NPORT-EX 1 Franklin_Unvsl_Trust.htm
Franklin Universal Trust
Statement of Investments, May 31, 2019 (unaudited)
    Country Shares/Warrants   Value
  Common Stocks and Other Equity Interests 41.3%        
  Energy 1.1%        
a
Birch Permian Holdings Inc.
United States    32,490       $373,635
a
Chaparral Energy Inc., A
United States     5,868        24,763
a,b
Chaparral Energy Inc., A, 144A
United States       214           903
 
Enbridge Inc.
Canada    39,360     1,451,203
a
Goodrich Petroleum Corp.
United States    19,379       224,215
a
Halcon Resources Corp.
United States    52,355        11,194
a
Halcon Resources Corp., wts., 9/09/20
United States 4,668   35
a
Midstates Petroleum Co. Inc.
United States 238   1,592
a,c
Midstates Petroleum Co. Inc., wts., 4/21/20
United States 2,311   6
a
Riviera Resources Inc.
United States 5,272   71,172
a
Roan Resources Inc.
United States 5,272   11,019
          2,169,737
  Materials 1.0%        
 
BHP Group PLC, ADR
United Kingdom 25,185   1,136,095
 
Freeport-McMoRan Inc.
United States 80,380   780,490
 
South32 Ltd., ADR
Australia 10,074   116,758
a
Verso Corp., A
United States 3,330   57,343
a
Verso Corp., wts., 7/25/23
United States 350   962
          2,091,648
  Utilities 39.2%        
 
Alliant Energy Corp.
United States 80,000   3,796,800
 
American Electric Power Co. Inc.
United States 65,000   5,597,800
 
CenterPoint Energy Inc.
United States 122,800   3,492,432
 
CMS Energy Corp.
United States 90,000   5,049,900
 
Consolidated Edison Inc.
United States 40,000   3,452,000
 
Dominion Energy Inc.
United States 67,200   5,052,096
 
DTE Energy Co.
United States 30,000   3,764,100
 
Duke Energy Corp.
United States 46,060   3,943,197
 
Edison International
United States 36,000   2,137,320
 
Entergy Corp.
United States 30,000   2,912,100
 
Evergy Inc.
United States 80,000   4,651,200
 
Exelon Corp.
United States 80,000   3,846,400
 
FirstEnergy Corp.
United States 40,000   1,649,600
 
NextEra Energy Inc.
United States 30,000   5,946,300
 
NiSource Inc.
United States 60,000   1,671,000
 
Pinnacle West Capital Corp.
United States 44,800   4,207,168
 
PPL Corp.
United States 24,500   729,120
 
Public Service Enterprise Group Inc.
United States 45,000   2,644,200
 
Sempra Energy
United States 45,000   5,915,250
 
The Southern Co.
United States 68,250   3,651,375
 
WEC Energy Group Inc.
United States 40,000   3,222,000
 
Xcel Energy Inc.
United States 60,000   3,440,400
          80,771,758
 
Total Common Stocks and Other Equity Interests (Cost $39,452,113)
      85,033,143
Quarterly Statement of Investments  |  See Notes to Statement of Investments.  |  1
Franklin Universal Trust
Statement of Investments (unaudited)
    Country Shares   Value
  Preferred Stocks (Cost $1,087,500) 0.5%        
  Utilities 0.5%        
 
SCE Trust II, 5.10%, pfd.
United States    50,000     $1,061,500
      Principal
Amount* 		   
  Corporate Bonds 87.1%        
  Automobiles & Components 1.2%        
b
Adient U.S. LLC, senior secured note, 144A, 7.00%, 5/15/26
United States $1,900,000     1,890,500
b
Allison Transmission Inc., senior bond, 144A, 4.75%, 10/01/27
United States   600,000       578,250
          2,468,750
  Banks 1.3%        
 
CIT Group Inc., senior note, 5.25%, 3/07/25
United States 600,000   635,328
d JPMorgan Chase & Co.,        
 
junior sub. bond, R, 6.00% to 8/01/23, FRN thereafter, Perpetual
United States   900,000       940,176
 
junior sub. bond, V, 5.00% to 7/30/19, FRN thereafter, Perpetual
United States 1,100,000     1,097,250
          2,672,754
  Capital Goods 6.9%        
b
BBA U.S. Holdings Inc., senior note, 144A, 5.375%, 5/01/26
United States 500,000   507,500
b
Beacon Roofing Supply Inc., senior note, 144A, 4.875%, 11/01/25
United States 600,000   569,442
b
BWX Technologies Inc., senior note, 144A, 5.375%, 7/15/26
United States 600,000   615,000
b
Cloud Crane LLC, secured note, second lien, 144A, 10.125%, 8/01/24
United States 300,000   319,500
 
H&E Equipment Services Inc., senior note, 5.625%, 9/01/25
United States 1,300,000   1,294,475
b
HD Supply Inc., senior note, 144A, 5.375%, 10/15/26
United States 600,000   613,500
b Jeld-Wen Inc.,        
 
senior bond, 144A, 4.875%, 12/15/27
United States   300,000       282,750
 
senior note, 144A, 4.625%, 12/15/25
United States   300,000       288,000
b
The Manitowoc Co. Inc., secured note, second lien, 144A, 9.00%, 4/01/26
United States 1,000,000   975,000
b
NCI Building Systems Inc., senior secured note, 144A, 8.00%, 4/15/26
United States 900,000   817,020
b
Stevens Holding Co. Inc., senior note, 144A, 6.125%, 10/01/26
United States 1,200,000   1,254,000
 
Tennant Co., senior note, 5.625%, 5/01/25
United States 1,600,000   1,628,000
b
Terex Corp., senior note, 144A, 5.625%, 2/01/25
United States 1,700,000   1,666,000
b
TransDigm Inc., senior secured note, 144A, 6.25%, 3/15/26
United States 1,700,000   1,738,250
b
Vertiv Group Corp., senior note, 144A, 9.25%, 10/15/24
United States 1,700,000   1,683,000
          14,251,437
  Commercial & Professional Services 2.0%        
b
Multi-Color Corp., senior note, 144A, 4.875%, 11/01/25
United States 1,100,000   1,146,750
  United Rentals North America Inc.,        
 
senior bond, 5.875%, 9/15/26
United States   100,000       103,875
 
senior bond, 5.50%, 5/15/27
United States   500,000       505,625
 
senior bond, 5.25%, 1/15/30
United States 1,000,000       982,500
b
West Corp., senior note, 144A, 8.50%, 10/15/25
United States 1,800,000   1,440,000
          4,178,750
  Consumer Durables & Apparel 3.0%        
b Ashton Woods USA LLC/Ashton Woods Finance Co.,        
 
senior note, 144A, 6.75%, 8/01/25
United States 1,500,000     1,411,875
 
senior note, 144A, 9.875%, 4/01/27
United States   400,000       412,000
  |  2
Franklin Universal Trust
Statement of Investments (unaudited)
    Country Principal
Amount* 		  Value
  Corporate Bonds (continued)        
  Consumer Durables & Apparel (continued)        
b
Hanesbrands Inc., senior note, 144A, 4.625%, 5/15/24
United States $1,000,000       $997,500
b Taylor Morrison Communities Inc./Taylor Morrison Holdings II Inc.,        
 
senior note, 144A, 5.25%, 4/15/21
United States   400,000       398,500
 
senior note, 144A, 5.625%, 3/01/24
United States   600,000       604,500
 
Toll Brothers Finance Corp., senior bond, 5.625%, 1/15/24
United States   700,000       739,375
 
Weekley Homes LLC/Weekley Finance Corp., senior note, 6.625%, 8/15/25
United States 1,700,000     1,678,750
          6,242,500
  Consumer Services 7.2%        
b
1011778 BC ULC/New Red Finance Inc., senior secured note, first lien, 144A, 4.25%, 5/15/24
Canada 900,000   888,358
b
24 Hour Holdings III LLC, senior note, 144A, 8.00%, 6/01/22
United States 1,800,000   1,750,500
b
Ascend Learning LLC, senior note, 144A, 6.875%, 8/01/25
United States 1,200,000   1,212,000
b
Boyne USA Inc., secured note, second lien, 144A, 7.25%, 5/01/25
United States 1,500,000   1,627,500
b
Downstream Development Authority of the Quapaw Tribe of Oklahoma, secured note, 144A, 10.50%, 2/15/23
United States 1,500,000   1,578,750
b Golden Nugget Inc.,        
 
senior note, 144A, 6.75%, 10/15/24
United States 1,100,000     1,094,500
 
senior note, 144A, 8.75%, 10/01/25
United States   600,000       605,250
b KFC Holding Co./Pizza Hut Holdings LLC/Taco Bell of America LLC,        
 
senior note, 144A, 5.00%, 6/01/24
United States   600,000       610,500
 
senior note, 144A, 5.25%, 6/01/26
United States   600,000       609,000
b
MGM Growth Properties Operating Partnership LP/MGP Finance Co-Issuer Inc., senior note, 144A, 5.75%, 2/01/27
United States 500,000   515,625
b
Stars Group Holdings BV/Stars Group U.S. Co-Borrower LLC, senior note, 144A, 7.00%, 7/15/26
Canada 1,600,000   1,650,000
b
Studio City Finance Ltd., senior note, 144A, 7.25%, 2/11/24
Macau 1,300,000   1,343,875
b
Wynn Las Vegas LLC/Wynn Las Vegas Capital Corp., senior bond, 144A, 5.50%, 3/01/25
United States 1,300,000   1,277,250
          14,763,108
  Diversified Financials 1.9%        
b
FirstCash Inc., senior note, 144A, 5.375%, 6/01/24
United States 1,100,000   1,116,500
b
MSCI Inc., senior note, 144A, 5.375%, 5/15/27
United States 500,000   526,875
  Navient Corp.,        
 
senior note, 6.625%, 7/26/21
United States   400,000       415,924
 
senior note, 6.50%, 6/15/22
United States   500,000       521,250
 
senior note, 7.25%, 9/25/23
United States   600,000       632,070
 
Springleaf Finance Corp., senior note, 6.625%, 1/15/28
United States 700,000   710,514
          3,923,133
  Energy 10.6%        
b
Aker BP ASA, senior note, 144A, 5.875%, 3/31/25
Norway 500,000   525,172
b
Archrock Partners LP / Archrock Partners Finance Corp., senior note, 144A, 6.875%, 4/01/27
United States 500,000   515,000
  California Resources Corp.,        
 
b secured note, second lien, 144A, 8.00%, 12/15/22
United States   515,000       361,788
 
senior bond, 6.00%, 11/15/24
United States    15,000         9,150
 
senior note, 5.50%, 9/15/21
United States    10,000         7,200
  |  3
Franklin Universal Trust
Statement of Investments (unaudited)
    Country Principal
Amount* 		  Value
  Corporate Bonds (continued)        
  Energy (continued)        
 
Callon Petroleum Co., senior note, 6.375%, 7/01/26
United States $1,300,000     $1,270,750
 
Calumet Specialty Products Partners LP/Calumet Finance Corp., senior note, 7.75%, 4/15/23
United States   800,000       740,000
  Cheniere Corpus Christi Holdings LLC,        
 
senior secured note, first lien, 7.00%, 6/30/24
United States   600,000       670,320
 
senior secured note, first lien, 5.875%, 3/31/25
United States 1,000,000     1,075,830
  Cheniere Energy Partners LP,        
 
b senior note, 144A, 5.625%, 10/01/26
United States   700,000       710,500
 
senior secured note, first lien, 5.25%, 10/01/25
United States 1,200,000     1,202,424
 
Chesapeake Energy Corp., senior note, 7.50%, 10/01/26
United States 1,500,000   1,323,750
  Crestwood Midstream Partners LP/Crestwood Midstream Finance Corp.,        
 
senior note, 6.25%, 4/01/23
United States   500,000       506,650
 
senior note, 5.75%, 4/01/25
United States   800,000       810,000
  CSI Compressco LP/CSI Compressco Finance Inc.,        
 
senior note, 7.25%, 8/15/22
United States 1,300,000     1,179,750
 
b senior secured note, first lien, 144A, 7.50%, 4/01/25
United States   100,000        98,250
b
Diamondback Energy Inc., senior note, 144A, 4.75%, 11/01/24
United States 900,000   919,125
  Energy Transfer Operating LP,        
 
senior note, 7.50%, 10/15/20
United States 1,200,000     1,273,060
 
senior note, 5.875%, 1/15/24
United States   200,000       218,666
b,e
EnQuest PLC, senior note, 144A, PIK, 7.00%, 4/15/22
United Kingdom 688,666   562,495
 
HighPoint Operating Corp., senior note, 8.75%, 6/15/25
United States 1,700,000   1,640,500
 
Martin Midstream Partners LP/Martin Midstream Finance Corp., senior note, 7.25%, 2/15/21
United States 900,000   877,500
b,e
Murray Energy Corp., secured note, 1.5 lien, 144A, PIK, 12.00%, 4/15/24
United States 757,734   261,418
 
Oceaneering International Inc., senior note, 6.00%, 2/01/28
United States 800,000   785,834
 
QEP Resources Inc., senior bond, 5.375%, 10/01/22
United States 1,600,000   1,542,000
  Sanchez Energy Corp.,        
 
senior note, 7.75%, 6/15/21
United States   800,000        92,000
 
senior note, 6.125%, 1/15/23
United States   100,000        11,500
  Sunoco LP/Sunoco Finance Corp.,        
 
senior note, 4.875%, 1/15/23
United States   700,000       707,154
 
b senior note, 144A, 6.00%, 4/15/27
United States 1,000,000     1,018,410
f Weatherford International Ltd.,        
 
senior note, 5.125%, 9/15/20
United States   200,000        98,000
 
senior note, 7.75%, 6/15/21
United States   600,000       298,500
 
senior note, 4.50%, 4/15/22
United States   400,000       194,000
 
senior note, 8.25%, 6/15/23
United States   600,000       300,000
          21,806,696
  Food & Staples Retailing 0.3%        
b
Aramark Services Inc., senior bond, 144A, 5.00%, 2/01/28
United States 600,000   595,125
  Food, Beverage & Tobacco 2.1%        
 
B&G Foods Inc., senior note, 5.25%, 4/01/25
United States 1,200,000   1,164,750
b
Cott Holdings Inc., senior note, 144A, 5.50%, 4/01/25
Canada 300,000   296,625
b Lamb Weston Holdings Inc.,        
 
senior note, 144A, 4.625%, 11/01/24
United States   700,000       700,000
 
senior note, 144A, 4.875%, 11/01/26
United States 1,000,000     1,007,500
  |  4
Franklin Universal Trust
Statement of Investments (unaudited)
    Country Principal
Amount* 		  Value
  Corporate Bonds (continued)        
  Food, Beverage & Tobacco (continued)        
b Post Holdings Inc.,        
 
senior bond, 144A, 5.00%, 8/15/26
United States   $800,000       $790,000
 
senior bond, 144A, 5.625%, 1/15/28
United States   300,000       298,500
          4,257,375
  Health Care Equipment & Services 6.6%        
b
Catalent Pharma Solutions Inc., senior note, 144A, 4.875%, 1/15/26
United States 1,400,000     1,393,000
b
Centene Corp., senior note, 144A, 5.375%, 6/01/26
United States 1,700,000   1,767,490
  CHS/Community Health Systems Inc.,        
 
senior note, 6.875%, 2/01/22
United States   175,000       117,250
 
b senior note, 144A, 8.125%, 6/30/24
United States   718,000       538,500
 
senior secured note, first lien, 6.25%, 3/31/23
United States   600,000       573,570
  HCA Inc.,        
 
senior bond, 5.875%, 2/15/26
United States 1,400,000     1,487,514
 
senior bond, 5.875%, 2/01/29
United States   600,000       637,500
b
MEDNAX Inc., senior note, 144A, 6.25%, 1/15/27
United States 1,500,000   1,507,500
b
MPH Acquisition Holdings LLC, senior note, 144A, 7.125%, 6/01/24
United States 1,300,000   1,296,750
b,e
Polaris Intermediate Corp., senior note, 144A, PIK, 8.50%, 12/01/22
United States 400,000   394,500
  Tenet Healthcare Corp.,        
 
senior note, 8.125%, 4/01/22
United States 1,000,000     1,045,960
 
b senior note, second lien, 144A, 6.25%, 2/01/27
United States 1,000,000     1,021,250
  WellCare Health Plans Inc.,        
 
senior note, 5.25%, 4/01/25
United States 1,200,000     1,220,640
 
b senior note, 144A, 5.375%, 8/15/26
United States   500,000       513,600
          13,515,024
  Household & Personal Products 0.4%        
b
Prestige Brands Inc., senior note, 144A, 6.375%, 3/01/24
United States 900,000   929,250
  Insurance 0.5%        
g
CNO Financial Group Inc., senior note, 5.25%, 5/30/29
United States 1,000,000   1,010,120
  Materials 11.2%        
e
ARD Finance SA, secured note, PIK, 7.125%, 9/15/23
Luxembourg 400,000   393,000
b
BWAY Holding Co., senior note, 144A, 7.25%, 4/15/25
United States 1,800,000   1,739,430
  The Chemours Co.,        
 
senior note, 6.625%, 5/15/23
United States   469,000       469,000
 
senior note, 5.375%, 5/15/27
United States   200,000       182,000
 
Crown Americas LLC/Crown Americas Capital Corp. VI, senior note, 4.75%, 2/01/26
United States 700,000   705,600
b Eldorado Gold Corp.,        
 
g secured note, second lien, 144A, 9.50%, 6/01/24
Canada 1,000,000       985,000
 
senior note, 144A, 6.125%, 12/15/20
Canada   500,000       500,400
b
Element Solutions Inc., senior note, 144A, 5.875%, 12/01/25
United States 1,000,000   1,018,750
b First Quantum Minerals Ltd.,        
 
senior note, 144A, 7.25%, 4/01/23
Zambia   600,000       549,750
 
senior note, 144A, 6.875%, 3/01/26
Zambia   800,000       684,000
b FMG Resources (August 2006) Pty. Ltd.,        
 
senior note, 144A, 4.75%, 5/15/22
Australia   800,000       804,000
 
senior note, 144A, 5.125%, 3/15/23
Australia   400,000       405,000
  |  5
Franklin Universal Trust
Statement of Investments (unaudited)
    Country Principal
Amount* 		  Value
  Corporate Bonds (continued)        
  Materials (continued)        
b
Grinding Media Inc./MC Grinding Media Canada Inc., senior secured note, 144A, 7.375%, 12/15/23
United States $1,000,000       $935,000
b
Neon Holdings Inc., senior note, 144A, 10.125%, 4/01/26
United States 1,200,000     1,203,000
b
New Enterprise Stone & Lime Co., senior note, 144A, 6.25%, 3/15/26
United States   900,000       897,750
b
New Gold Inc., senior note, 144A, 6.375%, 5/15/25
Canada   700,000       524,125
b
Northwest Acquisitions ULC/Dominion Finco Inc., secured note, second lien, 144A, 7.125%, 11/01/22
Canada   400,000       313,000
b Novelis Corp.,        
 
senior bond, 144A, 5.875%, 9/30/26
United States   500,000       488,440
 
senior note, 144A, 6.25%, 8/15/24
United States   700,000       717,500
b
OCI NV, senior note, 144A, 6.625%, 4/15/23
Netherlands 500,000   515,000
b Owens-Brockway Glass Container Inc.,        
 
senior note, 144A, 5.00%, 1/15/22
United States 1,000,000     1,018,750
 
senior note, 144A, 5.875%, 8/15/23
United States   500,000       524,415
b
Plastipak Holdings Inc., senior note, 144A, 6.25%, 10/15/25
United States 1,700,000   1,534,250
b
Rain CII Carbon LLC / CII Carbon Corp., senior note, 144A, 7.25%, 4/01/25
United States 900,000   828,000
  Reynolds Group Issuer Inc./Reynolds Group Issuer LLC/Reynolds Group Issuer Luxembourg SA,        
 
b senior note, 144A, 7.00%, 7/15/24
United States   200,000       202,500
 
senior secured note, first lien, 5.75%, 10/15/20
United States   484,554       485,911
 
b senior secured note, first lien, 144A, 5.125%, 7/15/23
United States 1,000,000     1,001,450
b Sealed Air Corp.,        
 
senior bond, 144A, 5.50%, 9/15/25
United States   200,000       208,000
 
senior note, 144A, 6.50%, 12/01/20
United States   400,000       414,000
  Steel Dynamics Inc.,        
 
senior bond, 5.50%, 10/01/24
United States   900,000       918,891
 
senior bond, 5.00%, 12/15/26
United States   700,000       717,500
b
SunCoke Energy Partners LP/SunCoke Energy Partners Finance Corp., senior note, 144A, 7.50%, 6/15/25
United States 1,300,000   1,285,375
          23,168,787
  Media & Entertainment 9.8%        
b Altice Luxembourg SA,        
 
senior note, 144A, 10.50%, 5/15/27
Luxembourg 1,700,000     1,706,800
 
senior secured note, 144A, 7.75%, 5/15/22
Luxembourg 1,700,000     1,738,250
 
AMC Networks Inc., senior note, 5.00%, 4/01/24
United States 700,000   698,999
  CCO Holdings LLC/CCO Holdings Capital Corp.,        
 
b senior bond, 144A, 5.375%, 6/01/29
United States 1,000,000     1,002,500
 
senior bond, 5.25%, 9/30/22
United States 1,700,000     1,724,777
 
b senior bond, 144A, 5.75%, 2/15/26
United States   700,000       728,000
  Clear Channel Worldwide Holdings Inc.,        
 
senior note, 6.50%, 11/15/22
United States 1,000,000     1,025,000
 
b senior sub. note, 144A, 9.25%, 2/15/24
United States   600,000       643,320
  CSC Holdings LLC,        
 
b senior bond, 144A, 5.50%, 4/15/27
United States   500,000       509,775
 
senior note, 6.75%, 11/15/21
United States   700,000       748,125
 
senior note, 5.25%, 6/01/24
United States   700,000       707,210
 
b senior note, 144A, 7.50%, 4/01/28
United States   300,000       321,000
 
b senior secured note, first lien, 144A, 5.50%, 5/15/26
United States 1,200,000     1,220,640
  |  6
Franklin Universal Trust
Statement of Investments (unaudited)
    Country Principal
Amount* 		  Value
  Corporate Bonds (continued)        
  Media & Entertainment (continued)        
  DISH DBS Corp.,        
 
senior bond, 5.875%, 7/15/22
United States   $700,000       $690,585
 
senior note, 7.75%, 7/01/26
United States 1,100,000     1,009,250
b
Gray Escrow Inc., senior note, 144A, 7.00%, 5/15/27
United States   500,000       530,870
  Netflix Inc.,        
 
senior bond, 5.875%, 2/15/25
United States 1,100,000     1,169,729
 
b senior bond, 144A, 5.375%, 11/15/29
United States   300,000       305,250
b
Nexstar Broadcasting Inc., senior note, 144A, 5.625%, 8/01/24
United States 900,000   909,000
b Sirius XM Radio Inc.,        
 
senior bond, 144A, 6.00%, 7/15/24
United States   800,000       825,160
 
senior bond, 144A, 5.375%, 4/15/25
United States   700,000       707,539
 
Tegna Inc., senior note, 5.125%, 7/15/20
United States 800,000   801,000
b
Univision Communications Inc., senior secured bond, first lien, 144A, 6.75%, 9/15/22
United States 116,000   117,740
b
Virgin Media Secured Finance PLC, senior secured bond, first lien, 144A, 5.50%, 8/15/26
United Kingdom 200,000   201,750
b
WMG Acquisition Corp., secured note, first lien, 144A, 5.00%, 8/01/23
United States 200,000   202,750
          20,245,019
  Pharmaceuticals, Biotechnology & Life Sciences 2.7%        
b
Avantor Inc., senior secured note, first lien, 144A, 6.00%, 10/01/24
United States 700,000   728,700
b
Bausch Health Americas Inc., senior note, 144A, 9.25%, 4/01/26
United States 1,500,000   1,625,625
b Bausch Health Cos. Inc.,        
 
senior bond, 144A, 6.125%, 4/15/25
United States   400,000       392,200
 
senior note, 144A, 5.75%, 8/15/27
United States   100,000       101,375
 
senior note, first lien, 144A, 7.00%, 3/15/24
United States   200,000       209,375
b Endo DAC/Endo Finance LLC/Endo Finco Inc.,        
 
senior bond, 144A, 6.00%, 2/01/25
United States   800,000       536,000
 
senior note, 144A, 6.00%, 7/15/23
United States   819,000       592,571
 
Horizon Pharma USA Inc., senior note, 6.625%, 5/01/23
United States 710,000   727,306
b
Jaguar Holding Co. II/Pharmaceutical Product Development LLC, senior note, 144A, 6.375%, 8/01/23
United States 700,000   712,390
          5,625,542
  Real Estate 2.3%        
 
CyrusOne LP/CyrusOne Finance Corp., senior note, 5.00%, 3/15/24
United States 1,400,000   1,413,580
 
Equinix Inc., senior bond, 5.375%, 4/01/23
United States 1,300,000   1,322,360
b
Five Point Operating Co. LP/Five Point Capital Corp., senior note, 144A, 7.875%, 11/15/25
United States 1,000,000   997,500
  MPT Operating Partnership LP/MPT Finance Corp.,        
 
senior bond, 5.25%, 8/01/26
United States   300,000       303,555
 
senior note, 6.375%, 3/01/24
United States   600,000       626,250
          4,663,245
  |  7
Franklin Universal Trust
Statement of Investments (unaudited)
    Country Principal
Amount* 		  Value
  Corporate Bonds (continued)        
  Retailing 1.5%        
b
Party City Holdings Inc., senior note, 144A, 6.625%, 8/01/26
United States $1,700,000     $1,695,750
b PetSmart Inc.,        
 
senior note, 144A, 7.125%, 3/15/23
United States   300,000       270,000
 
senior note, 144A, 8.875%, 6/01/25
United States   300,000       276,000
 
senior secured note, first lien, 144A, 5.875%, 6/01/25
United States   900,000       849,375
          3,091,125
  Semiconductors & Semiconductor Equipment 1.2%        
b
Amkor Technology Inc., senior note, 144A, 6.625%, 9/15/27
United States 1,000,000   960,000
b
Qorvo Inc., senior note, 144A, 5.50%, 7/15/26
United States 1,400,000   1,428,000
          2,388,000
  Software & Services 1.6%        
b
First Data Corp., secured note, second lien, 144A, 5.75%, 1/15/24
United States 1,100,000   1,129,700
 
Infor (U.S.) Inc., senior note, 6.50%, 5/15/22
United States 1,700,000   1,723,698
b
Symantec Corp., senior note, 144A, 5.00%, 4/15/25
United States 500,000   500,337
          3,353,735
  Technology Hardware & Equipment 2.9%        
b
Blackboard Inc., secured note, second lien, 144A, 9.75%, 10/15/21
United States 1,542,000   1,472,610
 
CDW LLC/CDW Finance Corp., senior note, 5.00%, 9/01/25
United States 700,000   710,500
b
CommScope Technologies LLC, senior bond, 144A, 6.00%, 6/15/25
United States 1,700,000   1,559,750
b Dell International LLC/EMC Corp.,        
 
senior note, 144A, 5.875%, 6/15/21
United States   200,000       202,985
 
senior note, 144A, 7.125%, 6/15/24
United States   200,000       210,714
 
senior secured bond, first lien, 144A, 6.02%, 6/15/26
United States   200,000       215,533
b
Tempo Acquisition LLC/Tempo Acquisition Finance Corp., senior note, 144A, 6.75%, 6/01/25
United States 1,600,000   1,620,000
          5,992,092
  Telecommunication Services 4.5%        
b
Block Communications Inc., senior note, 144A, 6.875%, 2/15/25
United States 300,000   309,750
b
Digicel Group One Ltd., senior secured note, first lien, 144A, 8.25%, 12/30/22
Jamaica 463,000   295,153
b
Digicel Group Two Ltd., senior note, 144A, 8.25%, 9/30/22
Bermuda 437,000   167,017
b Digicel Ltd.,        
 
senior note, 144A, 6.00%, 4/15/21
Bermuda   500,000       421,658
 
senior note, 144A, 6.75%, 3/01/23
Bermuda   300,000       197,669
b
DKT Finance ApS, senior secured note, first lien, 144A, 9.375%, 6/17/23
Denmark 1,500,000   1,611,592
 
Hughes Satellite Systems Corp., senior bond, 6.625%, 8/01/26
United States 1,700,000   1,700,000
  Sprint Corp.,        
 
senior bond, 7.875%, 9/15/23
United States   500,000       538,335
 
senior bond, 7.125%, 6/15/24
United States   500,000       521,250
 
senior note, 7.625%, 3/01/26
United States   600,000       637,125
b
Sprint Spectrum Co. LLC/Sprint Spectrum Co. II LLC, senior secured bond, first lien, 144A, 4.738%, 9/20/29
United States 1,300,000   1,331,460
  T-Mobile USA Inc.,        
 
senior bond, 6.50%, 1/15/24
United States   200,000       207,000
 
senior bond, 6.375%, 3/01/25
United States   500,000       518,635
 
senior bond, 4.75%, 2/01/28
United States   600,000       596,814
  |  8
Franklin Universal Trust
Statement of Investments (unaudited)
    Country Principal
Amount* 		  Value
  Corporate Bonds (continued)        
  Telecommunication Services (continued)        
  T-Mobile USA Inc., (continued)        
 
senior note, 6.00%, 4/15/24
United States   $200,000       $208,000
          9,261,458
  Transportation 1.1%        
b
Avolon Holdings Funding Ltd., senior note, 144A, 5.25%, 5/15/24
Ireland   500,000       520,650
b DAE Funding LLC,        
 
senior note, 144A, 4.50%, 8/01/22
United Arab Emirates   700,000       700,875
 
senior note, 144A, 5.00%, 8/01/24
United Arab Emirates   700,000       701,750
b
Park Aerospace Holdings Ltd., senior note, 144A, 5.50%, 2/15/24
Ireland 300,000   313,950
          2,237,225
  Utilities 4.3%        
 
Calpine Corp., senior bond, 5.75%, 1/15/25
United States 1,800,000   1,746,396
  Clearway Energy Operating LLC,        
 
senior bond, 5.375%, 8/15/24
United States   900,000       897,750
 
senior bond, 5.00%, 9/15/26
United States   900,000       873,000
 
b senior note, 144A, 5.75%, 10/15/25
United States   400,000       400,500
 
Ferrellgas LP/Ferrellgas Finance Corp., senior note, 6.75%, 6/15/23
United States 700,000   607,250
 
Ferrellgas Partners LP/Ferrellgas Partners Finance Corp., senior note, 8.625%, 6/15/20
United States 800,000   592,000
b
InterGen NV, secured bond, 144A, 7.00%, 6/30/23
Netherlands 400,000   362,000
 
Talen Energy Supply LLC, senior note, 6.50%, 6/01/25
United States 2,100,000   1,795,500
b
Vistra Operations Co. LLC, senior note, 144A, 5.625%, 2/15/27
United States 1,500,000   1,548,300
          8,822,696
 
Total Corporate Bonds (Cost $182,631,685)
      179,462,946
  Marketplace Loans (Cost $40,000) 0.0%†        
  Diversified Financials 0.0%†        
c
Lending Club, 17.19%, 5/20/24
United States 40,000   39,916
  Asset-Backed Securities (Cost $324,445) 0.2%        
  Diversified Financials 0.2%        
b,h
Consumer Loan Underlying Bond CLUB Certificate Issuer Trust I, 2019-S3, PT, 144A, FRN, 17.727%, 6/15/44
United States 344,734   324,844
      Shares    
  Escrows and Litigation Trusts 0.0%†        
a,c
Midstates Petroleum Co. Inc./Midstates Petroleum Co. LLC, Escrow Account
United States 700,000    —
a,c
NewPage Corp., Litigation Trust
United States 1,200,000    —
a,c
T-Mobile USA Inc., Escrow Account
United States 1,500,000    —
a
Vistra Energy Corp., Escrow Account
United States 700,000   1,750
 
Total Escrows and Litigation Trusts (Cost $18,562)
      1,750
 
Total Investments before Short Term Investments (Cost $223,554,305)
      265,924,099
  |  9
Franklin Universal Trust
Statement of Investments (unaudited)
    Country Shares   Value
  Short Term Investments (Cost $4,661,461) 2.3%        
  Money Market Funds 2.3%        
i,j
Institutional Fiduciary Trust Money Market Portfolio, 2.08%
United States 4,661,461     $4,661,461
 
Total Investments (Cost $228,215,766) 131.4%
      270,585,560
 
Notes Payable (31.5)%
      (64,901,164)
 
Other Assets, less Liabilities 0.1%
      291,771
 
Net Assets 100.0%
      $205,976,167
 
See Abbreviations on page 13.
†Rounds to less than 0.1% of net assets.
*The principal amount is stated in U.S. dollars unless otherwise indicated.
aNon-income producing.
bSecurity was purchased pursuant to Rule 144A under the Securities Act of 1933 and 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. These securities have been deemed liquid under guidelines approved by the Fund’s Board of Trustees. At May 31, 2019, the aggregate value of these securities was $113,098,858, representing 54.9% of net assets.
cFair valued using significant unobservable inputs. See Note 4 regarding fair value measurements.
dPerpetual security with no stated maturity date.
eIncome may be received in additional securities and/or cash.
fDefaulted security or security for which income has been deemed uncollectible.
gSecurity purchased on a when-issued basis.  
hThe coupon rate shown represents the rate at period end.
iSee  Note 3 regarding investments in affiliated management investment companies.
jThe rate shown is the annualized seven-day effective yield at period end.
  |  10
Franklin Universal Trust
Notes to Statement 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 and applies the specialized accounting and reporting guidance in U.S. Generally Accepted Accounting Principles (U.S. GAAP). 
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 Fund’s administrator has responsibility for oversight of valuation, 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.
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, book values, 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.
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. Occasionally, events 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, the VC monitors price movements following the close of trading in
  |  11
Franklin Universal Trust
Notes to Statement of Investments (unaudited)
2.  FINANCIAL INSTRUMENT VALUATION  (continued)
foreign stock markets through a series of country specific market proxies (such as baskets of American Depositary Receipts, futures contracts and exchange traded funds). These price movements are measured against established trigger thresholds for each specific market proxy to assist in determining if an event has occurred that may call into question the reliability of the values of the foreign securities held by the Fund. If such an event occurs, the securities may be valued using fair value procedures, which may include the use of independent pricing services.
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 significant 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 for purposes other than exercising a controlling influence over the management or policies. During the period ended May 31, 2019, the Fund held investments in affiliated management investment companies as follows:
  Number of
Shares Held
at Beginning
of Period 		Gross
Additions 		Gross
Reductions 		Number of
Shares
Held at End
of Period 		Value
at End
of Period 		Dividend
Income 		Realized
Gain (Loss) 		Net Change in
Unrealized
Appreciation
(Depreciation)
Non-Controlled Affiliates
Institutional Fiduciary Trust Money Market Portfolio, 2.08%
10,068,808 28,920,471 (34,327,818) 4,661,461 $4,661,461 $89,160 $  — $  —
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.
  |  12
Franklin Universal Trust
Notes to Statement of Investments (unaudited)
A summary of inputs used as of May 31, 2019, in valuing the Fund’s assets carried at fair value, is as follows:
  Level 1 Level 2 Level 3 Total
Assets:        
Investments in Securities:a        
Equity Investments:b        
Energy
$1,796,096 $373,635 $6 $2,169,737
All Other Equity Investments
83,924,906 — — 83,924,906
Corporate Bonds
— 179,462,946 — 179,462,946
Marketplace Loans
— — 39,916 39,916
Asset-Backed Securities
— 324,844 — 324,844
Escrows and Litigation Trusts
— 1,750 —c 1,750
Short Term Investments
4,661,461 — — 4,661,461
Total Investments in Securities
$90,382,463 $180,163,175 $39,922 $270,585,560
 
aFor detailed categories, see the accompanying Statement of Investments.
bIncludes common and preferred stocks as well as other equity interests.
cIncludes securities determined to have no value at May 31, 2019.
A reconciliation of assets in which Level 3 inputs are used in determining fair value is presented when there are significant Level 3 financial instruments at the beginning and/or end of the period.  
5.  SUBSEQUENT EVENTS
The Fund has evaluated subsequent events through the issuance of the Statement of Investments and determined that no events have occurred that require disclosure. 
ABBREVIATIONS
Selected Portfolio
ADR American Depositary Receipt
FRN Floating Rate Note
PIK Payment-In-Kind
 
For additional information on the Fund’s significant accounting policies, please refer to the Fund’s most recent semiannual or annual shareholder report.
  |  13