NPORT-EX 2 FUT.htm PART F
Not
FDIC
Insured
May
Lose
Value
No
Bank
Guarantee
FUT-Q3PH
1
Schedule
of
Investments
(unaudited)
Franklin
Universal
Trust
2
Notes
to
Schedule
of
Investments
20
Franklin
Universal
Trust
Schedule
of
Investments
(unaudited),
May
31,
2025
Quarterly
Schedule
of
Investments
See
Notes
to
Schedule
of
Investments.
2
a
a
Country
Shares
a
Value
a
a
a
a
a
a
Common
Stocks
46.0%
Electric
Utilities
25.3%
Alliant
Energy
Corp.
.................................
United
States
80,000
$
4,978,400
American
Electric
Power
Co.,
Inc.
.......................
United
States
36,000
3,725,640
Constellation
Energy
Corp.
............................
United
States
10,000
3,061,500
Duke
Energy
Corp.
..................................
United
States
40,000
4,708,800
Edison
International
.................................
United
States
36,000
2,003,400
Entergy
Corp.
......................................
United
States
60,000
4,996,800
Evergy,
Inc.
........................................
United
States
72,000
4,781,520
Exelon
Corp.
.......................................
United
States
65,000
2,848,300
FirstEnergy
Corp.
...................................
United
States
50,000
2,097,000
NextEra
Energy,
Inc.
.................................
United
States
115,000
8,123,600
Pinnacle
West
Capital
Corp.
...........................
United
States
20,000
1,824,600
PPL
Corp.
.........................................
United
States
24,500
851,375
Southern
Co.
(The)
..................................
United
States
50,000
4,500,000
Xcel
Energy,
Inc.
....................................
United
States
55,000
3,855,500
52,356,435
Metals
&
Mining
2.5%
BHP
Group
Ltd.
,
ADR
................................
Australia
25,185
1,233,813
Freeport-McMoRan,
Inc.
..............................
United
States
40,380
1,553,822
Newmont
Corp.
.....................................
United
States
26,000
1,370,720
Rio
Tinto
plc
,
ADR
...................................
Australia
15,000
891,450
South32
Ltd.
,
ADR
..................................
Australia
10,074
98,524
5,148,329
Multi-Utilities
16.4%
CenterPoint
Energy,
Inc.
..............................
United
States
122,800
4,573,072
CMS
Energy
Corp.
..................................
United
States
60,000
4,213,800
Consolidated
Edison,
Inc.
.............................
United
States
20,000
2,089,800
Dominion
Energy,
Inc.
................................
United
States
65,000
3,683,550
DTE
Energy
Co.
....................................
United
States
30,000
4,099,500
NiSource,
Inc.
......................................
United
States
60,000
2,372,400
Public
Service
Enterprise
Group,
Inc.
....................
United
States
45,000
3,646,350
Sempra,
Inc.
.......................................
United
States
90,000
7,073,100
WEC
Energy
Group,
Inc.
..............................
United
States
20,000
2,148,800
33,900,372
Oil,
Gas
&
Consumable
Fuels
1.7%
a
Amplify
Energy
Corp.
................................
United
States
245
703
Birch
Permian
Holdings,
Inc.
...........................
United
States
32,490
181,132
California
Resources
Corp.
............................
United
States
47
2,076
DT
Midstream,
Inc.
..................................
United
States
10,000
1,047,400
Enbridge,
Inc.
......................................
Canada
39,360
1,829,453
Expand
Energy
Corp.
................................
United
States
1,985
230,518
Woodside
Energy
Group
Ltd.
,
ADR
......................
Australia
9,101
130,417
3,421,699
Pharmaceuticals
0.1%
a
Endo,
Inc.
.........................................
United
States
11,375
238,875
Software
0.0%
†
a,b
DSG
Topco,
Inc.
....................................
United
States
2,027
32,432
Total
Common
Stocks
(Cost
$
35,676,531
)
....................................
95,098,142
Franklin
Universal
Trust
Schedule
of
Investments
(unaudited)
See
Notes
to
Schedule
of
Investments.
Quarterly
Schedule
of
Investments
3
a
a
Country
Shares
a
Value
a
a
a
a
a
a
Convertible
Preferred
Stocks
0.1%
Aerospace
&
Defense
0.1%
Boeing
Co.
(The)
,
6
%
................................
United
States
3,000
$
201,960
Total
Convertible
Preferred
Stocks
(Cost
$
150,000
)
............................
201,960
Preferred
Stocks
0.2%
Electric
Utilities
0.2%
SCE
Trust
II
,
5.1
%
..................................
United
States
27,500
481,525
Total
Preferred
Stocks
(Cost
$
598,125
)
.......................................
481,525
Warrants
Warrants
0.0%
†
Oil,
Gas
&
Consumable
Fuels
0.0%
†
a
Expand
Energy
Corp.
,
2/09/26
.........................
United
States
215
22,468
Total
Warrants
(Cost
$
18,168
)
...............................................
22,468
Principal
Amount
*
Corporate
Bonds
77.3%
Aerospace
&
Defense
1.7%
c
ATI,
Inc.
,
Senior
Note
,
7.25
%
,
8/15/30
....................
United
States
700,000
733,578
d
Axon
Enterprise,
Inc.
,
Senior
Note
,
144A,
6.125
%
,
3/15/30
...................
United
States
300,000
306,720
Senior
Note
,
144A,
6.25
%
,
3/15/33
....................
United
States
250,000
254,269
d
Bombardier,
Inc.
,
c
Senior
Note
,
144A,
7
%
,
6/01/32
......................
Canada
675,000
691,176
Senior
Note
,
144A,
6.75
%
,
6/15/33
....................
Canada
500,000
507,631
d
Efesto
Bidco
SpA
Efesto
US
LLC
,
XR
,
Senior
Secured
Note
,
144A,
7.5
%
,
2/15/32
...............................
Italy
1,050,000
1,057,744
3,551,118
Automobile
Components
2.2%
d
Adient
Global
Holdings
Ltd.
,
c
Senior
Note
,
144A,
8.25
%
,
4/15/31
....................
United
States
300,000
306,477
Senior
Note
,
144A,
7.5
%
,
2/15/33
.....................
United
States
150,000
148,918
Senior
Secured
Note
,
144A,
7
%
,
4/15/28
................
United
States
150,000
153,400
d
Allison
Transmission,
Inc.
,
Senior
Bond
,
144A,
3.75
%
,
1/30/31
....................
United
States
300,000
272,563
Senior
Note
,
144A,
4.75
%
,
10/01/27
...................
United
States
600,000
590,325
c
,d
Dornoch
Debt
Merger
Sub,
Inc.
,
Senior
Note
,
144A,
6.625
%
,
10/15/29
........................................
United
States
1,550,000
1,193,230
d
,e
IHO
Verwaltungs
GmbH
,
Senior
Secured
Note
,
144A,
PIK,
7.75
%
,
11/15/30
.........
Germany
400,000
404,351
Senior
Secured
Note
,
144A,
PIK,
8
%
,
11/15/32
...........
Germany
900,000
901,988
c
,d
ZF
North
America
Capital,
Inc.
,
Senior
Note
,
144A,
6.75
%
,
4/23/30
.........................................
Germany
700,000
665,480
4,636,732
Automobiles
0.3%
c
,d
Jaguar
Land
Rover
Automotive
plc
,
Senior
Note
,
144A,
5.5
%
,
7/15/29
.........................................
United
Kingdom
700,000
690,546
Biotechnology
0.6%
d
Emergent
BioSolutions,
Inc.
,
Senior
Note
,
144A,
3.875
%
,
8/15/28
United
States
900,000
682,542
d
Grifols
SA
,
Senior
Note
,
144A,
4.75
%
,
10/15/28
............
Spain
600,000
571,167
1,253,709
Franklin
Universal
Trust
Schedule
of
Investments
(unaudited)
Quarterly
Schedule
of
Investments
See
Notes
to
Schedule
of
Investments.
4
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
Corporate
Bonds
(continued)
Broadline
Retail
0.7%
c
,d
Wayfair
LLC
,
Senior
Secured
Note
,
144A,
7.25
%
,
10/31/29
............
United
States
700,000
$
683,503
Senior
Secured
Note
,
144A,
7.75
%
,
9/15/30
.............
United
States
800,000
785,801
1,469,304
Building
Products
2.4%
c
,d
Advanced
Drainage
Systems,
Inc.
,
Senior
Note
,
144A,
6.375
%
,
6/15/30
.........................................
United
States
500,000
506,516
d
Cornerstone
Building
Brands,
Inc.
,
Senior
Note
,
144A,
6.125
%
,
1/15/29
.........................................
United
States
300,000
219,434
c
,d
EMRLD
Borrower
LP
/
Emerald
Co-Issuer,
Inc.
,
Senior
Secured
Note
,
144A,
6.625
%
,
12/15/30
........................
United
States
900,000
910,227
d
Miter
Brands
Acquisition
Holdco,
Inc.
/
MIWD
Borrower
LLC
,
Senior
Secured
Note
,
144A,
6.75
%
,
4/01/32
..............
United
States
500,000
504,076
d
Quikrete
Holdings,
Inc.
,
Senior
Note
,
144A,
6.75
%
,
3/01/33
....................
United
States
150,000
152,333
Senior
Secured
Note
,
144A,
6.375
%
,
3/01/32
............
United
States
300,000
305,065
c
,d
Smyrna
Ready
Mix
Concrete
LLC
,
Senior
Secured
Note
,
144A,
8.875
%
,
11/15/31
..................................
United
States
1,200,000
1,233,325
c
,d
Standard
Building
Solutions,
Inc.
,
Senior
Note
,
144A,
6.5
%
,
8/15/32
.........................................
United
States
600,000
609,751
d
Standard
Industries,
Inc.
,
c
Senior
Bond
,
144A,
4.75
%
,
1/15/28
....................
United
States
500,000
491,283
Senior
Bond
,
144A,
4.375
%
,
7/15/30
...................
United
States
100,000
93,923
5,025,933
Capital
Markets
1.0%
d
Jane
Street
Group
/
JSG
Finance,
Inc.
,
c
Senior
Secured
Note
,
144A,
4.5
%
,
11/15/29
.............
United
States
500,000
481,996
Senior
Secured
Note
,
144A,
6.125
%
,
11/01/32
...........
United
States
500,000
501,180
c
Senior
Secured
Note
,
144A,
6.75
%
,
5/01/33
.............
United
States
600,000
615,724
c
,d
StoneX
Group,
Inc.
,
Senior
Secured
Note
,
144A,
7.875
%
,
3/01/31
United
States
500,000
526,987
2,125,887
Chemicals
3.2%
b
,d
,e
,f
Anagram
Holdings
LLC
/
Anagram
International,
Inc.
,
Secured
Note
,
144A,
PIK,
10
%
,
8/15/26
........................
United
States
257,209
—
d
Avient
Corp.
,
Senior
Note
,
144A,
6.25
%
,
11/01/31
...........
United
States
300,000
300,657
d
Braskem
Idesa
SAPI
,
Senior
Secured
Bond
,
144A,
6.99
%
,
2/20/32
.........................................
Mexico
300,000
220,769
d
Cerdia
Finanz
GmbH
,
Senior
Secured
Note
,
144A,
9.375
%
,
10/03/31
........................................
Germany
500,000
515,012
d
Consolidated
Energy
Finance
SA
,
Senior
Note
,
144A,
5.625
%
,
10/15/28
........................................
Switzerland
600,000
487,406
d
Element
Solutions,
Inc.
,
Senior
Note
,
144A,
3.875
%
,
9/01/28
...
United
States
200,000
192,230
FMC
Corp.
,
Sub.
Bond
,
8.45%
to
10/31/30,
FRN
thereafter
,
11/01/55
........................................
United
States
300,000
303,247
d
GPD
Cos.,
Inc.
,
Senior
Secured
Note
,
144A,
10.125
%
,
4/01/26
.
United
States
1,500,000
1,443,678
c
,d
Illuminate
Buyer
LLC
/
Illuminate
Holdings
IV,
Inc.
,
Senior
Note
,
144A,
9
%
,
7/01/28
.................................
United
States
1,000,000
1,004,034
d
,e
Kobe
US
Midco
2,
Inc.
,
Senior
Note
,
144A,
PIK,
9.25
%
,
11/01/26
United
States
243,101
214,266
c
,d
Rain
Carbon,
Inc.
,
Senior
Secured
Note
,
144A,
12.25
%
,
9/01/29
United
States
1,200,000
1,251,778
c
,d
Vibrantz
Technologies,
Inc.
,
Senior
Note
,
144A,
9
%
,
2/15/30
...
United
States
1,000,000
705,865
6,638,942
Commercial
Services
&
Supplies
2.6%
c
,d
Allied
Universal
Holdco
LLC
,
Senior
Secured
Note
,
144A,
7.875
%
,
2/15/31
...................................
United
States
1,200,000
1,244,447
Franklin
Universal
Trust
Schedule
of
Investments
(unaudited)
See
Notes
to
Schedule
of
Investments.
Quarterly
Schedule
of
Investments
5
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
Corporate
Bonds
(continued)
Commercial
Services
&
Supplies
(continued)
c
,d
Enviri
Corp.
,
Senior
Note
,
144A,
5.75
%
,
7/31/27
............
United
States
500,000
$
491,958
c
,d
Prime
Security
Services
Borrower
LLC
/
Prime
Finance,
Inc.
,
Senior
Secured
Note
,
144A,
3.375
%
,
8/31/27
.............
United
States
600,000
576,544
c
,d
RR
Donnelley
&
Sons
Co.
,
Senior
Secured
Note
,
144A,
9.5
%
,
8/01/29
.........................................
United
States
1,125,000
1,128,924
d
Veritiv
Operating
Co.
,
Senior
Secured
Note
,
144A,
10.5
%
,
11/30/30
........................................
United
States
225,000
239,592
c
,d
VM
Consolidated,
Inc.
,
Senior
Note
,
144A,
5.5
%
,
4/15/29
.....
United
States
800,000
792,229
d
Waste
Pro
USA,
Inc.
,
Senior
Note
,
144A,
7
%
,
2/01/33
........
United
States
200,000
205,566
c
,d
Wrangler
Holdco
Corp.
,
Senior
Note
,
144A,
6.625
%
,
4/01/32
...
Canada
700,000
722,414
5,401,674
Communications
Equipment
0.7%
d
CommScope
LLC
,
Senior
Note
,
144A,
7.125
%
,
7/01/28
.......
United
States
1,600,000
1,540,021
Construction
&
Engineering
0.2%
d
Arcosa,
Inc.
,
c
Senior
Note
,
144A,
4.375
%
,
4/15/29
...................
United
States
300,000
286,181
Senior
Note
,
144A,
6.875
%
,
8/15/32
...................
United
States
100,000
102,612
388,793
Consumer
Finance
2.3%
d
Encore
Capital
Group,
Inc.
,
Senior
Secured
Note
,
144A,
9.25
%
,
4/01/29
.............
United
States
600,000
640,500
Senior
Secured
Note
,
144A,
8.5
%
,
5/15/30
..............
United
States
400,000
424,380
c
,d
FirstCash,
Inc.
,
Senior
Note
,
144A,
6.875
%
,
3/01/32
.........
United
States
1,100,000
1,128,884
d
Macquarie
Airfinance
Holdings
Ltd.
,
Senior
Note
,
144A,
6.5
%
,
3/26/31
.........................................
United
Kingdom
200,000
208,014
OneMain
Finance
Corp.
,
Senior
Bond
,
5.375
%
,
11/15/29
.......................
United
States
500,000
484,850
c
Senior
Note
,
9
%
,
1/15/29
...........................
United
States
900,000
943,862
c
,d
PROG
Holdings,
Inc.
,
Senior
Note
,
144A,
6
%
,
11/15/29
.......
United
States
900,000
855,736
4,686,226
Consumer
Staples
Distribution
&
Retail
0.3%
c
,d
US
Foods,
Inc.
,
Senior
Note
,
144A,
6.875
%
,
9/15/28
.........
United
States
700,000
720,637
Containers
&
Packaging
1.9%
d
Ardagh
Packaging
Finance
plc
/
Ardagh
Holdings
USA,
Inc.
,
Senior
Note
,
144A,
5.25
%
,
8/15/27
.....................
United
States
600,000
273,549
c
,d
Clydesdale
Acquisition
Holdings,
Inc.
,
Senior
Secured
Note
,
144A,
6.75
%
,
4/15/32
...............................
United
States
1,000,000
1,011,328
d
Intelligent
Packaging
Ltd.
Finco,
Inc.
/
Intelligent
Packaging
Ltd.
Co-Issuer
LLC
,
Senior
Secured
Note
,
144A,
6
%
,
9/15/28
....
Canada
325,000
325,710
c
,d
Mauser
Packaging
Solutions
Holding
Co.
,
Secured
Note
,
144A,
9.25
%
,
4/15/27
...................................
United
States
1,500,000
1,478,895
d
Toucan
FinCo
Ltd.
/
Toucan
FinCo
Can,
Inc.
/
Toucan
FinCo
US
LLC
,
Senior
Secured
Note
,
144A,
9.5
%
,
5/15/30
...........
Canada
750,000
746,145
3,835,627
Distributors
0.5%
d
Gates
Corp.
,
Senior
Note
,
144A,
6.875
%
,
7/01/29
...........
United
States
400,000
410,403
d
RB
Global
Holdings,
Inc.
,
Senior
Note
,
144A,
7.75
%
,
3/15/31
....................
Canada
425,000
445,422
Senior
Secured
Note
,
144A,
6.75
%
,
3/15/28
.............
Canada
125,000
127,820
983,645
Franklin
Universal
Trust
Schedule
of
Investments
(unaudited)
Quarterly
Schedule
of
Investments
See
Notes
to
Schedule
of
Investments.
6
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
Corporate
Bonds
(continued)
Diversified
Consumer
Services
0.4%
Grand
Canyon
University
,
Secured
Note
,
5.125
%
,
10/01/28
....
United
States
800,000
$
758,241
Diversified
REITs
1.1%
c
,d
Global
Net
Lease,
Inc.
,
Senior
Note
,
144A,
4.5
%
,
9/30/28
.....
United
States
900,000
863,803
c
,d
Global
Net
Lease,
Inc.
/
Global
Net
Lease
Operating
Partnership
LP
,
Senior
Note
,
144A,
3.75
%
,
12/15/27
.................
United
States
800,000
760,033
c
,d
VICI
Properties
LP
/
VICI
Note
Co.,
Inc.
,
Senior
Note
,
144A,
3.75
%
,
2/15/27
...................................
United
States
700,000
687,487
2,311,323
Diversified
Telecommunication
Services
2.2%
d
CCO
Holdings
LLC
/
CCO
Holdings
Capital
Corp.
,
c
Senior
Bond
,
144A,
5.375
%
,
6/01/29
...................
United
States
500,000
493,405
c
Senior
Bond
,
144A,
4.5
%
,
8/15/30
.....................
United
States
1,700,000
1,595,163
Senior
Bond
,
144A,
4.25
%
,
2/01/31
....................
United
States
200,000
183,315
d
Iliad
Holding
SASU
,
c
Senior
Secured
Note
,
144A,
7
%
,
10/15/28
...............
France
800,000
813,400
Senior
Secured
Note
,
144A,
7
%
,
4/15/32
................
France
425,000
428,263
c
,d
Virgin
Media
Secured
Finance
plc
,
Senior
Secured
Bond
,
144A,
4.5
%
,
8/15/30
....................................
United
Kingdom
1,100,000
1,016,566
4,530,112
Electric
Utilities
1.8%
c
,d
California
Buyer
Ltd.
/
Atlantica
Sustainable
Infrastructure
plc
,
Senior
Note
,
144A,
6.375
%
,
2/15/32
....................
United
Kingdom
1,500,000
1,484,100
c
,d
NRG
Energy,
Inc.
,
Senior
Note
,
144A,
5.75
%
,
7/15/29
........
United
States
800,000
795,382
d
Vistra
Operations
Co.
LLC
,
Senior
Note
,
144A,
5.625
%
,
2/15/27
...................
United
States
500,000
499,981
c
Senior
Note
,
144A,
4.375
%
,
5/01/29
...................
United
States
400,000
386,939
Senior
Note
,
144A,
7.75
%
,
10/15/31
...................
United
States
100,000
106,097
Senior
Note
,
144A,
6.875
%
,
4/15/32
...................
United
States
400,000
416,387
3,688,886
Electrical
Equipment
0.8%
c
Regal
Rexnord
Corp.
,
Senior
Note
,
6.3
%
,
2/15/30
..........................
United
States
500,000
518,654
Senior
Note
,
6.4
%
,
4/15/33
..........................
United
States
400,000
414,125
c
,d
Vertiv
Group
Corp.
,
Senior
Secured
Note
,
144A,
4.125
%
,
11/15/28
........................................
United
States
800,000
775,627
1,708,406
Electronic
Equipment,
Instruments
&
Components
0.4%
c
,d
TTM
Technologies,
Inc.
,
Senior
Note
,
144A,
4
%
,
3/01/29
......
United
States
500,000
476,227
d
Zebra
Technologies
Corp.
,
Senior
Note
,
144A,
6.5
%
,
6/01/32
..
United
States
300,000
305,586
781,813
Energy
Equipment
&
Services
2.2%
c
,d
Aris
Water
Holdings
LLC
,
Senior
Note
,
144A,
7.25
%
,
4/01/30
..
United
States
600,000
603,674
d
Enerflex
Ltd.
,
Senior
Secured
Note
,
144A,
9
%
,
10/15/27
......
Canada
160,000
164,949
c
,d
Kodiak
Gas
Services
LLC
,
Senior
Note
,
144A,
7.25
%
,
2/15/29
..
United
States
700,000
717,835
d
Nabors
Industries,
Inc.
,
Senior
Note
,
144A,
9.125
%
,
1/31/30
...................
United
States
300,000
273,617
Senior
Note
,
144A,
8.875
%
,
8/15/31
...................
United
States
1,000,000
685,216
Oceaneering
International,
Inc.
,
Senior
Note
,
6
%
,
2/01/28
.....
United
States
300,000
296,145
d
Transocean
Titan
Financing
Ltd.
,
Senior
Secured
Note
,
144A,
8.375
%
,
2/01/28
...................................
United
States
90,476
91,951
Transocean,
Inc.
,
Senior
Bond
,
6.8
%
,
3/15/38
..........................
United
States
600,000
409,554
Franklin
Universal
Trust
Schedule
of
Investments
(unaudited)
See
Notes
to
Schedule
of
Investments.
Quarterly
Schedule
of
Investments
7
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
Corporate
Bonds
(continued)
Energy
Equipment
&
Services
(continued)
Transocean,
Inc.,
(continued)
d
Senior
Note
,
144A,
8.25
%
,
5/15/29
....................
United
States
100,000
$
90,269
d
Senior
Secured
Note
,
144A,
8.75
%
,
2/15/30
.............
United
States
640,000
649,315
c
,d
Weatherford
International
Ltd.
,
Senior
Note
,
144A,
8.625
%
,
4/30/30
.........................................
United
States
500,000
508,272
4,490,797
Entertainment
0.4%
c
,d
Banijay
Entertainment
SAS
,
Senior
Secured
Note
,
144A,
8.125
%
,
5/01/29
.........................................
France
800,000
830,921
Financial
Services
3.7%
d
Freedom
Mortgage
Holdings
LLC
,
Senior
Note
,
144A,
9.25
%
,
2/01/29
....................
United
States
300,000
309,552
c
Senior
Note
,
144A,
8.375
%
,
4/01/32
...................
United
States
650,000
642,465
d
GGAM
Finance
Ltd.
,
Senior
Note
,
144A,
8
%
,
2/15/27
......................
Ireland
200,000
205,960
Senior
Note
,
144A,
8
%
,
6/15/28
......................
Ireland
700,000
735,799
d
Jefferson
Capital
Holdings
LLC
,
Senior
Note
,
144A,
6
%
,
8/15/26
......................
United
States
500,000
497,922
Senior
Note
,
144A,
9.5
%
,
2/15/29
.....................
United
States
1,400,000
1,487,562
c
,d
Nationstar
Mortgage
Holdings,
Inc.
,
Senior
Bond
,
144A,
5.75
%
,
11/15/31
........................................
United
States
1,100,000
1,102,639
c
,d
PHH
Escrow
Issuer
LLC
/
PHH
Corp.
,
Senior
Note
,
144A,
9.875
%
,
11/01/29
..................................
United
States
1,500,000
1,474,290
d
PRA
Group,
Inc.
,
c
Senior
Note
,
144A,
8.375
%
,
2/01/28
...................
United
States
600,000
605,625
Senior
Note
,
144A,
5
%
,
10/01/29
.....................
United
States
300,000
269,427
Senior
Note
,
144A,
8.875
%
,
1/31/30
...................
United
States
400,000
410,515
7,741,756
Food
Products
1.1%
d
,e
Chobani
Holdco
II
LLC
,
Senior
Note
,
144A,
PIK,
8.75
%
,
10/01/29
United
States
625,175
655,958
d
Chobani
LLC
/
Chobani
Finance
Corp.,
Inc.
,
Senior
Note
,
144A,
7.625
%
,
7/01/29
...................
United
States
200,000
209,963
c
Senior
Secured
Note
,
144A,
4.625
%
,
11/15/28
...........
United
States
800,000
779,967
d
Darling
Ingredients,
Inc.
,
Senior
Note
,
144A,
6
%
,
6/15/30
.....
United
States
200,000
200,485
c
,d
Post
Holdings,
Inc.
,
Senior
Bond
,
144A,
4.625
%
,
4/15/30
.....
United
States
400,000
378,958
2,225,331
Ground
Transportation
1.1%
c
,d
First
Student
Bidco,
Inc.
/
First
Transit
Parent,
Inc.
,
Senior
Secured
Note
,
144A,
4
%
,
7/31/29
.....................
United
States
900,000
842,189
d
,g
Herc
Holdings
Escrow,
Inc.
,
Senior
Note
,
144A,
7
%
,
6/15/30
......................
United
States
150,000
154,628
Senior
Note
,
144A,
7.25
%
,
6/15/33
....................
United
States
100,000
102,990
d
Watco
Cos.
LLC
/
Watco
Finance
Corp.
,
Senior
Note
,
144A,
7.125
%
,
8/01/32
...................................
United
States
500,000
514,931
c
,d
XPO,
Inc.
,
Senior
Note
,
144A,
7.125
%
,
2/01/32
.............
United
States
700,000
726,998
2,341,736
Health
Care
Equipment
&
Supplies
0.7%
d
Bausch
+
Lomb
Corp.
,
Senior
Secured
Note
,
144A,
8.375
%
,
10/01/28
........................................
United
States
400,000
414,044
d
Insulet
Corp.
,
Senior
Note
,
144A,
6.5
%
,
4/01/33
............
United
States
200,000
205,814
c
,d
Medline
Borrower
LP
,
Senior
Note
,
144A,
5.25
%
,
10/01/29
....
United
States
500,000
489,012
Franklin
Universal
Trust
Schedule
of
Investments
(unaudited)
Quarterly
Schedule
of
Investments
See
Notes
to
Schedule
of
Investments.
8
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
Corporate
Bonds
(continued)
Health
Care
Equipment
&
Supplies
(continued)
c
,d
Neogen
Food
Safety
Corp.
,
Senior
Note
,
144A,
8.625
%
,
7/20/30
United
States
400,000
$
417,403
1,526,273
Health
Care
Providers
&
Services
3.1%
c
Centene
Corp.
,
Senior
Bond
,
2.5
%
,
3/01/31
...............
United
States
500,000
424,851
d
CHS/Community
Health
Systems,
Inc.
,
144A,
10.75
%
,
6/15/33
.............................
United
States
500,000
522,135
Secured
Note
,
144A,
6.125
%
,
4/01/30
..................
United
States
500,000
386,734
Senior
Secured
Note
,
144A,
6
%
,
1/15/29
................
United
States
300,000
288,473
Senior
Secured
Note
,
144A,
10.875
%
,
1/15/32
...........
United
States
500,000
533,560
d
DaVita,
Inc.
,
c
Senior
Note
,
144A,
4.625
%
,
6/01/30
...................
United
States
1,200,000
1,122,079
Senior
Note
,
144A,
6.875
%
,
9/01/32
...................
United
States
200,000
203,300
c
,d
Kedrion
SpA
,
Senior
Secured
Note
,
144A,
6.5
%
,
9/01/29
......
Italy
1,000,000
964,864
d
MPH
Acquisition
Holdings
LLC
,
Senior
Secured
Note
,
144A,
5.75
%
,
12/31/30
............
United
States
90,027
71,866
e
Senior
Secured
Note
,
144A,
PIK,
11.5
%
,
12/31/30
.........
United
States
137,786
133,636
e
Senior
Secured
Note
,
144A,
PIK,
6.75
%
,
3/31/31
.........
United
States
772,185
562,287
c
Tenet
Healthcare
Corp.
,
Senior
Secured
Note
,
6.125
%
,
6/15/30
.................
United
States
700,000
707,734
Senior
Secured
Note
,
6.75
%
,
5/15/31
..................
United
States
500,000
515,338
6,436,857
Health
Care
REITs
0.4%
c
,d
MPT
Operating
Partnership
LP
/
MPT
Finance
Corp.
,
Senior
Secured
Note
,
144A,
8.5
%
,
2/15/32
....................
United
States
750,000
769,334
Hotel
&
Resort
REITs
1.1%
c
,d
Pebblebrook
Hotel
LP
/
PEB
Finance
Corp.
,
Senior
Note
,
144A,
6.375
%
,
10/15/29
..................................
United
States
700,000
696,681
d
RHP
Hotel
Properties
LP
/
RHP
Finance
Corp.
,
c
Senior
Note
,
144A,
7.25
%
,
7/15/28
....................
United
States
300,000
309,510
c
Senior
Note
,
144A,
6.5
%
,
4/01/32
.....................
United
States
700,000
710,069
g
Senior
Note
,
144A,
6.5
%
,
6/15/33
.....................
United
States
275,000
279,899
d
XHR
LP
,
Senior
Note
,
144A,
6.625
%
,
5/15/30
..............
United
States
200,000
200,676
2,196,835
Hotels,
Restaurants
&
Leisure
5.1%
b
,d
,f
24
Hour
Fitness
Worldwide,
Inc.
,
Senior
Note
,
144A,
8
%
,
6/01/22
United
States
1,800,000
—
d
Allwyn
Entertainment
Financing
UK
plc
,
Senior
Secured
Note
,
144A,
7.875
%
,
4/30/29
..............................
Czech
Republic
800,000
830,659
c
,d
Caesars
Entertainment,
Inc.
,
Senior
Secured
Note
,
144A,
7
%
,
2/15/30
................
United
States
300,000
308,027
Senior
Secured
Note
,
144A,
6.5
%
,
2/15/32
..............
United
States
800,000
806,936
c
,d
Carnival
Corp.
,
Senior
Note
,
144A,
5.75
%
,
3/01/27
..........
United
States
1,500,000
1,504,690
c
,d
Fertitta
Entertainment
LLC
/
Fertitta
Entertainment
Finance
Co.,
Inc.
,
Senior
Note
,
144A,
6.75
%
,
1/15/30
.................
United
States
1,300,000
1,181,654
c
,d
Great
Canadian
Gaming
Corp.
,
Senior
Secured
Note
,
144A,
8.75
%
,
11/15/29
...................................
Canada
900,000
874,583
c
,d
Mohegan
Tribal
Gaming
Authority
/
MS
Digital
Entertainment
Holdings
LLC
,
Senior
Secured
Note
,
144A,
8.25
%
,
4/15/30
..
United
States
650,000
661,939
d
NCL
Corp.
Ltd.
,
Senior
Note
,
144A,
5.875
%
,
3/15/26
...................
United
States
46,000
46,058
Senior
Note
,
144A,
6.75
%
,
2/01/32
....................
United
States
500,000
500,405
d
Royal
Caribbean
Cruises
Ltd.
,
c
Senior
Note
,
144A,
5.5
%
,
8/31/26
.....................
United
States
500,000
500,384
Senior
Note
,
144A,
6.25
%
,
3/15/32
....................
United
States
300,000
304,238
Senior
Note
,
144A,
6
%
,
2/01/33
......................
United
States
500,000
502,107
Franklin
Universal
Trust
Schedule
of
Investments
(unaudited)
See
Notes
to
Schedule
of
Investments.
Quarterly
Schedule
of
Investments
9
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
Corporate
Bonds
(continued)
Hotels,
Restaurants
&
Leisure
(continued)
d
Six
Flags
Entertainment
Corp.
/
Six
Flags
Theme
Parks,
Inc.
/
Canada's
Wonderland
Co.
,
Senior
Secured
Note
,
144A,
6.625
%
,
5/01/32
...................................
United
States
400,000
$
408,053
c
,d
Station
Casinos
LLC
,
Senior
Note
,
144A,
4.5
%
,
2/15/28
......
United
States
400,000
388,191
d
Viking
Cruises
Ltd.
,
Senior
Note
,
144A,
5.875
%
,
9/15/27
...................
United
States
300,000
300,038
c
Senior
Note
,
144A,
7
%
,
2/15/29
......................
United
States
600,000
604,613
c
,d
Wynn
Resorts
Finance
LLC
/
Wynn
Resorts
Capital
Corp.
,
Senior
Note
,
144A,
7.125
%
,
2/15/31
.........................
United
States
800,000
839,586
10,562,161
Household
Durables
2.3%
c
,d
Ashton
Woods
USA
LLC
/
Ashton
Woods
Finance
Co.
,
Senior
Note
,
144A,
4.625
%
,
8/01/29
.........................
United
States
1,200,000
1,131,906
c
,d
Dream
Finders
Homes,
Inc.
,
Senior
Note
,
144A,
8.25
%
,
8/15/28
United
States
500,000
515,062
c
,d
LGI
Homes,
Inc.
,
Senior
Note
,
144A,
8.75
%
,
12/15/28
........
United
States
800,000
823,818
c
M/I
Homes,
Inc.
,
Senior
Note
,
3.95
%
,
2/15/30
..............
United
States
600,000
552,910
Newell
Brands,
Inc.
,
Senior
Note
,
6.375
%
,
5/15/30
........................
United
States
75,000
70,646
Senior
Note
,
6.625
%
,
5/15/32
........................
United
States
50,000
46,259
d
Senior
Note
,
144A,
8.5
%
,
6/01/28
.....................
United
States
300,000
311,115
c
,d
Weekley
Homes
LLC
/
Weekley
Finance
Corp.
,
Senior
Note
,
144A,
4.875
%
,
9/15/28
..............................
United
States
1,300,000
1,250,578
4,702,294
Household
Products
0.1%
d
Energizer
Holdings,
Inc.
,
Senior
Note
,
144A,
4.375
%
,
3/31/29
..
United
States
200,000
188,096
Independent
Power
and
Renewable
Electricity
Producers
1.3%
c
,d
Calpine
Corp.
,
Senior
Note
,
144A,
4.625
%
,
2/01/29
..........
United
States
700,000
682,655
d
Clearway
Energy
Operating
LLC
,
c
Senior
Bond
,
144A,
3.75
%
,
1/15/32
....................
United
States
400,000
351,694
Senior
Note
,
144A,
4.75
%
,
3/15/28
....................
United
States
400,000
391,107
Senior
Note
,
144A,
3.75
%
,
2/15/31
....................
United
States
300,000
271,010
d
Leeward
Renewable
Energy
Operations
LLC
,
Senior
Note
,
144A,
4.25
%
,
7/01/29
...................................
United
States
1,000,000
911,725
2,608,191
Insurance
1.7%
d
Acrisure
LLC
/
Acrisure
Finance,
Inc.
,
Senior
Note
,
144A,
8.5
%
,
6/15/29
.....................
United
States
400,000
418,380
Senior
Secured
Note
,
144A,
7.5
%
,
11/06/30
.............
United
States
400,000
413,020
d
Alliant
Holdings
Intermediate
LLC
/
Alliant
Holdings
Co-Issuer
,
Senior
Note
,
144A,
6.75
%
,
10/15/27
...................
United
States
800,000
800,297
Senior
Secured
Note
,
144A,
7
%
,
1/15/31
................
United
States
500,000
511,734
Jones
Deslauriers
Insurance
Management,
Inc.
,
c,d
Senior
Note
,
144A,
10.5
%
,
12/15/30
...................
Canada
1,200,000
1,288,081
3,431,512
Interactive
Media
&
Services
0.2%
d
Snap,
Inc.
,
Senior
Note
,
144A,
6.875
%
,
3/01/33
............
United
States
350,000
354,878
IT
Services
1.0%
c
,d
Cablevision
Lightpath
LLC
,
Senior
Secured
Note
,
144A,
3.875
%
,
9/15/27
.........................................
United
States
500,000
480,689
c
,d
Cogent
Communications
Group,
Inc.
/
Cogent
Communications
Finance,
Inc.
,
Senior
Note
,
144A,
7
%
,
6/15/27
............
United
States
700,000
704,867
Franklin
Universal
Trust
Schedule
of
Investments
(unaudited)
Quarterly
Schedule
of
Investments
See
Notes
to
Schedule
of
Investments.
10
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
Corporate
Bonds
(continued)
IT
Services
(continued)
c
,d
Fortress
Intermediate
3,
Inc.
,
Senior
Secured
Note
,
144A,
7.5
%
,
6/01/31
.........................................
United
States
600,000
$
620,880
d
Gartner,
Inc.
,
Senior
Note
,
144A,
4.5
%
,
7/01/28
.............
United
States
200,000
197,752
2,004,188
Life
Sciences
Tools
&
Services
0.2%
d
Fortrea
Holdings,
Inc.
,
Senior
Secured
Note
,
144A,
7.5
%
,
7/01/30
United
States
425,000
354,815
Machinery
1.9%
c
,d
ATS
Corp.
,
Senior
Note
,
144A,
4.125
%
,
12/15/28
...........
Canada
1,300,000
1,225,140
c
,d
Calderys
Financing
LLC
,
Senior
Secured
Note
,
144A,
11.25
%
,
6/01/28
.........................................
France
800,000
852,825
c
,d
ESAB
Corp.
,
Senior
Note
,
144A,
6.25
%
,
4/15/29
............
United
States
600,000
610,860
c
Hillenbrand,
Inc.
,
Senior
Note
,
6.25
%
,
2/15/29
..............
United
States
600,000
602,820
d
Manitowoc
Co.,
Inc.
(The)
,
Secured
Note
,
144A,
9.25
%
,
10/01/31
United
States
300,000
312,969
d
Terex
Corp.
,
Senior
Note
,
144A,
6.25
%
,
10/15/32
...........
United
States
300,000
295,257
3,899,871
Media
2.9%
d
Clear
Channel
Outdoor
Holdings,
Inc.
,
Senior
Note
,
144A,
7.75
%
,
4/15/28
....................
United
States
300,000
274,392
c
Senior
Note
,
144A,
7.5
%
,
6/01/29
.....................
United
States
500,000
442,498
c
Senior
Secured
Note
,
144A,
5.125
%
,
8/15/27
............
United
States
400,000
391,563
c
Senior
Secured
Note
,
144A,
9
%
,
9/15/28
................
United
States
500,000
524,046
d
CSC
Holdings
LLC
,
Senior
Bond
,
144A,
3.375
%
,
2/15/31
...................
United
States
300,000
196,758
c
Senior
Note
,
144A,
11.25
%
,
5/15/28
...................
United
States
700,000
693,239
Senior
Note
,
144A,
11.75
%
,
1/31/29
...................
United
States
200,000
187,614
d
Directv
Financing
LLC
/
Directv
Financing
Co-Obligor,
Inc.
,
Senior
Secured
Note
,
144A,
5.875
%
,
8/15/27
..................
United
States
200,000
197,006
c
,d
McGraw-Hill
Education,
Inc.
,
Senior
Secured
Note
,
144A,
7.375
%
,
9/01/31
...................................
United
States
800,000
823,665
d
News
Corp.
,
Senior
Note
,
144A,
3.875
%
,
5/15/29
...........
United
States
200,000
189,813
d
Outfront
Media
Capital
LLC
/
Outfront
Media
Capital
Corp.
,
Senior
Bond
,
144A,
4.625
%
,
3/15/30
...................
United
States
100,000
93,906
Senior
Note
,
144A,
5
%
,
8/15/27
......................
United
States
100,000
98,772
c
,d
Scripps
Escrow,
Inc.
,
Senior
Note
,
144A,
5.875
%
,
7/15/27
.....
United
States
600,000
509,279
c
,d
Sinclair
Television
Group,
Inc.
,
Senior
Secured
Note
,
144A,
8.125
%
,
2/15/33
...................................
United
States
800,000
801,096
c
,d
Sirius
XM
Radio
LLC
,
Senior
Note
,
144A,
4
%
,
7/15/28
........
United
States
600,000
569,819
5,993,466
Metals
&
Mining
1.7%
d
Cleveland-Cliffs,
Inc.
,
c
Senior
Note
,
144A,
7
%
,
3/15/32
......................
United
States
600,000
518,279
Senior
Note
,
144A,
7.375
%
,
5/01/33
...................
United
States
600,000
515,956
c
Commercial
Metals
Co.
,
Senior
Bond
,
3.875
%
,
2/15/31
.......
United
States
700,000
634,425
d
Constellium
SE
,
c
Senior
Note
,
144A,
3.75
%
,
4/15/29
....................
United
States
600,000
554,384
Senior
Note
,
144A,
6.375
%
,
8/15/32
...................
United
States
400,000
398,688
c
,d
FMG
Resources
August
2006
Pty.
Ltd.
,
Senior
Bond
,
144A,
4.375
%
,
4/01/31
...................................
Australia
500,000
459,417
d
Novelis
Corp.
,
Senior
Bond
,
144A,
3.875
%
,
8/15/31
...................
United
States
100,000
88,985
Senior
Note
,
144A,
3.25
%
,
11/15/26
...................
United
States
100,000
98,162
Senior
Note
,
144A,
6.875
%
,
1/30/30
...................
United
States
300,000
309,558
3,577,854
Franklin
Universal
Trust
Schedule
of
Investments
(unaudited)
See
Notes
to
Schedule
of
Investments.
Quarterly
Schedule
of
Investments
11
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
Corporate
Bonds
(continued)
Mortgage
Real
Estate
Investment
Trusts
(REITs)
0.7%
c
,d
Apollo
Commercial
Real
Estate
Finance,
Inc.
,
Senior
Secured
Note
,
144A,
4.625
%
,
6/15/29
.........................
United
States
1,500,000
$
1,401,771
Oil,
Gas
&
Consumable
Fuels
7.3%
d
Antero
Resources
Corp.
,
Senior
Note
,
144A,
7.625
%
,
2/01/29
...................
United
States
166,000
170,030
c
Senior
Note
,
144A,
5.375
%
,
3/01/30
...................
United
States
700,000
689,247
c
,d
Calumet
Specialty
Products
Partners
LP
/
Calumet
Finance
Corp.
,
Senior
Note
,
144A,
8.125
%
,
1/15/27
...................
United
States
900,000
869,210
Senior
Secured
Note
,
144A,
9.25
%
,
7/15/29
.............
United
States
800,000
822,000
d
CITGO
Petroleum
Corp.
,
Senior
Secured
Note
,
144A,
8.375
%
,
1/15/29
.........................................
United
States
500,000
508,645
c
,d
Civitas
Resources,
Inc.
,
Senior
Note
,
144A,
8.75
%
,
7/01/31
....
United
States
100,000
97,896
c
,d
Coronado
Finance
Pty.
Ltd.
,
Senior
Secured
Note
,
144A,
9.25
%
,
10/01/29
........................................
Australia
950,000
706,987
d
Crescent
Energy
Finance
LLC
,
Senior
Note
,
144A,
7.375
%
,
1/15/33
.........................................
United
States
200,000
185,784
d
DT
Midstream,
Inc.
,
Senior
Note
,
144A,
4.125
%
,
6/15/29
......
United
States
300,000
285,938
c
,d
EQT
Corp.
,
Senior
Note
,
144A,
3.125
%
,
5/15/26
............
United
States
300,000
294,661
d
Expand
Energy
Corp.
,
Senior
Note
,
144A,
6.75
%
,
4/15/29
.....
United
States
500,000
506,183
d
Hess
Midstream
Operations
LP
,
Senior
Note
,
144A,
6.5
%
,
6/01/29
United
States
500,000
510,759
d
Hilcorp
Energy
I
LP
/
Hilcorp
Finance
Co.
,
Senior
Bond
,
144A,
7.25
%
,
2/15/35
....................
United
States
200,000
185,502
c
Senior
Note
,
144A,
6
%
,
4/15/30
......................
United
States
300,000
284,882
c
Senior
Note
,
144A,
8.375
%
,
11/01/33
..................
United
States
700,000
697,276
d
Kinetik
Holdings
LP
,
Senior
Note
,
144A,
5.875
%
,
6/15/30
......
United
States
400,000
397,905
d
Kraken
Oil
&
Gas
Partners
LLC
,
Senior
Note
,
144A,
7.625
%
,
8/15/29
.........................................
United
States
275,000
260,848
c
,d
Martin
Midstream
Partners
LP
/
Martin
Midstream
Finance
Corp.
,
Secured
Note
,
144A,
11.5
%
,
2/15/28
...................
United
States
1,700,000
1,802,263
d
Matador
Resources
Co.
,
Senior
Note
,
144A,
6.25
%
,
4/15/33
...
United
States
175,000
169,004
b
,d
,e
,f
Murray
Energy
Corp.
,
Secured
Note
,
144A,
PIK,
12
%
,
4/15/24
.
United
States
757,734
—
c
,d
Northriver
Midstream
Finance
LP
,
Senior
Secured
Note
,
144A,
6.75
%
,
7/15/32
...................................
Canada
600,000
605,980
c
,d
ONEOK,
Inc.
,
Senior
Note
,
144A,
6.5
%
,
9/01/30
............
United
States
800,000
846,562
c
,d
Sunoco
LP
,
Senior
Note
,
144A,
7.25
%
,
5/01/32
.............
United
States
500,000
520,195
Sunoco
LP
/
Sunoco
Finance
Corp.
,
Senior
Note
,
6
%
,
4/15/27
...........................
United
States
500,000
500,046
Senior
Note
,
4.5
%
,
5/15/29
..........................
United
States
200,000
191,745
c
,d
Venture
Global
Calcasieu
Pass
LLC
,
Senior
Secured
Bond
,
144A,
4.125
%
,
8/15/31
............
United
States
300,000
271,631
Senior
Secured
Note
,
144A,
3.875
%
,
8/15/29
............
United
States
300,000
279,053
d
Venture
Global
LNG,
Inc.
,
c
Senior
Secured
Note
,
144A,
8.125
%
,
6/01/28
............
United
States
600,000
614,481
c
Senior
Secured
Note
,
144A,
9.5
%
,
2/01/29
..............
United
States
500,000
534,886
c
Senior
Secured
Note
,
144A,
8.375
%
,
6/01/31
............
United
States
500,000
507,946
Senior
Secured
Note
,
144A,
9.875
%
,
2/01/32
............
United
States
400,000
425,788
d
Venture
Global
Plaquemines
LNG
LLC
,
Senior
Secured
Bond
,
144A,
7.75
%
,
5/01/35
.............
United
States
200,000
210,787
Senior
Secured
Note
,
144A,
7.5
%
,
5/01/33
..............
United
States
200,000
209,068
15,163,188
Paper
&
Forest
Products
0.2%
d
Magnera
Corp.
,
Senior
Note
,
144A,
4.75
%
,
11/15/29
.........
United
States
400,000
339,462
Passenger
Airlines
0.8%
d
American
Airlines,
Inc.
/
AAdvantage
Loyalty
IP
Ltd.
,
Senior
Secured
Note
,
144A,
5.5
%
,
4/20/26
....................
United
States
233,333
233,081
Franklin
Universal
Trust
Schedule
of
Investments
(unaudited)
Quarterly
Schedule
of
Investments
See
Notes
to
Schedule
of
Investments.
12
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
Corporate
Bonds
(continued)
Passenger
Airlines
(continued)
d
Delta
Air
Lines,
Inc.
/
SkyMiles
IP
Ltd.
,
Senior
Secured
Note
,
144A,
4.75
%
,
10/20/28
..............................
United
States
700,000
$
697,507
d
OneSky
Flight
LLC
,
Senior
Note
,
144A,
8.875
%
,
12/15/29
.....
United
States
250,000
252,260
d
United
Airlines,
Inc.
,
Senior
Secured
Note
,
144A,
4.375
%
,
4/15/26
............
United
States
100,000
98,877
c
Senior
Secured
Note
,
144A,
4.625
%
,
4/15/29
............
United
States
300,000
285,143
1,566,868
Personal
Care
Products
0.8%
c
,d
Coty,
Inc.
/
HFC
Prestige
Products,
Inc.
/
HFC
Prestige
International
US
LLC
,
Senior
Secured
Note
,
144A,
6.625
%
,
7/15/30
.........................................
United
States
600,000
612,875
c
,d
Opal
Bidco
SAS
,
Senior
Secured
Note
,
144A,
6.5
%
,
3/31/32
...
France
950,000
949,843
1,562,718
Pharmaceuticals
0.7%
d
Endo
Finance
Holdings,
Inc.
,
Senior
Secured
Note
,
144A,
8.5
%
,
4/15/31
.........................................
United
States
200,000
207,266
Teva
Pharmaceutical
Finance
Netherlands
III
BV
,
c
Senior
Note
,
4.75
%
,
5/09/27
.........................
Israel
600,000
595,822
Senior
Note
,
7.875
%
,
9/15/29
........................
Israel
300,000
324,014
c
Senior
Note
,
8.125
%
,
9/15/31
........................
Israel
300,000
334,095
1,461,197
Professional
Services
0.2%
d
,g
CACI
International,
Inc.
,
Senior
Note
,
144A,
6.375
%
,
6/15/33
..
United
States
425,000
433,793
Real
Estate
Management
&
Development
0.7%
c
,d
Five
Point
Operating
Co.
LP
/
Five
Point
Capital
Corp.
,
Senior
Note
,
144A,
10.5
%
,
1/15/28
..........................
United
States
335,834
342,275
c
,d
Forestar
Group,
Inc.
,
Senior
Note
,
144A,
6.5
%
,
3/15/33
.......
United
States
1,200,000
1,191,145
1,533,420
Software
1.0%
c
,d
Camelot
Finance
SA
,
Senior
Secured
Note
,
144A,
4.5
%
,
11/01/26
United
States
86,000
85,574
d
Gen
Digital,
Inc.
,
Senior
Note
,
144A,
6.25
%
,
4/01/33
.........
United
States
250,000
253,401
c
,d
McAfee
Corp.
,
Senior
Note
,
144A,
7.375
%
,
2/15/30
..........
United
States
800,000
740,617
c
,d
Rocket
Software,
Inc.
,
Senior
Note
,
144A,
6.5
%
,
2/15/29
......
United
States
1,100,000
1,069,076
2,148,668
Specialized
REITs
0.5%
c
,d
Iron
Mountain,
Inc.
,
Senior
Bond
,
144A,
5.625
%
,
7/15/32
...................
United
States
300,000
292,938
Senior
Note
,
144A,
7
%
,
2/15/29
......................
United
States
700,000
723,680
1,016,618
Specialty
Retail
0.6%
c
,d
Evergreen
Acqco
1
LP
/
TVI,
Inc.
,
Senior
Secured
Note
,
144A,
9.75
%
,
4/26/28
...................................
United
States
584,000
611,787
c
,d
Gap,
Inc.
(The)
,
Senior
Note
,
144A,
3.625
%
,
10/01/29
........
United
States
700,000
640,076
1,251,863
Technology
Hardware,
Storage
&
Peripherals
0.3%
c
,d
Seagate
Data
Storage
Technology
Pte.
Ltd.
,
Senior
Note
,
144A,
5.875
%
,
7/15/30
...................................
United
States
550,000
552,233
Textiles,
Apparel
&
Luxury
Goods
0.4%
c
,d
Hanesbrands,
Inc.
,
Senior
Note
,
144A,
9
%
,
2/15/31
..........
United
States
700,000
740,225
Franklin
Universal
Trust
Schedule
of
Investments
(unaudited)
See
Notes
to
Schedule
of
Investments.
Quarterly
Schedule
of
Investments
13
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
Corporate
Bonds
(continued)
Trading
Companies
&
Distributors
2.2%
c
,d
EquipmentShare.com,
Inc.
,
Secured
Note
,
144A,
9
%
,
5/15/28
.....................
United
States
800,000
$
831,508
Secured
Note
,
144A,
8.625
%
,
5/15/32
..................
United
States
600,000
629,941
c
,d
H&E
Equipment
Services,
Inc.
,
Senior
Note
,
144A,
3.875
%
,
12/15/28
........................................
United
States
600,000
604,980
c
,d
Herc
Holdings,
Inc.
,
Senior
Note
,
144A,
6.625
%
,
6/15/29
......
United
States
900,000
912,301
c
,d
QXO
Building
Products,
Inc.
,
Senior
Secured
Note
,
144A,
6.75
%
,
4/30/32
.........................................
United
States
700,000
719,495
d
WESCO
Distribution,
Inc.
,
Senior
Note
,
144A,
6.375
%
,
3/15/29
...................
United
States
400,000
408,801
Senior
Note
,
144A,
6.375
%
,
3/15/33
...................
United
States
450,000
458,686
4,565,712
Wireless
Telecommunication
Services
1.4%
d
Altice
France
Holding
SA
,
Senior
Secured
Note
,
144A,
10.5
%
,
5/15/27
.........................................
Luxembourg
1,500,000
537,532
c
,d
Connect
Finco
SARL
/
Connect
US
Finco
LLC
,
Senior
Secured
Note
,
144A,
9
%
,
9/15/29
............................
United
Kingdom
1,300,000
1,240,668
b
,h
Digicel
Group
Holdings
Ltd.
,
29
.196
%
,
11/17/33
............
Bermuda
26,671
844
c
,d
Zegona
Finance
plc
,
Senior
Secured
Note
,
144A,
8.625
%
,
7/15/29
.........................................
United
Kingdom
1,100,000
1,175,625
2,954,669
Total
Corporate
Bonds
(Cost
$
165,984,517
)
...................................
159,657,146
Senior
Floating
Rate
Interests
0.0%
†
IT
Services
0.0%
†
e
Diamond
Sports
Net
LLC,
First
Lien,
Exit
Term
Loan
,
PIK,
15
%
,
1/03/28
.........................................
United
States
38,043
34,465
Total
Senior
Floating
Rate
Interests
(Cost
$
37,952
)
............................
34,465
i
Marketplace
Loans
1.2%
b
Financial
Services
1.2%
a
a
a
a
a
a
Total
Marketplace
Loans
(Cost
$
2,873,096
)
...................................
2,466,852
Asset-Backed
Securities
0.0%
†
Financial
Services
0.0%
†
d
,j
Consumer
Loan
Underlying
Bond
Certificate
Issuer
Trust
I
,
2019-51
,
PT
,
144A,
FRN
,
16.013
%
,
1/15/45
..............
United
States
1,444
1,287
2019-52
,
PT
,
144A,
FRN
,
16.268
%
,
1/15/45
..............
United
States
1,536
950
2020-2
,
PT
,
144A,
FRN
,
16.26
%
,
3/15/45
................
United
States
1,397
1,138
2020-7
,
PT
,
144A,
FRN
,
16.119
%
,
4/17/45
...............
United
States
909
591
3,966
a
a
a
a
a
a
Total
Asset-Backed
Securities
(Cost
$
4,597
)
..................................
3,966
Municipal
Bonds
0.2%
Arizona
0.2%
d
Maricopa
County
Industrial
Development
Authority
,
Grand
Canyon
University
Obligated
Group
,
Revenue
,
144A,
2024
,
7.375
%
,
10/01/29
........................................
United
States
430,000
440,653
Total
Municipal
Bonds
(Cost
$
432,444
)
.......................................
440,653
Franklin
Universal
Trust
Schedule
of
Investments
(unaudited)
Quarterly
Schedule
of
Investments
See
Notes
to
Schedule
of
Investments.
14
See
Abbreviations
on
page
25
.
a
a
Country
Shares
a
Value
a
a
a
a
a
a
Escrows
and
Litigation
Trusts
0.0%
†
a,b
Endo
GUC
Trust,
Escrow
Account
.......................
United
States
51,454
$
—
a,b
Endo,
Inc.,
Escrow
Account
............................
United
States
725,000
—
a
Expand
Energy
Corp.,
Escrow
Account
...................
United
States
1,500,000
6,000
Total
Escrows
and
Litigation
Trusts
(Cost
$
19,546
)
............................
6,000
Total
Long
Term
Investments
(Cost
$
205,794,976
)
.............................
258,413,177
a
Short
Term
Investments
2.7%
a
a
Country
Shares
a
Value
a
a
a
a
a
a
Money
Market
Funds
2.7%
k,l
Institutional
Fiduciary
Trust
-
Money
Market
Portfolio
,
4.079
%
..
United
States
5,583,811‌
5,583,811
Total
Money
Market
Funds
(Cost
$
5,583,811
)
.................................
5,583,811
Total
Short
Term
Investments
(Cost
$
5,583,811
)
...............................
5,583,811
a
Total
Investments
(Cost
$
211,378,787
)
127.7
%
................................
$263,996,988
Credit
Facility
(
29.0
)
%
......................................................
(60,000,000)
Other
Assets,
less
Liabilities
1.3
%
...........................................
2,696,636
Net
Assets
100.0%
.........................................................
$206,693,624
a
a
a
*
The
principal
amount
is
stated
in
U.S.
dollars
unless
otherwise
indicated.
†
Rounds
to
less
than
0.1%
of
net
assets.
a
Non-income
producing.
b
Fair
valued
using
significant
unobservable
inputs.
See
Note
4
regarding
fair
value
measurements.
c
A
portion
or
all
of
the
security
is
pledged
as
collateral
in
connection
with
the
Fund’s
credit
facility.
d
Security
was
purchased
pursuant
to
Rule
144A
or
Regulation
S
under
the
Securities
Act
of
1933.
144A
securities
may
be
sold
in
transactions
exempt
from
registration
only
to
qualified
institutional
buyers
or
in
a
public
offering
registered
under
the
Securities
Act
of
1933.
Regulation
S
securities
cannot
be
sold
in
the
United
States
without
either
an
effective
registration
statement
filed
pursuant
to
the
Securities
Act
of
1933,
or
pursuant
to
an
exemption
from
registration.
At
May
31,
2025,
the
aggregate
value
of
these
securities
was
$149,737,960,
representing
72.4%
of
net
assets.
e
Income
may
be
received
in
additional
securities
and/or
cash.
f
Defaulted
security
or
security
for
which
income
has
been
deemed
uncollectible.
g
A
portion
or
all
of
the
security
purchased
on
a
delayed
delivery
basis.
h
The
rate
shown
represents
the
yield
at
period
end.
i
See
full
breakdown
of
marketplace
loans
holdings
in
the
table
at
the
end
of
this
schedule.
j
Adjustable
rate
security
with
an
interest
rate
that
is
not
based
on
a
published
reference
index
and
spread.
The
rate
is
based
on
the
structure
of
the
agreement
and
current
market
conditions.
The
coupon
rate
shown
represents
the
rate
at
period
end.
k
See
Note
3
regarding
investments
in
affiliated
management
investment
companies.
l
The
rate
shown
is
the
annualized
seven-day
effective
yield
at
period
end.
Franklin
Universal
Trust
Schedule
of
Investments
(unaudited),
May
31,
2025
See
Notes
to
Schedule
of
Investments.
Quarterly
Schedule
of
Investments
15
At
May
31,
2025,
the
Fund
had
the
following
marketplace
loans
outstanding.
Description
Principal
Amount
Value
Marketplace
Loans
-
1.2%
Freedom
Financial
Asset
Management
LLC
APP-15034726.FP.FTS.B
,
25
.49
%
,
7/25/25
$
519
$
525
a
APP-10111431.FP.FTS.B
,
10
.99
%
,
9/30/25
2,174
2,188
a
APP-10578403.FP.FTS.B
,
15
.99
%
,
10/30/25
2,871
2,931
a
APP-10561192.FP.FTS.B
,
8
.99
%
,
11/03/25
2,177
2,188
APP-11105408.FP.FTS.B
,
10
.99
%
,
12/14/25
1,848
1,861
APP-11843242.FP.FTS.B
,
12
.24
%
,
12/15/25
3,335
3,360
APP-12378685.FP.FTS.B
,
15
.99
%
,
2/01/26
3,280
3,316
APP-10868780.FP.FTS.B
,
14
.49
%
,
2/27/26
7,145
7,335
APP-12281543.FP.FTS.B
,
16
.74
%
,
3/08/26
8,693
8,910
APP-12397373.FP.FTS.B
,
15
.99
%
,
3/15/26
3,413
3,460
APP-11799488.FP.FTS.B
,
16
.99
%
,
3/16/26
5,265
5,399
APP-12421465.FP.FTS.B
,
17
.99
%
,
3/23/26
1,772
1,779
b
APP-13524997.FP.FTS.B
,
10
.59
%
,
3/25/26
5,324
652
APP-13511680.FP.FTS.B
,
12
.84
%
,
5/05/26
4,149
4,193
APP-13477482.FP.FTS.B
,
10
.34
%
,
5/18/26
10,884
11,010
APP-13527002.FP.FTS.B
,
15
.59
%
,
5/19/26
2,966
3,008
APP-14943761.FP.FTS.B
,
15
.99
%
,
6/01/26
6,783
6,875
APP-12270812.FP.FTS.B
,
16
.99
%
,
6/22/26
4,574
4,713
APP-15053141.FP.FTS.B
,
18
.99
%
,
7/15/26
7,004
7,257
APP-15054013.FP.FTS.B
,
17
.99
%
,
7/20/26
5,754
5,922
APP-15109634.FP.FTS.B
,
19
.49
%
,
7/21/26
3,579
3,686
APP-15073340.FP.FTS.B
,
15
.99
%
,
7/25/26
3,442
3,495
APP-14860724.FP.FTS.B
,
20
.99
%
,
7/26/26
7,035
7,391
APP-14956830.FP.FTS.B
,
15
.74
%
,
7/28/26
10,279
10,653
a
APP-10133595.FP.FTS.B
,
11
.99
%
,
8/11/26
6,161
6,231
a
APP-10145662.FP.FTS.B
,
18
.99
%
,
9/17/26
7,689
7,933
APP-13256383.FP.FTS.B
,
7
.99
%
,
9/18/26
.
13,575
13,759
a
APP-10460831.FP.FTS.B
,
21
.99
%
,
9/19/26
2,847
2,953
a
APP-10572421.FP.FTS.B
,
10
.49
%
,
9/20/26
2,955
2,963
a
APP-10845328.FP.FTS.B
,
11
.99
%
,
10/16/26
8,650
8,760
a
APP-10704368.FP.FTS.B
,
14
.99
%
,
10/16/26
6,922
7,043
a
APP-10745909.FP.FTS.B
,
17
.99
%
,
10/16/26
18,843
19,171
a
APP-10581131.FP.FTS.B
,
22
.49
%
,
10/22/26
3,837
4,002
APP-11119432.FP.FTS.B
,
11
.99
%
,
11/03/26
8,005
8,099
APP-11187454.FP.FTS.B
,
22
.49
%
,
11/10/26
1,341
1,341
APP-15107872.FP.FTS.B
,
20
.49
%
,
11/15/26
3,212
3,262
a
APP-10848002.FP.FTS.B
,
17
.99
%
,
11/19/26
9,407
9,694
a
APP-10671079.FP.FTS.B
,
11
.99
%
,
11/30/26
9,919
10,070
a
APP-10384953.FP.FTS.B
,
19
.99
%
,
12/02/26
6,930
7,153
APP-11094577.FP.FTS.B
,
19
.49
%
,
12/08/26
5,057
5,266
APP-11008022.FP.FTS.B
,
11
.99
%
,
12/13/26
5,325
5,397
APP-11021456.FP.FTS.B
,
20
.99
%
,
12/15/26
15,552
16,273
APP-11007668.FP.FTS.B
,
19
.99
%
,
12/19/26
7,628
7,940
APP-11111264.FP.FTS.B
,
16
.49
%
,
12/20/26
4,814
4,915
APP-11677084.FP.FTS.B
,
15
.49
%
,
12/26/26
17,845
18,129
APP-11799609.FP.FTS.B
,
10
.99
%
,
1/01/27
12,692
12,852
APP-11036570.FP.FTS.B
,
22
.99
%
,
1/20/27
2,496
2,502
APP-11844341.FP.FTS.B
,
16
.74
%
,
2/01/27
14,919
15,326
a
APP-10224478.FP.FTS.B
,
20
.49
%
,
2/02/27
13,313
13,878
APP-11824892.FP.FTS.B
,
16
.99
%
,
2/03/27
7,305
7,427
b
APP-11724933.FP.FTS.B
,
14
.24
%
,
2/05/27
7,150
748
Description
Principal
Amount
Value
Freedom
Financial
Asset
Management
LLC
(continued)
APP-12397051.FP.FTS.B
,
17
.49
%
,
2/06/27
$
5,397
$
5,554
APP-11743079.FP.FTS.B
,
16
.24
%
,
2/07/27
17,803
18,380
APP-11838245.FP.FTS.B
,
19
.99
%
,
2/11/27
3,588
3,673
APP-11752200.FP.FTS.B
,
21
.49
%
,
2/23/27
4,364
4,408
a
APP-10128827.FP.FTS.B
,
25
.49
%
,
2/24/27
3,768
3,909
APP-11674918.FP.FTS.B
,
20
.49
%
,
2/25/27
11,861
12,387
a
APP-10848317.FP.FTS.B
,
12
.24
%
,
2/28/27
8,732
8,878
APP-12106158.FP.FTS.B
,
11
.24
%
,
3/07/27
7,229
7,327
APP-12407302.FP.FTS.B
,
18
.99
%
,
3/15/27
5,298
5,473
APP-12385340.FP.FTS.B
,
25
.49
%
,
3/17/27
4,505
4,723
APP-12341500.FP.FTS.B
,
20
.49
%
,
3/20/27
7,996
8,379
APP-12396943.FP.FTS.B
,
13
.49
%
,
3/21/27
7,822
7,974
APP-12270734.FP.FTS.B
,
16
.99
%
,
3/21/27
8,563
8,760
APP-13531026.FP.FTS.B
,
11
.59
%
,
3/28/27
10,796
10,992
APP-13513406.FP.FTS.B
,
14
.34
%
,
4/01/27
23,354
23,715
APP-11744634.FP.FTS.B
,
19
.99
%
,
4/01/27
9,480
9,815
b
APP-12304720.FP.FTS.B
,
18
.74
%
,
4/06/27
27,863
2,854
APP-11872928.FP.FTS.B
,
11
.24
%
,
4/15/27
7,312
7,432
APP-11801830.FP.FTS.B
,
16
.49
%
,
4/30/27
9,666
9,894
APP-13478834.FP.FTS.B
,
16
.99
%
,
5/03/27
9,919
10,241
APP-13047632.FP.FTS.B
,
11
.49
%
,
5/05/27
4,447
4,499
a
APP-08710316.FP.FTS.B
,
10
.99
%
,
5/13/27
15,408
15,649
APP-13498730.FP.FTS.B
,
11
.34
%
,
5/15/27
9,159
9,308
APP-11845152.FP.FTS.B
,
11
.74
%
,
5/15/27
8,970
9,045
APP-13453359.FP.FTS.B
,
18
.24
%
,
5/15/27
14,201
11,023
APP-13227905.FP.FTS.B
,
21
.99
%
,
5/18/27
5,304
5,535
APP-13507352.FP.FTS.B
,
20
.49
%
,
5/19/27
4,752
4,924
b
APP-13531806.FP.FTS.B
,
16
.99
%
,
5/20/27
11,735
1,163
APP-13485605.FP.FTS.B
,
18
.99
%
,
5/20/27
6,905
7,178
APP-14906773.FP.FTS.B
,
9
.74
%
,
7/15/27
.
19,067
19,370
APP-15064429.FP.FTS.B
,
14
.49
%
,
7/15/27
13,661
13,904
APP-15070181.FP.FTS.B
,
19
.99
%
,
7/15/27
9,442
9,780
APP-15057995.FP.FTS.B
,
18
.99
%
,
7/23/27
5,360
5,487
APP-15058449.FP.FTS.B
,
11
.99
%
,
7/25/27
5,993
6,103
APP-15078317.FP.FTS.B
,
13
.99
%
,
7/25/27
10,572
10,788
APP-13302186.FP.FTS.B
,
20
.49
%
,
7/25/27
8,323
8,702
APP-15053719.FP.FTS.B
,
16
.99
%
,
7/28/27
5,895
6,045
APP-15053776.FP.FTS.B
,
17
.49
%
,
7/30/27
6,529
6,738
APP-15048744.FP.FTS.B
,
16
.49
%
,
7/31/27
12,538
12,915
APP-15039962.FP.FTS.B
,
12
.49
%
,
8/28/27
27,331
27,868
APP-14958373.FP.FTS.B
,
12
.24
%
,
9/16/27
9,791
9,983
APP-15070551.FP.FTS.B
,
24
.74
%
,
4/27/28
11,711
12,280
728,249
LendingClub
Corp.
160809803.LC.FTS.B
,
13
.08
%
,
11/08/34
..
3,205
3,180
164089980.LC.FTS.B
,
17
.74
%
,
2/28/35
...
2,560
–
167747801.LC.FTS.B
,
16
.12
%
,
3/15/35
...
4,400
–
3,180
LendingClub
Corp.
-
LCX
PM
185030629.LC.FTS.B
,
28
.99
%
,
1/13/27
...
2,967
3,054
185203099.LC.FTS.B
,
21
.99
%
,
1/19/27
...
4,890
4,968
185257156.LC.FTS.B
,
23
.99
%
,
1/19/27
...
6,350
6,525
Franklin
Universal
Trust
Schedule
of
Investments
(unaudited)
Quarterly
Schedule
of
Investments
See
Notes
to
Schedule
of
Investments.
16
Description
Principal
Amount
Value
Marketplace
Loans
(continued)
LendingClub
Corp.
-
LCX
PM
(continued)
185208719.LC.FTS.B
,
27
.99
%
,
1/19/27
...
$
4,473
$
4,600
185284755.LC.FTS.B
,
20
.24
%
,
1/21/27
...
10,526
10,667
184608676.LC.FTS.B
,
21
.99
%
,
1/21/27
...
8,371
403
185280664.LC.FTS.B
,
21
.99
%
,
1/21/27
...
8,320
8,464
185094462.LC.FTS.B
,
22
.99
%
,
1/21/27
...
5,802
–
186073191.LC.FTS.B
,
23
.99
%
,
1/26/27
...
4,613
4,735
185465019.LC.FTS.B
,
21
.99
%
,
1/27/27
...
11,486
11,800
184862697.LC.FTS.B
,
13
.19
%
,
1/28/27
...
6,418
6,377
185102499.LC.FTS.B
,
17
.49
%
,
1/28/27
...
6,552
6,548
185625736.LC.FTS.B
,
17
.24
%
,
1/31/27
...
5,637
5,634
185553869.LC.FTS.B
,
17
.44
%
,
1/31/27
...
7,216
7,220
185801067.LC.FTS.B
,
15
.19
%
,
2/04/27
...
6,572
6,515
185785605.LC.FTS.B
,
16
.99
%
,
2/04/27
...
10,888
10,840
186105140.LC.FTS.B
,
14
.99
%
,
2/10/27
...
5,920
–
186037923.LC.FTS.B
,
23
.49
%
,
2/12/27
...
3,412
3,483
185962334.LC.FTS.B
,
16
.49
%
,
2/14/27
...
16,237
6,026
186055580.LC.FTS.B
,
19
.49
%
,
2/14/27
...
11,496
–
186114907.LC.FTS.B
,
24
.99
%
,
2/14/27
...
3,442
–
185788975.LC.FTS.B
,
20
.44
%
,
2/15/27
...
18,894
18,993
185737435.LC.FTS.B
,
19
.74
%
,
2/16/27
...
9,323
–
b
186255693.LC.FTS.B
,
28
.99
%
,
2/16/27
...
4,723
–
188681928.LC.FTS.B
,
22
.99
%
,
4/25/27
...
5,513
–
188818650.LC.FTS.B
,
20
.99
%
,
4/26/27
...
3,255
3,301
188684882.LC.FTS.B
,
23
.99
%
,
4/26/27
...
3,290
3,317
188850161.LC.FTS.B
,
18
.99
%
,
4/27/27
...
3,974
3,981
188844587.LC.FTS.B
,
20
.99
%
,
4/27/27
...
5,086
5,160
188821742.LC.FTS.B
,
23
.99
%
,
4/27/27
...
10,512
10,833
188832786.LC.FTS.B
,
27
.99
%
,
4/27/27
...
2,746
2,845
188770586.LC.FTS.B
,
21
.49
%
,
4/28/27
...
9,207
9,278
188825826.LC.FTS.B
,
23
.49
%
,
4/28/27
...
5,232
5,384
188877761.LC.FTS.B
,
25
.99
%
,
4/28/27
...
3,869
3,996
188729615.LC.FTS.B
,
28
.99
%
,
4/28/27
...
13,880
14,336
188842402.LC.FTS.B
,
21
.49
%
,
4/30/27
...
3,713
–
188806927.LC.FTS.B
,
23
.99
%
,
4/30/27
...
8,247
8,494
188652977.LC.FTS.B
,
23
.99
%
,
5/24/27
...
1,925
1,955
185215933.LC.FTS.B
,
28
.99
%
,
6/25/27
...
12,591
–
185051135.LC.FTS.B
,
23
.99
%
,
8/28/27
...
14,398
14,488
185440062.LC.FTS.B
,
17
.49
%
,
9/25/27
...
13,559
2,512
186004411.LC.FTS.B
,
5
%
,
11/28/27
.....
8,814
7,194
188698368.LC.FTS.B
,
20
.99
%
,
4/27/28
...
15,452
2,918
184905245.LC.FTS.B
,
15
.99
%
,
1/19/35
...
5,855
–
185806351.LC.FTS.B
,
18
.99
%
,
2/07/35
...
3,705
–
186109882.LC.FTS.B
,
5
%
,
2/14/35
......
2,384
2,403
188498393.LC.FTS.B
,
18
.99
%
,
5/25/35
...
391
390
184778654.LC.FTS.B
,
16
.19
%
,
6/04/35
...
36
36
229,673
Prosper
Funding
LLC
b
1758243.PS.FTS.B
,
24
.4
%
,
7/16/25
.....
1,678
–
1701129.PS.FTS.B
,
16
.4
%
,
7/17/25
.....
713
666
1606127.PS.FTS.B
,
15
.2
%
,
8/17/26
.....
2,966
2,977
1607933.PS.FTS.B
,
18
.5
%
,
8/19/26
.....
684
696
1608617.PS.FTS.B
,
13
.7
%
,
8/20/26
.....
1,903
1,899
1609277.PS.FTS.B
,
15
.7
%
,
8/23/26
.....
4,604
4,629
1621434.PS.FTS.B
,
14
.6
%
,
8/26/26
.....
650
649
1621428.PS.FTS.B
,
20
%
,
8/26/26
.......
3,495
3,572
1611746.PS.FTS.B
,
14
.29
%
,
8/27/26
....
2,882
2,880
Description
Principal
Amount
Value
Prosper
Funding
LLC
(continued)
1610327.PS.FTS.B
,
27
.6
%
,
9/17/26
.....
$
3,397
$
3,552
1635897.PS.FTS.B
,
12
%
,
9/23/26
.......
7,200
7,195
1627036.PS.FTS.B
,
16
.33
%
,
9/25/26
....
4,753
4,767
1637445.PS.FTS.B
,
13
.3
%
,
9/27/26
.....
3,360
3,356
1634247.PS.FTS.B
,
16
.7
%
,
10/05/26
....
8,896
8,917
1626046.PS.FTS.B
,
15
.18
%
,
10/16/26
...
3,625
3,609
1635735.PS.FTS.B
,
14
.68
%
,
10/22/26
...
5,491
5,473
1644875.PS.FTS.B
,
11
.6
%
,
10/26/26
....
2,581
2,575
1648324.PS.FTS.B
,
12
.2
%
,
10/26/26
....
6,947
6,930
1645337.PS.FTS.B
,
18
.48
%
,
10/27/26
...
7,645
7,822
1646123.PS.FTS.B
,
13
.32
%
,
10/28/26
...
2,792
2,804
1661010.PS.FTS.B
,
12
.5
%
,
11/05/26
....
9,551
9,489
1651868.PS.FTS.B
,
9
.45
%
,
11/08/26
....
4,558
4,533
1658185.PS.FTS.B
,
10
.5
%
,
11/08/26
....
3,207
3,189
1653323.PS.FTS.B
,
16
%
,
11/09/26
......
4,639
4,636
1666362.PS.FTS.B
,
19
%
,
11/09/26
......
2,822
2,868
1666911.PS.FTS.B
,
10
.62
%
,
11/10/26
....
4,642
4,618
1660066.PS.FTS.B
,
12
.6
%
,
11/10/26
....
12,876
12,807
1666890.PS.FTS.B
,
17
%
,
11/10/26
......
6,376
6,474
1661433.PS.FTS.B
,
28
.23
%
,
11/14/26
....
2,408
2,142
1666359.PS.FTS.B
,
21
%
,
11/15/26
......
2,547
2,638
1651871.PS.FTS.B
,
20
.66
%
,
11/20/26
....
2,317
2,349
1651913.PS.FTS.B
,
25
.67
%
,
11/22/26
....
3,238
3,348
1672316.PS.FTS.B
,
10
.44
%
,
12/14/26
...
4,868
4,833
1685634.PS.FTS.B
,
12
.5
%
,
12/14/26
....
3,094
3,071
1672730.PS.FTS.B
,
13
.8
%
,
12/14/26
....
13,802
13,761
1678372.PS.FTS.B
,
22
.8
%
,
12/14/26
....
4,888
5,076
b
1672147.PS.FTS.B
,
16
.56
%
,
12/15/26
...
11,061
–
1687344.PS.FTS.B
,
19
%
,
12/17/26
......
2,089
2,130
1685997.PS.FTS.B
,
12
.87
%
,
12/18/26
...
3,506
3,481
1678354.PS.FTS.B
,
11
.07
%
,
12/20/26
....
5,692
5,651
1687950.PS.FTS.B
,
11
.5
%
,
12/20/26
....
5,560
5,535
1675010.PS.FTS.B
,
12
.5
%
,
12/20/26
....
4,023
4,003
1685637.PS.FTS.B
,
11
.7
%
,
12/28/26
....
12,153
12,066
1672718.PS.FTS.B
,
14
.38
%
,
1/07/27
....
3,408
3,378
1686078.PS.FTS.B
,
10
.5
%
,
1/08/27
.....
4,762
4,723
1700808.PS.FTS.B
,
11
.4
%
,
1/12/27
.....
3,977
3,949
1701108.PS.FTS.B
,
15
.7
%
,
1/12/27
.....
14,782
14,740
1694491.PS.FTS.B
,
12
.62
%
,
1/13/27
....
6,070
6,027
1694725.PS.FTS.B
,
18
.4
%
,
1/13/27
.....
6,567
6,685
1701537.PS.FTS.B
,
19
.3
%
,
1/13/27
.....
6,526
6,637
1695958.PS.FTS.B
,
10
.5
%
,
1/14/27
.....
5,908
5,859
b
1689173.PS.FTS.B
,
11
.2
%
,
1/14/27
.....
9,705
–
1695787.PS.FTS.B
,
11
.7
%
,
1/14/27
.....
9,986
9,918
1694719.PS.FTS.B
,
16
.93
%
,
1/17/27
....
7,742
7,702
1702455.PS.FTS.B
,
15
.18
%
,
1/20/27
....
6,805
6,745
1689251.PS.FTS.B
,
19
%
,
1/21/27
.......
1,780
1,810
1707746.PS.FTS.B
,
9
.45
%
,
2/14/27
.....
2,763
2,742
1720917.PS.FTS.B
,
13
.7
%
,
2/15/27
.....
5,359
5,346
1714648.PS.FTS.B
,
16
.7
%
,
2/15/27
.....
3,345
3,336
1721346.PS.FTS.B
,
16
.7
%
,
2/15/27
.....
8,921
9,098
1720911.PS.FTS.B
,
18
.59
%
,
2/15/27
....
11,423
11,646
1714642.PS.FTS.B
,
18
.7
%
,
2/15/27
.....
4,583
4,673
1707734.PS.FTS.B
,
10
.29
%
,
2/16/27
....
1,063
1,057
1714627.PS.FTS.B
,
11
.4
%
,
2/17/27
.....
8,737
8,657
1703169.PS.FTS.B
,
25
.6
%
,
2/25/27
.....
9,328
2,480
1752624.PS.FTS.B
,
17
.23
%
,
4/05/27
....
9,737
9,623
Franklin
Universal
Trust
Schedule
of
Investments
(unaudited)
See
Notes
to
Schedule
of
Investments.
Quarterly
Schedule
of
Investments
17
Description
Principal
Amount
Value
Marketplace
Loans
(continued)
Prosper
Funding
LLC
(continued)
1753011.PS.FTS.B
,
12
%
,
4/06/27
.......
$
6,830
$
6,734
1754293.PS.FTS.B
,
13
.4
%
,
4/12/27
.....
1,000
991
1747163.PS.FTS.B
,
16
.2
%
,
4/12/27
.....
12,017
11,907
1744328.PS.FTS.B
,
14
.89
%
,
4/15/27
....
9,533
9,433
1752654.PS.FTS.B
,
12
.76
%
,
4/30/27
....
7,305
7,190
1750735.PS.FTS.B
,
16
%
,
5/15/27
.......
3,319
1,953
1650328.PS.FTS.B
,
11
.2
%
,
7/29/27
.....
5,058
4,952
1705005.PS.FTS.B
,
15
%
,
1/15/28
.......
15,491
8,739
b
1743776.PS.FTS.B
,
20
.4
%
,
4/06/35
.....
15,443
–
1752241.PS.FTS.B
,
14
.7
%
,
5/10/35
.....
13,546
8,714
391,110
Upgrade,
Inc.
-
Card
b
992276049.UG.FTS.B
,
29
.49
%
,
4/05/25
..
14
1
992452371.UG.FTS.B
,
29
.49
%
,
4/05/25
..
5
1
992460328.UG.FTS.B
,
29
.49
%
,
8/01/25
..
10
10
992301470.UG.FTS.B
,
28
.98
%
,
12/02/25
.
97
30
992238906.UG.FTS.B
,
22
.97
%
,
11/03/27
.
2,660
528
570
Upstart
Network,
Inc.
FW2971973.UP.FTS.B
,
20
.05
%
,
9/19/25
..
1,009
905
FW1729657.UP.FTS.B
,
9
.44
%
,
9/17/26
...
2,198
2,146
L1729743.UP.FTS.B
,
11
.64
%
,
9/17/26
....
16,256
15,944
L1730112.UP.FTS.B
,
15
.91
%
,
9/17/26
....
1,042
1,031
FW1730043.UP.FTS.B
,
21
.14
%
,
9/17/26
..
1,755
1,725
L1730290.UP.FTS.B
,
23
.01
%
,
9/17/26
....
2,926
2,879
b
L1730120.UP.FTS.B
,
23
.06
%
,
9/17/26
....
5,137
296
L1729627.UP.FTS.B
,
24
.42
%
,
9/17/26
....
3,921
3,860
FW1730388.UP.FTS.B
,
28
.64
%
,
9/17/26
..
6,376
6,284
FW1729641.UP.FTS.B
,
30
.22
%
,
9/17/26
..
2,028
1,999
FW1728143.UP.FTS.B
,
30
.44
%
,
9/17/26
..
2,195
2,165
FW1730150.UP.FTS.B
,
30
.64
%
,
9/17/26
..
308
304
FW1729390.UP.FTS.B
,
32
.18
%
,
9/17/26
..
946
933
FW1728926.UP.FTS.B
,
32
.35
%
,
9/17/26
..
1,101
1,086
FW1902353.UP.FTS.B
,
5
.71
%
,
10/22/26
..
4,380
4,243
FW1902782.UP.FTS.B
,
14
.11
%
,
10/22/26
.
5,419
5,328
FW1901571.UP.FTS.B
,
16
.95
%
,
10/22/26
.
4,662
4,616
FW1901195.UP.FTS.B
,
18
.66
%
,
10/22/26
.
879
866
L1901212.UP.FTS.B
,
19
.55
%
,
10/22/26
...
2,347
2,309
L1902855.UP.FTS.B
,
19
.55
%
,
10/22/26
...
1,161
1,144
L1901067.UP.FTS.B
,
23
.17
%
,
10/22/26
...
6,099
6,012
L1902683.UP.FTS.B
,
25
.19
%
,
10/22/26
...
5,008
4,940
L1901951.UP.FTS.B
,
25
.24
%
,
10/22/26
...
1,002
989
FW1902836.UP.FTS.B
,
25
.41
%
,
10/22/26
.
19,674
19,402
L1902657.UP.FTS.B
,
25
.42
%
,
10/22/26
...
824
813
FW1902401.UP.FTS.B
,
25
.71
%
,
10/22/26
.
1,976
1,949
FW1902199.UP.FTS.B
,
26
.04
%
,
10/22/26
.
1,774
1,750
FW1901303.UP.FTS.B
,
31
.21
%
,
10/22/26
.
1,710
1,690
FW1900628.UP.FTS.B
,
31
.23
%
,
10/22/26
.
495
489
FW1902681.UP.FTS.B
,
31
.63
%
,
10/22/26
.
3,551
3,511
FW1902299.UP.FTS.B
,
31
.27
%
,
10/27/26
.
3,687
3,641
L1902840.UP.FTS.B
,
22
.56
%
,
11/01/26
...
5,568
5,486
L2032896.UP.FTS.B
,
9
.9
%
,
11/12/26
.....
2,468
2,407
L2032147.UP.FTS.B
,
11
.65
%
,
11/12/26
...
2,900
2,839
L2032600.UP.FTS.B
,
12
.19
%
,
11/12/26
...
2,647
2,592
Description
Principal
Amount
Value
Upstart
Network,
Inc.
(continued)
L2032561.UP.FTS.B
,
12
.57
%
,
11/12/26
...
$
5,514
$
5,400
FW2032727.UP.FTS.B
,
12
.91
%
,
11/12/26
.
1,293
1,266
FW2032278.UP.FTS.B
,
13
.85
%
,
11/12/26
.
1,810
1,774
L2032226.UP.FTS.B
,
14
.31
%
,
11/12/26
...
9,066
8,882
L2031580.UP.FTS.B
,
14
.88
%
,
11/12/26
...
369
363
L2032373.UP.FTS.B
,
14
.92
%
,
11/12/26
...
4,056
2,066
FW2032722.UP.FTS.B
,
14
.98
%
,
11/12/26
.
2,046
2,010
FW2031845.UP.FTS.B
,
15
.93
%
,
11/12/26
.
6,324
3,253
FW2032502.UP.FTS.B
,
16
.77
%
,
11/12/26
.
3,133
3,070
L2033008.UP.FTS.B
,
17
.14
%
,
11/12/26
...
2,514
2,483
L2031479.UP.FTS.B
,
17
.32
%
,
11/12/26
...
6,152
6,076
L2030768.UP.FTS.B
,
17
.71
%
,
11/12/26
...
1,978
1,954
L2032284.UP.FTS.B
,
17
.94
%
,
11/12/26
...
1,994
1,957
L2032006.UP.FTS.B
,
17
.99
%
,
11/12/26
...
2,101
2,063
L2032849.UP.FTS.B
,
19
.14
%
,
11/12/26
...
4,841
4,784
L2030806.UP.FTS.B
,
19
.55
%
,
11/12/26
...
1,624
1,594
FW2032947.UP.FTS.B
,
19
.59
%
,
11/12/26
.
10,228
10,027
L2032060.UP.FTS.B
,
20
.25
%
,
11/12/26
...
2,458
2,414
L2032456.UP.FTS.B
,
20
.93
%
,
11/12/26
...
617
606
L2032183.UP.FTS.B
,
24
.12
%
,
11/12/26
...
4,309
4,229
FW2031174.UP.FTS.B
,
25
.25
%
,
11/12/26
.
4,139
4,064
FW2032753.UP.FTS.B
,
27
.55
%
,
11/12/26
.
624
613
FW2032946.UP.FTS.B
,
27
.87
%
,
11/12/26
.
11,223
11,028
FW2032799.UP.FTS.B
,
29
.91
%
,
11/12/26
.
1,109
1,091
FW2031644.UP.FTS.B
,
30
.67
%
,
11/12/26
.
840
826
FW2032325.UP.FTS.B
,
31
.07
%
,
11/12/26
.
563
553
FW2031715.UP.FTS.B
,
31
.33
%
,
11/12/26
.
2,255
2,218
L2031623.UP.FTS.B
,
9
.89
%
,
11/16/26
....
12,136
11,832
L1901748.UP.FTS.B
,
12
.93
%
,
11/16/26
...
209
207
L2102006.UP.FTS.B
,
8
.84
%
,
11/23/26
....
18,263
11,984
L2102059.UP.FTS.B
,
12
.22
%
,
11/23/26
...
7,726
7,578
L2101522.UP.FTS.B
,
12
.34
%
,
11/23/26
...
12,268
12,032
L2103822.UP.FTS.B
,
12
.78
%
,
11/23/26
...
1,844
1,809
L2102939.UP.FTS.B
,
13
.35
%
,
11/23/26
...
1,301
1,276
L2076017.UP.FTS.B
,
13
.49
%
,
11/23/26
...
1,270
1,247
L2068146.UP.FTS.B
,
16
.06
%
,
11/23/26
...
1,938
1,918
L2102751.UP.FTS.B
,
16
.5
%
,
11/23/26
....
1,556
1,541
L2050778.UP.FTS.B
,
18
.01
%
,
11/23/26
...
3,576
3,543
L2102051.UP.FTS.B
,
19
.71
%
,
11/23/26
...
2,394
1,648
FW2102941.UP.FTS.B
,
20
.37
%
,
11/23/26
.
8,204
8,081
L2102313.UP.FTS.B
,
20
.5
%
,
11/23/26
....
603
594
L2102400.UP.FTS.B
,
22
.64
%
,
11/23/26
...
2,473
2,438
L2101750.UP.FTS.B
,
24
.17
%
,
11/23/26
...
3,263
2,267
FW2102727.UP.FTS.B
,
24
.84
%
,
11/23/26
.
1,740
1,717
L2103842.UP.FTS.B
,
25
.11
%
,
11/23/26
...
1,745
1,722
L2101880.UP.FTS.B
,
25
.39
%
,
11/23/26
...
1,421
397
L2103491.UP.FTS.B
,
25
.4
%
,
11/23/26
....
134
132
L2102028.UP.FTS.B
,
25
.89
%
,
11/23/26
...
2,643
2,609
FW2101678.UP.FTS.B
,
26
.5
%
,
11/23/26
..
1,589
1,568
FW2103284.UP.FTS.B
,
27
.1
%
,
11/23/26
..
1,700
1,678
FW2103786.UP.FTS.B
,
31
.2
%
,
11/23/26
..
663
552
FW2103069.UP.FTS.B
,
31
.22
%
,
11/23/26
.
1,032
1,021
FW2031117.UP.FTS.B
,
18
.34
%
,
11/27/26
.
4,023
3,951
L2250662.UP.FTS.B
,
8
.88
%
,
12/14/26
....
4,021
3,918
L2249279.UP.FTS.B
,
9
.09
%
,
12/14/26
....
1,928
1,249
L2251398.UP.FTS.B
,
9
.28
%
,
12/14/26
....
2,942
2,867
FW2251249.UP.FTS.B
,
10
.34
%
,
12/14/26
.
7,102
6,947
Franklin
Universal
Trust
Schedule
of
Investments
(unaudited)
Quarterly
Schedule
of
Investments
See
Notes
to
Schedule
of
Investments.
18
Description
Principal
Amount
Value
Marketplace
Loans
(continued)
Upstart
Network,
Inc.
(continued)
b
L2248805.UP.FTS.B
,
10
.51
%
,
12/14/26
...
$
4,282
$
648
L2249903.UP.FTS.B
,
11
.03
%
,
12/14/26
...
1,132
1,108
L2250070.UP.FTS.B
,
12
.15
%
,
12/14/26
...
2,403
2,354
L2247235.UP.FTS.B
,
13
.18
%
,
12/14/26
...
1,558
1,525
L2250820.UP.FTS.B
,
13
.59
%
,
12/14/26
...
1,254
1,227
b
L2251440.UP.FTS.B
,
16
.23
%
,
12/14/26
...
665
48
L2249248.UP.FTS.B
,
16
.43
%
,
12/14/26
...
4,814
4,755
L2249629.UP.FTS.B
,
17
.8
%
,
12/14/26
....
2,586
2,534
b
FW2249113.UP.FTS.B
,
18
.58
%
,
12/14/26
.
12,989
947
L2249412.UP.FTS.B
,
19
.96
%
,
12/14/26
...
855
845
L2248975.UP.FTS.B
,
19
.98
%
,
12/14/26
...
3,464
3,422
L2250558.UP.FTS.B
,
20
.67
%
,
12/14/26
...
3,522
3,452
L2251409.UP.FTS.B
,
20
.71
%
,
12/14/26
...
5,189
5,095
L2251393.UP.FTS.B
,
20
.81
%
,
12/14/26
...
2,090
2,049
L2249780.UP.FTS.B
,
21
.14
%
,
12/14/26
...
3,476
3,409
L2250707.UP.FTS.B
,
21
.52
%
,
12/14/26
...
2,580
2,550
L2249149.UP.FTS.B
,
21
.87
%
,
12/14/26
...
4,387
4,308
FW2248314.UP.FTS.B
,
21
.92
%
,
12/14/26
.
1,536
1,507
L2249898.UP.FTS.B
,
22
.33
%
,
12/14/26
...
9,602
9,494
L2251333.UP.FTS.B
,
22
.77
%
,
12/14/26
...
6,834
6,704
L2250010.UP.FTS.B
,
23
.56
%
,
12/14/26
...
2,242
2,200
FW2248932.UP.FTS.B
,
23
.62
%
,
12/14/26
.
944
252
L2249765.UP.FTS.B
,
23
.67
%
,
12/14/26
...
1,795
1,762
L2250334.UP.FTS.B
,
24
.44
%
,
12/14/26
...
3,941
3,872
L2250314.UP.FTS.B
,
24
.91
%
,
12/14/26
...
1,622
1,127
L2249782.UP.FTS.B
,
24
.98
%
,
12/14/26
...
1,915
1,880
L2248144.UP.FTS.B
,
25
.08
%
,
12/14/26
...
2,129
2,090
L2249856.UP.FTS.B
,
25
.32
%
,
12/14/26
...
549
539
L2249823.UP.FTS.B
,
25
.41
%
,
12/14/26
...
1,794
1,773
b
L2251395.UP.FTS.B
,
25
.45
%
,
12/14/26
...
1,177
22
L2250992.UP.FTS.B
,
25
.92
%
,
12/14/26
...
4,631
4,546
FW2248550.UP.FTS.B
,
26
.2
%
,
12/14/26
..
1,909
1,876
L2249257.UP.FTS.B
,
26
.38
%
,
12/14/26
...
4,229
4,154
FW2249342.UP.FTS.B
,
27
.92
%
,
12/14/26
.
2,011
1,659
FW2251120.UP.FTS.B
,
28
.37
%
,
12/14/26
.
283
278
FW2249976.UP.FTS.B
,
28
.77
%
,
12/14/26
.
693
680
FW2249951.UP.FTS.B
,
30
.44
%
,
12/14/26
.
953
937
FW2249983.UP.FTS.B
,
30
.63
%
,
12/14/26
.
942
926
FW2249049.UP.FTS.B
,
30
.95
%
,
12/14/26
.
3,124
3,072
FW2249041.UP.FTS.B
,
31
.12
%
,
12/14/26
.
541
532
FW2250974.UP.FTS.B
,
31
.12
%
,
12/14/26
.
1,650
1,623
FW2251410.UP.FTS.B
,
31
.25
%
,
12/14/26
.
2,572
690
L2141755.UP.FTS.B
,
8
.51
%
,
12/15/26
....
17,401
16,969
L2252339.UP.FTS.B
,
8
.65
%
,
12/15/26
....
9,103
8,872
L2252737.UP.FTS.B
,
8
.71
%
,
12/15/26
....
7,657
7,462
L2252298.UP.FTS.B
,
8
.83
%
,
12/15/26
....
552
543
L2252476.UP.FTS.B
,
9
.18
%
,
12/15/26
....
3,673
3,581
FW2253701.UP.FTS.B
,
10
.99
%
,
12/15/26
.
4,874
4,770
L2253738.UP.FTS.B
,
11
.28
%
,
12/15/26
...
11,370
11,129
L2247794.UP.FTS.B
,
12
.65
%
,
12/15/26
...
1,740
1,703
L2253650.UP.FTS.B
,
13
.61
%
,
12/15/26
...
2,548
2,495
b
L2253384.UP.FTS.B
,
13
.79
%
,
12/15/26
...
5,800
417
L2252931.UP.FTS.B
,
15
.49
%
,
12/15/26
...
1,352
1,335
L2252976.UP.FTS.B
,
16
.75
%
,
12/15/26
...
2,571
2,541
b
L2252199.UP.FTS.B
,
17
.21
%
,
12/15/26
...
4,901
352
L2253164.UP.FTS.B
,
17
.76
%
,
12/15/26
...
1,772
1,741
Description
Principal
Amount
Value
Upstart
Network,
Inc.
(continued)
FW2251546.UP.FTS.B
,
19
.76
%
,
12/15/26
.
$
6,408
$
6,293
L2252318.UP.FTS.B
,
20
.43
%
,
12/15/26
...
1,292
1,269
L2251727.UP.FTS.B
,
20
.77
%
,
12/15/26
...
1,085
1,066
L2253118.UP.FTS.B
,
21
.32
%
,
12/15/26
...
8,716
8,554
b
L2251670.UP.FTS.B
,
22
.36
%
,
12/15/26
...
2,585
76
L2252135.UP.FTS.B
,
22
.59
%
,
12/15/26
...
1,328
1,304
L2250541.UP.FTS.B
,
24
.85
%
,
12/15/26
...
1,363
1,340
L2252209.UP.FTS.B
,
25
.21
%
,
12/15/26
...
539
530
L2252447.UP.FTS.B
,
25
.4
%
,
12/15/26
....
550
541
FW2253392.UP.FTS.B
,
25
.5
%
,
12/15/26
..
3,350
3,293
FW2248936.UP.FTS.B
,
26
.48
%
,
12/15/26
.
2,662
2,616
FW2252023.UP.FTS.B
,
28
.67
%
,
12/15/26
.
2,192
2,157
FW2253234.UP.FTS.B
,
28
.94
%
,
12/15/26
.
5,106
5,024
FW2252233.UP.FTS.B
,
30
.05
%
,
12/15/26
.
1,211
1,192
FW2252687.UP.FTS.B
,
30
.62
%
,
12/15/26
.
7,311
7,198
FW2253542.UP.FTS.B
,
31
.19
%
,
12/15/26
.
932
918
L2251912.UP.FTS.B
,
13
.91
%
,
12/19/26
...
1,380
1,352
L2252296.UP.FTS.B
,
8
.02
%
,
12/26/26
....
5,416
5,278
L2251043.UP.FTS.B
,
12
.11
%
,
12/28/26
...
12,331
12,069
L2499407.UP.FTS.B
,
5
.37
%
,
1/24/27
....
18,167
17,550
L2499766.UP.FTS.B
,
6
.26
%
,
1/24/27
....
2,209
2,135
L2500086.UP.FTS.B
,
7
.95
%
,
1/24/27
....
4,021
3,928
L2497458.UP.FTS.B
,
8
.44
%
,
1/24/27
....
13,228
12,891
L2497353.UP.FTS.B
,
9
.69
%
,
1/24/27
....
4,965
4,840
L2500305.UP.FTS.B
,
11
.35
%
,
1/24/27
....
415
406
FW2499235.UP.FTS.B
,
11
.45
%
,
1/24/27
..
2,577
2,523
b
L2498623.UP.FTS.B
,
12
.18
%
,
1/24/27
....
1,119
81
L2497797.UP.FTS.B
,
12
.7
%
,
1/24/27
....
2,835
2,777
b
L2500282.UP.FTS.B
,
13
.29
%
,
1/24/27
....
5,147
370
L2498730.UP.FTS.B
,
14
.35
%
,
1/24/27
....
2,495
2,444
b
FW2499948.UP.FTS.B
,
14
.6
%
,
1/24/27
...
3,415
176
L2500513.UP.FTS.B
,
14
.9
%
,
1/24/27
....
8,350
8,183
L2494019.UP.FTS.B
,
16
.44
%
,
1/24/27
....
2,557
2,531
L2497377.UP.FTS.B
,
16
.51
%
,
1/24/27
....
2,347
2,323
L2500130.UP.FTS.B
,
18
.16
%
,
1/24/27
....
3,052
3,003
L2500098.UP.FTS.B
,
18
.6
%
,
1/24/27
....
3,289
3,258
L2497754.UP.FTS.B
,
19
.19
%
,
1/24/27
....
1,370
1,348
L2498546.UP.FTS.B
,
19
.91
%
,
1/24/27
....
3,247
827
L2497528.UP.FTS.B
,
19
.93
%
,
1/24/27
....
2,231
2,196
L2499090.UP.FTS.B
,
20
.13
%
,
1/24/27
....
2,683
2,642
FW2499205.UP.FTS.B
,
20
.72
%
,
1/24/27
..
2,849
2,803
L2499153.UP.FTS.B
,
21
.13
%
,
1/24/27
....
498
491
L2497527.UP.FTS.B
,
21
.34
%
,
1/24/27
....
2,270
2,235
FW2494038.UP.FTS.B
,
22
.37
%
,
1/24/27
..
1,840
1,812
FW2497553.UP.FTS.B
,
23
.05
%
,
1/24/27
..
7,960
7,844
L2500427.UP.FTS.B
,
23
.85
%
,
1/24/27
....
4,823
4,780
L2500298.UP.FTS.B
,
25
.15
%
,
1/24/27
....
792
779
L2500230.UP.FTS.B
,
25
.4
%
,
1/24/27
....
2,480
2,446
L2500426.UP.FTS.B
,
25
.41
%
,
1/24/27
....
620
612
L2497705.UP.FTS.B
,
25
.44
%
,
1/24/27
....
1,974
1,945
L2500467.UP.FTS.B
,
25
.44
%
,
1/24/27
....
902
242
b
L2500357.UP.FTS.B
,
26
.3
%
,
1/24/27
....
5,013
799
FW2498744.UP.FTS.B
,
26
.78
%
,
1/24/27
..
4,847
4,782
FW2498534.UP.FTS.B
,
28
.67
%
,
1/24/27
..
941
928
FW2498768.UP.FTS.B
,
30
.06
%
,
1/24/27
..
739
730
FW2499403.UP.FTS.B
,
30
.76
%
,
1/24/27
..
1,418
1,401
Franklin
Universal
Trust
Schedule
of
Investments
(unaudited)
See
Notes
to
Schedule
of
Investments.
Quarterly
Schedule
of
Investments
19
Description
Principal
Amount
Value
Marketplace
Loans
(continued)
Upstart
Network,
Inc.
(continued)
FW2497608.UP.FTS.B
,
31
.43
%
,
1/24/27
..
$
742
$
733
b
FW2497327.UP.FTS.B
,
33
.75
%
,
1/24/27
..
1,171
81
FW2502639.UP.FTS.B
,
4
.89
%
,
1/25/27
...
4,852
4,686
L2443263.UP.FTS.B
,
6
.66
%
,
1/25/27
....
3,150
3,044
L2501608.UP.FTS.B
,
7
.8
%
,
1/25/27
.....
7,542
7,291
L2501547.UP.FTS.B
,
8
.21
%
,
1/25/27
....
2,386
2,324
L2502319.UP.FTS.B
,
8
.49
%
,
1/25/27
....
16,030
15,616
L2502134.UP.FTS.B
,
9
.38
%
,
1/25/27
....
12,174
11,867
FW2498378.UP.FTS.B
,
11
.81
%
,
1/25/27
..
11,994
11,747
L2501198.UP.FTS.B
,
12
.05
%
,
1/25/27
....
5,017
4,914
FW2502179.UP.FTS.B
,
12
.78
%
,
1/25/27
..
811
794
L2501977.UP.FTS.B
,
12
.89
%
,
1/25/27
....
16,012
15,687
L2502247.UP.FTS.B
,
13
.43
%
,
1/25/27
....
1,636
1,603
L2503471.UP.FTS.B
,
13
.93
%
,
1/25/27
....
2,065
2,023
L2500808.UP.FTS.B
,
14
.3
%
,
1/25/27
....
3,064
3,003
L2501876.UP.FTS.B
,
14
.91
%
,
1/25/27
....
1,671
1,637
L2499095.UP.FTS.B
,
16
.97
%
,
1/25/27
....
1,288
1,275
L2501997.UP.FTS.B
,
17
.77
%
,
1/25/27
....
2,169
2,149
FW2501148.UP.FTS.B
,
17
.78
%
,
1/25/27
..
867
859
FW2501125.UP.FTS.B
,
17
.82
%
,
1/25/27
..
651
641
L2502439.UP.FTS.B
,
18
.98
%
,
1/25/27
....
3,120
3,069
L2500727.UP.FTS.B
,
19
.88
%
,
1/25/27
....
3,657
3,599
FW2501295.UP.FTS.B
,
20
.14
%
,
1/25/27
..
447
441
FW2500961.UP.FTS.B
,
20
.28
%
,
1/25/27
..
2,767
2,725
FW2501561.UP.FTS.B
,
21
.33
%
,
1/25/27
..
2,443
2,407
L2503424.UP.FTS.B
,
21
.51
%
,
1/25/27
....
4,459
4,392
L2502058.UP.FTS.B
,
21
.83
%
,
1/25/27
....
4,591
4,522
b
L2500977.UP.FTS.B
,
22
.64
%
,
1/25/27
....
3,748
126
FW2503468.UP.FTS.B
,
24
.6
%
,
1/25/27
...
1,591
1,569
FW2503375.UP.FTS.B
,
24
.71
%
,
1/25/27
..
1,461
1,441
FW2503209.UP.FTS.B
,
25
.12
%
,
1/25/27
..
3,264
3,220
L2500860.UP.FTS.B
,
25
.49
%
,
1/25/27
....
646
637
FW2501330.UP.FTS.B
,
26
.47
%
,
1/25/27
..
2,666
2,631
FW2502187.UP.FTS.B
,
26
.63
%
,
1/25/27
..
2,418
2,387
FW2501053.UP.FTS.B
,
27
.35
%
,
1/25/27
..
3,951
3,900
FW2502652.UP.FTS.B
,
27
.68
%
,
1/25/27
..
2,400
2,369
FW2503169.UP.FTS.B
,
27
.77
%
,
1/25/27
..
485
479
FW2500797.UP.FTS.B
,
28
.58
%
,
1/25/27
..
953
941
FW2502849.UP.FTS.B
,
29
.19
%
,
1/25/27
..
364
360
FW2501430.UP.FTS.B
,
31
.03
%
,
1/25/27
..
1,032
278
FW2500654.UP.FTS.B
,
31
.21
%
,
1/25/27
..
494
488
FW2502276.UP.FTS.B
,
33
.54
%
,
1/25/27
..
2,626
2,597
L2500341.UP.FTS.B
,
18
.83
%
,
1/28/27
....
1,103
1,086
FW2499482.UP.FTS.B
,
28
.65
%
,
1/28/27
..
8,153
8,050
FW2498422.UP.FTS.B
,
31
.2
%
,
2/01/27
...
533
526
L2500786.UP.FTS.B
,
26
.35
%
,
2/09/27
....
1,464
103
FW1729970.UP.FTS.B
,
18
.27
%
,
2/17/27
..
14,004
13,756
b
L1729858.UP.FTS.B
,
25
.05
%
,
2/17/27
....
14,427
1,102
FW1729684.UP.FTS.B
,
29
.1
%
,
2/17/27
...
6,236
6,144
b
L1902477.UP.FTS.B
,
13
.65
%
,
3/22/27
....
5,165
277
L2031108.UP.FTS.B
,
11
.34
%
,
4/12/27
....
23,225
5,361
b
L2032268.UP.FTS.B
,
15
.84
%
,
4/12/27
....
9,223
1,361
L2032266.UP.FTS.B
,
21
.24
%
,
4/12/27
....
2,903
2,848
b
FW2032681.UP.FTS.B
,
22
.41
%
,
4/12/27
..
1,567
113
L2032337.UP.FTS.B
,
26
.62
%
,
4/12/27
....
4,911
4,824
FW2003411.UP.FTS.B
,
27
.5
%
,
4/12/27
...
4,376
2,187
Description
Principal
Amount
Value
Upstart
Network,
Inc.
(continued)
L2972334.UP.FTS.B
,
6
.17
%
,
4/19/27
....
$
21,004
$
20,342
L2971979.UP.FTS.B
,
6
.84
%
,
4/19/27
....
11,366
11,010
L2971286.UP.FTS.B
,
7
.38
%
,
4/19/27
....
10,684
10,352
FW2972190.UP.FTS.B
,
7
.92
%
,
4/19/27
...
20,372
19,741
L2971527.UP.FTS.B
,
13
.17
%
,
4/19/27
....
4,853
4,759
L2967243.UP.FTS.B
,
14
.24
%
,
4/19/27
....
7,967
7,815
L2971759.UP.FTS.B
,
16
.29
%
,
4/19/27
....
3,623
3,593
L2971657.UP.FTS.B
,
16
.32
%
,
4/19/27
....
1,032
1,024
L2971776.UP.FTS.B
,
19
.69
%
,
4/19/27
....
3,309
3,283
L2972008.UP.FTS.B
,
20
.74
%
,
4/19/27
....
2,783
2,743
FW2971643.UP.FTS.B
,
24
.95
%
,
4/19/27
..
12,052
2,978
L2971841.UP.FTS.B
,
25
.2
%
,
4/19/27
....
517
510
L2030886.UP.FTS.B
,
25
.5
%
,
4/19/27
....
13,859
13,624
FW2972220.UP.FTS.B
,
26
.42
%
,
4/19/27
..
2,108
2,082
L2971662.UP.FTS.B
,
26
.49
%
,
4/19/27
....
542
535
b
FW2972102.UP.FTS.B
,
26
.72
%
,
4/19/27
..
1,927
295
FW2972305.UP.FTS.B
,
27
.33
%
,
4/19/27
..
3,275
3,236
b
L2100737.UP.FTS.B
,
22
.28
%
,
4/23/27
....
12,426
1,904
FW2102410.UP.FTS.B
,
22
.44
%
,
5/07/27
..
2,607
2,565
L2247268.UP.FTS.B
,
14
.22
%
,
5/14/27
....
24,950
24,583
L2250559.UP.FTS.B
,
14
.84
%
,
5/14/27
....
3,400
3,316
FW2249414.UP.FTS.B
,
19
.5
%
,
5/14/27
...
3,752
3,678
L2251037.UP.FTS.B
,
19
.7
%
,
5/14/27
....
989
976
FW2248500.UP.FTS.B
,
23
.6
%
,
5/14/27
...
1,614
1,583
L2252566.UP.FTS.B
,
19
.55
%
,
5/15/27
....
3,024
1,872
L2252234.UP.FTS.B
,
21
.66
%
,
5/15/27
....
2,543
601
FW2252591.UP.FTS.B
,
31
.67
%
,
5/15/27
..
5,227
5,169
L2250436.UP.FTS.B
,
22
.79
%
,
5/27/27
....
13,109
12,899
b
L2250389.UP.FTS.B
,
13
.11
%
,
5/28/27
....
11,173
1,480
L2497350.UP.FTS.B
,
13
.11
%
,
6/24/27
....
5,092
4,964
FW2497520.UP.FTS.B
,
17
.89
%
,
6/24/27
..
3,406
3,367
L2500224.UP.FTS.B
,
25
.04
%
,
6/24/27
....
3,533
3,487
b
FW2499989.UP.FTS.B
,
28
.3
%
,
6/24/27
...
5,776
410
L2501796.UP.FTS.B
,
9
.36
%
,
6/25/27
....
6,874
6,689
FW2502647.UP.FTS.B
,
31
.05
%
,
6/25/27
..
5,856
5,802
FW1729187.UP.FTS.B
,
30
.3
%
,
7/17/27
...
3,689
3,635
FW2972075.UP.FTS.B
,
9
.42
%
,
9/19/27
...
19,335
11,487
L2971880.UP.FTS.B
,
24
%
,
9/19/27
......
22,981
22,836
FW2101751.UP.FTS.B
,
16
.63
%
,
9/23/27
..
9,187
9,087
FW2249158.UP.FTS.B
,
11
.8
%
,
10/28/27
..
6,617
6,458
FW2497574.UP.FTS.B
,
12
.62
%
,
11/24/27
.
14,706
14,383
FW2500185.UP.FTS.B
,
30
.96
%
,
11/24/27
.
6,139
1,471
L2498668.UP.FTS.B
,
13
.66
%
,
11/25/27
...
21,865
21,332
L2499062.UP.FTS.B
,
17
.84
%
,
12/08/27
...
916
189
L2971929.UP.FTS.B
,
24
.66
%
,
2/19/28
....
13,701
8,549
b
FW2503345.UP.FTS.B
,
13
.6
%
,
1/25/35
...
194
14
1,114,070
Total
Marketplace
Loans
(Cost
$
2,873,096
)
.......................
$2,466,852
a
The
rate
shown
represents
the
yield
at
period
end.
b
Defaulted
security
or
security
for
which
income
has
been
deemed
uncollectible.
Franklin
Universal
Trust
Notes
to
Schedule
of
Investments
(unaudited)
20
Quarterly
Schedule
of
Investments
1.
Organization
Franklin
Universal
Trust (Fund)
is
registered under
the
Investment
Company
Act
of
1940
(1940
Act)
as
a
closed-end
management
investment
company.
The
Fund
follows
the
accounting
and
reporting
guidance
in
Financial
Accounting
Standards
Board
(FASB)
Accounting
Standards
Codification
Topic
946,
Financial
Services
–
Investment
Companies
(ASC
946)
and
applies
the
specialized
accounting
and
reporting
guidance
in
U.S.
Generally
Accepted
Accounting
Principles
(U.S.
GAAP),
including,
but
not
limited
to,
ASC
946.
2. Financial
Instrument
Valuation
The
Fund's investments
in
financial
instruments
are
carried
at
fair
value
daily.
Fair
value
is
the
price
that
would
be
received
to
sell
an
asset
or
paid
to
transfer
a
liability
in
an
orderly
transaction
between
market
participants
on
the
measurement
date.
The
Fund
calculates the
net
asset
value
(NAV)
per
share
each
business
day
as
of
4
p.m.
Eastern
time
or
the
regularly
scheduled
close
of
the
New
York
Stock
Exchange
(NYSE),
whichever
is
earlier.
Senior
fixed
rate
notes
issued
by
the
Fund
are
carried
at
cost. Under
compliance
policies
and
procedures
approved
by
the Fund's
Board
of Trustees
(the
Board),
the
Board
has
designated
the
Fund's
investment
manager
as
the
valuation
designee
and
has
responsibility
for
oversight
of
valuation.
The
investment
manager
is
assisted
by
the
Fund's administrator
in
performing
this responsibility,
including
leading
the
cross-
functional
Valuation
Committee
(VC).
The
Fund
may
utilize
independent
pricing
services,
quotations
from
securities
and
financial
instrument
dealers,
and
other
market
sources
to
determine
fair
value.
Equity
securities
listed
on
an
exchange
or
on
the
NASDAQ
National
Market
System
are
valued
at
the
last
quoted
sale
price
or
the
official
closing
price
of
the
day,
respectively.
Foreign
equity
securities
are
valued
as
of
the
close
of
trading
on
the
foreign
stock
exchange
on
which
the
security
is
primarily
traded
or
as
of
4
p.m.
Eastern
time.
The
value
is
then
converted
into
its
U.S.
dollar
equivalent
at
the
foreign
exchange
rate
in
effect
at
4
p.m. Eastern
time
on
the
day
that
the
value
of
the
security
is
determined.
Over-the-counter
(OTC)
securities
are
valued
within
the
range
of
the
most
recent
quoted
bid
and
ask
prices.
Securities
that
trade
in
multiple
markets
or
on
multiple
exchanges
are
valued
according
to
the
broadest
and
most
representative
market.
Certain
equity
securities
are
valued
based
upon
fundamental
characteristics
or
relationships
to
similar
securities.
Debt
securities
generally
trade
in
the
OTC
market
rather
than
on
a
securities
exchange.
The Fund's
pricing
services
use
multiple
valuation
techniques
to
determine
fair
value.
In
instances
where
sufficient
market
activity
exists,
the
pricing
services
may
utilize
a
market-based
approach
through
which
quotes
from
market
makers
are
used
to
determine
fair
value.
In
instances
where
sufficient
market
activity
may
not
exist
or
is
limited,
the
pricing
services
also
utilize
proprietary
valuation
models
which
may
consider
market
characteristics
such
as
benchmark
yield
curves,
credit
spreads,
estimated
default
rates,
anticipated
market
interest
rate
volatility,
coupon
rates,
anticipated
timing
of
principal
repayments,
underlying
collateral,
and
other
unique
security
features
in
order
to
estimate
the
relevant
cash
flows,
which
are
then
discounted
to
calculate
the
fair
value.
Securities
denominated
in
a
foreign
currency
are
converted
into
their
U.S.
dollar
equivalent
at
the
foreign
exchange
rate
in
effect
at
4
p.m.
Eastern
time
on
the
date
that
the
values
of
the
foreign
debt
securities
are
determined.
Investments
in
open-end
mutual
funds
are
valued
at
the
closing
NAV.
The
Fund
has procedures
to
determine
the
fair
value
of
financial
instruments
for
which
market
prices
are
not
reliable
or
readily
available.
Under
these
procedures,
the
Fund
primarily employs
a
market-based
approach
which
may
use
related
or
comparable
assets
or
liabilities,
recent
transactions,
market
multiples,
and
other
relevant
information
for
the
investment
to
determine
the
fair
value
of
the
investment.
An
income-based
valuation
approach
may
also
be
used
in
which
the
anticipated
future
cash
flows
of
the
investment
are
discounted
to
calculate
fair
value.
Discounts
may
also
be
applied
due
to
the
nature
or
duration
of
any
restrictions
on
the
disposition
of
the
investments.
Due
to
the
inherent
uncertainty
of
valuations
of
such
investments,
the
fair
values
may
differ
significantly
from
the
values
that
would
have
been
used
had
an
active
market
existed. 
Franklin
Universal
Trust
Notes
to
Schedule
of
Investments
(unaudited)
21
Quarterly
Schedule
of
Investments
Trading
in
securities
on
foreign
securities
stock
exchanges
and
OTC
markets
may
be
completed
before
4
p.m.
Eastern
time.
In
addition,
trading
in
certain
foreign
markets
may
not
take
place
on
every
Fund’s
business
day.
Events
can
occur
between
the
time
at
which
trading
in
a
foreign
security
is
completed
and
4
p.m.
Eastern
time
that
might
call
into
question
the
reliability
of
the
value
of
a
portfolio
security
held
by
the
Fund.
As
a
result,
differences
may
arise
between
the
value
of
the
Fund’s
portfolio securities
as
determined
at
the
foreign
market
close
and
the
latest
indications
of
value
at
4
p.m.
Eastern
time.
In
order
to
minimize
the
potential
for
these
differences,
an
independent
pricing
service
may
be
used
to
adjust
the
value
of
the
Fund's
portfolio
securities
to
the
latest
indications
of
fair
value
at 4
p.m.
Eastern
time.
When
the
last
day
of
the
reporting
period
is
a
non-business
day,
certain
foreign
markets
may
be
open
on
those
days
that
the
Fund’s
NAV
is
not
calculated,
which
could
result
in
differences
between
the
value
of
the
Fund’s
portfolio
securities
on
the
last
business
day
and
the
last
calendar
day
of
the
reporting
period.
Any
security
valuation
changes
due
to
an
open
foreign
market
are
adjusted
and
reflected
by
the
Fund for
financial
reporting
purposes.
3.
Investments
in
Affiliated
Management
Investment
Companies
The
Fund
invests
in
one
or
more
affiliated
management
investment
companies.
As
defined
in
the
1940
Act,
an
investment
is
deemed
to
be
a
"Controlled
Affiliate"
of
a
fund
when
a
fund
owns,
either
directly
or
indirectly,
25%
or
more
of
the
affiliated
fund's
outstanding
shares
or
has
the
power
to
exercise
control
over
management
or
policies
of
such
fund.
The
Fund
does
not
invest
for
purposes
of
exercising
a
controlling
influence
over
the
management
or
policies.
During
the
period
ended
May
31,
2025
,
the
Fund
held
investments
in
affiliated
management
investment
companies
as
follows:
4. Fair
Value
Measurements
The Fund
follows a
fair
value
hierarchy
that
distinguishes
between
market
data
obtained
from
independent
sources
(observable
inputs)
and
the Fund's
own
market
assumptions
(unobservable
inputs).
These
inputs
are
used
in
determining
the
value
of
the
Fund's
financial
instruments
and
are
summarized
in
the
following
fair
value
hierarchy:
Level
1
–
quoted
prices
in
active
markets
for
identical
financial
instruments
Level
2
–
other
significant
observable
inputs
(including
quoted
prices
for
similar
financial
instruments,
interest
rates,
prepayment
speed,
credit
risk,
etc.)
Level
3
–
significant
unobservable
inputs
(including
the
Fund's
own
assumptions
in
determining
the
fair
value
of
financial
instruments)
The
input
levels
are
not
necessarily
an
indication
of
the
risk
or
liquidity
associated
with
financial
instruments
at
that
level.
A
summary
of
inputs
used
as
of
May
31,
2025,
in
valuing
the Fund's
assets
carried
at
fair
value,
is
as
follows:  
    aa
Value
at
Beginning
of
Period
Purchases
Sales
Realized
Gain
(Loss)
Net
Change
in
Unrealized
Appreciation
(Depreciation)
Value
at
End
of
Period
Number
of
Shares
Held
at
End
of
Period
Investment
Income
a      
a  
a  
a  
a  
a  
a  
a  
Franklin
Universal
Trust
Non-Controlled
Affiliates
Dividends
Institutional
Fiduciary
Trust
-
Money
Market
Portfolio,
4.079%
$4,054,622
$37,082,479
$(35,553,290)
$—
$—
$5,583,811
5,583,811
$171,143
Total
Affiliated
Securities
...
$4,054,622
$37,082,479
$(35,553,290)
$—
$—
$5,583,811
$171,143
2. Financial
Instrument
Valuation
(continued)
Franklin
Universal
Trust
Notes
to
Schedule
of
Investments
(unaudited)
22
Quarterly
Schedule
of
Investments
Level
1
Level
2
Level
3
Total
Franklin
Universal
Trust
Assets:
Investments
in
Securities:
Common
Stocks
:
Electric
Utilities
........................
$
52,356,435
$
—
$
—
$
52,356,435
Metals
&
Mining
.......................
5,148,329
—
—
5,148,329
Multi-Utilities
..........................
33,900,372
—
—
33,900,372
Oil,
Gas
&
Consumable
Fuels
.............
3,240,567
181,132
—
3,421,699
Pharmaceuticals
.......................
238,875
—
—
238,875
Software
.............................
—
—
32,432
32,432
Convertible
Preferred
Stocks
................
201,960
—
—
201,960
Preferred
Stocks
.........................
481,525
—
—
481,525
Warrants
...............................
22,468
—
—
22,468
Corporate
Bonds
:
Aerospace
&
Defense
...................
—
3,551,118
—
3,551,118
Automobile
Components
.................
—
4,636,732
—
4,636,732
Automobiles
..........................
—
690,546
—
690,546
Biotechnology
.........................
—
1,253,709
—
1,253,709
Broadline
Retail
.......................
—
1,469,304
—
1,469,304
Building
Products
......................
—
5,025,933
—
5,025,933
Capital
Markets
........................
—
2,125,887
—
2,125,887
Chemicals
...........................
—
6,638,942
—
a
6,638,942
Commercial
Services
&
Supplies
...........
—
5,401,674
—
5,401,674
Communications
Equipment
..............
—
1,540,021
—
1,540,021
Construction
&
Engineering
...............
—
388,793
—
388,793
Consumer
Finance
.....................
—
4,686,226
—
4,686,226
Consumer
Staples
Distribution
&
Retail
......
—
720,637
—
720,637
Containers
&
Packaging
.................
—
3,835,627
—
3,835,627
Distributors
...........................
—
983,645
—
983,645
Diversified
Consumer
Services
............
—
758,241
—
758,241
Diversified
REITs
......................
—
2,311,323
—
2,311,323
Diversified
Telecommunication
Services
.....
—
4,530,112
—
4,530,112
Electric
Utilities
........................
—
3,688,886
—
3,688,886
Electrical
Equipment
....................
—
1,708,406
—
1,708,406
Electronic
Equipment,
Instruments
&
Components
........................
—
781,813
—
781,813
Energy
Equipment
&
Services
.............
—
4,490,797
—
4,490,797
Entertainment
.........................
—
830,921
—
830,921
Financial
Services
......................
—
7,741,756
—
7,741,756
Food
Products
........................
—
2,225,331
—
2,225,331
Ground
Transportation
..................
—
2,341,736
—
2,341,736
Health
Care
Equipment
&
Supplies
.........
—
1,526,273
—
1,526,273
Health
Care
Providers
&
Services
..........
—
6,436,857
—
6,436,857
Health
Care
REITs
.....................
—
769,334
—
769,334
Hotel
&
Resort
REITs
...................
—
2,196,835
—
2,196,835
Hotels,
Restaurants
&
Leisure
.............
—
10,562,161
—
a
10,562,161
Household
Durables
....................
—
4,702,294
—
4,702,294
Household
Products
....................
—
188,096
—
188,096
Independent
Power
and
Renewable
Electricity
Producers
..........................
—
2,608,191
—
2,608,191
Insurance
............................
—
3,431,512
—
3,431,512
Interactive
Media
&
Services
..............
—
354,878
—
354,878
IT
Services
...........................
—
2,004,188
—
2,004,188
Life
Sciences
Tools
&
Services
............
—
354,815
—
354,815
Machinery
............................
—
3,899,871
—
3,899,871
Media
...............................
—
5,993,466
—
5,993,466
Metals
&
Mining
.......................
—
3,577,854
—
3,577,854
4. Fair
Value
Measurements
(continued)
Franklin
Universal
Trust
Notes
to
Schedule
of
Investments
(unaudited)
23
Quarterly
Schedule
of
Investments
A
reconciliation
in
which
Level
3
inputs
are
used
in
determining
fair
value
is
presented
when
there
are
significant
Level
3
assets
and/or
liabilities
at
the
beginning
and/or
end
of
the
period.
At May
31,
2025,
the
reconciliation
is
as
follows:
Level
1
Level
2
Level
3
Total
Franklin
Universal
Trust
(continued)
Assets:
(continued)
Investments
in
Securities:
(continued)
Corporate
Bonds:
(continued)
Mortgage
Real
Estate
Investment
Trusts
(REITs)
............................
$
—
$
1,401,771
$
—
$
1,401,771
Oil,
Gas
&
Consumable
Fuels
.............
—
15,163,188
—
a
15,163,188
Paper
&
Forest
Products
.................
—
339,462
—
339,462
Passenger
Airlines
.....................
—
1,566,868
—
1,566,868
Personal
Care
Products
.................
—
1,562,718
—
1,562,718
Pharmaceuticals
.......................
—
1,461,197
—
1,461,197
Professional
Services
...................
—
433,793
—
433,793
Real
Estate
Management
&
Development
....
—
1,533,420
—
1,533,420
Software
.............................
—
2,148,668
—
2,148,668
Specialized
REITs
......................
—
1,016,618
—
1,016,618
Specialty
Retail
........................
—
1,251,863
—
1,251,863
Technology
Hardware,
Storage
&
Peripherals
.
—
552,233
—
552,233
Textiles,
Apparel
&
Luxury
Goods
..........
—
740,225
—
740,225
Trading
Companies
&
Distributors
..........
—
4,565,712
—
4,565,712
Wireless
Telecommunication
Services
.......
—
2,953,825
844
2,954,669
Senior
Floating
Rate
Interests
...............
—
34,465
—
34,465
Marketplace
Loans
.......................
—
—
2,466,852
2,466,852
Asset-Backed
Securities
...................
—
3,966
—
3,966
Municipal
Bonds
.........................
—
440,653
—
440,653
Escrows
and
Litigation
Trusts
...............
—
6,000
—
a
6,000
Short
Term
Investments
...................
5,583,811
—
—
5,583,811
Total
Investments
in
Securities
...........
$101,174,342
$160,322,518
$2,500,128
$263,996,988
a
Includes
financial
instruments
determined
to
have
no
value.
Balance
at
Beginning
of
Period
Purchases
a
Sales
b
Transfer
Into
Level
3
c
Transfer
Out
of
Level
3
Net
Accretion
(Amortiza-
tion)
Net
Realized
Gain
(Loss)
Net
Unr
ealized
Appreciatio
n
(
Depreciation
)
Balance
at
End
of
Period
Net
Change
in
Unrealized
Appreciation
(Depreciation)
on
Assets
Held
at
Period
End
a
a
a
a
a
a
a
a
a
a
a
Franklin
Universal
Trust
Assets:
Investments
in
Securities:
Common
Stocks
:
Software
..........
$
—
$
1,299,500
$
—
$
—
$
—
$
—
$
—
$
(1,267,068)
$
32,432
$
(1,267,068)
Corporate
Bonds
:
Chemicals
........
—
—
—
3,851
—
—
—
(3,851)
—
d
(3,851)
Hotels,
Restaurants
&
Leisure
.........
—
d
—
—
—
—
—
—
—
—
d
—
Oil,
Gas
&
Consumable
Fuels
..........
—
d
—
—
—
—
—
—
—
—
d
—
Wireless
Telecommunication
Services
........
893
—
(316)
—
—
442
292
(467)
844
97
Marketplace
Loans
:
Financial
Services
...
5,201,571
35,771
(2,887,543)
—
—
—
(144,139)
261,192
2,466,852
(87,902)
4. Fair
Value
Measurements
(continued)
Franklin
Universal
Trust
Notes
to
Schedule
of
Investments
(unaudited)
24
Quarterly
Schedule
of
Investments
Significant
unobservable
valuation
inputs
for
material
Level
3
assets
and/or
liabilities
and
impact
to
fair
value
as
a
result
of
changes
in
unobservable
valuation
inputs
as
of
May
31,
2025,
are
as
follows:
a
Weighted
based
on
the
relative
fair
value
of
the
financial
instruments.
b
Represents
the
directional
change
in
the
fair
value
of
the
Level
3
financial
instruments
that
would
result
from
a
significant
and
reasonable
increase
in
the
corresponding
input.
A
significant
and
reasonable
decrease
in
the
input
would
have
the
opposite
effect.
Significant
increases
and
decreases
in
these
inputs
in
isolation
could
result
in
significantly
higher
or
lower
fair
value
measurements.
c
Includes
fair
value
of
immaterial
assets
and/or
liabilities
developed
using
various
valuation
techniques
and
unobservable
inputs.
d
Includes
financial
instruments
determined
to
have
no
value.
Balance
at
Beginning
of
Period
Purchases
a
Sales
b
Transfer
Into
Level
3
c
Transfer
Out
of
Level
3
Net
Accretion
(Amortiza-
tion)
Net
Realized
Gain
(Loss)
Net
Unrealized
Appreciation
(Depreciation)
Balance
at
End
of
Period
Net
Change
in
Unrealized
Appreciation
(Depreciation)
on
Assets
Held
at
Period
End
a
a
a
a
a
a
a
a
a
a
a
Franklin
Universal
Trust
(continued)
Assets:
(continued)
Investments
in
Securities:
(continued)
Escrows
and
Litigation
Trusts
:
$
—
d
$
—
d
$
(7,052)
$
—
$
—
$
—
$
7,052
$
—
$
—
d
$
—
Total
Investments
in
Securities
............
$5,202,464
$1,335,271
$(2,894,911)
$3,851
$—
$442
$(136,795)
$(1,010,194)
$2,500,128
$(1,358,724)
a
Purchases
include
all
purchases
of
securities
and
securities
received
in
corporate
actions.
b
Sales
include
all
sales
of
securities,
maturities,
paydowns
and
securities
tendered
in
corporate
actions.
c
Transferred
into
Level
3
as
a
result
of
the
unavailability
of
a
quoted
market
price
in
an
active
market
for
identical
securities
and
other
significant
observable
valuation
inputs.
May
include
amounts
related
to
a
corporate
action.
d
Includes
financial
instruments
determined
to
have
no
value.
Description
Fair
Value
at
End
of
Period
Valuation
Technique
Unobservable
Inputs
Amount
(Weighted
Average)
a
Impact
to
Fair
Value
if
Input
Increases
b
Franklin
Universal
Trust
Assets:
Investments
in
Securities:
Marketplace
Loans:
Financial
Services...........
$2,466,852
Discounted
cash
flow
Loss-adjusted
discount
rate
0.8%
-
13.8%
(7.7%)
Decrease
Projected
loss
rate
1.0%
-
86.6%
(16.6%)
Decrease
All
Other
Investments……….
33,276
c,d
Total.......................................
$2,500,128
4. Fair
Value
Measurements
(continued)
Franklin
Universal
Trust
Notes
to
Schedule
of
Investments
(unaudited)
25
Quarterly
Schedule
of
Investments
Abbreviations
Selected
Portfolio
ADR
American
Depositary
Receipt
FRN
Floating
Rate
Note
PIK
Payment-In-Kind
REIT
Real
Estate
Investment
Trust
For
additional
information
on
the
Fund's
significant
accounting
policies,
please
refer
to
the Fund's
most
recent
semiannual
or
annual
shareholder
report.