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
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
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.