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        <name>Adient Global Holdings Ltd.</name>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <name>Osaic Holdings, Inc.</name>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <name>ATI, Inc.</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Alliant Energy Corp.</name>
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        <fairValLevel>1</fairValLevel>
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        <name>Alliant Holdings Intermediate LLC / Alliant Holdings Co-Issuer</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Allison Transmission, Inc.</name>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <name>Allwyn Entertainment Financing UK plc</name>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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        <name>Altice France Lux 3 / Altice Holdings 1</name>
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        <name>American Electric Power Co., Inc.</name>
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        <name>Global Net Lease, Inc.</name>
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        <name>Amplify Energy Corp.</name>
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        <name>Antero Resources Corp.</name>
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        <name>APLD ComputeCo 2 LLC</name>
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        <fairValLevel>2</fairValLevel>
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        <name>ARC Falcon I, Inc. / Arclin USA LLC / New Arclin US Holding Corp.</name>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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        <name>California Buyer Ltd. / Atlantica Sustainable Infrastructure plc</name>
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        <fairValLevel>2</fairValLevel>
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        <name>California Resources Corp.</name>
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        <fairValLevel>1</fairValLevel>
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        <name>Calumet Specialty Products Partners LP / Calumet Finance Corp.</name>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <name>Carnival Corp. Ltd.</name>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <name>CenterPoint Energy, Inc.</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Coronado Finance Pty. Ltd.</name>
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        <fairValLevel>2</fairValLevel>
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        <name>DTE Energy Co.</name>
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        <name>Darling Ingredients, Inc.</name>
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        <name>Element Solutions, Inc.</name>
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        <name>Energizer Holdings, Inc.</name>
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        <name>Entergy Corp.</name>
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        <name>FMC Corp.</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Fertitta Entertainment LLC / Fertitta Entertainment Finance Co., Inc.</name>
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        <name>Gates Corp.</name>
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        <name>Global Net Lease, Inc. / Global Net Lease Operating Partnership LP</name>
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        <name>Grand Canyon University</name>
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        <name>Enviri Corp.</name>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <name>Jaguar Land Rover Automotive plc</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Jane Street Group / JSG Finance, Inc.</name>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <name>K. Hovnanian Enterprises, Inc.</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Kedrion SpA</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Advancion Sciences, Inc.</name>
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        <name>Kodiak Gas Services LLC</name>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <name>MPT Operating Partnership LP / MPT Finance Corp.</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Macquarie Airfinance Holdings Ltd.</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Discovery Global Holdings, Inc.</name>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <name>Murphy Oil Corp.</name>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <name>NCL Corp. Ltd.</name>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <name>Nissan Motor Co. Ltd.</name>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <name>Gen Digital, Inc.</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Novelis Corp.</name>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <name>Novelis Corp.</name>
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        <fairValLevel>2</fairValLevel>
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        <name>OAK-Eagle Acquireco, Inc.</name>
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        <fairValLevel>2</fairValLevel>
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        <name>OAK-Eagle Acquireco, Inc.</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Oceaneering International, Inc.</name>
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        <fairValLevel>2</fairValLevel>
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        <name>OneMain Finance Corp.</name>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <name>Oracle Corp.</name>
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        <name>Outfront Media Capital LLC / Outfront Media Capital Corp.</name>
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        <name>Outfront Media Capital LLC / Outfront Media Capital Corp.</name>
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        <fairValLevel>2</fairValLevel>
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        <name>PPL Corp.</name>
        <lei>9N3UAJSNOUXFKQLF3V18</lei>
        <title>PPL Corp.</title>
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        <fairValLevel>1</fairValLevel>
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        <name>PRA Group, Inc.</name>
        <lei>549300Q5HW3JSSB86K27</lei>
        <title>PRA Group, Inc.</title>
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        <fairValLevel>2</fairValLevel>
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        <name>Royal Caribbean Cruises Ltd.</name>
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        <fairValLevel>2</fairValLevel>
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        <name>SV RNO Property Owner 1 LLC</name>
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        <fairValLevel>2</fairValLevel>
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        <name>EW Scripps Co. (The)</name>
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        <name>Seagate Data Storage Technology Pte. Ltd.</name>
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        <name>Sempra, Inc.</name>
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        <name>Delta Air Lines, Inc. / SkyMiles IP Ltd.</name>
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        <name>South32 Ltd.</name>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <name>Transocean International Ltd.</name>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <name>US Foods, Inc.</name>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <name>VZ Secured Financing BV</name>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <name>WEC Energy Group, Inc.</name>
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        <fairValLevel>1</fairValLevel>
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        <name>Waste Pro USA, Inc.</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Watco Cos. LLC / Watco Finance Corp.</name>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <name>Weatherford International Ltd.</name>
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        <name>Weekley Homes LLC / Weekley Finance Corp.</name>
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        <name>Weekley Homes LLC / Weekley Finance Corp.</name>
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        <fairValLevel>2</fairValLevel>
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        <cusip>389925AA6</cusip>
        <identifiers>
          <isin value="US389925AA64"/>
          <other otherDesc="Inhouse Asset ID" value="1410947"/>
        </identifiers>
        <balance>900000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>888357.60000000</valUSD>
        <pctVal>0.401930863639</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-11-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>8.75000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Altice France SA</name>
        <lei>5493001ZMCICV4N02J21</lei>
        <title>Altice France SA</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="XS3154194339"/>
          <other otherDesc="Inhouse Asset ID" value="1526835"/>
        </identifiers>
        <balance>1254.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt="0.85733882"/>
        <valUSD>19380.32000000</valUSD>
        <pctVal>0.008768483272</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetConditional assetCat="OTHER" desc="Right"/>
        <issuerCat>CORP</issuerCat>
        <invCountry>FR</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
    </invstOrSecs>
    <explntrNotes>
      <explntrNote note="Monthly returns presented in Item B.5(a) have been calculated without deducting any applicable sales loads or redemption fees." noteItem="B.5.a"/>
    </explntrNotes>
    <signature>
      <ncom:dateSigned>2026-06-30</ncom:dateSigned>
      <ncom:nameOfApplicant>Franklin Universal Trust</ncom:nameOfApplicant>
      <ncom:signature>Monica Krogh</ncom:signature>
      <ncom:signerName>Monica Krogh</ncom:signerName>
      <ncom:title>Assistant Treasurer</ncom:title>
    </signature>
  </formData>
  <documents>XXXX</documents>
</edgarSubmission>
