01%,
4/19/27
..
13,832
13,655
L2970277.UP.FTS.B,
17.94%,
4/19/27
....
27,256
26,929
FW2971812.UP.FTS.B,
18.16%,
4/19/27
..
24,740
24,457
L2972316.UP.FTS.B,
18.63%,
4/19/27
....
42,577
42,062
L2971776.UP.FTS.B,
19.69%,
4/19/27
....
5,660
5,592
L2972008.UP.FTS.B,
20.74%,
4/19/27
....
4,742
4,708
FW2971982.UP.FTS.B,
21.48%,
4/19/27
..
1,467
1,450
L2970145.UP.FTS.B,
22.58%,
4/19/27
....
7,579
7,465
L2971880.UP.FTS.B,
24%,
4/19/27
......
27,616
27,288
L2971929.UP.FTS.B,
24.66%,
4/19/27
....
19,034
18,763
FW2971643.UP.FTS.B,
24.95%,
4/19/27
..
18,697
18,586
L2971841.UP.FTS.B,
25.2%,
4/19/27
....
1,267
1,258
L2971769.UP.FTS.B,
25.23%,
4/19/27
....
5,814
5,779
FW2972220.UP.FTS.B,
26.42%,
4/19/27
..
3,426
3,406
L2971662.UP.FTS.B,
26.49%,
4/19/27
....
879
866
FW2972102.UP.FTS.B,
26.72%,
4/19/27
..
2,876
2,858
FW2972305.UP.FTS.B,
27.33%,
4/19/27
..
5,286
5,256
FW2972030.UP.FTS.B,
28.07%,
4/19/27
..
4,416
4,391
FW2971684.UP.FTS.B,
30.82%,
4/19/27
..
9,109
(34)
FW2101729.UP.FTS.B,
20.8%,
4/23/27
...
27,094
26,888
L2100737.UP.FTS.B,
22.28%,
4/23/27
....
15,001
14,996
FW2101765.UP.FTS.B,
29.07%,
4/23/27
..
3,269
3,266
FW2103611.UP.FTS.B,
30.3%,
4/23/27
...
1,337
1,290
FW2103313.UP.FTS.B,
31.18%,
4/23/27
..
3,705
257
FW2249624.UP.FTS.B,
13.82%,
5/14/27
..
4,539
4,487
FW2249414.UP.FTS.B,
19.5%,
5/14/27
...
5,894
3,351
L2248430.UP.FTS.B,
21.51%,
5/14/27
....
1,158
1,146
L2250436.UP.FTS.B,
22.79%,
5/14/27
....
15,183
15,034
L2250392.UP.FTS.B,
22.93%,
5/14/27
....
2,814
2,796
L2250450.UP.FTS.B,
23.85%,
5/14/27
....
1,386
100
Franklin
Universal
Trust
Schedule
of
Investments
(unaudited)
See
Notes
to
Schedule
of
Investments.
Quarterly
Schedule
of
Investments
31
Description
Principal
Amount
Value
Marketplace
Loans
(continued)
Upstart
Network,
Inc.
(continued)
L2248036.UP.FTS.B,
24.14%,
5/14/27
....
$
25,766
$
1,839
L2251286.UP.FTS.B,
25.89%,
5/14/27
....
1,947
1,929
FW2248226.UP.FTS.B,
29.45%,
5/14/27
..
2,803
808
FW2250225.UP.FTS.B,
30.13%,
5/14/27
..
1,493
1,472
FW2250032.UP.FTS.B,
32.02%,
5/14/27
..
3,976
3,962
L2251988.UP.FTS.B,
19.87%,
5/15/27
....
2,213
615
L2252234.UP.FTS.B,
21.66%,
5/15/27
....
3,670
3,620
FW2253145.UP.FTS.B,
24.76%,
5/15/27
..
11,676
11,649
FW2253490.UP.FTS.B,
28.02%,
5/15/27
..
4,645
683
FW2253485.UP.FTS.B,
30.83%,
5/15/27
..
1,711
(115)
FW2252591.UP.FTS.B,
31.67%,
5/15/27
..
6,704
6,661
L2497417.UP.FTS.B,
12.27%,
6/24/27
....
18,971
18,780
L2497350.UP.FTS.B,
13.11%,
6/24/27
....
8,438
7,920
FW2497520.UP.FTS.B,
17.89%,
6/24/27
..
5,562
1,524
L2500104.UP.FTS.B,
25.5%,
6/24/27
....
3,419
240
FW2499816.UP.FTS.B,
27.03%,
6/24/27
..
5,214
367
FW2498266.UP.FTS.B,
27.06%,
6/24/27
..
3,512
3,465
FW2463420.UP.FTS.B,
28.55%,
6/24/27
..
899
893
FW2497794.UP.FTS.B,
30.97%,
6/24/27
..
6,804
1,988
FW2497583.UP.FTS.B,
31.24%,
6/24/27
..
6,840
6,795
L2472114.UP.FTS.B,
7.63%,
6/25/27
.....
15,974
15,867
L2501446.UP.FTS.B,
11.34%,
6/25/27
....
2,486
616
L2503121.UP.FTS.B,
17.35%,
6/25/27
....
10,243
10,136
FW2501171.UP.FTS.B,
18.13%,
6/25/27
..
5,174
374
L2499889.UP.FTS.B,
20.18%,
6/25/27
....
22,153
21,847
L2502792.UP.FTS.B,
24.01%,
6/25/27
....
4,992
4,968
L2503278.UP.FTS.B,
24.32%,
6/25/27
....
9,743
1,507
L2500827.UP.FTS.B,
25.15%,
6/25/27
....
2,728
195
L2500638.UP.FTS.B,
25.31%,
6/25/27
....
881
877
FW2503221.UP.FTS.B,
29%,
6/25/27
....
23,760
23,454
FW2501815.UP.FTS.B,
29.99%,
6/25/27
..
6,885
1,015
FW1729187.UP.FTS.B,
30.3%,
7/17/27
...
5,935
5,919
L2032742.UP.FTS.B,
22.42%,
9/12/27
....
2,453
2,421
FW2972075.UP.FTS.B,
9.42%,
9/19/27
...
32,813
32,557
FW2251363.UP.FTS.B,
16.36%,
10/14/27
.
37,835
37,391
L2253724.UP.FTS.B,
25.49%,
10/15/27
...
332
326
FW2251983.UP.FTS.B,
30.9%,
10/15/27
..
3,754
(747)
L2500059.UP.FTS.B,
25.4%,
11/24/27
....
2,540
2,401
FW2500185.UP.FTS.B,
30.96%,
11/24/27
.
6,704
6,371
FW2499865.UP.FTS.B,
31.15%,
11/24/27
.
1,675
1,585
L2498668.UP.FTS.B,
13.66%,
11/25/27
...
34,777
34,453
L2501498.UP.FTS.B,
22.59%,
11/25/27
...
5,764
416
FW2502338.UP.FTS.B,
30.04%,
11/25/27
.
4,646
4,593
L1901406.UP.FTS.B,
27.3%,
10/22/28
....
4,703
4,728
L2475583.UP.FTS.B,
20.34%,
1/25/29
....
644
636
5,283,254
Total
Marketplace
Loans
(Cost
$14,868,818)
....
$13,194,179
Franklin
Universal
Trust
Notes
to
Schedule
of
Investments
(unaudited)
32
Quarterly
Schedule
of
Investments
1.
Organization
Franklin
Universal
Trust (Fund)
is
registered
under
the
Investment
Company
Act
of
1940
(1940
Act)
as
a
closed-end
management
investment
company.
The
Fund
follows
the
accounting
and
reporting
guidance
in
Financial
Accounting
Standards
Board
(FASB)
Accounting
Standards
Codification
Topic
946,
Financial
Services
–
Investment
Companies
(ASC
946)
and
applies
the
specialized
accounting
and
reporting
guidance
in
U.S.
Generally
Accepted
Accounting
Principles
(U.S.
GAAP),
including,
but
not
limited
to,
ASC
946.
2. Financial
Instrument
Valuation
The
Fund's investments
in
financial
instruments
are
carried
at
fair
value
daily.
Fair
value
is
the
price
that
would
be
received
to
sell
an
asset
or
paid
to
transfer
a
liability
in
an
orderly
transaction
between
market
participants
on
the
measurement
date.
The
Fund
calculates the
net
asset
value
(NAV)
per
share
each
business
day
as
of
4
p.m.
Eastern
time
or
the
regularly
scheduled
close
of
the
New
York
Stock
Exchange
(NYSE),
whichever
is
earlier.
Senior
fixed
rate
notes
issued
by
the
Fund
are
carried
at
cost. Under
compliance
policies
and
procedures
approved
by
the
Fund’s
Board
of
Trustees
(the
Board),
the
Board
has
designated
the
Fund's
investment
manager
as
the
valuation
designee
and
has
responsibility
for
oversight
of
valuation.
The
investment
manager
is
assisted
by
the
Fund's administrator
in
performing
this responsibility,
including
leading
the
cross-
functional
Valuation
Committee
(VC).
The
Fund
may
utilize
independent
pricing
services,
quotations
from
securities
and
financial
instrument
dealers,
and
other
market
sources
to
determine
fair
value.
Equity
securities
listed
on
an
exchange
or
on
the
NASDAQ
National
Market
System
are
valued
at
the
last
quoted
sale
price
or
the
official
closing
price
of
the
day,
respectively.
Foreign
equity
securities
are
valued
as
of
the
close
of
trading
on
the
foreign
stock
exchange
on
which
the
security
is
primarily
traded
or
as
of
4
p.m.
Eastern
time.
The
value
is
then
converted
into
its
U.S.
dollar
equivalent
at
the
foreign
exchange
rate
in
effect
at
4
p.m. Eastern
time
on
the
day
that
the
value
of
the
security
is
determined.
Over-the-counter
(OTC)
securities
are
valued
within
the
range
of
the
most
recent
quoted
bid
and
ask
prices.
Securities
that
trade
in
multiple
markets
or
on
multiple
exchanges
are
valued
according
to
the
broadest
and
most
representative
market.
Certain
equity
securities
are
valued
based
upon
fundamental
characteristics
or
relationships
to
similar
securities. 
Debt
securities
generally
trade
in
the
OTC
market
rather
than
on
a
securities
exchange.
The Fund's
pricing
services
use
multiple
valuation
techniques
to
determine
fair
value.
In
instances
where
sufficient
market
activity
exists,
the
pricing
services
may
utilize
a
market-based
approach
through
which
quotes
from
market
makers
are
used
to
determine
fair
value.
In
instances
where
sufficient
market
activity
may
not
exist
or
is
limited,
the
pricing
services
also
utilize
proprietary
valuation
models
which
may
consider
market
characteristics
such
as
benchmark
yield
curves,
credit
spreads,
estimated
default
rates,
anticipated
market
interest
rate
volatility,
coupon
rates,
anticipated
timing
of
principal
repayments,
underlying
collateral,
and
other
unique
security
features
in
order
to
estimate
the
relevant
cash
flows,
which
are
then
discounted
to
calculate
the
fair
value.
Securities
denominated
in
a
foreign
currency
are
converted
into
their
U.S.
dollar
equivalent
at
the
foreign
exchange
rate
in
effect
at
4
p.m.
Eastern
time
on
the
date
that
the
values
of
the
foreign
debt
securities
are
determined.
Investments
in
open-end
mutual
funds
are
valued
at
the
closing
NAV.
The
Fund
has procedures
to
determine
the
fair
value
of
financial
instruments
for
which
market
prices
are
not
reliable
or
readily
available.
Under
these
procedures,
the
Fund
primarily employs
a
market-based
approach
which
may
use
related
or
comparable
assets
or
liabilities,
recent
transactions,
market
multiples,
and
other
relevant
information
for
the
investment
to
determine
the
fair
value
of
the
investment.
An
income-based
valuation
approach
may
also
be
used
in
which
the
anticipated
future
cash
flows
of
the
investment
are
discounted
to
calculate
fair
value.
Discounts
may
also
be
applied
due
to
the
nature
or
duration
of
any
restrictions
on
the
disposition
of
the
investments.
Due
to
the
inherent
uncertainty
of
valuations
of
such
investments,
the
fair
values
may
differ
significantly
from
the
values
that
would
have
been
used
had
an
active
market
existed. 
Franklin
Universal
Trust
Notes
to
Schedule
of
Investments
(unaudited)
33
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.
At
May
31,
2023,
certain
securities
may
have
been
fair
valued
using
these
procedures,
in
which
case
the
securities
were
categorized
as
Level
2
within
the
fair
value
hierarchy
(referred
to
as
"market
level
fair
value").
See
the
Fair
Value
Measurements
note
for
more
information.
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
May
31,
2023,
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
    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,
4.621%
$
9,360,377
$
21,121,993
$
(24,651,525)
$
—
$
—
$
5,830,845
5,830,845
$
240,430
Non-Controlled
Affiliates
Income
from
securities
loaned
Institutional
Fiduciary
Trust
-
Money
Market
Portfolio,
4.621%
$134,000
$6,497,000
$(6,484,000)
$—
$—
$147,000
147,000
$6,085
Total
Affiliated
Securities
...
$9,494,377
$27,618,993
$(31,135,525)
$—
$—
$5,977,845
$246,515
2. Financial
Instrument
Valuation
(continued)
Franklin
Universal
Trust
Notes
to
Schedule
of
Investments
(unaudited)
34
Quarterly
Schedule
of
Investments
Level
2
–
other
significant
observable
inputs
(including
quoted
prices
for
similar
financial
instruments,
interest
rates,
prepayment
speed,
credit
risk,
etc.)
Level
3
–
significant
unobservable
inputs
(including
the
Fund's
own
assumptions
in
determining
the
fair
value
of
financial
instruments)
The
input
levels
are
not
necessarily
an
indication
of
the
risk
or
liquidity
associated
with
financial
instruments
at
that
level.
A
summary
of
inputs
used
as
of
May
31,
2023,
in
valuing
the
Fund's
assets
carried
at
fair
value,
is
as
follows:
Level
1
Level
2
Level
3
Total
Franklin
Universal
Trust
Assets:
Investments
in
Securities:
Common
Stocks
:
Electric
Utilities
........................
$
47,621,037
$
—
$
—
$
47,621,037
Independent
Power
and
Renewable
Electricity
Producers
..........................
—
2,646,974
—
2,646,974
Metals
&
Mining
.......................
4,271,954
—
—
4,271,954
Multi-Utilities
..........................
30,955,128
—
—
30,955,128
Oil,
Gas
&
Consumable
Fuels
.............
3,654,141
529,311
—
4,183,452
Preferred
Stocks
.........................
571,725
—
—
571,725
Warrants
...............................
448
—
—
448
Convertible
Bonds
.......................
—
2,922
—
2,922
Corporate
Bonds
:
Aerospace
&
Defense
...................
—
601,441
—
601,441
Automobile
Components
.................
—
4,592,544
—
4,592,544
Automobiles
..........................
—
1,111,089
—
1,111,089
Banks
...............................
—
897,390
—
897,390
Beverages
...........................
—
603,095
—
603,095
Biotechnology
.........................
—
495,514
—
495,514
Broadline
Retail
.......................
—
858,306
—
858,306
Building
Products
......................
—
4,910,654
—
4,910,654
Capital
Markets
........................
—
1,179,957
—
1,179,957
Chemicals
...........................
—
7,499,716
—
7,499,716
Commercial
Services
&
Supplies
...........
—
2,705,160
—
2,705,160
Communications
Equipment
..............
—
1,077,728
—
1,077,728
Construction
&
Engineering
...............
—
2,535,577
—
2,535,577
Consumer
Finance
.....................
—
2,744,647
—
2,744,647
Consumer
Staples
Distribution
&
Retail
......
—
174,239
—
174,239
Containers
&
Packaging
.................
—
6,935,375
—
6,935,375
Distributors
...........................
—
825,702
—
825,702
Diversified
Consumer
Services
............
—
726,392
—
726,392
Diversified
REITs
......................
—
2,299,182
—
2,299,182
Diversified
Telecommunication
Services
.....
—
4,572,170
—
4,572,170
Electric
Utilities
........................
—
1,311,843
—
1,311,843
Electrical
Equipment
....................
—
2,503,548
—
2,503,548
Electronic
Equipment,
Instruments
&
Components
........................
—
424,330
—
424,330
Energy
Equipment
&
Services
.............
—
5,214,037
—
5,214,037
Entertainment
.........................
—
1,810,271
—
1,810,271
Financial
Services
......................
—
2,040,816
—
2,040,816
Food
Products
........................
—
1,563,899
—
1,563,899
Ground
Transportation
..................
—
1,757,330
—
1,757,330
Health
Care
Equipment
&
Supplies
.........
—
1,207,045
—
1,207,045
Health
Care
Providers
&
Services
..........
—
4,886,471
—
4,886,471
Health
Care
REITs
.....................
—
176,999
—
176,999
4. Fair
Value
Measurements 
(continued)
Franklin
Universal
Trust
Notes
to
Schedule
of
Investments
(unaudited)
35
Quarterly
Schedule
of
Investments
A
reconciliation
in
which
Level
3
inputs
are
used
in
determining
fair
value
is
presented
when
there
are
significant
Level
3
assets
and/or
liabilities
at
the
beginning
and/or
end
of
the
period.
At May
31,
2023,
the
reconciliation
is
as
follows:
6
Level
1
Level
2
Level
3
Total
Franklin
Universal
Trust
(continued)
Assets:
(continued)
Investments
in
Securities:
Corporate
Bonds:
Hotel
&
Resort
REITs
...................
$
—
$
342,990
$
—
$
342,990
Hotels,
Restaurants
&
Leisure
.............
—
10,509,959
—
a
10,509,959
Household
Durables
....................
—
1,780,817
—
1,780,817
Independent
Power
and
Renewable
Electricity
Producers
..........................
—
3,342,723
—
3,342,723
Insurance
............................
—
1,083,191
—
1,083,191
IT
Services
...........................
—
3,429,741
—
3,429,741
Machinery
............................
—
2,954,215
—
2,954,215
Media
...............................
—
6,041,734
—
6,041,734
Metals
&
Mining
.......................
—
2,197,563
—
2,197,563
Mortgage
Real
Estate
Investment
Trusts
(REITs)
............................
—
995,668
—
995,668
Oil,
Gas
&
Consumable
Fuels
.............
—
18,351,326
—
a
18,351,326
Paper
&
Forest
Products
.................
—
254,304
—
254,304
Passenger
Airlines
.....................
—
1,730,969
—
1,730,969
Personal
Care
Products
.................
—
811,820
—
811,820
Pharmaceuticals
.......................
—
3,373,225
—
3,373,225
Real
Estate
Management
&
Development
....
—
813,837
—
813,837
Software
.............................
—
2,417,268
—
2,417,268
Specialized
REITs
......................
—
997,604
—
997,604
Specialty
Retail
........................
—
3,477,332
—
3,477,332
Textiles,
Apparel
&
Luxury
Goods
..........
—
400,483
—
400,483
Trading
Companies
&
Distributors
..........
—
924,885
—
924,885
Wireless
Telecommunication
Services
.......
—
852,529
—
852,529
Senior
Floating
Rate
Interests
...............
—
121,853
—
121,853
Marketplace
Loans
.......................
—
—
13,194,179
13,194,179
Asset-Backed
Securities
...................
—
801,720
—
801,720
Escrows
and
Litigation
Trusts
...............
—
30,975
—
30,975
Short
Term
Investments
...................
5,977,845
—
—
5,977,845
Total
Investments
in
Securities
...........
$93,052,278
$141,460,405
$13,194,179
$247,706,862
a
Includes
financial
instruments
determined
to
have
no
value
at
May
31,
2023.
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:
Common
Stocks
:
Oil,
Gas
&
Consumable
Fuels
..........
$
—
d
$
—
$
(151)
$
—
$
—
$
—
$
(74,975)
$
75,126
$
—
$
—
Warrants
:
Oil,
Gas
&
Consumable
Fuels
..........
—
d
—
—
d
—
—
—
—
—
—
—
4. Fair
Value
Measurements 
(continued)
Franklin
Universal
Trust
Notes
to
Schedule
of
Investments
(unaudited)
36
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
May
31,
2023,
are
as
follows:
a
Weighted
based
on
the
relative
fair
value
of
the
financial
instruments.
b
Represents
the
directional
change
in
the
fair
value
of
the
Level
3
financial
instruments
that
would
result
from
a
significant
and
reasonable
increase
in
the
corresponding
input.
A
significant
and
reasonable
decrease
in
the
input
would
have
the
opposite
effect.
Significant
increases
and
decreases
in
these
inputs
in
isolation
could
result
in
significantly
higher
or
lower
fair
value
measurements.
c
Includes
financial
instruments
determined
to
have
no
value
at
May
31,
2023.
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
Unrealized
Appreciation
(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
(continued)
Assets:
Investments
in
Securities:
Corporate
Bonds
:
Hotels,
Restaurants
&
Leisure
.........
$
540
$
—
$
—
$
—
$
—
$
—
$
—
$
(540)
$
—
d
$
(540)
Oil,
Gas
&
Consumable
Fuels
..........
—
—
—
3,864
—
—
—
(3,864)
—
d
(3,864)
Marketplace
Loans
:
Financial
Services
...
21,006,789
51,174
(7,604,223)
—
—
—
(254,530)
(5,031)
13,194,179
(593,671)
Total
Investments
in
Securities
............
$21,007,329
$51,174
$(7,604,374)
$3,864
$—
$—
$(329,505)
$65,691
$13,194,179
$(598,075)
a
Purchases
include
all
purchases
of
securities
and
securities
received
in
corporate
actions.
b
Sales
include
all
sales
of
securities,
maturities,
paydowns
and
securities
tendered
in
corporate
actions.
c
Transferred
into
level
3
as
a
result
of
the
unavailability
of
a
quoted
market
price
in
an
active
market
for
identical
securities
or
other
significant
observable
valuation
inputs.
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.......
$13,194,179
Discounted
cash
flow
Loss-adjusted
discount
rate
0.3%
-
18.7%
(8.2%)
Decrease
Projected
loss
rate
2.2%
-
55.6%
(19.7%)
Decrease
All
Other
Investments………...
—
c
Total.......................................
$13,194,179
4. Fair
Value
Measurements 
(continued)
Franklin
Universal
Trust
Notes
to
Schedule
of
Investments
(unaudited)
37
Quarterly
Schedule
of
Investments
Abbreviations
Selected
Portfolio
ADR
American
Depositary
Receipt
CME
Chicago
Mercantile
Exchange
FRN
Floating
Rate
Note
PIK
Payment-In-Kind
REIT
Real
Estate
Investment
Trust
SOFR
Secured
Overnight
Financing
Rate
For
additional
information
on
the
Fund's
significant
accounting
policies,
please
refer
to
the Fund's
most
recent
semiannual
or
annual
shareholder
report. 
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