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APVBKPOULHUX7YZLKU17 Antero Resources Corp. 03674XAS5 700000.00000000 PA USD 723187.50000000 0.335892147056 Long DBT CORP US N 2 2030-03-01 Fixed 5.37500000 N N N N N N Studio City Finance Ltd. 254900D6R731QAUIG324 Studio City Finance Ltd. 86389QAG7 1600000.00000000 PA USD 1452216.00000000 0.674497208857 Long DBT CORP VG N 2 2029-01-15 Fixed 5.00000000 N N N N N N Clearway Energy Operating LLC 549300Z3NFMM54NWBB87 Clearway Energy Operating LLC 18539UAE5 400000.00000000 PA USD 393572.00000000 0.182798712784 Long DBT CORP US N 2 2032-01-15 Fixed 3.75000000 N N N N N N Mauser Packaging Solutions Holding Co. 549300DNGHXL0OMHW304 Mauser Packaging Solutions Holding Co. 57763RAA5 1000000.00000000 PA USD 1034950.00000000 0.480693565080 Long DBT CORP US N 2 2024-04-15 Fixed 8.50000000 N N N N N N Teva Pharmaceutical Finance Netherlands III BV 5493004T21MOAFINJP35 Teva Pharmaceutical Finance Netherlands III BV 88167AAN1 500000.00000000 PA USD 534860.00000000 0.248421431198 Long DBT CORP NL N 2 2025-01-31 Fixed 7.12500000 N N N N N N BHP Group plc 549300C116EOWV835768 BHP Group plc 05545E209 25185.00000000 NS USD 1384671.30000000 0.643125352588 Long EC CORP GB N 1 N N Ingevity Corp. 5493009UTFC4B5IMGF87 Ingevity Corp. 45688CAB3 400000.00000000 PA USD 383828.00000000 0.178273008065 Long DBT CORP US N 2 2028-11-01 Fixed 3.87500000 N N N N N N WESCO Distribution, Inc. 549300I2CEZJG9N4AH67 WESCO Distribution, Inc. 95081QAP9 400000.00000000 PA USD 435610.00000000 0.202323710212 Long DBT CORP US N 2 2028-06-15 Fixed 7.25000000 N N N N N N Battalion Oil Corp. 3XHTN2NNIMMPORDAMJ28 Battalion Oil Corp. 07134L115 728.00000000 NS USD 0.41000000 0.000000190428 Long CORP US N 3 N N N Institutional Fiduciary Trust - Money Market Portfolio 549300M4TP89K77LG374 Institutional Fiduciary Trust - Money Market Portfolio 457756500 3557508.61100000 NS USD 3557508.61000000 1.652322814189 Long STIV RF US N 1 N N N Vistra Operations Co. LLC 549300ZH5GKBTJZ7NM23 Vistra Operations Co. LLC 92840VAH5 400000.00000000 PA USD 393230.00000000 0.182639867236 Long DBT CORP US N 2 2029-05-01 Fixed 4.37500000 N N N N N N Cheniere Energy, Inc. MIHC87W9WTYSYZWV1J40 Cheniere Energy, Inc. 16411RAK5 700000.00000000 PA USD 721871.50000000 0.335280916821 Long DBT CORP US N 2 2028-10-15 Fixed 4.62500000 N N N N N N Rain CII Carbon LLC / CII Carbon Corp. N/A Rain CII Carbon LLC / CII Carbon Corp. 75079RAC2 600000.00000000 PA USD 611250.00000000 0.283901581385 Long DBT CORP US N 2 2025-04-01 Fixed 7.25000000 N N N N N N DT Midstream, Inc. N/A DT Midstream, Inc. 23345M107 15000.00000000 NS USD 688050.00000000 0.319572160445 Long EC CORP US N 1 N N N Battalion Oil Corp. 3XHTN2NNIMMPORDAMJ28 Battalion Oil Corp. 07134L123 583.00000000 NS USD 1.51000000 0.000000701335 Long CORP US N 3 N N N Novelis Corp. 549300G5F3W3B52WYL23 Novelis Corp. 670001AH9 100000.00000000 PA USD 96657.50000000 0.044893606712 Long DBT CORP US N 2 2031-08-15 Fixed 3.87500000 N N N N N N T-Mobile USA, Inc. 549300V2JRLO5DIFGE82 T-Mobile USA, Inc. 87264ABS3 300000.00000000 PA USD 289887.00000000 0.134641108749 Long DBT CORP US N 2 2029-02-15 Fixed 2.62500000 N N N N N N CrownRock LP / CrownRock Finance, Inc. N/A CrownRock LP / CrownRock Finance, Inc. 228701AG3 300000.00000000 PA USD 302283.00000000 0.140398563151 Long DBT CORP US N 2 2029-05-01 Fixed 5.00000000 N N N N N N Dominion Energy, Inc. ILUL7B6Z54MRYCF6H308 Dominion Energy, Inc. 25746U109 67200.00000000 NS USD 4784640.00000000 2.222277075439 Long EC CORP US N 1 N N N Chesapeake Energy Corp. X2MT1W32SPAZ9WSKLE78 Chesapeake Energy Corp. 165ESCAJ3 1500000.00000000 PA USD 24375.00000000 0.011321228705 Long DBT CORP US N 2 2026-10-01 Fixed 7.50000000 Y N N N N N Occidental Petroleum Corp. IM7X0T3ECJW4C1T7ON55 Occidental Petroleum Corp. 674599EA9 1100000.00000000 PA USD 1446159.00000000 0.671683970610 Long DBT CORP US N 2 2030-07-15 Fixed 8.87500000 N N N N N N Standard Industries, Inc. 54930064UHXCIUWVI755 Standard Industries, Inc. 853496AD9 500000.00000000 PA USD 504445.00000000 0.234294860077 Long DBT CORP US N 2 2028-01-15 Fixed 4.75000000 N N N N N N Diamond Sports Group LLC / Diamond Sports Finance Co. N/A Diamond Sports Group LLC / Diamond Sports Finance Co. 25277LAA4 400000.00000000 PA USD 177974.00000000 0.082661922364 Long DBT CORP US N 2 2026-08-15 Fixed 5.37500000 N N N N N N Entergy Corp. 4XM3TW50JULSLG8BNC79 Entergy Corp. 29364G103 30000.00000000 NS USD 3010200.00000000 1.398119493313 Long EC CORP US N 1 N N N Civitas Resources, Inc. IIVIHPH28S64K95M2381 Civitas Resources, Inc. 17888H103 18598.00000000 NS USD 950543.78000000 0.441490196022 Long EC CORP US N 1 N N N Crestwood Midstream Partners LP / Crestwood Midstream Finance Corp. N/A Crestwood Midstream Partners LP / Crestwood Midstream Finance Corp. 226373AP3 800000.00000000 PA USD 804000.00000000 0.373426374534 Long DBT CORP US N 2 2025-04-01 Fixed 5.75000000 N N N N N N Alliant Holdings Intermediate LLC / Alliant Holdings Co. N/A Alliant Holdings Intermediate LLC / Alliant Holdings Co. 01883LAA1 800000.00000000 PA USD 810156.00000000 0.376285594387 Long DBT CORP US N 2 2027-10-15 Fixed 6.75000000 N N N N N N Endo Dac / Endo Finance LLC / Endo Finco, Inc. N/A Endo Dac / Endo Finance LLC / Endo Finco, Inc. 29273DAC4 389000.00000000 PA USD 298555.56000000 0.138667313890 Long DBT CORP US N 2 2028-06-30 Fixed 6.00000000 N N N N N N Verso Corp. 549300FODXCTQ8DGT594 Verso Corp. 92531L116 350.00000000 NS USD 1226.77000000 0.000569786409 Long CORP US N 1 N N N Axalta Coating Systems LLC 549300G80QONCHILSF69 Axalta Coating Systems LLC 05453GAC9 400000.00000000 PA USD 380560.00000000 0.176755150613 Long DBT CORP US N 2 2029-02-15 Fixed 3.37500000 N N N N N N Calpine Corp. 43R4VPJBXTU2O15HEF41 Calpine Corp. 131347CP9 700000.00000000 PA USD 671268.50000000 0.311777813798 Long DBT CORP US N 2 2029-02-01 Fixed 4.62500000 N N N N N N CenterPoint Energy, Inc. 21TPXMRRHFKOBHDC8J74 CenterPoint Energy, Inc. 15189T107 122800.00000000 NS USD 3181748.00000000 1.477796791446 Long EC CORP US N 1 N N N Mozart Debt Merger Sub, Inc. N/A Mozart Debt Merger Sub, Inc. 62482BAB8 500000.00000000 PA USD 500225.00000000 0.232334836071 Long DBT CORP US N 2 2029-10-01 Fixed 5.25000000 N N N N N N Standard Industries, Inc. 54930064UHXCIUWVI755 Standard Industries, Inc. 853496AC1 300000.00000000 PA USD 308002.02000000 0.143054822982 Long DBT CORP US N 2 2027-02-15 Fixed 5.00000000 N N N N N N Everi Holdings, Inc. 5299006DK5S7BG10K532 Everi Holdings, Inc. 30034TAA1 700000.00000000 PA USD 700437.50000000 0.325325666931 Long DBT CORP US N 2 2029-07-15 Fixed 5.00000000 N N N N N N Hanesbrands, Inc. GX5LWVWZLL5S4W1L2F20 Hanesbrands, Inc. 410345AJ1 1000000.00000000 PA USD 1042095.00000000 0.484012136530 Long DBT CORP US N 2 2024-05-15 Fixed 4.62500000 N N N N N N Calpine Corp. 43R4VPJBXTU2O15HEF41 Calpine Corp. 131347CQ7 900000.00000000 PA USD 867537.00000000 0.402936811796 Long DBT CORP US N 2 2031-02-01 Fixed 5.00000000 N N N N N N Consumer Loan Underlying Bond Club Certificate Issuer Trust I N/A Consumer Loan Underlying Bond Club Certificate Issuer Trust I, Series 2019-S8, Class PT 21057BAA1 256300.66000000 PA USD 251809.84000000 0.116955765700 Long ABS-O CORP US N 2 2045-01-15 Variable 9.73301040 N N N N N N Talen Energy Supply LLC K5K33XN0PQAU1XF7NN66 Talen Energy Supply LLC 87422VAA6 2100000.00000000 PA USD 1180609.50000000 0.548346673291 Long DBT CORP US N 2 2025-06-01 Fixed 6.50000000 N N N N N N Consumer Loan Underlying Bond Credit Trust N/A Consumer Loan Underlying Bond Credit Trust, Series 2019-S4, Class PT 21054GAA3 237577.39000000 PA USD 236986.34000000 0.110070833035 Long ABS-O CORP US N 2 2044-08-15 Variable 10.26086760 N N N N N N Netflix, Inc. 549300Y7VHGU0I7CE873 Netflix, Inc. 64110LAT3 800000.00000000 PA USD 958752.00000000 0.445302591340 Long DBT CORP US N 2 2028-11-15 Fixed 5.87500000 N N N N N N ON Semiconductor Corp. ZV20P4CNJVT8V1ZGJ064 ON Semiconductor Corp. 682189AQ8 300000.00000000 PA USD 305608.50000000 0.141943127092 Long DBT CORP US N 2 2028-09-01 Fixed 3.87500000 N N N N N N Organon & Co. / Organon Foreign Debt Co-Issuer BV N/A Organon & Co. / Organon Foreign Debt Co-Issuer BV 68622TAB7 500000.00000000 PA USD 511622.50000000 0.237628526499 Long DBT CORP US N 2 2031-04-30 Fixed 5.12500000 N N N N N N Lithia Motors, Inc. SE8N1EZEHPZQBCBVKD53 Lithia Motors, Inc. 536797AF0 300000.00000000 PA USD 313675.50000000 0.145689931275 Long DBT CORP US N 2 2031-01-15 Fixed 4.37500000 N N N N N N Upstart, Inc. N/A Upstart, Inc., Marketplace Loan N/A 4239429.77000000 PA USD 4235752.45000000 1.967340399041 Long LON CORP US N 3 2026-10-05 Fixed 20.76590904 N N N N N N Hilcorp Energy I LP / Hilcorp Finance Co. N/A Hilcorp Energy I LP / Hilcorp Finance Co. 431318AU8 200000.00000000 PA USD 197188.00000000 0.091586069579 Long DBT CORP US N 2 2029-02-01 Fixed 5.75000000 N N N N N N Penn National Gaming, Inc. N/A Penn National Gaming, Inc. 707569AV1 400000.00000000 PA USD 378000.00000000 0.175566131311 Long DBT CORP US N 2 2029-07-01 Fixed 4.12500000 N N N N N N Premier Entertainment Sub LLC / Premier Entertainment Finance Corp. N/A Premier Entertainment Sub LLC / Premier Entertainment Finance Corp. 74052HAB0 500000.00000000 PA USD 502620.00000000 0.233447219363 Long DBT CORP US N 2 2031-09-01 Fixed 5.87500000 N N N N N N Premier Entertainment Sub LLC / Premier Entertainment Finance Corp. N/A Premier Entertainment Sub LLC / Premier Entertainment Finance Corp. 74052HAA2 1000000.00000000 PA USD 1001475.00000000 0.465145744324 Long DBT CORP US N 2 2029-09-01 Fixed 5.62500000 N N N N N N Clear Channel International BV N/A Clear Channel International BV 18452MAB2 400000.00000000 PA USD 413392.00000000 0.192004323161 Long DBT CORP NL N 2 2025-08-01 Fixed 6.62500000 N N N N N N Jane Street Group / JSG Finance, Inc. N/A Jane Street Group / JSG Finance, Inc. 47077WAA6 300000.00000000 PA USD 299989.50000000 0.139333322616 Long DBT CORP US N 2 2029-11-15 Fixed 4.50000000 N N N N N N Match Group Holdings II LLC N/A Match Group Holdings II LLC 57665RAN6 500000.00000000 PA USD 508127.50000000 0.236005236475 Long DBT CORP US N 2 2028-06-01 Fixed 4.62500000 N N N N N N 2021-12-30 Franklin Universal Trust Jeffrey W. White Jeffrey W. White Assistant Treasurer XXXX NPORT-EX 2 FUT.htm
Not
FDIC
Insured
May
Lose
Value
No
Bank
Guarantee
FUT-Q1PH
1
Statement
of
Investments
(unaudited)
Franklin
Universal
Trust
2
Notes
to
Statement
of
Investments
15
Franklin
Universal
Trust
Statement
of
Investments
(unaudited),
November
30,
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
42.6%
Electric
Utilities
23.6%
Alliant
Energy
Corp.
...................................
United
States
80,000
$
4,383,200
American
Electric
Power
Co.,
Inc.
.........................
United
States
65,000
5,268,250
Duke
Energy
Corp.
....................................
United
States
46,060
4,468,281
Edison
International
...................................
United
States
36,000
2,350,080
Entergy
Corp.
........................................
United
States
30,000
3,010,200
Evergy
,
Inc.
..........................................
United
States
80,000
5,064,000
Exelon
Corp.
.........................................
United
States
80,000
4,218,400
FirstEnergy
Corp.
.....................................
United
States
40,000
1,506,400
NextEra
Energy,
Inc.
...................................
United
States
120,000
10,413,600
Pinnacle
West
Capital
Corp.
.............................
United
States
30,000
1,951,500
PPL
Corp.
...........................................
United
States
24,500
681,835
Southern
Co.
(The)
....................................
United
States
60,000
3,666,000
Xcel
Energy,
Inc.
......................................
United
States
60,000
3,823,800
50,805,546
Machinery
0.2%
a
Birch
Permian
Holdings,
Inc.
.............................
United
States
3,694
55,410
a
Birch
Permian
Holdings,
Inc.
.............................
United
States
28,796
428,340
483,750
Metals
&
Mining
2.1%
b
BHP
Group
plc,
ADR
...................................
Australia
25,185
1,384,671
Freeport-McMoRan,
Inc.
................................
United
States
80,380
2,980,491
b
South32
Ltd.,
ADR
....................................
Australia
10,074
126,328
4,491,490
Multi-Utilities
15.0%
CenterPoint
Energy,
Inc.
................................
United
States
122,800
3,181,748
CMS
Energy
Corp.
....................................
United
States
90,000
5,296,500
Consolidated
Edison,
Inc.
...............................
United
States
40,000
3,105,600
Dominion
Energy,
Inc.
..................................
United
States
67,200
4,784,640
DTE
Energy
Co.
......................................
United
States
30,000
3,250,200
NiSource,
Inc.
........................................
United
States
60,000
1,470,600
Public
Service
Enterprise
Group,
Inc.
......................
United
States
45,000
2,812,050
Sempra
Energy
.......................................
United
States
45,000
5,394,150
WEC
Energy
Group,
Inc.
................................
United
States
35,000
3,042,550
32,338,038
Oil,
Gas
&
Consumable
Fuels
1.7%
a
Amplify
Energy
Corp.
..................................
United
States
245
774
California
Resources
Corp.
..............................
United
States
27
1,055
Chesapeake
Energy
Corp.
..............................
United
States
752
44,774
a
Civitas
Resources,
Inc.
.................................
United
States
18,598
950,544
DT
Midstream,
Inc.
....................................
United
States
15,000
688,050
Enbridge,
Inc.
........................................
Canada
39,360
1,477,574
a
Goodrich
Petroleum
Corp.
...............................
United
States
19,379
445,717
a,c
Riviera
Resources,
Inc.
.................................
United
States
5,042
—
3,608,488
Specialty
Retail
0.0%
†
a
Party
City
Holdco,
Inc.
..................................
United
States
1
4
Total
Common
Stocks
(Cost
$38,438,076)
......................................
91,727,316
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
0.4%
Electric
Utilities
0.4%
SCE
Trust
II,
5.1%
....................................
United
States
27,500
$
687,500
Total
Preferred
Stocks
(Cost
$598,125)
.........................................
687,500
Warrants
Warrants
0.0%
†
Oil,
Gas
&
Consumable
Fuels
0.0%
†
a,c
Battalion
Oil
Corp.,
A,
10/08/22
...........................
United
States
583
2
a,c
Battalion
Oil
Corp.,
B,
10/08/22
...........................
United
States
728
—
a,c
Battalion
Oil
Corp.,
C,
10/08/22
...........................
United
States
937
—
a
California
Resources
Corp.,
10/27/24
......................
United
States
64
768
a
Chesapeake
Energy
Corp.,
2/09/26
........................
United
States
1,418
38,938
39,708
Paper
&
Forest
Products
0.0%
†
a
Verso
Corp.,
7/25/23
...................................
United
States
350
1,227
Total
Warrants
(Cost
$602,518)
................................................
40,935
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
25,282
21,838
Total
Convertible
Bonds
(Cost
$6,147)
.........................................
21,838
Corporate
Bonds
77.2%
Airlines
0.9%
f
American
Airlines
Inc
/
AAdvantage
Loyalty
IP
Ltd.
,
Senior
Secured
Note
,
144A,
5.5
%
,
4/20/26
.............................
United
States
700,000
716,387
f
Delta
Air
Lines,
Inc.
/
SkyMiles
IP
Ltd.
,
Senior
Secured
Note
,
144A,
4.75
%
,
10/20/28
.....................................
United
States
700,000
767,770
f
United
Airlines,
Inc.
,
Senior
Secured
Note,
144A,
4.375%,
4/15/26
..............
United
States
100,000
100,592
Senior
Secured
Note,
144A,
4.625%,
4/15/29
..............
United
States
300,000
298,950
1,883,699
Auto
Components
2.9%
f
Allison
Transmission,
Inc.
,
Senior
Bond,
144A,
3.75%,
1/30/31
......................
United
States
700,000
670,250
Senior
Note,
144A,
4.75%,
10/01/27
.....................
United
States
600,000
620,718
Dana,
Inc.
,
Senior
Note
,
5.625
%
,
6/15/28
...................
United
States
1,400,000
1,475,838
f
Dornoch
Debt
Merger
Sub,
Inc.
,
Senior
Note
,
144A,
6.625
%
,
10/15/29
..........................................
United
States
800,000
789,000
Goodyear
Tire
&
Rubber
Co.
(The)
,
Senior
Note,
9.5%,
5/31/25
............................
United
States
900,000
970,861
f
Senior
Note,
144A,
5%,
7/15/29
........................
United
States
600,000
627,405
f
Real
Hero
Merger
Sub
2,
Inc.
,
Senior
Note
,
144A,
6.25
%
,
2/01/29
.
United
States
1,000,000
1,004,655
6,158,727
Automobiles
0.6%
f
Jaguar
Land
Rover
Automotive
plc
,
Senior
Note
,
144A,
5.5
%
,
7/15/29
...........................................
United
Kingdom
1,300,000
1,278,368
Banks
0.4%
e
JPMorgan
Chase
&
Co.
,
R
,
Junior
Sub.
Bond
,
6%
to
8/01/23,
FRN
thereafter
,
Perpetual
.................................
United
States
900,000
928,238
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)
Beverages
0.3%
f
Primo
Water
Holdings,
Inc.
,
Senior
Note
,
144A,
4.375
%
,
4/30/29
..
Canada
700,000
$
693,945
Biotechnology
0.4%
f
Emergent
BioSolutions
,
Inc.
,
Senior
Note
,
144A,
3.875
%
,
8/15/28
.
United
States
900,000
856,516
Building
Products
1.3%
f
Cornerstone
Building
Brands,
Inc.
,
Senior
Note
,
144A,
6.125
%
,
1/15/29
...........................................
United
States
300,000
313,101
f
JELD-WEN,
Inc.
,
Senior
Note,
144A,
4.625%,
12/15/25
....................
United
States
300,000
303,310
Senior
Note
,
144A,
4.875%,
12/15/27
....................
United
States
300,000
307,380
f
Standard
Industries,
Inc.
,
Senior
Bond,
144A,
4.75%,
1/15/28
......................
United
States
500,000
504,445
Senior
Bond,
144A,
4.375%,
7/15/30
.....................
United
States
100,000
98,523
Senior
Bond,
144A,
3.375%,
1/15/31
.....................
United
States
200,000
184,520
Senior
Note
,
144A,
5%,
2/15/27
........................
United
States
300,000
308,002
f
Summit
Materials
LLC
/
Summit
Materials
Finance
Corp.
,
Senior
Note
,
144A,
5.25
%
,
1/15/29
............................
United
States
800,000
834,080
2,853,361
Capital
Markets
0.1%
f
Jane
Street
Group
/
JSG
Finance,
Inc.
,
Senior
Secured
Note
,
144A,
4.5
%
,
11/15/29
......................................
United
States
300,000
299,990
Chemicals
3.8%
f
Axalta
Coating
Systems
LLC
,
Senior
Note
,
144A,
3.375
%
,
2/15/29
United
States
400,000
380,560
f
Braskem
Idesa
SAPI
,
Senior
Secured
Bond
,
144A,
6.99
%
,
2/20/32
Mexico
300,000
294,519
f
Consolidated
Energy
Finance
SA
,
Senior
Note
,
144A,
5.625
%
,
10/15/28
..........................................
Switzerland
600,000
572,694
f
CVR
Partners
LP
/
CVR
Nitrogen
Finance
Corp.
,
Senior
Secured
Note
,
144A,
6.125
%
,
6/15/28
...........................
United
States
300,000
311,688
f
Diamond
BC
BV
,
Senior
Note
,
144A,
4.625
%
,
10/01/29
.........
United
States
300,000
293,550
f
Element
Solutions,
Inc.
,
Senior
Note
,
144A,
3.875
%
,
9/01/28
.....
United
States
700,000
694,061
f
GPD
Cos.,
Inc.
,
Senior
Secured
Note
,
144A,
10.125
%
,
4/01/26
...
United
States
1,500,000
1,597,035
f
Illuminate
Buyer
LLC
/
Illuminate
Holdings
IV,
Inc.
,
Senior
Note
,
144A,
9
%
,
7/01/28
...................................
United
States
1,000,000
1,066,945
f
Ingevity
Corp.
,
Senior
Note
,
144A,
3.875
%
,
11/01/28
...........
United
States
400,000
383,828
d,f
Kobe
US
Midco
2,
Inc.
,
Senior
Note
,
144A,
PIK,
9.25
%
,
11/01/26
..
United
States
200,000
199,564
f
LSF11
A5
HoldCo
LLC
,
Senior
Note
,
144A,
6.625
%
,
10/15/29
....
United
States
600,000
585,027
f
Rain
CII
Carbon
LLC
/
CII
Carbon
Corp.
,
Secured
Note
,
144A,
7.25
%
,
4/01/25
.....................................
United
States
600,000
611,250
f
SCIH
Salt
Holdings,
Inc.
,
Senior
Note,
144A,
6.625%,
5/01/29
.....................
United
States
500,000
462,500
Senior
Secured
Note,
144A,
4.875%,
5/01/28
..............
United
States
300,000
284,502
f
Unifrax
Escrow
Issuer
Corp.
,
Senior
Note,
144A,
7.5%,
9/30/29
.......................
United
States
200,000
194,286
Senior
Secured
Note,
144A,
5.25%,
9/30/28
...............
United
States
300,000
295,406
8,227,415
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)
Commercial
Services
&
Supplies
2.1%
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
$
387,700
f
APX
Group,
Inc.
,
Senior
Note
,
144A,
5.75
%
,
7/15/29
...........
United
States
800,000
781,360
f
Harsco
Corp.
,
Senior
Note
,
144A,
5.75
%
,
7/31/27
.............
United
States
500,000
507,128
f
Nielsen
Finance
LLC
/
Nielsen
Finance
Co.
,
Senior
Note
,
144A,
4.5
%
,
7/15/29
......................................
United
States
1,200,000
1,162,188
f
Prime
Security
Services
Borrower
LLC
/
Prime
Finance,
Inc.
,
Senior
Secured
Note
,
144A,
3.375
%
,
8/31/27
....................
United
States
600,000
568,617
f
Stericycle,
Inc.
,
Senior
Note
,
144A,
3.875
%
,
1/15/29
...........
United
States
1,200,000
1,171,704
4,578,697
Communications
Equipment
0.7%
f
CommScope
,
Inc.
,
Senior
Note
,
144A,
7.125
%
,
7/01/28
.........
United
States
1,600,000
1,490,968
Construction
&
Engineering
1.4%
f
Arcosa
,
Inc.
,
Senior
Note
,
144A,
4.375
%
,
4/15/29
.............
United
States
300,000
303,113
f
Great
Lakes
Dredge
&
Dock
Corp.
,
Senior
Note
,
144A,
5.25
%
,
6/01/29
...........................................
United
States
500,000
511,140
f
VM
Consolidated,
Inc.
,
Senior
Note
,
144A,
5.5
%
,
4/15/29
.......
United
States
800,000
801,692
f
Weekley
Homes
LLC
/
Weekley
Finance
Corp.
,
Senior
Note
,
144A,
4.875
%
,
9/15/28
.....................................
United
States
1,300,000
1,340,384
2,956,329
Consumer
Finance
0.7%
f
FirstCash
,
Inc.
,
Senior
Note
,
144A,
4.625
%
,
9/01/28
...........
United
States
400,000
398,652
f
PRA
Group,
Inc.
,
Senior
Note
,
144A,
5
%
,
10/01/29
............
United
States
300,000
296,763
f
PROG
Holdings,
Inc.
,
Senior
Note
,
144A,
6
%
,
11/15/29
.........
United
States
900,000
890,429
1,585,844
Containers
&
Packaging
3.9%
f
Ardagh
Packaging
Finance
plc
/
Ardagh
Holdings
USA,
Inc.
,
Senior
Note,
144A,
5.25%,
8/15/27
......................
United
States
600,000
589,485
Senior
Secured
Note,
144A,
5.25%,
4/30/25
...............
United
States
800,000
824,732
f
Mauser
Packaging
Solutions
Holding
Co.
,
Senior
Note,
144A,
7.25%,
4/15/25
......................
United
States
1,800,000
1,769,580
Senior
Secured
Note,
144A,
8.5%,
4/15/24
................
United
States
1,000,000
1,034,950
f
Owens-Brockway
Glass
Container,
Inc.
,
Senior
Note,
144A,
5.875%,
8/15/23
.....................
United
States
500,000
520,937
Senior
Note,
144A,
6.625%,
5/13/27
.....................
United
States
500,000
524,219
f
Pactiv
Evergreen
Group
Issuer
LLC
/
Pactiv
Evergreen
Group
Issuer,
Inc.
,
Senior
Secured
Note
,
144A,
4.375
%
,
10/15/28
..........
United
States
300,000
292,091
f
Pactiv
Evergreen
Group
Issuer,
Inc./Pactiv
Evergreen
Group
Issuer
LLC/Reynolds
Group
Holdings
Ltd.
,
Senior
Secured
Note
,
144A,
4
%
,
10/15/27
.......................................
United
States
1,200,000
1,153,566
f
Plastipak
Holdings,
Inc.
,
Senior
Note
,
144A,
6.25
%
,
10/15/25
....
United
States
1,200,000
1,219,440
f
Trivium
Packaging
Finance
BV
,
Senior
Note
,
144A,
8.5
%
,
8/15/27
.
Netherlands
500,000
523,637
8,452,637
Diversified
Financial
Services
1.2%
f
Jefferson
Capital
Holdings
LLC
,
Senior
Note
,
144A,
6
%
,
8/15/26
..
United
States
1,200,000
1,196,454
f
MPH
Acquisition
Holdings
LLC
,
Senior
Note
,
144A,
5.75
%
,
11/01/28
United
States
1,500,000
1,342,500
2,538,954
Diversified
Telecommunication
Services
3.5%
f
Altice
France
Holding
SA
,
Senior
Secured
Note
,
144A,
10.5
%
,
5/15/27
...........................................
Luxembourg
1,500,000
1,616,130
f
CCO
Holdings
LLC
/
CCO
Holdings
Capital
Corp.
,
Senior
Bond,
144A,
5.375%,
6/01/29
.....................
United
States
500,000
529,768
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)
Diversified
Telecommunication
Services
(continued)
f
CCO
Holdings
LLC
/
CCO
Holdings
Capital
Corp.,
(continued)
Senior
Bond,
144A,
4.5%,
8/15/30
.......................
United
States
1,700,000
$
1,716,490
Senior
Bond,
144A,
4.25%,
2/01/31
......................
United
States
200,000
197,384
f
DKT
Finance
ApS
,
Senior
Secured
Note
,
144A,
9.375
%
,
6/17/23
..
Denmark
1,500,000
1,522,500
f
Iliad
Holding
SASU
,
Senior
Secured
Note
,
144A,
7
%
,
10/15/28
...
France
800,000
819,000
f
Virgin
Media
Secured
Finance
plc
,
Senior
Secured
Bond
,
144A,
4.5
%
,
8/15/30
......................................
United
Kingdom
1,100,000
1,077,312
7,478,584
Electric
Utilities
0.7%
f
Vistra
Operations
Co.
LLC
,
Senior
Note,
144A,
5.625%,
2/15/27
.....................
United
States
1,000,000
1,028,400
Senior
Note,
144A,
4.375%,
5/01/29
.....................
United
States
400,000
393,230
1,421,630
Electrical
Equipment
0.9%
f
Sensata
Technologies
BV
,
Senior
Note
,
144A,
4
%
,
4/15/29
......
United
States
1,000,000
1,015,745
f
Vertiv
Group
Corp.
,
Senior
Secured
Note
,
144A,
4.125
%
,
11/15/28
United
States
800,000
799,188
1,814,933
Electronic
Equipment,
Instruments
&
Components
0.2%
f
TTM
Technologies,
Inc.
,
Senior
Note
,
144A,
4
%
,
3/01/29
........
United
States
500,000
485,965
Energy
Equipment
&
Services
1.6%
f
CSI
Compressco
LP
/
CSI
Compressco
Finance,
Inc.
,
d
Secured
Note,
144A,
PIK,
10%,
4/01/26
..................
United
States
982,453
954,433
Senior
Secured
Note,
144A,
7.5%,
4/01/25
................
United
States
402,000
408,026
f
Nabors
Industries
Ltd.
,
Senior
Note
,
144A,
7.25
%
,
1/15/26
......
United
States
600,000
517,365
Nabors
Industries,
Inc.
,
Senior
Note
,
5.75
%
,
2/01/25
...........
United
States
500,000
418,945
f
Weatherford
International
Ltd.
,
Senior
Note,
144A,
11%,
12/01/24
.......................
United
States
111,000
115,113
Senior
Note,
144A,
8.625%,
4/30/30
.....................
United
States
700,000
687,295
Senior
Secured
Note,
144A,
6.5%,
9/15/28
................
United
States
400,000
411,504
3,512,681
Entertainment
1.2%
f
Banijay
Entertainment
SASU
,
Senior
Secured
Note
,
144A,
5.375
%
,
3/01/25
...........................................
France
1,000,000
1,022,045
f
Live
Nation
Entertainment,
Inc.
,
Senior
Secured
Note
,
144A,
3.75
%
,
1/15/28
...........................................
United
States
200,000
192,600
Netflix,
Inc.
,
Senior
Bond,
5.875%,
11/15/28
.........................
United
States
800,000
958,752
f
Senior
Note,
144A,
3.625%,
6/15/25
.....................
United
States
300,000
316,803
2,490,200
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)
Equity
Real
Estate
Investment
Trusts
(REITs)
1.6%
f
American
Finance
Trust,
Inc.
/
American
Finance
Operating
Partner
LP
,
Senior
Note
,
144A,
4.5
%
,
9/30/28
.....................
United
States
500,000
$
494,328
f
Global
Net
Lease,
Inc.
/
Global
Net
Lease
Operating
Partnership
LP
,
Senior
Note
,
144A,
3.75
%
,
12/15/27
......................
United
States
800,000
779,572
f
HAT
Holdings
I
LLC
/
HAT
Holdings
II
LLC
,
Senior
Note
,
144A,
6
%
,
4/15/25
...........................................
United
States
400,000
414,772
MPT
Operating
Partnership
LP
/
MPT
Finance
Corp.
,
Senior
Bond
,
5.25
%
,
8/01/26
.....................................
United
States
200,000
205,725
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
516,100
f
VICI
Properties
LP
/
VICI
Note
Co.,
Inc.
,
Senior
Note
,
144A,
3.75
%
,
2/15/27
...........................................
United
States
700,000
718,910
f
XHR
LP
,
Senior
Secured
Note
,
144A,
4.875
%
,
6/01/29
.........
United
States
400,000
403,600
3,533,007
Food
Products
1.2%
f
Chobani
LLC
/
Chobani
Finance
Corp.,
Inc.
,
Senior
Secured
Note
,
144A,
4.625
%
,
11/15/28
...............................
United
States
800,000
812,952
f
Pilgrim's
Pride
Corp.
,
Senior
Bond
,
144A,
3.5
%
,
3/01/32
........
United
States
300,000
302,001
f
Post
Holdings,
Inc.
,
Senior
Bond,
144A,
5.625%,
1/15/28
.....................
United
States
300,000
309,272
Senior
Bond,
144A,
4.625%,
4/15/30
.....................
United
States
500,000
494,498
Senior
Bond,
144A,
4.5%,
9/15/31
.......................
United
States
700,000
676,812
2,595,535
Health
Care
Equipment
&
Supplies
0.5%
f
Mozart
Debt
Merger
Sub,
Inc.
,
Senior
Note,
144A,
5.25%,
10/01/29
.....................
United
States
500,000
500,225
Senior
Secured
Note,
144A,
3.875%,
4/01/29
..............
United
States
400,000
395,606
f
Ortho-Clinical
Diagnostics,
Inc.
/
Ortho-Clinical
Diagnostics
SA
,
Senior
Note
,
144A,
7.375
%
,
6/01/25
......................
United
States
180,000
189,093
1,084,924
Health
Care
Providers
&
Services
2.4%
Centene
Corp.
,
Senior
Bond,
2.5%,
3/01/31
............................
United
States
500,000
480,000
Senior
Note,
2.45%,
7/15/28
...........................
United
States
500,000
491,430
Senior
Note,
2.625%,
8/01/31
..........................
United
States
500,000
482,942
f
CHS/Community
Health
Systems,
Inc.
,
Secured
Note,
144A,
6.125%,
4/01/30
....................
United
States
500,000
480,008
Senior
Secured
Note,
144A,
6.625%,
2/15/25
..............
United
States
500,000
519,220
Senior
Secured
Note,
144A,
6%,
1/15/29
..................
United
States
300,000
312,433
f
DaVita,
Inc.
,
Senior
Note
,
144A,
4.625
%
,
6/01/30
.............
United
States
1,200,000
1,187,040
f
ModivCare
Escrow
Issuer,
Inc.
,
Senior
Note
,
144A,
5
%
,
10/01/29
.
United
States
100,000
99,367
f
ModivCare
,
Inc.
,
Senior
Note
,
144A,
5.875
%
,
11/15/25
.........
United
States
1,000,000
1,041,870
5,094,310
Hotels,
Restaurants
&
Leisure
6.1%
f
1011778
BC
ULC
/
New
Red
Finance,
Inc.
,
Secured
Bond
,
144A,
4
%
,
10/15/30
.......................................
Canada
1,000,000
957,145
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
400,000
428,704
f
Caesars
Entertainment,
Inc.
,
Senior
Secured
Note
,
144A,
6.25
%
,
7/01/25
...........................................
United
States
700,000
728,623
f
Caesars
Resort
Collection
LLC
/
CRC
Finco
,
Inc.
,
Senior
Secured
Note
,
144A,
5.75
%
,
7/01/25
............................
United
States
400,000
415,974
f
Carnival
Corp.
,
Senior
Note,
144A,
7.625%,
3/01/26
.....................
United
States
400,000
411,000
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)
Hotels,
Restaurants
&
Leisure
(continued)
f
Carnival
Corp.,
(continued)
Senior
Note,
144A,
5.75%,
3/01/27
......................
United
States
1,500,000
$
1,469,287
f
Downstream
Development
Authority
of
the
Quapaw
Tribe
of
Oklahoma
,
Senior
Secured
Note
,
144A,
10.5
%
,
2/15/23
.......
United
States
1,500,000
1,573,357
f
Everi
Holdings,
Inc.
,
Senior
Note
,
144A,
5
%
,
7/15/29
...........
United
States
700,000
700,438
f
Motion
Bondco
DAC
,
Senior
Note
,
144A,
6.625
%
,
11/15/27
......
United
Kingdom
200,000
199,968
f
NCL
Corp.
Ltd.
,
Senior
Note
,
144A,
5.875
%
,
3/15/26
...........
United
States
300,000
292,875
f
Papa
John's
International,
Inc.
,
Senior
Note
,
144A,
3.875
%
,
9/15/29
United
States
300,000
294,399
f
Penn
National
Gaming,
Inc.
,
Senior
Note
,
144A,
4.125
%
,
7/01/29
.
United
States
400,000
378,000
f
Premier
Entertainment
Sub
LLC
/
Premier
Entertainment
Finance
Corp.
,
Senior
Bond,
144A,
5.875%,
9/01/31
.....................
United
States
500,000
502,620
Senior
Note,
144A,
5.625%,
9/01/29
.....................
United
States
1,000,000
1,001,475
f
Royal
Caribbean
Cruises
Ltd.
,
Senior
Note
,
144A,
5.5
%
,
8/31/26
..
United
States
700,000
684,072
f
Six
Flags
Theme
Parks,
Inc.
,
Senior
Secured
Note
,
144A,
7
%
,
7/01/25
...........................................
United
States
200,000
210,724
f
Studio
City
Finance
Ltd.
,
Senior
Note
,
144A,
5
%
,
1/15/29
.......
Macau
1,600,000
1,452,216
f
Vail
Resorts,
Inc.
,
Senior
Note
,
144A,
6.25
%
,
5/15/25
..........
United
States
300,000
314,127
f
Wynn
Macau
Ltd.
,
Senior
Note
,
144A,
5.625
%
,
8/26/28
.........
Macau
300,000
276,699
f
Wynn
Resorts
Finance
LLC
/
Wynn
Resorts
Capital
Corp.
,
Senior
Note
,
144A,
7.75
%
,
4/15/25
............................
United
States
800,000
834,688
13,126,931
Household
Durables
1.1%
f
Ashton
Woods
USA
LLC
/
Ashton
Woods
Finance
Co.
,
Senior
Note
,
144A,
4.625
%
,
8/01/29
................................
United
States
1,500,000
1,488,038
M/I
Homes,
Inc.
,
Senior
Note
,
3.95
%
,
2/15/30
................
United
States
600,000
594,879
f
Williams
Scotsman
International,
Inc.
,
Senior
Secured
Note
,
144A,
4.625
%
,
8/15/28
.....................................
United
States
300,000
305,592
2,388,509
Independent
Power
and
Renewable
Electricity
Producers
3.4%
f
Atlantica
Sustainable
Infrastructure
plc
,
Senior
Note
,
144A,
4.125
%
,
6/15/28
...........................................
Spain
400,000
402,755
f
Calpine
Corp.
,
Senior
Bond,
144A,
5%,
2/01/31
........................
United
States
900,000
867,537
Senior
Note,
144A,
4.625%,
2/01/29
.....................
United
States
700,000
671,268
f
Clearway
Energy
Operating
LLC
,
Senior
Bond,
144A,
3.75%,
1/15/32
......................
United
States
400,000
393,572
Senior
Note,
144A,
4.75%,
3/15/28
......................
United
States
600,000
631,902
Senior
Note,
144A,
3.75%,
2/15/31
......................
United
States
300,000
297,010
f
InterGen
NV
,
Senior
Secured
Bond
,
144A,
7
%
,
6/30/23
.........
Netherlands
1,900,000
1,871,263
f
Leeward
Renewable
Energy
Operations
LLC
,
Senior
Note
,
144A,
4.25
%
,
7/01/29
.....................................
United
States
1,000,000
991,740
Talen
Energy
Supply
LLC
,
Senior
Note
,
6.5
%
,
6/01/25
..........
United
States
2,100,000
1,180,610
7,307,657
Insurance
0.4%
f
Alliant
Holdings
Intermediate
LLC
/
Alliant
Holdings
Co-Issuer
,
Senior
Note
,
144A,
6.75
%
,
10/15/27
...........................
United
States
800,000
810,156
Internet
&
Direct
Marketing
Retail
0.3%
f
Match
Group
Holdings
II
LLC
,
Senior
Note,
144A,
4.625%,
6/01/28
.....................
United
States
500,000
508,127
Senior
Note,
144A,
3.625%,
10/01/31
....................
United
States
200,000
188,852
696,979
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)
IT
Services
1.9%
f
Cablevision
Lightpath
LLC
,
Senior
Secured
Note
,
144A,
3.875
%
,
9/15/27
...........................................
United
States
500,000
$
486,650
f
Cogent
Communications
Group,
Inc.
,
Senior
Secured
Note
,
144A,
3.5
%
,
5/01/26
......................................
United
States
500,000
502,152
f
Gartner,
Inc.
,
Senior
Note,
144A,
4.5%,
7/01/28
.......................
United
States
500,000
520,330
Senior
Note,
144A,
3.625%,
6/15/29
.....................
United
States
200,000
199,064
Senior
Note,
144A,
3.75%,
10/01/30
.....................
United
States
300,000
299,797
f
Northwest
Fiber
LLC
/
Northwest
Fiber
Finance
Sub,
Inc.
,
Senior
Note
,
144A,
6
%
,
2/15/28
..............................
United
States
1,100,000
1,047,871
f
Presidio
Holdings,
Inc.
,
Senior
Note
,
144A,
8.25
%
,
2/01/28
......
United
States
900,000
936,923
3,992,787
Life
Sciences
Tools
&
Services
0.1%
f
Charles
River
Laboratories
International,
Inc.
,
Senior
Note
,
144A,
3.75
%
,
3/15/29
.....................................
United
States
200,000
198,039
Machinery
1.9%
f
ATS
Automation
Tooling
Systems,
Inc.
,
Senior
Note
,
144A,
4.125
%
,
12/15/28
..........................................
Canada
1,300,000
1,311,258
f
Manitowoc
Co.,
Inc.
(The)
,
Secured
Note
,
144A,
9
%
,
4/01/26
....
United
States
1,000,000
1,055,340
f
Roller
Bearing
Co.
of
America,
Inc.
,
Senior
Note
,
144A,
4.375
%
,
10/15/29
..........................................
United
States
800,000
799,200
f
TK
Elevator
Holdco
GmbH
,
Senior
Note
,
144A,
7.625
%
,
7/15/28
..
Germany
300,000
313,774
f
TK
Elevator
U.S.
Newco
,
Inc.
,
Senior
Secured
Note
,
144A,
5.25
%
,
7/15/27
...........................................
Germany
600,000
611,079
4,090,651
Media
4.8%
f
Clear
Channel
International
BV
,
Senior
Secured
Note
,
144A,
6.625
%
,
8/01/25
.....................................
United
Kingdom
400,000
413,392
f
Clear
Channel
Outdoor
Holdings,
Inc.
,
Senior
Note,
144A,
7.75%,
4/15/28
......................
United
States
300,000
313,406
Senior
Note,
144A,
7.5%,
6/01/29
.......................
United
States
300,000
308,759
f
Clear
Channel
Worldwide
Holdings,
Inc.
,
Senior
Secured
Note
,
144A,
5.125
%
,
8/15/27
................................
United
States
500,000
506,007
CSC
Holdings
LLC
,
Senior
Bond,
5.25%,
6/01/24
...........................
United
States
400,000
416,100
f
Senior
Note,
144A,
7.5%,
4/01/28
.......................
United
States
300,000
318,999
f
Diamond
Sports
Group
LLC
/
Diamond
Sports
Finance
Co.
,
Senior
Note,
144A,
6.625%,
8/15/27
.....................
United
States
700,000
148,312
Senior
Secured
Note,
144A,
5.375%,
8/15/26
..............
United
States
400,000
177,974
f
DIRECTV
Holdings
LLC
/
DIRECTV
Financing
Co.,
Inc.
,
Senior
Secured
Note
,
144A,
5.875
%
,
8/15/27
....................
United
States
200,000
203,875
f
DISH
DBS
Corp.
,
Senior
Secured
Note
,
144A,
5.75
%
,
12/01/28
...
United
States
1,000,000
987,205
f
Gray
Television,
Inc.
,
Senior
Note,
144A,
7%,
5/15/27
........................
United
States
500,000
531,063
Senior
Note,
144A,
4.75%,
10/15/30
.....................
United
States
300,000
289,639
f
LCPR
Senior
Secured
Financing
DAC
,
Senior
Secured
Note
,
144A,
6.75
%
,
10/15/27
.....................................
United
States
500,000
519,498
f
News
Corp.
,
Senior
Note
,
144A,
3.875
%
,
5/15/29
.............
United
States
200,000
196,940
f
Nexstar
Media,
Inc.
,
Senior
Note
,
144A,
5.625
%
,
7/15/27
.......
United
States
800,000
830,952
f
Outfront
Media
Capital
LLC
/
Outfront
Media
Capital
Corp.
,
Senior
Note
,
144A,
4.25
%
,
1/15/29
............................
United
States
400,000
389,450
f
Scripps
Escrow,
Inc.
,
Senior
Note
,
144A,
5.875
%
,
7/15/27
.......
United
States
600,000
616,872
f
Sinclair
Television
Group,
Inc.
,
Senior
Bond
,
144A,
5.5
%
,
3/01/30
.
United
States
700,000
635,184
f
Sirius
XM
Radio,
Inc.
,
Senior
Note,
144A,
3.125%,
9/01/26
.....................
United
States
500,000
493,365
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)
Media
(continued)
f
Sirius
XM
Radio,
Inc.,
(continued)
Senior
Note,
144A,
4%,
7/15/28
........................
United
States
600,000
$
594,372
f
Univision
Communications,
Inc.
,
Senior
Secured
Note,
144A,
9.5%,
5/01/25
................
United
States
800,000
859,284
Senior
Secured
Note,
144A,
4.5%,
5/01/29
................
United
States
600,000
600,543
10,351,191
Metals
&
Mining
1.4%
Commercial
Metals
Co.
,
Senior
Bond
,
3.875
%
,
2/15/31
.........
United
States
700,000
698,274
f
Constellium
SE
,
Senior
Note
,
144A,
3.75
%
,
4/15/29
...........
United
States
600,000
571,332
f
FMG
Resources
August
2006
Pty.
Ltd.
,
Senior
Bond
,
144A,
4.375
%
,
4/01/31
...........................................
Australia
1,000,000
1,015,180
f
Novelis
Corp.
,
Senior
Bond,
144A,
3.875%,
8/15/31
.....................
United
States
100,000
96,658
Senior
Note,
144A,
3.25%,
11/15/26
.....................
United
States
100,000
100,065
f
SunCoke
Energy,
Inc.
,
Senior
Secured
Note
,
144A,
4.875
%
,
6/30/29
United
States
600,000
583,962
3,065,471
Mortgage
Real
Estate
Investment
Trusts
(REITs)
0.5%
f
Apollo
Commercial
Real
Estate
Finance,
Inc.
,
Senior
Secured
Note
,
144A,
4.625
%
,
6/15/29
................................
United
States
1,000,000
951,275
Oil,
Gas
&
Consumable
Fuels
9.3%
f
Antero
Resources
Corp.
,
Senior
Note,
144A,
8.375%,
7/15/26
.....................
United
States
130,000
144,305
Senior
Note,
144A,
7.625%,
2/01/29
.....................
United
States
166,000
182,318
Senior
Note,
144A,
5.375%,
3/01/30
.....................
United
States
700,000
723,187
Calumet
Specialty
Products
Partners
LP
/
Calumet
Finance
Corp.
,
Senior
Note
,
7.75
%
,
4/15/23
...........................
United
States
800,000
795,876
Cheniere
Energy
Partners
LP
,
f
Senior
Bond,
144A,
3.25%,
1/31/32
......................
United
States
400,000
389,184
Senior
Note,
4.5%,
10/01/29
...........................
United
States
1,200,000
1,263,375
f
Senior
Note,
144A,
4%,
3/01/31
........................
United
States
1,200,000
1,226,334
Cheniere
Energy,
Inc.
,
Senior
Secured
Note
,
4.625
%
,
10/15/28
...
United
States
700,000
721,872
f
Chesapeake
Energy
Corp.
,
Senior
Note
,
144A,
5.5
%
,
2/01/26
....
United
States
500,000
519,695
Civitas
Resources,
Inc.
,
Senior
Note
,
7.5
%
,
4/30/26
...........
United
States
199,676
198,684
Crestwood
Midstream
Partners
LP
/
Crestwood
Midstream
Finance
Corp.
,
Senior
Note,
5.75%,
4/01/25
...........................
United
States
800,000
804,000
f
Senior
Note,
144A,
6%,
2/01/29
........................
United
States
700,000
709,481
f
CrownRock
LP
/
CrownRock
Finance,
Inc.
,
Senior
Note
,
144A,
5
%
,
5/01/29
...........................................
United
States
300,000
302,283
f
DT
Midstream,
Inc.
,
Senior
Note
,
144A,
4.125
%
,
6/15/29
........
United
States
700,000
696,833
f
Endeavor
Energy
Resources
LP
/
EER
Finance,
Inc.
,
Senior
Bond,
144A,
5.75%,
1/30/28
......................
United
States
300,000
312,428
Senior
Note,
144A,
6.625%,
7/15/25
.....................
United
States
500,000
526,182
d,f
EnQuest
plc
,
Senior
Note
,
144A,
Reg
S,
PIK,
7
%
,
10/15/23
......
United
Kingdom
652,663
579,807
f
EQT
Corp.
,
Senior
Note
,
144A,
3.125
%
,
5/15/26
..............
United
States
300,000
300,279
c,d,h
Goodrich
Petroleum
Corp.
,
144A,
PIK,
13.5
%
,
5/31/23
.........
United
States
1,624,598
1,751,793
f
Harbour
Energy
plc
,
Senior
Note
,
144A,
5.5
%
,
10/15/26
........
United
Kingdom
500,000
492,263
f
Hilcorp
Energy
I
LP
/
Hilcorp
Finance
Co.
,
Senior
Bond,
144A,
6%,
2/01/31
........................
United
States
200,000
199,580
Senior
Note,
144A,
5.75%,
2/01/29
......................
United
States
200,000
197,188
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)
Oil,
Gas
&
Consumable
Fuels
(continued)
f
Martin
Midstream
Partners
LP
/
Martin
Midstream
Finance
Corp.
,
Secured
Note
,
144A,
11.5
%
,
2/28/25
.....................
United
States
776,232
$
811,205
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
533,257
Occidental
Petroleum
Corp.
,
Senior
Bond,
6.45%,
9/15/36
...........................
United
States
700,000
870,289
Senior
Note
,
8.875%,
7/15/30
..........................
United
States
1,100,000
1,446,159
Senior
Note,
6.625%,
9/01/30
..........................
United
States
200,000
240,247
Senior
Note,
6.125%,
1/01/31
..........................
United
States
300,000
350,055
f
Renewable
Energy
Group,
Inc.
,
Senior
Secured
Note
,
144A,
5.875
%
,
6/01/28
...........................................
United
States
400,000
407,704
Sunoco
LP
/
Sunoco
Finance
Corp.
,
Senior
Note,
6%,
4/15/27
.............................
United
States
1,000,000
1,038,135
Senior
Note,
4.5%,
5/15/29
............................
United
States
200,000
197,650
f
Venture
Global
Calcasieu
Pass
LLC
,
Senior
Secured
Bond,
144A,
4.125%,
8/15/31
..............
United
States
300,000
307,320
Senior
Secured
Note,
144A,
3.875%,
8/15/29
..............
United
States
300,000
301,748
f
Viper
Energy
Partners
LP
,
Senior
Note
,
144A,
5.375
%
,
11/01/27
..
United
States
400,000
412,866
19,957,446
Paper
&
Forest
Products
0.2%
f
Glatfelter
Corp.
,
Senior
Note
,
144A,
4.75
%
,
11/15/29
...........
United
States
400,000
405,592
Personal
Products
0.1%
f
Prestige
Brands,
Inc.
,
Senior
Bond
,
144A,
3.75
%
,
4/01/31
.......
United
States
300,000
287,892
Pharmaceuticals
3.3%
f
Bausch
Health
Americas,
Inc.
,
Senior
Note
,
144A,
9.25
%
,
4/01/26
.
United
States
1,400,000
1,468,446
f
Bausch
Health
Cos.,
Inc.
,
Senior
Bond
,
144A,
6.125
%
,
4/15/25
...
United
States
328,000
331,716
f
Endo
Dac
/
Endo
Finance
LLC
/
Endo
Finco
,
Inc.
,
Secured
Note,
144A,
9.5%,
7/31/27
......................
United
States
302,000
304,519
Senior
Note,
144A,
6%,
6/30/28
........................
United
States
389,000
298,555
f
Endo
Luxembourg
Finance
Co.
I
SARL
/
Endo
US,
Inc.
,
Senior
Secured
Note
,
144A,
6.125
%
,
4/01/29
....................
United
States
500,000
490,832
f
Jazz
Securities
DAC
,
Senior
Secured
Note
,
144A,
4.375
%
,
1/15/29
United
States
1,300,000
1,326,917
f
Organon
&
Co.
/
Organon
Foreign
Debt
Co-Issuer
BV
,
Senior
Bond,
144A,
5.125%,
4/30/31
.....................
United
States
500,000
511,622
Senior
Secured
Note,
144A,
4.125%,
4/30/28
..............
United
States
1,000,000
999,510
f
Par
Pharmaceutical,
Inc.
,
Senior
Secured
Note
,
144A,
7.5
%
,
4/01/27
United
States
225,000
227,183
Teva
Pharmaceutical
Finance
Netherlands
III
BV
,
Senior
Note,
7.125%,
1/31/25
..........................
Israel
500,000
534,860
Senior
Note,
4.75%,
5/09/27
...........................
Israel
600,000
599,646
7,093,806
Real
Estate
Management
&
Development
0.4%
f
Five
Point
Operating
Co.
LP
/
Five
Point
Capital
Corp.
,
Senior
Note
,
144A,
7.875
%
,
11/15/25
...............................
United
States
400,000
415,448
f
Forestar
Group,
Inc.
,
Senior
Note
,
144A,
3.85
%
,
5/15/26
........
United
States
500,000
497,118
912,566
Road
&
Rail
0.6%
f
First
Student
Bidco
,
Inc.
/
First
Transit
Parent,
Inc.
,
Senior
Secured
Note
,
144A,
4
%
,
7/31/29
..............................
United
States
900,000
856,750
f
NESCO
Holdings
II,
Inc.
,
Secured
Note
,
144A,
5.5
%
,
4/15/29
....
United
States
500,000
508,225
1,364,975
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)
Semiconductors
&
Semiconductor
Equipment
0.3%
f
Amkor
Technology,
Inc.
,
Senior
Note
,
144A,
6.625
%
,
9/15/27
.....
United
States
400,000
$
423,902
f
ON
Semiconductor
Corp.
,
Senior
Note
,
144A,
3.875
%
,
9/01/28
...
United
States
300,000
305,609
729,511
Software
1.1%
d,f
Anagram
International,
Inc.
/
Anagram
Holdings
LLC
,
Secured
Note
,
144A,
PIK,
10
%
,
8/15/26
..............................
United
States
210,556
215,987
f
Camelot
Finance
SA
,
Senior
Secured
Note
,
144A,
4.5
%
,
11/01/26
.
United
States
900,000
934,650
f
Rocket
Software,
Inc.
,
Senior
Note
,
144A,
6.5
%
,
2/15/29
........
United
States
1,300,000
1,228,500
2,379,137
Specialty
Retail
1.9%
f
Bath
&
Body
Works,
Inc.
,
Senior
Note
,
144A,
6.625
%
,
10/01/30
...
United
States
500,000
555,465
f
Gap,
Inc.
(The)
,
Senior
Note
,
144A,
3.625
%
,
10/01/29
..........
United
States
700,000
670,873
f
Lithia
Motors,
Inc.
,
Senior
Bond,
144A,
4.375%,
1/15/31
.....................
United
States
300,000
313,675
Senior
Note,
144A,
4.625%,
12/15/27
....................
United
States
400,000
417,804
Senior
Note,
144A,
3.875%,
6/01/29
.....................
United
States
200,000
202,716
f
Michaels
Cos.,
Inc.
(The)
,
Senior
Note,
144A,
7.875%,
5/01/29
.....................
United
States
600,000
596,805
Senior
Secured
Note,
144A,
5.25%,
5/01/28
...............
United
States
300,000
297,465
Murphy
Oil
USA,
Inc.
,
Senior
Note
,
4.75
%
,
9/15/29
............
United
States
700,000
727,052
f
Victoria's
Secret
&
Co.
,
Senior
Note
,
144A,
4.625
%
,
7/15/29
.....
United
States
400,000
395,452
4,177,307
Textiles,
Apparel
&
Luxury
Goods
0.6%
f
Hanesbrands,
Inc.
,
Senior
Note
,
144A,
4.625
%
,
5/15/24
........
United
States
1,000,000
1,042,095
f
Kontoor
Brands,
Inc.
,
Senior
Note
,
144A,
4.125
%
,
11/15/29
......
United
States
300,000
299,712
1,341,807
Thrifts
&
Mortgage
Finance
0.9%
f
Ladder
Capital
Finance
Holdings
LLLP
/
Ladder
Capital
Finance
Corp.
,
Senior
Note
,
144A,
4.75
%
,
6/15/29
.................
United
States
300,000
299,031
MGIC
Investment
Corp.
,
Senior
Note
,
5.25
%
,
8/15/28
..........
United
States
500,000
517,105
f
PennyMac
Financial
Services,
Inc.
,
Senior
Note
,
144A,
5.375
%
,
10/15/25
..........................................
United
States
400,000
402,762
Radian
Group,
Inc.
,
Senior
Note
,
6.625
%
,
3/15/25
.............
United
States
600,000
656,112
1,875,010
Trading
Companies
&
Distributors
0.5%
f
H&E
Equipment
Services,
Inc.
,
Senior
Note
,
144A,
3.875
%
,
12/15/28
United
States
600,000
583,920
f
WESCO
Distribution,
Inc.
,
Senior
Note
,
144A,
7.25
%
,
6/15/28
....
United
States
400,000
435,610
1,019,530
Wireless
Telecommunication
Services
1.6%
d,f
Digicel
Group
Holdings
Ltd.
,
Senior
Note
,
144A,
PIK,
8
%
,
4/01/25
.
Bermuda
729
689
Hughes
Satellite
Systems
Corp.
,
Senior
Note
,
6.625
%
,
8/01/26
...
United
States
1,300,000
1,445,802
T-Mobile
USA,
Inc.
,
Senior
Bond,
2.875%,
2/15/31
..........................
United
States
300,000
290,814
Senior
Bond,
3.5%,
4/15/31
............................
United
States
200,000
203,636
Senior
N
ote,
2.625%,
2/15/29
..........................
United
States
300,000
289,887
Senior
Note,
4.75%,
2/01/28
...........................
United
States
600,000
627,585
f
Vmed
O2
UK
Financing
I
plc
,
Senior
Secured
Bond
,
144A,
4.25
%
,
1/31/31
...........................................
United
Kingdom
500,000
478,982
3,337,395
Total
Corporate
Bonds
(Cost
$168,653,218)
.....................................
166,157,077
Franklin
Universal
Trust
Statement
of
Investments
(unaudited)
See
Notes
to
Statement
of
Investments.
Quarterly
Statement
of
Investments
13
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
a
Marketplace
Loans
5.2%
Diversified
Financial
Services
5.2%
c
Freedom
Financial
Asset
Management
LLC,
5.99%
-
25.49%,
8/01/23
-
12/25/26
...................................
United
States
3,023,939
$
3,074,588
c
LendingClub
Corp.
-
LCX
PM,
8.46%
-
21.99%,
10/30/23
-
1/14/26
United
States
148,286
136,088
c
LendingClub
Corp.
-
LCX,
14.3%
-
25.65%,
8/26/22
-
2/07/25
....
United
States
96,431
92,802
c
LendingClub
Corp.,
5%
-
25.65%,
6/14/22
-
3/16/25
............
United
States
1,584,445
1,437,246
c
Prosper
Funding
LLC,
9.45%
-
29.74%,
8/17/24
-
11/16/26
......
United
States
2,200,341
2,193,917
c
Upgrade,
Inc.,
24.99%
-
30.17%,
11/21/22
-
12/23/24
..........
United
States
30,714
16,541
c
Upstart
Network,
Inc.,
5.71%
-
32.7%,
9/17/24
-
10/22/28
.......
United
States
4,239,203
4,235,752
11,186,934
a
a
a
a
a
a
Total
Marketplace
Loans
(Cost
$11,402,392)
....................................
11,186,934
Asset-Backed
Securities
1.9%
Diversified
Financial
Services
1.9%
f,i
Consumer
Loan
Underlying
Bond
Certificate
Issuer
Trust
I
,
2019-26,
PT,
144A,
FRN,
16.602%,
8/15/44
................
United
States
291,118
289,874
2019-31,
PT,
144A,
FRN,
16.278%,
9/15/44
................
United
States
270,372
266,942
2019-37,
PT,
144A,
FRN,
17.233%,
10/17/44
...............
United
States
278,860
274,571
2019-42,
PT,
144A,
FRN,
16.097%,
11/15/44
...............
United
States
286,262
285,046
2019-51,
PT,
144A,
FRN,
15.529%,
1/15/45
................
United
States
359,319
357,937
2019-52,
PT,
144A,
FRN,
16.179%,
1/15/45
................
United
States
317,619
318,390
2019-S3,
PT,
144A,
FRN,
13.165%,
6/15/44
................
United
States
68,602
67,993
2019-S4,
PT,
144A,
FRN,
10.261%,
8/15/44
................
United
States
237,577
236,986
2019-S5,
PT,
144A,
FRN,
12.441%,
9/15/44
................
United
States
249,635
248,849
2019-S6,
PT,
144A,
FRN,
10.33%,
10/17/44
................
United
States
237,764
232,851
2019-S7,
PT,
144A,
FRN,
10.65%,
12/15/44
................
United
States
211,422
208,412
2019-S8,
PT,
144A,
FRN,
9.733%,
1/15/45
.................
United
States
256,301
251,810
2020-2,
PT,
144A,
FRN,
15.62%,
3/15/45
..................
United
States
298,874
298,784
2020-7,
PT,
144A,
FRN,
15.705%,
4/17/45
.................
United
States
166,662
164,447
f,i
Prosper
Pass-Thru
Trust
III
,
2020-PT1,
A,
144A,
FRN,
8.796%,
3/15/26
.................
United
States
178,352
180,726
2020-PT2,
A,
144A,
FRN,
9.444%,
4/15/26
.................
United
States
204,768
201,695
2020-PT3,
A,
144A,
FRN,
7.183%,
5/15/26
.................
United
States
39,772
40,068
f,i
Upgrade
Master
Pass-Thru
Trust
,
2019-PT2
,
A
,
144A,
FRN
,
13.254
%
,
2/15/26
....................................
United
States
207,617
211,561
4,136,942
a
a
a
a
a
a
Total
Asset-Backed
Securities
(Cost
$4,029,572)
................................
4,136,942
Shares
Escrows
and
Litigation
Trusts
0.0%
†
Chesapeake
Energy
Corp.,
Escrow
Account
.................
United
States
1,500,000
24,375
Total
Escrows
and
Litigation
Trusts
(Cost
$48,985)
..............................
24,375
Total
Long
Term
Investments
(Cost
$223,779,033)
...............................
273,982,917
a
Short
Term
Investments
1.3%
a
a
Country
Shares
a
Value
a
Money
Market
Funds
1.2%
j,k
Institutional
Fiduciary
Trust
-
Money
Market
Portfolio,
0.01%
.....
United
States
2,639,430
2,639,430
Total
Money
Market
Funds
(Cost
$2,639,430)
...................................
2,639,430
Franklin
Universal
Trust
Statement
of
Investments
(unaudited)
Quarterly
Statement
of
Investments
See
Notes
to
Statement
of
Investments.
14
See
Abbreviations
on
page
21
.
Short
Term
Investments
(continued)
a
a
Country
Shares
a
Value
a
Investments
from
Cash
Collateral
Received
for
Loaned
Securities
0.1%
a
a
a
a
a
Money
Market
Funds
0.1%
j,k
Institutional
Fiduciary
Trust
-
Money
Market
Portfolio,
0.01%
.....
United
States
70,000
$
70,000
Principal
Amount
*
Repurchase
Agreements
0.0%
†
l
Joint
Repurchase
Agreement,
BNP
Paribas
SA,
0.05%,
12/01/21
(Maturity
Value
$18,403)
Collateralized
by
U.S.
Treasury
Notes,
0.25%
-
2.5%,
9/30/22
-
11/15/26
(valued
at
$18,771)
...........................
18,403
18,403
Total
Investments
from
Cash
Collateral
Received
for
Loaned
Securities
(Cost
$88,403)
...............................................................
88,403
Total
Short
Term
Investments
(Cost
$2,727,833
)
.................................
2,727,833
a
Total
Investments
(Cost
$226,506,866)
128.6%
..................................
$276,710,750
Notes
Payable
(30.2)%
.......................................................
(64,945,576)
Other
Assets,
less
Liabilities
1.6%
.............................................
3,526,820
Net
Assets
100.0%
...........................................................
$215,291,994
*
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
November
30,
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
November
30,
2021,
the
aggregate
value
of
these
securities
was
$145,442,629,
representing
67.6%
of
net
assets.
g
Defaulted
security
or
security
for
which
income
has
been
deemed
uncollectible.
h
See
Note
4
regarding
restricted
securities.
i
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.
j
See
Note
5
regarding
investments
in
affiliated
management
investment
companies.
k
The
rate
shown
is
the
annualized
seven-day
effective
yield
at
period
end.
l
Investment
is
through
participation
in
a
joint
account
with
other
funds
managed
by
the
investment
manager
or
an
affiliate
of
the
investment
manager.
At
November
30,
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.
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. 
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
Franklin
Universal
Trust
Notes
to
Statement
of
Investments
(unaudited)
16
Quarterly
Statement
of
Investments
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
November
30,
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
1,624,598
a
Goodrich
Petroleum
Corp.,
144A,
PIK,
13.5%,
5/31/23
3/09/21
-
10/15/21
$
1,624,598
$
1,751,793
Total
Restricted
Securities
(Value
is
0.8%
of
Net
Assets)
..............
$1,624,598
$1,751,793
a
The
Fund
also
invests
in
unrestricted
securities
of
the
issuer,
valued
at
$445,717
as
of
November
30,
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.
As
defined
in
the
1940
Act,
an
investment
is
deemed
to
be
a
“Controlled
Affiliate”
of
a
fund
when
a
fund
owns,
either
directly
or
indirectly,
25%
or
more
of
the
affiliated
fund’s
outstanding
shares
or
has
the
power
to
exercise
control
over
management
or
policies
of
such
fund.
The
Fund
does
not
invest  for
purposes
of
exercising
a
controlling
influence
over
the
management
or
policies.
During
the
period
ended
November
30,
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%
.
$6,675,578
$16,054,439
$(20,090,587)
$—
$—
$2,639,430
2,639,430
$139
Non-Controlled
Affiliates
Income
from
securities
loaned
Institutional
Fiduciary
Trust
-
Money
Market
Portfolio,
0.01%
.
46,000
2,715,000
(2,691,000)
—
—
70,000
70,000
8
Total
Affiliated
Securities
...
$6,721,578
$18,769,439
$(22,781,587)
$—
$—
$2,709,430
$147
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
November
30,
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
........................
$
50,805,546
$
—
$
—
$
50,805,546
Machinery
............................
—
483,750
—
483,750
Metals
&
Mining
.......................
4,491,490
—
—
4,491,490
Multi-Utilities
..........................
32,338,038
—
—
32,338,038
Oil,
Gas
&
Consumable
Fuels
.............
3,608,488
—
—
a
3,608,488
Specialty
Retail
........................
4
—
—
4
Preferred
Stocks
........................
687,500
—
—
687,500
Warrants
:
Oil,
Gas
&
Consumable
Fuels
.............
39,706
—
2
a
39,708
Paper
&
Forest
Products
.................
1,227
—
—
1,227
Convertible
Bonds
.......................
—
21,838
—
21,838
Corporate
Bonds
:
Airlines
..............................
—
1,883,699
—
1,883,699
Auto
Components
......................
—
6,158,727
—
6,158,727
Automobiles
..........................
—
1,278,368
—
1,278,368
Banks
...............................
—
928,238
—
928,238
Beverages
...........................
—
693,945
—
693,945
Biotechnology
.........................
—
856,516
—
856,516
Building
Products
......................
—
2,853,361
—
2,853,361
Capital
Markets
........................
—
299,990
—
299,990
Chemicals
...........................
—
8,227,415
—
8,227,415
Commercial
Services
&
Supplies
...........
—
4,578,697
—
4,578,697
Communications
Equipment
..............
—
1,490,968
—
1,490,968
Construction
&
Engineering
...............
—
2,956,329
—
2,956,329
Consumer
Finance
.....................
—
1,585,844
—
1,585,844
Containers
&
Packaging
.................
—
8,452,637
—
8,452,637
Diversified
Financial
Services
.............
—
2,538,954
—
2,538,954
Diversified
Telecommunication
Services
.....
—
7,478,584
—
7,478,584
Electric
Utilities
........................
—
1,421,630
—
1,421,630
Electrical
Equipment
....................
—
1,814,933
—
1,814,933
Electronic
Equipment,
Instruments
&
Components
........................
—
485,965
—
485,965
Energy
Equipment
&
Services
.............
—
3,512,681
—
3,512,681
Entertainment
.........................
—
2,490,200
—
2,490,200
Equity
Real
Estate
Investment
Trusts
(REITs)
.
—
3,533,007
—
3,533,007
Food
Products
........................
—
2,595,535
—
2,595,535
Health
Care
Equipment
&
Supplies
.........
—
1,084,924
—
1,084,924
Health
Care
Providers
&
Services
..........
—
5,094,310
—
5,094,310
Hotels,
Restaurants
&
Leisure
.............
—
13,126,931
—
13,126,931
Household
Durables
....................
—
2,388,509
—
2,388,509
Independent
Power
and
Renewable
Electricity
Producers
..........................
—
7,307,657
—
7,307,657
Insurance
............................
—
810,156
—
810,156
Internet
&
Direct
Marketing
Retail
..........
—
696,979
—
696,979
IT
Services
...........................
—
3,992,787
—
3,992,787
Life
Sciences
Tools
&
Services
............
—
198,039
—
198,039
Machinery
............................
—
4,090,651
—
4,090,651
Media
...............................
—
10,351,191
—
10,351,191
Metals
&
Mining
.......................
—
3,065,471
—
3,065,471
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 November
30,
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:
Mortgage
Real
Estate
Investment
Trusts
(REITs)
............................
$
—
$
951,275
$
—
$
951,275
Oil,
Gas
&
Consumable
Fuels
.............
—
18,205,653
1,751,793
19,957,446
Paper
&
Forest
Products
.................
—
405,592
—
405,592
Personal
Products
.....................
—
287,892
—
287,892
Pharmaceuticals
.......................
—
7,093,806
—
7,093,806
Real
Estate
Management
&
Development
....
—
912,566
—
912,566
Road
&
Rail
..........................
—
1,364,975
—
1,364,975
Semiconductors
&
Semiconductor
Equipment
.
—
729,511
—
729,511
Software
.............................
—
2,379,137
—
2,379,137
Specialty
Retail
........................
—
4,177,307
—
4,177,307
Textiles,
Apparel
&
Luxury
Goods
..........
—
1,341,807
—
1,341,807
Thrifts
&
Mortgage
Finance
...............
—
1,875,010
—
1,875,010
Trading
Companies
&
Distributors
..........
—
1,019,530
—
1,019,530
Wireless
Telecommunication
Services
.......
—
3,337,395
—
3,337,395
Marketplace
Loans
......................
—
—
11,186,934
11,186,934
Asset-Backed
Securities
..................
—
4,136,942
—
4,136,942
Escrows
and
Litigation
Trusts
...............
—
24,375
—
24,375
Short
Term
Investments
...................
2,709,430
18,403
—
2,727,833
Total
Investments
in
Securities
...........
$94,681,429
$169,090,592
$12,938,729
$276,710,750
a
Includes
securities
determined
to
have
no
value
at
November
30,
2021.
Balance
at
Beginning
of
Period
Purchases
a
Sales
b
Transfer
Into
Level
3
Transfer
Out
of
Level
3
Net
Accretion
(Amortiza-
tion)
Net
Realized
Gain
(Loss)
Net
Unr
ealized
Appreciatio
n
(
Depreciation
)
Balance
at
End
of
Period
Net
Change
in
Unrealized
Appreciation
(Depreciation)
on
Assets
Held
at
Period
End
a
a
a
a
a
a
a
a
a
a
a
Franklin
Universal
Trust
Assets:
Investments
in
Securities:
Common
Stocks
:
Oil,
Gas
&
Consumable
Fuels
..........
$
1,302
$
—
$
—
$
—
$
—
$
—
$
—
$
(1,302)
$
—
c
$
(1,302)
Warrants
:
Oil,
Gas
&
Consumable
Fuels
..........
125
—
—
—
—
—
—
(123)
2
c
(123)
Corporate
Bonds
:
Oil,
Gas
&
Consumable
Fuels
..........
1,624,844
53,039
—
—
—
—
—
73,910
1,751,793
73,910
Marketplace
Loans
:
Diversified
Financial
Services
........
3,297,986
8,631,848
(693,229)
—
—
—
(26,810)
(22,861)
11,186,934
(59,778)
Total
Investments
in
Securities
............
$4,924,257
$8,684,887
$(693,229)
$—
$—
$—
$(26,810)
$49,624
$12,938,729
$12,707
a
Purchases
include
all
purchases
of
securities
and
securities
received
in
corporate
actions.
b
Sales
include
all
sales
of
securities,
maturities,
paydowns
and
securities
tendered
in
corporate
actions.
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
November
30,
2021,
are
as
follows:
a
Weighted
based
on
the
relative
fair
value
of
the
finan
c
i
al
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
and
net
assets.
d
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.
e
Includes
securities
determined
to
have
no
value
at
November
30,
2021.
c
Includes
securities
determined
to
have
no
value.
Description
Fair
Value
at
End
of
Period
Valuation
Technique
Unobservable
Inputs
Amount
(Weighted
Average)
a
Impact
to
Fair
Value
if
Input
Increases
b
Franklin
Universal
Trust
Assets:
Investments
in
Securities:
Marketplace
Loans:
Diversified
Financial
Services.......
$10,941,503
Discounted
cash
flow
Loss-adjusted
discount
rate
2.5%
-
11.4%
(7.6%)
Decrease
c
Projected
loss
rate
13.2%
-
18.1%
(16.4%)
Decrease
c
All
Other
Investments………...
1,997,226
d,e
Total.......................................
$12,938,729
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.