Not

FDIC

Insured

May

Lose

Value

No

Bank

Guarantee

FUT-Q3PH

1

Schedule

of

Investments

(unaudited)

Franklin

Universal

Trust

2

Notes

to

Schedule

of

Investments

41

Franklin

Universal

Trust

Schedule

of

Investments

(unaudited),

May

31,

2022

Quarterly

Schedule

of

Investments

See

Notes

to

Schedule

of

Investments.

2

a

a

Country

Shares

a

Value

a

a

a

a

a

a

Common

Stocks

47.7%

Electric

Utilities

24.9%

Alliant

Energy

Corp.

...................................

United

States

80,000

$

5,105,600

American

Electric

Power

Co.,

Inc.

.........................

United

States

65,000

6,631,950

Constellation

Energy

Corp.

..............................

United

States

21,666

1,345,025

Duke

Energy

Corp.

....................................

United

States

40,000

4,500,800

Edison

International

...................................

United

States

36,000

2,516,760

Entergy

Corp.

........................................

United

States

30,000

3,609,600

Evergy,

Inc.

..........................................

United

States

72,000

5,035,680

Exelon

Corp.

.........................................

United

States

65,000

3,194,750

FirstEnergy

Corp.

.....................................

United

States

40,000

1,718,400

NextEra

Energy,

Inc.

...................................

United

States

115,000

8,704,350

Pinnacle

West

Capital

Corp.

.............................

United

States

25,000

1,941,250

PPL

Corp.

...........................................

United

States

24,500

739,410

Southern

Co.

(The)

....................................

United

States

53,000

4,009,980

Xcel

Energy,

Inc.

......................................

United

States

55,000

4,143,700

53,197,255

Machinery

0.3%

a

Birch

Permian

Holdings,

Inc.

.............................

United

States

3,694

83,115

a

Birch

Permian

Holdings,

Inc.

.............................

United

States

28,796

644,311

727,426

Metals

&

Mining

2.4%

BHP

Group

Ltd.,

ADR

..................................

Australia

25,185

1,779,572

Freeport-McMoRan,

Inc.

................................

United

States

80,380

3,141,250

b

South32

Ltd.,

ADR

....................................

Australia

10,074

177,605

5,098,427

Multi-Utilities

18.1%

CenterPoint

Energy,

Inc.

................................

United

States

122,800

3,935,740

CMS

Energy

Corp.

....................................

United

States

90,000

6,393,600

Consolidated

Edison,

Inc.

...............................

United

States

35,000

3,474,100

Dominion

Energy,

Inc.

..................................

United

States

65,000

5,474,300

DTE

Energy

Co.

......................................

United

States

30,000

3,981,300

NiSource,

Inc.

........................................

United

States

60,000

1,887,000

Public

Service

Enterprise

Group,

Inc.

......................

United

States

45,000

3,084,300

Sempra

Energy

.......................................

United

States

45,000

7,373,700

WEC

Energy

Group,

Inc.

................................

United

States

28,000

2,941,960

38,546,000

Oil,

Gas

&

Consumable

Fuels

2.0%

a

Amplify

Energy

Corp.

..................................

United

States

245

2,178

California

Resources

Corp.

..............................

United

States

27

1,179

Chesapeake

Energy

Corp.

..............................

United

States

752

73,230

Civitas

Resources,

Inc.

.................................

United

States

18,598

1,419,957

DT

Midstream,

Inc.

....................................

United

States

15,000

871,500

Enbridge,

Inc.

........................................

Canada

39,360

1,816,464

a,c,d

Riviera

Resources,

Inc.

.................................

United

States

5,042

—

4,184,508

Total

Common

Stocks

(Cost

$36,488,576)

......................................

101,753,616

Preferred

Stocks

0.3%

Electric

Utilities

0.3%

SCE

Trust

II,

5.1%

....................................

United

States

27,500

579,700

Total

Preferred

Stocks

(Cost

$598,125)

.........................................

579,700

Franklin

Universal

Trust

Schedule

of

Investments

(unaudited)

See

Notes

to

Schedule

of

Investments.

Quarterly

Schedule

of

Investments

3

a

a

Country

Warrants

a

Value

a

a

a

a

a

a

Warrants

0.1%

Oil,

Gas

&

Consumable

Fuels

0.1%

a,c

Battalion

Oil

Corp.,

A,

10/08/22

...........................

United

States

583

$

85

a,c

Battalion

Oil

Corp.,

B,

10/08/22

...........................

United

States

728

45

a,c

Battalion

Oil

Corp.,

C,

10/08/22

...........................

United

States

937

18

a

California

Resources

Corp.,

10/27/24

......................

United

States

64

867

a

Chesapeake

Energy

Corp.,

2/09/26

........................

United

States

1,418

98,948

99,963

Paper

&

Forest

Products

0.0%

†

a

Verso

Corp.,

7/25/23

...................................

United

States

350

2,992

Total

Warrants

(Cost

$602,519)

................................................

102,955

Principal

Amount

*

Convertible

Bonds

0.0%

†

Wireless

Telecommunication

Services

0.0%

†

e,f,g

Digicel

Group

Holdings

Ltd.

,

Sub.

Bond

,

144A,

PIK,

7

%

,

Perpetual

Bermuda

26,166

14,255

Total

Convertible

Bonds

(Cost

$7,165)

.........................................

14,255

Corporate

Bonds

64.1%

Airlines

0.8%

g

American

Airlines

Inc/AAdvantage

Loyalty

IP

Ltd.

,

Senior

Secured

Note

,

144A,

5.5

%

,

4/20/26

.............................

United

States

700,000

693,210

g

Delta

Air

Lines,

Inc.

/

SkyMiles

IP

Ltd.

,

Senior

Secured

Note

,

144A,

4.75

%

,

10/20/28

.....................................

United

States

700,000

699,565

g

United

Airlines,

Inc.

,

Senior

Secured

Note,

144A,

4.375%,

4/15/26

..............

United

States

100,000

96,656

Senior

Secured

Note,

144A,

4.625%,

4/15/29

..............

United

States

300,000

281,850

1,771,281

Auto

Components

2.4%

g

Allison

Transmission,

Inc.

,

Senior

Bond,

144A,

3.75%,

1/30/31

......................

United

States

300,000

257,323

Senior

Note,

144A,

4.75%,

10/01/27

.....................

United

States

600,000

575,251

Dana,

Inc.

,

Senior

Note

,

5.625

%

,

6/15/28

...................

United

States

1,400,000

1,358,938

g

Dornoch

Debt

Merger

Sub,

Inc.

,

Senior

Note

,

144A,

6.625

%

,

10/15/29

..........................................

United

States

800,000

639,000

Goodyear

Tire

&

Rubber

Co.

(The)

,

Senior

Note,

9.5%,

5/31/25

............................

United

States

900,000

942,192

Senior

Note,

5%,

7/15/29

.............................

United

States

600,000

550,707

g

Real

Hero

Merger

Sub

2,

Inc.

,

Senior

Note

,

144A,

6.25

%

,

2/01/29

.

United

States

1,000,000

788,537

5,111,948

Automobiles

0.5%

g

Jaguar

Land

Rover

Automotive

plc

,

Senior

Note

,

144A,

5.5

%

,

7/15/29

...........................................

United

Kingdom

1,300,000

1,016,457

Banks

0.4%

f

JPMorgan

Chase

&

Co.

,

R

,

Junior

Sub.

Bond

,

6%

to

7/31/23,

FRN

thereafter

,

Perpetual

.................................

United

States

900,000

883,655

Beverages

0.3%

g

Primo

Water

Holdings,

Inc.

,

Senior

Note

,

144A,

4.375

%

,

4/30/29

..

Canada

700,000

614,561

Biotechnology

0.3%

g

Emergent

BioSolutions,

Inc.

,

Senior

Note

,

144A,

3.875

%

,

8/15/28

.

United

States

900,000

713,489

Building

Products

1.5%

g

Cornerstone

Building

Brands,

Inc.

,

Senior

Note

,

144A,

6.125

%

,

1/15/29

...........................................

United

States

300,000

222,966

Franklin

Universal

Trust

Schedule

of

Investments

(unaudited)

Quarterly

Schedule

of

Investments

See

Notes

to

Schedule

of

Investments.

4

a

a

Country

Principal

Amount

*

a

Value

a

a

a

a

a

Corporate

Bonds

(continued)

Building

Products

(continued)

g

Eco

Material

Technologies,

Inc.

,

Senior

Secured

Note

,

144A,

7.875

%

,

1/31/27

.....................................

United

States

500,000

$

474,082

g

JELD-WEN,

Inc.

,

Senior

Note

,

144A,

4.875

%

,

12/15/27

.........

United

States

300,000

273,969

g

Oscar

AcquisitionCo

LLC

/

Oscar

Finance,

Inc.

,

Senior

Note

,

144A,

9.5

%

,

4/15/30

......................................

United

States

1,000,000

890,670

g

Standard

Industries,

Inc.

,

Senior

Bond,

144A,

4.75%,

1/15/28

......................

United

States

500,000

474,900

Senior

Bond,

144A,

4.375%,

7/15/30

.....................

United

States

100,000

90,250

g

Summit

Materials

LLC

/

Summit

Materials

Finance

Corp.

,

Senior

Note

,

144A,

5.25

%

,

1/15/29

............................

United

States

800,000

757,132

3,183,969

Capital

Markets

0.1%

g

Jane

Street

Group

/

JSG

Finance,

Inc.

,

Senior

Secured

Note

,

144A,

4.5

%

,

11/15/29

......................................

United

States

300,000

281,168

Chemicals

3.8%

e,g

Anagram

International,

Inc.

/

Anagram

Holdings

LLC

,

Secured

Note

,

144A,

PIK,

10

%

,

8/15/26

..............................

United

States

221,083

222,510

g

ASP

Unifrax

Holdings,

Inc.

,

Senior

Note,

144A,

7.5%,

9/30/29

.......................

United

States

200,000

146,693

Senior

Secured

Note,

144A,

5.25%,

9/30/28

...............

United

States

300,000

271,431

g

Axalta

Coating

Systems

LLC

,

Senior

Note

,

144A,

3.375

%

,

2/15/29

United

States

400,000

352,800

g

Braskem

Idesa

SAPI

,

Senior

Secured

Bond

,

144A,

6.99

%

,

2/20/32

Mexico

300,000

265,413

g

Consolidated

Energy

Finance

SA

,

Senior

Note

,

144A,

5.625

%

,

10/15/28

..........................................

Switzerland

600,000

550,107

g

CVR

Partners

LP

/

CVR

Nitrogen

Finance

Corp.

,

Senior

Secured

Note

,

144A,

6.125

%

,

6/15/28

...........................

United

States

300,000

287,445

g

Diamond

BC

BV

,

Senior

Note

,

144A,

4.625

%

,

10/01/29

.........

United

States

300,000

255,556

g

Element

Solutions,

Inc.

,

Senior

Note

,

144A,

3.875

%

,

9/01/28

.....

United

States

700,000

627,498

g

GPD

Cos.,

Inc.

,

Senior

Secured

Note

,

144A,

10.125

%

,

4/01/26

...

United

States

1,500,000

1,495,328

g

Illuminate

Buyer

LLC

/

Illuminate

Holdings

IV,

Inc.

,

Senior

Note

,

144A,

9

%

,

7/01/28

...................................

United

States

1,000,000

881,885

g

Ingevity

Corp.

,

Senior

Note

,

144A,

3.875

%

,

11/01/28

...........

United

States

400,000

360,026

e,g

Kobe

US

Midco

2,

Inc.

,

Senior

Note

,

144A,

PIK,

9.25

%

,

11/01/26

..

United

States

200,000

194,543

g

LSF11

A5

HoldCo

LLC

,

Senior

Note

,

144A,

6.625

%

,

10/15/29

....

United

States

600,000

514,098

g

Rain

CII

Carbon

LLC

/

CII

Carbon

Corp.

,

Secured

Note

,

144A,

7.25

%

,

4/01/25

.....................................

United

States

600,000

577,700

g

SCIH

Salt

Holdings,

Inc.

,

Senior

Secured

Note

,

144A,

4.875

%

,

5/01/28

...........................................

United

States

300,000

279,222

g

Vibrantz

Technologies,

Inc.

,

Senior

Note

,

144A,

9

%

,

2/15/30

.....

United

States

1,000,000

752,290

8,034,545

Commercial

Services

&

Supplies

1.8%

g

APX

Group,

Inc.

,

Senior

Note

,

144A,

5.75

%

,

7/15/29

...........

United

States

800,000

678,628

g

Harsco

Corp.

,

Senior

Note

,

144A,

5.75

%

,

7/31/27

.............

United

States

500,000

431,700

g

Nielsen

Finance

LLC

/

Nielsen

Finance

Co.

,

Senior

Note

,

144A,

4.5

%

,

7/15/29

......................................

United

States

1,200,000

1,136,624

g

Prime

Security

Services

Borrower

LLC

/

Prime

Finance,

Inc.

,

Senior

Secured

Note

,

144A,

3.375

%

,

8/31/27

....................

United

States

600,000

537,915

g

Stericycle,

Inc.

,

Senior

Note

,

144A,

3.875

%

,

1/15/29

...........

United

States

1,200,000

1,092,558

3,877,425

Communications

Equipment

0.6%

g

CommScope,

Inc.

,

Senior

Note

,

144A,

7.125

%

,

7/01/28

.........

United

States

1,600,000

1,355,832

Construction

&

Engineering

1.2%

g

Arcosa,

Inc.

,

Senior

Note

,

144A,

4.375

%

,

4/15/29

.............

United

States

300,000

273,876

Franklin

Universal

Trust

Schedule

of

Investments

(unaudited)

See

Notes

to

Schedule

of

Investments.

Quarterly

Schedule

of

Investments

5

a

a

Country

Principal

Amount

*

a

Value

a

a

a

a

a

Corporate

Bonds

(continued)

Construction

&

Engineering

(continued)

g

Great

Lakes

Dredge

&

Dock

Corp.

,

Senior

Note

,

144A,

5.25

%

,

6/01/29

...........................................

United

States

500,000

$

470,925

g

VM

Consolidated,

Inc.

,

Senior

Note

,

144A,

5.5

%

,

4/15/29

.......

United

States

800,000

704,743

g

Weekley

Homes

LLC

/

Weekley

Finance

Corp.

,

Senior

Note

,

144A,

4.875

%

,

9/15/28

.....................................

United

States

1,300,000

1,154,556

2,604,100

Consumer

Finance

0.5%

g

PRA

Group,

Inc.

,

Senior

Note

,

144A,

5

%

,

10/01/29

............

United

States

300,000

270,095

g

PROG

Holdings,

Inc.

,

Senior

Note

,

144A,

6

%

,

11/15/29

.........

United

States

900,000

799,303

1,069,398

Containers

&

Packaging

3.0%

g

Ardagh

Packaging

Finance

plc

/

Ardagh

Holdings

USA,

Inc.

,

Senior

Note,

144A,

5.25%,

8/15/27

......................

United

States

600,000

502,077

Senior

Secured

Note,

144A,

5.25%,

4/30/25

...............

United

States

800,000

798,652

g

Mauser

Packaging

Solutions

Holding

Co.

,

Senior

Note,

144A,

7.25%,

4/15/25

......................

United

States

1,500,000

1,452,375

Senior

Secured

Note,

144A,

8.5%,

4/15/24

................

United

States

1,000,000

996,885

g

Owens-Brockway

Glass

Container,

Inc.

,

Senior

Note,

144A,

5.875%,

8/15/23

.....................

United

States

332,000

336,055

Senior

Note,

144A,

6.625%,

5/13/27

.....................

United

States

375,000

370,476

g

Pactiv

Evergreen

Group

Issuer

LLC

/

Pactiv

Evergreen

Group

Issuer,

Inc.

,

Senior

Secured

Note

,

144A,

4.375

%

,

10/15/28

..........

United

States

300,000

270,842

g

Pactiv

Evergreen

Group

Issuer,

Inc./Pactiv

Evergreen

Group

Issuer

LLC

,

Senior

Secured

Note

,

144A,

4

%

,

10/15/27

.............

United

States

1,200,000

1,088,340

g

Trivium

Packaging

Finance

BV

,

Senior

Note

,

144A,

8.5

%

,

8/15/27

.

Netherlands

500,000

493,275

6,308,977

Diversified

Consumer

Services

0.4%

Grand

Canyon

University

,

5.125

%

,

10/01/28

.................

United

States

800,000

772,000

Diversified

Financial

Services

1.1%

g

Jefferson

Capital

Holdings

LLC

,

Senior

Note

,

144A,

6

%

,

8/15/26

..

United

States

1,200,000

1,127,741

g

MPH

Acquisition

Holdings

LLC

,

Senior

Note

,

144A,

5.75

%

,

11/01/28

United

States

1,400,000

1,248,408

2,376,149

Diversified

Telecommunication

Services

3.0%

g

Altice

France

Holding

SA

,

Senior

Secured

Note

,

144A,

10.5

%

,

5/15/27

...........................................

Luxembourg

1,500,000

1,476,773

g

CCO

Holdings

LLC

/

CCO

Holdings

Capital

Corp.

,

Senior

Bond,

144A,

5.375%,

6/01/29

.....................

United

States

500,000

486,350

Senior

Bond,

144A,

4.5%,

8/15/30

.......................

United

States

1,700,000

1,537,539

Senior

Bond,

144A,

4.25%,

2/01/31

......................

United

States

200,000

176,757

g

DKT

Finance

ApS

,

Senior

Secured

Note

,

144A,

9.375

%

,

6/17/23

..

Denmark

1,000,000

987,500

g

Iliad

Holding

SASU

,

Senior

Secured

Note

,

144A,

7

%

,

10/15/28

...

France

800,000

772,452

g

Virgin

Media

Secured

Finance

plc

,

Senior

Secured

Bond

,

144A,

4.5

%

,

8/15/30

......................................

United

Kingdom

1,100,000

996,655

6,434,026

Electric

Utilities

0.7%

g

Vistra

Operations

Co.

LLC

,

Senior

Note,

144A,

5.625%,

2/15/27

.....................

United

States

1,000,000

1,001,810

Senior

Note,

144A,

4.375%,

5/01/29

.....................

United

States

400,000

373,630

1,375,440

Electrical

Equipment

0.8%

g

Sensata

Technologies

BV

,

Senior

Note

,

144A,

4

%

,

4/15/29

......

United

States

1,000,000

954,095

Franklin

Universal

Trust

Schedule

of

Investments

(unaudited)

Quarterly

Schedule

of

Investments

See

Notes

to

Schedule

of

Investments.

6

a

a

Country

Principal

Amount

*

a

Value

a

a

a

a

a

Corporate

Bonds

(continued)

Electrical

Equipment

(continued)

g

Vertiv

Group

Corp.

,

Senior

Secured

Note

,

144A,

4.125

%

,

11/15/28

United

States

800,000

$

712,240

1,666,335

Electronic

Equipment,

Instruments

&

Components

0.2%

g

TTM

Technologies,

Inc.

,

Senior

Note

,

144A,

4

%

,

3/01/29

........

United

States

500,000

443,497

Energy

Equipment

&

Services

1.7%

g

CSI

Compressco

LP

/

CSI

Compressco

Finance,

Inc.

,

e

Secured

Note,

144A,

PIK,

10%,

4/01/26

..................

United

States

982,453

935,907

Senior

Secured

Note,

144A,

7.5%,

4/01/25

................

United

States

402,000

378,814

g

Nabors

Industries

Ltd.

,

Senior

Note

,

144A,

7.25

%

,

1/15/26

......

United

States

600,000

582,300

Nabors

Industries,

Inc.

,

Senior

Note

,

5.75

%

,

2/01/25

...........

United

States

500,000

482,618

g

Weatherford

International

Ltd.

,

Senior

Note,

144A,

11%,

12/01/24

.......................

United

States

111,000

113,386

Senior

Note,

144A,

8.625%,

4/30/30

.....................

United

States

700,000

670,460

Senior

Secured

Note,

144A,

6.5%,

9/15/28

................

United

States

400,000

394,232

3,557,717

Entertainment

0.9%

g

Banijay

Entertainment

SASU

,

Senior

Secured

Note

,

144A,

5.375

%

,

3/01/25

...........................................

France

1,000,000

974,991

Netflix,

Inc.

,

Senior

Bond

,

5.875

%

,

11/15/28

.................

United

States

800,000

830,544

1,805,535

Equity

Real

Estate

Investment

Trusts

(REITs)

1.3%

g

American

Finance

Trust,

Inc.

/

American

Finance

Operating

Partner

LP

,

Senior

Note

,

144A,

4.5

%

,

9/30/28

.....................

United

States

500,000

424,675

g

Global

Net

Lease,

Inc.

/

Global

Net

Lease

Operating

Partnership

LP

,

Senior

Note

,

144A,

3.75

%

,

12/15/27

......................

United

States

800,000

728,679

g

HAT

Holdings

I

LLC

/

HAT

Holdings

II

LLC

,

Senior

Note

,

144A,

6

%

,

4/15/25

...........................................

United

States

400,000

406,234

MPT

Operating

Partnership

LP

/

MPT

Finance

Corp.

,

Senior

Bond

,

5.25

%

,

8/01/26

.....................................

United

States

200,000

200,615

g

VICI

Properties

LP

/

VICI

Note

Co.,

Inc.

,

Senior

Note

,

144A,

3.75

%

,

2/15/27

...........................................

United

States

700,000

652,400

g

XHR

LP

,

Senior

Secured

Note

,

144A,

4.875

%

,

6/01/29

.........

United

States

400,000

375,872

2,788,475

Food

Products

0.9%

g

Chobani

LLC

/

Chobani

Finance

Corp.,

Inc.

,

Senior

Secured

Note

,

144A,

4.625

%

,

11/15/28

...............................

United

States

800,000

735,496

g

Darling

Ingredients,

Inc.

,

Senior

Note

,

144A,

6

%

,

6/15/30

.......

United

States

200,000

203,000

g

Pilgrim's

Pride

Corp.

,

Senior

Bond

,

144A,

3.5

%

,

3/01/32

........

United

States

200,000

175,541

g

Post

Holdings,

Inc.

,

Senior

Bond,

144A,

5.625%,

1/15/28

.....................

United

States

300,000

297,750

Senior

Bond,

144A,

5.5%,

12/15/29

......................

United

States

200,000

190,698

Senior

Bond,

144A,

4.625%,

4/15/30

.....................

United

States

400,000

359,386

1,961,871

Health

Care

Equipment

&

Supplies

0.4%

g

Mozart

Debt

Merger

Sub,

Inc.

,

Senior

Note,

144A,

5.25%,

10/01/29

.....................

United

States

500,000

443,550

Senior

Secured

Note,

144A,

3.875%,

4/01/29

..............

United

States

400,000

361,620

805,170

Health

Care

Providers

&

Services

1.4%

Centene

Corp.

,

Senior

Bond,

2.5%,

3/01/31

............................

United

States

500,000

427,045

Franklin

Universal

Trust

Schedule

of

Investments

(unaudited)

See

Notes

to

Schedule

of

Investments.

Quarterly

Schedule

of

Investments

7

a

a

Country

Principal

Amount

*

a

Value

a

a

a

a

a

Corporate

Bonds

(continued)

Health

Care

Providers

&

Services

(continued)

Centene

Corp.,

(continued)

Senior

Note,

2.45%,

7/15/28

...........................

United

States

500,000

$

449,795

Senior

Note,

2.625%,

8/01/31

..........................

United

States

500,000

429,880

g

CHS/Community

Health

Systems,

Inc.

,

Secured

Note,

144A,

6.125%,

4/01/30

....................

United

States

500,000

365,000

Senior

Secured

Note,

144A,

6%,

1/15/29

..................

United

States

300,000

272,355

g

DaVita,

Inc.

,

Senior

Note

,

144A,

4.625

%

,

6/01/30

.............

United

States

1,200,000

1,044,864

g

ModivCare

Escrow

Issuer,

Inc.

,

Senior

Note

,

144A,

5

%

,

10/01/29

.

United

States

100,000

90,644

3,079,583

Hotels,

Restaurants

&

Leisure

4.3%

g

1011778

BC

ULC

/

New

Red

Finance,

Inc.

,

Secured

Bond

,

144A,

4

%

,

10/15/30

.......................................

Canada

600,000

529,800

c,g,h

24

Hour

Fitness

Worldwide,

Inc.

,

Senior

Note

,

144A,

8

%

,

6/01/22

.

United

States

1,800,000

540

g

Boyd

Gaming

Corp.

,

Senior

Note

,

144A,

8.625

%

,

6/01/25

.......

United

States

400,000

417,252

g

Carnival

Corp.

,

Senior

Note,

144A,

7.625%,

3/01/26

.....................

United

States

400,000

375,776

Senior

Note,

144A,

5.75%,

3/01/27

......................

United

States

1,500,000

1,333,455

g

Everi

Holdings,

Inc.

,

Senior

Note

,

144A,

5

%

,

7/15/29

...........

United

States

700,000

623,511

g

Fertitta

Entertainment

LLC

/

Fertitta

Entertainment

Finance

Co.,

Inc.

,

Senior

Note

,

144A,

6.75

%

,

1/15/30

.......................

United

States

1,000,000

868,330

g

Motion

Bondco

DAC

,

Senior

Note

,

144A,

6.625

%

,

11/15/27

......

United

Kingdom

200,000

181,071

g

NCL

Corp.

Ltd.

,

Senior

Note

,

144A,

5.875

%

,

3/15/26

...........

United

States

300,000

270,812

g

Papa

John's

International,

Inc.

,

Senior

Note

,

144A,

3.875

%

,

9/15/29

United

States

300,000

269,243

g

Premier

Entertainment

Sub

LLC

/

Premier

Entertainment

Finance

Corp.

,

Senior

Bond,

144A,

5.875%,

9/01/31

.....................

United

States

500,000

392,542

Senior

Note,

144A,

5.625%,

9/01/29

.....................

United

States

1,000,000

794,805

g

Royal

Caribbean

Cruises

Ltd.

,

Senior

Note

,

144A,

5.5

%

,

8/31/26

..

United

States

700,000

615,503

g

Station

Casinos

LLC

,

Senior

Note

,

144A,

4.5

%

,

2/15/28

........

United

States

400,000

362,955

g

Studio

City

Finance

Ltd.

,

Senior

Note

,

144A,

5

%

,

1/15/29

.......

Macau

1,600,000

1,024,000

g

Wynn

Macau

Ltd.

,

Senior

Note

,

144A,

5.625

%

,

8/26/28

.........

Macau

300,000

224,554

g

Wynn

Resorts

Finance

LLC

/

Wynn

Resorts

Capital

Corp.

,

Senior

Note

,

144A,

7.75

%

,

4/15/25

............................

United

States

800,000

816,140

9,100,289

Household

Durables

0.8%

g

Ashton

Woods

USA

LLC

/

Ashton

Woods

Finance

Co.

,

Senior

Note

,

144A,

4.625

%

,

8/01/29

................................

United

States

1,500,000

1,293,450

M/I

Homes,

Inc.

,

Senior

Note

,

3.95

%

,

2/15/30

................

United

States

600,000

493,458

1,786,908

Independent

Power

and

Renewable

Electricity

Producers

2.9%

g

Calpine

Corp.

,

Senior

Bond,

144A,

5%,

2/01/31

........................

United

States

900,000

803,808

Senior

Note,

144A,

4.625%,

2/01/29

.....................

United

States

700,000

610,505

g

Clearway

Energy

Operating

LLC

,

Senior

Bond,

144A,

3.75%,

1/15/32

......................

United

States

400,000

344,320

Senior

Note,

144A,

4.75%,

3/15/28

......................

United

States

600,000

573,765

Senior

Note,

144A,

3.75%,

2/15/31

......................

United

States

300,000

265,200

g

InterGen

NV

,

Senior

Secured

Bond

,

144A,

7

%

,

6/30/23

.........

Netherlands

1,900,000

1,843,807

g

Leeward

Renewable

Energy

Operations

LLC

,

Senior

Note

,

144A,

4.25

%

,

7/01/29

.....................................

United

States

1,000,000

877,108

h

Talen

Energy

Supply

LLC

,

Senior

Note

,

6.5

%

,

6/01/25

..........

United

States

1,500,000

830,625

6,149,138

Franklin

Universal

Trust

Schedule

of

Investments

(unaudited)

Quarterly

Schedule

of

Investments

See

Notes

to

Schedule

of

Investments.

8

a

a

Country

Principal

Amount

*

a

Value

a

a

a

a

a

Corporate

Bonds

(continued)

Insurance

0.1%

g

Alliant

Holdings

Intermediate

LLC

/

Alliant

Holdings

Co-Issuer

,

Senior

Note

,

144A,

6.75

%

,

10/15/27

...........................

United

States

300,000

$

290,087

Internet

&

Direct

Marketing

Retail

0.1%

g

Match

Group

Holdings

II

LLC

,

Senior

Note

,

144A,

3.625

%

,

10/01/31

United

States

200,000

170,445

IT

Services

1.7%

g

Cablevision

Lightpath

LLC

,

Senior

Secured

Note

,

144A,

3.875

%

,

9/15/27

...........................................

United

States

500,000

442,183

g

Cogent

Communications

Group,

Inc.

,

Senior

Secured

Note

,

144A,

3.5

%

,

5/01/26

......................................

United

States

500,000

480,252

g

Gartner,

Inc.

,

Senior

Note,

144A,

4.5%,

7/01/28

.......................

United

States

500,000

486,862

Senior

Note,

144A,

3.625%,

6/15/29

.....................

United

States

200,000

183,014

Senior

Note,

144A,

3.75%,

10/01/30

.....................

United

States

300,000

278,699

g

Northwest

Fiber

LLC

/

Northwest

Fiber

Finance

Sub,

Inc.

,

Senior

Note

,

144A,

6

%

,

2/15/28

..............................

United

States

1,100,000

887,530

g

Presidio

Holdings,

Inc.

,

Senior

Note

,

144A,

8.25

%

,

2/01/28

......

United

States

900,000

884,804

3,643,344

Life

Sciences

Tools

&

Services

0.1%

g

Charles

River

Laboratories

International,

Inc.

,

Senior

Note

,

144A,

3.75

%

,

3/15/29

.....................................

United

States

200,000

185,828

Machinery

1.2%

g

ATS

Automation

Tooling

Systems,

Inc.

,

Senior

Note

,

144A,

4.125

%

,

12/15/28

..........................................

Canada

1,300,000

1,163,942

g

Manitowoc

Co.,

Inc.

(The)

,

Secured

Note

,

144A,

9

%

,

4/01/26

....

United

States

1,000,000

1,005,610

g

Roller

Bearing

Co.

of

America,

Inc.

,

Senior

Note

,

144A,

4.375

%

,

10/15/29

..........................................

United

States

400,000

356,004

2,525,556

Media

3.4%

g

Clear

Channel

International

BV

,

Senior

Secured

Note

,

144A,

6.625

%

,

8/01/25

.....................................

United

Kingdom

400,000

396,596

g

Clear

Channel

Outdoor

Holdings,

Inc.

,

Senior

Note,

144A,

7.75%,

4/15/28

......................

United

States

300,000

252,239

Senior

Note,

144A,

7.5%,

6/01/29

.......................

United

States

300,000

243,001

Senior

Secured

Note,

144A,

5.125%,

8/15/27

..............

United

States

500,000

460,350

CSC

Holdings

LLC

,

Senior

Bond,

5.25%,

6/01/24

...........................

United

States

400,000

395,812

g

Senior

Note,

144A,

7.5%,

4/01/28

.......................

United

States

300,000

279,555

g

Diamond

Sports

Group

LLC

/

Diamond

Sports

Finance

Co.

,

Senior

Note,

144A,

6.625%,

8/15/27

.....................

United

States

700,000

134,750

Senior

Secured

Note,

144A,

5.375%,

8/15/26

..............

United

States

800,000

265,372

g

Directv

Financing

LLC

/

Directv

Financing

Co-Obligor,

Inc.

,

Senior

Secured

Note

,

144A,

5.875

%

,

8/15/27

....................

United

States

200,000

188,946

g

DISH

DBS

Corp.

,

Senior

Secured

Note

,

144A,

5.75

%

,

12/01/28

...

United

States

1,000,000

818,105

g

LCPR

Senior

Secured

Financing

DAC

,

Senior

Secured

Note

,

144A,

6.75

%

,

10/15/27

.....................................

United

States

450,000

454,165

g

News

Corp.

,

Senior

Note

,

144A,

3.875

%

,

5/15/29

.............

United

States

200,000

185,307

g

Scripps

Escrow,

Inc.

,

Senior

Note

,

144A,

5.875

%

,

7/15/27

.......

United

States

600,000

569,106

g

Sinclair

Television

Group,

Inc.

,

Senior

Bond

,

144A,

5.5

%

,

3/01/30

.

United

States

700,000

571,323

g

Sirius

XM

Radio,

Inc.

,

Senior

Note

,

144A,

4

%

,

7/15/28

.........

United

States

600,000

557,295

g

Univision

Communications,

Inc.

,

Senior

Secured

Note,

144A,

9.5%,

5/01/25

................

United

States

800,000

833,925

Senior

Secured

Note,

144A,

4.5%,

5/01/29

................

United

States

600,000

550,506

7,156,353

Franklin

Universal

Trust

Schedule

of

Investments

(unaudited)

See

Notes

to

Schedule

of

Investments.

Quarterly

Schedule

of

Investments

9

a

a

Country

Principal

Amount

*

a

Value

a

a

a

a

a

Corporate

Bonds

(continued)

Metals

&

Mining

1.1%

Commercial

Metals

Co.

,

Senior

Bond

,

3.875

%

,

2/15/31

.........

United

States

700,000

$

610,044

g

Constellium

SE

,

Senior

Note

,

144A,

3.75

%

,

4/15/29

...........

United

States

600,000

526,656

g

FMG

Resources

August

2006

Pty.

Ltd.

,

Senior

Bond

,

144A,

4.375

%

,

4/01/31

...........................................

Australia

500,000

446,368

g

Novelis

Corp.

,

Senior

Bond,

144A,

3.875%,

8/15/31

.....................

United

States

100,000

87,515

Senior

Note,

144A,

3.25%,

11/15/26

.....................

United

States

100,000

91,992

g

SunCoke

Energy,

Inc.

,

Senior

Secured

Note

,

144A,

4.875

%

,

6/30/29

United

States

600,000

535,080

2,297,655

Mortgage

Real

Estate

Investment

Trusts

(REITs)

0.4%

g

Apollo

Commercial

Real

Estate

Finance,

Inc.

,

Senior

Secured

Note

,

144A,

4.625

%

,

6/15/29

................................

United

States

1,000,000

849,350

Multiline

Retail

0.4%

g

Macy's

Retail

Holdings

LLC

,

Senior

Bond,

144A,

6.125%,

3/15/32

.....................

United

States

500,000

449,665

Senior

Note,

144A,

5.875%,

3/15/30

.....................

United

States

500,000

457,165

906,830

Oil,

Gas

&

Consumable

Fuels

8.4%

g

Antero

Resources

Corp.

,

Senior

Note,

144A,

8.375%,

7/15/26

.....................

United

States

130,000

141,658

Senior

Note,

144A,

7.625%,

2/01/29

.....................

United

States

166,000

180,297

Senior

Note,

144A,

5.375%,

3/01/30

.....................

United

States

700,000

711,560

g

Calumet

Specialty

Products

Partners

LP

/

Calumet

Finance

Corp.

,

Senior

Note

,

144A,

8.125

%

,

1/15/27

......................

United

States

900,000

793,647

Cheniere

Energy

Partners

LP

,

g

Senior

Bond,

144A,

3.25%,

1/31/32

......................

United

States

400,000

350,260

Senior

Note,

4.5%,

10/01/29

...........................

United

States

1,200,000

1,172,400

Senior

Note,

4%,

3/01/31

.............................

United

States

1,200,000

1,111,614

Cheniere

Energy,

Inc.

,

Senior

Secured

Note

,

4.625

%

,

10/15/28

...

United

States

700,000

680,969

g

Chesapeake

Energy

Corp.

,

Senior

Note

,

144A,

5.5

%

,

2/01/26

....

United

States

500,000

508,628

Crestwood

Midstream

Partners

LP

/

Crestwood

Midstream

Finance

Corp.

,

Senior

Note,

5.75%,

4/01/25

...........................

United

States

800,000

794,968

g

Senior

Note,

144A,

6%,

2/01/29

........................

United

States

700,000

661,868

g

Senior

Note,

144A,

8%,

4/01/29

........................

United

States

500,000

513,422

g

CrownRock

LP

/

CrownRock

Finance,

Inc.

,

Senior

Note

,

144A,

5

%

,

5/01/29

...........................................

United

States

300,000

296,240

g

DT

Midstream,

Inc.

,

Senior

Note

,

144A,

4.125

%

,

6/15/29

........

United

States

700,000

656,478

g

Earthstone

Energy

Holdings

LLC

,

Senior

Note

,

144A,

8

%

,

4/15/27

.

United

States

500,000

509,083

g

Endeavor

Energy

Resources

LP

/

EER

Finance,

Inc.

,

Senior

Bond,

144A,

5.75%,

1/30/28

......................

United

States

300,000

306,320

Senior

Note,

144A,

6.625%,

7/15/25

.....................

United

States

500,000

518,077

g

EQM

Midstream

Partners

LP

,

Senior

Note

,

144A,

7.5

%

,

6/01/27

..

United

States

100,000

101,200

g

EQT

Corp.

,

Senior

Note

,

144A,

3.125

%

,

5/15/26

..............

United

States

300,000

283,582

g

Harbour

Energy

plc

,

Senior

Note

,

144A,

5.5

%

,

10/15/26

........

United

Kingdom

500,000

477,033

g

Hilcorp

Energy

I

LP

/

Hilcorp

Finance

Co.

,

Senior

Bond,

144A,

6%,

2/01/31

........................

United

States

200,000

195,650

Senior

Note,

144A,

5.75%,

2/01/29

......................

United

States

200,000

196,321

Senior

Note,

144A,

6%,

4/15/30

........................

United

States

300,000

292,301

g

Martin

Midstream

Partners

LP

/

Martin

Midstream

Finance

Corp.

,

Secured

Note

,

144A,

11.5

%

,

2/28/25

.....................

United

States

1,476,232

1,496,343

e,g,h

Murray

Energy

Corp.

,

Secured

Note

,

144A,

PIK,

12

%

,

4/15/24

...

United

States

757,734

3,864

Occidental

Petroleum

Corp.

,

Senior

Bond,

6.45%,

9/15/36

...........................

United

States

700,000

784,000

Senior

Note,

8.875%,

7/15/30

..........................

United

States

1,100,000

1,375,242

Franklin

Universal

Trust

Schedule

of

Investments

(unaudited)

Quarterly

Schedule

of

Investments

See

Notes

to

Schedule

of

Investments.

10

a

a

Country

Principal

Amount

*

a

Value

a

a

a

a

a

Corporate

Bonds

(continued)

Oil,

Gas

&

Consumable

Fuels

(continued)

Occidental

Petroleum

Corp.,

(continued)

Senior

Note,

6.625%,

9/01/30

..........................

United

States

200,000

$

224,460

Senior

Note,

6.125%,

1/01/31

..........................

United

States

300,000

325,875

Sunoco

LP

/

Sunoco

Finance

Corp.

,

Senior

Note,

6%,

4/15/27

.............................

United

States

1,000,000

1,022,300

Senior

Note,

4.5%,

5/15/29

............................

United

States

200,000

186,451

g

Venture

Global

Calcasieu

Pass

LLC

,

Senior

Secured

Bond,

144A,

4.125%,

8/15/31

..............

United

States

300,000

281,685

Senior

Secured

Note,

144A,

3.875%,

8/15/29

..............

United

States

300,000

284,289

g

Viper

Energy

Partners

LP

,

Senior

Note

,

144A,

5.375

%

,

11/01/27

..

United

States

400,000

398,885

17,836,970

Paper

&

Forest

Products

0.1%

g

Glatfelter

Corp.

,

Senior

Note

,

144A,

4.75

%

,

11/15/29

...........

United

States

400,000

288,356

Pharmaceuticals

2.4%

g

Bausch

Health

Americas,

Inc.

,

Senior

Note

,

144A,

9.25

%

,

4/01/26

.

United

States

1,400,000

1,175,720

g

Endo

Dac

/

Endo

Finance

LLC

/

Endo

Finco,

Inc.

,

Secured

Note,

144A,

9.5%,

7/31/27

......................

United

States

302,000

73,990

Senior

Note,

144A,

6%,

6/30/28

........................

United

States

389,000

27,230

g

Endo

Luxembourg

Finance

Co.

I

SARL

/

Endo

US,

Inc.

,

Senior

Secured

Note

,

144A,

6.125

%

,

4/01/29

....................

United

States

500,000

381,022

g

Jazz

Securities

DAC

,

Senior

Secured

Note

,

144A,

4.375

%

,

1/15/29

United

States

1,300,000

1,256,346

g

Organon

&

Co.

/

Organon

Foreign

Debt

Co-Issuer

BV

,

Senior

Secured

Note

,

144A,

4.125

%

,

4/30/28

....................

United

States

1,000,000

960,300

g

Par

Pharmaceutical,

Inc.

,

Senior

Secured

Note

,

144A,

7.5

%

,

4/01/27

United

States

225,000

176,456

Teva

Pharmaceutical

Finance

Netherlands

III

BV

,

Senior

Note,

7.125%,

1/31/25

..........................

Israel

500,000

514,185

Senior

Note,

4.75%,

5/09/27

...........................

Israel

600,000

556,914

5,122,163

Real

Estate

Management

&

Development

0.4%

g

Five

Point

Operating

Co.

LP

/

Five

Point

Capital

Corp.

,

Senior

Note

,

144A,

7.875

%

,

11/15/25

...............................

United

States

400,000

387,686

g

Forestar

Group,

Inc.

,

Senior

Note

,

144A,

3.85

%

,

5/15/26

........

United

States

500,000

459,612

847,298

Road

&

Rail

0.7%

g

First

Student

Bidco,

Inc.

/

First

Transit

Parent,

Inc.

,

Senior

Secured

Note

,

144A,

4

%

,

7/31/29

..............................

United

States

900,000

799,695

g

NESCO

Holdings

II,

Inc.

,

Secured

Note

,

144A,

5.5

%

,

4/15/29

....

United

States

500,000

452,110

g

Williams

Scotsman

International,

Inc.

,

Senior

Secured

Note

,

144A,

4.625

%

,

8/15/28

.....................................

United

States

300,000

284,320

1,536,125

Software

1.1%

g

Camelot

Finance

SA

,

Senior

Secured

Note

,

144A,

4.5

%

,

11/01/26

.

United

States

900,000

855,027

g

Condor

Merger

Sub,

Inc.

,

Senior

Note

,

144A,

7.375

%

,

2/15/30

...

United

States

800,000

701,808

g

Rocket

Software,

Inc.

,

Senior

Note

,

144A,

6.5

%

,

2/15/29

........

United

States

1,100,000

857,280

2,414,115

Specialty

Retail

1.7%

g

Bath

&

Body

Works,

Inc.

,

Senior

Note

,

144A,

6.625

%

,

10/01/30

...

United

States

500,000

500,000

g

Gap,

Inc.

(The)

,

Senior

Note

,

144A,

3.625

%

,

10/01/29

..........

United

States

700,000

514,619

g

Lithia

Motors,

Inc.

,

Senior

Bond,

144A,

4.375%,

1/15/31

.....................

United

States

300,000

278,140

Senior

Note,

144A,

4.625%,

12/15/27

....................

United

States

400,000

394,618

Senior

Note,

144A,

3.875%,

6/01/29

.....................

United

States

200,000

184,990

Franklin

Universal

Trust

Schedule

of

Investments

(unaudited)

See

Notes

to

Schedule

of

Investments.

Quarterly

Schedule

of

Investments

11

a

a

Country

Principal

Amount

*

a

Value

a

a

a

a

a

Corporate

Bonds

(continued)

Specialty

Retail

(continued)

g

Michaels

Cos.,

Inc.

(The)

,

Senior

Note,

144A,

7.875%,

5/01/29

.....................

United

States

600,000

$

430,977

Senior

Secured

Note,

144A,

5.25%,

5/01/28

...............

United

States

300,000

247,275

Murphy

Oil

USA,

Inc.

,

Senior

Note

,

4.75

%

,

9/15/29

............

United

States

700,000

674,125

g

Victoria's

Secret

&

Co.

,

Senior

Note

,

144A,

4.625

%

,

7/15/29

.....

United

States

400,000

329,792

3,554,536

Textiles,

Apparel

&

Luxury

Goods

0.6%

g

Hanesbrands,

Inc.

,

Senior

Note

,

144A,

4.625

%

,

5/15/24

........

United

States

1,000,000

996,275

g

Kontoor

Brands,

Inc.

,

Senior

Note

,

144A,

4.125

%

,

11/15/29

......

United

States

300,000

255,841

1,252,116

Thrifts

&

Mortgage

Finance

0.6%

g

Ladder

Capital

Finance

Holdings

LLLP

/

Ladder

Capital

Finance

Corp.

,

Senior

Note

,

144A,

4.75

%

,

6/15/29

.................

United

States

300,000

270,618

MGIC

Investment

Corp.

,

Senior

Note

,

5.25

%

,

8/15/28

..........

United

States

500,000

484,918

Radian

Group,

Inc.

,

Senior

Note

,

6.625

%

,

3/15/25

.............

United

States

600,000

619,803

1,375,339

Trading

Companies

&

Distributors

0.4%

g

H&E

Equipment

Services,

Inc.

,

Senior

Note

,

144A,

3.875

%

,

12/15/28

United

States

600,000

524,670

g

WESCO

Distribution,

Inc.

,

Senior

Note

,

144A,

7.25

%

,

6/15/28

....

United

States

400,000

420,512

945,182

Wireless

Telecommunication

Services

1.2%

Hughes

Satellite

Systems

Corp.

,

Senior

Note

,

6.625

%

,

8/01/26

...

United

States

900,000

888,480

T-Mobile

USA,

Inc.

,

Senior

Bond,

2.875%,

2/15/31

..........................

United

States

300,000

263,703

Senior

Bond,

3.5%,

4/15/31

............................

United

States

200,000

182,875

Senior

Note,

4.75%,

2/01/28

...........................

United

States

600,000

602,649

Senior

Note,

2.625%,

2/15/29

..........................

United

States

300,000

266,162

g

Vmed

O2

UK

Financing

I

plc

,

Senior

Secured

Bond

,

144A,

4.25

%

,

1/31/31

...........................................

United

Kingdom

500,000

443,300

2,647,169

Total

Corporate

Bonds

(Cost

$153,090,772)

.....................................

136,773,755

Senior

Floating

Rate

Interests

0.1%

Media

0.1%

i

Diamond

Sports

Group

LLC

,

First

Lien,

CME

Term

Loan

,

9

%

,

(

1-month

SOFR

+

8

%

),

5/25/26

.........................

United

States

160,255

161,778

Total

Senior

Floating

Rate

Interests

(Cost

$147,131)

.............................

161,778

j

Marketplace

Loans

10.8%

c

Diversified

Financial

Services

10.8%

a

a

a

a

a

a

Total

Marketplace

Loans

(Cost

$24,274,722)

....................................

23,126,135

Asset-Backed

Securities

1.2%

Diversified

Financial

Services

1.2%

g,k

Consumer

Loan

Underlying

Bond

Certificate

Issuer

Trust

I

,

2019-26,

PT,

144A,

FRN,

17.315%,

8/15/44

................

United

States

182,437

176,930

2019-31,

PT,

144A,

FRN,

15.732%,

9/15/44

................

United

States

160,348

153,909

2019-37,

PT,

144A,

FRN,

17.231%,

10/17/44

...............

United

States

181,809

174,335

2019-42,

PT,

144A,

FRN,

16.06%,

11/15/44

................

United

States

180,678

174,838

2019-51,

PT,

144A,

FRN,

15.772%,

1/15/45

................

United

States

222,970

216,684

Franklin

Universal

Trust

Schedule

of

Investments

(unaudited)

Quarterly

Schedule

of

Investments

See

Notes

to

Schedule

of

Investments.

12

a

a

Country

Principal

Amount

*

a

Value

a

a

a

a

a

Asset-Backed

Securities

(continued)

Diversified

Financial

Services

(continued)

g,k

Consumer

Loan

Underlying

Bond

Certificate

Issuer

Trust

I,

(continued)

2019-52,

PT,

144A,

FRN,

16.397%,

1/15/45

................

United

States

197,324

$

192,891

2019-S3,

PT,

144A,

FRN,

12.103%,

6/15/44

................

United

States

37,524

36,080

2019-S4,

PT,

144A,

FRN,

10.38%,

8/15/44

.................

United

States

137,249

133,284

2019-S5,

PT,

144A,

FRN,

12.282%,

9/15/44

................

United

States

142,950

138,637

2019-S6,

PT,

144A,

FRN,

10.603%,

10/17/44

...............

United

States

140,409

134,445

2019-S7,

PT,

144A,

FRN,

10.235%,

12/15/44

...............

United

States

119,739

115,362

2019-S8,

PT,

144A,

FRN,

9.669%,

1/15/45

.................

United

States

147,732

142,042

2020-2,

PT,

144A,

FRN,

15.478%,

3/15/45

.................

United

States

183,080

177,947

2020-7,

PT,

144A,

FRN,

15.445%,

4/17/45

.................

United

States

104,187

100,057

g,k

Prosper

Pass-Thru

Trust

III

,

2020-PT1,

A,

144A,

FRN,

8.796%,

3/15/26

.................

United

States

110,269

111,502

2020-PT2,

A,

144A,

FRN,

9.444%,

4/15/26

.................

United

States

130,488

127,964

2020-PT3,

A,

144A,

FRN,

7.183%,

5/15/26

.................

United

States

23,204

22,627

g,k

Upgrade

Master

Pass-Thru

Trust

,

2019-PT2

,

A

,

144A,

FRN

,

16.678

%

,

2/15/26

.

...................................

United

States

123,927

125,416

2,454,950

a

a

a

a

a

a

Total

Asset-Backed

Securities

(Cost

$2,447,399)

................................

2,454,950

Shares

a

Escrows

and

Litigation

Trusts

0.0%

†

a

Chesapeake

Energy

Corp.,

Escrow

Account

.................

United

States

1,500,000

33,600

Total

Escrows

and

Litigation

Trusts

(Cost

$48,985)

..............................

33,600

Total

Long

Term

Investments

(Cost

$217,705,394)

...............................

265,000,744

a

Short

Term

Investments

3.7%

a

a

Country

Shares

a

Value

a

a

a

Money

Market

Funds

3.7%

l,m

Institutional

Fiduciary

Trust

-

Money

Market

Portfolio,

0.437%

....

United

States

7,791,674‌

7,791,674

Total

Money

Market

Funds

(Cost

$7,791,674)

...................................

7,791,674

Franklin

Universal

Trust

Schedule

of

Investments

(unaudited)

See

Notes

to

Schedule

of

Investments.

Quarterly

Schedule

of

Investments

13

See

Abbreviations

on

page

46

.

Short

Term

Investments

(continued)

a

a

Country

Principal

Amount

*

a

Value

a

a

a

a

a

a

Investments

from

Cash

Collateral

Received

for

Loaned

Securities

0.0%

†

Repurchase

Agreements

0.0%

†

n

Joint

Repurchase

Agreement,

BNP

Paribas

SA,

0.77%,

6/01/22

(Maturity

Value

$148)

Collateralized

by

U.S.

Treasury

Bond,

Index

Linked,

2%,

1/15/26;

U.S.

Treasury

Notes,

0.625%

-

2.5%,

1/31/24

-

3/31/27;

and

U.S.

Treasury

Notes,

Index

Linked,

0.125%,

4/15/25

-

10/15/25

(valued

at

$151)

...........................................

148‌

$

148

Total

Investments

from

Cash

Collateral

Received

for

Loaned

Securities

(Cost

$148)

.................................................................

148

Total

Short

Term

Investments

(Cost

$7,791,822

)

.................................

7,791,822

a

Total

Investments

(Cost

$225,497,216)

128.0%

..................................

$272,792,566

Notes

Payable

(30.5)%

.......................................................

(64,968,238)

Other

Assets,

less

Liabilities

2.5%

.............................................

5,450,378

Net

Assets

100.0%

...........................................................

$213,274,706

*

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,

2022.

c

Fair

valued

using

significant

unobservable

inputs.

See

Note

5

regarding

fair

value

measurements.

d

See

Note

3

regarding

restricted

securities.

e

Income

may

be

received

in

additional

securities

and/or

cash.

f

Perpetual

security

with

no

stated

maturity

date.

g

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,

2022,

the

aggregate

value

of

these

securities

was

$116,852,939,

representing

54.8%

of

net

assets.

h

Defaulted

security

or

security

for

which

income

has

been

deemed

uncollectible.

i

The

coupon

rate

shown

represents

the

rate

inclusive

of

any

caps

or

floors,

if

applicable,

in

effect

at

period

end.

j

See

full

breakdown

of

marketplace

loans

holdings

in

the

table

at

the

end

of

this

schedule.

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

4

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,

2022,

all

repurchase

agreements

had

been

entered

into

on

that

date.

Franklin

Universal

Trust

Schedule

of

Investments

(unaudited)

Quarterly

Schedule

of

Investments

See

Notes

to

Schedule

of

Investments.

14

At

May

31,

2022,

the

Fund

had

the

following

marketplace

loans

outstanding.

Description

Principal

Amount

Value

Marketplace

Loans

-

10.8%

Freedom

Financial

Asset

Management

LLC

APP-10084065.FP.FTS.B,

15.49%,

8/01/23

$

4,914‌

$

4,948‌

APP-10095990.FP.FTS.B,

5.99%,

8/05/23

.

5,818‌

5,876‌

APP-10236665.FP.FTS.B,

5.99%,

10/04/23

5,760‌

5,819‌

APP-10852298.FP.FTS.B,

5.99%,

10/05/23

7,183‌

7,261‌

APP-10840576.FP.FTS.B,

5.99%,

10/15/23

7,200‌

7,286‌

APP-10847318.FP.FTS.B,

5.99%,

10/15/23

7,753‌

7,846‌

APP-11111300.FP.FTS.B,

5.99%,

11/02/23

7,604‌

7,689‌

APP-10550866.FP.FTS.B,

5.99%,

11/05/23

6,871‌

6,953‌

APP-09915050.FP.FTS.B,

5.99%,

11/20/23

6,462‌

6,545‌

APP-10762832.FP.FTS.B,

15.49%,

11/26/23

6,849‌

6,948‌

APP-11022068.FP.FTS.B,

5.99%,

12/06/23

8,893‌

9,003‌

APP-11105363.FP.FTS.B,

23.99%,

12/06/23

11,303‌

11,333‌

APP-11113828.FP.FTS.B,

15.49%,

12/15/23

4,779‌

4,832‌

APP-11037585.FP.FTS.B,

5.99%,

12/19/23

8,289‌

8,408‌

APP-10824538.FP.FTS.B,

5.99%,

12/20/23

7,638‌

7,742‌

APP-11022377.FP.FTS.B,

5.99%,

12/20/23

9,160‌

9,293‌

APP-12381966.FP.FTS.B,

20.49%,

1/20/24

11,212‌

11,263‌

APP-11834925.FP.FTS.B,

5.99%,

2/11/24

.

9,162‌

9,311‌

APP-11634713.FP.FTS.B,

5.99%,

2/13/24

.

10,114‌

10,266‌

APP-11595250.FP.FTS.B,

5.99%,

2/18/24

.

7,869‌

7,989‌

APP-12399683.FP.FTS.B,

22.49%,

3/20/24

9,049‌

9,166‌

APP-13323334.FP.FTS.B,

5.99%,

5/14/24

.

7,321‌

7,453‌

APP-13489698.FP.FTS.B,

5.99%,

5/15/24

.

9,622‌

9,797‌

APP-13476049.FP.FTS.B,

21.49%,

5/17/24

12,336‌

12,534‌

APP-13485474.FP.FTS.B,

15.99%,

5/18/24

7,670‌

7,831‌

APP-13471580.FP.FTS.B,

5.99%,

5/19/24

.

8,396‌

8,547‌

APP-10084299.FP.FTS.B,

16.49%,

8/11/24

10,789‌

6,182‌

APP-10541747.FP.FTS.B,

16.99%,

9/05/24

9,514‌

9,544‌

APP-10142701.FP.FTS.B,

15.49%,

9/21/24

26,254‌

26,391‌

APP-10084298.FP.FTS.B,

12.74%,

9/26/24

13,584‌

13,738‌

APP-10836612.FP.FTS.B,

21.49%,

10/15/24

..........................

8,377‌

8,325‌

APP-10849903.FP.FTS.B,

11.24%,

10/16/24

23,407‌

23,658‌

APP-10570664.FP.FTS.B,

23.99%,

10/16/24

..........................

8,550‌

8,463‌

APP-10584167.FP.FTS.B,

16.99%,

10/28/24

..........................

6,384‌

6,466‌

APP-11139281.FP.FTS.B,

8.49%,

11/01/24

11,865‌

11,984‌

APP-10580345.FP.FTS.B,

12.49%,

11/01/24

24,272‌

24,479‌

APP-11106155.FP.FTS.B,

12.74%,

11/01/24

18,032‌

18,195‌

APP-10482137.FP.FTS.B,

16.99%,

11/01/24

6,443‌

6,504‌

APP-11103175.FP.FTS.B,

17.99%,

11/05/24

21,065‌

20,912‌

APP-10762580.FP.FTS.B,

11.24%,

11/18/24

24,521‌

24,798‌

APP-10482415.FP.FTS.B,

12.24%,

11/25/24

10,632‌

10,777‌

APP-10842304.FP.FTS.B,

18.99%,

11/29/24

11,089‌

11,093‌

APP-10762540.FP.FTS.B,

14.49%,

11/30/24

16,729‌

16,888‌

APP-10825429.FP.FTS.B,

16.99%,

11/30/24

10,000‌

10,200‌

APP-10844126.FP.FTS.B,

23.99%,

11/30/24

13,845‌

13,834‌

APP-11021958.FP.FTS.B,

12.24%,

12/10/24

11,643‌

11,785‌

APP-11021643.FP.FTS.B,

10.49%,

12/14/24

14,930‌

15,143‌

APP-11695329.FP.FTS.B,

15.99%,

12/15/24

19,461‌

19,521‌

APP-11693890.FP.FTS.B,

13.24%,

12/17/24

43,981‌

44,339‌

APP-11102104.FP.FTS.B,

23.99%,

12/18/24

13,307‌

13,233‌

APP-11007940.FP.FTS.B,

10.49%,

12/19/24

11,991‌

12,187‌

APP-10839343.FP.FTS.B,

13.99%,

12/19/24

..........................

8,013‌

8,143‌

Description

Principal

Amount

Value

Freedom

Financial

Asset

Management

LLC

(continued)

APP-11718442.FP.FTS.B,

19.99%,

12/22/24

$

38,506‌

$

38,522‌

APP-11799520.FP.FTS.B,

16.99%,

12/25/24

10,162‌

10,261‌

APP-11859716.FP.FTS.B,

12.49%,

1/01/25

32,183‌

32,440‌

APP-11872522.FP.FTS.B,

9.49%,

1/04/25

.

36,078‌

36,539‌

APP-11681583.FP.FTS.B,

16.99%,

1/30/25

9,633‌

9,783‌

APP-12413621.FP.FTS.B,

15.49%,

2/01/25

21,501‌

21,434‌

APP-12420264.FP.FTS.B,

15.99%,

2/01/25

22,465‌

22,485‌

APP-11766706.FP.FTS.B,

23.99%,

2/02/25

7,870‌

7,799‌

APP-11738038.FP.FTS.B,

21.99%,

2/04/25

17,378‌

17,211‌

APP-11799331.FP.FTS.B,

8.99%,

2/06/25

.

28,454‌

28,839‌

APP-11694349.FP.FTS.B,

14.24%,

2/07/25

30,094‌

30,307‌

APP-11862313.FP.FTS.B,

16.49%,

2/11/25

10,382‌

10,429‌

APP-11730867.FP.FTS.B,

25.49%,

2/14/25

9,596‌

9,594‌

APP-11869808.FP.FTS.B,

21.99%,

2/15/25

16,453‌

16,399‌

APP-12409067.FP.FTS.B,

13.74%,

3/08/25

34,986‌

35,385‌

APP-12399135.FP.FTS.B,

23.99%,

3/08/25

15,177‌

9,839‌

APP-12394118.FP.FTS.B,

17.74%,

3/10/25

19,155‌

12,052‌

APP-12410877.FP.FTS.B,

13.74%,

3/15/25

30,075‌

30,466‌

APP-12370660.FP.FTS.B,

15.49%,

3/15/25

14,063‌

14,273‌

APP-12299545.FP.FTS.B,

14.99%,

3/21/25

18,622‌

18,763‌

APP-12397103.FP.FTS.B,

25.49%,

3/21/25

7,798‌

7,831‌

APP-13502295.FP.FTS.B,

14.49%,

5/13/25

29,038‌

29,558‌

APP-13323354.FP.FTS.B,

10.09%,

5/18/25

16,652‌

16,981‌

APP-13531221.FP.FTS.B,

25.49%,

5/19/25

10,898‌

11,043‌

APP-13407126.FP.FTS.B,

25.49%,

5/20/25

9,618‌

9,823‌

APP-10111431.FP.FTS.B,

10.99%,

9/15/25

17,764‌

18,018‌

APP-10140977.FP.FTS.B,

24.99%,

9/15/25

8,814‌

8,828‌

APP-10569988.FP.FTS.B,

19.49%,

9/21/25

9,306‌

1,866‌

APP-10091198.FP.FTS.B,

15.49%,

9/24/25

18,245‌

18,545‌

APP-10083835.FP.FTS.B,

10.99%,

9/25/25

12,462‌

12,675‌

APP-10411637.FP.FTS.B,

11.74%,

10/05/25

22,726‌

22,925‌

APP-10850461.FP.FTS.B,

20.99%,

10/10/25

..........................

8,951‌

8,963‌

APP-11022514.FP.FTS.B,

18.49%,

10/21/25

14,405‌

14,502‌

APP-10582948.FP.FTS.B,

10.99%,

10/22/25

..........................

21,024‌

21,337‌

APP-10578403.FP.FTS.B,

15.99%,

10/30/25

..........................

17,558‌

17,794‌

APP-10561192.FP.FTS.B,

8.99%,

11/03/25

15,203‌

15,425‌

APP-10590842.FP.FTS.B,

19.49%,

11/18/25

13,711‌

13,758‌

APP-09208158.FP.FTS.B,

13.99%,

11/19/25

35,050‌

35,511‌

APP-10847056.FP.FTS.B,

11.49%,

11/22/25

29,428‌

29,888‌

APP-10841976.FP.FTS.B,

10.99%,

11/28/25

16,557‌

16,822‌

APP-10868780.FP.FTS.B,

14.49%,

12/02/25

..........................

27,297‌

27,487‌

APP-11025662.FP.FTS.B,

18.99%,

12/06/25

22,799‌

22,788‌

APP-11116538.FP.FTS.B,

8.99%,

12/10/25

13,217‌

13,415‌

APP-11105408.FP.FTS.B,

10.99%,

12/14/25

10,800‌

10,976‌

APP-11843242.FP.FTS.B,

12.24%,

12/15/25

18,115‌

18,295‌

APP-11097002.FP.FTS.B,

17.99%,

12/15/25

43,097‌

43,577‌

APP-11022500.FP.FTS.B,

17.99%,

12/16/25

11,273‌

11,387‌

APP-11579320.FP.FTS.B,

16.99%,

12/20/25

19,067‌

19,167‌

APP-11749302.FP.FTS.B,

16.24%,

12/23/25

33,383‌

33,541‌

APP-11648292.FP.FTS.B,

11.24%,

12/29/25

18,268‌

18,539‌

APP-11799657.FP.FTS.B,

12.24%,

1/04/26

20,136‌

20,411‌

APP-11798391.FP.FTS.B,

18.49%,

1/04/26

9,477‌

9,542‌

Franklin

Universal

Trust

Schedule

of

Investments

(unaudited)

See

Notes

to

Schedule

of

Investments.

Quarterly

Schedule

of

Investments

15

Description

Principal

Amount

Value

Marketplace

Loans

(continued)

Freedom

Financial

Asset

Management

LLC

(continued)

APP-11733010.FP.FTS.B,

15.74%,

1/28/26

$

33,030‌

$

33,441‌

APP-12378685.FP.FTS.B,

15.99%,

2/01/26

13,345‌

13,477‌

APP-11708353.FP.FTS.B,

18.49%,

2/01/26

18,696‌

18,820‌

APP-11757188.FP.FTS.B,

18.24%,

2/02/26

37,814‌

37,976‌

APP-11799488.FP.FTS.B,

16.99%,

2/05/26

17,785‌

17,910‌

APP-11757063.FP.FTS.B,

17.99%,

2/05/26

18,931‌

19,040‌

APP-11763164.FP.FTS.B,

14.49%,

2/07/26

16,222‌

16,484‌

APP-11869017.FP.FTS.B,

7.99%,

2/15/26

.

20,902‌

21,255‌

APP-12281543.FP.FTS.B,

16.74%,

3/08/26

34,395‌

34,635‌

APP-12246304.FP.FTS.B,

18.24%,

3/08/26

31,254‌

31,401‌

APP-12401540.FP.FTS.B,

18.24%,

3/08/26

30,586‌

30,644‌

APP-12397373.FP.FTS.B,

15.99%,

3/15/26

13,397‌

13,616‌

APP-12338754.FP.FTS.B,

20.49%,

3/15/26

11,225‌

11,304‌

APP-12032813.FP.FTS.B,

17.99%,

3/17/26

12,372‌

12,523‌

APP-12419810.FP.FTS.B,

15.74%,

3/20/26

36,153‌

36,678‌

APP-12270812.FP.FTS.B,

16.99%,

3/22/26

11,932‌

12,120‌

APP-12421465.FP.FTS.B,

17.99%,

3/23/26

19,273‌

19,532‌

APP-13524997.FP.FTS.B,

10.59%,

3/25/26

15,409‌

15,647‌

APP-13511680.FP.FTS.B,

12.84%,

5/05/26

14,757‌

14,990‌

APP-13256383.FP.FTS.B,

7.99%,

5/18/26

.

37,785‌

38,528‌

APP-13477482.FP.FTS.B,

10.34%,

5/18/26

39,466‌

40,273‌

APP-13527002.FP.FTS.B,

15.59%,

5/19/26

9,907‌

10,127‌

APP-10130115.FP.FTS.B,

20.49%,

8/01/26

23,288‌

22,994‌

APP-10133595.FP.FTS.B,

11.99%,

8/11/26

17,694‌

17,914‌

APP-10146342.FP.FTS.B,

14.74%,

8/12/26

29,890‌

30,233‌

APP-10140897.FP.FTS.B,

16.99%,

8/12/26

18,856‌

19,037‌

APP-10561274.FP.FTS.B,

14.99%,

9/15/26

25,507‌

25,718‌

APP-10145280.FP.FTS.B,

16.99%,

9/15/26

22,211‌

22,446‌

APP-10145662.FP.FTS.B,

18.99%,

9/17/26

19,925‌

19,958‌

APP-10460831.FP.FTS.B,

21.99%,

9/19/26

6,935‌

6,926‌

APP-10572421.FP.FTS.B,

10.49%,

9/20/26

31,118‌

31,534‌

APP-10091214.FP.FTS.B,

17.49%,

9/22/26

17,083‌

3,472‌

APP-10112171.FP.FTS.B,

22.49%,

9/24/26

8,983‌

8,988‌

APP-10128827.FP.FTS.B,

25.49%,

9/24/26

9,272‌

9,268‌

APP-10112510.FP.FTS.B,

16.49%,

9/25/26

11,409‌

11,580‌

APP-10061673.FP.FTS.B,

18.49%,

9/25/26

22,587‌

22,589‌

APP-10145175.FP.FTS.B,

14.49%,

9/26/26

8,419‌

8,568‌

APP-10850556.FP.FTS.B,

11.99%,

10/01/26

19,007‌

19,161‌

APP-09931612.FP.FTS.B,

14.24%,

10/03/26

..........................

14,440‌

14,535‌

APP-10838239.FP.FTS.B,

12.49%,

10/12/26

..........................

29,310‌

29,647‌

APP-10838238.FP.FTS.B,

11.99%,

10/15/26

3,054‌

3,058‌

APP-10835593.FP.FTS.B,

19.49%,

10/15/26

..........................

11,094‌

11,065‌

APP-10840600.FP.FTS.B,

19.49%,

10/15/26

..........................

12,681‌

12,649‌

APP-10846417.FP.FTS.B,

22.99%,

10/15/26

..........................

16,989‌

16,861‌

APP-10770219.FP.FTS.B,

25.49%,

10/15/26

..........................

9,312‌

9,221‌

APP-10845328.FP.FTS.B,

11.99%,

10/16/26

22,767‌

23,059‌

APP-10704368.FP.FTS.B,

14.99%,

10/16/26

..........................

17,575‌

17,747‌

APP-10745909.FP.FTS.B,

17.99%,

10/16/26

..........................

46,119‌

46,558‌

APP-10829192.FP.FTS.B,

18.99%,

10/16/26

..........................

22,643‌

22,650‌

Description

Principal

Amount

Value

Freedom

Financial

Asset

Management

LLC

(continued)

APP-10852939.FP.FTS.B,

16.49%,

10/17/26

..........................

$

8,202‌

$

8,300‌

APP-10568088.FP.FTS.B,

18.99%,

10/20/26

..........................

45,662‌

45,826‌

APP-10573356.FP.FTS.B,

16.49%,

10/21/26

..........................

11,810‌

11,840‌

APP-10581131.FP.FTS.B,

22.49%,

10/22/26

9,217‌

9,195‌

APP-10575367.FP.FTS.B,

20.99%,

10/25/26

..........................

35,023‌

35,094‌

APP-10129146.FP.FTS.B,

23.49%,

10/25/26

..........................

21,223‌

21,195‌

APP-10575636.FP.FTS.B,

18.49%,

10/30/26

..........................

11,049‌

11,123‌

APP-10489452.FP.FTS.B,

14.24%,

11/01/26

13,456‌

13,613‌

APP-10355079.FP.FTS.B,

18.49%,

11/01/26

37,202‌

37,179‌

APP-10916894.FP.FTS.B,

20.49%,

11/01/26

17,972‌

17,765‌

APP-10384953.FP.FTS.B,

19.99%,

11/02/26

15,034‌

14,940‌

APP-10224478.FP.FTS.B,

20.49%,

11/02/26

24,245‌

24,296‌

APP-11119432.FP.FTS.B,

11.99%,

11/03/26

20,334‌

20,576‌

APP-10491072.FP.FTS.B,

13.24%,

11/04/26

45,952‌

46,637‌

APP-10577758.FP.FTS.B,

17.49%,

11/04/26

11,635‌

11,644‌

APP-11187454.FP.FTS.B,

22.49%,

11/10/26

9,402‌

9,335‌

APP-10848002.FP.FTS.B,

17.99%,

11/19/26

23,019‌

23,130‌

APP-10859032.FP.FTS.B,

9.99%,

11/21/26

14,300‌

14,504‌

APP-10842381.FP.FTS.B,

12.49%,

11/21/26

32,456‌

32,925‌

APP-10830375.FP.FTS.B,

19.99%,

11/21/26

14,586‌

14,550‌

APP-10845176.FP.FTS.B,

17.49%,

11/25/26

14,067‌

14,174‌

APP-10692450.FP.FTS.B,

17.49%,

11/29/26

24,932‌

25,100‌

APP-10849788.FP.FTS.B,

17.49%,

11/29/26

11,139‌

11,236‌

APP-10671079.FP.FTS.B,

11.99%,

11/30/26

26,873‌

27,345‌

APP-10848317.FP.FTS.B,

12.24%,

11/30/26

17,654‌

17,948‌

APP-10670975.FP.FTS.B,

21.49%,

11/30/26

14,867‌

14,883‌

APP-10860337.FP.FTS.B,

22.99%,

11/30/26

14,867‌

14,885‌

APP-10682032.FP.FTS.B,

11.99%,

12/01/26

12,620‌

12,805‌

APP-11107180.FP.FTS.B,

14.24%,

12/06/26

22,599‌

22,852‌

APP-11122151.FP.FTS.B,

16.49%,

12/06/26

14,129‌

14,270‌

APP-11094577.FP.FTS.B,

19.49%,

12/08/26

11,347‌

11,391‌

APP-11119689.FP.FTS.B,

19.99%,

12/10/26

47,033‌

47,079‌

APP-11008022.FP.FTS.B,

11.99%,

12/13/26

13,394‌

13,598‌

APP-11123280.FP.FTS.B,

12.49%,

12/14/26

31,563‌

32,055‌

APP-11123090.FP.FTS.B,

14.24%,

12/15/26

21,705‌

22,031‌

APP-10314454.FP.FTS.B,

15.99%,

12/15/26

..........................

10,781‌

10,926‌

APP-11021456.FP.FTS.B,

20.99%,

12/15/26

34,525‌

34,385‌

APP-11112014.FP.FTS.B,

17.99%,

12/16/26

47,017‌

47,202‌

APP-10839250.FP.FTS.B,

17.49%,

12/17/26

..........................

13,355‌

13,441‌

APP-11115075.FP.FTS.B,

17.99%,

12/17/26

17,915‌

1,906‌

APP-11680428.FP.FTS.B,

17.99%,

12/17/26

10,307‌

10,361‌

APP-11084610.FP.FTS.B,

19.99%,

12/18/26

13,115‌

13,071‌

APP-11121084.FP.FTS.B,

17.49%,

12/19/26

17,406‌

17,535‌

APP-11116084.FP.FTS.B,

19.49%,

12/19/26

38,599‌

38,967‌

APP-11007668.FP.FTS.B,

19.99%,

12/19/26

17,028‌

17,087‌

APP-11091099.FP.FTS.B,

9.99%,

12/20/26

29,190‌

29,677‌

APP-11111264.FP.FTS.B,

16.49%,

12/20/26

11,271‌

11,450‌

APP-11766944.FP.FTS.B,

19.99%,

12/20/26

17,033‌

17,064‌

APP-11036570.FP.FTS.B,

22.99%,

12/20/26

14,771‌

14,750‌

APP-11874582.FP.FTS.B,

17.49%,

12/23/26

20,710‌

20,808‌

Franklin

Universal

Trust

Schedule

of

Investments

(unaudited)

Quarterly

Schedule

of

Investments

See

Notes

to

Schedule

of

Investments.

16

Description

Principal

Amount

Value

Marketplace

Loans

(continued)

Freedom

Financial

Asset

Management

LLC

(continued)

APP-11751323.FP.FTS.B,

17.99%,

12/23/26

$

13,243‌

$

13,293‌

APP-11752200.FP.FTS.B,

21.49%,

12/23/26

17,737‌

17,736‌

APP-11767307.FP.FTS.B,

14.49%,

12/24/26

26,003‌

26,232‌

APP-11461595.FP.FTS.B,

17.99%,

12/24/26

12,725‌

12,747‌

APP-11762193.FP.FTS.B,

18.49%,

12/24/26

17,498‌

17,532‌

APP-11759070.FP.FTS.B,

24.99%,

12/24/26

43,924‌

43,903‌

APP-11677084.FP.FTS.B,

15.49%,

12/26/26

42,227‌

42,726‌

APP-11798581.FP.FTS.B,

16.99%,

12/28/26

18,076‌

18,289‌

APP-11799609.FP.FTS.B,

10.99%,

1/01/27

30,494‌

30,866‌

APP-11844341.FP.FTS.B,

16.74%,

1/01/27

31,397‌

31,383‌

APP-11843108.FP.FTS.B,

16.99%,

1/03/27

24,846‌

24,830‌

APP-11870826.FP.FTS.B,

19.99%,

1/04/27

10,824‌

10,778‌

APP-11758670.FP.FTS.B,

16.74%,

2/01/27

47,955‌

48,542‌

APP-11764558.FP.FTS.B,

17.99%,

2/01/27

19,214‌

19,187‌

APP-11744634.FP.FTS.B,

19.99%,

2/01/27

16,416‌

16,401‌

APP-12399764.FP.FTS.B,

25.49%,

2/01/27

7,552‌

7,464‌

APP-11824892.FP.FTS.B,

16.99%,

2/03/27

16,244‌

16,388‌

APP-11765220.FP.FTS.B,

11.99%,

2/04/27

47,672‌

48,364‌

APP-12235238.FP.FTS.B,

19.99%,

2/04/27

14,223‌

14,173‌

APP-12396355.FP.FTS.B,

19.99%,

2/04/27

22,242‌

22,117‌

APP-11724933.FP.FTS.B,

14.24%,

2/05/27

13,880‌

14,094‌

APP-11702245.FP.FTS.B,

17.49%,

2/05/27

33,673‌

33,786‌

APP-11698240.FP.FTS.B,

18.99%,

2/05/27

21,214‌

21,292‌

APP-12419304.FP.FTS.B,

19.99%,

2/05/27

7,257‌

7,259‌

APP-11674918.FP.FTS.B,

20.49%,

2/05/27

24,159‌

24,191‌

APP-11764720.FP.FTS.B,

21.99%,

2/05/27

9,733‌

9,776‌

APP-11442714.FP.FTS.B,

12.49%,

2/06/27

35,655‌

36,250‌

APP-12397051.FP.FTS.B,

17.49%,

2/06/27

11,596‌

11,631‌

APP-11696610.FP.FTS.B,

14.24%,

2/07/27

23,952‌

24,340‌

APP-11743079.FP.FTS.B,

16.24%,

2/07/27

38,448‌

38,600‌

APP-11757936.FP.FTS.B,

19.99%,

2/07/27

9,088‌

9,135‌

APP-11763967.FP.FTS.B,

19.99%,

2/07/27

14,502‌

14,536‌

APP-11837813.FP.FTS.B,

20.99%,

2/10/27

11,568‌

11,523‌

APP-11792416.FP.FTS.B,

16.49%,

2/11/27

24,482‌

24,571‌

APP-11838245.FP.FTS.B,

19.99%,

2/11/27

9,634‌

9,671‌

APP-11801863.FP.FTS.B,

8.99%,

2/12/27

.

32,509‌

32,986‌

APP-11798652.FP.FTS.B,

11.74%,

2/14/27

47,653‌

48,441‌

APP-11843528.FP.FTS.B,

19.99%,

2/14/27

9,650‌

9,704‌

APP-11804301.FP.FTS.B,

22.49%,

2/14/27

9,975‌

9,979‌

APP-11864146.FP.FTS.B,

11.24%,

2/15/27

17,114‌

17,403‌

APP-11872928.FP.FTS.B,

11.24%,

2/15/27

15,322‌

15,582‌

APP-11845152.FP.FTS.B,

11.74%,

2/15/27

40,942‌

41,631‌

APP-11801830.FP.FTS.B,

16.49%,

2/15/27

19,213‌

19,499‌

APP-11836574.FP.FTS.B,

16.99%,

2/16/27

19,352‌

19,457‌

APP-11842708.FP.FTS.B,

23.49%,

2/16/27

9,711‌

9,726‌

APP-11874547.FP.FTS.B,

19.49%,

2/18/27

12,635‌

12,714‌

APP-11763914.FP.FTS.B,

23.24%,

2/18/27

22,342‌

22,381‌

APP-12304720.FP.FTS.B,

18.74%,

3/06/27

48,363‌

48,412‌

APP-12106158.FP.FTS.B,

11.24%,

3/07/27

16,768‌

17,000‌

APP-12414983.FP.FTS.B,

19.74%,

3/08/27

29,073‌

28,979‌

APP-12404066.FP.FTS.B,

22.49%,

3/08/27

33,507‌

33,338‌

APP-12408150.FP.FTS.B,

19.99%,

3/10/27

10,323‌

5,940‌

APP-12407302.FP.FTS.B,

18.99%,

3/15/27

10,501‌

10,599‌

APP-12272662.FP.FTS.B,

16.49%,

3/17/27

19,413‌

19,578‌

APP-11863466.FP.FTS.B,

25.49%,

3/17/27

9,738‌

9,755‌

APP-12385340.FP.FTS.B,

25.49%,

3/17/27

8,721‌

8,758‌

APP-12334114.FP.FTS.B,

8.99%,

3/18/27

.

34,424‌

35,017‌

APP-12375682.FP.FTS.B,

22.99%,

3/18/27

15,308‌

15,364‌

Description

Principal

Amount

Value

Freedom

Financial

Asset

Management

LLC

(continued)

APP-12399677.FP.FTS.B,

19.24%,

3/20/27

$

19,505‌

$

19,602‌

APP-12341500.FP.FTS.B,

20.49%,

3/20/27

16,213‌

16,318‌

APP-12396943.FP.FTS.B,

13.49%,

3/21/27

16,726‌

17,052‌

APP-12270734.FP.FTS.B,

16.99%,

3/21/27

18,049‌

18,372‌

APP-10314654.FP.FTS.B,

19.74%,

3/21/27

31,823‌

32,123‌

APP-12415697.FP.FTS.B,

17.99%,

3/22/27

4,067‌

4,075‌

APP-12381900.FP.FTS.B,

18.49%,

3/22/27

20,484‌

20,719‌

APP-13531026.FP.FTS.B,

11.59%,

3/28/27

24,315‌

24,694‌

APP-13513406.FP.FTS.B,

14.34%,

4/01/27

49,338‌

49,994‌

APP-13456975.FP.FTS.B,

14.74%,

4/03/27

49,383‌

50,018‌

APP-12164396.FP.FTS.B,

22.99%,

4/22/27

18,144‌

18,259‌

APP-13478834.FP.FTS.B,

16.99%,

5/03/27

20,258‌

20,387‌

APP-13508795.FP.FTS.B,

9.59%,

5/05/27

.

17,762‌

18,042‌

APP-13047632.FP.FTS.B,

11.49%,

5/05/27

14,443‌

14,650‌

APP-13485036.FP.FTS.B,

13.34%,

5/06/27

13,036‌

13,248‌

APP-13502063.FP.FTS.B,

14.99%,

5/06/27

22,288‌

22,632‌

APP-13515740.FP.FTS.B,

17.74%,

5/06/27

36,463‌

36,890‌

APP-08710316.FP.FTS.B,

10.99%,

5/13/27

34,424‌

35,075‌

APP-13498310.FP.FTS.B,

17.99%,

5/13/27

11,920‌

12,103‌

APP-13498730.FP.FTS.B,

11.34%,

5/15/27

19,810‌

20,199‌

APP-13533233.FP.FTS.B,

14.09%,

5/15/27

26,106‌

26,621‌

APP-13329158.FP.FTS.B,

17.99%,

5/15/27

18,068‌

18,256‌

APP-13453359.FP.FTS.B,

18.24%,

5/15/27

29,834‌

30,296‌

APP-13410410.FP.FTS.B,

19.99%,

5/15/27

10,477‌

10,644‌

APP-13500946.FP.FTS.B,

23.99%,

5/15/27

14,963‌

15,158‌

APP-13486869.FP.FTS.B,

11.34%,

5/16/27

32,088‌

32,700‌

APP-13531289.FP.FTS.B,

14.09%,

5/16/27

29,378‌

29,970‌

APP-13453820.FP.FTS.B,

16.24%,

5/16/27

39,752‌

40,543‌

APP-13512105.FP.FTS.B,

19.49%,

5/16/27

25,888‌

26,312‌

APP-13473219.FP.FTS.B,

22.49%,

5/16/27

14,705‌

14,909‌

APP-13479562.FP.FTS.B,

18.49%,

5/17/27

15,929‌

16,151‌

APP-13506828.FP.FTS.B,

16.74%,

5/18/27

33,830‌

34,540‌

APP-13227905.FP.FTS.B,

21.99%,

5/18/27

9,983‌

10,155‌

APP-13517315.FP.FTS.B,

12.09%,

5/19/27

49,614‌

50,664‌

APP-13507352.FP.FTS.B,

20.49%,

5/19/27

9,979‌

10,163‌

APP-13531806.FP.FTS.B,

16.99%,

5/20/27

19,922‌

20,361‌

APP-13485355.FP.FTS.B,

17.24%,

5/20/27

35,564‌

36,227‌

APP-13485605.FP.FTS.B,

18.99%,

5/20/27

13,616‌

13,917‌

APP-13518313.FP.FTS.B,

18.99%,

5/20/27

16,957‌

17,225‌

APP-13532929.FP.FTS.B,

19.99%,

5/20/27

19,810‌

20,150‌

APP-13302186.FP.FTS.B,

20.49%,

5/20/27

14,204‌

14,458‌

5,834,286‌

LendingClub

Corp.

154417950.LC.FTS.B,

14.3%,

7/01/22

...

674‌

674‌

154621459.LC.FTS.B,

14.3%,

7/03/22

...

128‌

129‌

154762010.LC.FTS.B,

11.71%,

7/17/22

...

392‌

391‌

154022189.LC.FTS.B,

17.74%,

7/17/22

...

821‌

816‌

156473775.LC.FTS.B,

11.71%,

8/06/22

...

1,056‌

1,053‌

156613324.LC.FTS.B,

13.08%,

8/07/22

...

850‌

847‌

157802793.LC.FTS.B,

20.55%,

8/28/22

...

840‌

850‌

158121595.LC.FTS.B,

17.74%,

9/04/22

...

4,862‌

4,843‌

158839038.LC.FTS.B,

16.12%,

9/16/22

...

954‌

944‌

158584585.LC.FTS.B,

16.95%,

9/24/22

...

547‌

540‌

159209497.LC.FTS.B,

18.62%,

9/25/22

...

1,403‌

1,419‌

159503700.LC.FTS.B,

14.3%,

9/30/22

...

366‌

362‌

158674158.LC.FTS.B,

16.95%,

9/30/22

...

2,636‌

2,613‌

159444276.LC.FTS.B,

11.71%,

10/07/22

..

6,426‌

6,382‌

Franklin

Universal

Trust

Schedule

of

Investments

(unaudited)

See

Notes

to

Schedule

of

Investments.

Quarterly

Schedule

of

Investments

17

Description

Principal

Amount

Value

Marketplace

Loans

(continued)

LendingClub

Corp.

(continued)

159851638.LC.FTS.B,

18.62%,

10/07/22

..

$

1,480‌

$

1,480‌

160328345.LC.FTS.B,

16.95%,

10/16/22

..

1,913‌

1,908‌

160507437.LC.FTS.B,

17.74%,

10/17/22

..

4,571‌

4,408‌

160698361.LC.FTS.B,

Zero

Cpn,

10/23/22

12,846‌

6,020‌

161121841.LC.FTS.B,

17.74%,

10/31/22

..

7,827‌

7,495‌

161307831.LC.FTS.B,

13.08%,

11/05/22

..

3,118‌

3,087‌

161435144.LC.FTS.B,

13.08%,

11/05/22

..

3,378‌

3,314‌

161330945.LC.FTS.B,

20.55%,

11/05/22

..

1,274‌

1,261‌

161393306.LC.FTS.B,

25.65%,

11/05/22

..

15,983‌

15,732‌

161597561.LC.FTS.B,

14.3%,

11/08/22

...

7,700‌

2,991‌

162300634.LC.FTS.B,

17.74%,

11/22/22

..

9,326‌

7,539‌

162691500.LC.FTS.B,

23.05%,

12/02/22

..

6,286‌

6,228‌

163426985.LC.FTS.B,

17.74%,

12/16/22

..

2,949‌

573‌

162121370.LC.FTS.B,

18.62%,

12/17/22

..

5,818‌

5,737‌

163082276.LC.FTS.B,

16.12%,

12/23/22

..

1,406‌

1,390‌

163789996.LC.FTS.B,

18.62%,

12/23/22

..

4,090‌

3,983‌

163724403.LC.FTS.B,

17.74%,

12/30/22

..

13,019‌

12,604‌

164288173.LC.FTS.B,

12.4%,

1/03/23

...

6,381‌

6,273‌

164260503.LC.FTS.B,

17.74%,

1/03/23

...

2,702‌

2,643‌

164271498.LC.FTS.B,

17.74%,

1/03/23

...

2,159‌

2,122‌

164493400.LC.FTS.B,

5%,

1/07/23

......

5,423‌

5,282‌

164374418.LC.FTS.B,

20.55%,

1/07/23

...

2,750‌

2,720‌

164230564.LC.FTS.B,

23.05%,

1/07/23

...

2,135‌

2,112‌

164840710.LC.FTS.B,

11.02%,

1/13/23

...

10,319‌

9,591‌

164752651.LC.FTS.B,

11.71%,

1/13/23

...

2,534‌

2,494‌

165275435.LC.FTS.B,

16.95%,

1/21/23

...

12,310‌

9,495‌

165274334.LC.FTS.B,

15.24%,

1/22/23

...

2,689‌

2,659‌

166461550.LC.FTS.B,

18.62%,

2/10/23

...

6,064‌

5,998‌

166725144.LC.FTS.B,

13.08%,

2/14/23

...

585‌

579‌

167040921.LC.FTS.B,

20.55%,

2/20/23

...

1,986‌

1,960‌

166940539.LC.FTS.B,

17.74%,

2/24/23

...

4,068‌

4,008‌

167401494.LC.FTS.B,

17.74%,

2/26/23

...

8,195‌

3,361‌

167535348.LC.FTS.B,

15.24%,

3/03/23

...

2,201‌

2,146‌

167712619.LC.FTS.B,

16.12%,

3/03/23

...

3,015‌

2,937‌

168136459.LC.FTS.B,

18.62%,

3/10/23

...

3,892‌

3,832‌

168163559.LC.FTS.B,

14.3%,

3/11/23

....

6,435‌

6,289‌

168167134.LC.FTS.B,

14.3%,

3/11/23

....

1,930‌

1,887‌

168118890.LC.FTS.B,

14.3%,

3/12/23

....

12,657‌

12,337‌

168278154.LC.FTS.B,

16.95%,

3/13/23

...

4,228‌

4,134‌

168533173.LC.FTS.B,

15.24%,

3/17/23

...

3,247‌

3,179‌

168554036.LC.FTS.B,

16.95%,

3/19/23

...

4,621‌

4,527‌

153397672.LC.FTS.B,

14.3%,

6/14/23

...

1,187‌

1,190‌

153745806.LC.FTS.B,

25%,

6/19/23

.....

1,454‌

1,437‌

153856171.LC.FTS.B,

14.3%,

6/20/23

...

854‌

857‌

153378839.LC.FTS.B,

20%,

6/26/23

.....

402‌

406‌

151259806.LC.FTS.B,

20%,

6/04/24

.....

12,844‌

4,878‌

153904028.LC.FTS.B,

17.74%,

6/21/24

...

9,332‌

8,943‌

153974620.LC.FTS.B,

14.3%,

6/24/24

...

12,092‌

11,649‌

154144733.LC.FTS.B,

12.4%,

6/26/24

...

10,240‌

9,851‌

154830437.LC.FTS.B,

16.95%,

7/08/24

...

6,763‌

6,046‌

154977601.LC.FTS.B,

16.95%,

7/10/24

...

10,274‌

9,786‌

154984164.LC.FTS.B,

12.4%,

7/11/24

....

13,540‌

12,994‌

155451456.LC.FTS.B,

11.02%,

7/17/24

...

16,229‌

15,607‌

155408143.LC.FTS.B,

16.95%,

7/22/24

...

13,709‌

13,157‌

155615542.LC.FTS.B,

14.3%,

7/23/24

...

8,163‌

7,753‌

155731933.LC.FTS.B,

15.24%,

7/23/24

...

16,403‌

15,680‌

155823205.LC.FTS.B,

14.3%,

7/24/24

...

9,226‌

8,769‌

154596020.LC.FTS.B,

16.12%,

7/24/24

...

21,134‌

20,256‌

Description

Principal

Amount

Value

LendingClub

Corp.

(continued)

155686835.LC.FTS.B,

16.95%,

7/31/24

...

$

7,334‌

$

6,937‌

156235700.LC.FTS.B,

17.74%,

8/06/24

...

7,823‌

7,456‌

156759369.LC.FTS.B,

12.4%,

8/09/24

...

12,636‌

12,096‌

156752978.LC.FTS.B,

14.3%,

8/09/24

...

20,988‌

19,984‌

156812488.LC.FTS.B,

14.3%,

8/12/24

...

5,717‌

5,459‌

158011325.LC.FTS.B,

14.3%,

9/03/24

....

9,876‌

9,283‌

157482871.LC.FTS.B,

14.3%,

9/04/24

...

12,083‌

1,416‌

158130288.LC.FTS.B,

14.3%,

9/04/24

...

8,046‌

7,648‌

159089545.LC.FTS.B,

16.95%,

9/23/24

...

6,850‌

6,540‌

159106791.LC.FTS.B,

17.74%,

9/23/24

...

8,446‌

8,063‌

159001219.LC.FTS.B,

12.4%,

9/26/24

...

14,437‌

13,857‌

157902245.LC.FTS.B,

15.24%,

9/27/24

...

6,608‌

6,262‌

158913750.LC.FTS.B,

11.71%,

9/30/24

...

13,894‌

13,234‌

160029837.LC.FTS.B,

12.4%,

10/09/24

...

18,667‌

17,727‌

160497417.LC.FTS.B,

18.62%,

10/17/24

..

5,973‌

5,731‌

160768654.LC.FTS.B,

13.08%,

10/23/24

..

12,844‌

12,147‌

160792694.LC.FTS.B,

13.08%,

10/23/24

..

22,565‌

21,536‌

160804707.LC.FTS.B,

13.08%,

10/23/24

..

13,925‌

13,106‌

160768091.LC.FTS.B,

16.95%,

10/23/24

..

8,750‌

8,300‌

161424051.LC.FTS.B,

10.33%,

11/05/24

..

8,388‌

7,974‌

161483895.LC.FTS.B,

13.08%,

11/07/24

..

6,967‌

6,626‌

160809803.LC.FTS.B,

13.08%,

11/08/24

..

19,482‌

16,210‌

162010515.LC.FTS.B,

17.74%,

11/18/24

..

6,463‌

6,128‌

162624241.LC.FTS.B,

13.08%,

12/02/24

..

18,234‌

17,289‌

162934170.LC.FTS.B,

16.12%,

12/06/24

..

11,809‌

11,109‌

162923894.LC.FTS.B,

18.62%,

12/06/24

..

6,294‌

5,968‌

163764805.LC.FTS.B,

20.55%,

12/23/24

..

12,840‌

2,476‌

163557424.LC.FTS.B,

11.02%,

12/30/24

..

14,978‌

14,370‌

164089980.LC.FTS.B,

17.74%,

12/30/24

..

8,522‌

7,958‌

164548038.LC.FTS.B,

11.02%,

1/10/25

...

20,028‌

18,974‌

164671360.LC.FTS.B,

11.02%,

1/10/25

...

15,965‌

15,122‌

164529142.LC.FTS.B,

12.4%,

1/10/25

...

16,295‌

15,427‌

164683343.LC.FTS.B,

20.55%,

1/10/25

...

8,051‌

7,562‌

164758820.LC.FTS.B,

11.71%,

1/13/25

...

5,677‌

5,387‌

163766174.LC.FTS.B,

17.74%,

1/21/25

...

11,414‌

10,795‌

165045221.LC.FTS.B,

15.24%,

1/22/25

...

22,574‌

21,226‌

165352318.LC.FTS.B,

15.24%,

1/22/25

...

22,279‌

19,888‌

164870816.LC.FTS.B,

16.95%,

1/22/25

...

14,513‌

13,351‌

165707974.LC.FTS.B,

20.55%,

1/28/25

...

4,277‌

4,015‌

165520144.LC.FTS.B,

20.55%,

2/05/25

...

13,592‌

12,658‌

167132427.LC.FTS.B,

20.55%,

2/21/25

...

13,889‌

13,093‌

167079278.LC.FTS.B,

20.55%,

2/24/25

...

22,332‌

20,383‌

167712249.LC.FTS.B,

14.3%,

3/03/25

...

20,065‌

18,843‌

166170570.LC.FTS.B,

17.74%,

3/03/25

...

11,572‌

10,823‌

166444317.LC.FTS.B,

13.08%,

3/04/25

...

30,377‌

25,464‌

167747801.LC.FTS.B,

16.12%,

3/04/25

...

10,702‌

10,006‌

168140265.LC.FTS.B,

15.24%,

3/10/25

...

14,595‌

13,667‌

168420680.LC.FTS.B,

17.74%,

3/16/25

...

14,185‌

13,276‌

922,287‌

LendingClub

Corp.

-

LCX

157719290.LC.FTS.B,

14.3%,

8/26/22

...

141‌

142‌

157483547.LC.FTS.B,

16.95%,

8/26/22

...

3,238‌

3,245‌

157395789.LC.FTS.B,

17.74%,

8/26/22

...

1,143‌

1,154‌

159192001.LC.FTS.B,

17.74%,

9/24/22

...

3,894‌

3,838‌

161175578.LC.FTS.B,

20.55%,

11/12/22

..

7,202‌

7,206‌

161935731.LC.FTS.B,

14.3%,

11/15/22

...

3,162‌

3,161‌

165150776.LC.FTS.B,

18.62%,

1/21/23

...

4,358‌

4,362‌

Franklin

Universal

Trust

Schedule

of

Investments

(unaudited)

Quarterly

Schedule

of

Investments

See

Notes

to

Schedule

of

Investments.

18

Description

Principal

Amount

Value

Marketplace

Loans

(continued)

LendingClub

Corp.

-

LCX

(continued)

165327223.LC.FTS.B,

20.55%,

1/21/23

...

$

594‌

$

591‌

164620294.LC.FTS.B,

23.05%,

1/21/23

...

1,279‌

1,259‌

166157039.LC.FTS.B,

25.65%,

2/07/23

...

12,540‌

12,341‌

161911117.LC.FTS.B,

20.55%,

11/14/24

..

3,748‌

3,652‌

164542068.LC.FTS.B,

25.65%,

1/21/25

...

8,893‌

8,497‌

165857030.LC.FTS.B,

Zero

Cpn,

2/07/25

.

11,386‌

1,081‌

50,529‌

LendingClub

Corp.

-

LCX

PM

171545777.LC.FTS.B,

10.81%,

10/30/23

..

4,288‌

4,069‌

171728432.LC.FTS.B,

17.3%,

10/30/23

...

5,640‌

5,445‌

172078618.LC.FTS.B,

8.46%,

11/23/23

...

10,642‌

9,995‌

172997264.LC.FTS.B,

14.02%,

12/17/23

..

5,804‌

5,539‌

173017997.LC.FTS.B,

14.02%,

12/17/23

..

1,391‌

1,351‌

173574789.LC.FTS.B,

19.95%,

1/07/24

...

5,020‌

4,833‌

173374603.LC.FTS.B,

19.12%,

1/13/24

...

8,495‌

8,173‌

184889420.LC.FTS.B,

15.99%,

1/13/25

...

22,594‌

16,748‌

184905245.LC.FTS.B,

15.99%,

1/13/25

...

14,575‌

13,478‌

185022110.LC.FTS.B,

18.99%,

1/13/25

...

18,294‌

18,000‌

184916811.LC.FTS.B,

15.99%,

1/18/25

...

9,109‌

9,010‌

184794872.LC.FTS.B,

17.19%,

1/18/25

...

9,423‌

7,390‌

185107591.LC.FTS.B,

17.99%,

1/18/25

...

554‌

551‌

185116420.LC.FTS.B,

18.99%,

1/18/25

...

10,299‌

10,180‌

185090414.LC.FTS.B,

19.99%,

1/18/25

...

9,159‌

9,018‌

185085067.LC.FTS.B,

22.99%,

1/18/25

...

15,632‌

15,380‌

185170289.LC.FTS.B,

15.99%,

1/19/25

...

10,020‌

9,527‌

185222066.LC.FTS.B,

15.99%,

1/19/25

...

5,647‌

5,537‌

185225789.LC.FTS.B,

20.99%,

1/19/25

...

13,757‌

13,547‌

185231531.LC.FTS.B,

21.49%,

1/19/25

...

3,671‌

3,614‌

184827001.LC.FTS.B,

11.99%,

1/21/25

...

1,811‌

1,810‌

185074501.LC.FTS.B,

12.74%,

1/21/25

...

4,534‌

4,508‌

185220597.LC.FTS.B,

15.49%,

1/21/25

...

20,026‌

19,226‌

184922844.LC.FTS.B,

15.99%,

1/21/25

...

15,040‌

14,950‌

185269892.LC.FTS.B,

22.99%,

1/21/25

...

18,458‌

18,285‌

184577634.LC.FTS.B,

15.49%,

1/25/25

...

6,372‌

6,313‌

185449370.LC.FTS.B,

18.44%,

1/25/25

...

10,968‌

10,822‌

185337050.LC.FTS.B,

20.99%,

1/25/25

...

22,011‌

21,713‌

185446293.LC.FTS.B,

22.99%,

1/25/25

...

18,256‌

17,867‌

185493347.LC.FTS.B,

16.49%,

1/27/25

...

18,720‌

18,598‌

185508661.LC.FTS.B,

16.49%,

1/27/25

...

9,116‌

9,038‌

185513167.LC.FTS.B,

16.99%,

1/27/25

...

8,429‌

8,374‌

185529283.LC.FTS.B,

18.99%,

1/27/25

...

18,294‌

18,069‌

185516823.LC.FTS.B,

22.49%,

1/27/25

...

4,595‌

4,537‌

185617939.LC.FTS.B,

18.49%,

1/31/25

...

25,231‌

25,029‌

185591984.LC.FTS.B,

18.99%,

1/31/25

...

13,462‌

13,354‌

184733710.LC.FTS.B,

24.99%,

1/31/25

...

3,289‌

3,260‌

185743058.LC.FTS.B,

12.19%,

2/02/25

...

7,439‌

7,332‌

185670318.LC.FTS.B,

15.44%,

2/02/25

...

13,997‌

13,497‌

185694876.LC.FTS.B,

15.49%,

2/02/25

...

10,731‌

10,622‌

185724453.LC.FTS.B,

15.99%,

2/03/25

...

2,241‌

2,219‌

185720673.LC.FTS.B,

14.49%,

2/04/25

...

5,593‌

5,419‌

184778654.LC.FTS.B,

16.19%,

2/04/25

...

3,268‌

3,238‌

185664927.LC.FTS.B,

18.49%,

2/04/25

...

4,711‌

4,685‌

185806351.LC.FTS.B,

18.99%,

2/04/25

...

11,258‌

11,168‌

185769830.LC.FTS.B,

19.94%,

2/04/25

...

8,905‌

8,820‌

185764512.LC.FTS.B,

19.99%,

2/04/25

...

23,437‌

23,112‌

185951058.LC.FTS.B,

17.69%,

2/08/25

...

5,164‌

5,124‌

185828353.LC.FTS.B,

22.99%,

2/08/25

...

16,924‌

16,461‌

Description

Principal

Amount

Value

LendingClub

Corp.

-

LCX

PM

(continued)

185870831.LC.FTS.B,

15.99%,

2/10/25

...

$

6,739‌

$

6,720‌

186050160.LC.FTS.B,

15.99%,

2/10/25

...

16,339‌

16,137‌

186046548.LC.FTS.B,

16.49%,

2/10/25

...

4,687‌

4,676‌

185687275.LC.FTS.B,

17.44%,

2/10/25

...

4,675‌

4,638‌

186038688.LC.FTS.B,

18.99%,

2/10/25

...

23,413‌

23,131‌

185828265.LC.FTS.B,

19.44%,

2/10/25

...

14,991‌

14,810‌

185614486.LC.FTS.B,

19.99%,

2/10/25

...

23,966‌

8,901‌

185157324.LC.FTS.B,

16.49%,

2/14/25

...

8,968‌

8,900‌

185952586.LC.FTS.B,

16.99%,

2/14/25

...

6,075‌

6,029‌

186144016.LC.FTS.B,

17.49%,

2/14/25

...

7,452‌

1,331‌

185731098.LC.FTS.B,

18.99%,

2/14/25

...

3,746‌

3,703‌

186124453.LC.FTS.B,

18.99%,

2/14/25

...

4,683‌

4,629‌

186130490.LC.FTS.B,

18.99%,

2/14/25

...

14,370‌

5,348‌

186141198.LC.FTS.B,

18.99%,

2/14/25

...

4,683‌

4,629‌

186109882.LC.FTS.B,

21.99%,

2/14/25

...

18,786‌

18,554‌

186135777.LC.FTS.B,

22.99%,

2/14/25

...

7,898‌

7,800‌

186248821.LC.FTS.B,

12.94%,

2/16/25

...

13,959‌

13,911‌

188498393.LC.FTS.B,

18.99%,

4/25/25

...

31,334‌

31,684‌

188682908.LC.FTS.B,

21.79%,

4/25/25

...

4,119‌

4,192‌

187330959.LC.FTS.B,

23.99%,

4/25/25

...

14,711‌

14,865‌

188539697.LC.FTS.B,

27.99%,

4/25/25

...

8,838‌

8,929‌

188623124.LC.FTS.B,

19.49%,

4/26/25

...

40,000‌

37,551‌

188790970.LC.FTS.B,

19.99%,

4/27/25

...

24,487‌

23,951‌

188805747.LC.FTS.B,

22.49%,

4/27/25

...

17,645‌

17,674‌

188578940.LC.FTS.B,

23.99%,

4/27/25

...

981‌

992‌

188852266.LC.FTS.B,

23.99%,

4/27/25

...

5,885‌

5,950‌

188854471.LC.FTS.B,

24.79%,

4/27/25

...

4,905‌

4,960‌

188781202.LC.FTS.B,

15.99%,

4/28/25

...

14,500‌

14,057‌

188845200.LC.FTS.B,

16.99%,

4/28/25

...

2,000‌

2,039‌

188849723.LC.FTS.B,

19.49%,

4/28/25

...

2,000‌

2,039‌

188860532.LC.FTS.B,

22.99%,

4/28/25

...

2,789‌

2,820‌

188683873.LC.FTS.B,

23.99%,

4/28/25

...

12,000‌

12,232‌

188894731.LC.FTS.B,

23.99%,

4/28/25

...

3,119‌

3,157‌

171620762.LC.FTS.B,

14.71%,

10/30/25

..

337‌

335‌

171733583.LC.FTS.B,

18.24%,

10/30/25

..

17,104‌

16,403‌

173004399.LC.FTS.B,

15.4%,

12/16/25

...

7,878‌

7,629‌

172637623.LC.FTS.B,

16.08%,

12/17/25

..

14,261‌

13,815‌

173844190.LC.FTS.B,

21.99%,

1/14/26

...

15,872‌

15,503‌

184987590.LC.FTS.B,

19.73%,

1/13/27

...

9,594‌

9,189‌

185051135.LC.FTS.B,

23.99%,

1/13/27

...

23,113‌

22,999‌

185021259.LC.FTS.B,

24.99%,

1/13/27

...

23,270‌

22,951‌

185030629.LC.FTS.B,

28.99%,

1/13/27

...

5,811‌

5,696‌

184862697.LC.FTS.B,

13.19%,

1/18/27

...

15,001‌

14,810‌

184976261.LC.FTS.B,

15.44%,

1/18/27

...

19,090‌

17,971‌

185102499.LC.FTS.B,

17.49%,

1/18/27

...

14,354‌

14,228‌

185067921.LC.FTS.B,

17.74%,

1/18/27

...

19,206‌

18,757‌

185105381.LC.FTS.B,

17.74%,

1/18/27

...

11,483‌

11,382‌

185246556.LC.FTS.B,

18.49%,

1/19/27

...

4,679‌

4,613‌

185174308.LC.FTS.B,

19.73%,

1/19/27

...

28,782‌

27,459‌

185242092.LC.FTS.B,

20.99%,

1/19/27

...

28,618‌

28,209‌

185186598.LC.FTS.B,

21.99%,

1/19/27

...

7,694‌

7,557‌

185203099.LC.FTS.B,

21.99%,

1/19/27

...

13,465‌

13,224‌

185207466.LC.FTS.B,

23.99%,

1/19/27

...

28,916‌

28,259‌

185257156.LC.FTS.B,

23.99%,

1/19/27

...

13,012‌

12,776‌

185208719.LC.FTS.B,

27.99%,

1/19/27

...

9,290‌

9,117‌

185275950.LC.FTS.B,

15.44%,

1/21/27

...

19,339‌

15,182‌

185284755.LC.FTS.B,

20.24%,

1/21/27

...

22,511‌

22,213‌

185298966.LC.FTS.B,

21.49%,

1/21/27

...

24,032‌

23,633‌

Franklin

Universal

Trust

Schedule

of

Investments

(unaudited)

See

Notes

to

Schedule

of

Investments.

Quarterly

Schedule

of

Investments

19

Description

Principal

Amount

Value

Marketplace

Loans

(continued)

LendingClub

Corp.

-

LCX

PM

(continued)

185325210.LC.FTS.B,

21.49%,

1/21/27

...

$

23,458‌

$

23,087‌

184608676.LC.FTS.B,

21.99%,

1/21/27

...

14,446‌

14,253‌

185190835.LC.FTS.B,

21.99%,

1/21/27

...

19,236‌

18,915‌

185280664.LC.FTS.B,

21.99%,

1/21/27

...

16,353‌

16,027‌

185094462.LC.FTS.B,

22.99%,

1/21/27

...

11,554‌

11,360‌

185295974.LC.FTS.B,

23.99%,

1/21/27

...

26,988‌

26,531‌

185215933.LC.FTS.B,

28.99%,

1/21/27

...

17,434‌

17,129‌

185400305.LC.FTS.B,

19.49%,

1/25/27

...

9,591‌

9,471‌

184820033.LC.FTS.B,

22.49%,

1/25/27

...

24,430‌

24,042‌

185461521.LC.FTS.B,

23.99%,

1/25/27

...

19,277‌

18,965‌

185510835.LC.FTS.B,

20.99%,

1/27/27

...

25,941‌

25,636‌

184953769.LC.FTS.B,

21.99%,

1/27/27

...

26,931‌

26,535‌

185465019.LC.FTS.B,

21.99%,

1/27/27

...

24,045‌

23,692‌

185285978.LC.FTS.B,

23.19%,

1/27/27

...

28,891‌

28,463‌

185262859.LC.FTS.B,

24.99%,

1/27/27

...

19,297‌

19,007‌

185593614.LC.FTS.B,

14.94%,

1/31/27

...

5,786‌

5,781‌

185625736.LC.FTS.B,

17.24%,

1/31/27

...

14,493‌

14,444‌

185553869.LC.FTS.B,

17.44%,

1/31/27

...

17,087‌

16,980‌

185606478.LC.FTS.B,

20.99%,

1/31/27

...

24,734‌

24,537‌

185551601.LC.FTS.B,

23.19%,

1/31/27

...

24,264‌

23,994‌

185644818.LC.FTS.B,

17.24%,

2/02/27

...

38,964‌

37,234‌

185715452.LC.FTS.B,

24.99%,

2/02/27

...

7,833‌

7,771‌

185801067.LC.FTS.B,

15.19%,

2/04/27

...

14,488‌

14,253‌

185785605.LC.FTS.B,

16.99%,

2/04/27

...

23,219‌

23,053‌

185794411.LC.FTS.B,

18.99%,

2/04/27

...

29,076‌

28,706‌

185773530.LC.FTS.B,

21.99%,

2/04/27

...

14,574‌

14,321‌

185796432.LC.FTS.B,

21.99%,

2/04/27

...

19,572‌

19,382‌

185579608.LC.FTS.B,

23.99%,

2/04/27

...

29,195‌

28,684‌

185584314.LC.FTS.B,

23.99%,

2/04/27

...

12,616‌

12,395‌

185803689.LC.FTS.B,

12.69%,

2/08/27

...

38,542‌

36,286‌

185670781.LC.FTS.B,

14.74%,

2/08/27

...

38,619‌

38,127‌

186002061.LC.FTS.B,

14.94%,

2/08/27

...

13,996‌

13,946‌

185765188.LC.FTS.B,

19.49%,

2/08/27

...

24,240‌

23,503‌

185950419.LC.FTS.B,

19.94%,

2/08/27

...

38,982‌

38,012‌

185965503.LC.FTS.B,

19.99%,

2/08/27

...

5,044‌

4,960‌

185788975.LC.FTS.B,

20.44%,

2/08/27

...

38,815‌

38,164‌

184697668.LC.FTS.B,

22.49%,

2/08/27

...

19,581‌

19,334‌

185972627.LC.FTS.B,

22.69%,

2/08/27

...

13,253‌

13,245‌

185500483.LC.FTS.B,

23.99%,

2/08/27

...

34,061‌

33,490‌

185994246.LC.FTS.B,

23.99%,

2/08/27

...

7,832‌

7,756‌

185957980.LC.FTS.B,

10.99%,

2/10/27

...

34,364‌

34,084‌

186105140.LC.FTS.B,

14.99%,

2/10/27

...

11,588‌

11,447‌

186053383.LC.FTS.B,

18.49%,

2/10/27

...

24,219‌

23,950‌

186004411.LC.FTS.B,

21.99%,

2/10/27

...

13,651‌

13,442‌

186037923.LC.FTS.B,

23.49%,

2/10/27

...

6,809‌

6,704‌

186037630.LC.FTS.B,

23.99%,

2/10/27

...

14,649‌

14,505‌

186057988.LC.FTS.B,

23.99%,

2/10/27

...

19,568‌

19,344‌

186073191.LC.FTS.B,

23.99%,

2/10/27

...

9,729‌

9,578‌

186131505.LC.FTS.B,

14.94%,

2/14/27

...

11,588‌

11,558‌

185962334.LC.FTS.B,

16.49%,

2/14/27

...

33,846‌

33,661‌

186055580.LC.FTS.B,

19.49%,

2/14/27

...

15,514‌

15,349‌

185737435.LC.FTS.B,

19.74%,

2/14/27

...

16,481‌

16,380‌

186072313.LC.FTS.B,

19.99%,

2/14/27

...

15,520‌

15,355‌

184948000.LC.FTS.B,

23.99%,

2/14/27

...

29,195‌

28,764‌

186094287.LC.FTS.B,

24.99%,

2/14/27

...

9,739‌

9,595‌

186114907.LC.FTS.B,

24.99%,

2/14/27

...

9,739‌

9,595‌

185440062.LC.FTS.B,

17.49%,

2/16/27

...

21,294‌

21,186‌

186256667.LC.FTS.B,

20.49%,

2/16/27

...

20,597‌

20,293‌

Description

Principal

Amount

Value

LendingClub

Corp.

-

LCX

PM

(continued)

186258250.LC.FTS.B,

21.99%,

2/16/27

...

$

9,716‌

$

9,581‌

186160994.LC.FTS.B,

23.99%,

2/16/27

...

19,463‌

19,189‌

186255693.LC.FTS.B,

28.99%,

2/16/27

...

7,814‌

7,701‌

188640868.LC.FTS.B,

20.99%,

4/25/27

...

19,809‌

19,647‌

188665152.LC.FTS.B,

20.99%,

4/25/27

...

9,904‌

9,920‌

188676937.LC.FTS.B,

22.99%,

4/25/27

...

11,892‌

12,002‌

188681928.LC.FTS.B,

22.99%,

4/25/27

...

9,737‌

9,822‌

188661710.LC.FTS.B,

23.19%,

4/25/27

...

9,910‌

10,002‌

188615433.LC.FTS.B,

23.99%,

4/25/27

...

7,930‌

8,003‌

188722342.LC.FTS.B,

28.99%,

4/25/27

...

6,947‌

7,010‌

188741644.LC.FTS.B,

20.49%,

4/26/27

...

19,806‌

19,071‌

188818650.LC.FTS.B,

20.99%,

4/26/27

...

6,339‌

6,412‌

188082596.LC.FTS.B,

21.49%,

4/26/27

...

19,776‌

19,294‌

188826193.LC.FTS.B,

22.99%,

4/26/27

...

7,928‌

8,004‌

188684882.LC.FTS.B,

23.99%,

4/26/27

...

5,899‌

5,869‌

188806927.LC.FTS.B,

23.99%,

4/26/27

...

15,000‌

15,274‌

188570436.LC.FTS.B,

25.99%,

4/26/27

...

7,140‌

6,965‌

188808287.LC.FTS.B,

25.99%,

4/26/27

...

2,975‌

3,003‌

188791237.LC.FTS.B,

27.99%,

4/26/27

...

17,860‌

18,028‌

188850161.LC.FTS.B,

18.99%,

4/27/27

...

7,919‌

8,014‌

188736809.LC.FTS.B,

19.99%,

4/27/27

...

12,872‌

12,334‌

188709996.LC.FTS.B,

20.49%,

4/27/27

...

29,709‌

28,322‌

188698368.LC.FTS.B,

20.99%,

4/27/27

...

21,790‌

21,304‌

188844587.LC.FTS.B,

20.99%,

4/27/27

...

9,904‌

10,022‌

188172463.LC.FTS.B,

22.49%,

4/27/27

...

11,345‌

11,182‌

188683114.LC.FTS.B,

23.99%,

4/27/27

...

39,649‌

40,043‌

188821742.LC.FTS.B,

23.99%,

4/27/27

...

19,825‌

20,021‌

188832786.LC.FTS.B,

27.99%,

4/27/27

...

4,961‌

5,009‌

188838885.LC.FTS.B,

28.99%,

4/27/27

...

9,924‌

10,021‌

188691877.LC.FTS.B,

17.99%,

4/28/27

...

19,000‌

19,369‌

188770586.LC.FTS.B,

21.49%,

4/28/27

...

18,000‌

18,079‌

188842402.LC.FTS.B,

21.49%,

4/28/27

...

6,000‌

6,087‌

188724009.LC.FTS.B,

22.99%,

4/28/27

...

35,000‌

35,502‌

188825826.LC.FTS.B,

23.49%,

4/28/27

...

10,000‌

10,143‌

188329392.LC.FTS.B,

25.99%,

4/28/27

...

20,000‌

20,383‌

188859944.LC.FTS.B,

25.99%,

4/28/27

...

8,000‌

8,153‌

188877761.LC.FTS.B,

25.99%,

4/28/27

...

7,362‌

7,405‌

188729615.LC.FTS.B,

28.99%,

4/28/27

...

25,000‌

25,265‌

188759826.LC.FTS.B,

18.99%,

5/02/27

...

30,000‌

29,585‌

188652977.LC.FTS.B,

23.99%,

5/04/27

...

3,525‌

3,532‌

2,944,517‌

Prosper

Funding

LLC

1609447.PS.FTS.B,

12.06%,

8/17/24

....

7,825‌

7,580‌

1606124.PS.FTS.B,

12.3%,

8/17/24

.....

8,239‌

7,993‌

1606139.PS.FTS.B,

12.8%,

8/17/24

.....

3,874‌

3,754‌

1606130.PS.FTS.B,

14.89%,

8/17/24

....

7,898‌

7,590‌

1616481.PS.FTS.B,

14.89%,

8/17/24

....

11,846‌

11,385‌

1609444.PS.FTS.B,

15%,

8/17/24

.......

4,740‌

4,555‌

1610038.PS.FTS.B,

15%,

8/17/24

.......

6,734‌

6,474‌

1606757.PS.FTS.B,

15.5%,

8/17/24

.....

3,627‌

483‌

1616802.PS.FTS.B,

16%,

8/17/24

.......

6,340‌

6,093‌

1609774.PS.FTS.B,

16.6%,

8/17/24

.....

7,147‌

6,867‌

1606751.PS.FTS.B,

18.41%,

8/17/24

....

7,986‌

7,673‌

1611259.PS.FTS.B,

13.5%,

8/19/24

.....

4,717‌

4,572‌

1607870.PS.FTS.B,

14%,

8/19/24

.......

7,087‌

6,869‌

1618077.PS.FTS.B,

15.4%,

8/19/24

.....

3,164‌

3,043‌

1618524.PS.FTS.B,

15.2%,

8/20/24

.....

7,905‌

7,606‌

Franklin

Universal

Trust

Schedule

of

Investments

(unaudited)

Quarterly

Schedule

of

Investments

See

Notes

to

Schedule

of

Investments.

20

Description

Principal

Amount

Value

Marketplace

Loans

(continued)

Prosper

Funding

LLC

(continued)

1608122.PS.FTS.B,

19.8%,

8/20/24

.....

$

1,478‌

$

1,426‌

1619058.PS.FTS.B,

19%,

8/23/24

.......

1,600‌

1,547‌

1612303.PS.FTS.B,

20.8%,

8/23/24

.....

16,088‌

15,557‌

1613464.PS.FTS.B,

15.4%,

8/24/24

.....

5,933‌

5,717‌

1609562.PS.FTS.B,

19.8%,

8/24/24

.....

8,020‌

7,760‌

1610156.PS.FTS.B,

24.6%,

8/24/24

.....

1,627‌

1,581‌

1610720.PS.FTS.B,

16.6%,

8/25/24

.....

6,353‌

6,124‌

1610444.PS.FTS.B,

18.09%,

8/25/24

....

11,170‌

10,815‌

1610027.PS.FTS.B,

18.09%,

8/27/24

....

5,763‌

5,661‌

1609666.PS.FTS.B,

18.7%,

8/29/24

.....

6,402‌

6,402‌

1625728.PS.FTS.B,

12.49%,

9/16/24

....

20,211‌

19,591‌

1622147.PS.FTS.B,

13.6%,

9/16/24

.....

1,622‌

1,572‌

1632609.PS.FTS.B,

14.39%,

9/16/24

....

5,690‌

5,467‌

1626067.PS.FTS.B,

15.4%,

9/17/24

.....

11,168‌

10,734‌

1632888.PS.FTS.B,

17.96%,

9/17/24

....

2,352‌

2,262‌

1622420.PS.FTS.B,

19.86%,

9/17/24

....

9,936‌

9,570‌

1622396.PS.FTS.B,

20.4%,

9/17/24

.....

4,132‌

3,978‌

1626424.PS.FTS.B,

11.7%,

9/20/24

.....

8,872‌

8,610‌

1634583.PS.FTS.B,

18.4%,

9/21/24

.....

2,466‌

2,379‌

1623410.PS.FTS.B,

18.5%,

9/21/24

.....

1,644‌

1,587‌

1623737.PS.FTS.B,

18.7%,

9/21/24

.....

1,645‌

1,588‌

1634322.PS.FTS.B,

20.46%,

9/21/24

....

2,479‌

2,392‌

1628590.PS.FTS.B,

24.51%,

9/22/24

....

8,238‌

7,972‌

1629025.PS.FTS.B,

19.5%,

9/23/24

.....

8,244‌

7,963‌

1626395.PS.FTS.B,

13.87%,

9/24/24

....

28,407‌

27,383‌

1625876.PS.FTS.B,

14.41%,

9/24/24

....

20,322‌

19,739‌

1625882.PS.FTS.B,

14.85%,

9/24/24

....

988‌

970‌

1626680.PS.FTS.B,

16%,

9/27/24

.......

10,088‌

9,877‌

1628891.PS.FTS.B,

14.94%,

9/29/24

....

4,192‌

4,104‌

1634534.PS.FTS.B,

11.6%,

10/08/24

....

4,157‌

4,028‌

1630510.PS.FTS.B,

11.97%,

10/10/24

....

6,270‌

6,119‌

1648309.PS.FTS.B,

14.49%,

10/26/24

...

8,617‌

8,320‌

1645271.PS.FTS.B,

10.8%,

10/27/24

....

16,241‌

15,969‌

1648648.PS.FTS.B,

16%,

10/27/24

......

3,458‌

3,389‌

1655418.PS.FTS.B,

17.37%,

10/27/24

...

5,742‌

5,742‌

1645670.PS.FTS.B,

17.8%,

10/27/24

....

3,037‌

2,985‌

1655772.PS.FTS.B,

21.23%,

10/27/24

...

4,369‌

4,305‌

1649014.PS.FTS.B,

22.7%,

10/27/24

....

3,396‌

3,357‌

1656261.PS.FTS.B,

16%,

10/28/24

......

6,051‌

5,932‌

1646495.PS.FTS.B,

13.3%,

10/29/24

....

20,638‌

19,830‌

1646552.PS.FTS.B,

15.29%,

10/29/24

...

12,947‌

12,691‌

1650988.PS.FTS.B,

15.4%,

11/01/24

....

7,333‌

7,023‌

1648499.PS.FTS.B,

17%,

11/02/24

......

6,060‌

5,783‌

1659951.PS.FTS.B,

18.09%,

11/04/24

....

2,603‌

2,487‌

1661430.PS.FTS.B,

12%,

11/05/24

......

9,424‌

9,140‌

1651433.PS.FTS.B,

12.4%,

11/05/24

....

14,148‌

13,722‌

1654777.PS.FTS.B,

13.3%,

11/05/24

....

10,309‌

9,891‌

1664880.PS.FTS.B,

9.45%,

11/08/24

....

8,519‌

8,270‌

1652093.PS.FTS.B,

12.33%,

11/08/24

....

3,001‌

2,913‌

1658149.PS.FTS.B,

13.4%,

11/08/24

....

4,297‌

4,127‌

1664622.PS.FTS.B,

16.9%,

11/08/24

....

2,164‌

2,072‌

1664838.PS.FTS.B,

20.01%,

11/08/24

....

4,527‌

4,333‌

1666485.PS.FTS.B,

10.5%,

11/09/24

....

3,416‌

3,317‌

1658650.PS.FTS.B,

13.6%,

11/09/24

....

12,895‌

12,390‌

1665699.PS.FTS.B,

15%,

11/09/24

......

6,898‌

6,627‌

1660138.PS.FTS.B,

10.89%,

11/10/24

....

34,186‌

33,201‌

1660012.PS.FTS.B,

12.3%,

11/10/24

....

6,001‌

5,828‌

1660360.PS.FTS.B,

14.39%,

11/10/24

....

4,305‌

4,138‌

Description

Principal

Amount

Value

Prosper

Funding

LLC

(continued)

1653836.PS.FTS.B,

14.79%,

11/10/24

....

$

1,724‌

$

1,657‌

1645667.PS.FTS.B,

16.6%,

11/10/24

....

8,714‌

8,439‌

1660285.PS.FTS.B,

18.9%,

11/10/24

....

1,738‌

1,666‌

1661320.PS.FTS.B,

12.3%,

11/12/24

....

7,287‌

7,080‌

1661257.PS.FTS.B,

17.8%,

11/12/24

....

1,734‌

1,664‌

1661617.PS.FTS.B,

10.89%,

11/15/24

....

8,547‌

8,311‌

1661575.PS.FTS.B,

12%,

11/15/24

......

6,486‌

6,326‌

1655723.PS.FTS.B,

15.1%,

11/15/24

....

17,248‌

16,611‌

1670571.PS.FTS.B,

14.09%,

11/16/24

....

5,594‌

5,389‌

1666494.PS.FTS.B,

18.9%,

11/22/24

....

8,279‌

2,041‌

1672573.PS.FTS.B,

17%,

12/03/24

......

1,778‌

1,699‌

1678378.PS.FTS.B,

10.5%,

12/14/24

....

18,556‌

4,084‌

1685274.PS.FTS.B,

10.54%,

12/14/24

...

1,729‌

1,686‌

1672739.PS.FTS.B,

13.6%,

12/14/24

....

13,257‌

12,920‌

1685619.PS.FTS.B,

14.39%,

12/14/24

...

5,313‌

5,128‌

1672733.PS.FTS.B,

15%,

12/14/24

......

8,860‌

8,552‌

1678399.PS.FTS.B,

16.3%,

12/14/24

....

2,220‌

2,135‌

1678369.PS.FTS.B,

17.71%,

12/14/24

...

8,901‌

8,591‌

1678747.PS.FTS.B,

19.3%,

12/14/24

....

1,785‌

1,716‌

1679110.PS.FTS.B,

13.36%,

12/15/24

....

8,772‌

8,552‌

1686000.PS.FTS.B,

13.36%,

12/15/24

...

13,251‌

12,918‌

1673372.PS.FTS.B,

16%,

12/15/24

......

7,100‌

6,831‌

1679107.PS.FTS.B,

18.5%,

12/15/24

....

19,491‌

18,750‌

1685991.PS.FTS.B,

19.5%,

12/15/24

....

1,786‌

1,718‌

1672982.PS.FTS.B,

22%,

12/15/24

......

2,690‌

2,587‌

1680175.PS.FTS.B,

22.6%,

12/16/24

....

3,587‌

3,449‌

1674770.PS.FTS.B,

13.1%,

12/17/24

....

13,245‌

12,801‌

1674329.PS.FTS.B,

14.89%,

12/17/24

...

5,315‌

5,136‌

1674347.PS.FTS.B,

15.86%,

12/17/24

...

13,309‌

12,862‌

1682128.PS.FTS.B,

16%,

12/21/24

......

1,775‌

1,718‌

1700772.PS.FTS.B,

12.1%,

1/12/25

.....

18,107‌

17,692‌

1701126.PS.FTS.B,

13%,

1/12/25

.......

7,252‌

7,085‌

1693870.PS.FTS.B,

13.6%,

1/12/25

.....

4,536‌

4,432‌

1688000.PS.FTS.B,

13.9%,

1/12/25

.....

6,921‌

6,802‌

1693867.PS.FTS.B,

15.4%,

1/12/25

.....

4,547‌

4,402‌

1701120.PS.FTS.B,

15.9%,

1/12/25

.....

10,921‌

10,572‌

1701129.PS.FTS.B,

16.4%,

1/12/25

.....

10,018‌

9,697‌

1700775.PS.FTS.B,

16.6%,

1/12/25

.....

27,329‌

26,454‌

1688351.PS.FTS.B,

17%,

1/12/25

.......

4,101‌

3,949‌

1688342.PS.FTS.B,

17.5%,

1/12/25

.....

14,593‌

14,050‌

1688003.PS.FTS.B,

18.2%,

1/12/25

.....

9,115‌

8,775‌

1694107.PS.FTS.B,

18.5%,

1/12/25

.....

8,219‌

7,955‌

1688336.PS.FTS.B,

19.2%,

1/12/25

.....

14,625‌

14,080‌

1687970.PS.FTS.B,

23.5%,

1/12/25

.....

1,813‌

1,741‌

1688693.PS.FTS.B,

11.7%,

1/13/25

.....

9,048‌

8,843‌

1694488.PS.FTS.B,

13.8%,

1/13/25

.....

11,548‌

11,300‌

1694470.PS.FTS.B,

15.29%,

1/13/25

....

6,820‌

6,605‌

1688699.PS.FTS.B,

21.8%,

1/13/25

.....

7,794‌

7,506‌

1695739.PS.FTS.B,

11.89%,

1/14/25

....

13,576‌

13,272‌

1695970.PS.FTS.B,

17%,

1/14/25

.......

1,814‌

1,749‌

1689453.PS.FTS.B,

12%,

1/15/25

.......

4,108‌

4,040‌

1690265.PS.FTS.B,

23.3%,

1/18/25

.....

6,432‌

6,201‌

1697473.PS.FTS.B,

10.54%,

1/19/25

....

13,550‌

13,264‌

1692512.PS.FTS.B,

19.34%,

1/19/25

....

9,495‌

9,217‌

1692137.PS.FTS.B,

20.34%,

1/19/25

....

3,662‌

3,538‌

1700011.PS.FTS.B,

13.9%,

1/21/25

.....

4,538‌

4,409‌

1697303.PS.FTS.B,

13.9%,

1/27/25

.....

3,724‌

3,672‌

1698238.PS.FTS.B,

15.1%,

2/01/25

.....

9,838‌

9,655‌

Franklin

Universal

Trust

Schedule

of

Investments

(unaudited)

See

Notes

to

Schedule

of

Investments.

Quarterly

Schedule

of

Investments

21

Description

Principal

Amount

Value

Marketplace

Loans

(continued)

Prosper

Funding

LLC

(continued)

1715202.PS.FTS.B,

18.09%,

2/04/25

....

$

4,411‌

$

4,246‌

1714423.PS.FTS.B,

12.3%,

2/14/25

.....

5,668‌

5,561‌

1720755.PS.FTS.B,

13.96%,

2/14/25

....

23,269‌

22,829‌

1707749.PS.FTS.B,

16%,

2/14/25

.......

4,667‌

4,543‌

1714408.PS.FTS.B,

22.11%,

2/14/25

....

9,380‌

9,053‌

1714645.PS.FTS.B,

11.4%,

2/15/25

.....

6,962‌

6,833‌

1715041.PS.FTS.B,

11.4%,

2/15/25

.....

1,857‌

1,822‌

1720938.PS.FTS.B,

13.81%,

2/15/25

....

9,306‌

9,133‌

1707953.PS.FTS.B,

13.96%,

2/15/25

....

18,623‌

18,275‌

1707959.PS.FTS.B,

14.39%,

2/15/25

....

2,790‌

2,717‌

1707938.PS.FTS.B,

15.86%,

2/15/25

....

13,055‌

12,712‌

1715485.PS.FTS.B,

16%,

2/15/25

.......

23,316‌

22,704‌

1714630.PS.FTS.B,

16.16%,

2/15/25

....

13,992‌

13,624‌

1720923.PS.FTS.B,

18.7%,

2/15/25

.....

23,770‌

23,378‌

1714624.PS.FTS.B,

19.41%,

2/15/25

....

9,357‌

9,062‌

1715122.PS.FTS.B,

19.8%,

2/15/25

.....

2,340‌

2,266‌

1720920.PS.FTS.B,

21.2%,

2/15/25

.....

9,841‌

9,505‌

1708640.PS.FTS.B,

21.8%,

2/15/25

.....

7,502‌

7,264‌

1715809.PS.FTS.B,

13.6%,

2/16/25

.....

11,630‌

11,331‌

1722336.PS.FTS.B,

14.74%,

2/16/25

....

5,123‌

4,991‌

1709219.PS.FTS.B,

16%,

2/16/25

.......

9,793‌

9,491‌

1722348.PS.FTS.B,

16%,

2/16/25

.......

7,461‌

7,268‌

1716271.PS.FTS.B,

18.9%,

2/16/25

.....

23,381‌

22,657‌

1715734.PS.FTS.B,

19.83%,

2/16/25

....

6,552‌

6,381‌

1722360.PS.FTS.B,

22.6%,

2/16/25

.....

2,805‌

2,711‌

1723116.PS.FTS.B,

16.29%,

2/17/25

....

1,866‌

1,809‌

1716181.PS.FTS.B,

15.4%,

2/19/25

.....

8,867‌

8,692‌

1742906.PS.FTS.B,

15.4%,

4/05/25

.....

1,956‌

1,922‌

1742903.PS.FTS.B,

18.09%,

4/05/25

....

5,383‌

5,259‌

1749541.PS.FTS.B,

22.03%,

4/05/25

....

3,361‌

3,284‌

1752987.PS.FTS.B,

13.3%,

4/06/25

.....

1,954‌

1,921‌

1750351.PS.FTS.B,

15.2%,

4/06/25

.....

3,422‌

3,364‌

1743776.PS.FTS.B,

20.4%,

4/06/25

.....

24,485‌

23,937‌

1752996.PS.FTS.B,

25.4%,

4/06/25

.....

1,962‌

1,912‌

1743767.PS.FTS.B,

25.71%,

4/06/25

....

7,848‌

7,647‌

1753944.PS.FTS.B,

15.4%,

4/07/25

.....

7,333‌

7,212‌

1744391.PS.FTS.B,

24.09%,

4/07/25

....

3,040‌

2,964‌

1750903.PS.FTS.B,

24.4%,

4/07/25

.....

7,845‌

7,650‌

1745381.PS.FTS.B,

12.9%,

4/08/25

.....

19,539‌

19,325‌

1752241.PS.FTS.B,

14.7%,

4/11/25

.....

29,327‌

28,885‌

1758243.PS.FTS.B,

24.4%,

4/13/25

.....

3,922‌

3,840‌

1757968.PS.FTS.B,

13.9%,

4/18/25

.....

5,864‌

5,791‌

1760889.PS.FTS.B,

23.9%,

4/18/25

.....

4,000‌

3,460‌

1770975.PS.FTS.B,

21%,

5/02/25

.......

2,000‌

1,965‌

1625713.PS.FTS.B,

13.66%,

8/16/25

....

4,517‌

2,424‌

1606145.PS.FTS.B,

14%,

8/17/26

.......

13,355‌

12,762‌

1606127.PS.FTS.B,

15.2%,

8/17/26

.....

8,041‌

7,683‌

1607291.PS.FTS.B,

28.59%,

8/18/26

....

5,541‌

5,323‌

1608104.PS.FTS.B,

15.8%,

8/19/26

.....

4,869‌

4,822‌

1607933.PS.FTS.B,

18.5%,

8/19/26

.....

1,803‌

1,717‌

1618458.PS.FTS.B,

13.3%,

8/20/26

.....

5,331‌

5,162‌

1608617.PS.FTS.B,

13.7%,

8/20/26

.....

5,337‌

5,168‌

1618680.PS.FTS.B,

15.37%,

8/20/26

....

15,642‌

15,145‌

1611802.PS.FTS.B,

29.74%,

8/22/26

....

3,710‌

3,559‌

1609277.PS.FTS.B,

15.7%,

8/23/26

.....

12,525‌

11,994‌

1620417.PS.FTS.B,

13.7%,

8/24/26

.....

8,006‌

7,759‌

1610327.PS.FTS.B,

27.6%,

8/24/26

.....

7,375‌

7,114‌

1621434.PS.FTS.B,

14.6%,

8/26/26

.....

4,452‌

4,274‌

Description

Principal

Amount

Value

Prosper

Funding

LLC

(continued)

1614454.PS.FTS.B,

17.7%,

8/26/26

.....

$

9,116‌

$

8,715‌

1621428.PS.FTS.B,

20%,

8/26/26

.......

9,165‌

8,760‌

1611746.PS.FTS.B,

14.29%,

8/27/26

....

8,135‌

7,989‌

1612838.PS.FTS.B,

18.5%,

9/13/26

.....

8,278‌

7,931‌

1619286.PS.FTS.B,

12.5%,

9/16/26

.....

10,882‌

10,583‌

1622156.PS.FTS.B,

12.5%,

9/16/26

.....

4,497‌

4,357‌

1625740.PS.FTS.B,

18.48%,

9/16/26

....

9,128‌

8,677‌

1622423.PS.FTS.B,

13.88%,

9/17/26

....

12,906‌

12,507‌

1627036.PS.FTS.B,

16.33%,

9/20/26

....

12,259‌

11,742‌

1624382.PS.FTS.B,

13.4%,

9/21/26

.....

27,043‌

26,232‌

1634850.PS.FTS.B,

15.1%,

9/21/26

.....

19,012‌

18,218‌

1634247.PS.FTS.B,

16.7%,

9/21/26

.....

21,268‌

20,379‌

1623734.PS.FTS.B,

18.4%,

9/21/26

.....

9,161‌

8,736‌

1623731.PS.FTS.B,

18.93%,

9/21/26

....

16,447‌

15,675‌

1628173.PS.FTS.B,

11.6%,

9/22/26

.....

9,510‌

9,227‌

1628497.PS.FTS.B,

14.89%,

9/22/26

....

9,682‌

9,281‌

1608923.PS.FTS.B,

27.13%,

9/22/26

....

3,810‌

3,666‌

1635897.PS.FTS.B,

12%,

9/23/26

.......

19,759‌

19,176‌

1635735.PS.FTS.B,

14.68%,

9/23/26

....

13,566‌

13,164‌

1637445.PS.FTS.B,

13.3%,

9/27/26

.....

9,141‌

8,983‌

1626758.PS.FTS.B,

17.96%,

9/30/26

....

20,407‌

19,631‌

1626046.PS.FTS.B,

15.18%,

10/16/26

...

8,830‌

8,595‌

1644866.PS.FTS.B,

11.1%,

10/26/26

....

9,229‌

8,981‌

1644875.PS.FTS.B,

11.6%,

10/26/26

....

6,928‌

6,742‌

1655034.PS.FTS.B,

11.7%,

10/26/26

....

21,251‌

20,681‌

1648324.PS.FTS.B,

12.2%,

10/26/26

....

18,498‌

18,001‌

1644860.PS.FTS.B,

18.33%,

10/26/26

...

10,927‌

10,446‌

1645337.PS.FTS.B,

18.48%,

10/27/26

...

18,717‌

18,205‌

1649743.PS.FTS.B,

10.9%,

10/28/26

....

10,693‌

10,484‌

1646108.PS.FTS.B,

11.1%,

10/28/26

....

23,071‌

22,682‌

1649533.PS.FTS.B,

11.79%,

10/28/26

....

24,028‌

23,635‌

1646123.PS.FTS.B,

13.32%,

10/28/26

...

6,952‌

6,773‌

1649539.PS.FTS.B,

16.7%,

10/28/26

....

18,657‌

18,226‌

1646117.PS.FTS.B,

18.33%,

10/28/26

....

11,227‌

11,227‌

1650328.PS.FTS.B,

11.2%,

10/29/26

....

8,772‌

8,624‌

1646948.PS.FTS.B,

11.79%,

10/29/26

....

13,862‌

13,639‌

1649926.PS.FTS.B,

13.8%,

10/29/26

....

30,617‌

29,850‌

1656591.PS.FTS.B,

14.79%,

10/29/26

...

32,534‌

32,580‌

1650904.PS.FTS.B,

26.43%,

10/29/26

...

7,583‌

7,485‌

1647395.PS.FTS.B,

11.89%,

11/01/26

....

9,240‌

8,962‌

1655028.PS.FTS.B,

13.8%,

11/01/26

....

7,438‌

7,201‌

1653745.PS.FTS.B,

13.8%,

11/04/26

....

32,460‌

31,069‌

1649545.PS.FTS.B,

16.1%,

11/04/26

....

11,915‌

11,463‌

1654396.PS.FTS.B,

10.5%,

11/05/26

....

13,821‌

13,418‌

1661010.PS.FTS.B,

12.5%,

11/05/26

....

24,053‌

23,349‌

1661007.PS.FTS.B,

15.8%,

11/05/26

....

18,617‌

17,824‌

1654774.PS.FTS.B,

16.18%,

11/05/26

....

32,603‌

31,213‌

1661004.PS.FTS.B,

17.8%,

11/05/26

....

5,138‌

4,869‌

1661433.PS.FTS.B,

28.23%,

11/05/26

....

4,748‌

4,509‌

1651868.PS.FTS.B,

9.45%,

11/08/26

....

11,953‌

11,612‌

1658185.PS.FTS.B,

10.5%,

11/08/26

....

8,293‌

8,056‌

1658167.PS.FTS.B,

13.5%,

11/08/26

....

22,709‌

21,767‌

1651871.PS.FTS.B,

20.66%,

11/08/26

....

5,163‌

4,899‌

1658881.PS.FTS.B,

13.8%,

11/09/26

....

22,890‌

21,951‌

1653323.PS.FTS.B,

16%,

11/09/26

......

11,175‌

10,714‌

1666362.PS.FTS.B,

19%,

11/09/26

......

6,553‌

6,222‌

1666359.PS.FTS.B,

21%,

11/09/26

......

5,729‌

5,463‌

1665702.PS.FTS.B,

24.03%,

11/09/26

....

5,777‌

1,546‌

Franklin

Universal

Trust

Schedule

of

Investments

(unaudited)

Quarterly

Schedule

of

Investments

See

Notes

to

Schedule

of

Investments.

22

Description

Principal

Amount

Value

Marketplace

Loans

(continued)

Prosper

Funding

LLC

(continued)

1666911.PS.FTS.B,

10.62%,

11/10/26

....

$

11,981‌

$

11,645‌

1660066.PS.FTS.B,

12.6%,

11/10/26

....

32,385‌

31,474‌

1660078.PS.FTS.B,

13.93%,

11/10/26

....

18,551‌

18,029‌

1646330.PS.FTS.B,

16.2%,

11/10/26

....

28,102‌

27,224‌

1666890.PS.FTS.B,

17%,

11/10/26

......

14,926‌

14,183‌

1652018.PS.FTS.B,

19.23%,

11/15/26

....

14,104‌

13,426‌

1662505.PS.FTS.B,

25.4%,

11/15/26

....

9,457‌

9,045‌

1651913.PS.FTS.B,

25.67%,

11/22/26

....

6,696‌

6,403‌

1672147.PS.FTS.B,

16.56%,

12/03/26

...

18,879‌

17,929‌

1666100.PS.FTS.B,

18.33%,

12/03/26

...

4,732‌

4,493‌

1672316.PS.FTS.B,

10.44%,

12/14/26

...

12,152‌

11,856‌

1678354.PS.FTS.B,

11.07%,

12/14/26

....

14,036‌

13,694‌

1678396.PS.FTS.B,

11.2%,

12/14/26

....

5,962‌

5,819‌

1685637.PS.FTS.B,

11.7%,

12/14/26

....

28,102‌

27,417‌

1685640.PS.FTS.B,

11.7%,

12/14/26

....

14,988‌

14,622‌

1685634.PS.FTS.B,

12.5%,

12/14/26

....

7,504‌

7,321‌

1672730.PS.FTS.B,

13.8%,

12/14/26

....

32,898‌

31,716‌

1672718.PS.FTS.B,

14.38%,

12/14/26

...

7,526‌

7,343‌

1685271.PS.FTS.B,

16.8%,

12/14/26

....

14,164‌

13,654‌

1678387.PS.FTS.B,

18.33%,

12/14/26

...

14,196‌

13,550‌

1678372.PS.FTS.B,

22.8%,

12/14/26

....

10,474‌

10,031‌

1685631.PS.FTS.B,

27.02%,

12/14/26

...

5,743‌

5,497‌

1686078.PS.FTS.B,

10.5%,

12/15/26

....

11,218‌

10,947‌

1685997.PS.FTS.B,

12.87%,

12/15/26

...

8,447‌

8,243‌

1686378.PS.FTS.B,

17.23%,

12/15/26

...

7,559‌

7,289‌

1673369.PS.FTS.B,

24.09%,

12/15/26

...

9,066‌

7,711‌

1673363.PS.FTS.B,

28.23%,

12/15/26

...

11,503‌

11,016‌

1679968.PS.FTS.B,

19%,

12/16/26

......

14,529‌

3,683‌

1687344.PS.FTS.B,

19%,

12/17/26

......

4,727‌

4,522‌

1687950.PS.FTS.B,

11.5%,

12/20/26

....

13,943‌

13,623‌

1675010.PS.FTS.B,

12.5%,

12/20/26

....

10,490‌

10,253‌

1701111.PS.FTS.B,

10.29%,

1/12/27

.....

23,590‌

23,082‌

1700808.PS.FTS.B,

11.4%,

1/12/27

.....

9,490‌

9,285‌

1700805.PS.FTS.B,

13.3%,

1/12/27

.....

9,513‌

9,206‌

1700766.PS.FTS.B,

14.68%,

1/12/27

....

23,823‌

23,306‌

1701108.PS.FTS.B,

15.7%,

1/12/27

.....

33,394‌

32,312‌

1700784.PS.FTS.B,

18.25%,

1/12/27

....

9,569‌

9,172‌

1701147.PS.FTS.B,

21.63%,

1/12/27

....

9,604‌

9,215‌

1687964.PS.FTS.B,

22.2%,

1/12/27

.....

7,208‌

6,915‌

1694491.PS.FTS.B,

12.62%,

1/13/27

....

14,257‌

13,952‌

1688663.PS.FTS.B,

14.29%,

1/13/27

....

14,303‌

13,921‌

1688399.PS.FTS.B,

15%,

1/13/27

.......

11,532‌

11,213‌

1694725.PS.FTS.B,

18.4%,

1/13/27

.....

14,356‌

13,768‌

1701537.PS.FTS.B,

19.3%,

1/13/27

.....

14,371‌

13,781‌

1695958.PS.FTS.B,

10.5%,

1/14/27

.....

14,218‌

13,917‌

1689173.PS.FTS.B,

11.2%,

1/14/27

.....

18,501‌

18,109‌

1695787.PS.FTS.B,

11.7%,

1/14/27

.....

23,734‌

23,231‌

1702530.PS.FTS.B,

12.21%,

1/14/27

....

9,975‌

9,763‌

1702455.PS.FTS.B,

15.18%,

1/14/27

....

14,932‌

14,620‌

1702479.PS.FTS.B,

16.5%,

1/14/27

.....

9,550‌

9,165‌

1689251.PS.FTS.B,

19%,

1/14/27

.......

3,831‌

3,676‌

1689623.PS.FTS.B,

19%,

1/14/27

.......

3,046‌

2,922‌

1695193.PS.FTS.B,

27.18%,

1/14/27

....

14,618‌

9,183‌

1694719.PS.FTS.B,

16.93%,

1/17/27

....

17,137‌

16,677‌

1690253.PS.FTS.B,

17.5%,

1/18/27

.....

4,781‌

4,597‌

1703169.PS.FTS.B,

25.6%,

1/18/27

.....

14,464‌

13,924‌

1705005.PS.FTS.B,

15%,

1/19/27

.......

24,786‌

24,044‌

1692239.PS.FTS.B,

19.06%,

1/19/27

....

7,431‌

7,368‌

Description

Principal

Amount

Value

Prosper

Funding

LLC

(continued)

1691789.PS.FTS.B,

26.13%,

1/19/27

....

$

14,471‌

$

13,939‌

1702237.PS.FTS.B,

11.7%,

1/25/27

.....

9,494‌

9,316‌

1707746.PS.FTS.B,

9.45%,

2/14/27

.....

6,623‌

6,507‌

1707734.PS.FTS.B,

10.29%,

2/14/27

....

23,422‌

23,056‌

1707743.PS.FTS.B,

13.3%,

2/14/27

.....

7,706‌

7,503‌

1720764.PS.FTS.B,

22.5%,

2/14/27

.....

10,676‌

10,305‌

1715713.PS.FTS.B,

10.8%,

2/15/27

.....

9,611‌

9,444‌

1707944.PS.FTS.B,

10.9%,

2/15/27

.....

12,014‌

11,806‌

1714627.PS.FTS.B,

11.4%,

2/15/27

.....

20,194‌

19,844‌

1707977.PS.FTS.B,

11.55%,

2/15/27

....

9,617‌

9,451‌

1720917.PS.FTS.B,

13.7%,

2/15/27

.....

12,046‌

11,731‌

1714633.PS.FTS.B,

14.39%,

2/15/27

....

14,464‌

14,086‌

1714639.PS.FTS.B,

14.53%,

2/15/27

....

3,857‌

3,790‌

1720908.PS.FTS.B,

15.29%,

2/15/27

....

28,950‌

28,192‌

1707950.PS.FTS.B,

16.5%,

2/15/27

.....

9,660‌

9,406‌

1714648.PS.FTS.B,

16.7%,

2/15/27

.....

7,246‌

7,056‌

1721346.PS.FTS.B,

16.7%,

2/15/27

.....

19,323‌

18,666‌

1715347.PS.FTS.B,

17.29%,

2/15/27

....

14,500‌

14,006‌

1720911.PS.FTS.B,

18.59%,

2/15/27

....

24,192‌

23,366‌

1714642.PS.FTS.B,

18.7%,

2/15/27

.....

9,678‌

9,347‌

1714636.PS.FTS.B,

23.58%,

2/15/27

....

5,342‌

5,159‌

1722117.PS.FTS.B,

15.18%,

2/16/27

....

7,719‌

7,520‌

1709201.PS.FTS.B,

18.48%,

2/16/27

....

12,095‌

11,688‌

1722051.PS.FTS.B,

21%,

2/16/27

.......

9,695‌

9,371‌

1709846.PS.FTS.B,

26.5%,

2/17/27

.....

9,733‌

9,408‌

1712903.PS.FTS.B,

15.29%,

2/23/27

....

9,303‌

9,085‌

1749550.PS.FTS.B,

11.5%,

4/05/27

.....

14,812‌

14,655‌

1752654.PS.FTS.B,

12.76%,

4/05/27

....

14,818‌

14,661‌

1752645.PS.FTS.B,

15.18%,

4/05/27

....

9,886‌

9,782‌

1752624.PS.FTS.B,

17.23%,

4/05/27

....

19,784‌

19,460‌

1753011.PS.FTS.B,

12%,

4/06/27

.......

14,814‌

14,661‌

1749859.PS.FTS.B,

19.06%,

4/06/27

....

7,126‌

6,966‌

1752981.PS.FTS.B,

21%,

4/06/27

.......

6,436‌

6,277‌

1744328.PS.FTS.B,

14.89%,

4/07/27

....

19,770‌

19,460‌

1750735.PS.FTS.B,

16%,

4/07/27

.......

5,439‌

5,319‌

1755072.PS.FTS.B,

10.8%,

4/08/27

.....

6,086‌

6,050‌

1754293.PS.FTS.B,

13.4%,

4/12/27

.....

11,857‌

11,691‌

1747163.PS.FTS.B,

16.2%,

4/12/27

.....

24,722‌

24,377‌

1754398.PS.FTS.B,

22.9%,

4/12/27

.....

10,898‌

10,668‌

1688073.PS.FTS.B,

16.7%,

12/04/27

....

17,234‌

16,685‌

3,475,204‌

Upgrade,

Inc.

24408129.UG.FTS.B,

25.26%,

11/21/22

..

3,118‌

3,169‌

25039071.UG.FTS.B,

25.26%,

12/15/22

..

385‌

1‌

25591564.UG.FTS.B,

25.26%,

12/30/22

..

257‌

262‌

25809785.UG.FTS.B,

24.99%,

1/06/23

...

1,451‌

1,464‌

25764424.UG.FTS.B,

25.26%,

2/07/23

...

3,691‌

3,678‌

8,574‌

Upgrade,

Inc.

-

Card

992270166.UG.FTS.B,

17.71%,

4/03/24

..

140‌

143‌

992258570.UG.FTS.B,

26.44%,

4/03/24

..

74‌

76‌

992429136.UG.FTS.B,

29.48%,

4/03/24

..

57‌

57‌

992457201.UG.FTS.B,

29.48%,

4/03/24

..

51‌

52‌

992463383.UG.FTS.B,

29.48%,

4/03/24

..

111‌

112‌

992241314.UG.FTS.B,

29.49%,

4/03/24

..

160‌

161‌

992258426.UG.FTS.B,

29.49%,

4/03/24

..

37‌

38‌

Franklin

Universal

Trust

Schedule

of

Investments

(unaudited)

See

Notes

to

Schedule

of

Investments.

Quarterly

Schedule

of

Investments

23

Description

Principal

Amount

Value

Marketplace

Loans

(continued)

Upgrade,

Inc.

-

Card

(continued)

992273410.UG.FTS.B,

29.49%,

4/03/24

..

$

1,260‌

$

1,285‌

992274510.UG.FTS.B,

29.49%,

4/03/24

..

122‌

124‌

992340918.UG.FTS.B,

29.49%,

4/03/24

..

19‌

20‌

992343756.UG.FTS.B,

29.49%,

4/03/24

..

547‌

553‌

992392020.UG.FTS.B,

29.49%,

4/03/24

..

289‌

291‌

992432730.UG.FTS.B,

29.49%,

4/03/24

..

38‌

38‌

992453366.UG.FTS.B,

29.49%,

4/03/24

..

77‌

79‌

992460543.UG.FTS.B,

29.49%,

4/03/24

..

105‌

107‌

992460590.UG.FTS.B,

29.49%,

4/03/24

..

35‌

35‌

992249570.UG.FTS.B,

20.96%,

4/04/24

..

164‌

168‌

992280231.UG.FTS.B,

28.48%,

4/04/24

..

111‌

113‌

992412130.UG.FTS.B,

28.48%,

4/04/24

..

49‌

50‌

992264728.UG.FTS.B,

29.49%,

4/04/24

..

48‌

49‌

992272313.UG.FTS.B,

29.49%,

4/04/24

..

299‌

298‌

992295541.UG.FTS.B,

29.49%,

4/04/24

..

59‌

59‌

992344959.UG.FTS.B,

29.49%,

4/04/24

..

183‌

183‌

992401057.UG.FTS.B,

29.49%,

4/04/24

..

9‌

9‌

992440565.UG.FTS.B,

29.49%,

4/04/24

..

62‌

63‌

992457777.UG.FTS.B,

29.49%,

4/04/24

..

232‌

234‌

992458570.UG.FTS.B,

29.49%,

4/04/24

..

83‌

19‌

992460429.UG.FTS.B,

29.49%,

4/04/24

..

58‌

59‌

992461648.UG.FTS.B,

29.49%,

4/04/24

..

26‌

26‌

992320075.UG.FTS.B,

16.49%,

4/05/24

..

78‌

80‌

992278634.UG.FTS.B,

17.49%,

4/05/24

..

61‌

63‌

992337636.UG.FTS.B,

17.49%,

4/05/24

..

9‌

9‌

992301086.UG.FTS.B,

18.47%,

4/05/24

..

7‌

7‌

992429880.UG.FTS.B,

18.47%,

4/05/24

..

26‌

26‌

992261330.UG.FTS.B,

18.71%,

4/05/24

..

79‌

81‌

992400020.UG.FTS.B,

18.71%,

4/05/24

..

241‌

246‌

992407305.UG.FTS.B,

18.71%,

4/05/24

..

105‌

108‌

992425399.UG.FTS.B,

18.96%,

4/05/24

..

140‌

143‌

992327252.UG.FTS.B,

19.3%,

4/05/24

...

75‌

76‌

992413501.UG.FTS.B,

19.3%,

4/05/24

...

1,158‌

1,184‌

992434771.UG.FTS.B,

19.3%,

4/05/24

...

209‌

214‌

992452870.UG.FTS.B,

19.3%,

4/05/24

...

6‌

6‌

992393132.UG.FTS.B,

19.99%,

4/05/24

..

87‌

89‌

992422714.UG.FTS.B,

19.99%,

4/05/24

..

80‌

80‌

992425235.UG.FTS.B,

19.99%,

4/05/24

..

579‌

588‌

992243760.UG.FTS.B,

20.47%,

4/05/24

..

207‌

211‌

992285323.UG.FTS.B,

20.47%,

4/05/24

..

114‌

118‌

992253128.UG.FTS.B,

20.96%,

4/05/24

..

269‌

276‌

992271480.UG.FTS.B,

20.96%,

4/05/24

..

225‌

231‌

992321694.UG.FTS.B,

20.96%,

4/05/24

..

170‌

174‌

992324567.UG.FTS.B,

20.96%,

4/05/24

..

484‌

496‌

992242493.UG.FTS.B,

21.48%,

4/05/24

..

374‌

383‌

992247109.UG.FTS.B,

21.48%,

4/05/24

..

2,868‌

2,939‌

992291104.UG.FTS.B,

21.48%,

4/05/24

..

384‌

393‌

992335344.UG.FTS.B,

21.48%,

4/05/24

..

67‌

69‌

992419177.UG.FTS.B,

21.48%,

4/05/24

..

209‌

214‌

992258460.UG.FTS.B,

22.45%,

4/05/24

..

190‌

196‌

992243886.UG.FTS.B,

22.47%,

4/05/24

..

71‌

72‌

992270384.UG.FTS.B,

22.47%,

4/05/24

..

133‌

135‌

992310198.UG.FTS.B,

22.47%,

4/05/24

..

457‌

469‌

992313421.UG.FTS.B,

22.47%,

4/05/24

..

77‌

79‌

992400323.UG.FTS.B,

22.47%,

4/05/24

..

109‌

111‌

992420315.UG.FTS.B,

22.47%,

4/05/24

..

62‌

63‌

992249297.UG.FTS.B,

23.45%,

4/05/24

..

184‌

189‌

992275523.UG.FTS.B,

23.45%,

4/05/24

..

106‌

109‌

Description

Principal

Amount

Value

Upgrade,

Inc.

-

Card

(continued)

992390894.UG.FTS.B,

23.45%,

4/05/24

..

$

7‌

$

6‌

992445453.UG.FTS.B,

23.45%,

4/05/24

..

752‌

767‌

992247973.UG.FTS.B,

24.45%,

4/05/24

..

370‌

378‌

992460308.UG.FTS.B,

25.44%,

4/05/24

..

115‌

117‌

992295830.UG.FTS.B,

25.45%,

4/05/24

..

23‌

23‌

992373175.UG.FTS.B,

25.45%,

4/05/24

..

110‌

112‌

992270855.UG.FTS.B,

26.44%,

4/05/24

..

133‌

96‌

992320627.UG.FTS.B,

26.44%,

4/05/24

..

211‌

217‌

992326392.UG.FTS.B,

26.44%,

4/05/24

..

144‌

147‌

992240706.UG.FTS.B,

27.99%,

4/05/24

..

34‌

34‌

992258284.UG.FTS.B,

27.99%,

4/05/24

..

119‌

122‌

992284954.UG.FTS.B,

27.99%,

4/05/24

..

10‌

6‌

992358354.UG.FTS.B,

27.99%,

4/05/24

..

31‌

32‌

992240601.UG.FTS.B,

28.48%,

4/05/24

..

242‌

247‌

992250956.UG.FTS.B,

28.48%,

4/05/24

..

188‌

192‌

992252825.UG.FTS.B,

28.48%,

4/05/24

..

458‌

468‌

992254322.UG.FTS.B,

28.48%,

4/05/24

..

24‌

24‌

992258720.UG.FTS.B,

28.48%,

4/05/24

..

164‌

167‌

992262433.UG.FTS.B,

28.48%,

4/05/24

..

657‌

665‌

992265697.UG.FTS.B,

28.48%,

4/05/24

..

34‌

35‌

992269299.UG.FTS.B,

28.48%,

4/05/24

..

99‌

100‌

992275143.UG.FTS.B,

28.48%,

4/05/24

..

462‌

467‌

992300661.UG.FTS.B,

28.48%,

4/05/24

..

50‌

51‌

992309850.UG.FTS.B,

28.48%,

4/05/24

..

96‌

96‌

992332109.UG.FTS.B,

28.48%,

4/05/24

..

149‌

152‌

992336619.UG.FTS.B,

28.48%,

4/05/24

..

199‌

203‌

992368000.UG.FTS.B,

28.48%,

4/05/24

..

520‌

532‌

992425560.UG.FTS.B,

28.48%,

4/05/24

..

290‌

294‌

992432170.UG.FTS.B,

28.48%,

4/05/24

..

4‌

4‌

992440455.UG.FTS.B,

28.48%,

4/05/24

..

23‌

22‌

992456375.UG.FTS.B,

28.48%,

4/05/24

..

41‌

42‌

992461565.UG.FTS.B,

28.48%,

4/05/24

..

143‌

143‌

992255211.UG.FTS.B,

29.47%,

4/05/24

..

97‌

99‌

992241463.UG.FTS.B,

29.48%,

4/05/24

..

10‌

10‌

992249086.UG.FTS.B,

29.48%,

4/05/24

..

740‌

756‌

992250038.UG.FTS.B,

29.48%,

4/05/24

..

162‌

37‌

992258355.UG.FTS.B,

29.48%,

4/05/24

..

38‌

39‌

992306666.UG.FTS.B,

29.48%,

4/05/24

..

152‌

153‌

992309762.UG.FTS.B,

29.48%,

4/05/24

..

1,074‌

1,082‌

992325997.UG.FTS.B,

29.48%,

4/05/24

..

182‌

182‌

992342504.UG.FTS.B,

29.48%,

4/05/24

..

443‌

453‌

992364574.UG.FTS.B,

29.48%,

4/05/24

..

146‌

149‌

992406244.UG.FTS.B,

29.48%,

4/05/24

..

386‌

391‌

992424634.UG.FTS.B,

29.48%,

4/05/24

..

791‌

800‌

992431344.UG.FTS.B,

29.48%,

4/05/24

..

5‌

5‌

992440183.UG.FTS.B,

29.48%,

4/05/24

..

8‌

8‌

992453174.UG.FTS.B,

29.48%,

4/05/24

..

90‌

20‌

992237034.UG.FTS.B,

29.49%,

4/05/24

..

323‌

328‌

992238031.UG.FTS.B,

29.49%,

4/05/24

..

491‌

499‌

992240620.UG.FTS.B,

29.49%,

4/05/24

..

42‌

43‌

992241102.UG.FTS.B,

29.49%,

4/05/24

..

230‌

235‌

992241305.UG.FTS.B,

29.49%,

4/05/24

..

143‌

145‌

992241901.UG.FTS.B,

29.49%,

4/05/24

..

289‌

287‌

992242547.UG.FTS.B,

29.49%,

4/05/24

..

232‌

234‌

992243699.UG.FTS.B,

29.49%,

4/05/24

..

14‌

14‌

992244400.UG.FTS.B,

29.49%,

4/05/24

..

554‌

562‌

992245006.UG.FTS.B,

29.49%,

4/05/24

..

783‌

787‌

992245608.UG.FTS.B,

29.49%,

4/05/24

..

130‌

132‌

Franklin

Universal

Trust

Schedule

of

Investments

(unaudited)

Quarterly

Schedule

of

Investments

See

Notes

to

Schedule

of

Investments.

24

Description

Principal

Amount

Value

Marketplace

Loans

(continued)

Upgrade,

Inc.

-

Card

(continued)

992245673.UG.FTS.B,

29.49%,

4/05/24

..

$

143‌

$

147‌

992250322.UG.FTS.B,

29.49%,

4/05/24

..

104‌

105‌

992251113.UG.FTS.B,

29.49%,

4/05/24

..

52‌

53‌

992251278.UG.FTS.B,

29.49%,

4/05/24

..

88‌

90‌

992251623.UG.FTS.B,

29.49%,

4/05/24

..

83‌

84‌

992252291.UG.FTS.B,

29.49%,

4/05/24

..

41‌

41‌

992253373.UG.FTS.B,

29.49%,

4/05/24

..

42‌

42‌

992253455.UG.FTS.B,

29.49%,

4/05/24

..

119‌

120‌

992253980.UG.FTS.B,

29.49%,

4/05/24

..

333‌

339‌

992258845.UG.FTS.B,

29.49%,

4/05/24

..

93‌

95‌

992259778.UG.FTS.B,

29.49%,

4/05/24

..

69‌

69‌

992259808.UG.FTS.B,

29.49%,

4/05/24

..

6‌

6‌

992263652.UG.FTS.B,

29.49%,

4/05/24

..

98‌

100‌

992268915.UG.FTS.B,

29.49%,

4/05/24

..

130‌

17‌

992269988.UG.FTS.B,

29.49%,

4/05/24

..

213‌

217‌

992270710.UG.FTS.B,

29.49%,

4/05/24

..

149‌

151‌

992270945.UG.FTS.B,

29.49%,

4/05/24

..

88‌

90‌

992271618.UG.FTS.B,

29.49%,

4/05/24

..

50‌

51‌

992272262.UG.FTS.B,

29.49%,

4/05/24

..

103‌

105‌

992274936.UG.FTS.B,

29.49%,

4/05/24

..

49‌

49‌

992276138.UG.FTS.B,

29.49%,

4/05/24

..

79‌

81‌

992276595.UG.FTS.B,

29.49%,

4/05/24

..

155‌

156‌

992277788.UG.FTS.B,

29.49%,

4/05/24

..

25‌

25‌

992278151.UG.FTS.B,

29.49%,

4/05/24

..

132‌

134‌

992278624.UG.FTS.B,

29.49%,

4/05/24

..

392‌

400‌

992291241.UG.FTS.B,

29.49%,

4/05/24

..

171‌

175‌

992300807.UG.FTS.B,

29.49%,

4/05/24

..

94‌

96‌

992301548.UG.FTS.B,

29.49%,

4/05/24

..

351‌

356‌

992305197.UG.FTS.B,

29.49%,

4/05/24

..

246‌

250‌

992306382.UG.FTS.B,

29.49%,

4/05/24

..

75‌

77‌

992306483.UG.FTS.B,

29.49%,

4/05/24

..

171‌

174‌

992306824.UG.FTS.B,

29.49%,

4/05/24

..

151‌

155‌

992309107.UG.FTS.B,

29.49%,

4/05/24

..

156‌

155‌

992309966.UG.FTS.B,

29.49%,

4/05/24

..

52‌

53‌

992312387.UG.FTS.B,

29.49%,

4/05/24

..

257‌

261‌

992314109.UG.FTS.B,

29.49%,

4/05/24

..

5‌

5‌

992315376.UG.FTS.B,

29.49%,

4/05/24

..

13‌

13‌

992315987.UG.FTS.B,

29.49%,

4/05/24

..

13‌

13‌

992319118.UG.FTS.B,

29.49%,

4/05/24

..

399‌

405‌

992319813.UG.FTS.B,

29.49%,

4/05/24

..

32‌

32‌

992319935.UG.FTS.B,

29.49%,

4/05/24

..

84‌

84‌

992324074.UG.FTS.B,

29.49%,

4/05/24

..

1,408‌

1,419‌

992326465.UG.FTS.B,

29.49%,

4/05/24

..

160‌

162‌

992327965.UG.FTS.B,

29.49%,

4/05/24

..

151‌

154‌

992330489.UG.FTS.B,

29.49%,

4/05/24

..

466‌

476‌

992333696.UG.FTS.B,

29.49%,

4/05/24

..

57‌

58‌

992337455.UG.FTS.B,

29.49%,

4/05/24

..

361‌

367‌

992337528.UG.FTS.B,

29.49%,

4/05/24

..

10‌

11‌

992339280.UG.FTS.B,

29.49%,

4/05/24

..

97‌

99‌

992339612.UG.FTS.B,

29.49%,

4/05/24

..

208‌

211‌

992340819.UG.FTS.B,

29.49%,

4/05/24

..

63‌

64‌

992344458.UG.FTS.B,

29.49%,

4/05/24

..

245‌

250‌

992345378.UG.FTS.B,

29.49%,

4/05/24

..

1,460‌

1,489‌

992351458.UG.FTS.B,

29.49%,

4/05/24

..

43‌

43‌

992353602.UG.FTS.B,

29.49%,

4/05/24

..

48‌

48‌

992353681.UG.FTS.B,

29.49%,

4/05/24

..

58‌

58‌

992354009.UG.FTS.B,

29.49%,

4/05/24

..

35‌

36‌

992356550.UG.FTS.B,

29.49%,

4/05/24

..

6‌

6‌

Description

Principal

Amount

Value

Upgrade,

Inc.

-

Card

(continued)

992360406.UG.FTS.B,

29.49%,

4/05/24

..

$

107‌

$

109‌

992366199.UG.FTS.B,

29.49%,

4/05/24

..

1,457‌

1,480‌

992370097.UG.FTS.B,

29.49%,

4/05/24

..

1,100‌

251‌

992371567.UG.FTS.B,

29.49%,

4/05/24

..

504‌

514‌

992372587.UG.FTS.B,

29.49%,

4/05/24

..

31‌

31‌

992372835.UG.FTS.B,

29.49%,

4/05/24

..

1‌

1‌

992375165.UG.FTS.B,

29.49%,

4/05/24

..

217‌

220‌

992377971.UG.FTS.B,

29.49%,

4/05/24

..

280‌

212‌

992386319.UG.FTS.B,

29.49%,

4/05/24

..

220‌

50‌

992387212.UG.FTS.B,

29.49%,

4/05/24

..

165‌

168‌

992387213.UG.FTS.B,

29.49%,

4/05/24

..

66‌

67‌

992388420.UG.FTS.B,

29.49%,

4/05/24

..

81‌

83‌

992388797.UG.FTS.B,

29.49%,

4/05/24

..

23‌

23‌

992389706.UG.FTS.B,

29.49%,

4/05/24

..

159‌

161‌

992390906.UG.FTS.B,

29.49%,

4/05/24

..

77‌

78‌

992401429.UG.FTS.B,

29.49%,

4/05/24

..

171‌

174‌

992403947.UG.FTS.B,

29.49%,

4/05/24

..

97‌

98‌

992404343.UG.FTS.B,

29.49%,

4/05/24

..

14‌

14‌

992409881.UG.FTS.B,

29.49%,

4/05/24

..

126‌

127‌

992410247.UG.FTS.B,

29.49%,

4/05/24

..

10‌

10‌

992411134.UG.FTS.B,

29.49%,

4/05/24

..

702‌

693‌

992411573.UG.FTS.B,

29.49%,

4/05/24

..

7‌

7‌

992411774.UG.FTS.B,

29.49%,

4/05/24

..

153‌

153‌

992411937.UG.FTS.B,

29.49%,

4/05/24

..

22‌

22‌

992417055.UG.FTS.B,

29.49%,

4/05/24

..

725‌

734‌

992417871.UG.FTS.B,

29.49%,

4/05/24

..

60‌

61‌

992418162.UG.FTS.B,

29.49%,

4/05/24

..

50‌

51‌

992421251.UG.FTS.B,

29.49%,

4/05/24

..

47‌

48‌

992425321.UG.FTS.B,

29.49%,

4/05/24

..

193‌

196‌

992432014.UG.FTS.B,

29.49%,

4/05/24

..

67‌

67‌

992434531.UG.FTS.B,

29.49%,

4/05/24

..

474‌

477‌

992436268.UG.FTS.B,

29.49%,

4/05/24

..

188‌

190‌

992439797.UG.FTS.B,

29.49%,

4/05/24

..

39‌

39‌

992442175.UG.FTS.B,

29.49%,

4/05/24

..

1,812‌

1,826‌

992444282.UG.FTS.B,

29.49%,

4/05/24

..

193‌

196‌

992453128.UG.FTS.B,

29.49%,

4/05/24

..

361‌

365‌

992385683.UG.FTS.B,

21.98%,

3/31/25

..

14,834‌

15,478‌

992265016.UG.FTS.B,

19.99%,

4/03/25

..

756‌

774‌

992428468.UG.FTS.B,

25.95%,

4/03/25

..

158‌

161‌

992408107.UG.FTS.B,

27.99%,

4/03/25

..

27‌

28‌

992251352.UG.FTS.B,

28.98%,

4/03/25

..

5‌

5‌

992307329.UG.FTS.B,

28.98%,

4/03/25

..

62‌

63‌

992456098.UG.FTS.B,

28.98%,

4/03/25

..

34‌

34‌

992460915.UG.FTS.B,

29.47%,

4/03/25

..

35‌

36‌

992250581.UG.FTS.B,

29.49%,

4/03/25

..

49‌

50‌

992268108.UG.FTS.B,

29.49%,

4/03/25

..

919‌

918‌

992269560.UG.FTS.B,

29.49%,

4/03/25

..

705‌

700‌

992274902.UG.FTS.B,

29.49%,

4/03/25

..

290‌

296‌

992279655.UG.FTS.B,

29.49%,

4/03/25

..

173‌

179‌

992290976.UG.FTS.B,

29.49%,

4/03/25

..

417‌

422‌

992291590.UG.FTS.B,

29.49%,

4/03/25

..

104‌

104‌

992305890.UG.FTS.B,

29.49%,

4/03/25

..

55‌

56‌

992306848.UG.FTS.B,

29.49%,

4/03/25

..

787‌

800‌

992307457.UG.FTS.B,

29.49%,

4/03/25

..

765‌

766‌

992310969.UG.FTS.B,

29.49%,

4/03/25

..

250‌

252‌

992335320.UG.FTS.B,

29.49%,

4/03/25

..

1,801‌

1,841‌

992345576.UG.FTS.B,

29.49%,

4/03/25

..

369‌

373‌

992357933.UG.FTS.B,

29.49%,

4/03/25

..

314‌

320‌

Franklin

Universal

Trust

Schedule

of

Investments

(unaudited)

See

Notes

to

Schedule

of

Investments.

Quarterly

Schedule

of

Investments

25

Description

Principal

Amount

Value

Marketplace

Loans

(continued)

Upgrade,

Inc.

-

Card

(continued)

992375406.UG.FTS.B,

29.49%,

4/03/25

..

$

80‌

$

81‌

992429167.UG.FTS.B,

29.49%,

4/03/25

..

43‌

44‌

992457240.UG.FTS.B,

29.49%,

4/03/25

..

123‌

125‌

992457866.UG.FTS.B,

29.49%,

4/03/25

..

58‌

59‌

992460328.UG.FTS.B,

29.49%,

4/03/25

..

137‌

139‌

992460402.UG.FTS.B,

29.49%,

4/03/25

..

10‌

10‌

992375568.UG.FTS.B,

17.97%,

4/04/25

..

67‌

68‌

992333441.UG.FTS.B,

18.97%,

4/04/25

..

328‌

337‌

992387556.UG.FTS.B,

18.97%,

4/04/25

..

375‌

381‌

992339223.UG.FTS.B,

19.99%,

4/04/25

..

171‌

174‌

992464343.UG.FTS.B,

19.99%,

4/04/25

..

60‌

61‌

992338826.UG.FTS.B,

20.97%,

4/04/25

..

31‌

31‌

992258313.UG.FTS.B,

21.98%,

4/04/25

..

131‌

134‌

992241764.UG.FTS.B,

28.98%,

4/04/25

..

210‌

209‌

992267398.UG.FTS.B,

28.98%,

4/04/25

..

2,059‌

2,103‌

992301470.UG.FTS.B,

28.98%,

4/04/25

..

178‌

181‌

992327058.UG.FTS.B,

28.98%,

4/04/25

..

55‌

56‌

992336155.UG.FTS.B,

28.98%,

4/04/25

..

3,293‌

3,359‌

992376698.UG.FTS.B,

28.98%,

4/04/25

..

65‌

66‌

992387188.UG.FTS.B,

28.98%,

4/04/25

..

377‌

381‌

992453316.UG.FTS.B,

28.98%,

4/04/25

..

791‌

794‌

992455776.UG.FTS.B,

28.98%,

4/04/25

..

196‌

197‌

992463571.UG.FTS.B,

28.98%,

4/04/25

..

135‌

138‌

992338388.UG.FTS.B,

29.46%,

4/04/25

..

1,408‌

1,439‌

992421693.UG.FTS.B,

29.48%,

4/04/25

..

334‌

338‌

992253550.UG.FTS.B,

29.49%,

4/04/25

..

108‌

111‌

992266370.UG.FTS.B,

29.49%,

4/04/25

..

618‌

632‌

992342016.UG.FTS.B,

29.49%,

4/04/25

..

648‌

647‌

992389825.UG.FTS.B,

29.49%,

4/04/25

..

194‌

197‌

992421008.UG.FTS.B,

29.49%,

4/04/25

..

83‌

84‌

992421200.UG.FTS.B,

29.49%,

4/04/25

..

233‌

237‌

992423845.UG.FTS.B,

29.49%,

4/04/25

..

21‌

21‌

992459685.UG.FTS.B,

29.49%,

4/04/25

..

930‌

939‌

992460312.UG.FTS.B,

29.49%,

4/04/25

..

24‌

24‌

992460919.UG.FTS.B,

29.49%,

4/04/25

..

341‌

341‌

992264407.UG.FTS.B,

14.97%,

4/05/25

..

2,977‌

3,045‌

992325849.UG.FTS.B,

15.97%,

4/05/25

..

23‌

23‌

992391676.UG.FTS.B,

15.97%,

4/05/25

..

431‌

442‌

992403635.UG.FTS.B,

15.97%,

4/05/25

..

69‌

71‌

992264722.UG.FTS.B,

16.99%,

4/05/25

..

267‌

274‌

992243442.UG.FTS.B,

17.97%,

4/05/25

..

22‌

22‌

992275748.UG.FTS.B,

17.97%,

4/05/25

..

851‌

876‌

992369850.UG.FTS.B,

17.97%,

4/05/25

..

1,472‌

1,515‌

992417616.UG.FTS.B,

17.99%,

4/05/25

..

141‌

144‌

992256254.UG.FTS.B,

18.8%,

4/05/25

...

1,174‌

1,206‌

992286525.UG.FTS.B,

18.8%,

4/05/25

...

173‌

178‌

992323394.UG.FTS.B,

18.97%,

4/05/25

..

2,740‌

2,815‌

992385717.UG.FTS.B,

18.97%,

4/05/25

..

478‌

490‌

992415664.UG.FTS.B,

18.97%,

4/05/25

..

2,935‌

3,010‌

992439564.UG.FTS.B,

18.97%,

4/05/25

..

813‌

833‌

992239422.UG.FTS.B,

19.21%,

4/05/25

..

1,181‌

1,215‌

992253582.UG.FTS.B,

19.21%,

4/05/25

..

341‌

62‌

992257283.UG.FTS.B,

19.21%,

4/05/25

..

444‌

457‌

992281528.UG.FTS.B,

19.21%,

4/05/25

..

1,573‌

1,619‌

992336918.UG.FTS.B,

19.21%,

4/05/25

..

63‌

65‌

992369900.UG.FTS.B,

19.21%,

4/05/25

..

265‌

268‌

992405969.UG.FTS.B,

19.21%,

4/05/25

..

1,397‌

1,443‌

992416415.UG.FTS.B,

19.21%,

4/05/25

..

1,957‌

2,013‌

Description

Principal

Amount

Value

Upgrade,

Inc.

-

Card

(continued)

992424538.UG.FTS.B,

19.21%,

4/05/25

..

$

1,467‌

$

1,503‌

992269214.UG.FTS.B,

19.8%,

4/05/25

...

8‌

8‌

992299044.UG.FTS.B,

19.8%,

4/05/25

...

1,174‌

1,206‌

992352576.UG.FTS.B,

19.8%,

4/05/25

...

755‌

775‌

992376431.UG.FTS.B,

19.8%,

4/05/25

...

20‌

20‌

992429513.UG.FTS.B,

19.8%,

4/05/25

...

118‌

122‌

992432194.UG.FTS.B,

19.8%,

4/05/25

...

543‌

555‌

992256001.UG.FTS.B,

19.97%,

4/05/25

..

566‌

581‌

992254376.UG.FTS.B,

19.99%,

4/05/25

..

59‌

60‌

992263515.UG.FTS.B,

19.99%,

4/05/25

..

72‌

74‌

992275469.UG.FTS.B,

19.99%,

4/05/25

..

144‌

148‌

992284873.UG.FTS.B,

19.99%,

4/05/25

..

7,395‌

7,580‌

992290432.UG.FTS.B,

19.99%,

4/05/25

..

5,763‌

5,905‌

992293971.UG.FTS.B,

19.99%,

4/05/25

..

129‌

132‌

992294903.UG.FTS.B,

19.99%,

4/05/25

..

10‌

10‌

992313430.UG.FTS.B,

19.99%,

4/05/25

..

437‌

444‌

992318833.UG.FTS.B,

19.99%,

4/05/25

..

1,399‌

1,420‌

992325585.UG.FTS.B,

19.99%,

4/05/25

..

8‌

8‌

992331017.UG.FTS.B,

19.99%,

4/05/25

..

407‌

415‌

992342733.UG.FTS.B,

19.99%,

4/05/25

..

92‌

94‌

992346135.UG.FTS.B,

19.99%,

4/05/25

..

546‌

559‌

992373812.UG.FTS.B,

19.99%,

4/05/25

..

6‌

6‌

992403817.UG.FTS.B,

19.99%,

4/05/25

..

75‌

20‌

992423362.UG.FTS.B,

19.99%,

4/05/25

..

291‌

294‌

992428057.UG.FTS.B,

19.99%,

4/05/25

..

42‌

42‌

992431381.UG.FTS.B,

19.99%,

4/05/25

..

383‌

390‌

992432935.UG.FTS.B,

19.99%,

4/05/25

..

36‌

37‌

992433537.UG.FTS.B,

19.99%,

4/05/25

..

1,467‌

1,492‌

992453045.UG.FTS.B,

19.99%,

4/05/25

..

42‌

43‌

992255166.UG.FTS.B,

20.46%,

4/05/25

..

1,311‌

1,346‌

992255358.UG.FTS.B,

20.46%,

4/05/25

..

589‌

600‌

992265353.UG.FTS.B,

20.46%,

4/05/25

..

45‌

46‌

992301564.UG.FTS.B,

20.46%,

4/05/25

..

118‌

122‌

992373703.UG.FTS.B,

20.46%,

4/05/25

..

491‌

504‌

992386358.UG.FTS.B,

20.46%,

4/05/25

..

2,485‌

2,553‌

992444107.UG.FTS.B,

20.46%,

4/05/25

..

229‌

42‌

992255180.UG.FTS.B,

20.97%,

4/05/25

..

123‌

127‌

992386724.UG.FTS.B,

20.97%,

4/05/25

..

981‌

1,007‌

992267705.UG.FTS.B,

21.46%,

4/05/25

..

100‌

69‌

992278945.UG.FTS.B,

21.46%,

4/05/25

..

84‌

86‌

992282788.UG.FTS.B,

21.46%,

4/05/25

..

1,213‌

1,242‌

992339089.UG.FTS.B,

21.46%,

4/05/25

..

120‌

124‌

992356241.UG.FTS.B,

21.46%,

4/05/25

..

307‌

317‌

992416161.UG.FTS.B,

21.46%,

4/05/25

..

490‌

502‌

992430392.UG.FTS.B,

21.46%,

4/05/25

..

11‌

11‌

992435546.UG.FTS.B,

21.46%,

4/05/25

..

954‌

974‌

992258743.UG.FTS.B,

21.97%,

4/05/25

..

86‌

88‌

992351381.UG.FTS.B,

21.97%,

4/05/25

..

30‌

31‌

992253062.UG.FTS.B,

21.98%,

4/05/25

..

1,135‌

714‌

992293341.UG.FTS.B,

21.98%,

4/05/25

..

1,579‌

1,620‌

992296469.UG.FTS.B,

21.98%,

4/05/25

..

317‌

325‌

992305155.UG.FTS.B,

21.98%,

4/05/25

..

1,980‌

2,031‌

992386698.UG.FTS.B,

21.98%,

4/05/25

..

2,737‌

2,798‌

992432940.UG.FTS.B,

21.98%,

4/05/25

..

5‌

5‌

992440479.UG.FTS.B,

21.98%,

4/05/25

..

308‌

314‌

992238906.UG.FTS.B,

22.97%,

4/05/25

..

2,973‌

3,049‌

992254237.UG.FTS.B,

22.97%,

4/05/25

..

270‌

277‌

992265045.UG.FTS.B,

25.95%,

4/05/25

..

197‌

202‌

Franklin

Universal

Trust

Schedule

of

Investments

(unaudited)

Quarterly

Schedule

of

Investments

See

Notes

to

Schedule

of

Investments.

26

Description

Principal

Amount

Value

Marketplace

Loans

(continued)

Upgrade,

Inc.

-

Card

(continued)

992302611.UG.FTS.B,

25.95%,

4/05/25

..

$

1,426‌

$

1,452‌

992424737.UG.FTS.B,

25.95%,

4/05/25

..

934‌

951‌

992409011.UG.FTS.B,

26.94%,

4/05/25

..

177‌

180‌

992432800.UG.FTS.B,

26.94%,

4/05/25

..

216‌

220‌

992250719.UG.FTS.B,

27.95%,

4/05/25

..

440‌

450‌

992375541.UG.FTS.B,

27.95%,

4/05/25

..

191‌

191‌

992452249.UG.FTS.B,

27.95%,

4/05/25

..

1,165‌

1,163‌

992300835.UG.FTS.B,

27.99%,

4/05/25

..

33‌

33‌

992364002.UG.FTS.B,

27.99%,

4/05/25

..

254‌

260‌

992423691.UG.FTS.B,

27.99%,

4/05/25

..

349‌

354‌

992437875.UG.FTS.B,

27.99%,

4/05/25

..

514‌

520‌

992240928.UG.FTS.B,

28.98%,

4/05/25

..

39‌

39‌

992243919.UG.FTS.B,

28.98%,

4/05/25

..

88‌

90‌

992247546.UG.FTS.B,

28.98%,

4/05/25

..

392‌

81‌

992247969.UG.FTS.B,

28.98%,

4/05/25

..

386‌

395‌

992249070.UG.FTS.B,

28.98%,

4/05/25

..

304‌

312‌

992250607.UG.FTS.B,

28.98%,

4/05/25

..

177‌

180‌

992256909.UG.FTS.B,

28.98%,

4/05/25

..

200‌

128‌

992257286.UG.FTS.B,

28.98%,

4/05/25

..

102‌

101‌

992257896.UG.FTS.B,

28.98%,

4/05/25

..

165‌

169‌

992258333.UG.FTS.B,

28.98%,

4/05/25

..

441‌

452‌

992260520.UG.FTS.B,

28.98%,

4/05/25

..

685‌

697‌

992260677.UG.FTS.B,

28.98%,

4/05/25

..

14‌

14‌

992261690.UG.FTS.B,

28.98%,

4/05/25

..

123‌

126‌

992263549.UG.FTS.B,

28.98%,

4/05/25

..

12‌

12‌

992263589.UG.FTS.B,

28.98%,

4/05/25

..

98‌

100‌

992263759.UG.FTS.B,

28.98%,

4/05/25

..

757‌

776‌

992264444.UG.FTS.B,

28.98%,

4/05/25

..

2,261‌

2,316‌

992265898.UG.FTS.B,

28.98%,

4/05/25

..

18‌

18‌

992266159.UG.FTS.B,

28.98%,

4/05/25

..

93‌

95‌

992270874.UG.FTS.B,

28.98%,

4/05/25

..

144‌

148‌

992271131.UG.FTS.B,

28.98%,

4/05/25

..

371‌

380‌

992271316.UG.FTS.B,

28.98%,

4/05/25

..

211‌

216‌

992274138.UG.FTS.B,

28.98%,

4/05/25

..

24‌

23‌

992275914.UG.FTS.B,

28.98%,

4/05/25

..

7‌

7‌

992278811.UG.FTS.B,

28.98%,

4/05/25

..

172‌

176‌

992279721.UG.FTS.B,

28.98%,

4/05/25

..

269‌

277‌

992281862.UG.FTS.B,

28.98%,

4/05/25

..

731‌

748‌

992283801.UG.FTS.B,

28.98%,

4/05/25

..

992‌

1,016‌

992290941.UG.FTS.B,

28.98%,

4/05/25

..

143‌

147‌

992291365.UG.FTS.B,

28.98%,

4/05/25

..

10‌

10‌

992291799.UG.FTS.B,

28.98%,

4/05/25

..

285‌

292‌

992294259.UG.FTS.B,

28.98%,

4/05/25

..

446‌

457‌

992298143.UG.FTS.B,

28.98%,

4/05/25

..

106‌

106‌

992298282.UG.FTS.B,

28.98%,

4/05/25

..

14‌

14‌

992299787.UG.FTS.B,

28.98%,

4/05/25

..

1,196‌

1,225‌

992300476.UG.FTS.B,

28.98%,

4/05/25

..

2,132‌

2,133‌

992300514.UG.FTS.B,

28.98%,

4/05/25

..

88‌

90‌

992300542.UG.FTS.B,

28.98%,

4/05/25

..

139‌

91‌

992305223.UG.FTS.B,

28.98%,

4/05/25

..

217‌

222‌

992309311.UG.FTS.B,

28.98%,

4/05/25

..

195‌

199‌

992311367.UG.FTS.B,

28.98%,

4/05/25

..

30‌

30‌

992314013.UG.FTS.B,

28.98%,

4/05/25

..

66‌

67‌

992314088.UG.FTS.B,

28.98%,

4/05/25

..

208‌

210‌

992315358.UG.FTS.B,

28.98%,

4/05/25

..

300‌

62‌

992315733.UG.FTS.B,

28.98%,

4/05/25

..

82‌

83‌

992315976.UG.FTS.B,

28.98%,

4/05/25

..

154‌

158‌

992318621.UG.FTS.B,

28.98%,

4/05/25

..

82‌

83‌

Description

Principal

Amount

Value

Upgrade,

Inc.

-

Card

(continued)

992321363.UG.FTS.B,

28.98%,

4/05/25

..

$

791‌

$

810‌

992321475.UG.FTS.B,

28.98%,

4/05/25

..

569‌

581‌

992327197.UG.FTS.B,

28.98%,

4/05/25

..

99‌

101‌

992327673.UG.FTS.B,

28.98%,

4/05/25

..

70‌

72‌

992329853.UG.FTS.B,

28.98%,

4/05/25

..

1,370‌

1,394‌

992331199.UG.FTS.B,

28.98%,

4/05/25

..

86‌

88‌

992342550.UG.FTS.B,

28.98%,

4/05/25

..

5‌

5‌

992343987.UG.FTS.B,

28.98%,

4/05/25

..

77‌

78‌

992344897.UG.FTS.B,

28.98%,

4/05/25

..

26‌

26‌

992344915.UG.FTS.B,

28.98%,

4/05/25

..

15‌

15‌

992349878.UG.FTS.B,

28.98%,

4/05/25

..

3,842‌

3,934‌

992350450.UG.FTS.B,

28.98%,

4/05/25

..

3,551‌

3,637‌

992352081.UG.FTS.B,

28.98%,

4/05/25

..

14‌

14‌

992352813.UG.FTS.B,

28.98%,

4/05/25

..

184‌

189‌

992357000.UG.FTS.B,

28.98%,

4/05/25

..

471‌

475‌

992362215.UG.FTS.B,

28.98%,

4/05/25

..

1,218‌

1,239‌

992372066.UG.FTS.B,

28.98%,

4/05/25

..

14‌

15‌

992376009.UG.FTS.B,

28.98%,

4/05/25

..

269‌

276‌

992377531.UG.FTS.B,

28.98%,

4/05/25

..

79‌

80‌

992377941.UG.FTS.B,

28.98%,

4/05/25

..

855‌

876‌

992386343.UG.FTS.B,

28.98%,

4/05/25

..

157‌

161‌

992391175.UG.FTS.B,

28.98%,

4/05/25

..

27‌

27‌

992391277.UG.FTS.B,

28.98%,

4/05/25

..

94‌

96‌

992394554.UG.FTS.B,

28.98%,

4/05/25

..

65‌

66‌

992399278.UG.FTS.B,

28.98%,

4/05/25

..

4,860‌

4,944‌

992404668.UG.FTS.B,

28.98%,

4/05/25

..

416‌

416‌

992404766.UG.FTS.B,

28.98%,

4/05/25

..

19‌

19‌

992407582.UG.FTS.B,

28.98%,

4/05/25

..

66‌

67‌

992407833.UG.FTS.B,

28.98%,

4/05/25

..

93‌

95‌

992412921.UG.FTS.B,

28.98%,

4/05/25

..

589‌

603‌

992418008.UG.FTS.B,

28.98%,

4/05/25

..

104‌

106‌

992420015.UG.FTS.B,

28.98%,

4/05/25

..

8‌

8‌

992420787.UG.FTS.B,

28.98%,

4/05/25

..

234‌

240‌

992421379.UG.FTS.B,

28.98%,

4/05/25

..

198‌

199‌

992426381.UG.FTS.B,

28.98%,

4/05/25

..

147‌

150‌

992430529.UG.FTS.B,

28.98%,

4/05/25

..

105‌

108‌

992433923.UG.FTS.B,

28.98%,

4/05/25

..

52‌

52‌

992444060.UG.FTS.B,

28.98%,

4/05/25

..

1,224‌

1,245‌

992452945.UG.FTS.B,

28.98%,

4/05/25

..

396‌

403‌

992453117.UG.FTS.B,

28.98%,

4/05/25

..

93‌

95‌

992455130.UG.FTS.B,

28.98%,

4/05/25

..

450‌

449‌

992455407.UG.FTS.B,

28.98%,

4/05/25

..

191‌

194‌

992456750.UG.FTS.B,

28.98%,

4/05/25

..

232‌

236‌

992237976.UG.FTS.B,

29.45%,

4/05/25

..

637‌

656‌

992338606.UG.FTS.B,

29.45%,

4/05/25

..

275‌

280‌

992343927.UG.FTS.B,

29.45%,

4/05/25

..

24‌

24‌

992362869.UG.FTS.B,

29.45%,

4/05/25

..

493‌

500‌

992243356.UG.FTS.B,

29.46%,

4/05/25

..

1‌

1‌

992314494.UG.FTS.B,

29.46%,

4/05/25

..

238‌

243‌

992411499.UG.FTS.B,

29.46%,

4/05/25

..

199‌

202‌

992258080.UG.FTS.B,

29.48%,

4/05/25

..

47‌

48‌

992340005.UG.FTS.B,

29.48%,

4/05/25

..

67‌

68‌

992359180.UG.FTS.B,

29.48%,

4/05/25

..

67‌

68‌

992376094.UG.FTS.B,

29.48%,

4/05/25

..

211‌

215‌

992427791.UG.FTS.B,

29.48%,

4/05/25

..

7‌

7‌

992234771.UG.FTS.B,

29.49%,

4/05/25

..

40‌

40‌

992236701.UG.FTS.B,

29.49%,

4/05/25

..

93‌

94‌

992239162.UG.FTS.B,

29.49%,

4/05/25

..

184‌

189‌

Franklin

Universal

Trust

Schedule

of

Investments

(unaudited)

See

Notes

to

Schedule

of

Investments.

Quarterly

Schedule

of

Investments

27

Description

Principal

Amount

Value

Marketplace

Loans

(continued)

Upgrade,

Inc.

-

Card

(continued)

992239557.UG.FTS.B,

29.49%,

4/05/25

..

$

183‌

$

187‌

992239750.UG.FTS.B,

29.49%,

4/05/25

..

637‌

642‌

992240128.UG.FTS.B,

29.49%,

4/05/25

..

805‌

824‌

992241399.UG.FTS.B,

29.49%,

4/05/25

..

107‌

107‌

992241600.UG.FTS.B,

29.49%,

4/05/25

..

143‌

146‌

992242540.UG.FTS.B,

29.49%,

4/05/25

..

2,267‌

2,321‌

992243344.UG.FTS.B,

29.49%,

4/05/25

..

5‌

5‌

992243368.UG.FTS.B,

29.49%,

4/05/25

..

498‌

509‌

992245669.UG.FTS.B,

29.49%,

4/05/25

..

108‌

111‌

992246089.UG.FTS.B,

29.49%,

4/05/25

..

711‌

727‌

992247116.UG.FTS.B,

29.49%,

4/05/25

..

382‌

391‌

992247201.UG.FTS.B,

29.49%,

4/05/25

..

63‌

64‌

992247638.UG.FTS.B,

29.49%,

4/05/25

..

582‌

599‌

992247659.UG.FTS.B,

29.49%,

4/05/25

..

498‌

503‌

992247799.UG.FTS.B,

29.49%,

4/05/25

..

498‌

510‌

992248209.UG.FTS.B,

29.49%,

4/05/25

..

100‌

23‌

992249577.UG.FTS.B,

29.49%,

4/05/25

..

54‌

55‌

992249619.UG.FTS.B,

29.49%,

4/05/25

..

115‌

114‌

992249629.UG.FTS.B,

29.49%,

4/05/25

..

154‌

158‌

992251977.UG.FTS.B,

29.49%,

4/05/25

..

45‌

45‌

992252024.UG.FTS.B,

29.49%,

4/05/25

..

104‌

107‌

992252840.UG.FTS.B,

29.49%,

4/05/25

..

10‌

10‌

992253295.UG.FTS.B,

29.49%,

4/05/25

..

27‌

4‌

992253640.UG.FTS.B,

29.49%,

4/05/25

..

509‌

520‌

992255399.UG.FTS.B,

29.49%,

4/05/25

..

69‌

68‌

992255844.UG.FTS.B,

29.49%,

4/05/25

..

371‌

376‌

992256142.UG.FTS.B,

29.49%,

4/05/25

..

1,187‌

1,215‌

992256183.UG.FTS.B,

29.49%,

4/05/25

..

873‌

884‌

992256275.UG.FTS.B,

29.49%,

4/05/25

..

83‌

84‌

992257781.UG.FTS.B,

29.49%,

4/05/25

..

53‌

52‌

992258657.UG.FTS.B,

29.49%,

4/05/25

..

183‌

187‌

992259134.UG.FTS.B,

29.49%,

4/05/25

..

235‌

49‌

992259602.UG.FTS.B,

29.49%,

4/05/25

..

758‌

767‌

992259616.UG.FTS.B,

29.49%,

4/05/25

..

76‌

78‌

992260675.UG.FTS.B,

29.49%,

4/05/25

..

179‌

182‌

992260816.UG.FTS.B,

29.49%,

4/05/25

..

218‌

223‌

992260844.UG.FTS.B,

29.49%,

4/05/25

..

102‌

104‌

992260902.UG.FTS.B,

29.49%,

4/05/25

..

54‌

55‌

992261033.UG.FTS.B,

29.49%,

4/05/25

..

281‌

290‌

992261113.UG.FTS.B,

29.49%,

4/05/25

..

54‌

55‌

992264683.UG.FTS.B,

29.49%,

4/05/25

..

54‌

55‌

992264746.UG.FTS.B,

29.49%,

4/05/25

..

333‌

341‌

992264748.UG.FTS.B,

29.49%,

4/05/25

..

91‌

92‌

992265181.UG.FTS.B,

29.49%,

4/05/25

..

257‌

262‌

992267578.UG.FTS.B,

29.49%,

4/05/25

..

495‌

507‌

992268866.UG.FTS.B,

29.49%,

4/05/25

..

501‌

507‌

992268980.UG.FTS.B,

29.49%,

4/05/25

..

122‌

25‌

992270453.UG.FTS.B,

29.49%,

4/05/25

..

101‌

103‌

992270569.UG.FTS.B,

29.49%,

4/05/25

..

64‌

63‌

992271586.UG.FTS.B,

29.49%,

4/05/25

..

212‌

217‌

992271602.UG.FTS.B,

29.49%,

4/05/25

..

27‌

27‌

992271815.UG.FTS.B,

29.49%,

4/05/25

..

871‌

890‌

992272067.UG.FTS.B,

29.49%,

4/05/25

..

220‌

224‌

992272607.UG.FTS.B,

29.49%,

4/05/25

..

22‌

22‌

992275310.UG.FTS.B,

29.49%,

4/05/25

..

77‌

78‌

992275943.UG.FTS.B,

29.49%,

4/05/25

..

51‌

52‌

992275962.UG.FTS.B,

29.49%,

4/05/25

..

413‌

420‌

992275994.UG.FTS.B,

29.49%,

4/05/25

..

142‌

146‌

Description

Principal

Amount

Value

Upgrade,

Inc.

-

Card

(continued)

992276049.UG.FTS.B,

29.49%,

4/05/25

..

$

240‌

$

246‌

992276160.UG.FTS.B,

29.49%,

4/05/25

..

132‌

135‌

992277583.UG.FTS.B,

29.49%,

4/05/25

..

5‌

5‌

992279429.UG.FTS.B,

29.49%,

4/05/25

..

76‌

77‌

992279540.UG.FTS.B,

29.49%,

4/05/25

..

192‌

196‌

992281770.UG.FTS.B,

29.49%,

4/05/25

..

994‌

992‌

992281785.UG.FTS.B,

29.49%,

4/05/25

..

59‌

16‌

992285127.UG.FTS.B,

29.49%,

4/05/25

..

83‌

84‌

992286064.UG.FTS.B,

29.49%,

4/05/25

..

644‌

659‌

992286124.UG.FTS.B,

29.49%,

4/05/25

..

41‌

42‌

992290768.UG.FTS.B,

29.49%,

4/05/25

..

56‌

57‌

992291050.UG.FTS.B,

29.49%,

4/05/25

..

79‌

80‌

992291731.UG.FTS.B,

29.49%,

4/05/25

..

15‌

15‌

992291806.UG.FTS.B,

29.49%,

4/05/25

..

709‌

723‌

992291970.UG.FTS.B,

29.49%,

4/05/25

..

11‌

11‌

992293542.UG.FTS.B,

29.49%,

4/05/25

..

149‌

152‌

992294700.UG.FTS.B,

29.49%,

4/05/25

..

65‌

66‌

992299083.UG.FTS.B,

29.49%,

4/05/25

..

397‌

404‌

992301071.UG.FTS.B,

29.49%,

4/05/25

..

86‌

86‌

992301103.UG.FTS.B,

29.49%,

4/05/25

..

33‌

34‌

992301441.UG.FTS.B,

29.49%,

4/05/25

..

271‌

277‌

992303097.UG.FTS.B,

29.49%,

4/05/25

..

297‌

304‌

992305996.UG.FTS.B,

29.49%,

4/05/25

..

53‌

54‌

992308045.UG.FTS.B,

29.49%,

4/05/25

..

746‌

760‌

992309274.UG.FTS.B,

29.49%,

4/05/25

..

27‌

28‌

992312103.UG.FTS.B,

29.49%,

4/05/25

..

594‌

608‌

992315853.UG.FTS.B,

29.49%,

4/05/25

..

511‌

61‌

992318837.UG.FTS.B,

29.49%,

4/05/25

..

45‌

45‌

992320167.UG.FTS.B,

29.49%,

4/05/25

..

23‌

24‌

992320378.UG.FTS.B,

29.49%,

4/05/25

..

268‌

275‌

992320622.UG.FTS.B,

29.49%,

4/05/25

..

178‌

182‌

992321464.UG.FTS.B,

29.49%,

4/05/25

..

300‌

199‌

992324857.UG.FTS.B,

29.49%,

4/05/25

..

120‌

121‌

992325356.UG.FTS.B,

29.49%,

4/05/25

..

157‌

160‌

992325544.UG.FTS.B,

29.49%,

4/05/25

..

145‌

148‌

992326831.UG.FTS.B,

29.49%,

4/05/25

..

88‌

90‌

992326966.UG.FTS.B,

29.49%,

4/05/25

..

172‌

175‌

992327608.UG.FTS.B,

29.49%,

4/05/25

..

398‌

407‌

992328217.UG.FTS.B,

29.49%,

4/05/25

..

150‌

153‌

992329930.UG.FTS.B,

29.49%,

4/05/25

..

56‌

56‌

992336198.UG.FTS.B,

29.49%,

4/05/25

..

156‌

160‌

992338911.UG.FTS.B,

29.49%,

4/05/25

..

25‌

25‌

992340410.UG.FTS.B,

29.49%,

4/05/25

..

206‌

211‌

992340874.UG.FTS.B,

29.49%,

4/05/25

..

37‌

37‌

992341078.UG.FTS.B,

29.49%,

4/05/25

..

56‌

57‌

992341543.UG.FTS.B,

29.49%,

4/05/25

..

107‌

110‌

992341609.UG.FTS.B,

29.49%,

4/05/25

..

83‌

84‌

992341758.UG.FTS.B,

29.49%,

4/05/25

..

308‌

314‌

992342091.UG.FTS.B,

29.49%,

4/05/25

..

27‌

27‌

992342552.UG.FTS.B,

29.49%,

4/05/25

..

111‌

112‌

992343713.UG.FTS.B,

29.49%,

4/05/25

..

138‌

141‌

992344325.UG.FTS.B,

29.49%,

4/05/25

..

190‌

194‌

992344586.UG.FTS.B,

29.49%,

4/05/25

..

15‌

15‌

992344730.UG.FTS.B,

29.49%,

4/05/25

..

86‌

87‌

992345590.UG.FTS.B,

29.49%,

4/05/25

..

6‌

6‌

992351269.UG.FTS.B,

29.49%,

4/05/25

..

263‌

269‌

992353998.UG.FTS.B,

29.49%,

4/05/25

..

36‌

5‌

992354024.UG.FTS.B,

29.49%,

4/05/25

..

78‌

79‌

Franklin

Universal

Trust

Schedule

of

Investments

(unaudited)

Quarterly

Schedule

of

Investments

See

Notes

to

Schedule

of

Investments.

28

Description

Principal

Amount

Value

Marketplace

Loans

(continued)

Upgrade,

Inc.

-

Card

(continued)

992355380.UG.FTS.B,

29.49%,

4/05/25

..

$

108‌

$

111‌

992356084.UG.FTS.B,

29.49%,

4/05/25

..

54‌

55‌

992356295.UG.FTS.B,

29.49%,

4/05/25

..

83‌

84‌

992359643.UG.FTS.B,

29.49%,

4/05/25

..

647‌

661‌

992359656.UG.FTS.B,

29.49%,

4/05/25

..

917‌

934‌

992359703.UG.FTS.B,

29.49%,

4/05/25

..

173‌

176‌

992359875.UG.FTS.B,

29.49%,

4/05/25

..

98‌

99‌

992360370.UG.FTS.B,

29.49%,

4/05/25

..

113‌

116‌

992360786.UG.FTS.B,

29.49%,

4/05/25

..

1,262‌

1,273‌

992361376.UG.FTS.B,

29.49%,

4/05/25

..

601‌

609‌

992365877.UG.FTS.B,

29.49%,

4/05/25

..

83‌

84‌

992366107.UG.FTS.B,

29.49%,

4/05/25

..

73‌

74‌

992368222.UG.FTS.B,

29.49%,

4/05/25

..

0‌

0‌

992368911.UG.FTS.B,

29.49%,

4/05/25

..

385‌

391‌

992369632.UG.FTS.B,

29.49%,

4/05/25

..

345‌

353‌

992371376.UG.FTS.B,

29.49%,

4/05/25

..

575‌

588‌

992371487.UG.FTS.B,

29.49%,

4/05/25

..

222‌

226‌

992371872.UG.FTS.B,

29.49%,

4/05/25

..

734‌

732‌

992371951.UG.FTS.B,

29.49%,

4/05/25

..

301‌

308‌

992375215.UG.FTS.B,

29.49%,

4/05/25

..

127‌

129‌

992376028.UG.FTS.B,

29.49%,

4/05/25

..

335‌

341‌

992376440.UG.FTS.B,

29.49%,

4/05/25

..

45‌

46‌

992377543.UG.FTS.B,

29.49%,

4/05/25

..

944‌

966‌

992386455.UG.FTS.B,

29.49%,

4/05/25

..

180‌

38‌

992387112.UG.FTS.B,

29.49%,

4/05/25

..

105‌

107‌

992387568.UG.FTS.B,

29.49%,

4/05/25

..

33‌

33‌

992387720.UG.FTS.B,

29.49%,

4/05/25

..

205‌

209‌

992390386.UG.FTS.B,

29.49%,

4/05/25

..

87‌

87‌

992391014.UG.FTS.B,

29.49%,

4/05/25

..

221‌

226‌

992391427.UG.FTS.B,

29.49%,

4/05/25

..

213‌

218‌

992392490.UG.FTS.B,

29.49%,

4/05/25

..

142‌

144‌

992393978.UG.FTS.B,

29.49%,

4/05/25

..

24‌

24‌

992394239.UG.FTS.B,

29.49%,

4/05/25

..

222‌

225‌

992394356.UG.FTS.B,

29.49%,

4/05/25

..

6‌

6‌

992394900.UG.FTS.B,

29.49%,

4/05/25

..

496‌

104‌

992395186.UG.FTS.B,

29.49%,

4/05/25

..

30‌

31‌

992400924.UG.FTS.B,

29.49%,

4/05/25

..

136‌

136‌

992401130.UG.FTS.B,

29.49%,

4/05/25

..

219‌

223‌

992401571.UG.FTS.B,

29.49%,

4/05/25

..

108‌

110‌

992403505.UG.FTS.B,

29.49%,

4/05/25

..

220‌

226‌

992404005.UG.FTS.B,

29.49%,

4/05/25

..

31‌

31‌

992410341.UG.FTS.B,

29.49%,

4/05/25

..

5‌

5‌

992418075.UG.FTS.B,

29.49%,

4/05/25

..

83‌

85‌

992419811.UG.FTS.B,

29.49%,

4/05/25

..

173‌

175‌

992420636.UG.FTS.B,

29.49%,

4/05/25

..

95‌

97‌

992421651.UG.FTS.B,

29.49%,

4/05/25

..

166‌

169‌

992424526.UG.FTS.B,

29.49%,

4/05/25

..

309‌

314‌

992425667.UG.FTS.B,

29.49%,

4/05/25

..

1,226‌

1,244‌

992425789.UG.FTS.B,

29.49%,

4/05/25

..

441‌

447‌

992426541.UG.FTS.B,

29.49%,

4/05/25

..

588‌

596‌

992427607.UG.FTS.B,

29.49%,

4/05/25

..

270‌

272‌

992429564.UG.FTS.B,

29.49%,

4/05/25

..

114‌

116‌

992430335.UG.FTS.B,

29.49%,

4/05/25

..

193‌

194‌

992431329.UG.FTS.B,

29.49%,

4/05/25

..

67‌

68‌

992433503.UG.FTS.B,

29.49%,

4/05/25

..

40‌

40‌

992439842.UG.FTS.B,

29.49%,

4/05/25

..

41‌

41‌

992440270.UG.FTS.B,

29.49%,

4/05/25

..

51‌

52‌

992444106.UG.FTS.B,

29.49%,

4/05/25

..

489‌

320‌

Description

Principal

Amount

Value

Upgrade,

Inc.

-

Card

(continued)

992444531.UG.FTS.B,

29.49%,

4/05/25

..

$

4,895‌

$

4,975‌

992444668.UG.FTS.B,

29.49%,

4/05/25

..

1,958‌

1,976‌

992444707.UG.FTS.B,

29.49%,

4/05/25

..

147‌

149‌

992452371.UG.FTS.B,

29.49%,

4/05/25

..

172‌

174‌

992454738.UG.FTS.B,

29.49%,

4/05/25

..

2,348‌

2,370‌

992455102.UG.FTS.B,

29.49%,

4/05/25

..

397‌

404‌

992455279.UG.FTS.B,

29.49%,

4/05/25

..

587‌

596‌

992455358.UG.FTS.B,

29.49%,

4/05/25

..

214‌

216‌

992456012.UG.FTS.B,

29.49%,

4/05/25

..

399‌

49‌

992457021.UG.FTS.B,

29.49%,

4/05/25

..

56‌

57‌

992459731.UG.FTS.B,

29.49%,

4/05/25

..

97‌

99‌

992460627.UG.FTS.B,

29.49%,

4/05/25

..

58‌

59‌

992310329.UG.FTS.B,

29.49%,

5/03/27

..

0‌

0‌

992460499.UG.FTS.B,

29.49%,

6/02/27

..

–‌

–‌

992235653.UG.FTS.B,

28.48%,

6/03/27

..

1‌

1‌

992255551.UG.FTS.B,

28.98%,

6/03/27

..

1‌

1‌

992263774.UG.FTS.B,

28.98%,

6/03/27

..

0‌

0‌

992272734.UG.FTS.B,

29.48%,

6/03/27

..

1‌

1‌

992249949.UG.FTS.B,

29.49%,

6/03/27

..

2‌

2‌

992258351.UG.FTS.B,

29.49%,

6/03/27

..

2‌

2‌

992276026.UG.FTS.B,

29.49%,

6/03/27

..

2‌

2‌

992316541.UG.FTS.B,

29.49%,

6/03/27

..

3‌

3‌

992339643.UG.FTS.B,

29.49%,

6/03/27

..

4‌

3‌

992371477.UG.FTS.B,

29.49%,

6/03/27

..

2‌

2‌

992407651.UG.FTS.B,

29.49%,

6/03/27

..

4‌

4‌

992408293.UG.FTS.B,

29.49%,

6/03/27

..

3‌

3‌

992423495.UG.FTS.B,

29.49%,

6/03/27

..

4‌

4‌

252,313‌

Upstart

Network,

Inc.

L1729059.UP.FTS.B,

7.36%,

9/17/24

....

1,192‌

1,184‌

L1729715.UP.FTS.B,

8.39%,

9/17/24

....

4,792‌

4,758‌

L1722095.UP.FTS.B,

11.17%,

9/17/24

....

805‌

800‌

FW1729768.UP.FTS.B,

11.21%,

9/17/24

..

2,416‌

2,399‌

L1730069.UP.FTS.B,

14.07%,

9/17/24

....

16,133‌

15,972‌

FW1730324.UP.FTS.B,

15.67%,

9/17/24

..

8,158‌

8,079‌

L1730028.UP.FTS.B,

17.8%,

9/17/24

....

2,876‌

2,845‌

L1729192.UP.FTS.B,

17.9%,

9/17/24

....

2,122‌

2,100‌

L1729539.UP.FTS.B,

18.67%,

9/17/24

....

2,064‌

2,042‌

L1701486.UP.FTS.B,

23.29%,

9/17/24

....

1,665‌

1,643‌

L1730191.UP.FTS.B,

23.36%,

9/17/24

....

1,757‌

1,732‌

FW1729692.UP.FTS.B,

23.48%,

9/17/24

..

2,399‌

174‌

L1730194.UP.FTS.B,

23.58%,

9/17/24

....

916‌

903‌

FW1729714.UP.FTS.B,

27.13%,

9/17/24

..

4,354‌

4,111‌

FW1730096.UP.FTS.B,

29.53%,

9/17/24

..

3,310‌

236‌

FW1729116.UP.FTS.B,

29.85%,

9/17/24

..

2,459‌

173‌

FW1730336.UP.FTS.B,

30.16%,

9/17/24

..

4,234‌

4,179‌

L1902385.UP.FTS.B,

8.05%,

10/22/24

....

4,119‌

4,092‌

L1902094.UP.FTS.B,

9.69%,

10/22/24

....

827‌

822‌

L1902354.UP.FTS.B,

12.7%,

10/22/24

....

4,169‌

4,144‌

L1902268.UP.FTS.B,

14.19%,

10/22/24

...

16,738‌

16,592‌

FW1895387.UP.FTS.B,

14.22%,

10/22/24

.

4,657‌

245‌

L1901213.UP.FTS.B,

15.08%,

10/22/24

...

20,969‌

20,787‌

L1902811.UP.FTS.B,

15.52%,

10/22/24

...

2,758‌

2,719‌

FW1900872.UP.FTS.B,

18.12%,

10/22/24

.

5,070‌

5,027‌

L1902710.UP.FTS.B,

18.85%,

10/22/24

...

4,655‌

4,616‌

L1896884.UP.FTS.B,

19.31%,

10/22/24

...

5,932‌

5,881‌

L1901253.UP.FTS.B,

19.45%,

10/22/24

...

5,250‌

383‌

Franklin

Universal

Trust

Schedule

of

Investments

(unaudited)

See

Notes

to

Schedule

of

Investments.

Quarterly

Schedule

of

Investments

29

Description

Principal

Amount

Value

Marketplace

Loans

(continued)

Upstart

Network,

Inc.

(continued)

FW1901088.UP.FTS.B,

19.62%,

10/22/24

.

$

1,374‌

$

204‌

L1902837.UP.FTS.B,

20.13%,

10/22/24

...

1,176‌

1,164‌

FW1902685.UP.FTS.B,

20.49%,

10/22/24

.

2,549‌

2,528‌

L1902733.UP.FTS.B,

21.31%,

10/22/24

...

4,257‌

4,207‌

L1900998.UP.FTS.B,

21.32%,

10/22/24

...

4,454‌

4,396‌

FW1901209.UP.FTS.B,

21.35%,

10/22/24

.

851‌

842‌

FW1902521.UP.FTS.B,

21.52%,

10/22/24

.

893‌

885‌

L1901625.UP.FTS.B,

21.76%,

10/22/24

...

5,695‌

5,621‌

L1875546.UP.FTS.B,

21.84%,

10/22/24

...

1,534‌

1,516‌

L1902017.UP.FTS.B,

22.16%,

10/22/24

...

933‌

922‌

L1900838.UP.FTS.B,

22.33%,

10/22/24

...

5,266‌

4,982‌

L1901126.UP.FTS.B,

23.27%,

10/22/24

...

15,896‌

15,043‌

L1900754.UP.FTS.B,

23.33%,

10/22/24

...

2,836‌

2,798‌

FW1901937.UP.FTS.B,

24.32%,

10/22/24

.

10,286‌

10,168‌

FW1902725.UP.FTS.B,

26.82%,

10/22/24

.

3,449‌

3,409‌

FW1901404.UP.FTS.B,

27.07%,

10/22/24

.

15,714‌

1,125‌

FW1901723.UP.FTS.B,

27.55%,

10/22/24

.

4,893‌

350‌

FW1902648.UP.FTS.B,

29%,

10/22/24

...

5,710‌

898‌

L2031380.UP.FTS.B,

6.17%,

11/12/24

....

6,342‌

6,298‌

L2031821.UP.FTS.B,

6.68%,

11/12/24

....

3,494‌

3,463‌

L2032548.UP.FTS.B,

7.85%,

11/12/24

....

9,287‌

9,215‌

L2031918.UP.FTS.B,

8.28%,

11/12/24

....

2,549‌

2,530‌

L2002430.UP.FTS.B,

8.48%,

11/12/24

....

2,635‌

2,615‌

L2031630.UP.FTS.B,

9.03%,

11/12/24

....

5,958‌

5,913‌

L2031494.UP.FTS.B,

9.06%,

11/12/24

....

5,052‌

5,013‌

L2032651.UP.FTS.B,

9.8%,

11/12/24

.....

2,984‌

2,962‌

L2033075.UP.FTS.B,

11.83%,

11/12/24

...

9,439‌

9,362‌

L2032893.UP.FTS.B,

11.86%,

11/12/24

...

1,843‌

491‌

L2031949.UP.FTS.B,

13.15%,

11/12/24

...

10,136‌

10,055‌

L2032627.UP.FTS.B,

14.45%,

11/12/24

...

1,722‌

1,702‌

FW2033188.UP.FTS.B,

15.1%,

11/12/24

..

5,519‌

5,453‌

L2033117.UP.FTS.B,

15.91%,

11/12/24

...

4,665‌

4,609‌

L2032469.UP.FTS.B,

17.26%,

11/12/24

...

662‌

651‌

L2032999.UP.FTS.B,

17.5%,

11/12/24

....

5,231‌

5,167‌

L2030693.UP.FTS.B,

17.81%,

11/12/24

...

3,035‌

2,999‌

FW2032267.UP.FTS.B,

18.58%,

11/12/24

.

4,345‌

4,293‌

L2032406.UP.FTS.B,

19.26%,

11/12/24

...

5,398‌

3,136‌

L2031921.UP.FTS.B,

19.5%,

11/12/24

....

5,221‌

5,159‌

FW2032368.UP.FTS.B,

20.11%,

11/12/24

.

8,225‌

8,112‌

L2033189.UP.FTS.B,

21.52%,

11/12/24

...

1,048‌

1,036‌

FW2031299.UP.FTS.B,

21.82%,

11/12/24

.

7,497‌

7,381‌

FW2032694.UP.FTS.B,

22.49%,

11/12/24

.

5,303‌

5,222‌

L2031497.UP.FTS.B,

23.3%,

11/12/24

....

1,915‌

1,884‌

L2031708.UP.FTS.B,

24.46%,

11/12/24

...

7,500‌

542‌

FW2033085.UP.FTS.B,

25.77%,

11/12/24

.

6,115‌

6,018‌

FW2032765.UP.FTS.B,

27.87%,

11/12/24

.

5,304‌

5,222‌

FW2032721.UP.FTS.B,

28.48%,

11/12/24

.

9,818‌

694‌

FW2031946.UP.FTS.B,

29.18%,

11/12/24

.

5,491‌

3,305‌

FW2030908.UP.FTS.B,

29.29%,

11/12/24

.

4,073‌

4,010‌

L2102716.UP.FTS.B,

6.59%,

11/23/24

....

4,232‌

4,208‌

L2103900.UP.FTS.B,

7.28%,

11/23/24

....

4,239‌

4,215‌

L2102014.UP.FTS.B,

8.1%,

11/23/24

.....

2,888‌

2,870‌

L2101938.UP.FTS.B,

8.87%,

11/23/24

....

2,212‌

2,199‌

L2102521.UP.FTS.B,

9.48%,

11/23/24

....

6,220‌

6,183‌

L2102773.UP.FTS.B,

10.25%,

11/23/24

...

1,024‌

1,018‌

L2103582.UP.FTS.B,

11.94%,

11/23/24

...

5,496‌

5,460‌

L2103839.UP.FTS.B,

11.98%,

11/23/24

...

5,259‌

4,979‌

L2102080.UP.FTS.B,

12.09%,

11/23/24

...

2,204‌

2,087‌

Description

Principal

Amount

Value

Upstart

Network,

Inc.

(continued)

L2101841.UP.FTS.B,

12.19%,

11/23/24

...

$

1,220‌

$

1,212‌

L2102945.UP.FTS.B,

12.52%,

11/23/24

...

5,146‌

5,117‌

L2103161.UP.FTS.B,

14.04%,

11/23/24

...

2,572‌

2,557‌

L2101555.UP.FTS.B,

14.18%,

11/23/24

...

940‌

933‌

L2103173.UP.FTS.B,

14.48%,

11/23/24

...

3,876‌

3,855‌

FW2102978.UP.FTS.B,

15.1%,

11/23/24

..

2,693‌

2,552‌

L2101642.UP.FTS.B,

15.95%,

11/23/24

...

6,622‌

6,566‌

L2102263.UP.FTS.B,

17.21%,

11/23/24

...

1,732‌

1,718‌

L2103519.UP.FTS.B,

17.52%,

11/23/24

...

3,010‌

2,984‌

L2102733.UP.FTS.B,

17.97%,

11/23/24

...

5,639‌

5,592‌

L2099426.UP.FTS.B,

18.86%,

11/23/24

...

2,173‌

2,155‌

FW2102335.UP.FTS.B,

19.49%,

11/23/24

.

2,175‌

2,158‌

L2102908.UP.FTS.B,

19.98%,

11/23/24

...

1,328‌

1,257‌

L2103410.UP.FTS.B,

20.18%,

11/23/24

...

4,357‌

4,321‌

L2103709.UP.FTS.B,

20.75%,

11/23/24

...

1,919‌

1,904‌

L2102178.UP.FTS.B,

21.01%,

11/23/24

...

2,685‌

2,543‌

L2102185.UP.FTS.B,

21.19%,

11/23/24

...

6,548‌

6,496‌

L2103127.UP.FTS.B,

21.34%,

11/23/24

...

9,216‌

9,115‌

L2101911.UP.FTS.B,

22.18%,

11/23/24

...

6,998‌

6,922‌

L2102659.UP.FTS.B,

22.84%,

11/23/24

...

6,283‌

5,952‌

FW2102627.UP.FTS.B,

24.07%,

11/23/24

.

3,627‌

1,065‌

FW2102772.UP.FTS.B,

25.91%,

11/23/24

.

4,550‌

4,314‌

FW2103646.UP.FTS.B,

26.77%,

11/23/24

.

2,391‌

2,358‌

FW2103253.UP.FTS.B,

27.01%,

11/23/24

.

1,720‌

1,700‌

FW2103254.UP.FTS.B,

28.98%,

11/23/24

.

2,834‌

2,805‌

FW2103797.UP.FTS.B,

29.82%,

11/23/24

.

6,209‌

6,146‌

L2250253.UP.FTS.B,

5.3%,

12/14/24

....

23,388‌

23,226‌

FW2247150.UP.FTS.B,

7.75%,

12/14/24

..

4,809‌

4,778‌

L2249821.UP.FTS.B,

9.1%,

12/14/24

....

877‌

870‌

L2249474.UP.FTS.B,

9.8%,

12/14/24

....

2,193‌

2,177‌

L2249818.UP.FTS.B,

9.92%,

12/14/24

....

3,504‌

3,478‌

L2248588.UP.FTS.B,

10.67%,

12/14/24

...

13,133‌

13,036‌

L2251137.UP.FTS.B,

11.74%,

12/14/24

...

22,021‌

21,861‌

L2249713.UP.FTS.B,

11.85%,

12/14/24

...

3,524‌

3,496‌

L2249033.UP.FTS.B,

12.44%,

12/14/24

...

8,781‌

8,710‌

L2249391.UP.FTS.B,

12.58%,

12/14/24

...

1,899‌

1,883‌

L2248563.UP.FTS.B,

12.74%,

12/14/24

...

2,736‌

2,714‌

L2251228.UP.FTS.B,

12.94%,

12/14/24

...

1,324‌

1,314‌

L2248952.UP.FTS.B,

12.98%,

12/14/24

...

6,180‌

6,131‌

L2250705.UP.FTS.B,

13.29%,

12/14/24

...

883‌

876‌

L2250256.UP.FTS.B,

14.38%,

12/14/24

...

5,002‌

2,901‌

L2248867.UP.FTS.B,

14.64%,

12/14/24

...

4,400‌

4,364‌

L2248849.UP.FTS.B,

14.84%,

12/14/24

...

740‌

730‌

L2251099.UP.FTS.B,

15.99%,

12/14/24

...

1,268‌

1,251‌

FW2249991.UP.FTS.B,

16.74%,

12/14/24

.

3,999‌

3,951‌

L2250280.UP.FTS.B,

16.83%,

12/14/24

...

4,941‌

4,864‌

L2248645.UP.FTS.B,

17.82%,

12/14/24

...

5,342‌

5,278‌

L2249946.UP.FTS.B,

17.98%,

12/14/24

...

3,562‌

3,520‌

L2249171.UP.FTS.B,

19.01%,

12/14/24

...

6,244‌

6,170‌

FW2249440.UP.FTS.B,

19.65%,

12/14/24

.

891‌

881‌

L2250240.UP.FTS.B,

20.48%,

12/14/24

...

894‌

884‌

L2250459.UP.FTS.B,

21.22%,

12/14/24

...

3,939‌

3,879‌

L2248558.UP.FTS.B,

21.57%,

12/14/24

...

896‌

882‌

L2251174.UP.FTS.B,

21.98%,

12/14/24

...

3,137‌

3,089‌

FW2250657.UP.FTS.B,

22.04%,

12/14/24

.

896‌

886‌

L2238243.UP.FTS.B,

22.69%,

12/14/24

...

3,590‌

3,535‌

L2250214.UP.FTS.B,

22.7%,

12/14/24

....

9,000‌

649‌

L2248667.UP.FTS.B,

22.71%,

12/14/24

...

1,335‌

1,314‌

Franklin

Universal

Trust

Schedule

of

Investments

(unaudited)

Quarterly

Schedule

of

Investments

See

Notes

to

Schedule

of

Investments.

30

Description

Principal

Amount

Value

Marketplace

Loans

(continued)

Upstart

Network,

Inc.

(continued)

FW2250596.UP.FTS.B,

22.87%,

12/14/24

.

$

2,873‌

$

2,829‌

L2249754.UP.FTS.B,

22.91%,

12/14/24

...

2,965‌

2,920‌

FW2249278.UP.FTS.B,

23.56%,

12/14/24

.

1,797‌

1,776‌

L2250234.UP.FTS.B,

24.22%,

12/14/24

...

4,408‌

4,341‌

FW2249744.UP.FTS.B,

24.36%,

12/14/24

.

1,761‌

1,733‌

FW2251405.UP.FTS.B,

24.46%,

12/14/24

.

1,800‌

1,772‌

FW2250179.UP.FTS.B,

25.41%,

12/14/24

.

3,180‌

3,134‌

FW2250905.UP.FTS.B,

25.42%,

12/14/24

.

896‌

537‌

FW2250656.UP.FTS.B,

26.59%,

12/14/24

.

1,059‌

1,041‌

FW2249531.UP.FTS.B,

27.05%,

12/14/24

.

4,517‌

4,448‌

FW2250011.UP.FTS.B,

27.44%,

12/14/24

.

3,797‌

3,739‌

FW2250753.UP.FTS.B,

28.29%,

12/14/24

.

2,715‌

2,674‌

FW2249611.UP.FTS.B,

28.33%,

12/14/24

.

1,813‌

1,786‌

FW2248798.UP.FTS.B,

28.6%,

12/14/24

..

2,047‌

1,231‌

FW2248958.UP.FTS.B,

28.78%,

12/14/24

.

1,648‌

1,624‌

FW2249423.UP.FTS.B,

28.9%,

12/14/24

..

906‌

892‌

FW2250630.UP.FTS.B,

28.93%,

12/14/24

.

1,350‌

1,329‌

FW2249206.UP.FTS.B,

28.96%,

12/14/24

.

1,268‌

1,249‌

FW2248284.UP.FTS.B,

29.12%,

12/14/24

.

3,017‌

2,967‌

L2251006.UP.FTS.B,

6.59%,

12/15/24

....

2,181‌

2,168‌

L2252015.UP.FTS.B,

6.88%,

12/15/24

....

2,619‌

2,603‌

L2253130.UP.FTS.B,

10.71%,

12/15/24

...

5,275‌

5,240‌

L2253004.UP.FTS.B,

13.29%,

12/15/24

...

7,063‌

7,013‌

L2250196.UP.FTS.B,

14.38%,

12/15/24

...

4,867‌

4,814‌

FW2251095.UP.FTS.B,

15.84%,

12/15/24

.

1,767‌

1,748‌

FW2251549.UP.FTS.B,

16.2%,

12/15/24

..

1,121‌

1,104‌

L2251539.UP.FTS.B,

16.31%,

12/15/24

...

7,104‌

7,027‌

L2253233.UP.FTS.B,

17.76%,

12/15/24

...

4,896‌

4,843‌

L2253008.UP.FTS.B,

17.8%,

12/15/24

....

4,007‌

3,964‌

L2251602.UP.FTS.B,

18.36%,

12/15/24

...

3,119‌

3,085‌

L2252717.UP.FTS.B,

19.17%,

12/15/24

...

4,461‌

4,414‌

FW2251695.UP.FTS.B,

19.28%,

12/15/24

.

6,368‌

6,013‌

FW2253350.UP.FTS.B,

19.8%,

12/15/24

..

3,573‌

3,523‌

L2252886.UP.FTS.B,

20.6%,

12/15/24

....

1,163‌

1,150‌

L2249377.UP.FTS.B,

20.67%,

12/15/24

...

6,709‌

6,615‌

L2252058.UP.FTS.B,

20.99%,

12/15/24

...

1,074‌

1,062‌

FW2252026.UP.FTS.B,

21.07%,

12/15/24

.

3,992‌

3,934‌

L2240893.UP.FTS.B,

21.21%,

12/15/24

...

22,382‌

22,144‌

FW2252326.UP.FTS.B,

21.53%,

12/15/24

.

7,166‌

7,090‌

L2253679.UP.FTS.B,

22.11%,

12/15/24

...

3,586‌

3,537‌

FW2249426.UP.FTS.B,

22.47%,

12/15/24

.

5,854‌

5,776‌

FW2251845.UP.FTS.B,

22.89%,

12/15/24

.

1,884‌

1,858‌

L2251577.UP.FTS.B,

23.09%,

12/15/24

...

2,986‌

2,941‌

L2253201.UP.FTS.B,

23.48%,

12/15/24

...

2,696‌

2,658‌

FW2253584.UP.FTS.B,

25.02%,

12/15/24

.

16,212‌

15,990‌

FW2249116.UP.FTS.B,

28.33%,

12/15/24

.

1,177‌

1,165‌

FW2251502.UP.FTS.B,

29.17%,

12/15/24

.

6,483‌

6,123‌

FW2253772.UP.FTS.B,

29.37%,

12/15/24

.

1,929‌

1,899‌

FW2250071.UP.FTS.B,

30.65%,

12/15/24

.

5,652‌

5,579‌

L2499293.UP.FTS.B,

6.07%,

1/24/25

....

14,358‌

14,286‌

L2491823.UP.FTS.B,

6.34%,

1/24/25

....

4,489‌

4,466‌

FW2498281.UP.FTS.B,

7.12%,

1/24/25

...

1,329‌

1,323‌

L2499253.UP.FTS.B,

7.19%,

1/24/25

....

37,753‌

37,565‌

L2491568.UP.FTS.B,

7.35%,

1/24/25

....

2,718‌

2,569‌

L2499551.UP.FTS.B,

8.93%,

1/24/25

....

9,012‌

8,963‌

L2498976.UP.FTS.B,

9.51%,

1/24/25

....

13,530‌

13,456‌

L2499846.UP.FTS.B,

10.23%,

1/24/25

....

5,417‌

5,388‌

FW2500459.UP.FTS.B,

10.8%,

1/24/25

...

1,660‌

237‌

Description

Principal

Amount

Value

Upstart

Network,

Inc.

(continued)

L2498779.UP.FTS.B,

11.48%,

1/24/25

....

$

905‌

$

900‌

L2497791.UP.FTS.B,

11.97%,

1/24/25

....

3,717‌

3,520‌

L2499082.UP.FTS.B,

12.89%,

1/24/25

....

12,689‌

12,620‌

FW2499139.UP.FTS.B,

14.86%,

1/24/25

..

1,363‌

1,352‌

L2499336.UP.FTS.B,

15.49%,

1/24/25

....

1,364‌

1,353‌

L2497860.UP.FTS.B,

16.59%,

1/24/25

....

1,366‌

1,355‌

FW2499341.UP.FTS.B,

16.67%,

1/24/25

..

1,356‌

1,344‌

L2497587.UP.FTS.B,

16.78%,

1/24/25

....

1,719‌

1,702‌

FW2497313.UP.FTS.B,

17.51%,

1/24/25

..

46,821‌

44,393‌

L2495345.UP.FTS.B,

20.06%,

1/24/25

....

6,863‌

6,805‌

L2499854.UP.FTS.B,

22.79%,

1/24/25

....

6,428‌

6,374‌

L2500532.UP.FTS.B,

23.03%,

1/24/25

....

1,561‌

1,545‌

FW2497753.UP.FTS.B,

26.22%,

1/24/25

..

5,533‌

5,474‌

FW2499886.UP.FTS.B,

26.23%,

1/24/25

..

13,168‌

12,470‌

FW2498195.UP.FTS.B,

26.98%,

1/24/25

..

8,203‌

8,111‌

FW2497524.UP.FTS.B,

28.76%,

1/24/25

..

2,742‌

2,711‌

FW2497701.UP.FTS.B,

28.96%,

1/24/25

..

3,145‌

489‌

FW2496668.UP.FTS.B,

5.04%,

1/25/25

...

21,701‌

21,589‌

L2501009.UP.FTS.B,

5.3%,

1/25/25

.....

8,963‌

8,919‌

L2501544.UP.FTS.B,

6.11%,

1/25/25

.....

3,141‌

3,126‌

L2477274.UP.FTS.B,

6.54%,

1/25/25

....

5,826‌

5,798‌

L2502696.UP.FTS.B,

7.45%,

1/25/25

....

4,473‌

4,449‌

FW2502837.UP.FTS.B,

8.49%,

1/25/25

...

901‌

896‌

L2501769.UP.FTS.B,

8.83%,

1/25/25

....

9,011‌

8,963‌

FW2502102.UP.FTS.B,

9.39%,

1/25/25

...

902‌

897‌

L2501978.UP.FTS.B,

10.16%,

1/25/25

....

1,806‌

1,796‌

L2502709.UP.FTS.B,

10.64%,

1/25/25

....

15,597‌

15,526‌

FW2502461.UP.FTS.B,

10.75%,

1/25/25

..

2,609‌

2,594‌

L2503015.UP.FTS.B,

11.17%,

1/25/25

....

903‌

898‌

FW2503195.UP.FTS.B,

11.21%,

1/25/25

..

12,207‌

12,143‌

L2501275.UP.FTS.B,

11.42%,

1/25/25

....

2,442‌

2,429‌

L2502561.UP.FTS.B,

11.5%,

1/25/25

.....

2,711‌

2,696‌

FW2501076.UP.FTS.B,

12.39%,

1/25/25

..

872‌

867‌

L2500956.UP.FTS.B,

13.21%,

1/25/25

....

2,619‌

2,603‌

L2501451.UP.FTS.B,

13.58%,

1/25/25

....

1,087‌

1,081‌

FW2503345.UP.FTS.B,

13.6%,

1/25/25

...

2,722‌

2,708‌

FW2503482.UP.FTS.B,

16.69%,

1/25/25

..

1,002‌

994‌

L2502390.UP.FTS.B,

16.88%,

1/25/25

....

911‌

904‌

FW2501793.UP.FTS.B,

17.35%,

1/25/25

..

1,824‌

1,809‌

FW2501790.UP.FTS.B,

20.53%,

1/25/25

..

2,150‌

2,123‌

L2502079.UP.FTS.B,

20.91%,

1/25/25

....

4,580‌

4,543‌

L2502143.UP.FTS.B,

21.34%,

1/25/25

....

10,999‌

10,887‌

L2501394.UP.FTS.B,

21.45%,

1/25/25

....

11,618‌

11,496‌

L2503447.UP.FTS.B,

21.45%,

1/25/25

....

6,417‌

6,352‌

L2500631.UP.FTS.B,

22.56%,

1/25/25

....

9,180‌

9,087‌

L2501802.UP.FTS.B,

23.18%,

1/25/25

....

919‌

909‌

FW2502139.UP.FTS.B,

27.5%,

1/25/25

...

5,541‌

5,485‌

FW2501617.UP.FTS.B,

27.92%,

1/25/25

..

18,479‌

18,291‌

FW2502835.UP.FTS.B,

28.01%,

1/25/25

..

3,334‌

3,309‌

FW2503206.UP.FTS.B,

28.84%,

1/25/25

..

1,430‌

1,420‌

FW2503051.UP.FTS.B,

29.1%,

1/25/25

...

964‌

953‌

FW1729136.UP.FTS.B,

30.45%,

2/17/25

..

4,232‌

4,175‌

L1900722.UP.FTS.B,

23.23%,

3/22/25

....

5,213‌

4,932‌

L2030998.UP.FTS.B,

20.7%,

4/12/25

....

9,915‌

9,778‌

L2971722.UP.FTS.B,

8.62%,

4/19/25

....

18,631‌

18,582‌

L2972108.UP.FTS.B,

15.03%,

4/19/25

....

3,226‌

3,210‌

L2970836.UP.FTS.B,

15.68%,

4/19/25

....

4,881‌

4,866‌

L2970738.UP.FTS.B,

18.85%,

4/19/25

....

3,907‌

3,887‌

Franklin

Universal

Trust

Schedule

of

Investments

(unaudited)

See

Notes

to

Schedule

of

Investments.

Quarterly

Schedule

of

Investments

31

Description

Principal

Amount

Value

Marketplace

Loans

(continued)

Upstart

Network,

Inc.

(continued)

FW2971973.UP.FTS.B,

20.05%,

4/19/25

..

$

3,721‌

$

3,703‌

FW2972173.UP.FTS.B,

22.89%,

4/19/25

..

10,161‌

10,085‌

FW1729657.UP.FTS.B,

9.44%,

9/17/26

...

6,243‌

6,208‌

L1729743.UP.FTS.B,

11.64%,

9/17/26

....

44,863‌

44,505‌

L1728160.UP.FTS.B,

12.23%,

9/17/26

....

4,493‌

4,458‌

FW1730300.UP.FTS.B,

13.99%,

9/17/26

..

4,883‌

4,829‌

L1730225.UP.FTS.B,

14.84%,

9/17/26

....

797‌

789‌

L1728895.UP.FTS.B,

14.87%,

9/17/26

....

3,132‌

3,106‌

L1730112.UP.FTS.B,

15.91%,

9/17/26

....

2,721‌

2,690‌

L1729289.UP.FTS.B,

17.07%,

9/17/26

....

2,729‌

2,698‌

L1729863.UP.FTS.B,

17.12%,

9/17/26

....

22,731‌

22,411‌

FW1729819.UP.FTS.B,

18.12%,

9/17/26

..

2,006‌

1,984‌

L1729483.UP.FTS.B,

18.23%,

9/17/26

....

14,077‌

13,262‌

FW1729970.UP.FTS.B,

18.27%,

9/17/26

..

22,807‌

22,487‌

L1729699.UP.FTS.B,

18.77%,

9/17/26

....

2,963‌

2,915‌

L1729786.UP.FTS.B,

18.84%,

9/17/26

....

5,482‌

5,405‌

L1730162.UP.FTS.B,

19.56%,

9/17/26

....

4,745‌

696‌

L1729529.UP.FTS.B,

20.22%,

9/17/26

....

11,891‌

11,800‌

FW1730364.UP.FTS.B,

20.42%,

9/17/26

..

2,751‌

2,713‌

L1729751.UP.FTS.B,

20.66%,

9/17/26

....

6,421‌

6,373‌

FW1730043.UP.FTS.B,

21.14%,

9/17/26

..

4,224‌

4,192‌

L1729813.UP.FTS.B,

21.17%,

9/17/26

....

6,438‌

6,349‌

FW1729704.UP.FTS.B,

21.57%,

9/17/26

..

18,600‌

17,500‌

L1730077.UP.FTS.B,

21.62%,

9/17/26

....

6,538‌

6,438‌

L1730290.UP.FTS.B,

23.01%,

9/17/26

....

7,008‌

6,956‌

L1730120.UP.FTS.B,

23.06%,

9/17/26

....

10,183‌

10,102‌

L1729719.UP.FTS.B,

23.41%,

9/17/26

....

9,132‌

9,058‌

FW1729408.UP.FTS.B,

23.55%,

9/17/26

..

3,514‌

3,486‌

L1729698.UP.FTS.B,

23.96%,

9/17/26

....

5,762‌

103‌

L1729627.UP.FTS.B,

24.42%,

9/17/26

....

9,247‌

9,179‌

L1729824.UP.FTS.B,

25.14%,

9/17/26

....

6,115‌

6,070‌

L1728842.UP.FTS.B,

25.21%,

9/17/26

....

18,523‌

18,387‌

L1729392.UP.FTS.B,

25.28%,

9/17/26

....

925‌

918‌

FW1729883.UP.FTS.B,

25.62%,

9/17/26

..

4,627‌

4,592‌

L1729688.UP.FTS.B,

26.02%,

9/17/26

....

1,855‌

1,830‌

FW1730296.UP.FTS.B,

27.27%,

9/17/26

..

7,426‌

7,372‌

FW1729216.UP.FTS.B,

28.26%,

9/17/26

..

4,658‌

4,624‌

FW1729302.UP.FTS.B,

28.5%,

9/17/26

...

1,305‌

1,295‌

FW1730388.UP.FTS.B,

28.64%,

9/17/26

..

14,358‌

14,254‌

FW1729684.UP.FTS.B,

29.1%,

9/17/26

...

11,198‌

11,116‌

FW1729744.UP.FTS.B,

29.63%,

9/17/26

..

8,407‌

8,346‌

FW1729695.UP.FTS.B,

29.91%,

9/17/26

..

47,182‌

44,771‌

FW1729641.UP.FTS.B,

30.22%,

9/17/26

..

4,488‌

4,456‌

FW1729187.UP.FTS.B,

30.3%,

9/17/26

...

6,858‌

6,783‌

FW1728143.UP.FTS.B,

30.44%,

9/17/26

..

4,958‌

4,922‌

FW1730150.UP.FTS.B,

30.64%,

9/17/26

..

1,216‌

1,208‌

FW1729859.UP.FTS.B,

30.83%,

9/17/26

..

9,376‌

9,303‌

FW1729402.UP.FTS.B,

31.22%,

9/17/26

..

19,679‌

19,538‌

FW1727856.UP.FTS.B,

31.23%,

9/17/26

..

2,553‌

2,423‌

FW1728162.UP.FTS.B,

31.41%,

9/17/26

..

2,796‌

2,775‌

FW1730036.UP.FTS.B,

31.55%,

9/17/26

..

7,272‌

7,210‌

FW1729390.UP.FTS.B,

32.18%,

9/17/26

..

2,273‌

2,157‌

FW1729220.UP.FTS.B,

32.29%,

9/17/26

..

3,324‌

3,154‌

FW1728926.UP.FTS.B,

32.35%,

9/17/26

..

2,585‌

2,563‌

FW1729788.UP.FTS.B,

32.4%,

9/17/26

...

5,069‌

5,032‌

FW1902353.UP.FTS.B,

5.71%,

10/22/26

..

12,563‌

12,524‌

L1902780.UP.FTS.B,

7.49%,

10/22/26

....

6,279‌

6,247‌

L1902219.UP.FTS.B,

10.65%,

10/22/26

...

9,085‌

9,022‌

Description

Principal

Amount

Value

Upstart

Network,

Inc.

(continued)

L1901633.UP.FTS.B,

11.17%,

10/22/26

...

$

4,548‌

$

4,517‌

L1901059.UP.FTS.B,

11.8%,

10/22/26

....

3,623‌

3,598‌

L1902506.UP.FTS.B,

12.6%,

10/22/26

....

32,397‌

30,519‌

L1887930.UP.FTS.B,

12.89%,

10/22/26

...

3,392‌

3,194‌

L1901748.UP.FTS.B,

12.93%,

10/22/26

...

8,200‌

8,144‌

L1902477.UP.FTS.B,

13.65%,

10/22/26

...

9,154‌

9,094‌

FW1902782.UP.FTS.B,

14.11%,

10/22/26

.

18,274‌

18,151‌

L1901083.UP.FTS.B,

14.22%,

10/22/26

...

4,122‌

4,094‌

L1901955.UP.FTS.B,

15.79%,

10/22/26

...

9,192‌

9,101‌

L1902333.UP.FTS.B,

15.82%,

10/22/26

...

22,062‌

21,843‌

L1901861.UP.FTS.B,

16.26%,

10/22/26

...

1,431‌

102‌

FW1901571.UP.FTS.B,

16.95%,

10/22/26

.

11,518‌

11,405‌

L1901582.UP.FTS.B,

17.7%,

10/22/26

....

19,566‌

19,374‌

L1901001.UP.FTS.B,

18.48%,

10/22/26

...

4,177‌

4,116‌

FW1901195.UP.FTS.B,

18.66%,

10/22/26

.

2,127‌

2,101‌

L1901585.UP.FTS.B,

18.87%,

10/22/26

...

3,701‌

3,656‌

L1902177.UP.FTS.B,

19.16%,

10/22/26

...

17,533‌

17,318‌

L1901212.UP.FTS.B,

19.55%,

10/22/26

...

5,573‌

5,536‌

L1902855.UP.FTS.B,

19.55%,

10/22/26

...

2,779‌

2,746‌

L1901595.UP.FTS.B,

20.19%,

10/22/26

...

4,267‌

4,215‌

L1900981.UP.FTS.B,

20.57%,

10/22/26

...

3,250‌

3,103‌

L1901936.UP.FTS.B,

21.29%,

10/22/26

...

10,225‌

10,165‌

FW1902510.UP.FTS.B,

21.87%,

10/22/26

.

18,612‌

18,503‌

L1902068.UP.FTS.B,

21.92%,

10/22/26

...

8,258‌

597‌

L1902547.UP.FTS.B,

22.05%,

10/22/26

...

8,833‌

634‌

L1902424.UP.FTS.B,

22.14%,

10/22/26

...

12,011‌

11,941‌

L1902840.UP.FTS.B,

22.56%,

10/22/26

...

12,207‌

12,061‌

L1902300.UP.FTS.B,

22.58%,

10/22/26

...

4,712‌

4,477‌

L1901067.UP.FTS.B,

23.17%,

10/22/26

...

13,993‌

13,912‌

L1900642.UP.FTS.B,

23.33%,

10/22/26

...

4,298‌

4,086‌

FW1902786.UP.FTS.B,

23.49%,

10/22/26

.

10,101‌

10,031‌

L1902567.UP.FTS.B,

23.92%,

10/22/26

...

23,357‌

23,223‌

L1901771.UP.FTS.B,

24.44%,

10/22/26

...

6,078‌

6,043‌

L1901141.UP.FTS.B,

24.79%,

10/22/26

...

1,872‌

1,861‌

FW1901151.UP.FTS.B,

24.85%,

10/22/26

.

2,200‌

156‌

FW1901677.UP.FTS.B,

24.92%,

10/22/26

.

28,645‌

8,432‌

L1902683.UP.FTS.B,

25.19%,

10/22/26

...

11,235‌

11,171‌

L1901660.UP.FTS.B,

25.23%,

10/22/26

...

1,592‌

1,583‌

L1901951.UP.FTS.B,

25.24%,

10/22/26

...

2,247‌

2,234‌

FW1902836.UP.FTS.B,

25.41%,

10/22/26

.

46,121‌

45,809‌

L1902657.UP.FTS.B,

25.42%,

10/22/26

...

1,987‌

1,972‌

L1902485.UP.FTS.B,

25.47%,

10/22/26

...

1,409‌

1,400‌

L1900275.UP.FTS.B,

25.48%,

10/22/26

...

2,208‌

2,180‌

L1901089.UP.FTS.B,

25.48%,

10/22/26

...

937‌

931‌

FW1902401.UP.FTS.B,

25.71%,

10/22/26

.

4,405‌

4,380‌

L1902021.UP.FTS.B,

25.72%,

10/22/26

...

2,437‌

2,423‌

FW1902199.UP.FTS.B,

26.04%,

10/22/26

.

3,938‌

3,916‌

FW1902098.UP.FTS.B,

26.15%,

10/22/26

.

4,689‌

4,663‌

L1901920.UP.FTS.B,

26.18%,

10/22/26

...

2,558‌

2,432‌

FW1902581.UP.FTS.B,

26.52%,

10/22/26

.

19,193‌

18,143‌

FW1902833.UP.FTS.B,

26.75%,

10/22/26

.

46,939‌

46,675‌

FW1902133.UP.FTS.B,

27.21%,

10/22/26

.

18,790‌

18,685‌

FW1886406.UP.FTS.B,

27.97%,

10/22/26

.

11,402‌

11,333‌

FW1901053.UP.FTS.B,

28.68%,

10/22/26

.

3,296‌

3,278‌

FW1902052.UP.FTS.B,

28.9%,

10/22/26

..

11,356‌

11,291‌

FW1902453.UP.FTS.B,

29.13%,

10/22/26

.

5,938‌

420‌

FW1902473.UP.FTS.B,

30%,

10/22/26

...

5,811‌

1,732‌

FW1901054.UP.FTS.B,

30.7%,

10/22/26

..

1,049‌

997‌

Franklin

Universal

Trust

Schedule

of

Investments

(unaudited)

Quarterly

Schedule

of

Investments

See

Notes

to

Schedule

of

Investments.

32

Description

Principal

Amount

Value

Marketplace

Loans

(continued)

Upstart

Network,

Inc.

(continued)

FW1901629.UP.FTS.B,

31%,

10/22/26

...

$

4,065‌

$

4,043‌

FW1902583.UP.FTS.B,

31%,

10/22/26

...

1,577‌

109‌

FW1901509.UP.FTS.B,

31.16%,

10/22/26

.

7,539‌

7,170‌

FW1902391.UP.FTS.B,

31.19%,

10/22/26

.

3,393‌

3,374‌

FW1901303.UP.FTS.B,

31.21%,

10/22/26

.

3,593‌

3,574‌

FW1900628.UP.FTS.B,

31.23%,

10/22/26

.

1,040‌

1,035‌

FW1902299.UP.FTS.B,

31.27%,

10/22/26

.

7,471‌

7,431‌

FW1902681.UP.FTS.B,

31.63%,

10/22/26

.

7,570‌

7,529‌

FW1901725.UP.FTS.B,

31.78%,

10/22/26

.

13,114‌

13,041‌

FW1901994.UP.FTS.B,

32.7%,

10/22/26

..

7,204‌

7,166‌

L2031623.UP.FTS.B,

9.89%,

11/12/26

....

33,956‌

33,770‌

L2032896.UP.FTS.B,

9.9%,

11/12/26

.....

6,440‌

6,405‌

L2030228.UP.FTS.B,

11.02%,

11/12/26

...

5,940‌

5,889‌

L2031352.UP.FTS.B,

11.14%,

11/12/26

...

2,307‌

2,288‌

L2032935.UP.FTS.B,

11.41%,

11/12/26

...

23,078‌

22,955‌

L2032147.UP.FTS.B,

11.65%,

11/12/26

...

7,388‌

7,329‌

L2032600.UP.FTS.B,

12.19%,

11/12/26

...

6,934‌

6,878‌

L2032561.UP.FTS.B,

12.57%,

11/12/26

...

13,893‌

13,785‌

FW2032979.UP.FTS.B,

12.77%,

11/12/26

.

7,405‌

7,345‌

L2032884.UP.FTS.B,

12.78%,

11/12/26

...

7,405‌

7,345‌

FW2032727.UP.FTS.B,

12.91%,

11/12/26

.

3,240‌

3,214‌

L2032885.UP.FTS.B,

12.92%,

11/12/26

...

4,581‌

4,543‌

L2032155.UP.FTS.B,

12.96%,

11/12/26

...

7,411‌

7,351‌

FW2031248.UP.FTS.B,

13.13%,

11/12/26

.

7,226‌

7,168‌

FW2032795.UP.FTS.B,

13.19%,

11/12/26

.

7,411‌

7,351‌

L2030856.UP.FTS.B,

13.22%,

11/12/26

...

8,850‌

8,773‌

FW2031491.UP.FTS.B,

13.32%,

11/12/26

.

6,023‌

5,974‌

L2030962.UP.FTS.B,

13.54%,

11/12/26

...

7,342‌

7,283‌

FW2032278.UP.FTS.B,

13.85%,

11/12/26

.

4,604‌

4,567‌

L2032791.UP.FTS.B,

14.03%,

11/12/26

...

2,799‌

2,777‌

L2032226.UP.FTS.B,

14.31%,

11/12/26

...

22,632‌

22,448‌

L2031496.UP.FTS.B,

14.48%,

11/12/26

...

7,622‌

1,935‌

L2031580.UP.FTS.B,

14.88%,

11/12/26

...

1,757‌

1,742‌

L2032373.UP.FTS.B,

14.92%,

11/12/26

...

9,294‌

9,220‌

FW2032722.UP.FTS.B,

14.98%,

11/12/26

.

7,436‌

7,377‌

L2030829.UP.FTS.B,

14.99%,

11/12/26

...

14,872‌

14,754‌

L2032174.UP.FTS.B,

15.1%,

11/12/26

....

6,508‌

6,456‌

FW2032454.UP.FTS.B,

15.76%,

11/12/26

.

5,651‌

5,561‌

L2032268.UP.FTS.B,

15.84%,

11/12/26

...

19,829‌

19,586‌

L2033071.UP.FTS.B,

15.91%,

11/12/26

...

3,446‌

3,419‌

FW2031845.UP.FTS.B,

15.93%,

11/12/26

.

14,016‌

13,853‌

FW2032747.UP.FTS.B,

16.19%,

11/12/26

.

14,076‌

13,914‌

FW2032538.UP.FTS.B,

16.45%,

11/12/26

.

4,660‌

4,623‌

L2032366.UP.FTS.B,

16.55%,

11/12/26

...

7,285‌

7,225‌

L2033082.UP.FTS.B,

16.64%,

11/12/26

...

15,725‌

15,598‌

L2030808.UP.FTS.B,

16.75%,

11/12/26

...

7,926‌

7,864‌

FW2032502.UP.FTS.B,

16.77%,

11/12/26

.

7,460‌

7,402‌

L2033005.UP.FTS.B,

16.99%,

11/12/26

...

3,735‌

3,691‌

L2033008.UP.FTS.B,

17.14%,

11/12/26

...

5,972‌

5,901‌

L2031106.UP.FTS.B,

17.27%,

11/12/26

...

7,272‌

7,180‌

L2031479.UP.FTS.B,

17.32%,

11/12/26

...

14,189‌

14,027‌

L2032509.UP.FTS.B,

17.7%,

11/12/26

....

3,267‌

3,228‌

L2030768.UP.FTS.B,

17.71%,

11/12/26

...

4,670‌

4,615‌

L2027501.UP.FTS.B,

17.87%,

11/12/26

...

4,895‌

178‌

L2032284.UP.FTS.B,

17.94%,

11/12/26

...

4,677‌

4,610‌

L2032006.UP.FTS.B,

17.99%,

11/12/26

...

5,829‌

5,732‌

L2030776.UP.FTS.B,

18.15%,

11/12/26

...

4,474‌

4,439‌

FW2032396.UP.FTS.B,

18.3%,

11/12/26

..

14,494‌

14,280‌

Description

Principal

Amount

Value

Upstart

Network,

Inc.

(continued)

L2031481.UP.FTS.B,

18.31%,

11/12/26

...

$

9,259‌

$

9,145‌

FW2031117.UP.FTS.B,

18.34%,

11/12/26

.

9,351‌

9,213‌

L2032837.UP.FTS.B,

18.39%,

11/12/26

...

9,352‌

9,241‌

L2030864.UP.FTS.B,

18.46%,

11/12/26

...

8,979‌

8,909‌

L2030865.UP.FTS.B,

18.88%,

11/12/26

...

2,885‌

2,834‌

L2032849.UP.FTS.B,

19.14%,

11/12/26

...

11,236‌

11,103‌

FW2032194.UP.FTS.B,

19.49%,

11/12/26

.

7,027‌

6,923‌

L2030806.UP.FTS.B,

19.55%,

11/12/26

...

3,748‌

3,693‌

FW2032947.UP.FTS.B,

19.59%,

11/12/26

.

23,470‌

23,298‌

FW2030839.UP.FTS.B,

19.73%,

11/12/26

.

20,799‌

20,458‌

FW2030457.UP.FTS.B,

19.74%,

11/12/26

.

5,838‌

5,756‌

L2031425.UP.FTS.B,

19.77%,

11/12/26

...

5,859‌

5,771‌

L2031289.UP.FTS.B,

19.82%,

11/12/26

...

7,499‌

7,389‌

L2032060.UP.FTS.B,

20.25%,

11/12/26

...

5,629‌

5,546‌

L2032905.UP.FTS.B,

20.65%,

11/12/26

...

3,270‌

3,237‌

L2032195.UP.FTS.B,

20.89%,

11/12/26

...

9,391‌

9,253‌

L2032456.UP.FTS.B,

20.93%,

11/12/26

...

1,407‌

1,386‌

L2030959.UP.FTS.B,

21.08%,

11/12/26

...

9,362‌

9,224‌

L2030794.UP.FTS.B,

21.21%,

11/12/26

...

1,597‌

1,574‌

L2032266.UP.FTS.B,

21.24%,

11/12/26

...

4,696‌

4,650‌

L2032324.UP.FTS.B,

21.35%,

11/12/26

...

12,217‌

12,099‌

L2032168.UP.FTS.B,

21.6%,

11/12/26

....

9,012‌

8,913‌

FW2027921.UP.FTS.B,

21.63%,

11/12/26

.

1,882‌

1,854‌

FW2032858.UP.FTS.B,

21.65%,

11/12/26

.

14,687‌

2,131‌

FW2032674.UP.FTS.B,

21.86%,

11/12/26

.

1,453‌

419‌

L2032292.UP.FTS.B,

21.9%,

11/12/26

....

1,634‌

11‌

FW2033134.UP.FTS.B,

22.19%,

11/12/26

.

7,302‌

7,232‌

L2032065.UP.FTS.B,

22.33%,

11/12/26

...

18,366‌

18,189‌

L2031176.UP.FTS.B,

22.37%,

11/12/26

...

8,660‌

8,534‌

FW2032681.UP.FTS.B,

22.41%,

11/12/26

.

2,353‌

2,319‌

L2032742.UP.FTS.B,

22.42%,

11/12/26

...

2,783‌

2,742‌

L2033183.UP.FTS.B,

22.68%,

11/12/26

...

3,366‌

3,340‌

FW2032923.UP.FTS.B,

22.87%,

11/12/26

.

5,652‌

5,598‌

L2031168.UP.FTS.B,

24.05%,

11/12/26

...

4,719‌

4,674‌

L2029169.UP.FTS.B,

24.06%,

11/12/26

...

11,283‌

11,172‌

L2032183.UP.FTS.B,

24.12%,

11/12/26

...

9,439‌

9,348‌

FW2032995.UP.FTS.B,

24.13%,

11/12/26

.

2,832‌

2,791‌

FW2031872.UP.FTS.B,

24.66%,

11/12/26

.

28,611‌

28,345‌

L2031364.UP.FTS.B,

24.71%,

11/12/26

...

3,320‌

3,288‌

L2031986.UP.FTS.B,

24.81%,

11/12/26

...

9,389‌

9,295‌

FW2033202.UP.FTS.B,

25.01%,

11/12/26

.

14,991‌

14,838‌

L2032407.UP.FTS.B,

25.01%,

11/12/26

...

1,138‌

1,127‌

L2032352.UP.FTS.B,

25.02%,

11/12/26

...

9,557‌

9,468‌

L2031441.UP.FTS.B,

25.1%,

11/12/26

....

3,498‌

3,464‌

L2031569.UP.FTS.B,

25.11%,

11/12/26

...

4,254‌

4,213‌

L2030665.UP.FTS.B,

25.13%,

11/12/26

...

4,204‌

4,147‌

L2032689.UP.FTS.B,

25.21%,

11/12/26

...

5,483‌

5,404‌

FW2031174.UP.FTS.B,

25.25%,

11/12/26

.

9,001‌

8,913‌

L2032525.UP.FTS.B,

25.33%,

11/12/26

...

946‌

932‌

L2031372.UP.FTS.B,

25.41%,

11/12/26

...

2,400‌

403‌

L2031753.UP.FTS.B,

25.41%,

11/12/26

...

2,470‌

718‌

L2031145.UP.FTS.B,

25.44%,

11/12/26

...

4,445‌

4,381‌

L2031781.UP.FTS.B,

25.49%,

11/12/26

...

20,618‌

20,320‌

L2030886.UP.FTS.B,

25.5%,

11/12/26

....

19,579‌

19,392‌

L2031934.UP.FTS.B,

25.51%,

11/12/26

...

2,838‌

2,810‌

FW2032331.UP.FTS.B,

25.7%,

11/12/26

..

1,880‌

1,852‌

L2030633.UP.FTS.B,

25.9%,

11/12/26

....

2,341‌

680‌

L2032092.UP.FTS.B,

26.07%,

11/12/26

...

7,509‌

1,105‌

Franklin

Universal

Trust

Schedule

of

Investments

(unaudited)

See

Notes

to

Schedule

of

Investments.

Quarterly

Schedule

of

Investments

33

Description

Principal

Amount

Value

Marketplace

Loans

(continued)

Upstart

Network,

Inc.

(continued)

FW2031600.UP.FTS.B,

26.6%,

11/12/26

..

$

4,764‌

$

4,719‌

FW2032655.UP.FTS.B,

26.61%,

11/12/26

.

5,686‌

5,631‌

FW2030941.UP.FTS.B,

26.62%,

11/12/26

.

27,979‌

27,712‌

L2032337.UP.FTS.B,

26.62%,

11/12/26

...

8,293‌

1,231‌

FW2031539.UP.FTS.B,

26.65%,

11/12/26

.

4,737‌

4,692‌

L2032677.UP.FTS.B,

26.71%,

11/12/26

...

7,580‌

7,508‌

FW2032771.UP.FTS.B,

26.84%,

11/12/26

.

3,317‌

3,285‌

FW2031241.UP.FTS.B,

27.03%,

11/12/26

.

3,400‌

243‌

FW2032877.UP.FTS.B,

27.2%,

11/12/26

..

4,697‌

4,650‌

FW2003411.UP.FTS.B,

27.5%,

11/12/26

..

7,106‌

7,038‌

FW2032753.UP.FTS.B,

27.55%,

11/12/26

.

1,326‌

1,313‌

FW2031662.UP.FTS.B,

27.63%,

11/12/26

.

7,381‌

2,158‌

FW2031263.UP.FTS.B,

27.74%,

11/12/26

.

3,839‌

3,805‌

FW2032946.UP.FTS.B,

27.87%,

11/12/26

.

23,827‌

23,601‌

FW2032026.UP.FTS.B,

29.26%,

11/12/26

.

15,523‌

9,311‌

FW2033112.UP.FTS.B,

29.26%,

11/12/26

.

5,865‌

859‌

FW2032549.UP.FTS.B,

29.36%,

11/12/26

.

2,377‌

2,355‌

FW2030903.UP.FTS.B,

29.44%,

11/12/26

.

4,789‌

4,745‌

FW2033144.UP.FTS.B,

29.76%,

11/12/26

.

2,854‌

2,828‌

FW2032040.UP.FTS.B,

29.84%,

11/12/26

.

1,713‌

1,697‌

FW2032799.UP.FTS.B,

29.91%,

11/12/26

.

2,284‌

2,262‌

FW2030797.UP.FTS.B,

30%,

11/12/26

...

21,656‌

21,435‌

FW2033131.UP.FTS.B,

30.02%,

11/12/26

.

1,277‌

1,255‌

FW2031347.UP.FTS.B,

30.03%,

11/12/26

.

15,877‌

1,111‌

FW2033213.UP.FTS.B,

30.17%,

11/12/26

.

1,428‌

1,415‌

FW2031474.UP.FTS.B,

30.22%,

11/12/26

.

3,231‌

3,200‌

FW2032450.UP.FTS.B,

30.43%,

11/12/26

.

4,048‌

4,012‌

FW2031432.UP.FTS.B,

30.62%,

11/12/26

.

4,052‌

4,016‌

FW2031182.UP.FTS.B,

30.67%,

11/12/26

.

3,875‌

1,134‌

FW2031644.UP.FTS.B,

30.67%,

11/12/26

.

1,715‌

1,699‌

FW2032197.UP.FTS.B,

30.75%,

11/12/26

.

1,906‌

1,888‌

FW2018494.UP.FTS.B,

30.86%,

11/12/26

.

1,600‌

113‌

FW2031627.UP.FTS.B,

30.86%,

11/12/26

.

4,764‌

4,719‌

FW2032625.UP.FTS.B,

30.96%,

11/12/26

.

797‌

785‌

FW2031985.UP.FTS.B,

31%,

11/12/26

...

1,992‌

1,969‌

FW2031873.UP.FTS.B,

31.05%,

11/12/26

.

953‌

944‌

FW2032325.UP.FTS.B,

31.07%,

11/12/26

.

1,144‌

1,133‌

FW2031596.UP.FTS.B,

31.1%,

11/12/26

..

5,338‌

5,288‌

FW2032994.UP.FTS.B,

31.15%,

11/12/26

.

2,928‌

2,899‌

FW2033066.UP.FTS.B,

31.16%,

11/12/26

.

6,959‌

6,893‌

FW2033123.UP.FTS.B,

31.18%,

11/12/26

.

1,600‌

113‌

FW2033143.UP.FTS.B,

31.21%,

11/12/26

.

19,066‌

18,887‌

FW2030963.UP.FTS.B,

31.23%,

11/12/26

.

1,200‌

84‌

FW2032496.UP.FTS.B,

31.23%,

11/12/26

.

8,559‌

5,135‌

FW2032619.UP.FTS.B,

31.24%,

11/12/26

.

18,206‌

2,657‌

FW2033181.UP.FTS.B,

31.25%,

11/12/26

.

2,196‌

1,317‌

FW2031715.UP.FTS.B,

31.33%,

11/12/26

.

4,576‌

4,533‌

FW2033208.UP.FTS.B,

31.39%,

11/12/26

.

3,604‌

3,569‌

FW2019354.UP.FTS.B,

31.57%,

11/12/26

.

6,003‌

3,597‌

FW2033190.UP.FTS.B,

31.59%,

11/12/26

.

2,105‌

612‌

FW2032062.UP.FTS.B,

31.82%,

11/12/26

.

3,429‌

500‌

FW2032750.UP.FTS.B,

31.85%,

11/12/26

.

2,487‌

11‌

FW2032397.UP.FTS.B,

31.93%,

11/12/26

.

2,290‌

2,269‌

FW2101958.UP.FTS.B,

6.23%,

11/23/26

..

35,626‌

35,541‌

L2101736.UP.FTS.B,

8.06%,

11/23/26

....

891‌

887‌

L2103598.UP.FTS.B,

8.71%,

11/23/26

....

14,689‌

14,625‌

L2102006.UP.FTS.B,

8.84%,

11/23/26

....

45,914‌

45,717‌

FW2103621.UP.FTS.B,

10.34%,

11/23/26

.

5,435‌

5,399‌

Description

Principal

Amount

Value

Upstart

Network,

Inc.

(continued)

L2101981.UP.FTS.B,

11.14%,

11/23/26

...

$

8,281‌

$

8,228‌

L2102059.UP.FTS.B,

12.22%,

11/23/26

...

19,666‌

19,545‌

L2101522.UP.FTS.B,

12.34%,

11/23/26

...

30,981‌

30,791‌

L2103822.UP.FTS.B,

12.78%,

11/23/26

...

4,628‌

4,600‌

L2101315.UP.FTS.B,

12.86%,

11/23/26

...

6,480‌

6,441‌

L2102025.UP.FTS.B,

13.15%,

11/23/26

...

3,057‌

3,038‌

L2102939.UP.FTS.B,

13.35%,

11/23/26

...

3,243‌

3,224‌

L2076017.UP.FTS.B,

13.49%,

11/23/26

...

3,707‌

3,685‌

L2095249.UP.FTS.B,

14.31%,

11/23/26

...

14,853‌

14,765‌

L2101974.UP.FTS.B,

14.36%,

11/23/26

...

7,984‌

7,937‌

L2101130.UP.FTS.B,

14.68%,

11/23/26

...

2,973‌

2,955‌

L2102807.UP.FTS.B,

15.1%,

11/23/26

....

18,320‌

17,680‌

L2103733.UP.FTS.B,

15.47%,

11/23/26

...

9,253‌

9,197‌

FW2102638.UP.FTS.B,

15.48%,

11/23/26

.

9,134‌

8,817‌

L2103246.UP.FTS.B,

15.57%,

11/23/26

...

2,448‌

2,425‌

L2068146.UP.FTS.B,

16.06%,

11/23/26

...

9,313‌

9,230‌

L2102888.UP.FTS.B,

16.12%,

11/23/26

...

4,899‌

233‌

L2102751.UP.FTS.B,

16.5%,

11/23/26

....

3,728‌

3,695‌

L2103150.UP.FTS.B,

16.57%,

11/23/26

...

5,593‌

5,561‌

FW2101751.UP.FTS.B,

16.63%,

11/23/26

.

18,645‌

18,479‌

L2102461.UP.FTS.B,

16.75%,

11/23/26

...

9,325‌

9,242‌

L2101428.UP.FTS.B,

17.6%,

11/23/26

....

14,005‌

13,881‌

L2099233.UP.FTS.B,

17.83%,

11/23/26

...

14,948‌

14,816‌

L2050778.UP.FTS.B,

18.01%,

11/23/26

...

8,411‌

8,337‌

FW2101742.UP.FTS.B,

18.05%,

11/23/26

.

7,103‌

7,041‌

L2101699.UP.FTS.B,

18.05%,

11/23/26

...

9,309‌

9,226‌

L2102561.UP.FTS.B,

18.92%,

11/23/26

...

4,653‌

4,611‌

L2101597.UP.FTS.B,

19.51%,

11/23/26

...

6,559‌

6,502‌

L2102051.UP.FTS.B,

19.71%,

11/23/26

...

5,249‌

5,191‌

L2102099.UP.FTS.B,

19.87%,

11/23/26

...

7,500‌

542‌

L2103543.UP.FTS.B,

19.91%,

11/23/26

...

910‌

899‌

FW2102941.UP.FTS.B,

20.37%,

11/23/26

.

18,765‌

18,665‌

L2103457.UP.FTS.B,

20.42%,

11/23/26

...

9,200‌

463‌

L2102313.UP.FTS.B,

20.5%,

11/23/26

....

1,400‌

1,392‌

L2102253.UP.FTS.B,

20.85%,

11/23/26

...

7,325‌

7,286‌

L2102703.UP.FTS.B,

20.89%,

11/23/26

...

4,696‌

4,671‌

L2103666.UP.FTS.B,

21.53%,

11/23/26

...

6,940‌

6,859‌

L2103089.UP.FTS.B,

22.24%,

11/23/26

...

7,529‌

7,489‌

L2100737.UP.FTS.B,

22.28%,

11/23/26

...

16,000‌

15,917‌

FW2102410.UP.FTS.B,

22.44%,

11/23/26

.

4,719‌

4,693‌

L2103055.UP.FTS.B,

22.44%,

11/23/26

...

1,224‌

1,211‌

L2101897.UP.FTS.B,

22.63%,

11/23/26

...

9,817‌

268‌

L2102400.UP.FTS.B,

22.64%,

11/23/26

...

5,618‌

5,586‌

FW2103066.UP.FTS.B,

23.11%,

11/23/26

.

3,367‌

990‌

FW2101826.UP.FTS.B,

23.99%,

11/23/26

.

7,762‌

94‌

L2101750.UP.FTS.B,

24.17%,

11/23/26

...

6,701‌

6,376‌

L2102299.UP.FTS.B,

24.27%,

11/23/26

...

6,138‌

6,107‌

FW2103766.UP.FTS.B,

24.61%,

11/23/26

.

8,029‌

7,988‌

L2103547.UP.FTS.B,

24.76%,

11/23/26

...

1,039‌

1,031‌

L2102901.UP.FTS.B,

24.77%,

11/23/26

...

2,000‌

143‌

FW2102727.UP.FTS.B,

24.84%,

11/23/26

.

3,780‌

3,761‌

L2103842.UP.FTS.B,

25.11%,

11/23/26

...

3,781‌

3,741‌

L2102211.UP.FTS.B,

25.3%,

11/23/26

....

946‌

936‌

L2101935.UP.FTS.B,

25.31%,

11/23/26

...

1,229‌

1,223‌

L2103945.UP.FTS.B,

25.34%,

11/23/26

...

2,742‌

2,729‌

L2103197.UP.FTS.B,

25.35%,

11/23/26

...

7,565‌

7,527‌

L2101880.UP.FTS.B,

25.39%,

11/23/26

...

2,837‌

2,823‌

L2101888.UP.FTS.B,

25.4%,

11/23/26

....

8,984‌

8,939‌

Franklin

Universal

Trust

Schedule

of

Investments

(unaudited)

Quarterly

Schedule

of

Investments

See

Notes

to

Schedule

of

Investments.

34

Description

Principal

Amount

Value

Marketplace

Loans

(continued)

Upstart

Network,

Inc.

(continued)

L2103491.UP.FTS.B,

25.4%,

11/23/26

....

$

1,054‌

$

1,043‌

L2102577.UP.FTS.B,

25.42%,

11/23/26

...

5,580‌

5,552‌

L2102346.UP.FTS.B,

25.43%,

11/23/26

...

4,918‌

4,893‌

L2103267.UP.FTS.B,

25.44%,

11/23/26

...

3,335‌

510‌

L2103588.UP.FTS.B,

25.44%,

11/23/26

...

3,499‌

3,482‌

L2103899.UP.FTS.B,

25.44%,

11/23/26

...

3,385‌

3,367‌

L2102933.UP.FTS.B,

25.47%,

11/23/26

...

2,118‌

626‌

L2101815.UP.FTS.B,

25.49%,

11/23/26

...

12,977‌

230‌

FW2102485.UP.FTS.B,

25.59%,

11/23/26

.

900‌

888‌

L2101347.UP.FTS.B,

25.68%,

11/23/26

...

17,029‌

16,851‌

L2102991.UP.FTS.B,

25.76%,

11/23/26

...

3,879‌

3,860‌

L2102028.UP.FTS.B,

25.89%,

11/23/26

...

5,678‌

5,650‌

L2052565.UP.FTS.B,

26.09%,

11/23/26

...

15,430‌

15,354‌

FW2101678.UP.FTS.B,

26.5%,

11/23/26

..

3,315‌

3,299‌

L2102238.UP.FTS.B,

26.56%,

11/23/26

...

8,255‌

8,199‌

FW2103284.UP.FTS.B,

27.1%,

11/23/26

..

3,792‌

3,773‌

FW2102544.UP.FTS.B,

27.32%,

11/23/26

.

2,845‌

2,831‌

FW2103396.UP.FTS.B,

27.57%,

11/23/26

.

8,857‌

95‌

FW2101640.UP.FTS.B,

28.13%,

11/23/26

.

987‌

295‌

FW2103532.UP.FTS.B,

28.75%,

11/23/26

.

9,502‌

9,456‌

FW2103644.UP.FTS.B,

29%,

11/23/26

...

4,838‌

4,608‌

FW2101765.UP.FTS.B,

29.07%,

11/23/26

.

3,327‌

3,312‌

FW2102776.UP.FTS.B,

29.73%,

11/23/26

.

1,819‌

1,806‌

FW2102091.UP.FTS.B,

29.86%,

11/23/26

.

5,435‌

5,396‌

FW2101316.UP.FTS.B,

29.99%,

11/23/26

.

5,000‌

353‌

FW2103611.UP.FTS.B,

30.3%,

11/23/26

..

2,906‌

2,768‌

FW2102766.UP.FTS.B,

30.35%,

11/23/26

.

8,529‌

8,468‌

FW2101041.UP.FTS.B,

30.44%,

11/23/26

.

6,723‌

6,400‌

FW2103334.UP.FTS.B,

30.61%,

11/23/26

.

2,233‌

2,128‌

FW2103858.UP.FTS.B,

30.83%,

11/23/26

.

1,575‌

243‌

FW2102371.UP.FTS.B,

30.85%,

11/23/26

.

7,731‌

7,363‌

FW2102634.UP.FTS.B,

30.88%,

11/23/26

.

1,429‌

1,423‌

FW2102995.UP.FTS.B,

30.88%,

11/23/26

.

1,211‌

1,204‌

FW2102867.UP.FTS.B,

30.9%,

11/23/26

..

1,687‌

117‌

FW2101539.UP.FTS.B,

30.96%,

11/23/26

.

2,100‌

148‌

FW2103415.UP.FTS.B,

31.09%,

11/23/26

.

12,513‌

12,436‌

FW2103313.UP.FTS.B,

31.18%,

11/23/26

.

3,767‌

3,746‌

FW2103786.UP.FTS.B,

31.2%,

11/23/26

..

1,653‌

1,643‌

FW2102108.UP.FTS.B,

31.21%,

11/23/26

.

4,268‌

296‌

FW2102609.UP.FTS.B,

31.21%,

11/23/26

.

1,900‌

134‌

FW2103069.UP.FTS.B,

31.22%,

11/23/26

.

2,097‌

2,088‌

FW2102405.UP.FTS.B,

31.83%,

11/23/26

.

2,290‌

2,279‌

FW2102063.UP.FTS.B,

31.99%,

11/23/26

.

14,695‌

14,628‌

L2249428.UP.FTS.B,

8.72%,

12/14/26

....

13,667‌

13,592‌

L2250662.UP.FTS.B,

8.88%,

12/14/26

....

10,255‌

10,201‌

L2249279.UP.FTS.B,

9.09%,

12/14/26

....

4,663‌

4,639‌

L2251398.UP.FTS.B,

9.28%,

12/14/26

....

7,463‌

7,424‌

L2250255.UP.FTS.B,

9.36%,

12/14/26

....

4,782‌

4,745‌

L2250829.UP.FTS.B,

9.77%,

12/14/26

....

1,826‌

1,811‌

L2247842.UP.FTS.B,

9.8%,

12/14/26

....

6,910‌

6,874‌

L2251213.UP.FTS.B,

9.85%,

12/14/26

....

11,206‌

11,117‌

FW2251249.UP.FTS.B,

10.34%,

12/14/26

.

17,758‌

17,618‌

L2248805.UP.FTS.B,

10.51%,

12/14/26

...

9,349‌

9,275‌

L2249903.UP.FTS.B,

11.03%,

12/14/26

...

2,807‌

2,785‌

FW2249671.UP.FTS.B,

11.35%,

12/14/26

.

18,082‌

17,982‌

L2251005.UP.FTS.B,

11.75%,

12/14/26

...

15,083‌

14,964‌

FW2249158.UP.FTS.B,

11.8%,

12/14/26

..

14,053‌

13,943‌

L2251043.UP.FTS.B,

12.11%,

12/14/26

...

29,996‌

29,761‌

Description

Principal

Amount

Value

Upstart

Network,

Inc.

(continued)

L2250070.UP.FTS.B,

12.15%,

12/14/26

...

$

6,545‌

$

6,493‌

L2251230.UP.FTS.B,

12.48%,

12/14/26

...

1,876‌

1,861‌

L2249726.UP.FTS.B,

12.59%,

12/14/26

...

8,443‌

8,377‌

L2251302.UP.FTS.B,

12.76%,

12/14/26

...

5,621‌

5,577‌

L2251060.UP.FTS.B,

12.84%,

12/14/26

...

3,816‌

1,999‌

L2250389.UP.FTS.B,

13.11%,

12/14/26

...

18,666‌

18,517‌

L2247235.UP.FTS.B,

13.18%,

12/14/26

...

3,756‌

3,727‌

L2250820.UP.FTS.B,

13.59%,

12/14/26

...

3,007‌

2,983‌

FW2250025.UP.FTS.B,

13.65%,

12/14/26

.

7,141‌

3,738‌

FW2249624.UP.FTS.B,

13.82%,

12/14/26

.

5,170‌

5,129‌

L2240508.UP.FTS.B,

14.03%,

12/14/26

...

787‌

778‌

L2251167.UP.FTS.B,

14.16%,

12/14/26

...

7,994‌

7,932‌

L2247268.UP.FTS.B,

14.22%,

12/14/26

...

46,849‌

46,298‌

L2249868.UP.FTS.B,

14.41%,

12/14/26

...

5,645‌

5,601‌

FW2249992.UP.FTS.B,

14.49%,

12/14/26

.

1,104‌

1,093‌

L2250559.UP.FTS.B,

14.84%,

12/14/26

...

7,080‌

7,028‌

L2248700.UP.FTS.B,

14.99%,

12/14/26

...

7,676‌

4,026‌

FW2250857.UP.FTS.B,

15.23%,

12/14/26

.

28,111‌

27,778‌

L2250968.UP.FTS.B,

15.57%,

12/14/26

...

2,346‌

2,327‌

FW2250512.UP.FTS.B,

15.67%,

12/14/26

.

25,343‌

25,043‌

L2250750.UP.FTS.B,

16.01%,

12/14/26

...

4,056‌

4,008‌

L2251440.UP.FTS.B,

16.23%,

12/14/26

...

1,400‌

1,384‌

FW2251363.UP.FTS.B,

16.36%,

12/14/26

.

39,633‌

39,327‌

L2249248.UP.FTS.B,

16.43%,

12/14/26

...

11,262‌

11,129‌

L2250291.UP.FTS.B,

16.44%,

12/14/26

...

7,550‌

7,462‌

L2250670.UP.FTS.B,

16.58%,

12/14/26

...

4,720‌

4,683‌

L2250624.UP.FTS.B,

16.92%,

12/14/26

...

5,667‌

5,601‌

L2249982.UP.FTS.B,

16.98%,

12/14/26

...

4,723‌

4,668‌

L2249388.UP.FTS.B,

17.25%,

12/14/26

...

5,669‌

5,588‌

FW2250678.UP.FTS.B,

17.4%,

12/14/26

..

3,297‌

3,258‌

L2249629.UP.FTS.B,

17.8%,

12/14/26

....

5,997‌

5,949‌

L2250587.UP.FTS.B,

17.94%,

12/14/26

...

15,134‌

14,958‌

L2249002.UP.FTS.B,

18.13%,

12/14/26

...

3,311‌

3,264‌

L2250560.UP.FTS.B,

18.18%,

12/14/26

...

9,462‌

9,327‌

FW2248499.UP.FTS.B,

18.23%,

12/14/26

.

4,787‌

2,653‌

FW2248341.UP.FTS.B,

18.43%,

12/14/26

.

23,998‌

13,348‌

L2248252.UP.FTS.B,

18.48%,

12/14/26

...

2,840‌

2,799‌

FW2249113.UP.FTS.B,

18.58%,

12/14/26

.

23,667‌

23,329‌

FW2250867.UP.FTS.B,

18.63%,

12/14/26

.

37,872‌

37,331‌

FW2249102.UP.FTS.B,

18.66%,

12/14/26

.

5,681‌

5,600‌

L2248897.UP.FTS.B,

18.73%,

12/14/26

...

2,156‌

313‌

L2249404.UP.FTS.B,

18.82%,

12/14/26

...

3,789‌

3,735‌

L2250926.UP.FTS.B,

19.09%,

12/14/26

...

16,390‌

16,156‌

L2250154.UP.FTS.B,

19.32%,

12/14/26

...

9,477‌

9,367‌

L2250893.UP.FTS.B,

19.53%,

12/14/26

...

19,335‌

10,734‌

L2250499.UP.FTS.B,

19.65%,

12/14/26

...

3,413‌

3,374‌

L2251037.UP.FTS.B,

19.7%,

12/14/26

....

1,707‌

1,687‌

L2249412.UP.FTS.B,

19.96%,

12/14/26

...

1,933‌

1,910‌

L2248975.UP.FTS.B,

19.98%,

12/14/26

...

10,037‌

9,913‌

FW2251119.UP.FTS.B,

20.09%,

12/14/26

.

1,897‌

1,875‌

L2249393.UP.FTS.B,

20.1%,

12/14/26

....

4,797‌

2,850‌

L2249483.UP.FTS.B,

20.19%,

12/14/26

...

9,489‌

9,353‌

FW2250352.UP.FTS.B,

20.38%,

12/14/26

.

28,523‌

28,137‌

FW2250365.UP.FTS.B,

20.49%,

12/14/26

.

28,280‌

27,944‌

L2250843.UP.FTS.B,

20.5%,

12/14/26

....

5,221‌

5,147‌

L2250558.UP.FTS.B,

20.67%,

12/14/26

...

7,691‌

7,615‌

L2251409.UP.FTS.B,

20.71%,

12/14/26

...

11,395‌

11,232‌

L2251393.UP.FTS.B,

20.81%,

12/14/26

...

4,709‌

4,660‌

Franklin

Universal

Trust

Schedule

of

Investments

(unaudited)

See

Notes

to

Schedule

of

Investments.

Quarterly

Schedule

of

Investments

35

Description

Principal

Amount

Value

Marketplace

Loans

(continued)

Upstart

Network,

Inc.

(continued)

L2249304.UP.FTS.B,

20.89%,

12/14/26

...

$

3,766‌

$

3,701‌

FW2246646.UP.FTS.B,

21.08%,

12/14/26

.

4,750‌

4,703‌

L2249780.UP.FTS.B,

21.14%,

12/14/26

...

7,601‌

7,526‌

L2250723.UP.FTS.B,

21.16%,

12/14/26

...

3,435‌

499‌

L2248430.UP.FTS.B,

21.51%,

12/14/26

...

1,249‌

659‌

L2250707.UP.FTS.B,

21.52%,

12/14/26

...

5,698‌

5,632‌

L2249030.UP.FTS.B,

21.69%,

12/14/26

...

2,092‌

2,062‌

L2249288.UP.FTS.B,

21.82%,

12/14/26

...

5,135‌

5,085‌

L2249149.UP.FTS.B,

21.87%,

12/14/26

...

9,510‌

9,375‌

FW2248314.UP.FTS.B,

21.92%,

12/14/26

.

3,329‌

3,296‌

L2249898.UP.FTS.B,

22.33%,

12/14/26

...

20,747‌

20,500‌

L2250188.UP.FTS.B,

22.59%,

12/14/26

...

4,687‌

4,641‌

FW2249874.UP.FTS.B,

22.75%,

12/14/26

.

1,219‌

1,202‌

L2251333.UP.FTS.B,

22.77%,

12/14/26

...

15,447‌

15,295‌

L2250436.UP.FTS.B,

22.79%,

12/14/26

...

17,140‌

16,971‌

L2249183.UP.FTS.B,

22.87%,

12/14/26

...

3,333‌

3,300‌

L2250392.UP.FTS.B,

22.93%,

12/14/26

...

3,048‌

3,018‌

L2250810.UP.FTS.B,

23.01%,

12/14/26

...

6,648‌

6,582‌

FW2251497.UP.FTS.B,

23.11%,

12/14/26

.

5,788‌

5,696‌

L2249529.UP.FTS.B,

23.39%,

12/14/26

...

9,529‌

9,436‌

L2250010.UP.FTS.B,

23.56%,

12/14/26

...

4,766‌

4,719‌

FW2248500.UP.FTS.B,

23.6%,

12/14/26

..

2,860‌

2,832‌

FW2248932.UP.FTS.B,

23.62%,

12/14/26

.

1,907‌

1,888‌

L2249765.UP.FTS.B,

23.67%,

12/14/26

...

3,813‌

3,776‌

L2250302.UP.FTS.B,

23.69%,

12/14/26

...

6,487‌

6,416‌

L2250948.UP.FTS.B,

23.7%,

12/14/26

....

42,899‌

42,478‌

FW2248406.UP.FTS.B,

23.81%,

12/14/26

.

1,338‌

1,325‌

L2250450.UP.FTS.B,

23.85%,

12/14/26

...

1,430‌

1,416‌

L2248306.UP.FTS.B,

23.97%,

12/14/26

...

23,841‌

23,607‌

FW2249399.UP.FTS.B,

24.09%,

12/14/26

.

4,292‌

4,231‌

L2249615.UP.FTS.B,

24.09%,

12/14/26

...

3,815‌

3,778‌

L2248036.UP.FTS.B,

24.14%,

12/14/26

...

25,766‌

25,513‌

L2251175.UP.FTS.B,

24.32%,

12/14/26

...

5,301‌

3,163‌

L2250334.UP.FTS.B,

24.44%,

12/14/26

...

8,302‌

8,183‌

L2250245.UP.FTS.B,

24.75%,

12/14/26

...

1,875‌

1,854‌

L2251223.UP.FTS.B,

24.89%,

12/14/26

...

5,728‌

5,662‌

L2250314.UP.FTS.B,

24.91%,

12/14/26

...

3,342‌

3,313‌

L2249605.UP.FTS.B,

24.93%,

12/14/26

...

4,087‌

1,184‌

L2249782.UP.FTS.B,

24.98%,

12/14/26

...

4,010‌

3,971‌

L2248144.UP.FTS.B,

25.08%,

12/14/26

...

4,563‌

1,333‌

L2250779.UP.FTS.B,

25.12%,

12/14/26

...

1,815‌

1,797‌

L2249254.UP.FTS.B,

25.13%,

12/14/26

...

7,640‌

7,565‌

L2248450.UP.FTS.B,

25.14%,

12/14/26

...

5,727‌

5,661‌

L2249986.UP.FTS.B,

25.21%,

12/14/26

...

1,720‌

1,703‌

L2248417.UP.FTS.B,

25.23%,

12/14/26

...

2,101‌

2,081‌

L2248407.UP.FTS.B,

25.27%,

12/14/26

...

2,388‌

2,365‌

L2249856.UP.FTS.B,

25.32%,

12/14/26

...

1,146‌

1,135‌

L2240158.UP.FTS.B,

25.37%,

12/14/26

...

11,191‌

6,459‌

L2250087.UP.FTS.B,

25.37%,

12/14/26

...

934‌

921‌

L2248877.UP.FTS.B,

25.38%,

12/14/26

...

3,057‌

3,014‌

L2249823.UP.FTS.B,

25.41%,

12/14/26

...

4,371‌

4,320‌

L2249987.UP.FTS.B,

25.42%,

12/14/26

...

1,982‌

1,962‌

L2251395.UP.FTS.B,

25.45%,

12/14/26

...

2,102‌

2,081‌

L2251149.UP.FTS.B,

25.46%,

12/14/26

...

2,390‌

2,366‌

L2249309.UP.FTS.B,

25.75%,

12/14/26

...

4,014‌

3,975‌

L2251286.UP.FTS.B,

25.89%,

12/14/26

...

2,112‌

2,092‌

L2250992.UP.FTS.B,

25.92%,

12/14/26

...

9,567‌

9,473‌

FW2250494.UP.FTS.B,

25.95%,

12/14/26

.

3,824‌

3,786‌

Description

Principal

Amount

Value

Upstart

Network,

Inc.

(continued)

L2247535.UP.FTS.B,

25.95%,

12/14/26

...

$

6,761‌

$

6,649‌

FW2249943.UP.FTS.B,

25.97%,

12/14/26

.

19,518‌

11,683‌

FW2250500.UP.FTS.B,

26.04%,

12/14/26

.

1,434‌

1,420‌

FW2250385.UP.FTS.B,

26.11%,

12/14/26

.

2,821‌

2,778‌

FW2248550.UP.FTS.B,

26.2%,

12/14/26

..

4,303‌

4,261‌

L2248209.UP.FTS.B,

26.25%,

12/14/26

...

5,929‌

5,871‌

FW2248688.UP.FTS.B,

26.36%,

12/14/26

.

4,016‌

3,977‌

L2249257.UP.FTS.B,

26.38%,

12/14/26

...

8,417‌

8,335‌

L2248675.UP.FTS.B,

26.56%,

12/14/26

...

4,688‌

4,642‌

FW2248463.UP.FTS.B,

26.66%,

12/14/26

.

2,870‌

2,842‌

FW2248876.UP.FTS.B,

27.04%,

12/14/26

.

1,967‌

573‌

FW2251276.UP.FTS.B,

27.23%,

12/14/26

.

11,298‌

11,187‌

FW2250895.UP.FTS.B,

27.24%,

12/14/26

.

3,200‌

226‌

FW2250572.UP.FTS.B,

27.63%,

12/14/26

.

10,537‌

10,433‌

FW2248164.UP.FTS.B,

27.68%,

12/14/26

.

5,748‌

5,691‌

FW2249342.UP.FTS.B,

27.92%,

12/14/26

.

5,653‌

5,592‌

FW2249569.UP.FTS.B,

27.99%,

12/14/26

.

10,852‌

10,720‌

FW2247531.UP.FTS.B,

28.13%,

12/14/26

.

3,000‌

30‌

FW2251120.UP.FTS.B,

28.37%,

12/14/26

.

12,464‌

12,341‌

FW2249976.UP.FTS.B,

28.77%,

12/14/26

.

1,883‌

1,863‌

FW2250016.UP.FTS.B,

29.36%,

12/14/26

.

6,441‌

1,880‌

FW2248226.UP.FTS.B,

29.45%,

12/14/26

.

2,880‌

2,851‌

FW2251197.UP.FTS.B,

29.46%,

12/14/26

.

4,803‌

2,877‌

FW2250989.UP.FTS.B,

29.6%,

12/14/26

..

2,112‌

2,091‌

FW2246912.UP.FTS.B,

29.61%,

12/14/26

.

2,880‌

2,852‌

FW2251457.UP.FTS.B,

29.96%,

12/14/26

.

1,679‌

1,660‌

FW2250225.UP.FTS.B,

30.13%,

12/14/26

.

1,542‌

1,527‌

FW2250294.UP.FTS.B,

30.29%,

12/14/26

.

5,765‌

5,708‌

FW2249682.UP.FTS.B,

30.35%,

12/14/26

.

1,629‌

1,613‌

FW2249951.UP.FTS.B,

30.44%,

12/14/26

.

1,922‌

1,903‌

FW2248119.UP.FTS.B,

30.63%,

12/14/26

.

2,621‌

2,593‌

FW2249983.UP.FTS.B,

30.63%,

12/14/26

.

1,827‌

1,809‌

FW2250251.UP.FTS.B,

30.69%,

12/14/26

.

5,578‌

5,524‌

FW2251385.UP.FTS.B,

30.75%,

12/14/26

.

5,383‌

5,307‌

FW2249282.UP.FTS.B,

30.76%,

12/14/26

.

1,278‌

374‌

FW2250230.UP.FTS.B,

30.8%,

12/14/26

..

3,354‌

494‌

FW2249049.UP.FTS.B,

30.95%,

12/14/26

.

6,094‌

6,036‌

FW2249935.UP.FTS.B,

30.97%,

12/14/26

.

3,654‌

3,618‌

FW2247285.UP.FTS.B,

30.98%,

12/14/26

.

5,769‌

5,712‌

FW2250818.UP.FTS.B,

31.04%,

12/14/26

.

2,406‌

2,383‌

FW2251021.UP.FTS.B,

31.06%,

12/14/26

.

1,923‌

1,904‌

FW2248810.UP.FTS.B,

31.08%,

12/14/26

.

2,541‌

743‌

FW2248234.UP.FTS.B,

31.09%,

12/14/26

.

7,982‌

7,903‌

FW2250276.UP.FTS.B,

31.09%,

12/14/26

.

1,635‌

1,619‌

FW2251092.UP.FTS.B,

31.1%,

12/14/26

..

1,827‌

1,809‌

FW2250801.UP.FTS.B,

31.11%,

12/14/26

.

2,774‌

2,742‌

FW2249041.UP.FTS.B,

31.12%,

12/14/26

.

1,058‌

1,047‌

FW2250974.UP.FTS.B,

31.12%,

12/14/26

.

3,173‌

3,142‌

FW2251215.UP.FTS.B,

31.16%,

12/14/26

.

3,943‌

3,904‌

FW2251477.UP.FTS.B,

31.16%,

12/14/26

.

1,466‌

416‌

FW2248893.UP.FTS.B,

31.17%,

12/14/26

.

1,731‌

1,714‌

FW2250257.UP.FTS.B,

31.18%,

12/14/26

.

1,443‌

1,428‌

FW2249653.UP.FTS.B,

31.19%,

12/14/26

.

3,655‌

3,619‌

FW2250018.UP.FTS.B,

31.2%,

12/14/26

..

1,086‌

654‌

FW2251105.UP.FTS.B,

31.21%,

12/14/26

.

34,800‌

5,157‌

FW2251410.UP.FTS.B,

31.25%,

12/14/26

.

4,544‌

2,736‌

FW2249397.UP.FTS.B,

31.37%,

12/14/26

.

1,539‌

1,524‌

FW2250341.UP.FTS.B,

31.55%,

12/14/26

.

4,203‌

1,230‌

Franklin

Universal

Trust

Schedule

of

Investments

(unaudited)

Quarterly

Schedule

of

Investments

See

Notes

to

Schedule

of

Investments.

36

Description

Principal

Amount

Value

Marketplace

Loans

(continued)

Upstart

Network,

Inc.

(continued)

FW2249720.UP.FTS.B,

31.6%,

12/14/26

..

$

9,285‌

$

2,719‌

FW2247969.UP.FTS.B,

31.61%,

12/14/26

.

6,062‌

6,002‌

FW2251100.UP.FTS.B,

31.72%,

12/14/26

.

1,955‌

572‌

FW2250563.UP.FTS.B,

31.74%,

12/14/26

.

3,175‌

3,144‌

L2251963.UP.FTS.B,

7.31%,

12/15/26

....

11,608‌

11,551‌

L2252296.UP.FTS.B,

8.02%,

12/15/26

....

13,963‌

13,896‌

L2141755.UP.FTS.B,

8.51%,

12/15/26

....

46,197‌

45,973‌

L2251219.UP.FTS.B,

8.53%,

12/15/26

....

2,329‌

2,318‌

L2252339.UP.FTS.B,

8.65%,

12/15/26

....

23,297‌

23,186‌

L2252737.UP.FTS.B,

8.71%,

12/15/26

....

19,572‌

19,479‌

L2252298.UP.FTS.B,

8.83%,

12/15/26

....

3,021‌

3,006‌

L2252476.UP.FTS.B,

9.18%,

12/15/26

....

9,328‌

9,284‌

FW2253701.UP.FTS.B,

10.99%,

12/15/26

.

12,129‌

12,041‌

L2253738.UP.FTS.B,

11.28%,

12/15/26

...

28,083‌

27,882‌

L2247794.UP.FTS.B,

12.65%,

12/15/26

...

4,222‌

4,192‌

FW2253414.UP.FTS.B,

13.43%,

12/15/26

.

3,758‌

3,731‌

L2253650.UP.FTS.B,

13.61%,

12/15/26

...

6,108‌

6,065‌

L2253574.UP.FTS.B,

13.77%,

12/15/26

...

1,880‌

1,867‌

L2253384.UP.FTS.B,

13.79%,

12/15/26

...

11,279‌

11,200‌

L2251912.UP.FTS.B,

13.91%,

12/15/26

...

3,290‌

3,267‌

L2251560.UP.FTS.B,

14.27%,

12/15/26

...

6,114‌

6,072‌

L2253091.UP.FTS.B,

14.6%,

12/15/26

....

28,208‌

28,012‌

L2252906.UP.FTS.B,

14.66%,

12/15/26

...

10,447‌

10,375‌

L2252920.UP.FTS.B,

14.66%,

12/15/26

...

2,824‌

2,804‌

L2252226.UP.FTS.B,

14.86%,

12/15/26

...

47,074‌

46,750‌

L2252357.UP.FTS.B,

15.18%,

12/15/26

...

5,652‌

5,613‌

L2252931.UP.FTS.B,

15.49%,

12/15/26

...

3,235‌

3,199‌

FW2249675.UP.FTS.B,

16.01%,

12/15/26

.

14,128‌

13,978‌

L2251599.UP.FTS.B,

16.33%,

12/15/26

...

2,642‌

2,614‌

L2252976.UP.FTS.B,

16.75%,

12/15/26

...

6,009‌

5,944‌

L2252902.UP.FTS.B,

16.77%,

12/15/26

...

16,052‌

15,882‌

FW2253272.UP.FTS.B,

17.07%,

12/15/26

.

11,337‌

11,188‌

L2252701.UP.FTS.B,

17.13%,

12/15/26

...

14,171‌

14,022‌

L2252199.UP.FTS.B,

17.21%,

12/15/26

...

8,881‌

8,822‌

L2251888.UP.FTS.B,

17.72%,

12/15/26

...

5,673‌

5,614‌

L2253164.UP.FTS.B,

17.76%,

12/15/26

...

5,308‌

5,229‌

FW2252613.UP.FTS.B,

17.78%,

12/15/26

.

4,255‌

4,211‌

L2253110.UP.FTS.B,

17.96%,

12/15/26

...

5,649‌

5,589‌

FW2253547.UP.FTS.B,

18.3%,

12/15/26

..

4,732‌

4,670‌

L2251960.UP.FTS.B,

19.3%,

12/15/26

....

10,425‌

10,289‌

L2252566.UP.FTS.B,

19.55%,

12/15/26

...

5,676‌

5,639‌

FW2251546.UP.FTS.B,

19.76%,

12/15/26

.

14,225‌

14,040‌

L2252438.UP.FTS.B,

19.81%,

12/15/26

...

3,794‌

3,744‌

L2251988.UP.FTS.B,

19.87%,

12/15/26

...

2,371‌

2,340‌

L2252318.UP.FTS.B,

20.43%,

12/15/26

...

2,848‌

2,811‌

L2250838.UP.FTS.B,

20.47%,

12/15/26

...

6,075‌

5,996‌

L2251727.UP.FTS.B,

20.77%,

12/15/26

...

2,374‌

2,343‌

FW2252454.UP.FTS.B,

20.99%,

12/15/26

.

4,660‌

4,615‌

L2253118.UP.FTS.B,

21.32%,

12/15/26

...

19,007‌

18,847‌

L2252234.UP.FTS.B,

21.66%,

12/15/26

...

4,278‌

4,223‌

L2251298.UP.FTS.B,

21.73%,

12/15/26

...

6,656‌

6,570‌

L2253117.UP.FTS.B,

22.06%,

12/15/26

...

7,135‌

7,075‌

L2250184.UP.FTS.B,

22.22%,

12/15/26

...

1,000‌

33‌

L2252879.UP.FTS.B,

22.23%,

12/15/26

...

1,047‌

1,038‌

L2251670.UP.FTS.B,

22.36%,

12/15/26

...

4,758‌

4,718‌

L2252753.UP.FTS.B,

22.36%,

12/15/26

...

5,039‌

4,993‌

L2252135.UP.FTS.B,

22.59%,

12/15/26

...

2,856‌

2,832‌

L2251712.UP.FTS.B,

23.15%,

12/15/26

...

27,627‌

27,397‌

Description

Principal

Amount

Value

Upstart

Network,

Inc.

(continued)

L2250105.UP.FTS.B,

23.56%,

12/15/26

...

$

3,790‌

$

3,757‌

L2253562.UP.FTS.B,

23.61%,

12/15/26

...

4,766‌

4,726‌

L2252151.UP.FTS.B,

23.83%,

12/15/26

...

3,774‌

3,724‌

L2253195.UP.FTS.B,

24.23%,

12/15/26

...

1,908‌

1,892‌

FW2253422.UP.FTS.B,

24.48%,

12/15/26

.

11,186‌

11,094‌

FW2253145.UP.FTS.B,

24.76%,

12/15/26

.

11,676‌

11,083‌

L2250541.UP.FTS.B,

24.85%,

12/15/26

...

2,893‌

2,744‌

L2252209.UP.FTS.B,

25.21%,

12/15/26

...

1,432‌

1,420‌

L2204211.UP.FTS.B,

25.24%,

12/15/26

...

1,051‌

1,042‌

L2252447.UP.FTS.B,

25.4%,

12/15/26

....

1,146‌

1,137‌

L2253781.UP.FTS.B,

25.42%,

12/15/26

...

5,541‌

5,496‌

L2253724.UP.FTS.B,

25.49%,

12/15/26

...

839‌

825‌

FW2253392.UP.FTS.B,

25.5%,

12/15/26

..

6,818‌

6,472‌

FW2251554.UP.FTS.B,

25.54%,

12/15/26

.

3,500‌

249‌

FW2252608.UP.FTS.B,

25.98%,

12/15/26

.

3,472‌

37‌

L2250043.UP.FTS.B,

26.02%,

12/15/26

...

2,337‌

681‌

FW2252481.UP.FTS.B,

26.36%,

12/15/26

.

12,434‌

12,332‌

FW2252287.UP.FTS.B,

26.45%,

12/15/26

.

1,706‌

1,685‌

FW2248936.UP.FTS.B,

26.48%,

12/15/26

.

5,683‌

5,632‌

FW2252129.UP.FTS.B,

26.6%,

12/15/26

..

4,876‌

4,632‌

FW2250547.UP.FTS.B,

27.22%,

12/15/26

.

3,353‌

3,326‌

FW2253490.UP.FTS.B,

28.02%,

12/15/26

.

4,792‌

4,753‌

FW2248254.UP.FTS.B,

28.44%,

12/15/26

.

5,392‌

1,579‌

FW2251714.UP.FTS.B,

28.54%,

12/15/26

.

5,741‌

5,694‌

FW2252023.UP.FTS.B,

28.67%,

12/15/26

.

4,412‌

4,376‌

FW2250659.UP.FTS.B,

28.84%,

12/15/26

.

4,796‌

4,758‌

FW2253234.UP.FTS.B,

28.94%,

12/15/26

.

10,560‌

10,476‌

FW2252989.UP.FTS.B,

29.41%,

12/15/26

.

10,558‌

10,474‌

FW2252065.UP.FTS.B,

29.59%,

12/15/26

.

8,640‌

8,571‌

FW2252237.UP.FTS.B,

29.62%,

12/15/26

.

5,568‌

5,524‌

FW2253785.UP.FTS.B,

29.85%,

12/15/26

.

3,568‌

531‌

FW2252233.UP.FTS.B,

30.05%,

12/15/26

.

2,401‌

2,382‌

FW2247630.UP.FTS.B,

30.42%,

12/15/26

.

2,964‌

2,939‌

FW2253413.UP.FTS.B,

30.61%,

12/15/26

.

19,865‌

2,993‌

FW2252687.UP.FTS.B,

30.62%,

12/15/26

.

14,417‌

14,302‌

FW2252504.UP.FTS.B,

30.66%,

12/15/26

.

4,806‌

4,768‌

FW2252113.UP.FTS.B,

30.81%,

12/15/26

.

1,346‌

1,335‌

FW2250795.UP.FTS.B,

30.83%,

12/15/26

.

1,200‌

84‌

FW2253485.UP.FTS.B,

30.83%,

12/15/26

.

1,779‌

1,763‌

FW2252117.UP.FTS.B,

30.85%,

12/15/26

.

24,035‌

23,844‌

FW2251983.UP.FTS.B,

30.9%,

12/15/26

..

3,754‌

3,720‌

FW2252133.UP.FTS.B,

30.95%,

12/15/26

.

1,939‌

1,841‌

FW2251570.UP.FTS.B,

31.17%,

12/15/26

.

11,540‌

11,449‌

FW2253186.UP.FTS.B,

31.17%,

12/15/26

.

2,020‌

2,004‌

FW2253542.UP.FTS.B,

31.19%,

12/15/26

.

1,827‌

1,813‌

FW2252788.UP.FTS.B,

31.31%,

12/15/26

.

4,232‌

4,199‌

FW2251389.UP.FTS.B,

31.46%,

12/15/26

.

18,403‌

18,240‌

FW2251813.UP.FTS.B,

31.46%,

12/15/26

.

4,137‌

4,104‌

FW2251940.UP.FTS.B,

31.49%,

12/15/26

.

9,235‌

9,163‌

FW2252591.UP.FTS.B,

31.67%,

12/15/26

.

6,784‌

6,735‌

FW2251566.UP.FTS.B,

31.95%,

12/15/26

.

5,968‌

5,921‌

L2499407.UP.FTS.B,

5.37%,

1/24/27

....

47,055‌

46,948‌

L2497781.UP.FTS.B,

5.7%,

1/24/27

.....

5,649‌

5,637‌

L2499766.UP.FTS.B,

6.26%,

1/24/27

....

5,654‌

5,641‌

FW2499326.UP.FTS.B,

6.71%,

1/24/27

...

7,543‌

7,527‌

L2498743.UP.FTS.B,

7.47%,

1/24/27

....

10,383‌

10,342‌

L2492277.UP.FTS.B,

7.6%,

1/24/27

.....

6,420‌

6,394‌

L2500086.UP.FTS.B,

7.95%,

1/24/27

....

12,109‌

12,060‌

Franklin

Universal

Trust

Schedule

of

Investments

(unaudited)

See

Notes

to

Schedule

of

Investments.

Quarterly

Schedule

of

Investments

37

Description

Principal

Amount

Value

Marketplace

Loans

(continued)

Upstart

Network,

Inc.

(continued)

L2497458.UP.FTS.B,

8.44%,

1/24/27

....

$

33,041‌

$

32,909‌

L2497353.UP.FTS.B,

9.69%,

1/24/27

....

12,288‌

12,239‌

L2500275.UP.FTS.B,

9.89%,

1/24/27

....

18,839‌

18,762‌

L2499026.UP.FTS.B,

10.04%,

1/24/27

....

18,952‌

18,877‌

L2500222.UP.FTS.B,

10.38%,

1/24/27

....

17,795‌

17,688‌

L2498801.UP.FTS.B,

10.59%,

1/24/27

....

25,595‌

25,445‌

L2499730.UP.FTS.B,

10.93%,

1/24/27

....

9,460‌

9,403‌

L2500305.UP.FTS.B,

11.35%,

1/24/27

....

949‌

943‌

L2498662.UP.FTS.B,

11.41%,

1/24/27

....

9,490‌

9,434‌

FW2499235.UP.FTS.B,

11.45%,

1/24/27

..

6,163‌

6,126‌

L2498623.UP.FTS.B,

12.18%,

1/24/27

....

2,090‌

2,078‌

L2497417.UP.FTS.B,

12.27%,

1/24/27

....

21,662‌

21,534‌

L2497448.UP.FTS.B,

12.57%,

1/24/27

....

9,504‌

9,448‌

FW2497574.UP.FTS.B,

12.62%,

1/24/27

..

32,449‌

30,636‌

L2497797.UP.FTS.B,

12.7%,

1/24/27

....

6,654‌

6,615‌

L2497350.UP.FTS.B,

13.11%,

1/24/27

....

9,650‌

9,110‌

L2500282.UP.FTS.B,

13.29%,

1/24/27

....

9,513‌

9,457‌

L2498317.UP.FTS.B,

13.31%,

1/24/27

....

3,065‌

3,039‌

L2500590.UP.FTS.B,

13.43%,

1/24/27

....

1,396‌

1,387‌

L2500384.UP.FTS.B,

13.68%,

1/24/27

....

8,562‌

8,512‌

L2498730.UP.FTS.B,

14.35%,

1/24/27

....

5,715‌

5,682‌

FW2499948.UP.FTS.B,

14.6%,

1/24/27

...

6,670‌

6,631‌

L2499978.UP.FTS.B,

14.9%,

1/24/27

....

33,362‌

33,167‌

L2500513.UP.FTS.B,

14.9%,

1/24/27

....

19,064‌

18,953‌

L2498596.UP.FTS.B,

15.19%,

1/24/27

....

1,907‌

1,896‌

L2499400.UP.FTS.B,

15.39%,

1/24/27

....

13,352‌

13,238‌

L2498019.UP.FTS.B,

15.41%,

1/24/27

....

28,613‌

28,447‌

L2499756.UP.FTS.B,

15.54%,

1/24/27

....

27,039‌

25,503‌

FW2497967.UP.FTS.B,

16.1%,

1/24/27

...

10,089‌

10,001‌

L2497954.UP.FTS.B,

16.34%,

1/24/27

....

5,729‌

5,696‌

FW2500346.UP.FTS.B,

16.35%,

1/24/27

..

20,256‌

20,072‌

L2494019.UP.FTS.B,

16.44%,

1/24/27

....

5,730‌

5,680‌

L2497377.UP.FTS.B,

16.51%,

1/24/27

....

5,253‌

5,208‌

FW2499114.UP.FTS.B,

16.59%,

1/24/27

..

4,584‌

4,558‌

L2499556.UP.FTS.B,

16.78%,

1/24/27

....

20,730‌

20,553‌

L2499062.UP.FTS.B,

17.84%,

1/24/27

....

1,431‌

1,418‌

FW2497520.UP.FTS.B,

17.89%,

1/24/27

..

5,848‌

5,533‌

FW2494435.UP.FTS.B,

17.9%,

1/24/27

...

37,950‌

37,618‌

L2500130.UP.FTS.B,

18.16%,

1/24/27

....

6,698‌

6,627‌

L2497198.UP.FTS.B,

18.3%,

1/24/27

....

5,742‌

5,681‌

L2498470.UP.FTS.B,

18.32%,

1/24/27

....

12,977‌

12,895‌

L2499350.UP.FTS.B,

18.35%,

1/24/27

....

28,711‌

28,409‌

L2497514.UP.FTS.B,

18.45%,

1/24/27

....

44,028‌

43,565‌

L2500098.UP.FTS.B,

18.6%,

1/24/27

....

7,180‌

7,118‌

L2497796.UP.FTS.B,

18.8%,

1/24/27

....

6,703‌

6,632‌

L2500341.UP.FTS.B,

18.83%,

1/24/27

....

2,394‌

2,369‌

L2497754.UP.FTS.B,

19.19%,

1/24/27

....

2,970‌

2,938‌

FW2498275.UP.FTS.B,

19.45%,

1/24/27

..

9,504‌

9,400‌

L2497369.UP.FTS.B,

19.6%,

1/24/27

....

27,492‌

26,103‌

L2500347.UP.FTS.B,

19.63%,

1/24/27

....

17,195‌

16,558‌

L2499146.UP.FTS.B,

19.77%,

1/24/27

....

4,407‌

4,244‌

L2498546.UP.FTS.B,

19.91%,

1/24/27

....

6,328‌

6,262‌

L2497528.UP.FTS.B,

19.93%,

1/24/27

....

4,794‌

4,743‌

L2499090.UP.FTS.B,

20.13%,

1/24/27

....

5,753‌

5,693‌

FW2498254.UP.FTS.B,

20.72%,

1/24/27

..

2,879‌

2,861‌

FW2499205.UP.FTS.B,

20.72%,

1/24/27

..

5,757‌

5,722‌

L2497852.UP.FTS.B,

20.98%,

1/24/27

....

3,359‌

3,324‌

L2499153.UP.FTS.B,

21.13%,

1/24/27

....

1,152‌

1,140‌

Description

Principal

Amount

Value

Upstart

Network,

Inc.

(continued)

L2498554.UP.FTS.B,

21.26%,

1/24/27

....

$

4,800‌

$

4,750‌

L2499623.UP.FTS.B,

21.29%,

1/24/27

....

4,800‌

4,750‌

L2497527.UP.FTS.B,

21.34%,

1/24/27

....

4,801‌

4,771‌

L2497646.UP.FTS.B,

21.52%,

1/24/27

....

2,166‌

2,144‌

L2497439.UP.FTS.B,

21.55%,

1/24/27

....

18,727‌

18,567‌

L2500177.UP.FTS.B,

21.66%,

1/24/27

....

5,763‌

5,728‌

FW2498781.UP.FTS.B,

22.05%,

1/24/27

..

11,338‌

11,269‌

FW2497293.UP.FTS.B,

22.07%,

1/24/27

..

1,956‌

1,862‌

L2500531.UP.FTS.B,

22.26%,

1/24/27

....

2,883‌

2,859‌

FW2494038.UP.FTS.B,

22.37%,

1/24/27

..

3,845‌

3,804‌

L2499540.UP.FTS.B,

22.38%,

1/24/27

....

5,719‌

5,681‌

L2497632.UP.FTS.B,

22.61%,

1/24/27

....

4,765‌

4,734‌

L2497652.UP.FTS.B,

22.95%,

1/24/27

....

953‌

946‌

FW2497553.UP.FTS.B,

23.05%,

1/24/27

..

16,667‌

16,554‌

FW2498441.UP.FTS.B,

23.1%,

1/24/27

...

10,388‌

10,325‌

L2500121.UP.FTS.B,

23.45%,

1/24/27

....

3,723‌

3,671‌

L2497905.UP.FTS.B,

23.5%,

1/24/27

....

48,113‌

47,820‌

L2500427.UP.FTS.B,

23.85%,

1/24/27

....

9,991‌

9,899‌

L2499847.UP.FTS.B,

24.09%,

1/24/27

....

23,966‌

23,709‌

FW2497923.UP.FTS.B,

24.18%,

1/24/27

..

3,796‌

3,753‌

L2498223.UP.FTS.B,

24.52%,

1/24/27

....

6,165‌

6,127‌

L2498333.UP.FTS.B,

24.57%,

1/24/27

....

4,335‌

4,308‌

FW2497401.UP.FTS.B,

24.71%,

1/24/27

..

16,378‌

16,278‌

L2498247.UP.FTS.B,

25.02%,

1/24/27

....

1,924‌

1,912‌

L2500224.UP.FTS.B,

25.04%,

1/24/27

....

5,556‌

5,520‌

L2500571.UP.FTS.B,

25.04%,

1/24/27

....

11,550‌

11,479‌

L2500298.UP.FTS.B,

25.15%,

1/24/27

....

1,542‌

1,526‌

L2498289.UP.FTS.B,

25.27%,

1/24/27

....

1,686‌

261‌

FW2497649.UP.FTS.B,

25.29%,

1/24/27

..

38,558‌

38,324‌

L2500002.UP.FTS.B,

25.3%,

1/24/27

....

3,436‌

3,256‌

L2497381.UP.FTS.B,

25.32%,

1/24/27

....

1,157‌

1,150‌

L2498291.UP.FTS.B,

25.35%,

1/24/27

....

1,157‌

1,150‌

L2487811.UP.FTS.B,

25.36%,

1/24/27

....

2,400‌

2,309‌

L2500059.UP.FTS.B,

25.4%,

1/24/27

....

2,699‌

2,683‌

L2500230.UP.FTS.B,

25.4%,

1/24/27

....

5,013‌

4,983‌

L2500426.UP.FTS.B,

25.41%,

1/24/27

....

1,253‌

1,246‌

L2497705.UP.FTS.B,

25.44%,

1/24/27

....

3,760‌

3,737‌

L2500467.UP.FTS.B,

25.44%,

1/24/27

....

1,639‌

1,629‌

L2500104.UP.FTS.B,

25.5%,

1/24/27

....

3,457‌

3,285‌

FW2498469.UP.FTS.B,

25.85%,

1/24/27

..

964‌

959‌

FW2488788.UP.FTS.B,

25.89%,

1/24/27

..

10,265‌

9,899‌

L2497190.UP.FTS.B,

26.04%,

1/24/27

....

2,797‌

2,768‌

FW2497955.UP.FTS.B,

26.15%,

1/24/27

..

12,660‌

12,039‌

L2500357.UP.FTS.B,

26.3%,

1/24/27

....

8,973‌

8,919‌

FW2498761.UP.FTS.B,

26.35%,

1/24/27

..

6,754‌

6,713‌

FW2498010.UP.FTS.B,

26.65%,

1/24/27

..

22,103‌

21,968‌

FW2498744.UP.FTS.B,

26.78%,

1/24/27

..

9,653‌

9,594‌

FW2499122.UP.FTS.B,

26.89%,

1/24/27

..

2,118‌

2,038‌

FW2499816.UP.FTS.B,

27.03%,

1/24/27

..

5,361‌

5,119‌

FW2498266.UP.FTS.B,

27.06%,

1/24/27

..

3,968‌

1,146‌

FW2498012.UP.FTS.B,

27.23%,

1/24/27

..

5,698‌

5,663‌

FW2499127.UP.FTS.B,

27.37%,

1/24/27

..

4,829‌

4,800‌

FW2499103.UP.FTS.B,

27.5%,

1/24/27

...

2,898‌

2,880‌

FW2499219.UP.FTS.B,

27.58%,

1/24/27

..

15,723‌

4,674‌

FW2497665.UP.FTS.B,

27.6%,

1/24/27

...

15,058‌

14,948‌

FW2500434.UP.FTS.B,

27.81%,

1/24/27

..

966‌

960‌

L2497724.UP.FTS.B,

27.87%,

1/24/27

....

5,025‌

4,972‌

FW2497801.UP.FTS.B,

28.11%,

1/24/27

..

6,882‌

6,553‌

Franklin

Universal

Trust

Schedule

of

Investments

(unaudited)

Quarterly

Schedule

of

Investments

See

Notes

to

Schedule

of

Investments.

38

Description

Principal

Amount

Value

Marketplace

Loans

(continued)

Upstart

Network,

Inc.

(continued)

FW2498723.UP.FTS.B,

28.14%,

1/24/27

..

$

1,933‌

$

1,921‌

FW2497947.UP.FTS.B,

28.25%,

1/24/27

..

36,827‌

36,603‌

FW2499989.UP.FTS.B,

28.3%,

1/24/27

...

8,313‌

8,262‌

L2498023.UP.FTS.B,

28.37%,

1/24/27

....

4,156‌

4,009‌

FW2497725.UP.FTS.B,

28.51%,

1/24/27

..

1,170‌

1,113‌

FW2463420.UP.FTS.B,

28.55%,

1/24/27

..

928‌

920‌

FW2499482.UP.FTS.B,

28.65%,

1/24/27

..

15,858‌

15,761‌

FW2498534.UP.FTS.B,

28.67%,

1/24/27

..

1,770‌

1,685‌

FW2497321.UP.FTS.B,

29.03%,

1/24/27

..

16,000‌

104‌

FW2499635.UP.FTS.B,

29.22%,

1/24/27

..

1,800‌

12‌

FW2498212.UP.FTS.B,

29.42%,

1/24/27

..

1,258‌

1,250‌

FW2499784.UP.FTS.B,

29.61%,

1/24/27

..

8,226‌

8,176‌

FW2500060.UP.FTS.B,

29.62%,

1/24/27

..

4,065‌

4,040‌

FW2498768.UP.FTS.B,

30.06%,

1/24/27

..

1,452‌

1,443‌

FW2499719.UP.FTS.B,

30.29%,

1/24/27

..

1,465‌

1,393‌

FW2498295.UP.FTS.B,

30.4%,

1/24/27

...

968‌

962‌

FW2497607.UP.FTS.B,

30.5%,

1/24/27

...

4,953‌

4,724‌

FW2497688.UP.FTS.B,

30.73%,

1/24/27

..

1,249‌

1,237‌

FW2499403.UP.FTS.B,

30.76%,

1/24/27

..

2,712‌

2,696‌

FW2500502.UP.FTS.B,

30.77%,

1/24/27

..

4,843‌

4,814‌

FW2498079.UP.FTS.B,

30.78%,

1/24/27

..

2,906‌

2,888‌

FW2500185.UP.FTS.B,

30.96%,

1/24/27

..

6,912‌

6,590‌

FW2497794.UP.FTS.B,

30.97%,

1/24/27

..

6,976‌

6,933‌

FW2487975.UP.FTS.B,

31.06%,

1/24/27

..

1,472‌

440‌

FW2500554.UP.FTS.B,

31.1%,

1/24/27

...

502‌

496‌

FW2499034.UP.FTS.B,

31.11%,

1/24/27

..

2,263‌

678‌

FW2498894.UP.FTS.B,

31.13%,

1/24/27

..

3,488‌

3,467‌

FW2498599.UP.FTS.B,

31.15%,

1/24/27

..

4,900‌

(3‌)

FW2499865.UP.FTS.B,

31.15%,

1/24/27

..

1,759‌

1,673‌

FW2498394.UP.FTS.B,

31.2%,

1/24/27

...

4,983‌

4,740‌

FW2498422.UP.FTS.B,

31.2%,

1/24/27

...

969‌

963‌

FW2498197.UP.FTS.B,

31.21%,

1/24/27

..

1,260‌

1,252‌

FW2500316.UP.FTS.B,

31.21%,

1/24/27

..

7,946‌

7,898‌

FW2500195.UP.FTS.B,

31.23%,

1/24/27

..

4,167‌

4,142‌

FW2497583.UP.FTS.B,

31.24%,

1/24/27

..

7,236‌

7,189‌

FW2497836.UP.FTS.B,

31.41%,

1/24/27

..

6,203‌

6,165‌

FW2497608.UP.FTS.B,

31.43%,

1/24/27

..

1,648‌

1,638‌

FW2499098.UP.FTS.B,

31.57%,

1/24/27

..

28,498‌

28,201‌

FW2499925.UP.FTS.B,

31.73%,

1/24/27

..

1,801‌

1,787‌

FW2499694.UP.FTS.B,

31.9%,

1/24/27

...

2,393‌

2,377‌

FW2500567.UP.FTS.B,

33.54%,

1/24/27

..

2,233‌

2,219‌

FW2497327.UP.FTS.B,

33.75%,

1/24/27

..

1,845‌

1,834‌

FW2498111.UP.FTS.B,

34.75%,

1/24/27

..

8,563‌

8,512‌

FW2502639.UP.FTS.B,

4.89%,

1/25/27

...

12,680‌

12,651‌

L2471085.UP.FTS.B,

5.17%,

1/25/27

....

4,704‌

4,694‌

L2502859.UP.FTS.B,

5.46%,

1/25/27

....

46,992‌

46,886‌

L2443263.UP.FTS.B,

6.66%,

1/25/27

....

8,014‌

7,997‌

L2503357.UP.FTS.B,

6.69%,

1/25/27

....

11,137‌

11,100‌

L2472114.UP.FTS.B,

7.63%,

1/25/27

.....

18,871‌

18,830‌

L2501608.UP.FTS.B,

7.8%,

1/25/27

.....

18,888‌

18,847‌

L2501651.UP.FTS.B,

8.03%,

1/25/27

....

7,685‌

7,665‌

L2501547.UP.FTS.B,

8.21%,

1/25/27

....

5,670‌

5,647‌

L2502319.UP.FTS.B,

8.49%,

1/25/27

....

38,429‌

38,328‌

L2501796.UP.FTS.B,

9.36%,

1/25/27

....

14,764‌

14,707‌

L2502134.UP.FTS.B,

9.38%,

1/25/27

....

30,152‌

30,032‌

L2502374.UP.FTS.B,

9.72%,

1/25/27

....

8,048‌

8,017‌

L2502174.UP.FTS.B,

9.86%,

1/25/27

....

16,100‌

16,007‌

L2500014.UP.FTS.B,

10.79%,

1/25/27

....

11,291‌

11,246‌

Description

Principal

Amount

Value

Upstart

Network,

Inc.

(continued)

L2501070.UP.FTS.B,

10.94%,

1/25/27

....

$

7,113‌

$

7,072‌

L2501446.UP.FTS.B,

11.34%,

1/25/27

....

2,847‌

2,836‌

FW2498378.UP.FTS.B,

11.81%,

1/25/27

..

28,485‌

28,322‌

L2502791.UP.FTS.B,

11.84%,

1/25/27

....

8,568‌

8,510‌

L2501198.UP.FTS.B,

12.05%,

1/25/27

....

11,873‌

11,805‌

L2500626.UP.FTS.B,

12.15%,

1/25/27

....

4,890‌

4,860‌

L2500585.UP.FTS.B,

12.23%,

1/25/27

....

38,001‌

37,783‌

L2502704.UP.FTS.B,

12.53%,

1/25/27

....

3,326‌

3,307‌

L2502644.UP.FTS.B,

12.76%,

1/25/27

....

9,507‌

9,452‌

FW2502179.UP.FTS.B,

12.78%,

1/25/27

..

1,901‌

1,891‌

L2501977.UP.FTS.B,

12.89%,

1/25/27

....

37,858‌

37,636‌

L2500795.UP.FTS.B,

13.1%,

1/25/27

....

9,514‌

9,460‌

L2502535.UP.FTS.B,

13.13%,

1/25/27

....

47,273‌

46,997‌

FW2503315.UP.FTS.B,

13.41%,

1/25/27

..

21,883‌

21,758‌

L2502247.UP.FTS.B,

13.43%,

1/25/27

....

3,806‌

3,784‌

L2498668.UP.FTS.B,

13.66%,

1/25/27

....

39,982‌

39,754‌

L2503471.UP.FTS.B,

13.93%,

1/25/27

....

4,761‌

4,734‌

L2501320.UP.FTS.B,

14.1%,

1/25/27

....

9,044‌

8,986‌

L2501470.UP.FTS.B,

14.16%,

1/25/27

....

14,285‌

14,203‌

L2500808.UP.FTS.B,

14.3%,

1/25/27

....

7,048‌

7,008‌

FW2502376.UP.FTS.B,

14.43%,

1/25/27

..

14,289‌

14,208‌

L2501981.UP.FTS.B,

14.61%,

1/25/27

....

3,811‌

3,790‌

L2500633.UP.FTS.B,

14.62%,

1/25/27

....

4,355‌

4,329‌

L2501146.UP.FTS.B,

14.73%,

1/25/27

....

42,884‌

42,640‌

L2501876.UP.FTS.B,

14.91%,

1/25/27

....

3,813‌

3,791‌

L2501622.UP.FTS.B,

14.98%,

1/25/27

....

7,721‌

7,682‌

L2503197.UP.FTS.B,

15.28%,

1/25/27

....

14,304‌

14,223‌

L2501020.UP.FTS.B,

15.56%,

1/25/27

....

1,606‌

1,596‌

L2503422.UP.FTS.B,

15.86%,

1/25/27

....

2,378‌

2,364‌

L2501591.UP.FTS.B,

16.26%,

1/25/27

....

16,097‌

15,957‌

FW2502838.UP.FTS.B,

16.27%,

1/25/27

..

38,190‌

37,872‌

FW2500763.UP.FTS.B,

16.29%,

1/25/27

..

4,106‌

4,071‌

FW2501405.UP.FTS.B,

16.74%,

1/25/27

..

4,585‌

4,547‌

L2503404.UP.FTS.B,

16.88%,

1/25/27

....

8,495‌

8,420‌

L2499095.UP.FTS.B,

16.97%,

1/25/27

....

2,867‌

2,843‌

L2500943.UP.FTS.B,

17.28%,

1/25/27

....

7,639‌

7,573‌

FW2502154.UP.FTS.B,

17.3%,

1/25/27

...

24,109‌

23,934‌

L2503121.UP.FTS.B,

17.35%,

1/25/27

....

11,906‌

11,805‌

FW2502260.UP.FTS.B,

17.52%,

1/25/27

..

6,693‌

6,637‌

L2501997.UP.FTS.B,

17.77%,

1/25/27

....

4,782‌

4,742‌

FW2501148.UP.FTS.B,

17.78%,

1/25/27

..

1,912‌

1,896‌

FW2501125.UP.FTS.B,

17.82%,

1/25/27

..

1,435‌

1,420‌

L2502739.UP.FTS.B,

18.1%,

1/25/27

....

6,219‌

6,167‌

FW2501171.UP.FTS.B,

18.13%,

1/25/27

..

5,342‌

5,303‌

L2501056.UP.FTS.B,

18.4%,

1/25/27

....

20,024‌

19,817‌

L2503099.UP.FTS.B,

18.87%,

1/25/27

....

11,491‌

11,374‌

L2502439.UP.FTS.B,

18.98%,

1/25/27

....

6,708‌

6,640‌

L2495525.UP.FTS.B,

19.03%,

1/25/27

....

6,656‌

6,585‌

L2501884.UP.FTS.B,

19.04%,

1/25/27

....

9,578‌

9,480‌

L2502391.UP.FTS.B,

19.43%,

1/25/27

....

14,316‌

14,195‌

L2502757.UP.FTS.B,

19.68%,

1/25/27

....

14,377‌

14,257‌

L2500727.UP.FTS.B,

19.88%,

1/25/27

....

7,765‌

7,686‌

FW2501374.UP.FTS.B,

20.06%,

1/25/27

..

9,588‌

9,491‌

FW2501295.UP.FTS.B,

20.14%,

1/25/27

..

959‌

949‌

L2499889.UP.FTS.B,

20.18%,

1/25/27

....

23,011‌

22,776‌

FW2500961.UP.FTS.B,

20.28%,

1/25/27

..

6,511‌

6,466‌

L2502301.UP.FTS.B,

20.37%,

1/25/27

....

9,590‌

9,492‌

L2503073.UP.FTS.B,

21.17%,

1/25/27

....

10,944‌

10,881‌

Franklin

Universal

Trust

Schedule

of

Investments

(unaudited)

See

Notes

to

Schedule

of

Investments.

Quarterly

Schedule

of

Investments

39

Description

Principal

Amount

Value

Marketplace

Loans

(continued)

Upstart

Network,

Inc.

(continued)

L2500557.UP.FTS.B,

21.25%,

1/25/27

....

$

14,401‌

$

14,254‌

FW2501561.UP.FTS.B,

21.33%,

1/25/27

..

5,736‌

5,702‌

L2503424.UP.FTS.B,

21.51%,

1/25/27

....

9,411‌

9,315‌

L2501728.UP.FTS.B,

21.52%,

1/25/27

....

4,802‌

4,753‌

FW2502473.UP.FTS.B,

21.58%,

1/25/27

..

5,823‌

5,791‌

L2500163.UP.FTS.B,

21.71%,

1/25/27

....

14,408‌

14,261‌

L2502058.UP.FTS.B,

21.83%,

1/25/27

....

9,606‌

9,551‌

L2500694.UP.FTS.B,

22.07%,

1/25/27

....

5,182‌

5,146‌

FW2497118.UP.FTS.B,

22.54%,

1/25/27

..

15,270‌

15,167‌

L2501498.UP.FTS.B,

22.59%,

1/25/27

....

5,771‌

5,738‌

L2496481.UP.FTS.B,

22.63%,

1/25/27

....

19,288‌

19,104‌

L2500977.UP.FTS.B,

22.64%,

1/25/27

....

6,730‌

6,691‌

L2501262.UP.FTS.B,

23.23%,

1/25/27

....

1,652‌

1,643‌

L2449123.UP.FTS.B,

23.47%,

1/25/27

....

6,735‌

6,697‌

L2502224.UP.FTS.B,

23.55%,

1/25/27

....

8,421‌

8,335‌

FW2500954.UP.FTS.B,

23.81%,

1/25/27

..

7,701‌

7,656‌

FW2502037.UP.FTS.B,

23.81%,

1/25/27

..

3,850‌

3,828‌

L2502763.UP.FTS.B,

23.93%,

1/25/27

....

4,082‌

4,060‌

L2502792.UP.FTS.B,

24.01%,

1/25/27

....

5,199‌

5,169‌

L2502008.UP.FTS.B,

24.08%,

1/25/27

....

39,246‌

11,602‌

L2503278.UP.FTS.B,

24.32%,

1/25/27

....

9,812‌

9,768‌

L2502481.UP.FTS.B,

24.46%,

1/25/27

....

9,632‌

9,577‌

FW2503468.UP.FTS.B,

24.6%,

1/25/27

...

3,266‌

3,246‌

FW2503375.UP.FTS.B,

24.71%,

1/25/27

..

2,890‌

2,874‌

FW2503209.UP.FTS.B,

25.12%,

1/25/27

..

6,660‌

6,615‌

L2500827.UP.FTS.B,

25.15%,

1/25/27

....

2,748‌

2,736‌

L2502899.UP.FTS.B,

25.17%,

1/25/27

....

1,157‌

1,145‌

L2502326.UP.FTS.B,

25.22%,

1/25/27

....

2,238‌

2,226‌

L2500638.UP.FTS.B,

25.31%,

1/25/27

....

964‌

958‌

L2502753.UP.FTS.B,

25.33%,

1/25/27

....

3,181‌

3,163‌

L2497155.UP.FTS.B,

25.35%,

1/25/27

....

855‌

845‌

L2501249.UP.FTS.B,

25.35%,

1/25/27

....

1,178‌

349‌

L2501592.UP.FTS.B,

25.36%,

1/25/27

....

1,151‌

1,144‌

L2500577.UP.FTS.B,

25.4%,

1/25/27

....

1,446‌

1,438‌

L2503342.UP.FTS.B,

25.48%,

1/25/27

....

6,170‌

6,135‌

L2500860.UP.FTS.B,

25.49%,

1/25/27

....

1,339‌

1,331‌

L2502978.UP.FTS.B,

25.49%,

1/25/27

....

3,567‌

3,547‌

L2501610.UP.FTS.B,

25.67%,

1/25/27

....

3,182‌

3,164‌

L2502912.UP.FTS.B,

25.69%,

1/25/27

....

19,980‌

19,860‌

L2502995.UP.FTS.B,

25.82%,

1/25/27

....

3,183‌

3,164‌

FW2501208.UP.FTS.B,

25.83%,

1/25/27

..

18,807‌

18,699‌

L2500786.UP.FTS.B,

26.35%,

1/25/27

....

2,701‌

2,674‌

FW2503491.UP.FTS.B,

26.41%,

1/25/27

..

2,119‌

2,107‌

FW2501330.UP.FTS.B,

26.47%,

1/25/27

..

5,308‌

5,277‌

FW2502187.UP.FTS.B,

26.63%,

1/25/27

..

4,826‌

4,798‌

FW2501336.UP.FTS.B,

26.71%,

1/25/27

..

2,279‌

2,253‌

FW2503082.UP.FTS.B,

26.84%,

1/25/27

..

2,413‌

2,400‌

FW2502725.UP.FTS.B,

26.94%,

1/25/27

..

4,441‌

4,416‌

FW2499783.UP.FTS.B,

27.06%,

1/25/27

..

9,745‌

9,689‌

FW2501053.UP.FTS.B,

27.35%,

1/25/27

..

7,823‌

7,778‌

FW2502455.UP.FTS.B,

27.61%,

1/25/27

..

7,799‌

7,754‌

FW2474863.UP.FTS.B,

27.63%,

1/25/27

..

3,243‌

3,228‌

FW2501136.UP.FTS.B,

27.66%,

1/25/27

..

4,523‌

4,502‌

FW2502652.UP.FTS.B,

27.68%,

1/25/27

..

4,734‌

4,707‌

FW2502827.UP.FTS.B,

27.68%,

1/25/27

..

1,569‌

467‌

FW2503169.UP.FTS.B,

27.77%,

1/25/27

..

970‌

964‌

FW2500974.UP.FTS.B,

28.31%,

1/25/27

..

2,048‌

2,036‌

FW2501180.UP.FTS.B,

28.56%,

1/25/27

..

2,901‌

2,884‌

Description

Principal

Amount

Value

Upstart

Network,

Inc.

(continued)

FW2500797.UP.FTS.B,

28.58%,

1/25/27

..

$

1,919‌

$

1,907‌

FW2503337.UP.FTS.B,

28.86%,

1/25/27

..

16,344‌

16,250‌

FW2503221.UP.FTS.B,

29%,

1/25/27

....

24,180‌

24,042‌

FW2502849.UP.FTS.B,

29.19%,

1/25/27

..

1,451‌

1,443‌

FW2501588.UP.FTS.B,

29.29%,

1/25/27

..

1,935‌

1,924‌

FW2503423.UP.FTS.B,

29.77%,

1/25/27

..

11,329‌

11,259‌

FW2501815.UP.FTS.B,

29.99%,

1/25/27

..

6,885‌

6,854‌

FW2502338.UP.FTS.B,

30.04%,

1/25/27

..

4,937‌

4,909‌

FW2500628.UP.FTS.B,

30.26%,

1/25/27

..

968‌

963‌

FW2501594.UP.FTS.B,

30.71%,

1/25/27

..

1,141‌

1,133‌

FW2501203.UP.FTS.B,

30.73%,

1/25/27

..

1,356‌

1,348‌

FW2501656.UP.FTS.B,

30.91%,

1/25/27

..

969‌

963‌

FW2502055.UP.FTS.B,

30.95%,

1/25/27

..

3,247‌

974‌

FW2502622.UP.FTS.B,

30.97%,

1/25/27

..

2,422‌

2,408‌

FW2502676.UP.FTS.B,

31.01%,

1/25/27

..

3,585‌

3,564‌

FW2503502.UP.FTS.B,

31.01%,

1/25/27

..

2,541‌

2,527‌

FW2502222.UP.FTS.B,

31.02%,

1/25/27

..

1,251‌

1,243‌

FW2501430.UP.FTS.B,

31.03%,

1/25/27

..

1,744‌

1,734‌

FW2502879.UP.FTS.B,

31.04%,

1/25/27

..

28,098‌

27,937‌

FW2502592.UP.FTS.B,

31.05%,

1/25/27

..

14,727‌

14,643‌

FW2502647.UP.FTS.B,

31.05%,

1/25/27

..

8,526‌

8,478‌

FW2502834.UP.FTS.B,

31.11%,

1/25/27

..

2,629‌

2,613‌

FW2500670.UP.FTS.B,

31.13%,

1/25/27

..

1,066‌

1,060‌

FW2502954.UP.FTS.B,

31.14%,

1/25/27

..

5,136‌

5,106‌

FW2500473.UP.FTS.B,

31.15%,

1/25/27

..

2,849‌

2,835‌

FW2496750.UP.FTS.B,

31.16%,

1/25/27

..

805‌

795‌

FW2499746.UP.FTS.B,

31.16%,

1/25/27

..

3,489‌

3,469‌

FW2500654.UP.FTS.B,

31.21%,

1/25/27

..

963‌

957‌

FW2503208.UP.FTS.B,

31.21%,

1/25/27

..

2,520‌

2,505‌

FW2497199.UP.FTS.B,

31.22%,

1/25/27

..

1,841‌

1,831‌

FW2497987.UP.FTS.B,

31.34%,

1/25/27

..

6,106‌

6,071‌

FW2501378.UP.FTS.B,

31.34%,

1/25/27

..

3,796‌

3,769‌

FW2500430.UP.FTS.B,

31.41%,

1/25/27

..

1,759‌

1,749‌

FW2502423.UP.FTS.B,

32.98%,

1/25/27

..

1,467‌

1,458‌

FW2502276.UP.FTS.B,

33.54%,

1/25/27

..

4,892‌

4,863‌

L1729858.UP.FTS.B,

25.05%,

2/17/27

....

19,144‌

18,991‌

L2031108.UP.FTS.B,

11.34%,

4/12/27

....

45,549‌

45,217‌

L2972334.UP.FTS.B,

6.17%,

4/19/27

....

49,283‌

49,243‌

L2972137.UP.FTS.B,

6.42%,

4/19/27

....

14,786‌

14,774‌

L2971979.UP.FTS.B,

6.84%,

4/19/27

....

26,422‌

26,402‌

L2971286.UP.FTS.B,

7.38%,

4/19/27

....

24,652‌

24,634‌

L2972081.UP.FTS.B,

7.8%,

4/19/27

.....

5,236‌

5,231‌

FW2972190.UP.FTS.B,

7.92%,

4/19/27

...

46,651‌

46,639‌

FW2972075.UP.FTS.B,

9.42%,

4/19/27

...

37,695‌

37,633‌

L2971556.UP.FTS.B,

10.11%,

4/19/27

....

32,078‌

32,027‌

L2971728.UP.FTS.B,

11.46%,

4/19/27

....

10,566‌

10,536‌

L2971948.UP.FTS.B,

12.78%,

4/19/27

....

7,393‌

7,372‌

L2971527.UP.FTS.B,

13.17%,

4/19/27

....

10,374‌

10,345‌

L2967243.UP.FTS.B,

14.24%,

4/19/27

....

16,801‌

16,756‌

L2970341.UP.FTS.B,

15.34%,

4/19/27

....

6,327‌

6,316‌

L2972320.UP.FTS.B,

15.99%,

4/19/27

....

15,729‌

15,714‌

L2971759.UP.FTS.B,

16.29%,

4/19/27

....

7,516‌

7,483‌

L2971657.UP.FTS.B,

16.32%,

4/19/27

....

2,160‌

2,150‌

L2971854.UP.FTS.B,

16.46%,

4/19/27

....

3,053‌

3,039‌

FW2968818.UP.FTS.B,

17.01%,

4/19/27

..

16,123‌

16,052‌

L2970277.UP.FTS.B,

17.94%,

4/19/27

....

31,660‌

31,524‌

FW2971812.UP.FTS.B,

18.16%,

4/19/27

..

32,499‌

32,389‌

L2972316.UP.FTS.B,

18.63%,

4/19/27

....

49,377‌

49,161‌

Franklin

Universal

Trust

Schedule

of

Investments

(unaudited)

Quarterly

Schedule

of

Investments

See

Notes

to

Schedule

of

Investments.

40

Description

Principal

Amount

Value

Marketplace

Loans

(continued)

Upstart

Network,

Inc.

(continued)

L2971776.UP.FTS.B,

19.69%,

4/19/27

....

$

6,533‌

$

6,505‌

L2972008.UP.FTS.B,

20.74%,

4/19/27

....

5,411‌

5,384‌

FW2971982.UP.FTS.B,

21.48%,

4/19/27

..

1,684‌

1,677‌

L2972267.UP.FTS.B,

22.43%,

4/19/27

....

5,877‌

5,846‌

L2970145.UP.FTS.B,

22.58%,

4/19/27

....

8,618‌

8,573‌

L2971633.UP.FTS.B,

22.88%,

4/19/27

....

23,281‌

23,176‌

L2972209.UP.FTS.B,

23.9%,

4/19/27

....

2,973‌

2,959‌

L2971880.UP.FTS.B,

24%,

4/19/27

......

31,413‌

31,287‌

L2971929.UP.FTS.B,

24.66%,

4/19/27

....

21,606‌

21,494‌

FW2971643.UP.FTS.B,

24.95%,

4/19/27

..

21,237‌

21,138‌

L2971841.UP.FTS.B,

25.2%,

4/19/27

....

1,465‌

1,457‌

L2971769.UP.FTS.B,

25.23%,

4/19/27

....

6,581‌

6,548‌

L2972249.UP.FTS.B,

25.46%,

4/19/27

....

5,948‌

5,922‌

FW2971626.UP.FTS.B,

26.24%,

4/19/27

..

6,445‌

6,416‌

FW2972220.UP.FTS.B,

26.42%,

4/19/27

..

3,867‌

3,850‌

L2971662.UP.FTS.B,

26.49%,

4/19/27

....

992‌

986‌

FW2972102.UP.FTS.B,

26.72%,

4/19/27

..

3,243‌

3,227‌

FW2972305.UP.FTS.B,

27.33%,

4/19/27

..

5,950‌

5,925‌

FW2972030.UP.FTS.B,

28.07%,

4/19/27

..

4,959‌

4,938‌

FW2971684.UP.FTS.B,

30.82%,

4/19/27

..

9,726‌

9,685‌

FW2101729.UP.FTS.B,

20.8%,

4/23/27

...

28,581‌

28,302‌

FW2249414.UP.FTS.B,

19.5%,

5/14/27

...

5,894‌

5,849‌

FW2250032.UP.FTS.B,

32.02%,

5/14/27

..

3,976‌

3,936‌

L1901406.UP.FTS.B,

27.3%,

10/22/28

....

5,039‌

5,016‌

L2475583.UP.FTS.B,

20.34%,

1/25/29

....

1,242‌

1,231‌

9,638,425‌

Total

Marketplace

Loans

(Cost

$24,274,722)

....

$23,126,135‌

Franklin

Universal

Trust

41

Quarterly

Schedule

of

Investments

Notes

to

Schedule

of

Investments

(unaudited)

1.

Organization

Franklin

Universal

Trust (Fund)

is

registered

under

the

Investment

Company

Act

of

1940

(1940

Act)

as

a

closed-end

management

investment

company

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

Schedule

of

Investments

(unaudited)

42

Quarterly

Schedule

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.

Restricted

Securities

At

May

31,

2022,

investments

in

restricted

securities,

excluding

securities

exempt

from

registration

under

the

Securities

Act

of

1933,

were

as

follows:

4.

Investments

in

Affiliated

Management

Investment

Companies 

The

Fund

invests

in

one

or

more

affiliated

management

investment

companies.

As

defined

in

the

1940

Act,

an

investment

is

deemed

to

be

a

“Controlled

Affiliate”

of

a

fund

when

a

fund

owns,

either

directly

or

indirectly,

25%

or

more

of

the

affiliated

fund’s

outstanding

shares

or

has

the

power

to

exercise

control

over

management

or

policies

of

such

fund.

The

Fund

does

not

invest for

purposes

of

exercising

a

controlling

influence

over

the

management

or

policies.

During

the

period

ended

May

31,

2022,

the

Fund

held

investments

in

affiliated

management

investment

companies

as

follows: 

Shares

Issuer

Acquisition

Date

Cost

Value

Franklin

Universal

Trust

5,042

Riviera

Resources,

Inc.

.......................

8/08/18

$

46,134

$

—

Total

Restricted

Securities

(Value

is

—%

of

Net

Assets)

..............

$46,134

$—

    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,

0.437%

$

6,675,578

$

49,262,574

$

(48,146,478)

$

—

$

—

$

7,791,674

7,791,674

$

2,310

Non-Controlled

Affiliates

Income

from

securities

loaned

Institutional

Fiduciary

Trust

-

Money

Market

Portfolio,

0.437%

$46,000

$5,997,000

$(6,043,000)

$—

$—

$—

—

$18

Total

Affiliated

Securities

...

$6,721,578

$55,259,574

$(54,189,478)

$—

$—

$7,791,674

$2,328

2. Financial

Instrument

Valuation

(continued)

Franklin

Universal

Trust

Notes

to

Schedule

of

Investments

(unaudited)

43

Quarterly

Schedule

of

Investments

5. Fair

Value

Measurements 

The

Fund

follows

a

fair

value

hierarchy

that

distinguishes

between

market

data

obtained

from

independent

sources

(observable

inputs)

and

the Fund's

own

market

assumptions

(unobservable

inputs).

These

inputs

are

used

in

determining

the

value

of

the

Fund's financial

instruments

and

are

summarized

in

the

following

fair

value

hierarchy:

Level

1

–

quoted

prices

in

active

markets

for

identical

financial

instruments

Level

2

–

other

significant

observable

inputs

(including

quoted

prices

for

similar

financial

instruments,

interest

rates,

prepayment

speed,

credit

risk,

etc.)

Level

3

–

significant

unobservable

inputs

(including

the

Fund's

own

assumptions

in

determining

the

fair

value

of

financial

instruments)

The

input

levels

are

not

necessarily

an

indication

of

the

risk

or

liquidity

associated

with

financial

instruments

at

that

level.

A

summary

of

inputs

used

as

of

May

31,

2022,

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

........................

$

53,197,255

$

—

$

—

$

53,197,255

Machinery

............................

—

727,426

—

727,426

Metals

&

Mining

.......................

5,098,427

—

—

5,098,427

Multi-Utilities

..........................

38,546,000

—

—

38,546,000

Oil,

Gas

&

Consumable

Fuels

.............

4,184,508

—

—

a

4,184,508

Preferred

Stocks

........................

579,700

—

—

579,700

Warrants

:

Oil,

Gas

&

Consumable

Fuels

.............

99,815

—

148

99,963

Paper

&

Forest

Products

.................

—

2,992

—

2,992

Convertible

Bonds

.......................

—

14,255

—

14,255

Corporate

Bonds

:

Airlines

..............................

—

1,771,281

—

1,771,281

Auto

Components

......................

—

5,111,948

—

5,111,948

Automobiles

..........................

—

1,016,457

—

1,016,457

Banks

...............................

—

883,655

—

883,655

Beverages

...........................

—

614,561

—

614,561

Biotechnology

.........................

—

713,489

—

713,489

Building

Products

......................

—

3,183,969

—

3,183,969

Capital

Markets

........................

—

281,168

—

281,168

Chemicals

...........................

—

8,034,545

—

8,034,545

Commercial

Services

&

Supplies

...........

—

3,877,425

—

3,877,425

Communications

Equipment

..............

—

1,355,832

—

1,355,832

Construction

&

Engineering

...............

—

2,604,100

—

2,604,100

Consumer

Finance

.....................

—

1,069,398

—

1,069,398

Containers

&

Packaging

.................

—

6,308,977

—

6,308,977

Diversified

Consumer

Services

............

—

772,000

—

772,000

Diversified

Financial

Services

.............

—

2,376,149

—

2,376,149

Diversified

Telecommunication

Services

.....

—

6,434,026

—

6,434,026

Electric

Utilities

........................

—

1,375,440

—

1,375,440

Electrical

Equipment

....................

—

1,666,335

—

1,666,335

Electronic

Equipment,

Instruments

&

Components

........................

—

443,497

—

443,497

Energy

Equipment

&

Services

.............

—

3,557,717

—

3,557,717

Entertainment

.........................

—

1,805,535

—

1,805,535

Equity

Real

Estate

Investment

Trusts

(REITs)

.

—

2,788,475

—

2,788,475

Franklin

Universal

Trust

Notes

to

Schedule

of

Investments

(unaudited)

44

Quarterly

Schedule

of

Investments

A

reconciliation

in

which

Level

3

inputs

are

used

in

determining

fair

value

is

presented

when

there

are

significant

Level

3

assets

and/or

liabilities

at

the

beginning

and/or

end

of

the

period.

At May

31,

2022,

the

reconciliation

is

as

follows:

6

Level

1

Level

2

Level

3

Total

Franklin

Universal

Trust

(continued)

Assets:

(continued)

Investments

in

Securities:

Corporate

Bonds:

Food

Products

........................

$

—

$

1,961,871

$

—

$

1,961,871

Health

Care

Equipment

&

Supplies

.........

—

805,170

—

805,170

Health

Care

Providers

&

Services

..........

—

3,079,583

—

3,079,583

Hotels,

Restaurants

&

Leisure

.............

—

9,099,749

540

9,100,289

Household

Durables

....................

—

1,786,908

—

1,786,908

Independent

Power

and

Renewable

Electricity

Producers

..........................

—

6,149,138

—

6,149,138

Insurance

............................

—

290,087

—

290,087

Internet

&

Direct

Marketing

Retail

..........

—

170,445

—

170,445

IT

Services

...........................

—

3,643,344

—

3,643,344

Life

Sciences

Tools

&

Services

............

—

185,828

—

185,828

Machinery

............................

—

2,525,556

—

2,525,556

Media

...............................

—

7,156,353

—

7,156,353

Metals

&

Mining

.......................

—

2,297,655

—

2,297,655

Mortgage

Real

Estate

Investment

Trusts

(REITs)

............................

—

849,350

—

849,350

Multiline

Retail

........................

—

906,830

—

906,830

Oil,

Gas

&

Consumable

Fuels

.............

—

17,836,970

—

17,836,970

Paper

&

Forest

Products

.................

—

288,356

—

288,356

Pharmaceuticals

.......................

—

5,122,163

—

5,122,163

Real

Estate

Management

&

Development

....

—

847,298

—

847,298

Road

&

Rail

..........................

—

1,536,125

—

1,536,125

Software

.............................

—

2,414,115

—

2,414,115

Specialty

Retail

........................

—

3,554,536

—

3,554,536

Textiles,

Apparel

&

Luxury

Goods

..........

—

1,252,116

—

1,252,116

Thrifts

&

Mortgage

Finance

...............

—

1,375,339

—

1,375,339

Trading

Companies

&

Distributors

..........

—

945,182

—

945,182

Wireless

Telecommunication

Services

.......

—

2,647,169

—

2,647,169

Senior

Floating

Rate

Interests

...............

—

161,778

—

161,778

Marketplace

Loans

......................

—

—

23,126,135

23,126,135

Asset-Backed

Securities

..................

—

2,454,950

—

2,454,950

Escrows

and

Litigation

Trusts

...............

—

33,600

—

33,600

Short

Term

Investments

...................

7,791,674

148

—

7,791,822

Total

Investments

in

Securities

...........

$109,497,379

$140,168,364

$23,126,823

$272,792,566

a

Includes

securities

determined

to

have

no

value

at

May

31,

2022.

Balance

at

Beginning

of

Period

Purchases

a

Sales

b

Transfer

Into

Level

3

c

Transfer

Out

of

Level

3

Net

Accretion

(

Amortiza

-

tion

)

Net

Realized

Gain

(Loss)

Net

Unr

ealized

Appreciatio

n

(

Depreciation

)

Balance

at

End

of

Period

Net

Change

in

Unrealized

Appreciation

(Depreciation)

on

Assets

Held

at

Period

End

a

a

a

a

a

a

a

a

a

a

a

Franklin

Universal

Trust

Assets:

Investments

in

Securities:

Common

Stocks

:

Oil,

Gas

&

Consumable

Fuels

..........

$

1,302

$

—

$

—

$

—

$

—

$

—

$

—

$

(1,302)

$

—

d

$

(1,302)

5. Fair

Value

Measurements 

(continued)

Franklin

Universal

Trust

Notes

to

Schedule

of

Investments

(unaudited)

45

Quarterly

Schedule

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,

2022,

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

May

3

1

,

202

2

.

Balance

at

Beginning

of

Period

Purchases

a

Sales

b

Transfer

Into

Level

3

c

Transfer

Out

of

Level

3

Net

Accretion

(Amortiza-

tion)

Net

Realized

Gain

(Loss)

Net

Unrealized

Appreciation

(Depreciation)

Balance

at

End

of

Period

Net

Change

in

Unrealized

Appreciation

(Depreciation)

on

Assets

Held

at

Period

End

a

a

a

a

a

a

a

a

a

a

a

Franklin

Universal

Trust

(continued)

Assets:

Investments

in

Securities:

Warrants

:

Oil,

Gas

&

Consumable

Fuels

..........

$

125

$

—

$

—

$

—

$

—

$

—

$

—

$

23

$

148

$

23

Corporate

Bonds

:

Hotels,

Restaurants

&

Leisure

.........

—

—

—

540

—

—

—

—

540

—

Oil,

Gas

&

Consumable

Fuels

..........

1,624,844

53,039

(1,784,152)

—

—

—

159,555

(53,286)

—

—

Marketplace

Loans

:

Diversified

Financial

Services

........

3,297,986

25,739,390

(4,815,123)

—

—

—

(140,129)

(955,989)

23,126,135

(899,688)

Total

Investments

in

Securities

............

$4,924,257

$25,792,429

$(6,599,275)

$540

$—

$—

$19,426

$(1,010,554)

$23,126,823

$(900,967)

a

Purchases

include

all

purchases

of

securities

and

securities

received

in

corporate

actions.

b

Sales

include

all

sales

of

securities,

maturities,

paydowns

and

securities

tendered

in

corporate

actions.

c

Transferred

into

level

3

as

a

result

of

the

unavailability

of

a

quoted

market

price

in

an

active

market

for

identical

securities

or

other

significant

observable

valuation

inputs.

d

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.......

$23,067,032

Discounted

cash

flow

Loss-adjusted

discount

rate

2.3%

-

11.5%

(8.2%)

Decrease

c

Projected

loss

rate

14.1%

-

20.0%

(17.8%)

Decrease

c

All

Other

Investments………...

59,791

d,e

Total.......................................

$23,126,823

5. Fair

Value

Measurements 

(continued)

Franklin

Universal

Trust

Notes

to

Schedule

of

Investments

(unaudited)

46

Quarterly

Schedule

of

Investments

Abbreviations

Selected

Portfolio

ADR

American

Depositary

Receipt

FRN

Floating

Rate

Note

PIK

Payment-In-Kind

SOFR

Secured

Overnight

Financing

Rate

For

additional

information

on

the

Fund's

significant

accounting

policies,

please

refer

to

the Fund's

most

recent

semiannual

or

annual

shareholder

report.