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

32

Franklin

Universal

Trust

Schedule

of

Investments

(unaudited),

May

31,

2023

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

48.5%

Electric

Utilities

25.8%

Alliant

Energy

Corp.

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

United

States

80,000

$

4,116,800

American

Electric

Power

Co.,

Inc.

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

United

States

65,000

5,402,800

Constellation

Energy

Corp.

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

United

States

21,666

1,820,377

Duke

Energy

Corp.

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

United

States

40,000

3,571,600

Edison

International

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

United

States

36,000

2,430,720

Entergy

Corp.

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

United

States

30,000

2,946,000

Evergy,

Inc.

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

United

States

72,000

4,165,200

Exelon

Corp.

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

United

States

65,000

2,577,250

FirstEnergy

Corp.

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

United

States

61,000

2,280,790

NextEra

Energy,

Inc.

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

United

States

115,000

8,447,900

Pinnacle

West

Capital

Corp.

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

United

States

25,000

1,932,000

PPL

Corp.

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

United

States

24,500

641,900

Southern

Co.

(The)

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

United

States

53,000

3,696,750

Xcel

Energy,

Inc.

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

United

States

55,000

3,590,950

47,621,037

Independent

Power

and

Renewable

Electricity

Producers

1.4%

a

Talen

Energy

Corp.

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

United

States

59,516

2,646,974

Metals

&

Mining

2.3%

b

BHP

Group

Ltd.,

ADR

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

Australia

25,185

1,382,657

Freeport-McMoRan,

Inc.

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

United

States

80,380

2,760,249

b

South32

Ltd.,

ADR

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

Australia

10,074

129,048

4,271,954

Multi-Utilities

16.7%

CenterPoint

Energy,

Inc.

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

United

States

122,800

3,464,188

CMS

Energy

Corp.

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

United

States

78,000

4,522,440

Consolidated

Edison,

Inc.

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

United

States

35,000

3,265,500

Dominion

Energy,

Inc.

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

United

States

65,000

3,268,200

DTE

Energy

Co.

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

United

States

30,000

3,228,000

NiSource,

Inc.

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

United

States

60,000

1,613,400

Public

Service

Enterprise

Group,

Inc.

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

United

States

45,000

2,688,750

Sempra

Energy

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

United

States

45,000

6,458,850

WEC

Energy

Group,

Inc.

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

United

States

28,000

2,445,800

30,955,128

Oil,

Gas

&

Consumable

Fuels

2.3%

a

Amplify

Energy

Corp.

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

United

States

245

1,666

Birch

Permian

Holdings,

Inc.

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

United

States

32,490

529,311

California

Resources

Corp.

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

United

States

27

1,014

Chesapeake

Energy

Corp.

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

United

States

1,871

140,793

Civitas

Resources,

Inc.

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

United

States

18,598

1,242,346

DT

Midstream,

Inc.

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

United

States

15,000

681,900

Enbridge,

Inc.

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

Canada

39,360

1,385,472

b

Woodside

Energy

Group

Ltd.,

ADR

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

Australia

9,101

200,950

4,183,452

Total

Common

Stocks

(Cost

$38,860,249)

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

89,678,545

Preferred

Stocks

0.3%

Electric

Utilities

0.3%

SCE

Trust

II,

5.1%

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

United

States

27,500

571,725

Total

Preferred

Stocks

(Cost

$598,125)

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

571,725

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

0.0%

†

Oil,

Gas

&

Consumable

Fuels

0.0%

†

a

California

Resources

Corp.,

10/27/24

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

United

States

64

$

448

Total

Warrants

(Cost

$–)

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

448

Principal

Amount

*

Convertible

Bonds

0.0%

†

Wireless

Telecommunication

Services

0.0%

†

c,d,e

Digicel

Group

Holdings

Ltd.

,

Sub.

Bond

,

144A,

PIK,

7

%

,

Perpetual

Bermuda

28,028

2,922

Total

Convertible

Bonds

(Cost

$7,720)

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

2,922

Corporate

Bonds

74.2%

Aerospace

&

Defense

0.3%

e

TransDigm,

Inc.

,

Senior

Secured

Note

,

144A,

6.75

%

,

8/15/28

....

United

States

600,000

601,441

Automobile

Components

2.5%

e

Adient

Global

Holdings

Ltd.

,

Senior

Note,

144A,

8.25%,

4/15/31

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

United

States

700,000

700,035

Senior

Secured

Note,

144A,

7%,

4/15/28

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

United

States

400,000

404,594

e

Allison

Transmission,

Inc.

,

Senior

Bond,

144A,

3.75%,

1/30/31

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

United

States

300,000

253,583

Senior

Note,

144A,

4.75%,

10/01/27

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

United

States

600,000

569,274

e

Dornoch

Debt

Merger

Sub,

Inc.

,

Senior

Note

,

144A,

6.625

%

,

10/15/29

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

United

States

1,600,000

1,203,053

Goodyear

Tire

&

Rubber

Co.

(The)

,

Senior

Note,

9.5%,

5/31/25

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

United

States

900,000

920,983

Senior

Note,

5%,

7/15/29

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

United

States

600,000

541,022

4,592,544

Automobiles

0.6%

e

Jaguar

Land

Rover

Automotive

plc

,

Senior

Note

,

144A,

5.5

%

,

7/15/29

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

United

Kingdom

1,300,000

1,111,089

Banks

0.5%

d

JPMorgan

Chase

&

Co.

,

R

,

Junior

Sub.

Bond

,

6%

to

7/31/23,

FRN

thereafter

,

Perpetual

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

United

States

900,000

897,390

Beverages

0.3%

e

Primo

Water

Holdings,

Inc.

,

Senior

Note

,

144A,

4.375

%

,

4/30/29

..

Canada

700,000

603,095

Biotechnology

0.3%

e

Emergent

BioSolutions,

Inc.

,

Senior

Note

,

144A,

3.875

%

,

8/15/28

.

United

States

900,000

495,514

Broadline

Retail

0.5%

e

Macy's

Retail

Holdings

LLC

,

Senior

Bond,

144A,

6.125%,

3/15/32

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

United

States

500,000

424,312

Senior

Note,

144A,

5.875%,

3/15/30

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

United

States

500,000

433,994

858,306

Building

Products

2.7%

e

Advanced

Drainage

Systems,

Inc.

,

Senior

Note

,

144A,

6.375

%

,

6/15/30

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

United

States

500,000

493,450

e

Camelot

Return

Merger

Sub,

Inc.

,

Senior

Secured

Note

,

144A,

8.75

%

,

8/01/28

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

United

States

500,000

471,822

e

Cornerstone

Building

Brands,

Inc.

,

Senior

Note

,

144A,

6.125

%

,

1/15/29

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

United

States

300,000

222,333

e

Eco

Material

Technologies,

Inc.

,

Senior

Secured

Note

,

144A,

7.875

%

,

1/31/27

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

United

States

500,000

475,697

e

Emerald

Debt

Merger

Sub

LLC

,

Senior

Secured

Note

,

144A,

6.625

%

,

12/15/30

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

United

States

1,100,000

1,092,575

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)

e

JELD-WEN,

Inc.

,

Senior

Note

,

144A,

4.875

%

,

12/15/27

.........

United

States

300,000

$

261,687

e

Knife

River

Holding

Co.

,

Senior

Note

,

144A,

7.75

%

,

5/01/31

.....

United

States

500,000

503,300

e

Oscar

AcquisitionCo

LLC

/

Oscar

Finance,

Inc.

,

Senior

Note

,

144A,

9.5

%

,

4/15/30

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

United

States

1,000,000

846,010

e

Standard

Industries,

Inc.

,

Senior

Bond,

144A,

4.75%,

1/15/28

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

United

States

500,000

459,240

Senior

Bond,

144A,

4.375%,

7/15/30

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

United

States

100,000

84,540

4,910,654

Capital

Markets

0.6%

Credit

Suisse

Group

AG

,

Senior

Note

,

4.55

%

,

4/17/26

..........

Switzerland

800,000

753,000

e

Jane

Street

Group

/

JSG

Finance,

Inc.

,

Senior

Secured

Note

,

144A,

4.5

%

,

11/15/29

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

United

States

500,000

426,957

1,179,957

Chemicals

4.1%

c,e

Anagram

International,

Inc.

/

Anagram

Holdings

LLC

,

Secured

Note

,

144A,

PIK,

10

%

,

8/15/26

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

United

States

244,961

192,430

e

ASP

Unifrax

Holdings,

Inc.

,

Senior

Secured

Note

,

144A,

5.25

%

,

9/30/28

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

United

States

200,000

150,875

e

Braskem

Idesa

SAPI

,

Senior

Secured

Bond

,

144A,

6.99

%

,

2/20/32

Mexico

300,000

205,776

Celanese

US

Holdings

LLC

,

Senior

Note

,

6.33

%

,

7/15/29

.......

United

States

1,000,000

1,006,847

e

Consolidated

Energy

Finance

SA

,

Senior

Note

,

144A,

5.625

%

,

10/15/28

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

Switzerland

600,000

511,905

e

Diamond

BC

BV

,

Senior

Note

,

144A,

4.625

%

,

10/01/29

.........

United

States

300,000

301,418

e

Element

Solutions,

Inc.

,

Senior

Note

,

144A,

3.875

%

,

9/01/28

.....

United

States

300,000

262,988

e

GPD

Cos.,

Inc.

,

Senior

Secured

Note

,

144A,

10.125

%

,

4/01/26

...

United

States

1,500,000

1,388,100

e

Illuminate

Buyer

LLC

/

Illuminate

Holdings

IV,

Inc.

,

Senior

Note

,

144A,

9

%

,

7/01/28

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

United

States

1,000,000

874,516

c,e

Kobe

US

Midco

2,

Inc.

,

Senior

Note

,

144A,

PIK,

9.25

%

,

11/01/26

..

United

States

200,000

139,000

e

Rain

CII

Carbon

LLC

/

CII

Carbon

Corp.

,

Secured

Note

,

144A,

7.25

%

,

4/01/25

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

United

States

1,500,000

1,455,824

e

SCIH

Salt

Holdings,

Inc.

,

Senior

Secured

Note

,

144A,

4.875

%

,

5/01/28

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

United

States

300,000

266,117

e

Vibrantz

Technologies,

Inc.

,

Senior

Note

,

144A,

9

%

,

2/15/30

.....

United

States

1,000,000

743,920

7,499,716

Commercial

Services

&

Supplies

1.5%

e

APX

Group,

Inc.

,

Senior

Note

,

144A,

5.75

%

,

7/15/29

...........

United

States

800,000

684,519

e

Harsco

Corp.

,

Senior

Note

,

144A,

5.75

%

,

7/31/27

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

United

States

500,000

432,923

e

Prime

Security

Services

Borrower

LLC

/

Prime

Finance,

Inc.

,

Senior

Secured

Note

,

144A,

3.375

%

,

8/31/27

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

United

States

600,000

527,554

e

Stericycle,

Inc.

,

Senior

Note

,

144A,

3.875

%

,

1/15/29

...........

United

States

1,200,000

1,060,164

2,705,160

Communications

Equipment

0.6%

e

CommScope,

Inc.

,

Senior

Note

,

144A,

7.125

%

,

7/01/28

.........

United

States

1,600,000

1,077,728

Construction

&

Engineering

1.4%

e

Arcosa,

Inc.

,

Senior

Note

,

144A,

4.375

%

,

4/15/29

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

United

States

300,000

271,567

e

Great

Lakes

Dredge

&

Dock

Corp.

,

Senior

Note

,

144A,

5.25

%

,

6/01/29

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

United

States

500,000

393,417

e

VM

Consolidated,

Inc.

,

Senior

Note

,

144A,

5.5

%

,

4/15/29

.......

United

States

800,000

729,043

e

Weekley

Homes

LLC

/

Weekley

Finance

Corp.

,

Senior

Note

,

144A,

4.875

%

,

9/15/28

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

United

States

1,300,000

1,141,550

2,535,577

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)

Consumer

Finance

1.5%

Ford

Motor

Credit

Co.

LLC

,

Senior

Note

,

6.95

%

,

3/06/26

........

United

States

500,000

$

501,486

e,f

GGAM

Finance

Ltd.

,

Senior

Note

,

144A,

8

%

,

6/15/28

..........

Ireland

700,000

689,850

e

PRA

Group,

Inc.

,

Senior

Note,

144A,

8.375%,

2/01/28

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

United

States

600,000

531,375

Senior

Note,

144A,

5%,

10/01/29

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

United

States

300,000

225,400

e

PROG

Holdings,

Inc.

,

Senior

Note

,

144A,

6

%

,

11/15/29

.........

United

States

900,000

796,536

2,744,647

Consumer

Staples

Distribution

&

Retail

0.1%

e

Albertsons

Cos.,

Inc.

/

Safeway,

Inc.

/

New

Albertsons

LP

/

Albertsons

LLC

,

Senior

Note

,

144A,

3.5

%

,

3/15/29

...........

United

States

200,000

174,239

Containers

&

Packaging

3.7%

e

Ardagh

Packaging

Finance

plc

/

Ardagh

Holdings

USA,

Inc.

,

Senior

Note,

144A,

5.25%,

8/15/27

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

United

States

600,000

504,411

Senior

Secured

Note,

144A,

5.25%,

4/30/25

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

United

States

800,000

784,977

e

LABL,

Inc.

,

Senior

Secured

Note

,

144A,

9.5

%

,

11/01/28

........

United

States

300,000

301,707

e

Mauser

Packaging

Solutions

Holding

Co.

,

Secured

Note,

144A,

9.25%,

4/15/27

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

United

States

1,500,000

1,370,452

Senior

Secured

Note,

144A,

7.875%,

8/15/26

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

United

States

1,000,000

992,229

e

Owens-Brockway

Glass

Container,

Inc.

,

Senior

Note,

144A,

6.625%,

5/13/27

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

United

States

375,000

374,869

Senior

Note,

144A,

7.25%,

5/15/31

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

United

States

800,000

815,000

e

Pactiv

Evergreen

Group

Issuer

LLC

/

Pactiv

Evergreen

Group

Issuer,

Inc.

,

Senior

Secured

Note

,

144A,

4.375

%

,

10/15/28

..........

United

States

300,000

261,452

e

Pactiv

Evergreen

Group

Issuer,

Inc./Pactiv

Evergreen

Group

Issuer

LLC

,

Senior

Secured

Note

,

144A,

4

%

,

10/15/27

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

United

States

1,200,000

1,058,928

e

Trivium

Packaging

Finance

BV

,

Senior

Note

,

144A,

8.5

%

,

8/15/27

.

Netherlands

500,000

471,350

6,935,375

Distributors

0.4%

e

Ritchie

Bros

Holdings,

Inc.

,

Senior

Note,

144A,

7.75%,

3/15/31

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

Canada

500,000

521,760

Senior

Secured

Note,

144A,

6.75%,

3/15/28

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

Canada

300,000

303,942

825,702

Diversified

Consumer

Services

0.4%

Grand

Canyon

University

,

Secured

Note

,

5.125

%

,

10/01/28

......

United

States

800,000

726,392

Diversified

REITs

1.2%

e

Global

Net

Lease,

Inc.

/

Global

Net

Lease

Operating

Partnership

LP

,

Senior

Note

,

144A,

3.75

%

,

12/15/27

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

United

States

800,000

572,980

e

HAT

Holdings

I

LLC

/

HAT

Holdings

II

LLC

,

Senior

Note

,

144A,

6

%

,

4/15/25

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

United

States

400,000

387,532

e

Necessity

Retail

REIT,

Inc.

(The)

/

American

Finance

Operating

Partner

LP

,

Senior

Note

,

144A,

4.5

%

,

9/30/28

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

United

States

900,000

689,562

e

VICI

Properties

LP

/

VICI

Note

Co.,

Inc.

,

Senior

Note

,

144A,

3.75

%

,

2/15/27

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

United

States

700,000

649,108

2,299,182

Diversified

Telecommunication

Services

2.5%

e

Altice

France

Holding

SA

,

Senior

Secured

Note

,

144A,

10.5

%

,

5/15/27

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

Luxembourg

1,500,000

897,795

e

CCO

Holdings

LLC

/

CCO

Holdings

Capital

Corp.

,

Senior

Bond,

144A,

5.375%,

6/01/29

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

United

States

500,000

450,694

Senior

Bond,

144A,

4.5%,

8/15/30

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

United

States

1,700,000

1,400,956

Senior

Bond,

144A,

4.25%,

2/01/31

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

United

States

200,000

160,397

e

Iliad

Holding

SASU

,

Senior

Secured

Note

,

144A,

7

%

,

10/15/28

...

France

800,000

746,658

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)

Diversified

Telecommunication

Services

(continued)

e

Virgin

Media

Secured

Finance

plc

,

Senior

Secured

Bond

,

144A,

4.5

%

,

8/15/30

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

United

Kingdom

1,100,000

$

915,670

4,572,170

Electric

Utilities

0.7%

e

Vistra

Operations

Co.

LLC

,

Senior

Note,

144A,

5.625%,

2/15/27

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

United

States

1,000,000

962,840

Senior

Note,

144A,

4.375%,

5/01/29

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

United

States

400,000

349,003

1,311,843

Electrical

Equipment

1.4%

e

Regal

Rexnord

Corp.

,

Senior

Bond,

144A,

6.4%,

4/15/33

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

United

States

400,000

396,016

Senior

Note,

144A,

6.3%,

2/15/30

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

United

States

500,000

499,295

e

Sensata

Technologies

BV

,

Senior

Note

,

144A,

4

%

,

4/15/29

......

United

States

1,000,000

892,002

e

Vertiv

Group

Corp.

,

Senior

Secured

Note

,

144A,

4.125

%

,

11/15/28

United

States

800,000

716,235

2,503,548

Electronic

Equipment,

Instruments

&

Components

0.2%

e

TTM

Technologies,

Inc.

,

Senior

Note

,

144A,

4

%

,

3/01/29

........

United

States

500,000

424,330

Energy

Equipment

&

Services

2.8%

e

CSI

Compressco

LP

/

CSI

Compressco

Finance,

Inc.

,

c

Secured

Note,

144A,

PIK,

10%,

4/01/26

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

United

States

982,453

820,613

Senior

Secured

Note,

144A,

7.5%,

4/01/25

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

United

States

402,000

385,285

e

Enerflex

Ltd.

,

Senior

Secured

Note

,

144A,

9

%

,

10/15/27

........

Canada

900,000

876,555

e

Nabors

Industries

Ltd.

,

Senior

Note

,

144A,

7.25

%

,

1/15/26

......

United

States

600,000

547,218

Nabors

Industries,

Inc.

,

Senior

Note

,

5.75

%

,

2/01/25

...........

United

States

500,000

478,162

e

Transocean

Titan

Financing

Ltd.

,

Senior

Secured

Note

,

144A,

8.375

%

,

2/01/28

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

United

States

300,000

304,128

e

Transocean,

Inc.

,

Senior

Secured

Note

,

144A,

8.75

%

,

2/15/30

....

United

States

800,000

800,516

e

Weatherford

International

Ltd.

,

Senior

Note,

144A,

8.625%,

4/30/30

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

United

States

700,000

704,080

Senior

Secured

Note,

144A,

6.5%,

9/15/28

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

United

States

300,000

297,480

5,214,037

Entertainment

1.0%

e

Banijay

Entertainment

SASU

,

Senior

Secured

Note

,

144A,

5.375

%

,

3/01/25

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

France

1,000,000

980,340

Netflix,

Inc.

,

Senior

Bond

,

5.875

%

,

11/15/28

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

United

States

800,000

829,931

1,810,271

Financial

Services

1.1%

e

Jefferson

Capital

Holdings

LLC

,

Senior

Note

,

144A,

6

%

,

8/15/26

..

United

States

1,200,000

967,184

MGIC

Investment

Corp.

,

Senior

Note

,

5.25

%

,

8/15/28

..........

United

States

500,000

473,635

Radian

Group,

Inc.

,

Senior

Note

,

6.625

%

,

3/15/25

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

United

States

600,000

599,997

2,040,816

Food

Products

0.8%

e

Chobani

LLC

/

Chobani

Finance

Corp.,

Inc.

,

Senior

Secured

Note

,

144A,

4.625

%

,

11/15/28

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

United

States

800,000

726,668

e

Darling

Ingredients,

Inc.

,

Senior

Note

,

144A,

6

%

,

6/15/30

.......

United

States

200,000

196,975

e

Post

Holdings,

Inc.

,

Senior

Bond,

144A,

5.625%,

1/15/28

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

United

States

300,000

289,619

Senior

Bond,

144A,

4.625%,

4/15/30

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

United

States

400,000

350,637

1,563,899

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)

Ground

Transportation

0.9%

e

EquipmentShare.com,

Inc.

,

Secured

Note

,

144A,

9

%

,

5/15/28

....

United

States

800,000

$

735,000

e

First

Student

Bidco,

Inc.

/

First

Transit

Parent,

Inc.

,

Senior

Secured

Note

,

144A,

4

%

,

7/31/29

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

United

States

900,000

747,875

e

Williams

Scotsman

International,

Inc.

,

Senior

Secured

Note

,

144A,

4.625

%

,

8/15/28

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

United

States

300,000

274,455

1,757,330

Health

Care

Equipment

&

Supplies

0.7%

e

Garden

Spinco

Corp.

,

Senior

Note

,

144A,

8.625

%

,

7/20/30

......

United

States

400,000

433,290

e

Medline

Borrower

LP

,

Senior

Note,

144A,

5.25%,

10/01/29

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

United

States

500,000

428,339

Senior

Secured

Note,

144A,

3.875%,

4/01/29

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

United

States

400,000

345,416

1,207,045

Health

Care

Providers

&

Services

2.6%

Centene

Corp.

,

Senior

Bond,

2.5%,

3/01/31

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

United

States

500,000

400,593

Senior

Note,

2.45%,

7/15/28

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

United

States

500,000

430,065

Senior

Note,

2.625%,

8/01/31

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

United

States

500,000

401,140

e

CHS/Community

Health

Systems,

Inc.

,

Secured

Note,

144A,

6.125%,

4/01/30

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

United

States

500,000

270,525

Senior

Secured

Note,

144A,

6%,

1/15/29

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

United

States

300,000

242,190

e

DaVita,

Inc.

,

Senior

Note

,

144A,

4.625

%

,

6/01/30

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

United

States

1,200,000

1,029,312

e

ModivCare

Escrow

Issuer,

Inc.

,

Senior

Note

,

144A,

5

%

,

10/01/29

.

United

States

100,000

76,156

e

MPH

Acquisition

Holdings

LLC

,

Senior

Note

,

144A,

5.75

%

,

11/01/28

United

States

1,200,000

859,176

e

Tenet

Healthcare

Corp.

,

Senior

Secured

Note,

144A,

6.125%,

6/15/30

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

United

States

700,000

677,184

Senior

Secured

Note,

144A,

6.75%,

5/15/31

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

United

States

500,000

500,130

4,886,471

Health

Care

REITs

0.1%

MPT

Operating

Partnership

LP

/

MPT

Finance

Corp.

,

Senior

Bond

,

5.25

%

,

8/01/26

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

United

States

200,000

176,999

Hotel

&

Resort

REITs

0.2%

e

XHR

LP

,

Senior

Secured

Note

,

144A,

4.875

%

,

6/01/29

.........

United

States

400,000

342,990

Hotels,

Restaurants

&

Leisure

5.7%

e

1011778

BC

ULC

/

New

Red

Finance,

Inc.

,

Secured

Bond

,

144A,

4

%

,

10/15/30

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

Canada

600,000

515,690

e,g,h

24

Hour

Fitness

Worldwide,

Inc.

,

Senior

Note

,

144A,

8

%

,

6/01/22

.

United

States

1,800,000

—

e

Allwyn

Entertainment

Financing

UK

plc

,

Senior

Secured

Note

,

144A,

7.875

%

,

4/30/29

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

Czech

Republic

800,000

794,696

e

Caesars

Entertainment,

Inc.

,

Senior

Secured

Note

,

144A,

7

%

,

2/15/30

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

United

States

300,000

301,646

e

Carnival

Corp.

,

Senior

Note,

144A,

7.625%,

3/01/26

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

United

States

400,000

379,618

Senior

Note,

144A,

5.75%,

3/01/27

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

United

States

1,500,000

1,285,780

e

Carnival

Holdings

Bermuda

Ltd.

,

Senior

Note

,

144A,

10.375

%

,

5/01/28

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

United

States

400,000

433,350

e

Everi

Holdings,

Inc.

,

Senior

Note

,

144A,

5

%

,

7/15/29

...........

United

States

700,000

621,482

e

Fertitta

Entertainment

LLC

/

Fertitta

Entertainment

Finance

Co.,

Inc.

,

Senior

Note

,

144A,

6.75

%

,

1/15/30

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

United

States

1,000,000

814,667

e

Motion

Bondco

DAC

,

Senior

Note

,

144A,

6.625

%

,

11/15/27

......

United

Kingdom

200,000

182,323

e

NCL

Corp.

Ltd.

,

Senior

Note

,

144A,

5.875

%

,

3/15/26

...........

United

States

300,000

272,474

e

Papa

John's

International,

Inc.

,

Senior

Note

,

144A,

3.875

%

,

9/15/29

United

States

300,000

251,598

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)

Hotels,

Restaurants

&

Leisure

(continued)

e

Premier

Entertainment

Sub

LLC

/

Premier

Entertainment

Finance

Corp.

,

Senior

Bond,

144A,

5.875%,

9/01/31

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

United

States

500,000

$

344,200

Senior

Note,

144A,

5.625%,

9/01/29

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

United

States

800,000

568,820

e

Royal

Caribbean

Cruises

Ltd.

,

Senior

Note,

144A,

5.5%,

8/31/26

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

United

States

700,000

658,815

Senior

Note,

144A,

11.625%,

8/15/27

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

United

States

700,000

761,474

e

Station

Casinos

LLC

,

Senior

Note

,

144A,

4.5

%

,

2/15/28

........

United

States

400,000

356,455

e

Studio

City

Finance

Ltd.

,

Senior

Note

,

144A,

5

%

,

1/15/29

.......

Macau

1,600,000

1,166,280

e

Wynn

Resorts

Finance

LLC

/

Wynn

Resorts

Capital

Corp.

,

Senior

Note

,

144A,

7.125

%

,

2/15/31

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

United

States

800,000

800,591

10,509,959

Household

Durables

1.0%

e

Ashton

Woods

USA

LLC

/

Ashton

Woods

Finance

Co.

,

Senior

Note

,

144A,

4.625

%

,

8/01/29

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

United

States

1,500,000

1,265,310

M/I

Homes,

Inc.

,

Senior

Note

,

3.95

%

,

2/15/30

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

United

States

600,000

515,507

1,780,817

Independent

Power

and

Renewable

Electricity

Producers

1.8%

e

Calpine

Corp.

,

Senior

Bond,

144A,

5%,

2/01/31

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

United

States

900,000

727,472

Senior

Note,

144A,

4.625%,

2/01/29

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

United

States

700,000

592,732

e

Clearway

Energy

Operating

LLC

,

Senior

Bond,

144A,

3.75%,

1/15/32

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

United

States

400,000

330,147

Senior

Note,

144A,

4.75%,

3/15/28

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

United

States

600,000

559,284

Senior

Note,

144A,

3.75%,

2/15/31

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

United

States

300,000

252,083

e

Leeward

Renewable

Energy

Operations

LLC

,

Senior

Note

,

144A,

4.25

%

,

7/01/29

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

United

States

1,000,000

881,005

3,342,723

Insurance

0.6%

e

Alliant

Holdings

Intermediate

LLC

/

Alliant

Holdings

Co-Issuer

,

Senior

Note

,

144A,

6.75

%

,

10/15/27

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

United

States

300,000

279,959

e

Jones

Deslauriers

Insurance

Management,

Inc.

,

Senior

Note

,

144A,

10.5

%

,

12/15/30

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

Canada

800,000

803,232

1,083,191

IT

Services

1.9%

e

Cablevision

Lightpath

LLC

,

Senior

Secured

Note

,

144A,

3.875

%

,

9/15/27

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

United

States

500,000

412,527

e

Cogent

Communications

Group,

Inc.

,

Senior

Secured

Note

,

144A,

3.5

%

,

5/01/26

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

United

States

500,000

459,656

e

Gartner,

Inc.

,

Senior

Note,

144A,

4.5%,

7/01/28

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

United

States

500,000

471,394

Senior

Note,

144A,

3.625%,

6/15/29

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

United

States

200,000

177,951

Senior

Note,

144A,

3.75%,

10/01/30

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

United

States

300,000

263,523

e

Northwest

Fiber

LLC

/

Northwest

Fiber

Finance

Sub,

Inc.

,

Senior

Note

,

144A,

6

%

,

2/15/28

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

United

States

1,100,000

815,694

e

Presidio

Holdings,

Inc.

,

Senior

Note

,

144A,

8.25

%

,

2/01/28

......

United

States

900,000

828,996

3,429,741

Machinery

1.6%

e

ATS

Corp.

,

Senior

Note

,

144A,

4.125

%

,

12/15/28

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

Canada

1,300,000

1,165,879

e

Calderys

Financing

LLC

,

Senior

Secured

Note

,

144A,

11.25

%

,

6/01/28

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

United

States

800,000

811,480

e

Chart

Industries,

Inc.

,

Senior

Secured

Note

,

144A,

7.5

%

,

1/01/30

.

United

States

700,000

707,924

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)

Machinery

(continued)

e

Titan

Acquisition

Ltd.

/

Titan

Co-Borrower

LLC

,

Senior

Note

,

144A,

7.75

%

,

4/15/26

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

Canada

300,000

$

268,932

2,954,215

Media

3.3%

e

Clear

Channel

International

BV

,

Senior

Secured

Note

,

144A,

6.625

%

,

8/01/25

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

United

Kingdom

400,000

395,006

e

Clear

Channel

Outdoor

Holdings,

Inc.

,

Senior

Note,

144A,

7.75%,

4/15/28

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

United

States

300,000

223,864

Senior

Note,

144A,

7.5%,

6/01/29

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

United

States

500,000

356,728

Senior

Secured

Note,

144A,

5.125%,

8/15/27

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

United

States

400,000

353,148

CSC

Holdings

LLC

,

Senior

Bond,

5.25%,

6/01/24

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

United

States

400,000

371,423

e

Senior

Note,

144A,

7.5%,

4/01/28

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

United

States

300,000

162,929

e

Senior

Note,

144A,

11.25%,

5/15/28

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

United

States

700,000

664,069

e,h

Diamond

Sports

Group

LLC

/

Diamond

Sports

Finance

Co.

,

Senior

Note,

144A,

6.625%,

8/15/27

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

United

States

700,000

14,463

Senior

Secured

Note,

144A,

5.375%,

8/15/26

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

United

States

800,000

35,612

e

Directv

Financing

LLC

/

Directv

Financing

Co-Obligor,

Inc.

,

Senior

Secured

Note

,

144A,

5.875

%

,

8/15/27

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

United

States

200,000

176,389

e

DISH

DBS

Corp.

,

Senior

Secured

Note

,

144A,

5.75

%

,

12/01/28

...

United

States

1,000,000

727,200

e

LCPR

Senior

Secured

Financing

DAC

,

Senior

Secured

Note

,

144A,

6.75

%

,

10/15/27

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

United

States

450,000

418,131

e

News

Corp.

,

Senior

Note

,

144A,

3.875

%

,

5/15/29

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

United

States

200,000

175,888

e

Outfront

Media

Capital

LLC

/

Outfront

Media

Capital

Corp.

,

Senior

Note

,

144A,

5

%

,

8/15/27

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

United

States

100,000

89,714

e

Scripps

Escrow,

Inc.

,

Senior

Note

,

144A,

5.875

%

,

7/15/27

.......

United

States

600,000

462,733

e

Sinclair

Television

Group,

Inc.

,

Senior

Bond

,

144A,

5.5

%

,

3/01/30

.

United

States

700,000

406,723

e

Sirius

XM

Radio,

Inc.

,

Senior

Note

,

144A,

4

%

,

7/15/28

.........

United

States

600,000

503,176

e

Univision

Communications,

Inc.

,

Senior

Secured

Note

,

144A,

4.5

%

,

5/01/29

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

United

States

600,000

504,538

6,041,734

Metals

&

Mining

1.2%

Commercial

Metals

Co.

,

Senior

Bond

,

3.875

%

,

2/15/31

.........

United

States

700,000

589,695

e

Constellium

SE

,

Senior

Note

,

144A,

3.75

%

,

4/15/29

...........

United

States

600,000

517,548

e

FMG

Resources

August

2006

Pty.

Ltd.

,

Senior

Bond

,

144A,

4.375

%

,

4/01/31

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

Australia

500,000

423,022

e

Novelis

Corp.

,

Senior

Bond,

144A,

3.875%,

8/15/31

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

United

States

100,000

82,235

Senior

Note,

144A,

3.25%,

11/15/26

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

United

States

100,000

90,419

e

SunCoke

Energy,

Inc.

,

Senior

Secured

Note

,

144A,

4.875

%

,

6/30/29

United

States

600,000

494,644

2,197,563

Mortgage

Real

Estate

Investment

Trusts

(REITs)

0.5%

e

Apollo

Commercial

Real

Estate

Finance,

Inc.

,

Senior

Secured

Note

,

144A,

4.625

%

,

6/15/29

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

United

States

1,000,000

760,857

e

Ladder

Capital

Finance

Holdings

LLLP

/

Ladder

Capital

Finance

Corp.

,

Senior

Note

,

144A,

4.75

%

,

6/15/29

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

United

States

300,000

234,811

995,668

Oil,

Gas

&

Consumable

Fuels

9.9%

e

Antero

Resources

Corp.

,

Senior

Note,

144A,

7.625%,

2/01/29

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

United

States

166,000

169,087

Senior

Note,

144A,

5.375%,

3/01/30

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

United

States

700,000

644,266

e

Calumet

Specialty

Products

Partners

LP

/

Calumet

Finance

Corp.

,

Senior

Note

,

144A,

8.125

%

,

1/15/27

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

United

States

900,000

861,556

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)

Cheniere

Energy

Partners

LP

,

Senior

Note,

4.5%,

10/01/29

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

United

States

1,200,000

$

1,100,008

Senior

Note,

4%,

3/01/31

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

United

States

700,000

616,797

Cheniere

Energy,

Inc.

,

Senior

Note

,

4.625

%

,

10/15/28

..........

United

States

700,000

657,655

e

Chesapeake

Energy

Corp.

,

Senior

Note

,

144A,

5.5

%

,

2/01/26

....

United

States

500,000

486,817

Crestwood

Midstream

Partners

LP

/

Crestwood

Midstream

Finance

Corp.

,

Senior

Note,

5.75%,

4/01/25

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

United

States

800,000

785,752

e

Senior

Note,

144A,

6%,

2/01/29

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

United

States

700,000

648,417

e

Senior

Note,

144A,

8%,

4/01/29

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

United

States

500,000

503,212

e

CrownRock

LP

/

CrownRock

Finance,

Inc.

,

Senior

Note

,

144A,

5

%

,

5/01/29

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

United

States

300,000

281,625

e

DT

Midstream,

Inc.

,

Senior

Note

,

144A,

4.125

%

,

6/15/29

........

United

States

700,000

607,975

e

Endeavor

Energy

Resources

LP

/

EER

Finance,

Inc.

,

Senior

Bond

,

144A,

5.75

%

,

1/30/28

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

United

States

1,300,000

1,285,005

e

EnLink

Midstream

LLC

,

Senior

Note

,

144A,

6.5

%

,

9/01/30

.......

United

States

800,000

795,898

e

EQM

Midstream

Partners

LP

,

Senior

Note

,

144A,

7.5

%

,

6/01/27

..

United

States

100,000

100,730

e

EQT

Corp.

,

Senior

Note

,

144A,

3.125

%

,

5/15/26

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

United

States

300,000

278,060

e

Harbour

Energy

plc

,

Senior

Note

,

144A,

5.5

%

,

10/15/26

........

United

Kingdom

500,000

461,612

e

Hilcorp

Energy

I

LP

/

Hilcorp

Finance

Co.

,

Senior

Bond,

144A,

6%,

2/01/31

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

United

States

200,000

178,756

Senior

Note,

144A,

5.75%,

2/01/29

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

United

States

200,000

181,327

Senior

Note,

144A,

6%,

4/15/30

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

United

States

300,000

270,764

e

Kinetik

Holdings

LP

,

Senior

Note

,

144A,

5.875

%

,

6/15/30

........

United

States

600,000

569,136

e

Martin

Midstream

Partners

LP

/

Martin

Midstream

Finance

Corp.

,

Secured

Note

,

144A,

11.5

%

,

2/15/28

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

United

States

1,800,000

1,697,976

c,e,g,h

Murray

Energy

Corp.

,

Secured

Note

,

144A,

PIK,

12

%

,

4/15/24

...

United

States

757,734

—

Occidental

Petroleum

Corp.

,

Senior

Bond,

6.45%,

9/15/36

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

United

States

700,000

712,964

Senior

Note,

8.875%,

7/15/30

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

United

States

1,100,000

1,268,635

Sunoco

LP

/

Sunoco

Finance

Corp.

,

Senior

Note,

6%,

4/15/27

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

United

States

1,000,000

984,873

Senior

Note,

4.5%,

5/15/29

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

United

States

200,000

178,329

e

Venture

Global

Calcasieu

Pass

LLC

,

Senior

Secured

Bond,

144A,

4.125%,

8/15/31

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

United

States

300,000

258,968

Senior

Secured

Note,

144A,

3.875%,

8/15/29

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

United

States

300,000

261,358

Senior

Secured

Note,

144A,

6.25%,

1/15/30

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

United

States

400,000

396,969

e

Venture

Global

LNG,

Inc.

,

Senior

Secured

Note,

144A,

8.125%,

6/01/28

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

United

States

600,000

603,684

Senior

Secured

Note,

144A,

8.375%,

6/01/31

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

United

States

500,000

503,115

18,351,326

Paper

&

Forest

Products

0.1%

e

Glatfelter

Corp.

,

Senior

Note

,

144A,

4.75

%

,

11/15/29

...........

United

States

400,000

254,304

Passenger

Airlines

0.9%

e

American

Airlines

Inc/AAdvantage

Loyalty

IP

Ltd.

,

Senior

Secured

Note

,

144A,

5.5

%

,

4/20/26

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

United

States

700,000

687,617

e

Delta

Air

Lines,

Inc.

/

SkyMiles

IP

Ltd.

,

Senior

Secured

Note

,

144A,

4.75

%

,

10/20/28

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

United

States

700,000

676,590

e

United

Airlines,

Inc.

,

Senior

Secured

Note,

144A,

4.375%,

4/15/26

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

United

States

100,000

94,705

Senior

Secured

Note,

144A,

4.625%,

4/15/29

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

United

States

300,000

272,057

1,730,969

Personal

Care

Products

0.4%

e

BellRing

Brands,

Inc.

,

Senior

Note

,

144A,

7

%

,

3/15/30

.........

United

States

800,000

811,820

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)

Pharmaceuticals

1.8%

e

1375209

BC

Ltd.

,

Senior

Secured

Note

,

144A,

9

%

,

1/30/28

......

Canada

305,000

$

304,521

e

Bausch

Health

Cos.,

Inc.

,

Secured

Note,

144A,

14%,

10/15/30

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

United

States

107,000

67,285

Senior

Secured

Note,

144A,

11%,

9/30/28

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

United

States

542,000

410,565

e,h

Endo

Dac

/

Endo

Finance

LLC

/

Endo

Finco,

Inc.

,

Secured

Note,

144A,

9.5%,

7/31/27

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

United

States

302,000

16,987

Senior

Note,

144A,

6%,

6/30/28

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

United

States

389,000

22,368

e,h

Endo

Luxembourg

Finance

Co.

I

SARL

/

Endo

US,

Inc.

,

Senior

Secured

Note

,

144A,

6.125

%

,

4/01/29

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

United

States

500,000

365,025

e

Kevlar

SpA

,

Senior

Secured

Note

,

144A,

6.5

%

,

9/01/29

.........

Italy

1,000,000

846,340

e,h

Par

Pharmaceutical,

Inc.

,

Senior

Secured

Note

,

144A,

7.5

%

,

4/01/27

United

States

225,000

166,502

Teva

Pharmaceutical

Finance

Netherlands

III

BV

,

Senior

Note,

4.75%,

5/09/27

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

Israel

600,000

553,589

Senior

Note,

7.875%,

9/15/29

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

Israel

300,000

308,167

Senior

Note,

8.125%,

9/15/31

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

Israel

300,000

311,876

3,373,225

Real

Estate

Management

&

Development

0.4%

e

Five

Point

Operating

Co.

LP

/

Five

Point

Capital

Corp.

,

Senior

Note

,

144A,

7.875

%

,

11/15/25

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

United

States

400,000

352,602

e

Forestar

Group,

Inc.

,

Senior

Note

,

144A,

3.85

%

,

5/15/26

........

United

States

500,000

461,235

813,837

Software

1.3%

e

Camelot

Finance

SA

,

Senior

Secured

Note

,

144A,

4.5

%

,

11/01/26

.

United

States

900,000

845,682

e

McAfee

Corp.

,

Senior

Note

,

144A,

7.375

%

,

2/15/30

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

United

States

800,000

673,582

e

Rocket

Software,

Inc.

,

Senior

Note

,

144A,

6.5

%

,

2/15/29

........

United

States

1,100,000

898,004

2,417,268

Specialized

REITs

0.5%

e

Iron

Mountain,

Inc.

,

Senior

Note

,

144A,

7

%

,

2/15/29

...........

United

States

1,000,000

997,604

Specialty

Retail

1.9%

e

Evergreen

Acqco

1

LP

/

TVI,

Inc.

,

Senior

Secured

Note

,

144A,

9.75

%

,

4/26/28

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

United

States

800,000

801,244

e

Gap,

Inc.

(The)

,

Senior

Note

,

144A,

3.625

%

,

10/01/29

..........

United

States

700,000

493,462

e

Lithia

Motors,

Inc.

,

Senior

Bond,

144A,

4.375%,

1/15/31

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

United

States

300,000

256,376

Senior

Note,

144A,

4.625%,

12/15/27

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

United

States

400,000

370,895

e

Michaels

Cos.,

Inc.

(The)

,

Senior

Note,

144A,

7.875%,

5/01/29

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

United

States

600,000

369,324

Senior

Secured

Note,

144A,

5.25%,

5/01/28

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

United

States

300,000

231,321

Murphy

Oil

USA,

Inc.

,

Senior

Note

,

4.75

%

,

9/15/29

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

United

States

700,000

647,241

e

Victoria's

Secret

&

Co.

,

Senior

Note

,

144A,

4.625

%

,

7/15/29

.....

United

States

400,000

307,469

3,477,332

Textiles,

Apparel

&

Luxury

Goods

0.2%

e

Hanesbrands,

Inc.

,

Senior

Note

,

144A,

9

%

,

2/15/31

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

United

States

400,000

400,483

Trading

Companies

&

Distributors

0.5%

e

H&E

Equipment

Services,

Inc.

,

Senior

Note

,

144A,

3.875

%

,

12/15/28

United

States

600,000

515,679

e

WESCO

Distribution,

Inc.

,

Senior

Note

,

144A,

7.25

%

,

6/15/28

....

United

States

400,000

409,206

924,885

Wireless

Telecommunication

Services

0.5%

T-Mobile

USA,

Inc.

,

Senior

Note,

4.75%,

2/01/28

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

United

States

600,000

589,838

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

Corporate

Bonds

(continued)

Wireless

Telecommunication

Services

(continued)

T-Mobile

USA,

Inc.,

(continued)

Senior

Note,

2.625%,

2/15/29

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

United

States

300,000

$

262,691

852,529

Total

Corporate

Bonds

(Cost

$157,822,017)

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

137,326,650

Senior

Floating

Rate

Interests

0.1%

Media

0.1%

h,i

Diamond

Sports

Group

LLC

,

First

Lien,

CME

Term

Loan

,

12.775

%

,

(

3-month

SOFR

+

8

%

),

5/25/26

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

United

States

159,053

121,853

Total

Senior

Floating

Rate

Interests

(Cost

$148,172)

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

121,853

j

Marketplace

Loans

7.1%

g

Financial

Services

7.1%

a

a

a

a

a

a

Total

Marketplace

Loans

(Cost

$14,868,818)

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

13,194,179

Asset-Backed

Securities

0.5%

Financial

Services

0.5%

e,k

Consumer

Loan

Underlying

Bond

Certificate

Issuer

Trust

I

,

2019-26,

PT,

144A,

FRN,

15.524%,

8/15/44

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

United

States

67,836

63,918

2019-31,

PT,

144A,

FRN,

13.232%,

9/15/44

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

United

States

57,366

53,334

2019-37,

PT,

144A,

FRN,

15.752%,

10/17/44

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

United

States

68,999

65,519

2019-42,

PT,

144A,

FRN,

15.007%,

11/15/44

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

United

States

61,899

58,065

2019-51,

PT,

144A,

FRN,

14.621%,

1/15/45

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

United

States

74,813

70,325

2019-52,

PT,

144A,

FRN,

15.462%,

1/15/45

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

United

States

66,779

63,072

2019-S3,

PT,

144A,

FRN,

10.488%,

6/15/44

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

United

States

11,125

10,364

2019-S4,

PT,

144A,

FRN,

10.422%,

8/15/44

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

United

States

45,579

43,788

2019-S5,

PT,

144A,

FRN,

10.92%,

9/15/44

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

United

States

46,642

43,670

2019-S6,

PT,

144A,

FRN,

9.549%,

10/17/44

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

United

States

54,044

50,168

2019-S7,

PT,

144A,

FRN,

10.958%,

12/15/44

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

United

States

36,848

34,200

2019-S8,

PT,

144A,

FRN,

7.624%,

1/15/45

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

United

States

41,587

38,514

2020-2,

PT,

144A,

FRN,

14.907%,

3/15/45

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

United

States

62,905

59,260

2020-7,

PT,

144A,

FRN,

13.069%,

4/17/45

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

United

States

33,577

31,103

e,k

Prosper

Pass-Thru

Trust

III

,

2020-PT1,

A,

144A,

FRN,

15.626%,

3/15/26

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

United

States

32,173

31,266

2020-PT2,

A,

144A,

FRN,

12.446%,

4/15/26

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

United

States

40,279

38,392

2020-PT3,

A,

144A,

FRN,

10.363%,

5/15/26

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

United

States

8,556

7,954

e,k

Upgrade

Master

Pass-Thru

Trust

,

2019-PT2

,

A

,

144A,

FRN

,

18.845

%

,

2/15/26

.

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

United

States

39,752

38,808

801,720

a

a

a

a

a

a

Total

Asset-Backed

Securities

(Cost

$820,285)

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

801,720

Shares

a

Escrows

and

Litigation

Trusts

0.0%

†

a

Chesapeake

Energy

Corp.,

Escrow

Account

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

United

States

1,500,000

30,975

Total

Escrows

and

Litigation

Trusts

(Cost

$48,985)

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

30,975

Total

Long

Term

Investments

(Cost

$213,174,371)

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

241,729,017

a

Franklin

Universal

Trust

Schedule

of

Investments

(unaudited)

See

Notes

to

Schedule

of

Investments.

Quarterly

Schedule

of

Investments

13

See

Abbreviations

on

page

37

.

Short

Term

Investments

3.2%

a

a

Country

Shares

a

Value

a

a

a

Money

Market

Funds

3.1%

l,m

Institutional

Fiduciary

Trust

-

Money

Market

Portfolio,

4.621%

....

United

States

5,830,845‌

$

5,830,845

Total

Money

Market

Funds

(Cost

$5,830,845)

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

5,830,845

a

a

a

Investments

from

Cash

Collateral

Received

for

Loaned

Securities

0.1%

Money

Market

Funds

0.1%

l,m

Institutional

Fiduciary

Trust

-

Money

Market

Portfolio,

4.621%

....

United

States

147,000‌

147,000

Total

Investments

from

Cash

Collateral

Received

for

Loaned

Securities

(Cost

$147,000)

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

147,000

Total

Short

Term

Investments

(Cost

$5,977,845

)

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

5,977,845

a

Total

Investments

(Cost

$219,152,216)

133.9%

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

$247,706,862

Notes

Payable

(35.1)%

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

(64,992,840)

Other

Assets,

less

Liabilities

1.2%

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

2,284,844

Net

Assets

100.0%

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

$184,998,866

*

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,

2023.

c

Income

may

be

received

in

additional

securities

and/or

cash.

d

Perpetual

security

with

no

stated

maturity

date.

e

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,

2023,

the

aggregate

value

of

these

securities

was

$118,538,610,

representing

64.1%

of

net

assets.

f

A

portion

or

all

of

the

security

purchased

on

a

delayed

delivery

basis.

g

Fair

valued

using

significant

unobservable

inputs.

See

Note

4

regarding

fair

value

measurements.

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

3

regarding

investments

in

affiliated

management

investment

companies.

m

The

rate

shown

is

the

annualized

seven-day

effective

yield

at

period

end.

Franklin

Universal

Trust

Schedule

of

Investments

(unaudited),

May

31,

2023

Quarterly

Schedule

of

Investments

See

Notes

to

Schedule

of

Investments.

14

At

May

31,

2023,

the

Fund

had

the

following marketplace

loans

outstanding.

Description

Principal

Amount

Value

Marketplace

Loans

-

7.1%

Freedom

Financial

Asset

Management

LLC

APP-10084065.FP.FTS.B,

15.49%,

8/01/23

$

1,024

$

1,025

APP-10095990.FP.FTS.B,

5.99%,

8/05/23

.

1,190

1,192

APP-10236665.FP.FTS.B,

5.99%,

10/04/23

1,731

1,738

APP-10852298.FP.FTS.B,

5.99%,

10/05/23

2,159

2,168

APP-10840576.FP.FTS.B,

5.99%,

10/15/23

2,177

2,189

APP-10847318.FP.FTS.B,

5.99%,

10/15/23

2,345

2,358

APP-09915050.FP.FTS.B,

5.99%,

11/20/23

1,960

1,970

APP-10762832.FP.FTS.B,

15.49%,

11/26/23

1,885

1,899

APP-11022068.FP.FTS.B,

5.99%,

12/06/23

3,054

3,069

APP-11022377.FP.FTS.B,

5.99%,

12/20/23

4,190

1,808

APP-12381966.FP.FTS.B,

20.49%,

1/20/24

4,853

4,911

APP-11834925.FP.FTS.B,

5.99%,

2/11/24

.

3,796

3,831

APP-11634713.FP.FTS.B,

5.99%,

2/13/24

.

4,179

4,209

APP-11595250.FP.FTS.B,

5.99%,

2/18/24

.

3,255

3,281

APP-12399683.FP.FTS.B,

22.49%,

3/20/24

4,883

4,944

APP-13323334.FP.FTS.B,

5.99%,

5/14/24

.

3,613

3,646

APP-13489698.FP.FTS.B,

5.99%,

5/15/24

.

4,749

4,793

APP-13476049.FP.FTS.B,

21.49%,

5/17/24

5,957

6,020

APP-13485474.FP.FTS.B,

15.99%,

5/18/24

3,990

4,035

APP-13471580.FP.FTS.B,

5.99%,

5/19/24

.

4,151

4,191

APP-15125689.FP.FTS.B,

5.99%,

7/15/24

.

5,256

5,310

APP-15138477.FP.FTS.B,

5.99%,

7/16/24

.

4,175

4,218

APP-15143961.FP.FTS.B,

5.99%,

7/16/24

.

1,639

1,645

APP-14522400.FP.FTS.B,

5.99%,

7/23/24

.

5,081

5,134

APP-15089870.FP.FTS.B,

20.99%,

7/27/24

9,626

9,756

APP-10084299.FP.FTS.B,

16.49%,

8/11/24

6,747

4,080

APP-10541747.FP.FTS.B,

16.99%,

9/05/24

5,834

5,856

APP-10836612.FP.FTS.B,

21.49%,

10/15/24

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

6,002

5,999

APP-10849903.FP.FTS.B,

11.24%,

10/16/24

14,472

14,593

APP-10584167.FP.FTS.B,

16.99%,

10/28/24

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

3,967

4,009

APP-11139281.FP.FTS.B,

8.49%,

11/01/24

7,399

7,448

APP-11106155.FP.FTS.B,

12.74%,

11/01/24

11,519

11,604

APP-11021958.FP.FTS.B,

12.24%,

12/10/24

7,417

7,473

APP-11021643.FP.FTS.B,

10.49%,

12/14/24

9,442

9,529

APP-11695329.FP.FTS.B,

15.99%,

12/15/24

10,239

10,224

APP-11693890.FP.FTS.B,

13.24%,

12/17/24

28,166

28,322

APP-11007940.FP.FTS.B,

10.49%,

12/19/24

7,605

7,689

APP-10839343.FP.FTS.B,

13.99%,

12/19/24

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

5,153

5,209

APP-11718442.FP.FTS.B,

19.99%,

12/22/24

25,869

25,958

APP-11799520.FP.FTS.B,

16.99%,

12/25/24

6,711

6,760

APP-10844126.FP.FTS.B,

23.99%,

12/30/24

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

9,825

9,889

APP-11859716.FP.FTS.B,

12.49%,

1/01/25

18,164

18,202

APP-11681583.FP.FTS.B,

16.99%,

1/30/25

6,408

6,474

APP-12413621.FP.FTS.B,

15.49%,

2/01/25

14,873

8,983

APP-11766706.FP.FTS.B,

23.99%,

2/02/25

5,511

5,422

APP-11738038.FP.FTS.B,

21.99%,

2/04/25

14,272

1,639

APP-11799331.FP.FTS.B,

8.99%,

2/06/25

.

18,579

18,721

APP-11694349.FP.FTS.B,

14.24%,

2/07/25

20,145

20,156

APP-11862313.FP.FTS.B,

16.49%,

2/11/25

6,418

6,413

APP-11869808.FP.FTS.B,

21.99%,

2/15/25

11,433

11,321

APP-12409067.FP.FTS.B,

13.74%,

3/08/25

23,752

23,891

APP-12394118.FP.FTS.B,

17.74%,

3/10/25

13,946

13,901

Description

Principal

Amount

Value

Freedom

Financial

Asset

Management

LLC

(continued)

APP-11102104.FP.FTS.B,

23.99%,

3/11/25

$

4,582

$

4,533

APP-12410877.FP.FTS.B,

13.74%,

3/15/25

19,681

19,810

APP-12299545.FP.FTS.B,

14.99%,

3/21/25

12,732

12,760

APP-13502295.FP.FTS.B,

14.49%,

5/13/25

20,466

20,624

APP-13323354.FP.FTS.B,

10.09%,

5/18/25

12,040

12,190

APP-14953979.FP.FTS.B,

7.74%,

7/13/25

.

22,583

22,807

APP-15094222.FP.FTS.B,

10.24%,

7/14/25

18,153

18,336

APP-15084327.FP.FTS.B,

10.74%,

7/14/25

14,240

14,405

APP-15090883.FP.FTS.B,

25.49%,

7/14/25

3,655

3,591

APP-15034726.FP.FTS.B,

25.49%,

7/25/25

7,248

7,191

APP-10111431.FP.FTS.B,

10.99%,

9/15/25

13,509

13,706

APP-10140977.FP.FTS.B,

24.99%,

9/15/25

6,823

7,015

APP-10091198.FP.FTS.B,

15.49%,

9/24/25

6,000

6,038

APP-10083835.FP.FTS.B,

10.99%,

9/25/25

9,112

9,265

APP-11022514.FP.FTS.B,

18.49%,

10/21/25

11,020

11,250

APP-10582948.FP.FTS.B,

10.99%,

10/22/25

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

15,502

15,729

APP-10578403.FP.FTS.B,

15.99%,

10/30/25

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

13,262

13,580

APP-10561192.FP.FTS.B,

8.99%,

11/03/25

11,243

11,399

APP-10841976.FP.FTS.B,

10.99%,

11/28/25

11,316

11,477

APP-10868780.FP.FTS.B,

14.49%,

12/02/25

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

20,917

21,217

APP-11116538.FP.FTS.B,

8.99%,

12/10/25

9,859

9,996

APP-11105408.FP.FTS.B,

10.99%,

12/14/25

8,135

8,257

APP-11843242.FP.FTS.B,

12.24%,

12/15/25

13,812

13,964

APP-11097002.FP.FTS.B,

17.99%,

12/15/25

33,495

34,105

APP-11022500.FP.FTS.B,

17.99%,

12/16/25

8,765

8,934

APP-11579320.FP.FTS.B,

16.99%,

12/20/25

14,830

15,184

APP-11798391.FP.FTS.B,

18.49%,

1/04/26

7,486

7,581

APP-11733010.FP.FTS.B,

15.74%,

1/28/26

25,157

25,642

APP-12378685.FP.FTS.B,

15.99%,

2/01/26

10,505

10,611

APP-11757188.FP.FTS.B,

18.24%,

2/02/26

29,918

30,223

APP-11799488.FP.FTS.B,

16.99%,

2/05/26

14,070

14,221

APP-11757063.FP.FTS.B,

17.99%,

2/05/26

14,975

15,150

APP-12281543.FP.FTS.B,

16.74%,

3/08/26

27,203

27,528

APP-12246304.FP.FTS.B,

18.24%,

3/08/26

24,867

25,153

APP-12397373.FP.FTS.B,

15.99%,

3/15/26

10,581

10,732

APP-12338754.FP.FTS.B,

20.49%,

3/15/26

3,520

941

APP-12032813.FP.FTS.B,

17.99%,

3/17/26

9,858

9,991

APP-12419810.FP.FTS.B,

15.74%,

3/20/26

28,693

29,206

APP-12270812.FP.FTS.B,

16.99%,

3/22/26

9,479

9,631

APP-12421465.FP.FTS.B,

17.99%,

3/23/26

15,351

15,593

APP-13524997.FP.FTS.B,

10.59%,

3/25/26

11,953

12,112

APP-13511680.FP.FTS.B,

12.84%,

5/05/26

11,661

11,807

APP-13256383.FP.FTS.B,

7.99%,

5/18/26

.

29,265

29,703

APP-13477482.FP.FTS.B,

10.34%,

5/18/26

30,899

31,381

APP-13527002.FP.FTS.B,

15.59%,

5/19/26

7,940

8,075

APP-14943761.FP.FTS.B,

15.99%,

6/01/26

16,935

17,061

APP-15146572.FP.FTS.B,

10.74%,

7/15/26

6,309

6,319

APP-15112645.FP.FTS.B,

16.99%,

7/15/26

16,536

16,635

APP-15065994.FP.FTS.B,

17.74%,

7/15/26

39,421

39,776

APP-15053141.FP.FTS.B,

18.99%,

7/15/26

16,656

16,754

APP-15107872.FP.FTS.B,

20.49%,

7/15/26

11,847

11,945

APP-15064308.FP.FTS.B,

22.49%,

7/15/26

18,377

18,398

APP-15054013.FP.FTS.B,

17.99%,

7/20/26

13,691

13,844

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-15109634.FP.FTS.B,

19.49%,

7/21/26

$

8,380

$

8,480

APP-15053667.FP.FTS.B,

17.99%,

7/22/26

10,975

11,108

APP-15073340.FP.FTS.B,

15.99%,

7/25/26

8,288

8,429

APP-14860724.FP.FTS.B,

20.99%,

7/26/26

16,077

16,242

APP-15041042.FP.FTS.B,

26.49%,

7/26/26

6,481

6,538

APP-15111841.FP.FTS.B,

7.84%,

7/28/26

.

24,023

24,411

APP-14956830.FP.FTS.B,

15.74%,

7/28/26

24,761

25,102

APP-15053675.FP.FTS.B,

10.99%,

7/30/26

10,666

10,855

APP-10133595.FP.FTS.B,

11.99%,

8/11/26

14,297

14,520

APP-10140897.FP.FTS.B,

16.99%,

8/12/26

15,551

15,820

APP-10145662.FP.FTS.B,

18.99%,

9/17/26

16,584

16,940

APP-10460831.FP.FTS.B,

21.99%,

9/19/26

5,856

5,985

APP-10572421.FP.FTS.B,

10.49%,

9/20/26

25,128

25,534

APP-10112510.FP.FTS.B,

16.49%,

9/25/26

9,420

9,621

APP-10145175.FP.FTS.B,

14.49%,

9/26/26

6,894

7,031

APP-10850556.FP.FTS.B,

11.99%,

10/01/26

15,497

15,665

APP-09931612.FP.FTS.B,

14.24%,

10/03/26

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

11,879

12,009

APP-10838239.FP.FTS.B,

12.49%,

10/12/26

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

24,089

24,432

APP-10835593.FP.FTS.B,

19.49%,

10/15/26

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

9,999

1,110

APP-10845328.FP.FTS.B,

11.99%,

10/16/26

18,603

18,885

APP-10704368.FP.FTS.B,

14.99%,

10/16/26

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

14,536

14,767

APP-10745909.FP.FTS.B,

17.99%,

10/16/26

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

38,589

39,191

APP-10829192.FP.FTS.B,

18.99%,

10/16/26

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

19,017

19,364

APP-10852939.FP.FTS.B,

16.49%,

10/17/26

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

1,861

1,862

APP-10581131.FP.FTS.B,

22.49%,

10/22/26

7,804

7,969

APP-10575367.FP.FTS.B,

20.99%,

10/25/26

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

30,575

10,113

APP-10129146.FP.FTS.B,

23.49%,

10/25/26

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

18,024

18,567

APP-10916894.FP.FTS.B,

20.49%,

11/01/26

15,243

15,385

APP-10384953.FP.FTS.B,

19.99%,

11/02/26

12,720

12,860

APP-10224478.FP.FTS.B,

20.49%,

11/02/26

20,631

20,941

APP-11119432.FP.FTS.B,

11.99%,

11/03/26

16,702

16,928

APP-10577758.FP.FTS.B,

17.49%,

11/04/26

9,680

2,975

APP-11187454.FP.FTS.B,

22.49%,

11/10/26

8,035

8,144

APP-10848002.FP.FTS.B,

17.99%,

11/19/26

19,410

19,692

APP-10859032.FP.FTS.B,

9.99%,

11/21/26

11,583

11,774

APP-10842381.FP.FTS.B,

12.49%,

11/21/26

26,569

26,989

APP-10830375.FP.FTS.B,

19.99%,

11/21/26

12,312

12,535

APP-10692450.FP.FTS.B,

17.49%,

11/29/26

20,211

20,666

APP-10671079.FP.FTS.B,

11.99%,

11/30/26

21,077

21,466

APP-10848317.FP.FTS.B,

12.24%,

11/30/26

14,739

14,994

APP-10670975.FP.FTS.B,

21.49%,

11/30/26

12,576

12,922

APP-10860337.FP.FTS.B,

22.99%,

11/30/26

12,728

13,041

APP-11122151.FP.FTS.B,

16.49%,

12/06/26

13,314

6,905

APP-11094577.FP.FTS.B,

19.49%,

12/08/26

9,639

9,804

APP-11008022.FP.FTS.B,

11.99%,

12/13/26

11,017

11,189

APP-11123090.FP.FTS.B,

14.24%,

12/15/26

18,029

18,325

APP-10314454.FP.FTS.B,

15.99%,

12/15/26

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

9,343

2,707

APP-11021456.FP.FTS.B,

20.99%,

12/15/26

29,458

29,847

Description

Principal

Amount

Value

Freedom

Financial

Asset

Management

LLC

(continued)

APP-10839250.FP.FTS.B,

17.49%,

12/17/26

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

$

11,438

$

11,596

APP-11121084.FP.FTS.B,

17.49%,

12/19/26

14,914

15,135

APP-11116084.FP.FTS.B,

19.49%,

12/19/26

13,100

13,042

APP-11007668.FP.FTS.B,

19.99%,

12/19/26

14,489

14,731

APP-11091099.FP.FTS.B,

9.99%,

12/20/26

23,818

24,223

APP-11111264.FP.FTS.B,

16.49%,

12/20/26

9,459

9,635

APP-11036570.FP.FTS.B,

22.99%,

12/20/26

12,703

12,914

APP-11874582.FP.FTS.B,

17.49%,

12/23/26

17,429

17,686

APP-11751323.FP.FTS.B,

17.99%,

12/23/26

11,196

11,392

APP-11752200.FP.FTS.B,

21.49%,

12/23/26

15,225

15,421

APP-11767307.FP.FTS.B,

14.49%,

12/24/26

21,614

21,875

APP-11461595.FP.FTS.B,

17.99%,

12/24/26

4,244

4,207

APP-11762193.FP.FTS.B,

18.49%,

12/24/26

14,825

15,097

APP-11759070.FP.FTS.B,

24.99%,

12/24/26

39,920

9,016

APP-11677084.FP.FTS.B,

15.49%,

12/26/26

35,310

35,802

APP-11799609.FP.FTS.B,

10.99%,

1/01/27

25,194

25,501

APP-11844341.FP.FTS.B,

16.74%,

1/01/27

26,539

26,706

APP-11870826.FP.FTS.B,

19.99%,

1/04/27

9,260

9,304

APP-11744634.FP.FTS.B,

19.99%,

2/01/27

14,073

14,112

APP-12399764.FP.FTS.B,

25.49%,

2/01/27

7,188

681

APP-11824892.FP.FTS.B,

16.99%,

2/03/27

13,749

13,897

APP-11765220.FP.FTS.B,

11.99%,

2/04/27

39,615

40,147

APP-12396355.FP.FTS.B,

19.99%,

2/04/27

19,106

19,103

APP-11724933.FP.FTS.B,

14.24%,

2/05/27

11,646

11,811

APP-11702245.FP.FTS.B,

17.49%,

2/05/27

12,711

12,557

APP-12419304.FP.FTS.B,

19.99%,

2/05/27

6,235

6,258

APP-11674918.FP.FTS.B,

20.49%,

2/05/27

20,911

21,045

APP-12397051.FP.FTS.B,

17.49%,

2/06/27

9,875

9,934

APP-11696610.FP.FTS.B,

14.24%,

2/07/27

20,195

20,525

APP-11743079.FP.FTS.B,

16.24%,

2/07/27

32,595

32,835

APP-11757936.FP.FTS.B,

19.99%,

2/07/27

7,805

7,868

APP-11763967.FP.FTS.B,

19.99%,

2/07/27

12,455

12,532

APP-11837813.FP.FTS.B,

20.99%,

2/10/27

9,972

9,990

APP-11838245.FP.FTS.B,

19.99%,

2/11/27

8,191

8,271

APP-11801863.FP.FTS.B,

8.99%,

2/12/27

.

27,202

27,586

APP-11798652.FP.FTS.B,

11.74%,

2/14/27

39,557

40,150

APP-11843528.FP.FTS.B,

19.99%,

2/14/27

3,062

3,032

APP-11864146.FP.FTS.B,

11.24%,

2/15/27

14,147

14,363

APP-11872928.FP.FTS.B,

11.24%,

2/15/27

12,692

12,887

APP-11845152.FP.FTS.B,

11.74%,

2/15/27

33,990

34,510

APP-11801830.FP.FTS.B,

16.49%,

2/15/27

16,268

16,504

APP-11842708.FP.FTS.B,

23.49%,

2/16/27

3,338

3,286

APP-10128827.FP.FTS.B,

25.49%,

2/24/27

7,796

7,953

APP-12304720.FP.FTS.B,

18.74%,

3/06/27

41,374

41,564

APP-12106158.FP.FTS.B,

11.24%,

3/07/27

13,935

14,113

APP-12414983.FP.FTS.B,

19.74%,

3/08/27

25,362

15,402

APP-12404066.FP.FTS.B,

22.49%,

3/08/27

29,059

29,081

APP-12408150.FP.FTS.B,

19.99%,

3/10/27

8,874

8,912

APP-12407302.FP.FTS.B,

18.99%,

3/15/27

9,010

9,080

APP-12272662.FP.FTS.B,

16.49%,

3/17/27

16,504

16,625

APP-11863466.FP.FTS.B,

25.49%,

3/17/27

8,528

8,588

APP-12385340.FP.FTS.B,

25.49%,

3/17/27

7,640

7,659

APP-12399677.FP.FTS.B,

19.24%,

3/20/27

18,054

2,016

APP-12341500.FP.FTS.B,

20.49%,

3/20/27

14,006

14,084

APP-12396943.FP.FTS.B,

13.49%,

3/21/27

13,880

14,100

APP-12270734.FP.FTS.B,

16.99%,

3/21/27

15,423

15,673

APP-10314654.FP.FTS.B,

19.74%,

3/21/27

27,420

27,646

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-12381900.FP.FTS.B,

18.49%,

3/22/27

$

17,569

$

17,747

APP-13531026.FP.FTS.B,

11.59%,

3/28/27

20,316

20,593

APP-13513406.FP.FTS.B,

14.34%,

4/01/27

41,874

42,281

APP-13478834.FP.FTS.B,

16.99%,

5/03/27

17,372

17,382

APP-13508795.FP.FTS.B,

9.59%,

5/05/27

.

14,793

14,975

APP-13047632.FP.FTS.B,

11.49%,

5/05/27

11,836

11,986

APP-13485036.FP.FTS.B,

13.34%,

5/06/27

11,076

11,212

APP-13515740.FP.FTS.B,

17.74%,

5/06/27

31,574

31,747

APP-08710316.FP.FTS.B,

10.99%,

5/13/27

28,862

29,262

APP-13498310.FP.FTS.B,

17.99%,

5/13/27

10,279

10,330

APP-13498730.FP.FTS.B,

11.34%,

5/15/27

16,640

16,882

APP-13329158.FP.FTS.B,

17.99%,

5/15/27

13,056

12,991

APP-13453359.FP.FTS.B,

18.24%,

5/15/27

25,918

26,038

APP-13410410.FP.FTS.B,

19.99%,

5/15/27

9,106

9,147

APP-13486869.FP.FTS.B,

11.34%,

5/16/27

26,876

27,286

APP-13531289.FP.FTS.B,

14.09%,

5/16/27

24,961

25,319

APP-13512105.FP.FTS.B,

19.49%,

5/16/27

22,464

22,575

APP-13473219.FP.FTS.B,

22.49%,

5/16/27

13,272

13,210

APP-13479562.FP.FTS.B,

18.49%,

5/17/27

13,773

13,772

APP-13506828.FP.FTS.B,

16.74%,

5/18/27

29,059

29,472

APP-13227905.FP.FTS.B,

21.99%,

5/18/27

8,747

8,785

APP-13517315.FP.FTS.B,

12.09%,

5/19/27

41,820

42,484

APP-13507352.FP.FTS.B,

20.49%,

5/19/27

8,505

8,572

APP-13531806.FP.FTS.B,

16.99%,

5/20/27

17,137

17,397

APP-13485355.FP.FTS.B,

17.24%,

5/20/27

31,685

31,859

APP-13485605.FP.FTS.B,

18.99%,

5/20/27

11,801

11,929

APP-13518313.FP.FTS.B,

18.99%,

5/20/27

14,758

14,798

APP-13302186.FP.FTS.B,

20.49%,

5/20/27

12,382

12,447

APP-15111331.FP.FTS.B,

11.99%,

6/11/27

19,050

19,263

APP-11758670.FP.FTS.B,

16.74%,

7/01/27

43,892

12,411

APP-15090828.FP.FTS.B,

23.24%,

7/14/27

13,811

13,739

APP-14906773.FP.FTS.B,

9.74%,

7/15/27

.

34,048

34,481

APP-13533233.FP.FTS.B,

14.09%,

7/15/27

22,832

23,141

APP-15064429.FP.FTS.B,

14.49%,

7/15/27

23,395

23,665

APP-15106750.FP.FTS.B,

18.99%,

7/15/27

20,069

19,946

APP-15055216.FP.FTS.B,

19.99%,

7/15/27

15,449

15,457

APP-15070181.FP.FTS.B,

19.99%,

7/15/27

15,449

15,457

APP-15109285.FP.FTS.B,

21.49%,

7/15/27

25,929

25,794

APP-14865954.FP.FTS.B,

11.74%,

7/16/27

23,417

23,723

APP-15149750.FP.FTS.B,

11.99%,

7/16/27

6,386

6,402

APP-14958373.FP.FTS.B,

12.24%,

7/16/27

15,509

15,712

APP-15158424.FP.FTS.B,

11.99%,

7/17/27

16,023

16,238

APP-14914244.FP.FTS.B,

20.99%,

7/22/27

12,466

12,495

APP-15057995.FP.FTS.B,

18.99%,

7/23/27

8,797

8,916

APP-15058449.FP.FTS.B,

11.99%,

7/25/27

10,436

10,601

APP-15078317.FP.FTS.B,

13.99%,

7/25/27

18,176

18,450

APP-15055723.FP.FTS.B,

11.24%,

7/26/27

27,515

27,952

APP-15048744.FP.FTS.B,

16.49%,

7/27/27

20,219

20,386

APP-14689753.FP.FTS.B,

18.99%,

7/27/27

21,460

2,440

APP-15053719.FP.FTS.B,

16.99%,

7/28/27

9,780

9,933

APP-11798581.FP.FTS.B,

16.99%,

7/29/27

16,426

16,639

APP-15133409.FP.FTS.B,

15.49%,

7/30/27

22,495

22,858

APP-15053776.FP.FTS.B,

17.49%,

7/30/27

10,607

10,694

APP-11764720.FP.FTS.B,

21.99%,

8/05/27

9,100

9,055

APP-15068287.FP.FTS.B,

26.99%,

8/26/27

9,117

9,104

APP-15039962.FP.FTS.B,

12.49%,

8/28/27

43,929

44,673

APP-15053335.FP.FTS.B,

23.49%,

8/28/27

9,468

9,476

APP-15085248.FP.FTS.B,

22.74%,

8/29/27

11,713

11,721

Description

Principal

Amount

Value

Freedom

Financial

Asset

Management

LLC

(continued)

APP-15070551.FP.FTS.B,

24.74%,

4/27/28

$

16,425

$

16,428

3,902,511

LendingClub

Corp.

161121841.LC.FTS.B,

17.74%,

8/09/23

...

585

218

161393306.LC.FTS.B,

15%,

4/20/24

.....

11,988

1,515

153974620.LC.FTS.B,

14.3%,

6/24/24

...

6,733

6,628

154144733.LC.FTS.B,

12.4%,

6/26/24

...

5,652

5,528

153904028.LC.FTS.B,

17.74%,

6/30/24

...

5,189

5,103

155451456.LC.FTS.B,

11.02%,

7/17/24

...

6,622

6,501

155408143.LC.FTS.B,

16.95%,

7/22/24

...

7,998

7,852

154596020.LC.FTS.B,

16.12%,

7/24/24

...

2,266

2,243

154977601.LC.FTS.B,

16.95%,

7/28/24

...

6,730

1,356

155731933.LC.FTS.B,

15.24%,

7/29/24

...

9,888

9,675

156235700.LC.FTS.B,

17.74%,

8/06/24

...

4,724

4,612

156759369.LC.FTS.B,

12.4%,

8/09/24

...

7,450

7,260

156752978.LC.FTS.B,

14.3%,

8/09/24

...

12,483

12,171

156812488.LC.FTS.B,

14.3%,

8/12/24

...

3,411

3,334

155823205.LC.FTS.B,

14.3%,

8/16/24

...

5,531

5,398

158130288.LC.FTS.B,

14.3%,

9/04/24

...

4,921

4,794

159089545.LC.FTS.B,

16.95%,

9/23/24

...

4,240

4,146

159106791.LC.FTS.B,

17.74%,

9/23/24

...

5,246

5,129

159001219.LC.FTS.B,

12.4%,

9/26/24

...

7,776

7,602

158913750.LC.FTS.B,

11.71%,

9/30/24

...

8,145

7,937

155686835.LC.FTS.B,

16.95%,

9/30/24

...

5,529

231

160792694.LC.FTS.B,

13.08%,

10/23/24

..

14,078

13,685

160029837.LC.FTS.B,

12.4%,

10/29/24

...

11,428

11,095

158011325.LC.FTS.B,

14.3%,

11/03/24

...

7,449

866

161424051.LC.FTS.B,

10.33%,

11/05/24

..

5,289

5,126

161483895.LC.FTS.B,

13.08%,

11/07/24

..

4,449

4,313

162010515.LC.FTS.B,

17.74%,

11/18/24

..

4,213

4,097

157902245.LC.FTS.B,

15.24%,

11/30/24

..

4,939

236

162923894.LC.FTS.B,

18.62%,

12/06/24

..

4,206

4,126

163764805.LC.FTS.B,

Zero

Cpn,

12/23/24

12,140

–

163557424.LC.FTS.B,

11.02%,

12/30/24

..

4,911

4,841

164671360.LC.FTS.B,

11.02%,

1/10/25

...

10,518

10,161

164758820.LC.FTS.B,

11.71%,

1/13/25

...

3,579

3,465

164529142.LC.FTS.B,

12.4%,

1/18/25

...

10,848

10,471

164548038.LC.FTS.B,

11.02%,

1/25/25

...

12,265

11,876

165045221.LC.FTS.B,

15.24%,

1/28/25

...

14,848

14,376

165707974.LC.FTS.B,

20.55%,

1/28/25

...

2,515

2,474

164089980.LC.FTS.B,

17.74%,

2/28/25

...

6,216

5,951

167132427.LC.FTS.B,

20.55%,

2/28/25

...

9,956

9,707

167747801.LC.FTS.B,

16.12%,

3/15/25

...

7,517

7,223

168420680.LC.FTS.B,

17.74%,

3/16/25

...

9,920

9,544

166170570.LC.FTS.B,

17.74%,

3/17/25

...

8,209

7,890

168140265.LC.FTS.B,

15.24%,

3/21/25

...

10,207

9,821

167712249.LC.FTS.B,

14.3%,

4/20/25

...

13,552

13,076

151259806.LC.FTS.B,

20%,

5/04/25

.....

9,420

1,101

165352318.LC.FTS.B,

15.24%,

6/22/25

...

15,946

15,252

166444317.LC.FTS.B,

13.08%,

11/04/25

..

22,975

21,706

160809803.LC.FTS.B,

13.08%,

11/23/25

..

14,830

11,056

165520144.LC.FTS.B,

20.55%,

9/05/26

...

11,584

9,527

160698361.LC.FTS.B,

Zero

Cpn,

10/23/32

8,380

–

163789996.LC.FTS.B,

18.62%,

12/23/32

..

1,335

1,110

164493400.LC.FTS.B,

5%,

1/07/33

......

2,195

2,101

164840710.LC.FTS.B,

11.02%,

1/13/33

...

1,179

1,177

163426985.LC.FTS.B,

Zero

Cpn,

5/26/33

.

274

26

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)

$

336,709

LendingClub

Corp.

-

LCX

161911117.LC.FTS.B,

20.55%,

11/14/24

..

$

2,473

2,471

164542068.LC.FTS.B,

25.65%,

1/21/25

...

6,237

6,159

157483547.LC.FTS.B,

Zero

Cpn,

12/13/32

1,988

–

8,630

LendingClub

Corp.

-

LCX

PM

171728432.LC.FTS.B,

17.3%,

10/30/23

...

2,073

2,047

173017997.LC.FTS.B,

14.02%,

12/17/23

..

548

543

172997264.LC.FTS.B,

14.02%,

12/19/23

..

2,302

2,258

173574789.LC.FTS.B,

19.95%,

1/07/24

...

2,208

2,183

173374603.LC.FTS.B,

19.12%,

1/13/24

...

3,723

3,683

185022110.LC.FTS.B,

18.99%,

1/13/25

...

12,483

12,399

184916811.LC.FTS.B,

15.99%,

1/18/25

...

6,438

6,386

185116420.LC.FTS.B,

18.99%,

1/18/25

...

2,639

2,622

185085067.LC.FTS.B,

22.99%,

1/18/25

...

10,847

10,921

184905245.LC.FTS.B,

15.99%,

1/19/25

...

9,851

9,346

185222066.LC.FTS.B,

15.99%,

1/19/25

...

2,062

2,040

185225789.LC.FTS.B,

20.99%,

1/19/25

...

9,467

9,427

185231531.LC.FTS.B,

21.49%,

1/19/25

...

2,531

2,521

185170289.LC.FTS.B,

15.99%,

1/22/25

...

7,056

5,393

184577634.LC.FTS.B,

15.49%,

1/25/25

...

4,283

4,263

185449370.LC.FTS.B,

18.44%,

1/25/25

...

7,851

7,774

185337050.LC.FTS.B,

20.99%,

1/25/25

...

15,147

15,106

185529283.LC.FTS.B,

18.99%,

1/27/25

...

12,483

12,429

185074501.LC.FTS.B,

12.74%,

1/29/25

...

3,024

3,010

185591984.LC.FTS.B,

18.99%,

1/31/25

...

8,959

8,925

184733710.LC.FTS.B,

24.99%,

1/31/25

...

2,247

2,283

185743058.LC.FTS.B,

12.19%,

2/02/25

...

5,016

4,944

185670318.LC.FTS.B,

15.44%,

2/02/25

...

9,575

9,327

185694876.LC.FTS.B,

15.49%,

2/02/25

...

7,343

7,277

185720673.LC.FTS.B,

14.49%,

2/04/25

...

3,810

3,713

184778654.LC.FTS.B,

16.19%,

2/04/25

...

2,243

2,224

185764512.LC.FTS.B,

19.99%,

2/04/25

...

16,348

16,216

185806351.LC.FTS.B,

18.99%,

2/07/25

...

7,830

7,760

185828353.LC.FTS.B,

22.99%,

2/08/25

...

11,952

11,878

186050160.LC.FTS.B,

15.99%,

2/10/25

...

11,204

11,090

185828265.LC.FTS.B,

19.44%,

2/10/25

...

10,433

10,364

185614486.LC.FTS.B,

19.99%,

2/10/25

...

16,358

16,211

186144016.LC.FTS.B,

Zero

Cpn,

2/14/25

.

7,352

–

185731098.LC.FTS.B,

18.99%,

2/14/25

...

2,602

2,584

186141198.LC.FTS.B,

18.99%,

2/14/25

...

3,252

3,230

185870831.LC.FTS.B,

15.99%,

2/15/25

...

4,629

4,595

186248821.LC.FTS.B,

12.94%,

2/16/25

...

9,446

9,376

186046548.LC.FTS.B,

16.49%,

2/17/25

...

3,229

3,206

185952586.LC.FTS.B,

16.99%,

2/17/25

...

4,859

293

188498393.LC.FTS.B,

18.99%,

4/25/25

...

23,461

23,435

188682908.LC.FTS.B,

21.79%,

4/25/25

...

3,401

84

187330959.LC.FTS.B,

23.99%,

4/25/25

...

10,764

10,868

188539697.LC.FTS.B,

27.99%,

4/25/25

...

6,568

6,646

188790970.LC.FTS.B,

19.99%,

4/27/25

...

17,629

17,233

188805747.LC.FTS.B,

22.49%,

4/27/25

...

14,558

1,887

188578940.LC.FTS.B,

23.99%,

4/27/25

...

707

713

188852266.LC.FTS.B,

23.99%,

4/27/25

...

4,306

4,350

188854471.LC.FTS.B,

24.79%,

4/27/25

...

3,604

3,630

188781202.LC.FTS.B,

15.99%,

4/28/25

...

10,038

9,714

Description

Principal

Amount

Value

LendingClub

Corp.

-

LCX

PM

(continued)

188845200.LC.FTS.B,

16.99%,

4/28/25

...

$

1,391

$

1,393

188849723.LC.FTS.B,

19.49%,

4/28/25

...

1,407

1,410

188894731.LC.FTS.B,

23.99%,

4/28/25

...

2,569

19

188623124.LC.FTS.B,

Zero

Cpn,

4/30/25

.

35,826

3,272

188683873.LC.FTS.B,

23.99%,

5/01/25

...

8,932

8,907

185664927.LC.FTS.B,

15%,

6/16/25

.....

3,640

2,850

171733583.LC.FTS.B,

18.24%,

10/30/25

..

13,075

12,761

172637623.LC.FTS.B,

16.08%,

12/17/25

..

11,063

10,775

186109882.LC.FTS.B,

5%,

2/14/26

......

15,701

15,739

184987590.LC.FTS.B,

Zero

Cpn,

1/13/27

.

8,746

–

185030629.LC.FTS.B,

28.99%,

1/13/27

...

5,125

5,165

184976261.LC.FTS.B,

15.44%,

1/18/27

...

16,064

14,956

185102499.LC.FTS.B,

17.49%,

1/18/27

...

12,174

11,832

185105381.LC.FTS.B,

17.74%,

1/18/27

...

10,360

347

185242092.LC.FTS.B,

20.99%,

1/19/27

...

24,508

24,208

185186598.LC.FTS.B,

21.99%,

1/19/27

...

6,633

6,535

185203099.LC.FTS.B,

21.99%,

1/19/27

...

11,502

11,329

185257156.LC.FTS.B,

23.99%,

1/19/27

...

11,293

11,123

185208719.LC.FTS.B,

27.99%,

1/19/27

...

8,142

8,218

185021259.LC.FTS.B,

Zero

Cpn,

1/20/27

.

21,881

2,058

185284755.LC.FTS.B,

20.24%,

1/21/27

...

19,286

19,029

184608676.LC.FTS.B,

21.99%,

1/21/27

...

12,054

11,877

185190835.LC.FTS.B,

21.99%,

1/21/27

...

16,537

16,288

185280664.LC.FTS.B,

21.99%,

1/21/27

...

14,427

14,111

185094462.LC.FTS.B,

22.99%,

1/21/27

...

9,994

9,858

185215933.LC.FTS.B,

28.99%,

1/25/27

...

15,440

15,601

185510835.LC.FTS.B,

Zero

Cpn,

1/27/27

.

25,383

2,346

184953769.LC.FTS.B,

21.99%,

1/27/27

...

23,215

22,953

185465019.LC.FTS.B,

21.99%,

1/27/27

...

20,728

20,494

185285978.LC.FTS.B,

23.19%,

1/27/27

...

25,008

24,721

184862697.LC.FTS.B,

13.19%,

1/28/27

...

12,370

11,923

185051135.LC.FTS.B,

23.99%,

1/28/27

...

19,974

19,636

185551601.LC.FTS.B,

Zero

Cpn,

1/31/27

.

22,171

1,057

185593614.LC.FTS.B,

14.94%,

1/31/27

...

4,798

4,679

185625736.LC.FTS.B,

17.24%,

1/31/27

...

12,132

11,830

185553869.LC.FTS.B,

17.44%,

1/31/27

...

14,202

13,847

185606478.LC.FTS.B,

20.99%,

1/31/27

...

22,245

16,934

185325210.LC.FTS.B,

21.49%,

2/01/27

...

20,332

19,940

185801067.LC.FTS.B,

15.19%,

2/04/27

...

12,236

11,785

185785605.LC.FTS.B,

16.99%,

2/04/27

...

19,746

19,162

185794411.LC.FTS.B,

18.99%,

2/04/27

...

24,910

24,170

185773530.LC.FTS.B,

21.99%,

2/04/27

...

13,319

(509)

185579608.LC.FTS.B,

23.99%,

2/04/27

...

25,457

24,933

185965503.LC.FTS.B,

Zero

Cpn,

2/08/27

.

4,708

444

185803689.LC.FTS.B,

12.69%,

2/08/27

...

32,280

29,927

185670781.LC.FTS.B,

14.74%,

2/08/27

...

32,559

31,380

185765188.LC.FTS.B,

19.49%,

2/08/27

...

20,791

20,135

185788975.LC.FTS.B,

20.44%,

2/08/27

...

33,428

32,753

185500483.LC.FTS.B,

23.99%,

2/08/27

...

29,692

29,145

186105140.LC.FTS.B,

14.99%,

2/10/27

...

9,779

9,433

186053383.LC.FTS.B,

18.49%,

2/10/27

...

20,712

20,128

186004411.LC.FTS.B,

21.99%,

2/10/27

...

11,820

11,621

186037923.LC.FTS.B,

23.49%,

2/10/27

...

5,926

5,825

186073191.LC.FTS.B,

23.99%,

2/10/27

...

8,479

8,334

186131505.LC.FTS.B,

Zero

Cpn,

2/14/27

.

10,464

494

185962334.LC.FTS.B,

16.49%,

2/14/27

...

28,729

27,941

186055580.LC.FTS.B,

19.49%,

2/14/27

...

13,366

13,162

186072313.LC.FTS.B,

19.99%,

2/14/27

...

13,385

13,179

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

PM

(continued)

184948000.LC.FTS.B,

23.99%,

2/14/27

...

$

25,450

$

25,038

186114907.LC.FTS.B,

24.99%,

2/14/27

...

8,518

8,296

185796432.LC.FTS.B,

Zero

Cpn,

2/15/27

.

17,920

3,637

185957980.LC.FTS.B,

10.99%,

2/15/27

...

25,292

24,448

185644818.LC.FTS.B,

17.24%,

2/15/27

...

33,253

31,222

186037630.LC.FTS.B,

23.99%,

2/15/27

...

13,145

10,348

186256667.LC.FTS.B,

Zero

Cpn,

2/16/27

.

19,142

911

185737435.LC.FTS.B,

19.74%,

2/16/27

...

14,052

13,850

186160994.LC.FTS.B,

23.99%,

2/16/27

...

16,967

16,704

186255693.LC.FTS.B,

28.99%,

2/16/27

...

6,920

6,977

185994246.LC.FTS.B,

23.99%,

2/17/27

...

7,027

1,338

185972627.LC.FTS.B,

Zero

Cpn,

2/23/27

.

12,350

593

184697668.LC.FTS.B,

22.49%,

2/23/27

...

16,968

16,736

185440062.LC.FTS.B,

17.49%,

2/25/27

...

18,187

17,748

186057988.LC.FTS.B,

23.99%,

2/25/27

...

17,189

16,978

185584314.LC.FTS.B,

23.99%,

2/28/27

...

10,986

10,771

186094287.LC.FTS.B,

24.99%,

2/28/27

...

8,953

1,806

188640868.LC.FTS.B,

20.99%,

4/25/27

...

17,555

17,072

188665152.LC.FTS.B,

20.99%,

4/25/27

...

8,794

8,674

188676937.LC.FTS.B,

22.99%,

4/25/27

...

10,834

1,392

188681928.LC.FTS.B,

22.99%,

4/25/27

...

8,484

8,425

188661710.LC.FTS.B,

23.19%,

4/25/27

...

8,688

8,640

188722342.LC.FTS.B,

28.99%,

4/25/27

...

6,201

6,302

188741644.LC.FTS.B,

20.49%,

4/26/27

...

17,616

13,348

188818650.LC.FTS.B,

20.99%,

4/26/27

...

5,516

5,492

188082596.LC.FTS.B,

21.49%,

4/26/27

...

18,177

412

188826193.LC.FTS.B,

22.99%,

4/26/27

...

6,936

6,900

188684882.LC.FTS.B,

23.99%,

4/26/27

...

5,317

5,174

188570436.LC.FTS.B,

25.99%,

4/26/27

...

6,316

6,052

188791237.LC.FTS.B,

27.99%,

4/26/27

...

16,293

16,333

188736809.LC.FTS.B,

Zero

Cpn,

4/27/27

.

11,677

495

188850161.LC.FTS.B,

18.99%,

4/27/27

...

6,843

6,740

188709996.LC.FTS.B,

20.49%,

4/27/27

...

25,807

24,442

188698368.LC.FTS.B,

20.99%,

4/27/27

...

18,965

18,336

188844587.LC.FTS.B,

20.99%,

4/27/27

...

8,619

8,583

188172463.LC.FTS.B,

22.49%,

4/27/27

...

9,849

9,598

188821742.LC.FTS.B,

23.99%,

4/27/27

...

17,425

17,341

188832786.LC.FTS.B,

27.99%,

4/27/27

...

4,415

4,492

188838885.LC.FTS.B,

28.99%,

4/27/27

...

8,859

9,011

188770586.LC.FTS.B,

21.49%,

4/28/27

...

15,542

15,300

188825826.LC.FTS.B,

23.49%,

4/28/27

...

8,697

8,629

188877761.LC.FTS.B,

25.99%,

4/28/27

...

6,481

6,361

188729615.LC.FTS.B,

28.99%,

4/28/27

...

22,150

22,493

188842402.LC.FTS.B,

21.49%,

4/30/27

...

5,257

5,214

188806927.LC.FTS.B,

23.99%,

4/30/27

...

13,287

13,205

188652977.LC.FTS.B,

23.99%,

5/24/27

...

3,106

3,046

185298966.LC.FTS.B,

21.49%,

7/30/27

...

21,290

16,464

188683114.LC.FTS.B,

23.99%,

3/27/28

...

38,174

38,126

1,611,363

Prosper

Funding

LLC

1606124.PS.FTS.B,

12.3%,

8/17/24

.....

4,864

4,737

1606139.PS.FTS.B,

12.8%,

8/17/24

.....

2,274

2,218

1616481.PS.FTS.B,

14.89%,

8/17/24

....

7,065

6,913

1609444.PS.FTS.B,

15%,

8/17/24

.......

2,878

2,809

1610038.PS.FTS.B,

15%,

8/17/24

.......

3,813

3,730

1611259.PS.FTS.B,

13.5%,

8/19/24

.....

2,000

1,958

1607870.PS.FTS.B,

14%,

8/19/24

.......

4,717

1,166

Description

Principal

Amount

Value

Prosper

Funding

LLC

(continued)

1618524.PS.FTS.B,

15.2%,

8/20/24

.....

$

4,721

$

4,625

1608122.PS.FTS.B,

19.8%,

8/20/24

.....

824

816

1619058.PS.FTS.B,

19%,

8/23/24

.......

972

966

1612303.PS.FTS.B,

20.8%,

8/23/24

.....

9,849

9,792

1610720.PS.FTS.B,

16.6%,

8/25/24

.....

3,818

3,746

1610444.PS.FTS.B,

18.09%,

8/25/24

....

6,758

6,727

1610027.PS.FTS.B,

18.09%,

8/27/24

....

3,591

3,560

1625728.PS.FTS.B,

12.49%,

9/16/24

....

12,283

11,938

1622147.PS.FTS.B,

13.6%,

9/16/24

.....

989

962

1626067.PS.FTS.B,

15.4%,

9/17/24

.....

6,863

6,699

1632888.PS.FTS.B,

17.96%,

9/17/24

....

1,398

1,365

1622396.PS.FTS.B,

20.4%,

9/17/24

.....

2,474

2,444

1626424.PS.FTS.B,

11.7%,

9/20/24

.....

5,381

5,234

1634583.PS.FTS.B,

18.4%,

9/21/24

.....

1,535

1,522

1623410.PS.FTS.B,

18.5%,

9/21/24

.....

1,024

1,015

1634322.PS.FTS.B,

20.46%,

9/21/24

....

1,558

1,543

1628590.PS.FTS.B,

24.51%,

9/22/24

....

5,192

5,190

1629025.PS.FTS.B,

19.5%,

9/23/24

.....

5,158

5,117

1626395.PS.FTS.B,

13.87%,

9/24/24

....

17,358

16,943

1625876.PS.FTS.B,

14.41%,

9/24/24

....

14,526

1,900

1632609.PS.FTS.B,

14.39%,

9/26/24

....

3,716

3,616

1626680.PS.FTS.B,

16%,

9/27/24

.......

6,376

6,246

1623737.PS.FTS.B,

18.7%,

9/30/24

.....

1,082

1,069

1630510.PS.FTS.B,

11.97%,

10/10/24

....

3,907

3,799

1628891.PS.FTS.B,

14.94%,

10/12/24

...

2,661

2,595

1648309.PS.FTS.B,

14.49%,

10/26/24

...

5,537

5,410

1645271.PS.FTS.B,

10.8%,

10/27/24

....

10,263

9,999

1648648.PS.FTS.B,

16%,

10/27/24

......

2,297

2,240

1649014.PS.FTS.B,

22.7%,

10/27/24

....

2,197

2,196

1656261.PS.FTS.B,

16%,

10/28/24

......

3,930

3,832

1646552.PS.FTS.B,

15.29%,

10/29/24

...

8,349

8,167

1650988.PS.FTS.B,

15.4%,

11/01/24

....

4,644

2,671

1648499.PS.FTS.B,

17%,

11/02/24

......

4,954

–

1661430.PS.FTS.B,

12%,

11/05/24

......

5,987

5,792

1658149.PS.FTS.B,

13.4%,

11/08/24

....

2,747

2,660

1664622.PS.FTS.B,

16.9%,

11/08/24

....

1,421

1,387

1664838.PS.FTS.B,

20.01%,

11/08/24

....

2,900

2,837

1666485.PS.FTS.B,

10.5%,

11/09/24

....

2,155

2,087

1665699.PS.FTS.B,

15%,

11/09/24

......

4,441

4,302

1660360.PS.FTS.B,

14.39%,

11/10/24

....

2,765

2,679

1660285.PS.FTS.B,

18.9%,

11/10/24

....

1,138

1,116

1661320.PS.FTS.B,

12.3%,

11/12/24

....

5,333

670

1653836.PS.FTS.B,

14.79%,

11/12/24

....

1,110

1,076

1661257.PS.FTS.B,

17.8%,

11/12/24

....

1,131

1,110

1655723.PS.FTS.B,

15.1%,

11/15/24

....

11,110

10,787

1645667.PS.FTS.B,

16.6%,

11/17/24

....

6,022

5,935

1646495.PS.FTS.B,

13.3%,

11/28/24

....

16,841

–

1685274.PS.FTS.B,

10.54%,

12/14/24

...

992

962

1685619.PS.FTS.B,

14.39%,

12/14/24

...

3,490

3,371

1672733.PS.FTS.B,

15%,

12/14/24

......

5,827

5,643

1678399.PS.FTS.B,

16.3%,

12/14/24

....

1,469

1,439

1678747.PS.FTS.B,

19.3%,

12/14/24

....

1,196

1,172

1679110.PS.FTS.B,

13.36%,

12/15/24

....

5,682

5,503

1686000.PS.FTS.B,

13.36%,

12/15/24

...

8,652

8,379

1673372.PS.FTS.B,

16%,

12/15/24

......

4,690

4,599

1672982.PS.FTS.B,

22%,

12/15/24

......

1,823

1,787

1680175.PS.FTS.B,

22.6%,

12/16/24

....

2,430

2,404

1674770.PS.FTS.B,

13.1%,

12/17/24

....

8,638

8,375

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)

Prosper

Funding

LLC

(continued)

1674329.PS.FTS.B,

14.89%,

12/17/24

...

$

3,494

$

3,387

1674347.PS.FTS.B,

15.86%,

12/17/24

...

8,806

8,516

1700772.PS.FTS.B,

12.1%,

1/12/25

.....

12,943

3,075

1693870.PS.FTS.B,

13.6%,

1/12/25

.....

3,023

2,921

1701129.PS.FTS.B,

16.4%,

1/12/25

.....

6,814

6,563

1688351.PS.FTS.B,

17%,

1/12/25

.......

2,774

2,708

1688342.PS.FTS.B,

17.5%,

1/12/25

.....

9,891

9,655

1688336.PS.FTS.B,

19.2%,

1/12/25

.....

10,409

6,200

1687970.PS.FTS.B,

23.5%,

1/12/25

.....

894

876

1694488.PS.FTS.B,

13.8%,

1/13/25

.....

7,346

7,111

1694470.PS.FTS.B,

15.29%,

1/13/25

....

4,780

2,730

1689453.PS.FTS.B,

12%,

1/15/25

.......

2,734

2,645

1701126.PS.FTS.B,

13%,

1/15/25

.......

2,074

2,031

1690265.PS.FTS.B,

23.3%,

1/18/25

.....

4,466

4,413

1697473.PS.FTS.B,

10.54%,

1/19/25

....

8,905

8,622

1692512.PS.FTS.B,

19.34%,

1/19/25

....

6,431

6,224

1692137.PS.FTS.B,

20.34%,

1/19/25

....

3,038

–

1700011.PS.FTS.B,

13.9%,

1/21/25

.....

3,028

2,933

1700775.PS.FTS.B,

16.6%,

1/26/25

.....

19,402

11,087

1688699.PS.FTS.B,

21.8%,

1/27/25

.....

5,674

5,520

1697303.PS.FTS.B,

13.9%,

1/31/25

.....

2,530

2,457

1698238.PS.FTS.B,

15.1%,

2/01/25

.....

6,743

6,497

1720755.PS.FTS.B,

13.96%,

2/14/25

....

15,808

15,266

1714645.PS.FTS.B,

11.4%,

2/15/25

.....

4,677

4,518

1715041.PS.FTS.B,

11.4%,

2/15/25

.....

1,247

1,205

1720938.PS.FTS.B,

13.81%,

2/15/25

....

6,318

6,103

1707953.PS.FTS.B,

13.96%,

2/15/25

....

12,699

12,259

1707959.PS.FTS.B,

14.39%,

2/15/25

....

242

239

1707938.PS.FTS.B,

15.86%,

2/15/25

....

8,943

8,624

1715485.PS.FTS.B,

16%,

2/15/25

.......

15,981

15,412

1714630.PS.FTS.B,

16.16%,

2/15/25

....

9,597

9,255

1714624.PS.FTS.B,

19.41%,

2/15/25

....

6,507

6,341

1715122.PS.FTS.B,

19.8%,

2/15/25

.....

1,648

1,600

1720920.PS.FTS.B,

21.2%,

2/15/25

.....

6,894

6,779

1722336.PS.FTS.B,

14.74%,

2/16/25

....

3,658

3,029

1715734.PS.FTS.B,

19.83%,

2/16/25

....

4,564

4,402

1722360.PS.FTS.B,

22.6%,

2/16/25

.....

1,954

1,922

1723116.PS.FTS.B,

16.29%,

2/17/25

....

1,280

1,250

1720923.PS.FTS.B,

18.7%,

2/28/25

.....

17,221

16,749

1708640.PS.FTS.B,

21.8%,

2/28/25

.....

5,758

1,443

1714408.PS.FTS.B,

22.11%,

3/13/25

....

6,970

6,794

1715809.PS.FTS.B,

13.6%,

3/15/25

.....

7,398

315

1749541.PS.FTS.B,

22.03%,

4/05/25

....

2,440

2,351

1750351.PS.FTS.B,

15.2%,

4/06/25

.....

2,393

2,292

1743776.PS.FTS.B,

20.4%,

4/06/25

.....

18,288

10,757

1752996.PS.FTS.B,

25.4%,

4/06/25

.....

1,677

–

1753944.PS.FTS.B,

15.4%,

4/07/25

.....

5,179

4,961

1744391.PS.FTS.B,

24.09%,

4/07/25

....

2,225

2,162

1750903.PS.FTS.B,

24.4%,

4/07/25

.....

5,751

5,586

1745381.PS.FTS.B,

12.9%,

4/08/25

.....

13,647

13,142

1758243.PS.FTS.B,

24.4%,

4/16/25

.....

2,882

2,798

1757968.PS.FTS.B,

13.9%,

4/18/25

.....

4,114

3,958

1742906.PS.FTS.B,

15.4%,

4/30/25

.....

1,455

1,388

1743767.PS.FTS.B,

25.71%,

5/05/25

....

6,138

5,910

1752241.PS.FTS.B,

14.7%,

5/10/25

.....

22,495

12,596

1658650.PS.FTS.B,

13.6%,

10/09/25

....

11,260

10,737

1701120.PS.FTS.B,

15.9%,

12/12/25

....

9,876

9,479

1742903.PS.FTS.B,

18.09%,

2/15/26

....

4,989

1,212

Description

Principal

Amount

Value

Prosper

Funding

LLC

(continued)

1606145.PS.FTS.B,

14%,

8/17/26

.......

$

10,883

$

10,512

1606127.PS.FTS.B,

15.2%,

8/17/26

.....

6,616

6,375

1607933.PS.FTS.B,

18.5%,

8/19/26

.....

1,496

1,476

1608617.PS.FTS.B,

13.7%,

8/20/26

.....

4,344

4,200

1618680.PS.FTS.B,

15.37%,

8/20/26

....

12,818

12,392

1611802.PS.FTS.B,

29.74%,

8/22/26

....

3,204

3,225

1609277.PS.FTS.B,

15.7%,

8/23/26

.....

10,278

9,945

1610327.PS.FTS.B,

27.6%,

8/24/26

.....

6,331

6,390

1621434.PS.FTS.B,

14.6%,

8/26/26

.....

3,380

3,276

1614454.PS.FTS.B,

17.7%,

8/26/26

.....

7,582

7,508

1621428.PS.FTS.B,

20%,

8/26/26

.......

7,689

7,611

1611746.PS.FTS.B,

14.29%,

8/27/26

....

6,676

6,464

1612838.PS.FTS.B,

18.5%,

9/13/26

.....

6,602

3,867

1619286.PS.FTS.B,

12.5%,

9/16/26

.....

8,892

8,586

1625740.PS.FTS.B,

18.48%,

9/16/26

....

7,613

7,475

1627036.PS.FTS.B,

16.33%,

9/20/26

....

10,141

9,783

1624382.PS.FTS.B,

13.4%,

9/21/26

.....

1,954

1,941

1634850.PS.FTS.B,

15.1%,

9/21/26

.....

15,651

15,107

1623734.PS.FTS.B,

18.4%,

9/21/26

.....

7,670

7,520

1623731.PS.FTS.B,

18.93%,

9/21/26

....

13,741

13,525

1628497.PS.FTS.B,

14.89%,

9/22/26

....

8,464

1,128

1635897.PS.FTS.B,

12%,

9/23/26

.......

16,060

15,525

1635735.PS.FTS.B,

14.68%,

9/23/26

....

11,148

10,775

1637445.PS.FTS.B,

13.3%,

9/27/26

.....

7,512

7,268

1626758.PS.FTS.B,

17.96%,

9/30/26

....

17,117

16,481

1634247.PS.FTS.B,

16.7%,

10/05/26

....

18,094

17,390

1626046.PS.FTS.B,

15.18%,

10/16/26

...

7,348

7,079

1644875.PS.FTS.B,

11.6%,

10/26/26

....

5,684

5,494

1655034.PS.FTS.B,

11.7%,

10/26/26

....

17,441

16,859

1648324.PS.FTS.B,

12.2%,

10/26/26

....

15,213

14,705

1644860.PS.FTS.B,

18.33%,

10/26/26

...

9,437

1,370

1645337.PS.FTS.B,

18.48%,

10/27/26

...

15,779

15,527

1646123.PS.FTS.B,

13.32%,

10/28/26

...

5,744

5,549

1649539.PS.FTS.B,

16.7%,

10/28/26

....

15,623

15,088

1644866.PS.FTS.B,

11.1%,

10/29/26

....

7,564

7,306

1650328.PS.FTS.B,

11.2%,

10/29/26

....

7,185

6,950

1646948.PS.FTS.B,

11.79%,

10/29/26

....

11,381

11,008

1649926.PS.FTS.B,

13.8%,

10/29/26

....

25,345

24,493

1656591.PS.FTS.B,

14.79%,

10/29/26

...

27,040

26,419

1650904.PS.FTS.B,

26.43%,

10/29/26

...

6,573

6,633

1655028.PS.FTS.B,

13.8%,

11/01/26

....

6,163

5,925

1647395.PS.FTS.B,

11.89%,

11/03/26

....

7,594

7,289

1661010.PS.FTS.B,

12.5%,

11/05/26

....

19,804

19,037

1661007.PS.FTS.B,

15.8%,

11/05/26

....

15,533

14,854

1654774.PS.FTS.B,

16.18%,

11/05/26

....

27,242

26,049

1661004.PS.FTS.B,

17.8%,

11/05/26

....

4,320

4,189

1661433.PS.FTS.B,

28.23%,

11/05/26

....

4,138

4,092

1651868.PS.FTS.B,

9.45%,

11/08/26

....

9,715

9,347

1658185.PS.FTS.B,

10.5%,

11/08/26

....

6,771

6,514

1658167.PS.FTS.B,

13.5%,

11/08/26

....

18,774

17,978

1658881.PS.FTS.B,

13.8%,

11/09/26

....

18,853

18,057

1653323.PS.FTS.B,

16%,

11/09/26

......

9,331

8,935

1666362.PS.FTS.B,

19%,

11/09/26

......

5,534

5,376

1666359.PS.FTS.B,

21%,

11/09/26

......

4,874

4,843

1666911.PS.FTS.B,

10.62%,

11/10/26

....

9,788

9,421

1660066.PS.FTS.B,

12.6%,

11/10/26

....

26,675

25,671

1660078.PS.FTS.B,

13.93%,

11/10/26

....

15,318

14,741

1646330.PS.FTS.B,

16.2%,

11/10/26

....

23,516

22,621

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)

1666890.PS.FTS.B,

17%,

11/10/26

......

$

12,511

$

12,165

1652018.PS.FTS.B,

19.23%,

11/15/26

....

11,943

11,546

1662505.PS.FTS.B,

25.4%,

11/15/26

....

8,167

8,135

1651871.PS.FTS.B,

20.66%,

11/20/26

....

4,419

4,272

1651913.PS.FTS.B,

25.67%,

11/22/26

....

5,820

5,708

1672147.PS.FTS.B,

16.56%,

12/03/26

...

15,878

15,329

1666100.PS.FTS.B,

18.33%,

12/03/26

...

4,007

3,866

1672316.PS.FTS.B,

10.44%,

12/14/26

...

9,971

9,601

1678354.PS.FTS.B,

11.07%,

12/14/26

....

11,548

11,118

1678396.PS.FTS.B,

11.2%,

12/14/26

....

4,761

4,587

1685634.PS.FTS.B,

12.5%,

12/14/26

....

6,210

5,979

1672730.PS.FTS.B,

13.8%,

12/14/26

....

27,370

26,221

1685271.PS.FTS.B,

16.8%,

12/14/26

....

11,924

11,419

1678387.PS.FTS.B,

18.33%,

12/14/26

...

11,000

10,650

1678372.PS.FTS.B,

22.8%,

12/14/26

....

9,012

8,933

1685631.PS.FTS.B,

27.02%,

12/14/26

...

5,011

4,961

1686078.PS.FTS.B,

10.5%,

12/15/26

....

9,207

8,867

1686378.PS.FTS.B,

17.23%,

12/15/26

...

6,374

6,106

1687344.PS.FTS.B,

19%,

12/17/26

......

4,004

3,890

1685997.PS.FTS.B,

12.87%,

12/18/26

...

7,011

6,749

1687950.PS.FTS.B,

11.5%,

12/20/26

....

11,461

11,051

1675010.PS.FTS.B,

12.5%,

12/20/26

....

8,604

8,299

1685637.PS.FTS.B,

11.7%,

12/28/26

....

23,742

22,851

1672718.PS.FTS.B,

14.38%,

1/07/27

....

6,453

6,206

1701111.PS.FTS.B,

10.29%,

1/12/27

.....

19,409

18,673

1700808.PS.FTS.B,

11.4%,

1/12/27

.....

7,856

7,557

1700805.PS.FTS.B,

13.3%,

1/12/27

.....

8,491

430

1700766.PS.FTS.B,

14.68%,

1/12/27

....

19,985

19,221

1701108.PS.FTS.B,

15.7%,

1/12/27

.....

28,125

26,876

1701147.PS.FTS.B,

21.63%,

1/12/27

....

8,267

8,146

1687964.PS.FTS.B,

22.2%,

1/12/27

.....

6,216

6,124

1694491.PS.FTS.B,

12.62%,

1/13/27

....

11,862

11,413

1694725.PS.FTS.B,

18.4%,

1/13/27

.....

12,215

11,806

1701537.PS.FTS.B,

19.3%,

1/13/27

.....

12,268

11,854

1695958.PS.FTS.B,

10.5%,

1/14/27

.....

11,741

11,298

1689173.PS.FTS.B,

11.2%,

1/14/27

.....

15,302

14,728

1695787.PS.FTS.B,

11.7%,

1/14/27

.....

19,672

18,932

1689251.PS.FTS.B,

19%,

1/14/27

.......

3,267

3,159

1689623.PS.FTS.B,

19%,

1/14/27

.......

2,597

2,511

1694719.PS.FTS.B,

16.93%,

1/17/27

....

14,513

13,849

1705005.PS.FTS.B,

15%,

1/19/27

.......

20,818

19,946

1691789.PS.FTS.B,

26.13%,

1/19/27

....

12,644

12,497

1702455.PS.FTS.B,

15.18%,

1/20/27

....

12,883

12,394

1702237.PS.FTS.B,

11.7%,

1/25/27

.....

7,869

7,592

1700784.PS.FTS.B,

18.25%,

1/26/27

....

8,137

7,861

1703169.PS.FTS.B,

25.6%,

2/11/27

.....

13,596

8,450

1707746.PS.FTS.B,

9.45%,

2/14/27

.....

5,463

5,257

1707734.PS.FTS.B,

10.29%,

2/14/27

....

13,843

13,425

1720764.PS.FTS.B,

22.5%,

2/14/27

.....

9,257

9,085

1707944.PS.FTS.B,

10.9%,

2/15/27

.....

10,682

–

1720917.PS.FTS.B,

13.7%,

2/15/27

.....

10,112

9,662

1714633.PS.FTS.B,

14.39%,

2/15/27

....

12,478

2,833

1707950.PS.FTS.B,

16.5%,

2/15/27

.....

8,198

7,830

1714648.PS.FTS.B,

16.7%,

2/15/27

.....

6,154

5,878

1721346.PS.FTS.B,

16.7%,

2/15/27

.....

16,410

15,826

1715347.PS.FTS.B,

17.29%,

2/15/27

....

12,341

11,900

1720911.PS.FTS.B,

18.59%,

2/15/27

....

20,689

19,943

1714642.PS.FTS.B,

18.7%,

2/15/27

.....

8,280

7,981

Description

Principal

Amount

Value

Prosper

Funding

LLC

(continued)

1714636.PS.FTS.B,

23.58%,

2/15/27

....

$

4,649

$

4,564

1722117.PS.FTS.B,

15.18%,

2/16/27

....

6,518

6,229

1709201.PS.FTS.B,

18.48%,

2/16/27

....

10,340

9,972

1714627.PS.FTS.B,

11.4%,

2/17/27

.....

16,794

16,163

1709846.PS.FTS.B,

26.5%,

2/17/27

.....

8,561

8,409

1720908.PS.FTS.B,

15.29%,

2/22/27

....

24,898

23,786

1712903.PS.FTS.B,

15.29%,

2/23/27

....

7,858

7,528

1715713.PS.FTS.B,

10.8%,

3/14/27

.....

8,195

7,887

1749550.PS.FTS.B,

11.5%,

4/05/27

.....

12,435

11,944

1752624.PS.FTS.B,

17.23%,

4/05/27

....

16,986

16,135

1753011.PS.FTS.B,

12%,

4/06/27

.......

12,463

11,973

1749859.PS.FTS.B,

19.06%,

4/06/27

....

6,159

5,869

1752981.PS.FTS.B,

21%,

4/06/27

.......

5,601

5,421

1750735.PS.FTS.B,

16%,

4/07/27

.......

4,680

4,449

1755072.PS.FTS.B,

10.8%,

4/08/27

.....

4,728

4,566

1754293.PS.FTS.B,

13.4%,

4/12/27

.....

10,031

9,555

1747163.PS.FTS.B,

16.2%,

4/12/27

.....

21,145

20,137

1754398.PS.FTS.B,

22.9%,

4/12/27

.....

10,265

491

1744328.PS.FTS.B,

14.89%,

4/15/27

....

16,882

16,040

1752654.PS.FTS.B,

12.76%,

4/30/27

....

12,710

12,462

1607291.PS.FTS.B,

28.59%,

7/18/27

....

5,436

4,599

1688073.PS.FTS.B,

16.7%,

12/04/27

....

16,600

–

1,979,341

Upgrade,

Inc.

25764424.UG.FTS.B,

25.26%,

7/07/23

...

435

436

Upgrade,

Inc.

-

Card

992271618.UG.FTS.B,

29.49%,

7/03/23

..

18

2

992460429.UG.FTS.B,

29.49%,

8/02/23

..

12

12

992290768.UG.FTS.B,

29.49%,

10/03/23

.

14

14

992294700.UG.FTS.B,

29.49%,

11/03/23

.

22

20

992431329.UG.FTS.B,

29.49%,

11/03/23

.

34

5

992375568.UG.FTS.B,

17.97%,

12/02/23

.

23

20

992264683.UG.FTS.B,

Zero

Cpn,

12/03/23

23

2

992432014.UG.FTS.B,

29.49%,

1/03/24

..

30

27

992273410.UG.FTS.B,

Zero

Cpn,

4/03/24

.

–

–

992270166.UG.FTS.B,

17.71%,

4/03/24

..

63

63

992258570.UG.FTS.B,

26.44%,

4/03/24

..

28

28

992241314.UG.FTS.B,

29.49%,

4/03/24

..

11

11

992343756.UG.FTS.B,

29.49%,

4/03/24

..

366

103

992392020.UG.FTS.B,

29.49%,

4/03/24

..

154

154

992453366.UG.FTS.B,

29.49%,

4/03/24

..

46

1

992460590.UG.FTS.B,

29.49%,

4/03/24

..

–

–

992457777.UG.FTS.B,

Zero

Cpn,

4/04/24

.

175

12

992249570.UG.FTS.B,

20.96%,

4/04/24

..

86

87

992295541.UG.FTS.B,

29.49%,

4/04/24

..

9

9

992306382.UG.FTS.B,

Zero

Cpn,

4/05/24

.

51

4

992320075.UG.FTS.B,

16.49%,

4/05/24

..

27

27

992278634.UG.FTS.B,

17.49%,

4/05/24

..

7

7

992261330.UG.FTS.B,

18.71%,

4/05/24

..

30

30

992407305.UG.FTS.B,

18.71%,

4/05/24

..

55

55

992425399.UG.FTS.B,

18.96%,

4/05/24

..

66

65

992413501.UG.FTS.B,

19.3%,

4/05/24

...

607

606

992393132.UG.FTS.B,

19.99%,

4/05/24

..

44

15

992425235.UG.FTS.B,

19.99%,

4/05/24

..

306

309

992243760.UG.FTS.B,

20.47%,

4/05/24

..

35

35

992253128.UG.FTS.B,

20.96%,

4/05/24

..

172

22

992271480.UG.FTS.B,

20.96%,

4/05/24

..

143

40

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)

Upgrade,

Inc.

-

Card

(continued)

992321694.UG.FTS.B,

20.96%,

4/05/24

..

$

90

$

90

992324567.UG.FTS.B,

20.96%,

4/05/24

..

255

256

992247109.UG.FTS.B,

21.48%,

4/05/24

..

2,067

520

992291104.UG.FTS.B,

21.48%,

4/05/24

..

194

194

992335344.UG.FTS.B,

21.48%,

4/05/24

..

17

17

992419177.UG.FTS.B,

21.48%,

4/05/24

..

119

34

992258460.UG.FTS.B,

22.45%,

4/05/24

..

102

102

992243886.UG.FTS.B,

22.47%,

4/05/24

..

51

42

992270384.UG.FTS.B,

22.47%,

4/05/24

..

62

62

992310198.UG.FTS.B,

22.47%,

4/05/24

..

243

244

992313421.UG.FTS.B,

22.47%,

4/05/24

..

29

29

992420315.UG.FTS.B,

22.47%,

4/05/24

..

10

10

992275523.UG.FTS.B,

23.45%,

4/05/24

..

56

57

992445453.UG.FTS.B,

23.45%,

4/05/24

..

466

60

992460308.UG.FTS.B,

25.44%,

4/05/24

..

61

60

992270855.UG.FTS.B,

26.44%,

4/05/24

..

115

14

992258284.UG.FTS.B,

27.99%,

4/05/24

..

58

59

992240601.UG.FTS.B,

28.48%,

4/05/24

..

130

132

992252825.UG.FTS.B,

28.48%,

4/05/24

..

250

255

992262433.UG.FTS.B,

28.48%,

4/05/24

..

358

363

992269299.UG.FTS.B,

28.48%,

4/05/24

..

48

48

992332109.UG.FTS.B,

28.48%,

4/05/24

..

80

81

992336619.UG.FTS.B,

28.48%,

4/05/24

..

100

101

992425560.UG.FTS.B,

28.48%,

4/05/24

..

155

157

992255211.UG.FTS.B,

29.47%,

4/05/24

..

52

53

992342504.UG.FTS.B,

29.48%,

4/05/24

..

242

246

992406244.UG.FTS.B,

29.48%,

4/05/24

..

192

194

992424634.UG.FTS.B,

29.48%,

4/05/24

..

399

404

992453174.UG.FTS.B,

29.48%,

4/05/24

..

44

44

992237034.UG.FTS.B,

29.49%,

4/05/24

..

55

54

992241102.UG.FTS.B,

29.49%,

4/05/24

..

126

129

992241305.UG.FTS.B,

29.49%,

4/05/24

..

78

80

992242547.UG.FTS.B,

29.49%,

4/05/24

..

94

94

992245006.UG.FTS.B,

29.49%,

4/05/24

..

50

49

992245608.UG.FTS.B,

29.49%,

4/05/24

..

71

72

992250322.UG.FTS.B,

29.49%,

4/05/24

..

34

34

992251623.UG.FTS.B,

29.49%,

4/05/24

..

43

44

992253455.UG.FTS.B,

29.49%,

4/05/24

..

64

65

992253980.UG.FTS.B,

29.49%,

4/05/24

..

154

156

992263652.UG.FTS.B,

29.49%,

4/05/24

..

54

55

992269988.UG.FTS.B,

29.49%,

4/05/24

..

109

111

992270710.UG.FTS.B,

29.49%,

4/05/24

..

80

80

992272262.UG.FTS.B,

29.49%,

4/05/24

..

45

45

992278624.UG.FTS.B,

29.49%,

4/05/24

..

215

219

992301548.UG.FTS.B,

29.49%,

4/05/24

..

114

114

992305197.UG.FTS.B,

29.49%,

4/05/24

..

135

138

992306483.UG.FTS.B,

29.49%,

4/05/24

..

93

94

992312387.UG.FTS.B,

29.49%,

4/05/24

..

92

92

992319935.UG.FTS.B,

29.49%,

4/05/24

..

–

–

992324074.UG.FTS.B,

29.49%,

4/05/24

..

462

459

992326465.UG.FTS.B,

29.49%,

4/05/24

..

108

7

992330489.UG.FTS.B,

29.49%,

4/05/24

..

255

260

992333696.UG.FTS.B,

29.49%,

4/05/24

..

4

4

992337455.UG.FTS.B,

29.49%,

4/05/24

..

198

202

992339612.UG.FTS.B,

29.49%,

4/05/24

..

122

8

992340819.UG.FTS.B,

29.49%,

4/05/24

..

6

6

992344458.UG.FTS.B,

29.49%,

4/05/24

..

164

11

992345378.UG.FTS.B,

29.49%,

4/05/24

..

799

814

Description

Principal

Amount

Value

Upgrade,

Inc.

-

Card

(continued)

992366199.UG.FTS.B,

29.49%,

4/05/24

..

$

38

$

38

992371567.UG.FTS.B,

29.49%,

4/05/24

..

270

274

992377971.UG.FTS.B,

29.49%,

4/05/24

..

233

(11)

992388420.UG.FTS.B,

29.49%,

4/05/24

..

40

40

992389706.UG.FTS.B,

29.49%,

4/05/24

..

23

23

992417871.UG.FTS.B,

29.49%,

4/05/24

..

11

11

992425321.UG.FTS.B,

29.49%,

4/05/24

..

106

107

992436268.UG.FTS.B,

29.49%,

4/05/24

..

83

83

992442175.UG.FTS.B,

29.49%,

4/05/24

..

992

999

992356295.UG.FTS.B,

29.49%,

6/03/24

..

42

37

992343713.UG.FTS.B,

29.49%,

8/03/24

..

62

50

992326831.UG.FTS.B,

29.49%,

9/03/24

..

56

8

992319118.UG.FTS.B,

29.49%,

10/03/24

.

280

229

992385683.UG.FTS.B,

21.98%,

3/31/25

..

88

88

992428468.UG.FTS.B,

25.95%,

4/03/25

..

112

112

992307329.UG.FTS.B,

28.98%,

4/03/25

..

14

13

992268108.UG.FTS.B,

29.49%,

4/03/25

..

422

423

992269560.UG.FTS.B,

29.49%,

4/03/25

..

292

292

992274902.UG.FTS.B,

29.49%,

4/03/25

..

215

224

992279655.UG.FTS.B,

29.49%,

4/03/25

..

173

(14)

992290976.UG.FTS.B,

29.49%,

4/03/25

..

296

303

992291590.UG.FTS.B,

29.49%,

4/03/25

..

–

–

992310969.UG.FTS.B,

29.49%,

4/03/25

..

184

184

992335320.UG.FTS.B,

29.49%,

4/03/25

..

1,474

1,518

992345576.UG.FTS.B,

29.49%,

4/03/25

..

273

281

992357933.UG.FTS.B,

29.49%,

4/03/25

..

235

246

992375406.UG.FTS.B,

29.49%,

4/03/25

..

38

38

992460328.UG.FTS.B,

29.49%,

4/03/25

..

100

103

992258313.UG.FTS.B,

21.98%,

4/04/25

..

95

97

992241764.UG.FTS.B,

28.98%,

4/04/25

..

131

(7)

992301470.UG.FTS.B,

28.98%,

4/04/25

..

132

32

992336155.UG.FTS.B,

28.98%,

4/04/25

..

2,374

2,457

992376698.UG.FTS.B,

28.98%,

4/04/25

..

17

17

992387188.UG.FTS.B,

28.98%,

4/04/25

..

259

266

992453316.UG.FTS.B,

28.98%,

4/04/25

..

292

292

992463571.UG.FTS.B,

28.98%,

4/04/25

..

101

104

992266370.UG.FTS.B,

29.49%,

4/04/25

..

462

476

992342016.UG.FTS.B,

29.49%,

4/04/25

..

231

230

992421008.UG.FTS.B,

29.49%,

4/04/25

..

46

47

992421200.UG.FTS.B,

29.49%,

4/04/25

..

173

178

992254237.UG.FTS.B,

Zero

Cpn,

4/05/25

.

229

16

992260675.UG.FTS.B,

Zero

Cpn,

4/05/25

.

158

11

992261690.UG.FTS.B,

Zero

Cpn,

4/05/25

.

116

8

992271815.UG.FTS.B,

Zero

Cpn,

4/05/25

.

755

53

992305155.UG.FTS.B,

Zero

Cpn,

4/05/25

.

1,672

117

992356241.UG.FTS.B,

Zero

Cpn,

4/05/25

.

262

18

992444531.UG.FTS.B,

Zero

Cpn,

4/05/25

.

4,221

290

992264407.UG.FTS.B,

14.97%,

4/05/25

..

780

778

992391676.UG.FTS.B,

15.97%,

4/05/25

..

91

91

992403635.UG.FTS.B,

15.97%,

4/05/25

..

16

16

992275748.UG.FTS.B,

17.97%,

4/05/25

..

607

602

992369850.UG.FTS.B,

17.97%,

4/05/25

..

1,167

79

992417616.UG.FTS.B,

17.99%,

4/05/25

..

101

102

992286525.UG.FTS.B,

18.8%,

4/05/25

...

124

126

992323394.UG.FTS.B,

18.97%,

4/05/25

..

1,548

1,561

992385717.UG.FTS.B,

18.97%,

4/05/25

..

298

(2)

992415664.UG.FTS.B,

18.97%,

4/05/25

..

1,688

1,705

992239422.UG.FTS.B,

19.21%,

4/05/25

..

381

381

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)

Upgrade,

Inc.

-

Card

(continued)

992253582.UG.FTS.B,

19.21%,

4/05/25

..

$

251

$

18

992369900.UG.FTS.B,

19.21%,

4/05/25

..

44

9

992416415.UG.FTS.B,

19.21%,

4/05/25

..

1,404

1,427

992424538.UG.FTS.B,

19.21%,

4/05/25

..

1,053

1,062

992432194.UG.FTS.B,

19.8%,

4/05/25

...

376

378

992256001.UG.FTS.B,

19.97%,

4/05/25

..

428

434

992290432.UG.FTS.B,

19.99%,

4/05/25

..

4,148

4,322

992331017.UG.FTS.B,

19.99%,

4/05/25

..

232

238

992346135.UG.FTS.B,

19.99%,

4/05/25

..

393

410

992423362.UG.FTS.B,

19.99%,

4/05/25

..

227

(2)

992431381.UG.FTS.B,

19.99%,

4/05/25

..

89

89

992433537.UG.FTS.B,

19.99%,

4/05/25

..

1,056

1,086

992255166.UG.FTS.B,

20.46%,

4/05/25

..

66

65

992373703.UG.FTS.B,

20.46%,

4/05/25

..

352

357

992386358.UG.FTS.B,

20.46%,

4/05/25

..

1,792

1,820

992444107.UG.FTS.B,

20.46%,

4/05/25

..

162

163

992255180.UG.FTS.B,

20.97%,

4/05/25

..

99

(1)

992278945.UG.FTS.B,

21.46%,

4/05/25

..

37

37

992282788.UG.FTS.B,

21.46%,

4/05/25

..

824

824

992339089.UG.FTS.B,

21.46%,

4/05/25

..

49

49

992416161.UG.FTS.B,

21.46%,

4/05/25

..

48

48

992258743.UG.FTS.B,

21.97%,

4/05/25

..

41

41

992293341.UG.FTS.B,

21.98%,

4/05/25

..

1,146

1,162

992296469.UG.FTS.B,

21.98%,

4/05/25

..

230

234

992440479.UG.FTS.B,

21.98%,

4/05/25

..

223

224

992238906.UG.FTS.B,

22.97%,

4/05/25

..

2,734

1,791

992265045.UG.FTS.B,

25.95%,

4/05/25

..

144

145

992302611.UG.FTS.B,

25.95%,

4/05/25

..

1,049

1,037

992424737.UG.FTS.B,

25.95%,

4/05/25

..

804

555

992409011.UG.FTS.B,

26.94%,

4/05/25

..

25

24

992432800.UG.FTS.B,

26.94%,

4/05/25

..

181

(7)

992250719.UG.FTS.B,

27.95%,

4/05/25

..

326

339

992375541.UG.FTS.B,

27.95%,

4/05/25

..

73

73

992364002.UG.FTS.B,

27.99%,

4/05/25

..

206

13

992437875.UG.FTS.B,

27.99%,

4/05/25

..

306

39

992243919.UG.FTS.B,

28.98%,

4/05/25

..

44

45

992249070.UG.FTS.B,

28.98%,

4/05/25

..

227

236

992250607.UG.FTS.B,

28.98%,

4/05/25

..

7

7

992257896.UG.FTS.B,

28.98%,

4/05/25

..

122

127

992258333.UG.FTS.B,

28.98%,

4/05/25

..

331

344

992260520.UG.FTS.B,

28.98%,

4/05/25

..

425

437

992263589.UG.FTS.B,

28.98%,

4/05/25

..

60

61

992263759.UG.FTS.B,

28.98%,

4/05/25

..

435

446

992271131.UG.FTS.B,

28.98%,

4/05/25

..

316

325

992271316.UG.FTS.B,

28.98%,

4/05/25

..

157

163

992278811.UG.FTS.B,

28.98%,

4/05/25

..

128

133

992281862.UG.FTS.B,

28.98%,

4/05/25

..

443

453

992290941.UG.FTS.B,

28.98%,

4/05/25

..

107

111

992294259.UG.FTS.B,

28.98%,

4/05/25

..

347

77

992300542.UG.FTS.B,

28.98%,

4/05/25

..

139

143

992305223.UG.FTS.B,

28.98%,

4/05/25

..

162

168

992314013.UG.FTS.B,

28.98%,

4/05/25

..

19

19

992314088.UG.FTS.B,

28.98%,

4/05/25

..

106

107

992315976.UG.FTS.B,

28.98%,

4/05/25

..

115

120

992318621.UG.FTS.B,

28.98%,

4/05/25

..

40

41

992321475.UG.FTS.B,

28.98%,

4/05/25

..

440

458

992327673.UG.FTS.B,

28.98%,

4/05/25

..

25

25

992350450.UG.FTS.B,

28.98%,

4/05/25

..

835

834

Description

Principal

Amount

Value

Upgrade,

Inc.

-

Card

(continued)

992357000.UG.FTS.B,

28.98%,

4/05/25

..

$

9

$

8

992362215.UG.FTS.B,

28.98%,

4/05/25

..

889

906

992376009.UG.FTS.B,

28.98%,

4/05/25

..

225

16

992377531.UG.FTS.B,

28.98%,

4/05/25

..

41

42

992386343.UG.FTS.B,

28.98%,

4/05/25

..

116

121

992391277.UG.FTS.B,

28.98%,

4/05/25

..

57

59

992399278.UG.FTS.B,

28.98%,

4/05/25

..

4,241

900

992404668.UG.FTS.B,

28.98%,

4/05/25

..

131

130

992407582.UG.FTS.B,

28.98%,

4/05/25

..

13

13

992412921.UG.FTS.B,

28.98%,

4/05/25

..

439

457

992420787.UG.FTS.B,

28.98%,

4/05/25

..

164

170

992421379.UG.FTS.B,

28.98%,

4/05/25

..

140

143

992426381.UG.FTS.B,

28.98%,

4/05/25

..

110

113

992430529.UG.FTS.B,

28.98%,

4/05/25

..

71

73

992444060.UG.FTS.B,

28.98%,

4/05/25

..

932

960

992452945.UG.FTS.B,

28.98%,

4/05/25

..

216

219

992453117.UG.FTS.B,

28.98%,

4/05/25

..

55

56

992455130.UG.FTS.B,

28.98%,

4/05/25

..

370

22

992456750.UG.FTS.B,

28.98%,

4/05/25

..

173

178

992338606.UG.FTS.B,

29.45%,

4/05/25

..

124

126

992362869.UG.FTS.B,

29.45%,

4/05/25

..

427

28

992359180.UG.FTS.B,

29.48%,

4/05/25

..

17

18

992376094.UG.FTS.B,

29.48%,

4/05/25

..

152

158

992236701.UG.FTS.B,

29.49%,

4/05/25

..

44

45

992239162.UG.FTS.B,

29.49%,

4/05/25

..

138

144

992239750.UG.FTS.B,

29.49%,

4/05/25

..

410

415

992240128.UG.FTS.B,

29.49%,

4/05/25

..

599

608

992241600.UG.FTS.B,

29.49%,

4/05/25

..

106

111

992242540.UG.FTS.B,

29.49%,

4/05/25

..

1,682

1,670

992243368.UG.FTS.B,

29.49%,

4/05/25

..

322

332

992247116.UG.FTS.B,

29.49%,

4/05/25

..

243

247

992247201.UG.FTS.B,

29.49%,

4/05/25

..

15

15

992247659.UG.FTS.B,

29.49%,

4/05/25

..

25

–

992252024.UG.FTS.B,

29.49%,

4/05/25

..

73

75

992255844.UG.FTS.B,

29.49%,

4/05/25

..

102

102

992256275.UG.FTS.B,

29.49%,

4/05/25

..

54

55

992258657.UG.FTS.B,

29.49%,

4/05/25

..

153

(8)

992260816.UG.FTS.B,

29.49%,

4/05/25

..

173

21

992264748.UG.FTS.B,

29.49%,

4/05/25

..

52

54

992268866.UG.FTS.B,

29.49%,

4/05/25

..

326

333

992268980.UG.FTS.B,

29.49%,

4/05/25

..

90

93

992271586.UG.FTS.B,

29.49%,

4/05/25

..

157

164

992275943.UG.FTS.B,

29.49%,

4/05/25

..

6

6

992275962.UG.FTS.B,

29.49%,

4/05/25

..

253

260

992275994.UG.FTS.B,

29.49%,

4/05/25

..

49

50

992276049.UG.FTS.B,

29.49%,

4/05/25

..

179

187

992276160.UG.FTS.B,

29.49%,

4/05/25

..

98

102

992279429.UG.FTS.B,

29.49%,

4/05/25

..

44

3

992286064.UG.FTS.B,

29.49%,

4/05/25

..

481

502

992291050.UG.FTS.B,

29.49%,

4/05/25

..

37

38

992291806.UG.FTS.B,

29.49%,

4/05/25

..

527

553

992293542.UG.FTS.B,

29.49%,

4/05/25

..

94

97

992301071.UG.FTS.B,

29.49%,

4/05/25

..

9

9

992301441.UG.FTS.B,

29.49%,

4/05/25

..

202

211

992303097.UG.FTS.B,

29.49%,

4/05/25

..

222

232

992308045.UG.FTS.B,

29.49%,

4/05/25

..

252

253

992312103.UG.FTS.B,

29.49%,

4/05/25

..

445

462

992320378.UG.FTS.B,

29.49%,

4/05/25

..

198

207

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)

992321464.UG.FTS.B,

29.49%,

4/05/25

..

$

278

$

282

992324857.UG.FTS.B,

29.49%,

4/05/25

..

89

93

992326966.UG.FTS.B,

29.49%,

4/05/25

..

128

133

992328217.UG.FTS.B,

29.49%,

4/05/25

..

126

(6)

992329930.UG.FTS.B,

29.49%,

4/05/25

..

5

5

992336198.UG.FTS.B,

29.49%,

4/05/25

..

116

121

992340410.UG.FTS.B,

29.49%,

4/05/25

..

67

67

992341543.UG.FTS.B,

29.49%,

4/05/25

..

75

77

992341609.UG.FTS.B,

29.49%,

4/05/25

..

36

37

992341758.UG.FTS.B,

29.49%,

4/05/25

..

228

239

992344325.UG.FTS.B,

29.49%,

4/05/25

..

141

147

992354024.UG.FTS.B,

29.49%,

4/05/25

..

35

35

992355380.UG.FTS.B,

29.49%,

4/05/25

..

75

77

992359643.UG.FTS.B,

29.49%,

4/05/25

..

419

431

992359656.UG.FTS.B,

29.49%,

4/05/25

..

687

716

992359703.UG.FTS.B,

29.49%,

4/05/25

..

128

134

992361376.UG.FTS.B,

29.49%,

4/05/25

..

55

54

992365877.UG.FTS.B,

29.49%,

4/05/25

..

14

14

992368911.UG.FTS.B,

29.49%,

4/05/25

..

289

294

992369632.UG.FTS.B,

29.49%,

4/05/25

..

223

230

992371487.UG.FTS.B,

29.49%,

4/05/25

..

166

173

992371951.UG.FTS.B,

29.49%,

4/05/25

..

205

213

992377543.UG.FTS.B,

29.49%,

4/05/25

..

705

736

992391014.UG.FTS.B,

29.49%,

4/05/25

..

154

154

992391427.UG.FTS.B,

29.49%,

4/05/25

..

159

166

992394239.UG.FTS.B,

29.49%,

4/05/25

..

153

157

992400924.UG.FTS.B,

29.49%,

4/05/25

..

36

36

992401130.UG.FTS.B,

29.49%,

4/05/25

..

164

172

992401571.UG.FTS.B,

29.49%,

4/05/25

..

83

19

992403505.UG.FTS.B,

29.49%,

4/05/25

..

165

171

992418075.UG.FTS.B,

29.49%,

4/05/25

..

43

43

992419811.UG.FTS.B,

29.49%,

4/05/25

..

126

130

992424526.UG.FTS.B,

29.49%,

4/05/25

..

231

237

992425789.UG.FTS.B,

29.49%,

4/05/25

..

328

338

992426541.UG.FTS.B,

29.49%,

4/05/25

..

440

452

992427607.UG.FTS.B,

29.49%,

4/05/25

..

171

177

992429564.UG.FTS.B,

29.49%,

4/05/25

..

89

93

992433503.UG.FTS.B,

29.49%,

4/05/25

..

–

–

992444668.UG.FTS.B,

29.49%,

4/05/25

..

1,460

1,504

992444707.UG.FTS.B,

29.49%,

4/05/25

..

110

113

992452371.UG.FTS.B,

29.49%,

4/05/25

..

128

132

992454738.UG.FTS.B,

29.49%,

4/05/25

..

1,754

1,807

992455102.UG.FTS.B,

29.49%,

4/05/25

..

326

230

992455358.UG.FTS.B,

29.49%,

4/05/25

..

90

91

992457021.UG.FTS.B,

29.49%,

4/05/25

..

6

6

992459731.UG.FTS.B,

29.49%,

4/05/25

..

60

62

992460627.UG.FTS.B,

29.49%,

4/05/25

..

8

8

992455279.UG.FTS.B,

29.49%,

8/03/25

..

463

325

992245669.UG.FTS.B,

29.49%,

10/03/25

.

88

(4)

992320167.UG.FTS.B,

Zero

Cpn,

11/03/27

–

–

992351381.UG.FTS.B,

21.97%,

12/03/27

.

–

–

992432730.UG.FTS.B,

29.49%,

2/01/28

..

–

–

992456375.UG.FTS.B,

Zero

Cpn,

3/03/28

.

17

1

992252291.UG.FTS.B,

29.49%,

4/03/28

..

10

–

992457201.UG.FTS.B,

29.48%,

5/01/28

..

4

2

992258080.UG.FTS.B,

Zero

Cpn,

5/03/28

.

16

1

992440270.UG.FTS.B,

29.49%,

5/03/28

..

–

–

992327058.UG.FTS.B,

28.98%,

6/02/28

..

14

2

Description

Principal

Amount

Value

Upgrade,

Inc.

-

Card

(continued)

992251113.UG.FTS.B,

29.49%,

6/03/28

..

$

–

$

–

992260902.UG.FTS.B,

29.49%,

6/03/28

..

3

3

992305996.UG.FTS.B,

29.49%,

6/03/28

..

3

3

992356084.UG.FTS.B,

29.49%,

6/03/28

..

6

6

71,935

Upstart

Network,

Inc.

L1729715.UP.FTS.B,

8.39%,

9/17/24

....

2,852

2,839

L1722095.UP.FTS.B,

11.17%,

9/17/24

....

485

483

FW1729768.UP.FTS.B,

11.21%,

9/17/24

..

1,457

1,452

FW1730324.UP.FTS.B,

15.67%,

9/17/24

..

3,972

3,964

L1729539.UP.FTS.B,

18.67%,

9/17/24

....

1,291

1,293

L1730191.UP.FTS.B,

23.36%,

9/17/24

....

1,260

361

L1730194.UP.FTS.B,

23.58%,

9/17/24

....

582

582

FW1730336.UP.FTS.B,

30.16%,

9/17/24

..

2,769

2,768

L1902385.UP.FTS.B,

8.05%,

10/22/24

....

2,511

2,500

L1902094.UP.FTS.B,

9.69%,

10/22/24

....

508

506

L1902354.UP.FTS.B,

12.7%,

10/22/24

....

2,597

2,589

L1902268.UP.FTS.B,

14.19%,

10/22/24

...

2,815

1,109

L1901213.UP.FTS.B,

15.08%,

10/22/24

...

14,017

13,387

FW1900872.UP.FTS.B,

18.12%,

10/22/24

.

3,235

3,248

L1902710.UP.FTS.B,

18.85%,

10/22/24

...

2,980

2,992

FW1902685.UP.FTS.B,

20.49%,

10/22/24

.

1,726

1,653

L1900998.UP.FTS.B,

21.32%,

10/22/24

...

2,748

2,739

FW1902521.UP.FTS.B,

21.52%,

10/22/24

.

584

586

L1901625.UP.FTS.B,

21.76%,

10/22/24

...

3,207

3,191

L1875546.UP.FTS.B,

21.84%,

10/22/24

...

995

995

L1902017.UP.FTS.B,

22.16%,

10/22/24

...

365

361

L1900754.UP.FTS.B,

23.33%,

10/22/24

...

1,952

1,893

FW1901937.UP.FTS.B,

24.32%,

10/22/24

.

6,744

6,722

L2031380.UP.FTS.B,

6.17%,

11/12/24

....

3,921

3,884

L2032548.UP.FTS.B,

7.85%,

11/12/24

....

5,765

5,728

L2031918.UP.FTS.B,

8.28%,

11/12/24

....

1,592

1,582

L2002430.UP.FTS.B,

8.48%,

11/12/24

....

1,653

1,640

L2031630.UP.FTS.B,

9.03%,

11/12/24

....

3,733

3,710

L2031494.UP.FTS.B,

9.06%,

11/12/24

....

3,030

3,009

L2032651.UP.FTS.B,

9.8%,

11/12/24

.....

1,877

1,865

L2033075.UP.FTS.B,

11.83%,

11/12/24

...

6,001

5,956

L2032627.UP.FTS.B,

14.45%,

11/12/24

...

1,106

1,106

L2033117.UP.FTS.B,

15.91%,

11/12/24

...

3,016

3,015

L2032469.UP.FTS.B,

17.26%,

11/12/24

...

275

272

L2031921.UP.FTS.B,

19.5%,

11/12/24

....

3,428

3,428

FW2031299.UP.FTS.B,

21.82%,

11/12/24

.

4,801

4,771

L2031497.UP.FTS.B,

23.3%,

11/12/24

....

1,269

1,261

FW2033085.UP.FTS.B,

25.77%,

11/12/24

.

4,081

4,056

FW2032765.UP.FTS.B,

27.87%,

11/12/24

.

3,640

3,611

FW2030908.UP.FTS.B,

29.29%,

11/12/24

.

2,811

1,724

L2102716.UP.FTS.B,

6.59%,

11/23/24

....

2,622

2,600

L2103900.UP.FTS.B,

7.28%,

11/23/24

....

1,071

1,061

L2102014.UP.FTS.B,

8.1%,

11/23/24

.....

1,802

1,793

L2102521.UP.FTS.B,

9.48%,

11/23/24

....

3,906

3,887

L2102773.UP.FTS.B,

10.25%,

11/23/24

...

645

642

L2103582.UP.FTS.B,

11.94%,

11/23/24

...

3,371

3,355

L2102080.UP.FTS.B,

12.09%,

11/23/24

...

1,457

1,382

L2102945.UP.FTS.B,

12.52%,

11/23/24

...

3,769

539

L2103173.UP.FTS.B,

14.48%,

11/23/24

...

2,450

2,441

FW2102978.UP.FTS.B,

15.1%,

11/23/24

..

2,011

108

L2101642.UP.FTS.B,

15.95%,

11/23/24

...

4,650

1,322

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)

Upstart

Network,

Inc.

(continued)

L2102263.UP.FTS.B,

17.21%,

11/23/24

...

$

1,126

$

1,130

L2103519.UP.FTS.B,

17.52%,

11/23/24

...

1,947

1,952

L2102733.UP.FTS.B,

17.97%,

11/23/24

...

4,612

333

L2099426.UP.FTS.B,

18.86%,

11/23/24

...

1,424

1,424

L2103410.UP.FTS.B,

20.18%,

11/23/24

...

3,138

876

L2103709.UP.FTS.B,

20.75%,

11/23/24

...

1,267

1,271

L2102185.UP.FTS.B,

21.19%,

11/23/24

...

4,330

4,345

L2103127.UP.FTS.B,

21.34%,

11/23/24

...

6,075

6,067

FW2103254.UP.FTS.B,

28.98%,

11/23/24

.

1,935

1,933

L2250253.UP.FTS.B,

5.3%,

12/14/24

....

10,115

10,006

FW2247150.UP.FTS.B,

7.75%,

12/14/24

..

3,060

3,031

L2249821.UP.FTS.B,

9.1%,

12/14/24

....

561

557

L2249474.UP.FTS.B,

9.8%,

12/14/24

....

1,400

1,390

L2249818.UP.FTS.B,

9.92%,

12/14/24

....

2,149

2,133

L2248588.UP.FTS.B,

10.67%,

12/14/24

...

8,446

8,387

L2251137.UP.FTS.B,

11.74%,

12/14/24

...

14,283

14,163

L2249713.UP.FTS.B,

11.85%,

12/14/24

...

2,286

2,271

L2249033.UP.FTS.B,

12.44%,

12/14/24

...

7,421

543

L2249391.UP.FTS.B,

12.58%,

12/14/24

...

1,215

1,207

L2251228.UP.FTS.B,

12.94%,

12/14/24

...

865

858

L2250705.UP.FTS.B,

13.29%,

12/14/24

...

385

380

L2248867.UP.FTS.B,

14.64%,

12/14/24

...

2,661

2,641

L2251099.UP.FTS.B,

15.99%,

12/14/24

...

805

802

FW2249991.UP.FTS.B,

16.74%,

12/14/24

.

2,650

2,646

L2250280.UP.FTS.B,

16.83%,

12/14/24

...

1,931

1,908

L2248645.UP.FTS.B,

17.82%,

12/14/24

...

3,784

2,243

L2249946.UP.FTS.B,

17.98%,

12/14/24

...

2,373

2,370

FW2249440.UP.FTS.B,

19.65%,

12/14/24

.

597

596

L2250240.UP.FTS.B,

20.48%,

12/14/24

...

641

379

L2250459.UP.FTS.B,

21.22%,

12/14/24

...

2,662

2,644

L2248558.UP.FTS.B,

21.57%,

12/14/24

...

256

252

L2251174.UP.FTS.B,

21.98%,

12/14/24

...

1,729

1,708

FW2250657.UP.FTS.B,

22.04%,

12/14/24

.

608

607

L2248667.UP.FTS.B,

22.71%,

12/14/24

...

1,068

77

L2249754.UP.FTS.B,

22.91%,

12/14/24

...

2,001

1,987

L2250234.UP.FTS.B,

24.22%,

12/14/24

...

3,639

260

FW2249744.UP.FTS.B,

24.36%,

12/14/24

.

1,192

1,182

FW2251405.UP.FTS.B,

24.46%,

12/14/24

.

1,232

1,224

FW2250179.UP.FTS.B,

25.41%,

12/14/24

.

2,256

1,367

FW2250656.UP.FTS.B,

26.59%,

12/14/24

.

770

467

FW2250011.UP.FTS.B,

27.44%,

12/14/24

.

2,451

2,429

FW2249611.UP.FTS.B,

28.33%,

12/14/24

.

1,265

1,253

FW2250630.UP.FTS.B,

28.93%,

12/14/24

.

933

926

FW2249206.UP.FTS.B,

28.96%,

12/14/24

.

895

886

FW2248284.UP.FTS.B,

29.12%,

12/14/24

.

1,876

1,855

L2251006.UP.FTS.B,

6.59%,

12/15/24

....

1,380

1,367

L2252015.UP.FTS.B,

6.88%,

12/15/24

....

1,660

1,644

L2253130.UP.FTS.B,

10.71%,

12/15/24

...

3,403

3,382

L2250196.UP.FTS.B,

14.38%,

12/15/24

...

3,193

3,190

FW2251095.UP.FTS.B,

15.84%,

12/15/24

.

1,114

1,078

FW2251549.UP.FTS.B,

16.2%,

12/15/24

..

309

305

L2253233.UP.FTS.B,

17.76%,

12/15/24

...

3,280

3,268

L2251602.UP.FTS.B,

18.36%,

12/15/24

...

2,082

2,080

L2252717.UP.FTS.B,

19.17%,

12/15/24

...

2,988

2,986

FW2253350.UP.FTS.B,

19.8%,

12/15/24

..

2,399

2,385

L2252886.UP.FTS.B,

20.6%,

12/15/24

....

783

783

L2249377.UP.FTS.B,

20.67%,

12/15/24

...

4,522

4,496

L2252058.UP.FTS.B,

20.99%,

12/15/24

...

820

118

Description

Principal

Amount

Value

Upstart

Network,

Inc.

(continued)

L2240893.UP.FTS.B,

21.21%,

12/15/24

...

$

15,120

$

15,110

FW2252326.UP.FTS.B,

21.53%,

12/15/24

.

4,847

4,844

FW2249426.UP.FTS.B,

22.47%,

12/15/24

.

4,123

3,913

FW2251845.UP.FTS.B,

22.89%,

12/15/24

.

1,154

1,143

L2251577.UP.FTS.B,

23.09%,

12/15/24

...

1,958

1,941

L2253201.UP.FTS.B,

23.48%,

12/15/24

...

1,838

1,828

FW2250071.UP.FTS.B,

30.65%,

12/15/24

.

4,579

177

L2248952.UP.FTS.B,

12.98%,

12/21/24

...

4,038

4,013

L2499293.UP.FTS.B,

6.07%,

1/24/25

....

9,243

9,158

L2491823.UP.FTS.B,

6.34%,

1/24/25

....

2,893

2,867

FW2498281.UP.FTS.B,

7.12%,

1/24/25

...

580

574

L2499253.UP.FTS.B,

7.19%,

1/24/25

....

24,433

24,211

L2491568.UP.FTS.B,

7.35%,

1/24/25

....

1,800

1,697

L2499551.UP.FTS.B,

8.93%,

1/24/25

....

5,879

5,841

L2498976.UP.FTS.B,

9.51%,

1/24/25

....

8,850

8,793

L2499846.UP.FTS.B,

10.23%,

1/24/25

....

3,555

3,533

L2498779.UP.FTS.B,

11.48%,

1/24/25

....

597

593

L2497791.UP.FTS.B,

11.97%,

1/24/25

....

2,396

2,383

L2499082.UP.FTS.B,

12.89%,

1/24/25

....

8,429

8,384

FW2499139.UP.FTS.B,

14.86%,

1/24/25

..

913

913

L2499336.UP.FTS.B,

15.49%,

1/24/25

....

917

917

L2497860.UP.FTS.B,

16.59%,

1/24/25

....

923

922

FW2499341.UP.FTS.B,

16.67%,

1/24/25

..

911

910

L2497587.UP.FTS.B,

16.78%,

1/24/25

....

1,109

1,105

FW2497313.UP.FTS.B,

17.51%,

1/24/25

..

37,125

2,700

L2495345.UP.FTS.B,

20.06%,

1/24/25

....

5,711

409

L2499854.UP.FTS.B,

22.79%,

1/24/25

....

4,455

4,452

L2500532.UP.FTS.B,

23.03%,

1/24/25

....

1,128

1,072

FW2497753.UP.FTS.B,

26.22%,

1/24/25

..

3,887

3,869

FW2499886.UP.FTS.B,

26.23%,

1/24/25

..

7,165

7,115

FW2498195.UP.FTS.B,

26.98%,

1/24/25

..

5,707

5,673

FW2497524.UP.FTS.B,

28.76%,

1/24/25

..

1,925

1,914

FW2496668.UP.FTS.B,

5.04%,

1/25/25

...

12,885

12,762

L2501009.UP.FTS.B,

5.3%,

1/25/25

.....

5,749

5,696

L2501544.UP.FTS.B,

6.11%,

1/25/25

.....

2,022

2,004

L2477274.UP.FTS.B,

6.54%,

1/25/25

....

3,754

3,720

L2502696.UP.FTS.B,

7.45%,

1/25/25

....

2,889

2,870

FW2502837.UP.FTS.B,

8.49%,

1/25/25

...

586

583

L2501769.UP.FTS.B,

8.83%,

1/25/25

....

5,876

5,839

FW2502102.UP.FTS.B,

9.39%,

1/25/25

...

333

329

L2501978.UP.FTS.B,

10.16%,

1/25/25

....

1,185

1,177

L2502709.UP.FTS.B,

10.64%,

1/25/25

....

10,566

10,488

FW2502461.UP.FTS.B,

10.75%,

1/25/25

..

1,454

1,442

L2503015.UP.FTS.B,

11.17%,

1/25/25

....

594

591

FW2503195.UP.FTS.B,

11.21%,

1/25/25

..

8,047

8,006

L2501275.UP.FTS.B,

11.42%,

1/25/25

....

1,611

1,601

L2502561.UP.FTS.B,

11.5%,

1/25/25

.....

1,745

1,736

FW2501076.UP.FTS.B,

12.39%,

1/25/25

..

443

439

L2500956.UP.FTS.B,

13.21%,

1/25/25

....

1,540

1,529

FW2503345.UP.FTS.B,

13.6%,

1/25/25

...

1,815

1,806

FW2503482.UP.FTS.B,

16.69%,

1/25/25

..

642

641

FW2501793.UP.FTS.B,

17.35%,

1/25/25

..

1,235

1,235

L2502079.UP.FTS.B,

20.91%,

1/25/25

....

3,150

3,149

L2501394.UP.FTS.B,

21.45%,

1/25/25

....

8,059

8,024

L2500631.UP.FTS.B,

22.56%,

1/25/25

....

6,356

6,328

FW2502139.UP.FTS.B,

27.5%,

1/25/25

...

3,913

3,896

FW2501617.UP.FTS.B,

27.92%,

1/25/25

..

13,070

13,013

FW2503206.UP.FTS.B,

28.84%,

1/25/25

..

740

732

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)

Upstart

Network,

Inc.

(continued)

FW2503051.UP.FTS.B,

29.1%,

1/25/25

...

$

651

$

646

L1729059.UP.FTS.B,

7.36%,

2/17/25

....

839

829

L1730069.UP.FTS.B,

14.07%,

2/17/25

....

11,634

11,066

FW1729714.UP.FTS.B,

27.13%,

2/17/25

..

3,734

3,702

L2031949.UP.FTS.B,

13.15%,

4/12/25

....

8,305

1,155

FW2032694.UP.FTS.B,

22.49%,

4/12/25

..

4,201

4,128

L2971722.UP.FTS.B,

8.62%,

4/19/25

....

12,762

12,650

L2972108.UP.FTS.B,

15.03%,

4/19/25

....

2,275

2,253

L2970836.UP.FTS.B,

15.68%,

4/19/25

....

3,447

3,419

L2970738.UP.FTS.B,

18.85%,

4/19/25

....

2,796

2,777

FW2972173.UP.FTS.B,

22.89%,

4/19/25

..

7,554

7,464

L2103839.UP.FTS.B,

11.98%,

4/23/25

....

4,166

4,131

FW2102772.UP.FTS.B,

25.91%,

4/23/25

..

4,375

311

FW2103646.UP.FTS.B,

26.77%,

4/23/25

..

2,007

585

FW2032368.UP.FTS.B,

20.11%,

4/27/25

..

6,376

6,300

FW2250596.UP.FTS.B,

22.87%,

5/14/25

..

2,225

2,186

FW2248798.UP.FTS.B,

28.6%,

5/14/25

...

1,572

937

L2253008.UP.FTS.B,

17.8%,

5/15/25

....

3,093

3,057

L2253679.UP.FTS.B,

22.11%,

5/15/25

....

2,985

2,941

FW2249116.UP.FTS.B,

28.33%,

5/15/25

..

960

950

L2502143.UP.FTS.B,

21.34%,

6/25/25

....

7,960

7,887

FW2971973.UP.FTS.B,

20.05%,

9/19/25

..

3,018

2,974

L2501451.UP.FTS.B,

13.58%,

11/25/25

...

433

63

FW1729657.UP.FTS.B,

9.44%,

9/17/26

...

5,019

4,983

L1729743.UP.FTS.B,

11.64%,

9/17/26

....

36,408

36,137

L1728160.UP.FTS.B,

12.23%,

9/17/26

....

3,656

3,629

L1728895.UP.FTS.B,

14.87%,

9/17/26

....

1,495

109

L1730112.UP.FTS.B,

15.91%,

9/17/26

....

2,247

2,230

L1729289.UP.FTS.B,

17.07%,

9/17/26

....

2,264

2,247

FW1729819.UP.FTS.B,

18.12%,

9/17/26

..

1,848

134

FW1729970.UP.FTS.B,

18.27%,

9/17/26

..

19,557

18,449

L1729699.UP.FTS.B,

18.77%,

9/17/26

....

2,388

2,360

L1729786.UP.FTS.B,

18.84%,

9/17/26

....

4,579

4,540

L1729529.UP.FTS.B,

20.22%,

9/17/26

....

9,921

9,932

L1729751.UP.FTS.B,

20.66%,

9/17/26

....

5,685

849

FW1730043.UP.FTS.B,

21.14%,

9/17/26

..

3,558

3,563

L1730077.UP.FTS.B,

21.62%,

9/17/26

....

4,718

4,654

L1730290.UP.FTS.B,

23.01%,

9/17/26

....

5,943

5,953

L1730120.UP.FTS.B,

23.06%,

9/17/26

....

8,652

8,650

L1729719.UP.FTS.B,

23.41%,

9/17/26

....

7,716

7,720

L1729627.UP.FTS.B,

24.42%,

9/17/26

....

7,879

7,891

L1729824.UP.FTS.B,

25.14%,

9/17/26

....

5,201

5,207

L1729392.UP.FTS.B,

25.28%,

9/17/26

....

790

791

FW1729883.UP.FTS.B,

25.62%,

9/17/26

..

3,492

3,478

FW1729302.UP.FTS.B,

28.5%,

9/17/26

...

1,127

1,129

FW1730388.UP.FTS.B,

28.64%,

9/17/26

..

12,405

12,424

FW1729684.UP.FTS.B,

29.1%,

9/17/26

...

10,388

3,053

FW1729744.UP.FTS.B,

29.63%,

9/17/26

..

7,286

7,297

FW1729641.UP.FTS.B,

30.22%,

9/17/26

..

3,897

3,903

FW1728143.UP.FTS.B,

30.44%,

9/17/26

..

4,280

4,285

FW1730150.UP.FTS.B,

30.64%,

9/17/26

..

925

921

FW1729390.UP.FTS.B,

32.18%,

9/17/26

..

1,941

1,942

FW1728926.UP.FTS.B,

32.35%,

9/17/26

..

2,237

2,237

FW1729788.UP.FTS.B,

32.4%,

9/17/26

...

4,816

333

FW1902353.UP.FTS.B,

5.71%,

10/22/26

..

9,989

9,919

L1902780.UP.FTS.B,

7.49%,

10/22/26

....

5,025

4,988

L1902219.UP.FTS.B,

10.65%,

10/22/26

...

7,384

7,331

L1901633.UP.FTS.B,

11.17%,

10/22/26

...

3,705

3,678

Description

Principal

Amount

Value

Upstart

Network,

Inc.

(continued)

L1901059.UP.FTS.B,

11.8%,

10/22/26

....

$

2,953

$

2,931

L1901748.UP.FTS.B,

12.93%,

10/22/26

...

6,722

6,675

FW1902782.UP.FTS.B,

14.11%,

10/22/26

.

15,054

14,950

L1901083.UP.FTS.B,

14.22%,

10/22/26

...

3,527

910

L1902333.UP.FTS.B,

15.82%,

10/22/26

...

18,315

18,184

FW1901571.UP.FTS.B,

16.95%,

10/22/26

.

9,604

9,536

L1901582.UP.FTS.B,

17.7%,

10/22/26

....

17,235

2,504

L1901001.UP.FTS.B,

18.48%,

10/22/26

...

3,504

977

FW1901195.UP.FTS.B,

18.66%,

10/22/26

.

1,785

1,771

L1901585.UP.FTS.B,

18.87%,

10/22/26

...

725

714

L1901212.UP.FTS.B,

19.55%,

10/22/26

...

4,698

4,699

L1902855.UP.FTS.B,

19.55%,

10/22/26

...

2,340

2,322

L1901595.UP.FTS.B,

20.19%,

10/22/26

...

3,663

3,461

L1900981.UP.FTS.B,

20.57%,

10/22/26

...

2,788

2,635

L1901936.UP.FTS.B,

21.29%,

10/22/26

...

8,665

8,684

FW1902510.UP.FTS.B,

21.87%,

10/22/26

.

16,831

485

L1902840.UP.FTS.B,

22.56%,

10/22/26

...

10,392

10,310

L1901067.UP.FTS.B,

23.17%,

10/22/26

...

11,937

11,964

L1901771.UP.FTS.B,

24.44%,

10/22/26

...

4,004

3,976

L1901141.UP.FTS.B,

24.79%,

10/22/26

...

1,637

1,562

L1902683.UP.FTS.B,

25.19%,

10/22/26

...

9,650

9,672

L1901660.UP.FTS.B,

25.23%,

10/22/26

...

1,396

1,332

L1901951.UP.FTS.B,

25.24%,

10/22/26

...

1,931

1,935

FW1902836.UP.FTS.B,

25.41%,

10/22/26

.

39,494

39,533

L1902657.UP.FTS.B,

25.42%,

10/22/26

...

1,676

1,676

FW1902401.UP.FTS.B,

25.71%,

10/22/26

.

3,790

3,799

L1902021.UP.FTS.B,

25.72%,

10/22/26

...

2,097

2,102

FW1902199.UP.FTS.B,

26.04%,

10/22/26

.

3,392

3,400

FW1902133.UP.FTS.B,

27.21%,

10/22/26

.

16,247

16,284

FW1886406.UP.FTS.B,

27.97%,

10/22/26

.

10,359

3,064

FW1901053.UP.FTS.B,

28.68%,

10/22/26

.

2,863

2,870

FW1901509.UP.FTS.B,

31.16%,

10/22/26

.

6,746

6,436

FW1902391.UP.FTS.B,

31.19%,

10/22/26

.

2,966

2,972

FW1901303.UP.FTS.B,

31.21%,

10/22/26

.

3,146

3,154

FW1900628.UP.FTS.B,

31.23%,

10/22/26

.

911

913

FW1902299.UP.FTS.B,

31.27%,

10/22/26

.

6,591

6,597

FW1902681.UP.FTS.B,

31.63%,

10/22/26

.

6,636

6,652

FW1901994.UP.FTS.B,

32.7%,

10/22/26

..

6,351

6,354

L2031623.UP.FTS.B,

9.89%,

11/12/26

....

26,742

26,520

L2032896.UP.FTS.B,

9.9%,

11/12/26

.....

5,244

5,203

L2031352.UP.FTS.B,

11.14%,

11/12/26

...

1,802

1,785

L2032147.UP.FTS.B,

11.65%,

11/12/26

...

6,062

6,008

L2032600.UP.FTS.B,

12.19%,

11/12/26

...

5,703

5,652

L2032561.UP.FTS.B,

12.57%,

11/12/26

...

11,441

11,331

FW2032979.UP.FTS.B,

12.77%,

11/12/26

.

6,104

6,050

L2032884.UP.FTS.B,

12.78%,

11/12/26

...

6,104

6,050

FW2032727.UP.FTS.B,

12.91%,

11/12/26

.

2,672

2,649

L2032885.UP.FTS.B,

12.92%,

11/12/26

...

3,693

3,659

FW2031248.UP.FTS.B,

13.13%,

11/12/26

.

6,303

860

FW2032795.UP.FTS.B,

13.19%,

11/12/26

.

6,119

6,065

L2030962.UP.FTS.B,

13.54%,

11/12/26

...

6,149

6,091

FW2032278.UP.FTS.B,

13.85%,

11/12/26

.

3,788

3,754

L2032791.UP.FTS.B,

14.03%,

11/12/26

...

2,272

2,252

L2032226.UP.FTS.B,

14.31%,

11/12/26

...

18,735

18,568

L2031580.UP.FTS.B,

14.88%,

11/12/26

...

1,269

687

L2032373.UP.FTS.B,

14.92%,

11/12/26

...

7,727

7,660

FW2032722.UP.FTS.B,

14.98%,

11/12/26

.

6,175

6,121

L2032174.UP.FTS.B,

15.1%,

11/12/26

....

5,893

423

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)

Upstart

Network,

Inc.

(continued)

FW2032454.UP.FTS.B,

15.76%,

11/12/26

.

$

3,283

$

3,226

L2032268.UP.FTS.B,

15.84%,

11/12/26

...

16,096

15,913

L2033071.UP.FTS.B,

15.91%,

11/12/26

...

2,877

2,852

FW2031845.UP.FTS.B,

15.93%,

11/12/26

.

12,386

1,749

FW2032538.UP.FTS.B,

16.45%,

11/12/26

.

3,967

2,110

L2032366.UP.FTS.B,

16.55%,

11/12/26

...

6,036

5,981

L2033082.UP.FTS.B,

16.64%,

11/12/26

...

13,532

7,188

L2030808.UP.FTS.B,

16.75%,

11/12/26

...

6,637

6,580

FW2032502.UP.FTS.B,

16.77%,

11/12/26

.

6,254

6,195

L2033005.UP.FTS.B,

16.99%,

11/12/26

...

3,132

3,095

L2033008.UP.FTS.B,

17.14%,

11/12/26

...

5,009

4,957

L2031479.UP.FTS.B,

17.32%,

11/12/26

...

12,372

3,325

L2030768.UP.FTS.B,

17.71%,

11/12/26

...

3,925

3,885

L2032284.UP.FTS.B,

17.94%,

11/12/26

...

3,937

3,883

L2032006.UP.FTS.B,

17.99%,

11/12/26

...

4,918

4,848

FW2031117.UP.FTS.B,

18.34%,

11/12/26

.

7,878

7,784

L2032837.UP.FTS.B,

18.39%,

11/12/26

...

7,880

7,799

L2030864.UP.FTS.B,

18.46%,

11/12/26

...

7,568

7,503

L2032849.UP.FTS.B,

19.14%,

11/12/26

...

9,494

9,396

FW2032194.UP.FTS.B,

19.49%,

11/12/26

.

5,945

5,874

L2030806.UP.FTS.B,

19.55%,

11/12/26

...

3,172

3,134

FW2032947.UP.FTS.B,

19.59%,

11/12/26

.

19,880

19,697

L2031425.UP.FTS.B,

19.77%,

11/12/26

...

4,963

4,902

L2031289.UP.FTS.B,

19.82%,

11/12/26

...

6,353

6,277

L2032060.UP.FTS.B,

20.25%,

11/12/26

...

4,775

4,718

L2032456.UP.FTS.B,

20.93%,

11/12/26

...

1,196

1,181

L2030794.UP.FTS.B,

21.21%,

11/12/26

...

1,360

1,343

L2032266.UP.FTS.B,

21.24%,

11/12/26

...

3,982

3,971

FW2033134.UP.FTS.B,

22.19%,

11/12/26

.

6,383

3,770

L2032183.UP.FTS.B,

24.12%,

11/12/26

...

8,117

8,097

FW2032995.UP.FTS.B,

24.13%,

11/12/26

.

2,441

2,408

FW2031872.UP.FTS.B,

24.66%,

11/12/26

.

24,415

24,353

FW2033202.UP.FTS.B,

25.01%,

11/12/26

.

12,639

12,591

L2032407.UP.FTS.B,

25.01%,

11/12/26

...

983

979

L2032689.UP.FTS.B,

25.21%,

11/12/26

...

4,732

4,676

FW2031174.UP.FTS.B,

25.25%,

11/12/26

.

7,643

7,619

L2032525.UP.FTS.B,

25.33%,

11/12/26

...

816

807

L2031145.UP.FTS.B,

25.44%,

11/12/26

...

3,840

3,794

L2030886.UP.FTS.B,

25.5%,

11/12/26

....

16,915

16,872

L2031934.UP.FTS.B,

25.51%,

11/12/26

...

2,452

2,445

FW2031600.UP.FTS.B,

26.6%,

11/12/26

..

4,045

4,032

FW2031539.UP.FTS.B,

26.65%,

11/12/26

.

4,221

2,497

L2032677.UP.FTS.B,

26.71%,

11/12/26

...

6,574

6,558

FW2032877.UP.FTS.B,

27.2%,

11/12/26

..

4,037

4,022

FW2003411.UP.FTS.B,

27.5%,

11/12/26

..

6,233

6,209

FW2032753.UP.FTS.B,

27.55%,

11/12/26

.

1,152

1,149

FW2031263.UP.FTS.B,

27.74%,

11/12/26

.

3,511

515

FW2032946.UP.FTS.B,

27.87%,

11/12/26

.

20,786

20,702

FW2033144.UP.FTS.B,

29.76%,

11/12/26

.

2,693

191

FW2032799.UP.FTS.B,

29.91%,

11/12/26

.

2,001

1,996

FW2030797.UP.FTS.B,

30%,

11/12/26

...

18,865

18,796

FW2033131.UP.FTS.B,

30.02%,

11/12/26

.

559

549

FW2033213.UP.FTS.B,

30.17%,

11/12/26

.

1,252

1,249

FW2031644.UP.FTS.B,

30.67%,

11/12/26

.

1,506

1,502

FW2031627.UP.FTS.B,

30.86%,

11/12/26

.

4,186

4,176

FW2031985.UP.FTS.B,

31%,

11/12/26

...

1,448

1,431

FW2031873.UP.FTS.B,

31.05%,

11/12/26

.

838

836

FW2032325.UP.FTS.B,

31.07%,

11/12/26

.

1,005

1,003

Description

Principal

Amount

Value

Upstart

Network,

Inc.

(continued)

FW2031596.UP.FTS.B,

31.1%,

11/12/26

..

$

4,621

$

4,604

FW2032994.UP.FTS.B,

31.15%,

11/12/26

.

2,832

63

FW2033066.UP.FTS.B,

31.16%,

11/12/26

.

6,121

6,105

FW2031715.UP.FTS.B,

31.33%,

11/12/26

.

4,026

4,015

FW2033208.UP.FTS.B,

31.39%,

11/12/26

.

3,187

3,179

FW2101958.UP.FTS.B,

6.23%,

11/23/26

..

28,537

28,350

L2101736.UP.FTS.B,

8.06%,

11/23/26

....

713

708

L2103598.UP.FTS.B,

8.71%,

11/23/26

....

11,901

11,819

L2102006.UP.FTS.B,

8.84%,

11/23/26

....

37,221

36,965

FW2103621.UP.FTS.B,

10.34%,

11/23/26

.

4,407

4,374

L2101981.UP.FTS.B,

11.14%,

11/23/26

...

6,773

6,724

L2102059.UP.FTS.B,

12.22%,

11/23/26

...

16,128

16,013

L2101522.UP.FTS.B,

12.34%,

11/23/26

...

25,491

25,312

L2103822.UP.FTS.B,

12.78%,

11/23/26

...

3,815

3,788

L2101315.UP.FTS.B,

12.86%,

11/23/26

...

5,344

5,306

L2102939.UP.FTS.B,

13.35%,

11/23/26

...

2,679

2,661

L2076017.UP.FTS.B,

13.49%,

11/23/26

...

2,897

2,874

L2095249.UP.FTS.B,

14.31%,

11/23/26

...

12,320

12,235

L2101130.UP.FTS.B,

14.68%,

11/23/26

...

2,800

201

L2102807.UP.FTS.B,

15.1%,

11/23/26

....

12,916

613

FW2102638.UP.FTS.B,

15.48%,

11/23/26

.

6,766

6,706

L2068146.UP.FTS.B,

16.06%,

11/23/26

...

7,779

7,721

L2102751.UP.FTS.B,

16.5%,

11/23/26

....

3,119

3,096

L2103150.UP.FTS.B,

16.57%,

11/23/26

...

4,515

4,482

FW2101751.UP.FTS.B,

16.63%,

11/23/26

.

15,606

15,490

L2101428.UP.FTS.B,

17.6%,

11/23/26

....

12,863

1,895

L2099233.UP.FTS.B,

17.83%,

11/23/26

...

12,513

12,418

L2050778.UP.FTS.B,

18.01%,

11/23/26

...

7,077

7,025

FW2101742.UP.FTS.B,

18.05%,

11/23/26

.

6,371

242

L2102561.UP.FTS.B,

18.92%,

11/23/26

...

4,188

135

L2102051.UP.FTS.B,

19.71%,

11/23/26

...

4,590

4,335

L2103543.UP.FTS.B,

19.91%,

11/23/26

...

820

122

FW2102941.UP.FTS.B,

20.37%,

11/23/26

.

15,927

15,954

L2102313.UP.FTS.B,

20.5%,

11/23/26

....

1,186

1,188

L2102253.UP.FTS.B,

20.85%,

11/23/26

...

6,228

6,239

L2102703.UP.FTS.B,

20.89%,

11/23/26

...

4,154

1,209

L2103089.UP.FTS.B,

22.24%,

11/23/26

...

6,953

498

L2103055.UP.FTS.B,

22.44%,

11/23/26

...

1,046

1,038

L2102400.UP.FTS.B,

22.64%,

11/23/26

...

4,794

4,800

L2101750.UP.FTS.B,

24.17%,

11/23/26

...

5,713

5,714

L2102299.UP.FTS.B,

24.27%,

11/23/26

...

5,741

412

L2103547.UP.FTS.B,

24.76%,

11/23/26

...

896

889

FW2102727.UP.FTS.B,

24.84%,

11/23/26

.

3,258

3,264

L2103842.UP.FTS.B,

25.11%,

11/23/26

...

3,262

3,236

L2101935.UP.FTS.B,

25.31%,

11/23/26

...

1,061

1,063

L2103945.UP.FTS.B,

25.34%,

11/23/26

...

2,244

2,243

L2101880.UP.FTS.B,

25.39%,

11/23/26

...

2,452

2,457

L2103491.UP.FTS.B,

25.4%,

11/23/26

....

798

792

L2102346.UP.FTS.B,

25.43%,

11/23/26

...

4,248

4,255

L2103588.UP.FTS.B,

25.44%,

11/23/26

...

3,023

3,028

L2103899.UP.FTS.B,

25.44%,

11/23/26

...

3,168

227

L2102991.UP.FTS.B,

25.76%,

11/23/26

...

3,652

261

L2102028.UP.FTS.B,

25.89%,

11/23/26

...

4,912

4,921

L2052565.UP.FTS.B,

26.09%,

11/23/26

...

13,357

13,382

FW2101678.UP.FTS.B,

26.5%,

11/23/26

..

3,000

886

FW2103284.UP.FTS.B,

27.1%,

11/23/26

..

3,241

3,244

FW2103532.UP.FTS.B,

28.75%,

11/23/26

.

8,294

8,310

FW2102091.UP.FTS.B,

29.86%,

11/23/26

.

4,896

1,458

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)

Upstart

Network,

Inc.

(continued)

FW2101041.UP.FTS.B,

30.44%,

11/23/26

.

$

5,960

$

5,691

FW2102371.UP.FTS.B,

30.85%,

11/23/26

.

6,695

6,709

FW2103415.UP.FTS.B,

31.09%,

11/23/26

.

10,877

10,875

FW2103786.UP.FTS.B,

31.2%,

11/23/26

..

1,333

1,328

FW2103069.UP.FTS.B,

31.22%,

11/23/26

.

1,844

1,848

FW2102063.UP.FTS.B,

31.99%,

11/23/26

.

13,281

3,946

FW2102410.UP.FTS.B,

22.44%,

12/07/26

.

4,092

4,092

L2250662.UP.FTS.B,

8.88%,

12/14/26

....

8,358

8,290

L2249279.UP.FTS.B,

9.09%,

12/14/26

....

3,804

3,773

L2251398.UP.FTS.B,

9.28%,

12/14/26

....

6,093

6,044

L2250829.UP.FTS.B,

9.77%,

12/14/26

....

1,138

1,126

L2247842.UP.FTS.B,

9.8%,

12/14/26

....

5,654

5,608

L2251213.UP.FTS.B,

9.85%,

12/14/26

....

9,171

9,085

FW2251249.UP.FTS.B,

10.34%,

12/14/26

.

14,564

14,428

L2248805.UP.FTS.B,

10.51%,

12/14/26

...

7,913

4,210

L2249903.UP.FTS.B,

11.03%,

12/14/26

...

2,309

2,287

FW2249671.UP.FTS.B,

11.35%,

12/14/26

.

14,180

14,054

L2251005.UP.FTS.B,

11.75%,

12/14/26

...

12,904

3,270

FW2249158.UP.FTS.B,

11.8%,

12/14/26

..

11,597

11,489

L2251043.UP.FTS.B,

12.11%,

12/14/26

...

24,784

24,553

L2250070.UP.FTS.B,

12.15%,

12/14/26

...

5,404

5,353

L2251230.UP.FTS.B,

12.48%,

12/14/26

...

1,511

1,497

L2249726.UP.FTS.B,

12.59%,

12/14/26

...

6,931

6,865

L2251302.UP.FTS.B,

12.76%,

12/14/26

...

4,653

4,609

L2250389.UP.FTS.B,

13.11%,

12/14/26

...

15,907

8,461

L2247235.UP.FTS.B,

13.18%,

12/14/26

...

3,117

3,088

L2250820.UP.FTS.B,

13.59%,

12/14/26

...

2,499

2,476

FW2250025.UP.FTS.B,

13.65%,

12/14/26

.

5,862

5,808

L2240508.UP.FTS.B,

14.03%,

12/14/26

...

200

198

L2251167.UP.FTS.B,

14.16%,

12/14/26

...

6,695

6,629

L2247268.UP.FTS.B,

14.22%,

12/14/26

...

38,607

38,162

L2249868.UP.FTS.B,

14.41%,

12/14/26

...

4,801

2,552

L2250559.UP.FTS.B,

14.84%,

12/14/26

...

5,922

5,863

FW2250857.UP.FTS.B,

15.23%,

12/14/26

.

23,379

23,109

L2251440.UP.FTS.B,

16.23%,

12/14/26

...

1,148

1,134

L2249248.UP.FTS.B,

16.43%,

12/14/26

...

9,447

9,339

L2250291.UP.FTS.B,

16.44%,

12/14/26

...

6,474

1,738

L2250670.UP.FTS.B,

16.58%,

12/14/26

...

3,970

3,933

L2250624.UP.FTS.B,

16.92%,

12/14/26

...

4,773

4,720

L2249982.UP.FTS.B,

16.98%,

12/14/26

...

993

72

FW2250678.UP.FTS.B,

17.4%,

12/14/26

..

2,992

215

L2249629.UP.FTS.B,

17.8%,

12/14/26

....

5,062

5,014

L2249002.UP.FTS.B,

18.13%,

12/14/26

...

2,802

2,765

L2250560.UP.FTS.B,

18.18%,

12/14/26

...

8,007

7,903

FW2248499.UP.FTS.B,

18.23%,

12/14/26

.

4,414

634

FW2248341.UP.FTS.B,

18.43%,

12/14/26

.

20,251

20,007

L2248252.UP.FTS.B,

18.48%,

12/14/26

...

2,408

2,373

FW2249113.UP.FTS.B,

18.58%,

12/14/26

.

20,058

19,798

FW2249102.UP.FTS.B,

18.66%,

12/14/26

.

5,272

383

L2249404.UP.FTS.B,

18.82%,

12/14/26

...

3,423

950

L2250154.UP.FTS.B,

19.32%,

12/14/26

...

8,687

621

L2250499.UP.FTS.B,

19.65%,

12/14/26

...

2,904

2,872

L2251037.UP.FTS.B,

19.7%,

12/14/26

....

1,451

1,435

L2249412.UP.FTS.B,

19.96%,

12/14/26

...

1,625

1,605

L2248975.UP.FTS.B,

19.98%,

12/14/26

...

8,502

8,400

FW2251119.UP.FTS.B,

20.09%,

12/14/26

.

871

856

L2249483.UP.FTS.B,

20.19%,

12/14/26

...

8,089

7,984

FW2250365.UP.FTS.B,

20.49%,

12/14/26

.

24,231

23,958

Description

Principal

Amount

Value

Upstart

Network,

Inc.

(continued)

L2250843.UP.FTS.B,

20.5%,

12/14/26

....

$

4,457

$

4,399

L2250558.UP.FTS.B,

20.67%,

12/14/26

...

6,568

6,544

L2251409.UP.FTS.B,

20.71%,

12/14/26

...

9,733

9,606

L2251393.UP.FTS.B,

20.81%,

12/14/26

...

4,008

3,991

L2249780.UP.FTS.B,

21.14%,

12/14/26

...

6,502

6,478

L2250707.UP.FTS.B,

21.52%,

12/14/26

...

4,899

4,839

L2249030.UP.FTS.B,

21.69%,

12/14/26

...

1,793

1,770

L2249288.UP.FTS.B,

21.82%,

12/14/26

...

4,404

4,388

L2249149.UP.FTS.B,

21.87%,

12/14/26

...

8,156

8,050

FW2248314.UP.FTS.B,

21.92%,

12/14/26

.

2,855

2,845

L2249898.UP.FTS.B,

22.33%,

12/14/26

...

17,943

17,741

L2251333.UP.FTS.B,

22.77%,

12/14/26

...

13,368

13,299

L2249183.UP.FTS.B,

22.87%,

12/14/26

...

2,868

2,858

L2250810.UP.FTS.B,

23.01%,

12/14/26

...

5,767

5,737

FW2251497.UP.FTS.B,

23.11%,

12/14/26

.

4,669

4,592

L2250010.UP.FTS.B,

23.56%,

12/14/26

...

4,111

4,096

FW2248500.UP.FTS.B,

23.6%,

12/14/26

..

2,468

2,459

FW2248932.UP.FTS.B,

23.62%,

12/14/26

.

1,677

990

L2249765.UP.FTS.B,

23.67%,

12/14/26

...

3,291

3,278

L2250948.UP.FTS.B,

23.7%,

12/14/26

....

37,023

36,883

L2248306.UP.FTS.B,

23.97%,

12/14/26

...

20,595

20,517

FW2249399.UP.FTS.B,

24.09%,

12/14/26

.

3,874

559

L2250334.UP.FTS.B,

24.44%,

12/14/26

...

7,182

7,088

L2250245.UP.FTS.B,

24.75%,

12/14/26

...

1,546

1,535

L2250314.UP.FTS.B,

24.91%,

12/14/26

...

2,896

2,888

L2249782.UP.FTS.B,

24.98%,

12/14/26

...

3,476

3,463

L2248144.UP.FTS.B,

25.08%,

12/14/26

...

3,846

3,826

L2250779.UP.FTS.B,

25.12%,

12/14/26

...

1,589

1,581

L2249254.UP.FTS.B,

25.13%,

12/14/26

...

6,722

3,969

L2248450.UP.FTS.B,

25.14%,

12/14/26

...

5,052

2,821

L2248417.UP.FTS.B,

25.23%,

12/14/26

...

1,823

1,816

L2249856.UP.FTS.B,

25.32%,

12/14/26

...

995

991

L2240158.UP.FTS.B,

25.37%,

12/14/26

...

10,317

484

L2249823.UP.FTS.B,

25.41%,

12/14/26

...

3,626

3,580

L2249987.UP.FTS.B,

25.42%,

12/14/26

...

1,869

134

L2251395.UP.FTS.B,

25.45%,

12/14/26

...

1,825

1,818

L2251149.UP.FTS.B,

25.46%,

12/14/26

...

2,156

1,279

L2249309.UP.FTS.B,

25.75%,

12/14/26

...

3,490

3,477

L2250992.UP.FTS.B,

25.92%,

12/14/26

...

8,321

8,274

FW2250494.UP.FTS.B,

25.95%,

12/14/26

.

3,594

257

L2247535.UP.FTS.B,

25.95%,

12/14/26

...

4,977

4,902

FW2248550.UP.FTS.B,

26.2%,

12/14/26

..

3,745

3,731

L2249257.UP.FTS.B,

26.38%,

12/14/26

...

7,411

7,374

FW2249342.UP.FTS.B,

27.92%,

12/14/26

.

4,719

4,686

FW2251120.UP.FTS.B,

28.37%,

12/14/26

.

10,921

10,878

FW2249976.UP.FTS.B,

28.77%,

12/14/26

.

1,566

1,554

FW2249682.UP.FTS.B,

30.35%,

12/14/26

.

1,370

1,361

FW2249951.UP.FTS.B,

30.44%,

12/14/26

.

1,717

1,709

FW2249983.UP.FTS.B,

30.63%,

12/14/26

.

1,626

1,617

FW2250251.UP.FTS.B,

30.69%,

12/14/26

.

5,048

1,472

FW2251385.UP.FTS.B,

30.75%,

12/14/26

.

4,750

4,687

FW2249049.UP.FTS.B,

30.95%,

12/14/26

.

5,377

5,347

FW2249935.UP.FTS.B,

30.97%,

12/14/26

.

3,095

3,076

FW2247285.UP.FTS.B,

30.98%,

12/14/26

.

5,293

775

FW2248234.UP.FTS.B,

31.09%,

12/14/26

.

7,051

7,023

FW2251092.UP.FTS.B,

31.1%,

12/14/26

..

1,614

1,607

FW2250801.UP.FTS.B,

31.11%,

12/14/26

.

2,398

2,382

FW2249041.UP.FTS.B,

31.12%,

12/14/26

.

935

931

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)

Upstart

Network,

Inc.

(continued)

FW2250974.UP.FTS.B,

31.12%,

12/14/26

.

$

2,807

$

2,790

FW2251215.UP.FTS.B,

31.16%,

12/14/26

.

3,484

3,470

FW2248893.UP.FTS.B,

31.17%,

12/14/26

.

1,530

1,524

FW2249653.UP.FTS.B,

31.19%,

12/14/26

.

3,229

3,216

FW2251410.UP.FTS.B,

31.25%,

12/14/26

.

3,929

3,907

FW2247969.UP.FTS.B,

31.61%,

12/14/26

.

5,525

3,293

FW2250563.UP.FTS.B,

31.74%,

12/14/26

.

2,918

427

L2251963.UP.FTS.B,

7.31%,

12/15/26

....

9,362

9,288

L2252296.UP.FTS.B,

8.02%,

12/15/26

....

11,336

11,248

L2141755.UP.FTS.B,

8.51%,

12/15/26

....

37,130

36,835

L2251219.UP.FTS.B,

8.53%,

12/15/26

....

1,895

1,880

L2252339.UP.FTS.B,

8.65%,

12/15/26

....

18,967

18,820

L2252737.UP.FTS.B,

8.71%,

12/15/26

....

15,939

15,816

L2252298.UP.FTS.B,

8.83%,

12/15/26

....

2,307

2,287

L2252476.UP.FTS.B,

9.18%,

12/15/26

....

7,612

7,554

FW2253701.UP.FTS.B,

10.99%,

12/15/26

.

9,961

9,873

L2253738.UP.FTS.B,

11.28%,

12/15/26

...

23,124

22,922

L2247794.UP.FTS.B,

12.65%,

12/15/26

...

3,496

3,466

L2253650.UP.FTS.B,

13.61%,

12/15/26

...

5,078

5,034

L2253384.UP.FTS.B,

13.79%,

12/15/26

...

9,384

9,303

L2251912.UP.FTS.B,

13.91%,

12/15/26

...

2,739

2,715

L2253091.UP.FTS.B,

14.6%,

12/15/26

....

23,438

23,234

L2252906.UP.FTS.B,

14.66%,

12/15/26

...

8,722

8,647

L2252920.UP.FTS.B,

14.66%,

12/15/26

...

2,357

2,337

L2252226.UP.FTS.B,

14.86%,

12/15/26

...

39,573

39,214

L2252357.UP.FTS.B,

15.18%,

12/15/26

...

4,354

4,312

L2252931.UP.FTS.B,

15.49%,

12/15/26

...

2,698

2,668

FW2249675.UP.FTS.B,

16.01%,

12/15/26

.

11,857

11,734

L2252976.UP.FTS.B,

16.75%,

12/15/26

...

5,048

4,995

L2252902.UP.FTS.B,

16.77%,

12/15/26

...

6

6

L2252199.UP.FTS.B,

17.21%,

12/15/26

...

7,488

7,425

L2251888.UP.FTS.B,

17.72%,

12/15/26

...

5,102

734

L2253164.UP.FTS.B,

17.76%,

12/15/26

...

4,358

4,294

FW2252613.UP.FTS.B,

17.78%,

12/15/26

.

3,195

3,153

L2253110.UP.FTS.B,

17.96%,

12/15/26

...

5,263

381

FW2253547.UP.FTS.B,

18.3%,

12/15/26

..

3,007

2,953

L2251960.UP.FTS.B,

19.3%,

12/15/26

....

9,383

681

L2252566.UP.FTS.B,

19.55%,

12/15/26

...

4,812

4,771

FW2251546.UP.FTS.B,

19.76%,

12/15/26

.

12,108

11,964

L2252438.UP.FTS.B,

19.81%,

12/15/26

...

3,230

3,191

L2252318.UP.FTS.B,

20.43%,

12/15/26

...

2,430

2,401

L2250838.UP.FTS.B,

20.47%,

12/15/26

...

2,852

2,797

L2251727.UP.FTS.B,

20.77%,

12/15/26

...

2,031

2,004

L2253118.UP.FTS.B,

21.32%,

12/15/26

...

16,269

16,228

L2252879.UP.FTS.B,

22.23%,

12/15/26

...

899

897

L2251670.UP.FTS.B,

22.36%,

12/15/26

...

4,089

4,079

L2252753.UP.FTS.B,

22.36%,

12/15/26

...

2,963

2,923

L2252135.UP.FTS.B,

22.59%,

12/15/26

...

2,455

2,449

L2251712.UP.FTS.B,

23.15%,

12/15/26

...

23,992

23,900

L2253195.UP.FTS.B,

24.23%,

12/15/26

...

1,788

129

FW2253422.UP.FTS.B,

24.48%,

12/15/26

.

9,704

9,665

L2250541.UP.FTS.B,

24.85%,

12/15/26

...

2,484

2,473

L2252209.UP.FTS.B,

25.21%,

12/15/26

...

1,207

1,203

L2204211.UP.FTS.B,

25.24%,

12/15/26

...

250

246

L2252447.UP.FTS.B,

25.4%,

12/15/26

....

995

993

L2253781.UP.FTS.B,

25.42%,

12/15/26

...

5,077

53

FW2253392.UP.FTS.B,

25.5%,

12/15/26

..

5,890

5,870

FW2252481.UP.FTS.B,

26.36%,

12/15/26

.

10,825

10,798

Description

Principal

Amount

Value

Upstart

Network,

Inc.

(continued)

FW2252287.UP.FTS.B,

26.45%,

12/15/26

.

$

1,317

$

93

FW2248936.UP.FTS.B,

26.48%,

12/15/26

.

4,925

4,908

FW2251714.UP.FTS.B,

28.54%,

12/15/26

.

5,001

4,986

FW2252023.UP.FTS.B,

28.67%,

12/15/26

.

3,869

3,859

FW2253234.UP.FTS.B,

28.94%,

12/15/26

.

9,164

9,135

FW2252989.UP.FTS.B,

29.41%,

12/15/26

.

9,437

8,968

FW2252065.UP.FTS.B,

29.59%,

12/15/26

.

7,991

(20)

FW2252237.UP.FTS.B,

29.62%,

12/15/26

.

5,093

752

FW2252233.UP.FTS.B,

30.05%,

12/15/26

.

2,115

2,110

FW2247630.UP.FTS.B,

30.42%,

12/15/26

.

2,634

2,624

FW2252687.UP.FTS.B,

30.62%,

12/15/26

.

12,717

12,687

FW2252113.UP.FTS.B,

30.81%,

12/15/26

.

1,188

1,186

FW2251570.UP.FTS.B,

31.17%,

12/15/26

.

10,199

10,175

FW2253186.UP.FTS.B,

31.17%,

12/15/26

.

1,784

1,780

FW2253542.UP.FTS.B,

31.19%,

12/15/26

.

1,615

1,611

FW2251389.UP.FTS.B,

31.46%,

12/15/26

.

16,149

16,087

FW2251813.UP.FTS.B,

31.46%,

12/15/26

.

3,639

3,628

FW2251566.UP.FTS.B,

31.95%,

12/15/26

.

5,660

399

L2253562.UP.FTS.B,

23.61%,

12/28/26

...

4,146

4,138

L2499407.UP.FTS.B,

5.37%,

1/24/27

....

37,938

37,687

L2497781.UP.FTS.B,

5.7%,

1/24/27

.....

4,561

4,531

L2499766.UP.FTS.B,

6.26%,

1/24/27

....

4,577

4,547

FW2499326.UP.FTS.B,

6.71%,

1/24/27

...

6,119

6,079

L2498743.UP.FTS.B,

7.47%,

1/24/27

....

8,451

8,388

L2492277.UP.FTS.B,

7.6%,

1/24/27

.....

5,229

5,189

L2500086.UP.FTS.B,

7.95%,

1/24/27

....

9,624

9,549

L2497458.UP.FTS.B,

8.44%,

1/24/27

....

27,000

26,798

L2497353.UP.FTS.B,

9.69%,

1/24/27

....

10,093

10,018

L2499026.UP.FTS.B,

10.04%,

1/24/27

....

15,600

15,484

L2498801.UP.FTS.B,

10.59%,

1/24/27

....

21,115

20,941

L2499730.UP.FTS.B,

10.93%,

1/24/27

....

7,808

7,743

L2500305.UP.FTS.B,

11.35%,

1/24/27

....

785

779

L2498662.UP.FTS.B,

11.41%,

1/24/27

....

7,856

7,791

FW2499235.UP.FTS.B,

11.45%,

1/24/27

..

5,101

5,058

L2498623.UP.FTS.B,

12.18%,

1/24/27

....

1,736

1,721

L2497448.UP.FTS.B,

12.57%,

1/24/27

....

8,599

621

FW2497574.UP.FTS.B,

12.62%,

1/24/27

..

27,187

25,565

L2497797.UP.FTS.B,

12.7%,

1/24/27

....

5,538

5,492

L2500282.UP.FTS.B,

13.29%,

1/24/27

....

7,937

7,872

L2500590.UP.FTS.B,

13.43%,

1/24/27

....

896

886

L2498730.UP.FTS.B,

14.35%,

1/24/27

....

4,788

4,749

FW2499948.UP.FTS.B,

14.6%,

1/24/27

...

5,593

5,547

L2499978.UP.FTS.B,

14.9%,

1/24/27

....

28,493

26,804

L2500513.UP.FTS.B,

14.9%,

1/24/27

....

16,006

15,874

L2499400.UP.FTS.B,

15.39%,

1/24/27

....

11,941

527

L2498019.UP.FTS.B,

15.41%,

1/24/27

....

24,072

23,874

L2499756.UP.FTS.B,

15.54%,

1/24/27

....

23,152

21,779

FW2500346.UP.FTS.B,

16.35%,

1/24/27

..

16,818

16,641

L2494019.UP.FTS.B,

16.44%,

1/24/27

....

4,839

4,793

L2497377.UP.FTS.B,

16.51%,

1/24/27

....

4,438

4,395

L2499556.UP.FTS.B,

16.78%,

1/24/27

....

18,669

1,354

L2499062.UP.FTS.B,

17.84%,

1/24/27

....

1,243

1,170

FW2494435.UP.FTS.B,

17.9%,

1/24/27

...

32,124

31,806

L2500130.UP.FTS.B,

18.16%,

1/24/27

....

5,694

5,631

L2497198.UP.FTS.B,

18.3%,

1/24/27

....

4,885

4,831

L2498470.UP.FTS.B,

18.32%,

1/24/27

....

10,892

10,794

L2499350.UP.FTS.B,

18.35%,

1/24/27

....

24,321

24,048

L2500098.UP.FTS.B,

18.6%,

1/24/27

....

6,114

6,055

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)

L2497796.UP.FTS.B,

18.8%,

1/24/27

....

$

5,711

$

5,648

L2500341.UP.FTS.B,

18.83%,

1/24/27

....

2,041

2,018

L2497754.UP.FTS.B,

19.19%,

1/24/27

....

2,534

2,506

FW2498275.UP.FTS.B,

19.45%,

1/24/27

..

8,090

7,996

L2499146.UP.FTS.B,

19.77%,

1/24/27

....

3,817

3,596

L2498546.UP.FTS.B,

19.91%,

1/24/27

....

5,423

5,355

L2497528.UP.FTS.B,

19.93%,

1/24/27

....

4,101

4,056

L2499090.UP.FTS.B,

20.13%,

1/24/27

....

4,926

4,872

FW2498254.UP.FTS.B,

20.72%,

1/24/27

..

2,508

2,389

FW2499205.UP.FTS.B,

20.72%,

1/24/27

..

5,060

4,816

L2497852.UP.FTS.B,

20.98%,

1/24/27

....

3,056

459

L2499153.UP.FTS.B,

21.13%,

1/24/27

....

990

979

L2498554.UP.FTS.B,

21.26%,

1/24/27

....

4,284

1,217

L2497527.UP.FTS.B,

21.34%,

1/24/27

....

4,128

4,122

L2497646.UP.FTS.B,

21.52%,

1/24/27

....

1,206

1,187

L2497439.UP.FTS.B,

21.55%,

1/24/27

....

4,608

4,541

L2500177.UP.FTS.B,

21.66%,

1/24/27

....

4,962

4,955

FW2494038.UP.FTS.B,

22.37%,

1/24/27

..

3,318

3,281

L2499540.UP.FTS.B,

22.38%,

1/24/27

....

5,040

4,801

L2497652.UP.FTS.B,

22.95%,

1/24/27

....

848

61

FW2497553.UP.FTS.B,

23.05%,

1/24/27

..

14,467

14,442

FW2498441.UP.FTS.B,

23.1%,

1/24/27

...

8,987

8,974

L2500427.UP.FTS.B,

23.85%,

1/24/27

....

8,779

8,688

L2499847.UP.FTS.B,

24.09%,

1/24/27

....

21,086

19,862

L2500224.UP.FTS.B,

25.04%,

1/24/27

....

4,938

4,705

L2500298.UP.FTS.B,

25.15%,

1/24/27

....

1,343

1,328

FW2497649.UP.FTS.B,

25.29%,

1/24/27

..

33,600

33,548

L2500002.UP.FTS.B,

25.3%,

1/24/27

....

3,274

233

L2498291.UP.FTS.B,

25.35%,

1/24/27

....

1,061

164

L2500230.UP.FTS.B,

25.4%,

1/24/27

....

4,370

4,363

L2500426.UP.FTS.B,

25.41%,

1/24/27

....

1,093

1,091

L2497705.UP.FTS.B,

25.44%,

1/24/27

....

3,346

3,184

L2500467.UP.FTS.B,

25.44%,

1/24/27

....

1,429

1,427

L2497190.UP.FTS.B,

26.04%,

1/24/27

....

2,443

2,416

L2500357.UP.FTS.B,

26.3%,

1/24/27

....

7,845

7,832

FW2498744.UP.FTS.B,

26.78%,

1/24/27

..

8,452

8,438

FW2499122.UP.FTS.B,

26.89%,

1/24/27

..

1,828

1,823

FW2498012.UP.FTS.B,

27.23%,

1/24/27

..

4,996

4,988

FW2499127.UP.FTS.B,

27.37%,

1/24/27

..

4,457

52

FW2499103.UP.FTS.B,

27.5%,

1/24/27

...

2,543

2,539

FW2497665.UP.FTS.B,

27.6%,

1/24/27

...

9,602

9,492

FW2500434.UP.FTS.B,

27.81%,

1/24/27

..

849

847

L2497724.UP.FTS.B,

27.87%,

1/24/27

....

4,415

4,365

FW2497801.UP.FTS.B,

28.11%,

1/24/27

..

5,971

5,952

FW2497947.UP.FTS.B,

28.25%,

1/24/27

..

32,831

31,278

FW2499989.UP.FTS.B,

28.3%,

1/24/27

...

7,040

7,016

L2498023.UP.FTS.B,

28.37%,

1/24/27

....

3,346

3,235

FW2497725.UP.FTS.B,

28.51%,

1/24/27

..

1,056

313

FW2499482.UP.FTS.B,

28.65%,

1/24/27

..

13,964

13,940

FW2498534.UP.FTS.B,

28.67%,

1/24/27

..

1,561

1,486

FW2499784.UP.FTS.B,

29.61%,

1/24/27

..

7,402

7,045

FW2500060.UP.FTS.B,

29.62%,

1/24/27

..

3,672

3,496

FW2498768.UP.FTS.B,

30.06%,

1/24/27

..

1,286

1,284

FW2497607.UP.FTS.B,

30.5%,

1/24/27

...

1,869

1,843

FW2497688.UP.FTS.B,

30.73%,

1/24/27

..

1,055

1,048

FW2499403.UP.FTS.B,

30.76%,

1/24/27

..

2,403

2,399

FW2500502.UP.FTS.B,

30.77%,

1/24/27

..

4,594

323

FW2498079.UP.FTS.B,

30.78%,

1/24/27

..

2,575

2,571

Description

Principal

Amount

Value

Upstart

Network,

Inc.

(continued)

FW2498894.UP.FTS.B,

31.13%,

1/24/27

..

$

3,094

$

3,089

FW2498394.UP.FTS.B,

31.2%,

1/24/27

...

4,602

1,382

FW2498422.UP.FTS.B,

31.2%,

1/24/27

...

861

859

FW2498197.UP.FTS.B,

31.21%,

1/24/27

..

1,118

1,116

FW2497608.UP.FTS.B,

31.43%,

1/24/27

..

1,463

1,460

FW2499925.UP.FTS.B,

31.73%,

1/24/27

..

1,506

1,498

FW2497327.UP.FTS.B,

33.75%,

1/24/27

..

1,649

1,645

FW2502639.UP.FTS.B,

4.89%,

1/25/27

...

10,196

10,129

L2502859.UP.FTS.B,

5.46%,

1/25/27

....

38,750

38,489

L2443263.UP.FTS.B,

6.66%,

1/25/27

....

6,499

6,457

L2501608.UP.FTS.B,

7.8%,

1/25/27

.....

15,396

15,296

L2501651.UP.FTS.B,

8.03%,

1/25/27

....

6,428

1,581

L2501547.UP.FTS.B,

8.21%,

1/25/27

....

4,629

4,595

L2502319.UP.FTS.B,

8.49%,

1/25/27

....

31,580

31,328

L2501796.UP.FTS.B,

9.36%,

1/25/27

....

12,116

12,027

L2502134.UP.FTS.B,

9.38%,

1/25/27

....

24,709

24,525

L2502374.UP.FTS.B,

9.72%,

1/25/27

....

6,615

6,567

L2502174.UP.FTS.B,

9.86%,

1/25/27

....

13,241

13,133

FW2498378.UP.FTS.B,

11.81%,

1/25/27

..

23,620

23,428

L2502791.UP.FTS.B,

11.84%,

1/25/27

....

6,503

6,436

L2501198.UP.FTS.B,

12.05%,

1/25/27

....

9,855

9,775

L2500626.UP.FTS.B,

12.15%,

1/25/27

....

3,807

3,771

L2502704.UP.FTS.B,

12.53%,

1/25/27

....

2,834

2,809

L2502644.UP.FTS.B,

12.76%,

1/25/27

....

8,338

1,170

FW2502179.UP.FTS.B,

12.78%,

1/25/27

..

1,583

1,570

L2501977.UP.FTS.B,

12.89%,

1/25/27

....

31,503

31,243

L2502535.UP.FTS.B,

13.13%,

1/25/27

....

38,660

38,331

L2502247.UP.FTS.B,

13.43%,

1/25/27

....

3,177

3,151

L2503471.UP.FTS.B,

13.93%,

1/25/27

....

3,982

3,950

L2501470.UP.FTS.B,

14.16%,

1/25/27

....

11,958

11,862

L2500808.UP.FTS.B,

14.3%,

1/25/27

....

5,904

5,856

FW2502376.UP.FTS.B,

14.43%,

1/25/27

..

11,975

11,878

L2500633.UP.FTS.B,

14.62%,

1/25/27

....

3,643

3,612

L2501876.UP.FTS.B,

14.91%,

1/25/27

....

3,202

3,176

L2503197.UP.FTS.B,

15.28%,

1/25/27

....

13,025

931

L2501020.UP.FTS.B,

15.56%,

1/25/27

....

1,439

55

L2501591.UP.FTS.B,

16.26%,

1/25/27

....

13,543

13,410

FW2502838.UP.FTS.B,

16.27%,

1/25/27

..

32,246

31,945

FW2500763.UP.FTS.B,

16.29%,

1/25/27

..

3,466

3,433

L2503404.UP.FTS.B,

16.88%,

1/25/27

....

7,152

7,080

L2499095.UP.FTS.B,

16.97%,

1/25/27

....

2,426

2,403

L2500943.UP.FTS.B,

17.28%,

1/25/27

....

6,439

6,376

FW2502154.UP.FTS.B,

17.3%,

1/25/27

...

10,467

752

FW2502260.UP.FTS.B,

17.52%,

1/25/27

..

5,769

5,709

L2501997.UP.FTS.B,

17.77%,

1/25/27

....

4,059

4,021

FW2501148.UP.FTS.B,

17.78%,

1/25/27

..

1,623

1,608

FW2501125.UP.FTS.B,

17.82%,

1/25/27

..

1,218

1,205

L2502739.UP.FTS.B,

18.1%,

1/25/27

....

5,085

5,033

L2502439.UP.FTS.B,

18.98%,

1/25/27

....

5,666

5,602

L2495525.UP.FTS.B,

19.03%,

1/25/27

....

5,669

5,605

L2501884.UP.FTS.B,

19.04%,

1/25/27

....

8,169

8,081

L2502391.UP.FTS.B,

19.43%,

1/25/27

....

12,215

12,098

L2500727.UP.FTS.B,

19.88%,

1/25/27

....

6,642

6,571

FW2501295.UP.FTS.B,

20.14%,

1/25/27

..

821

812

FW2500961.UP.FTS.B,

20.28%,

1/25/27

..

5,504

5,488

L2503073.UP.FTS.B,

21.17%,

1/25/27

....

10,198

733

L2500557.UP.FTS.B,

21.25%,

1/25/27

....

6,143

438

FW2501561.UP.FTS.B,

21.33%,

1/25/27

..

4,866

4,857

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)

L2503424.UP.FTS.B,

21.51%,

1/25/27

....

$

8,097

$

8,009

L2501728.UP.FTS.B,

21.52%,

1/25/27

....

4,138

4,087

L2500163.UP.FTS.B,

21.71%,

1/25/27

....

12,973

3,699

L2502058.UP.FTS.B,

21.83%,

1/25/27

....

8,277

8,268

FW2497118.UP.FTS.B,

22.54%,

1/25/27

..

3,650

3,600

L2496481.UP.FTS.B,

22.63%,

1/25/27

....

18,304

1,311

L2500977.UP.FTS.B,

22.64%,

1/25/27

....

5,813

5,806

FW2500954.UP.FTS.B,

23.81%,

1/25/27

..

6,677

6,670

FW2502037.UP.FTS.B,

23.81%,

1/25/27

..

3,500

148

L2502763.UP.FTS.B,

23.93%,

1/25/27

....

3,408

3,399

FW2503468.UP.FTS.B,

24.6%,

1/25/27

...

2,835

2,831

FW2503375.UP.FTS.B,

24.71%,

1/25/27

..

2,676

792

FW2503209.UP.FTS.B,

25.12%,

1/25/27

..

5,845

5,837

L2502753.UP.FTS.B,

25.33%,

1/25/27

....

2,937

870

L2501592.UP.FTS.B,

25.36%,

1/25/27

....

1,000

999

L2500577.UP.FTS.B,

25.4%,

1/25/27

....

1,261

1,259

L2503342.UP.FTS.B,

25.48%,

1/25/27

....

5,368

5,360

L2500860.UP.FTS.B,

25.49%,

1/25/27

....

1,163

1,161

L2501610.UP.FTS.B,

25.67%,

1/25/27

....

2,776

2,773

L2502912.UP.FTS.B,

25.69%,

1/25/27

....

17,400

17,372

L2502995.UP.FTS.B,

25.82%,

1/25/27

....

2,646

2,637

FW2501208.UP.FTS.B,

25.83%,

1/25/27

..

16,788

16,721

L2500786.UP.FTS.B,

26.35%,

1/25/27

....

2,359

2,333

FW2503491.UP.FTS.B,

26.41%,

1/25/27

..

1,852

1,849

FW2501330.UP.FTS.B,

26.47%,

1/25/27

..

4,642

4,637

FW2502187.UP.FTS.B,

26.63%,

1/25/27

..

4,223

4,218

FW2503082.UP.FTS.B,

26.84%,

1/25/27

..

2,128

2,122

FW2502725.UP.FTS.B,

26.94%,

1/25/27

..

4,120

68

FW2499783.UP.FTS.B,

27.06%,

1/25/27

..

8,858

2,637

FW2501053.UP.FTS.B,

27.35%,

1/25/27

..

6,971

6,939

FW2474863.UP.FTS.B,

27.63%,

1/25/27

..

2,781

2,776

FW2502652.UP.FTS.B,

27.68%,

1/25/27

..

4,156

4,151

FW2503169.UP.FTS.B,

27.77%,

1/25/27

..

850

849

FW2501180.UP.FTS.B,

28.56%,

1/25/27

..

2,587

2,579

FW2500797.UP.FTS.B,

28.58%,

1/25/27

..

1,682

1,679

FW2502849.UP.FTS.B,

29.19%,

1/25/27

..

1,260

1,257

FW2501594.UP.FTS.B,

30.71%,

1/25/27

..

1,123

58

FW2501203.UP.FTS.B,

30.73%,

1/25/27

..

1,201

1,200

FW2502676.UP.FTS.B,

31.01%,

1/25/27

..

3,366

233

FW2503502.UP.FTS.B,

31.01%,

1/25/27

..

2,199

2,194

FW2502222.UP.FTS.B,

31.02%,

1/25/27

..

1,106

1,103

FW2501430.UP.FTS.B,

31.03%,

1/25/27

..

1,548

1,546

FW2502879.UP.FTS.B,

31.04%,

1/25/27

..

24,918

24,882

FW2502647.UP.FTS.B,

31.05%,

1/25/27

..

7,213

7,186

FW2502834.UP.FTS.B,

31.11%,

1/25/27

..

2,318

2,315

FW2500670.UP.FTS.B,

31.13%,

1/25/27

..

1,001

69

FW2502954.UP.FTS.B,

31.14%,

1/25/27

..

4,339

664

FW2499746.UP.FTS.B,

31.16%,

1/25/27

..

3,096

3,091

FW2500654.UP.FTS.B,

31.21%,

1/25/27

..

851

850

FW2503208.UP.FTS.B,

31.21%,

1/25/27

..

2,235

2,232

FW2502423.UP.FTS.B,

32.98%,

1/25/27

..

1,372

217

FW2502276.UP.FTS.B,

33.54%,

1/25/27

..

4,341

4,334

L1729483.UP.FTS.B,

18.23%,

2/17/27

....

13,863

3,685

L1729858.UP.FTS.B,

25.05%,

2/17/27

....

19,143

19,226

FW1729695.UP.FTS.B,

29.91%,

2/17/27

..

45,286

45,090

FW1729859.UP.FTS.B,

30.83%,

2/17/27

..

9,376

662

L1902477.UP.FTS.B,

13.65%,

3/22/27

....

7,810

7,335

L1902300.UP.FTS.B,

22.58%,

3/22/27

....

4,354

4,339

Description

Principal

Amount

Value

Upstart

Network,

Inc.

(continued)

FW1902098.UP.FTS.B,

26.15%,

3/22/27

..

$

4,643

$

332

FW1901725.UP.FTS.B,

31.78%,

3/22/27

..

12,899

906

L2031108.UP.FTS.B,

11.34%,

4/12/27

....

39,278

38,839

L2030856.UP.FTS.B,

13.22%,

4/12/27

....

7,643

7,575

L2031106.UP.FTS.B,

17.27%,

4/12/27

....

6,656

6,564

L2030776.UP.FTS.B,

18.15%,

4/12/27

....

4,425

4,382

FW2030457.UP.FTS.B,

19.74%,

4/12/27

..

5,647

409

L2032168.UP.FTS.B,

21.6%,

4/12/27

....

8,674

8,575

L2032065.UP.FTS.B,

22.33%,

4/12/27

....

18,008

2,655

FW2032681.UP.FTS.B,

22.41%,

4/12/27

..

2,200

2,165

FW2030941.UP.FTS.B,

26.62%,

4/12/27

..

24,923

24,716

L2032337.UP.FTS.B,

26.62%,

4/12/27

....

8,240

2,380

FW2031474.UP.FTS.B,

30.22%,

4/12/27

..

2,947

1,745

L2972334.UP.FTS.B,

6.17%,

4/19/27

....

40,430

40,184

L2972137.UP.FTS.B,

6.42%,

4/19/27

....

12,144

12,070

L2971979.UP.FTS.B,

6.84%,

4/19/27

....

21,741

21,610

L2971286.UP.FTS.B,

7.38%,

4/19/27

....

20,334

20,212

L2972081.UP.FTS.B,

7.8%,

4/19/27

.....

4,304

4,277

FW2972190.UP.FTS.B,

7.92%,

4/19/27

...

38,573

38,340

L2971556.UP.FTS.B,

10.11%,

4/19/27

....

20,827

20,630

L2971728.UP.FTS.B,

11.46%,

4/19/27

....

8,869

8,786

L2971948.UP.FTS.B,

12.78%,

4/19/27

....

6,235

6,176

L2971527.UP.FTS.B,

13.17%,

4/19/27

....

8,769

8,687

L2967243.UP.FTS.B,

14.24%,

4/19/27

....

14,262

14,130

L2970341.UP.FTS.B,

15.34%,

4/19/27

....

5,685

795

L2971759.UP.FTS.B,

16.29%,

4/19/27

....

6,430

6,353

L2971657.UP.FTS.B,

16.32%,

4/19/27

....

1,843

1,820

L2971854.UP.FTS.B,

16.46%,

4/19/27

....

2,610

2,578

FW2968818.UP.FTS.B,

17.01%,

4/19/27

..

13,832

13,655

L2970277.UP.FTS.B,

17.94%,

4/19/27

....

27,256

26,929

FW2971812.UP.FTS.B,

18.16%,

4/19/27

..

24,740

24,457

L2972316.UP.FTS.B,

18.63%,

4/19/27

....

42,577

42,062

L2971776.UP.FTS.B,

19.69%,

4/19/27

....

5,660

5,592

L2972008.UP.FTS.B,

20.74%,

4/19/27

....

4,742

4,708

FW2971982.UP.FTS.B,

21.48%,

4/19/27

..

1,467

1,450

L2970145.UP.FTS.B,

22.58%,

4/19/27

....

7,579

7,465

L2971880.UP.FTS.B,

24%,

4/19/27

......

27,616

27,288

L2971929.UP.FTS.B,

24.66%,

4/19/27

....

19,034

18,763

FW2971643.UP.FTS.B,

24.95%,

4/19/27

..

18,697

18,586

L2971841.UP.FTS.B,

25.2%,

4/19/27

....

1,267

1,258

L2971769.UP.FTS.B,

25.23%,

4/19/27

....

5,814

5,779

FW2972220.UP.FTS.B,

26.42%,

4/19/27

..

3,426

3,406

L2971662.UP.FTS.B,

26.49%,

4/19/27

....

879

866

FW2972102.UP.FTS.B,

26.72%,

4/19/27

..

2,876

2,858

FW2972305.UP.FTS.B,

27.33%,

4/19/27

..

5,286

5,256

FW2972030.UP.FTS.B,

28.07%,

4/19/27

..

4,416

4,391

FW2971684.UP.FTS.B,

30.82%,

4/19/27

..

9,109

(34)

FW2101729.UP.FTS.B,

20.8%,

4/23/27

...

27,094

26,888

L2100737.UP.FTS.B,

22.28%,

4/23/27

....

15,001

14,996

FW2101765.UP.FTS.B,

29.07%,

4/23/27

..

3,269

3,266

FW2103611.UP.FTS.B,

30.3%,

4/23/27

...

1,337

1,290

FW2103313.UP.FTS.B,

31.18%,

4/23/27

..

3,705

257

FW2249624.UP.FTS.B,

13.82%,

5/14/27

..

4,539

4,487

FW2249414.UP.FTS.B,

19.5%,

5/14/27

...

5,894

3,351

L2248430.UP.FTS.B,

21.51%,

5/14/27

....

1,158

1,146

L2250436.UP.FTS.B,

22.79%,

5/14/27

....

15,183

15,034

L2250392.UP.FTS.B,

22.93%,

5/14/27

....

2,814

2,796

L2250450.UP.FTS.B,

23.85%,

5/14/27

....

1,386

100

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)

L2248036.UP.FTS.B,

24.14%,

5/14/27

....

$

25,766

$

1,839

L2251286.UP.FTS.B,

25.89%,

5/14/27

....

1,947

1,929

FW2248226.UP.FTS.B,

29.45%,

5/14/27

..

2,803

808

FW2250225.UP.FTS.B,

30.13%,

5/14/27

..

1,493

1,472

FW2250032.UP.FTS.B,

32.02%,

5/14/27

..

3,976

3,962

L2251988.UP.FTS.B,

19.87%,

5/15/27

....

2,213

615

L2252234.UP.FTS.B,

21.66%,

5/15/27

....

3,670

3,620

FW2253145.UP.FTS.B,

24.76%,

5/15/27

..

11,676

11,649

FW2253490.UP.FTS.B,

28.02%,

5/15/27

..

4,645

683

FW2253485.UP.FTS.B,

30.83%,

5/15/27

..

1,711

(115)

FW2252591.UP.FTS.B,

31.67%,

5/15/27

..

6,704

6,661

L2497417.UP.FTS.B,

12.27%,

6/24/27

....

18,971

18,780

L2497350.UP.FTS.B,

13.11%,

6/24/27

....

8,438

7,920

FW2497520.UP.FTS.B,

17.89%,

6/24/27

..

5,562

1,524

L2500104.UP.FTS.B,

25.5%,

6/24/27

....

3,419

240

FW2499816.UP.FTS.B,

27.03%,

6/24/27

..

5,214

367

FW2498266.UP.FTS.B,

27.06%,

6/24/27

..

3,512

3,465

FW2463420.UP.FTS.B,

28.55%,

6/24/27

..

899

893

FW2497794.UP.FTS.B,

30.97%,

6/24/27

..

6,804

1,988

FW2497583.UP.FTS.B,

31.24%,

6/24/27

..

6,840

6,795

L2472114.UP.FTS.B,

7.63%,

6/25/27

.....

15,974

15,867

L2501446.UP.FTS.B,

11.34%,

6/25/27

....

2,486

616

L2503121.UP.FTS.B,

17.35%,

6/25/27

....

10,243

10,136

FW2501171.UP.FTS.B,

18.13%,

6/25/27

..

5,174

374

L2499889.UP.FTS.B,

20.18%,

6/25/27

....

22,153

21,847

L2502792.UP.FTS.B,

24.01%,

6/25/27

....

4,992

4,968

L2503278.UP.FTS.B,

24.32%,

6/25/27

....

9,743

1,507

L2500827.UP.FTS.B,

25.15%,

6/25/27

....

2,728

195

L2500638.UP.FTS.B,

25.31%,

6/25/27

....

881

877

FW2503221.UP.FTS.B,

29%,

6/25/27

....

23,760

23,454

FW2501815.UP.FTS.B,

29.99%,

6/25/27

..

6,885

1,015

FW1729187.UP.FTS.B,

30.3%,

7/17/27

...

5,935

5,919

L2032742.UP.FTS.B,

22.42%,

9/12/27

....

2,453

2,421

FW2972075.UP.FTS.B,

9.42%,

9/19/27

...

32,813

32,557

FW2251363.UP.FTS.B,

16.36%,

10/14/27

.

37,835

37,391

L2253724.UP.FTS.B,

25.49%,

10/15/27

...

332

326

FW2251983.UP.FTS.B,

30.9%,

10/15/27

..

3,754

(747)

L2500059.UP.FTS.B,

25.4%,

11/24/27

....

2,540

2,401

FW2500185.UP.FTS.B,

30.96%,

11/24/27

.

6,704

6,371

FW2499865.UP.FTS.B,

31.15%,

11/24/27

.

1,675

1,585

L2498668.UP.FTS.B,

13.66%,

11/25/27

...

34,777

34,453

L2501498.UP.FTS.B,

22.59%,

11/25/27

...

5,764

416

FW2502338.UP.FTS.B,

30.04%,

11/25/27

.

4,646

4,593

L1901406.UP.FTS.B,

27.3%,

10/22/28

....

4,703

4,728

L2475583.UP.FTS.B,

20.34%,

1/25/29

....

644

636

5,283,254

Total

Marketplace

Loans

(Cost

$14,868,818)

....

$13,194,179

Franklin

Universal

Trust

Notes

to

Schedule

of

Investments

(unaudited)

32

Quarterly

Schedule

of

Investments

1.

Organization

Franklin

Universal

Trust (Fund)

is

registered

under

the

Investment

Company

Act

of

1940

(1940

Act)

as

a

closed-end

management

investment

company.

The

Fund

follows

the

accounting

and

reporting

guidance

in

Financial

Accounting

Standards

Board

(FASB)

Accounting

Standards

Codification

Topic

946,

Financial

Services

–

Investment

Companies

(ASC

946)

and

applies

the

specialized

accounting

and

reporting

guidance

in

U.S.

Generally

Accepted

Accounting

Principles

(U.S.

GAAP),

including,

but

not

limited

to,

ASC

946.

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

Board

has

designated

the

Fund's

investment

manager

as

the

valuation

designee

and

has

responsibility

for

oversight

of

valuation.

The

investment

manager

is

assisted

by

the

Fund's administrator

in

performing

this responsibility,

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.

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,

and

other

relevant

information

for

the

investment

to

determine

the

fair

value

of

the

investment.

An

income-based

valuation

approach

may

also

be

used

in

which

the

anticipated

future

cash

flows

of

the

investment

are

discounted

to

calculate

fair

value.

Discounts

may

also

be

applied

due

to

the

nature

or

duration

of

any

restrictions

on

the

disposition

of

the

investments.

Due

to

the

inherent

uncertainty

of

valuations

of

such

investments,

the

fair

values

may

differ

significantly

from

the

values

that

would

have

been

used

had

an

active

market

existed. 

Franklin

Universal

Trust

Notes

to

Schedule

of

Investments

(unaudited)

33

Quarterly

Schedule

of

Investments

Trading

in

securities

on

foreign

securities

stock

exchanges

and

OTC

markets

may

be

completed

before

4

p.m.

Eastern

time.

In

addition,

trading

in

certain

foreign

markets

may

not

take

place

on

every

Fund’s

business

day.

Events

can

occur

between

the

time

at

which

trading

in

a

foreign

security

is

completed

and

4

p.m.

Eastern

time

that

might

call

into

question

the

reliability

of

the

value

of

a

portfolio

security

held

by

the

Fund.

As

a

result,

differences

may

arise

between

the

value

of

the

Fund’s

portfolio securities

as

determined

at

the

foreign

market

close

and

the

latest

indications

of

value

at

4

p.m.

Eastern

time.

In

order

to

minimize

the

potential

for

these

differences,

an

independent

pricing

service

may

be

used

to

adjust

the

value

of

the

Fund's

portfolio

securities

to

the

latest

indications

of

fair

value

at 4

p.m.

Eastern

time.

At

May

31,

2023,

certain

securities

may

have

been

fair

valued

using

these

procedures,

in

which

case

the

securities

were

categorized

as

Level

2

within

the

fair

value

hierarchy

(referred

to

as

"market

level

fair

value").

See

the

Fair

Value

Measurements

note

for

more

information.

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.

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,

2023,

the

Fund

held

investments

in

affiliated

management

investment

companies

as

follows: 

4. Fair

Value

Measurements 

The

Fund

follows

a

fair

value

hierarchy

that

distinguishes

between

market

data

obtained

from

independent

sources

(observable

inputs)

and

the Fund's

own

market

assumptions

(unobservable

inputs).

These

inputs

are

used

in

determining

the

value

of

the

Fund's financial

instruments

and

are

summarized

in

the

following

fair

value

hierarchy:

Level

1

–

quoted

prices

in

active

markets

for

identical

financial

instruments

    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,

4.621%

$

9,360,377

$

21,121,993

$

(24,651,525)

$

—

$

—

$

5,830,845

5,830,845

$

240,430

Non-Controlled

Affiliates

Income

from

securities

loaned

Institutional

Fiduciary

Trust

-

Money

Market

Portfolio,

4.621%

$134,000

$6,497,000

$(6,484,000)

$—

$—

$147,000

147,000

$6,085

Total

Affiliated

Securities

...

$9,494,377

$27,618,993

$(31,135,525)

$—

$—

$5,977,845

$246,515

2. Financial

Instrument

Valuation

(continued)

Franklin

Universal

Trust

Notes

to

Schedule

of

Investments

(unaudited)

34

Quarterly

Schedule

of

Investments

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,

2023,

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

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

$

47,621,037

$

—

$

—

$

47,621,037

Independent

Power

and

Renewable

Electricity

Producers

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

—

2,646,974

—

2,646,974

Metals

&

Mining

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

4,271,954

—

—

4,271,954

Multi-Utilities

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

30,955,128

—

—

30,955,128

Oil,

Gas

&

Consumable

Fuels

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

3,654,141

529,311

—

4,183,452

Preferred

Stocks

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

571,725

—

—

571,725

Warrants

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

448

—

—

448

Convertible

Bonds

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

—

2,922

—

2,922

Corporate

Bonds

:

Aerospace

&

Defense

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

—

601,441

—

601,441

Automobile

Components

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

—

4,592,544

—

4,592,544

Automobiles

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

—

1,111,089

—

1,111,089

Banks

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

—

897,390

—

897,390

Beverages

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

—

603,095

—

603,095

Biotechnology

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

—

495,514

—

495,514

Broadline

Retail

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

—

858,306

—

858,306

Building

Products

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

—

4,910,654

—

4,910,654

Capital

Markets

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

—

1,179,957

—

1,179,957

Chemicals

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

—

7,499,716

—

7,499,716

Commercial

Services

&

Supplies

...........

—

2,705,160

—

2,705,160

Communications

Equipment

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

—

1,077,728

—

1,077,728

Construction

&

Engineering

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

—

2,535,577

—

2,535,577

Consumer

Finance

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

—

2,744,647

—

2,744,647

Consumer

Staples

Distribution

&

Retail

......

—

174,239

—

174,239

Containers

&

Packaging

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

—

6,935,375

—

6,935,375

Distributors

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

—

825,702

—

825,702

Diversified

Consumer

Services

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

—

726,392

—

726,392

Diversified

REITs

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

—

2,299,182

—

2,299,182

Diversified

Telecommunication

Services

.....

—

4,572,170

—

4,572,170

Electric

Utilities

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

—

1,311,843

—

1,311,843

Electrical

Equipment

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

—

2,503,548

—

2,503,548

Electronic

Equipment,

Instruments

&

Components

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

—

424,330

—

424,330

Energy

Equipment

&

Services

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

—

5,214,037

—

5,214,037

Entertainment

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

—

1,810,271

—

1,810,271

Financial

Services

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

—

2,040,816

—

2,040,816

Food

Products

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

—

1,563,899

—

1,563,899

Ground

Transportation

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

—

1,757,330

—

1,757,330

Health

Care

Equipment

&

Supplies

.........

—

1,207,045

—

1,207,045

Health

Care

Providers

&

Services

..........

—

4,886,471

—

4,886,471

Health

Care

REITs

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

—

176,999

—

176,999

4. Fair

Value

Measurements 

(continued)

Franklin

Universal

Trust

Notes

to

Schedule

of

Investments

(unaudited)

35

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,

2023,

the

reconciliation

is

as

follows:

6

Level

1

Level

2

Level

3

Total

Franklin

Universal

Trust

(continued)

Assets:

(continued)

Investments

in

Securities:

Corporate

Bonds:

Hotel

&

Resort

REITs

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

$

—

$

342,990

$

—

$

342,990

Hotels,

Restaurants

&

Leisure

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

—

10,509,959

—

a

10,509,959

Household

Durables

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

—

1,780,817

—

1,780,817

Independent

Power

and

Renewable

Electricity

Producers

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

—

3,342,723

—

3,342,723

Insurance

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

—

1,083,191

—

1,083,191

IT

Services

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

—

3,429,741

—

3,429,741

Machinery

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

—

2,954,215

—

2,954,215

Media

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

—

6,041,734

—

6,041,734

Metals

&

Mining

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

—

2,197,563

—

2,197,563

Mortgage

Real

Estate

Investment

Trusts

(REITs)

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

—

995,668

—

995,668

Oil,

Gas

&

Consumable

Fuels

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

—

18,351,326

—

a

18,351,326

Paper

&

Forest

Products

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

—

254,304

—

254,304

Passenger

Airlines

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

—

1,730,969

—

1,730,969

Personal

Care

Products

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

—

811,820

—

811,820

Pharmaceuticals

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

—

3,373,225

—

3,373,225

Real

Estate

Management

&

Development

....

—

813,837

—

813,837

Software

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

—

2,417,268

—

2,417,268

Specialized

REITs

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

—

997,604

—

997,604

Specialty

Retail

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

—

3,477,332

—

3,477,332

Textiles,

Apparel

&

Luxury

Goods

..........

—

400,483

—

400,483

Trading

Companies

&

Distributors

..........

—

924,885

—

924,885

Wireless

Telecommunication

Services

.......

—

852,529

—

852,529

Senior

Floating

Rate

Interests

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

—

121,853

—

121,853

Marketplace

Loans

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

—

—

13,194,179

13,194,179

Asset-Backed

Securities

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

—

801,720

—

801,720

Escrows

and

Litigation

Trusts

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

—

30,975

—

30,975

Short

Term

Investments

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

5,977,845

—

—

5,977,845

Total

Investments

in

Securities

...........

$93,052,278

$141,460,405

$13,194,179

$247,706,862

a

Includes

financial

instruments

determined

to

have

no

value

at

May

31,

2023.

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

..........

$

—

d

$

—

$

(151)

$

—

$

—

$

—

$

(74,975)

$

75,126

$

—

$

—

Warrants

:

Oil,

Gas

&

Consumable

Fuels

..........

—

d

—

—

d

—

—

—

—

—

—

—

4. Fair

Value

Measurements 

(continued)

Franklin

Universal

Trust

Notes

to

Schedule

of

Investments

(unaudited)

36

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,

2023,

are

as

follows:

a

Weighted

based

on

the

relative

fair

value

of

the

financial

instruments.

b

Represents

the

directional

change

in

the

fair

value

of

the

Level

3

financial

instruments

that

would

result

from

a

significant

and

reasonable

increase

in

the

corresponding

input.

A

significant

and

reasonable

decrease

in

the

input

would

have

the

opposite

effect.

Significant

increases

and

decreases

in

these

inputs

in

isolation

could

result

in

significantly

higher

or

lower

fair

value

measurements.

c

Includes

financial

instruments

determined

to

have

no

value

at

May

31,

2023.

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:

Corporate

Bonds

:

Hotels,

Restaurants

&

Leisure

.........

$

540

$

—

$

—

$

—

$

—

$

—

$

—

$

(540)

$

—

d

$

(540)

Oil,

Gas

&

Consumable

Fuels

..........

—

—

—

3,864

—

—

—

(3,864)

—

d

(3,864)

Marketplace

Loans

:

Financial

Services

...

21,006,789

51,174

(7,604,223)

—

—

—

(254,530)

(5,031)

13,194,179

(593,671)

Total

Investments

in

Securities

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

$21,007,329

$51,174

$(7,604,374)

$3,864

$—

$—

$(329,505)

$65,691

$13,194,179

$(598,075)

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

financial

instruments

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:

Financial

Services.......

$13,194,179

Discounted

cash

flow

Loss-adjusted

discount

rate

0.3%

-

18.7%

(8.2%)

Decrease

Projected

loss

rate

2.2%

-

55.6%

(19.7%)

Decrease

All

Other

Investments………...

—

c

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

$13,194,179

4. Fair

Value

Measurements 

(continued)

Franklin

Universal

Trust

Notes

to

Schedule

of

Investments

(unaudited)

37

Quarterly

Schedule

of

Investments

Abbreviations

Selected

Portfolio

ADR

American

Depositary

Receipt

CME

Chicago

Mercantile

Exchange

FRN

Floating

Rate

Note

PIK

Payment-In-Kind

REIT

Real

Estate

Investment

Trust

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.