Franklin Universal Trust (FT) NPORT-P Franklin Universal Trust (Nov 2022 report)

Not

FDIC

Insured

May

Lose

Value

No

Bank

Guarantee

FUT-Q1PH

1

Schedule

of

Investments

(unaudited)

Franklin

Universal

Trust

2

Notes

to

Schedule

of

Investments

37

Franklin

Universal

Trust

Schedule

of

Investments

(unaudited),

November

30,

2022

Quarterly

Schedule

of

Investments

See

Notes

to

Schedule

of

Investments.

2

a

a

Country

Shares

a

Value

a

a

a

a

a

a

Common

Stocks

48.6%

Electric

Utilities

26.4%

Alliant

Energy

Corp.

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

United

States

80,000

$

4,504,000

American

Electric

Power

Co.,

Inc.

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

United

States

65,000

6,292,000

Constellation

Energy

Corp.

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

United

States

21,666

2,082,536

Duke

Energy

Corp.

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

United

States

40,000

3,997,199

Edison

International

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

United

States

36,000

2,399,760

Entergy

Corp.

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

United

States

30,000

3,488,100

Evergy,

Inc.

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

United

States

72,000

4,263,120

Exelon

Corp.

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

United

States

65,000

2,689,050

FirstEnergy

Corp.

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

United

States

61,000

2,515,640

NextEra

Energy,

Inc.

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

United

States

115,000

9,740,500

Pinnacle

West

Capital

Corp.

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

United

States

25,000

1,958,000

PPL

Corp.

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

United

States

24,500

723,240

Southern

Co.

(The)

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

United

States

53,000

3,584,920

Xcel

Energy,

Inc.

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

United

States

55,000

3,862,100

52,100,165

Metals

&

Mining

2.5%

a

BHP

Group

Ltd.,

ADR

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

Australia

25,185

1,581,618

Freeport-McMoRan,

Inc.

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

United

States

80,380

3,199,124

South32

Ltd.,

ADR

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

Australia

10,074

140,230

4,920,972

Multi-Utilities

17.3%

CenterPoint

Energy,

Inc.

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

United

States

122,800

3,820,308

CMS

Energy

Corp.

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

United

States

78,000

4,763,460

Consolidated

Edison,

Inc.

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

United

States

35,000

3,431,400

Dominion

Energy,

Inc.

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

United

States

65,000

3,972,150

DTE

Energy

Co.

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

United

States

30,000

3,480,300

NiSource,

Inc.

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

United

States

60,000

1,676,400

Public

Service

Enterprise

Group,

Inc.

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

United

States

45,000

2,724,750

Sempra

Energy

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

United

States

45,000

7,478,550

WEC

Energy

Group,

Inc.

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

United

States

28,000

2,775,920

34,123,238

Oil,

Gas

&

Consumable

Fuels

2.4%

b

Amplify

Energy

Corp.

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

United

States

245

2,029

Birch

Permian

Holdings,

Inc.

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

United

States

32,490

624,084

California

Resources

Corp.

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

United

States

27

1,225

Chesapeake

Energy

Corp.

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

United

States

1,871

193,649

Civitas

Resources,

Inc.

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

United

States

18,598

1,252,761

DT

Midstream,

Inc.

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

United

States

15,000

904,950

Enbridge,

Inc.

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

Canada

39,360

1,625,174

a

Woodside

Energy

Group

Ltd.,

ADR

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

Australia

9,101

229,527

4,833,399

Total

Common

Stocks

(Cost

$37,553,465)

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

95,977,774

Preferred

Stocks

0.3%

Electric

Utilities

0.3%

a

SCE

Trust

II,

5.1%

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

United

States

27,500

509,850

Total

Preferred

Stocks

(Cost

$598,125)

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

509,850

Franklin

Universal

Trust

Schedule

of

Investments

(unaudited)

See

Notes

to

Schedule

of

Investments.

Quarterly

Schedule

of

Investments

3

a

a

Country

Warrants

a

Value

a

a

a

a

a

a

Warrants

0.0%

†

Oil,

Gas

&

Consumable

Fuels

0.0%

†

b

California

Resources

Corp.,

10/27/24

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

United

States

64

$

906

Total

Warrants

(Cost

$–)

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

906

Principal

Amount

*

Convertible

Bonds

0.0%

†

Wireless

Telecommunication

Services

0.0%

†

c,d,e

Digicel

Group

Holdings

Ltd.

,

Sub.

Bond

,

144A,

PIK,

7

%

,

Perpetual

Bermuda

27,081

2,252

Total

Convertible

Bonds

(Cost

$7,463)

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

2,252

Corporate

Bonds

66.1%

Airlines

0.9%

e

American

Airlines

Inc/AAdvantage

Loyalty

IP

Ltd.

,

Senior

Secured

Note

,

144A,

5.5

%

,

4/20/26

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

United

States

700,000

680,049

e

Delta

Air

Lines,

Inc.

/

SkyMiles

IP

Ltd.

,

Senior

Secured

Note

,

144A,

4.75

%

,

10/20/28

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

United

States

700,000

664,011

e

United

Airlines,

Inc.

,

Senior

Secured

Note,

144A,

4.375%,

4/15/26

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

United

States

100,000

93,202

Senior

Secured

Note,

144A,

4.625%,

4/15/29

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

United

States

300,000

267,379

1,704,641

Auto

Components

2.4%

e

Allison

Transmission,

Inc.

,

Senior

Bond,

144A,

3.75%,

1/30/31

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

United

States

300,000

251,688

Senior

Note,

144A,

4.75%,

10/01/27

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

United

States

600,000

557,119

Dana,

Inc.

,

Senior

Note

,

5.625

%

,

6/15/28

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

United

States

1,400,000

1,290,240

e

Dornoch

Debt

Merger

Sub,

Inc.

,

Senior

Note

,

144A,

6.625

%

,

10/15/29

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

United

States

800,000

533,373

Goodyear

Tire

&

Rubber

Co.

(The)

,

Senior

Note,

9.5%,

5/31/25

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

United

States

900,000

937,395

Senior

Note,

5%,

7/15/29

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

United

States

600,000

523,209

e

Real

Hero

Merger

Sub

2,

Inc.

,

Senior

Note

,

144A,

6.25

%

,

2/01/29

.

United

States

1,000,000

691,700

4,784,724

Automobiles

0.5%

e

Jaguar

Land

Rover

Automotive

plc

,

Senior

Note

,

144A,

5.5

%

,

7/15/29

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

United

Kingdom

1,300,000

931,611

Banks

0.5%

d

JPMorgan

Chase

&

Co.

,

R

,

Junior

Sub.

Bond

,

6%

to

7/31/23,

FRN

thereafter

,

Perpetual

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

United

States

900,000

893,250

Beverages

0.3%

e

Primo

Water

Holdings,

Inc.

,

Senior

Note

,

144A,

4.375

%

,

4/30/29

..

Canada

700,000

605,777

Biotechnology

0.2%

e

Emergent

BioSolutions,

Inc.

,

Senior

Note

,

144A,

3.875

%

,

8/15/28

.

United

States

900,000

406,436

Building

Products

2.1%

e

Advanced

Drainage

Systems,

Inc.

,

Senior

Note

,

144A,

6.375

%

,

6/15/30

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

United

States

500,000

481,792

e

Camelot

Return

Merger

Sub,

Inc.

,

Senior

Secured

Note

,

144A,

8.75

%

,

8/01/28

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

United

States

700,000

630,756

e

Cornerstone

Building

Brands,

Inc.

,

Senior

Note

,

144A,

6.125

%

,

1/15/29

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

United

States

300,000

202,878

e

Eco

Material

Technologies,

Inc.

,

Senior

Secured

Note

,

144A,

7.875

%

,

1/31/27

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

United

States

500,000

476,400

e

JELD-WEN,

Inc.

,

Senior

Note

,

144A,

4.875

%

,

12/15/27

.........

United

States

300,000

235,389

Franklin

Universal

Trust

Schedule

of

Investments

(unaudited)

Quarterly

Schedule

of

Investments

See

Notes

to

Schedule

of

Investments.

4

a

a

Country

Principal

Amount

*

a

Value

a

a

a

a

a

Corporate

Bonds

(continued)

Building

Products

(continued)

e

Oscar

AcquisitionCo

LLC

/

Oscar

Finance,

Inc.

,

Senior

Note

,

144A,

9.5

%

,

4/15/30

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

United

States

1,000,000

$

884,399

e

Standard

Industries,

Inc.

,

Senior

Bond,

144A,

4.75%,

1/15/28

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

United

States

500,000

453,900

Senior

Bond,

144A,

4.375%,

7/15/30

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

United

States

100,000

82,145

e

Summit

Materials

LLC

/

Summit

Materials

Finance

Corp.

,

Senior

Note

,

144A,

5.25

%

,

1/15/29

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

United

States

800,000

739,400

4,187,059

Capital

Markets

0.1%

e

Jane

Street

Group

/

JSG

Finance,

Inc.

,

Senior

Secured

Note

,

144A,

4.5

%

,

11/15/29

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

United

States

300,000

263,737

Chemicals

3.8%

c,e

Anagram

International,

Inc.

/

Anagram

Holdings

LLC

,

Secured

Note

,

144A,

PIK,

10

%

,

8/15/26

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

United

States

232,137

200,218

e

ASP

Unifrax

Holdings,

Inc.

,

Senior

Note,

144A,

7.5%,

9/30/29

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

United

States

200,000

132,185

Senior

Secured

Note,

144A,

5.25%,

9/30/28

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

United

States

300,000

248,100

e

Braskem

Idesa

SAPI

,

Senior

Secured

Bond

,

144A,

6.99

%

,

2/20/32

Mexico

300,000

213,003

Celanese

US

Holdings

LLC

,

Senior

Note

,

6.33

%

,

7/15/29

.......

United

States

1,000,000

962,191

e

Consolidated

Energy

Finance

SA

,

Senior

Note

,

144A,

5.625

%

,

10/15/28

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

Switzerland

600,000

525,240

e

Diamond

BC

BV

,

Senior

Note

,

144A,

4.625

%

,

10/01/29

.........

United

States

300,000

226,708

e

Element

Solutions,

Inc.

,

Senior

Note

,

144A,

3.875

%

,

9/01/28

.....

United

States

300,000

256,824

e

GPD

Cos.,

Inc.

,

Senior

Secured

Note

,

144A,

10.125

%

,

4/01/26

...

United

States

1,500,000

1,288,905

e

Illuminate

Buyer

LLC

/

Illuminate

Holdings

IV,

Inc.

,

Senior

Note

,

144A,

9

%

,

7/01/28

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

United

States

1,000,000

826,595

c,e

Kobe

US

Midco

2,

Inc.

,

Senior

Note

,

144A,

PIK,

9.25

%

,

11/01/26

..

United

States

200,000

145,000

e

Rain

CII

Carbon

LLC

/

CII

Carbon

Corp.

,

Secured

Note

,

144A,

7.25

%

,

4/01/25

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

United

States

1,500,000

1,367,273

e

SCIH

Salt

Holdings,

Inc.

,

Senior

Secured

Note

,

144A,

4.875

%

,

5/01/28

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

United

States

300,000

268,287

e

Vibrantz

Technologies,

Inc.

,

Senior

Note

,

144A,

9

%

,

2/15/30

.....

United

States

1,000,000

751,900

7,412,429

Commercial

Services

&

Supplies

1.4%

e

APX

Group,

Inc.

,

Senior

Note

,

144A,

5.75

%

,

7/15/29

...........

United

States

800,000

682,000

e

Harsco

Corp.

,

Senior

Note

,

144A,

5.75

%

,

7/31/27

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

United

States

500,000

404,588

e

Prime

Security

Services

Borrower

LLC

/

Prime

Finance,

Inc.

,

Senior

Secured

Note

,

144A,

3.375

%

,

8/31/27

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

United

States

600,000

528,684

e

Stericycle,

Inc.

,

Senior

Note

,

144A,

3.875

%

,

1/15/29

...........

United

States

1,200,000

1,045,920

2,661,192

Communications

Equipment

0.6%

e

CommScope,

Inc.

,

Senior

Note

,

144A,

7.125

%

,

7/01/28

.........

United

States

1,600,000

1,242,592

Construction

&

Engineering

1.2%

e

Arcosa,

Inc.

,

Senior

Note

,

144A,

4.375

%

,

4/15/29

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

United

States

300,000

261,221

e

Great

Lakes

Dredge

&

Dock

Corp.

,

Senior

Note

,

144A,

5.25

%

,

6/01/29

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

United

States

500,000

403,726

e

VM

Consolidated,

Inc.

,

Senior

Note

,

144A,

5.5

%

,

4/15/29

.......

United

States

800,000

705,229

e

Weekley

Homes

LLC

/

Weekley

Finance

Corp.

,

Senior

Note

,

144A,

4.875

%

,

9/15/28

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

United

States

1,300,000

1,055,010

2,425,186

Consumer

Finance

0.5%

e

PRA

Group,

Inc.

,

Senior

Note

,

144A,

5

%

,

10/01/29

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

United

States

300,000

249,813

Franklin

Universal

Trust

Schedule

of

Investments

(unaudited)

See

Notes

to

Schedule

of

Investments.

Quarterly

Schedule

of

Investments

5

a

a

Country

Principal

Amount

*

a

Value

a

a

a

a

a

Corporate

Bonds

(continued)

Consumer

Finance

(continued)

e

PROG

Holdings,

Inc.

,

Senior

Note

,

144A,

6

%

,

11/15/29

.........

United

States

900,000

$

785,695

1,035,508

Containers

&

Packaging

3.0%

e

Ardagh

Packaging

Finance

plc

/

Ardagh

Holdings

USA,

Inc.

,

Senior

Note,

144A,

5.25%,

8/15/27

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

United

States

600,000

454,890

Senior

Secured

Note,

144A,

5.25%,

4/30/25

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

United

States

800,000

771,020

e

Mauser

Packaging

Solutions

Holding

Co.

,

Senior

Note,

144A,

7.25%,

4/15/25

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

United

States

1,500,000

1,370,985

Senior

Secured

Note,

144A,

8.5%,

4/15/24

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

United

States

1,000,000

982,645

e

Owens-Brockway

Glass

Container,

Inc.

,

Senior

Note,

144A,

5.875%,

8/15/23

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

United

States

148,000

147,284

Senior

Note,

144A,

6.625%,

5/13/27

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

United

States

375,000

361,297

e

Pactiv

Evergreen

Group

Issuer

LLC

/

Pactiv

Evergreen

Group

Issuer,

Inc.

,

Senior

Secured

Note

,

144A,

4.375

%

,

10/15/28

..........

United

States

300,000

262,978

e

Pactiv

Evergreen

Group

Issuer,

Inc./Pactiv

Evergreen

Group

Issuer

LLC

,

Senior

Secured

Note

,

144A,

4

%

,

10/15/27

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

United

States

1,200,000

1,056,492

e

Trivium

Packaging

Finance

BV

,

Senior

Note

,

144A,

8.5

%

,

8/15/27

.

Netherlands

500,000

468,740

5,876,331

Diversified

Consumer

Services

0.4%

Grand

Canyon

University

,

5.125

%

,

10/01/28

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

United

States

800,000

744,240

Diversified

Financial

Services

1.0%

e

Jefferson

Capital

Holdings

LLC

,

Senior

Note

,

144A,

6

%

,

8/15/26

..

United

States

1,200,000

999,510

e

MPH

Acquisition

Holdings

LLC

,

Senior

Note

,

144A,

5.75

%

,

11/01/28

United

States

1,400,000

985,635

1,985,145

Diversified

Telecommunication

Services

2.8%

e

Altice

France

Holding

SA

,

Senior

Secured

Note

,

144A,

10.5

%

,

5/15/27

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

Luxembourg

1,500,000

1,187,805

e

CCO

Holdings

LLC

/

CCO

Holdings

Capital

Corp.

,

Senior

Bond,

144A,

5.375%,

6/01/29

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

United

States

500,000

454,342

Senior

Bond,

144A,

4.5%,

8/15/30

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

United

States

1,700,000

1,434,358

Senior

Bond,

144A,

4.25%,

2/01/31

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

United

States

200,000

162,680

e

DKT

Finance

ApS

,

Senior

Secured

Note

,

144A,

9.375

%

,

6/17/23

..

Denmark

700,000

676,390

e

Iliad

Holding

SASU

,

Senior

Secured

Note

,

144A,

7

%

,

10/15/28

...

France

800,000

756,240

e

Virgin

Media

Secured

Finance

plc

,

Senior

Secured

Bond

,

144A,

4.5

%

,

8/15/30

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

United

Kingdom

1,100,000

920,156

5,591,971

Electric

Utilities

0.7%

e

Vistra

Operations

Co.

LLC

,

Senior

Note,

144A,

5.625%,

2/15/27

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

United

States

1,000,000

968,558

Senior

Note,

144A,

4.375%,

5/01/29

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

United

States

400,000

358,320

1,326,878

Electrical

Equipment

0.8%

e

Sensata

Technologies

BV

,

Senior

Note

,

144A,

4

%

,

4/15/29

......

United

States

1,000,000

871,622

e

Vertiv

Group

Corp.

,

Senior

Secured

Note

,

144A,

4.125

%

,

11/15/28

United

States

800,000

688,944

1,560,566

Electronic

Equipment,

Instruments

&

Components

0.2%

e

TTM

Technologies,

Inc.

,

Senior

Note

,

144A,

4

%

,

3/01/29

........

United

States

500,000

424,991

Energy

Equipment

&

Services

2.2%

e

CSI

Compressco

LP

/

CSI

Compressco

Finance,

Inc.

,

c

Secured

Note,

144A,

PIK,

10%,

4/01/26

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

United

States

982,453

872,458

Franklin

Universal

Trust

Schedule

of

Investments

(unaudited)

Quarterly

Schedule

of

Investments

See

Notes

to

Schedule

of

Investments.

6

a

a

Country

Principal

Amount

*

a

Value

a

a

a

a

a

Corporate

Bonds

(continued)

Energy

Equipment

&

Services

(continued)

e

CSI

Compressco

LP

/

CSI

Compressco

Finance,

Inc.,

(continued)

Senior

Secured

Note,

144A,

7.5%,

4/01/25

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

United

States

402,000

$

369,945

e

Enerflex

Ltd.

,

Senior

Secured

Note

,

144A,

9

%

,

10/15/27

........

Canada

900,000

890,212

e

Nabors

Industries

Ltd.

,

Senior

Note

,

144A,

7.25

%

,

1/15/26

......

United

States

600,000

577,617

Nabors

Industries,

Inc.

,

Senior

Note

,

5.75

%

,

2/01/25

...........

United

States

500,000

480,628

e

Weatherford

International

Ltd.

,

Senior

Note,

144A,

11%,

12/01/24

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

United

States

45,000

46,224

Senior

Note,

144A,

8.625%,

4/30/30

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

United

States

700,000

672,137

Senior

Secured

Note,

144A,

6.5%,

9/15/28

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

United

States

400,000

385,680

4,294,901

Entertainment

0.9%

e

Banijay

Entertainment

SASU

,

Senior

Secured

Note

,

144A,

5.375

%

,

3/01/25

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

France

1,000,000

949,650

Netflix,

Inc.

,

Senior

Bond

,

5.875

%

,

11/15/28

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

United

States

800,000

810,168

1,759,818

Equity

Real

Estate

Investment

Trusts

(REITs)

1.3%

e

Global

Net

Lease,

Inc.

/

Global

Net

Lease

Operating

Partnership

LP

,

Senior

Note

,

144A,

3.75

%

,

12/15/27

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

United

States

800,000

662,329

e

HAT

Holdings

I

LLC

/

HAT

Holdings

II

LLC

,

Senior

Note

,

144A,

6

%

,

4/15/25

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

United

States

400,000

386,972

MPT

Operating

Partnership

LP

/

MPT

Finance

Corp.

,

Senior

Bond

,

5.25

%

,

8/01/26

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

United

States

200,000

179,231

e

Necessity

Retail

REIT,

Inc.

(The)

/

American

Finance

Operating

Partner

LP

,

Senior

Note

,

144A,

4.5

%

,

9/30/28

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

United

States

500,000

383,312

e

VICI

Properties

LP

/

VICI

Note

Co.,

Inc.

,

Senior

Note

,

144A,

3.75

%

,

2/15/27

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

United

States

700,000

632,384

e

XHR

LP

,

Senior

Secured

Note

,

144A,

4.875

%

,

6/01/29

.........

United

States

400,000

342,328

2,586,556

Food

Products

0.9%

e

Chobani

LLC

/

Chobani

Finance

Corp.,

Inc.

,

Senior

Secured

Note

,

144A,

4.625

%

,

11/15/28

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

United

States

800,000

705,846

e

Darling

Ingredients,

Inc.

,

Senior

Note

,

144A,

6

%

,

6/15/30

.......

United

States

200,000

195,268

e

Pilgrim's

Pride

Corp.

,

Senior

Bond

,

144A,

3.5

%

,

3/01/32

........

United

States

200,000

161,241

e

Post

Holdings,

Inc.

,

Senior

Bond,

144A,

5.625%,

1/15/28

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

United

States

300,000

286,659

Senior

Bond,

144A,

4.625%,

4/15/30

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

United

States

400,000

351,560

1,700,574

Health

Care

Equipment

&

Supplies

0.6%

e

Garden

Spinco

Corp.

,

Senior

Note

,

144A,

8.625

%

,

7/20/30

......

United

States

400,000

425,101

e

Medline

Borrower

LP

,

Senior

Note,

144A,

5.25%,

10/01/29

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

United

States

500,000

408,063

Senior

Secured

Note,

144A,

3.875%,

4/01/29

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

United

States

400,000

344,354

1,177,518

Health

Care

Providers

&

Services

1.7%

Centene

Corp.

,

Senior

Bond,

2.5%,

3/01/31

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

United

States

500,000

395,800

Senior

Note,

2.45%,

7/15/28

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

United

States

500,000

420,989

Senior

Note,

2.625%,

8/01/31

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

United

States

500,000

393,698

e

CHS/Community

Health

Systems,

Inc.

,

Secured

Note,

144A,

6.125%,

4/01/30

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

United

States

500,000

255,905

Senior

Secured

Note,

144A,

6%,

1/15/29

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

United

States

300,000

250,858

e

DaVita,

Inc.

,

Senior

Note

,

144A,

4.625

%

,

6/01/30

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

United

States

1,200,000

973,182

Franklin

Universal

Trust

Schedule

of

Investments

(unaudited)

See

Notes

to

Schedule

of

Investments.

Quarterly

Schedule

of

Investments

7

a

a

Country

Principal

Amount

*

a

Value

a

a

a

a

a

Corporate

Bonds

(continued)

Health

Care

Providers

&

Services

(continued)

e

ModivCare

Escrow

Issuer,

Inc.

,

Senior

Note

,

144A,

5

%

,

10/01/29

.

United

States

100,000

$

84,276

e

Tenet

Healthcare

Corp.

,

Senior

Secured

Note

,

144A,

6.125

%

,

6/15/30

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

United

States

700,000

664,153

3,438,861

Hotels,

Restaurants

&

Leisure

4.8%

e

1011778

BC

ULC

/

New

Red

Finance,

Inc.

,

Secured

Bond

,

144A,

4

%

,

10/15/30

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

Canada

600,000

506,145

e,f,g

24

Hour

Fitness

Worldwide,

Inc.

,

Senior

Note

,

144A,

8

%

,

6/01/22

.

United

States

1,800,000

540

e

Carnival

Corp.

,

Senior

Note,

144A,

7.625%,

3/01/26

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

United

States

400,000

337,782

Senior

Note,

144A,

5.75%,

3/01/27

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

United

States

1,500,000

1,117,500

e

Carnival

Holdings

Bermuda

Ltd.

,

Senior

Note

,

144A,

10.375

%

,

5/01/28

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

United

States

400,000

417,108

e

Everi

Holdings,

Inc.

,

Senior

Note

,

144A,

5

%

,

7/15/29

...........

United

States

700,000

607,718

e

Fertitta

Entertainment

LLC

/

Fertitta

Entertainment

Finance

Co.,

Inc.

,

Senior

Note

,

144A,

6.75

%

,

1/15/30

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

United

States

1,000,000

843,370

e

Motion

Bondco

DAC

,

Senior

Note

,

144A,

6.625

%

,

11/15/27

......

United

Kingdom

200,000

172,433

e

NCL

Corp.

Ltd.

,

Senior

Note

,

144A,

5.875

%

,

3/15/26

...........

United

States

300,000

246,483

e

Papa

John's

International,

Inc.

,

Senior

Note

,

144A,

3.875

%

,

9/15/29

United

States

300,000

251,184

e

Premier

Entertainment

Sub

LLC

/

Premier

Entertainment

Finance

Corp.

,

Senior

Bond,

144A,

5.875%,

9/01/31

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

United

States

500,000

381,905

Senior

Note,

144A,

5.625%,

9/01/29

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

United

States

1,000,000

801,810

e

Royal

Caribbean

Cruises

Ltd.

,

Senior

Note,

144A,

5.5%,

8/31/26

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

United

States

700,000

608,171

Senior

Note,

144A,

11.625%,

8/15/27

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

United

States

700,000

720,055

e

Station

Casinos

LLC

,

Senior

Note

,

144A,

4.5

%

,

2/15/28

........

United

States

400,000

353,488

e

Studio

City

Finance

Ltd.

,

Senior

Note

,

144A,

5

%

,

1/15/29

.......

Macau

1,600,000

1,134,960

e

Wynn

Macau

Ltd.

,

Senior

Note

,

144A,

5.625

%

,

8/26/28

.........

Macau

300,000

249,000

e

Wynn

Resorts

Finance

LLC

/

Wynn

Resorts

Capital

Corp.

,

Senior

Note

,

144A,

7.75

%

,

4/15/25

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

United

States

800,000

802,848

9,552,500

Household

Durables

0.8%

e

Ashton

Woods

USA

LLC

/

Ashton

Woods

Finance

Co.

,

Senior

Note

,

144A,

4.625

%

,

8/01/29

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

United

States

1,500,000

1,179,065

M/I

Homes,

Inc.

,

Senior

Note

,

3.95

%

,

2/15/30

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

United

States

600,000

460,862

1,639,927

Independent

Power

and

Renewable

Electricity

Producers

3.4%

e

Calpine

Corp.

,

Senior

Bond,

144A,

5%,

2/01/31

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

United

States

900,000

779,451

Senior

Note,

144A,

4.625%,

2/01/29

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

United

States

700,000

605,268

e

Clearway

Energy

Operating

LLC

,

Senior

Bond,

144A,

3.75%,

1/15/32

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

United

States

400,000

319,505

Senior

Note,

144A,

4.75%,

3/15/28

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

United

States

600,000

555,158

Senior

Note,

144A,

3.75%,

2/15/31

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

United

States

300,000

254,517

e

InterGen

NV

,

Senior

Secured

Bond

,

144A,

7

%

,

6/30/23

.........

Netherlands

1,900,000

1,864,163

e

Leeward

Renewable

Energy

Operations

LLC

,

Senior

Note

,

144A,

4.25

%

,

7/01/29

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

United

States

1,000,000

842,745

Talen

Energy

Supply

LLC

,

Zero

Cpn.,

2/20/49

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

United

States

2,260,000

734,500

g

Senior

Note,

6.5%,

6/01/25

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

United

States

1,500,000

757,500

6,712,807

Franklin

Universal

Trust

Schedule

of

Investments

(unaudited)

Quarterly

Schedule

of

Investments

See

Notes

to

Schedule

of

Investments.

8

a

a

Country

Principal

Amount

*

a

Value

a

a

a

a

a

Corporate

Bonds

(continued)

Insurance

0.1%

e

Alliant

Holdings

Intermediate

LLC

/

Alliant

Holdings

Co-Issuer

,

Senior

Note

,

144A,

6.75

%

,

10/15/27

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

United

States

300,000

$

276,750

Internet

&

Direct

Marketing

Retail

0.1%

e

Match

Group

Holdings

II

LLC

,

Senior

Note

,

144A,

3.625

%

,

10/01/31

United

States

200,000

153,056

IT

Services

1.8%

e

Cablevision

Lightpath

LLC

,

Senior

Secured

Note

,

144A,

3.875

%

,

9/15/27

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

United

States

500,000

431,890

e

Cogent

Communications

Group,

Inc.

,

Senior

Secured

Note

,

144A,

3.5

%

,

5/01/26

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

United

States

500,000

452,728

e

Gartner,

Inc.

,

Senior

Note,

144A,

4.5%,

7/01/28

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

United

States

500,000

471,343

Senior

Note,

144A,

3.625%,

6/15/29

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

United

States

200,000

175,401

Senior

Note,

144A,

3.75%,

10/01/30

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

United

States

300,000

259,927

e

Northwest

Fiber

LLC

/

Northwest

Fiber

Finance

Sub,

Inc.

,

Senior

Note

,

144A,

6

%

,

2/15/28

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

United

States

1,100,000

869,714

e

Presidio

Holdings,

Inc.

,

Senior

Note

,

144A,

8.25

%

,

2/01/28

......

United

States

900,000

806,894

3,467,897

Life

Sciences

Tools

&

Services

0.1%

e

Charles

River

Laboratories

International,

Inc.

,

Senior

Note

,

144A,

3.75

%

,

3/15/29

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

United

States

200,000

174,264

Machinery

1.2%

e

ATS

Corp.

,

Senior

Note

,

144A,

4.125

%

,

12/15/28

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

Canada

1,300,000

1,115,686

e

Manitowoc

Co.,

Inc.

(The)

,

Secured

Note

,

144A,

9

%

,

4/01/26

....

United

States

1,000,000

916,546

e

Roller

Bearing

Co.

of

America,

Inc.

,

Senior

Note

,

144A,

4.375

%

,

10/15/29

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

United

States

400,000

350,800

2,383,032

Media

2.9%

e

Clear

Channel

International

BV

,

Senior

Secured

Note

,

144A,

6.625

%

,

8/01/25

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

United

Kingdom

400,000

379,102

e

Clear

Channel

Outdoor

Holdings,

Inc.

,

Senior

Note,

144A,

7.75%,

4/15/28

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

United

States

300,000

223,887

Senior

Note,

144A,

7.5%,

6/01/29

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

United

States

300,000

223,300

Senior

Secured

Note,

144A,

5.125%,

8/15/27

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

United

States

400,000

345,320

CSC

Holdings

LLC

,

Senior

Bond,

5.25%,

6/01/24

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

United

States

400,000

385,924

e

Senior

Note,

144A,

7.5%,

4/01/28

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

United

States

300,000

234,256

e

Diamond

Sports

Group

LLC

/

Diamond

Sports

Finance

Co.

,

Senior

Note,

144A,

6.625%,

8/15/27

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

United

States

700,000

27,615

Senior

Secured

Note,

144A,

5.375%,

8/15/26

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

United

States

800,000

131,027

e

Directv

Financing

LLC

/

Directv

Financing

Co-Obligor,

Inc.

,

Senior

Secured

Note

,

144A,

5.875

%

,

8/15/27

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

United

States

200,000

183,749

e

DISH

DBS

Corp.

,

Senior

Secured

Note

,

144A,

5.75

%

,

12/01/28

...

United

States

1,000,000

812,925

e

LCPR

Senior

Secured

Financing

DAC

,

Senior

Secured

Note

,

144A,

6.75

%

,

10/15/27

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

United

States

450,000

426,285

e

News

Corp.

,

Senior

Note

,

144A,

3.875

%

,

5/15/29

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

United

States

200,000

178,015

e

Outfront

Media

Capital

LLC

/

Outfront

Media

Capital

Corp.

,

Senior

Note

,

144A,

5

%

,

8/15/27

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

United

States

100,000

91,250

e

Scripps

Escrow,

Inc.

,

Senior

Note

,

144A,

5.875

%

,

7/15/27

.......

United

States

600,000

534,786

e

Sinclair

Television

Group,

Inc.

,

Senior

Bond

,

144A,

5.5

%

,

3/01/30

.

United

States

700,000

536,659

e

Sirius

XM

Radio,

Inc.

,

Senior

Note

,

144A,

4

%

,

7/15/28

.........

United

States

600,000

530,892

e

Univision

Communications,

Inc.

,

Senior

Secured

Note

,

144A,

4.5

%

,

5/01/29

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

United

States

600,000

511,470

5,756,462

Franklin

Universal

Trust

Schedule

of

Investments

(unaudited)

See

Notes

to

Schedule

of

Investments.

Quarterly

Schedule

of

Investments

9

a

a

Country

Principal

Amount

*

a

Value

a

a

a

a

a

Corporate

Bonds

(continued)

Metals

&

Mining

1.1%

Commercial

Metals

Co.

,

Senior

Bond

,

3.875

%

,

2/15/31

.........

United

States

700,000

$

581,003

e

Constellium

SE

,

Senior

Note

,

144A,

3.75

%

,

4/15/29

...........

United

States

600,000

493,773

e

FMG

Resources

August

2006

Pty.

Ltd.

,

Senior

Bond

,

144A,

4.375

%

,

4/01/31

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

Australia

500,000

421,825

e

Novelis

Corp.

,

Senior

Bond,

144A,

3.875%,

8/15/31

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

United

States

100,000

82,119

Senior

Note,

144A,

3.25%,

11/15/26

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

United

States

100,000

89,475

e

SunCoke

Energy,

Inc.

,

Senior

Secured

Note

,

144A,

4.875

%

,

6/30/29

United

States

600,000

509,322

2,177,517

Mortgage

Real

Estate

Investment

Trusts

(REITs)

0.4%

e

Apollo

Commercial

Real

Estate

Finance,

Inc.

,

Senior

Secured

Note

,

144A,

4.625

%

,

6/15/29

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

United

States

1,000,000

797,835

Multiline

Retail

0.5%

e

Macy's

Retail

Holdings

LLC

,

Senior

Bond,

144A,

6.125%,

3/15/32

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

United

States

500,000

444,515

Senior

Note,

144A,

5.875%,

3/15/30

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

United

States

500,000

451,922

896,437

Oil,

Gas

&

Consumable

Fuels

8.7%

e

Antero

Resources

Corp.

,

Senior

Note,

144A,

7.625%,

2/01/29

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

United

States

166,000

169,575

Senior

Note,

144A,

5.375%,

3/01/30

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

United

States

700,000

656,775

e

Calumet

Specialty

Products

Partners

LP

/

Calumet

Finance

Corp.

,

Senior

Note

,

144A,

8.125

%

,

1/15/27

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

United

States

900,000

865,287

Cheniere

Energy

Partners

LP

,

Senior

Bond,

3.25%,

1/31/32

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

United

States

400,000

326,002

Senior

Note,

4.5%,

10/01/29

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

United

States

1,200,000

1,103,184

Senior

Note,

4%,

3/01/31

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

United

States

1,200,000

1,050,696

Cheniere

Energy,

Inc.

,

Senior

Note

,

4.625

%

,

10/15/28

..........

United

States

700,000

647,189

e

Chesapeake

Energy

Corp.

,

Senior

Note

,

144A,

5.5

%

,

2/01/26

....

United

States

500,000

483,028

Crestwood

Midstream

Partners

LP

/

Crestwood

Midstream

Finance

Corp.

,

Senior

Note,

5.75%,

4/01/25

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

United

States

800,000

781,233

e

Senior

Note,

144A,

6%,

2/01/29

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

United

States

700,000

646,478

e

Senior

Note,

144A,

8%,

4/01/29

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

United

States

500,000

504,662

e

CrownRock

LP

/

CrownRock

Finance,

Inc.

,

Senior

Note

,

144A,

5

%

,

5/01/29

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

United

States

300,000

276,720

e

DT

Midstream,

Inc.

,

Senior

Note

,

144A,

4.125

%

,

6/15/29

........

United

States

700,000

617,582

e

Endeavor

Energy

Resources

LP

/

EER

Finance,

Inc.

,

Senior

Bond

,

144A,

5.75

%

,

1/30/28

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

United

States

800,000

788,484

e

EnLink

Midstream

LLC

,

Senior

Note

,

144A,

6.5

%

,

9/01/30

.......

United

States

800,000

813,508

e

EQM

Midstream

Partners

LP

,

Senior

Note

,

144A,

7.5

%

,

6/01/27

..

United

States

100,000

101,171

e

EQT

Corp.

,

Senior

Note

,

144A,

3.125

%

,

5/15/26

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

United

States

300,000

277,271

e

Harbour

Energy

plc

,

Senior

Note

,

144A,

5.5

%

,

10/15/26

........

United

Kingdom

500,000

449,570

e

Hilcorp

Energy

I

LP

/

Hilcorp

Finance

Co.

,

Senior

Bond,

144A,

6%,

2/01/31

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

United

States

200,000

184,516

Senior

Note,

144A,

5.75%,

2/01/29

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

United

States

200,000

183,548

Senior

Note,

144A,

6%,

4/15/30

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

United

States

300,000

276,224

e

Kinetik

Holdings

LP

,

Senior

Note

,

144A,

5.875

%

,

6/15/30

........

United

States

600,000

564,663

e

Martin

Midstream

Partners

LP

/

Martin

Midstream

Finance

Corp.

,

Secured

Note

,

144A,

11.5

%

,

2/28/25

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

United

States

1,476,232

1,472,615

c,e,f,g

Murray

Energy

Corp.

,

Secured

Note

,

144A,

PIK,

12

%

,

4/15/24

...

United

States

757,734

—

Occidental

Petroleum

Corp.

,

Senior

Bond,

6.45%,

9/15/36

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

United

States

700,000

702,604

Senior

Note,

8.875%,

7/15/30

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

United

States

1,100,000

1,262,421

Franklin

Universal

Trust

Schedule

of

Investments

(unaudited)

Quarterly

Schedule

of

Investments

See

Notes

to

Schedule

of

Investments.

10

a

a

Country

Principal

Amount

*

a

Value

a

a

a

a

a

Corporate

Bonds

(continued)

Oil,

Gas

&

Consumable

Fuels

(continued)

Sunoco

LP

/

Sunoco

Finance

Corp.

,

Senior

Note,

6%,

4/15/27

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

United

States

1,000,000

$

987,041

Senior

Note,

4.5%,

5/15/29

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

United

States

200,000

173,433

e

Venture

Global

Calcasieu

Pass

LLC

,

Senior

Secured

Bond,

144A,

4.125%,

8/15/31

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

United

States

300,000

259,092

Senior

Secured

Note,

144A,

3.875%,

8/15/29

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

United

States

300,000

259,485

e

Viper

Energy

Partners

LP

,

Senior

Note

,

144A,

5.375

%

,

11/01/27

..

United

States

400,000

379,819

17,263,876

Paper

&

Forest

Products

0.1%

e

Glatfelter

Corp.

,

Senior

Note

,

144A,

4.75

%

,

11/15/29

...........

United

States

400,000

261,804

Pharmaceuticals

2.3%

e

1375209

BC

Ltd.

,

Senior

Secured

Note

,

144A,

9

%

,

1/30/28

......

Canada

305,000

301,187

e

Bausch

Health

Cos.,

Inc.

,

Secured

Note,

144A,

14%,

10/15/30

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

United

States

107,000

59,899

Senior

Secured

Note,

144A,

11%,

9/30/28

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

United

States

542,000

418,695

e,g

Endo

Dac

/

Endo

Finance

LLC

/

Endo

Finco,

Inc.

,

Secured

Note,

144A,

9.5%,

7/31/27

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

United

States

302,000

42,658

Senior

Note,

144A,

6%,

6/30/28

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

United

States

389,000

19,691

e,g

Endo

Luxembourg

Finance

Co.

I

SARL

/

Endo

US,

Inc.

,

Senior

Secured

Note

,

144A,

6.125

%

,

4/01/29

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

United

States

500,000

375,332

e

Jazz

Securities

DAC

,

Senior

Secured

Note

,

144A,

4.375

%

,

1/15/29

United

States

1,300,000

1,181,083

e

Organon

&

Co.

/

Organon

Foreign

Debt

Co-Issuer

BV

,

Senior

Secured

Note

,

144A,

4.125

%

,

4/30/28

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

United

States

1,000,000

900,980

e,g

Par

Pharmaceutical,

Inc.

,

Senior

Secured

Note

,

144A,

7.5

%

,

4/01/27

United

States

225,000

169,725

Teva

Pharmaceutical

Finance

Netherlands

III

BV

,

Senior

Note,

7.125%,

1/31/25

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

Israel

500,000

501,697

Senior

Note,

4.75%,

5/09/27

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

Israel

600,000

539,562

4,510,509

Real

Estate

Management

&

Development

0.4%

e

Five

Point

Operating

Co.

LP

/

Five

Point

Capital

Corp.

,

Senior

Note

,

144A,

7.875

%

,

11/15/25

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

United

States

400,000

340,590

e

Forestar

Group,

Inc.

,

Senior

Note

,

144A,

3.85

%

,

5/15/26

........

United

States

500,000

442,368

782,958

Road

&

Rail

0.7%

e

First

Student

Bidco,

Inc.

/

First

Transit

Parent,

Inc.

,

Senior

Secured

Note

,

144A,

4

%

,

7/31/29

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

United

States

900,000

748,737

e

NESCO

Holdings

II,

Inc.

,

Secured

Note

,

144A,

5.5

%

,

4/15/29

....

United

States

500,000

440,483

e

Williams

Scotsman

International,

Inc.

,

Senior

Secured

Note

,

144A,

4.625

%

,

8/15/28

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

United

States

300,000

273,109

1,462,329

Software

1.2%

e

Camelot

Finance

SA

,

Senior

Secured

Note

,

144A,

4.5

%

,

11/01/26

.

United

States

900,000

854,370

e

Condor

Merger

Sub,

Inc.

,

Senior

Note

,

144A,

7.375

%

,

2/15/30

...

United

States

800,000

656,409

e

Rocket

Software,

Inc.

,

Senior

Note

,

144A,

6.5

%

,

2/15/29

........

United

States

1,100,000

866,739

2,377,518

Specialty

Retail

1.6%

e

Bath

&

Body

Works,

Inc.

,

Senior

Note

,

144A,

6.625

%

,

10/01/30

...

United

States

500,000

468,750

e

Gap,

Inc.

(The)

,

Senior

Note

,

144A,

3.625

%

,

10/01/29

..........

United

States

700,000

538,682

e

Lithia

Motors,

Inc.

,

Senior

Bond,

144A,

4.375%,

1/15/31

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

United

States

300,000

254,100

Senior

Note,

144A,

4.625%,

12/15/27

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

United

States

400,000

370,664

Franklin

Universal

Trust

Schedule

of

Investments

(unaudited)

See

Notes

to

Schedule

of

Investments.

Quarterly

Schedule

of

Investments

11

a

a

Country

Principal

Amount

*

a

Value

a

a

a

a

a

Corporate

Bonds

(continued)

Specialty

Retail

(continued)

e

Michaels

Cos.,

Inc.

(The)

,

Senior

Note,

144A,

7.875%,

5/01/29

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

United

States

600,000

$

355,875

Senior

Secured

Note,

144A,

5.25%,

5/01/28

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

United

States

300,000

220,117

Murphy

Oil

USA,

Inc.

,

Senior

Note

,

4.75

%

,

9/15/29

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

United

States

700,000

647,710

e

Victoria's

Secret

&

Co.

,

Senior

Note

,

144A,

4.625

%

,

7/15/29

.....

United

States

400,000

338,098

3,193,996

Textiles,

Apparel

&

Luxury

Goods

0.6%

e

Hanesbrands,

Inc.

,

Senior

Note

,

144A,

4.625

%

,

5/15/24

........

United

States

1,000,000

971,915

e

Kontoor

Brands,

Inc.

,

Senior

Note

,

144A,

4.125

%

,

11/15/29

......

United

States

300,000

244,844

1,216,759

Thrifts

&

Mortgage

Finance

0.7%

e

Ladder

Capital

Finance

Holdings

LLLP

/

Ladder

Capital

Finance

Corp.

,

Senior

Note

,

144A,

4.75

%

,

6/15/29

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

United

States

300,000

245,597

MGIC

Investment

Corp.

,

Senior

Note

,

5.25

%

,

8/15/28

..........

United

States

500,000

455,557

Radian

Group,

Inc.

,

Senior

Note

,

6.625

%

,

3/15/25

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

United

States

600,000

594,852

1,296,006

Trading

Companies

&

Distributors

0.5%

e

H&E

Equipment

Services,

Inc.

,

Senior

Note

,

144A,

3.875

%

,

12/15/28

United

States

600,000

519,537

e

WESCO

Distribution,

Inc.

,

Senior

Note

,

144A,

7.25

%

,

6/15/28

....

United

States

400,000

405,670

925,207

Wireless

Telecommunication

Services

1.1%

Hughes

Satellite

Systems

Corp.

,

Senior

Note

,

6.625

%

,

8/01/26

...

United

States

900,000

837,936

T-Mobile

USA,

Inc.

,

Senior

Bond,

2.875%,

2/15/31

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

United

States

300,000

251,009

Senior

Bond,

3.5%,

4/15/31

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

United

States

200,000

174,510

Senior

Note,

4.75%,

2/01/28

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

United

States

600,000

584,008

Senior

Note,

2.625%,

2/15/29

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

United

States

300,000

255,976

2,103,439

Total

Corporate

Bonds

(Cost

$152,716,254)

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

130,405,377

Senior

Floating

Rate

Interests

0.1%

Media

0.1%

h

Diamond

Sports

Group

LLC

,

First

Lien,

CME

Term

Loan

,

11.894

%

,

(

1-month

SOFR

+

8

%

),

5/25/26

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

United

States

159,454

151,481

Total

Senior

Floating

Rate

Interests

(Cost

$147,667)

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

151,481

i

Marketplace

Loans

9.0%

f

Diversified

Financial

Services

9.0%

a

a

a

a

a

a

Total

Marketplace

Loans

(Cost

$20,096,681)

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

17,860,326

Asset-Backed

Securities

0.7%

Diversified

Financial

Services

0.7%

e,j

Consumer

Loan

Underlying

Bond

Certificate

Issuer

Trust

I

,

2019-26,

PT,

144A,

FRN,

17.521%,

8/15/44

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

United

States

110,726

104,765

2019-31,

PT,

144A,

FRN,

17.347%,

9/15/44

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

United

States

95,848

89,507

2019-37,

PT,

144A,

FRN,

19.337%,

10/17/44

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

United

States

112,519

104,978

2019-42,

PT,

144A,

FRN,

18.543%,

11/15/44

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

United

States

102,687

96,744

2019-51,

PT,

144A,

FRN,

15.538%,

1/15/45

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

United

States

122,303

115,485

2019-52,

PT,

144A,

FRN,

16.432%,

1/15/45

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

United

States

116,051

110,502

2019-S3,

PT,

144A,

FRN,

13.002%,

6/15/44

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

United

States

22,210

20,711

Franklin

Universal

Trust

Schedule

of

Investments

(unaudited)

Quarterly

Schedule

of

Investments

See

Notes

to

Schedule

of

Investments.

12

a

a

Country

Principal

Amount

*

a

Value

a

a

a

a

a

Asset-Backed

Securities

(continued)

Diversified

Financial

Services

(continued)

e,j

Consumer

Loan

Underlying

Bond

Certificate

Issuer

Trust

I,

(continued)

2019-S4,

PT,

144A,

FRN,

12.178%,

8/15/44

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

United

States

82,791

$

78,514

2019-S5,

PT,

144A,

FRN,

13.027%,

9/15/44

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

United

States

81,741

76,985

2019-S6,

PT,

144A,

FRN,

12.134%,

10/17/44

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

United

States

82,531

76,824

2019-S7,

PT,

144A,

FRN,

11.152%,

12/15/44

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

United

States

61,328

57,154

2019-S8,

PT,

144A,

FRN,

9.902%,

1/15/45

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

United

States

73,512

68,527

2020-2,

PT,

144A,

FRN,

16.128%,

3/15/45

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

United

States

107,284

101,617

2020-7,

PT,

144A,

FRN,

16.207%,

4/17/45

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

United

States

58,961

55,105

e,j

Prosper

Pass-Thru

Trust

III

,

2020-PT1,

A,

144A,

FRN,

15.177%,

3/15/26

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

United

States

59,944

59,140

2020-PT2,

A,

144A,

FRN,

17.026%,

4/15/26

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

United

States

71,206

68,333

2020-PT3,

A,

144A,

FRN,

13.593%,

5/15/26

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

United

States

13,966

13,170

e,j

Upgrade

Master

Pass-Thru

Trust

,

2019-PT2

,

A

,

144A,

FRN

,

16.2

%

,

2/15/26

.

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

United

States

68,295

67,262

1,365,323

a

a

a

a

a

a

Total

Asset-Backed

Securities

(Cost

$1,397,217)

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

1,365,323

Shares

a

Escrows

and

Litigation

Trusts

0.0%

†

b

Chesapeake

Energy

Corp.,

Escrow

Account

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

United

States

1,500,000

36,000

Total

Escrows

and

Litigation

Trusts

(Cost

$48,985)

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

36,000

Total

Long

Term

Investments

(Cost

$212,565,857)

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

246,309,289

a

Short

Term

Investments

5.8%

a

a

Country

Shares

a

Value

a

a

a

Money

Market

Funds

5.0%

k,l

Institutional

Fiduciary

Trust

-

Money

Market

Portfolio,

3.446%

....

United

States

9,740,863‌

9,740,863

Total

Money

Market

Funds

(Cost

$9,740,863)

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

9,740,863

Principal

Amount

*

a

a

a

Repurchase

Agreements

0.7%

m

Joint

Repurchase

Agreement,

3.745%,

12/01/22

(Maturity

Value

$1,429,322)

BNP

Paribas

Securities

Corp.

(Maturity

Value

$320,768)

Deutsche

Bank

Securities,

Inc.

(Maturity

Value

$49,998)

HSBC

Securities

(USA),

Inc.

(Maturity

Value

$1,058,555)

Collateralized

by

U.S.

Government

and

Agency

Securities,

6.3%,

1/15/23

-

10/20/52;

U.S.

Treasury

Bonds,

Index

Linked,

0.38%,

1/15/27;

U.S.

Treasury

Notes,

0.13%

-

1.13%,

12/31/22

-

1/15/25;

and

U.S.

Cash

Management

Bill,

12/31/22

-

1/15/25

(valued

at

$1,458,279)

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

1,429,173

1,429,173

Total

Repurchase

Agreements

(Cost

$1,429,173)

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

1,429,173

Franklin

Universal

Trust

Schedule

of

Investments

(unaudited)

See

Notes

to

Schedule

of

Investments.

Quarterly

Schedule

of

Investments

13

See

Abbreviations

on

page

41

.

Short

Term

Investments

(continued)

a

a

Country

Shares

a

Value

a

a

a

a

a

a

Investments

from

Cash

Collateral

Received

for

Loaned

Securities

0.1%

Money

Market

Funds

0.1%

k,l

Institutional

Fiduciary

Trust

-

Money

Market

Portfolio,

3.446%

....

United

States

202,000‌

$

202,000

Principal

Amount

*

Repurchase

Agreements

0.0%

†

m

Joint

Repurchase

Agreement,

BNP

Paribas

SA,

3.79%,

12/01/22

(Maturity

Value

$51,374)

Collateralized

by

U.S.

Treasury

Bill,

Discount

Note,

5/11/23;

U.S.

Treasury

Bond,

6.625%,

2/15/27;

U.S.

Treasury

Bond,

Index

Linked,

2.375%,

1/15/25;

U.S.

Treasury

Notes,

0.125%

-

2.125%,

2/28/23

-

10/31/27;

and

U.S.

Treasury

Notes,

Index

Linked,

0.125%

-

0.375%,

10/15/24

-

7/15/27

(valued

at

$52,396)

......

51,369‌

51,369

Total

Investments

from

Cash

Collateral

Received

for

Loaned

Securities

(Cost

$253,369)

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

253,369

Total

Short

Term

Investments

(Cost

$11,423,405

)

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

11,423,405

a

Total

Investments

(Cost

$223,989,262)

130.6%

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

$257,732,694

Notes

Payable

(32.9)%

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

(64,979,663)

Other

Assets,

less

Liabilities

2.3%

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

4,594,282

Net

Assets

100.0%

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

$197,347,313

*

The

principal

amount

is

stated

in

U.S.

dollars

unless

otherwise

indicated.

†

Rounds

to

less

than

0.1%

of

net

assets.

a

A

portion

or

all

of

the

security

is

on

loan

at

November

30,

2022.

b

Non-income

producing.

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,

2022,

the

aggregate

value

of

these

securities

was

$108,945,504,

representing

55.2%

of

net

assets.

f

Fair

valued

using

significant

unobservable

inputs.

See

Note

4

regarding

fair

value

measurements.

g

Defaulted

security

or

security

for

which

income

has

been

deemed

uncollectible.

h

The

coupon

rate

shown

represents

the

rate

inclusive

of

any

caps

or

floors,

if

applicable,

in

effect

at

period

end.

i

See

full

breakdown

of

marketplace

loans

holdings

in

the

table

at

the

end

of

this

schedule.

j

Adjustable

rate

security

with

an

interest

rate

that

is

not

based

on

a

published

reference

index

and

spread.

The

rate

is

based

on

the

structure

of

the

agreement

and

current

market

conditions.

The

coupon

rate

shown

represents

the

rate

at

period

end.

k

See

Note

3

regarding

investments

in

affiliated

management

investment

companies.

l

The

rate

shown

is

the

annualized

seven-day

effective

yield

at

period

end.

m

Investment

is

through

participation

in

a

joint

account

with

other

funds

managed

by

the

investment

manager

or

an

affiliate

of

the

investment

manager.

At

November

30,

2022,

all

repurchase

agreements

had

been

entered

into

on

that

date.

Franklin

Universal

Trust

Schedule

of

Investments

(unaudited),

November

30,

2022

Quarterly

Schedule

of

Investments

See

Notes

to

Schedule

of

Investments.

14

At

November

30,

2022,

the

Fund

had

the

following marketplace

loans

outstanding.

Description

Principal

Amount

Value

Marketplace

Loans

-

9.1%

Freedom

Financial

Asset

Management

LLC

APP-10084065.FP.FTS.B,

15.49%,

8/01/23

$

3,046

$

3,062

APP-10095990.FP.FTS.B,

5.99%,

8/05/23

.

3,539

3,565

APP-10236665.FP.FTS.B,

5.99%,

10/04/23

3,776

3,805

APP-10852298.FP.FTS.B,

5.99%,

10/05/23

4,710

4,746

APP-10840576.FP.FTS.B,

5.99%,

10/15/23

4,727

4,771

APP-10847318.FP.FTS.B,

5.99%,

10/15/23

5,091

5,138

APP-11111300.FP.FTS.B,

5.99%,

11/02/23

5,144

5,187

APP-09915050.FP.FTS.B,

5.99%,

11/20/23

4,245

4,286

APP-10762832.FP.FTS.B,

15.49%,

11/26/23

4,617

4,669

APP-11022068.FP.FTS.B,

5.99%,

12/06/23

6,019

6,071

APP-11022377.FP.FTS.B,

5.99%,

12/20/23

6,209

6,275

APP-12381966.FP.FTS.B,

20.49%,

1/20/24

8,190

8,241

APP-11834925.FP.FTS.B,

5.99%,

2/11/24

.

6,744

6,817

APP-11634713.FP.FTS.B,

5.99%,

2/13/24

.

7,193

7,270

APP-11595250.FP.FTS.B,

5.99%,

2/18/24

.

5,598

5,660

APP-12399683.FP.FTS.B,

22.49%,

3/20/24

6,845

6,907

APP-13323334.FP.FTS.B,

5.99%,

5/14/24

.

5,496

5,566

APP-13489698.FP.FTS.B,

5.99%,

5/15/24

.

7,224

7,317

APP-13476049.FP.FTS.B,

21.49%,

5/17/24

9,147

9,225

APP-13485474.FP.FTS.B,

15.99%,

5/18/24

5,907

5,993

APP-13471580.FP.FTS.B,

5.99%,

5/19/24

.

6,313

6,395

APP-15125689.FP.FTS.B,

5.99%,

7/15/24

.

7,571

7,674

APP-15138477.FP.FTS.B,

5.99%,

7/16/24

.

6,013

6,098

APP-15143961.FP.FTS.B,

5.99%,

7/16/24

.

4,468

4,514

APP-14522400.FP.FTS.B,

5.99%,

7/23/24

.

7,307

7,417

APP-15089870.FP.FTS.B,

20.99%,

7/27/24

13,328

13,521

APP-10084299.FP.FTS.B,

16.49%,

8/11/24

8,857

5,168

APP-10541747.FP.FTS.B,

16.99%,

9/05/24

7,757

7,775

APP-10142701.FP.FTS.B,

15.49%,

9/21/24

20,584

20,697

APP-10836612.FP.FTS.B,

21.49%,

10/15/24

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

7,646

7,583

APP-10849903.FP.FTS.B,

11.24%,

10/16/24

19,073

19,236

APP-10584167.FP.FTS.B,

16.99%,

10/28/24

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

5,230

5,284

APP-11139281.FP.FTS.B,

8.49%,

11/01/24

9,683

9,755

APP-11106155.FP.FTS.B,

12.74%,

11/01/24

14,867

14,961

APP-10482137.FP.FTS.B,

16.99%,

11/01/24

5,493

3,031

APP-10762540.FP.FTS.B,

14.49%,

11/30/24

14,169

14,126

APP-10844126.FP.FTS.B,

23.99%,

11/30/24

12,028

11,736

APP-11021958.FP.FTS.B,

12.24%,

12/10/24

9,599

9,682

APP-11021643.FP.FTS.B,

10.49%,

12/14/24

12,263

12,396

APP-11695329.FP.FTS.B,

15.99%,

12/15/24

15,194

15,156

APP-11693890.FP.FTS.B,

13.24%,

12/17/24

34,780

34,940

APP-11102104.FP.FTS.B,

23.99%,

12/18/24

11,287

11,155

APP-11007940.FP.FTS.B,

10.49%,

12/19/24

9,859

9,985

APP-10839343.FP.FTS.B,

13.99%,

12/19/24

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

6,656

6,741

APP-11718442.FP.FTS.B,

19.99%,

12/22/24

32,592

32,394

APP-11799520.FP.FTS.B,

16.99%,

12/25/24

8,511

8,569

APP-11859716.FP.FTS.B,

12.49%,

1/01/25

25,404

25,502

APP-11681583.FP.FTS.B,

16.99%,

1/30/25

8,359

8,462

APP-12413621.FP.FTS.B,

15.49%,

2/01/25

17,523

17,316

APP-11766706.FP.FTS.B,

23.99%,

2/02/25

6,767

6,627

APP-11738038.FP.FTS.B,

21.99%,

2/04/25

15,430

9,947

APP-11799331.FP.FTS.B,

8.99%,

2/06/25

.

23,635

23,861

APP-11694349.FP.FTS.B,

14.24%,

2/07/25

25,339

25,341

Description

Principal

Amount

Value

Freedom

Financial

Asset

Management

LLC

(continued)

APP-11862313.FP.FTS.B,

16.49%,

2/11/25

$

8,485

$

8,472

APP-11730867.FP.FTS.B,

25.49%,

2/14/25

8,288

8,187

APP-11869808.FP.FTS.B,

21.99%,

2/15/25

14,092

13,880

APP-12409067.FP.FTS.B,

13.74%,

3/08/25

29,577

29,777

APP-12394118.FP.FTS.B,

17.74%,

3/10/25

16,889

16,832

APP-12410877.FP.FTS.B,

13.74%,

3/15/25

25,070

25,269

APP-12370660.FP.FTS.B,

15.49%,

3/15/25

12,299

12,420

APP-12299545.FP.FTS.B,

14.99%,

3/21/25

15,849

15,843

APP-12397103.FP.FTS.B,

25.49%,

3/21/25

6,781

6,709

APP-13502295.FP.FTS.B,

14.49%,

5/13/25

24,921

25,189

APP-13323354.FP.FTS.B,

10.09%,

5/18/25

14,152

14,354

APP-13531221.FP.FTS.B,

25.49%,

5/19/25

10,732

1,069

APP-14953979.FP.FTS.B,

7.74%,

7/13/25

.

27,494

27,853

APP-15094222.FP.FTS.B,

10.24%,

7/14/25

21,974

22,271

APP-15084327.FP.FTS.B,

10.74%,

7/14/25

17,195

17,464

APP-15090883.FP.FTS.B,

25.49%,

7/14/25

4,945

4,904

APP-15068808.FP.FTS.B,

20.74%,

7/25/25

12,055

4,246

APP-15034726.FP.FTS.B,

25.49%,

7/25/25

8,472

8,483

APP-10111431.FP.FTS.B,

10.99%,

9/15/25

15,435

15,652

APP-10140977.FP.FTS.B,

24.99%,

9/15/25

7,888

7,978

APP-10569988.FP.FTS.B,

19.49%,

9/21/25

3,795

583

APP-10091198.FP.FTS.B,

15.49%,

9/24/25

16,790

4,954

APP-10083835.FP.FTS.B,

10.99%,

9/25/25

10,838

11,018

APP-10850461.FP.FTS.B,

20.99%,

10/10/25

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

7,999

8,057

APP-11022514.FP.FTS.B,

18.49%,

10/21/25

12,791

12,934

APP-10582948.FP.FTS.B,

10.99%,

10/22/25

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

18,346

18,607

APP-10578403.FP.FTS.B,

15.99%,

10/30/25

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

15,857

16,110

APP-10561192.FP.FTS.B,

8.99%,

11/03/25

13,272

13,453

APP-10590842.FP.FTS.B,

19.49%,

11/18/25

13,577

1,655

APP-09208158.FP.FTS.B,

13.99%,

11/19/25

33,701

3,651

APP-10841976.FP.FTS.B,

10.99%,

11/28/25

14,277

14,492

APP-10868780.FP.FTS.B,

14.49%,

12/02/25

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

24,236

24,424

APP-11025662.FP.FTS.B,

18.99%,

12/06/25

20,404

20,440

APP-11116538.FP.FTS.B,

8.99%,

12/10/25

11,580

11,738

APP-11105408.FP.FTS.B,

10.99%,

12/14/25

9,508

9,650

APP-11843242.FP.FTS.B,

12.24%,

12/15/25

15,984

16,134

APP-11097002.FP.FTS.B,

17.99%,

12/15/25

38,653

39,114

APP-11022500.FP.FTS.B,

17.99%,

12/16/25

10,056

10,167

APP-11579320.FP.FTS.B,

16.99%,

12/20/25

17,049

17,200

APP-11648292.FP.FTS.B,

11.24%,

12/29/25

17,628

3,358

APP-11799657.FP.FTS.B,

12.24%,

1/04/26

17,898

18,117

APP-11798391.FP.FTS.B,

18.49%,

1/04/26

8,533

8,589

APP-11733010.FP.FTS.B,

15.74%,

1/28/26

29,266

29,646

APP-12378685.FP.FTS.B,

15.99%,

2/01/26

11,989

12,087

APP-11757188.FP.FTS.B,

18.24%,

2/02/26

34,070

34,136

APP-11799488.FP.FTS.B,

16.99%,

2/05/26

16,017

16,100

APP-11757063.FP.FTS.B,

17.99%,

2/05/26

17,053

17,112

APP-11763164.FP.FTS.B,

14.49%,

2/07/26

6,603

2,331

APP-11869017.FP.FTS.B,

7.99%,

2/15/26

.

20,496

2,324

APP-12281543.FP.FTS.B,

16.74%,

3/08/26

30,969

31,085

APP-12246304.FP.FTS.B,

18.24%,

3/08/26

28,226

28,259

APP-12401540.FP.FTS.B,

18.24%,

3/08/26

27,622

27,567

Franklin

Universal

Trust

Schedule

of

Investments

(unaudited)

See

Notes

to

Schedule

of

Investments.

Quarterly

Schedule

of

Investments

15

Description

Principal

Amount

Value

Marketplace

Loans

(continued)

Freedom

Financial

Asset

Management

LLC

(continued)

APP-12397373.FP.FTS.B,

15.99%,

3/15/26

$

12,053

$

12,213

APP-12338754.FP.FTS.B,

20.49%,

3/15/26

4,106

4,057

APP-12032813.FP.FTS.B,

17.99%,

3/17/26

11,179

11,269

APP-12419810.FP.FTS.B,

15.74%,

3/20/26

32,522

32,870

APP-12270812.FP.FTS.B,

16.99%,

3/22/26

10,764

10,892

APP-12421465.FP.FTS.B,

17.99%,

3/23/26

17,297

17,441

APP-13524997.FP.FTS.B,

10.59%,

3/25/26

13,732

13,914

APP-13511680.FP.FTS.B,

12.84%,

5/05/26

13,265

13,431

APP-13256383.FP.FTS.B,

7.99%,

5/18/26

.

33,657

34,195

APP-13477482.FP.FTS.B,

10.34%,

5/18/26

35,308

35,896

APP-13527002.FP.FTS.B,

15.59%,

5/19/26

8,967

9,128

APP-14943761.FP.FTS.B,

15.99%,

6/01/26

19,021

19,166

APP-15146572.FP.FTS.B,

10.74%,

7/15/26

23,095

23,338

APP-15112645.FP.FTS.B,

16.99%,

7/15/26

18,507

18,619

APP-15065994.FP.FTS.B,

17.74%,

7/15/26

43,980

44,401

APP-15053141.FP.FTS.B,

18.99%,

7/15/26

18,568

18,681

APP-15107872.FP.FTS.B,

20.49%,

7/15/26

13,331

13,339

APP-15064308.FP.FTS.B,

22.49%,

7/15/26

20,352

20,366

APP-15054013.FP.FTS.B,

17.99%,

7/20/26

15,283

15,465

APP-15109634.FP.FTS.B,

19.49%,

7/21/26

9,326

9,444

APP-15053667.FP.FTS.B,

17.99%,

7/22/26

12,248

12,406

APP-15073340.FP.FTS.B,

15.99%,

7/25/26

9,284

9,459

APP-14860724.FP.FTS.B,

20.99%,

7/26/26

17,824

18,005

APP-15041042.FP.FTS.B,

26.49%,

7/26/26

7,109

7,168

APP-15111841.FP.FTS.B,

7.84%,

7/28/26

.

27,393

27,883

APP-14956830.FP.FTS.B,

15.74%,

7/28/26

27,847

28,251

APP-15053675.FP.FTS.B,

10.99%,

7/30/26

12,299

12,547

APP-10130115.FP.FTS.B,

20.49%,

8/01/26

21,457

21,437

APP-10133595.FP.FTS.B,

11.99%,

8/11/26

16,054

16,271

APP-10140897.FP.FTS.B,

16.99%,

8/12/26

17,285

17,479

APP-10145662.FP.FTS.B,

18.99%,

9/17/26

18,347

18,498

APP-10460831.FP.FTS.B,

21.99%,

9/19/26

6,431

6,473

APP-10572421.FP.FTS.B,

10.49%,

9/20/26

28,213

28,609

APP-10128827.FP.FTS.B,

25.49%,

9/24/26

8,652

8,701

APP-10112510.FP.FTS.B,

16.49%,

9/25/26

10,463

10,638

APP-10061673.FP.FTS.B,

18.49%,

9/25/26

21,945

2,743

APP-10145175.FP.FTS.B,

14.49%,

9/26/26

7,688

7,827

APP-10850556.FP.FTS.B,

11.99%,

10/01/26

17,313

17,460

APP-09931612.FP.FTS.B,

14.24%,

10/03/26

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

13,213

13,312

APP-10838239.FP.FTS.B,

12.49%,

10/12/26

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

26,842

27,172

APP-10838238.FP.FTS.B,

11.99%,

10/15/26

276

275

APP-10835593.FP.FTS.B,

19.49%,

10/15/26

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

10,264

10,295

APP-10846417.FP.FTS.B,

22.99%,

10/15/26

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

16,937

1,870

APP-10845328.FP.FTS.B,

11.99%,

10/16/26

20,757

21,029

APP-10704368.FP.FTS.B,

14.99%,

10/16/26

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

16,122

16,302

APP-10745909.FP.FTS.B,

17.99%,

10/16/26

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

42,553

43,015

APP-10829192.FP.FTS.B,

18.99%,

10/16/26

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

20,931

21,038

APP-10852939.FP.FTS.B,

16.49%,

10/17/26

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

2,720

2,721

APP-10581131.FP.FTS.B,

22.49%,

10/22/26

8,557

8,587

Description

Principal

Amount

Value

Freedom

Financial

Asset

Management

LLC

(continued)

APP-10575367.FP.FTS.B,

20.99%,

10/25/26

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

$

33,072

$

33,261

APP-10129146.FP.FTS.B,

23.49%,

10/25/26

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

19,735

19,916

APP-10916894.FP.FTS.B,

20.49%,

11/01/26

16,690

16,562

APP-10384953.FP.FTS.B,

19.99%,

11/02/26

13,946

13,900

APP-10224478.FP.FTS.B,

20.49%,

11/02/26

22,548

22,597

APP-11119432.FP.FTS.B,

11.99%,

11/03/26

18,581

18,796

APP-10577758.FP.FTS.B,

17.49%,

11/04/26

10,194

10,216

APP-11187454.FP.FTS.B,

22.49%,

11/10/26

8,764

8,734

APP-10848002.FP.FTS.B,

17.99%,

11/19/26

20,972

21,098

APP-10859032.FP.FTS.B,

9.99%,

11/21/26

12,975

13,162

APP-10842381.FP.FTS.B,

12.49%,

11/21/26

29,587

30,001

APP-10830375.FP.FTS.B,

19.99%,

11/21/26

13,516

13,533

APP-10692450.FP.FTS.B,

17.49%,

11/29/26

22,674

22,855

APP-10671079.FP.FTS.B,

11.99%,

11/30/26

24,759

25,092

APP-10848317.FP.FTS.B,

12.24%,

11/30/26

16,603

16,793

APP-10670975.FP.FTS.B,

21.49%,

11/30/26

13,846

13,966

APP-10860337.FP.FTS.B,

22.99%,

11/30/26

14,043

13,862

APP-11107180.FP.FTS.B,

14.24%,

12/06/26

20,672

20,900

APP-11122151.FP.FTS.B,

16.49%,

12/06/26

14,001

7,224

APP-11094577.FP.FTS.B,

19.49%,

12/08/26

10,542

10,586

APP-11008022.FP.FTS.B,

11.99%,

12/13/26

12,247

12,420

APP-11123280.FP.FTS.B,

12.49%,

12/14/26

28,892

29,311

APP-11123090.FP.FTS.B,

14.24%,

12/15/26

19,944

20,223

APP-10314454.FP.FTS.B,

15.99%,

12/15/26

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

9,951

10,081

APP-11021456.FP.FTS.B,

20.99%,

12/15/26

32,149

32,038

APP-10839250.FP.FTS.B,

17.49%,

12/17/26

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

12,355

12,433

APP-11680428.FP.FTS.B,

17.99%,

12/17/26

9,538

9,585

APP-11084610.FP.FTS.B,

19.99%,

12/18/26

12,959

1,563

APP-11121084.FP.FTS.B,

17.49%,

12/19/26

16,106

16,224

APP-11116084.FP.FTS.B,

19.49%,

12/19/26

36,587

11,774

APP-11007668.FP.FTS.B,

19.99%,

12/19/26

15,834

15,893

APP-11091099.FP.FTS.B,

9.99%,

12/20/26

26,582

26,995

APP-11111264.FP.FTS.B,

16.49%,

12/20/26

10,409

10,564

APP-11766944.FP.FTS.B,

19.99%,

12/20/26

17,033

2,212

APP-11036570.FP.FTS.B,

22.99%,

12/20/26

13,798

13,785

APP-11874582.FP.FTS.B,

17.49%,

12/23/26

19,113

19,204

APP-11751323.FP.FTS.B,

17.99%,

12/23/26

12,274

12,326

APP-11752200.FP.FTS.B,

21.49%,

12/23/26

16,549

16,560

APP-11767307.FP.FTS.B,

14.49%,

12/24/26

23,902

24,096

APP-11461595.FP.FTS.B,

17.99%,

12/24/26

12,021

12,013

APP-11762193.FP.FTS.B,

18.49%,

12/24/26

16,235

16,240

APP-11759070.FP.FTS.B,

24.99%,

12/24/26

42,007

41,876

APP-11677084.FP.FTS.B,

15.49%,

12/26/26

38,926

39,361

APP-11798581.FP.FTS.B,

16.99%,

12/28/26

16,767

16,915

APP-11799609.FP.FTS.B,

10.99%,

1/01/27

27,929

28,228

APP-11844341.FP.FTS.B,

16.74%,

1/01/27

29,088

29,015

APP-11843108.FP.FTS.B,

16.99%,

1/03/27

–

–

APP-11870826.FP.FTS.B,

19.99%,

1/04/27

10,089

10,020

APP-11758670.FP.FTS.B,

16.74%,

2/01/27

44,467

24,479

APP-11744634.FP.FTS.B,

19.99%,

2/01/27

15,315

15,210

APP-12399764.FP.FTS.B,

25.49%,

2/01/27

7,188

4,498

APP-11824892.FP.FTS.B,

16.99%,

2/03/27

15,060

15,168

APP-11765220.FP.FTS.B,

11.99%,

2/04/27

43,785

44,303

APP-12235238.FP.FTS.B,

19.99%,

2/04/27

13,252

13,129

Franklin

Universal

Trust

Schedule

of

Investments

(unaudited)

Quarterly

Schedule

of

Investments

See

Notes

to

Schedule

of

Investments.

16

Description

Principal

Amount

Value

Marketplace

Loans

(continued)

Freedom

Financial

Asset

Management

LLC

(continued)

APP-12396355.FP.FTS.B,

19.99%,

2/04/27

$

20,769

$

20,521

APP-11724933.FP.FTS.B,

14.24%,

2/05/27

12,810

12,972

APP-11702245.FP.FTS.B,

17.49%,

2/05/27

31,281

31,224

APP-11698240.FP.FTS.B,

18.99%,

2/05/27

20,012

11,470

APP-12419304.FP.FTS.B,

19.99%,

2/05/27

6,777

6,744

APP-11674918.FP.FTS.B,

20.49%,

2/05/27

22,572

22,470

APP-11764720.FP.FTS.B,

21.99%,

2/05/27

9,443

9,418

APP-11442714.FP.FTS.B,

12.49%,

2/06/27

32,761

33,225

APP-12397051.FP.FTS.B,

17.49%,

2/06/27

10,780

10,765

APP-11696610.FP.FTS.B,

14.24%,

2/07/27

22,190

22,518

APP-11743079.FP.FTS.B,

16.24%,

2/07/27

35,634

35,593

APP-11757936.FP.FTS.B,

19.99%,

2/07/27

8,485

8,483

APP-11763967.FP.FTS.B,

19.99%,

2/07/27

13,540

13,493

APP-11837813.FP.FTS.B,

20.99%,

2/10/27

10,812

10,696

APP-11792416.FP.FTS.B,

16.49%,

2/11/27

23,969

2,943

APP-11838245.FP.FTS.B,

19.99%,

2/11/27

9,100

5,231

APP-11801863.FP.FTS.B,

8.99%,

2/12/27

.

30,195

30,602

APP-11798652.FP.FTS.B,

11.74%,

2/14/27

43,744

44,362

APP-11843528.FP.FTS.B,

19.99%,

2/14/27

9,117

9,116

APP-11864146.FP.FTS.B,

11.24%,

2/15/27

15,666

15,892

APP-11872928.FP.FTS.B,

11.24%,

2/15/27

14,050

14,254

APP-11845152.FP.FTS.B,

11.74%,

2/15/27

37,585

38,127

APP-11801830.FP.FTS.B,

16.49%,

2/15/27

17,813

18,024

APP-11842708.FP.FTS.B,

23.49%,

2/16/27

9,213

9,153

APP-11874547.FP.FTS.B,

19.49%,

2/18/27

12,502

1,468

APP-11763914.FP.FTS.B,

23.24%,

2/18/27

20,986

20,869

APP-12304720.FP.FTS.B,

18.74%,

3/06/27

45,065

44,887

APP-12106158.FP.FTS.B,

11.24%,

3/07/27

15,398

15,578

APP-12414983.FP.FTS.B,

19.74%,

3/08/27

27,150

26,855

APP-12404066.FP.FTS.B,

22.49%,

3/08/27

31,435

31,020

APP-12408150.FP.FTS.B,

19.99%,

3/10/27

9,731

5,591

APP-12407302.FP.FTS.B,

18.99%,

3/15/27

9,798

9,819

APP-12272662.FP.FTS.B,

16.49%,

3/17/27

18,030

18,042

APP-11863466.FP.FTS.B,

25.49%,

3/17/27

9,188

9,123

APP-12385340.FP.FTS.B,

25.49%,

3/17/27

8,200

8,141

APP-12334114.FP.FTS.B,

8.99%,

3/18/27

.

31,446

31,892

APP-12375682.FP.FTS.B,

22.99%,

3/18/27

14,392

14,280

APP-12399677.FP.FTS.B,

19.24%,

3/20/27

18,437

18,327

APP-12341500.FP.FTS.B,

20.49%,

3/20/27

15,178

15,122

APP-12396943.FP.FTS.B,

13.49%,

3/21/27

15,512

15,745

APP-12270734.FP.FTS.B,

16.99%,

3/21/27

16,819

17,060

APP-10314654.FP.FTS.B,

19.74%,

3/21/27

29,753

29,768

APP-12415697.FP.FTS.B,

17.99%,

3/22/27

448

446

APP-12381900.FP.FTS.B,

18.49%,

3/22/27

19,108

19,175

APP-13531026.FP.FTS.B,

11.59%,

3/28/27

22,384

22,659

APP-13513406.FP.FTS.B,

14.34%,

4/01/27

45,766

46,179

APP-13456975.FP.FTS.B,

14.74%,

4/03/27

45,848

46,197

APP-12164396.FP.FTS.B,

22.99%,

4/22/27

17,623

3,975

APP-13478834.FP.FTS.B,

16.99%,

5/03/27

18,889

18,808

APP-13508795.FP.FTS.B,

9.59%,

5/05/27

.

16,319

16,516

APP-13047632.FP.FTS.B,

11.49%,

5/05/27

12,854

12,971

APP-13485036.FP.FTS.B,

13.34%,

5/06/27

12,120

12,270

APP-13515740.FP.FTS.B,

17.74%,

5/06/27

34,252

34,370

APP-08710316.FP.FTS.B,

10.99%,

5/13/27

31,733

32,189

APP-13498310.FP.FTS.B,

17.99%,

5/13/27

11,144

11,178

APP-13498730.FP.FTS.B,

11.34%,

5/15/27

18,277

18,552

APP-13533233.FP.FTS.B,

14.09%,

5/15/27

24,222

24,567

APP-13329158.FP.FTS.B,

17.99%,

5/15/27

15,686

15,599

Description

Principal

Amount

Value

Freedom

Financial

Asset

Management

LLC

(continued)

APP-13453359.FP.FTS.B,

18.24%,

5/15/27

$

27,910

$

27,960

APP-13410410.FP.FTS.B,

19.99%,

5/15/27

9,833

9,855

APP-13500946.FP.FTS.B,

23.99%,

5/15/27

14,672

3,268

APP-13486869.FP.FTS.B,

11.34%,

5/16/27

29,515

29,963

APP-13531289.FP.FTS.B,

14.09%,

5/16/27

27,263

27,661

APP-13453820.FP.FTS.B,

16.24%,

5/16/27

37,048

37,533

APP-13512105.FP.FTS.B,

19.49%,

5/16/27

24,278

24,341

APP-13473219.FP.FTS.B,

22.49%,

5/16/27

13,868

13,793

APP-13479562.FP.FTS.B,

18.49%,

5/17/27

14,911

14,854

APP-13506828.FP.FTS.B,

16.74%,

5/18/27

31,565

32,011

APP-13227905.FP.FTS.B,

21.99%,

5/18/27

9,407

9,422

APP-13517315.FP.FTS.B,

12.09%,

5/19/27

45,857

46,613

APP-13507352.FP.FTS.B,

20.49%,

5/19/27

9,318

9,357

APP-13531806.FP.FTS.B,

16.99%,

5/20/27

18,602

18,883

APP-13485355.FP.FTS.B,

17.24%,

5/20/27

34,030

34,323

APP-13485605.FP.FTS.B,

18.99%,

5/20/27

12,877

12,954

APP-13518313.FP.FTS.B,

18.99%,

5/20/27

15,893

15,861

APP-13302186.FP.FTS.B,

20.49%,

5/20/27

13,350

13,381

APP-15111331.FP.FTS.B,

11.99%,

6/11/27

20,816

21,083

APP-15050554.FP.FTS.B,

20.99%,

6/12/27

8,245

2,634

APP-14983376.FP.FTS.B,

15.49%,

7/14/27

24,112

24,415

APP-15090828.FP.FTS.B,

23.24%,

7/14/27

14,787

14,725

APP-14906773.FP.FTS.B,

9.74%,

7/15/27

.

37,377

37,913

APP-15064429.FP.FTS.B,

14.49%,

7/15/27

25,438

25,775

APP-15106750.FP.FTS.B,

18.99%,

7/15/27

21,349

21,307

APP-15055216.FP.FTS.B,

19.99%,

7/15/27

16,630

16,682

APP-15070181.FP.FTS.B,

19.99%,

7/15/27

16,630

16,681

APP-15109285.FP.FTS.B,

21.49%,

7/15/27

27,838

27,781

APP-14864382.FP.FTS.B,

11.74%,

7/16/27

19,294

19,596

APP-14865954.FP.FTS.B,

11.74%,

7/16/27

25,601

25,978

APP-15149750.FP.FTS.B,

11.99%,

7/16/27

16,403

16,645

APP-14958373.FP.FTS.B,

12.24%,

7/16/27

16,894

17,127

APP-15158424.FP.FTS.B,

11.99%,

7/17/27

17,495

17,759

APP-15019783.FP.FTS.B,

21.24%,

7/19/27

14,403

14,397

APP-15042863.FP.FTS.B,

17.49%,

7/20/27

13,785

13,979

APP-15110929.FP.FTS.B,

23.74%,

7/21/27

29,863

10,604

APP-14914244.FP.FTS.B,

20.99%,

7/22/27

13,384

13,453

APP-15057995.FP.FTS.B,

18.99%,

7/23/27

9,511

9,660

APP-15058449.FP.FTS.B,

11.99%,

7/25/27

11,397

11,597

APP-14901536.FP.FTS.B,

13.99%,

7/25/27

28,332

28,815

APP-15078317.FP.FTS.B,

13.99%,

7/25/27

19,853

20,191

APP-15055723.FP.FTS.B,

11.24%,

7/26/27

30,094

30,625

APP-15048744.FP.FTS.B,

16.49%,

7/27/27

21,879

22,110

APP-14689753.FP.FTS.B,

18.99%,

7/27/27

21,835

22,102

APP-15039962.FP.FTS.B,

12.49%,

7/28/27

47,180

48,064

APP-15053719.FP.FTS.B,

16.99%,

7/28/27

10,571

10,759

APP-15133409.FP.FTS.B,

15.49%,

7/30/27

24,363

24,817

APP-15053776.FP.FTS.B,

17.49%,

7/30/27

11,581

11,727

APP-15068287.FP.FTS.B,

26.99%,

8/26/27

9,683

9,747

APP-15070551.FP.FTS.B,

24.74%,

8/27/27

16,590

16,644

APP-15053335.FP.FTS.B,

23.49%,

8/28/27

10,198

10,247

APP-15085248.FP.FTS.B,

22.74%,

8/29/27

12,525

12,626

5,222,784

LendingClub

Corp.

164288173.LC.FTS.B,

12.4%,

1/03/23

...

1,644

1,640

164260503.LC.FTS.B,

17.74%,

1/03/23

...

708

702

164271498.LC.FTS.B,

17.74%,

1/03/23

...

564

562

Franklin

Universal

Trust

Schedule

of

Investments

(unaudited)

See

Notes

to

Schedule

of

Investments.

Quarterly

Schedule

of

Investments

17

Description

Principal

Amount

Value

Marketplace

Loans

(continued)

LendingClub

Corp.

(continued)

164374418.LC.FTS.B,

20.55%,

1/07/23

...

$

723

$

723

164230564.LC.FTS.B,

23.05%,

1/07/23

...

565

565

164752651.LC.FTS.B,

11.71%,

1/13/23

...

652

651

165274334.LC.FTS.B,

15.24%,

1/22/23

...

698

699

153745806.LC.FTS.B,

25%,

2/19/23

.....

1,008

132

166940539.LC.FTS.B,

17.74%,

2/24/23

...

1,415

1,416

166461550.LC.FTS.B,

18.62%,

2/25/23

...

2,284

2,291

167401494.LC.FTS.B,

17.74%,

2/26/23

...

4,016

1,952

168163559.LC.FTS.B,

14.3%,

3/11/23

....

2,666

2,651

168167134.LC.FTS.B,

14.3%,

3/11/23

....

799

795

168118890.LC.FTS.B,

14.3%,

3/12/23

....

5,102

5,062

167712619.LC.FTS.B,

16.12%,

3/15/23

...

1,299

1,288

168533173.LC.FTS.B,

15.24%,

3/17/23

...

1,348

1,343

167535348.LC.FTS.B,

15.24%,

3/18/23

...

952

944

168554036.LC.FTS.B,

16.95%,

3/19/23

...

1,927

1,920

168136459.LC.FTS.B,

18.62%,

3/26/23

...

1,722

1,724

164840710.LC.FTS.B,

11.02%,

7/13/23

...

5,875

5,560

161121841.LC.FTS.B,

15%,

8/09/23

.....

4,940

4,263

165275435.LC.FTS.B,

16.95%,

8/21/23

...

1,986

1,981

164493400.LC.FTS.B,

5%,

1/07/24

......

3,829

3,712

153974620.LC.FTS.B,

14.3%,

6/24/24

...

9,508

9,306

154144733.LC.FTS.B,

12.4%,

6/26/24

...

8,017

7,823

153904028.LC.FTS.B,

17.74%,

6/30/24

...

7,518

7,334

155451456.LC.FTS.B,

11.02%,

7/17/24

...

11,755

11,463

155408143.LC.FTS.B,

16.95%,

7/22/24

...

10,974

10,707

154596020.LC.FTS.B,

16.12%,

7/24/24

...

16,844

16,412

154977601.LC.FTS.B,

16.95%,

7/28/24

...

8,402

8,141

155731933.LC.FTS.B,

15.24%,

7/29/24

...

12,639

12,327

155823205.LC.FTS.B,

14.3%,

8/01/24

...

7,444

7,195

156235700.LC.FTS.B,

17.74%,

8/06/24

...

6,342

6,148

156759369.LC.FTS.B,

12.4%,

8/09/24

...

10,123

9,822

156752978.LC.FTS.B,

14.3%,

8/09/24

...

16,886

16,355

156812488.LC.FTS.B,

14.3%,

8/12/24

...

4,554

4,422

158130288.LC.FTS.B,

14.3%,

9/04/24

...

6,539

6,324

159089545.LC.FTS.B,

16.95%,

9/23/24

...

5,600

5,439

159106791.LC.FTS.B,

17.74%,

9/23/24

...

6,916

6,717

159001219.LC.FTS.B,

12.4%,

9/26/24

...

11,209

10,904

158913750.LC.FTS.B,

11.71%,

9/30/24

...

11,331

10,975

155686835.LC.FTS.B,

16.95%,

9/30/24

...

6,156

5,926

160792694.LC.FTS.B,

13.08%,

10/23/24

..

18,460

17,865

160768091.LC.FTS.B,

16.95%,

10/23/24

..

7,448

2,724

160029837.LC.FTS.B,

12.4%,

10/29/24

...

14,889

14,369

158011325.LC.FTS.B,

14.3%,

11/03/24

...

8,287

7,930

161424051.LC.FTS.B,

10.33%,

11/05/24

..

6,878

6,632

161483895.LC.FTS.B,

13.08%,

11/07/24

..

5,749

5,545

162010515.LC.FTS.B,

17.74%,

11/18/24

..

5,388

5,200

157902245.LC.FTS.B,

15.24%,

11/30/24

..

5,517

5,328

162934170.LC.FTS.B,

16.12%,

12/06/24

..

9,888

9,473

162923894.LC.FTS.B,

18.62%,

12/06/24

..

5,298

5,141

163764805.LC.FTS.B,

Zero

Cpn,

12/23/24

12,640

6,220

163557424.LC.FTS.B,

11.02%,

12/30/24

..

10,480

10,230

162624241.LC.FTS.B,

Zero

Cpn,

12/31/24

17,831

1,680

160768654.LC.FTS.B,

13.08%,

12/31/24

..

10,901

10,450

164671360.LC.FTS.B,

11.02%,

1/10/25

...

13,316

12,798

164758820.LC.FTS.B,

11.71%,

1/13/25

...

4,658

4,485

164529142.LC.FTS.B,

12.4%,

1/18/25

...

13,656

13,114

164548038.LC.FTS.B,

11.02%,

1/25/25

...

16,740

16,089

165045221.LC.FTS.B,

15.24%,

1/28/25

...

18,571

17,837

Description

Principal

Amount

Value

LendingClub

Corp.

(continued)

165707974.LC.FTS.B,

20.55%,

1/28/25

...

$

3,512

$

3,421

164089980.LC.FTS.B,

17.74%,

2/28/25

...

7,424

7,054

167132427.LC.FTS.B,

20.55%,

2/28/25

...

12,030

11,626

167747801.LC.FTS.B,

16.12%,

3/15/25

...

9,173

8,734

168420680.LC.FTS.B,

17.74%,

3/16/25

...

12,146

11,578

166170570.LC.FTS.B,

17.74%,

3/17/25

...

9,965

9,490

168140265.LC.FTS.B,

15.24%,

3/21/25

...

12,484

11,905

154830437.LC.FTS.B,

16.95%,

4/15/25

...

5,814

5,269

167712249.LC.FTS.B,

14.3%,

4/20/25

...

16,924

16,186

167079278.LC.FTS.B,

20.55%,

5/01/25

...

19,860

18,610

151259806.LC.FTS.B,

20%,

5/04/25

.....

10,589

10,217

165352318.LC.FTS.B,

15.24%,

6/22/25

...

19,232

17,412

164683343.LC.FTS.B,

Zero

Cpn,

8/16/25

.

7,905

755

166444317.LC.FTS.B,

13.08%,

11/04/25

..

26,796

22,854

160809803.LC.FTS.B,

13.08%,

11/23/25

..

17,258

14,687

165520144.LC.FTS.B,

20.55%,

3/05/26

...

12,322

11,554

160507437.LC.FTS.B,

17.74%,

10/17/32

..

2,076

2,029

160698361.LC.FTS.B,

Zero

Cpn,

10/23/32

11,608

4,806

161435144.LC.FTS.B,

13.08%,

11/05/32

..

1,110

1,104

161393306.LC.FTS.B,

25.65%,

11/05/32

..

12,680

12,364

161597561.LC.FTS.B,

Zero

Cpn,

11/08/32

7,010

675

158674158.LC.FTS.B,

Zero

Cpn,

11/30/32

1,658

158

163789996.LC.FTS.B,

10%,

12/23/32

....

3,125

2,721

163082276.LC.FTS.B,

16.12%,

12/25/32

..

212

212

163426985.LC.FTS.B,

17.74%,

12/26/32

..

1,202

242

158584585.LC.FTS.B,

16.95%,

12/28/32

..

83

83

163724403.LC.FTS.B,

17.74%,

12/30/32

..

6,368

6,305

601,477

LendingClub

Corp.

-

LCX

165150776.LC.FTS.B,

18.62%,

1/21/23

...

1,140

1,149

166157039.LC.FTS.B,

25.65%,

2/15/23

...

4,736

4,730

164620294.LC.FTS.B,

23.05%,

3/21/23

...

666

665

161911117.LC.FTS.B,

20.55%,

11/14/24

..

3,143

3,120

164542068.LC.FTS.B,

25.65%,

1/21/25

...

7,649

7,474

157483547.LC.FTS.B,

Zero

Cpn,

12/13/32

2,581

1,203

161175578.LC.FTS.B,

20.55%,

12/20/32

..

236

237

18,578

LendingClub

Corp.

-

LCX

PM

171545777.LC.FTS.B,

10.81%,

10/30/23

..

875

862

171728432.LC.FTS.B,

17.3%,

10/30/23

...

3,918

3,817

172078618.LC.FTS.B,

8.46%,

11/27/23

...

7,247

6,917

173017997.LC.FTS.B,

14.02%,

12/17/23

..

984

964

172997264.LC.FTS.B,

14.02%,

12/19/23

..

4,111

3,971

173574789.LC.FTS.B,

19.95%,

1/07/24

...

3,684

3,593

173374603.LC.FTS.B,

19.12%,

1/13/24

...

6,222

6,069

184905245.LC.FTS.B,

15.99%,

1/13/25

...

12,291

11,399

185022110.LC.FTS.B,

18.99%,

1/13/25

...

15,525

15,131

184889420.LC.FTS.B,

Zero

Cpn,

1/17/25

.

22,594

10,881

184916811.LC.FTS.B,

15.99%,

1/18/25

...

7,682

7,531

184794872.LC.FTS.B,

17.19%,

1/18/25

...

8,673

1,076

185107591.LC.FTS.B,

17.99%,

1/18/25

...

267

264

185116420.LC.FTS.B,

18.99%,

1/18/25

...

6,397

6,280

185090414.LC.FTS.B,

19.99%,

1/18/25

...

7,789

7,597

185085067.LC.FTS.B,

22.99%,

1/18/25

...

13,376

13,100

185222066.LC.FTS.B,

15.99%,

1/19/25

...

4,707

4,581

185225789.LC.FTS.B,

20.99%,

1/19/25

...

11,724

11,437

Franklin

Universal

Trust

Schedule

of

Investments

(unaudited)

Quarterly

Schedule

of

Investments

See

Notes

to

Schedule

of

Investments.

18

Description

Principal

Amount

Value

Marketplace

Loans

(continued)

LendingClub

Corp.

-

LCX

PM

(continued)

185231531.LC.FTS.B,

21.49%,

1/19/25

...

$

3,132

$

3,069

185170289.LC.FTS.B,

15.99%,

1/22/25

...

8,462

8,037

184577634.LC.FTS.B,

15.49%,

1/25/25

...

5,367

5,271

185449370.LC.FTS.B,

18.44%,

1/25/25

...

9,297

9,089

185337050.LC.FTS.B,

20.99%,

1/25/25

...

18,758

18,332

185529283.LC.FTS.B,

18.99%,

1/27/25

...

15,525

15,192

185074501.LC.FTS.B,

12.74%,

1/29/25

...

3,809

3,768

185617939.LC.FTS.B,

18.49%,

1/31/25

...

3,288

3,269

185591984.LC.FTS.B,

18.99%,

1/31/25

...

11,152

10,918

184733710.LC.FTS.B,

24.99%,

1/31/25

...

2,763

2,717

185493347.LC.FTS.B,

16.49%,

2/01/25

...

15,921

15,574

185513167.LC.FTS.B,

16.99%,

2/01/25

...

7,176

7,019

185743058.LC.FTS.B,

12.19%,

2/02/25

...

6,264

6,124

185670318.LC.FTS.B,

15.44%,

2/02/25

...

11,870

11,365

185694876.LC.FTS.B,

15.49%,

2/02/25

...

9,102

8,902

185720673.LC.FTS.B,

14.49%,

2/04/25

...

4,734

4,563

184778654.LC.FTS.B,

16.19%,

2/04/25

...

2,776

2,717

185764512.LC.FTS.B,

19.99%,

2/04/25

...

20,068

19,526

184922844.LC.FTS.B,

15.99%,

2/05/25

...

12,795

12,528

185806351.LC.FTS.B,

18.99%,

2/07/25

...

9,624

9,383

185828353.LC.FTS.B,

22.99%,

2/08/25

...

14,580

14,084

186050160.LC.FTS.B,

15.99%,

2/10/25

...

13,873

13,549

186038688.LC.FTS.B,

18.99%,

2/10/25

...

20,006

19,503

185828265.LC.FTS.B,

19.44%,

2/10/25

...

12,822

12,499

185614486.LC.FTS.B,

19.99%,

2/10/25

...

20,076

19,588

185157324.LC.FTS.B,

16.49%,

2/14/25

...

7,622

7,476

185731098.LC.FTS.B,

18.99%,

2/14/25

...

3,201

3,123

186141198.LC.FTS.B,

18.99%,

2/14/25

...

4,001

3,904

185870831.LC.FTS.B,

15.99%,

2/15/25

...

5,726

5,624

185951058.LC.FTS.B,

17.69%,

2/15/25

...

4,536

3,520

186248821.LC.FTS.B,

12.94%,

2/16/25

...

11,776

11,634

185664927.LC.FTS.B,

18.49%,

2/16/25

...

4,029

3,938

186046548.LC.FTS.B,

16.49%,

2/17/25

...

3,988

3,919

185952586.LC.FTS.B,

16.99%,

2/17/25

...

5,178

5,087

185769830.LC.FTS.B,

19.94%,

2/19/25

...

8,143

1,509

188498393.LC.FTS.B,

18.99%,

4/25/25

...

27,949

27,802

188682908.LC.FTS.B,

21.79%,

4/25/25

...

3,685

3,666

187330959.LC.FTS.B,

23.99%,

4/25/25

...

12,855

12,724

188539697.LC.FTS.B,

27.99%,

4/25/25

...

7,781

7,700

188790970.LC.FTS.B,

19.99%,

4/27/25

...

21,228

20,405

188805747.LC.FTS.B,

22.49%,

4/27/25

...

15,373

15,108

188578940.LC.FTS.B,

23.99%,

4/27/25

...

857

849

188852266.LC.FTS.B,

23.99%,

4/27/25

...

5,142

5,093

188854471.LC.FTS.B,

24.79%,

4/27/25

...

4,293

4,252

188781202.LC.FTS.B,

15.99%,

4/28/25

...

12,192

11,635

188845200.LC.FTS.B,

16.99%,

4/28/25

...

1,686

1,676

188849723.LC.FTS.B,

19.49%,

4/28/25

...

1,696

1,678

188860532.LC.FTS.B,

22.99%,

4/28/25

...

696

694

188894731.LC.FTS.B,

23.99%,

4/28/25

...

2,712

2,688

188623124.LC.FTS.B,

19.49%,

4/30/25

...

35,826

12,721

188683873.LC.FTS.B,

23.99%,

5/01/25

...

10,568

10,409

186109882.LC.FTS.B,

21.99%,

6/14/25

...

17,940

286

171733583.LC.FTS.B,

18.24%,

10/30/25

..

15,468

14,978

173004399.LC.FTS.B,

15.4%,

12/16/25

...

6,976

6,782

172637623.LC.FTS.B,

16.08%,

12/17/25

..

12,726

12,377

173844190.LC.FTS.B,

21.99%,

1/23/26

...

14,403

14,236

184987590.LC.FTS.B,

19.73%,

1/13/27

...

9,048

3,250

185030629.LC.FTS.B,

28.99%,

1/13/27

...

5,493

5,330

Description

Principal

Amount

Value

LendingClub

Corp.

-

LCX

PM

(continued)

184976261.LC.FTS.B,

15.44%,

1/18/27

...

$

17,635

$

16,525

185102499.LC.FTS.B,

17.49%,

1/18/27

...

13,311

13,068

185105381.LC.FTS.B,

17.74%,

1/18/27

...

10,653

10,458

185174308.LC.FTS.B,

Zero

Cpn,

1/19/27

.

28,465

2,657

185242092.LC.FTS.B,

20.99%,

1/19/27

...

26,670

26,001

185186598.LC.FTS.B,

21.99%,

1/19/27

...

7,193

6,996

185203099.LC.FTS.B,

21.99%,

1/19/27

...

12,586

12,243

185257156.LC.FTS.B,

23.99%,

1/19/27

...

12,204

11,867

185208719.LC.FTS.B,

27.99%,

1/19/27

...

8,765

8,518

185021259.LC.FTS.B,

24.99%,

1/20/27

...

21,881

21,308

185284755.LC.FTS.B,

20.24%,

1/21/27

...

20,979

20,476

185298966.LC.FTS.B,

21.49%,

1/21/27

...

22,445

21,862

184608676.LC.FTS.B,

21.99%,

1/21/27

...

13,460

13,108

185190835.LC.FTS.B,

21.99%,

1/21/27

...

17,937

17,444

185280664.LC.FTS.B,

21.99%,

1/21/27

...

15,580

15,090

185094462.LC.FTS.B,

22.99%,

1/21/27

...

10,818

10,535

185295974.LC.FTS.B,

23.99%,

1/21/27

...

25,311

24,643

185461521.LC.FTS.B,

23.99%,

1/25/27

...

18,079

17,617

185215933.LC.FTS.B,

28.99%,

1/25/27

...

16,535

16,116

185510835.LC.FTS.B,

20.99%,

1/27/27

...

25,383

4,800

184953769.LC.FTS.B,

21.99%,

1/27/27

...

25,174

24,568

185465019.LC.FTS.B,

21.99%,

1/27/27

...

22,477

21,935

185285978.LC.FTS.B,

23.19%,

1/27/27

...

27,061

26,405

184862697.LC.FTS.B,

13.19%,

1/28/27

...

13,631

13,302

185051135.LC.FTS.B,

23.99%,

1/28/27

...

21,523

20,947

185593614.LC.FTS.B,

14.94%,

1/31/27

...

5,274

5,209

185625736.LC.FTS.B,

17.24%,

1/31/27

...

13,276

13,068

185553869.LC.FTS.B,

17.44%,

1/31/27

...

15,601

15,354

185606478.LC.FTS.B,

20.99%,

1/31/27

...

22,832

22,329

185551601.LC.FTS.B,

23.19%,

1/31/27

...

22,493

21,960

185325210.LC.FTS.B,

21.49%,

2/01/27

...

21,978

21,289

185801067.LC.FTS.B,

15.19%,

2/04/27

...

13,405

13,044

185785605.LC.FTS.B,

16.99%,

2/04/27

...

21,556

21,148

185794411.LC.FTS.B,

18.99%,

2/04/27

...

27,091

26,374

185773530.LC.FTS.B,

21.99%,

2/04/27

...

13,650

13,241

185579608.LC.FTS.B,

23.99%,

2/04/27

...

27,433

26,606

185803689.LC.FTS.B,

12.69%,

2/08/27

...

35,486

33,268

185670781.LC.FTS.B,

14.74%,

2/08/27

...

35,700

34,901

185765188.LC.FTS.B,

19.49%,

2/08/27

...

22,593

21,641

185965503.LC.FTS.B,

19.99%,

2/08/27

...

4,708

4,567

185788975.LC.FTS.B,

20.44%,

2/08/27

...

36,258

35,171

185500483.LC.FTS.B,

23.99%,

2/08/27

...

32,006

31,067

186105140.LC.FTS.B,

14.99%,

2/10/27

...

10,718

10,484

186053383.LC.FTS.B,

18.49%,

2/10/27

...

22,546

21,986

186004411.LC.FTS.B,

21.99%,

2/10/27

...

12,786

12,429

186037923.LC.FTS.B,

23.49%,

2/10/27

...

6,393

6,214

186073191.LC.FTS.B,

23.99%,

2/10/27

...

9,141

8,884

186131505.LC.FTS.B,

14.94%,

2/14/27

...

10,716

10,574

185962334.LC.FTS.B,

16.49%,

2/14/27

...

31,392

30,854

186055580.LC.FTS.B,

19.49%,

2/14/27

...

14,467

14,117

186072313.LC.FTS.B,

19.99%,

2/14/27

...

14,489

14,152

184948000.LC.FTS.B,

23.99%,

2/14/27

...

27,433

26,684

186114907.LC.FTS.B,

24.99%,

2/14/27

...

9,166

8,915

185957980.LC.FTS.B,

10.99%,

2/15/27

...

28,459

28,059

185644818.LC.FTS.B,

17.24%,

2/15/27

...

36,230

34,287

185796432.LC.FTS.B,

21.99%,

2/15/27

...

18,356

17,889

186037630.LC.FTS.B,

23.99%,

2/15/27

...

14,078

11,010

185737435.LC.FTS.B,

19.74%,

2/16/27

...

15,328

14,963

Franklin

Universal

Trust

Schedule

of

Investments

(unaudited)

See

Notes

to

Schedule

of

Investments.

Quarterly

Schedule

of

Investments

19

Description

Principal

Amount

Value

Marketplace

Loans

(continued)

LendingClub

Corp.

-

LCX

PM

(continued)

186256667.LC.FTS.B,

20.49%,

2/16/27

...

$

19,242

$

18,705

186258250.LC.FTS.B,

21.99%,

2/16/27

...

9,313

1,743

186160994.LC.FTS.B,

23.99%,

2/16/27

...

18,289

17,802

186255693.LC.FTS.B,

28.99%,

2/16/27

...

7,399

7,198

185994246.LC.FTS.B,

23.99%,

2/17/27

...

7,369

7,181

184697668.LC.FTS.B,

22.49%,

2/23/27

...

18,390

17,919

185972627.LC.FTS.B,

22.69%,

2/23/27

...

12,450

12,175

185440062.LC.FTS.B,

17.49%,

2/25/27

...

19,874

19,601

186057988.LC.FTS.B,

23.99%,

2/25/27

...

18,482

18,073

185584314.LC.FTS.B,

23.99%,

2/28/27

...

11,857

11,599

186094287.LC.FTS.B,

24.99%,

2/28/27

...

9,387

9,172

188640868.LC.FTS.B,

20.99%,

4/25/27

...

18,876

18,319

188665152.LC.FTS.B,

20.99%,

4/25/27

...

9,405

9,282

188676937.LC.FTS.B,

22.99%,

4/25/27

...

11,182

11,035

188681928.LC.FTS.B,

22.99%,

4/25/27

...

9,222

9,096

188661710.LC.FTS.B,

23.19%,

4/25/27

...

9,334

9,211

188615433.LC.FTS.B,

23.99%,

4/25/27

...

7,482

7,396

188722342.LC.FTS.B,

28.99%,

4/25/27

...

6,601

6,511

188741644.LC.FTS.B,

20.49%,

4/26/27

...

18,512

17,502

188818650.LC.FTS.B,

20.99%,

4/26/27

...

5,949

5,888

188082596.LC.FTS.B,

21.49%,

4/26/27

...

18,607

17,805

188826193.LC.FTS.B,

22.99%,

4/26/27

...

7,465

7,369

188684882.LC.FTS.B,

23.99%,

4/26/27

...

5,482

5,297

188570436.LC.FTS.B,

25.99%,

4/26/27

...

6,755

6,461

188791237.LC.FTS.B,

27.99%,

4/26/27

...

17,292

17,089

188850161.LC.FTS.B,

18.99%,

4/27/27

...

7,406

7,333

188736809.LC.FTS.B,

19.99%,

4/27/27

...

12,059

11,364

188709996.LC.FTS.B,

20.49%,

4/27/27

...

27,857

26,128

188698368.LC.FTS.B,

20.99%,

4/27/27

...

20,449

19,624

188844587.LC.FTS.B,

20.99%,

4/27/27

...

9,295

9,203

188172463.LC.FTS.B,

22.49%,

4/27/27

...

10,611

10,247

188683114.LC.FTS.B,

23.99%,

4/27/27

...

38,174

7,463

188821742.LC.FTS.B,

23.99%,

4/27/27

...

18,696

18,461

188832786.LC.FTS.B,

27.99%,

4/27/27

...

4,707

4,647

188838885.LC.FTS.B,

28.99%,

4/27/27

...

9,430

9,309

188329392.LC.FTS.B,

Zero

Cpn,

4/28/27

.

19,665

1,822

188770586.LC.FTS.B,

21.49%,

4/28/27

...

16,747

16,336

188842402.LC.FTS.B,

21.49%,

4/28/27

...

5,582

5,494

188724009.LC.FTS.B,

22.99%,

4/28/27

...

34,660

4,559

188825826.LC.FTS.B,

23.49%,

4/28/27

...

9,339

9,190

188877761.LC.FTS.B,

25.99%,

4/28/27

...

6,950

6,832

188729615.LC.FTS.B,

28.99%,

4/28/27

...

23,576

23,338

188806927.LC.FTS.B,

23.99%,

4/30/27

...

14,225

14,118

188652977.LC.FTS.B,

23.99%,

5/24/27

...

3,334

3,243

185950419.LC.FTS.B,

Zero

Cpn,

10/16/27

38,701

3,626

188759826.LC.FTS.B,

18.99%,

12/17/27

..

29,630

836

2,150,958

Prosper

Funding

LLC

1606124.PS.FTS.B,

12.3%,

8/17/24

.....

6,606

6,406

1606139.PS.FTS.B,

12.8%,

8/17/24

.....

3,112

3,019

1606130.PS.FTS.B,

14.89%,

8/17/24

....

6,367

–

1616481.PS.FTS.B,

14.89%,

8/17/24

....

9,550

9,234

1609444.PS.FTS.B,

15%,

8/17/24

.......

3,838

3,711

1610038.PS.FTS.B,

15%,

8/17/24

.......

5,336

5,171

1611259.PS.FTS.B,

13.5%,

8/19/24

.....

3,389

3,294

1607870.PS.FTS.B,

14%,

8/19/24

.......

5,702

5,531

1618077.PS.FTS.B,

15.4%,

8/19/24

.....

2,554

2,471

Description

Principal

Amount

Value

Prosper

Funding

LLC

(continued)

1618524.PS.FTS.B,

15.2%,

8/20/24

.....

$

6,377

$

6,173

1608122.PS.FTS.B,

19.8%,

8/20/24

.....

1,168

1,144

1619058.PS.FTS.B,

19%,

8/23/24

.......

1,302

1,274

1612303.PS.FTS.B,

20.8%,

8/23/24

.....

13,140

12,861

1609562.PS.FTS.B,

19.8%,

8/24/24

.....

7,296

1,053

1610156.PS.FTS.B,

24.6%,

8/24/24

.....

1,488

225

1610720.PS.FTS.B,

16.6%,

8/25/24

.....

5,141

4,986

1610444.PS.FTS.B,

18.09%,

8/25/24

....

9,070

8,889

1610027.PS.FTS.B,

18.09%,

8/27/24

....

4,546

4,453

1625728.PS.FTS.B,

12.49%,

9/16/24

....

16,366

15,857

1622147.PS.FTS.B,

13.6%,

9/16/24

.....

1,317

1,276

1626067.PS.FTS.B,

15.4%,

9/17/24

.....

9,103

8,801

1632888.PS.FTS.B,

17.96%,

9/17/24

....

1,898

1,835

1622420.PS.FTS.B,

19.86%,

9/17/24

....

7,674

7,480

1622396.PS.FTS.B,

20.4%,

9/17/24

.....

3,296

3,215

1626424.PS.FTS.B,

11.7%,

9/20/24

.....

7,188

6,970

1634583.PS.FTS.B,

18.4%,

9/21/24

.....

2,023

1,980

1623410.PS.FTS.B,

18.5%,

9/21/24

.....

1,350

1,320

1623737.PS.FTS.B,

18.7%,

9/21/24

.....

1,351

1,322

1634322.PS.FTS.B,

20.46%,

9/21/24

....

2,044

1,999

1628590.PS.FTS.B,

24.51%,

9/22/24

....

6,814

6,726

1629025.PS.FTS.B,

19.5%,

9/23/24

.....

6,781

6,641

1626395.PS.FTS.B,

13.87%,

9/24/24

....

23,076

22,373

1625876.PS.FTS.B,

14.41%,

9/24/24

....

16,528

16,047

1625882.PS.FTS.B,

14.85%,

9/24/24

....

501

494

1632609.PS.FTS.B,

14.39%,

9/26/24

....

4,647

4,484

1626680.PS.FTS.B,

16%,

9/27/24

.......

7,998

7,762

1628891.PS.FTS.B,

14.94%,

9/29/24

....

3,444

3,393

1634534.PS.FTS.B,

11.6%,

10/08/24

....

3,407

3,292

1630510.PS.FTS.B,

11.97%,

10/10/24

....

5,126

4,976

1648309.PS.FTS.B,

14.49%,

10/26/24

...

6,877

6,650

1645271.PS.FTS.B,

10.8%,

10/27/24

....

12,836

12,464

1648648.PS.FTS.B,

16%,

10/27/24

......

3,003

725

1645670.PS.FTS.B,

17.8%,

10/27/24

....

2,445

2,384

1655772.PS.FTS.B,

21.23%,

10/27/24

...

3,546

3,458

1649014.PS.FTS.B,

22.7%,

10/27/24

....

2,731

2,693

1656261.PS.FTS.B,

16%,

10/28/24

......

5,040

4,877

1646552.PS.FTS.B,

15.29%,

10/29/24

...

10,737

10,546

1650988.PS.FTS.B,

15.4%,

11/01/24

....

6,156

3,434

1648499.PS.FTS.B,

17%,

11/02/24

......

5,168

4,961

1661430.PS.FTS.B,

12%,

11/05/24

......

7,760

7,488

1658149.PS.FTS.B,

13.4%,

11/08/24

....

3,549

3,408

1664622.PS.FTS.B,

16.9%,

11/08/24

....

1,820

1,753

1664838.PS.FTS.B,

20.01%,

11/08/24

....

3,736

3,605

1666485.PS.FTS.B,

10.5%,

11/09/24

....

2,803

2,708

1665699.PS.FTS.B,

15%,

11/09/24

......

5,719

5,492

1660360.PS.FTS.B,

14.39%,

11/10/24

....

3,565

3,425

1653836.PS.FTS.B,

14.79%,

11/10/24

....

1,428

1,372

1645667.PS.FTS.B,

16.6%,

11/10/24

....

7,267

7,069

1660285.PS.FTS.B,

18.9%,

11/10/24

....

1,453

1,405

1661320.PS.FTS.B,

12.3%,

11/12/24

....

6,005

5,805

1661257.PS.FTS.B,

17.8%,

11/12/24

....

1,447

1,400

1661575.PS.FTS.B,

12%,

11/15/24

......

6,167

373

1655723.PS.FTS.B,

15.1%,

11/15/24

....

14,303

13,767

1646495.PS.FTS.B,

13.3%,

11/28/24

....

17,298

16,724

1685274.PS.FTS.B,

10.54%,

12/14/24

...

1,417

1,371

1672739.PS.FTS.B,

13.6%,

12/14/24

....

10,838

10,487

1685619.PS.FTS.B,

14.39%,

12/14/24

...

4,438

4,264

Franklin

Universal

Trust

Schedule

of

Investments

(unaudited)

Quarterly

Schedule

of

Investments

See

Notes

to

Schedule

of

Investments.

20

Description

Principal

Amount

Value

Marketplace

Loans

(continued)

Prosper

Funding

LLC

(continued)

1672733.PS.FTS.B,

15%,

12/14/24

......

$

7,404

$

7,118

1678399.PS.FTS.B,

16.3%,

12/14/24

....

1,861

1,794

1678747.PS.FTS.B,

19.3%,

12/14/24

....

1,506

1,455

1679110.PS.FTS.B,

13.36%,

12/15/24

....

7,249

7,019

1686000.PS.FTS.B,

13.36%,

12/15/24

...

11,034

10,677

1673372.PS.FTS.B,

16%,

12/15/24

......

5,947

5,753

1672982.PS.FTS.B,

22%,

12/15/24

......

2,282

2,201

1680175.PS.FTS.B,

22.6%,

12/16/24

....

3,044

2,964

1674770.PS.FTS.B,

13.1%,

12/17/24

....

11,023

10,610

1674329.PS.FTS.B,

14.89%,

12/17/24

...

4,441

4,274

1674347.PS.FTS.B,

15.86%,

12/17/24

...

11,144

10,725

1700772.PS.FTS.B,

12.1%,

1/12/25

.....

15,176

14,694

1701126.PS.FTS.B,

13%,

1/12/25

.......

6,078

5,878

1693870.PS.FTS.B,

13.6%,

1/12/25

.....

3,807

3,682

1693867.PS.FTS.B,

15.4%,

1/12/25

.....

3,832

3,677

1701129.PS.FTS.B,

16.4%,

1/12/25

.....

8,478

8,136

1700775.PS.FTS.B,

16.6%,

1/12/25

.....

23,088

22,156

1688351.PS.FTS.B,

17%,

1/12/25

.......

3,468

3,342

1688342.PS.FTS.B,

17.5%,

1/12/25

.....

12,353

11,901

1694107.PS.FTS.B,

18.5%,

1/12/25

.....

6,972

6,690

1688336.PS.FTS.B,

19.2%,

1/12/25

.....

12,425

11,969

1687970.PS.FTS.B,

23.5%,

1/12/25

.....

1,548

1,498

1688693.PS.FTS.B,

11.7%,

1/13/25

.....

7,561

7,315

1694488.PS.FTS.B,

13.8%,

1/13/25

.....

9,498

9,200

1694470.PS.FTS.B,

15.29%,

1/13/25

....

5,745

5,516

1695739.PS.FTS.B,

11.89%,

1/14/25

....

11,350

10,983

1695970.PS.FTS.B,

17%,

1/14/25

.......

1,581

219

1689453.PS.FTS.B,

12%,

1/15/25

.......

3,443

3,341

1690265.PS.FTS.B,

23.3%,

1/18/25

.....

5,511

5,353

1697473.PS.FTS.B,

10.54%,

1/19/25

....

11,293

10,943

1692512.PS.FTS.B,

19.34%,

1/19/25

....

8,043

7,739

1692137.PS.FTS.B,

20.34%,

1/19/25

....

3,134

3,025

1700011.PS.FTS.B,

13.9%,

1/21/25

.....

3,811

3,671

1697303.PS.FTS.B,

13.9%,

1/27/25

.....

3,049

2,944

1688699.PS.FTS.B,

21.8%,

1/27/25

.....

6,723

6,467

1698238.PS.FTS.B,

15.1%,

2/01/25

.....

8,354

8,041

1715202.PS.FTS.B,

18.09%,

2/04/25

....

4,411

–

1720755.PS.FTS.B,

13.96%,

2/14/25

....

19,679

19,051

1714645.PS.FTS.B,

11.4%,

2/15/25

.....

5,855

5,670

1715041.PS.FTS.B,

11.4%,

2/15/25

.....

1,561

1,512

1720938.PS.FTS.B,

13.81%,

2/15/25

....

7,868

7,619

1707953.PS.FTS.B,

13.96%,

2/15/25

....

15,767

15,292

1707959.PS.FTS.B,

14.39%,

2/15/25

....

2,253

2,165

1707938.PS.FTS.B,

15.86%,

2/15/25

....

11,087

10,649

1715485.PS.FTS.B,

16%,

2/15/25

.......

19,807

19,024

1714630.PS.FTS.B,

16.16%,

2/15/25

....

11,890

11,420

1714624.PS.FTS.B,

19.41%,

2/15/25

....

8,007

7,712

1715122.PS.FTS.B,

19.8%,

2/15/25

.....

2,020

1,943

1720920.PS.FTS.B,

21.2%,

2/15/25

.....

8,452

8,171

1715809.PS.FTS.B,

13.6%,

2/16/25

.....

7,736

7,464

1722336.PS.FTS.B,

14.74%,

2/16/25

....

4,340

4,171

1709219.PS.FTS.B,

16%,

2/16/25

.......

8,319

8,020

1722348.PS.FTS.B,

16%,

2/16/25

.......

6,531

5,384

1716271.PS.FTS.B,

18.9%,

2/16/25

.....

20,571

19,802

1715734.PS.FTS.B,

19.83%,

2/16/25

....

5,612

5,390

1722360.PS.FTS.B,

22.6%,

2/16/25

.....

2,408

2,329

1723116.PS.FTS.B,

16.29%,

2/17/25

....

1,586

1,530

1716181.PS.FTS.B,

15.4%,

2/19/25

.....

7,525

7,236

Description

Principal

Amount

Value

Prosper

Funding

LLC

(continued)

1720923.PS.FTS.B,

18.7%,

2/28/25

.....

$

20,901

$

20,094

1708640.PS.FTS.B,

21.8%,

2/28/25

.....

6,749

6,585

1714408.PS.FTS.B,

22.11%,

3/13/25

....

8,453

8,129

1749541.PS.FTS.B,

22.03%,

4/05/25

....

2,928

2,799

1750351.PS.FTS.B,

15.2%,

4/06/25

.....

2,939

2,822

1743776.PS.FTS.B,

20.4%,

4/06/25

.....

21,263

20,334

1752996.PS.FTS.B,

25.4%,

4/06/25

.....

1,721

1,643

1753944.PS.FTS.B,

15.4%,

4/07/25

.....

6,301

6,053

1744391.PS.FTS.B,

24.09%,

4/07/25

....

2,659

2,541

1750903.PS.FTS.B,

24.4%,

4/07/25

.....

6,868

6,563

1745381.PS.FTS.B,

12.9%,

4/08/25

.....

16,696

16,221

1752241.PS.FTS.B,

14.7%,

4/11/25

.....

25,160

24,210

1758243.PS.FTS.B,

24.4%,

4/13/25

.....

3,434

3,294

1757968.PS.FTS.B,

13.9%,

4/18/25

.....

5,022

4,846

1760889.PS.FTS.B,

23.9%,

4/18/25

.....

3,768

89

1742906.PS.FTS.B,

15.4%,

4/30/25

.....

1,749

1,683

1770975.PS.FTS.B,

21%,

5/02/25

.......

12

12

1743767.PS.FTS.B,

25.71%,

5/05/25

....

7,055

6,734

1625713.PS.FTS.B,

13.66%,

8/16/25

....

4,211

948

1658650.PS.FTS.B,

13.6%,

10/09/25

....

12,164

6,736

1701120.PS.FTS.B,

15.9%,

12/12/25

....

9,876

4,998

1742903.PS.FTS.B,

18.09%,

2/15/26

....

5,025

2,840

1606145.PS.FTS.B,

14%,

8/17/26

.......

12,169

11,664

1606127.PS.FTS.B,

15.2%,

8/17/26

.....

7,345

7,039

1607933.PS.FTS.B,

18.5%,

8/19/26

.....

1,658

1,601

1618458.PS.FTS.B,

13.3%,

8/20/26

.....

5,145

650

1608617.PS.FTS.B,

13.7%,

8/20/26

.....

4,860

4,701

1618680.PS.FTS.B,

15.37%,

8/20/26

....

14,293

13,822

1611802.PS.FTS.B,

29.74%,

8/22/26

....

3,480

3,415

1609277.PS.FTS.B,

15.7%,

8/23/26

.....

11,453

10,999

1610327.PS.FTS.B,

27.6%,

8/24/26

.....

7,054

6,812

1621434.PS.FTS.B,

14.6%,

8/26/26

.....

3,809

3,669

1614454.PS.FTS.B,

17.7%,

8/26/26

.....

8,258

8,005

1621428.PS.FTS.B,

20%,

8/26/26

.......

8,345

8,086

1611746.PS.FTS.B,

14.29%,

8/27/26

....

7,312

7,083

1612838.PS.FTS.B,

18.5%,

9/13/26

.....

7,544

4,347

1619286.PS.FTS.B,

12.5%,

9/16/26

.....

9,923

9,605

1625740.PS.FTS.B,

18.48%,

9/16/26

....

8,411

8,116

1622423.PS.FTS.B,

13.88%,

9/17/26

....

11,786

11,391

1627036.PS.FTS.B,

16.33%,

9/20/26

....

11,250

10,795

1624382.PS.FTS.B,

13.4%,

9/21/26

.....

19,230

18,826

1634850.PS.FTS.B,

15.1%,

9/21/26

.....

17,405

16,709

1623734.PS.FTS.B,

18.4%,

9/21/26

.....

8,464

8,158

1623731.PS.FTS.B,

18.93%,

9/21/26

....

15,169

14,673

1628497.PS.FTS.B,

14.89%,

9/22/26

....

8,866

8,506

1608923.PS.FTS.B,

27.13%,

9/22/26

....

3,543

3,455

1635897.PS.FTS.B,

12%,

9/23/26

.......

17,973

17,398

1635735.PS.FTS.B,

14.68%,

9/23/26

....

12,409

12,009

1637445.PS.FTS.B,

13.3%,

9/27/26

.....

8,221

7,964

1626758.PS.FTS.B,

17.96%,

9/30/26

....

18,864

18,109

1634247.PS.FTS.B,

16.7%,

10/05/26

....

19,971

19,134

1626046.PS.FTS.B,

15.18%,

10/16/26

...

8,122

7,853

1644875.PS.FTS.B,

11.6%,

10/26/26

....

6,222

6,031

1655034.PS.FTS.B,

11.7%,

10/26/26

....

19,089

18,504

1648324.PS.FTS.B,

12.2%,

10/26/26

....

16,636

16,126

1644860.PS.FTS.B,

18.33%,

10/26/26

...

9,907

9,568

1645337.PS.FTS.B,

18.48%,

10/27/26

...

17,078

16,461

1649743.PS.FTS.B,

10.9%,

10/28/26

....

10,349

–

Franklin

Universal

Trust

Schedule

of

Investments

(unaudited)

See

Notes

to

Schedule

of

Investments.

Quarterly

Schedule

of

Investments

21

Description

Principal

Amount

Value

Marketplace

Loans

(continued)

Prosper

Funding

LLC

(continued)

1646108.PS.FTS.B,

11.1%,

10/28/26

....

$

22,066

$

1,547

1646123.PS.FTS.B,

13.32%,

10/28/26

...

6,369

6,121

1649539.PS.FTS.B,

16.7%,

10/28/26

....

17,207

16,531

1644866.PS.FTS.B,

11.1%,

10/29/26

....

8,424

8,250

1650328.PS.FTS.B,

11.2%,

10/29/26

....

8,002

7,767

1646948.PS.FTS.B,

11.79%,

10/29/26

....

12,660

12,413

1649926.PS.FTS.B,

13.8%,

10/29/26

....

28,077

27,337

1656591.PS.FTS.B,

14.79%,

10/29/26

...

29,894

29,712

1650904.PS.FTS.B,

26.43%,

10/29/26

...

7,113

7,126

1647395.PS.FTS.B,

11.89%,

11/01/26

....

8,443

8,134

1655028.PS.FTS.B,

13.8%,

11/01/26

....

6,826

6,553

1661010.PS.FTS.B,

12.5%,

11/05/26

....

22,005

21,220

1661007.PS.FTS.B,

15.8%,

11/05/26

....

17,147

16,336

1654774.PS.FTS.B,

16.18%,

11/05/26

....

30,050

28,627

1661004.PS.FTS.B,

17.8%,

11/05/26

....

4,751

4,528

1661433.PS.FTS.B,

28.23%,

11/05/26

....

4,469

4,310

1651868.PS.FTS.B,

9.45%,

11/08/26

....

10,865

10,487

1658185.PS.FTS.B,

10.5%,

11/08/26

....

7,555

7,292

1658167.PS.FTS.B,

13.5%,

11/08/26

....

20,819

19,863

1651871.PS.FTS.B,

20.66%,

11/08/26

....

4,799

4,578

1658881.PS.FTS.B,

13.8%,

11/09/26

....

20,953

19,996

1653323.PS.FTS.B,

16%,

11/09/26

......

10,296

9,823

1666362.PS.FTS.B,

19%,

11/09/26

......

6,072

5,799

1666359.PS.FTS.B,

21%,

11/09/26

......

5,328

5,163

1666911.PS.FTS.B,

10.62%,

11/10/26

....

10,918

10,543

1660066.PS.FTS.B,

12.6%,

11/10/26

....

29,635

28,610

1660078.PS.FTS.B,

13.93%,

11/10/26

....

17,012

16,422

1646330.PS.FTS.B,

16.2%,

11/10/26

....

25,919

24,894

1666890.PS.FTS.B,

17%,

11/10/26

......

13,779

13,171

1652018.PS.FTS.B,

19.23%,

11/15/26

....

13,085

12,453

1662505.PS.FTS.B,

25.4%,

11/15/26

....

8,862

8,608

1651913.PS.FTS.B,

25.67%,

11/22/26

....

6,292

6,037

1672147.PS.FTS.B,

16.56%,

12/03/26

...

17,452

16,506

1666100.PS.FTS.B,

18.33%,

12/03/26

...

4,389

4,150

1672316.PS.FTS.B,

10.44%,

12/14/26

...

11,094

10,721

1678354.PS.FTS.B,

11.07%,

12/14/26

....

12,832

12,400

1678396.PS.FTS.B,

11.2%,

12/14/26

....

5,330

5,148

1685640.PS.FTS.B,

11.7%,

12/14/26

....

14,425

1,783

1685634.PS.FTS.B,

12.5%,

12/14/26

....

6,881

6,649

1672730.PS.FTS.B,

13.8%,

12/14/26

....

30,246

28,863

1672718.PS.FTS.B,

14.38%,

12/14/26

...

6,928

6,694

1685271.PS.FTS.B,

16.8%,

12/14/26

....

13,100

12,498

1678387.PS.FTS.B,

18.33%,

12/14/26

...

12,235

11,646

1678372.PS.FTS.B,

22.8%,

12/14/26

....

9,793

9,418

1685631.PS.FTS.B,

27.02%,

12/14/26

...

5,407

5,196

1686078.PS.FTS.B,

10.5%,

12/15/26

....

10,243

9,901

1686378.PS.FTS.B,

17.23%,

12/15/26

...

6,997

6,678

1687344.PS.FTS.B,

19%,

12/17/26

......

4,489

3,712

1685997.PS.FTS.B,

12.87%,

12/18/26

...

7,761

7,501

1687950.PS.FTS.B,

11.5%,

12/20/26

....

12,743

12,319

1675010.PS.FTS.B,

12.5%,

12/20/26

....

9,568

9,252

1685637.PS.FTS.B,

11.7%,

12/28/26

....

26,247

25,363

1701111.PS.FTS.B,

10.29%,

1/12/27

.....

21,562

20,821

1700808.PS.FTS.B,

11.4%,

1/12/27

.....

8,700

8,400

1700805.PS.FTS.B,

13.3%,

1/12/27

.....

8,756

8,348

1700766.PS.FTS.B,

14.68%,

1/12/27

....

21,987

21,226

1701108.PS.FTS.B,

15.7%,

1/12/27

.....

30,882

29,439

1700784.PS.FTS.B,

18.25%,

1/12/27

....

8,892

8,451

Description

Principal

Amount

Value

Prosper

Funding

LLC

(continued)

1701147.PS.FTS.B,

21.63%,

1/12/27

....

$

8,979

$

8,631

1687964.PS.FTS.B,

22.2%,

1/12/27

.....

6,745

6,483

1694491.PS.FTS.B,

12.62%,

1/13/27

....

13,104

12,654

1688663.PS.FTS.B,

14.29%,

1/13/27

....

14,126

–

1694725.PS.FTS.B,

18.4%,

1/13/27

.....

13,345

12,688

1701537.PS.FTS.B,

19.3%,

1/13/27

.....

13,380

12,720

1695958.PS.FTS.B,

10.5%,

1/14/27

.....

13,010

12,568

1689173.PS.FTS.B,

11.2%,

1/14/27

.....

16,954

16,377

1695787.PS.FTS.B,

11.7%,

1/14/27

.....

21,772

21,031

1702455.PS.FTS.B,

15.18%,

1/14/27

....

14,130

13,667

1689251.PS.FTS.B,

19%,

1/14/27

.......

3,565

3,391

1689623.PS.FTS.B,

19%,

1/14/27

.......

2,834

2,696

1694719.PS.FTS.B,

16.93%,

1/17/27

....

15,891

15,165

1690253.PS.FTS.B,

17.5%,

1/18/27

.....

4,436

4,230

1705005.PS.FTS.B,

15%,

1/19/27

.......

22,890

21,877

1692239.PS.FTS.B,

19.06%,

1/19/27

....

7,165

283

1691789.PS.FTS.B,

26.13%,

1/19/27

....

13,630

13,148

1702237.PS.FTS.B,

11.7%,

1/25/27

.....

8,709

8,434

1703169.PS.FTS.B,

25.6%,

2/11/27

.....

13,921

13,331

1707746.PS.FTS.B,

9.45%,

2/14/27

.....

6,059

5,860

1707734.PS.FTS.B,

10.29%,

2/14/27

....

17,999

17,521

1707743.PS.FTS.B,

13.3%,

2/14/27

.....

7,107

6,786

1720764.PS.FTS.B,

22.5%,

2/14/27

.....

10,015

9,609

1707944.PS.FTS.B,

10.9%,

2/15/27

.....

11,025

10,665

1714627.PS.FTS.B,

11.4%,

2/15/27

.....

18,551

17,945

1720917.PS.FTS.B,

13.7%,

2/15/27

.....

11,118

10,619

1714633.PS.FTS.B,

14.39%,

2/15/27

....

13,368

12,768

1720908.PS.FTS.B,

15.29%,

2/15/27

....

26,804

25,599

1707950.PS.FTS.B,

16.5%,

2/15/27

.....

8,965

8,561

1714648.PS.FTS.B,

16.7%,

2/15/27

.....

6,727

6,424

1721346.PS.FTS.B,

16.7%,

2/15/27

.....

17,939

17,059

1715347.PS.FTS.B,

17.29%,

2/15/27

....

13,476

12,814

1720911.PS.FTS.B,

18.59%,

2/15/27

....

22,538

21,426

1714642.PS.FTS.B,

18.7%,

2/15/27

.....

9,018

8,573

1714636.PS.FTS.B,

23.58%,

2/15/27

....

5,021

4,819

1722117.PS.FTS.B,

15.18%,

2/16/27

....

7,145

6,827

1709201.PS.FTS.B,

18.48%,

2/16/27

....

11,266

10,716

1722051.PS.FTS.B,

21%,

2/16/27

.......

9,071

8,718

1709846.PS.FTS.B,

26.5%,

2/17/27

.....

9,189

8,826

1712903.PS.FTS.B,

15.29%,

2/23/27

....

8,613

8,250

1715713.PS.FTS.B,

10.8%,

3/14/27

.....

8,817

8,530

1749550.PS.FTS.B,

11.5%,

4/05/27

.....

13,664

13,271

1752654.PS.FTS.B,

12.76%,

4/05/27

....

13,705

13,311

1752645.PS.FTS.B,

15.18%,

4/05/27

....

9,187

8,924

1752624.PS.FTS.B,

17.23%,

4/05/27

....

18,458

17,677

1753011.PS.FTS.B,

12%,

4/06/27

.......

13,680

13,290

1749859.PS.FTS.B,

19.06%,

4/06/27

....

6,671

6,323

1752981.PS.FTS.B,

21%,

4/06/27

.......

6,046

5,751

1744328.PS.FTS.B,

14.89%,

4/07/27

....

18,363

17,600

1750735.PS.FTS.B,

16%,

4/07/27

.......

5,062

4,803

1755072.PS.FTS.B,

10.8%,

4/08/27

.....

5,426

5,284

1754293.PS.FTS.B,

13.4%,

4/12/27

.....

10,980

10,543

1747163.PS.FTS.B,

16.2%,

4/12/27

.....

23,021

22,104

1754398.PS.FTS.B,

22.9%,

4/12/27

.....

10,301

9,836

1607291.PS.FTS.B,

28.59%,

7/18/27

....

5,436

2,879

1688073.PS.FTS.B,

16.7%,

12/04/27

....

16,600

15,856

2,597,303

Franklin

Universal

Trust

Schedule

of

Investments

(unaudited)

Quarterly

Schedule

of

Investments

See

Notes

to

Schedule

of

Investments.

22

Description

Principal

Amount

Value

Marketplace

Loans

(continued)

Upgrade,

Inc.

25591564.UG.FTS.B,

25.26%,

12/30/22

..

$

77

$

78

25809785.UG.FTS.B,

24.99%,

1/06/23

...

386

387

25764424.UG.FTS.B,

25.26%,

2/07/23

...

2,164

2,181

2,646

Upgrade,

Inc.

-

Card

992270166.UG.FTS.B,

17.71%,

4/03/24

..

99

100

992258570.UG.FTS.B,

26.44%,

4/03/24

..

53

52

992457201.UG.FTS.B,

29.48%,

4/03/24

..

27

27

992241314.UG.FTS.B,

29.49%,

4/03/24

..

75

74

992258426.UG.FTS.B,

29.49%,

4/03/24

..

11

11

992273410.UG.FTS.B,

29.49%,

4/03/24

..

1

1

992274510.UG.FTS.B,

29.49%,

4/03/24

..

97

97

992343756.UG.FTS.B,

29.49%,

4/03/24

..

443

436

992392020.UG.FTS.B,

29.49%,

4/03/24

..

226

224

992432730.UG.FTS.B,

29.49%,

4/03/24

..

10

10

992453366.UG.FTS.B,

29.49%,

4/03/24

..

58

58

992460543.UG.FTS.B,

29.49%,

4/03/24

..

95

6

992460590.UG.FTS.B,

29.49%,

4/03/24

..

5

5

992249570.UG.FTS.B,

20.96%,

4/04/24

..

127

128

992280231.UG.FTS.B,

28.48%,

4/04/24

..

103

24

992412130.UG.FTS.B,

28.48%,

4/04/24

..

25

24

992264728.UG.FTS.B,

29.49%,

4/04/24

..

31

12

992272313.UG.FTS.B,

29.49%,

4/04/24

..

57

56

992295541.UG.FTS.B,

29.49%,

4/04/24

..

39

38

992344959.UG.FTS.B,

29.49%,

4/04/24

..

80

78

992440565.UG.FTS.B,

29.49%,

4/04/24

..

16

16

992457777.UG.FTS.B,

29.49%,

4/04/24

..

183

183

992460429.UG.FTS.B,

29.49%,

4/04/24

..

34

33

992403947.UG.FTS.B,

Zero

Cpn,

4/05/24

.

94

7

992320075.UG.FTS.B,

16.49%,

4/05/24

..

54

54

992278634.UG.FTS.B,

17.49%,

4/05/24

..

35

35

992261330.UG.FTS.B,

18.71%,

4/05/24

..

56

56

992407305.UG.FTS.B,

18.71%,

4/05/24

..

81

81

992425399.UG.FTS.B,

18.96%,

4/05/24

..

102

101

992327252.UG.FTS.B,

19.3%,

4/05/24

...

40

40

992413501.UG.FTS.B,

19.3%,

4/05/24

...

896

897

992434771.UG.FTS.B,

19.3%,

4/05/24

...

196

13

992393132.UG.FTS.B,

19.99%,

4/05/24

..

65

66

992425235.UG.FTS.B,

19.99%,

4/05/24

..

470

113

992243760.UG.FTS.B,

20.47%,

4/05/24

..

145

145

992285323.UG.FTS.B,

20.47%,

4/05/24

..

112

8

992253128.UG.FTS.B,

20.96%,

4/05/24

..

212

213

992271480.UG.FTS.B,

20.96%,

4/05/24

..

148

149

992321694.UG.FTS.B,

20.96%,

4/05/24

..

132

133

992324567.UG.FTS.B,

20.96%,

4/05/24

..

376

377

992242493.UG.FTS.B,

21.48%,

4/05/24

..

10

10

992247109.UG.FTS.B,

21.48%,

4/05/24

..

2,235

2,242

992291104.UG.FTS.B,

21.48%,

4/05/24

..

266

265

992335344.UG.FTS.B,

21.48%,

4/05/24

..

43

43

992419177.UG.FTS.B,

21.48%,

4/05/24

..

162

162

992258460.UG.FTS.B,

22.45%,

4/05/24

..

149

149

992243886.UG.FTS.B,

22.47%,

4/05/24

..

53

16

992270384.UG.FTS.B,

22.47%,

4/05/24

..

89

89

992310198.UG.FTS.B,

22.47%,

4/05/24

..

355

356

992313421.UG.FTS.B,

22.47%,

4/05/24

..

55

54

992420315.UG.FTS.B,

22.47%,

4/05/24

..

37

37

992249297.UG.FTS.B,

23.45%,

4/05/24

..

79

79

Description

Principal

Amount

Value

Upgrade,

Inc.

-

Card

(continued)

992275523.UG.FTS.B,

23.45%,

4/05/24

..

$

83

$

83

992445453.UG.FTS.B,

23.45%,

4/05/24

..

587

583

992247973.UG.FTS.B,

24.45%,

4/05/24

..

292

291

992460308.UG.FTS.B,

25.44%,

4/05/24

..

89

89

992270855.UG.FTS.B,

26.44%,

4/05/24

..

120

119

992326392.UG.FTS.B,

26.44%,

4/05/24

..

139

(5)

992240706.UG.FTS.B,

27.99%,

4/05/24

..

12

6

992258284.UG.FTS.B,

27.99%,

4/05/24

..

94

95

992358354.UG.FTS.B,

27.99%,

4/05/24

..

10

10

992240601.UG.FTS.B,

28.48%,

4/05/24

..

190

193

992250956.UG.FTS.B,

28.48%,

4/05/24

..

148

150

992252825.UG.FTS.B,

28.48%,

4/05/24

..

362

366

992258720.UG.FTS.B,

28.48%,

4/05/24

..

127

129

992262433.UG.FTS.B,

28.48%,

4/05/24

..

519

521

992265697.UG.FTS.B,

28.48%,

4/05/24

..

3

3

992269299.UG.FTS.B,

28.48%,

4/05/24

..

75

74

992275143.UG.FTS.B,

28.48%,

4/05/24

..

436

27

992300661.UG.FTS.B,

28.48%,

4/05/24

..

25

25

992309850.UG.FTS.B,

28.48%,

4/05/24

..

79

80

992332109.UG.FTS.B,

28.48%,

4/05/24

..

117

119

992336619.UG.FTS.B,

28.48%,

4/05/24

..

160

162

992425560.UG.FTS.B,

28.48%,

4/05/24

..

228

228

992456375.UG.FTS.B,

28.48%,

4/05/24

..

19

18

992255211.UG.FTS.B,

29.47%,

4/05/24

..

76

77

992249086.UG.FTS.B,

29.48%,

4/05/24

..

586

592

992258355.UG.FTS.B,

29.48%,

4/05/24

..

12

12

992309762.UG.FTS.B,

29.48%,

4/05/24

..

620

613

992342504.UG.FTS.B,

29.48%,

4/05/24

..

350

355

992406244.UG.FTS.B,

29.48%,

4/05/24

..

289

289

992424634.UG.FTS.B,

29.48%,

4/05/24

..

626

630

992453174.UG.FTS.B,

29.48%,

4/05/24

..

68

68

992237034.UG.FTS.B,

29.49%,

4/05/24

..

136

134

992238031.UG.FTS.B,

29.49%,

4/05/24

..

453

32

992240620.UG.FTS.B,

29.49%,

4/05/24

..

17

17

992241102.UG.FTS.B,

29.49%,

4/05/24

..

182

184

992241305.UG.FTS.B,

29.49%,

4/05/24

..

113

113

992242547.UG.FTS.B,

29.49%,

4/05/24

..

157

157

992245006.UG.FTS.B,

29.49%,

4/05/24

..

68

67

992245608.UG.FTS.B,

29.49%,

4/05/24

..

103

104

992245673.UG.FTS.B,

29.49%,

4/05/24

..

124

17

992250322.UG.FTS.B,

29.49%,

4/05/24

..

71

71

992251113.UG.FTS.B,

29.49%,

4/05/24

..

28

28

992251278.UG.FTS.B,

29.49%,

4/05/24

..

11

10

992251623.UG.FTS.B,

29.49%,

4/05/24

..

66

65

992252291.UG.FTS.B,

29.49%,

4/05/24

..

19

19

992253373.UG.FTS.B,

29.49%,

4/05/24

..

16

16

992253455.UG.FTS.B,

29.49%,

4/05/24

..

94

94

992253980.UG.FTS.B,

29.49%,

4/05/24

..

263

265

992263652.UG.FTS.B,

29.49%,

4/05/24

..

78

78

992269988.UG.FTS.B,

29.49%,

4/05/24

..

156

157

992270710.UG.FTS.B,

29.49%,

4/05/24

..

117

116

992271618.UG.FTS.B,

29.49%,

4/05/24

..

30

30

992272262.UG.FTS.B,

29.49%,

4/05/24

..

72

72

992274936.UG.FTS.B,

29.49%,

4/05/24

..

–

–

992276595.UG.FTS.B,

29.49%,

4/05/24

..

2

2

992278624.UG.FTS.B,

29.49%,

4/05/24

..

310

313

992300807.UG.FTS.B,

29.49%,

4/05/24

..

74

75

992301548.UG.FTS.B,

29.49%,

4/05/24

..

202

198

Franklin

Universal

Trust

Schedule

of

Investments

(unaudited)

See

Notes

to

Schedule

of

Investments.

Quarterly

Schedule

of

Investments

23

Description

Principal

Amount

Value

Marketplace

Loans

(continued)

Upgrade,

Inc.

-

Card

(continued)

992305197.UG.FTS.B,

29.49%,

4/05/24

..

$

195

$

196

992306382.UG.FTS.B,

29.49%,

4/05/24

..

55

55

992306483.UG.FTS.B,

29.49%,

4/05/24

..

135

136

992309107.UG.FTS.B,

29.49%,

4/05/24

..

–

–

992309966.UG.FTS.B,

29.49%,

4/05/24

..

28

28

992312387.UG.FTS.B,

29.49%,

4/05/24

..

178

178

992319118.UG.FTS.B,

29.49%,

4/05/24

..

310

312

992319813.UG.FTS.B,

29.49%,

4/05/24

..

4

4

992319935.UG.FTS.B,

29.49%,

4/05/24

..

–

–

992324074.UG.FTS.B,

29.49%,

4/05/24

..

847

833

992326465.UG.FTS.B,

29.49%,

4/05/24

..

121

118

992327965.UG.FTS.B,

29.49%,

4/05/24

..

125

101

992330489.UG.FTS.B,

29.49%,

4/05/24

..

369

373

992333696.UG.FTS.B,

29.49%,

4/05/24

..

32

32

992337455.UG.FTS.B,

29.49%,

4/05/24

..

286

289

992339612.UG.FTS.B,

29.49%,

4/05/24

..

159

160

992340819.UG.FTS.B,

29.49%,

4/05/24

..

41

41

992344458.UG.FTS.B,

29.49%,

4/05/24

..

193

195

992345378.UG.FTS.B,

29.49%,

4/05/24

..

1,155

1,166

992351458.UG.FTS.B,

29.49%,

4/05/24

..

26

24

992353602.UG.FTS.B,

29.49%,

4/05/24

..

24

23

992353681.UG.FTS.B,

29.49%,

4/05/24

..

35

5

992354009.UG.FTS.B,

29.49%,

4/05/24

..

9

9

992360406.UG.FTS.B,

29.49%,

4/05/24

..

96

6

992366199.UG.FTS.B,

29.49%,

4/05/24

..

56

55

992371567.UG.FTS.B,

29.49%,

4/05/24

..

395

400

992372587.UG.FTS.B,

29.49%,

4/05/24

..

5

5

992375165.UG.FTS.B,

29.49%,

4/05/24

..

217

6

992377971.UG.FTS.B,

29.49%,

4/05/24

..

253

254

992387212.UG.FTS.B,

29.49%,

4/05/24

..

60

59

992388420.UG.FTS.B,

29.49%,

4/05/24

..

62

63

992389706.UG.FTS.B,

29.49%,

4/05/24

..

128

129

992390906.UG.FTS.B,

29.49%,

4/05/24

..

71

(2)

992409881.UG.FTS.B,

29.49%,

4/05/24

..

40

39

992411134.UG.FTS.B,

29.49%,

4/05/24

..

185

182

992417871.UG.FTS.B,

29.49%,

4/05/24

..

37

37

992421251.UG.FTS.B,

29.49%,

4/05/24

..

23

23

992425321.UG.FTS.B,

29.49%,

4/05/24

..

153

153

992432014.UG.FTS.B,

29.49%,

4/05/24

..

45

45

992434531.UG.FTS.B,

29.49%,

4/05/24

..

412

54

992436268.UG.FTS.B,

29.49%,

4/05/24

..

134

134

992442175.UG.FTS.B,

29.49%,

4/05/24

..

1,433

1,421

992453128.UG.FTS.B,

29.49%,

4/05/24

..

242

241

992385683.UG.FTS.B,

21.98%,

3/31/25

..

14,834

15,464

992428468.UG.FTS.B,

25.95%,

4/03/25

..

139

138

992307329.UG.FTS.B,

28.98%,

4/03/25

..

39

39

992460915.UG.FTS.B,

29.47%,

4/03/25

..

14

13

992250581.UG.FTS.B,

29.49%,

4/03/25

..

37

13

992268108.UG.FTS.B,

29.49%,

4/03/25

..

625

617

992269560.UG.FTS.B,

29.49%,

4/03/25

..

443

436

992274902.UG.FTS.B,

29.49%,

4/03/25

..

255

262

992279655.UG.FTS.B,

29.49%,

4/03/25

..

173

9

992290976.UG.FTS.B,

29.49%,

4/03/25

..

361

363

992291590.UG.FTS.B,

29.49%,

4/03/25

..

–

–

992305890.UG.FTS.B,

29.49%,

4/03/25

..

32

32

992310969.UG.FTS.B,

29.49%,

4/03/25

..

219

215

992335320.UG.FTS.B,

29.49%,

4/03/25

..

1,627

1,101

992345576.UG.FTS.B,

29.49%,

4/03/25

..

325

327

Description

Principal

Amount

Value

Upgrade,

Inc.

-

Card

(continued)

992357933.UG.FTS.B,

29.49%,

4/03/25

..

$

277

$

282

992375406.UG.FTS.B,

29.49%,

4/03/25

..

60

61

992429167.UG.FTS.B,

29.49%,

4/03/25

..

22

9

992457866.UG.FTS.B,

29.49%,

4/03/25

..

19

18

992460328.UG.FTS.B,

29.49%,

4/03/25

..

120

121

992375568.UG.FTS.B,

17.97%,

4/04/25

..

42

42

992333441.UG.FTS.B,

18.97%,

4/04/25

..

291

295

992387556.UG.FTS.B,

18.97%,

4/04/25

..

171

12

992339223.UG.FTS.B,

19.99%,

4/04/25

..

160

11

992464343.UG.FTS.B,

19.99%,

4/04/25

..

44

6

992258313.UG.FTS.B,

21.98%,

4/04/25

..

114

115

992241764.UG.FTS.B,

28.98%,

4/04/25

..

133

132

992301470.UG.FTS.B,

28.98%,

4/04/25

..

140

31

992327058.UG.FTS.B,

28.98%,

4/04/25

..

32

31

992336155.UG.FTS.B,

28.98%,

4/04/25

..

2,868

2,929

992376698.UG.FTS.B,

28.98%,

4/04/25

..

43

43

992387188.UG.FTS.B,

28.98%,

4/04/25

..

307

311

992453316.UG.FTS.B,

28.98%,

4/04/25

..

401

396

992455776.UG.FTS.B,

28.98%,

4/04/25

..

185

11

992463571.UG.FTS.B,

28.98%,

4/04/25

..

120

121

992338388.UG.FTS.B,

29.46%,

4/04/25

..

1,246

1,278

992421693.UG.FTS.B,

29.48%,

4/04/25

..

296

297

992266370.UG.FTS.B,

29.49%,

4/04/25

..

546

553

992342016.UG.FTS.B,

29.49%,

4/04/25

..

515

507

992389825.UG.FTS.B,

29.49%,

4/04/25

..

183

11

992421008.UG.FTS.B,

29.49%,

4/04/25

..

67

68

992421200.UG.FTS.B,

29.49%,

4/04/25

..

206

208

992459685.UG.FTS.B,

29.49%,

4/04/25

..

909

611

992291799.UG.FTS.B,

Zero

Cpn,

4/05/25

.

279

19

992444106.UG.FTS.B,

Zero

Cpn,

4/05/25

.

489

34

992264407.UG.FTS.B,

14.97%,

4/05/25

..

1,144

1,143

992391676.UG.FTS.B,

15.97%,

4/05/25

..

233

232

992403635.UG.FTS.B,

15.97%,

4/05/25

..

44

44

992275748.UG.FTS.B,

17.97%,

4/05/25

..

735

731

992369850.UG.FTS.B,

17.97%,

4/05/25

..

1,271

1,290

992417616.UG.FTS.B,

17.99%,

4/05/25

..

122

123

992286525.UG.FTS.B,

18.8%,

4/05/25

...

150

152

992323394.UG.FTS.B,

18.97%,

4/05/25

..

1,990

2,004

992385717.UG.FTS.B,

18.97%,

4/05/25

..

331

126

992415664.UG.FTS.B,

18.97%,

4/05/25

..

2,035

2,050

992439564.UG.FTS.B,

18.97%,

4/05/25

..

479

479

992239422.UG.FTS.B,

19.21%,

4/05/25

..

445

444

992253582.UG.FTS.B,

19.21%,

4/05/25

..

262

264

992257283.UG.FTS.B,

19.21%,

4/05/25

..

385

390

992281528.UG.FTS.B,

19.21%,

4/05/25

..

1,436

910

992369900.UG.FTS.B,

19.21%,

4/05/25

..

61

60

992405969.UG.FTS.B,

19.21%,

4/05/25

..

1,241

236

992416415.UG.FTS.B,

19.21%,

4/05/25

..

1,695

1,719

992424538.UG.FTS.B,

19.21%,

4/05/25

..

1,271

1,279

992299044.UG.FTS.B,

19.8%,

4/05/25

...

1,018

1,030

992376431.UG.FTS.B,

19.8%,

4/05/25

...

–

–

992432194.UG.FTS.B,

19.8%,

4/05/25

...

464

465

992256001.UG.FTS.B,

19.97%,

4/05/25

..

513

518

992254376.UG.FTS.B,

19.99%,

4/05/25

..

23

23

992284873.UG.FTS.B,

19.99%,

4/05/25

..

6,416

6,560

992290432.UG.FTS.B,

19.99%,

4/05/25

..

4,999

5,111

992293971.UG.FTS.B,

19.99%,

4/05/25

..

125

128

992318833.UG.FTS.B,

19.99%,

4/05/25

..

515

510

Franklin

Universal

Trust

Schedule

of

Investments

(unaudited)

Quarterly

Schedule

of

Investments

See

Notes

to

Schedule

of

Investments.

24

Description

Principal

Amount

Value

Marketplace

Loans

(continued)

Upgrade,

Inc.

-

Card

(continued)

992331017.UG.FTS.B,

19.99%,

4/05/25

..

$

309

$

314

992342733.UG.FTS.B,

19.99%,

4/05/25

..

71

72

992346135.UG.FTS.B,

19.99%,

4/05/25

..

474

484

992403817.UG.FTS.B,

19.99%,

4/05/25

..

65

–

992423362.UG.FTS.B,

19.99%,

4/05/25

..

244

245

992428057.UG.FTS.B,

19.99%,

4/05/25

..

9

9

992431381.UG.FTS.B,

19.99%,

4/05/25

..

109

108

992432935.UG.FTS.B,

19.99%,

4/05/25

..

–

–

992433537.UG.FTS.B,

19.99%,

4/05/25

..

1,272

1,287

992453045.UG.FTS.B,

19.99%,

4/05/25

..

15

15

992255166.UG.FTS.B,

20.46%,

4/05/25

..

92

91

992265353.UG.FTS.B,

20.46%,

4/05/25

..

18

18

992373703.UG.FTS.B,

20.46%,

4/05/25

..

425

430

992386358.UG.FTS.B,

20.46%,

4/05/25

..

2,158

2,183

992444107.UG.FTS.B,

20.46%,

4/05/25

..

194

195

992255180.UG.FTS.B,

20.97%,

4/05/25

..

106

107

992278945.UG.FTS.B,

21.46%,

4/05/25

..

62

62

992282788.UG.FTS.B,

21.46%,

4/05/25

..

1,030

1,026

992339089.UG.FTS.B,

21.46%,

4/05/25

..

102

103

992356241.UG.FTS.B,

21.46%,

4/05/25

..

276

55

992416161.UG.FTS.B,

21.46%,

4/05/25

..

103

102

992258743.UG.FTS.B,

21.97%,

4/05/25

..

65

65

992293341.UG.FTS.B,

21.98%,

4/05/25

..

1,375

1,386

992296469.UG.FTS.B,

21.98%,

4/05/25

..

276

278

992305155.UG.FTS.B,

21.98%,

4/05/25

..

1,719

1,732

992440479.UG.FTS.B,

21.98%,

4/05/25

..

268

268

992238906.UG.FTS.B,

22.97%,

4/05/25

..

2,734

549

992254237.UG.FTS.B,

22.97%,

4/05/25

..

235

236

992265045.UG.FTS.B,

25.95%,

4/05/25

..

172

172

992302611.UG.FTS.B,

25.95%,

4/05/25

..

1,252

1,231

992424737.UG.FTS.B,

25.95%,

4/05/25

..

826

539

992409011.UG.FTS.B,

26.94%,

4/05/25

..

155

154

992432800.UG.FTS.B,

26.94%,

4/05/25

..

190

188

992250719.UG.FTS.B,

27.95%,

4/05/25

..

387

397

992375541.UG.FTS.B,

27.95%,

4/05/25

..

136

135

992452249.UG.FTS.B,

27.95%,

4/05/25

..

–

–

992364002.UG.FTS.B,

27.99%,

4/05/25

..

223

229

992437875.UG.FTS.B,

27.99%,

4/05/25

..

350

348

992243919.UG.FTS.B,

28.98%,

4/05/25

..

70

71

992247969.UG.FTS.B,

28.98%,

4/05/25

..

341

350

992249070.UG.FTS.B,

28.98%,

4/05/25

..

269

276

992250607.UG.FTS.B,

28.98%,

4/05/25

..

29

29

992256909.UG.FTS.B,

28.98%,

4/05/25

..

197

124

992257896.UG.FTS.B,

28.98%,

4/05/25

..

146

150

992258333.UG.FTS.B,

28.98%,

4/05/25

..

408

86

992260520.UG.FTS.B,

28.98%,

4/05/25

..

584

589

992261690.UG.FTS.B,

28.98%,

4/05/25

..

116

79

992263589.UG.FTS.B,

28.98%,

4/05/25

..

80

81

992263759.UG.FTS.B,

28.98%,

4/05/25

..

571

579

992264444.UG.FTS.B,

28.98%,

4/05/25

..

1,970

2,019

992270874.UG.FTS.B,

28.98%,

4/05/25

..

135

8

992271131.UG.FTS.B,

28.98%,

4/05/25

..

350

238

992271316.UG.FTS.B,

28.98%,

4/05/25

..

186

191

992278811.UG.FTS.B,

28.98%,

4/05/25

..

152

156

992279721.UG.FTS.B,

28.98%,

4/05/25

..

236

242

992281862.UG.FTS.B,

28.98%,

4/05/25

..

579

562

992290941.UG.FTS.B,

28.98%,

4/05/25

..

128

131

992294259.UG.FTS.B,

28.98%,

4/05/25

..

394

403

Description

Principal

Amount

Value

Upgrade,

Inc.

-

Card

(continued)

992300476.UG.FTS.B,

28.98%,

4/05/25

..

$

72

$

71

992300542.UG.FTS.B,

28.98%,

4/05/25

..

139

91

992305223.UG.FTS.B,

28.98%,

4/05/25

..

194

198

992309311.UG.FTS.B,

28.98%,

4/05/25

..

14

14

992314013.UG.FTS.B,

28.98%,

4/05/25

..

43

43

992314088.UG.FTS.B,

28.98%,

4/05/25

..

142

142

992315976.UG.FTS.B,

28.98%,

4/05/25

..

135

29

992318621.UG.FTS.B,

28.98%,

4/05/25

..

62

63

992321475.UG.FTS.B,

28.98%,

4/05/25

..

524

536

992327197.UG.FTS.B,

28.98%,

4/05/25

..

88

11

992327673.UG.FTS.B,

28.98%,

4/05/25

..

49

49

992329853.UG.FTS.B,

28.98%,

4/05/25

..

1,215

72

992331199.UG.FTS.B,

28.98%,

4/05/25

..

67

68

992343987.UG.FTS.B,

28.98%,

4/05/25

..

57

57

992349878.UG.FTS.B,

28.98%,

4/05/25

..

3,392

3,467

992350450.UG.FTS.B,

28.98%,

4/05/25

..

3,136

3,205

992352813.UG.FTS.B,

28.98%,

4/05/25

..

163

166

992357000.UG.FTS.B,

28.98%,

4/05/25

..

51

51

992362215.UG.FTS.B,

28.98%,

4/05/25

..

1,058

1,063

992376009.UG.FTS.B,

28.98%,

4/05/25

..

237

243

992377531.UG.FTS.B,

28.98%,

4/05/25

..

63

64

992377941.UG.FTS.B,

28.98%,

4/05/25

..

840

98

992386343.UG.FTS.B,

28.98%,

4/05/25

..

134

137

992391277.UG.FTS.B,

28.98%,

4/05/25

..

77

78

992394554.UG.FTS.B,

28.98%,

4/05/25

..

42

43

992399278.UG.FTS.B,

28.98%,

4/05/25

..

4,629

4,661

992404668.UG.FTS.B,

28.98%,

4/05/25

..

171

169

992407582.UG.FTS.B,

28.98%,

4/05/25

..

37

37

992412921.UG.FTS.B,

28.98%,

4/05/25

..

520

533

992420787.UG.FTS.B,

28.98%,

4/05/25

..

206

211

992421379.UG.FTS.B,

28.98%,

4/05/25

..

162

163

992426381.UG.FTS.B,

28.98%,

4/05/25

..

130

131

992430529.UG.FTS.B,

28.98%,

4/05/25

..

90

91

992433923.UG.FTS.B,

28.98%,

4/05/25

..

23

22

992444060.UG.FTS.B,

28.98%,

4/05/25

..

1,080

1,092

992452945.UG.FTS.B,

28.98%,

4/05/25

..

281

281

992453117.UG.FTS.B,

28.98%,

4/05/25

..

75

76

992455130.UG.FTS.B,

28.98%,

4/05/25

..

397

397

992455407.UG.FTS.B,

28.98%,

4/05/25

..

167

169

992456750.UG.FTS.B,

28.98%,

4/05/25

..

205

207

992237976.UG.FTS.B,

29.45%,

4/05/25

..

360

94

992338606.UG.FTS.B,

29.45%,

4/05/25

..

178

178

992362869.UG.FTS.B,

29.45%,

4/05/25

..

447

451

992314494.UG.FTS.B,

29.46%,

4/05/25

..

210

214

992258080.UG.FTS.B,

29.48%,

4/05/25

..

23

23

992359180.UG.FTS.B,

29.48%,

4/05/25

..

43

43

992376094.UG.FTS.B,

29.48%,

4/05/25

..

182

185

992234771.UG.FTS.B,

29.49%,

4/05/25

..

14

14

992236701.UG.FTS.B,

29.49%,

4/05/25

..

72

73

992239162.UG.FTS.B,

29.49%,

4/05/25

..

163

167

992239750.UG.FTS.B,

29.49%,

4/05/25

..

483

481

992240128.UG.FTS.B,

29.49%,

4/05/25

..

711

707

992241399.UG.FTS.B,

29.49%,

4/05/25

..

23

23

992241600.UG.FTS.B,

29.49%,

4/05/25

..

126

129

992242540.UG.FTS.B,

29.49%,

4/05/25

..

1,993

1,944

992243368.UG.FTS.B,

29.49%,

4/05/25

..

425

411

992245669.UG.FTS.B,

29.49%,

4/05/25

..

95

97

992246089.UG.FTS.B,

29.49%,

4/05/25

..

655

440

Franklin

Universal

Trust

Schedule

of

Investments

(unaudited)

See

Notes

to

Schedule

of

Investments.

Quarterly

Schedule

of

Investments

25

Description

Principal

Amount

Value

Marketplace

Loans

(continued)

Upgrade,

Inc.

-

Card

(continued)

992247116.UG.FTS.B,

29.49%,

4/05/25

..

$

338

$

340

992247201.UG.FTS.B,

29.49%,

4/05/25

..

41

41

992247638.UG.FTS.B,

29.49%,

4/05/25

..

573

(4)

992247659.UG.FTS.B,

29.49%,

4/05/25

..

50

26

992247799.UG.FTS.B,

29.49%,

4/05/25

..

479

(24)

992249577.UG.FTS.B,

29.49%,

4/05/25

..

31

30

992249619.UG.FTS.B,

29.49%,

4/05/25

..

94

13

992249629.UG.FTS.B,

29.49%,

4/05/25

..

140

30

992251977.UG.FTS.B,

29.49%,

4/05/25

..

20

20

992252024.UG.FTS.B,

29.49%,

4/05/25

..

89

91

992253640.UG.FTS.B,

29.49%,

4/05/25

..

486

28

992255844.UG.FTS.B,

29.49%,

4/05/25

..

170

168

992256183.UG.FTS.B,

29.49%,

4/05/25

..

481

479

992256275.UG.FTS.B,

29.49%,

4/05/25

..

65

65

992258657.UG.FTS.B,

29.49%,

4/05/25

..

163

167

992259602.UG.FTS.B,

29.49%,

4/05/25

..

498

498

992260675.UG.FTS.B,

29.49%,

4/05/25

..

158

162

992260816.UG.FTS.B,

29.49%,

4/05/25

..

192

197

992260844.UG.FTS.B,

29.49%,

4/05/25

..

86

88

992260902.UG.FTS.B,

29.49%,

4/05/25

..

30

30

992261033.UG.FTS.B,

29.49%,

4/05/25

..

252

170

992261113.UG.FTS.B,

29.49%,

4/05/25

..

36

36

992264683.UG.FTS.B,

29.49%,

4/05/25

..

38

6

992264748.UG.FTS.B,

29.49%,

4/05/25

..

73

74

992267578.UG.FTS.B,

29.49%,

4/05/25

..

403

398

992268866.UG.FTS.B,

29.49%,

4/05/25

..

422

426

992268980.UG.FTS.B,

29.49%,

4/05/25

..

107

109

992271586.UG.FTS.B,

29.49%,

4/05/25

..

187

191

992271815.UG.FTS.B,

29.49%,

4/05/25

..

772

787

992272067.UG.FTS.B,

29.49%,

4/05/25

..

199

44

992275310.UG.FTS.B,

29.49%,

4/05/25

..

64

9

992275943.UG.FTS.B,

29.49%,

4/05/25

..

32

32

992275962.UG.FTS.B,

29.49%,

4/05/25

..

316

319

992275994.UG.FTS.B,

29.49%,

4/05/25

..

126

128

992276049.UG.FTS.B,

29.49%,

4/05/25

..

212

218

992276160.UG.FTS.B,

29.49%,

4/05/25

..

116

119

992279429.UG.FTS.B,

29.49%,

4/05/25

..

56

56

992279540.UG.FTS.B,

29.49%,

4/05/25

..

192

40

992286064.UG.FTS.B,

29.49%,

4/05/25

..

569

581

992286124.UG.FTS.B,

29.49%,

4/05/25

..

18

18

992290768.UG.FTS.B,

29.49%,

4/05/25

..

33

33

992291050.UG.FTS.B,

29.49%,

4/05/25

..

60

60

992291806.UG.FTS.B,

29.49%,

4/05/25

..

626

641

992293542.UG.FTS.B,

29.49%,

4/05/25

..

117

119

992294700.UG.FTS.B,

29.49%,

4/05/25

..

43

42

992301071.UG.FTS.B,

29.49%,

4/05/25

..

40

39

992301441.UG.FTS.B,

29.49%,

4/05/25

..

239

245

992303097.UG.FTS.B,

29.49%,

4/05/25

..

263

268

992305996.UG.FTS.B,

29.49%,

4/05/25

..

30

30

992308045.UG.FTS.B,

29.49%,

4/05/25

..

660

671

992312103.UG.FTS.B,

29.49%,

4/05/25

..

525

536

992320378.UG.FTS.B,

29.49%,

4/05/25

..

236

242

992321464.UG.FTS.B,

29.49%,

4/05/25

..

299

198

992324857.UG.FTS.B,

29.49%,

4/05/25

..

106

108

992325544.UG.FTS.B,

29.49%,

4/05/25

..

128

131

992326831.UG.FTS.B,

29.49%,

4/05/25

..

70

71

992326966.UG.FTS.B,

29.49%,

4/05/25

..

156

159

992328217.UG.FTS.B,

29.49%,

4/05/25

..

133

134

Description

Principal

Amount

Value

Upgrade,

Inc.

-

Card

(continued)

992329930.UG.FTS.B,

29.49%,

4/05/25

..

$

32

$

32

992336198.UG.FTS.B,

29.49%,

4/05/25

..

138

142

992340410.UG.FTS.B,

29.49%,

4/05/25

..

179

183

992340874.UG.FTS.B,

29.49%,

4/05/25

..

6

6

992341078.UG.FTS.B,

29.49%,

4/05/25

..

37

13

992341543.UG.FTS.B,

29.49%,

4/05/25

..

92

94

992341609.UG.FTS.B,

29.49%,

4/05/25

..

59

60

992341758.UG.FTS.B,

29.49%,

4/05/25

..

273

277

992343713.UG.FTS.B,

29.49%,

4/05/25

..

81

81

992344325.UG.FTS.B,

29.49%,

4/05/25

..

167

172

992344730.UG.FTS.B,

29.49%,

4/05/25

..

55

54

992351269.UG.FTS.B,

29.49%,

4/05/25

..

229

234

992354024.UG.FTS.B,

29.49%,

4/05/25

..

58

58

992355380.UG.FTS.B,

29.49%,

4/05/25

..

93

95

992356084.UG.FTS.B,

29.49%,

4/05/25

..

29

29

992356295.UG.FTS.B,

29.49%,

4/05/25

..

61

62

992359643.UG.FTS.B,

29.49%,

4/05/25

..

552

534

992359656.UG.FTS.B,

29.49%,

4/05/25

..

811

826

992359703.UG.FTS.B,

29.49%,

4/05/25

..

152

156

992359875.UG.FTS.B,

29.49%,

4/05/25

..

87

66

992360370.UG.FTS.B,

29.49%,

4/05/25

..

70

54

992361376.UG.FTS.B,

29.49%,

4/05/25

..

410

411

992365877.UG.FTS.B,

29.49%,

4/05/25

..

64

64

992366107.UG.FTS.B,

29.49%,

4/05/25

..

52

52

992368911.UG.FTS.B,

29.49%,

4/05/25

..

342

339

992369632.UG.FTS.B,

29.49%,

4/05/25

..

275

280

992371487.UG.FTS.B,

29.49%,

4/05/25

..

196

201

992371872.UG.FTS.B,

29.49%,

4/05/25

..

614

614

992371951.UG.FTS.B,

29.49%,

4/05/25

..

250

255

992376028.UG.FTS.B,

29.49%,

4/05/25

..

322

(16)

992377543.UG.FTS.B,

29.49%,

4/05/25

..

835

856

992387568.UG.FTS.B,

29.49%,

4/05/25

..

7

6

992387720.UG.FTS.B,

29.49%,

4/05/25

..

171

37

992390386.UG.FTS.B,

29.49%,

4/05/25

..

3

3

992391014.UG.FTS.B,

29.49%,

4/05/25

..

179

172

992391427.UG.FTS.B,

29.49%,

4/05/25

..

188

192

992392490.UG.FTS.B,

29.49%,

4/05/25

..

134

92

992394239.UG.FTS.B,

29.49%,

4/05/25

..

196

198

992394900.UG.FTS.B,

29.49%,

4/05/25

..

474

34

992400924.UG.FTS.B,

29.49%,

4/05/25

..

60

59

992401130.UG.FTS.B,

29.49%,

4/05/25

..

194

199

992401571.UG.FTS.B,

29.49%,

4/05/25

..

99

22

992403505.UG.FTS.B,

29.49%,

4/05/25

..

194

198

992418075.UG.FTS.B,

29.49%,

4/05/25

..

65

65

992419811.UG.FTS.B,

29.49%,

4/05/25

..

151

152

992420636.UG.FTS.B,

29.49%,

4/05/25

..

48

48

992421651.UG.FTS.B,

29.49%,

4/05/25

..

2

2

992424526.UG.FTS.B,

29.49%,

4/05/25

..

273

276

992425789.UG.FTS.B,

29.49%,

4/05/25

..

389

392

992426541.UG.FTS.B,

29.49%,

4/05/25

..

520

523

992427607.UG.FTS.B,

29.49%,

4/05/25

..

237

237

992429564.UG.FTS.B,

29.49%,

4/05/25

..

103

105

992431329.UG.FTS.B,

29.49%,

4/05/25

..

45

45

992433503.UG.FTS.B,

29.49%,

4/05/25

..

5

5

992440270.UG.FTS.B,

29.49%,

4/05/25

..

27

27

992444531.UG.FTS.B,

29.49%,

4/05/25

..

4,326

4,371

992444668.UG.FTS.B,

29.49%,

4/05/25

..

1,728

1,733

992444707.UG.FTS.B,

29.49%,

4/05/25

..

130

131

Franklin

Universal

Trust

Schedule

of

Investments

(unaudited)

Quarterly

Schedule

of

Investments

See

Notes

to

Schedule

of

Investments.

26

Description

Principal

Amount

Value

Marketplace

Loans

(continued)

Upgrade,

Inc.

-

Card

(continued)

992452371.UG.FTS.B,

29.49%,

4/05/25

..

$

152

$

153

992454738.UG.FTS.B,

29.49%,

4/05/25

..

2,075

2,081

992455102.UG.FTS.B,

29.49%,

4/05/25

..

352

356

992455279.UG.FTS.B,

29.49%,

4/05/25

..

531

113

992455358.UG.FTS.B,

29.49%,

4/05/25

..

126

126

992457021.UG.FTS.B,

29.49%,

4/05/25

..

33

33

992459731.UG.FTS.B,

29.49%,

4/05/25

..

80

81

992460627.UG.FTS.B,

29.49%,

4/05/25

..

35

35

992255551.UG.FTS.B,

28.98%,

6/03/27

..

–

–

992272734.UG.FTS.B,

29.48%,

6/03/27

..

–

–

992249949.UG.FTS.B,

29.49%,

6/03/27

..

–

–

992423495.UG.FTS.B,

29.49%,

6/03/27

..

–

–

992284954.UG.FTS.B,

Zero

Cpn,

7/03/27

.

1

–

992325585.UG.FTS.B,

19.99%,

7/03/27

..

–

–

992342550.UG.FTS.B,

28.98%,

7/03/27

..

–

–

992315376.UG.FTS.B,

29.49%,

8/03/27

..

4

–

992340918.UG.FTS.B,

29.49%,

10/01/27

.

12

1

992423845.UG.FTS.B,

29.49%,

10/02/27

.

–

–

992320167.UG.FTS.B,

29.49%,

11/03/27

.

6

–

992338911.UG.FTS.B,

29.49%,

11/03/27

.

2

1

992408107.UG.FTS.B,

27.99%,

12/01/27

.

15

1

992351381.UG.FTS.B,

21.97%,

12/03/27

.

2

2

992395186.UG.FTS.B,

29.49%,

12/03/27

.

3

3

992404005.UG.FTS.B,

29.49%,

12/03/27

.

13

2

152,993

Upstart

Network,

Inc.

L1729059.UP.FTS.B,

7.36%,

9/17/24

....

995

941

L1729715.UP.FTS.B,

8.39%,

9/17/24

....

3,843

3,825

L1722095.UP.FTS.B,

11.17%,

9/17/24

....

650

647

FW1729768.UP.FTS.B,

11.21%,

9/17/24

..

1,951

1,940

L1730069.UP.FTS.B,

14.07%,

9/17/24

....

13,795

13,101

FW1730324.UP.FTS.B,

15.67%,

9/17/24

..

6,653

6,643

L1730028.UP.FTS.B,

17.8%,

9/17/24

....

2,782

202

L1729192.UP.FTS.B,

17.9%,

9/17/24

....

1,904

527

L1729539.UP.FTS.B,

18.67%,

9/17/24

....

1,697

1,689

L1701486.UP.FTS.B,

23.29%,

9/17/24

....

1,381

1,372

L1730191.UP.FTS.B,

23.36%,

9/17/24

....

1,467

1,455

L1730194.UP.FTS.B,

23.58%,

9/17/24

....

759

754

FW1730336.UP.FTS.B,

30.16%,

9/17/24

..

3,560

3,538

L1902385.UP.FTS.B,

8.05%,

10/22/24

....

3,332

3,312

L1902094.UP.FTS.B,

9.69%,

10/22/24

....

672

668

L1902354.UP.FTS.B,

12.7%,

10/22/24

....

3,409

3,392

L1902268.UP.FTS.B,

14.19%,

10/22/24

...

5,309

5,239

L1901213.UP.FTS.B,

15.08%,

10/22/24

...

17,998

17,093

L1902811.UP.FTS.B,

15.52%,

10/22/24

...

859

849

FW1900872.UP.FTS.B,

18.12%,

10/22/24

.

4,197

4,178

L1902710.UP.FTS.B,

18.85%,

10/22/24

...

3,860

3,842

L1896884.UP.FTS.B,

19.31%,

10/22/24

...

4,923

4,901

L1902837.UP.FTS.B,

20.13%,

10/22/24

...

1,012

990

FW1902685.UP.FTS.B,

20.49%,

10/22/24

.

2,121

2,112

L1900998.UP.FTS.B,

21.32%,

10/22/24

...

3,649

3,620

FW1901209.UP.FTS.B,

21.35%,

10/22/24

.

829

60

FW1902521.UP.FTS.B,

21.52%,

10/22/24

.

733

730

L1901625.UP.FTS.B,

21.76%,

10/22/24

...

4,954

4,925

L1875546.UP.FTS.B,

21.84%,

10/22/24

...

1,280

1,269

L1902017.UP.FTS.B,

22.16%,

10/22/24

...

670

663

L1900838.UP.FTS.B,

22.33%,

10/22/24

...

4,883

162

Description

Principal

Amount

Value

Upstart

Network,

Inc.

(continued)

L1901126.UP.FTS.B,

23.27%,

10/22/24

...

$

14,478

$

2,227

L1900754.UP.FTS.B,

23.33%,

10/22/24

...

2,328

2,309

FW1901937.UP.FTS.B,

24.32%,

10/22/24

.

8,627

8,555

FW1902725.UP.FTS.B,

26.82%,

10/22/24

.

2,908

2,884

FW1902648.UP.FTS.B,

29%,

10/22/24

...

5,418

381

L2031380.UP.FTS.B,

6.17%,

11/12/24

....

5,152

5,114

L2032548.UP.FTS.B,

7.85%,

11/12/24

....

7,563

7,511

L2031918.UP.FTS.B,

8.28%,

11/12/24

....

2,081

2,067

L2002430.UP.FTS.B,

8.48%,

11/12/24

....

2,153

2,138

L2031630.UP.FTS.B,

9.03%,

11/12/24

....

4,873

4,840

L2031494.UP.FTS.B,

9.06%,

11/12/24

....

4,079

4,051

L2032651.UP.FTS.B,

9.8%,

11/12/24

.....

2,445

2,429

L2033075.UP.FTS.B,

11.83%,

11/12/24

...

7,774

7,714

L2032627.UP.FTS.B,

14.45%,

11/12/24

...

1,426

1,417

FW2033188.UP.FTS.B,

15.1%,

11/12/24

..

5,212

237

L2033117.UP.FTS.B,

15.91%,

11/12/24

...

3,875

3,850

L2032469.UP.FTS.B,

17.26%,

11/12/24

...

477

470

L2032999.UP.FTS.B,

17.5%,

11/12/24

....

4,369

4,331

L2030693.UP.FTS.B,

17.81%,

11/12/24

...

2,619

1,532

FW2032267.UP.FTS.B,

18.58%,

11/12/24

.

4,345

316

L2031921.UP.FTS.B,

19.5%,

11/12/24

....

4,371

4,343

L2033189.UP.FTS.B,

21.52%,

11/12/24

...

967

139

FW2031299.UP.FTS.B,

21.82%,

11/12/24

.

6,016

5,941

L2031497.UP.FTS.B,

23.3%,

11/12/24

....

1,612

1,593

FW2033085.UP.FTS.B,

25.77%,

11/12/24

.

5,197

5,137

FW2032765.UP.FTS.B,

27.87%,

11/12/24

.

4,545

4,485

FW2030908.UP.FTS.B,

29.29%,

11/12/24

.

3,477

3,438

L2102716.UP.FTS.B,

6.59%,

11/23/24

....

3,441

3,420

L2103900.UP.FTS.B,

7.28%,

11/23/24

....

2,583

2,562

L2102014.UP.FTS.B,

8.1%,

11/23/24

.....

2,357

2,345

L2101938.UP.FTS.B,

8.87%,

11/23/24

....

2,154

158

L2102521.UP.FTS.B,

9.48%,

11/23/24

....

5,092

5,067

L2102773.UP.FTS.B,

10.25%,

11/23/24

...

840

836

L2103582.UP.FTS.B,

11.94%,

11/23/24

...

4,467

4,443

L2102080.UP.FTS.B,

12.09%,

11/23/24

...

1,951

281

L2101841.UP.FTS.B,

12.19%,

11/23/24

...

1,040

1,035

L2102945.UP.FTS.B,

12.52%,

11/23/24

...

4,243

4,225

L2103173.UP.FTS.B,

14.48%,

11/23/24

...

3,210

3,197

FW2102978.UP.FTS.B,

15.1%,

11/23/24

..

2,258

2,144

L2101642.UP.FTS.B,

15.95%,

11/23/24

...

5,501

5,485

L2102263.UP.FTS.B,

17.21%,

11/23/24

...

1,443

1,439

L2103519.UP.FTS.B,

17.52%,

11/23/24

...

2,503

2,495

L2102733.UP.FTS.B,

17.97%,

11/23/24

...

4,705

4,692

L2099426.UP.FTS.B,

18.86%,

11/23/24

...

1,817

1,808

L2102908.UP.FTS.B,

19.98%,

11/23/24

...

1,076

1,073

L2103410.UP.FTS.B,

20.18%,

11/23/24

...

3,653

3,643

L2103709.UP.FTS.B,

20.75%,

11/23/24

...

1,611

1,607

L2102185.UP.FTS.B,

21.19%,

11/23/24

...

5,502

5,487

L2103127.UP.FTS.B,

21.34%,

11/23/24

...

7,735

7,682

L2101911.UP.FTS.B,

22.18%,

11/23/24

...

6,641

185

FW2103253.UP.FTS.B,

27.01%,

11/23/24

.

1,677

119

FW2103254.UP.FTS.B,

28.98%,

11/23/24

.

2,419

2,404

FW2103797.UP.FTS.B,

29.82%,

11/23/24

.

5,309

5,276

L2250253.UP.FTS.B,

5.3%,

12/14/24

....

17,335

17,194

FW2247150.UP.FTS.B,

7.75%,

12/14/24

..

3,953

3,923

L2249821.UP.FTS.B,

9.1%,

12/14/24

....

723

718

L2249474.UP.FTS.B,

9.8%,

12/14/24

....

1,803

1,791

L2249818.UP.FTS.B,

9.92%,

12/14/24

....

2,880

2,860

Franklin

Universal

Trust

Schedule

of

Investments

(unaudited)

See

Notes

to

Schedule

of

Investments.

Quarterly

Schedule

of

Investments

27

Description

Principal

Amount

Value

Marketplace

Loans

(continued)

Upstart

Network,

Inc.

(continued)

L2248588.UP.FTS.B,

10.67%,

12/14/24

...

$

10,856

$

10,781

L2251137.UP.FTS.B,

11.74%,

12/14/24

...

18,269

18,129

L2249713.UP.FTS.B,

11.85%,

12/14/24

...

2,924

2,904

L2249033.UP.FTS.B,

12.44%,

12/14/24

...

7,542

7,130

L2249391.UP.FTS.B,

12.58%,

12/14/24

...

1,569

1,557

L2251228.UP.FTS.B,

12.94%,

12/14/24

...

1,103

1,095

L2248952.UP.FTS.B,

12.98%,

12/14/24

...

5,141

5,101

L2250705.UP.FTS.B,

13.29%,

12/14/24

...

735

730

L2248867.UP.FTS.B,

14.64%,

12/14/24

...

3,467

3,439

L2251099.UP.FTS.B,

15.99%,

12/14/24

...

1,046

1,037

FW2249991.UP.FTS.B,

16.74%,

12/14/24

.

3,355

3,322

L2250280.UP.FTS.B,

16.83%,

12/14/24

...

3,493

3,442

L2248645.UP.FTS.B,

17.82%,

12/14/24

...

4,680

4,422

L2249946.UP.FTS.B,

17.98%,

12/14/24

...

2,996

2,967

FW2249440.UP.FTS.B,

19.65%,

12/14/24

.

756

749

L2250240.UP.FTS.B,

20.48%,

12/14/24

...

762

754

L2250459.UP.FTS.B,

21.22%,

12/14/24

...

3,337

3,289

L2248558.UP.FTS.B,

21.57%,

12/14/24

...

759

748

L2251174.UP.FTS.B,

21.98%,

12/14/24

...

2,305

2,268

FW2250657.UP.FTS.B,

22.04%,

12/14/24

.

761

753

L2238243.UP.FTS.B,

22.69%,

12/14/24

...

3,505

253

L2248667.UP.FTS.B,

22.71%,

12/14/24

...

1,105

1,090

FW2250596.UP.FTS.B,

22.87%,

12/14/24

.

2,456

2,421

L2249754.UP.FTS.B,

22.91%,

12/14/24

...

2,387

2,354

FW2249278.UP.FTS.B,

23.56%,

12/14/24

.

1,530

1,515

L2250234.UP.FTS.B,

24.22%,

12/14/24

...

3,757

3,703

FW2249744.UP.FTS.B,

24.36%,

12/14/24

.

1,475

1,455

FW2251405.UP.FTS.B,

24.46%,

12/14/24

.

1,535

1,513

FW2250179.UP.FTS.B,

25.41%,

12/14/24

.

2,574

2,539

FW2250656.UP.FTS.B,

26.59%,

12/14/24

.

872

859

FW2249531.UP.FTS.B,

27.05%,

12/14/24

.

4,334

652

FW2250011.UP.FTS.B,

27.44%,

12/14/24

.

3,257

3,210

FW2250753.UP.FTS.B,

28.29%,

12/14/24

.

2,715

194

FW2249611.UP.FTS.B,

28.33%,

12/14/24

.

1,560

1,537

FW2249423.UP.FTS.B,

28.9%,

12/14/24

..

866

(2)

FW2250630.UP.FTS.B,

28.93%,

12/14/24

.

1,156

1,141

FW2249206.UP.FTS.B,

28.96%,

12/14/24

.

1,092

1,076

FW2248284.UP.FTS.B,

29.12%,

12/14/24

.

2,555

2,518

L2251006.UP.FTS.B,

6.59%,

12/15/24

....

1,788

1,776

L2252015.UP.FTS.B,

6.88%,

12/15/24

....

2,148

2,133

L2253130.UP.FTS.B,

10.71%,

12/15/24

...

4,366

4,335

L2253004.UP.FTS.B,

13.29%,

12/15/24

...

6,082

5,755

L2250196.UP.FTS.B,

14.38%,

12/15/24

...

4,062

4,026

FW2251095.UP.FTS.B,

15.84%,

12/15/24

.

1,478

1,468

FW2251549.UP.FTS.B,

16.2%,

12/15/24

..

731

721

L2251539.UP.FTS.B,

16.31%,

12/15/24

...

6,550

951

L2253233.UP.FTS.B,

17.76%,

12/15/24

...

4,117

4,080

L2253008.UP.FTS.B,

17.8%,

12/15/24

....

3,394

3,365

L2251602.UP.FTS.B,

18.36%,

12/15/24

...

2,626

2,602

L2252717.UP.FTS.B,

19.17%,

12/15/24

...

3,762

3,729

FW2251695.UP.FTS.B,

19.28%,

12/15/24

.

6,138

443

FW2253350.UP.FTS.B,

19.8%,

12/15/24

..

3,017

2,977

L2252886.UP.FTS.B,

20.6%,

12/15/24

....

984

975

L2249377.UP.FTS.B,

20.67%,

12/15/24

...

5,676

5,601

L2252058.UP.FTS.B,

20.99%,

12/15/24

...

909

903

L2240893.UP.FTS.B,

21.21%,

12/15/24

...

18,958

18,791

FW2252326.UP.FTS.B,

21.53%,

12/15/24

.

6,074

6,020

FW2249426.UP.FTS.B,

22.47%,

12/15/24

.

5,127

4,839

Description

Principal

Amount

Value

Upstart

Network,

Inc.

(continued)

FW2251845.UP.FTS.B,

22.89%,

12/15/24

.

$

1,528

$

1,508

L2251577.UP.FTS.B,

23.09%,

12/15/24

...

2,502

2,469

L2253201.UP.FTS.B,

23.48%,

12/15/24

...

2,294

2,264

FW2253584.UP.FTS.B,

25.02%,

12/15/24

.

15,451

200

FW2249116.UP.FTS.B,

28.33%,

12/15/24

.

1,011

1,003

FW2250071.UP.FTS.B,

30.65%,

12/15/24

.

4,896

4,834

L2499293.UP.FTS.B,

6.07%,

1/24/25

....

11,842

11,768

L2491823.UP.FTS.B,

6.34%,

1/24/25

....

3,705

3,681

FW2498281.UP.FTS.B,

7.12%,

1/24/25

...

946

939

L2499253.UP.FTS.B,

7.19%,

1/24/25

....

31,220

31,025

L2491568.UP.FTS.B,

7.35%,

1/24/25

....

2,253

2,239

L2499551.UP.FTS.B,

8.93%,

1/24/25

....

7,483

7,440

L2498976.UP.FTS.B,

9.51%,

1/24/25

....

11,250

11,184

L2499846.UP.FTS.B,

10.23%,

1/24/25

....

4,512

4,486

L2498779.UP.FTS.B,

11.48%,

1/24/25

....

755

751

L2497791.UP.FTS.B,

11.97%,

1/24/25

....

3,028

3,010

L2499082.UP.FTS.B,

12.89%,

1/24/25

....

10,632

10,576

FW2499139.UP.FTS.B,

14.86%,

1/24/25

..

1,147

1,141

L2499336.UP.FTS.B,

15.49%,

1/24/25

....

1,150

1,141

L2497860.UP.FTS.B,

16.59%,

1/24/25

....

1,154

1,148

FW2499341.UP.FTS.B,

16.67%,

1/24/25

..

1,144

1,136

L2497587.UP.FTS.B,

16.78%,

1/24/25

....

1,428

1,416

FW2497313.UP.FTS.B,

17.51%,

1/24/25

..

41,603

11,648

L2495345.UP.FTS.B,

20.06%,

1/24/25

....

6,059

6,006

L2499854.UP.FTS.B,

22.79%,

1/24/25

....

5,502

5,469

L2500532.UP.FTS.B,

23.03%,

1/24/25

....

1,337

1,324

FW2497753.UP.FTS.B,

26.22%,

1/24/25

..

4,768

4,722

FW2499886.UP.FTS.B,

26.23%,

1/24/25

..

11,131

11,064

FW2498195.UP.FTS.B,

26.98%,

1/24/25

..

7,089

7,017

FW2497524.UP.FTS.B,

28.76%,

1/24/25

..

2,365

2,340

FW2496668.UP.FTS.B,

5.04%,

1/25/25

...

17,001

16,886

L2501009.UP.FTS.B,

5.3%,

1/25/25

.....

7,379

7,333

L2501544.UP.FTS.B,

6.11%,

1/25/25

.....

2,591

2,575

L2477274.UP.FTS.B,

6.54%,

1/25/25

....

4,809

4,779

L2502696.UP.FTS.B,

7.45%,

1/25/25

....

3,697

3,675

FW2502837.UP.FTS.B,

8.49%,

1/25/25

...

747

743

L2501769.UP.FTS.B,

8.83%,

1/25/25

....

7,480

7,438

FW2502102.UP.FTS.B,

9.39%,

1/25/25

...

750

745

L2501978.UP.FTS.B,

10.16%,

1/25/25

....

1,504

1,495

L2502709.UP.FTS.B,

10.64%,

1/25/25

....

13,045

12,965

FW2502461.UP.FTS.B,

10.75%,

1/25/25

..

1,948

1,933

L2503015.UP.FTS.B,

11.17%,

1/25/25

....

753

749

FW2503195.UP.FTS.B,

11.21%,

1/25/25

..

10,189

10,138

L2501275.UP.FTS.B,

11.42%,

1/25/25

....

2,039

2,028

L2502561.UP.FTS.B,

11.5%,

1/25/25

.....

2,224

2,212

FW2501076.UP.FTS.B,

12.39%,

1/25/25

..

617

611

L2500956.UP.FTS.B,

13.21%,

1/25/25

....

2,172

2,159

L2501451.UP.FTS.B,

13.58%,

1/25/25

....

499

493

FW2503345.UP.FTS.B,

13.6%,

1/25/25

...

2,284

2,273

FW2503482.UP.FTS.B,

16.69%,

1/25/25

..

846

841

L2502390.UP.FTS.B,

16.88%,

1/25/25

....

828

231

FW2501793.UP.FTS.B,

17.35%,

1/25/25

..

1,543

1,535

FW2501790.UP.FTS.B,

20.53%,

1/25/25

..

842

830

L2502079.UP.FTS.B,

20.91%,

1/25/25

....

3,905

3,883

L2502143.UP.FTS.B,

21.34%,

1/25/25

....

9,969

2,913

L2501394.UP.FTS.B,

21.45%,

1/25/25

....

9,999

9,907

L2500631.UP.FTS.B,

22.56%,

1/25/25

....

7,854

7,782

L2501802.UP.FTS.B,

23.18%,

1/25/25

....

787

780

Franklin

Universal

Trust

Schedule

of

Investments

(unaudited)

Quarterly

Schedule

of

Investments

See

Notes

to

Schedule

of

Investments.

28

Description

Principal

Amount

Value

Marketplace

Loans

(continued)

Upstart

Network,

Inc.

(continued)

FW2502139.UP.FTS.B,

27.5%,

1/25/25

...

$

4,787

$

4,743

FW2501617.UP.FTS.B,

27.92%,

1/25/25

..

15,979

15,831

FW2503206.UP.FTS.B,

28.84%,

1/25/25

..

929

915

FW2503051.UP.FTS.B,

29.1%,

1/25/25

...

820

810

FW1729714.UP.FTS.B,

27.13%,

2/17/25

..

3,934

3,720

FW1729136.UP.FTS.B,

30.45%,

2/17/25

..

4,232

(368)

L1902733.UP.FTS.B,

21.31%,

3/22/25

....

4,144

60

L2031949.UP.FTS.B,

13.15%,

4/12/25

....

9,118

9,030

FW2032368.UP.FTS.B,

20.11%,

4/12/25

..

7,355

7,289

L2030998.UP.FTS.B,

20.7%,

4/12/25

....

9,915

1,467

FW2032694.UP.FTS.B,

22.49%,

4/12/25

..

4,728

4,653

L2971722.UP.FTS.B,

8.62%,

4/19/25

....

15,765

15,654

L2972108.UP.FTS.B,

15.03%,

4/19/25

....

2,770

2,740

L2970836.UP.FTS.B,

15.68%,

4/19/25

....

4,194

4,166

L2970738.UP.FTS.B,

18.85%,

4/19/25

....

3,380

3,347

FW2971973.UP.FTS.B,

20.05%,

4/19/25

..

3,370

3,186

FW2972173.UP.FTS.B,

22.89%,

4/19/25

..

9,097

8,970

L2103839.UP.FTS.B,

11.98%,

4/23/25

....

4,911

4,882

L2102178.UP.FTS.B,

21.01%,

4/23/25

....

2,685

780

FW2102772.UP.FTS.B,

25.91%,

4/23/25

..

4,375

4,329

FW2103646.UP.FTS.B,

26.77%,

4/23/25

..

2,156

2,071

FW2248798.UP.FTS.B,

28.6%,

5/14/25

...

1,718

1,696

L2253679.UP.FTS.B,

22.11%,

5/15/25

....

3,441

3,247

L2503447.UP.FTS.B,

21.45%,

6/25/25

....

6,269

1,829

FW1729657.UP.FTS.B,

9.44%,

9/17/26

...

5,648

5,627

L1729743.UP.FTS.B,

11.64%,

9/17/26

....

40,777

40,562

L1728160.UP.FTS.B,

12.23%,

9/17/26

....

4,089

4,068

FW1730300.UP.FTS.B,

13.99%,

9/17/26

..

4,131

4,089

L1730225.UP.FTS.B,

14.84%,

9/17/26

....

713

707

L1728895.UP.FTS.B,

14.87%,

9/17/26

....

2,558

2,537

L1730112.UP.FTS.B,

15.91%,

9/17/26

....

2,495

2,474

L1729289.UP.FTS.B,

17.07%,

9/17/26

....

2,508

2,486

L1729863.UP.FTS.B,

17.12%,

9/17/26

....

22,426

1,175

FW1729819.UP.FTS.B,

18.12%,

9/17/26

..

1,848

1,833

FW1729970.UP.FTS.B,

18.27%,

9/17/26

..

21,620

20,402

L1729699.UP.FTS.B,

18.77%,

9/17/26

....

2,691

2,656

L1729786.UP.FTS.B,

18.84%,

9/17/26

....

5,055

4,999

L1729529.UP.FTS.B,

20.22%,

9/17/26

....

10,964

10,950

FW1730364.UP.FTS.B,

20.42%,

9/17/26

..

2,751

199

L1729751.UP.FTS.B,

20.66%,

9/17/26

....

5,958

5,943

FW1730043.UP.FTS.B,

21.14%,

9/17/26

..

3,912

3,901

L1729813.UP.FTS.B,

21.17%,

9/17/26

....

6,398

274

FW1729704.UP.FTS.B,

21.57%,

9/17/26

..

17,039

16,850

L1730077.UP.FTS.B,

21.62%,

9/17/26

....

5,713

5,637

L1730290.UP.FTS.B,

23.01%,

9/17/26

....

6,512

6,495

L1730120.UP.FTS.B,

23.06%,

9/17/26

....

9,470

9,448

L1729719.UP.FTS.B,

23.41%,

9/17/26

....

8,473

8,457

FW1729408.UP.FTS.B,

23.55%,

9/17/26

..

3,477

249

L1729627.UP.FTS.B,

24.42%,

9/17/26

....

8,613

8,590

L1729824.UP.FTS.B,

25.14%,

9/17/26

....

5,673

5,665

L1728842.UP.FTS.B,

25.21%,

9/17/26

....

17,495

16,678

L1729392.UP.FTS.B,

25.28%,

9/17/26

....

863

861

FW1729883.UP.FTS.B,

25.62%,

9/17/26

..

4,317

4,311

L1729688.UP.FTS.B,

26.02%,

9/17/26

....

1,816

16

FW1730296.UP.FTS.B,

27.27%,

9/17/26

..

7,310

118

FW1729216.UP.FTS.B,

28.26%,

9/17/26

..

4,658

332

FW1729302.UP.FTS.B,

28.5%,

9/17/26

...

1,224

1,220

FW1730388.UP.FTS.B,

28.64%,

9/17/26

..

13,466

13,450

Description

Principal

Amount

Value

Upstart

Network,

Inc.

(continued)

FW1729684.UP.FTS.B,

29.1%,

9/17/26

...

$

11,011

$

3,260

FW1729744.UP.FTS.B,

29.63%,

9/17/26

..

7,897

7,875

FW1729641.UP.FTS.B,

30.22%,

9/17/26

..

4,220

4,215

FW1729187.UP.FTS.B,

30.3%,

9/17/26

...

6,309

6,270

FW1728143.UP.FTS.B,

30.44%,

9/17/26

..

4,663

4,650

FW1730150.UP.FTS.B,

30.64%,

9/17/26

..

1,030

1,024

FW1729402.UP.FTS.B,

31.22%,

9/17/26

..

19,128

2,858

FW1728162.UP.FTS.B,

31.41%,

9/17/26

..

2,745

411

FW1730036.UP.FTS.B,

31.55%,

9/17/26

..

7,167

(13)

FW1729390.UP.FTS.B,

32.18%,

9/17/26

..

2,107

2,103

FW1728926.UP.FTS.B,

32.35%,

9/17/26

..

2,428

2,421

FW1729788.UP.FTS.B,

32.4%,

9/17/26

...

4,816

4,805

FW1902353.UP.FTS.B,

5.71%,

10/22/26

..

11,297

11,276

L1902780.UP.FTS.B,

7.49%,

10/22/26

....

5,665

5,646

L1902219.UP.FTS.B,

10.65%,

10/22/26

...

8,261

8,218

L1901633.UP.FTS.B,

11.17%,

10/22/26

...

4,140

4,118

L1901059.UP.FTS.B,

11.8%,

10/22/26

....

3,299

3,283

L1901748.UP.FTS.B,

12.93%,

10/22/26

...

7,489

7,453

L1902477.UP.FTS.B,

13.65%,

10/22/26

...

8,506

8,028

FW1902782.UP.FTS.B,

14.11%,

10/22/26

.

16,730

16,652

L1901083.UP.FTS.B,

14.22%,

10/22/26

...

3,776

3,757

L1901955.UP.FTS.B,

15.79%,

10/22/26

...

8,949

412

L1902333.UP.FTS.B,

15.82%,

10/22/26

...

20,275

20,116

FW1901571.UP.FTS.B,

16.95%,

10/22/26

.

10,609

10,526

L1901582.UP.FTS.B,

17.7%,

10/22/26

....

18,046

17,906

L1901001.UP.FTS.B,

18.48%,

10/22/26

...

3,786

3,738

FW1901195.UP.FTS.B,

18.66%,

10/22/26

.

1,965

1,946

L1901585.UP.FTS.B,

18.87%,

10/22/26

...

1,249

1,230

L1902177.UP.FTS.B,

19.16%,

10/22/26

...

16,104

15,952

L1901212.UP.FTS.B,

19.55%,

10/22/26

...

5,160

5,153

L1902855.UP.FTS.B,

19.55%,

10/22/26

...

2,572

2,547

L1901595.UP.FTS.B,

20.19%,

10/22/26

...

3,954

3,914

L1900981.UP.FTS.B,

20.57%,

10/22/26

...

3,034

2,866

L1901936.UP.FTS.B,

21.29%,

10/22/26

...

9,494

9,479

FW1902510.UP.FTS.B,

21.87%,

10/22/26

.

17,362

17,339

L1902424.UP.FTS.B,

22.14%,

10/22/26

...

11,169

11,151

L1902840.UP.FTS.B,

22.56%,

10/22/26

...

11,360

11,247

L1901067.UP.FTS.B,

23.17%,

10/22/26

...

13,036

13,015

FW1902786.UP.FTS.B,

23.49%,

10/22/26

.

9,851

1,507

L1902567.UP.FTS.B,

23.92%,

10/22/26

...

21,864

21,835

L1901771.UP.FTS.B,

24.44%,

10/22/26

...

4,607

4,570

L1901141.UP.FTS.B,

24.79%,

10/22/26

...

1,744

1,744

L1902683.UP.FTS.B,

25.19%,

10/22/26

...

10,502

10,486

L1901660.UP.FTS.B,

25.23%,

10/22/26

...

1,506

1,436

L1901951.UP.FTS.B,

25.24%,

10/22/26

...

2,101

2,098

FW1902836.UP.FTS.B,

25.41%,

10/22/26

.

43,538

43,517

L1902657.UP.FTS.B,

25.42%,

10/22/26

...

1,843

1,839

L1902485.UP.FTS.B,

25.47%,

10/22/26

...

1,395

99

L1901089.UP.FTS.B,

25.48%,

10/22/26

...

917

14

FW1902401.UP.FTS.B,

25.71%,

10/22/26

.

4,121

4,115

L1902021.UP.FTS.B,

25.72%,

10/22/26

...

2,280

2,276

FW1902199.UP.FTS.B,

26.04%,

10/22/26

.

3,686

3,681

FW1902833.UP.FTS.B,

26.75%,

10/22/26

.

46,486

3,281

FW1902133.UP.FTS.B,

27.21%,

10/22/26

.

17,623

17,596

FW1886406.UP.FTS.B,

27.97%,

10/22/26

.

10,691

10,684

FW1901053.UP.FTS.B,

28.68%,

10/22/26

.

3,099

3,094

FW1901629.UP.FTS.B,

31%,

10/22/26

...

3,874

3,700

FW1901509.UP.FTS.B,

31.16%,

10/22/26

.

7,203

6,869

Franklin

Universal

Trust

Schedule

of

Investments

(unaudited)

See

Notes

to

Schedule

of

Investments.

Quarterly

Schedule

of

Investments

29

Description

Principal

Amount

Value

Marketplace

Loans

(continued)

Upstart

Network,

Inc.

(continued)

FW1902391.UP.FTS.B,

31.19%,

10/22/26

.

$

3,200

$

3,199

FW1901303.UP.FTS.B,

31.21%,

10/22/26

.

3,391

3,386

FW1900628.UP.FTS.B,

31.23%,

10/22/26

.

982

980

FW1902299.UP.FTS.B,

31.27%,

10/22/26

.

7,093

7,086

FW1902681.UP.FTS.B,

31.63%,

10/22/26

.

7,148

7,138

FW1901994.UP.FTS.B,

32.7%,

10/22/26

..

6,826

6,817

L2031623.UP.FTS.B,

9.89%,

11/12/26

....

30,880

30,749

L2032896.UP.FTS.B,

9.9%,

11/12/26

.....

5,859

5,835

L2031352.UP.FTS.B,

11.14%,

11/12/26

...

2,078

2,065

L2032147.UP.FTS.B,

11.65%,

11/12/26

...

6,748

6,704

L2032600.UP.FTS.B,

12.19%,

11/12/26

...

6,340

6,297

L2032561.UP.FTS.B,

12.57%,

11/12/26

...

12,712

12,626

FW2032979.UP.FTS.B,

12.77%,

11/12/26

.

6,778

6,735

L2032884.UP.FTS.B,

12.78%,

11/12/26

...

6,778

6,735

FW2032727.UP.FTS.B,

12.91%,

11/12/26

.

2,967

2,948

L2032885.UP.FTS.B,

12.92%,

11/12/26

...

4,230

4,202

L2032155.UP.FTS.B,

12.96%,

11/12/26

...

6,799

6,753

FW2031248.UP.FTS.B,

13.13%,

11/12/26

.

6,585

6,541

FW2032795.UP.FTS.B,

13.19%,

11/12/26

.

6,790

6,744

L2030856.UP.FTS.B,

13.22%,

11/12/26

...

8,234

8,177

L2030962.UP.FTS.B,

13.54%,

11/12/26

...

6,826

3,620

FW2032278.UP.FTS.B,

13.85%,

11/12/26

.

4,253

4,225

L2032791.UP.FTS.B,

14.03%,

11/12/26

...

2,523

2,506

L2032226.UP.FTS.B,

14.31%,

11/12/26

...

20,765

20,628

L2031580.UP.FTS.B,

14.88%,

11/12/26

...

1,401

1,388

L2032373.UP.FTS.B,

14.92%,

11/12/26

...

8,545

8,490

FW2032722.UP.FTS.B,

14.98%,

11/12/26

.

6,837

6,794

L2030829.UP.FTS.B,

14.99%,

11/12/26

...

14,481

616

L2032174.UP.FTS.B,

15.1%,

11/12/26

....

5,985

5,947

FW2032454.UP.FTS.B,

15.76%,

11/12/26

.

4,635

4,558

L2032268.UP.FTS.B,

15.84%,

11/12/26

...

18,044

17,853

L2033071.UP.FTS.B,

15.91%,

11/12/26

...

3,170

3,150

FW2031845.UP.FTS.B,

15.93%,

11/12/26

.

13,404

3,597

FW2032747.UP.FTS.B,

16.19%,

11/12/26

.

14,076

1,026

FW2032538.UP.FTS.B,

16.45%,

11/12/26

.

4,297

4,270

L2032366.UP.FTS.B,

16.55%,

11/12/26

...

6,691

6,645

L2033082.UP.FTS.B,

16.64%,

11/12/26

...

14,455

14,359

L2030808.UP.FTS.B,

16.75%,

11/12/26

...

7,313

7,267

FW2032502.UP.FTS.B,

16.77%,

11/12/26

.

6,890

6,844

L2033005.UP.FTS.B,

16.99%,

11/12/26

...

3,444

3,410

L2033008.UP.FTS.B,

17.14%,

11/12/26

...

5,515

5,456

L2031106.UP.FTS.B,

17.27%,

11/12/26

...

6,688

6,616

L2031479.UP.FTS.B,

17.32%,

11/12/26

...

13,109

12,974

L2032509.UP.FTS.B,

17.7%,

11/12/26

....

3,121

841

L2030768.UP.FTS.B,

17.71%,

11/12/26

...

4,317

4,274

L2032284.UP.FTS.B,

17.94%,

11/12/26

...

4,327

4,269

L2032006.UP.FTS.B,

17.99%,

11/12/26

...

5,489

5,411

FW2032396.UP.FTS.B,

18.3%,

11/12/26

..

14,417

1,044

FW2031117.UP.FTS.B,

18.34%,

11/12/26

.

8,654

8,545

L2032837.UP.FTS.B,

18.39%,

11/12/26

...

8,656

8,570

L2030864.UP.FTS.B,

18.46%,

11/12/26

...

8,312

8,259

L2032849.UP.FTS.B,

19.14%,

11/12/26

...

10,414

10,311

FW2032194.UP.FTS.B,

19.49%,

11/12/26

.

6,517

6,435

L2030806.UP.FTS.B,

19.55%,

11/12/26

...

3,477

3,433

FW2032947.UP.FTS.B,

19.59%,

11/12/26

.

21,780

21,637

L2031425.UP.FTS.B,

19.77%,

11/12/26

...

5,338

5,266

L2031289.UP.FTS.B,

19.82%,

11/12/26

...

6,960

6,872

L2032060.UP.FTS.B,

20.25%,

11/12/26

...

5,228

5,161

Description

Principal

Amount

Value

Upstart

Network,

Inc.

(continued)

L2032905.UP.FTS.B,

20.65%,

11/12/26

...

$

3,270

$

238

L2032456.UP.FTS.B,

20.93%,

11/12/26

...

1,308

1,291

L2030959.UP.FTS.B,

21.08%,

11/12/26

...

6,588

6,465

L2030794.UP.FTS.B,

21.21%,

11/12/26

...

1,486

1,467

L2032266.UP.FTS.B,

21.24%,

11/12/26

...

4,351

4,330

L2032324.UP.FTS.B,

21.35%,

11/12/26

...

11,369

11,316

FW2027921.UP.FTS.B,

21.63%,

11/12/26

.

1,882

136

FW2032674.UP.FTS.B,

21.86%,

11/12/26

.

1,381

31

FW2033134.UP.FTS.B,

22.19%,

11/12/26

.

6,808

6,770

L2031176.UP.FTS.B,

22.37%,

11/12/26

...

8,569

612

L2032742.UP.FTS.B,

22.42%,

11/12/26

...

2,594

2,559

L2033183.UP.FTS.B,

22.68%,

11/12/26

...

2,409

2,385

FW2032923.UP.FTS.B,

22.87%,

11/12/26

.

5,652

409

L2031168.UP.FTS.B,

24.05%,

11/12/26

...

4,412

4,391

L2029169.UP.FTS.B,

24.06%,

11/12/26

...

10,725

3,083

L2032183.UP.FTS.B,

24.12%,

11/12/26

...

8,826

8,784

FW2032995.UP.FTS.B,

24.13%,

11/12/26

.

2,648

2,614

FW2031872.UP.FTS.B,

24.66%,

11/12/26

.

26,530

26,370

L2031986.UP.FTS.B,

24.81%,

11/12/26

...

9,087

2,622

FW2033202.UP.FTS.B,

25.01%,

11/12/26

.

14,017

13,940

L2032407.UP.FTS.B,

25.01%,

11/12/26

...

1,064

1,058

L2032352.UP.FTS.B,

25.02%,

11/12/26

...

9,557

688

L2031441.UP.FTS.B,

25.1%,

11/12/26

....

3,462

516

L2031569.UP.FTS.B,

25.11%,

11/12/26

...

3,984

3,965

L2030665.UP.FTS.B,

25.13%,

11/12/26

...

4,204

301

L2032689.UP.FTS.B,

25.21%,

11/12/26

...

5,136

5,071

FW2031174.UP.FTS.B,

25.25%,

11/12/26

.

8,416

8,376

L2032525.UP.FTS.B,

25.33%,

11/12/26

...

886

875

L2031145.UP.FTS.B,

25.44%,

11/12/26

...

4,166

4,113

L2030886.UP.FTS.B,

25.5%,

11/12/26

....

18,350

18,263

L2031934.UP.FTS.B,

25.51%,

11/12/26

...

2,659

2,647

FW2031600.UP.FTS.B,

26.6%,

11/12/26

..

4,402

4,379

FW2032655.UP.FTS.B,

26.61%,

11/12/26

.

5,526

396

FW2030941.UP.FTS.B,

26.62%,

11/12/26

.

26,379

26,235

FW2031539.UP.FTS.B,

26.65%,

11/12/26

.

4,448

4,427

L2032677.UP.FTS.B,

26.71%,

11/12/26

...

7,118

7,084

FW2032771.UP.FTS.B,

26.84%,

11/12/26

.

3,150

1,878

FW2032877.UP.FTS.B,

27.2%,

11/12/26

..

4,387

4,362

FW2003411.UP.FTS.B,

27.5%,

11/12/26

..

6,666

6,633

FW2032753.UP.FTS.B,

27.55%,

11/12/26

.

1,246

1,240

FW2031263.UP.FTS.B,

27.74%,

11/12/26

.

3,617

3,594

FW2032946.UP.FTS.B,

27.87%,

11/12/26

.

22,442

22,315

FW2032549.UP.FTS.B,

29.36%,

11/12/26

.

2,312

338

FW2033144.UP.FTS.B,

29.76%,

11/12/26

.

2,693

2,680

FW2032040.UP.FTS.B,

29.84%,

11/12/26

.

1,667

244

FW2032799.UP.FTS.B,

29.91%,

11/12/26

.

2,155

2,145

FW2030797.UP.FTS.B,

30%,

11/12/26

...

20,388

20,271

FW2033131.UP.FTS.B,

30.02%,

11/12/26

.

839

825

FW2033213.UP.FTS.B,

30.17%,

11/12/26

.

1,348

1,342

FW2031474.UP.FTS.B,

30.22%,

11/12/26

.

3,049

3,033

FW2031432.UP.FTS.B,

30.62%,

11/12/26

.

3,948

586

FW2031644.UP.FTS.B,

30.67%,

11/12/26

.

1,620

1,612

FW2032197.UP.FTS.B,

30.75%,

11/12/26

.

1,906

133

FW2031627.UP.FTS.B,

30.86%,

11/12/26

.

4,502

4,481

FW2032625.UP.FTS.B,

30.96%,

11/12/26

.

678

194

FW2031985.UP.FTS.B,

31%,

11/12/26

...

1,771

1,753

FW2031873.UP.FTS.B,

31.05%,

11/12/26

.

901

897

FW2032325.UP.FTS.B,

31.07%,

11/12/26

.

1,081

1,076

Franklin

Universal

Trust

Schedule

of

Investments

(unaudited)

Quarterly

Schedule

of

Investments

See

Notes

to

Schedule

of

Investments.

30

Description

Principal

Amount

Value

Marketplace

Loans

(continued)

Upstart

Network,

Inc.

(continued)

FW2031596.UP.FTS.B,

31.1%,

11/12/26

..

$

4,988

$

4,960

FW2032994.UP.FTS.B,

31.15%,

11/12/26

.

2,848

1,708

FW2033066.UP.FTS.B,

31.16%,

11/12/26

.

6,579

6,547

FW2033143.UP.FTS.B,

31.21%,

11/12/26

.

19,066

1,330

FW2031715.UP.FTS.B,

31.33%,

11/12/26

.

4,328

4,307

FW2033208.UP.FTS.B,

31.39%,

11/12/26

.

3,426

3,409

FW2019354.UP.FTS.B,

31.57%,

11/12/26

.

6,003

418

FW2032397.UP.FTS.B,

31.93%,

11/12/26

.

2,290

162

FW2101958.UP.FTS.B,

6.23%,

11/23/26

..

32,138

32,090

L2101736.UP.FTS.B,

8.06%,

11/23/26

....

804

801

L2103598.UP.FTS.B,

8.71%,

11/23/26

....

13,330

13,288

L2102006.UP.FTS.B,

8.84%,

11/23/26

....

41,678

41,547

FW2103621.UP.FTS.B,

10.34%,

11/23/26

.

4,936

4,912

L2101981.UP.FTS.B,

11.14%,

11/23/26

...

7,551

7,516

L2102059.UP.FTS.B,

12.22%,

11/23/26

...

17,920

17,837

L2101522.UP.FTS.B,

12.34%,

11/23/26

...

28,335

28,207

L2103822.UP.FTS.B,

12.78%,

11/23/26

...

4,237

4,216

L2101315.UP.FTS.B,

12.86%,

11/23/26

...

5,933

5,904

L2102939.UP.FTS.B,

13.35%,

11/23/26

...

2,972

2,959

L2076017.UP.FTS.B,

13.49%,

11/23/26

...

3,241

3,224

L2095249.UP.FTS.B,

14.31%,

11/23/26

...

13,640

13,575

L2101130.UP.FTS.B,

14.68%,

11/23/26

...

2,904

413

L2102807.UP.FTS.B,

15.1%,

11/23/26

....

13,600

13,471

FW2102638.UP.FTS.B,

15.48%,

11/23/26

.

7,662

7,612

L2103246.UP.FTS.B,

15.57%,

11/23/26

...

1,055

1,041

L2068146.UP.FTS.B,

16.06%,

11/23/26

...

8,582

8,522

L2102751.UP.FTS.B,

16.5%,

11/23/26

....

3,438

3,415

L2103150.UP.FTS.B,

16.57%,

11/23/26

...

5,159

5,137

FW2101751.UP.FTS.B,

16.63%,

11/23/26

.

17,200

17,081

L2102461.UP.FTS.B,

16.75%,

11/23/26

...

9,090

392

L2101428.UP.FTS.B,

17.6%,

11/23/26

....

13,146

12,425

L2099233.UP.FTS.B,

17.83%,

11/23/26

...

13,821

13,727

L2050778.UP.FTS.B,

18.01%,

11/23/26

...

7,779

7,726

FW2101742.UP.FTS.B,

18.05%,

11/23/26

.

6,571

6,521

L2102561.UP.FTS.B,

18.92%,

11/23/26

...

4,316

4,286

L2101597.UP.FTS.B,

19.51%,

11/23/26

...

6,083

6,042

L2102051.UP.FTS.B,

19.71%,

11/23/26

...

4,870

4,827

L2103543.UP.FTS.B,

19.91%,

11/23/26

...

840

831

FW2102941.UP.FTS.B,

20.37%,

11/23/26

.

17,432

17,428

L2102313.UP.FTS.B,

20.5%,

11/23/26

....

1,300

1,299

L2102253.UP.FTS.B,

20.85%,

11/23/26

...

6,810

6,809

L2102703.UP.FTS.B,

20.89%,

11/23/26

...

4,378

4,372

L2103666.UP.FTS.B,

21.53%,

11/23/26

...

6,693

1,907

L2103089.UP.FTS.B,

22.24%,

11/23/26

...

7,017

7,015

L2100737.UP.FTS.B,

22.28%,

11/23/26

...

15,123

14,420

FW2102410.UP.FTS.B,

22.44%,

11/23/26

.

4,393

4,386

L2103055.UP.FTS.B,

22.44%,

11/23/26

...

1,141

1,131

L2102400.UP.FTS.B,

22.64%,

11/23/26

...

5,234

5,230

L2101750.UP.FTS.B,

24.17%,

11/23/26

...

6,206

6,198

L2102299.UP.FTS.B,

24.27%,

11/23/26

...

5,741

5,740

L2103547.UP.FTS.B,

24.76%,

11/23/26

...

973

966

FW2102727.UP.FTS.B,

24.84%,

11/23/26

.

3,539

3,538

L2103842.UP.FTS.B,

25.11%,

11/23/26

...

3,541

3,510

L2102211.UP.FTS.B,

25.3%,

11/23/26

....

917

138

L2101935.UP.FTS.B,

25.31%,

11/23/26

...

1,152

1,151

L2103945.UP.FTS.B,

25.34%,

11/23/26

...

2,460

2,455

L2103197.UP.FTS.B,

25.35%,

11/23/26

...

7,323

2,165

L2101880.UP.FTS.B,

25.39%,

11/23/26

...

2,660

2,656

Description

Principal

Amount

Value

Upstart

Network,

Inc.

(continued)

L2101888.UP.FTS.B,

25.4%,

11/23/26

....

$

8,710

$

1,341

L2103491.UP.FTS.B,

25.4%,

11/23/26

....

953

946

L2102577.UP.FTS.B,

25.42%,

11/23/26

...

5,352

1,580

L2102346.UP.FTS.B,

25.43%,

11/23/26

...

4,608

4,608

L2103588.UP.FTS.B,

25.44%,

11/23/26

...

3,279

3,279

L2103899.UP.FTS.B,

25.44%,

11/23/26

...

3,168

3,166

FW2102485.UP.FTS.B,

25.59%,

11/23/26

.

404

144

L2101347.UP.FTS.B,

25.68%,

11/23/26

...

16,686

238

L2102991.UP.FTS.B,

25.76%,

11/23/26

...

3,722

1,104

L2102028.UP.FTS.B,

25.89%,

11/23/26

...

5,325

5,324

L2052565.UP.FTS.B,

26.09%,

11/23/26

...

14,476

14,473

FW2101678.UP.FTS.B,

26.5%,

11/23/26

..

3,112

3,112

L2102238.UP.FTS.B,

26.56%,

11/23/26

...

7,784

2,293

FW2103284.UP.FTS.B,

27.1%,

11/23/26

..

3,563

3,562

FW2102544.UP.FTS.B,

27.32%,

11/23/26

.

2,845

200

FW2103532.UP.FTS.B,

28.75%,

11/23/26

.

8,951

8,950

FW2103644.UP.FTS.B,

29%,

11/23/26

...

4,650

718

FW2102776.UP.FTS.B,

29.73%,

11/23/26

.

1,658

494

FW2102091.UP.FTS.B,

29.86%,

11/23/26

.

5,123

5,110

FW2101041.UP.FTS.B,

30.44%,

11/23/26

.

6,282

6,280

FW2102371.UP.FTS.B,

30.85%,

11/23/26

.

6,969

6,958

FW2102634.UP.FTS.B,

30.88%,

11/23/26

.

1,429

101

FW2102995.UP.FTS.B,

30.88%,

11/23/26

.

1,139

1,136

FW2103415.UP.FTS.B,

31.09%,

11/23/26

.

11,772

11,749

FW2103786.UP.FTS.B,

31.2%,

11/23/26

..

1,471

1,464

FW2103069.UP.FTS.B,

31.22%,

11/23/26

.

1,983

1,983

FW2102405.UP.FTS.B,

31.83%,

11/23/26

.

2,188

2,090

FW2102063.UP.FTS.B,

31.99%,

11/23/26

.

13,910

13,909

L2249428.UP.FTS.B,

8.72%,

12/14/26

....

11,526

11,443

L2250662.UP.FTS.B,

8.88%,

12/14/26

....

9,331

9,272

L2249279.UP.FTS.B,

9.09%,

12/14/26

....

4,245

4,218

L2251398.UP.FTS.B,

9.28%,

12/14/26

....

6,797

6,754

L2250255.UP.FTS.B,

9.36%,

12/14/26

....

2,896

2,868

L2250829.UP.FTS.B,

9.77%,

12/14/26

....

1,494

1,480

L2247842.UP.FTS.B,

9.8%,

12/14/26

....

6,300

6,260

L2251213.UP.FTS.B,

9.85%,

12/14/26

....

10,218

10,127

FW2251249.UP.FTS.B,

10.34%,

12/14/26

.

16,209

16,065

L2248805.UP.FTS.B,

10.51%,

12/14/26

...

8,566

8,491

L2249903.UP.FTS.B,

11.03%,

12/14/26

...

2,566

2,544

FW2249671.UP.FTS.B,

11.35%,

12/14/26

.

16,074

15,964

L2251005.UP.FTS.B,

11.75%,

12/14/26

...

13,808

13,690

FW2249158.UP.FTS.B,

11.8%,

12/14/26

..

12,867

12,753

L2251043.UP.FTS.B,

12.11%,

12/14/26

...

27,482

27,239

L2250070.UP.FTS.B,

12.15%,

12/14/26

...

5,995

5,943

L2251230.UP.FTS.B,

12.48%,

12/14/26

...

1,681

1,666

L2249726.UP.FTS.B,

12.59%,

12/14/26

...

7,752

7,684

L2251302.UP.FTS.B,

12.76%,

12/14/26

...

5,156

5,111

L2251060.UP.FTS.B,

12.84%,

12/14/26

...

3,719

269

L2250389.UP.FTS.B,

13.11%,

12/14/26

...

17,115

16,966

L2247235.UP.FTS.B,

13.18%,

12/14/26

...

3,449

3,419

L2250820.UP.FTS.B,

13.59%,

12/14/26

...

2,763

2,740

FW2250025.UP.FTS.B,

13.65%,

12/14/26

.

6,509

6,452

FW2249624.UP.FTS.B,

13.82%,

12/14/26

.

4,758

4,717

L2240508.UP.FTS.B,

14.03%,

12/14/26

...

504

498

L2251167.UP.FTS.B,

14.16%,

12/14/26

...

7,355

7,290

L2247268.UP.FTS.B,

14.22%,

12/14/26

...

42,907

42,376

L2249868.UP.FTS.B,

14.41%,

12/14/26

...

5,205

5,159

L2250559.UP.FTS.B,

14.84%,

12/14/26

...

6,526

6,469

Franklin

Universal

Trust

Schedule

of

Investments

(unaudited)

See

Notes

to

Schedule

of

Investments.

Quarterly

Schedule

of

Investments

31

Description

Principal

Amount

Value

Marketplace

Loans

(continued)

Upstart

Network,

Inc.

(continued)

L2248700.UP.FTS.B,

14.99%,

12/14/26

...

$

7,580

$

549

FW2250857.UP.FTS.B,

15.23%,

12/14/26

.

25,871

25,550

L2250968.UP.FTS.B,

15.57%,

12/14/26

...

2,346

170

L2250750.UP.FTS.B,

16.01%,

12/14/26

...

3,954

165

L2251440.UP.FTS.B,

16.23%,

12/14/26

...

1,270

1,253

L2249248.UP.FTS.B,

16.43%,

12/14/26

...

10,399

10,269

L2250291.UP.FTS.B,

16.44%,

12/14/26

...

7,061

6,636

L2250670.UP.FTS.B,

16.58%,

12/14/26

...

4,363

4,325

L2250624.UP.FTS.B,

16.92%,

12/14/26

...

5,243

5,176

L2249982.UP.FTS.B,

16.98%,

12/14/26

...

1,089

1,073

L2249388.UP.FTS.B,

17.25%,

12/14/26

...

5,491

799

FW2250678.UP.FTS.B,

17.4%,

12/14/26

..

3,061

3,023

L2249629.UP.FTS.B,

17.8%,

12/14/26

....

5,560

5,512

L2249002.UP.FTS.B,

18.13%,

12/14/26

...

3,070

3,022

L2250560.UP.FTS.B,

18.18%,

12/14/26

...

8,773

8,637

FW2248499.UP.FTS.B,

18.23%,

12/14/26

.

4,541

1,230

FW2248341.UP.FTS.B,

18.43%,

12/14/26

.

22,148

21,874

L2248252.UP.FTS.B,

18.48%,

12/14/26

...

2,635

2,594

FW2249113.UP.FTS.B,

18.58%,

12/14/26

.

21,962

21,619

FW2250867.UP.FTS.B,

18.63%,

12/14/26

.

37,442

2,705

FW2249102.UP.FTS.B,

18.66%,

12/14/26

.

5,272

5,190

L2249404.UP.FTS.B,

18.82%,

12/14/26

...

3,623

3,404

L2250926.UP.FTS.B,

19.09%,

12/14/26

...

16,011

513

L2250154.UP.FTS.B,

19.32%,

12/14/26

...

8,808

8,696

L2250893.UP.FTS.B,

19.53%,

12/14/26

...

18,407

4,991

L2250499.UP.FTS.B,

19.65%,

12/14/26

...

3,174

3,133

L2251037.UP.FTS.B,

19.7%,

12/14/26

....

1,587

1,567

L2249412.UP.FTS.B,

19.96%,

12/14/26

...

1,789

1,765

L2248975.UP.FTS.B,

19.98%,

12/14/26

...

9,285

9,163

FW2251119.UP.FTS.B,

20.09%,

12/14/26

.

1,766

1,743

L2249483.UP.FTS.B,

20.19%,

12/14/26

...

8,831

8,693

FW2250352.UP.FTS.B,

20.38%,

12/14/26

.

26,868

25,224

FW2250365.UP.FTS.B,

20.49%,

12/14/26

.

26,299

25,969

L2250843.UP.FTS.B,

20.5%,

12/14/26

....

4,863

4,787

L2250558.UP.FTS.B,

20.67%,

12/14/26

...

7,164

7,103

L2251409.UP.FTS.B,

20.71%,

12/14/26

...

10,615

10,449

L2251393.UP.FTS.B,

20.81%,

12/14/26

...

4,380

4,345

FW2246646.UP.FTS.B,

21.08%,

12/14/26

.

4,746

343

L2249780.UP.FTS.B,

21.14%,

12/14/26

...

7,086

7,026

L2250723.UP.FTS.B,

21.16%,

12/14/26

...

3,387

198

L2248430.UP.FTS.B,

21.51%,

12/14/26

...

1,158

1,088

L2250707.UP.FTS.B,

21.52%,

12/14/26

...

5,297

5,231

L2249030.UP.FTS.B,

21.69%,

12/14/26

...

1,952

1,922

L2249288.UP.FTS.B,

21.82%,

12/14/26

...

4,793

4,752

L2249149.UP.FTS.B,

21.87%,

12/14/26

...

8,878

8,739

FW2248314.UP.FTS.B,

21.92%,

12/14/26

.

3,108

3,081

L2249898.UP.FTS.B,

22.33%,

12/14/26

...

19,529

19,290

L2250188.UP.FTS.B,

22.59%,

12/14/26

...

4,498

4,260

L2251333.UP.FTS.B,

22.77%,

12/14/26

...

14,399

14,292

L2250436.UP.FTS.B,

22.79%,

12/14/26

...

16,026

15,888

L2249183.UP.FTS.B,

22.87%,

12/14/26

...

3,117

3,090

L2250392.UP.FTS.B,

22.93%,

12/14/26

...

2,850

2,826

L2250810.UP.FTS.B,

23.01%,

12/14/26

...

6,293

5,964

FW2251497.UP.FTS.B,

23.11%,

12/14/26

.

5,430

5,337

L2249529.UP.FTS.B,

23.39%,

12/14/26

...

9,237

1,370

L2250010.UP.FTS.B,

23.56%,

12/14/26

...

4,462

4,423

FW2248500.UP.FTS.B,

23.6%,

12/14/26

..

2,698

2,677

FW2248932.UP.FTS.B,

23.62%,

12/14/26

.

1,797

1,783

Description

Principal

Amount

Value

Upstart

Network,

Inc.

(continued)

L2249765.UP.FTS.B,

23.67%,

12/14/26

...

$

3,571

$

3,540

L2250302.UP.FTS.B,

23.69%,

12/14/26

...

6,487

464

L2250948.UP.FTS.B,

23.7%,

12/14/26

....

40,171

39,826

L2248306.UP.FTS.B,

23.97%,

12/14/26

...

22,336

22,144

FW2249399.UP.FTS.B,

24.09%,

12/14/26

.

4,022

3,959

L2249615.UP.FTS.B,

24.09%,

12/14/26

...

524

515

L2250334.UP.FTS.B,

24.44%,

12/14/26

...

7,783

7,662

L2250245.UP.FTS.B,

24.75%,

12/14/26

...

1,789

1,776

L2251223.UP.FTS.B,

24.89%,

12/14/26

...

5,499

1,505

L2250314.UP.FTS.B,

24.91%,

12/14/26

...

3,135

3,112

L2249782.UP.FTS.B,

24.98%,

12/14/26

...

3,763

3,731

L2248144.UP.FTS.B,

25.08%,

12/14/26

...

4,288

1,248

L2250779.UP.FTS.B,

25.12%,

12/14/26

...

1,717

1,704

L2249254.UP.FTS.B,

25.13%,

12/14/26

...

7,171

7,110

L2248450.UP.FTS.B,

25.14%,

12/14/26

...

5,374

5,308

L2249986.UP.FTS.B,

25.21%,

12/14/26

...

1,670

247

L2248417.UP.FTS.B,

25.23%,

12/14/26

...

1,973

1,956

L2249856.UP.FTS.B,

25.32%,

12/14/26

...

1,076

1,067

L2240158.UP.FTS.B,

25.37%,

12/14/26

...

10,411

10,248

L2250087.UP.FTS.B,

25.37%,

12/14/26

...

839

827

L2248877.UP.FTS.B,

25.38%,

12/14/26

...

2,871

2,826

L2249823.UP.FTS.B,

25.41%,

12/14/26

...

4,100

4,049

L2249987.UP.FTS.B,

25.42%,

12/14/26

...

1,869

1,855

L2251395.UP.FTS.B,

25.45%,

12/14/26

...

1,974

1,957

L2251149.UP.FTS.B,

25.46%,

12/14/26

...

2,245

2,226

L2249309.UP.FTS.B,

25.75%,

12/14/26

...

3,772

3,739

L2250992.UP.FTS.B,

25.92%,

12/14/26

...

8,994

8,917

FW2250494.UP.FTS.B,

25.95%,

12/14/26

.

3,594

3,563

L2247535.UP.FTS.B,

25.95%,

12/14/26

...

5,933

5,835

FW2249943.UP.FTS.B,

25.97%,

12/14/26

.

19,164

1,359

FW2250385.UP.FTS.B,

26.11%,

12/14/26

.

2,664

2,555

FW2248550.UP.FTS.B,

26.2%,

12/14/26

..

4,081

4,049

L2249257.UP.FTS.B,

26.38%,

12/14/26

...

7,917

7,849

FW2248463.UP.FTS.B,

26.66%,

12/14/26

.

2,761

800

FW2251276.UP.FTS.B,

27.23%,

12/14/26

.

11,298

807

FW2250572.UP.FTS.B,

27.63%,

12/14/26

.

9,930

9,844

FW2248164.UP.FTS.B,

27.68%,

12/14/26

.

5,697

402

FW2249342.UP.FTS.B,

27.92%,

12/14/26

.

5,224

5,175

FW2251120.UP.FTS.B,

28.37%,

12/14/26

.

11,759

11,658

FW2249976.UP.FTS.B,

28.77%,

12/14/26

.

1,737

1,720

FW2250989.UP.FTS.B,

29.6%,

12/14/26

..

2,016

1,911

FW2246912.UP.FTS.B,

29.61%,

12/14/26

.

2,804

413

FW2250294.UP.FTS.B,

30.29%,

12/14/26

.

5,616

827

FW2249682.UP.FTS.B,

30.35%,

12/14/26

.

1,511

1,498

FW2249951.UP.FTS.B,

30.44%,

12/14/26

.

1,820

1,805

FW2248119.UP.FTS.B,

30.63%,

12/14/26

.

2,621

186

FW2249983.UP.FTS.B,

30.63%,

12/14/26

.

1,746

1,730

FW2250251.UP.FTS.B,

30.69%,

12/14/26

.

5,282

5,237

FW2251385.UP.FTS.B,

30.75%,

12/14/26

.

5,097

5,017

FW2249049.UP.FTS.B,

30.95%,

12/14/26

.

5,759

5,711

FW2249935.UP.FTS.B,

30.97%,

12/14/26

.

3,461

3,431

FW2247285.UP.FTS.B,

30.98%,

12/14/26

.

5,464

5,417

FW2250818.UP.FTS.B,

31.04%,

12/14/26

.

2,347

686

FW2251021.UP.FTS.B,

31.06%,

12/14/26

.

1,908

133

FW2248234.UP.FTS.B,

31.09%,

12/14/26

.

7,561

7,496

FW2250276.UP.FTS.B,

31.09%,

12/14/26

.

1,607

(16)

FW2251092.UP.FTS.B,

31.1%,

12/14/26

..

1,731

1,716

FW2250801.UP.FTS.B,

31.11%,

12/14/26

.

2,604

2,578

Franklin

Universal

Trust

Schedule

of

Investments

(unaudited)

Quarterly

Schedule

of

Investments

See

Notes

to

Schedule

of

Investments.

32

Description

Principal

Amount

Value

Marketplace

Loans

(continued)

Upstart

Network,

Inc.

(continued)

FW2249041.UP.FTS.B,

31.12%,

12/14/26

.

$

1,002

$

993

FW2250974.UP.FTS.B,

31.12%,

12/14/26

.

3,007

2,980

FW2251215.UP.FTS.B,

31.16%,

12/14/26

.

3,736

3,703

FW2248893.UP.FTS.B,

31.17%,

12/14/26

.

1,640

1,626

FW2250257.UP.FTS.B,

31.18%,

12/14/26

.

1,443

102

FW2249653.UP.FTS.B,

31.19%,

12/14/26

.

3,462

3,432

FW2251410.UP.FTS.B,

31.25%,

12/14/26

.

4,209

4,173

FW2249397.UP.FTS.B,

31.37%,

12/14/26

.

1,474

1,461

FW2247969.UP.FTS.B,

31.61%,

12/14/26

.

5,550

5,499

FW2250563.UP.FTS.B,

31.74%,

12/14/26

.

3,011

2,985

L2251963.UP.FTS.B,

7.31%,

12/15/26

....

10,523

10,461

L2252296.UP.FTS.B,

8.02%,

12/15/26

....

12,680

12,606

L2141755.UP.FTS.B,

8.51%,

12/15/26

....

41,667

41,419

L2251219.UP.FTS.B,

8.53%,

12/15/26

....

2,118

2,106

L2252339.UP.FTS.B,

8.65%,

12/15/26

....

21,186

21,064

L2252737.UP.FTS.B,

8.71%,

12/15/26

....

17,801

17,697

L2252298.UP.FTS.B,

8.83%,

12/15/26

....

2,732

2,715

L2252476.UP.FTS.B,

9.18%,

12/15/26

....

8,493

8,443

FW2253701.UP.FTS.B,

10.99%,

12/15/26

.

11,073

10,984

L2253738.UP.FTS.B,

11.28%,

12/15/26

...

25,685

25,473

L2247794.UP.FTS.B,

12.65%,

12/15/26

...

3,872

3,841

L2253650.UP.FTS.B,

13.61%,

12/15/26

...

5,613

5,568

L2253574.UP.FTS.B,

13.77%,

12/15/26

...

1,728

1,714

L2253384.UP.FTS.B,

13.79%,

12/15/26

...

10,370

10,286

L2251912.UP.FTS.B,

13.91%,

12/15/26

...

3,026

3,001

L2253091.UP.FTS.B,

14.6%,

12/15/26

....

25,872

25,668

L2252906.UP.FTS.B,

14.66%,

12/15/26

...

9,622

9,545

L2252920.UP.FTS.B,

14.66%,

12/15/26

...

2,601

2,580

L2252226.UP.FTS.B,

14.86%,

12/15/26

...

43,371

43,025

L2252357.UP.FTS.B,

15.18%,

12/15/26

...

4,908

4,865

L2252931.UP.FTS.B,

15.49%,

12/15/26

...

3,004

2,969

FW2249675.UP.FTS.B,

16.01%,

12/15/26

.

13,059

12,912

L2251599.UP.FTS.B,

16.33%,

12/15/26

...

2,441

2,413

L2252976.UP.FTS.B,

16.75%,

12/15/26

...

5,560

5,497

L2252902.UP.FTS.B,

16.77%,

12/15/26

...

14,845

14,670

FW2253272.UP.FTS.B,

17.07%,

12/15/26

.

10,710

10,070

L2252701.UP.FTS.B,

17.13%,

12/15/26

...

13,295

12,508

L2252199.UP.FTS.B,

17.21%,

12/15/26

...

8,220

8,156

L2251888.UP.FTS.B,

17.72%,

12/15/26

...

5,256

5,195

L2253164.UP.FTS.B,

17.76%,

12/15/26

...

4,857

4,779

FW2252613.UP.FTS.B,

17.78%,

12/15/26

.

3,937

3,892

L2253110.UP.FTS.B,

17.96%,

12/15/26

...

5,263

5,202

FW2253547.UP.FTS.B,

18.3%,

12/15/26

..

3,340

3,277

L2251960.UP.FTS.B,

19.3%,

12/15/26

....

9,383

9,244

L2252566.UP.FTS.B,

19.55%,

12/15/26

...

5,264

5,224

FW2251546.UP.FTS.B,

19.76%,

12/15/26

.

13,229

13,038

L2252438.UP.FTS.B,

19.81%,

12/15/26

...

3,528

3,477

L2252318.UP.FTS.B,

20.43%,

12/15/26

...

2,651

2,613

L2250838.UP.FTS.B,

20.47%,

12/15/26

...

3,548

3,478

L2251727.UP.FTS.B,

20.77%,

12/15/26

...

2,214

2,183

FW2252454.UP.FTS.B,

20.99%,

12/15/26

.

4,660

339

L2253118.UP.FTS.B,

21.32%,

12/15/26

...

17,725

17,597

L2252234.UP.FTS.B,

21.66%,

12/15/26

...

3,834

3,776

L2251298.UP.FTS.B,

21.73%,

12/15/26

...

6,440

938

L2252879.UP.FTS.B,

22.23%,

12/15/26

...

978

971

L2251670.UP.FTS.B,

22.36%,

12/15/26

...

4,446

4,413

L2252753.UP.FTS.B,

22.36%,

12/15/26

...

4,062

4,013

L2252135.UP.FTS.B,

22.59%,

12/15/26

...

2,669

2,650

Description

Principal

Amount

Value

Upstart

Network,

Inc.

(continued)

L2251712.UP.FTS.B,

23.15%,

12/15/26

...

$

25,850

$

25,664

L2250105.UP.FTS.B,

23.56%,

12/15/26

...

3,711

50

L2253562.UP.FTS.B,

23.61%,

12/15/26

...

4,462

4,430

L2253195.UP.FTS.B,

24.23%,

12/15/26

...

1,788

1,775

FW2253422.UP.FTS.B,

24.48%,

12/15/26

.

10,493

10,420

L2250541.UP.FTS.B,

24.85%,

12/15/26

...

2,688

2,669

L2252209.UP.FTS.B,

25.21%,

12/15/26

...

1,347

1,338

L2204211.UP.FTS.B,

25.24%,

12/15/26

...

779

769

L2252447.UP.FTS.B,

25.4%,

12/15/26

....

1,077

1,069

L2253781.UP.FTS.B,

25.42%,

12/15/26

...

5,252

5,218

L2253724.UP.FTS.B,

25.49%,

12/15/26

...

749

735

FW2253392.UP.FTS.B,

25.5%,

12/15/26

..

6,356

6,309

FW2252481.UP.FTS.B,

26.36%,

12/15/26

.

11,694

11,611

FW2252287.UP.FTS.B,

26.45%,

12/15/26

.

1,317

1,297

FW2248936.UP.FTS.B,

26.48%,

12/15/26

.

5,334

5,299

FW2252129.UP.FTS.B,

26.6%,

12/15/26

..

4,779

338

FW2250547.UP.FTS.B,

27.22%,

12/15/26

.

3,226

939

FW2251714.UP.FTS.B,

28.54%,

12/15/26

.

5,354

5,317

FW2252023.UP.FTS.B,

28.67%,

12/15/26

.

4,164

4,135

FW2250659.UP.FTS.B,

28.84%,

12/15/26

.

4,710

(5)

FW2253234.UP.FTS.B,

28.94%,

12/15/26

.

9,881

9,817

FW2252989.UP.FTS.B,

29.41%,

12/15/26

.

9,978

9,909

FW2252065.UP.FTS.B,

29.59%,

12/15/26

.

8,167

8,111

FW2252237.UP.FTS.B,

29.62%,

12/15/26

.

5,264

5,227

FW2252233.UP.FTS.B,

30.05%,

12/15/26

.

2,271

2,256

FW2247630.UP.FTS.B,

30.42%,

12/15/26

.

2,812

2,795

FW2252687.UP.FTS.B,

30.62%,

12/15/26

.

13,648

13,553

FW2252504.UP.FTS.B,

30.66%,

12/15/26

.

4,806

340

FW2252113.UP.FTS.B,

30.81%,

12/15/26

.

1,275

1,266

FW2253485.UP.FTS.B,

30.83%,

12/15/26

.

1,711

1,658

FW2252117.UP.FTS.B,

30.85%,

12/15/26

.

22,761

22,604

FW2251570.UP.FTS.B,

31.17%,

12/15/26

.

10,936

10,861

FW2253186.UP.FTS.B,

31.17%,

12/15/26

.

1,913

1,900

FW2253542.UP.FTS.B,

31.19%,

12/15/26

.

1,731

1,719

FW2252788.UP.FTS.B,

31.31%,

12/15/26

.

4,010

3,983

FW2251389.UP.FTS.B,

31.46%,

12/15/26

.

17,385

17,264

FW2251813.UP.FTS.B,

31.46%,

12/15/26

.

4,024

1,181

FW2251940.UP.FTS.B,

31.49%,

12/15/26

.

8,926

2,617

FW2251566.UP.FTS.B,

31.95%,

12/15/26

.

5,660

5,622

L2499407.UP.FTS.B,

5.37%,

1/24/27

....

42,568

42,408

L2497781.UP.FTS.B,

5.7%,

1/24/27

.....

5,114

5,095

L2499766.UP.FTS.B,

6.26%,

1/24/27

....

5,125

5,106

FW2499326.UP.FTS.B,

6.71%,

1/24/27

...

6,845

6,820

L2498743.UP.FTS.B,

7.47%,

1/24/27

....

9,438

9,386

L2492277.UP.FTS.B,

7.6%,

1/24/27

.....

5,837

5,805

L2500086.UP.FTS.B,

7.95%,

1/24/27

....

10,895

10,833

L2497458.UP.FTS.B,

8.44%,

1/24/27

....

30,055

29,888

L2497353.UP.FTS.B,

9.69%,

1/24/27

....

11,221

11,159

L2500275.UP.FTS.B,

9.89%,

1/24/27

....

17,285

17,190

L2499026.UP.FTS.B,

10.04%,

1/24/27

....

17,325

17,229

L2498801.UP.FTS.B,

10.59%,

1/24/27

....

23,425

23,252

L2499730.UP.FTS.B,

10.93%,

1/24/27

....

8,660

8,596

L2500305.UP.FTS.B,

11.35%,

1/24/27

....

870

863

L2498662.UP.FTS.B,

11.41%,

1/24/27

....

8,700

8,636

FW2499235.UP.FTS.B,

11.45%,

1/24/27

..

5,649

5,608

L2498623.UP.FTS.B,

12.18%,

1/24/27

....

1,919

1,905

L2497417.UP.FTS.B,

12.27%,

1/24/27

....

19,895

19,748

L2497448.UP.FTS.B,

12.57%,

1/24/27

....

8,734

8,670

Franklin

Universal

Trust

Schedule

of

Investments

(unaudited)

See

Notes

to

Schedule

of

Investments.

Quarterly

Schedule

of

Investments

33

Description

Principal

Amount

Value

Marketplace

Loans

(continued)

Upstart

Network,

Inc.

(continued)

FW2497574.UP.FTS.B,

12.62%,

1/24/27

..

$

30,454

$

7,818

L2497797.UP.FTS.B,

12.7%,

1/24/27

....

6,117

6,072

L2497350.UP.FTS.B,

13.11%,

1/24/27

....

8,930

8,864

L2500282.UP.FTS.B,

13.29%,

1/24/27

....

8,756

8,690

L2500590.UP.FTS.B,

13.43%,

1/24/27

....

1,169

1,158

L2500384.UP.FTS.B,

13.68%,

1/24/27

....

8,562

621

L2498730.UP.FTS.B,

14.35%,

1/24/27

....

5,271

5,233

FW2499948.UP.FTS.B,

14.6%,

1/24/27

...

6,155

6,110

L2499978.UP.FTS.B,

14.9%,

1/24/27

....

30,804

30,578

L2500513.UP.FTS.B,

14.9%,

1/24/27

....

17,602

17,473

L2498596.UP.FTS.B,

15.19%,

1/24/27

....

1,762

1,749

L2499400.UP.FTS.B,

15.39%,

1/24/27

....

12,858

1,887

L2498019.UP.FTS.B,

15.41%,

1/24/27

....

26,446

26,252

L2499756.UP.FTS.B,

15.54%,

1/24/27

....

24,699

24,514

FW2497967.UP.FTS.B,

16.1%,

1/24/27

...

9,213

9,115

L2497954.UP.FTS.B,

16.34%,

1/24/27

....

5,521

777

FW2500346.UP.FTS.B,

16.35%,

1/24/27

..

18,547

18,342

L2494019.UP.FTS.B,

16.44%,

1/24/27

....

5,306

5,252

L2497377.UP.FTS.B,

16.51%,

1/24/27

....

4,865

4,815

L2499556.UP.FTS.B,

16.78%,

1/24/27

....

19,211

19,015

L2499062.UP.FTS.B,

17.84%,

1/24/27

....

1,296

1,282

FW2494435.UP.FTS.B,

17.9%,

1/24/27

...

35,192

34,823

L2500130.UP.FTS.B,

18.16%,

1/24/27

....

6,223

6,145

L2497198.UP.FTS.B,

18.3%,

1/24/27

....

5,339

5,269

L2498470.UP.FTS.B,

18.32%,

1/24/27

....

11,991

11,895

L2499350.UP.FTS.B,

18.35%,

1/24/27

....

26,686

26,352

L2500098.UP.FTS.B,

18.6%,

1/24/27

....

6,676

6,608

L2497796.UP.FTS.B,

18.8%,

1/24/27

....

6,235

6,157

L2500341.UP.FTS.B,

18.83%,

1/24/27

....

2,227

2,198

L2497754.UP.FTS.B,

19.19%,

1/24/27

....

2,764

2,730

FW2498275.UP.FTS.B,

19.45%,

1/24/27

..

8,838

8,723

L2499146.UP.FTS.B,

19.77%,

1/24/27

....

4,100

4,049

L2498546.UP.FTS.B,

19.91%,

1/24/27

....

6,013

5,935

L2497528.UP.FTS.B,

19.93%,

1/24/27

....

4,468

4,412

L2499090.UP.FTS.B,

20.13%,

1/24/27

....

5,365

5,298

FW2498254.UP.FTS.B,

20.72%,

1/24/27

..

2,687

2,674

FW2499205.UP.FTS.B,

20.72%,

1/24/27

..

5,376

5,345

L2497852.UP.FTS.B,

20.98%,

1/24/27

....

3,137

3,098

L2499153.UP.FTS.B,

21.13%,

1/24/27

....

1,076

1,063

L2498554.UP.FTS.B,

21.26%,

1/24/27

....

4,485

4,429

L2499623.UP.FTS.B,

21.29%,

1/24/27

....

4,800

346

L2497527.UP.FTS.B,

21.34%,

1/24/27

....

4,486

4,465

L2497646.UP.FTS.B,

21.52%,

1/24/27

....

1,785

1,759

L2497439.UP.FTS.B,

21.55%,

1/24/27

....

7,185

7,086

L2500177.UP.FTS.B,

21.66%,

1/24/27

....

5,388

5,363

FW2497293.UP.FTS.B,

22.07%,

1/24/27

..

1,891

62

L2500531.UP.FTS.B,

22.26%,

1/24/27

....

2,883

206

FW2494038.UP.FTS.B,

22.37%,

1/24/27

..

3,599

3,554

L2499540.UP.FTS.B,

22.38%,

1/24/27

....

5,372

5,344

L2497652.UP.FTS.B,

22.95%,

1/24/27

....

890

885

FW2497553.UP.FTS.B,

23.05%,

1/24/27

..

15,985

15,880

FW2498441.UP.FTS.B,

23.1%,

1/24/27

...

9,737

9,690

L2497905.UP.FTS.B,

23.5%,

1/24/27

....

45,638

45,369

L2500427.UP.FTS.B,

23.85%,

1/24/27

....

9,488

9,383

L2499847.UP.FTS.B,

24.09%,

1/24/27

....

22,928

22,624

FW2497923.UP.FTS.B,

24.18%,

1/24/27

..

3,553

3,505

L2498223.UP.FTS.B,

24.52%,

1/24/27

....

6,107

434

L2498333.UP.FTS.B,

24.57%,

1/24/27

....

4,251

85

Description

Principal

Amount

Value

Upstart

Network,

Inc.

(continued)

L2498247.UP.FTS.B,

25.02%,

1/24/27

....

$

1,906

$

135

L2500224.UP.FTS.B,

25.04%,

1/24/27

....

5,272

5,238

L2500571.UP.FTS.B,

25.04%,

1/24/27

....

11,318

209

L2500298.UP.FTS.B,

25.15%,

1/24/27

....

1,450

1,432

FW2497649.UP.FTS.B,

25.29%,

1/24/27

..

36,271

36,096

L2500002.UP.FTS.B,

25.3%,

1/24/27

....

3,274

497

L2498291.UP.FTS.B,

25.35%,

1/24/27

....

1,088

1,083

L2500059.UP.FTS.B,

25.4%,

1/24/27

....

2,540

2,527

L2500230.UP.FTS.B,

25.4%,

1/24/27

....

4,717

4,694

L2500426.UP.FTS.B,

25.41%,

1/24/27

....

1,179

1,173

L2497705.UP.FTS.B,

25.44%,

1/24/27

....

3,598

3,575

L2500467.UP.FTS.B,

25.44%,

1/24/27

....

1,542

1,535

L2497190.UP.FTS.B,

26.04%,

1/24/27

....

2,635

2,601

FW2497955.UP.FTS.B,

26.15%,

1/24/27

..

11,943

11,871

L2500357.UP.FTS.B,

26.3%,

1/24/27

....

8,455

8,414

FW2498761.UP.FTS.B,

26.35%,

1/24/27

..

6,566

1,946

FW2498010.UP.FTS.B,

26.65%,

1/24/27

..

21,909

1,544

FW2498744.UP.FTS.B,

26.78%,

1/24/27

..

9,102

9,058

FW2499122.UP.FTS.B,

26.89%,

1/24/27

..

1,974

1,963

FW2499816.UP.FTS.B,

27.03%,

1/24/27

..

5,214

137

FW2498012.UP.FTS.B,

27.23%,

1/24/27

..

5,376

5,350

FW2499127.UP.FTS.B,

27.37%,

1/24/27

..

4,557

4,535

FW2499103.UP.FTS.B,

27.5%,

1/24/27

...

2,735

2,722

FW2497665.UP.FTS.B,

27.6%,

1/24/27

...

12,457

12,327

FW2500434.UP.FTS.B,

27.81%,

1/24/27

..

912

908

L2497724.UP.FTS.B,

27.87%,

1/24/27

....

4,745

4,686

FW2497801.UP.FTS.B,

28.11%,

1/24/27

..

6,413

6,376

FW2498723.UP.FTS.B,

28.14%,

1/24/27

..

1,933

137

FW2497947.UP.FTS.B,

28.25%,

1/24/27

..

34,812

34,642

FW2499989.UP.FTS.B,

28.3%,

1/24/27

...

7,857

7,818

L2498023.UP.FTS.B,

28.37%,

1/24/27

....

3,616

3,580

FW2497725.UP.FTS.B,

28.51%,

1/24/27

..

1,090

1,084

FW2499482.UP.FTS.B,

28.65%,

1/24/27

..

14,995

14,921

FW2498534.UP.FTS.B,

28.67%,

1/24/27

..

1,670

1,660

FW2498212.UP.FTS.B,

29.42%,

1/24/27

..

1,226

190

FW2499784.UP.FTS.B,

29.61%,

1/24/27

..

7,789

7,751

FW2500060.UP.FTS.B,

29.62%,

1/24/27

..

3,849

3,830

FW2498768.UP.FTS.B,

30.06%,

1/24/27

..

1,376

1,370

FW2498295.UP.FTS.B,

30.4%,

1/24/27

...

952

–

FW2497607.UP.FTS.B,

30.5%,

1/24/27

...

4,521

4,496

FW2497688.UP.FTS.B,

30.73%,

1/24/27

..

1,161

1,150

FW2499403.UP.FTS.B,

30.76%,

1/24/27

..

2,573

2,560

FW2500502.UP.FTS.B,

30.77%,

1/24/27

..

4,594

4,572

FW2498079.UP.FTS.B,

30.78%,

1/24/27

..

2,757

2,743

FW2497794.UP.FTS.B,

30.97%,

1/24/27

..

6,804

1,064

FW2498894.UP.FTS.B,

31.13%,

1/24/27

..

3,311

3,294

FW2498394.UP.FTS.B,

31.2%,

1/24/27

...

4,695

4,667

FW2498422.UP.FTS.B,

31.2%,

1/24/27

...

920

915

FW2498197.UP.FTS.B,

31.21%,

1/24/27

..

1,196

1,190

FW2497583.UP.FTS.B,

31.24%,

1/24/27

..

6,910

6,871

FW2497608.UP.FTS.B,

31.43%,

1/24/27

..

1,564

1,557

FW2499098.UP.FTS.B,

31.57%,

1/24/27

..

27,575

8,018

FW2499925.UP.FTS.B,

31.73%,

1/24/27

..

1,707

1,696

FW2499694.UP.FTS.B,

31.9%,

1/24/27

...

2,393

165

FW2500567.UP.FTS.B,

33.54%,

1/24/27

..

2,165

653

FW2497327.UP.FTS.B,

33.75%,

1/24/27

..

1,757

1,748

FW2498111.UP.FTS.B,

34.75%,

1/24/27

..

8,563

3

FW2502639.UP.FTS.B,

4.89%,

1/25/27

...

11,455

11,412

Franklin

Universal

Trust

Schedule

of

Investments

(unaudited)

Quarterly

Schedule

of

Investments

See

Notes

to

Schedule

of

Investments.

34

Description

Principal

Amount

Value

Marketplace

Loans

(continued)

Upstart

Network,

Inc.

(continued)

L2502859.UP.FTS.B,

5.46%,

1/25/27

....

$

42,097

$

41,939

L2443263.UP.FTS.B,

6.66%,

1/25/27

....

7,271

7,245

L2472114.UP.FTS.B,

7.63%,

1/25/27

.....

17,169

17,107

L2501608.UP.FTS.B,

7.8%,

1/25/27

.....

17,181

17,119

L2501651.UP.FTS.B,

8.03%,

1/25/27

....

7,014

6,977

L2501547.UP.FTS.B,

8.21%,

1/25/27

....

5,162

5,134

L2502319.UP.FTS.B,

8.49%,

1/25/27

....

35,086

34,898

L2501796.UP.FTS.B,

9.36%,

1/25/27

....

13,476

13,404

L2502134.UP.FTS.B,

9.38%,

1/25/27

....

27,504

27,353

L2502374.UP.FTS.B,

9.72%,

1/25/27

....

7,348

7,308

L2502174.UP.FTS.B,

9.86%,

1/25/27

....

14,711

14,605

L2500014.UP.FTS.B,

10.79%,

1/25/27

....

10,326

10,269

L2501070.UP.FTS.B,

10.94%,

1/25/27

....

7,016

510

L2501446.UP.FTS.B,

11.34%,

1/25/27

....

2,609

2,595

FW2498378.UP.FTS.B,

11.81%,

1/25/27

..

26,136

25,948

L2502791.UP.FTS.B,

11.84%,

1/25/27

....

7,380

7,314

L2501198.UP.FTS.B,

12.05%,

1/25/27

....

10,899

10,819

L2500626.UP.FTS.B,

12.15%,

1/25/27

....

4,260

4,224

L2502704.UP.FTS.B,

12.53%,

1/25/27

....

3,057

3,035

L2502644.UP.FTS.B,

12.76%,

1/25/27

....

8,740

8,677

FW2502179.UP.FTS.B,

12.78%,

1/25/27

..

1,748

1,736

L2501977.UP.FTS.B,

12.89%,

1/25/27

....

34,826

34,571

L2500795.UP.FTS.B,

13.1%,

1/25/27

....

8,955

8,891

L2502535.UP.FTS.B,

13.13%,

1/25/27

....

43,068

42,747

FW2503315.UP.FTS.B,

13.41%,

1/25/27

..

23

22

L2502247.UP.FTS.B,

13.43%,

1/25/27

....

3,504

3,478

L2503471.UP.FTS.B,

13.93%,

1/25/27

....

4,373

4,341

L2501470.UP.FTS.B,

14.16%,

1/25/27

....

13,170

13,076

L2500808.UP.FTS.B,

14.3%,

1/25/27

....

6,500

6,454

FW2502376.UP.FTS.B,

14.43%,

1/25/27

..

13,181

13,087

L2500633.UP.FTS.B,

14.62%,

1/25/27

....

4,014

3,984

L2501876.UP.FTS.B,

14.91%,

1/25/27

....

3,521

3,495

L2503197.UP.FTS.B,

15.28%,

1/25/27

....

13,218

13,123

L2501020.UP.FTS.B,

15.56%,

1/25/27

....

1,482

1,471

L2501591.UP.FTS.B,

16.26%,

1/25/27

....

14,881

14,726

FW2502838.UP.FTS.B,

16.27%,

1/25/27

..

35,361

34,993

FW2500763.UP.FTS.B,

16.29%,

1/25/27

..

3,801

3,763

FW2501405.UP.FTS.B,

16.74%,

1/25/27

..

4,365

1,191

L2503404.UP.FTS.B,

16.88%,

1/25/27

....

7,857

7,773

L2499095.UP.FTS.B,

16.97%,

1/25/27

....

2,657

2,631

L2500943.UP.FTS.B,

17.28%,

1/25/27

....

7,055

6,980

FW2502154.UP.FTS.B,

17.3%,

1/25/27

...

22,394

22,164

L2503121.UP.FTS.B,

17.35%,

1/25/27

....

11,038

10,926

FW2502260.UP.FTS.B,

17.52%,

1/25/27

..

6,211

6,149

L2501997.UP.FTS.B,

17.77%,

1/25/27

....

4,440

4,395

FW2501148.UP.FTS.B,

17.78%,

1/25/27

..

1,775

1,757

FW2501125.UP.FTS.B,

17.82%,

1/25/27

..

1,332

1,316

L2502739.UP.FTS.B,

18.1%,

1/25/27

....

5,778

5,720

FW2501171.UP.FTS.B,

18.13%,

1/25/27

..

5,174

238

L2503099.UP.FTS.B,

18.87%,

1/25/27

....

11,412

1,738

L2502439.UP.FTS.B,

18.98%,

1/25/27

....

6,352

6,272

L2495525.UP.FTS.B,

19.03%,

1/25/27

....

6,200

6,122

L2501884.UP.FTS.B,

19.04%,

1/25/27

....

8,913

8,805

L2502391.UP.FTS.B,

19.43%,

1/25/27

....

13,348

13,213

L2500727.UP.FTS.B,

19.88%,

1/25/27

....

7,237

7,149

FW2501374.UP.FTS.B,

20.06%,

1/25/27

..

9,051

8,936

FW2501295.UP.FTS.B,

20.14%,

1/25/27

..

894

883

FW2500961.UP.FTS.B,

20.28%,

1/25/27

..

6,038

6,002

Description

Principal

Amount

Value

Upstart

Network,

Inc.

(continued)

L2503073.UP.FTS.B,

21.17%,

1/25/27

....

$

10,223

$

10,178

L2500557.UP.FTS.B,

21.25%,

1/25/27

....

13,454

13,290

FW2501561.UP.FTS.B,

21.33%,

1/25/27

..

5,309

5,282

L2503424.UP.FTS.B,

21.51%,

1/25/27

....

8,797

8,689

L2501728.UP.FTS.B,

21.52%,

1/25/27

....

4,542

4,484

L2500163.UP.FTS.B,

21.71%,

1/25/27

....

14,037

4,019

L2502058.UP.FTS.B,

21.83%,

1/25/27

....

9,075

9,024

L2500694.UP.FTS.B,

22.07%,

1/25/27

....

5,182

375

FW2497118.UP.FTS.B,

22.54%,

1/25/27

..

11,798

11,662

L2496481.UP.FTS.B,

22.63%,

1/25/27

....

18,304

18,070

L2500977.UP.FTS.B,

22.64%,

1/25/27

....

6,303

6,275

L2449123.UP.FTS.B,

23.47%,

1/25/27

....

6,648

204

FW2500954.UP.FTS.B,

23.81%,

1/25/27

..

7,226

7,194

FW2502037.UP.FTS.B,

23.81%,

1/25/27

..

3,613

3,597

L2502763.UP.FTS.B,

23.93%,

1/25/27

....

3,706

3,686

L2502792.UP.FTS.B,

24.01%,

1/25/27

....

4,992

1,471

FW2503468.UP.FTS.B,

24.6%,

1/25/27

...

3,066

3,052

FW2503375.UP.FTS.B,

24.71%,

1/25/27

..

2,778

823

FW2503209.UP.FTS.B,

25.12%,

1/25/27

..

6,317

6,288

L2500638.UP.FTS.B,

25.31%,

1/25/27

....

897

892

L2502753.UP.FTS.B,

25.33%,

1/25/27

....

2,993

2,979

L2497155.UP.FTS.B,

25.35%,

1/25/27

....

578

570

L2501592.UP.FTS.B,

25.36%,

1/25/27

....

1,081

1,076

L2500577.UP.FTS.B,

25.4%,

1/25/27

....

1,361

1,354

L2503342.UP.FTS.B,

25.48%,

1/25/27

....

5,827

5,796

L2500860.UP.FTS.B,

25.49%,

1/25/27

....

1,258

1,252

L2502978.UP.FTS.B,

25.49%,

1/25/27

....

3,393

3,374

L2501610.UP.FTS.B,

25.67%,

1/25/27

....

2,995

2,982

L2502912.UP.FTS.B,

25.69%,

1/25/27

....

18,791

18,701

L2502995.UP.FTS.B,

25.82%,

1/25/27

....

2,996

2,983

FW2501208.UP.FTS.B,

25.83%,

1/25/27

..

17,706

17,627

L2500786.UP.FTS.B,

26.35%,

1/25/27

....

2,543

2,511

FW2503491.UP.FTS.B,

26.41%,

1/25/27

..

1,996

1,987

FW2501330.UP.FTS.B,

26.47%,

1/25/27

..

5,002

4,980

FW2502187.UP.FTS.B,

26.63%,

1/25/27

..

4,549

4,529

FW2501336.UP.FTS.B,

26.71%,

1/25/27

..

1,509

1,484

FW2503082.UP.FTS.B,

26.84%,

1/25/27

..

2,324

692

FW2502725.UP.FTS.B,

26.94%,

1/25/27

..

4,318

4,293

FW2499783.UP.FTS.B,

27.06%,

1/25/27

..

9,120

9,070

FW2501053.UP.FTS.B,

27.35%,

1/25/27

..

7,383

7,349

FW2502455.UP.FTS.B,

27.61%,

1/25/27

..

7,799

1,232

FW2474863.UP.FTS.B,

27.63%,

1/25/27

..

3,089

3,070

FW2501136.UP.FTS.B,

27.66%,

1/25/27

..

4,367

48

FW2502652.UP.FTS.B,

27.68%,

1/25/27

..

4,470

4,450

FW2503169.UP.FTS.B,

27.77%,

1/25/27

..

924

918

FW2501180.UP.FTS.B,

28.56%,

1/25/27

..

2,742

2,730

FW2500797.UP.FTS.B,

28.58%,

1/25/27

..

1,811

1,801

FW2503337.UP.FTS.B,

28.86%,

1/25/27

..

15,770

15,677

FW2503221.UP.FTS.B,

29%,

1/25/27

....

23,760

7,111

FW2502849.UP.FTS.B,

29.19%,

1/25/27

..

1,373

1,367

FW2501588.UP.FTS.B,

29.29%,

1/25/27

..

1,831

1,823

FW2502338.UP.FTS.B,

30.04%,

1/25/27

..

4,723

4,695

FW2500628.UP.FTS.B,

30.26%,

1/25/27

..

968

67

FW2501594.UP.FTS.B,

30.71%,

1/25/27

..

1,123

1,116

FW2501203.UP.FTS.B,

30.73%,

1/25/27

..

1,286

1,280

FW2501656.UP.FTS.B,

30.91%,

1/25/27

..

969

68

FW2502622.UP.FTS.B,

30.97%,

1/25/27

..

2,362

367

FW2502676.UP.FTS.B,

31.01%,

1/25/27

..

3,402

3,386

Franklin

Universal

Trust

Schedule

of

Investments

(unaudited)

See

Notes

to

Schedule

of

Investments.

Quarterly

Schedule

of

Investments

35

Description

Principal

Amount

Value

Marketplace

Loans

(continued)

Upstart

Network,

Inc.

(continued)

FW2503502.UP.FTS.B,

31.01%,

1/25/27

..

$

2,360

$

2,348

FW2502222.UP.FTS.B,

31.02%,

1/25/27

..

1,185

1,179

FW2501430.UP.FTS.B,

31.03%,

1/25/27

..

1,656

1,647

FW2502879.UP.FTS.B,

31.04%,

1/25/27

..

26,662

26,540

FW2502592.UP.FTS.B,

31.05%,

1/25/27

..

14,105

14,021

FW2502647.UP.FTS.B,

31.05%,

1/25/27

..

7,791

7,742

FW2502834.UP.FTS.B,

31.11%,

1/25/27

..

2,479

2,464

FW2500670.UP.FTS.B,

31.13%,

1/25/27

..

1,012

1,007

FW2502954.UP.FTS.B,

31.14%,

1/25/27

..

4,706

4,678

FW2499746.UP.FTS.B,

31.16%,

1/25/27

..

3,312

3,296

FW2500654.UP.FTS.B,

31.21%,

1/25/27

..

912

908

FW2503208.UP.FTS.B,

31.21%,

1/25/27

..

2,391

2,380

FW2497199.UP.FTS.B,

31.22%,

1/25/27

..

1,841

129

FW2497987.UP.FTS.B,

31.34%,

1/25/27

..

6,106

429

FW2501378.UP.FTS.B,

31.34%,

1/25/27

..

3,729

(71)

FW2502423.UP.FTS.B,

32.98%,

1/25/27

..

1,386

1,378

FW2502276.UP.FTS.B,

33.54%,

1/25/27

..

4,624

4,603

L1729483.UP.FTS.B,

18.23%,

2/17/27

....

13,863

13,747

L1729858.UP.FTS.B,

25.05%,

2/17/27

....

19,143

19,128

FW1729695.UP.FTS.B,

29.91%,

2/17/27

..

46,736

46,579

FW1729859.UP.FTS.B,

30.83%,

2/17/27

..

9,376

9,345

FW1729220.UP.FTS.B,

32.29%,

2/17/27

..

3,324

3,168

L1902506.UP.FTS.B,

12.6%,

3/22/27

....

32,397

1,210

L1887930.UP.FTS.B,

12.89%,

3/22/27

....

3,392

92

L1902300.UP.FTS.B,

22.58%,

3/22/27

....

4,569

4,565

FW1902098.UP.FTS.B,

26.15%,

3/22/27

..

4,643

4,633

FW1901725.UP.FTS.B,

31.78%,

3/22/27

..

12,899

12,885

L2031108.UP.FTS.B,

11.34%,

4/12/27

....

43,380

43,121

L2030776.UP.FTS.B,

18.15%,

4/12/27

....

4,425

4,398

FW2030457.UP.FTS.B,

19.74%,

4/12/27

..

5,647

5,573

L2032168.UP.FTS.B,

21.6%,

4/12/27

....

8,674

8,583

L2032065.UP.FTS.B,

22.33%,

4/12/27

....

18,172

18,045

FW2032681.UP.FTS.B,

22.41%,

4/12/27

..

2,302

2,270

L2031364.UP.FTS.B,

24.71%,

4/12/27

....

3,263

1,942

L2032337.UP.FTS.B,

26.62%,

4/12/27

....

8,240

1,197

FW2032026.UP.FTS.B,

29.26%,

4/12/27

..

15,523

4,466

FW2030903.UP.FTS.B,

29.44%,

4/12/27

..

4,789

1,374

L2972334.UP.FTS.B,

6.17%,

4/19/27

....

44,936

44,801

L2972137.UP.FTS.B,

6.42%,

4/19/27

....

13,490

13,449

L2971979.UP.FTS.B,

6.84%,

4/19/27

....

24,128

24,057

L2971286.UP.FTS.B,

7.38%,

4/19/27

....

22,540

22,474

L2972081.UP.FTS.B,

7.8%,

4/19/27

.....

4,780

4,765

FW2972190.UP.FTS.B,

7.92%,

4/19/27

...

42,705

42,581

L2971556.UP.FTS.B,

10.11%,

4/19/27

....

29,505

29,358

L2971728.UP.FTS.B,

11.46%,

4/19/27

....

9,746

9,673

L2971948.UP.FTS.B,

12.78%,

4/19/27

....

6,836

6,784

L2971527.UP.FTS.B,

13.17%,

4/19/27

....

9,603

9,532

L2967243.UP.FTS.B,

14.24%,

4/19/27

....

15,586

15,472

L2970341.UP.FTS.B,

15.34%,

4/19/27

....

5,959

5,615

L2971759.UP.FTS.B,

16.29%,

4/19/27

....

7,000

6,923

L2971657.UP.FTS.B,

16.32%,

4/19/27

....

2,009

1,986

L2971854.UP.FTS.B,

16.46%,

4/19/27

....

2,843

2,811

FW2968818.UP.FTS.B,

17.01%,

4/19/27

..

15,036

14,872

L2970277.UP.FTS.B,

17.94%,

4/19/27

....

29,578

29,257

FW2971812.UP.FTS.B,

18.16%,

4/19/27

..

28,283

28,025

L2972316.UP.FTS.B,

18.63%,

4/19/27

....

46,169

45,661

L2971776.UP.FTS.B,

19.69%,

4/19/27

....

6,123

6,057

L2972008.UP.FTS.B,

20.74%,

4/19/27

....

5,110

5,068

Description

Principal

Amount

Value

Upstart

Network,

Inc.

(continued)

FW2971982.UP.FTS.B,

21.48%,

4/19/27

..

$

1,583

$

1,566

L2972267.UP.FTS.B,

22.43%,

4/19/27

....

5,336

5,283

L2970145.UP.FTS.B,

22.58%,

4/19/27

....

8,117

8,009

L2971633.UP.FTS.B,

22.88%,

4/19/27

....

22,846

523

L2972209.UP.FTS.B,

23.9%,

4/19/27

....

2,806

2,783

L2971880.UP.FTS.B,

24%,

4/19/27

......

29,656

29,343

L2971929.UP.FTS.B,

24.66%,

4/19/27

....

20,419

20,150

FW2971643.UP.FTS.B,

24.95%,

4/19/27

..

20,065

19,910

L2971841.UP.FTS.B,

25.2%,

4/19/27

....

1,366

1,354

L2971769.UP.FTS.B,

25.23%,

4/19/27

....

6,234

6,184

L2972249.UP.FTS.B,

25.46%,

4/19/27

....

5,749

1,684

FW2972220.UP.FTS.B,

26.42%,

4/19/27

..

3,665

3,635

L2971662.UP.FTS.B,

26.49%,

4/19/27

....

940

927

FW2972102.UP.FTS.B,

26.72%,

4/19/27

..

3,094

3,071

FW2972305.UP.FTS.B,

27.33%,

4/19/27

..

5,647

5,602

FW2972030.UP.FTS.B,

28.07%,

4/19/27

..

4,712

4,674

FW2971684.UP.FTS.B,

30.82%,

4/19/27

..

9,277

9,204

FW2101729.UP.FTS.B,

20.8%,

4/23/27

...

28,581

27,012

FW2101765.UP.FTS.B,

29.07%,

4/23/27

..

3,276

3,276

FW2103611.UP.FTS.B,

30.3%,

4/23/27

...

2,899

2,894

FW2103334.UP.FTS.B,

30.61%,

4/23/27

..

2,233

336

FW2103313.UP.FTS.B,

31.18%,

4/23/27

..

3,705

3,532

FW2249414.UP.FTS.B,

19.5%,

5/14/27

...

5,894

5,805

FW2248406.UP.FTS.B,

23.81%,

5/14/27

..

1,338

96

L2250450.UP.FTS.B,

23.85%,

5/14/27

....

1,386

1,375

L2248036.UP.FTS.B,

24.14%,

5/14/27

....

25,766

25,554

L2248407.UP.FTS.B,

25.27%,

5/14/27

....

2,388

170

L2251286.UP.FTS.B,

25.89%,

5/14/27

....

2,081

2,060

L2248209.UP.FTS.B,

26.25%,

5/14/27

....

5,875

5,655

FW2248688.UP.FTS.B,

26.36%,

5/14/27

..

4,016

587

FW2248226.UP.FTS.B,

29.45%,

5/14/27

..

2,803

2,777

FW2251197.UP.FTS.B,

29.46%,

5/14/27

..

4,803

337

FW2250225.UP.FTS.B,

30.13%,

5/14/27

..

1,493

1,477

FW2250018.UP.FTS.B,

31.2%,

5/14/27

...

1,086

1,051

FW2250032.UP.FTS.B,

32.02%,

5/14/27

..

3,976

3,942

L2251560.UP.FTS.B,

14.27%,

5/15/27

....

6,036

1,534

L2251988.UP.FTS.B,

19.87%,

5/15/27

....

2,263

2,229

FW2253145.UP.FTS.B,

24.76%,

5/15/27

..

11,676

3,349

FW2253490.UP.FTS.B,

28.02%,

5/15/27

..

4,645

4,606

FW2252591.UP.FTS.B,

31.67%,

5/15/27

..

6,704

6,663

FW2497520.UP.FTS.B,

17.89%,

6/24/27

..

5,650

5,594

L2500347.UP.FTS.B,

19.63%,

6/24/27

....

17,195

(148)

L2500104.UP.FTS.B,

25.5%,

6/24/27

....

3,419

3,379

FW2498266.UP.FTS.B,

27.06%,

6/24/27

..

3,715

3,668

FW2463420.UP.FTS.B,

28.55%,

6/24/27

..

911

905

FW2497836.UP.FTS.B,

31.41%,

6/24/27

..

6,203

1,837

L2499889.UP.FTS.B,

20.18%,

6/25/27

....

22,153

21,873

L2502008.UP.FTS.B,

24.08%,

6/25/27

....

39,246

11,419

L2503278.UP.FTS.B,

24.32%,

6/25/27

....

9,812

9,766

L2500827.UP.FTS.B,

25.15%,

6/25/27

....

2,728

2,715

FW2501815.UP.FTS.B,

29.99%,

6/25/27

..

6,885

6,850

FW2500473.UP.FTS.B,

31.15%,

6/25/27

..

2,805

2,790

FW2972075.UP.FTS.B,

9.42%,

9/19/27

...

35,665

35,556

FW2251363.UP.FTS.B,

16.36%,

10/14/27

.

37,835

37,563

FW2251983.UP.FTS.B,

30.9%,

10/15/27

..

3,754

3,718

FW2500185.UP.FTS.B,

30.96%,

11/24/27

.

6,704

6,743

FW2499865.UP.FTS.B,

31.15%,

11/24/27

.

1,680

1,689

L2498668.UP.FTS.B,

13.66%,

11/25/27

...

37,919

37,645

Franklin

Universal

Trust

Schedule

of

Investments

(unaudited)

Quarterly

Schedule

of

Investments

See

Notes

to

Schedule

of

Investments.

36

Description

Principal

Amount

Value

Marketplace

Loans

(continued)

Upstart

Network,

Inc.

(continued)

L2501498.UP.FTS.B,

22.59%,

11/25/27

...

$

5,764

$

5,720

L1901406.UP.FTS.B,

27.3%,

10/22/28

....

4,888

4,836

L2475583.UP.FTS.B,

20.34%,

1/25/29

....

925

907

7,113,587

Total

Marketplace

Loans

(Cost

$20,096,681)

....

$17,860,326

Franklin

Universal

Trust

37

Quarterly

Schedule

of

Investments

Notes

to

Schedule

of

Investments

(unaudited)

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

Board

has

designated

the

Fund’s

investment

manager

as

the

valuation

designee

and

has

responsibility

for

oversight

of

valuation.

The

investment

manager

is

assisted

by

the

Fund’s

administrator

in

performing

this

responsibility,

including

leading

the

cross-

functional

Valuation

Committee

(VC).

The

Fund

may

utilize

independent

pricing

services,

quotations

from

securities

and

financial

instrument

dealers,

and

other

market

sources

to

determine

fair

value. 

Equity

securities

listed

on

an

exchange

or

on

the

NASDAQ

National

Market

System

are

valued

at

the

last

quoted

sale

price

or

the

official

closing

price

of

the

day,

respectively.

Foreign

equity

securities

are

valued

as

of

the

close

of

trading

on

the

foreign

stock

exchange

on

which

the

security

is

primarily

traded

or

as

of

4

p.m.

Eastern

time.

The

value

is

then

converted

into

its

U.S.

dollar

equivalent

at

the

foreign

exchange

rate

in

effect

at

4

p.m. Eastern

time

on

the

day

that

the

value

of

the

security

is

determined.

Over-the-counter

(OTC)

securities

are

valued

within

the

range

of

the

most

recent

quoted

bid

and

ask

prices.

Securities

that

trade

in

multiple

markets

or

on

multiple

exchanges

are

valued

according

to

the

broadest

and

most

representative

market.

Certain

equity

securities

are

valued

based

upon

fundamental

characteristics

or

relationships

to

similar

securities. 

Debt

securities

generally

trade

in

the

OTC

market

rather

than

on

a

securities

exchange.

The Fund's

pricing

services

use

multiple

valuation

techniques

to

determine

fair

value.

In

instances

where

sufficient

market

activity

exists,

the

pricing

services

may

utilize

a

market-based

approach

through

which

quotes

from

market

makers

are

used

to

determine

fair

value.

In

instances

where

sufficient

market

activity

may

not

exist

or

is

limited,

the

pricing

services

also

utilize

proprietary

valuation

models

which

may

consider

market

characteristics

such

as

benchmark

yield

curves,

credit

spreads,

estimated

default

rates,

anticipated

market

interest

rate

volatility,

coupon

rates,

anticipated

timing

of

principal

repayments,

underlying

collateral,

and

other

unique

security

features

in

order

to

estimate

the

relevant

cash

flows,

which

are

then

discounted

to

calculate

the

fair

value.

Securities

denominated

in

a

foreign

currency

are

converted

into

their

U.S.

dollar

equivalent

at

the

foreign

exchange

rate

in

effect

at

4

p.m.

Eastern

time

on

the

date

that

the

values

of

the

foreign

debt

securities

are

determined.

Investments

in

open-end

mutual

funds

are

valued

at

the

closing

NAV.

Investments

in

repurchase

agreements

are

valued

at

cost,

which

approximates

fair

value.

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. 

Franklin

Universal

Trust

Notes

to

Schedule

of

Investments

(unaudited)

38

Quarterly

Schedule

of

Investments

Trading

in

securities

on

foreign

securities

stock

exchanges

and

OTC

markets

may

be

completed

before

4

p.m.

Eastern

time.

In

addition,

trading

in

certain

foreign

markets

may

not

take

place

on

every

Fund’s

business

day.

Events

can

occur

between

the

time

at

which

trading

in

a

foreign

security

is

completed

and

4

p.m.

Eastern

time

that

might

call

into

question

the

reliability

of

the

value

of

a

portfolio

security

held

by

the

Fund.

As

a

result,

differences

may

arise

between

the

value

of

the

Fund’s

portfolio securities

as

determined

at

the

foreign

market

close

and

the

latest

indications

of

value

at

4

p.m.

Eastern

time.

In

order

to

minimize

the

potential

for

these

differences,

an

independent

pricing

service

may

be

used

to

adjust

the

value

of

the

Fund's

portfolio

securities

to

the

latest

indications

of

fair

value

at 4

p.m.

Eastern

time.

When

the

last

day

of

the

reporting

period

is

a

non-business

day,

certain

foreign

markets

may

be

open

on

those

days

that

the

Fund’s

NAV

is

not

calculated,

which

could

result

in

differences

between

the

value

of

the

Fund’s

portfolio

securities

on

the

last

business

day

and

the

last

calendar

day

of

the

reporting

period.

Any

security

valuation

changes

due

to

an

open

foreign

market

are

adjusted

and

reflected

by

the

Fund for

financial

reporting

purposes.

3.

Investments

in

Affiliated

Management

Investment

Companies 

The

Fund

invests

in

one

or

more

affiliated

management

investment

companies.

As

defined

in

the

1940

Act,

an

investment

is

deemed

to

be

a

“Controlled

Affiliate”

of

a

fund

when

a

fund

owns,

either

directly

or

indirectly,

25%

or

more

of

the

affiliated

fund’s

outstanding

shares

or

has

the

power

to

exercise

control

over

management

or

policies

of

such

fund.

The

Fund

does

not

invest for

purposes

of

exercising

a

controlling

influence

over

the

management

or

policies.

During

the

period

ended

November

30,

2022,

the

Fund

held

investments

in

affiliated

management

investment

companies

as

follows: 

4. Fair

Value

Measurements 

The

Fund

follows

a

fair

value

hierarchy

that

distinguishes

between

market

data

obtained

from

independent

sources

(observable

inputs)

and

the Fund's

own

market

assumptions

(unobservable

inputs).

These

inputs

are

used

in

determining

the

value

of

the

Fund's financial

instruments

and

are

summarized

in

the

following

fair

value

hierarchy:

Level

1

–

quoted

prices

in

active

markets

for

identical

financial

instruments

Level

2

–

other

significant

observable

inputs

(including

quoted

prices

for

similar

financial

instruments,

interest

rates,

prepayment

speed,

credit

risk,

etc.)

    aa

Value

at

Beginning

of

Period

Purchases

Sales

Realized

Gain

(Loss)

Net

Change

in

Unrealized

Appreciation

(Depreciation)

Value

at

End

of

Period

Number

of

Shares

Held

at

End

of

Period

Investment

Income

a      

a  

a  

a  

a  

a  

a  

a  

Franklin

Universal

Trust

Non-Controlled

Affiliates

Dividends

Institutional

Fiduciary

Trust

-

Money

Market

Portfolio,

3.446%

$

9,360,377

$

3,500,224

$

(3,119,738)

$

—

$

—

$

9,740,863

9,740,863

$

63,401

Non-Controlled

Affiliates

Income

from

securities

loaned

Institutional

Fiduciary

Trust

-

Money

Market

Portfolio,

3.446%

$134,000

$3,787,000

$(3,719,000)

$—

$—

$202,000

202,000

$3,331

Total

Affiliated

Securities

...

$9,494,377

$7,287,224

$(6,838,738)

$—

$—

$9,942,863

$66,732

2. Financial

Instrument

Valuation

(continued)

Franklin

Universal

Trust

Notes

to

Schedule

of

Investments

(unaudited)

39

Quarterly

Schedule

of

Investments

Level

3

–

significant

unobservable

inputs

(including

the

Fund's

own

assumptions

in

determining

the

fair

value

of

financial

instruments)

The

input

levels

are

not

necessarily

an

indication

of

the

risk

or

liquidity

associated

with

financial

instruments

at

that

level.

A

summary

of

inputs

used

as

of

November

30,

2022,

in

valuing

the

Fund's

assets

carried

at

fair

value,

is

as

follows:

Level

1

Level

2

Level

3

Total

Franklin

Universal

Trust

Assets:

Investments

in

Securities:

Common

Stocks

:

Electric

Utilities

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

$

52,100,165

$

—

$

—

$

52,100,165

Metals

&

Mining

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

4,920,972

—

—

4,920,972

Multi-Utilities

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

34,123,238

—

—

34,123,238

Oil,

Gas

&

Consumable

Fuels

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

4,209,315

624,084

—

4,833,399

Preferred

Stocks

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

509,850

—

—

509,850

Warrants

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

906

—

—

906

Convertible

Bonds

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

—

2,252

—

2,252

Corporate

Bonds

:

Airlines

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

—

1,704,641

—

1,704,641

Auto

Components

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

—

4,784,724

—

4,784,724

Automobiles

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

—

931,611

—

931,611

Banks

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

—

893,250

—

893,250

Beverages

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

—

605,777

—

605,777

Biotechnology

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

—

406,436

—

406,436

Building

Products

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

—

4,187,059

—

4,187,059

Capital

Markets

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

—

263,737

—

263,737

Chemicals

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

—

7,412,429

—

7,412,429

Commercial

Services

&

Supplies

...........

—

2,661,192

—

2,661,192

Communications

Equipment

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

—

1,242,592

—

1,242,592

Construction

&

Engineering

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

—

2,425,186

—

2,425,186

Consumer

Finance

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

—

1,035,508

—

1,035,508

Containers

&

Packaging

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

—

5,876,331

—

5,876,331

Diversified

Consumer

Services

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

—

744,240

—

744,240

Diversified

Financial

Services

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

—

1,985,145

—

1,985,145

Diversified

Telecommunication

Services

.....

—

5,591,971

—

5,591,971

Electric

Utilities

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

—

1,326,878

—

1,326,878

Electrical

Equipment

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

—

1,560,566

—

1,560,566

Electronic

Equipment,

Instruments

&

Components

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

—

424,991

—

424,991

Energy

Equipment

&

Services

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

—

4,294,901

—

4,294,901

Entertainment

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

—

1,759,818

—

1,759,818

Equity

Real

Estate

Investment

Trusts

(REITs)

.

—

2,586,556

—

2,586,556

Food

Products

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

—

1,700,574

—

1,700,574

Health

Care

Equipment

&

Supplies

.........

—

1,177,518

—

1,177,518

Health

Care

Providers

&

Services

..........

—

3,438,861

—

3,438,861

Hotels,

Restaurants

&

Leisure

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

—

9,551,960

540

9,552,500

Household

Durables

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

—

1,639,927

—

1,639,927

Independent

Power

and

Renewable

Electricity

Producers

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

—

6,712,807

—

6,712,807

Insurance

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

—

276,750

—

276,750

Internet

&

Direct

Marketing

Retail

..........

—

153,056

—

153,056

IT

Services

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

—

3,467,897

—

3,467,897

Life

Sciences

Tools

&

Services

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

—

174,264

—

174,264

Machinery

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

—

2,383,032

—

2,383,032

Media

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

—

5,756,462

—

5,756,462

Metals

&

Mining

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

—

2,177,517

—

2,177,517

4. Fair

Value

Measurements 

(continued)

Franklin

Universal

Trust

Notes

to

Schedule

of

Investments

(unaudited)

40

Quarterly

Schedule

of

Investments

A

reconciliation

in

which

Level

3

inputs

are

used

in

determining

fair

value

is

presented

when

there

are

significant

Level

3

assets

and/or

liabilities

at

the

beginning

and/or

end

of

the

period.

At November

30,

2022,

the

reconciliation

is

as

follows:

6

Level

1

Level

2

Level

3

Total

Franklin

Universal

Trust

(continued)

Assets:

(continued)

Investments

in

Securities:

Corporate

Bonds:

Mortgage

Real

Estate

Investment

Trusts

(REITs)

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

$

—

$

797,835

$

—

$

797,835

Multiline

Retail

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

—

896,437

—

896,437

Oil,

Gas

&

Consumable

Fuels

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

—

17,263,876

—

a

17,263,876

Paper

&

Forest

Products

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

—

261,804

—

261,804

Pharmaceuticals

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

—

4,510,509

—

4,510,509

Real

Estate

Management

&

Development

....

—

782,958

—

782,958

Road

&

Rail

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

—

1,462,329

—

1,462,329

Software

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

—

2,377,518

—

2,377,518

Specialty

Retail

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

—

3,193,996

—

3,193,996

Textiles,

Apparel

&

Luxury

Goods

..........

—

1,216,759

—

1,216,759

Thrifts

&

Mortgage

Finance

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

—

1,296,006

—

1,296,006

Trading

Companies

&

Distributors

..........

—

925,207

—

925,207

Wireless

Telecommunication

Services

.......

—

2,103,439

—

2,103,439

Senior

Floating

Rate

Interests

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

—

151,481

—

151,481

Marketplace

Loans

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

—

—

17,860,326

17,860,326

Asset-Backed

Securities

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

—

1,365,323

—

1,365,323

Escrows

and

Litigation

Trusts

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

—

36,000

—

36,000

Short

Term

Investments

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

9,942,863

1,480,542

—

11,423,405

Total

Investments

in

Securities

...........

$105,807,309

$134,064,519

$17,860,866

$257,732,694

a

Includes

financial

instruments

determined

to

have

no

value

at

November

30,

2022.

Balance

at

Beginning

of

Period

Purchases

a

Sales

b

Transfer

Into

Level

3

c

Transfer

Out

of

Level

3

Net

Accretion

(Amortiza-

tion)

Net

Realized

Gain

(Loss)

Net

Unr

ealized

Appreciatio

n

(

Depreciation

)

Balance

at

End

of

Period

Net

Change

in

Unrealized

Appreciation

(Depreciation)

on

Assets

Held

at

Period

End

a

a

a

a

a

a

a

a

a

a

a

Franklin

Universal

Trust

Assets:

Investments

in

Securities:

Common

Stocks

:

Oil,

Gas

&

Consumable

Fuels

..........

$

—

d

$

—

$

(151)

$

—

$

—

$

—

$

(74,975)

$

75,126

$

—

$

—

Warrants

:

Oil,

Gas

&

Consumable

Fuels

..........

—

d

—

—

d

—

—

—

—

—

—

—

Corporate

Bonds

:

Hotels,

Restaurants

&

Leisure

.........

540

—

—

—

—

—

—

—

540

—

Oil,

Gas

&

Consumable

Fuels

..........

—

—

—

3,864

—

—

—

(3,864)

—

d

(3,864)

Marketplace

Loans

:

Diversified

Financial

Services

........

21,006,789

12,895

(2,745,771)

—

—

—

153,160

(566,747)

17,860,326

(759,396)

Total

Investments

in

Securities

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

$21,007,329

$12,895

$(2,745,922)

$3,864

$—

$—

$78,185

$(495,485)

$17,860,866

$(763,260)

4. Fair

Value

Measurements 

(continued)

Franklin

Universal

Trust

Notes

to

Schedule

of

Investments

(unaudited)

41

Quarterly

Schedule

of

Investments

Significant

unobservable

valuation

inputs

for

material

Level

3

assets

and/or

liabilities

and

impact

to

fair

value

as

a

result

of

changes

in

unobservable

valuation

inputs

as

of

November

30,

2022,

are

as

follows:

a

Weighted

based

on

the

relative

fair

value

of

the

financial

instruments.

b

Represents

the

directional

change

in

the

fair

value

of

the

Level

3

financial

instruments

that

would

result

from

a

significant

and

reasonable

increase

in

the

corresponding

input.

A

significant

and

reasonable

decrease

in

the

input

would

have

the

opposite

effect.

Significant

increases

and

decreases

in

these

inputs

in

isolation

could

result

in

significantly

higher

or

lower

fair

value

measurements.

c

Includes

financial

instruments

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.

d

Includes

securities

determined

to

have

no

value

at

November

30,

2022.

Abbreviations

a

Purchases

include

all

purchases

of

securities

and

securities

received

in

corporate

actions.

b

Sales

include

all

sales

of

securities,

maturities,

paydowns

and

securities

tendered

in

corporate

actions.

c

Transferred

into

Level

3

as

a

result

of

the

unavailability

of

a

quoted

market

price

in

an

active

market

for

identical

securities

or

other

significant

observable

valuation

inputs.

d

Includes

financial

instruments

determined

to

have

no

value.

Description

Fair

Value

at

End

of

Period

Valuation

Technique

Unobservable

Inputs

Amount

(Weighted

Average)

a

Impact

to

Fair

Value

if

Input

Increases

b

Franklin

Universal

Trust

Assets:

Investments

in

Securities:

Marketplace

Loans:

Diversified

Financial

Services.......

$17,686,109

Discounted

cash

flow

Loss-adjusted

discount

rate

2.3%

-

11.5%

(8.1%)

Decrease

Projected

loss

rate

19.0%

-

29.8%

(24.3%)

Decrease

All

Other

Investments………...

174,757

c,d

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

$17,860,866

Selected

Portfolio

ADR

American

Depositary

Receipt

CME

Chicago

Mercantile

Exchange

FRN

Floating

Rate

Note

PIK

Payment-In-Kind

REIT

Real

Estate

Investment

Trust

SOFR

Secured

Overnight

Financing

Rate

4. Fair

Value

Measurements 

(continued)

For

additional

information

on

the

Fund's

significant

accounting

policies,

please

refer

to

the Fund's

most

recent

semiannual

or

annual

shareholder

report.