Franklin Universal Trust (FT) NPORT-P Franklin Universal Trust (Nov 2020 report)

Franklin

Universal

Trust

Statement

of

Investments

(unaudited),

November

30,

2020

See

Notes

to

Statement

of

Investments.

Quarterly

Statement

of

Investments

1

a

a

Country

Shares

a

Value

a

a

a

a

a

a

Common

Stocks

40.7%

Electric

Utilities

22.5%

Alliant

Energy

Corp.

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

United

States

80,000

$

4,208,000

American

Electric

Power

Co.,

Inc.

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

United

States

65,000

5,517,850

Duke

Energy

Corp.

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

United

States

46,060

4,267,920

Edison

International

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

United

States

36,000

2,208,960

Entergy

Corp.

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

United

States

30,000

3,265,500

Evergy

,

Inc.

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

United

States

80,000

4,432,800

Exelon

Corp.

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

United

States

80,000

3,285,600

FirstEnergy

Corp.

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

United

States

40,000

1,062,400

NextEra

Energy,

Inc.

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

United

States

120,000

8,830,800

Pinnacle

West

Capital

Corp.

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

United

States

30,000

2,455,500

PPL

Corp.

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

United

States

24,500

696,290

Southern

Co.

(The)

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

United

States

60,000

3,591,000

Xcel

Energy,

Inc.

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

United

States

60,000

4,041,600

47,864,220

Energy

Equipment

&

Services

0.0%

†

a

Weatherford

International

plc

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

United

States

16,874

63,278

a

Machinery

0.1%

a

Birch

Permian

Holdings,

Inc.

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

United

States

3,694

25,858

a

Birch

Permian

Holdings,

Inc.

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

United

States

28,796

197,972

223,830

Metals

&

Mining

1.5%

BHP

Group

plc,

ADR

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

Australia

25,185

1,144,910

Freeport-McMoRan,

Inc.

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

United

States

80,380

1,880,088

South32

Ltd.,

ADR

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

Australia

10,074

88,047

3,113,045

Multi-Utilities

15.8%

CenterPoint

Energy,

Inc.

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

United

States

122,800

2,847,732

CMS

Energy

Corp.

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

United

States

90,000

5,538,600

Consolidated

Edison,

Inc.

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

United

States

40,000

3,050,000

Dominion

Energy,

Inc.

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

United

States

67,200

5,274,528

DTE

Energy

Co.

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

United

States

30,000

3,774,300

NiSource,

Inc.

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

United

States

60,000

1,452,000

Public

Service

Enterprise

Group,

Inc.

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

United

States

45,000

2,622,600

Sempra

Energy

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

United

States

45,000

5,736,600

WEC

Energy

Group,

Inc.

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

United

States

35,000

3,323,250

33,619,610

Oil,

Gas

&

Consumable

Fuels

0.7%

Amplify

Energy

Corp.

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

United

States

245

247

a

California

Resources

Corp.

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

United

States

27

589

Enbridge,

Inc.

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

Canada

39,360

1,228,426

a

Goodrich

Petroleum

Corp.

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

United

States

19,379

224,021

Riviera

Resources,

Inc.

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

United

States

5,042

1,190

1,454,473

Paper

&

Forest

Products

0.0%

†

Verso

Corp.,

A

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

United

States

3,330

35,997

Specialty

Retail

0.1%

a

Party

City

Holdings,

Inc.

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

United

States

37,652

172,445

a

Total

Common

Stocks

(Cost

$37,374,197)

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

86,546,898

Franklin

Universal

Trust

Statement

of

Investments

(unaudited)

Quarterly

Statement

of

Investments

See

Notes

to

Statement

of

Investments.

2

a

a

Country

Shares

a

Value

a

a

a

a

a

a

Preferred

Stocks

0.3%

Electric

Utilities

0.3%

SCE

Trust

II,

5.1%

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

United

States

27,500

$

676,500

Total

Preferred

Stocks

(Cost

$598,125)

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

676,500

Warrants

Warrants

0.0%

†

Oil,

Gas

&

Consumable

Fuels

0.0%

†

a,b

Battalion

Oil

Corp.,

A,

10/08/22

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

United

States

583

55

a,b

Battalion

Oil

Corp.,

B,

10/08/22

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

United

States

728

40

a,b

Battalion

Oil

Corp.,

C,

10/08/22

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

United

States

937

25

a

California

Resources

Corp.,

10/27/24

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

United

States

64

218

a,b

Chaparral

Energy,

Inc.,

10/01/24

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

United

States

1

—

338

Paper

&

Forest

Products

0.0%

†

a

Verso

Corp.,

7/25/23

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

United

States

350

271

Total

Warrants

(Cost

$—)

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

609

Principal

Amount

*

Convertible

Bonds

0.0%

†

Wireless

Telecommunication

Services

0.0%

†

c,d,e

Digicel

Group

0.5

Ltd.

,

Sub.

Bond

,

144A,

PIK,

7

%

,

Perpetual

.....

Bermuda

23,602

4,558

Total

Convertible

Bonds

(Cost

$4,210)

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

4,558

Corporate

Bonds

81.0%

Aerospace

&

Defense

0.5%

e

BWX

Technologies,

Inc.

,

Senior

Note

,

144A,

5.375

%

,

7/15/26

....

United

States

600,000

625,386

e

Signature

Aviation

US

Holdings,

Inc.

,

Senior

Note

,

144A,

5.375

%

,

5/01/26

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

United

States

500,000

515,000

1,140,386

Air

Freight

&

Logistics

0.7%

e

DAE

Funding

LLC

,

Senior

Note,

144A,

4.5%,

8/01/22

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

United

Arab

Emirates

700,000

707,875

Senior

Note,

144A,

5%,

8/01/24

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

United

Arab

Emirates

700,000

720,562

1,428,437

Airlines

0.8%

e

Delta

Air

Lines,

Inc.

/

SkyMiles

IP

Ltd.

,

Senior

Secured

Note

,

144A,

4.75

%

,

10/20/28

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

United

States

1,000,000

1,077,993

e

Mileage

Plus

Holdings

LLC

/

Mileage

Plus

Intellectual

Property

Assets

Ltd.

,

Senior

Secured

Note

,

144A,

6.5

%

,

6/20/27

.......

United

States

500,000

543,125

1,621,118

Auto

Components

2.8%

e

Adient

US

LLC

,

Senior

Secured

Note

,

144A,

7

%

,

5/15/26

.......

United

States

1,900,000

2,064,606

e

Allison

Transmission,

Inc.

,

Senior

Bond,

144A,

3.75%,

1/30/31

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

United

States

700,000

707,000

Senior

Note,

144A,

4.75%,

10/01/27

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

United

States

600,000

636,300

Dana,

Inc.

,

Senior

Note

,

5.625

%

,

6/15/28

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

United

States

1,400,000

1,513,211

Goodyear

Tire

&

Rubber

Co.

(The)

,

Senior

Note

,

9.5

%

,

5/31/25

...

United

States

1,000,000

1,127,483

6,048,600

Franklin

Universal

Trust

Statement

of

Investments

(unaudited)

See

Notes

to

Statement

of

Investments.

Quarterly

Statement

of

Investments

3

a

a

Country

Principal

Amount

*

a

Value

a

a

a

a

a

a

Corporate

Bonds

(continued)

Banks

0.4%

d

JPMorgan

Chase

&

Co.

,

R

,

Junior

Sub.

Bond

,

6%

to

8/01/23,

FRN

thereafter

,

Perpetual

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

United

States

900,000

$

947,439

Biotechnology

0.4%

e

Emergent

BioSolutions

,

Inc.

,

Senior

Note

,

144A,

3.875

%

,

8/15/28

.

United

States

900,000

911,813

Building

Products

1.5%

e

Cornerstone

Building

Brands,

Inc.

,

Senior

Note,

144A,

8%,

4/15/26

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

United

States

900,000

948,960

Senior

Note,

144A,

6.125%,

1/15/29

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

United

States

500,000

528,437

e

JELD-WEN,

Inc.

,

Senior

Note,

144A,

4.625%,

12/15/25

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

United

States

300,000

307,094

Senior

Note,

144A,

4.875%,

12/15/27

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

United

States

300,000

316,500

e

Standard

Industries,

Inc.

,

Senior

Note

,

144A,

5

%

,

2/15/27

.......

United

States

300,000

315,188

e

Summit

Materials

LLC

/

Summit

Materials

Finance

Corp.

,

Senior

Note

,

144A,

5.25

%

,

1/15/29

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

United

States

800,000

833,000

3,249,179

Chemicals

2.7%

c,e

Anagram

International,

Inc.

/

Anagram

Holdings

LLC

,

Secured

Note

,

144A,

PIK,

10

%

,

8/15/26

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

United

States

200,005

182,005

e

Axalta

Coating

Systems

LLC

,

Senior

Note

,

144A,

3.375

%

,

2/15/29

United

States

600,000

606,345

e

Element

Solutions,

Inc.

,

Senior

Note

,

144A,

3.875

%

,

9/01/28

.....

United

States

700,000

714,962

e

Illuminate

Buyer

LLC

/

Illuminate

Holdings

IV,

Inc.

,

Senior

Note

,

144A,

9

%

,

7/01/28

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

United

States

1,000,000

1,113,750

e

Ingevity

Corp.

,

Senior

Note

,

144A,

3.875

%

,

11/01/28

...........

United

States

400,000

405,750

e

Neon

Holdings,

Inc.

,

Senior

Secured

Note

,

144A,

10.125

%

,

4/01/26

United

States

1,500,000

1,597,500

e

Rain

CII

Carbon

LLC

/

CII

Carbon

Corp.

,

Secured

Note

,

144A,

7.25

%

,

4/01/25

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

United

States

600,000

597,369

e

TPC

Group,

Inc.

,

Senior

Secured

Note

,

144A,

10.5

%

,

8/01/24

....

United

States

600,000

481,188

5,698,869

Commercial

Services

&

Supplies

1.6%

e

Harsco

Corp.

,

Senior

Note

,

144A,

5.75

%

,

7/31/27

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

United

States

1,500,000

1,589,092

e

Prime

Security

Services

Borrower

LLC

/

Prime

Finance,

Inc.

,

Senior

Secured

Note

,

144A,

3.375

%

,

8/31/27

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

United

States

600,000

593,250

e

Stericycle,

Inc.

,

Senior

Note

,

144A,

3.875

%

,

1/15/29

...........

United

States

1,200,000

1,249,500

3,431,842

Communications

Equipment

0.8%

e

CommScope

,

Inc.

,

Senior

Note

,

144A,

7.125

%

,

7/01/28

.........

United

States

1,600,000

1,707,888

Construction

&

Engineering

1.1%

e

New

Enterprise

Stone

&

Lime

Co.,

Inc.

,

Senior

Secured

Note

,

144A,

6.25

%

,

3/15/26

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

United

States

900,000

929,813

e

Weekley

Homes

LLC

/

Weekley

Finance

Corp.

,

Senior

Note

,

144A,

4.875

%

,

9/15/28

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

United

States

1,300,000

1,362,156

2,291,969

Construction

Materials

0.6%

e

Cemex

SAB

de

CV

,

Senior

Secured

Note

,

144A,

5.2

%

,

9/17/30

...

Mexico

1,100,000

1,200,375

Consumer

Finance

2.0%

e

FirstCash

,

Inc.

,

Senior

Note

,

144A,

4.625

%

,

9/01/28

...........

United

States

700,000

720,562

Navient

Corp.

,

Senior

Note,

6.625%,

7/26/21

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

United

States

400,000

410,750

Senior

Note,

6.5%,

6/15/22

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

United

States

500,000

527,750

Senior

Note,

7.25%,

9/25/23

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

United

States

600,000

655,125

Franklin

Universal

Trust

Statement

of

Investments

(unaudited)

Quarterly

Statement

of

Investments

See

Notes

to

Statement

of

Investments.

4

a

a

Country

Principal

Amount

*

a

Value

a

a

a

a

a

a

Corporate

Bonds

(continued)

Consumer

Finance

(continued)

OneMain

Finance

Corp.

,

Senior

Bond,

5.375%,

11/15/29

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

United

States

1,000,000

$

1,092,500

Senior

Note,

6.625%,

1/15/28

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

United

States

700,000

804,433

4,211,120

Containers

&

Packaging

4.6%

e

Ardagh

Packaging

Finance

plc

/

Ardagh

Holdings

USA,

Inc.

,

Senior

Note,

144A,

5.25%,

8/15/27

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

United

States

600,000

626,310

Senior

Secured

Note,

144A,

5.25%,

4/30/25

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

United

States

800,000

846,980

e

Mauser

Packaging

Solutions

Holding

Co.

,

Senior

Note,

144A,

7.25%,

4/15/25

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

United

States

1,800,000

1,808,910

Senior

Secured

Note,

144A,

8.5%,

4/15/24

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

United

States

500,000

525,000

e

Owens-Brockway

Glass

Container,

Inc.

,

Senior

Note,

144A,

5.875%,

8/15/23

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

United

States

500,000

538,437

Senior

Note,

144A,

6.625%,

5/13/27

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

United

States

500,000

542,188

e

Plastipak

Holdings,

Inc.

,

Senior

Note

,

144A,

6.25

%

,

10/15/25

....

United

States

1,700,000

1,754,188

e

Reynolds

Group

Issuer,

Inc.

/

Reynolds

Group

Issuer

LLC

/

Reynolds

Group

Issuer

Luxembourg

SA

,

Senior

Secured

Note

,

144A,

4

%

,

10/15/27

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

United

States

1,200,000

1,221,840

e

Sealed

Air

Corp.

,

Senior

Bond,

144A,

5.5%,

9/15/25

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

United

States

200,000

224,852

Senior

Note,

144A,

4%,

12/01/27

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

United

States

600,000

643,500

e

Trivium

Packaging

Finance

BV

,

Senior

Note

,

144A,

8.5

%

,

8/15/27

.

Netherlands

1,000,000

1,084,275

9,816,480

Diversified

Financial

Services

0.7%

e

MPH

Acquisition

Holdings

LLC

,

Senior

Note

,

144A,

5.75

%

,

11/01/28

United

States

1,500,000

1,471,875

Diversified

Telecommunication

Services

4.2%

e

Altice

France

Holding

SA

,

Senior

Secured

Note

,

144A,

10.5

%

,

5/15/27

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

Luxembourg

2,000,000

2,258,150

e

CCO

Holdings

LLC

/

CCO

Holdings

Capital

Corp.

,

Senior

Bond,

144A,

5.75%,

2/15/26

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

United

States

700,000

726,502

Senior

Bond,

144A,

5.375%,

6/01/29

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

United

States

500,000

546,820

Senior

Bond,

144A,

4.5%,

8/15/30

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

United

States

1,700,000

1,794,571

Senior

Bond,

144A,

4.25%,

2/01/31

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

United

States

200,000

207,730

e

DKT

Finance

ApS

,

Senior

Secured

Note

,

144A,

9.375

%

,

6/17/23

..

Denmark

1,500,000

1,552,875

e

Virgin

Media

Secured

Finance

plc

,

Senior

Secured

Bond,

144A,

5.5%,

8/15/26

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

United

Kingdom

200,000

209,601

Senior

Secured

Bond,

144A,

4.5%,

8/15/30

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

United

Kingdom

1,100,000

1,154,175

e

Zayo

Group

Holdings,

Inc.

,

Senior

Secured

Note

,

144A,

4

%

,

3/01/27

United

States

500,000

498,098

8,948,522

Electric

Utilities

0.7%

e

Vistra

Operations

Co.

LLC

,

Senior

Note

,

144A,

5.625

%

,

2/15/27

..

United

States

1,500,000

1,586,640

Energy

Equipment

&

Services

1.1%

e

CSI

Compressco

LP

/

CSI

Compressco

Finance,

Inc.

,

c

Secured

Note,

144A,

PIK,

10%,

4/01/26

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

United

States

948,950

691,851

Senior

Secured

Note,

144A,

7.5%,

4/01/25

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

United

States

402,000

361,842

e

Nabors

Industries

Ltd.

,

Senior

Note,

144A,

7.25%,

1/15/26

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

United

States

600,000

337,125

Senior

Note,

144A,

7.5%,

1/15/28

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

United

States

400,000

217,250

Nabors

Industries,

Inc.

,

Senior

Note

,

5.75

%

,

2/01/25

...........

United

States

500,000

184,000

e

Weatherford

International

Ltd.

,

Senior

Note

,

144A,

11

%

,

12/01/24

.

United

States

917,000

639,607

2,431,675

Franklin

Universal

Trust

Statement

of

Investments

(unaudited)

See

Notes

to

Statement

of

Investments.

Quarterly

Statement

of

Investments

5

a

a

Country

Principal

Amount

*

a

Value

a

a

a

a

a

a

Corporate

Bonds

(continued)

Entertainment

1.7%

e

Banijay

Entertainment

SASU

,

Senior

Secured

Note

,

144A,

5.375

%

,

3/01/25

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

France

1,000,000

$

1,018,125

Netflix,

Inc.

,

Senior

Bond,

5.875%,

2/15/25

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

United

States

800,000

914,500

e

Senior

Note,

144A,

3.625%,

6/15/25

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

United

States

300,000

318,562

e

WMG

Acquisition

Corp.

,

Senior

Secured

Bond

,

144A,

3

%

,

2/15/31

.

United

States

1,400,000

1,365,882

3,617,069

Equity

Real

Estate

Investment

Trusts

(REITs)

1.4%

e

HAT

Holdings

I

LLC

/

HAT

Holdings

II

LLC

,

Senior

Note,

144A,

5.25%,

7/15/24

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

United

States

800,000

833,584

Senior

Note,

144A,

6%,

4/15/25

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

United

States

600,000

641,250

MPT

Operating

Partnership

LP

/

MPT

Finance

Corp.

,

Senior

Bond

,

5.25

%

,

8/01/26

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

United

States

300,000

314,310

e

Park

Intermediate

Holdings

LLC

/

PK

Domestic

Property

LLC

/

PK

Finance

Co-Issuer

,

Senior

Secured

Note

,

144A,

5.875

%

,

10/01/28

United

States

500,000

527,812

e

VICI

Properties

LP

/

VICI

Note

Co.,

Inc.

,

Senior

Note

,

144A,

3.75

%

,

2/15/27

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

United

States

700,000

715,204

3,032,160

Food

Products

1.5%

e

Chobani

LLC

/

Chobani

Finance

Corp.,

Inc.

,

Senior

Secured

Note

,

144A,

4.625

%

,

11/15/28

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

United

States

800,000

830,000

e

Kraft

Heinz

Foods

Co.

,

Senior

Bond

,

144A,

4.25

%

,

3/01/31

......

United

States

800,000

889,414

e

Post

Holdings,

Inc.

,

Senior

Bond,

144A,

5%,

8/15/26

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

United

States

700,000

727,464

Senior

Bond,

144A,

5.625%,

1/15/28

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

United

States

300,000

319,688

Senior

Bond,

144A,

4.625%,

4/15/30

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

United

States

500,000

522,625

3,289,191

Health

Care

Equipment

&

Supplies

0.2%

e

Ortho-Clinical

Diagnostics,

Inc.

/

Ortho-Clinical

Diagnostics

SA

,

Senior

Note

,

144A,

7.375

%

,

6/01/25

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

United

States

300,000

321,563

Health

Care

Providers

&

Services

3.9%

e

Centene

Corp.

,

Senior

Note

,

144A,

5.375

%

,

8/15/26

...........

United

States

500,000

529,375

CHS/Community

Health

Systems,

Inc.

,

e

Secured

Note,

144A,

8.125%,

6/30/24

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

United

States

718,000

669,535

Senior

Note,

6.875%,

2/01/22

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

United

States

175,000

167,672

Senior

Secured

Note,

6.25%,

3/31/23

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

United

States

600,000

613,500

e

Senior

Secured

Note,

144A,

6.625%,

2/15/25

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

United

States

500,000

509,900

HCA,

Inc.

,

Senior

Bond,

5.875%,

2/15/26

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

United

States

1,400,000

1,613,500

Senior

Bond,

3.5%,

9/01/30

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

United

States

1,200,000

1,242,644

e

MEDNAX,

Inc.

,

Senior

Note

,

144A,

6.25

%

,

1/15/27

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

United

States

400,000

428,992

e

Providence

Service

Corp.

(The)

,

Senior

Note

,

144A,

5.875

%

,

11/15/25

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

United

States

1,500,000

1,594,867

e

Tenet

Healthcare

Corp.

,

Senior

Note

,

144A,

6.125

%

,

10/01/28

....

United

States

1,000,000

1,015,625

8,385,610

Hotels,

Restaurants

&

Leisure

6.0%

e

1011778

BC

ULC

/

New

Red

Finance,

Inc.

,

Secured

Bond

,

144A,

4

%

,

10/15/30

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

Canada

1,000,000

998,750

e,f

24

Hour

Fitness

Worldwide,

Inc.

,

Senior

Note

,

144A,

8

%

,

6/01/22

.

United

States

1,800,000

15,750

e

Boyd

Gaming

Corp.

,

Senior

Note

,

144A,

8.625

%

,

6/01/25

.......

United

States

1,300,000

1,445,847

e

Boyne

USA,

Inc.

,

Secured

Note

,

144A,

7.25

%

,

5/01/25

.........

United

States

1,500,000

1,586,670

e

Caesars

Entertainment,

Inc.

,

Senior

Secured

Note

,

144A,

6.25

%

,

7/01/25

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

United

States

900,000

960,970

Franklin

Universal

Trust

Statement

of

Investments

(unaudited)

Quarterly

Statement

of

Investments

See

Notes

to

Statement

of

Investments.

6

a

a

Country

Principal

Amount

*

a

Value

a

a

a

a

a

a

Corporate

Bonds

(continued)

Hotels,

Restaurants

&

Leisure

(continued)

e

Caesars

Resort

Collection

LLC

/

CRC

Finco

,

Inc.

,

Senior

Secured

Note

,

144A,

5.75

%

,

7/01/25

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

United

States

400,000

$

424,000

e

Carnival

Corp.

,

Senior

Note

,

144A,

7.625

%

,

3/01/26

...........

United

States

400,000

425,368

e

Downstream

Development

Authority

of

the

Quapaw

Tribe

of

Oklahoma

,

Senior

Secured

Note

,

144A,

10.5

%

,

2/15/23

.......

United

States

1,500,000

1,445,467

e

Golden

Nugget,

Inc.

,

Senior

Note

,

144A,

6.75

%

,

10/15/24

.......

United

States

1,300,000

1,272,375

e

International

Game

Technology

plc

,

Senior

Secured

Note

,

144A,

5.25

%

,

1/15/29

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

United

States

400,000

423,792

e

Six

Flags

Theme

Parks,

Inc.

,

Senior

Secured

Note

,

144A,

7

%

,

7/01/25

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

United

States

400,000

434,380

e

Studio

City

Finance

Ltd.

,

Senior

Note

,

144A,

7.25

%

,

2/11/24

.....

Macau

1,300,000

1,358,910

e

Vail

Resorts,

Inc.

,

Senior

Note

,

144A,

6.25

%

,

5/15/25

..........

United

States

700,000

749,875

e

Wynn

Resorts

Finance

LLC

/

Wynn

Resorts

Capital

Corp.

,

Senior

Note

,

144A,

7.75

%

,

4/15/25

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

United

States

1,200,000

1,295,838

12,837,992

Household

Durables

1.7%

e

Ashton

Woods

USA

LLC

/

Ashton

Woods

Finance

Co.

,

Senior

Note,

144A,

6.75%,

8/01/25

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

United

States

1,500,000

1,569,217

Senior

Note,

144A,

9.875%,

4/01/27

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

United

States

400,000

450,424

e

Taylor

Morrison

Communities,

Inc.

/

Taylor

Morrison

Holdings

II,

Inc.

,

Senior

Note

,

144A,

5.625

%

,

3/01/24

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

United

States

400,000

429,000

Toll

Brothers

Finance

Corp.

,

Senior

Bond

,

5.625

%

,

1/15/24

......

United

States

700,000

778,677

e

Williams

Scotsman

International,

Inc.

,

Senior

Secured

Note

,

144A,

4.625

%

,

8/15/28

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

United

States

300,000

312,563

3,539,881

Independent

Power

and

Renewable

Electricity

Producers

3.2%

e

Calpine

Corp.

,

Senior

Bond,

144A,

5%,

2/01/31

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

United

States

900,000

949,725

Senior

Note,

144A,

4.625%,

2/01/29

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

United

States

700,000

723,800

Clearway

Energy

Operating

LLC

,

Senior

Note,

5.75%,

10/15/25

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

United

States

400,000

421,750

Senior

Note,

5%,

9/15/26

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

United

States

700,000

723,492

e

Senior

Note,

144A,

4.75%,

3/15/28

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

United

States

600,000

644,016

e

InterGen

NV

,

Senior

Secured

Bond

,

144A,

7

%

,

6/30/23

.........

Netherlands

1,900,000

1,805,000

Talen

Energy

Supply

LLC

,

Senior

Note

,

6.5

%

,

6/01/25

..........

United

States

2,100,000

1,508,062

6,775,845

Insurance

0.8%

e

Alliant

Holdings

Intermediate

LLC

/

Alliant

Holdings

Co-Issuer

,

Senior

Note

,

144A,

6.75

%

,

10/15/27

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

United

States

1,600,000

1,718,704

Internet

&

Direct

Marketing

Retail

0.3%

e

Match

Group

Holdings

II

LLC

,

Senior

Note

,

144A,

4.625

%

,

6/01/28

United

States

500,000

525,938

IT

Services

2.0%

e

Cablevision

Lightpath

LLC

,

Senior

Secured

Note

,

144A,

3.875

%

,

9/15/27

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

United

States

700,000

708,645

e

Gartner,

Inc.

,

Senior

Note,

144A,

4.5%,

7/01/28

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

United

States

500,000

525,625

Senior

Note,

144A,

3.75%,

10/01/30

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

United

States

300,000

312,471

e

Presidio

Holdings,

Inc.

,

Senior

Note

,

144A,

8.25

%

,

2/01/28

......

United

States

900,000

979,312

e

Tempo

Acquisition

LLC

/

Tempo

Acquisition

Finance

Corp.

,

Senior

Note

,

144A,

6.75

%

,

6/01/25

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

United

States

1,600,000

1,642,000

4,168,053

Franklin

Universal

Trust

Statement

of

Investments

(unaudited)

See

Notes

to

Statement

of

Investments.

Quarterly

Statement

of

Investments

7

a

a

Country

Principal

Amount

*

a

Value

a

a

a

a

a

a

Corporate

Bonds

(continued)

Machinery

1.9%

e

Manitowoc

Co.,

Inc.

(The)

,

Secured

Note

,

144A,

9

%

,

4/01/26

....

United

States

1,000,000

$

1,079,375

e

Navistar

International

Corp.

,

Senior

Note

,

144A,

6.625

%

,

11/01/25

United

States

400,000

419,180

Tennant

Co.

,

Senior

Note

,

5.625

%

,

5/01/25

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

United

States

1,600,000

1,664,000

e

Vertical

Holdco

GmbH

,

Senior

Note

,

144A,

7.625

%

,

7/15/28

.....

Germany

300,000

321,938

e

Vertical

US

Newco,

Inc.

,

Senior

Secured

Note

,

144A,

5.25

%

,

7/15/27

Germany

600,000

631,125

4,115,618

Media

5.3%

e

Clear

Channel

International

BV

,

Senior

Secured

Note

,

144A,

6.625

%

,

8/01/25

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

United

States

400,000

418,500

Clear

Channel

Worldwide

Holdings,

Inc.

,

Senior

Note,

9.25%,

2/15/24

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

United

States

510,000

510,691

e

Senior

Secured

Note,

144A,

5.125%,

8/15/27

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

United

States

500,000

505,625

CSC

Holdings

LLC

,

Senior

Bond,

5.25%,

6/01/24

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

United

States

700,000

759,062

Senior

Note,

6.75%,

11/15/21

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

United

States

700,000

733,579

e

Senior

Note,

144A,

7.5%,

4/01/28

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

United

States

300,000

334,875

e

Diamond

Sports

Group

LLC

/

Diamond

Sports

Finance

Co.

,

Senior

Note,

144A,

6.625%,

8/15/27

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

United

States

700,000

402,290

Senior

Secured

Note,

144A,

5.375%,

8/15/26

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

United

States

400,000

310,750

DISH

DBS

Corp.

,

Senior

Note

,

5.875

%

,

7/15/22

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

United

States

400,000

420,512

e

Gray

Television,

Inc.

,

Senior

Note,

144A,

7%,

5/15/27

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

United

States

500,000

551,875

Senior

Note,

144A,

4.75%,

10/15/30

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

United

States

500,000

508,125

e

LCPR

Senior

Secured

Financing

DAC

,

Senior

Secured

Note

,

144A,

6.75

%

,

10/15/27

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

United

States

700,000

761,845

e

Nexstar

Broadcasting,

Inc.

,

Senior

Note,

144A,

5.625%,

7/15/27

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

United

States

1,000,000

1,067,815

Senior

Note,

144A,

4.75%,

11/01/28

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

United

States

200,000

206,185

e

Scripps

Escrow,

Inc.

,

Senior

Note

,

144A,

5.875

%

,

7/15/27

.......

United

States

600,000

605,250

e

Sinclair

Television

Group,

Inc.

,

Senior

Bond

,

144A,

5.5

%

,

3/01/30

.

United

States

700,000

702,058

e

Sirius

XM

Radio,

Inc.

,

Senior

Note

,

144A,

4.625

%

,

7/15/24

......

United

States

600,000

622,164

e

Univision

Communications,

Inc.

,

Senior

Secured

Note,

144A,

9.5%,

5/01/25

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

United

States

1,200,000

1,335,000

Senior

Secured

Note,

144A,

6.625%,

6/01/27

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

United

States

500,000

534,688

11,290,889

Metals

&

Mining

1.2%

e

FMG

Resources

August

2006

Pty.

Ltd.

,

Senior

Note

,

144A,

4.75

%

,

5/15/22

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

Australia

800,000

825,500

e

Joseph

T

Ryerson

&

Son,

Inc.

,

Senior

Secured

Note

,

144A,

8.5

%

,

8/01/28

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

United

States

1,080,000

1,179,225

e

Novelis

Corp.

,

Senior

Bond

,

144A,

5.875

%

,

9/30/26

...........

United

States

500,000

525,000

2,529,725

Oil,

Gas

&

Consumable

Fuels

9.1%

e

Aker

BP

ASA

,

Senior

Note,

144A,

4.75%,

6/15/24

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

Norway

500,000

516,831

Senior

Note,

144A,

5.875%,

3/31/25

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

Norway

500,000

517,574

Apache

Corp.

,

Senior

Note

,

4.875

%

,

11/15/27

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

United

States

300,000

313,800

Calumet

Specialty

Products

Partners

LP

/

Calumet

Finance

Corp.

,

Senior

Note

,

7.75

%

,

4/15/23

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

United

States

800,000

776,496

Cenovus

Energy,

Inc.

,

Senior

Bond,

6.75%,

11/15/39

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

Canada

400,000

476,254

Senior

Bond,

5.4%,

6/15/47

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

Canada

300,000

320,636

Senior

Note,

5.375%,

7/15/25

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

Canada

700,000

772,695

Franklin

Universal

Trust

Statement

of

Investments

(unaudited)

Quarterly

Statement

of

Investments

See

Notes

to

Statement

of

Investments.

8

a

a

Country

Principal

Amount

*

a

Value

a

a

a

a

a

a

Corporate

Bonds

(continued)

Oil,

Gas

&

Consumable

Fuels

(continued)

Cenovus

Energy,

Inc.,

(continued)

Cheniere

Corpus

Christi

Holdings

LLC

,

Senior

Secured

Note

,

5.875

%

,

3/31/25

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

United

States

700,000

$

802,726

Cheniere

Energy

Partners

LP

,

Senior

Note,

5.625%,

10/01/26

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

United

States

700,000

731,815

Senior

Note,

4.5%,

10/01/29

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

United

States

1,200,000

1,252,212

Senior

Secured

Note,

5.25%,

10/01/25

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

United

States

1,200,000

1,232,700

e

Cheniere

Energy,

Inc.

,

Senior

Secured

Note

,

144A,

4.625

%

,

10/15/28

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

United

States

700,000

726,250

f

Chesapeake

Energy

Corp.

,

Senior

Note

,

7.5

%

,

10/01/26

........

United

States

1,500,000

97,500

Comstock

Resources,

Inc.

,

Senior

Note

,

9.75

%

,

8/15/26

........

United

States

600,000

635,250

e

Continental

Resources,

Inc.

,

Senior

Bond

,

144A,

5.75

%

,

1/15/31

..

United

States

700,000

752,500

Crestwood

Midstream

Partners

LP

/

Crestwood

Midstream

Finance

Corp.

,

Senior

Note,

6.75%,

4/01/23

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

United

States

500,000

503,202

Senior

Note,

5.75%,

4/01/25

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

United

States

800,000

796,000

e

Endeavor

Energy

Resources

LP

/

EER

Finance,

Inc.

,

Senior

Bond,

144A,

5.75%,

1/30/28

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

United

States

800,000

852,000

Senior

Note,

144A,

6.625%,

7/15/25

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

United

States

500,000

533,720

c,e

EnQuest

plc

,

Senior

Note

,

144A,

Reg

S,

PIK,

7

%

,

10/15/23

......

United

Kingdom

630,593

397,943

HighPoint

Operating

Corp.

,

Senior

Note

,

8.75

%

,

6/15/25

........

United

States

1,253,000

507,465

e

Martin

Midstream

Partners

LP

/

Martin

Midstream

Finance

Corp.

,

Secured

Note,

144A,

10%,

2/29/24

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

United

States

170,928

174,774

Secured

Note,

144A,

11.5%,

2/28/25

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

United

States

776,232

737,420

c,e,f

Murray

Energy

Corp.

,

Secured

Note

,

144A,

PIK,

12

%

,

4/15/24

...

United

States

757,734

3,864

Occidental

Petroleum

Corp.

,

Senior

Bond,

6.45%,

9/15/36

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

United

States

700,000

685,160

g

Senior

Note,

FRN,

1.671%,

(3-month

USD

LIBOR

+

1.45%),

8/15/22

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

United

States

400,000

382,298

Senior

Note,

8.875%,

7/15/30

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

United

States

1,100,000

1,243,688

Senior

Note,

6.625%,

9/01/30

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

United

States

200,000

209,188

QEP

Resources,

Inc.

,

Senior

Bond

,

5.25

%

,

5/01/23

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

United

States

700,000

599,550

Sunoco

LP

/

Sunoco

Finance

Corp.

,

Senior

Note,

6%,

4/15/27

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

United

States

1,000,000

1,072,250

e

Senior

Note,

144A,

4.5%,

5/15/29

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

United

States

200,000

207,125

e

Viper

Energy

Partners

LP

,

Senior

Note

,

144A,

5.375

%

,

11/01/27

..

United

States

400,000

423,056

19,253,942

Pharmaceuticals

2.3%

e

Bausch

Health

Americas,

Inc.

,

Senior

Note

,

144A,

9.25

%

,

4/01/26

.

United

States

1,400,000

1,556,100

e

Bausch

Health

Cos.,

Inc.

,

Senior

Bond,

144A,

6.125%,

4/15/25

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

United

States

400,000

411,956

Senior

Secured

Note,

144A,

7%,

3/15/24

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

United

States

200,000

206,450

e

Catalent

Pharma

Solutions,

Inc.

,

Senior

Note

,

144A,

4.875

%

,

1/15/26

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

United

States

700,000

718,242

e

Endo

Dac

/

Endo

Finance

LLC

/

Endo

Finco

,

Inc.

,

Secured

Note,

144A,

9.5%,

7/31/27

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

United

States

502,000

553,344

Senior

Note,

144A,

6%,

6/30/28

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

United

States

689,000

544,999

e

Par

Pharmaceutical,

Inc.

,

Senior

Secured

Note

,

144A,

7.5

%

,

4/01/27

United

States

225,000

243,295

Teva

Pharmaceutical

Finance

Netherlands

III

BV

,

Senior

Note

,

7.125

%

,

1/31/25

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

Israel

500,000

547,370

4,781,756

Real

Estate

Management

&

Development

0.7%

e

Five

Point

Operating

Co.

LP

/

Five

Point

Capital

Corp.

,

Senior

Note

,

144A,

7.875

%

,

11/15/25

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

United

States

1,000,000

1,051,875

Franklin

Universal

Trust

Statement

of

Investments

(unaudited)

See

Notes

to

Statement

of

Investments.

Quarterly

Statement

of

Investments

9

a

a

Country

Principal

Amount

*

a

Value

a

a

a

a

a

a

Corporate

Bonds

(continued)

Real

Estate

Management

&

Development

(continued)

e

Howard

Hughes

Corp.

(The)

,

Senior

Note

,

144A,

5.375

%

,

8/01/28

.

United

States

500,000

$

533,542

1,585,417

Semiconductors

&

Semiconductor

Equipment

0.7%

e

Amkor

Technology,

Inc.

,

Senior

Note

,

144A,

6.625

%

,

9/15/27

.....

United

States

1,000,000

1,086,250

e

ON

Semiconductor

Corp.

,

Senior

Note

,

144A,

3.875

%

,

9/01/28

...

United

States

300,000

309,375

1,395,625

Software

1.2%

e

Blackboard,

Inc.

,

Secured

Note

,

144A,

10.375

%

,

11/15/24

.......

United

States

1,600,000

1,685,000

e

Camelot

Finance

SA

,

Senior

Secured

Note

,

144A,

4.5

%

,

11/01/26

.

United

States

900,000

943,313

2,628,313

Specialty

Retail

1.4%

e

L

Brands,

Inc.

,

Senior

Note

,

144A,

6.625

%

,

10/01/30

...........

United

States

500,000

550,312

e

Lithia

Motors,

Inc.

,

Senior

Bond,

144A,

4.375%,

1/15/31

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

United

States

300,000

318,938

Senior

Note,

144A,

4.625%,

12/15/27

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

United

States

400,000

425,750

Murphy

Oil

USA,

Inc.

,

Senior

Note

,

4.75

%

,

9/15/29

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

United

States

1,200,000

1,277,778

e,g

Party

City

Holdings,

Inc.

,

Senior

Secured

Note

,

144A,

FRN

,

5.75

%

,

(

6-month

USD

LIBOR

+

5

%

),

7/15/25

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

United

States

370,005

318,204

2,890,982

Technology

Hardware,

Storage

&

Peripherals

0.2%

e

Dell

International

LLC

/

EMC

Corp.

,

Senior

Note,

144A,

5.875%,

6/15/21

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

United

States

132,000

132,429

Senior

Note,

144A,

7.125%,

6/15/24

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

United

States

200,000

207,676

340,105

Textiles,

Apparel

&

Luxury

Goods

0.5%

e

Hanesbrands,

Inc.

,

Senior

Note

,

144A,

4.625

%

,

5/15/24

........

United

States

1,000,000

1,053,125

Thrifts

&

Mortgage

Finance

2.5%

MGIC

Investment

Corp.

,

Senior

Note

,

5.25

%

,

8/15/28

..........

United

States

500,000

534,062

e

NMI

Holdings,

Inc.

,

Senior

Secured

Note

,

144A,

7.375

%

,

6/01/25

.

United

States

1,200,000

1,330,266

e

PennyMac

Financial

Services,

Inc.

,

Senior

Note

,

144A,

5.375

%

,

10/15/25

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

United

States

1,000,000

1,046,250

e

Quicken

Loans

LLC

/

Quicken

Loans

Co-Issuer,

Inc.

,

Senior

Bond,

144A,

3.875%,

3/01/31

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

United

States

800,000

812,000

Senior

Note,

144A,

3.625%,

3/01/29

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

United

States

500,000

497,883

Radian

Group,

Inc.

,

Senior

Note

,

6.625

%

,

3/15/25

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

United

States

900,000

996,188

5,216,649

Trading

Companies

&

Distributors

1.8%

e

Beacon

Roofing

Supply,

Inc.

,

Senior

Note

,

144A,

4.875

%

,

11/01/25

United

States

1,000,000

1,015,315

H&E

Equipment

Services,

Inc.

,

Senior

Note,

5.625%,

9/01/25

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

United

States

800,000

837,240

e

Senior

Note,

144A,

3.875%,

12/15/28

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

United

States

600,000

600,000

e

HD

Supply,

Inc.

,

Senior

Note

,

144A,

5.375

%

,

10/15/26

.........

United

States

300,000

318,562

e

WESCO

Distribution,

Inc.

,

Senior

Note,

144A,

7.125%,

6/15/25

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

United

States

500,000

545,038

Senior

Note,

144A,

7.25%,

6/15/28

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

United

States

400,000

449,938

3,766,093

Wireless

Telecommunication

Services

2.3%

c

Digicel

Group

0.5

Ltd.

,

e

Senior

Note,

144A,

PIK,

8%,

4/01/25

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

Bermuda

142,885

51,466

Senior

Secured

Note,

PIK,

10%,

4/01/24

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

Bermuda

457,588

356,029

Franklin

Universal

Trust

Statement

of

Investments

(unaudited)

Quarterly

Statement

of

Investments

See

Notes

to

Statement

of

Investments.

10

a

a

Country

Principal

Amount

*

a

Value

a

a

a

a

a

a

Corporate

Bonds

(continued)

Wireless

Telecommunication

Services

(continued)

c

Digicel

Group

0.5

Ltd.,

(continued)

Hughes

Satellite

Systems

Corp.

,

Senior

Note

,

6.625

%

,

8/01/26

...

United

States

1,300,000

$

1,450,878

Sprint

Corp.

,

Senior

Note,

7.875%,

9/15/23

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

United

States

1,200,000

1,384,500

Senior

Note,

7.125%,

6/15/24

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

United

States

500,000

582,505

T-Mobile

USA,

Inc.

,

Senior

Note

,

4.75

%

,

2/01/28

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

United

States

600,000

645,036

e

Vmed

O2

UK

Financing

I

plc

,

Senior

Secured

Bond

,

144A,

4.25

%

,

1/31/31

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

United

Kingdom

500,000

514,500

4,984,914

Total

Corporate

Bonds

(Cost

$171,407,570)

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

172,189,386

Marketplace

Loans

1.7%

Diversified

Financial

Services

1.7%

b

Lending

Club

-

LCX,

13.08%

-

25.65%,

8/26/22

-

2/07/25

........

United

States

271,923

254,599

b

Lending

Club,

10.33%

-

25.65%,

6/14/22

-

3/19/25

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

United

States

3,663,170

3,141,748

b

Prosper,

11.99%

-

23.24%,

11/12/23

-

11/30/25

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

United

States

124,691

124,175

b

Upgrade,

16.89%

-

30.17%,

11/14/22

-

1/07/25

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

United

States

101,589

83,149

3,603,671

a

a

a

a

a

a

Total

Marketplace

Loans

(Cost

$4,161,374)

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

3,603,671

Asset-Backed

Securities

3.7%

Diversified

Financial

Services

3.7%

e,g,h

Consumer

Loan

Underlying

Bond

Certificate

Issuer

Trust

I

,

2019-26,

PT,

144A,

FRN,

18.576%,

8/15/44

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

United

States

637,148

549,459

2019-31,

PT,

144A,

FRN,

18.248%,

9/15/44

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

United

States

582,542

505,062

2019-37,

PT,

144A,

FRN,

19.279%,

10/17/44

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

United

States

611,435

544,833

2019-42,

PT,

144A,

FRN,

18.752%,

11/15/44

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

United

States

597,896

519,268

2019-51,

PT,

144A,

FRN,

16.498%,

1/15/45

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

United

States

742,153

650,083

2019-52,

PT,

144A,

FRN,

17.6%,

1/15/45

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

United

States

635,772

561,526

2019-S3,

PT,

144A,

FRN,

13.446%,

6/15/44

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

United

States

172,370

148,338

2019-S4,

PT,

144A,

FRN,

10.4%,

8/15/44

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

United

States

558,668

482,465

2019-S5,

PT,

144A,

FRN,

13.462%,

9/15/44

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

United

States

542,597

487,640

2019-S6,

PT,

144A,

FRN,

11.359%,

10/17/44

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

United

States

542,812

469,647

2019-S7,

PT,

144A,

FRN,

11.425%,

12/15/44

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

United

States

482,164

420,854

2019-S8,

PT,

144A,

FRN,

10.225%,

1/15/45

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

United

States

543,867

473,182

2020-2,

PT,

144A,

FRN,

17.037%,

3/15/45

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

United

States

604,364

525,865

2020-7,

PT,

144A,

FRN,

16.873%,

4/17/45

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

United

States

362,931

316,506

e,g,h

Prosper

Pass-Thru

Trust

III

,

2020-PT1,

A,

144A,

FRN,

8.796%,

3/15/26

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

United

States

382,285

375,698

2020-PT2,

A,

144A,

FRN,

9.444%,

4/15/26

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

United

States

430,573

423,687

2020-PT3,

A,

144A,

FRN,

7.183%,

5/15/26

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

United

States

79,678

80,444

e

Upgrade

Master

Pass-Thru

Trust

,

2019-PT2

,

A

,

144A,

7.727

%

,

2/15/26

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

United

States

417,149

410,417

7,944,974

a

a

a

a

a

a

Total

Asset-Backed

Securities

(Cost

$8,640,743)

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

7,944,974

Shares

Escrows

and

Litigation

Trusts

0.0%

†

a,b

Vistra

Energy

Corp.,

Escrow

Account

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

United

States

700,000

1,050

Total

Escrows

and

Litigation

Trusts

(Cost

$18,346)

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

1,050

Total

Long

Term

Investments

(Cost

$222,204,565)

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

270,967,646

a

Franklin

Universal

Trust

Statement

of

Investments

(unaudited)

See

Notes

to

Statement

of

Investments.

Quarterly

Statement

of

Investments

11

See

Abbreviations

on

page

16

.

Short

Term

Investments

2.2%

a

a

Country

Shares

a

Value

a

Money

Market

Funds

2.2%

i,j

Institutional

Fiduciary

Trust

-

Money

Market

Portfolio,

0%

........

United

States

4,755,699

$

4,755,699

Total

Money

Market

Funds

(Cost

$4,755,699)

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

4,755,699

Total

Short

Term

Investments

(Cost

$4,755,699

)

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

4,755,699

a

Total

Investments

(Cost

$226,960,264)

129.6%

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

$275,723,345

Notes

Payable

(30.5)%

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

(64,934,089)

Other

Assets,

less

Liabilities

0.9%

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

1,951,089

Net

Assets

100.0%

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

$212,740,345

*

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

5

regarding

fair

value

measurements.

c

Income

may

be

received

in

additional

securities

and/or

cash.

d

Perpetual

security

with

no

stated

maturity

date.

e

Security

was

purchased

pursuant

to

Rule

144A

or

Regulation

S

under

the

Securities

Act

of

1933.

144A

securities

may

be

sold

in

transactions

exempt

from

registration

only

to

qualified

institutional

buyers

or

in

a

public

offering

registered

under

the

Securities

Act

of

1933.

Regulation

S

securities

cannot

be

sold

in

the

United

States

without

either

an

effective

registration

statement

filed

pursuant

to

the

Securities

Act

of

1933,

or

pursuant

to

an

exemption

from

registration.

At

November

30,

2020,

the

aggregate

value

of

these

securities

was

$138,467,805,

representing

65.1%

of

net

assets.

f

Defaulted

security

or

security

for

which

income

has

been

deemed

uncollectible.

g

The

coupon

rate

shown

represents

the

rate

at

period

end.

h

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.

i

See

Note

4

regarding

investments

in

affiliated

management

investment

companies.

j

The

rate

shown

is

the

annualized

seven-day

effective

yield

at

period

end.

Franklin

Universal

Trust

Notes

to

Statement

of

Investments

(unaudited)

12

1.

Organization

Franklin

Universal

Trust

(Fund)

is

registered

under

the

Investment

Company

Act

of

1940

(1940

Act)

as

a

closed-end

management

investment

company

and

applies

the

specialized

accounting

and

reporting

guidance

in

U.S.

Generally

Accepted

Accounting

Principles

(U.S.

GAAP). 

2. Financial

Instrument

Valuation

The

Fund's investments

in

financial

instruments

are

carried

at

fair

value

daily.

Fair

value

is

the

price

that

would

be

received

to

sell

an

asset

or

paid

to

transfer

a

liability

in

an

orderly

transaction

between

market

participants

on

the

measurement

date.

The

Fund

calculates the

net

asset

value

(NAV)

per

share

each

business

day

as

of

4

p.m.

Eastern

time

or

the

regularly

scheduled

close

of

the

New

York

Stock

Exchange

(NYSE),

whichever

is

earlier.

Senior

Fixed

Rate

Notes

issued

by

the

Fund

are

carried

at

cost.

Under

compliance

policies

and

procedures

approved

by

the

Fund’s

Board

of

Trustees

(the

Board),

the

Fund’s

administrator

has

responsibility

for

oversight

of

valuation,

including

leading

the

cross-functional

Valuation

Committee

(VC).

The

Fund

may

utilize

independent

pricing

services,

quotations

from

securities

and

financial

instrument

dealers,

and

other

market

sources

to

determine

fair

value. 

Equity

securities

listed

on

an

exchange

or

on

the

NASDAQ

National

Market

System

are

valued

at

the

last

quoted

sale

price

or

the

official

closing

price

of

the

day,

respectively.

Foreign

equity

securities

are

valued

as

of

the

close

of

trading

on

the

foreign

stock

exchange

on

which

the

security

is

primarily

traded

or

as

of

4

p.m.

Eastern

time.

The

value

is

then

converted

into

its

U.S.

dollar

equivalent

at

the

foreign

exchange

rate

in

effect

at

4

p.m. Eastern

time

on

the

day

that

the

value

of

the

security

is

determined.

Over-the-counter

(OTC)

securities

are

valued

within

the

range

of

the

most

recent

quoted

bid

and

ask

prices.

Securities

that

trade

in

multiple

markets

or

on

multiple

exchanges

are

valued

according

to

the

broadest

and

most

representative

market.

Certain

equity

securities

are

valued

based

upon

fundamental

characteristics

or

relationships

to

similar

securities. 

Debt

securities

generally

trade

in

the

OTC

market

rather

than

on

a

securities

exchange.

The Fund's

pricing

services

use

multiple

valuation

techniques

to

determine

fair

value.

In

instances

where

sufficient

market

activity

exists,

the

pricing

services

may

utilize

a

market-based

approach

through

which

quotes

from

market

makers

are

used

to

determine

fair

value.

In

instances

where

sufficient

market

activity

may

not

exist

or

is

limited,

the

pricing

services

also

utilize

proprietary

valuation

models

which

may

consider

market

characteristics

such

as

benchmark

yield

curves,

credit

spreads,

estimated

default

rates,

anticipated

market

interest

rate

volatility,

coupon

rates,

anticipated

timing

of

principal

repayments,

underlying

collateral,

and

other

unique

security

features

in

order

to

estimate

the

relevant

cash

flows,

which

are

then

discounted

to

calculate

the

fair

value.

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,

book

values,

and

other

relevant

information

for

the

investment

to

determine

the

fair

value

of

the

investment.

An

income-based

valuation

approach

may

also

be

used

in

which

the

anticipated

future

cash

flows

of

the

investment

are

discounted

to

calculate

fair

value.

Discounts

may

also

be

applied

due

to

the

nature

or

duration

of

any

restrictions

on

the

disposition

of

the

investments.

Due

to

the

inherent

uncertainty

of

valuations

of

such

investments,

the

fair

values

may

differ

significantly

from

the

values

that

would

have

been

used

had

an

active

market

existed. 

Trading

in

securities

on

foreign

securities

stock

exchanges

and

OTC

markets

may

be

completed

before

4

p.m.

Eastern

time.

In

addition,

trading

in

certain

foreign

markets

may

not

take

place

on

every

Fund’s

business

day.

Events

can

occur

between

the

time

at

which

trading

in

a

foreign

security

is

completed

and

4

p.m.

Eastern

time

that

might

call

into

question

the

reliability

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

Franklin

Universal

Trust

Notes

to

Statement

of

Investments

(unaudited)

13

securities

as

determined

at

the

foreign

market

close

and

the

latest

indications

of

value

at

4

p.m.

Eastern

time.

In

order

to

minimize

the

potential

for

these

differences, an

independent

pricing

service

may

be

used

to

adjust

the

value

of

the Fund's

portfolio

securities

to

the

latest

indications

of

fair

value

at

4

p.m.

Eastern

time. 

When

the

last

day

of

the

reporting

period

is

a

non-business

day,

certain

foreign

markets

may

be

open

on

those

days

that

the

Fund’s NAV

is

not

calculated,

which

could

result

in

differences

between

the

value

of

the

Fund’s

portfolio

securities

on

the

last

business

day

and

the

last

calendar

day

of

the

reporting

period.

Any security

valuation

changes

due

to

an

open

foreign

market

are

adjusted

and

reflected

by

the

Fund

for

financial

reporting

purposes.

3. Novel

Coronavirus

Pandemic 

The

global

outbreak

of

the

novel

coronavirus

disease,

known

as

COVID-19, has

caused

adverse

effects

on

many

companies,

sectors,

nations,

regions

and

the

markets

in

general, and

may

continue for

an unpredictable duration.

The

effects

of

this

pandemic

may

materially

impact

the

value

and

performance

of

the Fund, its ability

to

buy

and

sell

fund

investments

at

appropriate

valuations

and its ability

to

achieve its investment

objectives.

4.

Investments

in

Affiliated

Management

Investment

Companies 

The

Fund

invests

in

one

or

more

affiliated

management

investment

companies

for

purposes

other

than

exercising

a

controlling

influence

over

the

management

or

policies.

During

the

period

ended

November

30,

2020,

the

Fund

held

investments

in

affiliated

management

investment

companies

as

follows: 

5. Fair

Value

Measurements 

The

Fund

follows

a

fair

value

hierarchy

that

distinguishes

between

market

data

obtained

from

independent

sources

(observable

inputs)

and

the Fund's

own

market

assumptions

(unobservable

inputs).

These

inputs

are

used

in

determining

the

value

of

the

Fund's financial

instruments

and

are

summarized

in

the

following

fair

value

hierarchy:

Level

1

–

quoted

prices

in

active

markets

for

identical

financial

instruments

Level

2

–

other

significant

observable

inputs

(including

quoted

prices

for

similar

financial

instruments,

interest

rates,

prepayment

speed,

credit

risk,

etc.)

Level

3

–

significant

unobservable

inputs

(including

the

Fund's

own

assumptions

in

determining

the

fair

value

of

financial

instruments)

a

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

a

Franklin

Universal

Trust

Non-Controlled

Affiliates

Dividends

Institutional

Fiduciary

Trust

-

Money

Market

Portfolio,

0%

.........

$5,235,951

$17,165,872

$(17,646,124)

$—

$—

$4,755,699

4,755,699

$—

Total

Affiliated

Securities

....

$5,235,951

$17,165,872

$(17,646,124)

$—

$—

$4,755,699

$—

2. Financial

Instrument

Valuation

(continued)

Franklin

Universal

Trust

Notes

to

Statement

of

Investments

(unaudited)

14

The

input

levels

are

not

necessarily

an

indication

of

the

risk

or

liquidity

associated

with

financial

instruments

at

that

level.

A

summary

of

inputs

used

as

of

November

30,

2020,

in

valuing

the

Fund's

assets

carried

at

fair

value,

is

as

follows:

A

reconciliation

in

which

Level

3

inputs

are

used

in

determining

fair

value

is

presented

when

there

are

significant

Level

3

assets

and/or

liabilities

at

the

beginning

and/or

end

of

the

period.

At November

30,

2020,

the

reconciliation

is

as

follows:

6

Level

1

Level

2

Level

3

Total

Franklin

Universal

Trust

Assets:

Investments

in

Securities:

Common

Stocks

:

Electric

Utilities

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

$

47,864,220

$

—

$

—

$

47,864,220

Energy

Equipment

&

Services

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

63,278

—

—

63,278

Machinery

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

—

223,830

—

223,830

Metals

&

Mining

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

3,113,045

—

—

3,113,045

Multi-Utilities

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

33,619,610

—

—

33,619,610

Oil,

Gas

&

Consumable

Fuels

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

1,454,473

—

—

1,454,473

Paper

&

Forest

Products

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

35,997

—

—

35,997

Specialty

Retail

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

172,445

—

—

172,445

Preferred

Stocks

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

676,500

—

—

676,500

Warrants

:

Oil,

Gas

&

Consumable

Fuels

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

218

—

120

a

338

Paper

&

Forest

Products

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

—

271

—

271

Convertible

Bonds

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

—

4,558

—

4,558

Corporate

Bonds

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

—

172,189,386

—

172,189,386

Marketplace

Loans

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

—

—

3,603,671

3,603,671

Asset-Backed

Securities

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

—

7,944,974

—

7,944,974

Escrows

and

Litigation

Trusts

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

—

—

1,050

1,050

Short

Term

Investments

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

4,755,699

—

—

4,755,699

Total

Investments

in

Securities

...........

$91,755,485

$180,363,019

$3,604,841

$275,723,345

a

Includes

securities

determined

to

have

no

value

at

November

30,

2020.

Balance

at

Beginning

of

Period

Purchases

Sales

Transfer

Into

Level

3

Transfer

Out

of

Level

3

a

Cost

Basis

Adjust-

ments

b

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

:

Machinery

.........

$

158,851

$

—

$

—

$

—

$

(158,851)

$

—

$

—

$

—

$

—

$

—

Warrants

:

Oil,

Gas

&

Consumable

Fuels

..........

90

—

—

—

—

—

—

30

120

c

30

Corporate

Bonds

:

Hotels,

Restaurants

&

Leisure

.........

5,625

—

—

—

(5,625)

—

—

—

—

—

Oil,

Gas

&

Consumable

Fuels

..........

481

—

—

—

(481)

—

—

—

—

—

Marketplace

Loans

:

Diversified

Financial

Services

........

4,023,963

126,019

(543,903)

—

—

—

(89,787)

87,379

3,603,671

87,379

5. Fair

Value

Measurements 

(continued)

Franklin

Universal

Trust

Notes

to

Statement

of

Investments

(unaudited)

15

Significant

unobservable

valuation

inputs

for

material

Level

3

assets

and/or

liabilities

and

impact

to

fair

value

as

a

result

of

changes

in

unobservable

valuation

inputs

as

of

November

30,

2020,

are

as

follows:

6.

Subsequent

Events

The Fund

has

evaluated

subsequent

events

through

the

issuance

of

the

Statement

of

Investments

and

determined

that

no

events

have

occurred

that

require

disclosure.

Balance

at

Beginning

of

Period

Purchases

Sales

Transfer

Into

Level

3

Transfer

Out

of

Level

3

a

Cost

Basis

Adjust-

ments

b

Net

Realized

Gain

(Loss)

Net

Unrealized

Appreciation

(Depreciation)

Balance

at

End

of

Period

Net

Change

in

Unrealized

Appreciation

(Depreciation)

on

Assets

Held

at

Period

End

a

a

a

a

a

a

a

a

a

a

a

Franklin

Universal

Trust

(continued)

Assets:

Investments

in

Securities:

Escrows

and

Litigation

Trusts

...........

$

14

$

—

$

—

$

—

$

—

$

—

$

—

$

1,036

$

1,050

$

1,036

Total

Investments

in

Securities

.

$4,189,024

$126,019

$(543,903)

$—

$(164,957)

$—

$(89,787)

$88,445

$3,604,841

$88,445

a

Transferred

out

of

Level

3

as

a

result

of

the

availability

of

a

quoted

price

in

an

active

market

for

identical

securities

and

other

significant

observable

valuation

inputs.

b

May

include

accretion,

amortization,

partnership

adjustments,

and/or

other

cost

basis

adjustments.

c

Includes

securities

determined

to

have

no

value.

Description

Fair

Value

at

End

of

Period

Valuation

Technique

Unobservable

Inputs

Amount

Impact

to

Fair

Value

if

Input

Increases

a

Franklin

Universal

Trust

Assets:

Investments

in

Securities:

Marketplace

Loans:

Lending

Club

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

3,141,748

Discounted

cash

flow

Loss-adjusted

discount

rate

7.4%

Decrease

b

Projected

loss

rate

24.5%

Decrease

b

Lending

Club

–

LCX

..........

254,599

Discounted

cash

flow

Loss-adjusted

discount

rate

5.3%

Decrease

b

Projected

loss

rate

22.8%

Decrease

b

All

Other

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

208,494

c

Total

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

3,604,841

a

Represents

the

directional

change

in

the

fair

value

that

would

result

from

a

significant

and

reasonable

increase

in

the

corresponding

input.

A

significant

and

reasonable

decrease

in

the

input

would

have

the

opposite

effect.

Significant

impacts,

if

any,

to

fair

value

and/or

net

assets

have

been

indicated.

b

Represents

a

significant

impact

to

fair

value

and

net

assets.

c

Includes

financial

instruments

with

values

derived

using

private

transaction

prices

or

non-public

third

party

pricing

information

which

is

unobservable.

May

also

include

fair

value

of

immaterial

financial

instruments

and

developed

using

various

valuation

techniques

and

unobservable

inputs.

5. Fair

Value

Measurements 

(continued)

Franklin

Universal

Trust

Notes

to

Statement

of

Investments

(unaudited)

16

Abbreviations

Currency

USD

United

States

Dollar

Selected

Portfolio

ADR

American

Depositary

Receipt

FRN

Floating

Rate

Note

LIBOR

London

Inter-Bank

Offered

Rate

PIK

Payment-In-Kind

For

additional

information

on

the

Fund's

significant

accounting

policies,

please

refer

to

the Fund's

most

recent

semiannual

or

annual

shareholder

report.