NPORT-EX 2 FUT.htm
Not
FDIC
Insured
May
Lose
Value
No
Bank
Guarantee
FUT-Q3PH
1
Statements
of
Investments
(unaudited)
Franklin
Universal
Trust
2
Notes
to
Financial
Statements
15
Franklin
Universal
Trust
Statement
of
Investments
(unaudited),
May
31,
2021
Quarterly
Statement
of
Investments
See
Notes
to
Statement
of
Investments.
2
a
a
Country
Shares
a
Value
a
a
a
a
a
a
Common
Stocks
42.2%
Electric
Utilities
22.6%
Alliant
Energy
Corp.
...................................
United
States
80,000
$
4,572,000
American
Electric
Power
Co.,
Inc.
.........................
United
States
65,000
5,590,000
Duke
Energy
Corp.
....................................
United
States
46,060
4,616,133
Edison
International
...................................
United
States
36,000
2,011,320
Entergy
Corp.
........................................
United
States
30,000
3,157,800
Evergy
,
Inc.
..........................................
United
States
80,000
4,959,200
Exelon
Corp.
.........................................
United
States
80,000
3,609,600
FirstEnergy
Corp.
.....................................
United
States
40,000
1,516,400
NextEra
Energy,
Inc.
...................................
United
States
120,000
8,786,400
Pinnacle
West
Capital
Corp.
.............................
United
States
30,000
2,537,400
PPL
Corp.
...........................................
United
States
24,500
713,195
Southern
Co.
(The)
....................................
United
States
60,000
3,835,200
Xcel
Energy,
Inc.
......................................
United
States
60,000
4,252,800
50,157,448
Energy
Equipment
&
Services
0.1%
a
Weatherford
International
plc
.............................
United
States
16,874
195,738
Machinery
0.2%
a
Birch
Permian
Holdings,
Inc.
.............................
United
States
28,796
413,943
a
Birch
Permian
Holdings,
Inc.
.............................
United
States
3,694
53,563
467,506
Metals
&
Mining
2.3%
b
BHP
Group
plc,
ADR
...................................
Australia
25,185
1,529,989
Freeport-McMoRan,
Inc.
................................
United
States
80,380
3,433,834
b
South32
Ltd.,
ADR
....................................
Australia
10,074
116,858
5,080,681
Multi-Utilities
15.7%
CenterPoint
Energy,
Inc.
................................
United
States
122,800
3,106,840
CMS
Energy
Corp.
....................................
United
States
90,000
5,646,600
Consolidated
Edison,
Inc.
...............................
United
States
40,000
3,089,600
Dominion
Energy,
Inc.
..................................
United
States
67,200
5,116,608
DTE
Energy
Co.
......................................
United
States
30,000
4,139,700
NiSource,
Inc.
........................................
United
States
60,000
1,530,000
Public
Service
Enterprise
Group,
Inc.
......................
United
States
45,000
2,795,400
Sempra
Energy
.......................................
United
States
45,000
6,097,050
WEC
Energy
Group,
Inc.
................................
United
States
35,000
3,286,850
34,808,648
Oil,
Gas
&
Consumable
Fuels
1.1%
a
Amplify
Energy
Corp.
..................................
United
States
245
904
a
Bonanza
Creek
Energy,
Inc.
.............................
United
States
18,598
798,970
a
California
Resources
Corp.
..............................
United
States
27
783
Chesapeake
Energy
Corp.
..............................
United
States
588
31,046
Enbridge,
Inc.
........................................
Canada
39,360
1,514,573
a
Goodrich
Petroleum
Corp.
...............................
United
States
19,379
214,526
a,c
Riviera
Resources,
Inc.
.................................
United
States
5,042
1,302
2,562,104
Paper
&
Forest
Products
0.0%
†
Verso
Corp.,
A
........................................
United
States
3,330
56,643
Specialty
Retail
0.2%
a
Party
City
Holdco,
Inc.
..................................
United
States
37,652
347,526
Total
Common
Stocks
(Cost
$38,911,437)
......................................
93,676,294
Franklin
Universal
Trust
Statement
of
Investments
(unaudited)
See
Notes
to
Statement
of
Investments.
Quarterly
Statement
of
Investments
3
a
a
Country
Shares
a
Value
a
a
a
a
a
a
Preferred
Stocks
0.3%
Electric
Utilities
0.3%
SCE
Trust
II,
5.1%
....................................
United
States
27,500
$
690,250
Total
Preferred
Stocks
(Cost
$598,125)
.........................................
690,250
Warrants
Warrants
0.0%
†
Oil,
Gas
&
Consumable
Fuels
0.0%
†
a,c
Battalion
Oil
Corp.,
A,
10/08/22
...........................
United
States
583
291
a,c
Battalion
Oil
Corp.,
B,
10/08/22
...........................
United
States
728
237
a,c
Battalion
Oil
Corp.,
C,
10/08/22
...........................
United
States
937
172
a
California
Resources
Corp.,
10/27/24
......................
United
States
64
386
a
Chesapeake
Energy
Corp.,
2/09/26
........................
United
States
1,109
24,398
25,484
Paper
&
Forest
Products
0.0%
†
a
Verso
Corp.,
7/25/23
...................................
United
States
350
980
Total
Warrants
(Cost
$602,518)
................................................
26,464
Principal
Amount
*
Convertible
Bonds
0.0%
†
Wireless
Telecommunication
Services
0.0%
†
d,e,f
Digicel
Group
Holdings
Ltd.
,
Sub.
Bond
,
144A,
PIK,
7
%
,
Perpetual
Bermuda
24,428
18,153
Total
Convertible
Bonds
(Cost
$5,162)
.........................................
18,153
Corporate
Bonds
79.1%
Aerospace
&
Defense
0.5%
f
BWX
Technologies,
Inc.
,
Senior
Note
,
144A,
5.375
%
,
7/15/26
....
United
States
600,000
619,110
f
Signature
Aviation
US
Holdings,
Inc.
,
Senior
Note
,
144A,
5.375
%
,
5/01/26
...........................................
United
States
500,000
513,688
1,132,798
Air
Freight
&
Logistics
0.5%
f
DAE
Funding
LLC
,
Senior
Note,
144A,
4.5%,
8/01/22
.......................
United
Arab
Emirates
700,000
701,851
Senior
Note,
144A,
5%,
8/01/24
........................
United
Arab
Emirates
500,000
514,263
1,216,114
Airlines
1.0%
f
American
Airlines
Inc
/
AAdvantage
Loyalty
IP
Ltd.
,
Senior
Secured
Note
,
144A,
5.5
%
,
4/20/26
.............................
United
States
700,000
737,646
f
Delta
Air
Lines,
Inc.
/
SkyMiles
IP
Ltd.
,
Senior
Secured
Note
,
144A,
4.75
%
,
10/20/28
.....................................
United
States
1,000,000
1,092,371
f
United
Airlines,
Inc.
,
Senior
Secured
Note,
144A,
4.375%,
4/15/26
..............
United
States
100,000
103,752
Senior
Secured
Note,
144A,
4.625%,
4/15/29
..............
United
States
300,000
310,320
2,244,089
Auto
Components
2.5%
f
Allison
Transmission,
Inc.
,
Senior
Bond,
144A,
3.75%,
1/30/31
......................
United
States
700,000
672,875
Senior
Note,
144A,
4.75%,
10/01/27
.....................
United
States
600,000
627,411
Dana,
Inc.
,
Senior
Note
,
5.625
%
,
6/15/28
...................
United
States
1,400,000
1,512,239
Franklin
Universal
Trust
Statement
of
Investments
(unaudited)
Quarterly
Statement
of
Investments
See
Notes
to
Statement
of
Investments.
4
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
Corporate
Bonds
(continued)
Auto
Components
(continued)
Goodyear
Tire
&
Rubber
Co.
(The)
,
Senior
Note,
9.5%,
5/31/25
............................
United
States
900,000
$
1,010,885
f
Senior
Note,
144A,
5%,
7/15/29
........................
United
States
600,000
612,630
f
Real
Hero
Merger
Sub
2,
Inc.
,
Senior
Note
,
144A,
6.25
%
,
2/01/29
.
United
States
1,000,000
1,035,300
5,471,340
Banks
0.4%
e
JPMorgan
Chase
&
Co.
,
R
,
Junior
Sub.
Bond
,
6%
to
8/01/23,
FRN
thereafter
,
Perpetual
.................................
United
States
900,000
952,957
Beverages
0.3%
f
Primo
Water
Holdings,
Inc.
,
Senior
Note
,
144A,
4.375
%
,
4/30/29
..
Canada
700,000
701,540
Biotechnology
0.4%
f
Emergent
BioSolutions
,
Inc.
,
Senior
Note
,
144A,
3.875
%
,
8/15/28
.
United
States
900,000
885,677
Building
Products
1.3%
f
Cornerstone
Building
Brands,
Inc.
,
Senior
Note
,
144A,
6.125
%
,
1/15/29
...........................................
United
States
300,000
320,947
f
JELD-WEN,
Inc.
,
Senior
Note,
144A,
4.625%,
12/15/25
....................
United
States
300,000
306,194
Senior
Note,
144A,
4.875%,
12/15/27
....................
United
States
300,000
310,125
f
Standard
Industries,
Inc.
,
Senior
Bond,
144A,
4.75%,
1/15/28
......................
United
States
500,000
520,338
Senior
Bond,
144A,
4.375%,
7/15/30
.....................
United
States
100,000
101,235
Senior
Bond,
144A,
3.375%,
1/15/31
.....................
United
States
200,000
190,000
Senior
Note,
144A,
5%,
2/15/27
........................
United
States
300,000
310,923
f
Summit
Materials
LLC
/
Summit
Materials
Finance
Corp.
,
Senior
Note
,
144A,
5.25
%
,
1/15/29
............................
United
States
800,000
845,696
2,905,458
Chemicals
2.8%
f
Axalta
Coating
Systems
LLC
,
Senior
Note
,
144A,
3.375
%
,
2/15/29
United
States
400,000
387,366
CF
Industries,
Inc.
,
Senior
Bond
,
5.15
%
,
3/15/34
..............
United
States
400,000
473,060
f
Element
Solutions,
Inc.
,
Senior
Note
,
144A,
3.875
%
,
9/01/28
.....
United
States
700,000
703,556
f
GPD
Cos.,
Inc.
,
Senior
Secured
Note
,
144A,
10.125
%
,
4/01/26
...
United
States
1,500,000
1,642,507
f
Illuminate
Buyer
LLC
/
Illuminate
Holdings
IV,
Inc.
,
Senior
Note
,
144A,
9
%
,
7/01/28
...................................
United
States
1,000,000
1,108,860
f
Ingevity
Corp.
,
Senior
Note
,
144A,
3.875
%
,
11/01/28
...........
United
States
400,000
395,548
f
Rain
CII
Carbon
LLC
/
CII
Carbon
Corp.
,
Secured
Note
,
144A,
7.25
%
,
4/01/25
.....................................
United
States
600,000
618,138
f
SCIH
Salt
Holdings,
Inc.
,
Senior
Note,
144A,
6.625%,
5/01/29
.....................
United
States
500,000
496,875
Senior
Secured
Note,
144A,
4.875%,
5/01/28
..............
United
States
300,000
298,125
6,124,035
Commercial
Services
&
Supplies
1.8%
f
Allied
Universal
Holdco
LLC
/
Allied
Universal
Finance
Corp.
,
Senior
Note
,
144A,
6
%
,
6/01/29
..............................
United
States
200,000
203,074
f
Allied
Universal
Holdco
LLC
/
Allied
Universal
Finance
Corp.
/
Atlas
LuxCo
4
SARL
,
Senior
Secured
Note
,
144A,
4.625
%
,
6/01/28
..
United
States
400,000
400,908
f
Harsco
Corp.
,
Senior
Note
,
144A,
5.75
%
,
7/31/27
.............
United
States
500,000
525,022
f
Nielsen
Finance
LLC
/
Nielsen
Finance
Co.
,
Senior
Note
,
144A,
4.5
%
,
7/15/29
......................................
United
States
1,200,000
1,204,740
f
Prime
Security
Services
Borrower
LLC
/
Prime
Finance,
Inc.
,
Senior
Secured
Note
,
144A,
3.375
%
,
8/31/27
....................
United
States
600,000
577,050
f
Stericycle,
Inc.
,
Senior
Note
,
144A,
3.875
%
,
1/15/29
...........
United
States
1,200,000
1,198,740
4,109,534
Franklin
Universal
Trust
Statement
of
Investments
(unaudited)
See
Notes
to
Statement
of
Investments.
Quarterly
Statement
of
Investments
5
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
Corporate
Bonds
(continued)
Communications
Equipment
0.8%
f
CommScope
,
Inc.
,
Senior
Note
,
144A,
7.125
%
,
7/01/28
.........
United
States
1,600,000
$
1,713,912
Construction
&
Engineering
1.8%
f
Arcosa
,
Inc.
,
Senior
Note
,
144A,
4.375
%
,
4/15/29
.............
United
States
300,000
302,349
f
Great
Lakes
Dredge
&
Dock
Corp.
,
Senior
Note
,
144A,
5.25
%
,
6/01/29
...........................................
United
States
500,000
510,000
f
New
Enterprise
Stone
&
Lime
Co.,
Inc.
,
Senior
Secured
Note
,
144A,
6.25
%
,
3/15/26
.....................................
United
States
900,000
928,688
f
VM
Consolidated,
Inc.
,
Senior
Note
,
144A,
5.5
%
,
4/15/29
.......
United
States
800,000
812,588
f
Weekley
Homes
LLC
/
Weekley
Finance
Corp.
,
Senior
Note
,
144A,
4.875
%
,
9/15/28
.....................................
United
States
1,300,000
1,352,643
3,906,268
Consumer
Finance
1.3%
f
FirstCash
,
Inc.
,
Senior
Note
,
144A,
4.625
%
,
9/01/28
...........
United
States
400,000
415,014
Navient
Corp.
,
Senior
Note
,
7.25
%
,
9/25/23
..................
United
States
600,000
659,295
OneMain
Finance
Corp.
,
Senior
Bond,
5.375%,
11/15/29
.........................
United
States
1,000,000
1,066,070
Senior
Note,
6.625%,
1/15/28
..........................
United
States
700,000
795,291
2,935,670
Containers
&
Packaging
4.3%
f
Ardagh
Packaging
Finance
plc
/
Ardagh
Holdings
USA,
Inc.
,
Senior
Note,
144A,
5.25%,
8/15/27
......................
United
States
600,000
606,000
Senior
Secured
Note,
144A,
5.25%,
4/30/25
...............
United
States
800,000
841,464
f
Mauser
Packaging
Solutions
Holding
Co.
,
Senior
Note,
144A,
7.25%,
4/15/25
......................
United
States
1,800,000
1,774,494
Senior
Secured
Note,
144A,
8.5%,
4/15/24
................
United
States
1,000,000
1,037,385
f
Owens-Brockway
Glass
Container,
Inc.
,
Senior
Note,
144A,
5.875%,
8/15/23
.....................
United
States
500,000
538,750
Senior
Note,
144A,
6.625%,
5/13/27
.....................
United
States
500,000
543,750
f
Plastipak
Holdings,
Inc.
,
Senior
Note
,
144A,
6.25
%
,
10/15/25
....
United
States
1,700,000
1,745,143
f
Reynolds
Group
Issuer,
Inc.
/
Reynolds
Group
Issuer
LLC
/
Reynolds
Group
Issuer
Luxembourg
SA
,
Senior
Secured
Note
,
144A,
4
%
,
10/15/27
..........................................
United
States
1,200,000
1,181,088
f
Sealed
Air
Corp.
,
Senior
Bond
,
144A,
5.5
%
,
9/15/25
...........
United
States
200,000
222,625
f
Trivium
Packaging
Finance
BV
,
Senior
Note
,
144A,
8.5
%
,
8/15/27
.
Netherlands
1,000,000
1,077,455
9,568,154
Diversified
Financial
Services
0.7%
f
MPH
Acquisition
Holdings
LLC
,
Senior
Note
,
144A,
5.75
%
,
11/01/28
United
States
1,500,000
1,494,713
Diversified
Telecommunication
Services
3.5%
f
Altice
France
Holding
SA
,
Senior
Secured
Note
,
144A,
10.5
%
,
5/15/27
...........................................
Luxembourg
2,000,000
2,238,500
f
CCO
Holdings
LLC
/
CCO
Holdings
Capital
Corp.
,
Senior
Bond,
144A,
5.75%,
2/15/26
......................
United
States
488,000
505,202
Senior
Bond,
144A,
5.375%,
6/01/29
.....................
United
States
500,000
544,008
Senior
Bond,
144A,
4.5%,
8/15/30
.......................
United
States
1,700,000
1,734,501
Senior
Bond,
144A,
4.25%,
2/01/31
......................
United
States
200,000
199,850
f
DKT
Finance
ApS
,
Senior
Secured
Note
,
144A,
9.375
%
,
6/17/23
..
Denmark
1,500,000
1,541,100
f
Virgin
Media
Secured
Finance
plc
,
Senior
Secured
Bond
,
144A,
4.5
%
,
8/15/30
......................................
United
Kingdom
1,100,000
1,098,828
7,861,989
Franklin
Universal
Trust
Statement
of
Investments
(unaudited)
Quarterly
Statement
of
Investments
See
Notes
to
Statement
of
Investments.
6
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
Corporate
Bonds
(continued)
Electric
Utilities
0.9%
f
Vistra
Operations
Co.
LLC
,
Senior
Note,
144A,
5.625%,
2/15/27
.....................
United
States
1,500,000
$
1,558,125
Senior
Note,
144A,
4.375%,
5/01/29
.....................
United
States
400,000
402,834
1,960,959
Electrical
Equipment
0.4%
f
Sensata
Technologies
BV
,
Senior
Note
,
144A,
4
%
,
4/15/29
......
United
States
1,000,000
1,003,050
Electronic
Equipment,
Instruments
&
Components
0.2%
f
TTM
Technologies,
Inc.
,
Senior
Note
,
144A,
4
%
,
3/01/29
........
United
States
500,000
495,490
Energy
Equipment
&
Services
1.6%
f
CSI
Compressco
LP
/
CSI
Compressco
Finance,
Inc.
,
d
Secured
Note,
144A,
PIK,
10%,
4/01/26
..................
United
States
965,556
877,757
Senior
Secured
Note,
144A,
7.5%,
4/01/25
................
United
States
402,000
405,266
f
Nabors
Industries
Ltd.
,
Senior
Note,
144A,
7.25%,
1/15/26
......................
United
States
600,000
522,819
Senior
Note,
144A,
7.5%,
1/15/28
.......................
United
States
400,000
340,510
Nabors
Industries,
Inc.
,
Senior
Note
,
5.75
%
,
2/01/25
...........
United
States
500,000
416,705
f
Weatherford
International
Ltd.
,
Senior
Note
,
144A,
11
%
,
12/01/24
.
United
States
917,000
930,957
3,494,014
Entertainment
1.1%
f
Banijay
Entertainment
SASU
,
Senior
Secured
Note
,
144A,
5.375
%
,
3/01/25
...........................................
France
1,000,000
1,027,905
f
Live
Nation
Entertainment,
Inc.
,
Senior
Secured
Note
,
144A,
3.75
%
,
1/15/28
...........................................
United
States
200,000
199,938
Netflix,
Inc.
,
Senior
Bond,
5.875%,
11/15/28
.........................
United
States
800,000
969,076
f
Senior
Note,
144A,
3.625%,
6/15/25
.....................
United
States
300,000
322,056
2,518,975
Equity
Real
Estate
Investment
Trusts
(REITs)
1.9%
f
Global
Net
Lease,
Inc.
/
Global
Net
Lease
Operating
Partnership
LP
,
Senior
Note
,
144A,
3.75
%
,
12/15/27
......................
United
States
800,000
775,379
f
HAT
Holdings
I
LLC
/
HAT
Holdings
II
LLC
,
Senior
Note,
144A,
5.25%,
7/15/24
......................
United
States
800,000
825,084
Senior
Note,
144A,
6%,
4/15/25
........................
United
States
600,000
633,750
MPT
Operating
Partnership
LP
/
MPT
Finance
Corp.
,
Senior
Bond
,
5.25
%
,
8/01/26
.....................................
United
States
300,000
309,380
f
Park
Intermediate
Holdings
LLC
/
PK
Domestic
Property
LLC
/
PK
Finance
Co-Issuer
,
Senior
Secured
Note
,
144A,
5.875
%
,
10/01/28
United
States
500,000
534,375
f
VICI
Properties
LP
/
VICI
Note
Co.,
Inc.
,
Senior
Note
,
144A,
3.75
%
,
2/15/27
...........................................
United
States
700,000
708,799
f
XHR
LP
,
Senior
Secured
Note
,
144A,
4.875
%
,
6/01/29
.........
United
States
400,000
407,020
4,193,787
Food
Products
1.1%
f
Chobani
LLC
/
Chobani
Finance
Corp.,
Inc.
,
Senior
Secured
Note
,
144A,
4.625
%
,
11/15/28
...............................
United
States
800,000
825,740
f
Post
Holdings,
Inc.
,
Senior
Bond,
144A,
5.625%,
1/15/28
.....................
United
States
300,000
317,661
Senior
Bond,
144A,
4.625%,
4/15/30
.....................
United
States
500,000
503,753
Senior
Bond,
144A,
4.5%,
9/15/31
.......................
United
States
700,000
693,091
2,340,245
Franklin
Universal
Trust
Statement
of
Investments
(unaudited)
See
Notes
to
Statement
of
Investments.
Quarterly
Statement
of
Investments
7
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
Corporate
Bonds
(continued)
Health
Care
Equipment
&
Supplies
0.1%
f
Ortho-Clinical
Diagnostics,
Inc.
/
Ortho-Clinical
Diagnostics
SA
,
Senior
Note
,
144A,
7.375
%
,
6/01/25
......................
United
States
180,000
$
193,172
Health
Care
Providers
&
Services
3.5%
Centene
Corp.
,
Senior
Bond,
2.5%,
3/01/31
............................
United
States
500,000
479,727
f
Senior
Note,
144A,
5.375%,
8/15/26
.....................
United
States
500,000
523,765
f
CHS/Community
Health
Systems,
Inc.
,
Secured
Note,
144A,
6.125%,
4/01/30
....................
United
States
500,000
498,577
Senior
Secured
Note,
144A,
6.625%,
2/15/25
..............
United
States
500,000
526,875
Senior
Secured
Note,
144A,
6%,
1/15/29
..................
United
States
300,000
314,625
f
DaVita,
Inc.
,
Senior
Note
,
144A,
4.625
%
,
6/01/30
.............
United
States
700,000
714,837
HCA,
Inc.
,
Senior
Bond,
5.875%,
2/15/26
..........................
United
States
1,400,000
1,601,250
Senior
Bond,
3.5%,
9/01/30
............................
United
States
700,000
719,828
f
MEDNAX,
Inc.
,
Senior
Note
,
144A,
6.25
%
,
1/15/27
............
United
States
200,000
212,161
f
ModivCare
,
Inc.
,
Senior
Note
,
144A,
5.875
%
,
11/15/25
.........
United
States
1,000,000
1,057,920
f
Tenet
Healthcare
Corp.
,
Senior
Note
,
144A,
6.125
%
,
10/01/28
....
United
States
1,000,000
1,047,955
7,697,520
Hotels,
Restaurants
&
Leisure
6.1%
f
1011778
BC
ULC
/
New
Red
Finance,
Inc.
,
Secured
Bond
,
144A,
4
%
,
10/15/30
.......................................
Canada
1,000,000
970,095
f,g
24
Hour
Fitness
Worldwide,
Inc.
,
Senior
Note
,
144A,
8
%
,
6/01/22
.
United
States
1,800,000
540
f
Boyd
Gaming
Corp.
,
Senior
Note
,
144A,
8.625
%
,
6/01/25
.......
United
States
1,300,000
1,431,625
f
Boyne
USA,
Inc.
,
Senior
Note
,
144A,
4.75
%
,
5/15/29
...........
United
States
300,000
310,530
f
Caesars
Entertainment,
Inc.
,
Senior
Secured
Note
,
144A,
6.25
%
,
7/01/25
...........................................
United
States
900,000
949,653
f
Caesars
Resort
Collection
LLC
/
CRC
Finco
,
Inc.
,
Senior
Secured
Note
,
144A,
5.75
%
,
7/01/25
............................
United
States
400,000
420,008
f
Carnival
Corp.
,
Senior
Note,
144A,
7.625%,
3/01/26
.....................
United
States
400,000
438,500
Senior
Note,
144A,
5.75%,
3/01/27
......................
United
States
1,500,000
1,595,625
f
Downstream
Development
Authority
of
the
Quapaw
Tribe
of
Oklahoma
,
Senior
Secured
Note
,
144A,
10.5
%
,
2/15/23
.......
United
States
1,500,000
1,569,218
f
Golden
Nugget,
Inc.
,
Senior
Note
,
144A,
6.75
%
,
10/15/24
.......
United
States
1,300,000
1,313,689
f
International
Game
Technology
plc
,
Senior
Secured
Note,
144A,
4.125%,
4/15/26
..............
United
States
300,000
310,144
Senior
Secured
Note,
144A,
5.25%,
1/15/29
...............
United
States
400,000
426,062
f
NCL
Corp.
Ltd.
,
Senior
Note
,
144A,
5.875
%
,
3/15/26
...........
United
States
300,000
313,127
f
Six
Flags
Theme
Parks,
Inc.
,
Senior
Secured
Note
,
144A,
7
%
,
7/01/25
...........................................
United
States
200,000
215,527
f
Studio
City
Finance
Ltd.
,
Senior
Note
,
144A,
5
%
,
1/15/29
.......
Macau
1,600,000
1,635,296
f
Vail
Resorts,
Inc.
,
Senior
Note
,
144A,
6.25
%
,
5/15/25
..........
United
States
300,000
319,152
f
Wynn
Macau
Ltd.
,
Senior
Note
,
144A,
5.625
%
,
8/26/28
.........
Macau
300,000
316,510
f
Wynn
Resorts
Finance
LLC
/
Wynn
Resorts
Capital
Corp.
,
Senior
Note
,
144A,
7.75
%
,
4/15/25
............................
United
States
1,000,000
1,077,500
13,612,801
Household
Durables
0.7%
f
Ashton
Woods
USA
LLC
/
Ashton
Woods
Finance
Co.
,
Senior
Note
,
144A,
6.75
%
,
8/01/25
.................................
United
States
1,200,000
1,245,090
f
Williams
Scotsman
International,
Inc.
,
Senior
Secured
Note
,
144A,
4.625
%
,
8/15/28
.....................................
United
States
300,000
308,390
1,553,480
Franklin
Universal
Trust
Statement
of
Investments
(unaudited)
Quarterly
Statement
of
Investments
See
Notes
to
Statement
of
Investments.
8
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
Corporate
Bonds
(continued)
Independent
Power
and
Renewable
Electricity
Producers
3.3%
f
Atlantica
Sustainable
Infrastructure
plc
,
Senior
Note
,
144A,
4.125
%
,
6/15/28
...........................................
Spain
400,000
$
402,500
f
Calpine
Corp.
,
Senior
Bond,
144A,
5%,
2/01/31
........................
United
States
900,000
874,080
Senior
Note,
144A,
4.625%,
2/01/29
.....................
United
States
700,000
684,450
Clearway
Energy
Operating
LLC
,
Senior
Note,
5%,
9/15/26
.............................
United
States
700,000
723,590
f
Senior
Note,
144A,
4.75%,
3/15/28
......................
United
States
600,000
621,555
f
Senior
Note,
144A,
3.75%,
2/15/31
......................
United
States
300,000
290,629
f
InterGen
NV
,
Senior
Secured
Bond
,
144A,
7
%
,
6/30/23
.........
Netherlands
1,900,000
1,879,214
Talen
Energy
Supply
LLC
,
Senior
Note
,
6.5
%
,
6/01/25
..........
United
States
2,100,000
1,771,875
7,247,893
Insurance
0.5%
f
Alliant
Holdings
Intermediate
LLC
/
Alliant
Holdings
Co-Issuer
,
Senior
Note
,
144A,
6.75
%
,
10/15/27
...........................
United
States
1,100,000
1,138,445
Internet
&
Direct
Marketing
Retail
0.2%
f
Match
Group
Holdings
II
LLC
,
Senior
Note
,
144A,
4.625
%
,
6/01/28
United
States
500,000
513,125
IT
Services
2.4%
f
Cablevision
Lightpath
LLC
,
Senior
Secured
Note
,
144A,
3.875
%
,
9/15/27
...........................................
United
States
500,000
487,680
f
Cogent
Communications
Group,
Inc.
,
Senior
Secured
Note
,
144A,
3.5
%
,
5/01/26
......................................
United
States
600,000
610,530
f
Gartner,
Inc.
,
Senior
Note,
144A,
4.5%,
7/01/28
.......................
United
States
500,000
527,210
Senior
Note,
144A,
3.75%,
10/01/30
.....................
United
States
300,000
301,715
f
Northwest
Fiber
LLC
/
Northwest
Fiber
Finance
Sub,
Inc.
,
Senior
Note
,
144A,
6
%
,
2/15/28
..............................
United
States
1,100,000
1,090,083
f
Presidio
Holdings,
Inc.
,
Senior
Note
,
144A,
8.25
%
,
2/01/28
......
United
States
900,000
984,321
f
Tempo
Acquisition
LLC
/
Tempo
Acquisition
Finance
Corp.
,
Senior
Note
,
144A,
6.75
%
,
6/01/25
............................
United
States
1,300,000
1,325,155
5,326,694
Life
Sciences
Tools
&
Services
0.2%
f
Charles
River
Laboratories
International,
Inc.
,
Senior
Note,
144A,
3.75%,
3/15/29
......................
United
States
200,000
199,707
Senior
Note,
144A,
4%,
3/15/31
........................
United
States
300,000
304,780
504,487
Machinery
1.7%
f
ATS
Automation
Tooling
Systems,
Inc.
,
Senior
Note
,
144A,
4.125
%
,
12/15/28
..........................................
Canada
1,300,000
1,309,074
f
Manitowoc
Co.,
Inc.
(The)
,
Secured
Note
,
144A,
9
%
,
4/01/26
....
United
States
1,000,000
1,092,405
f
Navistar
International
Corp.
,
Senior
Note
,
144A,
6.625
%
,
11/01/25
United
States
400,000
414,140
f
Vertical
Holdco
GmbH
,
Senior
Note
,
144A,
7.625
%
,
7/15/28
.....
Germany
300,000
323,334
f
Vertical
US
Newco
,
Inc.
,
Senior
Secured
Note
,
144A,
5.25
%
,
7/15/27
Germany
600,000
624,750
3,763,703
Media
4.6%
f
Clear
Channel
International
BV
,
Senior
Secured
Note
,
144A,
6.625
%
,
8/01/25
.....................................
United
Kingdom
400,000
418,682
f
Clear
Channel
Outdoor
Holdings,
Inc.
,
Senior
Note,
144A,
7.75%,
4/15/28
......................
United
States
300,000
307,710
h
Senior
Note,
144A,
7.5%,
6/01/29
.......................
United
States
300,000
299,595
Franklin
Universal
Trust
Statement
of
Investments
(unaudited)
See
Notes
to
Statement
of
Investments.
Quarterly
Statement
of
Investments
9
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
Corporate
Bonds
(continued)
Media
(continued)
Clear
Channel
Worldwide
Holdings,
Inc.
,
Senior
Note,
9.25%,
2/15/24
...........................
United
States
258,000
$
271,093
f
Senior
Secured
Note,
144A,
5.125%,
8/15/27
..............
United
States
500,000
505,475
CSC
Holdings
LLC
,
Senior
Bond,
5.25%,
6/01/24
...........................
United
States
400,000
434,378
f
Senior
Note,
144A,
7.5%,
4/01/28
.......................
United
States
300,000
329,160
f
Diamond
Sports
Group
LLC
/
Diamond
Sports
Finance
Co.
,
Senior
Note,
144A,
6.625%,
8/15/27
.....................
United
States
700,000
401,471
Senior
Secured
Note,
144A,
5.375%,
8/15/26
..............
United
States
400,000
296,496
DISH
DBS
Corp.
,
Senior
Note
,
5.875
%
,
7/15/22
..............
United
States
400,000
416,500
f
Gray
Television,
Inc.
,
Senior
Note,
144A,
7%,
5/15/27
........................
United
States
500,000
541,747
Senior
Note,
144A,
4.75%,
10/15/30
.....................
United
States
300,000
295,098
f
LCPR
Senior
Secured
Financing
DAC
,
Senior
Secured
Note
,
144A,
6.75
%
,
10/15/27
.....................................
United
States
700,000
753,284
f
News
Corp.
,
Senior
Note
,
144A,
3.875
%
,
5/15/29
.............
United
States
200,000
202,000
f
Nexstar
Broadcasting,
Inc.
,
Senior
Note
,
144A,
5.625
%
,
7/15/27
..
United
States
800,000
847,000
f
Outfront
Media
Capital
LLC
/
Outfront
Media
Capital
Corp.
,
Senior
Note
,
144A,
4.25
%
,
1/15/29
............................
United
States
400,000
396,875
f
Scripps
Escrow,
Inc.
,
Senior
Note
,
144A,
5.875
%
,
7/15/27
.......
United
States
600,000
620,271
f
Sinclair
Television
Group,
Inc.
,
Senior
Bond
,
144A,
5.5
%
,
3/01/30
.
United
States
700,000
701,152
f
Sirius
XM
Radio,
Inc.
,
Senior
Note
,
144A,
4.625
%
,
7/15/24
......
United
States
600,000
615,750
f
Univision
Communications,
Inc.
,
Senior
Secured
Note,
144A,
9.5%,
5/01/25
................
United
States
800,000
883,124
Senior
Secured
Note,
144A,
4.5%,
5/01/29
................
United
States
600,000
607,962
10,144,823
Metals
&
Mining
1.9%
Commercial
Metals
Co.
,
Senior
Bond
,
3.875
%
,
2/15/31
.........
United
States
1,200,000
1,186,548
f
Constellium
SE
,
Senior
Note
,
144A,
3.75
%
,
4/15/29
...........
United
States
600,000
583,503
f
FMG
Resources
August
2006
Pty.
Ltd.
,
Senior
Bond
,
144A,
4.375
%
,
4/01/31
...........................................
Australia
1,000,000
1,046,050
f
Joseph
T
Ryerson
&
Son,
Inc.
,
Senior
Secured
Note
,
144A,
8.5
%
,
8/01/28
...........................................
United
States
880,000
976,122
f
Novelis
Corp.
,
Senior
Bond
,
144A,
5.875
%
,
9/30/26
...........
United
States
500,000
522,208
4,314,431
Oil,
Gas
&
Consumable
Fuels
10.2%
f
Antero
Resources
Corp.
,
Senior
Note,
144A,
8.375%,
7/15/26
.....................
United
States
200,000
225,664
Senior
Note,
144A,
7.625%,
2/01/29
.....................
United
States
200,000
220,288
h
Senior
Note,
144A,
5.375%,
3/01/30
.....................
United
States
700,000
703,546
Apache
Corp.
,
Senior
Note
,
4.875
%
,
11/15/27
................
United
States
300,000
315,402
Bonanza
Creek
Energy,
Inc.
,
Senior
Note
,
7.5
%
,
4/30/26
........
United
States
199,676
200,726
Calumet
Specialty
Products
Partners
LP
/
Calumet
Finance
Corp.
,
Senior
Note
,
7.75
%
,
4/15/23
...........................
United
States
800,000
792,896
Cenovus
Energy,
Inc.
,
Senior
Bond,
6.75%,
11/15/39
..........................
Canada
400,000
527,859
Senior
Bond,
5.4%,
6/15/47
............................
Canada
300,000
352,912
Senior
Note,
5.375%,
7/15/25
..........................
Canada
700,000
799,300
Cheniere
Energy
Partners
LP
,
Senior
Note,
5.625%,
10/01/26
.........................
United
States
700,000
729,750
Senior
Note,
4.5%,
10/01/29
...........................
United
States
1,200,000
1,270,500
f
Senior
Note,
144A,
4%,
3/01/31
........................
United
States
1,200,000
1,240,218
f
Cheniere
Energy,
Inc.
,
Senior
Secured
Note
,
144A,
4.625
%
,
10/15/28
..........................................
United
States
700,000
735,928
f
Chesapeake
Energy
Corp.
,
Senior
Note
,
144A,
5.5
%
,
2/01/26
....
United
States
500,000
528,155
Franklin
Universal
Trust
Statement
of
Investments
(unaudited)
Quarterly
Statement
of
Investments
See
Notes
to
Statement
of
Investments.
10
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
Corporate
Bonds
(continued)
Oil,
Gas
&
Consumable
Fuels
(continued)
f
Continental
Resources,
Inc.
,
Senior
Bond
,
144A,
5.75
%
,
1/15/31
..
United
States
700,000
$
822,423
Crestwood
Midstream
Partners
LP
/
Crestwood
Midstream
Finance
Corp.
,
Senior
Note,
5.75%,
4/01/25
...........................
United
States
800,000
822,380
f
Senior
Note,
144A,
6%,
2/01/29
........................
United
States
700,000
725,442
f
CrownRock
LP
/
CrownRock
Finance,
Inc.
,
Senior
Note
,
144A,
5
%
,
5/01/29
...........................................
United
States
300,000
308,973
f,h
DT
Midstream,
Inc.
,
Senior
Note
,
144A,
4.125
%
,
6/15/29
........
United
States
700,000
703,381
f
Endeavor
Energy
Resources
LP
/
EER
Finance,
Inc.
,
Senior
Bond,
144A,
5.75%,
1/30/28
......................
United
States
300,000
317,979
Senior
Note,
144A,
6.625%,
7/15/25
.....................
United
States
500,000
531,288
d,f
EnQuest
plc
,
Senior
Note
,
144A,
Reg
S,
PIK,
7
%
,
10/15/23
......
United
Kingdom
652,663
570,010
f
EQT
Corp.
,
Senior
Note,
144A,
3.125%,
5/15/26
.....................
United
States
300,000
306,293
Senior
Note,
144A,
3.625%,
5/15/31
.....................
United
States
100,000
103,118
c,d,i
Goodrich
Petroleum
Corp.
,
144A,
PIK,
13.5
%
,
5/31/23
.........
United
States
1,520,250
1,487,943
f
Hilcorp
Energy
I
LP
/
Hilcorp
Finance
Co.
,
Senior
Bond,
144A,
6%,
2/01/31
........................
United
States
200,000
207,226
Senior
Note,
144A,
5.75%,
2/01/29
......................
United
States
200,000
205,580
f
Martin
Midstream
Partners
LP
/
Martin
Midstream
Finance
Corp.
,
Secured
Note
,
144A,
11.5
%
,
2/28/25
.....................
United
States
776,232
811,162
d,f,g
Murray
Energy
Corp.
,
Secured
Note
,
144A,
PIK,
12
%
,
4/15/24
...
United
States
757,734
3,864
f
Oasis
Midstream
Partners
LP
/
OMP
Finance
Corp.
,
Senior
Note
,
144A,
8
%
,
4/01/29
...................................
United
States
500,000
530,625
f,h
Oasis
Petroleum,
Inc.
,
Senior
Note
,
144A,
6.375
%
,
6/01/26
......
United
States
300,000
305,250
Occidental
Petroleum
Corp.
,
Senior
Bond,
6.45%,
9/15/36
...........................
United
States
700,000
789,502
j
Senior
Note,
FRN,
1.606%,
(3-month
USD
LIBOR
+
1.45%),
8/15/22
...........................................
United
States
400,000
397,125
Senior
Note,
8.875%,
7/15/30
..........................
United
States
1,100,000
1,413,049
Senior
Note,
6.625%,
9/01/30
..........................
United
States
200,000
229,462
Senior
Note,
6.125%,
1/01/31
..........................
United
States
300,000
333,144
f
Renewable
Energy
Group,
Inc.
,
Senior
Secured
Note
,
144A,
5.875
%
,
6/01/28
...........................................
United
States
400,000
416,802
Sunoco
LP
/
Sunoco
Finance
Corp.
,
Senior
Note,
6%,
4/15/27
.............................
United
States
1,000,000
1,046,250
f
Senior
Note,
144A,
4.5%,
5/15/29
.......................
United
States
200,000
198,979
f
Viper
Energy
Partners
LP
,
Senior
Note
,
144A,
5.375
%
,
11/01/27
..
United
States
400,000
416,500
22,646,894
Personal
Products
0.1%
f
Prestige
Brands,
Inc.
,
Senior
Bond
,
144A,
3.75
%
,
4/01/31
.......
United
States
300,000
288,412
Pharmaceuticals
3.2%
f
Bausch
Health
Americas,
Inc.
,
Senior
Note
,
144A,
9.25
%
,
4/01/26
.
United
States
1,400,000
1,513,750
f
Bausch
Health
Cos.,
Inc.
,
Senior
Bond,
144A,
6.125%,
4/15/25
.....................
United
States
400,000
409,596
Senior
Secured
Note,
144A,
7%,
3/15/24
..................
United
States
170,000
173,765
f
Endo
Dac
/
Endo
Finance
LLC
/
Endo
Finco
,
Inc.
,
Secured
Note,
144A,
9.5%,
7/31/27
......................
United
States
302,000
307,663
Senior
Note,
144A,
6%,
6/30/28
........................
United
States
389,000
268,937
f
Endo
Luxembourg
Finance
Co.
I
SARL
/
Endo
US,
Inc.
,
Senior
Secured
Note
,
144A,
6.125
%
,
4/01/29
....................
United
States
500,000
493,750
f
Jazz
Securities
DAC
,
Senior
Secured
Note
,
144A,
4.375
%
,
1/15/29
United
States
1,300,000
1,338,662
f
Organon
Finance
1
LLC
,
Senior
Bond,
144A,
5.125%,
4/30/31
.....................
United
States
500,000
513,715
Senior
Secured
Note,
144A,
4.125%,
4/30/28
..............
United
States
1,300,000
1,314,625
Franklin
Universal
Trust
Statement
of
Investments
(unaudited)
See
Notes
to
Statement
of
Investments.
Quarterly
Statement
of
Investments
11
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
Corporate
Bonds
(continued)
Pharmaceuticals
(continued)
f
Par
Pharmaceutical,
Inc.
,
Senior
Secured
Note
,
144A,
7.5
%
,
4/01/27
United
States
225,000
$
229,781
Teva
Pharmaceutical
Finance
Netherlands
III
BV
,
Senior
Note
,
7.125
%
,
1/31/25
.....................................
Israel
500,000
546,785
7,111,029
Real
Estate
Management
&
Development
0.6%
f
Five
Point
Operating
Co.
LP
/
Five
Point
Capital
Corp.
,
Senior
Note
,
144A,
7.875
%
,
11/15/25
...............................
United
States
700,000
739,928
f
Forestar
Group,
Inc.
,
Senior
Note
,
144A,
3.85
%
,
5/15/26
........
United
States
500,000
504,302
1,244,230
Road
&
Rail
0.2%
f
NESCO
Holdings
II,
Inc.
,
Secured
Note
,
144A,
5.5
%
,
4/15/29
....
United
States
500,000
516,255
Semiconductors
&
Semiconductor
Equipment
0.6%
f
Amkor
Technology,
Inc.
,
Senior
Note
,
144A,
6.625
%
,
9/15/27
.....
United
States
1,000,000
1,080,485
f
ON
Semiconductor
Corp.
,
Senior
Note
,
144A,
3.875
%
,
9/01/28
...
United
States
300,000
305,154
1,385,639
Software
2.2%
d,f
Anagram
International,
Inc.
/
Anagram
Holdings
LLC
,
Secured
Note
,
144A,
PIK,
10
%
,
8/15/26
..............................
United
States
205,421
201,427
f
Blackboard,
Inc.
,
Secured
Note
,
144A,
10.375
%
,
11/15/24
.......
United
States
1,600,000
1,695,000
f
Camelot
Finance
SA
,
Senior
Secured
Note
,
144A,
4.5
%
,
11/01/26
.
United
States
900,000
933,894
f
Rocket
Software,
Inc.
,
Senior
Note
,
144A,
6.5
%
,
2/15/29
........
United
States
800,000
779,012
f
ZoomInfo
Technologies
LLC/
ZoomInfo
Finance
Corp.
,
Senior
Note
,
144A,
3.875
%
,
2/01/29
................................
United
States
1,200,000
1,174,512
4,783,845
Specialty
Retail
1.6%
f
L
Brands,
Inc.
,
Senior
Note
,
144A,
6.625
%
,
10/01/30
...........
United
States
500,000
572,188
f
Lithia
Motors,
Inc.
,
Senior
Bond,
144A,
4.375%,
1/15/31
.....................
United
States
300,000
316,592
Senior
Note,
144A,
4.625%,
12/15/27
....................
United
States
400,000
421,890
Senior
Note,
144A,
3.875%,
6/01/29
.....................
United
States
200,000
205,722
f
Magic
Mergeco
,
Inc.
,
Senior
Note,
144A,
7.875%,
5/01/29
.....................
United
States
600,000
613,794
Senior
Secured
Note,
144A,
5.25%,
5/01/28
...............
United
States
300,000
304,126
Murphy
Oil
USA,
Inc.
,
Senior
Note
,
4.75
%
,
9/15/29
............
United
States
700,000
732,382
f,j
Party
City
Holdings,
Inc.
,
Senior
Secured
Note
,
144A,
FRN
,
5.75
%
,
(
6-month
USD
LIBOR
+
5
%
),
7/15/25
.....................
United
States
370,005
348,267
3,514,961
Textiles,
Apparel
&
Luxury
Goods
0.5%
f
Hanesbrands,
Inc.
,
Senior
Note
,
144A,
4.625
%
,
5/15/24
........
United
States
1,000,000
1,063,170
Thrifts
&
Mortgage
Finance
1.1%
MGIC
Investment
Corp.
,
Senior
Note
,
5.25
%
,
8/15/28
..........
United
States
500,000
529,635
f
PennyMac
Financial
Services,
Inc.
,
Senior
Note
,
144A,
5.375
%
,
10/15/25
..........................................
United
States
400,000
420,514
f
Quicken
Loans
LLC
/
Quicken
Loans
Co-Issuer,
Inc.
,
Senior
Bond,
144A,
3.875%,
3/01/31
.....................
United
States
300,000
293,814
Senior
Note,
144A,
3.625%,
3/01/29
.....................
United
States
500,000
488,437
Radian
Group,
Inc.
,
Senior
Note
,
6.625
%
,
3/15/25
.............
United
States
600,000
678,759
2,411,159
Trading
Companies
&
Distributors
0.5%
f
H&E
Equipment
Services,
Inc.
,
Senior
Note
,
144A,
3.875
%
,
12/15/28
United
States
600,000
581,154
Franklin
Universal
Trust
Statement
of
Investments
(unaudited)
Quarterly
Statement
of
Investments
See
Notes
to
Statement
of
Investments.
12
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
Corporate
Bonds
(continued)
Trading
Companies
&
Distributors
(continued)
f
WESCO
Distribution,
Inc.
,
Senior
Note
,
144A,
7.25
%
,
6/15/28
....
United
States
400,000
$
444,044
1,025,198
Wireless
Telecommunication
Services
2.0%
d
Digicel
Group
Holdings
Ltd.
,
f
Senior
Note,
144A,
PIK,
8%,
4/01/25
.....................
Bermuda
148,600
124,960
Senior
Secured
Note,
PIK,
10%,
4/01/24
..................
Bermuda
380,467
372,995
Hughes
Satellite
Systems
Corp.
,
Senior
Note
,
6.625
%
,
8/01/26
...
United
States
1,300,000
1,445,555
Sprint
Corp.
,
Senior
Note
,
7.125
%
,
6/15/24
..................
United
States
500,000
577,080
T-Mobile
USA,
Inc.
,
Senior
Bond,
2.875%,
2/15/31
..........................
United
States
300,000
289,761
Senior
Bond,
3.5%,
4/15/31
............................
United
States
200,000
203,658
Senior
Note,
2.625%,
2/15/29
..........................
United
States
300,000
288,538
Senior
Note,
4.75%,
2/01/28
...........................
United
States
600,000
642,066
f
Vmed
O2
UK
Financing
I
plc
,
Senior
Secured
Bond
,
144A,
4.25
%
,
1/31/31
...........................................
United
Kingdom
500,000
485,213
4,429,826
Total
Corporate
Bonds
(Cost
$173,887,038)
.....................................
175,661,960
a
Marketplace
Loans
1.2%
Diversified
Financial
Services
1.2%
c
Lending
Club
-
LCX
PM,
8.46%
-
23.99%,
10/30/23
-
1/14/26
.....
United
States
184,908
177,035
c
Lending
Club
-
LCX,
14.3%
-
25.65%,
8/26/22
-
2/07/25
.........
United
States
167,909
158,439
c
Lending
Club,
5%
-
25.65%,
6/14/22
-
3/16/25
................
United
States
2,411,885
2,236,212
c
Upgrade,
24.99%
-
30.17%,
11/14/22
-
12/23/24
..............
United
States
48,176
46,502
2,618,188
a
a
a
a
a
a
Total
Marketplace
Loans
(Cost
$2,862,565)
.....................................
2,618,188
Asset-Backed
Securities
2.8%
Diversified
Financial
Services
2.8%
f,k
Consumer
Loan
Underlying
Bond
Certificate
Issuer
Trust
I
,
2019-26,
PT,
144A,
FRN,
19.034%,
8/15/44
................
United
States
449,092
449,926
2019-31,
PT,
144A,
FRN,
18.934%,
9/15/44
................
United
States
411,764
409,256
2019-37,
PT,
144A,
FRN,
19.158%,
10/17/44
...............
United
States
432,890
428,305
2019-42,
PT,
144A,
FRN,
18.586%,
11/15/44
...............
United
States
439,422
440,728
2019-51,
PT,
144A,
FRN,
16.494%,
1/15/45
................
United
States
546,652
548,092
2019-52,
PT,
144A,
FRN,
16.721%,
1/15/45
................
United
States
461,137
465,751
2019-S3,
PT,
144A,
FRN,
13.977%,
6/15/44
................
United
States
116,353
116,217
2019-S4,
PT,
144A,
FRN,
12.156%,
8/15/44
................
United
States
380,539
380,959
2019-S5,
PT,
144A,
FRN,
12.904%,
9/15/44
................
United
States
394,291
394,930
2019-S6,
PT,
144A,
FRN,
11.373%,
10/17/44
...............
United
States
380,527
374,430
2019-S7,
PT,
144A,
FRN,
10.976%,
12/15/44
...............
United
States
328,094
324,434
2019-S8,
PT,
144A,
FRN,
10.323%,
1/15/45
................
United
States
394,989
389,012
2020-2,
PT,
144A,
FRN,
16.726%,
3/15/45
.................
United
States
431,204
433,812
2020-7,
PT,
144A,
FRN,
16.26%,
4/17/45
..................
United
States
256,674
254,944
f,k
Prosper
Pass-Thru
Trust
III
,
2020-PT1,
A,
144A,
FRN,
8.796%,
3/15/26
.................
United
States
275,091
272,299
2020-PT2,
A,
144A,
FRN,
9.444%,
4/15/26
.................
United
States
317,971
312,750
2020-PT3,
A,
144A,
FRN,
7.183%,
5/15/26
.................
United
States
61,047
61,514
f,k
Upgrade
Master
Pass-Thru
Trust
,
2019-PT2
,
A
,
144A,
FRN
,
13.816
%
,
2/15/26
....................................
United
States
308,614
310,279
6,367,638
a
a
a
a
a
a
Total
Asset-Backed
Securities
(Cost
$6,184,510)
................................
6,367,638
Franklin
Universal
Trust
Statement
of
Investments
(unaudited)
See
Notes
to
Statement
of
Investments.
Quarterly
Statement
of
Investments
13
See
Abbreviations
on
page
21
.
a
a
Country
Shares
a
Value
a
a
a
a
a
a
Escrows
and
Litigation
Trusts
0.0%
†
a
Chesapeake
Energy
Corp.,
Escrow
Account
.................
United
States
1,500,000
$
39,375
Total
Escrows
and
Litigation
Trusts
(Cost
$48,985)
..............................
39,375
Total
Long
Term
Investments
(Cost
$223,100,340)
...............................
279,098,322
a
Short
Term
Investments
4.1%
a
a
Country
Shares
a
Value
a
Money
Market
Funds
3.5%
l,m
Institutional
Fiduciary
Trust
-
Money
Market
Portfolio,
0.01%
.....
United
States
7,677,148
7,677,148
Total
Money
Market
Funds
(Cost
$7,677,148)
...................................
7,677,148
Investments
from
Cash
Collateral
Received
for
Loaned
Securities
0.6%
a
a
a
a
a
Money
Market
Funds
0.5%
l,m
Institutional
Fiduciary
Trust
-
Money
Market
Portfolio,
0.01%
.....
United
States
1,065,000
1,065,000
Principal
Amount
*
Repurchase
Agreements
0.1%
n
Joint
Repurchase
Agreement,
BNP
Paribas
SA,
0%,
6/01/21
(Maturity
Value
$266,451)
Collateralized
by
U.S.
Treasury
Bonds,
6%
-
8.125%,
8/15/21
-
2/15/26;
U.S.
Treasury
Bonds,
Index-Linked,
2%
-
2.375%,
1/15/25
-
1/15/26;
U.S.
Treasury
Notes,
0.125%
-
2.75%,
5/31/21
-
8/31/25;
and
U.S.
Treasury
Bills,
Discount
Notes,
6/17/21
-
1/27/22
(valued
at
$271,780)
.......................................
266,451
266,451
Total
Investments
from
Cash
Collateral
Received
for
Loaned
Securities
(Cost
$1,331,451)
............................................................
1,331,451
Total
Short
Term
Investments
(Cost
$9,008,599
)
.................................
9,008,599
a
Total
Investments
(Cost
$232,108,939)
129.7%
..................................
$288,106,921
Notes
Payable
(29.2)%
.......................................................
(64,945,451)
Other
Assets,
less
Liabilities
(0.5)%
...........................................
(1,033,859)
Net
Assets
100.0%
...........................................................
$222,127,611
*
The
principal
amount
is
stated
in
U.S.
dollars
unless
otherwise
indicated.
†
Rounds
to
less
than
0.1%
of
net
assets.
a
Non-income
producing.
b
A
portion
or
all
of
the
security
is
on
loan
at
May
31,
2021.
c
Fair
valued
using
significant
unobservable
inputs.
See
Note
6
regarding
fair
value
measurements.
d
Income
may
be
received
in
additional
securities
and/or
cash.
e
Perpetual
security
with
no
stated
maturity
date.
f
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,
2021,
the
aggregate
value
of
these
securities
was
$148,462,590,
representing
66.8%
of
net
assets.
g
Defaulted
security
or
security
for
which
income
has
been
deemed
uncollectible.
h
A
portion
or
all
of
the
security
purchased
on
a
delayed
delivery
basis.
Franklin
Universal
Trust
Statement
of
Investments
(unaudited)
Quarterly
Statement
of
Investments
See
Notes
to
Statement
of
Investments.
14
i
See
Note
4
regarding
restricted
securities.
j
The
coupon
rate
shown
represents
the
rate
at
period
end.
k
Adjustable
rate
security
with
an
interest
rate
that
is
not
based
on
a
published
reference
index
and
spread.  The
rate
is
based
on
the
structure
of
the
agreement
and
current
market
conditions.
The
coupon
rate
shown
represents
the
rate
at
period
end.
l
See
Note
5
regarding
investments
in
affiliated
management
investment
companies.
m
The
rate
shown
is
the
annualized
seven-day
effective
yield
at
period
end.
n
Investment
is
through
participation
in
a
joint
account
with
other
funds
managed
by
the
investment
manager
or
an
affiliate
of
the
investment
manager.
At
May
31,
2021,
all
repurchase
agreements
had
been
entered
into
on
that
date.
Franklin
Universal
Trust
15
Quarterly
Statement
of
Investments
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.
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.
Derivative
financial
instruments
listed
on
an
exchange
are
valued
at
the
official
closing
price
of
the
day. 
Investments
in
open-end
mutual
funds
are
valued
at
the
closing
NAV.
Investments
in
repurchase
agreements
are
valued
at
cost,
which
approximates
fair
value.
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. 
Franklin
Universal
Trust
Notes
to
Statement
of
Investments
(unaudited)
16
Quarterly
Statement
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.
Novel
Coronavirus
Pandemic 
The
global
outbreak
of
the
novel
coronavirus
disease,
known
as
COVID-19, has
caused
adverse
effects
on
many
companies,
sectors,
nations,
regions
and
the
markets
in
general, and
may
continue for
an unpredictable duration.
The
effects
of
this
pandemic
may
materially
impact
the
value
and
performance
of
the Fund, its ability
to
buy
and
sell
fund
investments
at
appropriate
valuations
and its ability
to
achieve its investment
objectives.
4. Restricted
Securities 
At
May
31,
2021,
investments
in
restricted
securities,
excluding
securities
exempt
from
registration
under
the
Securities
Act
of
1933,
were
as
follows:
Principal
Amount
*
Issuer
Acquisition
Date
Cost
Value
Franklin
Universal
Trust
1,520,250
a
Goodrich
Petroleum
Corp.,
144A,
PIK,
13.5%,
5/31/2
3
3/09/21
-
4/15/21
$
1,520,250
$
1,487,943
Total
Restricted
Securities
(Value
is
0.67%
of
Net
Assets)
.............
$1,520,250
$1,487,943
*
In
U.S.
dollars
unless
otherwise
indicated.
a
The
Fund
also
invests
in
unrestricted
securities
of
the
issuer,
valued
at
$214,526
as
of
May
31,
2021.
2. Financial
Instrument
Valuation
(continued)
Franklin
Universal
Trust
Notes
to
Statement
of
Investments
(unaudited)
17
Quarterly
Statement
of
Investments
5.
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,
2021,
the
Fund
held
investments
in
affiliated
management
investment
companies
as
follows: 
6. 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)
    aa
Value
at
Beginning
of
Period
Purchases
Sales
Realized
Gain
(Loss)
Net
Change
in
Unrealized
Appreciation
(Depreciation)
Value
at
End
of
Period
Number
of
Shares
Held
at
End
of
Period
Investment
Income
a      
a  
a  
a  
a  
a  
a  
a  
Franklin
Universal
Trust
Non-Controlled
Affiliates
Dividends
Institutional
Fiduciary
Trust
-
Money
Market
Portfolio,
0.01%
.......
$5,235,951
$56,789,343
$(54,348,146)
$—
$—
$7,677,148
7,677,148
$148
Non-Controlled
Affiliates
Income
from
securities
loaned
Institutional
Fiduciary
Trust
-
Money
Market
Portfolio,
0.01%
.......
$—
$3,735,000
$(2,670,000)
$
—
$
—
$1,065,000
1,065,000
$10
Total
Affiliated
Securities
....
$5,235,951
$60,524,343
$(57,018,146)
$—
$—
$8,742,148
$158
Franklin
Universal
Trust
Notes
to
Statement
of
Investments
(unaudited)
18
Quarterly
Statement
of
Investments
The
input
levels
are
not
necessarily
an
indication
of
the
risk
or
liquidity
associated
with
financial
instruments
at
that
level.
A
summary
of
inputs
used
as
of
May
31,
2021,
in
valuing
the
Fund's
assets
carried
at
fair
value,
is
as
follows:
Level
1
Level
2
Level
3
Total
Franklin
Universal
Trust
Assets:
Investments
in
Securities:
Common
Stocks
:
Electric
Utilities
........................
$
50,157,448
$
—
$
—
$
50,157,448
Energy
Equipment
&
Services
.............
195,738
—
—
195,738
Machinery
............................
—
467,506
—
467,506
Metals
&
Mining
.......................
5,080,681
—
—
5,080,681
Multi-Utilities
..........................
34,808,648
—
—
34,808,648
Oil,
Gas
&
Consumable
Fuels
.............
2,560,802
—
1,302
2,562,104
Paper
&
Forest
Products
.................
56,643
—
—
56,643
Specialty
Retail
........................
347,526
—
—
347,526
Preferred
Stocks
........................
690,250
—
—
690,250
Warrants
:
Oil,
Gas
&
Consumable
Fuels
.............
24,784
—
700
25,484
Paper
&
Forest
Products
.................
980
—
—
980
Convertible
Bonds
.......................
—
18,153
—
18,153
Corporate
Bonds
:
Aerospace
&
Defense
...................
—
1,132,798
—
1,132,798
Air
Freight
&
Logistics
...................
—
1,216,114
—
1,216,114
Airlines
..............................
—
2,244,089
—
2,244,089
Auto
Components
......................
—
5,471,340
—
5,471,340
Banks
...............................
—
952,957
—
952,957
Beverages
...........................
—
701,540
—
701,540
Biotechnology
.........................
—
885,677
—
885,677
Building
Products
......................
—
2,905,458
—
2,905,458
Chemicals
...........................
—
6,124,035
—
6,124,035
Commercial
Services
&
Supplies
...........
—
4,109,534
—
4,109,534
Communications
Equipment
..............
—
1,713,912
—
1,713,912
Construction
&
Engineering
...............
—
3,906,268
—
3,906,268
Consumer
Finance
.....................
—
2,935,670
—
2,935,670
Containers
&
Packaging
.................
—
9,568,154
—
9,568,154
Diversified
Financial
Services
.............
—
1,494,713
—
1,494,713
Diversified
Telecommunication
Services
.....
—
7,861,989
—
7,861,989
Electric
Utilities
........................
—
1,960,959
—
1,960,959
Electrical
Equipment
....................
—
1,003,050
—
1,003,050
Electronic
Equipment,
Instruments
&
Components
........................
—
495,490
—
495,490
Energy
Equipment
&
Services
.............
—
3,494,014
—
3,494,014
Entertainment
.........................
—
2,518,975
—
2,518,975
Equity
Real
Estate
Investment
Trusts
(REITs)
.
—
4,193,787
—
4,193,787
Food
Products
........................
—
2,340,245
—
2,340,245
Health
Care
Equipment
&
Supplies
.........
—
193,172
—
193,172
Health
Care
Providers
&
Services
..........
—
7,697,520
—
7,697,520
Hotels,
Restaurants
&
Leisure
.............
—
13,612,801
—
13,612,801
Household
Durables
....................
—
1,553,480
—
1,553,480
Independent
Power
and
Renewable
Electricity
Producers
..........................
—
7,247,893
—
7,247,893
Insurance
............................
—
1,138,445
—
1,138,445
Internet
&
Direct
Marketing
Retail
..........
—
513,125
—
513,125
IT
Services
...........................
—
5,326,694
—
5,326,694
Life
Sciences
Tools
&
Services
............
—
504,487
—
504,487
Machinery
............................
—
3,763,703
—
3,763,703
6. Fair
Value
Measurements 
(continued)
Franklin
Universal
Trust
Notes
to
Statement
of
Investments
(unaudited)
19
Quarterly
Statement
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,
2021,
the
reconciliation
is
as
follows:
6
Level
1
Level
2
Level
3
Total
Franklin
Universal
Trust
(continued)
Assets:
(continued)
Investments
in
Securities:
Corporate
Bonds:
Media
...............................
$
—
$
10,144,823
$
—
$
10,144,823
Metals
&
Mining
.......................
—
4,314,431
—
4,314,431
Oil,
Gas
&
Consumable
Fuels
.............
—
21,158,951
1,487,943
22,646,894
Personal
Products
.....................
—
288,412
—
288,412
Pharmaceuticals
.......................
—
7,111,029
—
7,111,029
Real
Estate
Management
&
Development
....
—
1,244,230
—
1,244,230
Road
&
Rail
..........................
—
516,255
—
516,255
Semiconductors
&
Semiconductor
Equipment
.
—
1,385,639
—
1,385,639
Software
.............................
—
4,783,845
—
4,783,845
Specialty
Retail
........................
—
3,514,961
—
3,514,961
Textiles,
Apparel
&
Luxury
Goods
..........
—
1,063,170
—
1,063,170
Thrifts
&
Mortgage
Finance
...............
—
2,411,159
—
2,411,159
Trading
Companies
&
Distributors
..........
—
1,025,198
—
1,025,198
Wireless
Telecommunication
Services
.......
—
4,429,826
—
4,429,826
Marketplace
Loans
......................
—
—
2,618,188
2,618,188
Asset-Backed
Securities
..................
—
6,367,638
—
6,367,638
Escrows
and
Litigation
Trusts
...............
—
39,375
—
39,375
Short
Term
Investments
...................
8,742,148
266,451
—
9,008,599
Total
Investments
in
Securities
...........
$102,665,648
$181,333,140
$4,108,133
$288,106,921
Balance
at
Beginning
of
Period
Purchases
a
Sales
b
Transfer
Into
Level
3
c
Transfer
Out
of
Level
3
d
Net
accretion
(
amortiza
-
tion
)
e
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
:
Machinery
.........
$
158,851
$
—
$
—
$
—
$
(158,851)
$
—
$
—
$
—
$
—
$
—
Oil,
Gas
&
Consumable
Fuels
..........
—
—
—
1,302
—
—
—
—
1,302
—
Warrants
:
Oil,
Gas
&
Consumable
Fuels
..........
90
—
—
—
—
—
—
610
700
610
Corporate
Bonds
:
Hotels,
Restaurants
&
Leisure
.........
5,625
—
—
—
(540)
(1,893)
—
(3,192)
—
—
Oil,
Gas
&
Consumable
Fuels
..........
481
1,520,251
—
—
(3,864)
—
—
(28,925)
1,487,943
(28,925)
Marketplace
Loans
:
Diversified
Financial
Services
........
4,023,963
228,231
(1,719,208)
—
—
—
(315,503)
400,705
2,618,188
400,705
Escrows
and
Litigation
Trusts
...........
14
—
(1,066)
—
—
—
(17,280)
18,332
—
—
Total
Investments
in
Securities
.
$4,189,024
$1,748,482
$(1,720,274)
$1,302
$(163,255)
$(1,893)
$(332,783)
$387,530
$4,108,133
$372,390
a
Purchases
include
all
purchases
of
securities
and
securities
received
in
corporate
actions.
6. Fair
Value
Measurements 
(continued)
Franklin
Universal
Trust
Notes
to
Statement
of
Investments
(unaudited)
20
Quarterly
Statement
of
Investments
Significant
unobservable
valuation
inputs
for
material
Level
3
assets
and/or
liabilities
and
impact
to
fair
value
as
a
result
of
changes
in
unobservable
valuation
inputs
as
of
May
31,
2021,
are
as
follows:
a
Weighted
based
on
the
relative
fair
value
of
the
financial
instruments.
b
Represents
the
directional
change
in
the
fair
value
of
the
Level
3
financial
instruments
that
would
result
from
a
significant
and
reasonable
increase
in
the
corresponding
input.
A
significant
and
reasonable
decrease
in
the
input
would
have
the
opposite
effect.
Significant
impacts,
if
any,
to
fair
value
and/or
net
assets
have
been
indicated.
c
Represents
a
significant
impact
to
fair
value
but
not
net
assets.
d
Represents
a
significant
impact
to
fair
value
and
net
assets.
e
Includes
securities
determined
to
have
no
value
at
May
31,
2021.
f
Includes
financial
instruments
with
values
derived
using
private
transaction
prices
or
non-public
third
party
pricing
information
which
is
unobservable.
May
also
include
fair
value
of
immaterial
financial
instruments
and
developed
using
various
valuation
techniques
and
unobservable
inputs.
b
Sales
include
all
sales
of
securities,
maturities,
paydowns
and
securities
tendered
in
corporate
actions.
c
Transferred
into
level
3
as
a
result
of
the
unavailability
of
a
quoted
market
price
in
an
active
market
for
identical
securities
or
as
a
result
of
the
unreliability
of
the
foreign
exchange
rate
and
other
significant
observable
valuation
inputs.
May
include
amounts
related
to
a
corporate
action.
d
Transferred
out
of
Level
3
as
a
result
of
the
availability
of
a
quoted
price
in
an
active
market
for
identical
securities/
and
other
significant
observable
valuation
inputs.
May
include
amounts
related
to
a
corporate
action.
e
May
include
accretion,
amortization,
partnership
adjustments,
and/or
other
cost
basis
adjustments.
Description
Fair
Value
at
End
of
Period
Valuation
Technique
Unobservable
Inputs
Amount
(Weighted
Average)
a
Impact
to
Fair
Value
if
Input
Increases
b
Franklin
Universal
Trust
Assets:
Investments
in
Securities:
Corporate
Bonds:
Oil,
Gas
&
Consumable
Fuels.................
$1,487,943
Discounted
cash
flow
Discount
rate
15.9%
Decrease
c
Free
cash
flow
$1.5
mil
Increase
Marketplace
Loans:
Lending
Club.................
2,236,212
Discounted
cash
flow
Loss-adjusted
discount
rate
7.2%
Decrease
d
Projected
loss
rate
17.0%
Decrease
d
All
Other
Investments………
383,978
e,f
Total....................
$4,108,133
6. Fair
Value
Measurements 
(continued)
Franklin
Universal
Trust
Notes
to
Statement
of
Investments
(unaudited)
21
Quarterly
Statement
of
Investments
7.
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
Currency
USD
United
States
Dollar
Selected
Portfolio
ADR
American
Depositary
Receipt
FRN
Floating
Rate
Note
LIBOR
London
Inter-Bank
Offered
Rate
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.