Franklin Universal Trust NPORTP (Nov 2021 report)

Not

FDIC

Insured

May

Lose

Value

Bank

Guarantee

FUT-Q1PH

Statement

Investments

(unaudited)

Franklin

Universal

Trust

Notes

Statement

Investments

Franklin

Universal

Trust

Statement

Investments

(unaudited),

November

30,

2021

Quarterly

Statement

Investments

See

Notes

Statement

Investments.

Country

Value

Common

Stocks

42.6%

Electric

Utilities

23.6%

Alliant

Energy

Corp.

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

United

States

80,000

4,383,200

American

Electric

Power

Co.,

Inc.

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

United

States

65,000

5,268,250

Duke

Energy

Corp.

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

United

States

46,060

4,468,281

Edison

International

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

United

States

36,000

2,350,080

Entergy

Corp.

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

United

States

30,000

3,010,200

Evergy

Inc.

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

United

States

80,000

5,064,000

Exelon

Corp.

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

United

States

80,000

4,218,400

FirstEnergy

Corp.

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

United

States

40,000

1,506,400

NextEra

Energy,

Inc.

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

United

States

120,000

10,413,600

Pinnacle

West

Capital

Corp.

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

United

States

30,000

1,951,500

PPL

Corp.

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

United

States

24,500

681,835

Southern

Co.

(The)

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

United

States

60,000

3,666,000

Xcel

Energy,

Inc.

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

United

States

60,000

3,823,800

50,805,546

Machinery

0.2%

Birch

Permian

Holdings,

Inc.

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

United

States

3,694

55,410

Birch

Permian

Holdings,

Inc.

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

United

States

28,796

428,340

483,750

Metals

Mining

2.1%

BHP

Group

plc,

ADR

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

Australia

25,185

1,384,671

Freeport-McMoRan,

Inc.

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

United

States

80,380

2,980,491

South32

Ltd.,

ADR

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

Australia

10,074

126,328

4,491,490

Multi-Utilities

15.0%

CenterPoint

Energy,

Inc.

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

United

States

122,800

3,181,748

CMS

Energy

Corp.

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

United

States

90,000

5,296,500

Consolidated

Edison,

Inc.

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

United

States

40,000

3,105,600

Dominion

Energy,

Inc.

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

United

States

67,200

4,784,640

DTE

Energy

Co.

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

United

States

30,000

3,250,200

NiSource,

Inc.

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

United

States

60,000

1,470,600

Public

Service

Enterprise

Group,

Inc.

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

United

States

45,000

2,812,050

Sempra

Energy

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

United

States

45,000

5,394,150

WEC

Energy

Group,

Inc.

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

United

States

35,000

3,042,550

32,338,038

Oil,

Gas

Consumable

Fuels

1.7%

Amplify

Energy

Corp.

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

United

States

245

774

California

Resources

Corp.

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

United

States

1,055

Chesapeake

Energy

Corp.

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

United

States

752

44,774

Civitas

Resources,

Inc.

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

United

States

18,598

950,544

Midstream,

Inc.

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

United

States

15,000

688,050

Enbridge,

Inc.

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

Canada

39,360

1,477,574

Goodrich

Petroleum

Corp.

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

United

States

19,379

445,717

a,c

Riviera

Resources,

Inc.

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

United

States

5,042

—

3,608,488

Specialty

Retail

0.0%

†

Party

City

Holdco,

Inc.

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

United

States

Total

Common

Stocks

(Cost

$38,438,076)

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

91,727,316

Franklin

Universal

Trust

Statement

Investments

(unaudited)

See

Notes

Statement

Investments.

Quarterly

Statement

Investments

Country

Value

Preferred

Stocks

0.4%

Electric

Utilities

0.4%

SCE

Trust

II,

5.1%

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

United

States

27,500

687,500

Total

Preferred

Stocks

(Cost

$598,125)

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

687,500

Warrants

0.0%

†

Oil,

Gas

Consumable

Fuels

0.0%

†

a,c

Battalion

Oil

Corp.,

10/08/22

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

United

States

583

a,c

Battalion

Oil

Corp.,

10/08/22

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

United

States

728

—

a,c

Battalion

Oil

Corp.,

10/08/22

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

United

States

937

—

California

Resources

Corp.,

10/27/24

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

United

States

768

Chesapeake

Energy

Corp.,

2/09/26

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

United

States

1,418

38,938

39,708

Paper

Forest

Products

0.0%

†

Verso

Corp.,

7/25/23

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

United

States

350

1,227

Total

Warrants

(Cost

$602,518)

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

40,935

Principal

Amount

Convertible

Bonds

0.0%

†

Wireless

Telecommunication

Services

0.0%

†

d,e,f

Digicel

Group

Holdings

Ltd.

Sub.

Bond

144A,

PIK,

Perpetual

Bermuda

25,282

21,838

Total

Convertible

Bonds

(Cost

$6,147)

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

21,838

Corporate

Bonds

77.2%

Airlines

0.9%

American

Airlines

Inc

AAdvantage

Loyalty

Ltd.

Senior

Secured

Note

144A,

5.5

4/20/26

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

United

States

700,000

716,387

Delta

Air

Lines,

Inc.

SkyMiles

Ltd.

Senior

Secured

Note

144A,

4.75

10/20/28

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

United

States

700,000

767,770

United

Airlines,

Inc.

Senior

Secured

Note,

144A,

4.375%,

4/15/26

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

United

States

100,000

100,592

Senior

Secured

Note,

144A,

4.625%,

4/15/29

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

United

States

300,000

298,950

1,883,699

Auto

Components

2.9%

Allison

Transmission,

Inc.

Senior

Bond,

144A,

3.75%,

1/30/31

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

United

States

700,000

670,250

Senior

Note,

144A,

4.75%,

10/01/27

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

United

States

600,000

620,718

Dana,

Inc.

Senior

Note

5.625

6/15/28

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

United

States

1,400,000

1,475,838

Dornoch

Debt

Merger

Sub,

Inc.

Senior

Note

144A,

6.625

10/15/29

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

United

States

800,000

789,000

Goodyear

Tire

Rubber

Co.

(The)

Senior

Note,

9.5%,

5/31/25

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

United

States

900,000

970,861

Senior

Note,

144A,

5%,

7/15/29

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

United

States

600,000

627,405

Real

Hero

Merger

Sub

Inc.

Senior

Note

144A,

6.25

2/01/29

United

States

1,000,000

1,004,655

6,158,727

Automobiles

0.6%

Jaguar

Land

Rover

Automotive

plc

Senior

Note

144A,

5.5

7/15/29

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

United

Kingdom

1,300,000

1,278,368

Banks

0.4%

JPMorgan

Chase

Co.

Junior

Sub.

Bond

8/01/23,

FRN

thereafter

Perpetual

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

United

States

900,000

928,238

Franklin

Universal

Trust

Statement

Investments

(unaudited)

Quarterly

Statement

Investments

See

Notes

Statement

Investments.

Country

Principal

Amount

Value

Corporate

Bonds

(continued)

Beverages

0.3%

Primo

Water

Holdings,

Inc.

Senior

Note

144A,

4.375

4/30/29

Canada

700,000

693,945

Biotechnology

0.4%

Emergent

BioSolutions

Inc.

Senior

Note

144A,

3.875

8/15/28

United

States

900,000

856,516

Building

Products

1.3%

Cornerstone

Building

Brands,

Inc.

Senior

Note

144A,

6.125

1/15/29

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

United

States

300,000

313,101

JELD-WEN,

Inc.

Senior

Note,

144A,

4.625%,

12/15/25

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

United

States

300,000

303,310

Senior

Note

144A,

4.875%,

12/15/27

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

United

States

300,000

307,380

Standard

Industries,

Inc.

Senior

Bond,

144A,

4.75%,

1/15/28

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

United

States

500,000

504,445

Senior

Bond,

144A,

4.375%,

7/15/30

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

United

States

100,000

98,523

Senior

Bond,

144A,

3.375%,

1/15/31

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

United

States

200,000

184,520

Senior

Note

144A,

5%,

2/15/27

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

United

States

300,000

308,002

Summit

Materials

LLC

Summit

Materials

Finance

Corp.

Senior

Note

144A,

5.25

1/15/29

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

United

States

800,000

834,080

2,853,361

Capital

Markets

0.1%

Jane

Street

Group

JSG

Finance,

Inc.

Senior

Secured

Note

144A,

4.5

11/15/29

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

United

States

300,000

299,990

Chemicals

3.8%

Axalta

Coating

Systems

LLC

Senior

Note

144A,

3.375

2/15/29

United

States

400,000

380,560

Braskem

Idesa

SAPI

Senior

Secured

Bond

144A,

6.99

2/20/32

Mexico

300,000

294,519

Consolidated

Energy

Finance

Senior

Note

144A,

5.625

10/15/28

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

Switzerland

600,000

572,694

CVR

Partners

CVR

Nitrogen

Finance

Corp.

Senior

Secured

Note

144A,

6.125

6/15/28

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

United

States

300,000

311,688

Diamond

Senior

Note

144A,

4.625

10/01/29

.........

United

States

300,000

293,550

Element

Solutions,

Inc.

Senior

Note

144A,

3.875

9/01/28

.....

United

States

700,000

694,061

GPD

Cos.,

Inc.

Senior

Secured

Note

144A,

10.125

4/01/26

...

United

States

1,500,000

1,597,035

Illuminate

Buyer

LLC

Illuminate

Holdings

IV,

Inc.

Senior

Note

144A,

7/01/28

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

United

States

1,000,000

1,066,945

Ingevity

Corp.

Senior

Note

144A,

3.875

11/01/28

...........

United

States

400,000

383,828

d,f

Kobe

Midco

Inc.

Senior

Note

144A,

PIK,

9.25

11/01/26

United

States

200,000

199,564

LSF11

HoldCo

LLC

Senior

Note

144A,

6.625

10/15/29

....

United

States

600,000

585,027

Rain

CII

Carbon

LLC

CII

Carbon

Corp.

Secured

Note

144A,

7.25

4/01/25

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

United

States

600,000

611,250

SCIH

Salt

Holdings,

Inc.

Senior

Note,

144A,

6.625%,

5/01/29

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

United

States

500,000

462,500

Senior

Secured

Note,

144A,

4.875%,

5/01/28

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

United

States

300,000

284,502

Unifrax

Escrow

Issuer

Corp.

Senior

Note,

144A,

7.5%,

9/30/29

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

United

States

200,000

194,286

Senior

Secured

Note,

144A,

5.25%,

9/30/28

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

United

States

300,000

295,406

8,227,415

Franklin

Universal

Trust

Statement

Investments

(unaudited)

See

Notes

Statement

Investments.

Quarterly

Statement

Investments

Country

Principal

Amount

Value

Corporate

Bonds

(continued)

Commercial

Services

Supplies

2.1%

Allied

Universal

Holdco

LLC

Allied

Universal

Finance

Corp.

Atlas

LuxCo

SARL

Senior

Secured

Note

144A,

4.625

6/01/28

United

States

400,000

387,700

APX

Group,

Inc.

Senior

Note

144A,

5.75

7/15/29

...........

United

States

800,000

781,360

Harsco

Corp.

Senior

Note

144A,

5.75

7/31/27

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

United

States

500,000

507,128

Nielsen

Finance

LLC

Nielsen

Finance

Co.

Senior

Note

144A,

4.5

7/15/29

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

United

States

1,200,000

1,162,188

Prime

Security

Services

Borrower

LLC

Prime

Finance,

Inc.

Senior

Secured

Note

144A,

3.375

8/31/27

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

United

States

600,000

568,617

Stericycle,

Inc.

Senior

Note

144A,

3.875

1/15/29

...........

United

States

1,200,000

1,171,704

4,578,697

Communications

Equipment

0.7%

CommScope

Inc.

Senior

Note

144A,

7.125

7/01/28

.........

United

States

1,600,000

1,490,968

Construction

Engineering

1.4%

Arcosa

Inc.

Senior

Note

144A,

4.375

4/15/29

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

United

States

300,000

303,113

Great

Lakes

Dredge

Dock

Corp.

Senior

Note

144A,

5.25

6/01/29

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

United

States

500,000

511,140

Consolidated,

Inc.

Senior

Note

144A,

5.5

4/15/29

.......

United

States

800,000

801,692

Weekley

Homes

LLC

Weekley

Finance

Corp.

Senior

Note

144A,

4.875

9/15/28

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

United

States

1,300,000

1,340,384

2,956,329

Consumer

Finance

0.7%

FirstCash

Inc.

Senior

Note

144A,

4.625

9/01/28

...........

United

States

400,000

398,652

PRA

Group,

Inc.

Senior

Note

144A,

10/01/29

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

United

States

300,000

296,763

PROG

Holdings,

Inc.

Senior

Note

144A,

11/15/29

.........

United

States

900,000

890,429

1,585,844

Containers

Packaging

3.9%

Ardagh

Packaging

Finance

plc

Ardagh

Holdings

USA,

Inc.

Senior

Note,

144A,

5.25%,

8/15/27

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

United

States

600,000

589,485

Senior

Secured

Note,

144A,

5.25%,

4/30/25

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

United

States

800,000

824,732

Mauser

Packaging

Solutions

Holding

Co.

Senior

Note,

144A,

7.25%,

4/15/25

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

United

States

1,800,000

1,769,580

Senior

Secured

Note,

144A,

8.5%,

4/15/24

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

United

States

1,000,000

1,034,950

Owens-Brockway

Glass

Container,

Inc.

Senior

Note,

144A,

5.875%,

8/15/23

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

United

States

500,000

520,937

Senior

Note,

144A,

6.625%,

5/13/27

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

United

States

500,000

524,219

Pactiv

Evergreen

Group

Issuer

LLC

Pactiv

Evergreen

Group

Issuer,

Inc.

Senior

Secured

Note

144A,

4.375

10/15/28

..........

United

States

300,000

292,091

Pactiv

Evergreen

Group

Issuer,

Inc./Pactiv

Evergreen

Group

Issuer

LLC/Reynolds

Group

Holdings

Ltd.

Senior

Secured

Note

144A,

10/15/27

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

United

States

1,200,000

1,153,566

Plastipak

Holdings,

Inc.

Senior

Note

144A,

6.25

10/15/25

....

United

States

1,200,000

1,219,440

Trivium

Packaging

Finance

Senior

Note

144A,

8.5

8/15/27

Netherlands

500,000

523,637

8,452,637

Diversified

Financial

Services

1.2%

Jefferson

Capital

Holdings

LLC

Senior

Note

144A,

8/15/26

United

States

1,200,000

1,196,454

MPH

Acquisition

Holdings

LLC

Senior

Note

144A,

5.75

11/01/28

United

States

1,500,000

1,342,500

2,538,954

Diversified

Telecommunication

Services

3.5%

Altice

France

Holding

Senior

Secured

Note

144A,

10.5

5/15/27

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

Luxembourg

1,500,000

1,616,130

CCO

Holdings

LLC

CCO

Holdings

Capital

Corp.

Senior

Bond,

144A,

5.375%,

6/01/29

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

United

States

500,000

529,768

Franklin

Universal

Trust

Statement

Investments

(unaudited)

Quarterly

Statement

Investments

See

Notes

Statement

Investments.

Country

Principal

Amount

Value

Corporate

Bonds

(continued)

Diversified

Telecommunication

Services

(continued)

CCO

Holdings

LLC

CCO

Holdings

Capital

Corp.,

(continued)

Senior

Bond,

144A,

4.5%,

8/15/30

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

United

States

1,700,000

1,716,490

Senior

Bond,

144A,

4.25%,

2/01/31

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

United

States

200,000

197,384

DKT

Finance

ApS

Senior

Secured

Note

144A,

9.375

6/17/23

Denmark

1,500,000

1,522,500

Iliad

Holding

SASU

Senior

Secured

Note

144A,

10/15/28

...

France

800,000

819,000

Virgin

Media

Secured

Finance

plc

Senior

Secured

Bond

144A,

4.5

8/15/30

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

United

Kingdom

1,100,000

1,077,312

7,478,584

Electric

Utilities

0.7%

Vistra

Operations

Co.

LLC

Senior

Note,

144A,

5.625%,

2/15/27

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

United

States

1,000,000

1,028,400

Senior

Note,

144A,

4.375%,

5/01/29

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

United

States

400,000

393,230

1,421,630

Electrical

Equipment

0.9%

Sensata

Technologies

Senior

Note

144A,

4/15/29

......

United

States

1,000,000

1,015,745

Vertiv

Group

Corp.

Senior

Secured

Note

144A,

4.125

11/15/28

United

States

800,000

799,188

1,814,933

Electronic

Equipment,

Instruments

Components

0.2%

TTM

Technologies,

Inc.

Senior

Note

144A,

3/01/29

........

United

States

500,000

485,965

Energy

Equipment

Services

1.6%

CSI

Compressco

CSI

Compressco

Finance,

Inc.

Secured

Note,

144A,

PIK,

10%,

4/01/26

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

United

States

982,453

954,433

Senior

Secured

Note,

144A,

7.5%,

4/01/25

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

United

States

402,000

408,026

Nabors

Industries

Ltd.

Senior

Note

144A,

7.25

1/15/26

......

United

States

600,000

517,365

Nabors

Industries,

Inc.

Senior

Note

5.75

2/01/25

...........

United

States

500,000

418,945

Weatherford

International

Ltd.

Senior

Note,

144A,

11%,

12/01/24

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

United

States

111,000

115,113

Senior

Note,

144A,

8.625%,

4/30/30

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

United

States

700,000

687,295

Senior

Secured

Note,

144A,

6.5%,

9/15/28

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

United

States

400,000

411,504

3,512,681

Entertainment

1.2%

Banijay

Entertainment

SASU

Senior

Secured

Note

144A,

5.375

3/01/25

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

France

1,000,000

1,022,045

Live

Nation

Entertainment,

Inc.

Senior

Secured

Note

144A,

3.75

1/15/28

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

United

States

200,000

192,600

Netflix,

Inc.

Senior

Bond,

5.875%,

11/15/28

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

United

States

800,000

958,752

Senior

Note,

144A,

3.625%,

6/15/25

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

United

States

300,000

316,803

2,490,200

Franklin

Universal

Trust

Statement

Investments

(unaudited)

See

Notes

Statement

Investments.

Quarterly

Statement

Investments

Country

Principal

Amount

Value

Corporate

Bonds

(continued)

Equity

Real

Estate

Investment

Trusts

(REITs)

1.6%

American

Finance

Trust,

Inc.

American

Finance

Operating

Partner

Senior

Note

144A,

4.5

9/30/28

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

United

States

500,000

494,328

Global

Net

Lease,

Inc.

Global

Net

Lease

Operating

Partnership

Senior

Note

144A,

3.75

12/15/27

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

United

States

800,000

779,572

HAT

Holdings

LLC

HAT

Holdings

LLC

Senior

Note

144A,

4/15/25

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

United

States

400,000

414,772

MPT

Operating

Partnership

MPT

Finance

Corp.

Senior

Bond

5.25

8/01/26

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

United

States

200,000

205,725

Park

Intermediate

Holdings

LLC

Domestic

Property

LLC

Finance

Co-Issuer

Senior

Secured

Note

144A,

5.875

10/01/28

United

States

500,000

516,100

VICI

Properties

VICI

Note

Co.,

Inc.

Senior

Note

144A,

3.75

2/15/27

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

United

States

700,000

718,910

XHR

Senior

Secured

Note

144A,

4.875

6/01/29

.........

United

States

400,000

403,600

3,533,007

Food

Products

1.2%

Chobani

LLC

Chobani

Finance

Corp.,

Inc.

Senior

Secured

Note

144A,

4.625

11/15/28

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

United

States

800,000

812,952

Pilgrim's

Pride

Corp.

Senior

Bond

144A,

3.5

3/01/32

........

United

States

300,000

302,001

Post

Holdings,

Inc.

Senior

Bond,

144A,

5.625%,

1/15/28

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

United

States

300,000

309,272

Senior

Bond,

144A,

4.625%,

4/15/30

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

United

States

500,000

494,498

Senior

Bond,

144A,

4.5%,

9/15/31

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

United

States

700,000

676,812

2,595,535

Health

Care

Equipment

Supplies

0.5%

Mozart

Debt

Merger

Sub,

Inc.

Senior

Note,

144A,

5.25%,

10/01/29

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

United

States

500,000

500,225

Senior

Secured

Note,

144A,

3.875%,

4/01/29

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

United

States

400,000

395,606

Ortho-Clinical

Diagnostics,

Inc.

Ortho-Clinical

Diagnostics

Senior

Note

144A,

7.375

6/01/25

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

United

States

180,000

189,093

1,084,924

Health

Care

Providers

Services

2.4%

Centene

Corp.

Senior

Bond,

2.5%,

3/01/31

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

United

States

500,000

480,000

Senior

Note,

2.45%,

7/15/28

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

United

States

500,000

491,430

Senior

Note,

2.625%,

8/01/31

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

United

States

500,000

482,942

CHS/Community

Health

Systems,

Inc.

Secured

Note,

144A,

6.125%,

4/01/30

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

United

States

500,000

480,008

Senior

Secured

Note,

144A,

6.625%,

2/15/25

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

United

States

500,000

519,220

Senior

Secured

Note,

144A,

6%,

1/15/29

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

United

States

300,000

312,433

DaVita,

Inc.

Senior

Note

144A,

4.625

6/01/30

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

United

States

1,200,000

1,187,040

ModivCare

Escrow

Issuer,

Inc.

Senior

Note

144A,

10/01/29

United

States

100,000

99,367

ModivCare

Inc.

Senior

Note

144A,

5.875

11/15/25

.........

United

States

1,000,000

1,041,870

5,094,310

Hotels,

Restaurants

Leisure

6.1%

1011778

ULC

New

Red

Finance,

Inc.

Secured

Bond

144A,

10/15/30

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

Canada

1,000,000

957,145

f,g

Hour

Fitness

Worldwide,

Inc.

Senior

Note

144A,

6/01/22

United

States

1,800,000

540

Boyd

Gaming

Corp.

Senior

Note

144A,

8.625

6/01/25

.......

United

States

400,000

428,704

Caesars

Entertainment,

Inc.

Senior

Secured

Note

144A,

6.25

7/01/25

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

United

States

700,000

728,623

Caesars

Resort

Collection

LLC

CRC

Finco

Inc.

Senior

Secured

Note

144A,

5.75

7/01/25

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

United

States

400,000

415,974

Carnival

Corp.

Senior

Note,

144A,

7.625%,

3/01/26

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

United

States

400,000

411,000

Franklin

Universal

Trust

Statement

Investments

(unaudited)

Quarterly

Statement

Investments

See

Notes

Statement

Investments.

Country

Principal

Amount

Value

Corporate

Bonds

(continued)

Hotels,

Restaurants

Leisure

(continued)

Carnival

Corp.,

(continued)

Senior

Note,

144A,

5.75%,

3/01/27

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

United

States

1,500,000

1,469,287

Downstream

Development

Authority

the

Quapaw

Tribe

Oklahoma

Senior

Secured

Note

144A,

10.5

2/15/23

.......

United

States

1,500,000

1,573,357

Everi

Holdings,

Inc.

Senior

Note

144A,

7/15/29

...........

United

States

700,000

700,438

Motion

Bondco

DAC

Senior

Note

144A,

6.625

11/15/27

......

United

Kingdom

200,000

199,968

NCL

Corp.

Ltd.

Senior

Note

144A,

5.875

3/15/26

...........

United

States

300,000

292,875

Papa

John's

International,

Inc.

Senior

Note

144A,

3.875

9/15/29

United

States

300,000

294,399

Penn

National

Gaming,

Inc.

Senior

Note

144A,

4.125

7/01/29

United

States

400,000

378,000

Premier

Entertainment

Sub

LLC

Premier

Entertainment

Finance

Corp.

Senior

Bond,

144A,

5.875%,

9/01/31

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

United

States

500,000

502,620

Senior

Note,

144A,

5.625%,

9/01/29

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

United

States

1,000,000

1,001,475

Royal

Caribbean

Cruises

Ltd.

Senior

Note

144A,

5.5

8/31/26

United

States

700,000

684,072

Six

Flags

Theme

Parks,

Inc.

Senior

Secured

Note

144A,

7/01/25

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

United

States

200,000

210,724

Studio

City

Finance

Ltd.

Senior

Note

144A,

1/15/29

.......

Macau

1,600,000

1,452,216

Vail

Resorts,

Inc.

Senior

Note

144A,

6.25

5/15/25

..........

United

States

300,000

314,127

Wynn

Macau

Ltd.

Senior

Note

144A,

5.625

8/26/28

.........

Macau

300,000

276,699

Wynn

Resorts

Finance

LLC

Wynn

Resorts

Capital

Corp.

Senior

Note

144A,

7.75

4/15/25

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

United

States

800,000

834,688

13,126,931

Household

Durables

1.1%

Ashton

Woods

USA

LLC

Ashton

Woods

Finance

Co.

Senior

Note

144A,

4.625

8/01/29

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

United

States

1,500,000

1,488,038

M/I

Homes,

Inc.

Senior

Note

3.95

2/15/30

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

United

States

600,000

594,879

Williams

Scotsman

International,

Inc.

Senior

Secured

Note

144A,

4.625

8/15/28

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

United

States

300,000

305,592

2,388,509

Independent

Power

and

Renewable

Electricity

Producers

3.4%

Atlantica

Sustainable

Infrastructure

plc

Senior

Note

144A,

4.125

6/15/28

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

Spain

400,000

402,755

Calpine

Corp.

Senior

Bond,

144A,

5%,

2/01/31

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

United

States

900,000

867,537

Senior

Note,

144A,

4.625%,

2/01/29

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

United

States

700,000

671,268

Clearway

Energy

Operating

LLC

Senior

Bond,

144A,

3.75%,

1/15/32

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

United

States

400,000

393,572

Senior

Note,

144A,

4.75%,

3/15/28

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

United

States

600,000

631,902

Senior

Note,

144A,

3.75%,

2/15/31

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

United

States

300,000

297,010

InterGen

Senior

Secured

Bond

144A,

6/30/23

.........

Netherlands

1,900,000

1,871,263

Leeward

Renewable

Energy

Operations

LLC

Senior

Note

144A,

4.25

7/01/29

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

United

States

1,000,000

991,740

Talen

Energy

Supply

LLC

Senior

Note

6.5

6/01/25

..........

United

States

2,100,000

1,180,610

7,307,657

Insurance

0.4%

Alliant

Holdings

Intermediate

LLC

Alliant

Holdings

Co-Issuer

Senior

Note

144A,

6.75

10/15/27

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

United

States

800,000

810,156

Internet

Direct

Marketing

Retail

0.3%

Match

Group

Holdings

LLC

Senior

Note,

144A,

4.625%,

6/01/28

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

United

States

500,000

508,127

Senior

Note,

144A,

3.625%,

10/01/31

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

United

States

200,000

188,852

696,979

Franklin

Universal

Trust

Statement

Investments

(unaudited)

See

Notes

Statement

Investments.

Quarterly

Statement

Investments

Country

Principal

Amount

Value

Corporate

Bonds

(continued)

Services

1.9%

Cablevision

Lightpath

LLC

Senior

Secured

Note

144A,

3.875

9/15/27

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

United

States

500,000

486,650

Cogent

Communications

Group,

Inc.

Senior

Secured

Note

144A,

3.5

5/01/26

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

United

States

500,000

502,152

Gartner,

Inc.

Senior

Note,

144A,

4.5%,

7/01/28

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

United

States

500,000

520,330

Senior

Note,

144A,

3.625%,

6/15/29

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

United

States

200,000

199,064

Senior

Note,

144A,

3.75%,

10/01/30

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

United

States

300,000

299,797

Northwest

Fiber

LLC

Northwest

Fiber

Finance

Sub,

Inc.

Senior

Note

144A,

2/15/28

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

United

States

1,100,000

1,047,871

Presidio

Holdings,

Inc.

Senior

Note

144A,

8.25

2/01/28

......

United

States

900,000

936,923

3,992,787

Life

Sciences

Tools

Services

0.1%

Charles

River

Laboratories

International,

Inc.

Senior

Note

144A,

3.75

3/15/29

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

United

States

200,000

198,039

Machinery

1.9%

ATS

Automation

Tooling

Systems,

Inc.

Senior

Note

144A,

4.125

12/15/28

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

Canada

1,300,000

1,311,258

Manitowoc

Co.,

Inc.

(The)

Secured

Note

144A,

4/01/26

....

United

States

1,000,000

1,055,340

Roller

Bearing

Co.

America,

Inc.

Senior

Note

144A,

4.375

10/15/29

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

United

States

800,000

799,200

Elevator

Holdco

GmbH

Senior

Note

144A,

7.625

7/15/28

Germany

300,000

313,774

Elevator

U.S.

Newco

Inc.

Senior

Secured

Note

144A,

5.25

7/15/27

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

Germany

600,000

611,079

4,090,651

Media

4.8%

Clear

Channel

International

Senior

Secured

Note

144A,

6.625

8/01/25

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

United

Kingdom

400,000

413,392

Clear

Channel

Outdoor

Holdings,

Inc.

Senior

Note,

144A,

7.75%,

4/15/28

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

United

States

300,000

313,406

Senior

Note,

144A,

7.5%,

6/01/29

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

United

States

300,000

308,759

Clear

Channel

Worldwide

Holdings,

Inc.

Senior

Secured

Note

144A,

5.125

8/15/27

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

United

States

500,000

506,007

CSC

Holdings

LLC

Senior

Bond,

5.25%,

6/01/24

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

United

States

400,000

416,100

Senior

Note,

144A,

7.5%,

4/01/28

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

United

States

300,000

318,999

Diamond

Sports

Group

LLC

Diamond

Sports

Finance

Co.

Senior

Note,

144A,

6.625%,

8/15/27

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

United

States

700,000

148,312

Senior

Secured

Note,

144A,

5.375%,

8/15/26

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

United

States

400,000

177,974

DIRECTV

Holdings

LLC

DIRECTV

Financing

Co.,

Inc.

Senior

Secured

Note

144A,

5.875

8/15/27

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

United

States

200,000

203,875

DISH

DBS

Corp.

Senior

Secured

Note

144A,

5.75

12/01/28

...

United

States

1,000,000

987,205

Gray

Television,

Inc.

Senior

Note,

144A,

7%,

5/15/27

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

United

States

500,000

531,063

Senior

Note,

144A,

4.75%,

10/15/30

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

United

States

300,000

289,639

LCPR

Senior

Secured

Financing

DAC

Senior

Secured

Note

144A,

6.75

10/15/27

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

United

States

500,000

519,498

News

Corp.

Senior

Note

144A,

3.875

5/15/29

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

United

States

200,000

196,940

Nexstar

Media,

Inc.

Senior

Note

144A,

5.625

7/15/27

.......

United

States

800,000

830,952

Outfront

Media

Capital

LLC

Outfront

Media

Capital

Corp.

Senior

Note

144A,

4.25

1/15/29

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

United

States

400,000

389,450

Scripps

Escrow,

Inc.

Senior

Note

144A,

5.875

7/15/27

.......

United

States

600,000

616,872

Sinclair

Television

Group,

Inc.

Senior

Bond

144A,

5.5

3/01/30

United

States

700,000

635,184

Sirius

Radio,

Inc.

Senior

Note,

144A,

3.125%,

9/01/26

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

United

States

500,000

493,365

Franklin

Universal

Trust

Statement

Investments

(unaudited)

Quarterly

Statement

Investments

See

Notes

Statement

Investments.

Country

Principal

Amount

Value

Corporate

Bonds

(continued)

Media

(continued)

Sirius

Radio,

Inc.,

(continued)

Senior

Note,

144A,

4%,

7/15/28

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

United

States

600,000

594,372

Univision

Communications,

Inc.

Senior

Secured

Note,

144A,

9.5%,

5/01/25

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

United

States

800,000

859,284

Senior

Secured

Note,

144A,

4.5%,

5/01/29

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

United

States

600,000

600,543

10,351,191

Metals

Mining

1.4%

Commercial

Metals

Co.

Senior

Bond

3.875

2/15/31

.........

United

States

700,000

698,274

Constellium

Senior

Note

144A,

3.75

4/15/29

...........

United

States

600,000

571,332

FMG

Resources

August

2006

Pty.

Ltd.

Senior

Bond

144A,

4.375

4/01/31

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

Australia

1,000,000

1,015,180

Novelis

Corp.

Senior

Bond,

144A,

3.875%,

8/15/31

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

United

States

100,000

96,658

Senior

Note,

144A,

3.25%,

11/15/26

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

United

States

100,000

100,065

SunCoke

Energy,

Inc.

Senior

Secured

Note

144A,

4.875

6/30/29

United

States

600,000

583,962

3,065,471

Mortgage

Real

Estate

Investment

Trusts

(REITs)

0.5%

Apollo

Commercial

Real

Estate

Finance,

Inc.

Senior

Secured

Note

144A,

4.625

6/15/29

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

United

States

1,000,000

951,275

Oil,

Gas

Consumable

Fuels

9.3%

Antero

Resources

Corp.

Senior

Note,

144A,

8.375%,

7/15/26

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

United

States

130,000

144,305

Senior

Note,

144A,

7.625%,

2/01/29

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

United

States

166,000

182,318

Senior

Note,

144A,

5.375%,

3/01/30

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

United

States

700,000

723,187

Calumet

Specialty

Products

Partners

Calumet

Finance

Corp.

Senior

Note

7.75

4/15/23

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

United

States

800,000

795,876

Cheniere

Energy

Partners

Senior

Bond,

144A,

3.25%,

1/31/32

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

United

States

400,000

389,184

Senior

Note,

4.5%,

10/01/29

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

United

States

1,200,000

1,263,375

Senior

Note,

144A,

4%,

3/01/31

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

United

States

1,200,000

1,226,334

Cheniere

Energy,

Inc.

Senior

Secured

Note

4.625

10/15/28

...

United

States

700,000

721,872

Chesapeake

Energy

Corp.

Senior

Note

144A,

5.5

2/01/26

....

United

States

500,000

519,695

Civitas

Resources,

Inc.

Senior

Note

7.5

4/30/26

...........

United

States

199,676

198,684

Crestwood

Midstream

Partners

Crestwood

Midstream

Finance

Corp.

Senior

Note,

5.75%,

4/01/25

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

United

States

800,000

804,000

Senior

Note,

144A,

6%,

2/01/29

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

United

States

700,000

709,481

CrownRock

Finance,

Inc.

Senior

Note

144A,

5/01/29

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

United

States

300,000

302,283

Midstream,

Inc.

Senior

Note

144A,

4.125

6/15/29

........

United

States

700,000

696,833

Endeavor

Energy

Resources

EER

Finance,

Inc.

Senior

Bond,

144A,

5.75%,

1/30/28

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

United

States

300,000

312,428

Senior

Note,

144A,

6.625%,

7/15/25

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

United

States

500,000

526,182

d,f

EnQuest

plc

Senior

Note

144A,

Reg

PIK,

10/15/23

......

United

Kingdom

652,663

579,807

EQT

Corp.

Senior

Note

144A,

3.125

5/15/26

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

United

States

300,000

300,279

c,d,h

Goodrich

Petroleum

Corp.

144A,

PIK,

13.5

5/31/23

.........

United

States

1,624,598

1,751,793

Harbour

Energy

plc

Senior

Note

144A,

5.5

10/15/26

........

United

Kingdom

500,000

492,263

Hilcorp

Energy

Hilcorp

Finance

Co.

Senior

Bond,

144A,

6%,

2/01/31

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

United

States

200,000

199,580

Senior

Note,

144A,

5.75%,

2/01/29

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

United

States

200,000

197,188

Franklin

Universal

Trust

Statement

Investments

(unaudited)

See

Notes

Statement

Investments.

Quarterly

Statement

Investments

Country

Principal

Amount

Value

Corporate

Bonds

(continued)

Oil,

Gas

Consumable

Fuels

(continued)

Martin

Midstream

Partners

Martin

Midstream

Finance

Corp.

Secured

Note

144A,

11.5

2/28/25

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

United

States

776,232

811,205

d,f,g

Murray

Energy

Corp.

Secured

Note

144A,

PIK,

4/15/24

...

United

States

757,734

3,864

Oasis

Midstream

Partners

OMP

Finance

Corp.

Senior

Note

144A,

4/01/29

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

United

States

500,000

533,257

Occidental

Petroleum

Corp.

Senior

Bond,

6.45%,

9/15/36

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

United

States

700,000

870,289

Senior

Note

8.875%,

7/15/30

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

United

States

1,100,000

1,446,159

Senior

Note,

6.625%,

9/01/30

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

United

States

200,000

240,247

Senior

Note,

6.125%,

1/01/31

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

United

States

300,000

350,055

Renewable

Energy

Group,

Inc.

Senior

Secured

Note

144A,

5.875

6/01/28

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

United

States

400,000

407,704

Sunoco

Finance

Corp.

Senior

Note,

6%,

4/15/27

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

United

States

1,000,000

1,038,135

Senior

Note,

4.5%,

5/15/29

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

United

States

200,000

197,650

Venture

Global

Calcasieu

Pass

LLC

Senior

Secured

Bond,

144A,

4.125%,

8/15/31

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

United

States

300,000

307,320

Senior

Secured

Note,

144A,

3.875%,

8/15/29

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

United

States

300,000

301,748

Viper

Energy

Partners

Senior

Note

144A,

5.375

11/01/27

United

States

400,000

412,866

19,957,446

Paper

Forest

Products

0.2%

Glatfelter

Corp.

Senior

Note

144A,

4.75

11/15/29

...........

United

States

400,000

405,592

Personal

Products

0.1%

Prestige

Brands,

Inc.

Senior

Bond

144A,

3.75

4/01/31

.......

United

States

300,000

287,892

Pharmaceuticals

3.3%

Bausch

Health

Americas,

Inc.

Senior

Note

144A,

9.25

4/01/26

United

States

1,400,000

1,468,446

Bausch

Health

Cos.,

Inc.

Senior

Bond

144A,

6.125

4/15/25

...

United

States

328,000

331,716

Endo

Dac

Endo

Finance

LLC

Endo

Finco

Inc.

Secured

Note,

144A,

9.5%,

7/31/27

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

United

States

302,000

304,519

Senior

Note,

144A,

6%,

6/30/28

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

United

States

389,000

298,555

Endo

Luxembourg

Finance

Co.

SARL

Endo

US,

Inc.

Senior

Secured

Note

144A,

6.125

4/01/29

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

United

States

500,000

490,832

Jazz

Securities

DAC

Senior

Secured

Note

144A,

4.375

1/15/29

United

States

1,300,000

1,326,917

Organon

Co.

Organon

Foreign

Debt

Co-Issuer

Senior

Bond,

144A,

5.125%,

4/30/31

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

United

States

500,000

511,622

Senior

Secured

Note,

144A,

4.125%,

4/30/28

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

United

States

1,000,000

999,510

Par

Pharmaceutical,

Inc.

Senior

Secured

Note

144A,

7.5

4/01/27

United

States

225,000

227,183

Teva

Pharmaceutical

Finance

Netherlands

III

Senior

Note,

7.125%,

1/31/25

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

Israel

500,000

534,860

Senior

Note,

4.75%,

5/09/27

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

Israel

600,000

599,646

7,093,806

Real

Estate

Management

Development

0.4%

Five

Point

Operating

Co.

Five

Point

Capital

Corp.

Senior

Note

144A,

7.875

11/15/25

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

United

States

400,000

415,448

Forestar

Group,

Inc.

Senior

Note

144A,

3.85

5/15/26

........

United

States

500,000

497,118

912,566

Road

Rail

0.6%

First

Student

Bidco

Inc.

First

Transit

Parent,

Inc.

Senior

Secured

Note

144A,

7/31/29

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

United

States

900,000

856,750

NESCO

Holdings

II,

Inc.

Secured

Note

144A,

5.5

4/15/29

....

United

States

500,000

508,225

1,364,975

Franklin

Universal

Trust

Statement

Investments

(unaudited)

Quarterly

Statement

Investments

See

Notes

Statement

Investments.

Country

Principal

Amount

Value

Corporate

Bonds

(continued)

Semiconductors

Semiconductor

Equipment

0.3%

Amkor

Technology,

Inc.

Senior

Note

144A,

6.625

9/15/27

.....

United

States

400,000

423,902

Semiconductor

Corp.

Senior

Note

144A,

3.875

9/01/28

...

United

States

300,000

305,609

729,511

Software

1.1%

d,f

Anagram

International,

Inc.

Anagram

Holdings

LLC

Secured

Note

144A,

PIK,

8/15/26

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

United

States

210,556

215,987

Camelot

Finance

Senior

Secured

Note

144A,

4.5

11/01/26

United

States

900,000

934,650

Rocket

Software,

Inc.

Senior

Note

144A,

6.5

2/15/29

........

United

States

1,300,000

1,228,500

2,379,137

Specialty

Retail

1.9%

Bath

Body

Works,

Inc.

Senior

Note

144A,

6.625

10/01/30

...

United

States

500,000

555,465

Gap,

Inc.

(The)

Senior

Note

144A,

3.625

10/01/29

..........

United

States

700,000

670,873

Lithia

Motors,

Inc.

Senior

Bond,

144A,

4.375%,

1/15/31

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

United

States

300,000

313,675

Senior

Note,

144A,

4.625%,

12/15/27

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

United

States

400,000

417,804

Senior

Note,

144A,

3.875%,

6/01/29

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

United

States

200,000

202,716

Michaels

Cos.,

Inc.

(The)

Senior

Note,

144A,

7.875%,

5/01/29

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

United

States

600,000

596,805

Senior

Secured

Note,

144A,

5.25%,

5/01/28

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

United

States

300,000

297,465

Murphy

Oil

USA,

Inc.

Senior

Note

4.75

9/15/29

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

United

States

700,000

727,052

Victoria's

Secret

Co.

Senior

Note

144A,

4.625

7/15/29

.....

United

States

400,000

395,452

4,177,307

Textiles,

Apparel

Luxury

Goods

0.6%

Hanesbrands,

Inc.

Senior

Note

144A,

4.625

5/15/24

........

United

States

1,000,000

1,042,095

Kontoor

Brands,

Inc.

Senior

Note

144A,

4.125

11/15/29

......

United

States

300,000

299,712

1,341,807

Thrifts

Mortgage

Finance

0.9%

Ladder

Capital

Finance

Holdings

LLLP

Ladder

Capital

Finance

Corp.

Senior

Note

144A,

4.75

6/15/29

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

United

States

300,000

299,031

MGIC

Investment

Corp.

Senior

Note

5.25

8/15/28

..........

United

States

500,000

517,105

PennyMac

Financial

Services,

Inc.

Senior

Note

144A,

5.375

10/15/25

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

United

States

400,000

402,762

Radian

Group,

Inc.

Senior

Note

6.625

3/15/25

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

United

States

600,000

656,112

1,875,010

Trading

Companies

Distributors

0.5%

H&E

Equipment

Services,

Inc.

Senior

Note

144A,

3.875

12/15/28

United

States

600,000

583,920

WESCO

Distribution,

Inc.

Senior

Note

144A,

7.25

6/15/28

....

United

States

400,000

435,610

1,019,530

Wireless

Telecommunication

Services

1.6%

d,f

Digicel

Group

Holdings

Ltd.

Senior

Note

144A,

PIK,

4/01/25

Bermuda

729

689

Hughes

Satellite

Systems

Corp.

Senior

Note

6.625

8/01/26

...

United

States

1,300,000

1,445,802

T-Mobile

USA,

Inc.

Senior

Bond,

2.875%,

2/15/31

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

United

States

300,000

290,814

Senior

Bond,

3.5%,

4/15/31

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

United

States

200,000

203,636

Senior

ote,

2.625%,

2/15/29

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

United

States

300,000

289,887

Senior

Note,

4.75%,

2/01/28

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

United

States

600,000

627,585

Vmed

Financing

plc

Senior

Secured

Bond

144A,

4.25

1/31/31

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

United

Kingdom

500,000

478,982

3,337,395

Total

Corporate

Bonds

(Cost

$168,653,218)

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

166,157,077

Franklin

Universal

Trust

Statement

Investments

(unaudited)

See

Notes

Statement

Investments.

Quarterly

Statement

Investments

Country

Principal

Amount

Value

Marketplace

Loans

5.2%

Diversified

Financial

Services

5.2%

Freedom

Financial

Asset

Management

LLC,

5.99%

25.49%,

8/01/23

12/25/26

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

United

States

3,023,939

3,074,588

LendingClub

Corp.

LCX

PM,

8.46%

21.99%,

10/30/23

1/14/26

United

States

148,286

136,088

LendingClub

Corp.

LCX,

14.3%

25.65%,

8/26/22

2/07/25

....

United

States

96,431

92,802

LendingClub

Corp.,

25.65%,

6/14/22

3/16/25

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

United

States

1,584,445

1,437,246

Prosper

Funding

LLC,

9.45%

29.74%,

8/17/24

11/16/26

......

United

States

2,200,341

2,193,917

Upgrade,

Inc.,

24.99%

30.17%,

11/21/22

12/23/24

..........

United

States

30,714

16,541

Upstart

Network,

Inc.,

5.71%

32.7%,

9/17/24

10/22/28

.......

United

States

4,239,203

4,235,752

11,186,934

Total

Marketplace

Loans

(Cost

$11,402,392)

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

11,186,934

Asset-Backed

Securities

1.9%

Diversified

Financial

Services

1.9%

f,i

Consumer

Loan

Underlying

Bond

Certificate

Issuer

Trust

2019-26,

PT,

144A,

FRN,

16.602%,

8/15/44

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

United

States

291,118

289,874

2019-31,

PT,

144A,

FRN,

16.278%,

9/15/44

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

United

States

270,372

266,942

2019-37,

PT,

144A,

FRN,

17.233%,

10/17/44

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

United

States

278,860

274,571

2019-42,

PT,

144A,

FRN,

16.097%,

11/15/44

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

United

States

286,262

285,046

2019-51,

PT,

144A,

FRN,

15.529%,

1/15/45

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

United

States

359,319

357,937

2019-52,

PT,

144A,

FRN,

16.179%,

1/15/45

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

United

States

317,619

318,390

2019-S3,

PT,

144A,

FRN,

13.165%,

6/15/44

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

United

States

68,602

67,993

2019-S4,

PT,

144A,

FRN,

10.261%,

8/15/44

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

United

States

237,577

236,986

2019-S5,

PT,

144A,

FRN,

12.441%,

9/15/44

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

United

States

249,635

248,849

2019-S6,

PT,

144A,

FRN,

10.33%,

10/17/44

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

United

States

237,764

232,851

2019-S7,

PT,

144A,

FRN,

10.65%,

12/15/44

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

United

States

211,422

208,412

2019-S8,

PT,

144A,

FRN,

9.733%,

1/15/45

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

United

States

256,301

251,810

2020-2,

PT,

144A,

FRN,

15.62%,

3/15/45

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

United

States

298,874

298,784

2020-7,

PT,

144A,

FRN,

15.705%,

4/17/45

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

United

States

166,662

164,447

f,i

Prosper

Pass-Thru

Trust

III

2020-PT1,

144A,

FRN,

8.796%,

3/15/26

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

United

States

178,352

180,726

2020-PT2,

144A,

FRN,

9.444%,

4/15/26

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

United

States

204,768

201,695

2020-PT3,

144A,

FRN,

7.183%,

5/15/26

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

United

States

39,772

40,068

f,i

Upgrade

Master

Pass-Thru

Trust

2019-PT2

144A,

FRN

13.254

2/15/26

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

United

States

207,617

211,561

4,136,942

Total

Asset-Backed

Securities

(Cost

$4,029,572)

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

4,136,942

Escrows

and

Litigation

Trusts

0.0%

†

Chesapeake

Energy

Corp.,

Escrow

Account

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

United

States

1,500,000

24,375

Total

Escrows

and

Litigation

Trusts

(Cost

$48,985)

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

24,375

Total

Long

Term

Investments

(Cost

$223,779,033)

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

273,982,917

Short

Term

Investments

1.3%

Country

Value

Money

Market

Funds

1.2%

j,k

Institutional

Fiduciary

Trust

Money

Market

Portfolio,

0.01%

.....

United

States

2,639,430

Total

Money

Market

Funds

(Cost

$2,639,430)

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

2,639,430

Franklin

Universal

Trust

Statement

Investments

(unaudited)

Quarterly

Statement

Investments

See

Notes

Statement

Investments.

See

Abbreviations

page

Short

Term

Investments

(continued)

Country

Value

Investments

from

Cash

Collateral

Received

for

Loaned

Securities

0.1%

Money

Market

Funds

0.1%

j,k

Institutional

Fiduciary

Trust

Money

Market

Portfolio,

0.01%

.....

United

States

70,000

Principal

Amount

Repurchase

Agreements

0.0%

†

Joint

Repurchase

Agreement,

BNP

Paribas

SA,

0.05%,

12/01/21

(Maturity

Value

$18,403)

Collateralized

U.S.

Treasury

Notes,

0.25%

2.5%,

9/30/22

11/15/26

(valued

$18,771)

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

18,403

Total

Investments

from

Cash

Collateral

Received

for

Loaned

Securities

(Cost

$88,403)

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

88,403

Total

Short

Term

Investments

(Cost

$2,727,833

)

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

2,727,833

Total

Investments

(Cost

$226,506,866)

128.6%

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

$276,710,750

Notes

Payable

(30.2)%

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

(64,945,576)

Other

Assets,

less

Liabilities

1.6%

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

3,526,820

Net

Assets

100.0%

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

$215,291,994

The

principal

amount

stated

U.S.

dollars

unless

otherwise

indicated.

†

Rounds

less

than

0.1%

net

assets.

Non-income

producing.

portion

all

the

security

loan

November

30,

2021.

Fair

valued

using

significant

unobservable

inputs.

See

Note

regarding

fair

value

measurements.

Income

may

received

additional

securities

and/or

cash.

Perpetual

security

with

stated

maturity

date.

Security

was

purchased

pursuant

Rule

144A

Regulation

under

the

Securities

Act

1933.

144A

securities

may

sold

transactions

exempt

from

registration

only

qualified

institutional

buyers

public

offering

registered

under

the

Securities

Act

1933.

Regulation

securities

cannot

sold

the

United

States

without

either

effective

registration

statement

filed

pursuant

the

Securities

Act

1933,

pursuant

exemption

from

registration.

November

30,

2021,

the

aggregate

value

these

securities

was

$145,442,629,

representing

67.6%

net

assets.

Defaulted

security

for

which

income

has

been

deemed

uncollectible.

See

Note

regarding

restricted

securities.

Adjustable

rate

security

with

interest

rate

that

not

based

published

reference

index

and

spread. The

rate

based

the

structure

the

agreement

and

current

market

conditions.

The

coupon

rate

shown

represents

the

rate

period

end.

See

Note

regarding

investments

affiliated

management

investment

companies.

The

rate

shown

the

annualized

seven-day

effective

yield

period

end.

Investment

through

participation

joint

account

with

other

funds

managed

the

investment

manager

affiliate

the

investment

manager.

November

30,

2021,

all

repurchase

agreements

had

been

entered

into

that

date.

Franklin

Universal

Trust

Quarterly

Statement

Investments

Notes

Statement

Investments

(unaudited)

Organization

Franklin

Universal

Trust (Fund)

registered

under

the

Investment

Company

Act

1940

(1940

Act)

closed-end

management

investment

company

and

applies

the

specialized

accounting

and

reporting

guidance

U.S.

Generally

Accepted

Accounting

Principles

(U.S.

GAAP).

2. Financial

Instrument

Valuation

The

Fund's investments

financial

instruments

are

carried

fair

value

daily.

Fair

value

the

price

that

would

received

sell

asset

paid

transfer

liability

orderly

transaction

between

market

participants

the

measurement

date.

The

Fund

calculates the

net

asset

value

(NAV)

per

each

business

day

p.m.

Eastern

time

the

regularly

scheduled

the

New

York

Stock

Exchange

(NYSE),

whichever

earlier.

Senior

Fixed

Rate

Notes

issued

the

Fund

are

carried

cost. Under

compliance

policies

and

procedures

approved

the

Fund’s

Board

Trustees

(the

Board),

the

Fund’s

administrator

has

responsibility

for

oversight

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

determine

fair

value.

Equity

securities

listed

exchange

the

NASDAQ

National

Market

System

are

valued

the

last

quoted

sale

price

the

official

closing

price

the

day,

respectively.

Foreign

equity

securities

are

valued

the

trading

the

foreign

stock

exchange

which

the

security

primarily

traded

p.m.

Eastern

time.

The

value

then

converted

into

its

U.S.

dollar

equivalent

the

foreign

exchange

rate

effect

p.m. Eastern

time

the

day

that

the

value

the

security

determined.

Over-the-counter

(OTC)

securities

are

valued

within

the

range

the

most

recent

quoted

bid

and

ask

prices.

Securities

that

trade

multiple

markets

multiple

exchanges

are

valued

according

the

broadest

and

most

representative

market.

Certain

equity

securities

are

valued

based

upon

fundamental

characteristics

relationships

similar

securities.

Debt

securities

generally

trade

the

OTC

market

rather

than

securities

exchange.

The Fund's

pricing

services

use

multiple

valuation

techniques

determine

fair

value.

instances

where

sufficient

market

activity

exists,

the

pricing

services

may

utilize

market-based

approach

through

which

quotes

from

market

makers

are

used

determine

fair

value.

instances

where

sufficient

market

activity

may

not

exist

limited,

the

pricing

services

also

utilize

proprietary

valuation

models

which

may

consider

market

characteristics

such

benchmark

yield

curves,

credit

spreads,

estimated

default

rates,

anticipated

market

interest

rate

volatility,

coupon

rates,

anticipated

timing

principal

repayments,

underlying

collateral,

and

other

unique

security

features

order

estimate

the

relevant

cash

flows,

which

are

then

discounted

calculate

the

fair

value.

Securities

denominated

foreign

currency

are

converted

into

their

U.S.

dollar

equivalent

the

foreign

exchange

rate

effect

p.m.

Eastern

time

the

date

that

the

values

the

foreign

debt

securities

are

determined.

Investments

open-end

mutual

funds

are

valued

the

closing

NAV.

Investments

repurchase

agreements

are

valued

cost,

which

approximates

fair

value.

The

Fund

has procedures

determine

the

fair

value

financial

instruments

for

which

market

prices

are

not

reliable

readily

available.

Under

these

procedures,

the

Fund

primarily employs

market-based

approach

which

may

use

comparable

assets

liabilities,

recent

transactions,

market

multiples,

book

values,

and

other

relevant

information

for

the

investment

determine

the

fair

value

the

investment.

income-based

valuation

approach

may

also

used

which

the

anticipated

future

cash

flows

the

investment

are

discounted

calculate

fair

value.

Discounts

may

also

applied

due

the

nature

duration

any

restrictions

the

disposition

the

investments.

Due

the

inherent

uncertainty

valuations

such

investments,

the

fair

values

may

differ

significantly

from

the

values

that

would

have

been

used

had

active

market

existed.

Trading

securities

foreign

securities

stock

exchanges

and

OTC

markets

may

completed

before

p.m.

Eastern

time.

addition,

trading

certain

foreign

markets

may

not

take

place

every

Fund’s

business

day.

Events

can

occur

between

the

time

which

trading

foreign

security

completed

and

p.m.

Eastern

time

that

might

call

into

question

the

reliability

Franklin

Universal

Trust

Notes

Statement

Investments

(unaudited)

Quarterly

Statement

Investments

the

value

portfolio

security

held

the

Fund.

result,

differences

may

arise

between

the

value

the

Fund’s

portfolio securities

determined

the

foreign

market

and

the

latest

indications

value

p.m.

Eastern

time.

order

minimize

the

potential

for

these

differences,

independent

pricing

service

may

used

adjust

the

value

the

Fund's

portfolio

securities

the

latest

indications

fair

value

at 4

p.m.

Eastern

time.

When

the

last

day

the

reporting

period

non-business

day,

certain

foreign

markets

may

open

those

days

that

the

Fund’s

NAV

not

calculated,

which

could

result

differences

between

the

value

the

Fund’s

portfolio

securities

the

last

business

day

and

the

last

calendar

day

the

reporting

period.

Any

security

valuation

changes

due

open

foreign

market

are

adjusted

and

reflected

the

Fund for

financial

reporting

purposes.

Novel

Coronavirus

Pandemic

The

global

outbreak

the

novel

coronavirus

disease,

known

COVID-19, has

caused

adverse

effects

many

companies,

sectors,

nations,

regions

and

the

markets

general, and

may

continue for

an unpredictable duration.

The

effects

this

pandemic

may

materially

impact

the

value

and

performance

the Fund, its ability

buy

and

sell

fund

investments

appropriate

valuations

and its ability

achieve its investment

objectives.

Restricted

Securities

November

30,

2021,

investments

restricted

securities,

excluding

securities

exempt

from

registration

under

the

Securities

Act

1933,

were

follows:

Principal

Amount

Issuer

Acquisition

Date

Cost

Value

Franklin

Universal

Trust

1,624,598

Goodrich

Petroleum

Corp.,

144A,

PIK,

13.5%,

5/31/23

3/09/21

10/15/21

1,624,598

1,751,793

Total

Restricted

Securities

(Value

0.8%

Net

Assets)

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

$1,624,598

$1,751,793

The

Fund

also

invests

unrestricted

securities

the

issuer,

valued

$445,717

November

30,

2021.

2. Financial

Instrument

Valuation

(continued)

Franklin

Universal

Trust

Notes

Statement

Investments

(unaudited)

Quarterly

Statement

Investments

Affiliated

Management

Investment

Companies

The

Fund

invests

one

affiliated

management

investment

companies.

defined

the

1940

Act,

investment

deemed

“Controlled

Affiliate”

fund

when

fund

owns,

either

directly

indirectly,

25%

the

affiliated

fund’s

outstanding

has

the

power

exercise

control

over

management

policies

such

fund.

The

Fund

does

not

invest for

purposes

exercising

controlling

influence

over

the

management

policies.

During

the

period

ended

November

30,

2021,

the

Fund

held

investments

affiliated

management

investment

companies

follows:

6. Fair

Value

Measurements

The

Fund

follows

fair

value

hierarchy

that

distinguishes

between

market

data

obtained

from

independent

sources

(observable

inputs)

and

the Fund's

own

market

assumptions

(unobservable

inputs).

These

inputs

are

used

determining

the

value

the

Fund's financial

instruments

and

are

summarized

the

following

fair

value

hierarchy:

Level

–

quoted

prices

active

markets

for

identical

financial

instruments

Level

–

other

significant

observable

inputs

(including

quoted

prices

for

similar

financial

instruments,

interest

rates,

prepayment

speed,

credit

risk,

etc.)

Level

–

significant

unobservable

inputs

(including

the

Fund's

own

assumptions

determining

the

fair

value

financial

instruments)

Value

Beginning

Period

Purchases

Sales

Realized

Gain

(Loss)

Net

Change

Unrealized

Appreciation

(Depreciation)

Value

End

Period

Number

Held

End

Period

Investment

Income

Franklin

Universal

Trust

Non-Controlled

Affiliates

Dividends

Institutional

Fiduciary

Trust

Money

Market

Portfolio,

0.01%

$6,675,578

$16,054,439

$(20,090,587)

$—

$2,639,430

2,639,430

$139

Non-Controlled

Affiliates

Income

from

securities

loaned

Institutional

Fiduciary

Trust

Money

Market

Portfolio,

0.01%

46,000

2,715,000

(2,691,000)

—

70,000

Total

Affiliated

Securities

...

$6,721,578

$18,769,439

$(22,781,587)

$—

$2,709,430

$147

Franklin

Universal

Trust

Notes

Statement

Investments

(unaudited)

Quarterly

Statement

Investments

The

input

levels

are

not

necessarily

indication

the

risk

liquidity

associated

with

financial

instruments

that

level.

summary

inputs

used

November

30,

2021,

valuing

the

Fund's

assets

carried

fair

value,

follows:

Level

Total

Franklin

Universal

Trust

Assets:

Investments

Securities:

Common

Stocks

Electric

Utilities

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

50,805,546

—

50,805,546

Machinery

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

—

483,750

—

483,750

Metals

Mining

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

4,491,490

—

4,491,490

Multi-Utilities

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

32,338,038

—

32,338,038

Oil,

Gas

Consumable

Fuels

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

3,608,488

—

3,608,488

Specialty

Retail

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

—

Preferred

Stocks

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

687,500

—

687,500

Warrants

Oil,

Gas

Consumable

Fuels

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

39,706

—

39,708

Paper

Forest

Products

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

1,227

—

1,227

Convertible

Bonds

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

—

21,838

—

21,838

Corporate

Bonds

Airlines

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

—

1,883,699

—

1,883,699

Auto

Components

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

—

6,158,727

—

6,158,727

Automobiles

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

—

1,278,368

—

1,278,368

Banks

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

—

928,238

—

928,238

Beverages

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

—

693,945

—

693,945

Biotechnology

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

—

856,516

—

856,516

Building

Products

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

—

2,853,361

—

2,853,361

Capital

Markets

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

—

299,990

—

299,990

Chemicals

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

—

8,227,415

—

8,227,415

Commercial

Services

Supplies

...........

—

4,578,697

—

4,578,697

Communications

Equipment

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

—

1,490,968

—

1,490,968

Construction

Engineering

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

—

2,956,329

—

2,956,329

Consumer

Finance

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

—

1,585,844

—

1,585,844

Containers

Packaging

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

—

8,452,637

—

8,452,637

Diversified

Financial

Services

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

—

2,538,954

—

2,538,954

Diversified

Telecommunication

Services

.....

—

7,478,584

—

7,478,584

Electric

Utilities

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

—

1,421,630

—

1,421,630

Electrical

Equipment

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

—

1,814,933

—

1,814,933

Electronic

Equipment,

Instruments

Components

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

—

485,965

—

485,965

Energy

Equipment

Services

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

—

3,512,681

—

3,512,681

Entertainment

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

—

2,490,200

—

2,490,200

Equity

Real

Estate

Investment

Trusts

(REITs)

—

3,533,007

—

3,533,007

Food

Products

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

—

2,595,535

—

2,595,535

Health

Care

Equipment

Supplies

.........

—

1,084,924

—

1,084,924

Health

Care

Providers

Services

..........

—

5,094,310

—

5,094,310

Hotels,

Restaurants

Leisure

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

—

13,126,931

—

13,126,931

Household

Durables

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

—

2,388,509

—

2,388,509

Independent

Power

and

Renewable

Electricity

Producers

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

—

7,307,657

—

7,307,657

Insurance

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

—

810,156

—

810,156

Internet

Direct

Marketing

Retail

..........

—

696,979

—

696,979

Services

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

—

3,992,787

—

3,992,787

Life

Sciences

Tools

Services

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

—

198,039

—

198,039

Machinery

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

—

4,090,651

—

4,090,651

Media

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

—

10,351,191

—

10,351,191

Metals

Mining

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

—

3,065,471

—

3,065,471

6. Fair

Value

Measurements

(continued)

Franklin

Universal

Trust

Notes

Statement

Investments

(unaudited)

Quarterly

Statement

Investments

reconciliation

which

Level

inputs

are

used

determining

fair

value

presented

when

there

are

significant

Level

assets

and/or

liabilities

the

beginning

and/or

end

the

period.

At November

30,

2021,

the

reconciliation

follows:

Level

Total

Franklin

Universal

Trust

(continued)

Assets:

(continued)

Investments

Securities:

Corporate

Bonds:

Mortgage

Real

Estate

Investment

Trusts

(REITs)

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

—

951,275

—

951,275

Oil,

Gas

Consumable

Fuels

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

—

18,205,653

1,751,793

19,957,446

Paper

Forest

Products

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

—

405,592

—

405,592

Personal

Products

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

—

287,892

—

287,892

Pharmaceuticals

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

—

7,093,806

—

7,093,806

Real

Estate

Management

Development

....

—

912,566

—

912,566

Road

Rail

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

—

1,364,975

—

1,364,975

Semiconductors

Semiconductor

Equipment

—

729,511

—

729,511

Software

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

—

2,379,137

—

2,379,137

Specialty

Retail

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

—

4,177,307

—

4,177,307

Textiles,

Apparel

Luxury

Goods

..........

—

1,341,807

—

1,341,807

Thrifts

Mortgage

Finance

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

—

1,875,010

—

1,875,010

Trading

Companies

Distributors

..........

—

1,019,530

—

1,019,530

Wireless

Telecommunication

Services

.......

—

3,337,395

—

3,337,395

Marketplace

Loans

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

—

11,186,934

Asset-Backed

Securities

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

—

4,136,942

—

4,136,942

Escrows

and

Litigation

Trusts

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

—

24,375

—

24,375

Short

Term

Investments

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

2,709,430

18,403

—

2,727,833

Total

Investments

Securities

...........

$94,681,429

$169,090,592

$12,938,729

$276,710,750

Includes

securities

determined

have

value

November

30,

2021.

Balance

Beginning

Period

Purchases

Sales

Transfer

Into

Level

Transfer

Out

Level

Net

Accretion

(Amortiza-

tion)

Net

Realized

Gain

(Loss)

Net

Unr

ealized

Appreciatio

(

Depreciation

)

Balance

End

Period

Net

Change

Unrealized

Appreciation

(Depreciation)

Assets

Held

Period

End

Franklin

Universal

Trust

Assets:

Investments

Securities:

Common

Stocks

Oil,

Gas

Consumable

Fuels

..........

1,302

—

(1,302)

—

(1,302)

Warrants

Oil,

Gas

Consumable

Fuels

..........

125

—

(123)

Corporate

Bonds

Oil,

Gas

Consumable

Fuels

..........

1,624,844

53,039

—

73,910

1,751,793

73,910

Marketplace

Loans

Diversified

Financial

Services

........

3,297,986

8,631,848

(693,229)

—

(26,810)

(22,861)

11,186,934

(59,778)

Total

Investments

Securities

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

$4,924,257

$8,684,887

$(693,229)

$—

$(26,810)

$49,624

$12,938,729

$12,707

Purchases

include

all

purchases

securities

and

securities

received

corporate

actions.

Sales

include

all

sales

securities,

maturities,

paydowns

and

securities

tendered

corporate

actions.

6. Fair

Value

Measurements

(continued)

Franklin

Universal

Trust

Notes

Statement

Investments

(unaudited)

Quarterly

Statement

Investments

Significant

unobservable

valuation

inputs

for

material

Level

assets

and/or

liabilities

and

impact

fair

value

result

changes

unobservable

valuation

inputs

November

30,

2021,

are

follows:

Weighted

based

the

relative

fair

value

the

finan

instruments

Represents

the

directional

change

the

fair

value

the

Level

financial

instruments

that

would

result

from

significant

and

reasonable

increase

the

corresponding

input.

significant

and

reasonable

decrease

the

input

would

have

the

opposite

effect.

Significant

impacts,

any,

fair

value

and/or

net

assets

have

been

indicated.

Represents

significant

impact

fair

value

and

net

assets.

Includes

financial

instruments

with

values

derived

using

private

transaction

prices

non-public

third

party

pricing

information

which

unobservable.

May

also

include

fair

value

immaterial

financial

instruments

and

developed

using

various

valuation

techniques

and

unobservable

inputs.

Includes

securities

determined

have

value

November

30,

2021.

Includes

securities

determined

have

value.

Description

Fair

Value

End

Period

Valuation

Technique

Unobservable

Inputs

Amount

(Weighted

Average)

Impact

Fair

Value

Input

Increases

Franklin

Universal

Trust

Assets:

Investments

Securities:

Marketplace

Loans:

Diversified

Financial

Services.......

$10,941,503

Discounted

cash

flow

Loss-adjusted

discount

rate

2.5%

11.4%

(7.6%)

Decrease

Projected

loss

rate

13.2%

18.1%

(16.4%)

Decrease

All

Other

Investments………...

1,997,226

d,e

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

$12,938,729

6. Fair

Value

Measurements

(continued)

Franklin

Universal

Trust

Notes

Statement

Investments

(unaudited)

Quarterly

Statement

Investments

Subsequent

Events

The Fund

has

evaluated

subsequent

events

through

the

issuance

the

Statement

Investments

and

determined

that

events

have

occurred

that

require

disclosure.

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

the

Fund's

significant

accounting

policies,

please

refer

the Fund's

most

recent

semiannual

annual

shareholder

report.

Franklin Universal Trust (FT) NPORT-PFranklin Universal Trust (Nov 2021 report)