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Schedule
of
Investments
(unaudited)
Franklin
Universal
Trust
2
Notes
to
Schedule
of
Investments
19
Franklin
Universal
Trust
Schedule
of
Investments
(unaudited),
May
31,
2026
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
47.6%
Electric
Utilities
25.6%
Alliant
Energy
Corp.
.................................
United
States
80,000
$
5,728,800
American
Electric
Power
Co.,
Inc.
.......................
United
States
36,000
4,560,120
Constellation
Energy
Corp.
............................
United
States
5,000
1,438,750
Duke
Energy
Corp.
..................................
United
States
40,000
4,909,200
Edison
International
.................................
United
States
20,000
1,398,800
Entergy
Corp.
......................................
United
States
60,000
6,543,000
Evergy,
Inc.
........................................
United
States
72,000
5,906,880
Exelon
Corp.
.......................................
United
States
40,000
1,825,600
FirstEnergy
Corp.
...................................
United
States
50,000
2,319,500
NextEra
Energy,
Inc.
.................................
United
States
115,000
10,006,150
Pinnacle
West
Capital
Corp.
...........................
United
States
20,000
1,994,800
PPL
Corp.
.........................................
United
States
24,500
867,055
Southern
Co.
(The)
..................................
United
States
50,000
4,602,500
Xcel
Energy,
Inc.
....................................
United
States
55,000
4,372,500
56,473,655
Metals
&
Mining
4.3%
BHP
Group
Ltd.,
ADR
................................
Australia
25,185
2,239,198
Freeport-McMoRan,
Inc.
..............................
United
States
40,380
2,653,370
Newmont
Corp.
.....................................
United
States
26,000
2,855,060
Rio
Tinto
plc,
ADR
...................................
Australia
15,000
1,595,850
South32
Ltd.,
ADR
..................................
Australia
10,074
174,834
9,518,312
Multi-Utilities
15.7%
CenterPoint
Energy,
Inc.
..............................
United
States
122,800
5,189,528
CMS
Energy
Corp.
..................................
United
States
60,000
4,354,200
Consolidated
Edison,
Inc.
.............................
United
States
15,000
1,584,450
Dominion
Energy,
Inc.
................................
United
States
65,000
4,351,100
DTE
Energy
Co.
....................................
United
States
30,000
4,286,100
NiSource,
Inc.
......................................
United
States
60,000
2,773,200
Public
Service
Enterprise
Group,
Inc.
....................
United
States
25,000
1,966,250
Sempra,
Inc.
.......................................
United
States
90,000
8,021,700
WEC
Energy
Group,
Inc.
..............................
United
States
20,000
2,221,000
34,747,528
Oil,
Gas
&
Consumable
Fuels
1.9%
a
Amplify
Energy
Corp.
................................
United
States
245
1,134
Birch
Permian
Holdings,
Inc.
...........................
United
States
32,490
189,254
California
Resources
Corp.
............................
United
States
47
2,787
DT
Midstream,
Inc.
..................................
United
States
10,000
1,399,800
Enbridge,
Inc.
......................................
Canada
39,360
2,154,567
Expand
Energy
Corp.
................................
United
States
2,380
221,292
Woodside
Energy
Group
Ltd.,
ADR
......................
Australia
9,101
198,675
4,167,509
Pharmaceuticals
0.1%
a
Keenova
Therapeutics
plc
.............................
United
States
2,929
273,862
a
Par
Health,
Inc.
.....................................
United
States
2,929
11,411
285,273
Software
0.0%
†
a,b
DSG
Topco,
Inc.
....................................
United
States
2,027
760
Total
Common
Stocks
(Cost
$33,999,407)
....................................
105,193,037
Franklin
Universal
Trust
Schedule
of
Investments
(unaudited)
See
Notes
to
Schedule
of
Investments.
Quarterly
Schedule
of
Investments
3
a
a
Country
Shares
a
Value
a
a
a
a
a
a
Convertible
Preferred
Stocks
0.3%
Aerospace
&
Defense
0.1%
Boeing
Co.
(The),
6%
................................
United
States
3,000
$
216,360
Software
0.2%
Oracle
Corp.,
D,
6.5%
................................
United
States
5,357
343,384
Total
Convertible
Preferred
Stocks
(Cost
$417,850)
............................
559,744
Preferred
Stocks
0.2%
Electric
Utilities
0.2%
SCE
Trust
II,
5.1%
..................................
United
States
27,500
481,250
Total
Preferred
Stocks
(Cost
$598,125)
.......................................
481,250
Rights
Rights
0.0%
†
Diversified
Telecommunication
Services
0.0%
†
a
Altice
France
SA,
2/20/49
.............................
France
1,254
19,380
Total
Rights
(Cost
$–)
......................................................
19,380
Principal
Amount
*
Convertible
Bonds
0.3%
Oil,
Gas
&
Consumable
Fuels
0.3%
c
Crescent
Energy
Co.
,
Senior
Note
,
144A,
2.75
%
,
3/15/31
.....
United
States
490,000
521,360
Total
Convertible
Bonds
(Cost
$490,000)
.....................................
521,360
Corporate
Bonds
73.8%
Aerospace
&
Defense
1.8%
d
ATI,
Inc.
,
Senior
Note
,
7.25
%
,
8/15/30
....................
United
States
700,000
727,319
c
Axon
Enterprise,
Inc.
,
Senior
Note
,
144A,
6.25
%
,
3/15/33
.....
United
States
250,000
256,378
c
Bombardier,
Inc.
,
Senior
Note,
144A,
7%,
6/01/32
......................
Canada
85,000
88,633
Senior
Note,
144A,
5.875%,
1/15/35
...................
Canada
660,000
666,283
c
Efesto
Bidco
SpA
Efesto
US
LLC
,
XR
,
Senior
Secured
Note
,
144A,
7.5
%
,
2/15/32
...............................
Italy
1,050,000
1,029,625
c
TransDigm,
Inc.
,
Senior
Secured
Note,
144A,
6%,
1/15/33
................
United
States
170,000
172,041
Senior
Sub.
Note,
144A,
6.75%,
1/31/34
................
United
States
1,020,000
1,046,469
3,986,748
Automobile
Components
2.2%
c,d
Adient
Global
Holdings
Ltd.
,
Senior
Note
,
144A,
8.25
%
,
4/15/31
United
States
300,000
313,002
c
Allison
Transmission,
Inc.
,
Senior
Bond,
144A,
3.75%,
1/30/31
....................
United
States
300,000
281,149
Senior
Note,
144A,
4.75%,
10/01/27
...................
United
States
600,000
600,046
c
Clarios
Global
LP
/
Clarios
US
Finance
Co.
,
Senior
Note
,
144A,
6.75
%
,
9/15/32
...................................
United
States
310,000
317,802
c
Dexko
Global,
Inc.
,
Senior
Note
,
144A,
7.5
%
,
4/15/32
........
United
States
1,841,500
1,593,708
c
Forvia
SE
,
Senior
Note
,
144A,
6.75
%
,
9/15/33
..............
France
355,000
357,545
c,e
IHO
Verwaltungs
GmbH
,
Senior
Secured
Note,
144A,
PIK,
7.75%,
11/15/30
.........
Germany
400,000
413,800
Senior
Secured
Note,
144A,
PIK,
8%,
11/15/32
...........
Germany
900,000
939,852
4,816,904
Automobiles
0.5%
c
Jaguar
Land
Rover
Automotive
plc
,
Senior
Note
,
144A,
5.5
%
,
7/15/29
.........................................
United
Kingdom
500,000
497,218
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)
Automobiles
(continued)
c
Nissan
Motor
Co.
Ltd.
,
Senior
Bond
,
144A,
8.125
%
,
7/17/35
...
Japan
565,000
$
600,468
1,097,686
Biotechnology
1.1%
c
Emergent
BioSolutions,
Inc.
,
Senior
Note
,
144A,
3.875
%
,
8/15/28
United
States
900,000
818,982
c
Genmab
A/S
/
Genmab
Finance
LLC
,
Senior
Note,
144A,
7.25%,
12/15/33
...................
Denmark
480,000
500,093
Senior
Secured
Note,
144A,
6.25%,
12/15/32
............
Denmark
480,000
489,357
c
Grifols
SA
,
Senior
Note
,
144A,
4.75
%
,
10/15/28
............
Spain
600,000
591,094
2,399,526
Broadline
Retail
0.7%
c,d
Wayfair
LLC
,
Senior
Secured
Note,
144A,
7.25%,
10/31/29
............
United
States
700,000
720,817
Senior
Secured
Note,
144A,
7.75%,
9/15/30
.............
United
States
800,000
833,519
1,554,336
Building
Products
1.6%
c,d
Advanced
Drainage
Systems,
Inc.
,
Senior
Note
,
144A,
6.375
%
,
6/15/30
.........................................
United
States
500,000
506,715
c
Cornerstone
Building
Brands,
Inc.
,
Senior
Note
,
144A,
6.125
%
,
1/15/29
.........................................
United
States
300,000
55,500
c,d
EMRLD
Borrower
LP
/
Emerald
Co-Issuer,
Inc.
,
Senior
Secured
Note
,
144A,
6.625
%
,
12/15/30
........................
United
States
800,000
818,883
c
Miter
Brands
Acquisition
Holdco,
Inc.
/
MIWD
Borrower
LLC
,
Senior
Secured
Note
,
144A,
6.75
%
,
4/01/32
..............
United
States
205,000
201,696
c
Quikrete
Holdings,
Inc.
,
Senior
Secured
Note
,
144A,
6.375
%
,
3/01/32
.........................................
United
States
300,000
305,679
c,d
Standard
Building
Solutions,
Inc.
,
Senior
Note,
144A,
6.5%,
8/15/32
.....................
United
States
600,000
609,534
Senior
Note,
144A,
6.25%,
8/01/33
....................
United
States
495,000
496,110
c
Standard
Industries,
Inc.
,
d
Senior
Bond,
144A,
4.75%,
1/15/28
....................
United
States
500,000
497,920
Senior
Bond,
144A,
4.375%,
7/15/30
...................
United
States
100,000
95,327
3,587,364
Capital
Markets
1.1%
c
Jane
Street
Group
/
JSG
Finance,
Inc.
,
d
Senior
Secured
Note,
144A,
4.5%,
11/15/29
.............
United
States
500,000
489,754
Senior
Secured
Note,
144A,
6.125%,
11/01/32
...........
United
States
500,000
501,534
d
Senior
Secured
Note,
144A,
6.75%,
5/01/33
.............
United
States
600,000
617,457
c
Stonex
Escrow
Issuer
LLC
,
Secured
Note
,
144A,
6.875
%
,
7/15/32
United
States
285,000
294,290
c,d
StoneX
Group,
Inc.
,
Secured
Note
,
144A,
7.875
%
,
3/01/31
....
United
States
500,000
526,621
2,429,656
Chemicals
2.0%
c,e
Advancion
Sciences,
Inc.
,
Senior
Note
,
144A,
PIK,
9.25
%
,
11/01/26
........................................
United
States
194,518
156,587
b,c,e,f
Anagram
Holdings
LLC
/
Anagram
International,
Inc.
,
Secured
Note
,
144A,
PIK,
10
%
,
8/15/26
........................
United
States
257,209
—
c
ARC
Falcon
I,
Inc.
/
Arclin
USA
LLC
/
New
Arclin
US
Holding
Corp.
,
Senior
Secured
Note
,
144A,
9.75
%
,
3/01/33
.........
United
States
525,000
507,951
c
Avient
Corp.
,
Senior
Note
,
144A,
6.25
%
,
11/01/31
...........
United
States
300,000
304,517
c,f
Braskem
Idesa
SAPI
,
Senior
Secured
Bond
,
144A,
6.99
%
,
2/20/32
.........................................
Mexico
300,000
204,230
c
Cerdia
Finanz
GmbH
,
Senior
Secured
Note
,
144A,
9.375
%
,
10/03/31
........................................
Germany
300,000
267,000
c
Element
Solutions,
Inc.
,
Senior
Note
,
144A,
3.875
%
,
9/01/28
...
United
States
200,000
194,924
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)
Chemicals
(continued)
FMC
Corp.
,
Sub.
Bond
,
8.45%
to
10/31/30,
FRN
thereafter
,
11/01/55
........................................
United
States
300,000
$
223,835
c,e
GPD
Cos.,
Inc.
,
Senior
Secured
Note
,
144A,
PIK,
12.5
%
,
12/31/29
........................................
United
States
802,267
543,514
c
Illuminate
Buyer
LLC
/
Illuminate
Holdings
IV,
Inc.
,
Senior
Note
,
144A,
9
%
,
7/01/28
.................................
United
States
218,000
217,853
c,d
Rain
Carbon,
Inc.
,
Senior
Secured
Note
,
144A,
12.25
%
,
9/01/29
United
States
1,200,000
1,276,531
c
Solstice
Advanced
Materials,
Inc.
,
Senior
Note
,
144A,
5.625
%
,
9/30/33
.........................................
United
States
625,000
618,279
4,515,221
Commercial
Services
&
Supplies
1.6%
c,d
Enviri
Corp.
,
Senior
Note
,
144A,
5.75
%
,
7/31/27
............
United
States
500,000
500,000
c
Neptune
Bidco
US,
Inc.
,
Senior
Secured
Note,
144A,
9.29%,
4/15/29
.............
United
States
130,000
133,006
Senior
Secured
Note,
144A,
9.5%,
2/15/33
..............
United
States
625,000
640,126
c,d
RR
Donnelley
&
Sons
Co.
,
Senior
Secured
Note
,
144A,
9.5
%
,
8/01/29
.........................................
United
States
1,125,000
1,167,323
c
Veritiv
Operating
Co.
,
Senior
Secured
Note
,
144A,
10.5
%
,
11/30/30
........................................
United
States
225,000
231,136
c
Waste
Pro
USA,
Inc.
,
Senior
Note
,
144A,
7
%
,
2/01/33
........
United
States
200,000
204,951
c,d
Wrangler
Holdco
Corp.
,
Senior
Note
,
144A,
6.625
%
,
4/01/32
...
Canada
700,000
719,399
3,595,941
Communications
Equipment
0.2%
c
Viasat,
Inc.
,
Senior
Note
,
144A,
7.5
%
,
5/30/31
..............
United
States
525,000
530,644
Construction
&
Engineering
0.2%
c
Arcosa,
Inc.
,
d
Senior
Note,
144A,
4.375%,
4/15/29
...................
United
States
300,000
293,424
Senior
Note,
144A,
6.875%,
8/15/32
...................
United
States
100,000
103,694
397,118
Consumer
Finance
3.6%
c
Encore
Capital
Group,
Inc.
,
Senior
Secured
Note,
144A,
8.5%,
5/15/30
..............
United
States
400,000
425,933
Senior
Secured
Note,
144A,
6.625%,
6/01/32
............
United
States
875,000
875,367
c
FirstCash,
Inc.
,
d
Senior
Note,
144A,
6.875%,
3/01/32
...................
United
States
1,100,000
1,132,408
Senior
Note,
144A,
6.125%,
5/01/34
...................
United
States
270,000
270,330
c
Jefferson
Capital
Holdings
LLC
,
Senior
Note,
144A,
6%,
8/15/26
......................
United
States
500,000
501,248
Senior
Note,
144A,
9.5%,
2/15/29
.....................
United
States
1,400,000
1,471,877
c
Macquarie
Airfinance
Holdings
Ltd.
,
Senior
Note
,
144A,
6.5
%
,
3/26/31
.........................................
United
Kingdom
200,000
209,331
OneMain
Finance
Corp.
,
Senior
Bond,
5.375%,
11/15/29
.......................
United
States
500,000
488,204
Senior
Note,
6.5%,
3/15/33
..........................
United
States
290,000
283,392
c
PRA
Group,
Inc.
,
d
Senior
Note,
144A,
8.375%,
2/01/28
...................
United
States
600,000
610,205
Senior
Note,
144A,
5%,
10/01/29
.....................
United
States
300,000
284,644
Senior
Note,
144A,
8.875%,
1/31/30
...................
United
States
400,000
411,545
c,d
PROG
Holdings,
Inc.
,
Senior
Note
,
144A,
6
%
,
11/15/29
.......
United
States
900,000
878,191
7,842,675
Consumer
Staples
Distribution
&
Retail
0.3%
c,d
US
Foods,
Inc.
,
Senior
Note
,
144A,
6.875
%
,
9/15/28
.........
United
States
700,000
717,916
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)
Containers
&
Packaging
1.5%
c
CANPACK
Group,
Inc.
/
CANPACK
SA
,
Senior
Note
,
144A,
6
%
,
5/15/31
.........................................
United
States
200,000
$
201,105
c,d
Clydesdale
Acquisition
Holdings,
Inc.
,
Senior
Secured
Note
,
144A,
6.75
%
,
4/15/32
...............................
United
States
1,000,000
962,177
c
Mauser
Packaging
Solutions
Holding
Co.
,
Secured
Note
,
144A,
9.25
%
,
4/15/30
...................................
United
States
1,500,000
1,438,617
c,d
Toucan
FinCo
Ltd.
/
Toucan
FinCo
Can,
Inc.
/
Toucan
FinCo
US
LLC
,
Senior
Secured
Note
,
144A,
9.5
%
,
5/15/30
...........
Canada
750,000
667,893
3,269,792
Distributors
0.2%
c
Gates
Corp.
,
Senior
Note
,
144A,
6.875
%
,
7/01/29
...........
United
States
400,000
412,313
c
RB
Global
Holdings,
Inc.
,
Senior
Secured
Note
,
144A,
6.75
%
,
3/15/28
.........................................
Canada
125,000
127,102
539,415
Diversified
Consumer
Services
0.1%
Grand
Canyon
University
,
Secured
Note
,
5.125
%
,
10/01/28
....
United
States
300,000
297,957
Diversified
REITs
1.0%
c,d
Global
Net
Lease,
Inc.
,
Senior
Note
,
144A,
4.5
%
,
9/30/28
.....
United
States
900,000
882,271
c,d
Global
Net
Lease,
Inc.
/
Global
Net
Lease
Operating
Partnership
LP
,
Senior
Note
,
144A,
3.75
%
,
12/15/27
.................
United
States
670,000
657,968
c,d
VICI
Properties
LP
/
VICI
Note
Co.,
Inc.
,
Senior
Note
,
144A,
3.75
%
,
2/15/27
...................................
United
States
700,000
695,855
2,236,094
Diversified
Telecommunication
Services
4.1%
c
APLD
ComputeCo
2
LLC
,
Senior
Secured
Note
,
144A,
6.75
%
,
3/15/31
.........................................
United
States
690,000
695,847
c
APLD
ComputeCo
LLC
,
Senior
Secured
Note
,
144A,
9.25
%
,
12/15/30
........................................
United
States
1,025,000
1,107,024
c
Black
Pearl
Compute
LLC
,
Senior
Secured
Note
,
144A,
6.125
%
,
2/15/31
.........................................
United
States
400,000
407,464
c
CCO
Holdings
LLC
/
CCO
Holdings
Capital
Corp.
,
d
Senior
Bond,
144A,
5.375%,
6/01/29
...................
United
States
500,000
491,104
d
Senior
Bond,
144A,
4.5%,
8/15/30
.....................
United
States
1,700,000
1,583,378
Senior
Bond,
144A,
4.25%,
2/01/31
....................
United
States
200,000
181,195
Senior
Note,
144A,
7%,
2/01/33
......................
United
States
200,000
195,626
c
Cipher
Compute
LLC
,
Senior
Secured
Note
,
144A,
7.125
%
,
11/15/30
........................................
United
States
385,000
401,825
c
Edged
Compute
LLC
,
Senior
Secured
Note
,
144A,
7.5
%
,
4/30/31
United
States
1,100,000
1,103,797
c
PR
RNO
Property
Owner
1
LLC
,
Senior
Secured
Note
,
144A,
6.5
%
,
5/01/31
....................................
United
States
765,000
766,492
c
SV
RNO
Property
Owner
1
LLC
,
Senior
Secured
Note
,
144A,
5.875
%
,
3/01/31
...................................
United
States
610,000
602,708
c,d
Virgin
Media
Secured
Finance
plc
,
Senior
Secured
Bond
,
144A,
4.5
%
,
8/15/30
....................................
United
Kingdom
1,100,000
957,920
c
WULF
Compute
LLC
,
Senior
Secured
Note
,
144A,
7.75
%
,
10/15/30
........................................
United
States
560,000
588,753
9,083,133
Electric
Utilities
1.8%
c,d
California
Buyer
Ltd.
/
Atlantica
Sustainable
Infrastructure
plc
,
Senior
Note
,
144A,
6.375
%
,
2/15/32
....................
United
Kingdom
1,500,000
1,492,540
c
NRG
Energy,
Inc.
,
Senior
Bond,
144A,
6%,
1/15/36
......................
United
States
665,000
660,992
d
Senior
Note,
144A,
5.75%,
7/15/29
....................
United
States
800,000
801,036
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)
Electric
Utilities
(continued)
c
Vistra
Operations
Co.
LLC
,
d
Senior
Note,
144A,
4.375%,
5/01/29
...................
United
States
400,000
$
392,524
Senior
Note,
144A,
7.75%,
10/15/31
...................
United
States
100,000
104,885
Senior
Note,
144A,
6.875%,
4/15/32
...................
United
States
400,000
416,434
3,868,411
Electronic
Equipment,
Instruments
&
Components
0.2%
c,d
TTM
Technologies,
Inc.
,
Senior
Note
,
144A,
4
%
,
3/01/29
......
United
States
500,000
484,553
Energy
Equipment
&
Services
2.2%
c
Archrock
Services
LP
/
Archrock
Partners
Finance
Corp.
,
Senior
Note
,
144A,
6
%
,
2/01/34
............................
United
States
625,000
625,527
Borr
IHC
Ltd.
/
Borr
Finance
LLC
,
g
Senior
Secured
Note,
9%,
1/15/34
.....................
Mexico
205,000
205,912
c
Senior
Secured
Note,
144A,
10.375%,
11/15/30
..........
Mexico
214,092
227,501
c,g
Senior
Secured
Note,
144A,
8.75%,
1/15/32
.............
Mexico
255,000
257,091
c
Kodiak
Gas
Services
LLC
,
Senior
Note,
144A,
5.875%,
4/01/31
...................
United
States
385,000
387,521
Senior
Note,
144A,
6.5%,
10/01/33
....................
United
States
180,000
183,267
c
Nabors
Industries,
Inc.
,
Senior
Note,
144A,
9.125%,
1/31/30
...................
United
States
300,000
314,539
Senior
Note,
144A,
8.875%,
8/15/31
...................
United
States
255,000
267,492
Oceaneering
International,
Inc.
,
Senior
Note
,
6
%
,
2/01/28
.....
United
States
300,000
302,999
Transocean
International
Ltd.
,
Senior
Bond,
6.8%,
3/15/38
..........................
United
States
600,000
573,183
c
Senior
Note,
144A,
8.25%,
5/15/29
....................
United
States
100,000
103,918
c
Senior
Note,
144A,
7.875%,
10/15/32
..................
United
States
90,000
96,070
c
Senior
Secured
Note,
144A,
8.75%,
2/15/30
.............
United
States
560,000
587,103
c
Weatherford
International
Ltd.
,
d
Senior
Note,
144A,
8.625%,
4/30/30
...................
United
States
184,000
187,373
Senior
Note,
144A,
6.75%,
10/15/33
...................
United
States
590,000
607,429
4,926,925
Entertainment
1.0%
c,d
Banijay
Entertainment
SAS
,
Senior
Secured
Note
,
144A,
8.125
%
,
5/01/29
.........................................
France
800,000
823,668
Discovery
Global
Holdings,
Inc.
,
Senior
Bond,
5.05%,
3/15/42
.........................
United
States
350,000
256,812
Senior
Note,
4.054%,
3/15/29
........................
United
States
520,000
518,617
c
OAK-Eagle
Acquireco,
Inc.
,
Senior
Note,
144A,
8.75%,
7/01/34
....................
United
States
260,000
274,923
Senior
Secured
Note,
144A,
7.25%,
7/01/33
.............
United
States
310,000
323,467
2,197,487
Financial
Services
2.8%
c
CrossCountry
Intermediate
HoldCo
LLC
,
Senior
Note,
144A,
6.5%,
10/01/30
....................
United
States
430,000
423,825
Senior
Note,
144A,
6.75%,
12/01/32
...................
United
States
625,000
601,458
c
Freedom
Mortgage
Holdings
LLC
,
Senior
Note,
144A,
9.25%,
2/01/29
....................
United
States
300,000
312,635
Senior
Note,
144A,
6.875%,
5/01/31
...................
United
States
300,000
290,950
d
Senior
Note,
144A,
8.375%,
4/01/32
...................
United
States
650,000
660,405
Senior
Note,
144A,
7.875%,
4/01/33
...................
United
States
325,000
317,612
c
GGAM
Finance
Ltd.
,
Senior
Note
,
144A,
8
%
,
6/15/28
........
Ireland
700,000
728,007
c
Osaic
Holdings,
Inc.
,
Senior
Note,
144A,
8%,
8/01/33
......................
United
States
500,000
509,037
Senior
Secured
Note,
144A,
6.75%,
8/01/32
.............
United
States
235,000
237,412
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)
Financial
Services
(continued)
c
PHH
Escrow
Issuer
LLC
/
PHH
Corp.
,
Senior
Note
,
144A,
9.875
%
,
11/01/29
..................................
United
States
1,800,000
$
1,770,405
c
Rocket
Cos.,
Inc.
,
Senior
Note
,
144A,
6.375
%
,
8/01/33
.......
United
States
400,000
406,700
6,258,446
Food
Products
1.5%
c
Chobani
LLC
/
Chobani
Finance
Corp.,
Inc.
,
Senior
Note,
144A,
7.625%,
7/01/29
...................
United
States
200,000
206,454
Senior
Note,
144A,
6.375%,
4/15/34
...................
United
States
265,000
269,645
d
Senior
Secured
Note,
144A,
4.625%,
11/15/28
...........
United
States
800,000
792,933
c
Darling
Ingredients,
Inc.
,
Senior
Note
,
144A,
6
%
,
6/15/30
.....
United
States
200,000
202,035
c
Froneri
Lux
FinCo
SARL
,
Senior
Secured
Note
,
144A,
6
%
,
8/01/32
.........................................
United
Kingdom
920,000
897,666
c
Industrial
F&B
Investments
III,
Inc.
,
Senior
Secured
Note
,
144A,
7.75
%
,
2/11/33
....................................
United
States
475,000
484,860
c,d
Post
Holdings,
Inc.
,
Senior
Bond
,
144A,
4.625
%
,
4/15/30
.....
United
States
400,000
389,511
3,243,104
Ground
Transportation
0.8%
c
Beacon
Mobility
Corp.
,
Senior
Secured
Note
,
144A,
7.25
%
,
8/01/30
.........................................
United
States
260,000
269,340
c,d
First
Student
Bidco,
Inc.
/
First
Transit
Parent,
Inc.
,
Senior
Secured
Note
,
144A,
4
%
,
7/31/29
.....................
United
States
900,000
871,091
c
Watco
Cos.
LLC
/
Watco
Finance
Corp.
,
Senior
Note
,
144A,
7.125
%
,
8/01/32
...................................
United
States
660,000
680,374
1,820,805
Health
Care
Equipment
&
Supplies
0.5%
c
Bausch
+
Lomb
Corp.
,
Senior
Secured
Note
,
144A,
8.375
%
,
10/01/28
........................................
United
States
400,000
413,500
c
Insulet
Corp.
,
Senior
Note
,
144A,
6.5
%
,
4/01/33
............
United
States
100,000
101,839
c,d
Medline
Borrower
LP
,
Senior
Note
,
144A,
5.25
%
,
10/01/29
....
United
States
500,000
499,413
1,014,752
Health
Care
Providers
&
Services
3.0%
d
Centene
Corp.
,
Senior
Bond
,
2.5
%
,
3/01/31
...............
United
States
500,000
435,845
c
CHS/Community
Health
Systems,
Inc.
,
144A,
10.75%,
6/15/33
.............................
United
States
500,000
535,308
Secured
Note,
144A,
6.125%,
4/01/30
..................
United
States
500,000
455,108
Senior
Secured
Note,
144A,
6%,
1/15/29
................
United
States
300,000
297,279
Senior
Secured
Note,
144A,
10.875%,
1/15/32
...........
United
States
288,000
310,678
c
DaVita,
Inc.
,
d
Senior
Note,
144A,
4.625%,
6/01/30
...................
United
States
1,200,000
1,166,656
Senior
Note,
144A,
6.875%,
9/01/32
...................
United
States
200,000
207,276
c,d
Kedrion
SpA
,
Senior
Secured
Note
,
144A,
6.5
%
,
9/01/29
......
Italy
1,500,000
1,481,082
c
MPH
Acquisition
Holdings
LLC
,
Senior
Secured
Note,
144A,
5.75%,
12/31/30
............
United
States
90,027
72,542
e
Senior
Secured
Note,
144A,
PIK,
11.5%,
12/31/30
.........
United
States
144,760
130,121
e
Senior
Secured
Note,
144A,
PIK,
6.75%,
3/31/31
.........
United
States
777,986
469,062
Tenet
Healthcare
Corp.
,
Senior
Secured
Note,
6.125%,
6/15/30
.................
United
States
575,000
581,138
d
Senior
Secured
Note,
6.75%,
5/15/31
..................
United
States
500,000
515,220
6,657,315
Health
Care
REITs
0.9%
c
Diversified
Healthcare
Trust
,
Senior
Secured
Note
,
144A,
7.25
%
,
10/15/30
........................................
United
States
1,190,000
1,223,491
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)
Health
Care
REITs
(continued)
c,d
MPT
Operating
Partnership
LP
/
MPT
Finance
Corp.
,
Senior
Secured
Note
,
144A,
8.5
%
,
2/15/32
....................
United
States
750,000
$
781,511
2,005,002
Health
Care
Technology
0.4%
c,d
IQVIA,
Inc.
,
Senior
Note
,
144A,
6.25
%
,
6/01/32
.............
United
States
925,000
946,136
Hotel
&
Resort
REITs
0.8%
c
Pebblebrook
Hotel
LP
/
PEB
Finance
Corp.
,
Senior
Note
,
144A,
6.375
%
,
10/15/29
..................................
United
States
355,000
362,010
c
RHP
Hotel
Properties
LP
/
RHP
Finance
Corp.
,
d
Senior
Note,
144A,
7.25%,
7/15/28
....................
United
States
300,000
307,185
d
Senior
Note,
144A,
6.5%,
4/01/32
.....................
United
States
700,000
718,126
Senior
Note,
144A,
6.5%,
6/15/33
.....................
United
States
275,000
283,012
c
XHR
LP
,
Senior
Note
,
144A,
6.625
%
,
5/15/30
..............
United
States
200,000
204,938
1,875,271
Hotels,
Restaurants
&
Leisure
4.5%
c
A&K
Travel
Group
Holdings
Ltd.
,
Senior
Note
,
144A,
7.5
%
,
5/15/33
.........................................
United
Kingdom
450,000
456,560
c
Allwyn
Entertainment
Financing
UK
plc
,
Senior
Secured
Note
,
144A,
7.875
%
,
4/30/29
..............................
Switzerland
800,000
826,250
c,d
Carnival
Corp.
Ltd.
,
Senior
Note
,
144A,
5.75
%
,
8/01/32
.......
United
States
835,000
844,546
c
Fertitta
Entertainment
LLC
/
Fertitta
Entertainment
Finance
Co.,
Inc.
,
Senior
Note
,
144A,
6.75
%
,
1/15/30
.................
United
States
1,300,000
1,269,476
c,d
Great
Canadian
Gaming
Corp.
/
Raptor
LLC
,
Senior
Secured
Note
,
144A,
8.75
%
,
11/15/29
.........................
Canada
900,000
888,358
c
Hilton
Domestic
Operating
Co.,
Inc.
,
Senior
Note
,
144A,
5.5
%
,
9/15/31
.........................................
United
States
815,000
820,158
c,d
Mohegan
Tribal
Gaming
Authority
/
MS
Digital
Entertainment
Holdings
LLC
,
Senior
Secured
Note
,
144A,
8.25
%
,
4/15/30
..
United
States
650,000
678,868
c
NCL
Corp.
Ltd.
,
d
Senior
Note,
144A,
6.75%,
2/01/32
....................
United
States
500,000
495,978
Senior
Note,
144A,
6.25%,
9/15/33
....................
United
States
480,000
460,568
c
Rivers
Enterprise
Borrower
LLC
,
Senior
Secured
Note
,
144A,
6.25
%
,
10/15/30
...................................
United
States
275,000
277,399
c
Royal
Caribbean
Cruises
Ltd.
,
Senior
Note,
144A,
6.25%,
3/15/32
....................
United
States
300,000
306,491
Senior
Note,
144A,
6%,
2/01/33
......................
United
States
300,000
304,202
c
Station
Casinos
LLC
,
Senior
Bond,
144A,
4.625%,
12/01/31
..................
United
States
150,000
142,096
Senior
Note,
144A,
4.5%,
2/15/28
.....................
United
States
250,000
246,598
c
Viking
Cruises
Ltd.
,
d
Senior
Note,
144A,
7%,
2/15/29
......................
United
States
600,000
604,087
Senior
Note,
144A,
5.875%,
10/15/33
..................
United
States
520,000
521,350
c,d
Wynn
Resorts
Finance
LLC
/
Wynn
Resorts
Capital
Corp.
,
Senior
Note
,
144A,
7.125
%
,
2/15/31
.........................
United
States
800,000
845,469
9,988,454
Household
Durables
2.0%
c
Ashton
Woods
USA
LLC
/
Ashton
Woods
Finance
Co.
,
d
Senior
Note,
144A,
4.625%,
8/01/29
...................
United
States
1,200,000
1,153,525
Senior
Note,
144A,
6.875%,
8/01/33
...................
United
States
70,000
68,700
c,d
Dream
Finders
Homes,
Inc.
,
Senior
Note
,
144A,
8.25
%
,
8/15/28
United
States
500,000
512,587
c
K.
Hovnanian
Enterprises,
Inc.
,
Senior
Note,
144A,
8%,
4/01/31
......................
United
States
150,000
151,734
Senior
Note,
144A,
8.375%,
10/01/33
..................
United
States
225,000
227,333
d
M/I
Homes,
Inc.
,
Senior
Note
,
3.95
%
,
2/15/30
..............
United
States
600,000
571,315
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)
Household
Durables
(continued)
c
Weekley
Homes
LLC
/
Weekley
Finance
Corp.
,
d
Senior
Note,
144A,
4.875%,
9/15/28
...................
United
States
1,300,000
$
1,273,154
Senior
Note,
144A,
6.75%,
1/15/34
....................
United
States
435,000
428,631
4,386,979
Household
Products
0.1%
c
Energizer
Holdings,
Inc.
,
Senior
Note
,
144A,
4.375
%
,
3/31/29
..
United
States
200,000
192,679
Independent
Power
and
Renewable
Electricity
Producers
1.6%
c
Clearway
Energy
Operating
LLC
,
d
Senior
Bond,
144A,
3.75%,
1/15/32
....................
United
States
400,000
367,059
Senior
Note,
144A,
4.75%,
3/15/28
....................
United
States
400,000
397,245
Senior
Note,
144A,
3.75%,
2/15/31
....................
United
States
300,000
279,692
Senior
Note,
144A,
5.75%,
1/15/34
....................
United
States
145,000
144,238
c
Leeward
Renewable
Energy
Operations
LLC
,
Senior
Note
,
144A,
4.25
%
,
7/01/29
...................................
United
States
1,000,000
955,851
c
Talen
Energy
Supply
LLC
,
Senior
Bond,
144A,
6.5%,
2/01/36
.....................
United
States
590,000
593,784
Senior
Note,
144A,
6.375%,
5/01/33
...................
United
States
215,000
214,342
Senior
Note,
144A,
6.25%,
2/01/34
....................
United
States
590,000
588,337
3,540,548
Insurance
1.2%
c
Acrisure
LLC
/
Acrisure
Finance,
Inc.
,
Senior
Note,
144A,
8.5%,
6/15/29
.....................
United
States
400,000
394,838
Senior
Secured
Note,
144A,
7.5%,
11/06/30
.............
United
States
400,000
399,831
c,d
Alliant
Holdings
Intermediate
LLC
/
Alliant
Holdings
Co-Issuer
,
Senior
Secured
Note
,
144A,
7
%
,
1/15/31
................
United
States
500,000
507,923
c
Asurion
LLC
/
Asurion
Co-Issuer,
Inc.
,
Secured
Note,
144A,
8.375%,
2/01/34
..................
United
States
695,000
679,774
Senior
Secured
Note,
144A,
8%,
12/31/32
...............
United
States
550,000
573,913
2,556,279
IT
Services
1.0%
c
Cogent
Communications
Group
LLC
/
Cogent
Finance,
Inc.
,
d
Senior
Note,
144A,
7%,
6/15/27
......................
United
States
700,000
698,787
Senior
Secured
Note,
144A,
6.5%,
7/01/32
..............
United
States
975,000
900,548
c,d
Fortress
Intermediate
3,
Inc.
,
Senior
Secured
Note
,
144A,
7.5
%
,
6/01/31
.........................................
United
States
600,000
607,287
2,206,622
Machinery
1.7%
c,d
ATS
Corp.
,
Senior
Note
,
144A,
4.125
%
,
12/15/28
...........
Canada
1,300,000
1,265,832
c,d
Calderys
Financing
LLC
,
Senior
Secured
Note
,
144A,
11.25
%
,
6/01/28
.........................................
France
800,000
829,421
c
ESAB
Corp.
,
d
Senior
Note,
144A,
6.25%,
4/15/29
....................
United
States
600,000
611,585
Senior
Note,
144A,
5.625%,
4/01/31
...................
United
States
325,000
327,422
d
Hillenbrand,
Inc.
,
Senior
Note
,
6.25
%
,
2/15/29
..............
United
States
600,000
567,751
c
Terex
Corp.
,
Senior
Note
,
144A,
6.25
%
,
10/15/32
...........
United
States
170,000
172,699
3,774,710
Media
3.9%
c
Block
Communications,
Inc.
,
Senior
Secured
Note
,
144A,
10.25
%
,
3/01/31
...................................
United
States
540,000
505,347
c
Clear
Channel
Outdoor
Holdings,
Inc.
,
Senior
Note,
144A,
7.75%,
4/15/28
....................
United
States
300,000
300,890
Senior
Secured
Note,
144A,
7.5%,
3/15/33
..............
United
States
700,000
735,066
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)
Media
(continued)
c
CSC
Holdings
LLC
,
Senior
Bond,
144A,
3.375%,
2/15/31
...................
United
States
300,000
$
167,157
Senior
Note,
144A,
11.25%,
5/15/28
...................
United
States
700,000
467,827
Senior
Note,
144A,
11.75%,
1/31/29
...................
United
States
200,000
126,451
c
Directv
Financing
LLC
,
Senior
Secured
Note
,
144A,
8.875
%
,
2/01/30
.........................................
United
States
150,000
153,987
c
Directv
Financing
LLC
/
Directv
Financing
Co-Obligor,
Inc.
,
Senior
Secured
Note,
144A,
5.875%,
8/15/27
............
United
States
13,000
13,042
Senior
Secured
Note,
144A,
9.25%,
6/01/32
.............
United
States
800,000
821,839
c
EW
Scripps
Co.
(The)
,
Secured
Note
,
144A,
9.875
%
,
8/15/30
..
United
States
750,000
716,700
c
Gray
Media,
Inc.
,
Secured
Note,
144A,
9.625%,
7/15/32
..................
United
States
390,000
384,995
Senior
Bond,
144A,
5.375%,
11/15/31
..................
United
States
300,000
215,543
c,d
McGraw-Hill
Education,
Inc.
,
Senior
Secured
Note
,
144A,
7.375
%
,
9/01/31
...................................
United
States
800,000
817,647
c
News
Corp.
,
Senior
Note
,
144A,
3.875
%
,
5/15/29
...........
United
States
200,000
193,964
c
Outfront
Media
Capital
LLC
/
Outfront
Media
Capital
Corp.
,
Senior
Bond,
144A,
4.625%,
3/15/30
...................
United
States
75,000
72,940
Senior
Note,
144A,
5%,
8/15/27
......................
United
States
100,000
100,009
Paramount
Global
,
Senior
Bond,
6.875%,
4/30/36
........................
United
States
150,000
138,817
Senior
Bond,
4.375%,
3/15/43
........................
United
States
230,000
147,318
Senior
Bond,
5.85%,
9/01/43
.........................
United
States
300,000
221,278
c,d
Sinclair
Television
Group,
Inc.
,
Senior
Secured
Note
,
144A,
8.125
%
,
2/15/33
...................................
United
States
800,000
823,000
c
Univision
Communications,
Inc.
,
Senior
Secured
Note,
144A,
9.375%,
8/01/32
............
United
States
145,000
148,618
Senior
Secured
Note,
144A,
8.875%,
4/15/33
............
United
States
415,000
413,836
c
VZ
Secured
Financing
BV
,
Senior
Secured
Note
,
144A,
7.5
%
,
1/15/33
.........................................
Netherlands
895,000
861,475
8,547,746
Metals
&
Mining
2.2%
c
Cleveland-Cliffs,
Inc.
,
Senior
Note,
144A,
7%,
3/15/32
......................
United
States
340,000
344,151
Senior
Note,
144A,
7.625%,
1/15/34
...................
United
States
565,000
581,865
Commercial
Metals
Co.
,
d
Senior
Bond,
3.875%,
2/15/31
........................
United
States
700,000
653,946
c
Senior
Bond,
144A,
6%,
12/15/35
.....................
United
States
445,000
446,149
c
Senior
Note,
144A,
5.75%,
11/15/33
...................
United
States
225,000
225,309
c
Constellium
SE
,
d
Senior
Note,
144A,
3.75%,
4/15/29
....................
United
States
600,000
581,210
Senior
Note,
144A,
6.375%,
8/15/32
...................
United
States
400,000
409,260
c
Mineral
Resources
Ltd.
,
Senior
Note,
144A,
7%,
4/01/31
......................
Australia
295,000
306,937
Senior
Note,
144A,
6%,
5/01/32
......................
Australia
200,000
199,394
c
Novelis
Corp.
,
Senior
Bond,
144A,
3.875%,
8/15/31
...................
United
States
100,000
91,009
Senior
Note,
144A,
6.875%,
1/30/30
...................
United
States
300,000
308,456
Senior
Note,
144A,
6.375%,
8/15/33
...................
United
States
680,000
686,999
4,834,685
Mortgage
Real
Estate
Investment
Trusts
(REITs)
0.2%
c
Starwood
Property
Trust,
Inc.
,
Senior
Note
,
144A,
5.75
%
,
1/15/31
United
States
445,000
445,457
Oil,
Gas
&
Consumable
Fuels
7.0%
c,d
Antero
Resources
Corp.
,
Senior
Note
,
144A,
5.375
%
,
3/01/30
..
United
States
700,000
706,614
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)
Oil,
Gas
&
Consumable
Fuels
(continued)
c
Calumet
Specialty
Products
Partners
LP
/
Calumet
Finance
Corp.
,
Senior
Note,
144A,
9.75%,
2/15/31
....................
United
States
305,000
$
323,133
d
Senior
Secured
Note,
144A,
9.25%,
7/15/29
.............
United
States
800,000
814,000
c
Coronado
Finance
Pty.
Ltd.
,
Senior
Secured
Note
,
144A,
9.25
%
,
10/01/29
........................................
Australia
950,000
867,597
c
Crescent
Energy
Finance
LLC
,
Senior
Note,
144A,
7.875%,
4/15/32
...................
United
States
375,000
384,567
Senior
Note,
144A,
7.375%,
1/15/33
...................
United
States
295,000
299,921
d
Senior
Note,
144A,
8.375%,
1/15/34
...................
United
States
800,000
839,592
c
DT
Midstream,
Inc.
,
Senior
Note
,
144A,
4.125
%
,
6/15/29
......
United
States
300,000
294,292
c,d
Hess
Midstream
Operations
LP
,
Senior
Note
,
144A,
6.5
%
,
6/01/29
United
States
500,000
513,127
c
Hilcorp
Energy
I
LP
/
Hilcorp
Finance
Co.
,
Senior
Bond,
144A,
7.25%,
2/15/35
....................
United
States
200,000
203,043
d
Senior
Note,
144A,
6%,
4/15/30
......................
United
States
600,000
596,838
d
Senior
Note,
144A,
8.375%,
11/01/33
..................
United
States
700,000
745,057
c
Kinetik
Holdings
LP
,
Senior
Note
,
144A,
5.875
%
,
6/15/30
......
United
States
400,000
402,149
c
Martin
Midstream
Partners
LP
/
Martin
Midstream
Finance
Corp.
,
Secured
Note
,
144A,
11.5
%
,
2/15/28
...................
United
States
1,700,000
1,743,970
Murphy
Oil
Corp.
,
Senior
Note,
6%,
10/01/32
..........................
United
States
195,000
196,299
Senior
Note,
6.5%,
2/15/34
..........................
United
States
480,000
481,132
c
Neo
Next+
Energy
Consolidated
Holdings
Ltd.
,
Senior
Secured
Note
,
144A,
Reg
S,
6.625
%
,
6/11/31
...................
United
Kingdom
400,000
400,000
c,d
Northriver
Midstream
Finance
LP
,
Senior
Secured
Note
,
144A,
6.75
%
,
7/15/32
...................................
Canada
600,000
610,716
c
Sunoco
LP
,
Senior
Note,
144A,
5.375%,
7/15/31
...................
United
States
95,000
94,578
d
Senior
Note,
144A,
7.25%,
5/01/32
....................
United
States
500,000
523,638
Senior
Note,
144A,
5.625%,
7/15/34
...................
United
States
55,000
54,342
Sunoco
LP
/
Sunoco
Finance
Corp.
,
Senior
Note
,
4.5
%
,
5/15/29
United
States
200,000
196,079
c
Venture
Global
Calcasieu
Pass
LLC
,
d
Senior
Secured
Bond,
144A,
4.125%,
8/15/31
............
United
States
300,000
281,713
Senior
Secured
Bond,
144A,
6%,
5/01/36
...............
United
States
80,000
80,939
d
Senior
Secured
Note,
144A,
3.875%,
8/15/29
............
United
States
300,000
287,622
c
Venture
Global
LNG,
Inc.
,
d
Senior
Secured
Note,
144A,
9.5%,
2/01/29
..............
United
States
1,100,000
1,198,065
d
Senior
Secured
Note,
144A,
8.375%,
6/01/31
............
United
States
500,000
520,560
Senior
Secured
Note,
144A,
9.875%,
2/01/32
............
United
States
400,000
427,890
c
Venture
Global
Plaquemines
LNG
LLC
,
Senior
Secured
Bond,
144A,
7.75%,
5/01/35
.............
United
States
200,000
224,630
d
Senior
Secured
Bond,
144A,
6.75%,
1/15/36
.............
United
States
490,000
519,979
Senior
Secured
Note,
144A,
6.125%,
12/15/30
...........
United
States
45,000
46,243
Senior
Secured
Note,
144A,
7.5%,
5/01/33
..............
United
States
200,000
220,824
Senior
Secured
Note,
144A,
6.5%,
1/15/34
..............
United
States
295,000
308,604
Senior
Secured
Note,
144A,
6.5%,
6/15/34
..............
United
States
45,000
46,986
15,454,739
Paper
&
Forest
Products
0.2%
c
Magnera
Corp.
,
Senior
Secured
Note
,
144A,
4.75
%
,
11/15/29
..
United
States
400,000
374,783
Passenger
Airlines
0.4%
c
Delta
Air
Lines,
Inc.
/
SkyMiles
IP
Ltd.
,
Senior
Secured
Note
,
144A,
4.75
%
,
10/20/28
..............................
United
States
583,333
583,929
c,d
United
Airlines,
Inc.
,
Senior
Secured
Note
,
144A,
4.625
%
,
4/15/29
United
States
300,000
296,081
880,010
Franklin
Universal
Trust
Schedule
of
Investments
(unaudited)
See
Notes
to
Schedule
of
Investments.
Quarterly
Schedule
of
Investments
13
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
Corporate
Bonds
(continued)
Personal
Care
Products
0.7%
c,d
Coty,
Inc.
/
HFC
Prestige
Products,
Inc.
/
HFC
Prestige
International
US
LLC
,
Senior
Note
,
144A,
6.625
%
,
7/15/30
...
United
States
600,000
$
602,533
c,d
Opal
Bidco
SAS
,
Senior
Secured
Note
,
144A,
6.5
%
,
3/31/32
...
France
950,000
968,575
1,571,108
Pharmaceuticals
0.5%
c
Endo
Finance
Holdings
LP
,
Senior
Secured
Note
,
144A,
8.5
%
,
4/15/31
.........................................
United
States
200,000
213,289
d
Teva
Pharmaceutical
Finance
Netherlands
III
BV
,
Senior
Note,
4.75%,
5/09/27
.........................
Israel
600,000
600,829
Senior
Note,
8.125%,
9/15/31
........................
Israel
300,000
338,569
1,152,687
Professional
Services
0.2%
c
CACI
International,
Inc.
,
Senior
Note
,
144A,
6.375
%
,
6/15/33
..
United
States
425,000
434,918
Real
Estate
Management
&
Development
0.3%
c
Forestar
Group,
Inc.
,
Senior
Note
,
144A,
6.5
%
,
3/15/33
.......
United
States
700,000
703,146
Semiconductors
&
Semiconductor
Equipment
0.2%
c
Qnity
Electronics,
Inc.
,
Senior
Note,
144A,
6.25%,
8/15/33
....................
United
States
140,000
142,936
Senior
Secured
Note,
144A,
5.75%,
8/15/32
.............
United
States
240,000
241,863
384,799
Software
0.9%
c
Gen
Digital,
Inc.
,
Senior
Note
,
144A,
6.25
%
,
4/01/33
.........
United
States
250,000
249,211
c
McAfee
Corp.
,
Senior
Note
,
144A,
7.375
%
,
2/15/30
..........
United
States
800,000
684,844
c
Rocket
Software,
Inc.
,
Senior
Note
,
144A,
6.5
%
,
2/15/29
......
United
States
1,100,000
1,029,748
1,963,803
Specialized
REITs
1.1%
c,d
Iron
Mountain,
Inc.
,
Senior
Bond,
144A,
5.625%,
7/15/32
...................
United
States
300,000
297,343
Senior
Note,
144A,
7%,
2/15/29
......................
United
States
700,000
715,050
c
Millrose
Properties,
Inc.
,
Senior
Note,
144A,
6.375%,
8/01/30
...................
United
States
1,125,000
1,141,609
Senior
Note,
144A,
6.25%,
9/15/32
....................
United
States
375,000
377,085
2,531,087
Specialty
Retail
0.6%
c,d
Gap,
Inc.
(The)
,
Senior
Note
,
144A,
3.625
%
,
10/01/29
........
United
States
700,000
655,666
c
PetSmart
LLC
/
PetSmart
Finance
Corp.
,
Senior
Secured
Note
,
144A,
7.5
%
,
9/15/32
...............................
United
States
595,000
600,077
1,255,743
Technology
Hardware,
Storage
&
Peripherals
0.3%
c,d
Seagate
Data
Storage
Technology
Pte.
Ltd.
,
Senior
Note
,
144A,
5.875
%
,
7/15/30
...................................
United
States
550,000
560,898
Textiles,
Apparel
&
Luxury
Goods
0.4%
c,e
Beach
Acquisition
Bidco
LLC
,
Senior
Note
,
144A,
PIK,
10
%
,
7/15/33
.........................................
United
States
758,915
808,818
Trading
Companies
&
Distributors
1.2%
c
EquipmentShare.com,
Inc.
,
Secured
Note,
144A,
9%,
5/15/28
.....................
United
States
655,000
680,438
d
Secured
Note,
144A,
8.625%,
5/15/32
..................
United
States
745,000
783,851
Franklin
Universal
Trust
Schedule
of
Investments
(unaudited)
Quarterly
Schedule
of
Investments
See
Notes
to
Schedule
of
Investments.
14
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
Corporate
Bonds
(continued)
Trading
Companies
&
Distributors
(continued)
c
WESCO
Distribution,
Inc.
,
Senior
Note,
144A,
6.375%,
3/15/29
...................
United
States
400,000
$
409,469
Senior
Note,
144A,
5.25%,
4/15/31
....................
United
States
235,000
233,358
Senior
Note,
144A,
6.375%,
3/15/33
...................
United
States
450,000
462,659
2,569,775
Wireless
Telecommunication
Services
1.7%
c
Altice
France
Lux
3
/
Altice
Holdings
1
,
Senior
Note
,
144A,
10
%
,
1/15/33
.........................................
Luxembourg
300,000
292,840
c,d
Connect
Finco
SARL
/
Connect
US
Finco
LLC
,
Senior
Secured
Note
,
144A,
9
%
,
9/15/29
............................
United
Kingdom
1,300,000
1,374,317
b,h
Digicel
Group
Holdings
Ltd.
,
29.383%
,
11/17/33
............
Bermuda
26,671
844
c
Iliad
Holding
SAS
,
d
Senior
Secured
Note,
144A,
7%,
10/15/28
...............
France
800,000
806,376
Senior
Secured
Note,
144A,
7%,
4/15/32
................
France
425,000
432,841
c,d
Zegona
Finance
plc
,
Senior
Secured
Note
,
144A,
8.625
%
,
7/15/29
.........................................
United
Kingdom
901,000
943,611
3,850,829
Total
Corporate
Bonds
(Cost
$163,827,044)
...................................
163,167,635
Senior
Floating
Rate
Interests
0.0%
†
IT
Services
0.0%
†
e
Diamond
Sports
Net
LLC,
First
Lien,
Exit
Term
Loan,
PIK,
12%,
1/03/28
.........................................
United
States
37,317
7,777
Total
Senior
Floating
Rate
Interests
(Cost
$36,308)
............................
7,777
i
Marketplace
Loans
0.3%
b
Financial
Services
0.3%
a
a
a
a
a
a
Total
Marketplace
Loans
(Cost
$809,030)
.....................................
699,772
Municipal
Bonds
0.2%
Arizona
0.2%
c
Maricopa
County
Industrial
Development
Authority
,
Grand
Canyon
University
Obligated
Group
,
Revenue
,
144A,
2024
,
7.375
%
,
10/01/29
........................................
United
States
430,000
449,847
Total
Municipal
Bonds
(Cost
$431,931)
.......................................
449,847
Shares
a
Escrows
and
Litigation
Trusts
0.0%
†
a,b
Endo
GUC
Trust,
Escrow
Account
.......................
United
States
51,454
—
a,b
Expand
Energy
Corp.,
Escrow
Account
...................
United
States
1,500,000
2
Total
Escrows
and
Litigation
Trusts
(Cost
$–)
.................................
2
Total
Long
Term
Investments
(Cost
$200,609,695)
.............................
271,099,804
a
Franklin
Universal
Trust
Schedule
of
Investments
(unaudited)
See
Notes
to
Schedule
of
Investments.
Quarterly
Schedule
of
Investments
15
See
Abbreviations
on
page
23
.
Short
Term
Investments
3.2%
a
a
Country
Shares
a
Value
a
a
a
a
a
a
Money
Market
Funds
3.2%
j,k
Franklin
Institutional
U.S.
Government
Money
Market
Fund,
3.579%
.........................................
United
States
7,042,767‌
$
7,042,767
Total
Money
Market
Funds
(Cost
$7,042,767)
.................................
7,042,767
Total
Short
Term
Investments
(Cost
$7,042,767
)
...............................
7,042,767
a
Total
Investments
(Cost
$207,652,462)
125.9%
................................
$278,142,571
Credit
Facility
(27.1)%
......................................................
(60,000,000)
Other
Assets,
less
Liabilities
1.2%
...........................................
2,866,750
Net
Assets
100.0%
.........................................................
$221,009,321
a
a
a
*
The
principal
amount
is
stated
in
U.S.
dollars
unless
otherwise
indicated.
†
Rounds
to
less
than
0.1%
of
net
assets.
a
Non-income
producing.
b
Fair
valued
using
significant
unobservable
inputs.
See
Note
4
regarding
fair
value
measurements.
c
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,
2026,
the
aggregate
value
of
these
securities
was
$154,614,232,
representing
70.0%
of
net
assets.
d
A
portion
or
all
of
the
security
is
pledged
as
collateral
in
connection
with
the
Fund’s
credit
facility.
e
Income
may
be
received
in
additional
securities
and/or
cash.
f
Defaulted
security
or
security
for
which
income
has
been
deemed
uncollectible.
g
A
portion
or
all
of
the
security
purchased
on
a
delayed
delivery
basis.
h
The
rate
shown
represents
the
yield
at
period
end.
i
See
full
breakdown
of
marketplace
loans
holdings
in
the
table
at
the
end
of
this
schedule.
j
See
Note
3
regarding
investments
in
affiliated
management
investment
companies.
k
The
rate
shown
is
the
annualized
seven-day
effective
yield
at
period
end.
Franklin
Universal
Trust
Schedule
of
Investments
(unaudited),
May
31,
2026
Quarterly
Schedule
of
Investments
See
Notes
to
Schedule
of
Investments.
16
At
May
31,
2026,
the
Fund
had
the
following
marketplace
loans
outstanding.
Description
Principal
Amount
Value
Marketplace
Loans
-
0.3%
Freedom
Financial
Asset
Management
LLC
APP-15054013.FP.FTS.B
,
17
.99
%
,
7/20/26
$
585
$
588
APP-15109634.FP.FTS.B
,
19
.49
%
,
7/21/26
384
387
APP-13256383.FP.FTS.B
,
7
.99
%
,
9/18/26
.
3,047
3,061
APP-10460831.FP.FTS.B
,
21
.99
%
,
9/19/26
771
786
APP-14860724.FP.FTS.B
,
20
.99
%
,
9/26/26
2,252
2,314
APP-10845328.FP.FTS.B
,
11
.99
%
,
10/16/26
..........................
3,257
3,279
APP-10704368.FP.FTS.B
,
14
.99
%
,
10/16/26
..........................
2,172
2,192
APP-10848002.FP.FTS.B
,
17
.99
%
,
11/19/26
..........................
3,134
3,190
APP-11094577.FP.FTS.B
,
19
.49
%
,
12/08/26
..........................
2,006
2,063
APP-11021456.FP.FTS.B
,
20
.99
%
,
12/15/26
..........................
6,095
6,285
APP-11007668.FP.FTS.B
,
19
.99
%
,
12/19/26
..........................
3,030
3,114
APP-11111264.FP.FTS.B
,
16
.49
%
,
12/20/26
1,853
1,875
APP-11677084.FP.FTS.B
,
15
.49
%
,
12/26/26
..........................
6,870
6,937
APP-11036570.FP.FTS.B
,
22
.99
%
,
1/20/27
192
191
APP-11844341.FP.FTS.B
,
16
.74
%
,
2/01/27
7,080
7,213
APP-12397051.FP.FTS.B
,
17
.49
%
,
2/06/27
2,501
2,552
APP-11743079.FP.FTS.B
,
16
.24
%
,
2/07/27
10,052
3,904
APP-10128827.FP.FTS.B
,
25
.49
%
,
2/24/27
848
857
APP-11674918.FP.FTS.B
,
20
.49
%
,
2/25/27
5,708
5,901
APP-10848317.FP.FTS.B
,
12
.24
%
,
2/28/27
4,469
4,514
APP-12106158.FP.FTS.B
,
11
.24
%
,
3/07/27
3,268
3,293
APP-12341500.FP.FTS.B
,
20
.49
%
,
3/20/27
3,938
4,086
APP-12396943.FP.FTS.B
,
13
.49
%
,
3/21/27
3,156
3,192
APP-12270734.FP.FTS.B
,
16
.99
%
,
3/21/27
4,157
4,223
APP-13513406.FP.FTS.B
,
14
.34
%
,
4/01/27
11,908
12,027
APP-11744634.FP.FTS.B
,
19
.99
%
,
5/01/27
6,212
6,407
APP-08710316.FP.FTS.B
,
10
.99
%
,
5/13/27
7,418
7,489
APP-13498730.FP.FTS.B
,
11
.34
%
,
5/15/27
4,709
4,758
APP-11845152.FP.FTS.B
,
11
.74
%
,
5/15/27
4,290
4,317
APP-13227905.FP.FTS.B
,
21
.99
%
,
5/18/27
1,988
2,034
APP-13507352.FP.FTS.B
,
20
.49
%
,
5/19/27
2,294
2,353
APP-13485605.FP.FTS.B
,
18
.99
%
,
5/20/27
3,427
3,498
APP-11801830.FP.FTS.B
,
16
.49
%
,
5/31/27
6,191
6,275
APP-12304720.FP.FTS.B
,
18
.74
%
,
7/06/27
8,450
8,557
APP-15057995.FP.FTS.B
,
18
.99
%
,
7/23/27
3,067
3,120
APP-15058449.FP.FTS.B
,
11
.99
%
,
7/25/27
3,340
3,382
APP-15078317.FP.FTS.B
,
13
.99
%
,
7/25/27
5,945
6,033
APP-15053719.FP.FTS.B
,
16
.99
%
,
7/28/27
3,323
3,386
APP-15053776.FP.FTS.B
,
17
.49
%
,
7/30/27
3,685
3,813
APP-15048744.FP.FTS.B
,
16
.49
%
,
7/31/27
7,449
7,627
APP-15039962.FP.FTS.B
,
12
.49
%
,
8/28/27
15,707
15,931
APP-15053141.FP.FTS.B
,
18
.99
%
,
9/15/27
1,514
1,525
APP-15070181.FP.FTS.B
,
19
.99
%
,
2/15/28
3,152
3,178
APP-15070551.FP.FTS.B
,
24
.74
%
,
4/27/28
8,142
8,575
190,282
LendingClub
Corp.
-
LCX
PM
185030629.LC.FTS.B
,
28
.99
%
,
1/13/27
...
1,336
1,374
185284755.LC.FTS.B
,
20
.24
%
,
1/21/27
...
4,636
4,724
Description
Principal
Amount
Value
LendingClub
Corp.
-
LCX
PM
(continued)
184608676.LC.FTS.B
,
21
.99
%
,
1/21/27
...
$
6,189
$
–
186073191.LC.FTS.B
,
23
.99
%
,
1/26/27
...
1,961
2,013
184862697.LC.FTS.B
,
13
.19
%
,
1/28/27
...
2,800
2,828
185553869.LC.FTS.B
,
17
.44
%
,
1/31/27
...
5,598
–
185801067.LC.FTS.B
,
15
.19
%
,
2/04/27
...
3,030
3,050
185785605.LC.FTS.B
,
16
.99
%
,
2/04/27
...
5,149
5,198
186037923.LC.FTS.B
,
23
.49
%
,
2/12/27
...
1,640
1,682
185788975.LC.FTS.B
,
20
.44
%
,
2/15/27
...
9,031
9,178
188818650.LC.FTS.B
,
20
.99
%
,
4/26/27
...
1,718
1,762
188684882.LC.FTS.B
,
23
.99
%
,
4/26/27
...
1,857
1,902
188821742.LC.FTS.B
,
23
.99
%
,
4/27/27
...
5,615
5,828
188825826.LC.FTS.B
,
23
.49
%
,
4/28/27
...
2,793
2,897
188877761.LC.FTS.B
,
25
.99
%
,
4/28/27
...
1,965
2,033
188806927.LC.FTS.B
,
23
.99
%
,
4/30/27
...
5,008
–
188652977.LC.FTS.B
,
23
.99
%
,
5/24/27
...
1,081
1,115
185215933.LC.FTS.B
,
28
.99
%
,
6/25/27
...
8,763
–
185440062.LC.FTS.B
,
17
.49
%
,
2/25/28
...
10,568
1,962
186004411.LC.FTS.B
,
5
%
,
2/28/28
......
6,640
6,887
185051135.LC.FTS.B
,
23
.99
%
,
2/28/28
...
128
128
185806351.LC.FTS.B
,
18
.99
%
,
2/07/35
...
2,412
–
54,561
Prosper
Funding
LLC
1608617.PS.FTS.B
,
13
.7
%
,
8/20/26
.....
409
409
1609277.PS.FTS.B
,
15
.7
%
,
8/23/26
.....
1,019
1,031
1621428.PS.FTS.B
,
20
%
,
8/26/26
.......
776
788
1611746.PS.FTS.B
,
14
.29
%
,
8/27/26
....
822
825
a
1610327.PS.FTS.B
,
27
.6
%
,
9/17/26
.....
2,084
317
1635897.PS.FTS.B
,
12
%
,
9/23/26
.......
1,909
1,917
1627036.PS.FTS.B
,
16
.33
%
,
9/25/26
....
273
273
1637445.PS.FTS.B
,
13
.3
%
,
9/27/26
.....
1,130
1,134
1644875.PS.FTS.B
,
11
.6
%
,
10/26/26
....
805
808
1645337.PS.FTS.B
,
18
.48
%
,
10/27/26
...
3,038
3,101
1651868.PS.FTS.B
,
9
.45
%
,
11/08/26
....
1,640
1,640
1658185.PS.FTS.B
,
10
.5
%
,
11/08/26
....
1,125
1,126
a
1653323.PS.FTS.B
,
16
%
,
11/09/26
......
3,215
–
1660066.PS.FTS.B
,
12
.6
%
,
11/10/26
....
4,561
4,567
1666890.PS.FTS.B
,
17
%
,
11/10/26
......
4,339
4,381
1666359.PS.FTS.B
,
21
%
,
11/15/26
......
955
973
1651871.PS.FTS.B
,
20
.66
%
,
11/20/26
....
894
905
1651913.PS.FTS.B
,
25
.67
%
,
11/22/26
....
1,361
1,389
1666362.PS.FTS.B
,
19
%
,
11/23/26
......
1,203
1,222
1672316.PS.FTS.B
,
10
.44
%
,
12/14/26
...
1,889
1,891
1675010.PS.FTS.B
,
12
.5
%
,
12/20/26
....
1,254
1,255
1685637.PS.FTS.B
,
11
.7
%
,
12/28/26
....
5,260
5,319
1672718.PS.FTS.B
,
14
.38
%
,
1/07/27
....
1,525
1,527
1701537.PS.FTS.B
,
19
.3
%
,
1/13/27
.....
2,767
2,814
a
1689173.PS.FTS.B
,
11
.2
%
,
1/14/27
.....
6,369
–
1695787.PS.FTS.B
,
11
.7
%
,
1/14/27
.....
4,226
4,235
1701108.PS.FTS.B
,
15
.7
%
,
1/15/27
.....
5,717
5,786
1702455.PS.FTS.B
,
15
.18
%
,
1/20/27
....
2,996
3,000
1689251.PS.FTS.B
,
19
%
,
1/21/27
.......
791
804
1707746.PS.FTS.B
,
9
.45
%
,
2/14/27
.....
1,265
1,267
1720917.PS.FTS.B
,
13
.7
%
,
2/15/27
.....
2,450
2,488
1714648.PS.FTS.B
,
16
.7
%
,
2/15/27
.....
1,549
1,573
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)
Prosper
Funding
LLC
(continued)
1721346.PS.FTS.B
,
16
.7
%
,
2/15/27
.....
$
4,132
$
4,215
1714627.PS.FTS.B
,
11
.4
%
,
2/17/27
.....
3,979
3,985
1703169.PS.FTS.B
,
25
.6
%
,
2/25/27
.....
5,885
6,155
1752624.PS.FTS.B
,
17
.23
%
,
4/05/27
....
5,065
5,099
1753011.PS.FTS.B
,
12
%
,
4/06/27
.......
3,466
3,462
1744328.PS.FTS.B
,
14
.89
%
,
4/15/27
....
4,955
4,993
1752654.PS.FTS.B
,
12
.76
%
,
4/30/27
....
3,973
3,967
a
1750735.PS.FTS.B
,
16
%
,
5/15/27
.......
2,857
–
1650328.PS.FTS.B
,
11
.2
%
,
7/29/27
.....
3,208
3,187
1672730.PS.FTS.B
,
13
.8
%
,
9/14/27
.....
9,004
6,076
1678354.PS.FTS.B
,
11
.07
%
,
9/20/27
....
4,471
2,680
1685634.PS.FTS.B
,
12
.5
%
,
11/14/27
....
2,900
1,590
1705005.PS.FTS.B
,
15
%
,
1/15/28
.......
10,861
10,847
115,021
a
Upgrade,
Inc.
-
Card
992301470.UG.FTS.B
,
28
.98
%
,
8/02/26
..
61
–
992238906.UG.FTS.B
,
22
.97
%
,
6/03/29
..
2,660
–
–
Upstart
Network,
Inc.
FW1729657.UP.FTS.B
,
9
.44
%
,
9/17/26
...
576
568
L1729743.UP.FTS.B
,
11
.64
%
,
9/17/26
....
4,288
4,237
L1730112.UP.FTS.B
,
15
.91
%
,
9/17/26
....
349
302
L1730290.UP.FTS.B
,
23
.01
%
,
9/17/26
....
816
806
FW1729390.UP.FTS.B
,
32
.18
%
,
9/17/26
..
340
305
FW1728926.UP.FTS.B
,
32
.35
%
,
9/17/26
..
196
193
FW1902353.UP.FTS.B
,
5
.71
%
,
10/22/26
..
1,326
1,305
FW1901571.UP.FTS.B
,
16
.95
%
,
10/22/26
.
1,492
1,479
L1902683.UP.FTS.B
,
25
.19
%
,
10/22/26
...
1,660
1,643
L1901951.UP.FTS.B
,
25
.24
%
,
10/22/26
...
333
329
FW1902836.UP.FTS.B
,
25
.41
%
,
10/22/26
.
5,335
5,279
FW1902401.UP.FTS.B
,
25
.71
%
,
10/22/26
.
658
652
FW1902199.UP.FTS.B
,
26
.04
%
,
10/22/26
.
592
586
FW1901303.UP.FTS.B
,
31
.21
%
,
10/22/26
.
583
577
FW1900628.UP.FTS.B
,
31
.23
%
,
10/22/26
.
169
167
FW1902681.UP.FTS.B
,
31
.63
%
,
10/22/26
.
685
678
FW1902299.UP.FTS.B
,
31
.27
%
,
10/27/26
.
1,325
1,312
L2032147.UP.FTS.B
,
11
.65
%
,
11/12/26
...
1,022
1,008
FW2032727.UP.FTS.B
,
12
.91
%
,
11/12/26
.
458
452
L2032226.UP.FTS.B
,
14
.31
%
,
11/12/26
...
3,096
3,055
L2032373.UP.FTS.B
,
14
.92
%
,
11/12/26
...
1,648
1,246
L2033008.UP.FTS.B
,
17
.14
%
,
11/12/26
...
909
899
L2031479.UP.FTS.B
,
17
.32
%
,
11/12/26
...
2,398
2,372
L2032849.UP.FTS.B
,
19
.14
%
,
11/12/26
...
1,762
1,743
L2030806.UP.FTS.B
,
19
.55
%
,
11/12/26
...
593
585
FW2032947.UP.FTS.B
,
19
.59
%
,
11/12/26
.
3,798
3,748
L2032060.UP.FTS.B
,
20
.25
%
,
11/12/26
...
900
887
L2032456.UP.FTS.B
,
20
.93
%
,
11/12/26
...
223
220
L2032183.UP.FTS.B
,
24
.12
%
,
11/12/26
...
1,604
1,581
FW2032753.UP.FTS.B
,
27
.55
%
,
11/12/26
.
231
227
FW2032946.UP.FTS.B
,
27
.87
%
,
11/12/26
.
4,201
4,142
FW2031644.UP.FTS.B
,
30
.67
%
,
11/12/26
.
322
318
FW2032325.UP.FTS.B
,
31
.07
%
,
11/12/26
.
216
213
L2031623.UP.FTS.B
,
9
.89
%
,
11/16/26
....
4,246
4,183
L2101522.UP.FTS.B
,
12
.34
%
,
11/23/26
...
4,334
4,283
L2102939.UP.FTS.B
,
13
.35
%
,
11/23/26
...
461
456
Description
Principal
Amount
Value
Upstart
Network,
Inc.
(continued)
L2076017.UP.FTS.B
,
13
.49
%
,
11/23/26
...
$
277
$
274
L2102751.UP.FTS.B
,
16
.5
%
,
11/23/26
....
560
555
FW2102941.UP.FTS.B
,
20
.37
%
,
11/23/26
.
3,001
2,971
L2102400.UP.FTS.B
,
22
.64
%
,
11/23/26
...
858
850
L2101750.UP.FTS.B
,
24
.17
%
,
11/23/26
...
1,380
1,366
FW2102727.UP.FTS.B
,
24
.84
%
,
11/23/26
.
650
644
L2103842.UP.FTS.B
,
25
.11
%
,
11/23/26
...
652
646
a
L2101880.UP.FTS.B
,
25
.39
%
,
11/23/26
...
785
42
L2102028.UP.FTS.B
,
25
.89
%
,
11/23/26
...
990
981
FW2101678.UP.FTS.B
,
26
.5
%
,
11/23/26
..
627
621
FW2103284.UP.FTS.B
,
27
.1
%
,
11/23/26
..
558
552
L2250662.UP.FTS.B
,
8
.88
%
,
12/14/26
....
1,548
1,523
L2249279.UP.FTS.B
,
9
.09
%
,
12/14/26
....
716
705
L2251398.UP.FTS.B
,
9
.28
%
,
12/14/26
....
1,134
1,117
FW2251249.UP.FTS.B
,
10
.34
%
,
12/14/26
.
2,753
2,714
a
L2248805.UP.FTS.B
,
10
.51
%
,
12/14/26
...
2,047
415
L2249903.UP.FTS.B
,
11
.03
%
,
12/14/26
...
440
434
L2250070.UP.FTS.B
,
12
.15
%
,
12/14/26
...
492
486
L2247235.UP.FTS.B
,
13
.18
%
,
12/14/26
...
610
602
L2249248.UP.FTS.B
,
16
.43
%
,
12/14/26
...
1,856
1,836
L2249629.UP.FTS.B
,
17
.8
%
,
12/14/26
....
978
965
L2249412.UP.FTS.B
,
19
.96
%
,
12/14/26
...
311
308
L2251409.UP.FTS.B
,
20
.71
%
,
12/14/26
...
2,112
2,084
L2251393.UP.FTS.B
,
20
.81
%
,
12/14/26
...
790
778
L2249780.UP.FTS.B
,
21
.14
%
,
12/14/26
...
1,416
1,396
L2250707.UP.FTS.B
,
21
.52
%
,
12/14/26
...
1,172
968
L2249149.UP.FTS.B
,
21
.87
%
,
12/14/26
...
1,794
1,771
FW2248314.UP.FTS.B
,
21
.92
%
,
12/14/26
.
628
619
L2251333.UP.FTS.B
,
22
.77
%
,
12/14/26
...
2,499
2,463
L2249765.UP.FTS.B
,
23
.67
%
,
12/14/26
...
740
729
L2250334.UP.FTS.B
,
24
.44
%
,
12/14/26
...
1,628
1,607
L2250314.UP.FTS.B
,
24
.91
%
,
12/14/26
...
673
664
L2249782.UP.FTS.B
,
24
.98
%
,
12/14/26
...
793
782
L2248144.UP.FTS.B
,
25
.08
%
,
12/14/26
...
897
885
L2249856.UP.FTS.B
,
25
.32
%
,
12/14/26
...
226
223
L2249823.UP.FTS.B
,
25
.41
%
,
12/14/26
...
476
471
FW2249041.UP.FTS.B
,
31
.12
%
,
12/14/26
.
232
229
FW2250974.UP.FTS.B
,
31
.12
%
,
12/14/26
.
839
323
a
FW2251410.UP.FTS.B
,
31
.25
%
,
12/14/26
.
1,621
309
L2141755.UP.FTS.B
,
8
.51
%
,
12/15/26
....
6,108
6,017
L2252737.UP.FTS.B
,
8
.71
%
,
12/15/26
....
2,944
2,898
FW2253701.UP.FTS.B
,
10
.99
%
,
12/15/26
.
1,866
1,841
L2252976.UP.FTS.B
,
16
.75
%
,
12/15/26
...
986
976
FW2251546.UP.FTS.B
,
19
.76
%
,
12/15/26
.
2,602
2,569
L2252318.UP.FTS.B
,
20
.43
%
,
12/15/26
...
524
518
L2251727.UP.FTS.B
,
20
.77
%
,
12/15/26
...
445
439
L2252135.UP.FTS.B
,
22
.59
%
,
12/15/26
...
545
538
a
L2250541.UP.FTS.B
,
24
.85
%
,
12/15/26
...
860
27
L2252447.UP.FTS.B
,
25
.4
%
,
12/15/26
....
229
226
FW2253392.UP.FTS.B
,
25
.5
%
,
12/15/26
..
1,510
1,491
FW2252023.UP.FTS.B
,
28
.67
%
,
12/15/26
.
922
910
a
FW2253542.UP.FTS.B
,
31
.19
%
,
12/15/26
.
554
104
L2251912.UP.FTS.B
,
13
.91
%
,
12/19/26
...
544
537
L2252296.UP.FTS.B
,
8
.02
%
,
12/26/26
....
2,070
2,038
L2251043.UP.FTS.B
,
12
.11
%
,
12/28/26
...
4,819
4,753
L2499407.UP.FTS.B
,
5
.37
%
,
1/24/27
....
7,458
7,311
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)
Upstart
Network,
Inc.
(continued)
L2497458.UP.FTS.B
,
8
.44
%
,
1/24/27
....
$
5,438
$
5,351
L2500305.UP.FTS.B
,
11
.35
%
,
1/24/27
....
168
165
FW2499235.UP.FTS.B
,
11
.45
%
,
1/24/27
..
1,224
1,207
L2498730.UP.FTS.B
,
14
.35
%
,
1/24/27
....
1,084
1,070
L2494019.UP.FTS.B
,
16
.44
%
,
1/24/27
....
1,103
1,095
L2497377.UP.FTS.B
,
16
.51
%
,
1/24/27
....
1,014
1,006
L2500130.UP.FTS.B
,
18
.16
%
,
1/24/27
....
1,328
1,314
L2500098.UP.FTS.B
,
18
.6
%
,
1/24/27
....
1,768
625
L2497754.UP.FTS.B
,
19
.19
%
,
1/24/27
....
599
593
L2499090.UP.FTS.B
,
20
.13
%
,
1/24/27
....
1,177
1,165
L2497527.UP.FTS.B
,
21
.34
%
,
1/24/27
....
1,001
991
FW2497553.UP.FTS.B
,
23
.05
%
,
1/24/27
..
3,399
3,366
a
L2500298.UP.FTS.B
,
25
.15
%
,
1/24/27
....
565
40
L2500230.UP.FTS.B
,
25
.4
%
,
1/24/27
....
1,114
1,103
L2497705.UP.FTS.B
,
25
.44
%
,
1/24/27
....
981
971
a
L2500467.UP.FTS.B
,
25
.44
%
,
1/24/27
....
520
100
FW2498744.UP.FTS.B
,
26
.78
%
,
1/24/27
..
2,188
2,168
FW2499403.UP.FTS.B
,
30
.76
%
,
1/24/27
..
650
645
FW2502639.UP.FTS.B
,
4
.89
%
,
1/25/27
...
1,977
1,938
L2443263.UP.FTS.B
,
6
.66
%
,
1/25/27
....
1,300
1,275
L2501608.UP.FTS.B
,
7
.8
%
,
1/25/27
.....
3,116
3,056
L2501547.UP.FTS.B
,
8
.21
%
,
1/25/27
....
1,066
1,048
L2502319.UP.FTS.B
,
8
.49
%
,
1/25/27
....
7,226
7,102
L2502134.UP.FTS.B
,
9
.38
%
,
1/25/27
....
4,970
4,892
L2501198.UP.FTS.B
,
12
.05
%
,
1/25/27
....
2,126
2,099
FW2502179.UP.FTS.B
,
12
.78
%
,
1/25/27
..
345
340
L2501977.UP.FTS.B
,
12
.89
%
,
1/25/27
....
6,645
6,561
L2500808.UP.FTS.B
,
14
.3
%
,
1/25/27
....
1,311
1,294
L2501876.UP.FTS.B
,
14
.91
%
,
1/25/27
....
717
708
L2501997.UP.FTS.B
,
17
.77
%
,
1/25/27
....
943
935
FW2501148.UP.FTS.B
,
17
.78
%
,
1/25/27
..
376
373
FW2501125.UP.FTS.B
,
17
.82
%
,
1/25/27
..
283
280
L2502439.UP.FTS.B
,
18
.98
%
,
1/25/27
....
1,085
1,074
FW2500961.UP.FTS.B
,
20
.28
%
,
1/25/27
..
700
693
FW2501561.UP.FTS.B
,
21
.33
%
,
1/25/27
..
840
831
L2503424.UP.FTS.B
,
21
.51
%
,
1/25/27
....
1,968
1,949
L2502058.UP.FTS.B
,
21
.83
%
,
1/25/27
....
2,277
2,253
FW2503375.UP.FTS.B
,
24
.71
%
,
1/25/27
..
689
683
FW2503209.UP.FTS.B
,
25
.12
%
,
1/25/27
..
1,400
1,387
L2500860.UP.FTS.B
,
25
.49
%
,
1/25/27
....
317
314
FW2501330.UP.FTS.B
,
26
.47
%
,
1/25/27
..
1,227
1,216
FW2502187.UP.FTS.B
,
26
.63
%
,
1/25/27
..
1,215
1,203
FW2502652.UP.FTS.B
,
27
.68
%
,
1/25/27
..
1,087
1,078
FW2500797.UP.FTS.B
,
28
.58
%
,
1/25/27
..
402
399
FW2501430.UP.FTS.B
,
31
.03
%
,
1/25/27
..
580
209
FW2500654.UP.FTS.B
,
31
.21
%
,
1/25/27
..
230
228
FW2502276.UP.FTS.B
,
33
.54
%
,
1/25/27
..
1,236
1,226
L2500341.UP.FTS.B
,
18
.83
%
,
1/28/27
....
563
404
FW2498422.UP.FTS.B
,
31
.2
%
,
2/01/27
...
315
107
FW1729970.UP.FTS.B
,
18
.27
%
,
2/17/27
..
7,330
5,832
a
L1729858.UP.FTS.B
,
25
.05
%
,
2/17/27
....
9,129
894
a
FW1729641.UP.FTS.B
,
30
.22
%
,
2/17/27
..
1,547
111
L2031108.UP.FTS.B
,
11
.34
%
,
4/12/27
....
11,093
10,913
FW2031845.UP.FTS.B
,
15
.93
%
,
4/12/27
..
4,141
1,311
a
L2032266.UP.FTS.B
,
21
.24
%
,
4/12/27
....
2,314
88
L2032337.UP.FTS.B
,
26
.62
%
,
4/12/27
....
3,349
2,231
Description
Principal
Amount
Value
Upstart
Network,
Inc.
(continued)
L2972334.UP.FTS.B
,
6
.17
%
,
4/19/27
....
$
10,357
$
10,135
L2971286.UP.FTS.B
,
7
.38
%
,
4/19/27
....
5,300
5,188
L2967243.UP.FTS.B
,
14
.24
%
,
4/19/27
....
4,084
4,031
L2971759.UP.FTS.B
,
16
.29
%
,
4/19/27
....
1,854
1,841
L2972008.UP.FTS.B
,
20
.74
%
,
4/19/27
....
1,461
1,445
L2971841.UP.FTS.B
,
25
.2
%
,
4/19/27
....
135
10
FW2972220.UP.FTS.B
,
26
.42
%
,
4/19/27
..
1,142
1,130
L2971662.UP.FTS.B
,
26
.49
%
,
4/19/27
....
295
292
FW2972305.UP.FTS.B
,
27
.33
%
,
4/19/27
..
1,781
1,763
FW2972190.UP.FTS.B
,
7
.92
%
,
4/28/27
...
10,131
9,919
FW2102410.UP.FTS.B
,
22
.44
%
,
5/07/27
..
1,542
1,020
L2250820.UP.FTS.B
,
13
.59
%
,
5/14/27
....
704
693
L2250559.UP.FTS.B
,
14
.84
%
,
5/14/27
....
1,818
1,788
L2251037.UP.FTS.B
,
19
.7
%
,
5/14/27
....
530
525
FW2248500.UP.FTS.B
,
23
.6
%
,
5/14/27
...
943
727
L2249257.UP.FTS.B
,
26
.38
%
,
5/14/27
....
2,121
2,091
L2252476.UP.FTS.B
,
9
.18
%
,
5/15/27
....
2,106
2,068
L2252566.UP.FTS.B
,
19
.55
%
,
5/15/27
....
1,939
1,424
L2252234.UP.FTS.B
,
21
.66
%
,
5/15/27
....
1,503
475
a
L2252209.UP.FTS.B
,
25
.21
%
,
5/15/27
....
408
29
a
FW2253234.UP.FTS.B
,
28
.94
%
,
5/15/27
..
4,405
754
FW2249414.UP.FTS.B
,
19
.5
%
,
6/01/27
...
2,220
2,189
L2247268.UP.FTS.B
,
14
.22
%
,
6/14/27
....
15,459
15,302
L2497350.UP.FTS.B
,
13
.11
%
,
6/24/27
....
3,505
3,451
L2500224.UP.FTS.B
,
25
.04
%
,
6/24/27
....
2,084
2,062
L2501796.UP.FTS.B
,
9
.36
%
,
6/25/27
....
3,953
3,874
FW1729187.UP.FTS.B
,
30
.3
%
,
7/17/27
...
2,071
2,047
L1902855.UP.FTS.B
,
19
.55
%
,
8/22/27
....
418
30
L1901067.UP.FTS.B
,
23
.17
%
,
8/22/27
....
2,527
183
L2971880.UP.FTS.B
,
24
%
,
9/19/27
......
17,392
12,241
FW2101751.UP.FTS.B
,
16
.63
%
,
9/23/27
..
6,072
6,025
FW2249049.UP.FTS.B
,
30
.95
%
,
10/14/27
.
1,112
78
L2247794.UP.FTS.B
,
12
.65
%
,
10/15/27
...
1,039
1,023
FW2249158.UP.FTS.B
,
11
.8
%
,
10/28/27
..
4,319
4,244
FW2497574.UP.FTS.B
,
12
.62
%
,
11/24/27
.
10,082
9,918
L2498668.UP.FTS.B
,
13
.66
%
,
11/25/27
...
14,010
13,779
L2500727.UP.FTS.B
,
19
.88
%
,
11/25/27
...
2,366
2,340
L2971527.UP.FTS.B
,
13
.17
%
,
1/19/28
....
1,762
127
339,908
Total
Marketplace
Loans
(Cost
$
809,030
)
$699,772
a
Defaulted
security
or
security
for
which
income
has
been
deemed
uncollectible.
Franklin
Universal
Trust
19
Quarterly
Schedule
of
Investments
Notes
to
Schedule
of
Investments
(unaudited)
1.
Organization
Franklin
Universal
Trust (Fund)
is
registered under
the
Investment
Company
Act
of
1940
(1940
Act)
as
a
closed-end
management
investment
company.
The
Fund
follows
the
accounting
and
reporting
guidance
in
Financial
Accounting
Standards
Board
(FASB)
Accounting
Standards
Codification
Topic
946,
Financial
Services
–
Investment
Companies
(ASC
946)
and
applies
the
specialized
accounting
and
reporting
guidance
in
U.S.
Generally
Accepted
Accounting
Principles
(U.S.
GAAP),
including,
but
not
limited
to,
ASC
946.
2. Financial
Instrument
Valuation
The
Fund's investments
in
financial
instruments
are
carried
at
fair
value
daily.
Fair
value
is
the
price
that
would
be
received
to
sell
an
asset
or
paid
to
transfer
a
liability
in
an
orderly
transaction
between
market
participants
on
the
measurement
date.
The
Fund
calculates the
net
asset
value
(NAV)
per
share
each
business
day
as
of
4
p.m.
Eastern
time
or
the
regularly
scheduled
close
of
the
New
York
Stock
Exchange
(NYSE),
whichever
is
earlier.
Senior
fixed
rate
notes
issued
by
the
Fund
are
carried
at
cost. Under
compliance
policies
and
procedures
approved
by
the Fund's
Board
of Trustees
(the
Board),
the
Board
has
designated
the
Fund's
investment
manager
as
the
valuation
designee
and
has
responsibility
for
oversight
of
valuation.
The
investment
manager
is
assisted
by
the
Fund's administrator
in
performing
this responsibility,
including
leading
the
cross-
functional
Valuation
Committee
(VC).
The
Fund
may
utilize
independent
pricing
services,
quotations
from
securities
and
financial
instrument
dealers,
and
other
market
sources
to
determine
fair
value.
Equity
securities
listed
on
an
exchange
or
on
the
NASDAQ
National
Market
System
are
valued
at
the
last
quoted
sale
price
or
the
official
closing
price
of
the
day,
respectively.
Foreign
equity
securities
are
valued
as
of
the
close
of
trading
on
the
foreign
stock
exchange
on
which
the
security
is
primarily
traded
or
as
of
4
p.m.
Eastern
time.
The
value
is
then
converted
into
its
U.S.
dollar
equivalent
at
the
foreign
exchange
rate
in
effect
at
4
p.m. Eastern
time
on
the
day
that
the
value
of
the
security
is
determined.
Over-the-counter
(OTC)
securities
are
valued
within
the
range
of
the
most
recent
quoted
bid
and
ask
prices.
Securities
that
trade
in
multiple
markets
or
on
multiple
exchanges
are
valued
according
to
the
broadest
and
most
representative
market.
Certain
equity
securities
are
valued
based
upon
fundamental
characteristics
or
relationships
to
similar
securities.
Debt
securities
generally
trade
in
the
OTC
market
rather
than
on
a
securities
exchange.
The Fund's
pricing
services
use
multiple
valuation
techniques
to
determine
fair
value.
In
instances
where
sufficient
market
activity
exists,
the
pricing
services
may
utilize
a
market-based
approach
through
which
quotes
from
market
makers
are
used
to
determine
fair
value.
In
instances
where
sufficient
market
activity
may
not
exist
or
is
limited,
the
pricing
services
also
utilize
proprietary
valuation
models
which
may
consider
market
characteristics
such
as
benchmark
yield
curves,
credit
spreads,
estimated
default
rates,
anticipated
market
interest
rate
volatility,
coupon
rates,
anticipated
timing
of
principal
repayments,
underlying
collateral,
and
other
unique
security
features
in
order
to
estimate
the
relevant
cash
flows,
which
are
then
discounted
to
calculate
the
fair
value.
Securities
denominated
in
a
foreign
currency
are
converted
into
their
U.S.
dollar
equivalent
at
the
foreign
exchange
rate
in
effect
at
4
p.m.
Eastern
time
on
the
date
that
the
values
of
the
foreign
debt
securities
are
determined.
Investments
in
open-end
mutual
funds
are
valued
at
the
closing
NAV.
The
Fund
has procedures
to
determine
the
fair
value
of
financial
instruments
for
which
market
prices
are
not
reliable
or
readily
available.
Under
these
procedures,
the
Fund
primarily employs
a
market-based
approach
which
may
use
related
or
comparable
assets
or
liabilities,
recent
transactions,
market
multiples,
and
other
relevant
information
for
the
investment
to
determine
the
fair
value
of
the
investment.
An
income-based
valuation
approach
may
also
be
used
in
which
the
anticipated
future
cash
flows
of
the
investment
are
discounted
to
calculate
fair
value.
Discounts
may
also
be
applied
due
to
the
nature
or
duration
of
any
restrictions
on
the
disposition
of
the
investments.
Due
to
the
inherent
uncertainty
of
valuations
of
such
investments,
the
fair
values
may
differ
significantly
from
the
values
that
would
have
been
used
had
an
active
market
existed. 
Franklin
Universal
Trust
Notes
to
Schedule
of
Investments
(unaudited)
20
Quarterly
Schedule
of
Investments
Trading
in
securities
on
foreign
securities
stock
exchanges
and
OTC
markets
may
be
completed
before
4
p.m.
Eastern
time.
In
addition,
trading
in
certain
foreign
markets
may
not
take
place
on
every
Fund’s
business
day.
Events
can
occur
between
the
time
at
which
trading
in
a
foreign
security
is
completed
and
4
p.m.
Eastern
time
that
might
call
into
question
the
reliability
of
the
value
of
a
portfolio
security
held
by
the
Fund.
As
a
result,
differences
may
arise
between
the
value
of
the
Fund’s
portfolio securities
as
determined
at
the
foreign
market
close
and
the
latest
indications
of
value
at
4
p.m.
Eastern
time.
In
order
to
minimize
the
potential
for
these
differences,
an
independent
pricing
service
may
be
used
to
adjust
the
value
of
the
Fund's
portfolio
securities
to
the
latest
indications
of
fair
value
at 4
p.m.
Eastern
time.
When
the
last
day
of
the
reporting
period
is
a
non-business
day,
certain
foreign
markets
may
be
open
on
those
days
that
the
Fund’s
NAV
is
not
calculated,
which
could
result
in
differences
between
the
value
of
the
Fund’s
portfolio
securities
on
the
last
business
day
and
the
last
calendar
day
of
the
reporting
period.
Any
security
valuation
changes
due
to
an
open
foreign
market
are
adjusted
and
reflected
by
the
Fund for
financial
reporting
purposes.
3.
Investments
in
Affiliated
Management
Investment
Companies
The
Fund
invests
in
one
or
more
affiliated
management
investment
companies.
As
defined
in
the
1940
Act,
an
investment
is
deemed
to
be
a
"Controlled
Affiliate"
of
a
fund
when
a
fund
owns,
either
directly
or
indirectly,
25%
or
more
of
the
affiliated
fund's
outstanding
shares
or
has
the
power
to
exercise
control
over
management
or
policies
of
such
fund.
The
Fund
does
not
invest
for
purposes
of
exercising
a
controlling
influence
over
the
management
or
policies.
During
the
period
ended
May
31,
2026
,
the
Fund
held
investments
in
affiliated
management
investment
companies
as
follows:
4. Fair
Value
Measurements
The Fund
follows a
fair
value
hierarchy
that
distinguishes
between
market
data
obtained
from
independent
sources
(observable
inputs)
and
the Fund's
own
market
assumptions
(unobservable
inputs).
These
inputs
are
used
in
determining
the
value
of
the
Fund's
financial
instruments
and
are
summarized
in
the
following
fair
value
hierarchy:
Level
1
–
quoted
prices
in
active
markets
for
identical
financial
instruments
Level
2
–
other
significant
observable
inputs
(including
quoted
prices
for
similar
financial
instruments,
interest
rates,
prepayment
speed,
credit
risk,
etc.)
Level
3
–
significant
unobservable
inputs
(including
the
Fund's
own
assumptions
in
determining
the
fair
value
of
financial
instruments)
The
input
levels
are
not
necessarily
an
indication
of
the
risk
or
liquidity
associated
with
financial
instruments
at
that
level.
    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
Franklin
Institutional
U.S.
Government
Money
Market
Fund,
3.579%
............
$5,815,421
$40,769,126
$(39,541,780)
$—
$—
$7,042,767
7,042,767
$205,697
Total
Affiliated
Securities
...
$5,815,421
$40,769,126
$(39,541,780)
$—
$—
$7,042,767
$205,697
2. Financial
Instrument
Valuation
(continued)
Franklin
Universal
Trust
Notes
to
Schedule
of
Investments
(unaudited)
21
Quarterly
Schedule
of
Investments
A
summary
of
inputs
used
as
of
May
31,
2026,
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:
a
Common
Stocks
:
Electric
Utilities
........................
$
56,473,655
$
—
$
—
$
56,473,655
Metals
&
Mining
.......................
9,518,312
—
—
9,518,312
Multi-Utilities
..........................
34,747,528
—
—
34,747,528
Oil,
Gas
&
Consumable
Fuels
.............
3,978,255
189,254
—
4,167,509
Pharmaceuticals
.......................
—
285,273
—
285,273
Software
.............................
—
—
760
760
Convertible
Preferred
Stocks
................
559,744
—
—
559,744
Preferred
Stocks
.........................
481,250
—
—
481,250
Rights
.................................
—
19,380
—
19,380
Convertible
Bonds
.......................
—
521,360
—
521,360
Corporate
Bonds
:
Aerospace
&
Defense
...................
—
3,986,748
—
3,986,748
Automobile
Components
.................
—
4,816,904
—
4,816,904
Automobiles
..........................
—
1,097,686
—
1,097,686
Biotechnology
.........................
—
2,399,526
—
2,399,526
Broadline
Retail
.......................
—
1,554,336
—
1,554,336
Building
Products
......................
—
3,587,364
—
3,587,364
Capital
Markets
........................
—
2,429,656
—
2,429,656
Chemicals
...........................
—
4,515,221
—
b
4,515,221
Commercial
Services
&
Supplies
...........
—
3,595,941
—
3,595,941
Communications
Equipment
..............
—
530,644
—
530,644
Construction
&
Engineering
...............
—
397,118
—
397,118
Consumer
Finance
.....................
—
7,842,675
—
7,842,675
Consumer
Staples
Distribution
&
Retail
......
—
717,916
—
717,916
Containers
&
Packaging
.................
—
3,269,792
—
3,269,792
Distributors
...........................
—
539,415
—
539,415
Diversified
Consumer
Services
............
—
297,957
—
297,957
Diversified
REITs
......................
—
2,236,094
—
2,236,094
Diversified
Telecommunication
Services
.....
—
9,083,133
—
9,083,133
Electric
Utilities
........................
—
3,868,411
—
3,868,411
Electronic
Equipment,
Instruments
&
Components
........................
—
484,553
—
484,553
Energy
Equipment
&
Services
.............
—
4,926,925
—
4,926,925
Entertainment
.........................
—
2,197,487
—
2,197,487
Financial
Services
......................
—
6,258,446
—
6,258,446
Food
Products
........................
—
3,243,104
—
3,243,104
Ground
Transportation
..................
—
1,820,805
—
1,820,805
Health
Care
Equipment
&
Supplies
.........
—
1,014,752
—
1,014,752
Health
Care
Providers
&
Services
..........
—
6,657,315
—
6,657,315
Health
Care
REITs
.....................
—
2,005,002
—
2,005,002
Health
Care
Technology
.................
—
946,136
—
946,136
Hotel
&
Resort
REITs
...................
—
1,875,271
—
1,875,271
Hotels,
Restaurants
&
Leisure
.............
—
9,988,454
—
9,988,454
Household
Durables
....................
—
4,386,979
—
4,386,979
Household
Products
....................
—
192,679
—
192,679
Independent
Power
and
Renewable
Electricity
Producers
..........................
—
3,540,548
—
3,540,548
Insurance
............................
—
2,556,279
—
2,556,279
IT
Services
...........................
—
2,206,622
—
2,206,622
Machinery
............................
—
3,774,710
—
3,774,710
4. Fair
Value
Measurements
(continued)
Franklin
Universal
Trust
Notes
to
Schedule
of
Investments
(unaudited)
22
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,
2026,
the
reconciliation
is
as
follows:
Level
1
Level
2
Level
3
Total
Franklin
Universal
Trust
(continued)
Assets:
(continued)
Investments
in
Securities:
a
(continued)
Corporate
Bonds:
(continued)
Media
...............................
$
—
$
8,547,746
$
—
$
8,547,746
Metals
&
Mining
.......................
—
4,834,685
—
4,834,685
Mortgage
Real
Estate
Investment
Trusts
(REITs)
............................
—
445,457
—
445,457
Oil,
Gas
&
Consumable
Fuels
.............
—
15,454,739
—
15,454,739
Paper
&
Forest
Products
.................
—
374,783
—
374,783
Passenger
Airlines
.....................
—
880,010
—
880,010
Personal
Care
Products
.................
—
1,571,108
—
1,571,108
Pharmaceuticals
.......................
—
1,152,687
—
1,152,687
Professional
Services
...................
—
434,918
—
434,918
Real
Estate
Management
&
Development
....
—
703,146
—
703,146
Semiconductors
&
Semiconductor
Equipment
.
—
384,799
—
384,799
Software
.............................
—
1,963,803
—
1,963,803
Specialized
REITs
......................
—
2,531,087
—
2,531,087
Specialty
Retail
........................
—
1,255,743
—
1,255,743
Technology
Hardware,
Storage
&
Peripherals
.
—
560,898
—
560,898
Textiles,
Apparel
&
Luxury
Goods
..........
—
808,818
—
808,818
Trading
Companies
&
Distributors
..........
—
2,569,775
—
2,569,775
Wireless
Telecommunication
Services
.......
—
3,849,985
844
3,850,829
Senior
Floating
Rate
Interests
...............
—
7,777
—
7,777
Marketplace
Loans
.......................
—
—
699,772
b
699,772
Municipal
Bonds
.........................
—
449,847
—
449,847
Escrows
and
Litigation
Trusts
...............
—
—
2
b
2
Short
Term
Investments
...................
7,042,767
—
—
7,042,767
Total
Investments
in
Securities
...........
$112,801,511
$164,639,682
$701,378
$278,142,571
a
For
detailed
categories,
see
the
accompanying
Schedule
of
Investments.
b
Includes
financial
instruments
determined
to
have
no
value.
Balance
at
Beginning
of
Period
Purchases
a
Sales
b
Transfer
Into
Level
3
c
Transfer
Out
of
Level
3
Net
Accretion
(Amortiza-
tion)
Net
Realized
Gain
(Loss)
Net
Unr
ealized
Appreciatio
n
(
Depreciation
)
Balance
at
End
of
Period
Net
Change
in
Unrealized
Appreciation
(Depreciation)
on
Assets
Held
at
Period
End
a
a
a
a
a
a
a
a
a
a
a
Franklin
Universal
Trust
Assets:
Investments
in
Securities:
Common
Stocks
:
Pharmaceuticals
....
$
287,042
$
5
$
(253,363)
$
—
$
—
$
—
$
—
$
(33,684)
$
—
$
—
Software
..........
27,871
—
—
—
—
—
—
(27,111)
760
(27,111)
Corporate
Bonds
:
Chemicals
........
—
d
—
—
—
—
—
—
—
—
d
—
Hotels,
Restaurants
&
Leisure
.........
—
d
—
(1,762,609)
—
—
—
—
1,762,609
—
—
Oil,
Gas
&
Consumable
Fuels
..........
—
d
—
—
d
—
—
—
(790,481)
790,481
—
—
4. Fair
Value
Measurements
(continued)
Franklin
Universal
Trust
Notes
to
Schedule
of
Investments
(unaudited)
23
Quarterly
Schedule
of
Investments
Level
3
financial
instruments
include
the
fair
value
of
immaterial
assets
and/or
liabilities
developed
using
various
valuation
techniques
and
unobservable
inputs.
Abbreviations
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:
(continued)
Investments
in
Securities:
(continued)
Corporate
Bonds:
(continued)
Wireless
Telecommunication
Services
........
$
844
$
—
$
—
$
—
$
—
$
587
$
—
$
(587)
$
844
$
(587)
Marketplace
Loans
:
Financial
Services
...
1,959,866
15,620
(1,531,081)
—
—
—
47,089
208,278
699,772
d
2,154
Escrows
and
Litigation
Trusts
:
—
d
—
(24,486)
5,700
—
—
4,939
13,849
2
d
(5,698)
Total
Investments
in
Securities
............
$2,275,623
$15,625
$(3,571,539)
$5,700
$—
$587
$(738,453)
$2,713,835
$701,378
$(31,242)
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
and
other
significant
observable
valuation
inputs.
May
include
amounts
related
to
a
corporate
action.
d
Includes
financial
instruments
determined
to
have
no
value.
Selected
Portfolio
ADR
American
Depositary
Receipt
FRN
Floating
Rate
Note
PIK
Payment-In-Kind
REIT
Real
Estate
Investment
Trust
4. Fair
Value
Measurements
(continued)
For
additional
information
on
the
Fund's
significant
accounting
policies,
please
refer
to
the Fund's
most
recent
semiannual
or
annual
shareholder
report.