Royal Caribbean Cruises Ltd.

Not

FDIC

Insured

May

Lose

Value

Bank

Guarantee

FUT-Q1PH

Schedule

Investments

(unaudited)

Franklin

Universal

Trust

Notes

Schedule

Investments

Franklin

Universal

Trust

Schedule

Investments

(unaudited),

November

30,

2023

Quarterly

Schedule

Investments

See

Notes

Schedule

Investments.

Country

Value

Common

Stocks

47.2%

Electric

Utilities

24.9%

Alliant

Energy

Corp.

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

United

States

80,000

4,045,600

American

Electric

Power

Co.,

Inc.

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

United

States

65,000

5,170,750

Constellation

Energy

Corp.

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

United

States

21,666

2,622,453

Duke

Energy

Corp.

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

United

States

40,000

3,691,200

Edison

International

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

United

States

36,000

2,411,640

Entergy

Corp.

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

United

States

30,000

3,042,300

Evergy,

Inc.

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

United

States

72,000

3,674,880

Exelon

Corp.

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

United

States

65,000

2,503,150

FirstEnergy

Corp.

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

United

States

61,000

2,253,340

NextEra

Energy,

Inc.

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

United

States

115,000

6,728,650

Pinnacle

West

Capital

Corp.

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

United

States

25,000

1,873,500

PPL

Corp.

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

United

States

24,500

639,940

Southern

Co.

(The)

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

United

States

53,000

3,761,940

Xcel

Energy,

Inc.

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

United

States

55,000

3,346,200

45,765,543

Independent

Power

and

Renewable

Electricity

Producers

1.6%

Talen

Energy

Corp.

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

United

States

31,116

1,784,503

Talen

Energy

Corp.

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

United

States

19,400

1,112,590

2,897,093

Metals

Mining

2.5%

BHP

Group

Ltd.,

ADR

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

Australia

25,185

1,535,278

Freeport-McMoRan,

Inc.

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

United

States

80,380

2,999,781

South32

Ltd.,

ADR

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

Australia

10,074

101,244

4,636,303

Multi-Utilities

16.6%

CenterPoint

Energy,

Inc.

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

United

States

122,800

3,471,556

CMS

Energy

Corp.

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

United

States

78,000

4,427,280

Consolidated

Edison,

Inc.

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

United

States

35,000

3,153,850

Dominion

Energy,

Inc.

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

United

States

65,000

2,947,100

DTE

Energy

Co.

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

United

States

30,000

3,123,300

NiSource,

Inc.

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

United

States

60,000

1,538,400

Public

Service

Enterprise

Group,

Inc.

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

United

States

45,000

2,809,350

Sempra

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

United

States

90,000

6,558,300

WEC

Energy

Group,

Inc.

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

United

States

28,000

2,341,360

30,370,496

Oil,

Gas

Consumable

Fuels

1.6%

Amplify

Energy

Corp.

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

United

States

245

1,504

Birch

Permian

Holdings,

Inc.

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

United

States

32,490

357,390

California

Resources

Corp.

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

United

States

1,383

Chesapeake

Energy

Corp.

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

United

States

1,871

150,260

Midstream,

Inc.

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

United

States

15,000

859,350

Enbridge,

Inc.

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

Canada

39,360

1,372,483

Woodside

Energy

Group

Ltd.,

ADR

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

Australia

9,101

185,023

2,927,393

Total

Common

Stocks

(Cost

$37,871,105)

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

86,596,828

Preferred

Stocks

0.3%

Electric

Utilities

0.3%

SCE

Trust

II,

5.1%

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

United

States

27,500

538,725

Total

Preferred

Stocks

(Cost

$598,125)

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

538,725

Franklin

Universal

Trust

Schedule

Investments

(unaudited)

See

Notes

Schedule

Investments.

Quarterly

Schedule

Investments

Country

Warrants

Value

Warrants

0.0%

†

Oil,

Gas

Consumable

Fuels

0.0%

†

California

Resources

Corp.,

10/27/24

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

United

States

1,043

Total

Warrants

(Cost

$–)

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

1,043

Principal

Amount

Corporate

Bonds

76.6%

Aerospace

Defense

0.3%

b,c

TransDigm,

Inc.

Senior

Secured

Note

144A,

6.75

8/15/28

....

United

States

600,000

601,823

Automobile

Components

2.5%

b,c

Adient

Global

Holdings

Ltd.

Senior

Note,

144A,

8.25%,

4/15/31

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

United

States

700,000

712,146

Senior

Secured

Note,

144A,

7%,

4/15/28

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

United

States

400,000

406,677

Allison

Transmission,

Inc.

Senior

Bond,

144A,

3.75%,

1/30/31

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

United

States

300,000

250,755

Senior

Note,

144A,

4.75%,

10/01/27

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

United

States

600,000

566,332

b,c

Dornoch

Debt

Merger

Sub,

Inc.

Senior

Note

144A,

6.625

10/15/29

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

United

States

1,400,000

1,195,880

Goodyear

Tire

Rubber

Co.

(The)

Senior

Note,

9.5%,

5/31/25

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

United

States

900,000

916,402

Senior

Note,

5%,

7/15/29

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

United

States

600,000

547,790

4,595,982

Automobiles

0.6%

b,c

Jaguar

Land

Rover

Automotive

plc

Senior

Note

144A,

5.5

7/15/29

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

United

Kingdom

1,100,000

1,027,153

Banks

0.5%

d,e

JPMorgan

Chase

Co.

Junior

Sub.

Bond

FRN

8.939

(

3-month

SOFR

3.562

Perpetual

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

United

States

900,000

906,491

Beverages

0.3%

b,c

Primo

Water

Holdings,

Inc.

Senior

Note

144A,

4.375

4/30/29

Canada

700,000

621,578

Biotechnology

0.2%

Emergent

BioSolutions,

Inc.

Senior

Note

144A,

3.875

8/15/28

United

States

900,000

355,279

Building

Products

2.7%

b,c

Advanced

Drainage

Systems,

Inc.

Senior

Note

144A,

6.375

6/15/30

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

United

States

500,000

491,625

b,c

AmeriTex

HoldCo

Intermediate

LLC

Senior

Secured

Note

144A,

10.25

10/15/28

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

United

States

600,000

587,250

Cornerstone

Building

Brands,

Inc.

Senior

Note

144A,

6.125

1/15/29

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

United

States

300,000

235,795

b,c

Eco

Material

Technologies,

Inc.

Senior

Secured

Note

144A,

7.875

1/31/27

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

United

States

500,000

491,897

b,c

Emerald

Debt

Merger

Sub

LLC

Senior

Secured

Note

144A,

6.625

12/15/30

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

United

States

1,100,000

1,098,625

JELD-WEN,

Inc.

Senior

Note

144A,

4.875

12/15/27

.........

United

States

300,000

276,963

Smyrna

Ready

Mix

Concrete

LLC

Senior

Secured

Note

144A,

8.875

11/15/31

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

United

States

1,200,000

1,221,865

Standard

Industries,

Inc.

Senior

Bond,

144A,

4.75%,

1/15/28

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

United

States

500,000

470,427

Senior

Bond,

144A,

4.375%,

7/15/30

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

United

States

100,000

87,748

4,962,195

Capital

Markets

0.3%

b,c

Jane

Street

Group

JSG

Finance,

Inc.

Senior

Secured

Note

144A,

4.5

11/15/29

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

United

States

500,000

447,862

Franklin

Universal

Trust

Schedule

Investments

(unaudited)

Quarterly

Schedule

Investments

See

Notes

Schedule

Investments.

Country

Principal

Amount

Value

Corporate

Bonds

(continued)

Chemicals

3.5%

b,f,g

Anagram

Holdings

LLC

Anagram

International,

Inc.

Secured

Note

144A,

PIK,

8/15/26

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

United

States

257,209

70,732

ASP

Unifrax

Holdings,

Inc.

Senior

Secured

Note

144A,

5.25

9/30/28

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

United

States

200,000

137,733

Braskem

Idesa

SAPI

Senior

Secured

Bond

144A,

6.99

2/20/32

Mexico

300,000

194,058

Celanese

Holdings

LLC

Senior

Note

6.33

7/15/29

.......

United

States

1,000,000

1,019,595

b,c

Consolidated

Energy

Finance

Senior

Note

144A,

5.625

10/15/28

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

Switzerland

600,000

500,096

Element

Solutions,

Inc.

Senior

Note

144A,

3.875

9/01/28

.....

United

States

200,000

177,920

b,c

GPD

Cos.,

Inc.

Senior

Secured

Note

144A,

10.125

4/01/26

...

United

States

1,500,000

1,365,047

b,c

Illuminate

Buyer

LLC

Illuminate

Holdings

IV,

Inc.

Senior

Note

144A,

7/01/28

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

United

States

1,000,000

941,615

b,f

Kobe

Midco

Inc.

Senior

Note

144A,

PIK,

9.25

11/01/26

United

States

210,000

152,671

b,c

Rain

Carbon,

Inc.

Senior

Secured

Note

144A,

12.25

9/01/29

United

States

1,000,000

1,021,250

Rain

CII

Carbon

LLC

CII

Carbon

Corp.

Secured

Note

144A,

7.25

4/01/25

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

United

States

33,000

31,789

b,c

Vibrantz

Technologies,

Inc.

Senior

Note

144A,

2/15/30

.....

United

States

1,000,000

771,320

6,383,826

Commercial

Services

Supplies

1.5%

b,c

APX

Group,

Inc.

Senior

Note

144A,

5.75

7/15/29

...........

United

States

800,000

715,044

b,c

Enviri

Corp.

Senior

Note

144A,

5.75

7/31/27

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

United

States

500,000

435,705

b,c

Prime

Security

Services

Borrower

LLC

Prime

Finance,

Inc.

Senior

Secured

Note

144A,

3.375

8/31/27

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

United

States

600,000

543,321

b,c

Stericycle,

Inc.

Senior

Note

144A,

3.875

1/15/29

...........

United

States

1,200,000

1,059,016

2,753,086

Communications

Equipment

0.5%

CommScope,

Inc.

Senior

Note

144A,

7.125

7/01/28

.........

United

States

1,600,000

749,288

Viasat,

Inc.

Senior

Note

144A,

7.5

5/30/31

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

United

States

300,000

214,875

964,163

Construction

Engineering

1.2%

b,c

Arcosa,

Inc.

Senior

Note

144A,

4.375

4/15/29

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

United

States

300,000

267,829

b,c

Consolidated,

Inc.

Senior

Note

144A,

5.5

4/15/29

.......

United

States

800,000

725,484

b,c

Weekley

Homes

LLC

Weekley

Finance

Corp.

Senior

Note

144A,

4.875

9/15/28

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

United

States

1,300,000

1,192,339

2,185,652

Construction

Materials

0.3%

b,c

Knife

River

Corp.

Senior

Note

144A,

7.75

5/01/31

..........

United

States

500,000

513,933

Consumer

Finance

2.1%

GGAM

Finance

Ltd.

Senior

Note,

144A,

8%,

2/15/27

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

Ireland

200,000

201,546

Senior

Note,

144A,

8%,

6/15/28

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

Ireland

700,000

708,572

OneMain

Finance

Corp.

Senior

Note

1/15/29

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

United

States

1,400,000

1,445,369

PRA

Group,

Inc.

Senior

Note,

144A,

8.375%,

2/01/28

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

United

States

600,000

544,875

Senior

Note,

144A,

5%,

10/01/29

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

United

States

300,000

226,822

b,c

PROG

Holdings,

Inc.

Senior

Note

144A,

11/15/29

.........

United

States

900,000

787,135

3,914,319

Consumer

Staples

Distribution

Retail

0.8%

b,c

Albertsons

Cos.,

Inc.

Safeway,

Inc.

New

Albertsons

LLC

Senior

Note

144A,

3.5

3/15/29

...........

United

States

800,000

709,605

Franklin

Universal

Trust

Schedule

Investments

(unaudited)

See

Notes

Schedule

Investments.

Quarterly

Schedule

Investments

Country

Principal

Amount

Value

Corporate

Bonds

(continued)

Consumer

Staples

Distribution

Retail

(continued)

b,c

Foods,

Inc.

Senior

Note

144A,

6.875

9/15/28

...........

United

States

700,000

710,591

1,420,196

Containers

Packaging

3.7%

b,c

Ardagh

Packaging

Finance

plc

Ardagh

Holdings

USA,

Inc.

Senior

Note,

144A,

5.25%,

8/15/27

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

United

States

600,000

441,330

Senior

Secured

Note,

144A,

5.25%,

4/30/25

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

United

States

800,000

780,343

b,c

LABL,

Inc.

Senior

Secured

Note

144A,

9.5

11/01/28

........

United

States

300,000

289,875

b,c

Mauser

Packaging

Solutions

Holding

Co.

Secured

Note,

144A,

9.25%,

4/15/27

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

United

States

1,500,000

1,366,592

Senior

Secured

Note,

144A,

7.875%,

8/15/26

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

United

States

1,000,000

994,287

b,c

Owens-Brockway

Glass

Container,

Inc.

Senior

Note,

144A,

6.625%,

5/13/27

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

United

States

375,000

371,434

Senior

Note,

144A,

7.25%,

5/15/31

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

United

States

800,000

795,008

Pactiv

Evergreen

Group

Issuer

LLC

Pactiv

Evergreen

Group

Issuer,

Inc.

Senior

Secured

Note

144A,

4.375

10/15/28

..........

United

States

300,000

272,851

b,c

Pactiv

Evergreen

Group

Issuer,

Inc.

Pactiv

Evergreen

Group

Issuer

LLC

Senior

Secured

Note

144A,

10/15/27

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

United

States

1,200,000

1,099,134

b,c

Trivium

Packaging

Finance

Senior

Note

144A,

8.5

8/15/27

Netherlands

500,000

454,836

6,865,690

Distributors

0.5%

b,c

Ritchie

Bros

Holdings,

Inc.

Senior

Note,

144A,

7.75%,

3/15/31

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

Canada

500,000

519,425

Senior

Secured

Note,

144A,

6.75%,

3/15/28

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

Canada

300,000

305,913

825,338

Diversified

Consumer

Services

0.4%

Grand

Canyon

University

Secured

Note

5.125

10/01/28

......

United

States

800,000

711,416

Diversified

REITs

1.3%

Global

Net

Lease,

Inc.

Global

Net

Lease

Operating

Partnership

Senior

Note

144A,

3.75

12/15/27

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

United

States

800,000

652,990

b,c

HAT

Holdings

LLC

HAT

Holdings

LLC

Senior

Note

144A,

4/15/25

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

United

States

400,000

394,658

Necessity

Retail

REIT,

Inc.

(The)

American

Finance

Operating

Partner

Senior

Note

144A,

4.5

9/30/28

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

United

States

900,000

727,312

b,c

VICI

Properties

VICI

Note

Co.,

Inc.

Senior

Note

144A,

3.75

2/15/27

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

United

States

700,000

648,655

2,423,615

Diversified

Telecommunication

Services

2.5%

Altice

France

Holding

Senior

Secured

Note

144A,

10.5

5/15/27

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

Luxembourg

1,500,000

798,153

CCO

Holdings

LLC

CCO

Holdings

Capital

Corp.

Senior

Bond,

144A,

5.375%,

6/01/29

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

United

States

500,000

463,973

Senior

Bond,

144A,

4.5%,

8/15/30

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

United

States

1,700,000

1,459,684

Senior

Bond,

144A,

4.25%,

2/01/31

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

United

States

200,000

166,965

b,c

Iliad

Holding

SASU

Senior

Secured

Note

144A,

10/15/28

...

France

800,000

768,371

b,c

Virgin

Media

Secured

Finance

plc

Senior

Secured

Bond

144A,

4.5

8/15/30

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

United

Kingdom

1,100,000

944,977

4,602,123

Electric

Utilities

0.7%

b,c

Vistra

Operations

Co.

LLC

Senior

Note,

144A,

5.625%,

2/15/27

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

United

States

1,000,000

973,406

Franklin

Universal

Trust

Schedule

Investments

(unaudited)

Quarterly

Schedule

Investments

See

Notes

Schedule

Investments.

Country

Principal

Amount

Value

Corporate

Bonds

(continued)

Electric

Utilities

(continued)

b,c

Vistra

Operations

Co.

LLC,

(continued)

Senior

Note,

144A,

4.375%,

5/01/29

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

United

States

400,000

361,419

1,334,825

Electrical

Equipment

1.4%

b,c

Regal

Rexnord

Corp.

Senior

Bond,

144A,

6.4%,

4/15/33

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

United

States

400,000

394,448

Senior

Note,

144A,

6.3%,

2/15/30

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

United

States

500,000

494,365

b,c

Sensata

Technologies

Senior

Note

144A,

4/15/29

......

United

States

1,000,000

898,201

b,c

Vertiv

Group

Corp.

Senior

Secured

Note

144A,

4.125

11/15/28

United

States

800,000

725,085

2,512,099

Electronic

Equipment,

Instruments

Components

0.2%

b,c

TTM

Technologies,

Inc.

Senior

Note

144A,

3/01/29

........

United

States

500,000

444,845

Energy

Equipment

Services

2.9%

CSI

Compressco

CSI

Compressco

Finance,

Inc.

Secured

Note,

144A,

PIK,

10%,

4/01/26

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

United

States

982,453

896,512

Senior

Secured

Note,

144A,

7.5%,

4/01/25

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

United

States

402,000

397,668

b,c

Enerflex

Ltd.

Senior

Secured

Note

144A,

10/15/27

........

Canada

900,000

848,160

b,c

Nabors

Industries

Ltd.

Senior

Note

144A,

7.25

1/15/26

......

United

States

600,000

574,026

Nabors

Industries,

Inc.

Senior

Note,

5.75%,

2/01/25

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

United

States

500,000

499,103

Senior

Note,

144A,

9.125%,

1/31/30

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

United

States

300,000

301,036

Oceaneering

International,

Inc.

Senior

Note

144A,

2/01/28

United

States

300,000

291,111

Transocean

Titan

Financing

Ltd.

Senior

Secured

Note

144A,

8.375

2/01/28

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

United

States

100,000

102,070

Transocean,

Inc.

Senior

Secured

Note

144A,

8.75

2/15/30

....

United

States

760,000

776,748

Weatherford

International

Ltd.

Senior

Note,

144A,

8.625%,

4/30/30

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

United

States

500,000

517,306

Senior

Secured

Note,

144A,

6.5%,

9/15/28

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

United

States

82,000

82,883

5,286,623

Entertainment

0.4%

b,c

Banijay

Entertainment

SASU

Senior

Secured

Note

144A,

8.125

5/01/29

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

France

800,000

807,254

Financial

Services

1.1%

Jefferson

Capital

Holdings

LLC

Senior

Note

144A,

8/15/26

United

States

1,200,000

1,116,286

MGIC

Investment

Corp.

Senior

Note

5.25

8/15/28

..........

United

States

300,000

283,769

Radian

Group,

Inc.

Senior

Note

6.625

3/15/25

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

United

States

600,000

597,483

1,997,538

Food

Products

1.5%

b,c

Chobani

LLC

Chobani

Finance

Corp.,

Inc.

Senior

Secured

Note

144A,

4.625

11/15/28

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

United

States

800,000

723,582

Darling

Ingredients,

Inc.

Senior

Note

144A,

6/15/30

.......

United

States

200,000

193,236

Pilgrim's

Pride

Corp.

Senior

Bond

6.875

5/15/34

...........

United

States

1,100,000

1,123,439

b,c

Post

Holdings,

Inc.

Senior

Bond,

144A,

5.625%,

1/15/28

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

United

States

300,000

292,176

Senior

Bond,

144A,

4.625%,

4/15/30

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

United

States

400,000

357,625

2,690,058

Ground

Transportation

0.9%

b,c

EquipmentShare.com,

Inc.

Secured

Note

144A,

5/15/28

....

United

States

800,000

789,000

Franklin

Universal

Trust

Schedule

Investments

(unaudited)

See

Notes

Schedule

Investments.

Quarterly

Schedule

Investments

Country

Principal

Amount

Value

Corporate

Bonds

(continued)

Ground

Transportation

(continued)

b,c

First

Student

Bidco,

Inc.

First

Transit

Parent,

Inc.

Senior

Secured

Note

144A,

7/31/29

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

United

States

900,000

766,133

1,555,133

Health

Care

Equipment

Supplies

0.8%

Bausch

Lomb

Escrow

Corp.

Senior

Secured

Note

144A,

8.375

10/01/28

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

United

States

400,000

409,500

b,c

Garden

Spinco

Corp.

Senior

Note

144A,

8.625

7/20/30

......

United

States

400,000

420,127

Medline

Borrower

Senior

Note,

144A,

5.25%,

10/01/29

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

United

States

500,000

452,838

Senior

Secured

Note,

144A,

3.875%,

4/01/29

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

United

States

300,000

266,493

1,548,958

Health

Care

Providers

Services

3.2%

Centene

Corp.

Senior

Bond,

2.5%,

3/01/31

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

United

States

500,000

399,395

Senior

Note,

2.45%,

7/15/28

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

United

States

500,000

433,761

Senior

Note,

2.625%,

8/01/31

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

United

States

500,000

397,465

CHS/Community

Health

Systems,

Inc.

Secured

Note,

144A,

6.125%,

4/01/30

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

United

States

500,000

279,593

Senior

Secured

Note,

144A,

6%,

1/15/29

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

United

States

300,000

253,101

b,c

DaVita,

Inc.

Senior

Note

144A,

4.625

6/01/30

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

United

States

1,200,000

1,015,182

b,c

Kedrion

SpA

Senior

Secured

Note

144A,

6.5

9/01/29

........

Italy

1,000,000

890,000

ModivCare

Escrow

Issuer,

Inc.

Senior

Note

144A,

10/01/29

United

States

100,000

76,600

b,c

MPH

Acquisition

Holdings

LLC

Senior

Note

144A,

5.75

11/01/28

United

States

1,200,000

930,582

Tenet

Healthcare

Corp.

Senior

Secured

Note,

6.125%,

6/15/30

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

United

States

700,000

682,754

Senior

Secured

Note,

144A,

6.75%,

5/15/31

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

United

States

500,000

501,186

5,859,619

Health

Care

REITs

0.1%

MPT

Operating

Partnership

MPT

Finance

Corp.

Senior

Bond

5.25

8/01/26

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

United

States

200,000

174,236

Hotel

Resort

REITs

0.2%

b,c

RHP

Hotel

Properties

RHP

Finance

Corp.

Senior

Note

144A,

7.25

7/15/28

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

United

States

300,000

304,871

Hotels,

Restaurants

Leisure

5.3%

1011778

ULC

New

Red

Finance,

Inc.

Secured

Bond

144A,

10/15/30

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

Canada

400,000

345,137

b,g,h

Hour

Fitness

Worldwide,

Inc.

Senior

Note

144A,

6/01/22

United

States

1,800,000

—

Allwyn

Entertainment

Financing

plc

Senior

Secured

Note

144A,

7.875

4/30/29

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

Czech

Republic

800,000

801,755

b,c

Caesars

Entertainment,

Inc.

Senior

Secured

Note

144A,

2/15/30

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

United

States

300,000

300,555

b,c

Carnival

Corp.

Senior

Note,

144A,

7.625%,

3/01/26

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

United

States

400,000

402,523

Senior

Note,

144A,

5.75%,

3/01/27

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

United

States

1,500,000

1,427,115

b,c

Carnival

Holdings

Bermuda

Ltd.

Senior

Note

144A,

10.375

5/01/28

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

United

States

400,000

435,342

b,c

Everi

Holdings,

Inc.

Senior

Note

144A,

7/15/29

...........

United

States

700,000

614,173

b,c

Fertitta

Entertainment

LLC

Fertitta

Entertainment

Finance

Co.,

Inc.

Senior

Note

144A,

6.75

1/15/30

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

United

States

1,300,000

1,098,233

Motion

Bondco

DAC

Senior

Note

144A,

6.625

11/15/27

......

United

Kingdom

200,000

180,148

NCL

Corp.

Ltd.

Senior

Note

144A,

5.875

3/15/26

...........

United

States

300,000

284,475

b,c

Royal

Caribbean

Cruises

Ltd.

Senior

Note,

144A,

5.5%,

8/31/26

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

United

States

700,000

681,476

Franklin

Universal

Trust

Schedule

Investments

(unaudited)

Quarterly

Schedule

Investments

See

Notes

Schedule

Investments.

Country

Principal

Amount

Value

Corporate

Bonds

(continued)

Hotels,

Restaurants

Leisure

(continued)

b,c

Royal

Caribbean

Cruises

Ltd.,

(continued)

Senior

Note,

144A,

11.625%,

8/15/27

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

United

States

700,000

759,716

b,c

Station

Casinos

LLC

Senior

Note

144A,

4.5

2/15/28

........

United

States

400,000

362,090

Studio

City

Finance

Ltd.

Senior

Note

144A,

1/15/29

.......

Macau

1,600,000

1,242,464

b,c

Wynn

Resorts

Finance

LLC

Wynn

Resorts

Capital

Corp.

Senior

Note

144A,

7.125

2/15/31

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

United

States

800,000

797,012

9,732,214

Household

Durables

1.7%

b,c

Ashton

Woods

USA

LLC

Ashton

Woods

Finance

Co.

Senior

Note

144A,

4.625

8/01/29

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

United

States

1,500,000

1,265,520

b,c

Dream

Finders

Homes,

Inc.

Senior

Note

144A,

8.25

8/15/28

United

States

500,000

515,422

LGI

Homes,

Inc.

Senior

Note

144A,

8.75

12/15/28

..........

United

States

800,000

823,380

M/I

Homes,

Inc.

Senior

Note

3.95

2/15/30

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

United

States

600,000

512,502

3,116,824

Independent

Power

and

Renewable

Electricity

Producers

1.8%

b,c

Calpine

Corp.

Senior

Bond,

144A,

5%,

2/01/31

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

United

States

900,000

796,771

Senior

Note,

144A,

4.625%,

2/01/29

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

United

States

700,000

634,605

Clearway

Energy

Operating

LLC

Senior

Bond,

144A,

3.75%,

1/15/32

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

United

States

400,000

321,845

Senior

Note,

144A,

4.75%,

3/15/28

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

United

States

400,000

374,653

Senior

Note,

144A,

3.75%,

2/15/31

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

United

States

300,000

251,262

Leeward

Renewable

Energy

Operations

LLC

Senior

Note

144A,

4.25

7/01/29

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

United

States

1,000,000

844,057

3,223,193

Insurance

0.6%

Alliant

Holdings

Intermediate

LLC

Alliant

Holdings

Co-Issuer

Senior

Note

144A,

6.75

10/15/27

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

United

States

300,000

288,000

b,c

Jones

Deslauriers

Insurance

Management,

Inc.

Senior

Note

144A,

10.5

12/15/30

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

Canada

800,000

829,388

1,117,388

Services

2.0%

b,c

Cablevision

Lightpath

LLC

Senior

Secured

Note

144A,

3.875

9/15/27

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

United

States

500,000

424,143

b,c

Cogent

Communications

Group,

Inc.

Senior

Secured

Note

144A,

3.5

5/01/26

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

United

States

500,000

466,680

Gartner,

Inc.

Senior

Note,

144A,

4.5%,

7/01/28

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

United

States

500,000

468,777

Senior

Note,

144A,

3.625%,

6/15/29

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

United

States

200,000

178,838

Senior

Note,

144A,

3.75%,

10/01/30

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

United

States

300,000

262,132

b,c

Northwest

Fiber

LLC

Northwest

Fiber

Finance

Sub,

Inc.

Senior

Note

144A,

2/15/28

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

United

States

1,100,000

933,311

b,c

Presidio

Holdings,

Inc.

Senior

Note

144A,

8.25

2/01/28

......

United

States

900,000

877,195

3,611,076

Life

Sciences

Tools

Services

0.5%

b,c

Fortrea

Holdings,

Inc.

Senior

Secured

Note

144A,

7.5

7/01/30

United

States

1,000,000

991,250

Machinery

1.6%

b,c

ATS

Corp.

Senior

Note

144A,

4.125

12/15/28

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

Canada

1,300,000

1,148,277

b,c

Calderys

Financing

LLC

Senior

Secured

Note

144A,

11.25

6/01/28

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

France

800,000

816,456

b,c

Chart

Industries,

Inc.

Senior

Secured

Note

144A,

7.5

1/01/30

United

States

700,000

714,810

Franklin

Universal

Trust

Schedule

Investments

(unaudited)

See

Notes

Schedule

Investments.

Quarterly

Schedule

Investments

Country

Principal

Amount

Value

Corporate

Bonds

(continued)

Machinery

(continued)

Titan

Acquisition

Ltd.

Titan

Co-Borrower

LLC

Senior

Note

144A,

7.75

4/15/26

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

Canada

300,000

296,703

2,976,246

Media

3.5%

b,c

Clear

Channel

International

Senior

Secured

Note

144A,

6.625

8/01/25

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

United

Kingdom

400,000

394,105

Clear

Channel

Outdoor

Holdings,

Inc.

Senior

Note,

144A,

7.75%,

4/15/28

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

United

States

300,000

246,202

Senior

Note,

144A,

7.5%,

6/01/29

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

United

States

500,000

394,453

Senior

Secured

Note,

144A,

5.125%,

8/15/27

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

United

States

400,000

370,662

Senior

Secured

Note,

144A,

9%,

9/15/28

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

United

States

500,000

505,500

CSC

Holdings

LLC

Senior

Bond,

5.25%,

6/01/24

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

United

States

400,000

381,459

Senior

Note,

144A,

7.5%,

4/01/28

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

United

States

300,000

205,462

b,c

Senior

Note,

144A,

11.25%,

5/15/28

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

United

States

700,000

699,446

b,g

Diamond

Sports

Group

LLC

Diamond

Sports

Finance

Co.

Senior

Note,

144A,

6.625%,

8/15/27

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

United

States

700,000

15,750

Senior

Secured

Note,

144A,

5.375%,

8/15/26

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

United

States

800,000

20,000

Directv

Financing

LLC

Directv

Financing

Co-Obligor,

Inc.

Senior

Secured

Note

144A,

5.875

8/15/27

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

United

States

200,000

180,169

b,c

DISH

DBS

Corp.

Senior

Secured

Note

144A,

5.75

12/01/28

...

United

States

1,000,000

742,560

b,c

LCPR

Senior

Secured

Financing

DAC

Senior

Secured

Note

144A,

6.75

10/15/27

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

United

States

450,000

423,675

News

Corp.

Senior

Note

144A,

3.875

5/15/29

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

United

States

200,000

177,064

Outfront

Media

Capital

LLC

Outfront

Media

Capital

Corp.

Senior

Bond,

144A,

4.625%,

3/15/30

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

United

States

100,000

85,951

Senior

Note,

144A,

5%,

8/15/27

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

United

States

100,000

94,370

b,c

Scripps

Escrow,

Inc.

Senior

Note

144A,

5.875

7/15/27

.......

United

States

600,000

506,106

b,c

Sirius

Radio,

Inc.

Senior

Note

144A,

7/15/28

.........

United

States

600,000

536,587

b,c

Univision

Communications,

Inc.

Senior

Secured

Note

144A,

4.5

5/01/29

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

United

States

600,000

526,907

6,506,428

Metals

Mining

1.6%

ATI,

Inc.

Senior

Note

7.25

8/15/30

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

United

States

700,000

703,825

Commercial

Metals

Co.

Senior

Bond

3.875

2/15/31

.........

United

States

700,000

595,221

b,c

Constellium

Senior

Note

144A,

3.75

4/15/29

...........

United

States

600,000

526,238

b,c

FMG

Resources

August

2006

Pty.

Ltd.

Senior

Bond

144A,

4.375

4/01/31

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

Australia

500,000

436,611

Novelis

Corp.

Senior

Bond,

144A,

3.875%,

8/15/31

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

United

States

100,000

84,242

Senior

Note,

144A,

3.25%,

11/15/26

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

United

States

100,000

91,832

b,c

SunCoke

Energy,

Inc.

Senior

Secured

Note

144A,

4.875

6/30/29

United

States

600,000

516,705

2,954,674

Mortgage

Real

Estate

Investment

Trusts

(REITs)

0.8%

b,c

Apollo

Commercial

Real

Estate

Finance,

Inc.

Senior

Secured

Note

144A,

4.625

6/15/29

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

United

States

1,500,000

1,219,848

Ladder

Capital

Finance

Holdings

LLLP

Ladder

Capital

Finance

Corp.

Senior

Note

144A,

4.75

6/15/29

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

United

States

300,000

261,414

1,481,262

Oil,

Gas

Consumable

Fuels

9.6%

Antero

Resources

Corp.

Senior

Note,

144A,

7.625%,

2/01/29

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

United

States

166,000

170,133

Senior

Note,

144A,

5.375%,

3/01/30

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

United

States

700,000

656,184

Franklin

Universal

Trust

Schedule

Investments

(unaudited)

Quarterly

Schedule

Investments

See

Notes

Schedule

Investments.

Country

Principal

Amount

Value

Corporate

Bonds

(continued)

Oil,

Gas

Consumable

Fuels

(continued)

b,c

Calumet

Specialty

Products

Partners

Calumet

Finance

Corp.

Senior

Note

144A,

8.125

1/15/27

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

United

States

900,000

847,979

Cheniere

Energy

Partners

Senior

Note,

4.5%,

10/01/29

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

United

States

500,000

466,840

Senior

Note,

4%,

3/01/31

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

United

States

700,000

617,913

Chesapeake

Energy

Corp.

Senior

Note

144A,

6.75

4/15/29

...

United

States

500,000

498,612

b,c

CITGO

Petroleum

Corp.

Senior

Secured

Note

144A,

8.375

1/15/29

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

United

States

600,000

605,467

b,c

Civitas

Resources,

Inc.

Senior

Note,

144A,

8.375%,

7/01/28

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

United

States

700,000

717,809

Senior

Note,

144A,

8.75%,

7/01/31

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

United

States

700,000

725,353

b,c

CrownRock

Finance,

Inc.

Senior

Note

144A,

5/01/29

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

United

States

300,000

288,237

Midstream,

Inc.

Senior

Note

144A,

4.125

6/15/29

........

United

States

300,000

269,559

b,c

Endeavor

Energy

Resources

EER

Finance,

Inc.

Senior

Bond

144A,

5.75

1/30/28

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

United

States

1,300,000

1,269,160

Energy

Transfer

Senior

Note

5.75

4/01/25

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

United

States

600,000

597,762

b,c

EnLink

Midstream

LLC

Senior

Note

144A,

6.5

9/01/30

.......

United

States

800,000

805,833

EQM

Midstream

Partners

Senior

Note

144A,

7.5

6/01/27

United

States

100,000

102,291

b,c

EQT

Corp.

Senior

Note

144A,

3.125

5/15/26

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

United

States

300,000

281,735

Harbour

Energy

plc

Senior

Note

144A,

5.5

10/15/26

........

United

Kingdom

500,000

470,906

Hilcorp

Energy

Hilcorp

Finance

Co.

Senior

Bond,

144A,

6%,

2/01/31

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

United

States

200,000

185,379

Senior

Note,

144A,

6%,

4/15/30

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

United

States

300,000

280,069

Senior

Note,

144A,

8.375%,

11/01/33

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

United

States

700,000

721,667

Kinetik

Holdings

Senior

Note

144A,

5.875

6/15/30

........

United

States

400,000

381,341

b,c

Martin

Midstream

Partners

Martin

Midstream

Finance

Corp.

Secured

Note

144A,

11.5

2/15/28

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

United

States

1,800,000

1,829,112

b,f,g,h

Murray

Energy

Corp.

Secured

Note

144A,

PIK,

4/15/24

...

United

States

757,734

—

PBF

Holding

Co.

LLC

PBF

Finance

Corp.

Senior

Note

144A,

7.875

9/15/30

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

United

States

200,000

200,189

Sunoco

Finance

Corp.

Senior

Note,

6%,

4/15/27

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

United

States

500,000

497,480

Senior

Note,

4.5%,

5/15/29

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

United

States

200,000

182,436

b,c

Venture

Global

Calcasieu

Pass

LLC

Senior

Secured

Bond,

144A,

4.125%,

8/15/31

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

United

States

300,000

258,964

Senior

Secured

Note,

144A,

3.875%,

8/15/29

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

United

States

300,000

263,306

Senior

Secured

Note,

144A,

6.25%,

1/15/30

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

United

States

400,000

392,857

Venture

Global

LNG,

Inc.

Senior

Secured

Note,

144A,

8.125%,

6/01/28

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

United

States

600,000

595,417

Senior

Secured

Note,

144A,

9.5%,

2/01/29

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

United

States

500,000

516,210

Senior

Secured

Note,

144A,

8.375%,

6/01/31

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

United

States

500,000

493,052

b,c

Viper

Energy,

Inc.

Senior

Note

144A,

7.375

11/01/31

........

United

States

700,000

708,891

Vital

Energy,

Inc.

Senior

Note,

10.125%,

1/15/28

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

United

States

300,000

305,715

Senior

Note,

9.75%,

10/15/30

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

United

States

400,000

401,188

17,605,046

Paper

Forest

Products

0.1%

Glatfelter

Corp.

Senior

Note

144A,

4.75

11/15/29

...........

United

States

400,000

242,546

Passenger

Airlines

0.9%

American

Airlines,

Inc.

AAdvantage

Loyalty

Ltd.

Senior

Secured

Note

144A,

5.5

4/20/26

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

United

States

583,333

574,673

Delta

Air

Lines,

Inc.

SkyMiles

Ltd.

Senior

Secured

Note

144A,

4.75

10/20/28

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

United

States

700,000

672,545

United

Airlines,

Inc.

Senior

Secured

Note,

144A,

4.375%,

4/15/26

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

United

States

100,000

95,159

Franklin

Universal

Trust

Schedule

Investments

(unaudited)

See

Notes

Schedule

Investments.

Quarterly

Schedule

Investments

Country

Principal

Amount

Value

Corporate

Bonds

(continued)

Passenger

Airlines

(continued)

United

Airlines,

Inc.,

(continued)

Senior

Secured

Note,

144A,

4.625%,

4/15/29

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

United

States

300,000

268,008

1,610,385

Personal

Care

Products

0.8%

b,c

BellRing

Brands,

Inc.

Senior

Note

144A,

3/15/30

.........

United

States

800,000

814,272

b,c

Coty,

Inc.

HFC

Prestige

Products,

Inc.

HFC

Prestige

International

LLC

Senior

Secured

Note

144A,

6.625

7/15/30

........

United

States

600,000

603,579

1,417,851

Pharmaceuticals

1.3%

1375209

Ltd.

Senior

Secured

Note

144A,

1/30/28

......

Canada

305,000

294,795

Bausch

Health

Cos.,

Inc.

Secured

Note,

144A,

14%,

10/15/30

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

United

States

107,000

56,129

Senior

Secured

Note,

144A,

11%,

9/30/28

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

United

States

542,000

340,105

b,g

Endo

Dac

Endo

Finance

LLC

Endo

Finco,

Inc.

Secured

Note,

144A,

9.5%,

7/31/27

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

United

States

302,000

23,028

Senior

Note,

144A,

6%,

6/30/28

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

United

States

389,000

28,654

b,g

Endo

Luxembourg

Finance

Co.

SARL

Endo

US,

Inc.

Senior

Secured

Note

144A,

6.125

4/01/29

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

United

States

500,000

321,617

b,g

Par

Pharmaceutical,

Inc.

Senior

Secured

Note

144A,

8.5

4/01/27

United

States

225,000

141,947

Teva

Pharmaceutical

Finance

Netherlands

III

Senior

Note,

4.75%,

5/09/27

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

Israel

600,000

565,104

Senior

Note,

7.875%,

9/15/29

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

Israel

300,000

313,073

Senior

Note,

8.125%,

9/15/31

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

Israel

300,000

316,853

2,401,305

Real

Estate

Management

Development

0.7%

b,c

Five

Point

Operating

Co.

Five

Point

Capital

Corp.

Senior

Note

144A,

7.875

11/15/25

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

United

States

400,000

383,286

b,c

Forestar

Group,

Inc.

Senior

Note

144A,

3.85

5/15/26

........

United

States

500,000

465,814

b,c

Greystar

Real

Estate

Partners

LLC

Senior

Secured

Note

144A,

7.75

9/01/30

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

United

States

500,000

509,000

1,358,100

Software

1.3%

b,c

Camelot

Finance

Senior

Secured

Note

144A,

4.5

11/01/26

United

States

900,000

854,148

b,c

McAfee

Corp.

Senior

Note

144A,

7.375

2/15/30

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

United

States

800,000

691,723

b,c

Rocket

Software,

Inc.

Senior

Note

144A,

6.5

2/15/29

........

United

States

1,100,000

890,148

2,436,019

Specialized

REITs

0.5%

b,c

Iron

Mountain,

Inc.

Senior

Bond,

144A,

5.625%,

7/15/32

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

United

States

300,000

272,632

Senior

Note,

144A,

7%,

2/15/29

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

United

States

700,000

706,155

978,787

Specialty

Retail

1.7%

b,c

Evergreen

Acqco

TVI,

Inc.

Senior

Secured

Note

144A,

9.75

4/26/28

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

United

States

720,000

747,612

b,c

Gap,

Inc.

(The)

Senior

Note

144A,

3.625

10/01/29

..........

United

States

700,000

576,794

b,c

Lithia

Motors,

Inc.

Senior

Bond

144A,

4.375

1/15/31

........

United

States

300,000

258,752

Michaels

Cos.,

Inc.

(The)

Senior

Note,

144A,

7.875%,

5/01/29

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

United

States

600,000

341,544

Senior

Secured

Note,

144A,

5.25%,

5/01/28

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

United

States

300,000

219,364

Murphy

Oil

USA,

Inc.

Senior

Note

4.75

9/15/29

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

United

States

700,000

648,428

Franklin

Universal

Trust

Schedule

Investments

(unaudited)

Quarterly

Schedule

Investments

See

Notes

Schedule

Investments.

Country

Principal

Amount

Value

Corporate

Bonds

(continued)

Specialty

Retail

(continued)

b,c

Victoria's

Secret

Co.

Senior

Note

144A,

4.625

7/15/29

.....

United

States

400,000

324,991

3,117,485

Textiles,

Apparel

Luxury

Goods

0.2%

b,c

Hanesbrands,

Inc.

Senior

Note

144A,

2/15/31

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

United

States

400,000

377,446

Trading

Companies

Distributors

0.5%

b,c

H&E

Equipment

Services,

Inc.

Senior

Note

144A,

3.875

12/15/28

United

States

600,000

531,734

b,c

WESCO

Distribution,

Inc.

Senior

Note

144A,

7.25

6/15/28

....

United

States

400,000

407,087

938,821

Wireless

Telecommunication

Services

0.5%

Digicel

Group

Holdings

Ltd.

Zero

Cpn.,

11/17/33

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

Bermuda

27,358

1,448

T-Mobile

USA,

Inc.

Senior

Note,

4.75%,

2/01/28

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

United

States

600,000

588,688

Senior

Note,

2.625%,

2/15/29

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

United

States

300,000

264,407

854,543

Total

Corporate

Bonds

(Cost

$157,811,750)

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

140,646,668

Senior

Floating

Rate

Interests

0.1%

Media

0.1%

g,i

Diamond

Sports

Group

LLC

First

Lien,

CME

Term

Loan

12.775

(

3-month

SOFR

5/25/26

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

United

States

159,053

117,359

Total

Senior

Floating

Rate

Interests

(Cost

$148,172)

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

117,359

Marketplace

Loans

5.1%

Financial

Services

5.1%

Total

Marketplace

Loans

(Cost

$10,742,019)

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

9,397,116

Asset-Backed

Securities

0.2%

Financial

Services

0.2%

b,k

Consumer

Loan

Underlying

Bond

Certificate

Issuer

Trust

2019-26,

PT,

144A,

FRN,

18.038%,

8/15/44

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

United

States

35,674

33,344

2019-31,

PT,

144A,

FRN,

19.737%,

9/15/44

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

United

States

32,235

29,554

2019-37,

PT,

144A,

FRN,

20.198%,

10/17/44

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

United

States

37,442

35,387

2019-42,

PT,

144A,

FRN,

18.292%,

11/15/44

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

United

States

37,651

35,293

2019-51,

PT,

144A,

FRN,

15.794%,

1/15/45

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

United

States

44,668

42,091

2019-52,

PT,

144A,

FRN,

14.293%,

1/15/45

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

United

States

36,739

34,544

2019-S3,

PT,

144A,

FRN,

10.588%,

6/15/44

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

United

States

4,773

4,415

2019-S4,

PT,

144A,

FRN,

12.693%,

8/15/44

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

United

States

21,886

20,966

2019-S5,

PT,

144A,

FRN,

12.735%,

9/15/44

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

United

States

23,679

22,024

2019-S6,

PT,

144A,

FRN,

11.502%,

10/17/44

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

United

States

30,641

28,426

2019-S7,

PT,

144A,

FRN,

10.768%,

12/15/44

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

United

States

21,099

19,497

2019-S8,

PT,

144A,

FRN,

10.552%,

1/15/45

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

United

States

23,469

21,727

2020-2,

PT,

144A,

FRN,

14.944%,

3/15/45

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

United

States

36,786

34,514

2020-7,

PT,

144A,

FRN,

15.152%,

4/17/45

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

United

States

22,463

20,801

b,k

Prosper

Pass-Thru

Trust

III

2020-PT1,

144A,

FRN,

14.089%,

3/15/26

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

United

States

19,281

18,664

2020-PT2,

144A,

FRN,

12.177%,

4/15/26

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

United

States

24,203

23,006

2020-PT3,

144A,

FRN,

5.076%,

5/15/26

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

United

States

5,179

4,485

Franklin

Universal

Trust

Schedule

Investments

(unaudited)

See

Notes

Schedule

Investments.

Quarterly

Schedule

Investments

See

Abbreviations

page

Country

Principal

Amount

Value

Asset-Backed

Securities

(continued)

Financial

Services

(continued)

b,k

Upgrade

Master

Pass-Thru

Trust

2019-PT2

144A,

FRN

15.548

2/15/26

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

United

States

22,755

22,204

450,942

Total

Asset-Backed

Securities

(Cost

$461,785)

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

450,942

Escrows

and

Litigation

Trusts

0.0%

†

Chesapeake

Energy

Corp.,

Escrow

Account

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

United

States

1,500,000

32,250

Total

Escrows

and

Litigation

Trusts

(Cost

$48,985)

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

32,250

Total

Long

Term

Investments

(Cost

$207,681,941)

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

237,780,931

Short

Term

Investments

1.8%

Country

Value

Money

Market

Funds

1.8%

l,m

Institutional

Fiduciary

Trust

Money

Market

Portfolio,

5.036%

....

United

States

3,275,932‌

3,275,932

Total

Money

Market

Funds

(Cost

$3,275,932)

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

3,275,932

Total

Short

Term

Investments

(Cost

$3,275,932

)

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

3,275,932

Total

Investments

(Cost

$210,957,873)

131.3%

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

$241,056,863

Credit

Facility

(32.7)%

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

(60,000,000)

Other

Assets,

less

Liabilities

1.4%

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

2,573,404

Net

Assets

100.0%

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

$183,630,267

The

principal

amount

stated

U.S.

dollars

unless

otherwise

indicated.

†

Rounds

less

than

0.1%

net

assets.

Non-income

producing.

Security

was

purchased

pursuant

Rule

144A

Regulation

under

the

Securities

Act

1933.

144A

securities

may

sold

transactions

exempt

from

registration

only

qualified

institutional

buyers

public

offering

registered

under

the

Securities

Act

1933.

Regulation

securities

cannot

sold

the

United

States

without

either

effective

registration

statement

filed

pursuant

the

Securities

Act

1933,

pursuant

exemption

from

registration.

November

30,

2023,

the

aggregate

value

these

securities

was

$122,998,800,

representing

67.0%

net

assets.

portion

all

the

security

pledged

collateral

connection

with

the

Fund’s

revolving

credit

facility.

Perpetual

security

with

stated

maturity

date.

The

coupon

rate

shown

represents

the

rate

period

end.

Income

may

received

additional

securities

and/or

cash.

Defaulted

security

for

which

income

has

been

deemed

uncollectible.

Fair

valued

using

significant

unobservable

inputs.

See

Note

regarding

fair

value

measurements.

The

coupon

rate

shown

represents

the

rate

inclusive

any

caps

floors,

applicable,

effect

period

end.

See

full

breakdown

marketplace

loans

holdings

the

table

the

end

this

schedule.

Adjustable

rate

security

with

interest

rate

that

not

based

published

reference

index

and

spread.

The

rate

based

the

structure

the

agreement

and

current

market

conditions.

The

coupon

rate

shown

represents

the

rate

period

end.

See

Note

regarding

investments

affiliated

management

investment

companies.

The

rate

shown

the

annualized

seven-day

effective

yield

period

end.

Franklin

Universal

Trust

Schedule

Investments

(unaudited),

November

30,

2023

Quarterly

Schedule

Investments

See

Notes

Schedule

Investments.

November

30,

2023,

the

Fund

had

the

following marketplace

loans

outstanding.

Description

Principal

Amount

Value

Marketplace

Loans

5.1%

Freedom

Financial

Asset

Management

LLC

APP-12381966.FP.FTS.B

.49

1/20/24

1,144

1,152

APP-11634713.FP.FTS.B

.99

2/13/24

1,076

1,078

APP-13323334.FP.FTS.B

.99

5/14/24

1,674

1,683

APP-13489698.FP.FTS.B

.99

5/15/24

2,202

2,213

APP-13476049.FP.FTS.B

.49

5/17/24

2,419

2,439

APP-13485474.FP.FTS.B

.99

5/18/24

1,920

1,934

APP-12399683.FP.FTS.B

.49

5/20/24

4,213

1,108

APP-15125689.FP.FTS.B

.99

7/15/24

2,873

2,893

APP-15138477.FP.FTS.B

.99

7/16/24

2,283

2,298

APP-14522400.FP.FTS.B

.99

7/23/24

2,778

2,797

APP-15089870.FP.FTS.B

.99

7/27/24

5,536

5,618

APP-10084299.FP.FTS.B

.49

8/11/24

4,466

2,936

APP-10541747.FP.FTS.B

.99

9/05/24

3,750

3,768

APP-10849903.FP.FTS.B

.24

10/16/24

9,621

9,699

APP-10584167.FP.FTS.B

.99

10/28/24

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

2,598

2,626

APP-11139281.FP.FTS.B

.49

11/01/24

5,023

5,052

APP-11106155.FP.FTS.B

.74

11/01/24

7,934

7,987

APP-10836612.FP.FTS.B

.49

11/15/24

4,631

4,677

APP-11021958.FP.FTS.B

.24

12/10/24

5,105

5,142

APP-11021643.FP.FTS.B

.49

12/14/24

6,479

6,530

APP-11695329.FP.FTS.B

.99

12/15/24

4,887

4,890

APP-11693890.FP.FTS.B

.24

12/17/24

21,183

7,546

APP-11007940.FP.FTS.B

.49

12/19/24

5,236

5,288

APP-10839343.FP.FTS.B

.99

12/19/24

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

3,559

3,592

APP-11799520.FP.FTS.B

.99

12/25/24

4,763

4,805

APP-11681583.FP.FTS.B

.99

1/30/25

4,898

4,956

APP-10844126.FP.FTS.B

.99

1/30/25

8,250

8,198

APP-11766706.FP.FTS.B

.99

2/02/25

4,108

4,102

APP-11799331.FP.FTS.B

.99

2/06/25

13,304

13,395

APP-11694349.FP.FTS.B

.24

2/07/25

14,743

14,827

APP-11862313.FP.FTS.B

.49

2/11/25

4,181

4,193

APP-11869808.FP.FTS.B

.99

2/15/25

8,489

8,542

APP-12413621.FP.FTS.B

.49

3/01/25

10,587

10,569

APP-12394118.FP.FTS.B

.74

3/10/25

10,756

10,855

APP-11102104.FP.FTS.B

.99

3/11/25

3,332

3,288

APP-12410877.FP.FTS.B

.74

3/15/25

13,934

14,033

APP-12299545.FP.FTS.B

.99

3/21/25

9,390

9,491

APP-13323354.FP.FTS.B

.09

5/18/25

8,783

8,877

APP-14953979.FP.FTS.B

.74

7/13/25

17,494

17,647

APP-15094222.FP.FTS.B

.24

7/14/25

14,148

14,267

APP-15084327.FP.FTS.B

.74

7/14/25

11,125

11,240

APP-15090883.FP.FTS.B

.49

7/14/25

2,365

2,306

APP-15034726.FP.FTS.B

.49

7/25/25

5,874

5,877

APP-10111431.FP.FTS.B

.99

9/15/25

10,813

10,969

APP-10140977.FP.FTS.B

.99

9/15/25

5,688

5,940

APP-10091198.FP.FTS.B

.49

9/24/25

4,200

4,211

APP-11022514.FP.FTS.B

.49

10/21/25

9,073

9,344

APP-10582948.FP.FTS.B

.99

10/22/25

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

12,511

12,697

APP-10578403.FP.FTS.B

.99

10/30/25

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

11,270

11,519

APP-10561192.FP.FTS.B

.99

11/03/25

9,129

9,257

APP-10841976.FP.FTS.B

.99

11/28/25

8,336

8,444

APP-11116538.FP.FTS.B

.99

12/10/25

8,067

8,182

Description

Principal

Amount

Value

Freedom

Financial

Asset

Management

LLC

(continued)

APP-11105408.FP.FTS.B

.99

12/14/25

6,692

6,795

APP-11843242.FP.FTS.B

.24

12/15/25

11,424

11,569

APP-11022500.FP.FTS.B

.99

12/16/25

7,325

7,535

APP-11579320.FP.FTS.B

.99

12/20/25

12,436

12,953

APP-10868780.FP.FTS.B

.49

1/02/26

18,368

18,784

APP-11798391.FP.FTS.B

.49

1/04/26

6,350

6,484

APP-11733010.FP.FTS.B

.74

1/28/26

20,748

21,299

APP-12378685.FP.FTS.B

.99

2/01/26

8,913

9,031

APP-11757188.FP.FTS.B

.24

2/02/26

25,420

25,996

APP-11799488.FP.FTS.B

.99

2/05/26

11,972

12,202

APP-11757063.FP.FTS.B

.99

2/05/26

12,725

13,032

APP-12281543.FP.FTS.B

.74

3/08/26

23,148

23,664

APP-12246304.FP.FTS.B

.24

3/08/26

21,229

21,750

APP-12397373.FP.FTS.B

.99

3/15/26

9,001

9,154

APP-12032813.FP.FTS.B

.99

3/17/26

8,428

8,624

APP-12419810.FP.FTS.B

.74

3/20/26

25,177

25,595

APP-12270812.FP.FTS.B

.99

3/22/26

8,094

8,288

APP-12421465.FP.FTS.B

.99

3/23/26

13,132

13,502

APP-13524997.FP.FTS.B

.59

3/25/26

10,088

10,231

APP-13511680.FP.FTS.B

.84

5/05/26

9,963

10,094

APP-13256383.FP.FTS.B

.99

5/18/26

24,753

25,133

APP-13477482.FP.FTS.B

.34

5/18/26

26,284

26,702

APP-13527002.FP.FTS.B

.59

5/19/26

6,841

6,963

APP-14943761.FP.FTS.B

.99

6/01/26

14,699

14,850

APP-15146572.FP.FTS.B

.74

7/15/26

1,451

1,450

APP-15112645.FP.FTS.B

.99

7/15/26

14,444

14,674

APP-15065994.FP.FTS.B

.74

7/15/26

34,390

34,914

APP-15053141.FP.FTS.B

.99

7/15/26

14,582

14,811

APP-15107872.FP.FTS.B

.49

7/15/26

10,703

10,960

APP-15064308.FP.FTS.B

.49

7/15/26

16,204

16,470

APP-15054013.FP.FTS.B

.99

7/20/26

11,971

12,180

APP-15109634.FP.FTS.B

.49

7/21/26

7,353

7,486

APP-15073340.FP.FTS.B

.99

7/25/26

7,220

7,348

APP-14860724.FP.FTS.B

.99

7/26/26

14,166

14,491

APP-15111841.FP.FTS.B

.84

7/28/26

20,535

20,869

APP-14956830.FP.FTS.B

.74

7/28/26

22,215

22,659

APP-15053675.FP.FTS.B

.99

7/30/26

9,440

9,578

APP-10133595.FP.FTS.B

.99

8/11/26

12,446

12,656

APP-10140897.FP.FTS.B

.99

8/12/26

13,686

13,955

APP-10145662.FP.FTS.B

.99

9/17/26

14,673

15,153

APP-10460831.FP.FTS.B

.99

9/19/26

5,225

5,412

APP-10572421.FP.FTS.B

.49

9/20/26

21,899

22,285

APP-10112510.FP.FTS.B

.49

9/25/26

8,303

8,508

APP-10145175.FP.FTS.B

.49

9/26/26

6,049

6,175

APP-10850556.FP.FTS.B

.99

10/01/26

6,778

6,803

APP-09931612.FP.FTS.B

.24

10/03/26

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

10,463

10,608

APP-10838239.FP.FTS.B

.49

10/12/26

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

21,184

21,527

APP-10845328.FP.FTS.B

.99

10/16/26

16,335

16,611

APP-10704368.FP.FTS.B

.99

10/16/26

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

12,846

13,105

APP-10745909.FP.FTS.B

.99

10/16/26

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

34,313

34,994

APP-10829192.FP.FTS.B

.99

10/16/26

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

16,943

17,461

Franklin

Universal

Trust

Schedule

Investments

(unaudited)

See

Notes

Schedule

Investments.

Quarterly

Schedule

Investments

Description

Principal

Amount

Value

Marketplace

Loans

(continued)

Freedom

Financial

Asset

Management

LLC

(continued)

APP-10852939.FP.FTS.B

.49

10/17/26

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

1,002

1,000

APP-10581131.FP.FTS.B

.49

10/22/26

6,976

7,242

APP-10384953.FP.FTS.B

.99

11/02/26

11,389

11,686

APP-11119432.FP.FTS.B

.99

11/03/26

14,724

14,951

APP-10577758.FP.FTS.B

.49

11/04/26

8,518

2,632

APP-11187454.FP.FTS.B

.49

11/10/26

7,235

7,464

APP-10848002.FP.FTS.B

.99

11/19/26

17,336

17,788

APP-10859032.FP.FTS.B

.99

11/21/26

10,122

10,305

APP-10842381.FP.FTS.B

.49

11/21/26

23,332

23,741

APP-10830375.FP.FTS.B

.99

11/21/26

11,004

11,400

APP-10692450.FP.FTS.B

.49

11/29/26

17,525

18,105

APP-10671079.FP.FTS.B

.99

11/30/26

18,880

19,188

APP-10848317.FP.FTS.B

.24

11/30/26

13,418

13,701

APP-10670975.FP.FTS.B

.49

11/30/26

11,286

11,585

APP-10860337.FP.FTS.B

.99

11/30/26

11,689

11,988

APP-10916894.FP.FTS.B

.49

12/01/26

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

13,668

9,326

APP-10224478.FP.FTS.B

.49

12/02/26

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

19,250

19,747

APP-11122151.FP.FTS.B

.49

12/06/26

13,314

1,772

APP-11094577.FP.FTS.B

.49

12/08/26

8,659

8,943

APP-11008022.FP.FTS.B

.99

12/13/26

9,723

9,892

APP-11021456.FP.FTS.B

.99

12/15/26

26,523

27,408

APP-11116084.FP.FTS.B

.49

12/19/26

9,170

9,107

APP-11007668.FP.FTS.B

.99

12/19/26

13,028

13,449

APP-11091099.FP.FTS.B

.99

12/20/26

20,933

21,326

APP-11111264.FP.FTS.B

.49

12/20/26

8,441

8,635

APP-11036570.FP.FTS.B

.99

12/20/26

11,473

11,906

APP-11874582.FP.FTS.B

.49

12/23/26

15,562

15,974

APP-11751323.FP.FTS.B

.99

12/23/26

10,819

1,249

APP-11767307.FP.FTS.B

.49

12/24/26

19,182

19,503

APP-11461595.FP.FTS.B

.99

12/24/26

2,971

2,933

APP-11762193.FP.FTS.B

.49

12/24/26

13,564

14,029

APP-11677084.FP.FTS.B

.49

12/26/26

31,450

31,992

APP-11799609.FP.FTS.B

.99

1/01/27

22,329

22,650

APP-11844341.FP.FTS.B

.74

1/01/27

23,806

24,245

APP-11824892.FP.FTS.B

.99

2/03/27

12,343

12,538

APP-11765220.FP.FTS.B

.99

2/04/27

35,228

35,813

APP-11724933.FP.FTS.B

.24

2/05/27

10,410

10,591

APP-11702245.FP.FTS.B

.49

2/05/27

9,395

9,428

APP-11674918.FP.FTS.B

.49

2/05/27

18,974

19,396

APP-12397051.FP.FTS.B

.49

2/06/27

8,902

9,064

APP-11696610.FP.FTS.B

.24

2/07/27

18,074

18,426

APP-11743079.FP.FTS.B

.24

2/07/27

29,786

17,082

APP-11757936.FP.FTS.B

.99

2/07/27

7,067

7,222

APP-11763967.FP.FTS.B

.99

2/07/27

11,278

11,530

APP-11837813.FP.FTS.B

.99

2/10/27

9,770

1,116

APP-11838245.FP.FTS.B

.99

2/11/27

7,208

7,367

APP-11801863.FP.FTS.B

.99

2/12/27

24,017

24,406

APP-11798652.FP.FTS.B

.74

2/14/27

35,157

35,756

APP-11843528.FP.FTS.B

.99

2/14/27

2,095

2,098

APP-11864146.FP.FTS.B

.24

2/15/27

293

APP-11845152.FP.FTS.B

.74

2/15/27

30,212

30,735

APP-11801830.FP.FTS.B

.49

2/15/27

14,615

14,897

APP-11752200.FP.FTS.B

.49

2/23/27

14,683

14,938

APP-10128827.FP.FTS.B

.49

2/24/27

6,976

7,231

APP-11744634.FP.FTS.B

.99

3/01/27

13,224

8,447

Description

Principal

Amount

Value

Freedom

Financial

Asset

Management

LLC

(continued)

APP-12304720.FP.FTS.B

.74

3/06/27

37,390

38,090

APP-12106158.FP.FTS.B

.24

3/07/27

12,401

12,588

APP-12404066.FP.FTS.B

.49

3/08/27

26,458

27,037

APP-12408150.FP.FTS.B

.99

3/10/27

8,278

4,774

APP-11872928.FP.FTS.B

.24

3/15/27

11,596

11,797

APP-12407302.FP.FTS.B

.99

3/15/27

8,148

8,308

APP-12272662.FP.FTS.B

.49

3/17/27

14,871

15,186

APP-11863466.FP.FTS.B

.49

3/17/27

7,845

8,038

APP-12385340.FP.FTS.B

.49

3/17/27

7,013

7,175

APP-12341500.FP.FTS.B

.49

3/20/27

12,732

13,048

APP-12396943.FP.FTS.B

.49

3/21/27

12,668

12,900

APP-12270734.FP.FTS.B

.99

3/21/27

13,927

14,219

APP-10314654.FP.FTS.B

.74

3/21/27

24,893

25,499

APP-12381900.FP.FTS.B

.49

3/22/27

15,910

16,291

APP-13531026.FP.FTS.B

.59

3/28/27

18,145

18,455

APP-13513406.FP.FTS.B

.34

4/01/27

37,744

38,240

APP-13478834.FP.FTS.B

.99

5/03/27

15,746

15,970

APP-13508795.FP.FTS.B

.59

5/05/27

13,203

13,384

APP-13047632.FP.FTS.B

.49

5/05/27

9,989

10,134

APP-13485036.FP.FTS.B

.34

5/06/27

9,973

10,126

APP-08710316.FP.FTS.B

.99

5/13/27

25,824

26,231

APP-13498730.FP.FTS.B

.34

5/15/27

14,950

15,195

APP-13329158.FP.FTS.B

.99

5/15/27

10,199

10,238

APP-13453359.FP.FTS.B

.24

5/15/27

23,453

23,849

APP-13410410.FP.FTS.B

.99

5/15/27

8,319

8,461

APP-13486869.FP.FTS.B

.34

5/16/27

23,991

24,403

APP-13531289.FP.FTS.B

.09

5/16/27

22,522

22,910

APP-13512105.FP.FTS.B

.49

5/16/27

20,504

20,865

APP-13473219.FP.FTS.B

.49

5/16/27

5,735

2,111

APP-13479562.FP.FTS.B

.49

5/17/27

12,547

12,768

APP-13227905.FP.FTS.B

.99

5/18/27

8,027

8,180

APP-13517315.FP.FTS.B

.09

5/19/27

37,575

38,240

APP-13507352.FP.FTS.B

.49

5/19/27

7,620

7,773

APP-13531806.FP.FTS.B

.99

5/20/27

15,553

15,855

APP-13485355.FP.FTS.B

.24

5/20/27

29,972

9,383

APP-13485605.FP.FTS.B

.99

5/20/27

10,820

10,920

APP-13518313.FP.FTS.B

.99

5/20/27

13,475

13,728

APP-13302186.FP.FTS.B

.49

5/20/27

11,332

11,559

APP-15111331.FP.FTS.B

.99

6/11/27

17,194

17,427

APP-14906773.FP.FTS.B

.74

7/15/27

30,581

31,014

APP-13533233.FP.FTS.B

.09

7/15/27

20,701

21,027

APP-15064429.FP.FTS.B

.49

7/15/27

21,228

21,523

APP-15055216.FP.FTS.B

.99

7/15/27

14,176

14,329

APP-15070181.FP.FTS.B

.99

7/15/27

14,172

14,324

APP-15109285.FP.FTS.B

.49

7/15/27

23,853

24,066

APP-14865954.FP.FTS.B

.74

7/16/27

21,125

21,431

APP-15149750.FP.FTS.B

.99

7/16/27

4,720

4,721

APP-14958373.FP.FTS.B

.24

7/16/27

13,957

14,184

APP-14914244.FP.FTS.B

.99

7/22/27

11,470

11,634

APP-15057995.FP.FTS.B

.99

7/23/27

8,047

8,183

APP-15058449.FP.FTS.B

.99

7/25/27

9,426

9,588

APP-15078317.FP.FTS.B

.99

7/25/27

16,458

16,741

APP-15055723.FP.FTS.B

.24

7/26/27

24,813

25,241

APP-15048744.FP.FTS.B

.49

7/27/27

18,447

18,764

APP-15053719.FP.FTS.B

.99

7/28/27

8,933

9,103

APP-15133409.FP.FTS.B

.49

7/30/27

20,438

20,728

APP-15053776.FP.FTS.B

.49

7/30/27

9,856

9,906

APP-15068287.FP.FTS.B

.99

8/26/27

3,640

3,551

Franklin

Universal

Trust

Schedule

Investments

(unaudited)

Quarterly

Schedule

Investments

See

Notes

Schedule

Investments.

Description

Principal

Amount

Value

Marketplace

Loans

(continued)

Freedom

Financial

Asset

Management

LLC

(continued)

APP-15039962.FP.FTS.B

.49

8/28/27

41,053

41,756

APP-15085248.FP.FTS.B

.74

9/29/27

11,135

11,047

APP-11764720.FP.FTS.B

.99

10/05/27

9,049

1,847

APP-15070551.FP.FTS.B

.74

4/27/28

15,715

15,734

2,837,383

LendingClub

Corp.

153974620.LC.FTS.B

6/24/24

...

4,274

4,256

154144733.LC.FTS.B

6/26/24

...

3,137

3,103

155408143.LC.FTS.B

.95

7/22/24

...

4,761

4,742

155731933.LC.FTS.B

.24

7/29/24

...

6,252

6,200

156235700.LC.FTS.B

.74

8/06/24

...

2,958

2,931

156759369.LC.FTS.B

8/09/24

...

4,607

4,542

156752978.LC.FTS.B

8/09/24

...

7,756

7,671

156812488.LC.FTS.B

8/12/24

...

2,124

2,106

158130288.LC.FTS.B

9/04/24

...

3,184

3,148

159089545.LC.FTS.B

.95

9/23/24

...

2,760

2,739

159106791.LC.FTS.B

.74

9/23/24

...

3,421

3,395

159001219.LC.FTS.B

9/26/24

...

4,125

4,078

158913750.LC.FTS.B

.71

9/30/24

...

5,734

5,635

155823205.LC.FTS.B

9/30/24

...

4,301

4,231

160792694.LC.FTS.B

.08

10/23/24

9,403

9,252

161424051.LC.FTS.B

.33

11/05/24

3,616

3,547

161483895.LC.FTS.B

.08

11/07/24

3,061

3,004

162010515.LC.FTS.B

.74

11/18/24

2,930

2,893

162923894.LC.FTS.B

.62

12/06/24

3,008

2,999

163764805.LC.FTS.B

Zero

Cpn

12/23/24

11,540

–

164548038.LC.FTS.B

.02

1/25/25

...

8,539

8,372

164089980.LC.FTS.B

.74

2/28/25

...

5,488

236

167132427.LC.FTS.B

.55

2/28/25

...

7,672

7,567

167747801.LC.FTS.B

.12

3/15/25

...

6,638

801

168420680.LC.FTS.B

.74

3/16/25

...

7,490

7,319

166170570.LC.FTS.B

.74

3/17/25

...

6,292

6,144

168140265.LC.FTS.B

.24

3/21/25

...

7,751

7,576

167712249.LC.FTS.B

4/20/25

...

9,931

9,728

151259806.LC.FTS.B

6/04/25

.....

9,353

1,698

165352318.LC.FTS.B

.24

6/22/25

...

12,400

12,063

166444317.LC.FTS.B

.08

11/04/25

19,596

6,837

160809803.LC.FTS.B

.08

11/23/25

12,395

11,865

164493400.LC.FTS.B

1/07/33

......

519

515

161,193

LendingClub

Corp.

LCX

161911117.LC.FTS.B

.55

11/14/24

1,986

375

164542068.LC.FTS.B

.65

1/21/25

...

4,634

4,648

157483547.LC.FTS.B

Zero

Cpn

12/13/32

1,388

–

5,023

LendingClub

Corp.

LCX

173374603.LC.FTS.B

.12

1/13/24

...

975

979

184916811.LC.FTS.B

.99

1/18/25

...

4,792

4,762

185085067.LC.FTS.B

.99

1/18/25

...

8,013

8,152

184905245.LC.FTS.B

.99

1/19/25

...

9,751

739

185225789.LC.FTS.B

.99

1/19/25

...

6,963

6,998

185231531.LC.FTS.B

.49

1/19/25

...

1,864

1,873

185170289.LC.FTS.B

.99

1/22/25

...

6,343

413

184577634.LC.FTS.B

.49

1/25/25

...

3,111

3,110

185449370.LC.FTS.B

.44

1/25/25

...

5,882

5,856

185337050.LC.FTS.B

.99

1/25/25

...

11,141

11,214

Description

Principal

Amount

Value

LendingClub

Corp.

LCX

(continued)

185529283.LC.FTS.B

.99

1/27/25

...

9,141

9,142

185074501.LC.FTS.B

.74

1/29/25

...

2,188

2,184

185591984.LC.FTS.B

1/31/25

.....

7,303

5,866

184733710.LC.FTS.B

.99

1/31/25

...

1,663

1,714

185743058.LC.FTS.B

.19

2/02/25

...

3,689

3,660

185670318.LC.FTS.B

.44

2/02/25

...

7,096

6,978

185694876.LC.FTS.B

.49

2/02/25

...

5,442

5,421

185720673.LC.FTS.B

.49

2/04/25

...

2,818

2,772

184778654.LC.FTS.B

.19

2/04/25

...

1,665

1,659

185764512.LC.FTS.B

.99

2/04/25

...

12,240

12,256

185806351.LC.FTS.B

.99

2/07/25

...

5,858

5,835

185828353.LC.FTS.B

.99

2/08/25

...

9,135

9,191

186050160.LC.FTS.B

.99

2/10/25

...

8,314

8,275

185828265.LC.FTS.B

.44

2/10/25

...

7,802

7,823

185614486.LC.FTS.B

.99

2/10/25

...

12,252

12,253

186144016.LC.FTS.B

Zero

Cpn

2/14/25

7,002

–

185731098.LC.FTS.B

.99

2/14/25

...

1,944

1,940

186141198.LC.FTS.B

.99

2/14/25

...

2,430

2,425

185870831.LC.FTS.B

.99

2/15/25

...

3,441

3,433

186248821.LC.FTS.B

.94

2/16/25

...

7,439

7,400

185952586.LC.FTS.B

Zero

Cpn

2/17/25

4,379

–

188498393.LC.FTS.B

.99

4/25/25

...

18,544

18,592

187330959.LC.FTS.B

.99

4/25/25

...

8,410

8,591

188539697.LC.FTS.B

.99

4/25/25

...

5,957

1,199

188790970.LC.FTS.B

.99

4/27/25

...

13,655

13,526

188578940.LC.FTS.B

.99

4/27/25

...

588

595

188852266.LC.FTS.B

.99

4/27/25

...

3,361

3,436

188854471.LC.FTS.B

.79

4/27/25

...

2,973

3,042

188781202.LC.FTS.B

.99

4/28/25

...

7,706

7,541

188845200.LC.FTS.B

.99

4/28/25

...

1,070

1,076

188849723.LC.FTS.B

.49

4/28/25

...

1,089

1,099

188683873.LC.FTS.B

.99

5/01/25

...

7,098

7,165

185664927.LC.FTS.B

.49

6/16/25

...

3,119

2,462

171733583.LC.FTS.B

.24

10/30/25

11,205

10,967

172637623.LC.FTS.B

.08

12/17/25

9,262

9,104

186109882.LC.FTS.B

2/14/26

......

12,955

13,100

185030629.LC.FTS.B

.99

1/13/27

...

4,681

4,743

184976261.LC.FTS.B

.44

1/18/27

...

14,368

13,455

185102499.LC.FTS.B

.49

1/18/27

...

10,933

10,643

185186598.LC.FTS.B

1/19/27

.....

6,329

5,092

185242092.LC.FTS.B

.99

1/19/27

...

22,694

22,297

185203099.LC.FTS.B

.99

1/19/27

...

10,398

10,309

185257156.LC.FTS.B

.99

1/19/27

...

10,268

10,182

185208719.LC.FTS.B

.99

1/19/27

...

7,314

7,417

185284755.LC.FTS.B

.24

1/21/27

...

17,414

17,216

184608676.LC.FTS.B

.99

1/21/27

...

11,239

11,161

185190835.LC.FTS.B

.99

1/21/27

...

16,108

3,097

185280664.LC.FTS.B

.99

1/21/27

...

13,141

12,925

185094462.LC.FTS.B

.99

1/21/27

...

9,070

9,007

185215933.LC.FTS.B

.99

1/25/27

...

14,176

14,426

184953769.LC.FTS.B

.99

1/27/27

...

21,030

20,933

185465019.LC.FTS.B

.99

1/27/27

...

18,783

18,662

184862697.LC.FTS.B

.19

1/28/27

...

11,025

10,644

185551601.LC.FTS.B

Zero

Cpn

1/31/27

21,310

–

185593614.LC.FTS.B

.94

1/31/27

...

4,285

4,186

185625736.LC.FTS.B

.24

1/31/27

...

10,885

10,630

185553869.LC.FTS.B

.44

1/31/27

...

12,676

12,375

185325210.LC.FTS.B

.49

2/01/27

...

18,501

18,180

Franklin

Universal

Trust

Schedule

Investments

(unaudited)

See

Notes

Schedule

Investments.

Quarterly

Schedule

Investments

Description

Principal

Amount

Value

Marketplace

Loans

(continued)

LendingClub

Corp.

LCX

(continued)

185773530.LC.FTS.B

Zero

Cpn

2/04/27

13,019

–

185801067.LC.FTS.B

.19

2/04/27

...

10,976

10,584

185785605.LC.FTS.B

.99

2/04/27

...

17,871

17,389

185579608.LC.FTS.B

.99

2/04/27

...

24,289

19,210

185803689.LC.FTS.B

.69

2/08/27

...

29,256

10,174

185670781.LC.FTS.B

.74

2/08/27

...

29,179

28,158

185788975.LC.FTS.B

.44

2/08/27

...

30,296

29,761

185500483.LC.FTS.B

.99

2/08/27

...

27,086

26,758

186105140.LC.FTS.B

.99

2/10/27

...

8,771

8,465

186053383.LC.FTS.B

.49

2/10/27

...

18,782

18,288

186004411.LC.FTS.B

.99

2/10/27

...

10,860

10,791

186037923.LC.FTS.B

.49

2/10/27

...

5,401

5,343

186073191.LC.FTS.B

.99

2/10/27

...

7,734

7,650

185962334.LC.FTS.B

.49

2/14/27

...

25,838

25,141

186055580.LC.FTS.B

.49

2/14/27

...

12,047

11,890

186072313.LC.FTS.B

.99

2/14/27

...

12,113

11,955

186114907.LC.FTS.B

.99

2/14/27

...

8,402

792

185957980.LC.FTS.B

.99

2/15/27

...

19,888

19,255

185644818.LC.FTS.B

.24

2/15/27

...

30,009

28,252

186037630.LC.FTS.B

.99

2/15/27

...

11,712

11,590

185737435.LC.FTS.B

.74

2/16/27

...

12,710

12,555

186255693.LC.FTS.B

.99

2/16/27

...

6,367

6,466

185994246.LC.FTS.B

.99

2/17/27

...

6,927

–

184697668.LC.FTS.B

.49

2/23/27

...

15,969

3,094

185440062.LC.FTS.B

.49

2/25/27

...

16,398

15,991

186057988.LC.FTS.B

.99

2/25/27

...

15,631

15,527

185584314.LC.FTS.B

.99

2/28/27

...

10,020

9,863

188722342.LC.FTS.B

4/25/27

.....

5,901

4,984

188665152.LC.FTS.B

.99

4/25/27

...

8,310

1,046

188681928.LC.FTS.B

.99

4/25/27

...

8,200

1,050

188661710.LC.FTS.B

.19

4/25/27

...

7,965

7,948

188818650.LC.FTS.B

.99

4/26/27

...

5,035

5,024

188826193.LC.FTS.B

.99

4/26/27

...

6,462

6,453

188684882.LC.FTS.B

.99

4/26/27

...

4,910

4,802

188570436.LC.FTS.B

.99

4/26/27

...

5,818

5,603

188791237.LC.FTS.B

.99

4/26/27

...

15,146

15,370

188736809.LC.FTS.B

Zero

Cpn

4/27/27

9,679

–

188850161.LC.FTS.B

.99

4/27/27

...

6,223

6,115

188709996.LC.FTS.B

.49

4/27/27

...

25,807

2,388

188698368.LC.FTS.B

.99

4/27/27

...

17,324

16,827

188844587.LC.FTS.B

.99

4/27/27

...

7,868

7,852

188172463.LC.FTS.B

.49

4/27/27

...

9,625

–

188821742.LC.FTS.B

.99

4/27/27

...

15,994

15,996

188832786.LC.FTS.B

.99

4/27/27

...

4,080

4,189

188838885.LC.FTS.B

.99

4/27/27

...

8,200

8,417

188770586.LC.FTS.B

.49

4/28/27

...

14,202

14,024

188825826.LC.FTS.B

.49

4/28/27

...

7,976

7,955

188877761.LC.FTS.B

.99

4/28/27

...

5,948

5,852

188729615.LC.FTS.B

.99

4/28/27

...

20,503

21,032

188842402.LC.FTS.B

.49

4/30/27

...

4,822

4,760

188806927.LC.FTS.B

.99

4/30/27

...

12,250

12,109

188652977.LC.FTS.B

.99

5/24/27

...

2,964

577

185298966.LC.FTS.B

.49

7/30/27

...

21,290

2,344

185051135.LC.FTS.B

8/28/27

.....

19,415

15,559

188741644.LC.FTS.B

.49

10/21/27

17,397

1,618

188640868.LC.FTS.B

.99

12/01/27

16,594

12,714

186094287.LC.FTS.B

.99

12/29/27

8,953

3,624

188683114.LC.FTS.B

.99

3/27/28

...

38,174

3,586

Description

Principal

Amount

Value

LendingClub

Corp.

LCX

(continued)

173017997.LC.FTS.B

.02

12/17/33

172997264.LC.FTS.B

.02

12/19/33

686

593

1,088,832

Prosper

Funding

LLC

1609444.PS.FTS.B

8/17/24

.......

2,015

1,758

1610038.PS.FTS.B

8/17/24

.......

2,142

2,123

1608122.PS.FTS.B

8/20/24

.....

446

1619058.PS.FTS.B

8/23/24

.......

611

612

1612303.PS.FTS.B

8/23/24

.....

6,217

6,231

1610720.PS.FTS.B

8/25/24

.....

1610027.PS.FTS.B

.09

8/27/24

....

2,134

2,140

1606124.PS.FTS.B

8/31/24

.....

3,333

3,281

1606139.PS.FTS.B

9/01/24

.....

1,034

1,023

1610444.PS.FTS.B

.09

9/08/24

....

4,721

4,731

1625728.PS.FTS.B

.49

9/16/24

....

4,749

4,693

1622147.PS.FTS.B

9/16/24

.....

639

630

1626067.PS.FTS.B

9/17/24

.....

4,453

4,411

1632888.PS.FTS.B

.96

9/17/24

....

854

845

1634583.PS.FTS.B

9/21/24

.....

1,003

1,007

1623410.PS.FTS.B

9/21/24

.....

669

672

1626395.PS.FTS.B

.87

9/24/24

....

11,231

11,122

1622396.PS.FTS.B

9/26/24

.....

1,578

1626680.PS.FTS.B

9/27/24

.......

3,923

3,900

1623737.PS.FTS.B

9/30/24

.....

917

129

1632609.PS.FTS.B

.39

10/06/24

...

2,516

2,479

1630510.PS.FTS.B

.97

10/10/24

....

2,616

2,577

1628891.PS.FTS.B

.94

10/12/24

...

2,547

–

1626424.PS.FTS.B

10/19/24

....

4,239

3,613

1645271.PS.FTS.B

10/27/24

....

6,469

6,387

1648648.PS.FTS.B

10/27/24

......

1,640

1,599

1649014.PS.FTS.B

10/27/24

....

1,363

1,377

1656261.PS.FTS.B

10/28/24

......

2,729

2,701

1646552.PS.FTS.B

.29

10/29/24

...

5,775

5,812

1661430.PS.FTS.B

11/05/24

......

4,430

2,649

1658149.PS.FTS.B

11/08/24

....

1,892

1,860

1664622.PS.FTS.B

11/08/24

....

994

984

1664838.PS.FTS.B

.01

11/08/24

....

1,950

1,934

1666485.PS.FTS.B

11/09/24

....

1,474

1,446

1665699.PS.FTS.B

11/09/24

......

3,421

2,086

1660285.PS.FTS.B

11/10/24

....

794

790

1653836.PS.FTS.B

.79

11/12/24

....

767

753

1661257.PS.FTS.B

11/12/24

....

787

784

1655723.PS.FTS.B

11/15/24

....

7,733

7,602

1685274.PS.FTS.B

.54

12/14/24

...

309

305

1685619.PS.FTS.B

.39

12/14/24

...

2,400

2,360

1672733.PS.FTS.B

12/14/24

......

4,137

4,057

1678747.PS.FTS.B

12/14/24

....

857

853

1679110.PS.FTS.B

.36

12/15/24

....

3,989

3,911

1686000.PS.FTS.B

.36

12/15/24

...

6,161

5,215

1673372.PS.FTS.B

12/15/24

......

3,336

3,323

1672982.PS.FTS.B

12/15/24

......

1,315

1,309

1680175.PS.FTS.B

12/16/24

....

1,638

1,640

1674770.PS.FTS.B

12/17/24

....

6,103

6,008

1674329.PS.FTS.B

.89

12/17/24

...

2,479

2,440

1674347.PS.FTS.B

.86

12/17/24

...

6,236

6,138

1678399.PS.FTS.B

12/22/24

....

1,123

976

1700772.PS.FTS.B

1/12/25

.....

9,987

2,591

Franklin

Universal

Trust

Schedule

Investments

(unaudited)

Quarterly

Schedule

Investments

See

Notes

Schedule

Investments.

Description

Principal

Amount

Value

Marketplace

Loans

(continued)

Prosper

Funding

LLC

(continued)

1693870.PS.FTS.B

1/12/25

.....

2,187

2,138

1688351.PS.FTS.B

1/12/25

.......

2,023

2,007

1688342.PS.FTS.B

1/12/25

.....

7,220

7,165

1688336.PS.FTS.B

1/12/25

.....

9,909

2,505

1687970.PS.FTS.B

1/12/25

.....

648

207

1694488.PS.FTS.B

1/13/25

.....

5,030

4,923

1694470.PS.FTS.B

.29

1/13/25

....

2,958

2,900

1701126.PS.FTS.B

1/15/25

.......

551

546

1701129.PS.FTS.B

1/17/25

.....

5,011

4,898

1690265.PS.FTS.B

1/18/25

.....

3,304

3,314

1697473.PS.FTS.B

.54

1/19/25

....

6,397

6,265

1692512.PS.FTS.B

.34

1/19/25

....

4,470

4,390

1700011.PS.FTS.B

1/21/25

.....

2,207

2,165

1700775.PS.FTS.B

1/26/25

.....

17,463

993

1688699.PS.FTS.B

1/27/25

.....

4,063

4,021

1697303.PS.FTS.B

1/31/25

.....

1,872

1,836

1720755.PS.FTS.B

.96

2/14/25

....

11,677

11,398

1720938.PS.FTS.B

.81

2/15/25

....

4,666

4,555

1707953.PS.FTS.B

.96

2/15/25

....

9,362

9,124

1707938.PS.FTS.B

.86

2/15/25

....

6,635

6,496

1715485.PS.FTS.B

2/15/25

.......

11,860

11,612

1714630.PS.FTS.B

.16

2/15/25

....

7,125

6,975

1714624.PS.FTS.B

.41

2/15/25

....

4,866

4,825

1715122.PS.FTS.B

2/15/25

.....

1,240

1,225

1720920.PS.FTS.B

2/15/25

.....

5,176

5,174

1715734.PS.FTS.B

.83

2/16/25

....

3,417

3,345

1722360.PS.FTS.B

2/16/25

.....

1,443

1,442

1723116.PS.FTS.B

.29

2/17/25

....

951

944

1645667.PS.FTS.B

2/17/25

.....

5,279

3,920

1749541.PS.FTS.B

.03

4/05/25

....

1,901

1,858

1750351.PS.FTS.B

4/06/25

.....

1,829

1,776

1753944.PS.FTS.B

4/07/25

.....

3,973

3,850

1744391.PS.FTS.B

.09

4/07/25

....

1,741

1,717

1750903.PS.FTS.B

4/07/25

.....

4,714

2,929

1745381.PS.FTS.B

4/08/25

.....

10,410

10,094

1714408.PS.FTS.B

.11

4/12/25

....

5,764

5,715

1758243.PS.FTS.B

4/16/25

.....

2,259

2,237

1757968.PS.FTS.B

4/18/25

.....

3,311

3,222

1742906.PS.FTS.B

4/30/25

.....

1,139

1,100

1743767.PS.FTS.B

.71

5/05/25

....

4,944

4,865

1752241.PS.FTS.B

5/10/25

.....

22,495

21,681

1658650.PS.FTS.B

10/09/25

....

10,597

513

1701120.PS.FTS.B

12/12/25

....

8,359

7,990

1606145.PS.FTS.B

8/17/26

.......

9,518

9,291

1606127.PS.FTS.B

8/17/26

.....

5,807

5,668

1607933.PS.FTS.B

8/19/26

.....

1,321

1,323

1608617.PS.FTS.B

8/20/26

.....

3,797

3,697

1618680.PS.FTS.B

.37

8/20/26

....

11,243

10,948

1611802.PS.FTS.B

.74

8/22/26

....

3,002

584

1609277.PS.FTS.B

8/23/26

.....

9,030

8,832

1610327.PS.FTS.B

8/24/26

.....

5,693

5,877

1621434.PS.FTS.B

8/26/26

.....

2,738

2,684

1614454.PS.FTS.B

8/26/26

.....

6,558

6,591

1621428.PS.FTS.B

8/26/26

.......

6,687

6,718

1611746.PS.FTS.B

.29

8/27/26

....

5,726

5,585

1612838.PS.FTS.B

9/13/26

.....

5,660

3,254

1619286.PS.FTS.B

9/16/26

.....

7,805

7,596

1625740.PS.FTS.B

.48

9/16/26

....

6,750

6,757

Description

Principal

Amount

Value

Prosper

Funding

LLC

(continued)

1623731.PS.FTS.B

.93

9/21/26

....

12,194

12,236

1635897.PS.FTS.B

9/23/26

.......

14,045

13,690

1635735.PS.FTS.B

.68

9/23/26

....

9,807

9,556

1627036.PS.FTS.B

.33

9/25/26

....

8,975

8,752

1637445.PS.FTS.B

9/27/26

.....

6,460

6,301

1626758.PS.FTS.B

.96

9/30/26

....

15,232

14,854

1634247.PS.FTS.B

10/05/26

....

16,082

15,655

1626046.PS.FTS.B

.18

10/16/26

...

6,523

6,331

1644875.PS.FTS.B

10/26/26

....

4,890

4,758

1648324.PS.FTS.B

10/26/26

....

13,109

12,754

1644860.PS.FTS.B

.33

10/26/26

...

8,505

1,227

1645337.PS.FTS.B

.48

10/27/26

...

13,807

13,812

1646123.PS.FTS.B

.32

10/28/26

...

5,078

4,958

1646948.PS.FTS.B

.79

10/29/26

....

10,938

–

1649926.PS.FTS.B

10/29/26

....

22,429

22,183

1655034.PS.FTS.B

10/31/26

....

15,365

14,947

1655028.PS.FTS.B

11/01/26

....

5,462

5,318

1647395.PS.FTS.B

.89

11/03/26

....

6,696

6,470

1661010.PS.FTS.B

11/05/26

....

17,482

16,928

1661007.PS.FTS.B

11/05/26

....

13,809

13,376

1654774.PS.FTS.B

.18

11/05/26

....

24,237

23,476

1661004.PS.FTS.B

11/05/26

....

4,093

–

1661433.PS.FTS.B

.23

11/05/26

....

3,767

3,828

1651868.PS.FTS.B

.45

11/08/26

....

8,518

8,257

1658185.PS.FTS.B

11/08/26

....

5,951

5,767

1658167.PS.FTS.B

11/08/26

....

16,609

16,112

1658881.PS.FTS.B

11/09/26

....

16,626

16,129

1653323.PS.FTS.B

11/09/26

......

8,298

8,049

1666362.PS.FTS.B

11/09/26

......

4,952

4,913

1666911.PS.FTS.B

.62

11/10/26

....

8,604

8,343

1660066.PS.FTS.B

11/10/26

....

23,553

22,833

1660078.PS.FTS.B

.93

11/10/26

....

13,552

13,136

1646330.PS.FTS.B

11/10/26

....

20,971

20,428

1666890.PS.FTS.B

11/10/26

......

11,164

11,045

1649539.PS.FTS.B

11/12/26

....

14,010

13,646

1666359.PS.FTS.B

11/15/26

......

4,378

4,469

1662505.PS.FTS.B

11/15/26

....

7,399

7,571

1651871.PS.FTS.B

.66

11/20/26

....

3,974

3,926

1651913.PS.FTS.B

.67

11/22/26

....

5,296

5,350

1672147.PS.FTS.B

.56

12/03/26

...

14,192

14,005

1672316.PS.FTS.B

.44

12/14/26

...

8,796

8,526

1678396.PS.FTS.B

12/14/26

....

4,664

–

1685634.PS.FTS.B

12/14/26

....

5,503

5,328

1672730.PS.FTS.B

12/14/26

....

24,341

23,561

1685271.PS.FTS.B

12/14/26

....

10,663

10,340

1678387.PS.FTS.B

.33

12/14/26

...

9,664

9,552

1678372.PS.FTS.B

12/14/26

....

8,155

8,273

1685631.PS.FTS.B

.02

12/14/26

...

4,586

4,648

1686078.PS.FTS.B

12/15/26

....

8,123

7,876

1686378.PS.FTS.B

.23

12/15/26

...

6,156

239

1687344.PS.FTS.B

12/17/26

......

3,589

3,564

1685997.PS.FTS.B

.87

12/18/26

...

6,220

6,023

1678354.PS.FTS.B

.07

12/20/26

....

10,220

9,895

1687950.PS.FTS.B

12/20/26

....

10,114

9,817

1675010.PS.FTS.B

12/20/26

....

7,840

6,712

1685637.PS.FTS.B

12/28/26

....

21,094

20,422

1672718.PS.FTS.B

.38

1/07/27

....

5,774

5,581

1701111.PS.FTS.B

.29

1/12/27

.....

17,159

16,607

Franklin

Universal

Trust

Schedule

Investments

(unaudited)

See

Notes

Schedule

Investments.

Quarterly

Schedule

Investments

Description

Principal

Amount

Value

Marketplace

Loans

(continued)

Prosper

Funding

LLC

(continued)

1700808.PS.FTS.B

1/12/27

.....

6,970

6,745

1701108.PS.FTS.B

1/12/27

.....

25,182

24,358

1701147.PS.FTS.B

.63

1/12/27

....

8,267

–

1687964.PS.FTS.B

1/12/27

.....

5,839

1,528

1694491.PS.FTS.B

.62

1/13/27

....

10,552

10,212

1694725.PS.FTS.B

1/13/27

.....

10,997

10,869

1701537.PS.FTS.B

1/13/27

.....

11,064

10,933

1695958.PS.FTS.B

1/14/27

.....

10,399

10,058

1689173.PS.FTS.B

1/14/27

.....

13,570

13,138

1695787.PS.FTS.B

1/14/27

.....

17,464

16,908

1689623.PS.FTS.B

1/14/27

.......

2,341

2,315

1694719.PS.FTS.B

.93

1/17/27

....

13,034

12,582

1705005.PS.FTS.B

1/19/27

.......

18,613

18,051

1702455.PS.FTS.B

.18

1/20/27

....

11,533

11,150

1689251.PS.FTS.B

1/21/27

.......

2,956

2,912

1702237.PS.FTS.B

1/25/27

.....

7,766

–

1703169.PS.FTS.B

2/11/27

.....

12,523

7,709

1707746.PS.FTS.B

.45

2/14/27

.....

4,842

4,684

1720764.PS.FTS.B

2/14/27

.....

8,427

8,526

1720917.PS.FTS.B

2/15/27

.....

9,046

8,745

1714633.PS.FTS.B

.39

2/15/27

....

10,965

2,493

1707950.PS.FTS.B

2/15/27

.....

7,376

7,127

1714648.PS.FTS.B

2/15/27

.....

5,540

5,352

1721346.PS.FTS.B

2/15/27

.....

14,772

14,575

1720911.PS.FTS.B

.59

2/15/27

....

18,694

18,435

1714642.PS.FTS.B

2/15/27

.....

7,483

7,379

1714636.PS.FTS.B

.58

2/15/27

....

4,257

4,284

1707734.PS.FTS.B

.29

2/16/27

....

10,908

10,628

1722117.PS.FTS.B

.18

2/16/27

....

5,849

5,655

1709201.PS.FTS.B

.48

2/16/27

....

9,341

9,216

1714627.PS.FTS.B

2/17/27

.....

14,961

14,458

1709846.PS.FTS.B

2/17/27

.....

8,461

1,255

1720908.PS.FTS.B

.29

2/22/27

....

22,409

21,611

1712903.PS.FTS.B

.29

2/23/27

....

7,053

6,836

1715713.PS.FTS.B

3/14/27

.....

7,909

443

1749550.PS.FTS.B

4/05/27

.....

11,146

10,730

1752624.PS.FTS.B

.23

4/05/27

....

15,409

14,750

1753011.PS.FTS.B

4/06/27

.......

11,183

10,768

1749859.PS.FTS.B

.06

4/06/27

....

5,980

194

1752981.PS.FTS.B

4/06/27

.......

5,118

5,077

1754293.PS.FTS.B

4/12/27

.....

9,028

8,667

1747163.PS.FTS.B

4/12/27

.....

19,141

18,371

1744328.PS.FTS.B

.89

4/15/27

....

15,251

14,614

1752654.PS.FTS.B

.76

4/30/27

....

11,571

11,130

1750735.PS.FTS.B

5/06/27

.......

4,316

4,177

1607291.PS.FTS.B

.59

7/18/27

....

5,175

5,110

1650328.PS.FTS.B

7/29/27

.....

6,594

2,667

1623734.PS.FTS.B

8/21/27

.....

7,568

3,792

1,409,737

Upgrade,

Inc.

Card

992327673.UG.FTS.B

.98

1/03/24

992301548.UG.FTS.B

.49

4/03/24

992341609.UG.FTS.B

.49

4/03/24

992343756.UG.FTS.B

.49

4/03/24

221

992392020.UG.FTS.B

.49

4/03/24

136

992460590.UG.FTS.B

.49

4/03/24

–

992249570.UG.FTS.B

.96

4/04/24

Description

Principal

Amount

Value

Upgrade,

Inc.

Card

(continued)

992326465.UG.FTS.B

Zero

Cpn

4/05/24

108

992425560.UG.FTS.B

Zero

Cpn

4/05/24

116

992413501.UG.FTS.B

4/05/24

...

289

992425235.UG.FTS.B

.99

4/05/24

146

147

992253128.UG.FTS.B

.96

4/05/24

992324567.UG.FTS.B

.96

4/05/24

122

992247109.UG.FTS.B

.48

4/05/24

1,435

477

992291104.UG.FTS.B

.48

4/05/24

152

992270384.UG.FTS.B

.47

4/05/24

992310198.UG.FTS.B

.47

4/05/24

115

114

992275523.UG.FTS.B

.45

4/05/24

992460308.UG.FTS.B

.44

4/05/24

992258284.UG.FTS.B

.99

4/05/24

992240601.UG.FTS.B

.48

4/05/24

992252825.UG.FTS.B

.48

4/05/24

122

123

992262433.UG.FTS.B

.48

4/05/24

175

176

992269299.UG.FTS.B

.48

4/05/24

992332109.UG.FTS.B

.48

4/05/24

992336619.UG.FTS.B

.48

4/05/24

992255211.UG.FTS.B

.47

4/05/24

992342504.UG.FTS.B

.48

4/05/24

117

118

992406244.UG.FTS.B

.48

4/05/24

992424634.UG.FTS.B

.48

4/05/24

161

162

992453174.UG.FTS.B

.48

4/05/24

992241305.UG.FTS.B

.49

4/05/24

992245608.UG.FTS.B

.49

4/05/24

992253980.UG.FTS.B

.49

4/05/24

992263652.UG.FTS.B

.49

4/05/24

992269988.UG.FTS.B

.49

4/05/24

992270710.UG.FTS.B

.49

4/05/24

992272262.UG.FTS.B

.49

4/05/24

992278624.UG.FTS.B

.49

4/05/24

105

106

992305197.UG.FTS.B

.49

4/05/24

992306483.UG.FTS.B

.49

4/05/24

992312387.UG.FTS.B

.49

4/05/24

992319935.UG.FTS.B

.49

4/05/24

–

992324074.UG.FTS.B

.49

4/05/24

992330489.UG.FTS.B

.49

4/05/24

125

126

992366199.UG.FTS.B

.49

4/05/24

–

992371567.UG.FTS.B

.49

4/05/24

125

126

992388420.UG.FTS.B

.49

4/05/24

992425321.UG.FTS.B

.49

4/05/24

992436268.UG.FTS.B

.49

4/05/24

992442175.UG.FTS.B

.49

4/05/24

484

486

992356295.UG.FTS.B

.49

6/03/24

992241102.UG.FTS.B

.49

7/03/24

992343713.UG.FTS.B

.49

8/03/24

992319118.UG.FTS.B

.49

10/03/24

271

–

992428468.UG.FTS.B

.95

4/03/25

992263589.UG.FTS.B

.98

4/03/25

992236701.UG.FTS.B

.49

4/03/25

992256275.UG.FTS.B

.49

4/03/25

992268108.UG.FTS.B

.49

4/03/25

189

992269560.UG.FTS.B

.49

4/03/25

240

241

992290976.UG.FTS.B

.49

4/03/25

222

227

992291590.UG.FTS.B

.49

4/03/25

–

992310969.UG.FTS.B

.49

4/03/25

156

992335320.UG.FTS.B

.49

4/03/25

172

171

Franklin

Universal

Trust

Schedule

Investments

(unaudited)

Quarterly

Schedule

Investments

See

Notes

Schedule

Investments.

Description

Principal

Amount

Value

Marketplace

Loans

(continued)

Upgrade,

Inc.

Card

(continued)

992345576.UG.FTS.B

.49

4/03/25

214

222

992354024.UG.FTS.B

.49

4/03/25

992357933.UG.FTS.B

.49

4/03/25

186

195

992375406.UG.FTS.B

.49

4/03/25

992258313.UG.FTS.B

.98

4/04/25

992301470.UG.FTS.B

.98

4/04/25

128

992387188.UG.FTS.B

.98

4/04/25

202

208

992453316.UG.FTS.B

.98

4/04/25

180

992463571.UG.FTS.B

.98

4/04/25

992266370.UG.FTS.B

.49

4/04/25

365

377

992342016.UG.FTS.B

.49

4/04/25

185

186

992421008.UG.FTS.B

.49

4/04/25

992421200.UG.FTS.B

.49

4/04/25

136

140

992293341.UG.FTS.B

Zero

Cpn

4/05/25

1,106

992433503.UG.FTS.B

Zero

Cpn

4/05/25

–

992264407.UG.FTS.B

.97

4/05/25

599

600

992391676.UG.FTS.B

.97

4/05/25

992275748.UG.FTS.B

.97

4/05/25

539

992417616.UG.FTS.B

.99

4/05/25

992286525.UG.FTS.B

4/05/25

...

992323394.UG.FTS.B

.97

4/05/25

1,138

1,150

992415664.UG.FTS.B

.97

4/05/25

1,220

1,234

992239422.UG.FTS.B

.21

4/05/25

295

992416415.UG.FTS.B

.21

4/05/25

1,086

1,108

992424538.UG.FTS.B

.21

4/05/25

711

722

992432194.UG.FTS.B

4/05/25

...

280

283

992256001.UG.FTS.B

.97

4/05/25

348

356

992290432.UG.FTS.B

.99

4/05/25

3,377

809

992346135.UG.FTS.B

.99

4/05/25

305

318

992431381.UG.FTS.B

.99

4/05/25

992433537.UG.FTS.B

.99

4/05/25

818

846

992255166.UG.FTS.B

.46

4/05/25

992386358.UG.FTS.B

.46

4/05/25

1,390

1,419

992282788.UG.FTS.B

.46

4/05/25

992258743.UG.FTS.B

.97

4/05/25

992296469.UG.FTS.B

.98

4/05/25

179

183

992238906.UG.FTS.B

.97

4/05/25

2,734

544

992265045.UG.FTS.B

.95

4/05/25

114

116

992302611.UG.FTS.B

.95

4/05/25

820

823

992250719.UG.FTS.B

.95

4/05/25

256

267

992375541.UG.FTS.B

.95

4/05/25

992249070.UG.FTS.B

.98

4/05/25

992258333.UG.FTS.B

.98

4/05/25

294

992260520.UG.FTS.B

.98

4/05/25

409

992263759.UG.FTS.B

.98

4/05/25

303

310

992271131.UG.FTS.B

.98

4/05/25

263

274

992271316.UG.FTS.B

.98

4/05/25

123

128

992281862.UG.FTS.B

.98

4/05/25

272

276

992290941.UG.FTS.B

.98

4/05/25

992305223.UG.FTS.B

.98

4/05/25

127

132

992314088.UG.FTS.B

.98

4/05/25

992315976.UG.FTS.B

.98

4/05/25

106

992318621.UG.FTS.B

.98

4/05/25

992321475.UG.FTS.B

.98

4/05/25

351

365

992350450.UG.FTS.B

.98

4/05/25

661

664

992362215.UG.FTS.B

.98

4/05/25

693

708

992377531.UG.FTS.B

.98

4/05/25

992386343.UG.FTS.B

.98

4/05/25

Description

Principal

Amount

Value

Upgrade,

Inc.

Card

(continued)

992391277.UG.FTS.B

.98

4/05/25

992404668.UG.FTS.B

.98

4/05/25

101

992412921.UG.FTS.B

.98

4/05/25

347

361

992420787.UG.FTS.B

.98

4/05/25

152

–

992421379.UG.FTS.B

.98

4/05/25

113

116

992426381.UG.FTS.B

.98

4/05/25

992430529.UG.FTS.B

.98

4/05/25

992452945.UG.FTS.B

.98

4/05/25

142

144

992453117.UG.FTS.B

.98

4/05/25

992456750.UG.FTS.B

.98

4/05/25

150

992338606.UG.FTS.B

.45

4/05/25

992376094.UG.FTS.B

.48

4/05/25

118

123

992239162.UG.FTS.B

.49

4/05/25

109

114

992240128.UG.FTS.B

.49

4/05/25

472

484

992241600.UG.FTS.B

.49

4/05/25

992243368.UG.FTS.B

.49

4/05/25

235

242

992247116.UG.FTS.B

.49

4/05/25

192

196

992252024.UG.FTS.B

.49

4/05/25

992255844.UG.FTS.B

.49

4/05/25

992260816.UG.FTS.B

.49

4/05/25

135

992264748.UG.FTS.B

.49

4/05/25

992268866.UG.FTS.B

.49

4/05/25

213

217

992268980.UG.FTS.B

.49

4/05/25

992271586.UG.FTS.B

.49

4/05/25

123

129

992275962.UG.FTS.B

.49

4/05/25

179

184

992276049.UG.FTS.B

.49

4/05/25

142

149

992291050.UG.FTS.B

.49

4/05/25

992291806.UG.FTS.B

.49

4/05/25

414

436

992293542.UG.FTS.B

.49

4/05/25

992301441.UG.FTS.B

.49

4/05/25

160

167

992303097.UG.FTS.B

.49

4/05/25

176

184

992320378.UG.FTS.B

.49

4/05/25

155

161

992321464.UG.FTS.B

.49

4/05/25

239

247

992324857.UG.FTS.B

.49

4/05/25

992326966.UG.FTS.B

.49

4/05/25

100

992340410.UG.FTS.B

.49

4/05/25

992341543.UG.FTS.B

.49

4/05/25

992341758.UG.FTS.B

.49

4/05/25

178

187

992344325.UG.FTS.B

.49

4/05/25

111

116

992355380.UG.FTS.B

.49

4/05/25

992359643.UG.FTS.B

.49

4/05/25

305

314

992359656.UG.FTS.B

.49

4/05/25

543

571

992359703.UG.FTS.B

.49

4/05/25

105

992361376.UG.FTS.B

.49

4/05/25

992368911.UG.FTS.B

.49

4/05/25

229

237

992369632.UG.FTS.B

.49

4/05/25

163

168

992371487.UG.FTS.B

.49

4/05/25

131

137

992371951.UG.FTS.B

.49

4/05/25

154

160

992391427.UG.FTS.B

.49

4/05/25

124

130

992394239.UG.FTS.B

.49

4/05/25

100

992401130.UG.FTS.B

.49

4/05/25

130

136

992403505.UG.FTS.B

.49

4/05/25

131

137

992418075.UG.FTS.B

.49

4/05/25

992419811.UG.FTS.B

.49

4/05/25

102

992424526.UG.FTS.B

.49

4/05/25

182

189

992425789.UG.FTS.B

.49

4/05/25

259

268

992427607.UG.FTS.B

.49

4/05/25

111

114

992429564.UG.FTS.B

.49

4/05/25

Franklin

Universal

Trust

Schedule

Investments

(unaudited)

See

Notes

Schedule

Investments.

Quarterly

Schedule

Investments

Description

Principal

Amount

Value

Marketplace

Loans

(continued)

Upgrade,

Inc.

Card

(continued)

992444668.UG.FTS.B

.49

4/05/25

1,154

1,200

992444707.UG.FTS.B

.49

4/05/25

992452371.UG.FTS.B

.49

4/05/25

101

104

992454738.UG.FTS.B

.49

4/05/25

1,388

1,444

992455102.UG.FTS.B

.49

4/05/25

277

287

992455358.UG.FTS.B

.49

4/05/25

992459731.UG.FTS.B

.49

4/05/25

992401571.UG.FTS.B

.49

5/03/25

992460328.UG.FTS.B

.49

8/01/25

992286064.UG.FTS.B

.49

8/03/25

416

308

992312103.UG.FTS.B

.49

8/03/25

412

308

992444060.UG.FTS.B

.98

12/03/25

871

199

992424737.UG.FTS.B

.95

4/03/26

804

808

992300542.UG.FTS.B

.98

4/03/26

139

992351381.UG.FTS.B

.97

12/03/27

–

992432730.UG.FTS.B

.49

2/01/28

–

992335344.UG.FTS.B

Zero

Cpn

9/03/28

992314013.UG.FTS.B

.98

10/03/28

–

992290768.UG.FTS.B

.49

10/03/28

–

992294700.UG.FTS.B

.49

11/03/28

992258570.UG.FTS.B

.44

12/01/28

–

992375568.UG.FTS.B

.97

12/02/28

992313421.UG.FTS.B

.47

12/03/28

992275994.UG.FTS.B

.49

12/03/28

34,318

Upstart

Network,

Inc.

L1729715.UP.FTS.B

.39

9/17/24

....

1,820

1,818

L1722095.UP.FTS.B

.17

9/17/24

....

312

FW1729768.UP.FTS.B

.21

9/17/24

1,113

L1729539.UP.FTS.B

.67

9/17/24

....

848

854

L1730194.UP.FTS.B

.58

9/17/24

....

384

388

FW1730336.UP.FTS.B

.16

9/17/24

1,857

1,873

L1902385.UP.FTS.B

.05

10/22/24

....

1,658

1,655

L1902094.UP.FTS.B

.69

10/22/24

....

337

336

L1902354.UP.FTS.B

10/22/24

....

1,734

L1901213.UP.FTS.B

.08

10/22/24

...

9,743

9,406

FW1900872.UP.FTS.B

.12

10/22/24

2,188

2,205

L1902710.UP.FTS.B

.85

10/22/24

...

2,018

2,034

L1900998.UP.FTS.B

.32

10/22/24

...

1,750

1,758

L1901625.UP.FTS.B

.76

10/22/24

...

1,112

1,106

L1875546.UP.FTS.B

.84

10/22/24

...

679

682

L1902017.UP.FTS.B

.16

10/22/24

...

143

142

L1900754.UP.FTS.B

.33

10/22/24

...

1,370

1,323

FW1901937.UP.FTS.B

.32

10/22/24

5,183

1,609

L2031380.UP.FTS.B

.17

11/12/24

....

2,654

2,636

L2032548.UP.FTS.B

.85

11/12/24

....

3,899

3,890

L2031918.UP.FTS.B

.28

11/12/24

....

1,083

1,081

L2002430.UP.FTS.B

.48

11/12/24

....

1,662

122

L2031630.UP.FTS.B

.03

11/12/24

....

2,545

2,540

L2031494.UP.FTS.B

.06

11/12/24

....

2,247

1,360

L2032651.UP.FTS.B

11/12/24

.....

282

280

L2033075.UP.FTS.B

.83

11/12/24

...

4,126

4,117

L2032627.UP.FTS.B

.45

11/12/24

...

764

769

L2032469.UP.FTS.B

.26

11/12/24

...

L2031497.UP.FTS.B

11/12/24

....

887

890

FW2033085.UP.FTS.B

.77

11/12/24

2,894

2,905

FW2032765.UP.FTS.B

.87

11/12/24

3,640

261

Description

Principal

Amount

Value

Upstart

Network,

Inc.

(continued)

FW2030908.UP.FTS.B

.29

11/12/24

2,679

189

L2102014.UP.FTS.B

11/23/24

.....

1,225

L2102773.UP.FTS.B

.25

11/23/24

...

441

L2102080.UP.FTS.B

.09

11/23/24

...

950

L2103173.UP.FTS.B

.48

11/23/24

...

1,899

138

L2101642.UP.FTS.B

.95

11/23/24

...

3,639

535

L2102263.UP.FTS.B

.21

11/23/24

...

782

791

L2099426.UP.FTS.B

.86

11/23/24

...

995

1,003

L2103709.UP.FTS.B

.75

11/23/24

...

887

897

L2102185.UP.FTS.B

.19

11/23/24

...

3,037

3,069

L2103127.UP.FTS.B

.34

11/23/24

...

4,241

4,275

FW2103254.UP.FTS.B

.98

11/23/24

1,380

1,392

L2250253.UP.FTS.B

12/14/24

....

2,460

2,437

L2249821.UP.FTS.B

12/14/24

....

393

392

L2249474.UP.FTS.B

12/14/24

....

983

981

L2249818.UP.FTS.B

.92

12/14/24

....

1,405

1,400

L2248588.UP.FTS.B

.67

12/14/24

...

5,412

5,394

L2251137.UP.FTS.B

.74

12/14/24

...

10,062

10,027

L2249713.UP.FTS.B

.85

12/14/24

...

1,616

1,612

L2249391.UP.FTS.B

.58

12/14/24

...

841

839

L2251228.UP.FTS.B

.94

12/14/24

...

611

610

L2250705.UP.FTS.B

.29

12/14/24

...

202

201

L2251099.UP.FTS.B

.99

12/14/24

...

545

547

FW2249991.UP.FTS.B

.74

12/14/24

2,528

184

L2250280.UP.FTS.B

.83

12/14/24

...

236

234

L2249946.UP.FTS.B

.98

12/14/24

...

1,696

1,708

FW2249440.UP.FTS.B

.65

12/14/24

518

L2250240.UP.FTS.B

.48

12/14/24

...

480

461

L2250459.UP.FTS.B

.22

12/14/24

...

1,916

L2251174.UP.FTS.B

.98

12/14/24

...

1,090

1,084

FW2250657.UP.FTS.B

.04

12/14/24

438

441

L2249754.UP.FTS.B

.91

12/14/24

...

2,001

145

FW2251405.UP.FTS.B

.46

12/14/24

894

897

FW2250179.UP.FTS.B

.41

12/14/24

1,610

1,612

FW2250656.UP.FTS.B

.59

12/14/24

532

533

FW2250011.UP.FTS.B

.44

12/14/24

1,714

FW2250630.UP.FTS.B

.93

12/14/24

766

219

FW2248284.UP.FTS.B

.12

12/14/24

1,506

1,474

L2251006.UP.FTS.B

.59

12/15/24

....

960

953

L2253130.UP.FTS.B

.71

12/15/24

...

2,391

2,383

L2250196.UP.FTS.B

.38

12/15/24

...

2,422

2,332

L2253233.UP.FTS.B

.76

12/15/24

...

2,330

2,341

L2251602.UP.FTS.B

.36

12/15/24

...

1,489

1,500

L2252717.UP.FTS.B

.17

12/15/24

...

2,141

2,157

FW2253350.UP.FTS.B

12/15/24

2,291

167

L2252886.UP.FTS.B

12/15/24

....

563

568

L2249377.UP.FTS.B

.67

12/15/24

...

3,275

3,279

L2240893.UP.FTS.B

.21

12/15/24

...

10,885

10,968

FW2252326.UP.FTS.B

.53

12/15/24

3,492

3,519

FW2249426.UP.FTS.B

.47

12/15/24

3,062

2,932

L2251577.UP.FTS.B

.09

12/15/24

...

1,332

L2253201.UP.FTS.B

.48

12/15/24

...

1,330

1,336

FW2251095.UP.FTS.B

.84

12/20/24

1,020

L2248952.UP.FTS.B

.98

12/21/24

...

2,852

2,845

L2499293.UP.FTS.B

.07

1/24/25

....

6,568

6,525

L2491823.UP.FTS.B

.34

1/24/25

....

2,057

2,044

FW2498281.UP.FTS.B

.12

1/24/25

...

280

278

L2499253.UP.FTS.B

.19

1/24/25

....

17,300

17,186

Franklin

Universal

Trust

Schedule

Investments

(unaudited)

Quarterly

Schedule

Investments

See

Notes

Schedule

Investments.

Description

Principal

Amount

Value

Marketplace

Loans

(continued)

Upstart

Network,

Inc.

(continued)

L2491568.UP.FTS.B

.35

1/24/25

....

1,489

208

L2499551.UP.FTS.B

.93

1/24/25

....

4,207

4,201

L2498976.UP.FTS.B

.51

1/24/25

....

7,611

1,070

L2499846.UP.FTS.B

.23

1/24/25

....

2,722

2,717

L2498779.UP.FTS.B

.48

1/24/25

....

430

429

L2497791.UP.FTS.B

.97

1/24/25

....

1,727

1,728

L2499082.UP.FTS.B

.89

1/24/25

....

6,088

6,091

FW2499139.UP.FTS.B

.86

1/24/25

873

L2499336.UP.FTS.B

.49

1/24/25

....

667

671

L2497860.UP.FTS.B

.59

1/24/25

....

800

118

FW2499341.UP.FTS.B

.67

1/24/25

795

118

L2497587.UP.FTS.B

.78

1/24/25

....

764

768

L2499854.UP.FTS.B

.79

1/24/25

....

3,291

3,320

FW2497753.UP.FTS.B

.22

1/24/25

3,067

3,078

FW2499886.UP.FTS.B

.23

1/24/25

5,206

5,214

FW2498195.UP.FTS.B

.98

1/24/25

4,246

4,266

FW2496668.UP.FTS.B

.04

1/25/25

...

8,670

8,607

L2501009.UP.FTS.B

1/25/25

.....

4,077

4,051

L2501544.UP.FTS.B

.11

1/25/25

.....

1,437

1,428

L2477274.UP.FTS.B

.54

1/25/25

....

2,567

2,549

L2502696.UP.FTS.B

.45

1/25/25

....

2,052

2,049

FW2502837.UP.FTS.B

.49

1/25/25

...

419

L2501769.UP.FTS.B

.83

1/25/25

....

5,050

711

FW2502102.UP.FTS.B

.39

1/25/25

...

153

152

L2501978.UP.FTS.B

.16

1/25/25

....

1,130

L2502709.UP.FTS.B

.64

1/25/25

....

7,245

7,236

FW2502461.UP.FTS.B

.75

1/25/25

934

930

L2503015.UP.FTS.B

.17

1/25/25

....

427

FW2503195.UP.FTS.B

.21

1/25/25

5,789

5,793

FW2503345.UP.FTS.B

1/25/25

...

1,314

1,312

FW2503482.UP.FTS.B

.69

1/25/25

486

490

FW2501793.UP.FTS.B

.35

1/25/25

960

967

L2501394.UP.FTS.B

.45

1/25/25

....

6,393

6,402

FW2502139.UP.FTS.B

1/25/25

...

2,920

2,939

FW2503051.UP.FTS.B

1/25/25

...

458

459

L1729059.UP.FTS.B

.36

2/17/25

....

606

601

L1730069.UP.FTS.B

.07

2/17/25

....

8,993

8,642

FW1729714.UP.FTS.B

.13

2/17/25

3,533

197

FW2031299.UP.FTS.B

.82

4/12/25

3,832

3,833

FW2032694.UP.FTS.B

.49

4/12/25

3,575

3,546

L2971722.UP.FTS.B

.62

4/19/25

....

9,636

9,586

L2972108.UP.FTS.B

.03

4/19/25

....

1,744

1,746

L2970836.UP.FTS.B

.68

4/19/25

....

2,654

2,643

FW2972173.UP.FTS.B

.89

4/19/25

5,840

5,831

L2103839.UP.FTS.B

.98

4/23/25

....

3,089

3,081

FW2032368.UP.FTS.B

.11

4/27/25

6,347

243

FW2250596.UP.FTS.B

.87

5/14/25

1,801

1,791

FW2248798.UP.FTS.B

5/14/25

...

1,548

233

L2253008.UP.FTS.B

5/15/25

....

2,943

809

L2253679.UP.FTS.B

.11

5/15/25

....

2,876

208

FW2251845.UP.FTS.B

.89

5/15/25

620

617

FW2249116.UP.FTS.B

.33

5/15/25

804

768

L2502143.UP.FTS.B

.34

6/25/25

....

7,960

2,298

FW1902521.UP.FTS.B

.52

8/22/25

565

FW2971973.UP.FTS.B

.05

9/19/25

2,509

2,495

FW2503206.UP.FTS.B

.84

11/25/25

735

737

FW1729657.UP.FTS.B

.44

9/17/26

...

4,364

4,345

L1729743.UP.FTS.B

.64

9/17/26

....

31,813

31,719

Description

Principal

Amount

Value

Upstart

Network,

Inc.

(continued)

L1728160.UP.FTS.B

.23

9/17/26

....

3,199

3,189

L1730112.UP.FTS.B

.91

9/17/26

....

1,982

1,981

L1729289.UP.FTS.B

.07

9/17/26

....

2,002

2,001

L1729699.UP.FTS.B

.77

9/17/26

....

2,059

2,050

L1729786.UP.FTS.B

.84

9/17/26

....

4,064

4,057

L1729529.UP.FTS.B

.22

9/17/26

....

9,921

722

L1729751.UP.FTS.B

.66

9/17/26

....

4,820

4,859

FW1730043.UP.FTS.B

.14

9/17/26

3,194

3,221

L1730077.UP.FTS.B

.62

9/17/26

....

3,610

3,580

L1730290.UP.FTS.B

.01

9/17/26

....

5,318

5,360

L1730120.UP.FTS.B

.06

9/17/26

....

7,753

7,818

L1729719.UP.FTS.B

.41

9/17/26

....

7,025

6,755

L1729627.UP.FTS.B

.42

9/17/26

....

7,068

7,141

L1729824.UP.FTS.B

.14

9/17/26

....

4,671

4,718

L1729392.UP.FTS.B

.28

9/17/26

....

724

696

FW1729302.UP.FTS.B

9/17/26

...

1,075

162

FW1730388.UP.FTS.B

.64

9/17/26

11,214

11,329

FW1729744.UP.FTS.B

.63

9/17/26

6,598

6,666

FW1729641.UP.FTS.B

.22

9/17/26

3,533

3,569

FW1728143.UP.FTS.B

.44

9/17/26

3,875

3,913

FW1730150.UP.FTS.B

.64

9/17/26

805

807

FW1729390.UP.FTS.B

.18

9/17/26

1,755

1,771

FW1728926.UP.FTS.B

.35

9/17/26

2,020

2,036

FW1902353.UP.FTS.B

.71

10/22/26

8,648

8,598

L1902780.UP.FTS.B

.49

10/22/26

....

4,111

4,090

L1902219.UP.FTS.B

.65

10/22/26

...

6,466

6,441

L1901059.UP.FTS.B

10/22/26

....

2,597

2,590

L1901748.UP.FTS.B

.93

10/22/26

...

5,912

5,896

FW1902782.UP.FTS.B

.11

10/22/26

13,274

13,239

L1902333.UP.FTS.B

.82

10/22/26

...

16,219

16,188

FW1901571.UP.FTS.B

.95

10/22/26

8,525

8,509

FW1901195.UP.FTS.B

.66

10/22/26

1,590

1,588

L1901212.UP.FTS.B

.55

10/22/26

...

4,196

4,233

L1902855.UP.FTS.B

.55

10/22/26

...

2,088

2,085

L1900981.UP.FTS.B

.57

10/22/26

...

2,518

2,397

L1901936.UP.FTS.B

.29

10/22/26

...

7,759

7,826

L1902840.UP.FTS.B

.56

10/22/26

...

9,328

9,315

L1901067.UP.FTS.B

.17

10/22/26

...

10,728

10,821

L1901771.UP.FTS.B

.44

10/22/26

...

3,331

3,327

L1902683.UP.FTS.B

.19

10/22/26

...

8,705

8,781

L1901951.UP.FTS.B

.24

10/22/26

...

1,742

1,757

FW1902836.UP.FTS.B

.41

10/22/26

35,466

35,802

L1902657.UP.FTS.B

.42

10/22/26

...

1,491

1,502

FW1902401.UP.FTS.B

.71

10/22/26

3,423

3,452

L1902021.UP.FTS.B

.72

10/22/26

...

1,931

1,856

FW1902199.UP.FTS.B

.04

10/22/26

3,062

3,095

FW1902133.UP.FTS.B

.21

10/22/26

16,247

1,157

FW1886406.UP.FTS.B

.97

10/22/26

9,615

2,838

FW1901053.UP.FTS.B

.68

10/22/26

2,736

416

FW1902391.UP.FTS.B

.19

10/22/26

2,701

2,729

FW1901303.UP.FTS.B

.21

10/22/26

2,869

2,894

FW1900628.UP.FTS.B

.23

10/22/26

830

838

FW1902681.UP.FTS.B

.63

10/22/26

6,056

6,109

FW1901994.UP.FTS.B

10/22/26

6,269

212

FW1902299.UP.FTS.B

.27

10/27/26

6,000

6,068

L2032896.UP.FTS.B

11/12/26

.....

4,603

4,578

L2032147.UP.FTS.B

.65

11/12/26

...

5,341

5,316

L2032600.UP.FTS.B

.19

11/12/26

...

5,013

4,989

Franklin

Universal

Trust

Schedule

Investments

(unaudited)

See

Notes

Schedule

Investments.

Quarterly

Schedule

Investments

Description

Principal

Amount

Value

Marketplace

Loans

(continued)

Upstart

Network,

Inc.

(continued)

L2032561.UP.FTS.B

.57

11/12/26

...

10,100

10,043

FW2032979.UP.FTS.B

.77

11/12/26

5,391

5,366

L2032884.UP.FTS.B

.78

11/12/26

...

5,391

5,366

FW2032727.UP.FTS.B

.91

11/12/26

2,361

2,350

L2032885.UP.FTS.B

.92

11/12/26

...

3,247

3,229

FW2032795.UP.FTS.B

.19

11/12/26

5,410

5,385

L2030962.UP.FTS.B

.54

11/12/26

...

5,730

1,481

FW2032278.UP.FTS.B

.85

11/12/26

3,342

3,326

L2032791.UP.FTS.B

.03

11/12/26

...

2,006

1,996

L2032226.UP.FTS.B

.31

11/12/26

...

16,579

16,499

L2031580.UP.FTS.B

.88

11/12/26

...

1,056

1,048

L2032373.UP.FTS.B

.92

11/12/26

...

6,856

6,825

FW2032722.UP.FTS.B

.98

11/12/26

5,480

5,454

L2032268.UP.FTS.B

.84

11/12/26

...

13,998

13,925

L2033071.UP.FTS.B

.91

11/12/26

...

2,553

2,541

FW2031845.UP.FTS.B

.93

11/12/26

10,785

6,053

L2032366.UP.FTS.B

.55

11/12/26

...

5,335

5,307

L2030808.UP.FTS.B

.75

11/12/26

...

6,161

1,587

FW2032502.UP.FTS.B

.77

11/12/26

5,572

5,542

L2033005.UP.FTS.B

.99

11/12/26

...

2,790

2,776

L2033008.UP.FTS.B

.14

11/12/26

...

4,465

4,449

L2031479.UP.FTS.B

.32

11/12/26

...

11,671

1,666

L2030768.UP.FTS.B

.71

11/12/26

...

3,503

3,491

L2032284.UP.FTS.B

.94

11/12/26

...

3,516

3,497

L2032006.UP.FTS.B

.99

11/12/26

...

4,345

4,319

FW2031117.UP.FTS.B

.34

11/12/26

7,040

7,015

L2032837.UP.FTS.B

.39

11/12/26

...

7,043

7,018

L2030864.UP.FTS.B

.46

11/12/26

...

6,765

6,734

L2032849.UP.FTS.B

.14

11/12/26

...

8,497

8,467

L2030806.UP.FTS.B

.55

11/12/26

...

2,841

2,831

FW2032947.UP.FTS.B

.59

11/12/26

17,821

17,725

L2031425.UP.FTS.B

.77

11/12/26

...

4,306

4,286

L2032060.UP.FTS.B

.25

11/12/26

...

4,284

4,268

L2032456.UP.FTS.B

.93

11/12/26

...

1,074

1,070

L2032266.UP.FTS.B

.24

11/12/26

...

3,685

2,176

FW2033134.UP.FTS.B

.19

11/12/26

5,728

3,378

L2032183.UP.FTS.B

.12

11/12/26

...

7,335

7,381

FW2031872.UP.FTS.B

.66

11/12/26

22,228

22,324

FW2033202.UP.FTS.B

.01

11/12/26

12,064

7,129

L2032689.UP.FTS.B

.21

11/12/26

...

4,421

2,547

FW2031174.UP.FTS.B

.25

11/12/26

7,115

4,228

L2032525.UP.FTS.B

.33

11/12/26

...

747

743

L2031145.UP.FTS.B

.44

11/12/26

...

3,478

3,466

L2031934.UP.FTS.B

.51

11/12/26

...

2,221

2,235

FW2031600.UP.FTS.B

11/12/26

3,627

3,645

FW2031539.UP.FTS.B

.65

11/12/26

4,094

101

L2032677.UP.FTS.B

.71

11/12/26

...

5,969

6,006

FW2032877.UP.FTS.B

11/12/26

3,558

3,570

FW2003411.UP.FTS.B

11/12/26

5,500

5,524

FW2032753.UP.FTS.B

.55

11/12/26

1,047

1,053

FW2032946.UP.FTS.B

.87

11/12/26

19,696

11,685

FW2032799.UP.FTS.B

.91

11/12/26

1,827

1,838

FW2030797.UP.FTS.B

11/12/26

...

17,148

17,229

FW2033213.UP.FTS.B

.17

11/12/26

1,143

1,150

FW2031644.UP.FTS.B

.67

11/12/26

1,377

1,385

FW2031627.UP.FTS.B

.86

11/12/26

4,016

581

FW2031985.UP.FTS.B

11/12/26

...

1,043

1,033

FW2031873.UP.FTS.B

.05

11/12/26

766

771

Description

Principal

Amount

Value

Upstart

Network,

Inc.

(continued)

FW2032325.UP.FTS.B

.07

11/12/26

920

925

FW2031596.UP.FTS.B

11/12/26

4,218

4,239

FW2032994.UP.FTS.B

.15

11/12/26

2,822

207

FW2033066.UP.FTS.B

.16

11/12/26

5,873

850

FW2031715.UP.FTS.B

.33

11/12/26

3,684

3,707

L2031352.UP.FTS.B

.14

11/13/26

...

1,562

1,553

L2031623.UP.FTS.B

.89

11/16/26

....

22,613

22,467

L2030886.UP.FTS.B

11/19/26

....

15,436

15,503

FW2101958.UP.FTS.B

.23

11/23/26

24,836

24,697

L2101736.UP.FTS.B

.06

11/23/26

....

593

590

L2103598.UP.FTS.B

.71

11/23/26

....

10,417

10,366

L2102006.UP.FTS.B

.84

11/23/26

....

32,591

32,451

FW2103621.UP.FTS.B

.34

11/23/26

3,854

3,841

L2101981.UP.FTS.B

.14

11/23/26

...

6,095

5,766

L2102059.UP.FTS.B

.22

11/23/26

...

14,242

14,201

L2101522.UP.FTS.B

.34

11/23/26

...

22,494

22,430

L2103822.UP.FTS.B

.78

11/23/26

...

3,370

3,357

L2101315.UP.FTS.B

.86

11/23/26

...

3,400

3,376

L2102939.UP.FTS.B

.35

11/23/26

...

2,370

2,363

L2076017.UP.FTS.B

.49

11/23/26

...

2,531

2,521

L2095249.UP.FTS.B

.31

11/23/26

...

10,919

10,889

FW2102638.UP.FTS.B

.48

11/23/26

5,623

5,451

L2068146.UP.FTS.B

.06

11/23/26

...

5,400

5,366

L2102751.UP.FTS.B

11/23/26

....

2,777

2,775

L2103150.UP.FTS.B

.57

11/23/26

...

4,102

4,089

FW2101751.UP.FTS.B

.63

11/23/26

14,196

13,490

L2099233.UP.FTS.B

.83

11/23/26

...

11,214

11,207

L2050778.UP.FTS.B

.01

11/23/26

...

6,320

6,316

L2102051.UP.FTS.B

.71

11/23/26

...

3,987

3,979

FW2102941.UP.FTS.B

.37

11/23/26

14,290

14,438

L2102313.UP.FTS.B

11/23/26

....

1,063

1,073

L2102253.UP.FTS.B

.85

11/23/26

...

5,593

5,652

L2102703.UP.FTS.B

.89

11/23/26

...

3,601

3,631

L2103055.UP.FTS.B

.44

11/23/26

...

210

207

L2102400.UP.FTS.B

.64

11/23/26

...

4,311

4,353

L2101750.UP.FTS.B

.17

11/23/26

...

5,147

5,190

L2103547.UP.FTS.B

.76

11/23/26

...

868

FW2102727.UP.FTS.B

.84

11/23/26

2,949

2,979

L2103842.UP.FTS.B

.11

11/23/26

...

2,954

L2101935.UP.FTS.B

.31

11/23/26

...

961

971

L2103945.UP.FTS.B

.34

11/23/26

...

2,005

2,019

L2101880.UP.FTS.B

.39

11/23/26

...

2,222

2,240

L2103491.UP.FTS.B

11/23/26

....

663

661

L2102346.UP.FTS.B

.43

11/23/26

...

4,185

296

L2103588.UP.FTS.B

.44

11/23/26

...

2,978

211

L2102028.UP.FTS.B

.89

11/23/26

...

4,453

4,499

L2052565.UP.FTS.B

.09

11/23/26

...

12,114

12,241

FW2101678.UP.FTS.B

11/23/26

2,632

2,655

FW2103284.UP.FTS.B

11/23/26

2,933

2,959

FW2103532.UP.FTS.B

.75

11/23/26

7,557

7,637

FW2102091.UP.FTS.B

.86

11/23/26

4,784

338

FW2102371.UP.FTS.B

.85

11/23/26

5,721

5,762

FW2103786.UP.FTS.B

11/23/26

1,204

1,208

FW2103069.UP.FTS.B

.22

11/23/26

1,688

1,705

FW2033208.UP.FTS.B

.39

11/25/26

3,135

–

FW2102410.UP.FTS.B

.44

12/07/26

3,696

3,728

L2250662.UP.FTS.B

.88

12/14/26

....

7,347

7,301

L2249279.UP.FTS.B

.09

12/14/26

....

3,346

3,325

Franklin

Universal

Trust

Schedule

Investments

(unaudited)

Quarterly

Schedule

Investments

See

Notes

Schedule

Investments.

Description

Principal

Amount

Value

Marketplace

Loans

(continued)

Upstart

Network,

Inc.

(continued)

L2251398.UP.FTS.B

.28

12/14/26

....

5,361

5,328

L2250829.UP.FTS.B

.77

12/14/26

....

806

798

L2247842.UP.FTS.B

12/14/26

....

5,132

4,833

L2251213.UP.FTS.B

.85

12/14/26

....

8,080

8,029

FW2251249.UP.FTS.B

.34

12/14/26

12,845

12,765

L2248805.UP.FTS.B

.51

12/14/26

...

7,098

1,831

L2249903.UP.FTS.B

.03

12/14/26

...

2,039

2,029

FW2249158.UP.FTS.B

12/14/26

10,261

10,207

L2251043.UP.FTS.B

.11

12/14/26

...

21,944

21,829

L2250070.UP.FTS.B

.15

12/14/26

...

4,782

4,756

L2251230.UP.FTS.B

.48

12/14/26

...

1,332

1,324

L2249726.UP.FTS.B

.59

12/14/26

...

6,400

1,633

L2251302.UP.FTS.B

.76

12/14/26

...

4,481

224

L2247235.UP.FTS.B

.18

12/14/26

...

2,766

2,752

L2250820.UP.FTS.B

.59

12/14/26

...

2,220

2,208

FW2250025.UP.FTS.B

.65

12/14/26

5,208

5,176

L2251167.UP.FTS.B

.16

12/14/26

...

5,924

5,888

L2247268.UP.FTS.B

.22

12/14/26

...

34,195

34,022

L2249868.UP.FTS.B

.41

12/14/26

...

4,460

613

L2250559.UP.FTS.B

.84

12/14/26

...

5,278

5,246

FW2250857.UP.FTS.B

.23

12/14/26

20,779

20,676

L2251440.UP.FTS.B

.23

12/14/26

...

1,018

1,012

L2249248.UP.FTS.B

.43

12/14/26

...

8,431

8,390

L2250624.UP.FTS.B

.92

12/14/26

...

4,298

4,272

L2249629.UP.FTS.B

12/14/26

....

4,525

4,500

L2249002.UP.FTS.B

.13

12/14/26

...

2,512

2,500

L2250560.UP.FTS.B

.18

12/14/26

...

7,180

7,146

L2248252.UP.FTS.B

.48

12/14/26

...

2,167

2,152

FW2249113.UP.FTS.B

.58

12/14/26

18,001

17,878

L2249404.UP.FTS.B

.82

12/14/26

...

3,335

287

L2250499.UP.FTS.B

.65

12/14/26

...

2,904

209

L2251037.UP.FTS.B

12/14/26

....

1,302

1,296

L2249412.UP.FTS.B

.96

12/14/26

...

1,448

1,439

L2248975.UP.FTS.B

.98

12/14/26

...

7,529

7,483

L2250843.UP.FTS.B

12/14/26

....

4,015

3,988

L2250558.UP.FTS.B

.67

12/14/26

...

5,960

5,979

L2251409.UP.FTS.B

.71

12/14/26

...

8,774

8,713

L2251393.UP.FTS.B

.81

12/14/26

...

3,603

3,618

L2249780.UP.FTS.B

.14

12/14/26

...

5,865

5,881

L2250707.UP.FTS.B

.52

12/14/26

...

4,468

4,226

L2249030.UP.FTS.B

.69

12/14/26

...

1,708

247

L2249288.UP.FTS.B

.82

12/14/26

...

3,978

3,989

L2249149.UP.FTS.B

.87

12/14/26

...

7,368

7,316

FW2248314.UP.FTS.B

.92

12/14/26

2,580

2,586

L2249898.UP.FTS.B

.33

12/14/26

...

16,206

16,128

L2251333.UP.FTS.B

.77

12/14/26

...

12,097

12,135

L2249183.UP.FTS.B

.87

12/14/26

...

2,596

2,603

L2250810.UP.FTS.B

.01

12/14/26

...

5,767

417

FW2251497.UP.FTS.B

.11

12/14/26

4,144

4,103

L2250010.UP.FTS.B

.56

12/14/26

...

3,726

3,735

FW2248500.UP.FTS.B

12/14/26

2,318

2,214

FW2248932.UP.FTS.B

.62

12/14/26

1,536

1,469

L2249765.UP.FTS.B

.67

12/14/26

...

2,982

2,990

L2250948.UP.FTS.B

12/14/26

....

33,557

33,644

L2248306.UP.FTS.B

.97

12/14/26

...

18,681

18,730

L2250334.UP.FTS.B

.44

12/14/26

...

6,519

6,473

L2250245.UP.FTS.B

.75

12/14/26

...

1,415

1,376

L2250314.UP.FTS.B

.91

12/14/26

...

2,768

795

Description

Principal

Amount

Value

Upstart

Network,

Inc.

(continued)

L2249782.UP.FTS.B

.98

12/14/26

...

3,158

3,166

L2248144.UP.FTS.B

.08

12/14/26

...

3,505

3,516

L2250779.UP.FTS.B

.12

12/14/26

...

1,443

1,448

L2248450.UP.FTS.B

.14

12/14/26

...

4,516

4,487

L2248417.UP.FTS.B

.23

12/14/26

...

1,657

1,661

L2249856.UP.FTS.B

.32

12/14/26

...

904

908

L2249823.UP.FTS.B

.41

12/14/26

...

3,255

3,233

L2251395.UP.FTS.B

.45

12/14/26

...

1,659

1,663

L2251149.UP.FTS.B

.46

12/14/26

...

2,071

311

L2249309.UP.FTS.B

.75

12/14/26

...

3,288

943

L2250992.UP.FTS.B

.92

12/14/26

...

7,576

7,595

FW2248550.UP.FTS.B

12/14/26

3,411

3,419

L2249257.UP.FTS.B

.38

12/14/26

...

6,769

6,792

FW2249342.UP.FTS.B

.92

12/14/26

4,144

4,142

FW2251120.UP.FTS.B

.37

12/14/26

9,982

10,006

FW2249976.UP.FTS.B

.77

12/14/26

1,336

1,334

FW2249951.UP.FTS.B

.44

12/14/26

1,561

1,565

FW2249983.UP.FTS.B

.63

12/14/26

1,501

1,438

FW2250251.UP.FTS.B

.69

12/14/26

4,834

1,413

FW2251385.UP.FTS.B

.75

12/14/26

4,359

4,336

FW2249049.UP.FTS.B

.95

12/14/26

5,025

4,803

FW2249935.UP.FTS.B

.97

12/14/26

2,929

2,941

FW2248234.UP.FTS.B

.09

12/14/26

6,479

6,494

FW2251092.UP.FTS.B

12/14/26

1,558

228

FW2250801.UP.FTS.B

.11

12/14/26

2,165

2,166

FW2249041.UP.FTS.B

.12

12/14/26

868

870

FW2250974.UP.FTS.B

.12

12/14/26

2,578

2,584

FW2251215.UP.FTS.B

.16

12/14/26

3,484

246

FW2248893.UP.FTS.B

.17

12/14/26

1,405

1,408

FW2249653.UP.FTS.B

.19

12/14/26

2,966

2,973

FW2251410.UP.FTS.B

.25

12/14/26

3,614

3,623

FW2247969.UP.FTS.B

.61

12/14/26

5,449

385

L2251963.UP.FTS.B

.31

12/15/26

....

8,207

8,163

L2141755.UP.FTS.B

.51

12/15/26

....

32,613

32,433

L2252339.UP.FTS.B

.65

12/15/26

....

16,664

16,575

L2252737.UP.FTS.B

.71

12/15/26

....

14,006

13,924

L2252298.UP.FTS.B

.83

12/15/26

....

1,911

1,898

L2252476.UP.FTS.B

.18

12/15/26

....

6,696

6,657

FW2253701.UP.FTS.B

.99

12/15/26

8,821

8,780

L2253738.UP.FTS.B

.28

12/15/26

...

20,437

20,320

L2247794.UP.FTS.B

.65

12/15/26

...

3,099

3,085

L2253650.UP.FTS.B

.61

12/15/26

...

4,510

4,489

L2253384.UP.FTS.B

.79

12/15/26

...

8,339

8,292

L2251912.UP.FTS.B

.91

12/15/26

...

2,434

2,423

L2253091.UP.FTS.B

12/15/26

....

22,259

3,065

L2252906.UP.FTS.B

.66

12/15/26

...

7,765

7,722

L2252920.UP.FTS.B

.66

12/15/26

...

2,099

2,087

L2252357.UP.FTS.B

.18

12/15/26

...

4,177

574

L2252931.UP.FTS.B

.49

12/15/26

...

2,391

2,381

FW2249675.UP.FTS.B

.01

12/15/26

10,639

10,583

L2252976.UP.FTS.B

.75

12/15/26

...

4,511

4,493

L2252199.UP.FTS.B

.21

12/15/26

...

6,702

6,672

L2253164.UP.FTS.B

.76

12/15/26

...

3,819

3,790

FW2252613.UP.FTS.B

.78

12/15/26

1,901

1,877

FW2253547.UP.FTS.B

12/15/26

2,077

2,047

L2252566.UP.FTS.B

.55

12/15/26

...

4,317

4,297

FW2251546.UP.FTS.B

.76

12/15/26

10,893

10,829

L2252438.UP.FTS.B

.81

12/15/26

...

2,926

2,910

Franklin

Universal

Trust

Schedule

Investments

(unaudited)

See

Notes

Schedule

Investments.

Quarterly

Schedule

Investments

Description

Principal

Amount

Value

Marketplace

Loans

(continued)

Upstart

Network,

Inc.

(continued)

L2252318.UP.FTS.B

.43

12/15/26

...

2,189

2,176

L2250838.UP.FTS.B

.47

12/15/26

...

2,087

2,055

L2251727.UP.FTS.B

.77

12/15/26

...

1,831

1,821

L2253118.UP.FTS.B

.32

12/15/26

...

14,680

14,735

L2252879.UP.FTS.B

.23

12/15/26

...

899

L2251670.UP.FTS.B

.36

12/15/26

...

3,697

3,711

L2252753.UP.FTS.B

.36

12/15/26

...

1,741

1,720

L2252135.UP.FTS.B

.59

12/15/26

...

2,221

2,230

L2251712.UP.FTS.B

.15

12/15/26

...

23,689

1,696

FW2253422.UP.FTS.B

.48

12/15/26

8,971

8,586

L2250541.UP.FTS.B

.85

12/15/26

...

2,257

2,266

L2252209.UP.FTS.B

.21

12/15/26

...

1,013

1,014

L2252447.UP.FTS.B

12/15/26

....

905

908

FW2253392.UP.FTS.B

12/15/26

5,375

5,390

FW2248936.UP.FTS.B

.48

12/15/26

4,470

4,491

FW2252023.UP.FTS.B

.67

12/15/26

3,538

3,559

FW2253234.UP.FTS.B

.94

12/15/26

8,349

8,391

FW2252989.UP.FTS.B

.41

12/15/26

9,389

666

FW2252233.UP.FTS.B

.05

12/15/26

1,939

1,946

FW2247630.UP.FTS.B

.42

12/15/26

2,409

2,307

FW2252687.UP.FTS.B

.62

12/15/26

11,668

11,739

FW2252113.UP.FTS.B

.81

12/15/26

1,157

–

FW2251570.UP.FTS.B

.17

12/15/26

9,367

9,403

FW2253186.UP.FTS.B

.17

12/15/26

1,639

1,645

FW2253542.UP.FTS.B

.19

12/15/26

1,483

1,492

FW2251389.UP.FTS.B

.46

12/15/26

14,749

14,812

FW2251813.UP.FTS.B

.46

12/15/26

3,517

516

L2252296.UP.FTS.B

.02

12/26/26

....

9,965

9,912

L2249483.UP.FTS.B

.19

12/28/26

...

7,333

7,299

L2253562.UP.FTS.B

.61

12/28/26

...

3,861

3,873

L2499407.UP.FTS.B

.37

1/24/27

....

33,199

33,013

L2497781.UP.FTS.B

1/24/27

.....

4,186

1,024

L2499766.UP.FTS.B

.26

1/24/27

....

4,013

3,991

FW2499326.UP.FTS.B

.71

1/24/27

...

6,119

448

L2498743.UP.FTS.B

.47

1/24/27

....

7,432

7,393

L2492277.UP.FTS.B

1/24/27

.....

4,599

4,576

L2500086.UP.FTS.B

.95

1/24/27

....

8,307

8,260

L2497458.UP.FTS.B

.44

1/24/27

....

23,764

23,641

L2497353.UP.FTS.B

.69

1/24/27

....

8,930

8,884

L2499026.UP.FTS.B

.04

1/24/27

....

13,800

13,722

L2498801.UP.FTS.B

.59

1/24/27

....

19,521

4,998

L2499730.UP.FTS.B

.93

1/24/27

....

6,916

6,885

L2500305.UP.FTS.B

.35

1/24/27

....

697

694

L2498662.UP.FTS.B

.41

1/24/27

....

7,120

7,084

FW2499235.UP.FTS.B

.45

1/24/27

4,525

4,505

L2498623.UP.FTS.B

.18

1/24/27

....

1,542

1,536

FW2497574.UP.FTS.B

.62

1/24/27

24,282

24,137

L2497797.UP.FTS.B

1/24/27

....

4,927

4,906

L2500282.UP.FTS.B

.29

1/24/27

....

7,350

1,912

L2498730.UP.FTS.B

.35

1/24/27

....

4,275

4,257

FW2499948.UP.FTS.B

1/24/27

...

4,996

4,974

L2499978.UP.FTS.B

1/24/27

....

27,153

2,019

L2500513.UP.FTS.B

1/24/27

....

14,308

14,245

L2499400.UP.FTS.B

.39

1/24/27

....

11,004

1,616

L2499756.UP.FTS.B

.54

1/24/27

....

22,850

1,646

FW2500346.UP.FTS.B

.35

1/24/27

14,966

14,898

L2494019.UP.FTS.B

.44

1/24/27

....

4,339

4,325

L2497377.UP.FTS.B

.51

1/24/27

....

3,980

3,967

Description

Principal

Amount

Value

Upstart

Network,

Inc.

(continued)

FW2494435.UP.FTS.B

1/24/27

...

31,599

2,266

L2500130.UP.FTS.B

.16

1/24/27

....

5,123

5,107

L2497198.UP.FTS.B

1/24/27

....

4,885

355

L2498470.UP.FTS.B

.32

1/24/27

....

9,712

9,659

L2500098.UP.FTS.B

1/24/27

....

5,506

5,488

L2497796.UP.FTS.B

1/24/27

....

5,154

5,128

L2500341.UP.FTS.B

.83

1/24/27

....

1,839

1,833

L2497754.UP.FTS.B

.19

1/24/27

....

2,285

2,277

FW2498275.UP.FTS.B

.45

1/24/27

7,827

226

L2499146.UP.FTS.B

.77

1/24/27

....

3,708

183

L2498546.UP.FTS.B

.91

1/24/27

....

4,898

4,873

L2497528.UP.FTS.B

.93

1/24/27

....

3,704

3,691

L2499090.UP.FTS.B

.13

1/24/27

....

4,450

4,435

FW2499205.UP.FTS.B

.72

1/24/27

4,598

4,615

L2499153.UP.FTS.B

.13

1/24/27

....

896

893

L2497527.UP.FTS.B

.34

1/24/27

....

3,738

3,764

L2497646.UP.FTS.B

.52

1/24/27

....

401

396

L2497439.UP.FTS.B

.55

1/24/27

....

2,297

2,269

L2500177.UP.FTS.B

.66

1/24/27

....

4,658

1,349

FW2494038.UP.FTS.B

.37

1/24/27

3,010

3,000

FW2497553.UP.FTS.B

.05

1/24/27

13,121

13,207

FW2498441.UP.FTS.B

1/24/27

...

8,164

8,221

L2500427.UP.FTS.B

.85

1/24/27

....

7,953

7,918

L2499847.UP.FTS.B

.09

1/24/27

....

19,556

5,556

L2500224.UP.FTS.B

.04

1/24/27

....

4,547

4,564

L2500298.UP.FTS.B

.15

1/24/27

....

1,225

1,220

FW2497649.UP.FTS.B

.29

1/24/27

30,646

30,856

L2500230.UP.FTS.B

1/24/27

....

3,987

4,014

L2500426.UP.FTS.B

.41

1/24/27

....

997

1,003

L2497705.UP.FTS.B

.44

1/24/27

....

3,068

3,078

L2500467.UP.FTS.B

.44

1/24/27

....

1,304

1,313

L2497190.UP.FTS.B

.04

1/24/27

....

2,231

2,223

L2500357.UP.FTS.B

1/24/27

....

7,168

7,217

FW2498744.UP.FTS.B

.78

1/24/27

7,729

7,781

FW2499122.UP.FTS.B

.89

1/24/27

1,683

1,694

FW2499103.UP.FTS.B

1/24/27

...

2,404

710

FW2500434.UP.FTS.B

.81

1/24/27

838

L2497724.UP.FTS.B

.87

1/24/27

....

4,046

4,031

FW2497801.UP.FTS.B

.11

1/24/27

5,479

5,505

FW2499989.UP.FTS.B

1/24/27

...

6,749

6,776

L2498023.UP.FTS.B

.37

1/24/27

....

3,147

FW2497725.UP.FTS.B

.51

1/24/27

984

291

FW2499482.UP.FTS.B

.65

1/24/27

12,811

12,896

FW2498534.UP.FTS.B

.67

1/24/27

1,439

1,443

FW2499784.UP.FTS.B

.61

1/24/27

6,835

6,856

FW2500060.UP.FTS.B

.62

1/24/27

3,655

255

FW2498768.UP.FTS.B

.06

1/24/27

1,200

1,205

FW2497607.UP.FTS.B

1/24/27

...

895

885

FW2497688.UP.FTS.B

.73

1/24/27

935

FW2499403.UP.FTS.B

.76

1/24/27

2,213

2,227

FW2498079.UP.FTS.B

.78

1/24/27

2,575

181

FW2498894.UP.FTS.B

.13

1/24/27

2,851

2,869

FW2498422.UP.FTS.B

1/24/27

...

793

797

FW2498197.UP.FTS.B

.21

1/24/27

1,046

1,050

FW2497608.UP.FTS.B

.43

1/24/27

1,348

1,357

FW2497327.UP.FTS.B

.75

1/24/27

1,525

1,535

FW2502639.UP.FTS.B

.89

1/25/27

...

8,910

8,860

L2502859.UP.FTS.B

.46

1/25/27

....

34,175

33,975

Franklin

Universal

Trust

Schedule

Investments

(unaudited)

Quarterly

Schedule

Investments

See

Notes

Schedule

Investments.

Description

Principal

Amount

Value

Marketplace

Loans

(continued)

Upstart

Network,

Inc.

(continued)

L2443263.UP.FTS.B

.66

1/25/27

....

5,705

5,673

L2501608.UP.FTS.B

1/25/27

.....

13,549

13,475

L2501547.UP.FTS.B

.21

1/25/27

....

4,078

4,057

L2502319.UP.FTS.B

.49

1/25/27

....

27,981

27,814

L2501796.UP.FTS.B

.36

1/25/27

....

10,701

10,647

L2502134.UP.FTS.B

.38

1/25/27

....

21,799

21,687

L2502174.UP.FTS.B

.86

1/25/27

....

11,707

11,658

FW2498378.UP.FTS.B

.81

1/25/27

20,974

20,885

L2502791.UP.FTS.B

.84

1/25/27

....

5,473

5,433

L2501198.UP.FTS.B

.05

1/25/27

....

8,756

8,719

L2500626.UP.FTS.B

.15

1/25/27

....

3,316

3,295

L2502704.UP.FTS.B

.53

1/25/27

....

2,792

203

FW2502179.UP.FTS.B

.78

1/25/27

1,409

1,403

L2501977.UP.FTS.B

.89

1/25/27

....

28,008

27,884

L2502535.UP.FTS.B

.13

1/25/27

....

34,030

33,864

L2502247.UP.FTS.B

.43

1/25/27

....

2,831

2,819

L2503471.UP.FTS.B

.93

1/25/27

....

3,552

3,537

L2500808.UP.FTS.B

1/25/27

....

5,271

5,248

L2500633.UP.FTS.B

.62

1/25/27

....

3,248

3,233

L2501876.UP.FTS.B

.91

1/25/27

....

2,862

2,850

L2501591.UP.FTS.B

.26

1/25/27

....

12,110

12,067

FW2502838.UP.FTS.B

.27

1/25/27

29,479

29,350

FW2500763.UP.FTS.B

.29

1/25/27

3,107

3,097

L2503404.UP.FTS.B

.88

1/25/27

....

6,395

6,370

L2499095.UP.FTS.B

.97

1/25/27

....

2,178

2,171

L2500943.UP.FTS.B

.28

1/25/27

....

5,761

5,740

FW2502260.UP.FTS.B

.52

1/25/27

5,718

414

L2501997.UP.FTS.B

.77

1/25/27

....

3,650

3,639

FW2501148.UP.FTS.B

.78

1/25/27

1,459

1,455

FW2501125.UP.FTS.B

.82

1/25/27

1,095

1,092

L2502739.UP.FTS.B

1/25/27

....

4,537

4,517

L2502439.UP.FTS.B

.98

1/25/27

....

5,066

5,048

L2495525.UP.FTS.B

.03

1/25/27

....

5,244

5,221

L2501884.UP.FTS.B

.04

1/25/27

....

7,907

296

L2502391.UP.FTS.B

.43

1/25/27

....

11,031

10,995

L2500727.UP.FTS.B

.88

1/25/27

....

5,999

5,981

FW2501295.UP.FTS.B

.14

1/25/27

742

739

FW2500961.UP.FTS.B

.28

1/25/27

4,923

4,948

L2500557.UP.FTS.B

.25

1/25/27

....

4,480

319

FW2501561.UP.FTS.B

.33

1/25/27

4,299

4,322

L2503424.UP.FTS.B

.51

1/25/27

....

7,334

7,311

L2501728.UP.FTS.B

.52

1/25/27

....

3,854

3,830

L2500163.UP.FTS.B

.71

1/25/27

....

11,703

11,615

L2502058.UP.FTS.B

.83

1/25/27

....

7,511

7,551

L2500977.UP.FTS.B

.64

1/25/27

....

5,276

5,315

L2502763.UP.FTS.B

.93

1/25/27

....

3,202

934

FW2503468.UP.FTS.B

1/25/27

...

2,580

2,598

FW2503375.UP.FTS.B

.71

1/25/27

2,319

2,332

FW2503209.UP.FTS.B

.12

1/25/27

5,321

5,357

L2502753.UP.FTS.B

.33

1/25/27

....

2,810

442

L2501592.UP.FTS.B

.36

1/25/27

....

957

L2500577.UP.FTS.B

1/25/27

....

1,150

1,158

L2503342.UP.FTS.B

.48

1/25/27

....

4,912

4,947

L2500860.UP.FTS.B

.49

1/25/27

....

1,059

1,065

L2501610.UP.FTS.B

.67

1/25/27

....

2,485

2,500

L2502912.UP.FTS.B

.69

1/25/27

....

15,858

15,965

L2502995.UP.FTS.B

.82

1/25/27

....

2,386

2,396

FW2501208.UP.FTS.B

.83

1/25/27

15,499

4,546

Description

Principal

Amount

Value

Upstart

Network,

Inc.

(continued)

FW2503491.UP.FTS.B

.41

1/25/27

1,719

1,727

FW2501330.UP.FTS.B

.47

1/25/27

4,246

4,276

FW2502187.UP.FTS.B

.63

1/25/27

3,861

3,888

FW2503082.UP.FTS.B

.84

1/25/27

1,926

1,938

FW2499783.UP.FTS.B

.06

1/25/27

8,754

623

FW2501053.UP.FTS.B

.35

1/25/27

6,409

6,430

FW2474863.UP.FTS.B

.63

1/25/27

2,618

2,626

FW2502652.UP.FTS.B

.68

1/25/27

3,807

3,834

FW2503169.UP.FTS.B

.77

1/25/27

778

783

FW2501180.UP.FTS.B

.56

1/25/27

2,343

2,360

FW2500797.UP.FTS.B

.58

1/25/27

1,538

1,548

FW2502849.UP.FTS.B

.19

1/25/27

996

FW2501203.UP.FTS.B

.73

1/25/27

1,106

1,114

FW2503502.UP.FTS.B

.01

1/25/27

2,017

2,028

FW2502222.UP.FTS.B

.02

1/25/27

1,016

1,022

FW2501430.UP.FTS.B

.03

1/25/27

1,427

1,434

FW2502879.UP.FTS.B

.04

1/25/27

23,310

23,420

FW2502647.UP.FTS.B

.05

1/25/27

6,672

6,698

FW2502834.UP.FTS.B

.11

1/25/27

2,192

336

FW2500654.UP.FTS.B

.21

1/25/27

795

798

FW2503208.UP.FTS.B

.21

1/25/27

2,060

2,074

FW2502276.UP.FTS.B

.54

1/25/27

4,019

4,038

FW2500954.UP.FTS.B

.81

2/07/27

6,231

6,254

L2500786.UP.FTS.B

.35

2/09/27

....

2,202

2,191

FW1729970.UP.FTS.B

.27

2/17/27

18,283

17,331

L1729858.UP.FTS.B

.05

2/17/27

....

18,999

18,254

FW1729684.UP.FTS.B

2/17/27

...

10,193

9,765

FW1729695.UP.FTS.B

.91

2/17/27

44,873

43,029

L1902477.UP.FTS.B

.65

3/22/27

....

7,227

6,809

L1902300.UP.FTS.B

.58

3/22/27

....

4,294

308

L1901141.UP.FTS.B

.79

3/22/27

....

1,637

117

L1901660.UP.FTS.B

.23

3/22/27

....

1,396

1,330

FW1901509.UP.FTS.B

.16

3/22/27

6,583

6,320

L2031108.UP.FTS.B

.34

4/12/27

....

35,180

34,903

L2030856.UP.FTS.B

.22

4/12/27

....

7,323

1,862

L2031106.UP.FTS.B

.27

4/12/27

....

6,656

6,607

L2030776.UP.FTS.B

.15

4/12/27

....

4,143

4,100

FW2032194.UP.FTS.B

.49

4/12/27

5,847

5,782

L2032168.UP.FTS.B

4/12/27

....

8,674

8,639

FW2032681.UP.FTS.B

.41

4/12/27

2,014

1,994

FW2032995.UP.FTS.B

.13

4/12/27

2,328

1,331

L2032407.UP.FTS.B

.01

4/12/27

....

983

581

FW2030941.UP.FTS.B

.62

4/12/27

24,043

1,722

L2032337.UP.FTS.B

.62

4/12/27

....

7,494

7,484

L2972334.UP.FTS.B

.17

4/19/27

....

35,804

35,597

L2972137.UP.FTS.B

.42

4/19/27

....

10,760

10,698

L2971979.UP.FTS.B

.84

4/19/27

....

19,284

19,173

L2971286.UP.FTS.B

.38

4/19/27

....

18,058

17,955

L2972081.UP.FTS.B

4/19/27

.....

3,811

3,789

FW2972190.UP.FTS.B

.92

4/19/27

...

34,299

34,104

L2971556.UP.FTS.B

.11

4/19/27

....

10,399

10,298

L2971728.UP.FTS.B

.46

4/19/27

....

7,949

7,891

L2971948.UP.FTS.B

.78

4/19/27

....

5,601

5,565

L2971527.UP.FTS.B

.17

4/19/27

....

7,888

7,831

L2967243.UP.FTS.B

.24

4/19/27

....

12,858

12,766

L2970341.UP.FTS.B

.34

4/19/27

....

5,484

459

L2971759.UP.FTS.B

.29

4/19/27

....

5,822

5,773

L2971657.UP.FTS.B

.32

4/19/27

....

1,665

1,653

Franklin

Universal

Trust

Schedule

Investments

(unaudited)

See

Notes

Schedule

Investments.

Quarterly

Schedule

Investments

Description

Principal

Amount

Value

Marketplace

Loans

(continued)

Upstart

Network,

Inc.

(continued)

L2971854.UP.FTS.B

.46

4/19/27

....

2,361

2,344

FW2968818.UP.FTS.B

.01

4/19/27

12,542

12,437

L2970277.UP.FTS.B

.94

4/19/27

....

26,036

3,751

FW2971812.UP.FTS.B

.16

4/19/27

20,709

20,507

L2972316.UP.FTS.B

.63

4/19/27

....

38,705

38,430

L2971776.UP.FTS.B

.69

4/19/27

....

5,159

5,116

L2972008.UP.FTS.B

.74

4/19/27

....

4,326

4,325

FW2971982.UP.FTS.B

.48

4/19/27

1,342

1,331

L2970145.UP.FTS.B

.58

4/19/27

....

7,072

6,674

FW2971643.UP.FTS.B

.95

4/19/27

17,189

17,212

L2971841.UP.FTS.B

4/19/27

....

1,157

1,156

L2971769.UP.FTS.B

.23

4/19/27

....

5,814

417

FW2972220.UP.FTS.B

.42

4/19/27

3,161

3,160

L2971662.UP.FTS.B

.49

4/19/27

....

811

803

FW2972102.UP.FTS.B

.72

4/19/27

2,650

2,653

FW2972305.UP.FTS.B

.33

4/19/27

4,885

4,884

FW2972030.UP.FTS.B

.07

4/19/27

4,086

4,085

FW2101729.UP.FTS.B

4/23/27

...

27,094

1,939

L2100737.UP.FTS.B

.28

4/23/27

....

15,001

15,112

FW2101765.UP.FTS.B

.07

4/23/27

3,269

3,292

FW2103611.UP.FTS.B

4/23/27

...

1,101

FW2103415.UP.FTS.B

.09

4/23/27

10,820

10,831

L2250389.UP.FTS.B

.11

5/14/27

....

14,961

14,834

FW2249624.UP.FTS.B

.82

5/14/27

4,539

327

FW2248341.UP.FTS.B

.43

5/14/27

19,096

18,891

FW2249414.UP.FTS.B

5/14/27

...

5,795

5,737

FW2250365.UP.FTS.B

.49

5/14/27

22,480

22,305

L2248430.UP.FTS.B

.51

5/14/27

....

1,158

1,151

L2250392.UP.FTS.B

.93

5/14/27

....

2,714

2,713

L2251286.UP.FTS.B

.89

5/14/27

....

1,800

1,793

FW2250225.UP.FTS.B

.13

5/14/27

1,493

210

FW2249682.UP.FTS.B

.35

5/14/27

1,318

1,321

FW2250032.UP.FTS.B

.02

5/14/27

3,976

–

L2252226.UP.FTS.B

.86

5/15/27

....

40,219

37,870

L2252234.UP.FTS.B

.66

5/15/27

....

3,499

3,299

FW2253145.UP.FTS.B

.76

5/15/27

11,676

–

FW2251714.UP.FTS.B

.54

5/15/27

4,797

4,801

FW2252591.UP.FTS.B

.67

5/15/27

6,704

6,536

L2250436.UP.FTS.B

.79

5/27/27

....

15,183

15,214

L2497417.UP.FTS.B

.27

6/24/27

....

18,541

18,434

L2497350.UP.FTS.B

.11

6/24/27

....

7,636

7,574

FW2497520.UP.FTS.B

.89

6/24/27

5,185

5,149

L2499350.UP.FTS.B

.35

6/24/27

....

24,321

545

FW2498266.UP.FTS.B

.06

6/24/27

3,375

3,357

FW2463420.UP.FTS.B

.55

6/24/27

859

856

FW2497583.UP.FTS.B

.24

6/24/27

6,468

6,455

L2472114.UP.FTS.B

.63

6/25/27

.....

14,591

14,498

L2503121.UP.FTS.B

.35

6/25/27

....

9,454

9,381

L2499889.UP.FTS.B

.18

6/25/27

....

22,153

–

L2502792.UP.FTS.B

.01

6/25/27

....

4,992

355

L2500638.UP.FTS.B

.31

6/25/27

....

842

843

FW2503221.UP.FTS.B

6/25/27

....

23,760

–

FW1729187.UP.FTS.B

7/17/27

...

5,556

5,596

L2032742.UP.FTS.B

.42

9/12/27

....

1,807

1,790

FW2972075.UP.FTS.B

.42

9/19/27

...

30,222

28,392

L2971880.UP.FTS.B

9/19/27

......

26,893

26,623

L2253724.UP.FTS.B

.49

10/15/27

...

236

233

L2499062.UP.FTS.B

.84

11/24/27

...

1,125

1,118

Description

Principal

Amount

Value

Upstart

Network,

Inc.

(continued)

FW2500185.UP.FTS.B

.96

11/24/27

6,704

6,725

FW2498394.UP.FTS.B

11/24/27

4,602

126

L2498668.UP.FTS.B

.66

11/25/27

...

31,902

31,688

FW2497947.UP.FTS.B

.25

11/27/27

30,665

30,363

L2971929.UP.FTS.B

.66

2/19/28

....

17,729

17,562

L1901406.UP.FTS.B

10/22/28

....

4,503

4,559

L2475583.UP.FTS.B

.34

1/25/29

....

373

369

3,860,630

Total

Marketplace

Loans

(Cost

10,742,019

)

....

9,397,116

Franklin

Universal

Trust

Notes

Schedule

Investments

(unaudited)

Quarterly

Schedule

Investments

Organization

Franklin

Universal

Trust (Fund)

registered under

the

Investment

Company

Act

1940

(1940

Act)

closed-end

management

investment

company.

The

Fund

follows

the

accounting

and

reporting

guidance

Financial

Accounting

Standards

Board

(FASB)

Accounting

Standards

Codification

Topic

946,

Financial

Services

–

Investment

Companies

(ASC

946)

and

applies

the

specialized

accounting

and

reporting

guidance

U.S.

Generally

Accepted

Accounting

Principles

(U.S.

GAAP),

including,

but

not

limited

to,

ASC

946.

2. Financial

Instrument

Valuation

The

Fund's investments

financial

instruments

are

carried

fair

value

daily.

Fair

value

the

price

that

would

received

sell

asset

paid

transfer

liability

orderly

transaction

between

market

participants

the

measurement

date.

The

Fund

calculates the

net

asset

value

(NAV)

per

each

business

day

p.m.

Eastern

time

the

regularly

scheduled

the

New

York

Stock

Exchange

(NYSE),

whichever

earlier.

Senior

fixed

rate

notes

issued

the

Fund

are

carried

cost. Under

compliance

policies

and

procedures

approved

the Fund's

Board

of Trustees

(the

Board),

the

Board

has

designated

the

Fund's

investment

manager

the

valuation

designee

and

has

responsibility

for

oversight

valuation.

The

investment

manager

assisted

the

Fund's administrator

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

determine

fair

value.

Equity

securities

listed

exchange

the

NASDAQ

National

Market

System

are

valued

the

last

quoted

sale

price

the

official

closing

price

the

day,

respectively.

Foreign

equity

securities

are

valued

the

trading

the

foreign

stock

exchange

which

the

security

primarily

traded

p.m.

Eastern

time.

The

value

then

converted

into

its

U.S.

dollar

equivalent

the

foreign

exchange

rate

effect

p.m. Eastern

time

the

day

that

the

value

the

security

determined.

Over-the-counter

(OTC)

securities

are

valued

within

the

range

the

most

recent

quoted

bid

and

ask

prices.

Securities

that

trade

multiple

markets

multiple

exchanges

are

valued

according

the

broadest

and

most

representative

market.

Certain

equity

securities

are

valued

based

upon

fundamental

characteristics

relationships

similar

securities.

Debt

securities

generally

trade

the

OTC

market

rather

than

securities

exchange.

The Fund's

pricing

services

use

multiple

valuation

techniques

determine

fair

value.

instances

where

sufficient

market

activity

exists,

the

pricing

services

may

utilize

market-based

approach

through

which

quotes

from

market

makers

are

used

determine

fair

value.

instances

where

sufficient

market

activity

may

not

exist

limited,

the

pricing

services

also

utilize

proprietary

valuation

models

which

may

consider

market

characteristics

such

benchmark

yield

curves,

credit

spreads,

estimated

default

rates,

anticipated

market

interest

rate

volatility,

coupon

rates,

anticipated

timing

principal

repayments,

underlying

collateral,

and

other

unique

security

features

order

estimate

the

relevant

cash

flows,

which

are

then

discounted

calculate

the

fair

value.

Securities

denominated

foreign

currency

are

converted

into

their

U.S.

dollar

equivalent

the

foreign

exchange

rate

effect

p.m.

Eastern

time

the

date

that

the

values

the

foreign

debt

securities

are

determined.

Investments

open-end

mutual

funds

are

valued

the

closing

NAV.

The

Fund

has procedures

determine

the

fair

value

financial

instruments

for

which

market

prices

are

not

reliable

readily

available.

Under

these

procedures,

the

Fund

primarily employs

market-based

approach

which

may

use

comparable

assets

liabilities,

recent

transactions,

market

multiples,

and

other

relevant

information

for

the

investment

determine

the

fair

value

the

investment.

income-based

valuation

approach

may

also

used

which

the

anticipated

future

cash

flows

the

investment

are

discounted

calculate

fair

value.

Discounts

may

also

applied

due

the

nature

duration

any

restrictions

the

disposition

the

investments.

Due

the

inherent

uncertainty

valuations

such

investments,

the

fair

values

may

differ

significantly

from

the

values

that

would

have

been

used

had

active

market

existed.

Franklin

Universal

Trust

Notes

Schedule

Investments

(unaudited)

Quarterly

Schedule

Investments

Trading

securities

foreign

securities

stock

exchanges

and

OTC

markets

may

completed

before

p.m.

Eastern

time.

addition,

trading

certain

foreign

markets

may

not

take

place

every

Fund’s

business

day.

Events

can

occur

between

the

time

which

trading

foreign

security

completed

and

p.m.

Eastern

time

that

might

call

into

question

the

reliability

the

value

portfolio

security

held

the

Fund.

result,

differences

may

arise

between

the

value

the

Fund’s

portfolio securities

determined

the

foreign

market

and

the

latest

indications

value

p.m.

Eastern

time.

order

minimize

the

potential

for

these

differences,

independent

pricing

service

may

used

adjust

the

value

the

Fund's

portfolio

securities

the

latest

indications

fair

value

at 4

p.m.

Eastern

time.

When

the

last

day

the

reporting

period

non-business

day,

certain

foreign

markets

may

open

those

days

that

the

Fund’s

NAV

not

calculated,

which

could

result

differences

between

the

value

the

Fund’s

portfolio

securities

the

last

business

day

and

the

last

calendar

day

the

reporting

period.

Any

security

valuation

changes

due

open

foreign

market

are

adjusted

and

reflected

the

Fund for

financial

reporting

purposes.

Investments

Affiliated

Management

Investment

Companies

The

Fund

invests

one

affiliated

management

investment

companies.

defined

the

1940

Act,

investment

deemed

"Controlled

Affiliate"

fund

when

fund

owns,

either

directly

indirectly,

25%

the

affiliated

fund's

outstanding

has

the

power

exercise

control

over

management

policies

such

fund.

The

Fund

does

not

invest

for

purposes

exercising

controlling

influence

over

the

management

policies.

During

the

period

ended

November

30,

2023,

the

Fund

held

investments

affiliated

management

investment

companies

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

determining

the

value

the

Fund's

financial

instruments

and

are

summarized

the

following

fair

value

hierarchy:

Level

–

quoted

prices

active

markets

for

identical

financial

instruments

Level

–

other

significant

observable

inputs

(including

quoted

prices

for

similar

financial

instruments,

interest

rates,

prepayment

speed,

credit

risk,

etc.)

Level

–

significant

unobservable

inputs

(including

the

Fund's

own

assumptions

determining

the

fair

value

financial

instruments)

The

input

levels

are

not

necessarily

indication

the

risk

liquidity

associated

with

financial

instruments

that

level.

summary

inputs

used

November

30,

2023,

valuing

the Fund's

assets

carried

fair

value,

follows:

Value

Beginning

Period

Purchases

Sales

Realized

Gain

(Loss)

Net

Change

Unrealized

Appreciation

(Depreciation)

Value

End

Period

Number

Held

End

Period

Investment

Income

Franklin

Universal

Trust

Non-Controlled

Affiliates

Dividends

Institutional

Fiduciary

Trust

Money

Market

Portfolio,

5.036%

$7,233,846

$12,170,112

$(16,128,026)

$—

$3,275,932

3,275,932

$51,245

Total

Affiliated

Securities

...

$7,233,846

$12,170,112

$(16,128,026)

$—

$3,275,932

$51,245

2. Financial

Instrument

Valuation

(continued)

Franklin

Universal

Trust

Notes

Schedule

Investments

(unaudited)

Quarterly

Schedule

Investments

Level

Total

Franklin

Universal

Trust

Assets:

Investments

Securities:

Common

Stocks

Electric

Utilities

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

45,765,543

—

45,765,543

Independent

Power

and

Renewable

Electricity

Producers

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

1,112,590

1,784,503

—

2,897,093

Metals

Mining

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

4,636,303

—

4,636,303

Multi-Utilities

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

30,370,496

—

30,370,496

Oil,

Gas

Consumable

Fuels

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

2,570,003

357,390

—

2,927,393

Preferred

Stocks

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

538,725

—

538,725

Warrants

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

1,043

—

1,043

Corporate

Bonds

Aerospace

Defense

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

—

601,823

—

601,823

Automobile

Components

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

—

4,595,982

—

4,595,982

Automobiles

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

—

1,027,153

—

1,027,153

Banks

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

—

906,491

—

906,491

Beverages

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

—

621,578

—

621,578

Biotechnology

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

—

355,279

—

355,279

Building

Products

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

—

4,962,195

—

4,962,195

Capital

Markets

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

—

447,862

—

447,862

Chemicals

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

—

6,383,826

—

6,383,826

Commercial

Services

Supplies

...........

—

2,753,086

—

2,753,086

Communications

Equipment

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

—

964,163

—

964,163

Construction

Engineering

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

—

2,185,652

—

2,185,652

Construction

Materials

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

—

513,933

—

513,933

Consumer

Finance

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

—

3,914,319

—

3,914,319

Consumer

Staples

Distribution

Retail

......

—

1,420,196

—

1,420,196

Containers

Packaging

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

—

6,865,690

—

6,865,690

Distributors

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

—

825,338

—

825,338

Diversified

Consumer

Services

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

—

711,416

—

711,416

Diversified

REITs

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

—

2,423,615

—

2,423,615

Diversified

Telecommunication

Services

.....

—

4,602,123

—

4,602,123

Electric

Utilities

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

—

1,334,825

—

1,334,825

Electrical

Equipment

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

—

2,512,099

—

2,512,099

Electronic

Equipment,

Instruments

Components

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

—

444,845

—

444,845

Energy

Equipment

Services

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

—

5,286,623

—

5,286,623

Entertainment

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

—

807,254

—

807,254

Financial

Services

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

—

1,997,538

—

1,997,538

Food

Products

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

—

2,690,058

—

2,690,058

Ground

Transportation

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

—

1,555,133

—

1,555,133

Health

Care

Equipment

Supplies

.........

—

1,548,958

—

1,548,958

Health

Care

Providers

Services

..........

—

5,859,619

—

5,859,619

Health

Care

REITs

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

—

174,236

—

174,236

Hotel

Resort

REITs

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

—

304,871

—

304,871

Hotels,

Restaurants

Leisure

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

—

9,732,214

—

9,732,214

Household

Durables

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

—

3,116,824

—

3,116,824

Independent

Power

and

Renewable

Electricity

Producers

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

—

3,223,193

—

3,223,193

Insurance

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

—

1,117,388

—

1,117,388

Services

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

—

3,611,076

—

3,611,076

Life

Sciences

Tools

Services

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

—

991,250

—

991,250

Machinery

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

—

2,976,246

—

2,976,246

Media

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

—

6,506,428

—

6,506,428

Metals

Mining

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

—

2,954,674

—

2,954,674

Mortgage

Real

Estate

Investment

Trusts

(REITs)

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

—

1,481,262

—

1,481,262

4. Fair

Value

Measurements

(continued)

Franklin

Universal

Trust

Notes

Schedule

Investments

(unaudited)

Quarterly

Schedule

Investments

reconciliation

which

Level

inputs

are

used

determining

fair

value

presented

when

there

are

significant

Level

assets

and/or

liabilities

the

beginning

and/or

end

the

period.

At November

30,

2023,

the

reconciliation

follows:

Significant

unobservable

valuation

inputs

for

material

Level

assets

and/or

liabilities

and

impact

fair

value

result

changes

unobservable

valuation

inputs

November

30,

2023,

are

follows:

Level

Total

Franklin

Universal

Trust

(continued)

Assets:

(continued)

Investments

Securities:

Corporate

Bonds:

Oil,

Gas

Consumable

Fuels

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

—

17,605,046

—

17,605,046

Paper

Forest

Products

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

—

242,546

—

242,546

Passenger

Airlines

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

—

1,610,385

—

1,610,385

Personal

Care

Products

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

—

1,417,851

—

1,417,851

Pharmaceuticals

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

—

2,401,305

—

2,401,305

Real

Estate

Management

Development

....

—

1,358,100

—

1,358,100

Software

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

—

2,436,019

—

2,436,019

Specialized

REITs

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

—

978,787

—

978,787

Specialty

Retail

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

—

3,117,485

—

3,117,485

Textiles,

Apparel

Luxury

Goods

..........

—

377,446

—

377,446

Trading

Companies

Distributors

..........

—

938,821

—

938,821

Wireless

Telecommunication

Services

.......

—

854,543

—

854,543

Senior

Floating

Rate

Interests

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

—

117,359

—

117,359

Marketplace

Loans

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

—

9,397,116

Asset-Backed

Securities

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

—

450,942

—

450,942

Escrows

and

Litigation

Trusts

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

—

32,250

—

32,250

Short

Term

Investments

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

3,275,932

—

3,275,932

Total

Investments

Securities

...........

$88,270,635

$143,389,112

$9,397,116

$241,056,863

Includes

financial

instruments

determined

have

value.

Balance

Beginning

Period

Purchases

Sales

Transfer

Into

Level

Transfer

Out

Level

Net

Accretion

(

Amortiza

tion

)

Net

Realized

Gain

(Loss)

Net

Unr

ealized

Appreciatio

(

Depreciation

)

Balance

End

Period

Net

Change

Unrealized

Appreciation

(Depreciation)

Assets

Held

Period

End

Franklin

Universal

Trust

Assets:

Investments

Securities:

Corporate

Bonds

Hotels,

Restaurants

Leisure

.........

—

Oil,

Gas

Consumable

Fuels

..........

—

Marketplace

Loans

Financial

Services

...

11,122,540

4,978

(1,747,047)

—

(32,608)

49,253

9,397,116

(151,629)

Total

Investments

Securities

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

$11,122,540

$4,978

$(1,747,047)

$—

$(32,608)

$49,253

$9,397,116

$(151,629)

Purchases

include

all

purchases

securities

and

securities

received

corporate

actions.

Sales

include

all

sales

securities,

maturities,

paydowns

and

securities

tendered

corporate

actions.

Includes

financial

instruments

determined

have

value.

4. Fair

Value

Measurements

(continued)

Franklin

Universal

Trust

Notes

Schedule

Investments

(unaudited)

Quarterly

Schedule

Investments

Weighted

based

the

relative

fair

value

the

financial

instruments.

Represents

the

directional

change

the

fair

value

the

Level

financial

instruments

that

would

result

from

significant

and

reasonable

increase

the

corresponding

input.

significant

and

reasonable

decrease

the

input

would

have

the

opposite

effect.

Significant

increases

and

decreases

these

inputs

isolation

could

result

significantly

higher

lower

fair

value

measurements.

Includes

financial

instruments

determined

have

value.

Abbreviations

Description

Fair

Value

End

Period

Valuation

Technique

Unobservable

Inputs

Amount

(Weighted

Average)

Impact

Fair

Value

Input

Increases

Franklin

Universal

Trust

Assets:

Investments

Securities:

Marketplace

Loans:

Financial

Services...........

$9,397,116

Discounted

cash

flow

Loss-adjusted

discount

rate

0.1%

18.6%

(8.1%)

Decrease

Projected

loss

rate

3.0%

54.1%

(19.6%)

Decrease

All

Other

Investments……….

—

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

$9,397,116

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

4. Fair

Value

Measurements

(continued)

For

additional

information

the

Fund's

significant

accounting

policies,

please

refer

the Fund's

most

recent

semiannual

annual

shareholder

report.