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
28
Franklin
Universal
Trust
Schedule
of
Investments
(unaudited),
November
30,
2023
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
47.2%
Electric
Utilities
24.9%
Alliant
Energy
Corp.
...................................
United
States
80,000
$
4,045,600
American
Electric
Power
Co.,
Inc.
.........................
United
States
65,000
5,170,750
Constellation
Energy
Corp.
..............................
United
States
21,666
2,622,453
Duke
Energy
Corp.
....................................
United
States
40,000
3,691,200
Edison
International
...................................
United
States
36,000
2,411,640
Entergy
Corp.
........................................
United
States
30,000
3,042,300
Evergy,
Inc.
..........................................
United
States
72,000
3,674,880
Exelon
Corp.
.........................................
United
States
65,000
2,503,150
FirstEnergy
Corp.
.....................................
United
States
61,000
2,253,340
NextEra
Energy,
Inc.
...................................
United
States
115,000
6,728,650
Pinnacle
West
Capital
Corp.
.............................
United
States
25,000
1,873,500
PPL
Corp.
...........................................
United
States
24,500
639,940
Southern
Co.
(The)
....................................
United
States
53,000
3,761,940
Xcel
Energy,
Inc.
......................................
United
States
55,000
3,346,200
45,765,543
Independent
Power
and
Renewable
Electricity
Producers
1.6%
a
Talen
Energy
Corp.
....................................
United
States
31,116
1,784,503
a
Talen
Energy
Corp.
....................................
United
States
19,400
1,112,590
2,897,093
Metals
&
Mining
2.5%
BHP
Group
Ltd.,
ADR
..................................
Australia
25,185
1,535,278
Freeport-McMoRan,
Inc.
................................
United
States
80,380
2,999,781
South32
Ltd.,
ADR
....................................
Australia
10,074
101,244
4,636,303
Multi-Utilities
16.6%
CenterPoint
Energy,
Inc.
................................
United
States
122,800
3,471,556
CMS
Energy
Corp.
....................................
United
States
78,000
4,427,280
Consolidated
Edison,
Inc.
...............................
United
States
35,000
3,153,850
Dominion
Energy,
Inc.
..................................
United
States
65,000
2,947,100
DTE
Energy
Co.
......................................
United
States
30,000
3,123,300
NiSource,
Inc.
........................................
United
States
60,000
1,538,400
Public
Service
Enterprise
Group,
Inc.
......................
United
States
45,000
2,809,350
Sempra
.............................................
United
States
90,000
6,558,300
WEC
Energy
Group,
Inc.
................................
United
States
28,000
2,341,360
30,370,496
Oil,
Gas
&
Consumable
Fuels
1.6%
a
Amplify
Energy
Corp.
..................................
United
States
245
1,504
Birch
Permian
Holdings,
Inc.
.............................
United
States
32,490
357,390
California
Resources
Corp.
..............................
United
States
27
1,383
Chesapeake
Energy
Corp.
..............................
United
States
1,871
150,260
DT
Midstream,
Inc.
....................................
United
States
15,000
859,350
Enbridge,
Inc.
........................................
Canada
39,360
1,372,483
Woodside
Energy
Group
Ltd.,
ADR
........................
Australia
9,101
185,023
2,927,393
Total
Common
Stocks
(Cost
$37,871,105)
......................................
86,596,828
Preferred
Stocks
0.3%
Electric
Utilities
0.3%
SCE
Trust
II,
5.1%
....................................
United
States
27,500
538,725
Total
Preferred
Stocks
(Cost
$598,125)
.........................................
538,725
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%
†
a
California
Resources
Corp.,
10/27/24
......................
United
States
64
$
1,043
Total
Warrants
(Cost
$–)
......................................................
1,043
Principal
Amount
*
Corporate
Bonds
76.6%
Aerospace
&
Defense
0.3%
b,c
TransDigm,
Inc.
,
Senior
Secured
Note
,
144A,
6.75
%
,
8/15/28
....
United
States
600,000
601,823
Automobile
Components
2.5%
b,c
Adient
Global
Holdings
Ltd.
,
Senior
Note,
144A,
8.25%,
4/15/31
......................
United
States
700,000
712,146
Senior
Secured
Note,
144A,
7%,
4/15/28
..................
United
States
400,000
406,677
b
Allison
Transmission,
Inc.
,
Senior
Bond,
144A,
3.75%,
1/30/31
......................
United
States
300,000
250,755
Senior
Note,
144A,
4.75%,
10/01/27
.....................
United
States
600,000
566,332
b,c
Dornoch
Debt
Merger
Sub,
Inc.
,
Senior
Note
,
144A,
6.625
%
,
10/15/29
..........................................
United
States
1,400,000
1,195,880
c
Goodyear
Tire
&
Rubber
Co.
(The)
,
Senior
Note,
9.5%,
5/31/25
............................
United
States
900,000
916,402
Senior
Note,
5%,
7/15/29
.............................
United
States
600,000
547,790
4,595,982
Automobiles
0.6%
b,c
Jaguar
Land
Rover
Automotive
plc
,
Senior
Note
,
144A,
5.5
%
,
7/15/29
...........................................
United
Kingdom
1,100,000
1,027,153
Banks
0.5%
d,e
JPMorgan
Chase
&
Co.
,
R
,
Junior
Sub.
Bond
,
FRN
,
8.939
%
,
(
3-month
SOFR
+
3.562
%
),
Perpetual
....................
United
States
900,000
906,491
Beverages
0.3%
b,c
Primo
Water
Holdings,
Inc.
,
Senior
Note
,
144A,
4.375
%
,
4/30/29
..
Canada
700,000
621,578
Biotechnology
0.2%
b
Emergent
BioSolutions,
Inc.
,
Senior
Note
,
144A,
3.875
%
,
8/15/28
.
United
States
900,000
355,279
Building
Products
2.7%
b,c
Advanced
Drainage
Systems,
Inc.
,
Senior
Note
,
144A,
6.375
%
,
6/15/30
...........................................
United
States
500,000
491,625
b,c
AmeriTex
HoldCo
Intermediate
LLC
,
Senior
Secured
Note
,
144A,
10.25
%
,
10/15/28
....................................
United
States
600,000
587,250
b
Cornerstone
Building
Brands,
Inc.
,
Senior
Note
,
144A,
6.125
%
,
1/15/29
...........................................
United
States
300,000
235,795
b,c
Eco
Material
Technologies,
Inc.
,
Senior
Secured
Note
,
144A,
7.875
%
,
1/31/27
.....................................
United
States
500,000
491,897
b,c
Emerald
Debt
Merger
Sub
LLC
,
Senior
Secured
Note
,
144A,
6.625
%
,
12/15/30
....................................
United
States
1,100,000
1,098,625
b
JELD-WEN,
Inc.
,
Senior
Note
,
144A,
4.875
%
,
12/15/27
.........
United
States
300,000
276,963
b
Smyrna
Ready
Mix
Concrete
LLC
,
Senior
Secured
Note
,
144A,
8.875
%
,
11/15/31
....................................
United
States
1,200,000
1,221,865
b
Standard
Industries,
Inc.
,
c
Senior
Bond,
144A,
4.75%,
1/15/28
......................
United
States
500,000
470,427
Senior
Bond,
144A,
4.375%,
7/15/30
.....................
United
States
100,000
87,748
4,962,195
Capital
Markets
0.3%
b,c
Jane
Street
Group
/
JSG
Finance,
Inc.
,
Senior
Secured
Note
,
144A,
4.5
%
,
11/15/29
......................................
United
States
500,000
447,862
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)
Chemicals
3.5%
b,f,g
Anagram
Holdings
LLC
/
Anagram
International,
Inc.
,
Secured
Note
,
144A,
PIK,
10
%
,
8/15/26
..............................
United
States
257,209
$
70,732
b
ASP
Unifrax
Holdings,
Inc.
,
Senior
Secured
Note
,
144A,
5.25
%
,
9/30/28
...........................................
United
States
200,000
137,733
b
Braskem
Idesa
SAPI
,
Senior
Secured
Bond
,
144A,
6.99
%
,
2/20/32
Mexico
300,000
194,058
c
Celanese
US
Holdings
LLC
,
Senior
Note
,
6.33
%
,
7/15/29
.......
United
States
1,000,000
1,019,595
b,c
Consolidated
Energy
Finance
SA
,
Senior
Note
,
144A,
5.625
%
,
10/15/28
..........................................
Switzerland
600,000
500,096
b
Element
Solutions,
Inc.
,
Senior
Note
,
144A,
3.875
%
,
9/01/28
.....
United
States
200,000
177,920
b,c
GPD
Cos.,
Inc.
,
Senior
Secured
Note
,
144A,
10.125
%
,
4/01/26
...
United
States
1,500,000
1,365,047
b,c
Illuminate
Buyer
LLC
/
Illuminate
Holdings
IV,
Inc.
,
Senior
Note
,
144A,
9
%
,
7/01/28
...................................
United
States
1,000,000
941,615
b,f
Kobe
US
Midco
2,
Inc.
,
Senior
Note
,
144A,
PIK,
9.25
%
,
11/01/26
..
United
States
210,000
152,671
b,c
Rain
Carbon,
Inc.
,
Senior
Secured
Note
,
144A,
12.25
%
,
9/01/29
..
United
States
1,000,000
1,021,250
b
Rain
CII
Carbon
LLC
/
CII
Carbon
Corp.
,
Secured
Note
,
144A,
7.25
%
,
4/01/25
.....................................
United
States
33,000
31,789
b,c
Vibrantz
Technologies,
Inc.
,
Senior
Note
,
144A,
9
%
,
2/15/30
.....
United
States
1,000,000
771,320
6,383,826
Commercial
Services
&
Supplies
1.5%
b,c
APX
Group,
Inc.
,
Senior
Note
,
144A,
5.75
%
,
7/15/29
...........
United
States
800,000
715,044
b,c
Enviri
Corp.
,
Senior
Note
,
144A,
5.75
%
,
7/31/27
..............
United
States
500,000
435,705
b,c
Prime
Security
Services
Borrower
LLC
/
Prime
Finance,
Inc.
,
Senior
Secured
Note
,
144A,
3.375
%
,
8/31/27
....................
United
States
600,000
543,321
b,c
Stericycle,
Inc.
,
Senior
Note
,
144A,
3.875
%
,
1/15/29
...........
United
States
1,200,000
1,059,016
2,753,086
Communications
Equipment
0.5%
b
CommScope,
Inc.
,
Senior
Note
,
144A,
7.125
%
,
7/01/28
.........
United
States
1,600,000
749,288
b
Viasat,
Inc.
,
Senior
Note
,
144A,
7.5
%
,
5/30/31
................
United
States
300,000
214,875
964,163
Construction
&
Engineering
1.2%
b,c
Arcosa,
Inc.
,
Senior
Note
,
144A,
4.375
%
,
4/15/29
.............
United
States
300,000
267,829
b,c
VM
Consolidated,
Inc.
,
Senior
Note
,
144A,
5.5
%
,
4/15/29
.......
United
States
800,000
725,484
b,c
Weekley
Homes
LLC
/
Weekley
Finance
Corp.
,
Senior
Note
,
144A,
4.875
%
,
9/15/28
.....................................
United
States
1,300,000
1,192,339
2,185,652
Construction
Materials
0.3%
b,c
Knife
River
Corp.
,
Senior
Note
,
144A,
7.75
%
,
5/01/31
..........
United
States
500,000
513,933
Consumer
Finance
2.1%
b
GGAM
Finance
Ltd.
,
Senior
Note,
144A,
8%,
2/15/27
........................
Ireland
200,000
201,546
Senior
Note,
144A,
8%,
6/15/28
........................
Ireland
700,000
708,572
c
OneMain
Finance
Corp.
,
Senior
Note
,
9
%
,
1/15/29
............
United
States
1,400,000
1,445,369
b
PRA
Group,
Inc.
,
Senior
Note,
144A,
8.375%,
2/01/28
.....................
United
States
600,000
544,875
Senior
Note,
144A,
5%,
10/01/29
.......................
United
States
300,000
226,822
b,c
PROG
Holdings,
Inc.
,
Senior
Note
,
144A,
6
%
,
11/15/29
.........
United
States
900,000
787,135
3,914,319
Consumer
Staples
Distribution
&
Retail
0.8%
b,c
Albertsons
Cos.,
Inc.
/
Safeway,
Inc.
/
New
Albertsons
LP
/
Albertsons
LLC
,
Senior
Note
,
144A,
3.5
%
,
3/15/29
...........
United
States
800,000
709,605
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
Staples
Distribution
&
Retail
(continued)
b,c
US
Foods,
Inc.
,
Senior
Note
,
144A,
6.875
%
,
9/15/28
...........
United
States
700,000
$
710,591
1,420,196
Containers
&
Packaging
3.7%
b,c
Ardagh
Packaging
Finance
plc
/
Ardagh
Holdings
USA,
Inc.
,
Senior
Note,
144A,
5.25%,
8/15/27
......................
United
States
600,000
441,330
Senior
Secured
Note,
144A,
5.25%,
4/30/25
...............
United
States
800,000
780,343
b,c
LABL,
Inc.
,
Senior
Secured
Note
,
144A,
9.5
%
,
11/01/28
........
United
States
300,000
289,875
b,c
Mauser
Packaging
Solutions
Holding
Co.
,
Secured
Note,
144A,
9.25%,
4/15/27
.....................
United
States
1,500,000
1,366,592
Senior
Secured
Note,
144A,
7.875%,
8/15/26
..............
United
States
1,000,000
994,287
b,c
Owens-Brockway
Glass
Container,
Inc.
,
Senior
Note,
144A,
6.625%,
5/13/27
.....................
United
States
375,000
371,434
Senior
Note,
144A,
7.25%,
5/15/31
......................
United
States
800,000
795,008
b
Pactiv
Evergreen
Group
Issuer
LLC
/
Pactiv
Evergreen
Group
Issuer,
Inc.
,
Senior
Secured
Note
,
144A,
4.375
%
,
10/15/28
..........
United
States
300,000
272,851
b,c
Pactiv
Evergreen
Group
Issuer,
Inc.
/
Pactiv
Evergreen
Group
Issuer
LLC
,
Senior
Secured
Note
,
144A,
4
%
,
10/15/27
.............
United
States
1,200,000
1,099,134
b,c
Trivium
Packaging
Finance
BV
,
Senior
Note
,
144A,
8.5
%
,
8/15/27
.
Netherlands
500,000
454,836
6,865,690
Distributors
0.5%
b,c
Ritchie
Bros
Holdings,
Inc.
,
Senior
Note,
144A,
7.75%,
3/15/31
......................
Canada
500,000
519,425
Senior
Secured
Note,
144A,
6.75%,
3/15/28
...............
Canada
300,000
305,913
825,338
Diversified
Consumer
Services
0.4%
Grand
Canyon
University
,
Secured
Note
,
5.125
%
,
10/01/28
......
United
States
800,000
711,416
Diversified
REITs
1.3%
b
Global
Net
Lease,
Inc.
/
Global
Net
Lease
Operating
Partnership
LP
,
Senior
Note
,
144A,
3.75
%
,
12/15/27
......................
United
States
800,000
652,990
b,c
HAT
Holdings
I
LLC
/
HAT
Holdings
II
LLC
,
Senior
Note
,
144A,
6
%
,
4/15/25
...........................................
United
States
400,000
394,658
b
Necessity
Retail
REIT,
Inc.
(The)
/
American
Finance
Operating
Partner
LP
,
Senior
Note
,
144A,
4.5
%
,
9/30/28
...............
United
States
900,000
727,312
b,c
VICI
Properties
LP
/
VICI
Note
Co.,
Inc.
,
Senior
Note
,
144A,
3.75
%
,
2/15/27
...........................................
United
States
700,000
648,655
2,423,615
Diversified
Telecommunication
Services
2.5%
b
Altice
France
Holding
SA
,
Senior
Secured
Note
,
144A,
10.5
%
,
5/15/27
...........................................
Luxembourg
1,500,000
798,153
b
CCO
Holdings
LLC
/
CCO
Holdings
Capital
Corp.
,
c
Senior
Bond,
144A,
5.375%,
6/01/29
.....................
United
States
500,000
463,973
c
Senior
Bond,
144A,
4.5%,
8/15/30
.......................
United
States
1,700,000
1,459,684
Senior
Bond,
144A,
4.25%,
2/01/31
......................
United
States
200,000
166,965
b,c
Iliad
Holding
SASU
,
Senior
Secured
Note
,
144A,
7
%
,
10/15/28
...
France
800,000
768,371
b,c
Virgin
Media
Secured
Finance
plc
,
Senior
Secured
Bond
,
144A,
4.5
%
,
8/15/30
......................................
United
Kingdom
1,100,000
944,977
4,602,123
Electric
Utilities
0.7%
b,c
Vistra
Operations
Co.
LLC
,
Senior
Note,
144A,
5.625%,
2/15/27
.....................
United
States
1,000,000
973,406
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)
Electric
Utilities
(continued)
b,c
Vistra
Operations
Co.
LLC,
(continued)
Senior
Note,
144A,
4.375%,
5/01/29
.....................
United
States
400,000
$
361,419
1,334,825
Electrical
Equipment
1.4%
b,c
Regal
Rexnord
Corp.
,
Senior
Bond,
144A,
6.4%,
4/15/33
.......................
United
States
400,000
394,448
Senior
Note,
144A,
6.3%,
2/15/30
.......................
United
States
500,000
494,365
b,c
Sensata
Technologies
BV
,
Senior
Note
,
144A,
4
%
,
4/15/29
......
United
States
1,000,000
898,201
b,c
Vertiv
Group
Corp.
,
Senior
Secured
Note
,
144A,
4.125
%
,
11/15/28
United
States
800,000
725,085
2,512,099
Electronic
Equipment,
Instruments
&
Components
0.2%
b,c
TTM
Technologies,
Inc.
,
Senior
Note
,
144A,
4
%
,
3/01/29
........
United
States
500,000
444,845
Energy
Equipment
&
Services
2.9%
b
CSI
Compressco
LP
/
CSI
Compressco
Finance,
Inc.
,
f
Secured
Note,
144A,
PIK,
10%,
4/01/26
..................
United
States
982,453
896,512
Senior
Secured
Note,
144A,
7.5%,
4/01/25
................
United
States
402,000
397,668
b,c
Enerflex
Ltd.
,
Senior
Secured
Note
,
144A,
9
%
,
10/15/27
........
Canada
900,000
848,160
b,c
Nabors
Industries
Ltd.
,
Senior
Note
,
144A,
7.25
%
,
1/15/26
......
United
States
600,000
574,026
Nabors
Industries,
Inc.
,
c
Senior
Note,
5.75%,
2/01/25
...........................
United
States
500,000
499,103
b
Senior
Note,
144A,
9.125%,
1/31/30
.....................
United
States
300,000
301,036
b
Oceaneering
International,
Inc.
,
Senior
Note
,
144A,
6
%
,
2/01/28
..
United
States
300,000
291,111
b
Transocean
Titan
Financing
Ltd.
,
Senior
Secured
Note
,
144A,
8.375
%
,
2/01/28
.....................................
United
States
100,000
102,070
b
Transocean,
Inc.
,
Senior
Secured
Note
,
144A,
8.75
%
,
2/15/30
....
United
States
760,000
776,748
b
Weatherford
International
Ltd.
,
c
Senior
Note,
144A,
8.625%,
4/30/30
.....................
United
States
500,000
517,306
Senior
Secured
Note,
144A,
6.5%,
9/15/28
................
United
States
82,000
82,883
5,286,623
Entertainment
0.4%
b,c
Banijay
Entertainment
SASU
,
Senior
Secured
Note
,
144A,
8.125
%
,
5/01/29
...........................................
France
800,000
807,254
Financial
Services
1.1%
b
Jefferson
Capital
Holdings
LLC
,
Senior
Note
,
144A,
6
%
,
8/15/26
..
United
States
1,200,000
1,116,286
MGIC
Investment
Corp.
,
Senior
Note
,
5.25
%
,
8/15/28
..........
United
States
300,000
283,769
c
Radian
Group,
Inc.
,
Senior
Note
,
6.625
%
,
3/15/25
.............
United
States
600,000
597,483
1,997,538
Food
Products
1.5%
b,c
Chobani
LLC
/
Chobani
Finance
Corp.,
Inc.
,
Senior
Secured
Note
,
144A,
4.625
%
,
11/15/28
...............................
United
States
800,000
723,582
b
Darling
Ingredients,
Inc.
,
Senior
Note
,
144A,
6
%
,
6/15/30
.......
United
States
200,000
193,236
c
Pilgrim's
Pride
Corp.
,
Senior
Bond
,
6.875
%
,
5/15/34
...........
United
States
1,100,000
1,123,439
b,c
Post
Holdings,
Inc.
,
Senior
Bond,
144A,
5.625%,
1/15/28
.....................
United
States
300,000
292,176
Senior
Bond,
144A,
4.625%,
4/15/30
.....................
United
States
400,000
357,625
2,690,058
Ground
Transportation
0.9%
b,c
EquipmentShare.com,
Inc.
,
Secured
Note
,
144A,
9
%
,
5/15/28
....
United
States
800,000
789,000
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)
Ground
Transportation
(continued)
b,c
First
Student
Bidco,
Inc.
/
First
Transit
Parent,
Inc.
,
Senior
Secured
Note
,
144A,
4
%
,
7/31/29
..............................
United
States
900,000
$
766,133
1,555,133
Health
Care
Equipment
&
Supplies
0.8%
b
Bausch
&
Lomb
Escrow
Corp.
,
Senior
Secured
Note
,
144A,
8.375
%
,
10/01/28
..........................................
United
States
400,000
409,500
b,c
Garden
Spinco
Corp.
,
Senior
Note
,
144A,
8.625
%
,
7/20/30
......
United
States
400,000
420,127
b
Medline
Borrower
LP
,
c
Senior
Note,
144A,
5.25%,
10/01/29
.....................
United
States
500,000
452,838
Senior
Secured
Note,
144A,
3.875%,
4/01/29
..............
United
States
300,000
266,493
1,548,958
Health
Care
Providers
&
Services
3.2%
c
Centene
Corp.
,
Senior
Bond,
2.5%,
3/01/31
............................
United
States
500,000
399,395
Senior
Note,
2.45%,
7/15/28
...........................
United
States
500,000
433,761
Senior
Note,
2.625%,
8/01/31
..........................
United
States
500,000
397,465
b
CHS/Community
Health
Systems,
Inc.
,
Secured
Note,
144A,
6.125%,
4/01/30
....................
United
States
500,000
279,593
Senior
Secured
Note,
144A,
6%,
1/15/29
..................
United
States
300,000
253,101
b,c
DaVita,
Inc.
,
Senior
Note
,
144A,
4.625
%
,
6/01/30
.............
United
States
1,200,000
1,015,182
b,c
Kedrion
SpA
,
Senior
Secured
Note
,
144A,
6.5
%
,
9/01/29
........
Italy
1,000,000
890,000
b
ModivCare
Escrow
Issuer,
Inc.
,
Senior
Note
,
144A,
5
%
,
10/01/29
.
United
States
100,000
76,600
b,c
MPH
Acquisition
Holdings
LLC
,
Senior
Note
,
144A,
5.75
%
,
11/01/28
United
States
1,200,000
930,582
c
Tenet
Healthcare
Corp.
,
Senior
Secured
Note,
6.125%,
6/15/30
...................
United
States
700,000
682,754
b
Senior
Secured
Note,
144A,
6.75%,
5/15/31
...............
United
States
500,000
501,186
5,859,619
Health
Care
REITs
0.1%
MPT
Operating
Partnership
LP
/
MPT
Finance
Corp.
,
Senior
Bond
,
5.25
%
,
8/01/26
.....................................
United
States
200,000
174,236
Hotel
&
Resort
REITs
0.2%
b,c
RHP
Hotel
Properties
LP
/
RHP
Finance
Corp.
,
Senior
Note
,
144A,
7.25
%
,
7/15/28
.....................................
United
States
300,000
304,871
Hotels,
Restaurants
&
Leisure
5.3%
b
1011778
BC
ULC
/
New
Red
Finance,
Inc.
,
Secured
Bond
,
144A,
4
%
,
10/15/30
.......................................
Canada
400,000
345,137
b,g,h
24
Hour
Fitness
Worldwide,
Inc.
,
Senior
Note
,
144A,
8
%
,
6/01/22
.
United
States
1,800,000
—
b
Allwyn
Entertainment
Financing
UK
plc
,
Senior
Secured
Note
,
144A,
7.875
%
,
4/30/29
.....................................
Czech
Republic
800,000
801,755
b,c
Caesars
Entertainment,
Inc.
,
Senior
Secured
Note
,
144A,
7
%
,
2/15/30
...........................................
United
States
300,000
300,555
b,c
Carnival
Corp.
,
Senior
Note,
144A,
7.625%,
3/01/26
.....................
United
States
400,000
402,523
Senior
Note,
144A,
5.75%,
3/01/27
......................
United
States
1,500,000
1,427,115
b,c
Carnival
Holdings
Bermuda
Ltd.
,
Senior
Note
,
144A,
10.375
%
,
5/01/28
...........................................
United
States
400,000
435,342
b,c
Everi
Holdings,
Inc.
,
Senior
Note
,
144A,
5
%
,
7/15/29
...........
United
States
700,000
614,173
b,c
Fertitta
Entertainment
LLC
/
Fertitta
Entertainment
Finance
Co.,
Inc.
,
Senior
Note
,
144A,
6.75
%
,
1/15/30
.......................
United
States
1,300,000
1,098,233
b
Motion
Bondco
DAC
,
Senior
Note
,
144A,
6.625
%
,
11/15/27
......
United
Kingdom
200,000
180,148
b
NCL
Corp.
Ltd.
,
Senior
Note
,
144A,
5.875
%
,
3/15/26
...........
United
States
300,000
284,475
b,c
Royal
Caribbean
Cruises
Ltd.
,
Senior
Note,
144A,
5.5%,
8/31/26
.......................
United
States
700,000
681,476
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)
Hotels,
Restaurants
&
Leisure
(continued)
b,c
Royal
Caribbean
Cruises
Ltd.,
(continued)
Senior
Note,
144A,
11.625%,
8/15/27
....................
United
States
700,000
$
759,716
b,c
Station
Casinos
LLC
,
Senior
Note
,
144A,
4.5
%
,
2/15/28
........
United
States
400,000
362,090
b
Studio
City
Finance
Ltd.
,
Senior
Note
,
144A,
5
%
,
1/15/29
.......
Macau
1,600,000
1,242,464
b,c
Wynn
Resorts
Finance
LLC
/
Wynn
Resorts
Capital
Corp.
,
Senior
Note
,
144A,
7.125
%
,
2/15/31
...........................
United
States
800,000
797,012
9,732,214
Household
Durables
1.7%
b,c
Ashton
Woods
USA
LLC
/
Ashton
Woods
Finance
Co.
,
Senior
Note
,
144A,
4.625
%
,
8/01/29
................................
United
States
1,500,000
1,265,520
b,c
Dream
Finders
Homes,
Inc.
,
Senior
Note
,
144A,
8.25
%
,
8/15/28
..
United
States
500,000
515,422
b
LGI
Homes,
Inc.
,
Senior
Note
,
144A,
8.75
%
,
12/15/28
..........
United
States
800,000
823,380
M/I
Homes,
Inc.
,
Senior
Note
,
3.95
%
,
2/15/30
................
United
States
600,000
512,502
3,116,824
Independent
Power
and
Renewable
Electricity
Producers
1.8%
b,c
Calpine
Corp.
,
Senior
Bond,
144A,
5%,
2/01/31
........................
United
States
900,000
796,771
Senior
Note,
144A,
4.625%,
2/01/29
.....................
United
States
700,000
634,605
b
Clearway
Energy
Operating
LLC
,
c
Senior
Bond,
144A,
3.75%,
1/15/32
......................
United
States
400,000
321,845
Senior
Note,
144A,
4.75%,
3/15/28
......................
United
States
400,000
374,653
Senior
Note,
144A,
3.75%,
2/15/31
......................
United
States
300,000
251,262
b
Leeward
Renewable
Energy
Operations
LLC
,
Senior
Note
,
144A,
4.25
%
,
7/01/29
.....................................
United
States
1,000,000
844,057
3,223,193
Insurance
0.6%
b
Alliant
Holdings
Intermediate
LLC
/
Alliant
Holdings
Co-Issuer
,
Senior
Note
,
144A,
6.75
%
,
10/15/27
...........................
United
States
300,000
288,000
b,c
Jones
Deslauriers
Insurance
Management,
Inc.
,
Senior
Note
,
144A,
10.5
%
,
12/15/30
.....................................
Canada
800,000
829,388
1,117,388
IT
Services
2.0%
b,c
Cablevision
Lightpath
LLC
,
Senior
Secured
Note
,
144A,
3.875
%
,
9/15/27
...........................................
United
States
500,000
424,143
b,c
Cogent
Communications
Group,
Inc.
,
Senior
Secured
Note
,
144A,
3.5
%
,
5/01/26
......................................
United
States
500,000
466,680
b
Gartner,
Inc.
,
c
Senior
Note,
144A,
4.5%,
7/01/28
.......................
United
States
500,000
468,777
Senior
Note,
144A,
3.625%,
6/15/29
.....................
United
States
200,000
178,838
c
Senior
Note,
144A,
3.75%,
10/01/30
.....................
United
States
300,000
262,132
b,c
Northwest
Fiber
LLC
/
Northwest
Fiber
Finance
Sub,
Inc.
,
Senior
Note
,
144A,
6
%
,
2/15/28
..............................
United
States
1,100,000
933,311
b,c
Presidio
Holdings,
Inc.
,
Senior
Note
,
144A,
8.25
%
,
2/01/28
......
United
States
900,000
877,195
3,611,076
Life
Sciences
Tools
&
Services
0.5%
b,c
Fortrea
Holdings,
Inc.
,
Senior
Secured
Note
,
144A,
7.5
%
,
7/01/30
.
United
States
1,000,000
991,250
Machinery
1.6%
b,c
ATS
Corp.
,
Senior
Note
,
144A,
4.125
%
,
12/15/28
.............
Canada
1,300,000
1,148,277
b,c
Calderys
Financing
LLC
,
Senior
Secured
Note
,
144A,
11.25
%
,
6/01/28
...........................................
France
800,000
816,456
b,c
Chart
Industries,
Inc.
,
Senior
Secured
Note
,
144A,
7.5
%
,
1/01/30
.
United
States
700,000
714,810
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)
Machinery
(continued)
b
Titan
Acquisition
Ltd.
/
Titan
Co-Borrower
LLC
,
Senior
Note
,
144A,
7.75
%
,
4/15/26
.....................................
Canada
300,000
$
296,703
2,976,246
Media
3.5%
b,c
Clear
Channel
International
BV
,
Senior
Secured
Note
,
144A,
6.625
%
,
8/01/25
.....................................
United
Kingdom
400,000
394,105
b
Clear
Channel
Outdoor
Holdings,
Inc.
,
Senior
Note,
144A,
7.75%,
4/15/28
......................
United
States
300,000
246,202
c
Senior
Note,
144A,
7.5%,
6/01/29
.......................
United
States
500,000
394,453
c
Senior
Secured
Note,
144A,
5.125%,
8/15/27
..............
United
States
400,000
370,662
c
Senior
Secured
Note,
144A,
9%,
9/15/28
..................
United
States
500,000
505,500
CSC
Holdings
LLC
,
c
Senior
Bond,
5.25%,
6/01/24
...........................
United
States
400,000
381,459
b
Senior
Note,
144A,
7.5%,
4/01/28
.......................
United
States
300,000
205,462
b,c
Senior
Note,
144A,
11.25%,
5/15/28
.....................
United
States
700,000
699,446
b,g
Diamond
Sports
Group
LLC
/
Diamond
Sports
Finance
Co.
,
Senior
Note,
144A,
6.625%,
8/15/27
.....................
United
States
700,000
15,750
Senior
Secured
Note,
144A,
5.375%,
8/15/26
..............
United
States
800,000
20,000
b
Directv
Financing
LLC
/
Directv
Financing
Co-Obligor,
Inc.
,
Senior
Secured
Note
,
144A,
5.875
%
,
8/15/27
....................
United
States
200,000
180,169
b,c
DISH
DBS
Corp.
,
Senior
Secured
Note
,
144A,
5.75
%
,
12/01/28
...
United
States
1,000,000
742,560
b,c
LCPR
Senior
Secured
Financing
DAC
,
Senior
Secured
Note
,
144A,
6.75
%
,
10/15/27
.....................................
United
States
450,000
423,675
b
News
Corp.
,
Senior
Note
,
144A,
3.875
%
,
5/15/29
.............
United
States
200,000
177,064
b
Outfront
Media
Capital
LLC
/
Outfront
Media
Capital
Corp.
,
Senior
Bond,
144A,
4.625%,
3/15/30
.....................
United
States
100,000
85,951
Senior
Note,
144A,
5%,
8/15/27
........................
United
States
100,000
94,370
b,c
Scripps
Escrow,
Inc.
,
Senior
Note
,
144A,
5.875
%
,
7/15/27
.......
United
States
600,000
506,106
b,c
Sirius
XM
Radio,
Inc.
,
Senior
Note
,
144A,
4
%
,
7/15/28
.........
United
States
600,000
536,587
b,c
Univision
Communications,
Inc.
,
Senior
Secured
Note
,
144A,
4.5
%
,
5/01/29
...........................................
United
States
600,000
526,907
6,506,428
Metals
&
Mining
1.6%
c
ATI,
Inc.
,
Senior
Note
,
7.25
%
,
8/15/30
......................
United
States
700,000
703,825
c
Commercial
Metals
Co.
,
Senior
Bond
,
3.875
%
,
2/15/31
.........
United
States
700,000
595,221
b,c
Constellium
SE
,
Senior
Note
,
144A,
3.75
%
,
4/15/29
...........
United
States
600,000
526,238
b,c
FMG
Resources
August
2006
Pty.
Ltd.
,
Senior
Bond
,
144A,
4.375
%
,
4/01/31
...........................................
Australia
500,000
436,611
b
Novelis
Corp.
,
Senior
Bond,
144A,
3.875%,
8/15/31
.....................
United
States
100,000
84,242
Senior
Note,
144A,
3.25%,
11/15/26
.....................
United
States
100,000
91,832
b,c
SunCoke
Energy,
Inc.
,
Senior
Secured
Note
,
144A,
4.875
%
,
6/30/29
United
States
600,000
516,705
2,954,674
Mortgage
Real
Estate
Investment
Trusts
(REITs)
0.8%
b,c
Apollo
Commercial
Real
Estate
Finance,
Inc.
,
Senior
Secured
Note
,
144A,
4.625
%
,
6/15/29
................................
United
States
1,500,000
1,219,848
b
Ladder
Capital
Finance
Holdings
LLLP
/
Ladder
Capital
Finance
Corp.
,
Senior
Note
,
144A,
4.75
%
,
6/15/29
.................
United
States
300,000
261,414
1,481,262
Oil,
Gas
&
Consumable
Fuels
9.6%
b
Antero
Resources
Corp.
,
Senior
Note,
144A,
7.625%,
2/01/29
.....................
United
States
166,000
170,133
c
Senior
Note,
144A,
5.375%,
3/01/30
.....................
United
States
700,000
656,184
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)
b,c
Calumet
Specialty
Products
Partners
LP
/
Calumet
Finance
Corp.
,
Senior
Note
,
144A,
8.125
%
,
1/15/27
......................
United
States
900,000
$
847,979
Cheniere
Energy
Partners
LP
,
Senior
Note,
4.5%,
10/01/29
...........................
United
States
500,000
466,840
c
Senior
Note,
4%,
3/01/31
.............................
United
States
700,000
617,913
b
Chesapeake
Energy
Corp.
,
Senior
Note
,
144A,
6.75
%
,
4/15/29
...
United
States
500,000
498,612
b,c
CITGO
Petroleum
Corp.
,
Senior
Secured
Note
,
144A,
8.375
%
,
1/15/29
...........................................
United
States
600,000
605,467
b,c
Civitas
Resources,
Inc.
,
Senior
Note,
144A,
8.375%,
7/01/28
.....................
United
States
700,000
717,809
Senior
Note,
144A,
8.75%,
7/01/31
......................
United
States
700,000
725,353
b,c
CrownRock
LP
/
CrownRock
Finance,
Inc.
,
Senior
Note
,
144A,
5
%
,
5/01/29
...........................................
United
States
300,000
288,237
b
DT
Midstream,
Inc.
,
Senior
Note
,
144A,
4.125
%
,
6/15/29
........
United
States
300,000
269,559
b,c
Endeavor
Energy
Resources
LP
/
EER
Finance,
Inc.
,
Senior
Bond
,
144A,
5.75
%
,
1/30/28
.................................
United
States
1,300,000
1,269,160
c
Energy
Transfer
LP
,
Senior
Note
,
5.75
%
,
4/01/25
..............
United
States
600,000
597,762
b,c
EnLink
Midstream
LLC
,
Senior
Note
,
144A,
6.5
%
,
9/01/30
.......
United
States
800,000
805,833
b
EQM
Midstream
Partners
LP
,
Senior
Note
,
144A,
7.5
%
,
6/01/27
..
United
States
100,000
102,291
b,c
EQT
Corp.
,
Senior
Note
,
144A,
3.125
%
,
5/15/26
..............
United
States
300,000
281,735
b
Harbour
Energy
plc
,
Senior
Note
,
144A,
5.5
%
,
10/15/26
........
United
Kingdom
500,000
470,906
b
Hilcorp
Energy
I
LP
/
Hilcorp
Finance
Co.
,
Senior
Bond,
144A,
6%,
2/01/31
........................
United
States
200,000
185,379
c
Senior
Note,
144A,
6%,
4/15/30
........................
United
States
300,000
280,069
Senior
Note,
144A,
8.375%,
11/01/33
....................
United
States
700,000
721,667
b
Kinetik
Holdings
LP
,
Senior
Note
,
144A,
5.875
%
,
6/15/30
........
United
States
400,000
381,341
b,c
Martin
Midstream
Partners
LP
/
Martin
Midstream
Finance
Corp.
,
Secured
Note
,
144A,
11.5
%
,
2/15/28
.....................
United
States
1,800,000
1,829,112
b,f,g,h
Murray
Energy
Corp.
,
Secured
Note
,
144A,
PIK,
12
%
,
4/15/24
...
United
States
757,734
—
b
PBF
Holding
Co.
LLC
/
PBF
Finance
Corp.
,
Senior
Note
,
144A,
7.875
%
,
9/15/30
.....................................
United
States
200,000
200,189
Sunoco
LP
/
Sunoco
Finance
Corp.
,
Senior
Note,
6%,
4/15/27
.............................
United
States
500,000
497,480
Senior
Note,
4.5%,
5/15/29
............................
United
States
200,000
182,436
b,c
Venture
Global
Calcasieu
Pass
LLC
,
Senior
Secured
Bond,
144A,
4.125%,
8/15/31
..............
United
States
300,000
258,964
Senior
Secured
Note,
144A,
3.875%,
8/15/29
..............
United
States
300,000
263,306
Senior
Secured
Note,
144A,
6.25%,
1/15/30
...............
United
States
400,000
392,857
b
Venture
Global
LNG,
Inc.
,
c
Senior
Secured
Note,
144A,
8.125%,
6/01/28
..............
United
States
600,000
595,417
Senior
Secured
Note,
144A,
9.5%,
2/01/29
................
United
States
500,000
516,210
c
Senior
Secured
Note,
144A,
8.375%,
6/01/31
..............
United
States
500,000
493,052
b,c
Viper
Energy,
Inc.
,
Senior
Note
,
144A,
7.375
%
,
11/01/31
........
United
States
700,000
708,891
Vital
Energy,
Inc.
,
Senior
Note,
10.125%,
1/15/28
.........................
United
States
300,000
305,715
Senior
Note,
9.75%,
10/15/30
..........................
United
States
400,000
401,188
17,605,046
Paper
&
Forest
Products
0.1%
b
Glatfelter
Corp.
,
Senior
Note
,
144A,
4.75
%
,
11/15/29
...........
United
States
400,000
242,546
Passenger
Airlines
0.9%
b
American
Airlines,
Inc.
/
AAdvantage
Loyalty
IP
Ltd.
,
Senior
Secured
Note
,
144A,
5.5
%
,
4/20/26
.............................
United
States
583,333
574,673
b
Delta
Air
Lines,
Inc.
/
SkyMiles
IP
Ltd.
,
Senior
Secured
Note
,
144A,
4.75
%
,
10/20/28
.....................................
United
States
700,000
672,545
b
United
Airlines,
Inc.
,
Senior
Secured
Note,
144A,
4.375%,
4/15/26
..............
United
States
100,000
95,159
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)
Passenger
Airlines
(continued)
b
United
Airlines,
Inc.,
(continued)
c
Senior
Secured
Note,
144A,
4.625%,
4/15/29
..............
United
States
300,000
$
268,008
1,610,385
Personal
Care
Products
0.8%
b,c
BellRing
Brands,
Inc.
,
Senior
Note
,
144A,
7
%
,
3/15/30
.........
United
States
800,000
814,272
b,c
Coty,
Inc.
/
HFC
Prestige
Products,
Inc.
/
HFC
Prestige
International
US
LLC
,
Senior
Secured
Note
,
144A,
6.625
%
,
7/15/30
........
United
States
600,000
603,579
1,417,851
Pharmaceuticals
1.3%
b
1375209
BC
Ltd.
,
Senior
Secured
Note
,
144A,
9
%
,
1/30/28
......
Canada
305,000
294,795
b
Bausch
Health
Cos.,
Inc.
,
Secured
Note,
144A,
14%,
10/15/30
.....................
United
States
107,000
56,129
Senior
Secured
Note,
144A,
11%,
9/30/28
.................
United
States
542,000
340,105
b,g
Endo
Dac
/
Endo
Finance
LLC
/
Endo
Finco,
Inc.
,
Secured
Note,
144A,
9.5%,
7/31/27
......................
United
States
302,000
23,028
Senior
Note,
144A,
6%,
6/30/28
........................
United
States
389,000
28,654
b,g
Endo
Luxembourg
Finance
Co.
I
SARL
/
Endo
US,
Inc.
,
Senior
Secured
Note
,
144A,
6.125
%
,
4/01/29
....................
United
States
500,000
321,617
b,g
Par
Pharmaceutical,
Inc.
,
Senior
Secured
Note
,
144A,
8.5
%
,
4/01/27
United
States
225,000
141,947
c
Teva
Pharmaceutical
Finance
Netherlands
III
BV
,
Senior
Note,
4.75%,
5/09/27
...........................
Israel
600,000
565,104
Senior
Note,
7.875%,
9/15/29
..........................
Israel
300,000
313,073
Senior
Note,
8.125%,
9/15/31
..........................
Israel
300,000
316,853
2,401,305
Real
Estate
Management
&
Development
0.7%
b,c
Five
Point
Operating
Co.
LP
/
Five
Point
Capital
Corp.
,
Senior
Note
,
144A,
7.875
%
,
11/15/25
...............................
United
States
400,000
383,286
b,c
Forestar
Group,
Inc.
,
Senior
Note
,
144A,
3.85
%
,
5/15/26
........
United
States
500,000
465,814
b,c
Greystar
Real
Estate
Partners
LLC
,
Senior
Secured
Note
,
144A,
7.75
%
,
9/01/30
.....................................
United
States
500,000
509,000
1,358,100
Software
1.3%
b,c
Camelot
Finance
SA
,
Senior
Secured
Note
,
144A,
4.5
%
,
11/01/26
.
United
States
900,000
854,148
b,c
McAfee
Corp.
,
Senior
Note
,
144A,
7.375
%
,
2/15/30
............
United
States
800,000
691,723
b,c
Rocket
Software,
Inc.
,
Senior
Note
,
144A,
6.5
%
,
2/15/29
........
United
States
1,100,000
890,148
2,436,019
Specialized
REITs
0.5%
b,c
Iron
Mountain,
Inc.
,
Senior
Bond,
144A,
5.625%,
7/15/32
.....................
United
States
300,000
272,632
Senior
Note,
144A,
7%,
2/15/29
........................
United
States
700,000
706,155
978,787
Specialty
Retail
1.7%
b,c
Evergreen
Acqco
1
LP
/
TVI,
Inc.
,
Senior
Secured
Note
,
144A,
9.75
%
,
4/26/28
.....................................
United
States
720,000
747,612
b,c
Gap,
Inc.
(The)
,
Senior
Note
,
144A,
3.625
%
,
10/01/29
..........
United
States
700,000
576,794
b,c
Lithia
Motors,
Inc.
,
Senior
Bond
,
144A,
4.375
%
,
1/15/31
........
United
States
300,000
258,752
b
Michaels
Cos.,
Inc.
(The)
,
Senior
Note,
144A,
7.875%,
5/01/29
.....................
United
States
600,000
341,544
Senior
Secured
Note,
144A,
5.25%,
5/01/28
...............
United
States
300,000
219,364
c
Murphy
Oil
USA,
Inc.
,
Senior
Note
,
4.75
%
,
9/15/29
............
United
States
700,000
648,428
Franklin
Universal
Trust
Schedule
of
Investments
(unaudited)
Quarterly
Schedule
of
Investments
See
Notes
to
Schedule
of
Investments.
12
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
Corporate
Bonds
(continued)
Specialty
Retail
(continued)
b,c
Victoria's
Secret
&
Co.
,
Senior
Note
,
144A,
4.625
%
,
7/15/29
.....
United
States
400,000
$
324,991
3,117,485
Textiles,
Apparel
&
Luxury
Goods
0.2%
b,c
Hanesbrands,
Inc.
,
Senior
Note
,
144A,
9
%
,
2/15/31
............
United
States
400,000
377,446
Trading
Companies
&
Distributors
0.5%
b,c
H&E
Equipment
Services,
Inc.
,
Senior
Note
,
144A,
3.875
%
,
12/15/28
United
States
600,000
531,734
b,c
WESCO
Distribution,
Inc.
,
Senior
Note
,
144A,
7.25
%
,
6/15/28
....
United
States
400,000
407,087
938,821
Wireless
Telecommunication
Services
0.5%
Digicel
Group
Holdings
Ltd.
,
Zero
Cpn.,
11/17/33
.................................
Bermuda
27,358
1,448
c
T-Mobile
USA,
Inc.
,
Senior
Note,
4.75%,
2/01/28
...........................
United
States
600,000
588,688
Senior
Note,
2.625%,
2/15/29
..........................
United
States
300,000
264,407
854,543
Total
Corporate
Bonds
(Cost
$157,811,750)
.....................................
140,646,668
Senior
Floating
Rate
Interests
0.1%
Media
0.1%
g,i
Diamond
Sports
Group
LLC
,
First
Lien,
CME
Term
Loan
,
12.775
%
,
(
3-month
SOFR
+
8
%
),
5/25/26
.........................
United
States
159,053
117,359
Total
Senior
Floating
Rate
Interests
(Cost
$148,172)
.............................
117,359
j
Marketplace
Loans
5.1%
h
Financial
Services
5.1%
a
a
a
a
a
a
Total
Marketplace
Loans
(Cost
$10,742,019)
....................................
9,397,116
Asset-Backed
Securities
0.2%
Financial
Services
0.2%
b,k
Consumer
Loan
Underlying
Bond
Certificate
Issuer
Trust
I
,
2019-26,
PT,
144A,
FRN,
18.038%,
8/15/44
................
United
States
35,674
33,344
2019-31,
PT,
144A,
FRN,
19.737%,
9/15/44
................
United
States
32,235
29,554
2019-37,
PT,
144A,
FRN,
20.198%,
10/17/44
...............
United
States
37,442
35,387
2019-42,
PT,
144A,
FRN,
18.292%,
11/15/44
...............
United
States
37,651
35,293
2019-51,
PT,
144A,
FRN,
15.794%,
1/15/45
................
United
States
44,668
42,091
2019-52,
PT,
144A,
FRN,
14.293%,
1/15/45
................
United
States
36,739
34,544
2019-S3,
PT,
144A,
FRN,
10.588%,
6/15/44
................
United
States
4,773
4,415
2019-S4,
PT,
144A,
FRN,
12.693%,
8/15/44
................
United
States
21,886
20,966
2019-S5,
PT,
144A,
FRN,
12.735%,
9/15/44
................
United
States
23,679
22,024
2019-S6,
PT,
144A,
FRN,
11.502%,
10/17/44
...............
United
States
30,641
28,426
2019-S7,
PT,
144A,
FRN,
10.768%,
12/15/44
...............
United
States
21,099
19,497
2019-S8,
PT,
144A,
FRN,
10.552%,
1/15/45
................
United
States
23,469
21,727
2020-2,
PT,
144A,
FRN,
14.944%,
3/15/45
.................
United
States
36,786
34,514
2020-7,
PT,
144A,
FRN,
15.152%,
4/17/45
.................
United
States
22,463
20,801
b,k
Prosper
Pass-Thru
Trust
III
,
2020-PT1,
A,
144A,
FRN,
14.089%,
3/15/26
................
United
States
19,281
18,664
2020-PT2,
A,
144A,
FRN,
12.177%,
4/15/26
................
United
States
24,203
23,006
2020-PT3,
A,
144A,
FRN,
5.076%,
5/15/26
.................
United
States
5,179
4,485
Franklin
Universal
Trust
Schedule
of
Investments
(unaudited)
See
Notes
to
Schedule
of
Investments.
Quarterly
Schedule
of
Investments
13
See
Abbreviations
on
page
32
.
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
Asset-Backed
Securities
(continued)
Financial
Services
(continued)
b,k
Upgrade
Master
Pass-Thru
Trust
,
2019-PT2
,
A
,
144A,
FRN
,
15.548
%
,
2/15/26
.
...................................
United
States
22,755
$
22,204
450,942
a
a
a
a
a
a
Total
Asset-Backed
Securities
(Cost
$461,785)
..................................
450,942
Shares
a
Escrows
and
Litigation
Trusts
0.0%
†
a
Chesapeake
Energy
Corp.,
Escrow
Account
.................
United
States
1,500,000
32,250
Total
Escrows
and
Litigation
Trusts
(Cost
$48,985)
..............................
32,250
Total
Long
Term
Investments
(Cost
$207,681,941)
...............................
237,780,931
a
Short
Term
Investments
1.8%
a
a
Country
Shares
a
Value
a
a
a
Money
Market
Funds
1.8%
l,m
Institutional
Fiduciary
Trust
-
Money
Market
Portfolio,
5.036%
....
United
States
3,275,932‌
3,275,932
Total
Money
Market
Funds
(Cost
$3,275,932)
...................................
3,275,932
Total
Short
Term
Investments
(Cost
$3,275,932
)
.................................
3,275,932
a
Total
Investments
(Cost
$210,957,873)
131.3%
..................................
$241,056,863
Credit
Facility
(32.7)%
........................................................
(60,000,000)
Other
Assets,
less
Liabilities
1.4%
.............................................
2,573,404
Net
Assets
100.0%
...........................................................
$183,630,267
a
a
a
*
The
principal
amount
is
stated
in
U.S.
dollars
unless
otherwise
indicated.
†
Rounds
to
less
than
0.1%
of
net
assets.
a
Non-income
producing.
b
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,
2023,
the
aggregate
value
of
these
securities
was
$122,998,800,
representing
67.0%
of
net
assets.
c
A
portion
or
all
of
the
security
is
pledged
as
collateral
in
connection
with
the
Fund’s
revolving
credit
facility.
d
Perpetual
security
with
no
stated
maturity
date.
e
The
coupon
rate
shown
represents
the
rate
at
period
end.
f
Income
may
be
received
in
additional
securities
and/or
cash.
g
Defaulted
security
or
security
for
which
income
has
been
deemed
uncollectible.
h
Fair
valued
using
significant
unobservable
inputs.
See
Note
4
regarding
fair
value
measurements.
i
The
coupon
rate
shown
represents
the
rate
inclusive
of
any
caps
or
floors,
if
applicable,
in
effect
at
period
end.
j
See
full
breakdown
of
marketplace
loans
holdings
in
the
table
at
the
end
of
this
schedule.
k
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.
l
See
Note
3
regarding
investments
in
affiliated
management
investment
companies.
m
The
rate
shown
is
the
annualized
seven-day
effective
yield
at
period
end.
Franklin
Universal
Trust
Schedule
of
Investments
(unaudited),
November
30,
2023
Quarterly
Schedule
of
Investments
See
Notes
to
Schedule
of
Investments.
14
At
November
30,
2023,
the
Fund
had
the
following marketplace
loans
outstanding.
Description
Principal
Amount
Value
Marketplace
Loans
-
5.1%
Freedom
Financial
Asset
Management
LLC
APP-12381966.FP.FTS.B
,
20
.49
%
,
1/20/24
$
1,144
$
1,152
APP-11634713.FP.FTS.B
,
5
.99
%
,
2/13/24
.
1,076
1,078
APP-13323334.FP.FTS.B
,
5
.99
%
,
5/14/24
.
1,674
1,683
APP-13489698.FP.FTS.B
,
5
.99
%
,
5/15/24
.
2,202
2,213
APP-13476049.FP.FTS.B
,
21
.49
%
,
5/17/24
2,419
2,439
APP-13485474.FP.FTS.B
,
15
.99
%
,
5/18/24
1,920
1,934
APP-12399683.FP.FTS.B
,
22
.49
%
,
5/20/24
4,213
1,108
APP-15125689.FP.FTS.B
,
5
.99
%
,
7/15/24
.
2,873
2,893
APP-15138477.FP.FTS.B
,
5
.99
%
,
7/16/24
.
2,283
2,298
APP-14522400.FP.FTS.B
,
5
.99
%
,
7/23/24
.
2,778
2,797
APP-15089870.FP.FTS.B
,
20
.99
%
,
7/27/24
5,536
5,618
APP-10084299.FP.FTS.B
,
16
.49
%
,
8/11/24
4,466
2,936
APP-10541747.FP.FTS.B
,
16
.99
%
,
9/05/24
3,750
3,768
APP-10849903.FP.FTS.B
,
11
.24
%
,
10/16/24
9,621
9,699
APP-10584167.FP.FTS.B
,
16
.99
%
,
10/28/24
..........................
2,598
2,626
APP-11139281.FP.FTS.B
,
8
.49
%
,
11/01/24
5,023
5,052
APP-11106155.FP.FTS.B
,
12
.74
%
,
11/01/24
7,934
7,987
APP-10836612.FP.FTS.B
,
21
.49
%
,
11/15/24
4,631
4,677
APP-11021958.FP.FTS.B
,
12
.24
%
,
12/10/24
5,105
5,142
APP-11021643.FP.FTS.B
,
10
.49
%
,
12/14/24
6,479
6,530
APP-11695329.FP.FTS.B
,
15
.99
%
,
12/15/24
4,887
4,890
APP-11693890.FP.FTS.B
,
13
.24
%
,
12/17/24
21,183
7,546
APP-11007940.FP.FTS.B
,
10
.49
%
,
12/19/24
5,236
5,288
APP-10839343.FP.FTS.B
,
13
.99
%
,
12/19/24
..........................
3,559
3,592
APP-11799520.FP.FTS.B
,
16
.99
%
,
12/25/24
4,763
4,805
APP-11681583.FP.FTS.B
,
16
.99
%
,
1/30/25
4,898
4,956
APP-10844126.FP.FTS.B
,
23
.99
%
,
1/30/25
8,250
8,198
APP-11766706.FP.FTS.B
,
23
.99
%
,
2/02/25
4,108
4,102
APP-11799331.FP.FTS.B
,
8
.99
%
,
2/06/25
.
13,304
13,395
APP-11694349.FP.FTS.B
,
14
.24
%
,
2/07/25
14,743
14,827
APP-11862313.FP.FTS.B
,
16
.49
%
,
2/11/25
4,181
4,193
APP-11869808.FP.FTS.B
,
21
.99
%
,
2/15/25
8,489
8,542
APP-12413621.FP.FTS.B
,
15
.49
%
,
3/01/25
10,587
10,569
APP-12394118.FP.FTS.B
,
17
.74
%
,
3/10/25
10,756
10,855
APP-11102104.FP.FTS.B
,
23
.99
%
,
3/11/25
3,332
3,288
APP-12410877.FP.FTS.B
,
13
.74
%
,
3/15/25
13,934
14,033
APP-12299545.FP.FTS.B
,
14
.99
%
,
3/21/25
9,390
9,491
APP-13323354.FP.FTS.B
,
10
.09
%
,
5/18/25
8,783
8,877
APP-14953979.FP.FTS.B
,
7
.74
%
,
7/13/25
.
17,494
17,647
APP-15094222.FP.FTS.B
,
10
.24
%
,
7/14/25
14,148
14,267
APP-15084327.FP.FTS.B
,
10
.74
%
,
7/14/25
11,125
11,240
APP-15090883.FP.FTS.B
,
25
.49
%
,
7/14/25
2,365
2,306
APP-15034726.FP.FTS.B
,
25
.49
%
,
7/25/25
5,874
5,877
APP-10111431.FP.FTS.B
,
10
.99
%
,
9/15/25
10,813
10,969
APP-10140977.FP.FTS.B
,
24
.99
%
,
9/15/25
5,688
5,940
APP-10091198.FP.FTS.B
,
15
.49
%
,
9/24/25
4,200
4,211
APP-11022514.FP.FTS.B
,
18
.49
%
,
10/21/25
9,073
9,344
APP-10582948.FP.FTS.B
,
10
.99
%
,
10/22/25
..........................
12,511
12,697
APP-10578403.FP.FTS.B
,
15
.99
%
,
10/30/25
..........................
11,270
11,519
APP-10561192.FP.FTS.B
,
8
.99
%
,
11/03/25
9,129
9,257
APP-10841976.FP.FTS.B
,
10
.99
%
,
11/28/25
8,336
8,444
APP-11116538.FP.FTS.B
,
8
.99
%
,
12/10/25
8,067
8,182
Description
Principal
Amount
Value
Freedom
Financial
Asset
Management
LLC
(continued)
APP-11105408.FP.FTS.B
,
10
.99
%
,
12/14/25
$
6,692
$
6,795
APP-11843242.FP.FTS.B
,
12
.24
%
,
12/15/25
11,424
11,569
APP-11022500.FP.FTS.B
,
17
.99
%
,
12/16/25
7,325
7,535
APP-11579320.FP.FTS.B
,
16
.99
%
,
12/20/25
12,436
12,953
APP-10868780.FP.FTS.B
,
14
.49
%
,
1/02/26
18,368
18,784
APP-11798391.FP.FTS.B
,
18
.49
%
,
1/04/26
6,350
6,484
APP-11733010.FP.FTS.B
,
15
.74
%
,
1/28/26
20,748
21,299
APP-12378685.FP.FTS.B
,
15
.99
%
,
2/01/26
8,913
9,031
APP-11757188.FP.FTS.B
,
18
.24
%
,
2/02/26
25,420
25,996
APP-11799488.FP.FTS.B
,
16
.99
%
,
2/05/26
11,972
12,202
APP-11757063.FP.FTS.B
,
17
.99
%
,
2/05/26
12,725
13,032
APP-12281543.FP.FTS.B
,
16
.74
%
,
3/08/26
23,148
23,664
APP-12246304.FP.FTS.B
,
18
.24
%
,
3/08/26
21,229
21,750
APP-12397373.FP.FTS.B
,
15
.99
%
,
3/15/26
9,001
9,154
APP-12032813.FP.FTS.B
,
17
.99
%
,
3/17/26
8,428
8,624
APP-12419810.FP.FTS.B
,
15
.74
%
,
3/20/26
25,177
25,595
APP-12270812.FP.FTS.B
,
16
.99
%
,
3/22/26
8,094
8,288
APP-12421465.FP.FTS.B
,
17
.99
%
,
3/23/26
13,132
13,502
APP-13524997.FP.FTS.B
,
10
.59
%
,
3/25/26
10,088
10,231
APP-13511680.FP.FTS.B
,
12
.84
%
,
5/05/26
9,963
10,094
APP-13256383.FP.FTS.B
,
7
.99
%
,
5/18/26
.
24,753
25,133
APP-13477482.FP.FTS.B
,
10
.34
%
,
5/18/26
26,284
26,702
APP-13527002.FP.FTS.B
,
15
.59
%
,
5/19/26
6,841
6,963
APP-14943761.FP.FTS.B
,
15
.99
%
,
6/01/26
14,699
14,850
APP-15146572.FP.FTS.B
,
10
.74
%
,
7/15/26
1,451
1,450
APP-15112645.FP.FTS.B
,
16
.99
%
,
7/15/26
14,444
14,674
APP-15065994.FP.FTS.B
,
17
.74
%
,
7/15/26
34,390
34,914
APP-15053141.FP.FTS.B
,
18
.99
%
,
7/15/26
14,582
14,811
APP-15107872.FP.FTS.B
,
20
.49
%
,
7/15/26
10,703
10,960
APP-15064308.FP.FTS.B
,
22
.49
%
,
7/15/26
16,204
16,470
APP-15054013.FP.FTS.B
,
17
.99
%
,
7/20/26
11,971
12,180
APP-15109634.FP.FTS.B
,
19
.49
%
,
7/21/26
7,353
7,486
APP-15073340.FP.FTS.B
,
15
.99
%
,
7/25/26
7,220
7,348
APP-14860724.FP.FTS.B
,
20
.99
%
,
7/26/26
14,166
14,491
APP-15111841.FP.FTS.B
,
7
.84
%
,
7/28/26
.
20,535
20,869
APP-14956830.FP.FTS.B
,
15
.74
%
,
7/28/26
22,215
22,659
APP-15053675.FP.FTS.B
,
10
.99
%
,
7/30/26
9,440
9,578
APP-10133595.FP.FTS.B
,
11
.99
%
,
8/11/26
12,446
12,656
APP-10140897.FP.FTS.B
,
16
.99
%
,
8/12/26
13,686
13,955
APP-10145662.FP.FTS.B
,
18
.99
%
,
9/17/26
14,673
15,153
APP-10460831.FP.FTS.B
,
21
.99
%
,
9/19/26
5,225
5,412
APP-10572421.FP.FTS.B
,
10
.49
%
,
9/20/26
21,899
22,285
APP-10112510.FP.FTS.B
,
16
.49
%
,
9/25/26
8,303
8,508
APP-10145175.FP.FTS.B
,
14
.49
%
,
9/26/26
6,049
6,175
APP-10850556.FP.FTS.B
,
11
.99
%
,
10/01/26
6,778
6,803
APP-09931612.FP.FTS.B
,
14
.24
%
,
10/03/26
..........................
10,463
10,608
APP-10838239.FP.FTS.B
,
12
.49
%
,
10/12/26
..........................
21,184
21,527
APP-10845328.FP.FTS.B
,
11
.99
%
,
10/16/26
16,335
16,611
APP-10704368.FP.FTS.B
,
14
.99
%
,
10/16/26
..........................
12,846
13,105
APP-10745909.FP.FTS.B
,
17
.99
%
,
10/16/26
..........................
34,313
34,994
APP-10829192.FP.FTS.B
,
18
.99
%
,
10/16/26
..........................
16,943
17,461
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-10852939.FP.FTS.B
,
16
.49
%
,
10/17/26
..........................
$
1,002
$
1,000
APP-10581131.FP.FTS.B
,
22
.49
%
,
10/22/26
6,976
7,242
APP-10384953.FP.FTS.B
,
19
.99
%
,
11/02/26
11,389
11,686
APP-11119432.FP.FTS.B
,
11
.99
%
,
11/03/26
14,724
14,951
APP-10577758.FP.FTS.B
,
17
.49
%
,
11/04/26
8,518
2,632
APP-11187454.FP.FTS.B
,
22
.49
%
,
11/10/26
7,235
7,464
APP-10848002.FP.FTS.B
,
17
.99
%
,
11/19/26
17,336
17,788
APP-10859032.FP.FTS.B
,
9
.99
%
,
11/21/26
10,122
10,305
APP-10842381.FP.FTS.B
,
12
.49
%
,
11/21/26
23,332
23,741
APP-10830375.FP.FTS.B
,
19
.99
%
,
11/21/26
11,004
11,400
APP-10692450.FP.FTS.B
,
17
.49
%
,
11/29/26
17,525
18,105
APP-10671079.FP.FTS.B
,
11
.99
%
,
11/30/26
18,880
19,188
APP-10848317.FP.FTS.B
,
12
.24
%
,
11/30/26
13,418
13,701
APP-10670975.FP.FTS.B
,
21
.49
%
,
11/30/26
11,286
11,585
APP-10860337.FP.FTS.B
,
22
.99
%
,
11/30/26
11,689
11,988
APP-10916894.FP.FTS.B
,
20
.49
%
,
12/01/26
..........................
13,668
9,326
APP-10224478.FP.FTS.B
,
20
.49
%
,
12/02/26
..........................
19,250
19,747
APP-11122151.FP.FTS.B
,
16
.49
%
,
12/06/26
13,314
1,772
APP-11094577.FP.FTS.B
,
19
.49
%
,
12/08/26
8,659
8,943
APP-11008022.FP.FTS.B
,
11
.99
%
,
12/13/26
9,723
9,892
APP-11021456.FP.FTS.B
,
20
.99
%
,
12/15/26
26,523
27,408
APP-11116084.FP.FTS.B
,
19
.49
%
,
12/19/26
9,170
9,107
APP-11007668.FP.FTS.B
,
19
.99
%
,
12/19/26
13,028
13,449
APP-11091099.FP.FTS.B
,
9
.99
%
,
12/20/26
20,933
21,326
APP-11111264.FP.FTS.B
,
16
.49
%
,
12/20/26
8,441
8,635
APP-11036570.FP.FTS.B
,
22
.99
%
,
12/20/26
11,473
11,906
APP-11874582.FP.FTS.B
,
17
.49
%
,
12/23/26
15,562
15,974
APP-11751323.FP.FTS.B
,
17
.99
%
,
12/23/26
10,819
1,249
APP-11767307.FP.FTS.B
,
14
.49
%
,
12/24/26
19,182
19,503
APP-11461595.FP.FTS.B
,
17
.99
%
,
12/24/26
2,971
2,933
APP-11762193.FP.FTS.B
,
18
.49
%
,
12/24/26
13,564
14,029
APP-11677084.FP.FTS.B
,
15
.49
%
,
12/26/26
31,450
31,992
APP-11799609.FP.FTS.B
,
10
.99
%
,
1/01/27
22,329
22,650
APP-11844341.FP.FTS.B
,
16
.74
%
,
1/01/27
23,806
24,245
APP-11824892.FP.FTS.B
,
16
.99
%
,
2/03/27
12,343
12,538
APP-11765220.FP.FTS.B
,
11
.99
%
,
2/04/27
35,228
35,813
APP-11724933.FP.FTS.B
,
14
.24
%
,
2/05/27
10,410
10,591
APP-11702245.FP.FTS.B
,
17
.49
%
,
2/05/27
9,395
9,428
APP-11674918.FP.FTS.B
,
20
.49
%
,
2/05/27
18,974
19,396
APP-12397051.FP.FTS.B
,
17
.49
%
,
2/06/27
8,902
9,064
APP-11696610.FP.FTS.B
,
14
.24
%
,
2/07/27
18,074
18,426
APP-11743079.FP.FTS.B
,
16
.24
%
,
2/07/27
29,786
17,082
APP-11757936.FP.FTS.B
,
19
.99
%
,
2/07/27
7,067
7,222
APP-11763967.FP.FTS.B
,
19
.99
%
,
2/07/27
11,278
11,530
APP-11837813.FP.FTS.B
,
20
.99
%
,
2/10/27
9,770
1,116
APP-11838245.FP.FTS.B
,
19
.99
%
,
2/11/27
7,208
7,367
APP-11801863.FP.FTS.B
,
8
.99
%
,
2/12/27
.
24,017
24,406
APP-11798652.FP.FTS.B
,
11
.74
%
,
2/14/27
35,157
35,756
APP-11843528.FP.FTS.B
,
19
.99
%
,
2/14/27
2,095
2,098
APP-11864146.FP.FTS.B
,
11
.24
%
,
2/15/27
293
293
APP-11845152.FP.FTS.B
,
11
.74
%
,
2/15/27
30,212
30,735
APP-11801830.FP.FTS.B
,
16
.49
%
,
2/15/27
14,615
14,897
APP-11752200.FP.FTS.B
,
21
.49
%
,
2/23/27
14,683
14,938
APP-10128827.FP.FTS.B
,
25
.49
%
,
2/24/27
6,976
7,231
APP-11744634.FP.FTS.B
,
19
.99
%
,
3/01/27
13,224
8,447
Description
Principal
Amount
Value
Freedom
Financial
Asset
Management
LLC
(continued)
APP-12304720.FP.FTS.B
,
18
.74
%
,
3/06/27
$
37,390
$
38,090
APP-12106158.FP.FTS.B
,
11
.24
%
,
3/07/27
12,401
12,588
APP-12404066.FP.FTS.B
,
22
.49
%
,
3/08/27
26,458
27,037
APP-12408150.FP.FTS.B
,
19
.99
%
,
3/10/27
8,278
4,774
APP-11872928.FP.FTS.B
,
11
.24
%
,
3/15/27
11,596
11,797
APP-12407302.FP.FTS.B
,
18
.99
%
,
3/15/27
8,148
8,308
APP-12272662.FP.FTS.B
,
16
.49
%
,
3/17/27
14,871
15,186
APP-11863466.FP.FTS.B
,
25
.49
%
,
3/17/27
7,845
8,038
APP-12385340.FP.FTS.B
,
25
.49
%
,
3/17/27
7,013
7,175
APP-12341500.FP.FTS.B
,
20
.49
%
,
3/20/27
12,732
13,048
APP-12396943.FP.FTS.B
,
13
.49
%
,
3/21/27
12,668
12,900
APP-12270734.FP.FTS.B
,
16
.99
%
,
3/21/27
13,927
14,219
APP-10314654.FP.FTS.B
,
19
.74
%
,
3/21/27
24,893
25,499
APP-12381900.FP.FTS.B
,
18
.49
%
,
3/22/27
15,910
16,291
APP-13531026.FP.FTS.B
,
11
.59
%
,
3/28/27
18,145
18,455
APP-13513406.FP.FTS.B
,
14
.34
%
,
4/01/27
37,744
38,240
APP-13478834.FP.FTS.B
,
16
.99
%
,
5/03/27
15,746
15,970
APP-13508795.FP.FTS.B
,
9
.59
%
,
5/05/27
.
13,203
13,384
APP-13047632.FP.FTS.B
,
11
.49
%
,
5/05/27
9,989
10,134
APP-13485036.FP.FTS.B
,
13
.34
%
,
5/06/27
9,973
10,126
APP-08710316.FP.FTS.B
,
10
.99
%
,
5/13/27
25,824
26,231
APP-13498730.FP.FTS.B
,
11
.34
%
,
5/15/27
14,950
15,195
APP-13329158.FP.FTS.B
,
17
.99
%
,
5/15/27
10,199
10,238
APP-13453359.FP.FTS.B
,
18
.24
%
,
5/15/27
23,453
23,849
APP-13410410.FP.FTS.B
,
19
.99
%
,
5/15/27
8,319
8,461
APP-13486869.FP.FTS.B
,
11
.34
%
,
5/16/27
23,991
24,403
APP-13531289.FP.FTS.B
,
14
.09
%
,
5/16/27
22,522
22,910
APP-13512105.FP.FTS.B
,
19
.49
%
,
5/16/27
20,504
20,865
APP-13473219.FP.FTS.B
,
22
.49
%
,
5/16/27
5,735
2,111
APP-13479562.FP.FTS.B
,
18
.49
%
,
5/17/27
12,547
12,768
APP-13227905.FP.FTS.B
,
21
.99
%
,
5/18/27
8,027
8,180
APP-13517315.FP.FTS.B
,
12
.09
%
,
5/19/27
37,575
38,240
APP-13507352.FP.FTS.B
,
20
.49
%
,
5/19/27
7,620
7,773
APP-13531806.FP.FTS.B
,
16
.99
%
,
5/20/27
15,553
15,855
APP-13485355.FP.FTS.B
,
17
.24
%
,
5/20/27
29,972
9,383
APP-13485605.FP.FTS.B
,
18
.99
%
,
5/20/27
10,820
10,920
APP-13518313.FP.FTS.B
,
18
.99
%
,
5/20/27
13,475
13,728
APP-13302186.FP.FTS.B
,
20
.49
%
,
5/20/27
11,332
11,559
APP-15111331.FP.FTS.B
,
11
.99
%
,
6/11/27
17,194
17,427
APP-14906773.FP.FTS.B
,
9
.74
%
,
7/15/27
.
30,581
31,014
APP-13533233.FP.FTS.B
,
14
.09
%
,
7/15/27
20,701
21,027
APP-15064429.FP.FTS.B
,
14
.49
%
,
7/15/27
21,228
21,523
APP-15055216.FP.FTS.B
,
19
.99
%
,
7/15/27
14,176
14,329
APP-15070181.FP.FTS.B
,
19
.99
%
,
7/15/27
14,172
14,324
APP-15109285.FP.FTS.B
,
21
.49
%
,
7/15/27
23,853
24,066
APP-14865954.FP.FTS.B
,
11
.74
%
,
7/16/27
21,125
21,431
APP-15149750.FP.FTS.B
,
11
.99
%
,
7/16/27
4,720
4,721
APP-14958373.FP.FTS.B
,
12
.24
%
,
7/16/27
13,957
14,184
APP-14914244.FP.FTS.B
,
20
.99
%
,
7/22/27
11,470
11,634
APP-15057995.FP.FTS.B
,
18
.99
%
,
7/23/27
8,047
8,183
APP-15058449.FP.FTS.B
,
11
.99
%
,
7/25/27
9,426
9,588
APP-15078317.FP.FTS.B
,
13
.99
%
,
7/25/27
16,458
16,741
APP-15055723.FP.FTS.B
,
11
.24
%
,
7/26/27
24,813
25,241
APP-15048744.FP.FTS.B
,
16
.49
%
,
7/27/27
18,447
18,764
APP-15053719.FP.FTS.B
,
16
.99
%
,
7/28/27
8,933
9,103
APP-15133409.FP.FTS.B
,
15
.49
%
,
7/30/27
20,438
20,728
APP-15053776.FP.FTS.B
,
17
.49
%
,
7/30/27
9,856
9,906
APP-15068287.FP.FTS.B
,
26
.99
%
,
8/26/27
3,640
3,551
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-15039962.FP.FTS.B
,
12
.49
%
,
8/28/27
$
41,053
$
41,756
APP-15085248.FP.FTS.B
,
22
.74
%
,
9/29/27
11,135
11,047
APP-11764720.FP.FTS.B
,
21
.99
%
,
10/05/27
9,049
1,847
APP-15070551.FP.FTS.B
,
24
.74
%
,
4/27/28
15,715
15,734
2,837,383
LendingClub
Corp.
153974620.LC.FTS.B
,
14
.3
%
,
6/24/24
...
4,274
4,256
154144733.LC.FTS.B
,
12
.4
%
,
6/26/24
...
3,137
3,103
155408143.LC.FTS.B
,
16
.95
%
,
7/22/24
...
4,761
4,742
155731933.LC.FTS.B
,
15
.24
%
,
7/29/24
...
6,252
6,200
156235700.LC.FTS.B
,
17
.74
%
,
8/06/24
...
2,958
2,931
156759369.LC.FTS.B
,
12
.4
%
,
8/09/24
...
4,607
4,542
156752978.LC.FTS.B
,
14
.3
%
,
8/09/24
...
7,756
7,671
156812488.LC.FTS.B
,
14
.3
%
,
8/12/24
...
2,124
2,106
158130288.LC.FTS.B
,
14
.3
%
,
9/04/24
...
3,184
3,148
159089545.LC.FTS.B
,
16
.95
%
,
9/23/24
...
2,760
2,739
159106791.LC.FTS.B
,
17
.74
%
,
9/23/24
...
3,421
3,395
159001219.LC.FTS.B
,
12
.4
%
,
9/26/24
...
4,125
4,078
158913750.LC.FTS.B
,
11
.71
%
,
9/30/24
...
5,734
5,635
155823205.LC.FTS.B
,
14
.3
%
,
9/30/24
...
4,301
4,231
160792694.LC.FTS.B
,
13
.08
%
,
10/23/24
..
9,403
9,252
161424051.LC.FTS.B
,
10
.33
%
,
11/05/24
..
3,616
3,547
161483895.LC.FTS.B
,
13
.08
%
,
11/07/24
..
3,061
3,004
162010515.LC.FTS.B
,
17
.74
%
,
11/18/24
..
2,930
2,893
162923894.LC.FTS.B
,
18
.62
%
,
12/06/24
..
3,008
2,999
163764805.LC.FTS.B
,
Zero
Cpn
,
12/23/24
11,540
–
164548038.LC.FTS.B
,
11
.02
%
,
1/25/25
...
8,539
8,372
164089980.LC.FTS.B
,
17
.74
%
,
2/28/25
...
5,488
236
167132427.LC.FTS.B
,
20
.55
%
,
2/28/25
...
7,672
7,567
167747801.LC.FTS.B
,
16
.12
%
,
3/15/25
...
6,638
801
168420680.LC.FTS.B
,
17
.74
%
,
3/16/25
...
7,490
7,319
166170570.LC.FTS.B
,
17
.74
%
,
3/17/25
...
6,292
6,144
168140265.LC.FTS.B
,
15
.24
%
,
3/21/25
...
7,751
7,576
167712249.LC.FTS.B
,
14
.3
%
,
4/20/25
...
9,931
9,728
151259806.LC.FTS.B
,
20
%
,
6/04/25
.....
9,353
1,698
165352318.LC.FTS.B
,
15
.24
%
,
6/22/25
...
12,400
12,063
166444317.LC.FTS.B
,
13
.08
%
,
11/04/25
..
19,596
6,837
160809803.LC.FTS.B
,
13
.08
%
,
11/23/25
..
12,395
11,865
164493400.LC.FTS.B
,
5
%
,
1/07/33
......
519
515
161,193
LendingClub
Corp.
-
LCX
161911117.LC.FTS.B
,
20
.55
%
,
11/14/24
..
1,986
375
164542068.LC.FTS.B
,
25
.65
%
,
1/21/25
...
4,634
4,648
157483547.LC.FTS.B
,
Zero
Cpn
,
12/13/32
1,388
–
5,023
LendingClub
Corp.
-
LCX
PM
173374603.LC.FTS.B
,
19
.12
%
,
1/13/24
...
975
979
184916811.LC.FTS.B
,
15
.99
%
,
1/18/25
...
4,792
4,762
185085067.LC.FTS.B
,
22
.99
%
,
1/18/25
...
8,013
8,152
184905245.LC.FTS.B
,
15
.99
%
,
1/19/25
...
9,751
739
185225789.LC.FTS.B
,
20
.99
%
,
1/19/25
...
6,963
6,998
185231531.LC.FTS.B
,
21
.49
%
,
1/19/25
...
1,864
1,873
185170289.LC.FTS.B
,
15
.99
%
,
1/22/25
...
6,343
413
184577634.LC.FTS.B
,
15
.49
%
,
1/25/25
...
3,111
3,110
185449370.LC.FTS.B
,
18
.44
%
,
1/25/25
...
5,882
5,856
185337050.LC.FTS.B
,
20
.99
%
,
1/25/25
...
11,141
11,214
Description
Principal
Amount
Value
LendingClub
Corp.
-
LCX
PM
(continued)
185529283.LC.FTS.B
,
18
.99
%
,
1/27/25
...
$
9,141
$
9,142
185074501.LC.FTS.B
,
12
.74
%
,
1/29/25
...
2,188
2,184
185591984.LC.FTS.B
,
15
%
,
1/31/25
.....
7,303
5,866
184733710.LC.FTS.B
,
24
.99
%
,
1/31/25
...
1,663
1,714
185743058.LC.FTS.B
,
12
.19
%
,
2/02/25
...
3,689
3,660
185670318.LC.FTS.B
,
15
.44
%
,
2/02/25
...
7,096
6,978
185694876.LC.FTS.B
,
15
.49
%
,
2/02/25
...
5,442
5,421
185720673.LC.FTS.B
,
14
.49
%
,
2/04/25
...
2,818
2,772
184778654.LC.FTS.B
,
16
.19
%
,
2/04/25
...
1,665
1,659
185764512.LC.FTS.B
,
19
.99
%
,
2/04/25
...
12,240
12,256
185806351.LC.FTS.B
,
18
.99
%
,
2/07/25
...
5,858
5,835
185828353.LC.FTS.B
,
22
.99
%
,
2/08/25
...
9,135
9,191
186050160.LC.FTS.B
,
15
.99
%
,
2/10/25
...
8,314
8,275
185828265.LC.FTS.B
,
19
.44
%
,
2/10/25
...
7,802
7,823
185614486.LC.FTS.B
,
19
.99
%
,
2/10/25
...
12,252
12,253
186144016.LC.FTS.B
,
Zero
Cpn
,
2/14/25
.
7,002
–
185731098.LC.FTS.B
,
18
.99
%
,
2/14/25
...
1,944
1,940
186141198.LC.FTS.B
,
18
.99
%
,
2/14/25
...
2,430
2,425
185870831.LC.FTS.B
,
15
.99
%
,
2/15/25
...
3,441
3,433
186248821.LC.FTS.B
,
12
.94
%
,
2/16/25
...
7,439
7,400
185952586.LC.FTS.B
,
Zero
Cpn
,
2/17/25
.
4,379
–
188498393.LC.FTS.B
,
18
.99
%
,
4/25/25
...
18,544
18,592
187330959.LC.FTS.B
,
23
.99
%
,
4/25/25
...
8,410
8,591
188539697.LC.FTS.B
,
27
.99
%
,
4/25/25
...
5,957
1,199
188790970.LC.FTS.B
,
19
.99
%
,
4/27/25
...
13,655
13,526
188578940.LC.FTS.B
,
23
.99
%
,
4/27/25
...
588
595
188852266.LC.FTS.B
,
23
.99
%
,
4/27/25
...
3,361
3,436
188854471.LC.FTS.B
,
24
.79
%
,
4/27/25
...
2,973
3,042
188781202.LC.FTS.B
,
15
.99
%
,
4/28/25
...
7,706
7,541
188845200.LC.FTS.B
,
16
.99
%
,
4/28/25
...
1,070
1,076
188849723.LC.FTS.B
,
19
.49
%
,
4/28/25
...
1,089
1,099
188683873.LC.FTS.B
,
23
.99
%
,
5/01/25
...
7,098
7,165
185664927.LC.FTS.B
,
18
.49
%
,
6/16/25
...
3,119
2,462
171733583.LC.FTS.B
,
18
.24
%
,
10/30/25
..
11,205
10,967
172637623.LC.FTS.B
,
16
.08
%
,
12/17/25
..
9,262
9,104
186109882.LC.FTS.B
,
5
%
,
2/14/26
......
12,955
13,100
185030629.LC.FTS.B
,
28
.99
%
,
1/13/27
...
4,681
4,743
184976261.LC.FTS.B
,
15
.44
%
,
1/18/27
...
14,368
13,455
185102499.LC.FTS.B
,
17
.49
%
,
1/18/27
...
10,933
10,643
185186598.LC.FTS.B
,
15
%
,
1/19/27
.....
6,329
5,092
185242092.LC.FTS.B
,
20
.99
%
,
1/19/27
...
22,694
22,297
185203099.LC.FTS.B
,
21
.99
%
,
1/19/27
...
10,398
10,309
185257156.LC.FTS.B
,
23
.99
%
,
1/19/27
...
10,268
10,182
185208719.LC.FTS.B
,
27
.99
%
,
1/19/27
...
7,314
7,417
185284755.LC.FTS.B
,
20
.24
%
,
1/21/27
...
17,414
17,216
184608676.LC.FTS.B
,
21
.99
%
,
1/21/27
...
11,239
11,161
185190835.LC.FTS.B
,
21
.99
%
,
1/21/27
...
16,108
3,097
185280664.LC.FTS.B
,
21
.99
%
,
1/21/27
...
13,141
12,925
185094462.LC.FTS.B
,
22
.99
%
,
1/21/27
...
9,070
9,007
185215933.LC.FTS.B
,
28
.99
%
,
1/25/27
...
14,176
14,426
184953769.LC.FTS.B
,
21
.99
%
,
1/27/27
...
21,030
20,933
185465019.LC.FTS.B
,
21
.99
%
,
1/27/27
...
18,783
18,662
184862697.LC.FTS.B
,
13
.19
%
,
1/28/27
...
11,025
10,644
185551601.LC.FTS.B
,
Zero
Cpn
,
1/31/27
.
21,310
–
185593614.LC.FTS.B
,
14
.94
%
,
1/31/27
...
4,285
4,186
185625736.LC.FTS.B
,
17
.24
%
,
1/31/27
...
10,885
10,630
185553869.LC.FTS.B
,
17
.44
%
,
1/31/27
...
12,676
12,375
185325210.LC.FTS.B
,
21
.49
%
,
2/01/27
...
18,501
18,180
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.
-
LCX
PM
(continued)
185773530.LC.FTS.B
,
Zero
Cpn
,
2/04/27
.
$
13,019
$
–
185801067.LC.FTS.B
,
15
.19
%
,
2/04/27
...
10,976
10,584
185785605.LC.FTS.B
,
16
.99
%
,
2/04/27
...
17,871
17,389
185579608.LC.FTS.B
,
23
.99
%
,
2/04/27
...
24,289
19,210
185803689.LC.FTS.B
,
12
.69
%
,
2/08/27
...
29,256
10,174
185670781.LC.FTS.B
,
14
.74
%
,
2/08/27
...
29,179
28,158
185788975.LC.FTS.B
,
20
.44
%
,
2/08/27
...
30,296
29,761
185500483.LC.FTS.B
,
23
.99
%
,
2/08/27
...
27,086
26,758
186105140.LC.FTS.B
,
14
.99
%
,
2/10/27
...
8,771
8,465
186053383.LC.FTS.B
,
18
.49
%
,
2/10/27
...
18,782
18,288
186004411.LC.FTS.B
,
21
.99
%
,
2/10/27
...
10,860
10,791
186037923.LC.FTS.B
,
23
.49
%
,
2/10/27
...
5,401
5,343
186073191.LC.FTS.B
,
23
.99
%
,
2/10/27
...
7,734
7,650
185962334.LC.FTS.B
,
16
.49
%
,
2/14/27
...
25,838
25,141
186055580.LC.FTS.B
,
19
.49
%
,
2/14/27
...
12,047
11,890
186072313.LC.FTS.B
,
19
.99
%
,
2/14/27
...
12,113
11,955
186114907.LC.FTS.B
,
24
.99
%
,
2/14/27
...
8,402
792
185957980.LC.FTS.B
,
10
.99
%
,
2/15/27
...
19,888
19,255
185644818.LC.FTS.B
,
17
.24
%
,
2/15/27
...
30,009
28,252
186037630.LC.FTS.B
,
23
.99
%
,
2/15/27
...
11,712
11,590
185737435.LC.FTS.B
,
19
.74
%
,
2/16/27
...
12,710
12,555
186255693.LC.FTS.B
,
28
.99
%
,
2/16/27
...
6,367
6,466
185994246.LC.FTS.B
,
23
.99
%
,
2/17/27
...
6,927
–
184697668.LC.FTS.B
,
22
.49
%
,
2/23/27
...
15,969
3,094
185440062.LC.FTS.B
,
17
.49
%
,
2/25/27
...
16,398
15,991
186057988.LC.FTS.B
,
23
.99
%
,
2/25/27
...
15,631
15,527
185584314.LC.FTS.B
,
23
.99
%
,
2/28/27
...
10,020
9,863
188722342.LC.FTS.B
,
15
%
,
4/25/27
.....
5,901
4,984
188665152.LC.FTS.B
,
20
.99
%
,
4/25/27
...
8,310
1,046
188681928.LC.FTS.B
,
22
.99
%
,
4/25/27
...
8,200
1,050
188661710.LC.FTS.B
,
23
.19
%
,
4/25/27
...
7,965
7,948
188818650.LC.FTS.B
,
20
.99
%
,
4/26/27
...
5,035
5,024
188826193.LC.FTS.B
,
22
.99
%
,
4/26/27
...
6,462
6,453
188684882.LC.FTS.B
,
23
.99
%
,
4/26/27
...
4,910
4,802
188570436.LC.FTS.B
,
25
.99
%
,
4/26/27
...
5,818
5,603
188791237.LC.FTS.B
,
27
.99
%
,
4/26/27
...
15,146
15,370
188736809.LC.FTS.B
,
Zero
Cpn
,
4/27/27
.
9,679
–
188850161.LC.FTS.B
,
18
.99
%
,
4/27/27
...
6,223
6,115
188709996.LC.FTS.B
,
20
.49
%
,
4/27/27
...
25,807
2,388
188698368.LC.FTS.B
,
20
.99
%
,
4/27/27
...
17,324
16,827
188844587.LC.FTS.B
,
20
.99
%
,
4/27/27
...
7,868
7,852
188172463.LC.FTS.B
,
22
.49
%
,
4/27/27
...
9,625
–
188821742.LC.FTS.B
,
23
.99
%
,
4/27/27
...
15,994
15,996
188832786.LC.FTS.B
,
27
.99
%
,
4/27/27
...
4,080
4,189
188838885.LC.FTS.B
,
28
.99
%
,
4/27/27
...
8,200
8,417
188770586.LC.FTS.B
,
21
.49
%
,
4/28/27
...
14,202
14,024
188825826.LC.FTS.B
,
23
.49
%
,
4/28/27
...
7,976
7,955
188877761.LC.FTS.B
,
25
.99
%
,
4/28/27
...
5,948
5,852
188729615.LC.FTS.B
,
28
.99
%
,
4/28/27
...
20,503
21,032
188842402.LC.FTS.B
,
21
.49
%
,
4/30/27
...
4,822
4,760
188806927.LC.FTS.B
,
23
.99
%
,
4/30/27
...
12,250
12,109
188652977.LC.FTS.B
,
23
.99
%
,
5/24/27
...
2,964
577
185298966.LC.FTS.B
,
21
.49
%
,
7/30/27
...
21,290
2,344
185051135.LC.FTS.B
,
10
%
,
8/28/27
.....
19,415
15,559
188741644.LC.FTS.B
,
20
.49
%
,
10/21/27
..
17,397
1,618
188640868.LC.FTS.B
,
20
.99
%
,
12/01/27
..
16,594
12,714
186094287.LC.FTS.B
,
24
.99
%
,
12/29/27
..
8,953
3,624
188683114.LC.FTS.B
,
23
.99
%
,
3/27/28
...
38,174
3,586
Description
Principal
Amount
Value
LendingClub
Corp.
-
LCX
PM
(continued)
173017997.LC.FTS.B
,
14
.02
%
,
12/17/33
..
$
81
$
81
172997264.LC.FTS.B
,
14
.02
%
,
12/19/33
..
686
593
1,088,832
Prosper
Funding
LLC
1609444.PS.FTS.B
,
15
%
,
8/17/24
.......
2,015
1,758
1610038.PS.FTS.B
,
15
%
,
8/17/24
.......
2,142
2,123
1608122.PS.FTS.B
,
19
.8
%
,
8/20/24
.....
446
446
1619058.PS.FTS.B
,
19
%
,
8/23/24
.......
611
612
1612303.PS.FTS.B
,
20
.8
%
,
8/23/24
.....
6,217
6,231
1610720.PS.FTS.B
,
16
.6
%
,
8/25/24
.....
16
16
1610027.PS.FTS.B
,
18
.09
%
,
8/27/24
....
2,134
2,140
1606124.PS.FTS.B
,
12
.3
%
,
8/31/24
.....
3,333
3,281
1606139.PS.FTS.B
,
12
.8
%
,
9/01/24
.....
1,034
1,023
1610444.PS.FTS.B
,
18
.09
%
,
9/08/24
....
4,721
4,731
1625728.PS.FTS.B
,
12
.49
%
,
9/16/24
....
4,749
4,693
1622147.PS.FTS.B
,
13
.6
%
,
9/16/24
.....
639
630
1626067.PS.FTS.B
,
15
.4
%
,
9/17/24
.....
4,453
4,411
1632888.PS.FTS.B
,
17
.96
%
,
9/17/24
....
854
845
1634583.PS.FTS.B
,
18
.4
%
,
9/21/24
.....
1,003
1,007
1623410.PS.FTS.B
,
18
.5
%
,
9/21/24
.....
669
672
1626395.PS.FTS.B
,
13
.87
%
,
9/24/24
....
11,231
11,122
1622396.PS.FTS.B
,
20
.4
%
,
9/26/24
.....
1,578
1,578
1626680.PS.FTS.B
,
16
%
,
9/27/24
.......
3,923
3,900
1623737.PS.FTS.B
,
18
.7
%
,
9/30/24
.....
917
129
1632609.PS.FTS.B
,
14
.39
%
,
10/06/24
...
2,516
2,479
1630510.PS.FTS.B
,
11
.97
%
,
10/10/24
....
2,616
2,577
1628891.PS.FTS.B
,
14
.94
%
,
10/12/24
...
2,547
–
1626424.PS.FTS.B
,
11
.7
%
,
10/19/24
....
4,239
3,613
1645271.PS.FTS.B
,
10
.8
%
,
10/27/24
....
6,469
6,387
1648648.PS.FTS.B
,
16
%
,
10/27/24
......
1,640
1,599
1649014.PS.FTS.B
,
22
.7
%
,
10/27/24
....
1,363
1,377
1656261.PS.FTS.B
,
16
%
,
10/28/24
......
2,729
2,701
1646552.PS.FTS.B
,
15
.29
%
,
10/29/24
...
5,775
5,812
1661430.PS.FTS.B
,
12
%
,
11/05/24
......
4,430
2,649
1658149.PS.FTS.B
,
13
.4
%
,
11/08/24
....
1,892
1,860
1664622.PS.FTS.B
,
16
.9
%
,
11/08/24
....
994
984
1664838.PS.FTS.B
,
20
.01
%
,
11/08/24
....
1,950
1,934
1666485.PS.FTS.B
,
10
.5
%
,
11/09/24
....
1,474
1,446
1665699.PS.FTS.B
,
15
%
,
11/09/24
......
3,421
2,086
1660285.PS.FTS.B
,
18
.9
%
,
11/10/24
....
794
790
1653836.PS.FTS.B
,
14
.79
%
,
11/12/24
....
767
753
1661257.PS.FTS.B
,
17
.8
%
,
11/12/24
....
787
784
1655723.PS.FTS.B
,
15
.1
%
,
11/15/24
....
7,733
7,602
1685274.PS.FTS.B
,
10
.54
%
,
12/14/24
...
309
305
1685619.PS.FTS.B
,
14
.39
%
,
12/14/24
...
2,400
2,360
1672733.PS.FTS.B
,
15
%
,
12/14/24
......
4,137
4,057
1678747.PS.FTS.B
,
19
.3
%
,
12/14/24
....
857
853
1679110.PS.FTS.B
,
13
.36
%
,
12/15/24
....
3,989
3,911
1686000.PS.FTS.B
,
13
.36
%
,
12/15/24
...
6,161
5,215
1673372.PS.FTS.B
,
16
%
,
12/15/24
......
3,336
3,323
1672982.PS.FTS.B
,
22
%
,
12/15/24
......
1,315
1,309
1680175.PS.FTS.B
,
22
.6
%
,
12/16/24
....
1,638
1,640
1674770.PS.FTS.B
,
13
.1
%
,
12/17/24
....
6,103
6,008
1674329.PS.FTS.B
,
14
.89
%
,
12/17/24
...
2,479
2,440
1674347.PS.FTS.B
,
15
.86
%
,
12/17/24
...
6,236
6,138
1678399.PS.FTS.B
,
16
.3
%
,
12/22/24
....
1,123
976
1700772.PS.FTS.B
,
12
.1
%
,
1/12/25
.....
9,987
2,591
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)
Prosper
Funding
LLC
(continued)
1693870.PS.FTS.B
,
13
.6
%
,
1/12/25
.....
$
2,187
$
2,138
1688351.PS.FTS.B
,
17
%
,
1/12/25
.......
2,023
2,007
1688342.PS.FTS.B
,
17
.5
%
,
1/12/25
.....
7,220
7,165
1688336.PS.FTS.B
,
19
.2
%
,
1/12/25
.....
9,909
2,505
1687970.PS.FTS.B
,
23
.5
%
,
1/12/25
.....
648
207
1694488.PS.FTS.B
,
13
.8
%
,
1/13/25
.....
5,030
4,923
1694470.PS.FTS.B
,
15
.29
%
,
1/13/25
....
2,958
2,900
1701126.PS.FTS.B
,
13
%
,
1/15/25
.......
551
546
1701129.PS.FTS.B
,
16
.4
%
,
1/17/25
.....
5,011
4,898
1690265.PS.FTS.B
,
23
.3
%
,
1/18/25
.....
3,304
3,314
1697473.PS.FTS.B
,
10
.54
%
,
1/19/25
....
6,397
6,265
1692512.PS.FTS.B
,
19
.34
%
,
1/19/25
....
4,470
4,390
1700011.PS.FTS.B
,
13
.9
%
,
1/21/25
.....
2,207
2,165
1700775.PS.FTS.B
,
16
.6
%
,
1/26/25
.....
17,463
993
1688699.PS.FTS.B
,
21
.8
%
,
1/27/25
.....
4,063
4,021
1697303.PS.FTS.B
,
13
.9
%
,
1/31/25
.....
1,872
1,836
1720755.PS.FTS.B
,
13
.96
%
,
2/14/25
....
11,677
11,398
1720938.PS.FTS.B
,
13
.81
%
,
2/15/25
....
4,666
4,555
1707953.PS.FTS.B
,
13
.96
%
,
2/15/25
....
9,362
9,124
1707938.PS.FTS.B
,
15
.86
%
,
2/15/25
....
6,635
6,496
1715485.PS.FTS.B
,
16
%
,
2/15/25
.......
11,860
11,612
1714630.PS.FTS.B
,
16
.16
%
,
2/15/25
....
7,125
6,975
1714624.PS.FTS.B
,
19
.41
%
,
2/15/25
....
4,866
4,825
1715122.PS.FTS.B
,
19
.8
%
,
2/15/25
.....
1,240
1,225
1720920.PS.FTS.B
,
21
.2
%
,
2/15/25
.....
5,176
5,174
1715734.PS.FTS.B
,
19
.83
%
,
2/16/25
....
3,417
3,345
1722360.PS.FTS.B
,
22
.6
%
,
2/16/25
.....
1,443
1,442
1723116.PS.FTS.B
,
16
.29
%
,
2/17/25
....
951
944
1645667.PS.FTS.B
,
16
.6
%
,
2/17/25
.....
5,279
3,920
1749541.PS.FTS.B
,
22
.03
%
,
4/05/25
....
1,901
1,858
1750351.PS.FTS.B
,
15
.2
%
,
4/06/25
.....
1,829
1,776
1753944.PS.FTS.B
,
15
.4
%
,
4/07/25
.....
3,973
3,850
1744391.PS.FTS.B
,
24
.09
%
,
4/07/25
....
1,741
1,717
1750903.PS.FTS.B
,
24
.4
%
,
4/07/25
.....
4,714
2,929
1745381.PS.FTS.B
,
12
.9
%
,
4/08/25
.....
10,410
10,094
1714408.PS.FTS.B
,
22
.11
%
,
4/12/25
....
5,764
5,715
1758243.PS.FTS.B
,
24
.4
%
,
4/16/25
.....
2,259
2,237
1757968.PS.FTS.B
,
13
.9
%
,
4/18/25
.....
3,311
3,222
1742906.PS.FTS.B
,
15
.4
%
,
4/30/25
.....
1,139
1,100
1743767.PS.FTS.B
,
25
.71
%
,
5/05/25
....
4,944
4,865
1752241.PS.FTS.B
,
14
.7
%
,
5/10/25
.....
22,495
21,681
1658650.PS.FTS.B
,
13
.6
%
,
10/09/25
....
10,597
513
1701120.PS.FTS.B
,
15
.9
%
,
12/12/25
....
8,359
7,990
1606145.PS.FTS.B
,
14
%
,
8/17/26
.......
9,518
9,291
1606127.PS.FTS.B
,
15
.2
%
,
8/17/26
.....
5,807
5,668
1607933.PS.FTS.B
,
18
.5
%
,
8/19/26
.....
1,321
1,323
1608617.PS.FTS.B
,
13
.7
%
,
8/20/26
.....
3,797
3,697
1618680.PS.FTS.B
,
15
.37
%
,
8/20/26
....
11,243
10,948
1611802.PS.FTS.B
,
29
.74
%
,
8/22/26
....
3,002
584
1609277.PS.FTS.B
,
15
.7
%
,
8/23/26
.....
9,030
8,832
1610327.PS.FTS.B
,
27
.6
%
,
8/24/26
.....
5,693
5,877
1621434.PS.FTS.B
,
14
.6
%
,
8/26/26
.....
2,738
2,684
1614454.PS.FTS.B
,
17
.7
%
,
8/26/26
.....
6,558
6,591
1621428.PS.FTS.B
,
20
%
,
8/26/26
.......
6,687
6,718
1611746.PS.FTS.B
,
14
.29
%
,
8/27/26
....
5,726
5,585
1612838.PS.FTS.B
,
18
.5
%
,
9/13/26
.....
5,660
3,254
1619286.PS.FTS.B
,
12
.5
%
,
9/16/26
.....
7,805
7,596
1625740.PS.FTS.B
,
18
.48
%
,
9/16/26
....
6,750
6,757
Description
Principal
Amount
Value
Prosper
Funding
LLC
(continued)
1623731.PS.FTS.B
,
18
.93
%
,
9/21/26
....
$
12,194
$
12,236
1635897.PS.FTS.B
,
12
%
,
9/23/26
.......
14,045
13,690
1635735.PS.FTS.B
,
14
.68
%
,
9/23/26
....
9,807
9,556
1627036.PS.FTS.B
,
16
.33
%
,
9/25/26
....
8,975
8,752
1637445.PS.FTS.B
,
13
.3
%
,
9/27/26
.....
6,460
6,301
1626758.PS.FTS.B
,
17
.96
%
,
9/30/26
....
15,232
14,854
1634247.PS.FTS.B
,
16
.7
%
,
10/05/26
....
16,082
15,655
1626046.PS.FTS.B
,
15
.18
%
,
10/16/26
...
6,523
6,331
1644875.PS.FTS.B
,
11
.6
%
,
10/26/26
....
4,890
4,758
1648324.PS.FTS.B
,
12
.2
%
,
10/26/26
....
13,109
12,754
1644860.PS.FTS.B
,
18
.33
%
,
10/26/26
...
8,505
1,227
1645337.PS.FTS.B
,
18
.48
%
,
10/27/26
...
13,807
13,812
1646123.PS.FTS.B
,
13
.32
%
,
10/28/26
...
5,078
4,958
1646948.PS.FTS.B
,
11
.79
%
,
10/29/26
....
10,938
–
1649926.PS.FTS.B
,
13
.8
%
,
10/29/26
....
22,429
22,183
1655034.PS.FTS.B
,
11
.7
%
,
10/31/26
....
15,365
14,947
1655028.PS.FTS.B
,
13
.8
%
,
11/01/26
....
5,462
5,318
1647395.PS.FTS.B
,
11
.89
%
,
11/03/26
....
6,696
6,470
1661010.PS.FTS.B
,
12
.5
%
,
11/05/26
....
17,482
16,928
1661007.PS.FTS.B
,
15
.8
%
,
11/05/26
....
13,809
13,376
1654774.PS.FTS.B
,
16
.18
%
,
11/05/26
....
24,237
23,476
1661004.PS.FTS.B
,
17
.8
%
,
11/05/26
....
4,093
–
1661433.PS.FTS.B
,
28
.23
%
,
11/05/26
....
3,767
3,828
1651868.PS.FTS.B
,
9
.45
%
,
11/08/26
....
8,518
8,257
1658185.PS.FTS.B
,
10
.5
%
,
11/08/26
....
5,951
5,767
1658167.PS.FTS.B
,
13
.5
%
,
11/08/26
....
16,609
16,112
1658881.PS.FTS.B
,
13
.8
%
,
11/09/26
....
16,626
16,129
1653323.PS.FTS.B
,
16
%
,
11/09/26
......
8,298
8,049
1666362.PS.FTS.B
,
19
%
,
11/09/26
......
4,952
4,913
1666911.PS.FTS.B
,
10
.62
%
,
11/10/26
....
8,604
8,343
1660066.PS.FTS.B
,
12
.6
%
,
11/10/26
....
23,553
22,833
1660078.PS.FTS.B
,
13
.93
%
,
11/10/26
....
13,552
13,136
1646330.PS.FTS.B
,
16
.2
%
,
11/10/26
....
20,971
20,428
1666890.PS.FTS.B
,
17
%
,
11/10/26
......
11,164
11,045
1649539.PS.FTS.B
,
16
.7
%
,
11/12/26
....
14,010
13,646
1666359.PS.FTS.B
,
21
%
,
11/15/26
......
4,378
4,469
1662505.PS.FTS.B
,
25
.4
%
,
11/15/26
....
7,399
7,571
1651871.PS.FTS.B
,
20
.66
%
,
11/20/26
....
3,974
3,926
1651913.PS.FTS.B
,
25
.67
%
,
11/22/26
....
5,296
5,350
1672147.PS.FTS.B
,
16
.56
%
,
12/03/26
...
14,192
14,005
1672316.PS.FTS.B
,
10
.44
%
,
12/14/26
...
8,796
8,526
1678396.PS.FTS.B
,
11
.2
%
,
12/14/26
....
4,664
–
1685634.PS.FTS.B
,
12
.5
%
,
12/14/26
....
5,503
5,328
1672730.PS.FTS.B
,
13
.8
%
,
12/14/26
....
24,341
23,561
1685271.PS.FTS.B
,
16
.8
%
,
12/14/26
....
10,663
10,340
1678387.PS.FTS.B
,
18
.33
%
,
12/14/26
...
9,664
9,552
1678372.PS.FTS.B
,
22
.8
%
,
12/14/26
....
8,155
8,273
1685631.PS.FTS.B
,
27
.02
%
,
12/14/26
...
4,586
4,648
1686078.PS.FTS.B
,
10
.5
%
,
12/15/26
....
8,123
7,876
1686378.PS.FTS.B
,
17
.23
%
,
12/15/26
...
6,156
239
1687344.PS.FTS.B
,
19
%
,
12/17/26
......
3,589
3,564
1685997.PS.FTS.B
,
12
.87
%
,
12/18/26
...
6,220
6,023
1678354.PS.FTS.B
,
11
.07
%
,
12/20/26
....
10,220
9,895
1687950.PS.FTS.B
,
11
.5
%
,
12/20/26
....
10,114
9,817
1675010.PS.FTS.B
,
12
.5
%
,
12/20/26
....
7,840
6,712
1685637.PS.FTS.B
,
11
.7
%
,
12/28/26
....
21,094
20,422
1672718.PS.FTS.B
,
14
.38
%
,
1/07/27
....
5,774
5,581
1701111.PS.FTS.B
,
10
.29
%
,
1/12/27
.....
17,159
16,607
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)
Prosper
Funding
LLC
(continued)
1700808.PS.FTS.B
,
11
.4
%
,
1/12/27
.....
$
6,970
$
6,745
1701108.PS.FTS.B
,
15
.7
%
,
1/12/27
.....
25,182
24,358
1701147.PS.FTS.B
,
21
.63
%
,
1/12/27
....
8,267
–
1687964.PS.FTS.B
,
22
.2
%
,
1/12/27
.....
5,839
1,528
1694491.PS.FTS.B
,
12
.62
%
,
1/13/27
....
10,552
10,212
1694725.PS.FTS.B
,
18
.4
%
,
1/13/27
.....
10,997
10,869
1701537.PS.FTS.B
,
19
.3
%
,
1/13/27
.....
11,064
10,933
1695958.PS.FTS.B
,
10
.5
%
,
1/14/27
.....
10,399
10,058
1689173.PS.FTS.B
,
11
.2
%
,
1/14/27
.....
13,570
13,138
1695787.PS.FTS.B
,
11
.7
%
,
1/14/27
.....
17,464
16,908
1689623.PS.FTS.B
,
19
%
,
1/14/27
.......
2,341
2,315
1694719.PS.FTS.B
,
16
.93
%
,
1/17/27
....
13,034
12,582
1705005.PS.FTS.B
,
15
%
,
1/19/27
.......
18,613
18,051
1702455.PS.FTS.B
,
15
.18
%
,
1/20/27
....
11,533
11,150
1689251.PS.FTS.B
,
19
%
,
1/21/27
.......
2,956
2,912
1702237.PS.FTS.B
,
11
.7
%
,
1/25/27
.....
7,766
–
1703169.PS.FTS.B
,
25
.6
%
,
2/11/27
.....
12,523
7,709
1707746.PS.FTS.B
,
9
.45
%
,
2/14/27
.....
4,842
4,684
1720764.PS.FTS.B
,
22
.5
%
,
2/14/27
.....
8,427
8,526
1720917.PS.FTS.B
,
13
.7
%
,
2/15/27
.....
9,046
8,745
1714633.PS.FTS.B
,
14
.39
%
,
2/15/27
....
10,965
2,493
1707950.PS.FTS.B
,
16
.5
%
,
2/15/27
.....
7,376
7,127
1714648.PS.FTS.B
,
16
.7
%
,
2/15/27
.....
5,540
5,352
1721346.PS.FTS.B
,
16
.7
%
,
2/15/27
.....
14,772
14,575
1720911.PS.FTS.B
,
18
.59
%
,
2/15/27
....
18,694
18,435
1714642.PS.FTS.B
,
18
.7
%
,
2/15/27
.....
7,483
7,379
1714636.PS.FTS.B
,
23
.58
%
,
2/15/27
....
4,257
4,284
1707734.PS.FTS.B
,
10
.29
%
,
2/16/27
....
10,908
10,628
1722117.PS.FTS.B
,
15
.18
%
,
2/16/27
....
5,849
5,655
1709201.PS.FTS.B
,
18
.48
%
,
2/16/27
....
9,341
9,216
1714627.PS.FTS.B
,
11
.4
%
,
2/17/27
.....
14,961
14,458
1709846.PS.FTS.B
,
26
.5
%
,
2/17/27
.....
8,461
1,255
1720908.PS.FTS.B
,
15
.29
%
,
2/22/27
....
22,409
21,611
1712903.PS.FTS.B
,
15
.29
%
,
2/23/27
....
7,053
6,836
1715713.PS.FTS.B
,
10
.8
%
,
3/14/27
.....
7,909
443
1749550.PS.FTS.B
,
11
.5
%
,
4/05/27
.....
11,146
10,730
1752624.PS.FTS.B
,
17
.23
%
,
4/05/27
....
15,409
14,750
1753011.PS.FTS.B
,
12
%
,
4/06/27
.......
11,183
10,768
1749859.PS.FTS.B
,
19
.06
%
,
4/06/27
....
5,980
194
1752981.PS.FTS.B
,
21
%
,
4/06/27
.......
5,118
5,077
1754293.PS.FTS.B
,
13
.4
%
,
4/12/27
.....
9,028
8,667
1747163.PS.FTS.B
,
16
.2
%
,
4/12/27
.....
19,141
18,371
1744328.PS.FTS.B
,
14
.89
%
,
4/15/27
....
15,251
14,614
1752654.PS.FTS.B
,
12
.76
%
,
4/30/27
....
11,571
11,130
1750735.PS.FTS.B
,
16
%
,
5/06/27
.......
4,316
4,177
1607291.PS.FTS.B
,
28
.59
%
,
7/18/27
....
5,175
5,110
1650328.PS.FTS.B
,
11
.2
%
,
7/29/27
.....
6,594
2,667
1623734.PS.FTS.B
,
18
.4
%
,
8/21/27
.....
7,568
3,792
1,409,737
Upgrade,
Inc.
-
Card
992327673.UG.FTS.B
,
28
.98
%
,
1/03/24
..
12
12
992301548.UG.FTS.B
,
29
.49
%
,
4/03/24
..
10
10
992341609.UG.FTS.B
,
29
.49
%
,
4/03/24
..
19
1
992343756.UG.FTS.B
,
29
.49
%
,
4/03/24
..
221
79
992392020.UG.FTS.B
,
29
.49
%
,
4/03/24
..
136
4
992460590.UG.FTS.B
,
29
.49
%
,
4/03/24
..
–
–
992249570.UG.FTS.B
,
20
.96
%
,
4/04/24
..
41
41
Description
Principal
Amount
Value
Upgrade,
Inc.
-
Card
(continued)
992326465.UG.FTS.B
,
Zero
Cpn
,
4/05/24
.
$
108
$
7
992425560.UG.FTS.B
,
Zero
Cpn
,
4/05/24
.
116
8
992413501.UG.FTS.B
,
19
.3
%
,
4/05/24
...
289
289
992425235.UG.FTS.B
,
19
.99
%
,
4/05/24
..
146
147
992253128.UG.FTS.B
,
20
.96
%
,
4/05/24
..
71
71
992324567.UG.FTS.B
,
20
.96
%
,
4/05/24
..
122
122
992247109.UG.FTS.B
,
21
.48
%
,
4/05/24
..
1,435
477
992291104.UG.FTS.B
,
21
.48
%
,
4/05/24
..
152
12
992270384.UG.FTS.B
,
22
.47
%
,
4/05/24
..
30
30
992310198.UG.FTS.B
,
22
.47
%
,
4/05/24
..
115
114
992275523.UG.FTS.B
,
23
.45
%
,
4/05/24
..
19
19
992460308.UG.FTS.B
,
25
.44
%
,
4/05/24
..
29
29
992258284.UG.FTS.B
,
27
.99
%
,
4/05/24
..
24
24
992240601.UG.FTS.B
,
28
.48
%
,
4/05/24
..
97
6
992252825.UG.FTS.B
,
28
.48
%
,
4/05/24
..
122
123
992262433.UG.FTS.B
,
28
.48
%
,
4/05/24
..
175
176
992269299.UG.FTS.B
,
28
.48
%
,
4/05/24
..
16
16
992332109.UG.FTS.B
,
28
.48
%
,
4/05/24
..
38
38
992336619.UG.FTS.B
,
28
.48
%
,
4/05/24
..
5
5
992255211.UG.FTS.B
,
29
.47
%
,
4/05/24
..
35
5
992342504.UG.FTS.B
,
29
.48
%
,
4/05/24
..
117
118
992406244.UG.FTS.B
,
29
.48
%
,
4/05/24
..
81
81
992424634.UG.FTS.B
,
29
.48
%
,
4/05/24
..
161
162
992453174.UG.FTS.B
,
29
.48
%
,
4/05/24
..
23
24
992241305.UG.FTS.B
,
29
.49
%
,
4/05/24
..
38
38
992245608.UG.FTS.B
,
29
.49
%
,
4/05/24
..
33
34
992253980.UG.FTS.B
,
29
.49
%
,
4/05/24
..
74
75
992263652.UG.FTS.B
,
29
.49
%
,
4/05/24
..
26
26
992269988.UG.FTS.B
,
29
.49
%
,
4/05/24
..
45
45
992270710.UG.FTS.B
,
29
.49
%
,
4/05/24
..
38
38
992272262.UG.FTS.B
,
29
.49
%
,
4/05/24
..
28
28
992278624.UG.FTS.B
,
29
.49
%
,
4/05/24
..
105
106
992305197.UG.FTS.B
,
29
.49
%
,
4/05/24
..
66
66
992306483.UG.FTS.B
,
29
.49
%
,
4/05/24
..
36
37
992312387.UG.FTS.B
,
29
.49
%
,
4/05/24
..
32
32
992319935.UG.FTS.B
,
29
.49
%
,
4/05/24
..
–
–
992324074.UG.FTS.B
,
29
.49
%
,
4/05/24
..
88
87
992330489.UG.FTS.B
,
29
.49
%
,
4/05/24
..
125
126
992366199.UG.FTS.B
,
29
.49
%
,
4/05/24
..
26
–
992371567.UG.FTS.B
,
29
.49
%
,
4/05/24
..
125
126
992388420.UG.FTS.B
,
29
.49
%
,
4/05/24
..
14
14
992425321.UG.FTS.B
,
29
.49
%
,
4/05/24
..
52
52
992436268.UG.FTS.B
,
29
.49
%
,
4/05/24
..
44
20
992442175.UG.FTS.B
,
29
.49
%
,
4/05/24
..
484
486
992356295.UG.FTS.B
,
29
.49
%
,
6/03/24
..
25
26
992241102.UG.FTS.B
,
29
.49
%
,
7/03/24
..
82
83
992343713.UG.FTS.B
,
29
.49
%
,
8/03/24
..
44
44
992319118.UG.FTS.B
,
29
.49
%
,
10/03/24
.
271
–
992428468.UG.FTS.B
,
25
.95
%
,
4/03/25
..
91
92
992263589.UG.FTS.B
,
28
.98
%
,
4/03/25
..
41
42
992236701.UG.FTS.B
,
29
.49
%
,
4/03/25
..
27
28
992256275.UG.FTS.B
,
29
.49
%
,
4/03/25
..
29
29
992268108.UG.FTS.B
,
29
.49
%
,
4/03/25
..
189
189
992269560.UG.FTS.B
,
29
.49
%
,
4/03/25
..
240
241
992290976.UG.FTS.B
,
29
.49
%
,
4/03/25
..
222
227
992291590.UG.FTS.B
,
29
.49
%
,
4/03/25
..
–
–
992310969.UG.FTS.B
,
29
.49
%
,
4/03/25
..
156
22
992335320.UG.FTS.B
,
29
.49
%
,
4/03/25
..
172
171
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)
Upgrade,
Inc.
-
Card
(continued)
992345576.UG.FTS.B
,
29
.49
%
,
4/03/25
..
$
214
$
222
992354024.UG.FTS.B
,
29
.49
%
,
4/03/25
..
16
16
992357933.UG.FTS.B
,
29
.49
%
,
4/03/25
..
186
195
992375406.UG.FTS.B
,
29
.49
%
,
4/03/25
..
12
12
992258313.UG.FTS.B
,
21
.98
%
,
4/04/25
..
85
6
992301470.UG.FTS.B
,
28
.98
%
,
4/04/25
..
128
30
992387188.UG.FTS.B
,
28
.98
%
,
4/04/25
..
202
208
992453316.UG.FTS.B
,
28
.98
%
,
4/04/25
..
180
180
992463571.UG.FTS.B
,
28
.98
%
,
4/04/25
..
80
82
992266370.UG.FTS.B
,
29
.49
%
,
4/04/25
..
365
377
992342016.UG.FTS.B
,
29
.49
%
,
4/04/25
..
185
186
992421008.UG.FTS.B
,
29
.49
%
,
4/04/25
..
21
21
992421200.UG.FTS.B
,
29
.49
%
,
4/04/25
..
136
140
992293341.UG.FTS.B
,
Zero
Cpn
,
4/05/25
.
1,106
77
992433503.UG.FTS.B
,
Zero
Cpn
,
4/05/25
.
–
–
992264407.UG.FTS.B
,
14
.97
%
,
4/05/25
..
599
600
992391676.UG.FTS.B
,
15
.97
%
,
4/05/25
..
68
68
992275748.UG.FTS.B
,
17
.97
%
,
4/05/25
..
539
36
992417616.UG.FTS.B
,
17
.99
%
,
4/05/25
..
78
79
992286525.UG.FTS.B
,
18
.8
%
,
4/05/25
...
95
96
992323394.UG.FTS.B
,
18
.97
%
,
4/05/25
..
1,138
1,150
992415664.UG.FTS.B
,
18
.97
%
,
4/05/25
..
1,220
1,234
992239422.UG.FTS.B
,
19
.21
%
,
4/05/25
..
295
295
992416415.UG.FTS.B
,
19
.21
%
,
4/05/25
..
1,086
1,108
992424538.UG.FTS.B
,
19
.21
%
,
4/05/25
..
711
722
992432194.UG.FTS.B
,
19
.8
%
,
4/05/25
...
280
283
992256001.UG.FTS.B
,
19
.97
%
,
4/05/25
..
348
356
992290432.UG.FTS.B
,
19
.99
%
,
4/05/25
..
3,377
809
992346135.UG.FTS.B
,
19
.99
%
,
4/05/25
..
305
318
992431381.UG.FTS.B
,
19
.99
%
,
4/05/25
..
67
67
992433537.UG.FTS.B
,
19
.99
%
,
4/05/25
..
818
846
992255166.UG.FTS.B
,
20
.46
%
,
4/05/25
..
41
40
992386358.UG.FTS.B
,
20
.46
%
,
4/05/25
..
1,390
1,419
992282788.UG.FTS.B
,
21
.46
%
,
4/05/25
..
2
2
992258743.UG.FTS.B
,
21
.97
%
,
4/05/25
..
14
14
992296469.UG.FTS.B
,
21
.98
%
,
4/05/25
..
179
183
992238906.UG.FTS.B
,
22
.97
%
,
4/05/25
..
2,734
544
992265045.UG.FTS.B
,
25
.95
%
,
4/05/25
..
114
116
992302611.UG.FTS.B
,
25
.95
%
,
4/05/25
..
820
823
992250719.UG.FTS.B
,
27
.95
%
,
4/05/25
..
256
267
992375541.UG.FTS.B
,
27
.95
%
,
4/05/25
..
1
1
992249070.UG.FTS.B
,
28
.98
%
,
4/05/25
..
72
72
992258333.UG.FTS.B
,
28
.98
%
,
4/05/25
..
294
37
992260520.UG.FTS.B
,
28
.98
%
,
4/05/25
..
409
26
992263759.UG.FTS.B
,
28
.98
%
,
4/05/25
..
303
310
992271131.UG.FTS.B
,
28
.98
%
,
4/05/25
..
263
274
992271316.UG.FTS.B
,
28
.98
%
,
4/05/25
..
123
128
992281862.UG.FTS.B
,
28
.98
%
,
4/05/25
..
272
276
992290941.UG.FTS.B
,
28
.98
%
,
4/05/25
..
85
89
992305223.UG.FTS.B
,
28
.98
%
,
4/05/25
..
127
132
992314088.UG.FTS.B
,
28
.98
%
,
4/05/25
..
84
85
992315976.UG.FTS.B
,
28
.98
%
,
4/05/25
..
106
7
992318621.UG.FTS.B
,
28
.98
%
,
4/05/25
..
14
14
992321475.UG.FTS.B
,
28
.98
%
,
4/05/25
..
351
365
992350450.UG.FTS.B
,
28
.98
%
,
4/05/25
..
661
664
992362215.UG.FTS.B
,
28
.98
%
,
4/05/25
..
693
708
992377531.UG.FTS.B
,
28
.98
%
,
4/05/25
..
16
16
992386343.UG.FTS.B
,
28
.98
%
,
4/05/25
..
96
23
Description
Principal
Amount
Value
Upgrade,
Inc.
-
Card
(continued)
992391277.UG.FTS.B
,
28
.98
%
,
4/05/25
..
$
43
$
6
992404668.UG.FTS.B
,
28
.98
%
,
4/05/25
..
101
101
992412921.UG.FTS.B
,
28
.98
%
,
4/05/25
..
347
361
992420787.UG.FTS.B
,
28
.98
%
,
4/05/25
..
152
–
992421379.UG.FTS.B
,
28
.98
%
,
4/05/25
..
113
116
992426381.UG.FTS.B
,
28
.98
%
,
4/05/25
..
87
90
992430529.UG.FTS.B
,
28
.98
%
,
4/05/25
..
50
51
992452945.UG.FTS.B
,
28
.98
%
,
4/05/25
..
142
144
992453117.UG.FTS.B
,
28
.98
%
,
4/05/25
..
31
32
992456750.UG.FTS.B
,
28
.98
%
,
4/05/25
..
150
37
992338606.UG.FTS.B
,
29
.45
%
,
4/05/25
..
62
62
992376094.UG.FTS.B
,
29
.48
%
,
4/05/25
..
118
123
992239162.UG.FTS.B
,
29
.49
%
,
4/05/25
..
109
114
992240128.UG.FTS.B
,
29
.49
%
,
4/05/25
..
472
484
992241600.UG.FTS.B
,
29
.49
%
,
4/05/25
..
83
87
992243368.UG.FTS.B
,
29
.49
%
,
4/05/25
..
235
242
992247116.UG.FTS.B
,
29
.49
%
,
4/05/25
..
192
196
992252024.UG.FTS.B
,
29
.49
%
,
4/05/25
..
61
8
992255844.UG.FTS.B
,
29
.49
%
,
4/05/25
..
80
81
992260816.UG.FTS.B
,
29
.49
%
,
4/05/25
..
135
33
992264748.UG.FTS.B
,
29
.49
%
,
4/05/25
..
29
29
992268866.UG.FTS.B
,
29
.49
%
,
4/05/25
..
213
217
992268980.UG.FTS.B
,
29
.49
%
,
4/05/25
..
70
73
992271586.UG.FTS.B
,
29
.49
%
,
4/05/25
..
123
129
992275962.UG.FTS.B
,
29
.49
%
,
4/05/25
..
179
184
992276049.UG.FTS.B
,
29
.49
%
,
4/05/25
..
142
149
992291050.UG.FTS.B
,
29
.49
%
,
4/05/25
..
11
11
992291806.UG.FTS.B
,
29
.49
%
,
4/05/25
..
414
436
992293542.UG.FTS.B
,
29
.49
%
,
4/05/25
..
68
70
992301441.UG.FTS.B
,
29
.49
%
,
4/05/25
..
160
167
992303097.UG.FTS.B
,
29
.49
%
,
4/05/25
..
176
184
992320378.UG.FTS.B
,
29
.49
%
,
4/05/25
..
155
161
992321464.UG.FTS.B
,
29
.49
%
,
4/05/25
..
239
247
992324857.UG.FTS.B
,
29
.49
%
,
4/05/25
..
69
70
992326966.UG.FTS.B
,
29
.49
%
,
4/05/25
..
96
100
992340410.UG.FTS.B
,
29
.49
%
,
4/05/25
..
44
44
992341543.UG.FTS.B
,
29
.49
%
,
4/05/25
..
55
56
992341758.UG.FTS.B
,
29
.49
%
,
4/05/25
..
178
187
992344325.UG.FTS.B
,
29
.49
%
,
4/05/25
..
111
116
992355380.UG.FTS.B
,
29
.49
%
,
4/05/25
..
54
56
992359643.UG.FTS.B
,
29
.49
%
,
4/05/25
..
305
314
992359656.UG.FTS.B
,
29
.49
%
,
4/05/25
..
543
571
992359703.UG.FTS.B
,
29
.49
%
,
4/05/25
..
105
26
992361376.UG.FTS.B
,
29
.49
%
,
4/05/25
..
31
31
992368911.UG.FTS.B
,
29
.49
%
,
4/05/25
..
229
237
992369632.UG.FTS.B
,
29
.49
%
,
4/05/25
..
163
168
992371487.UG.FTS.B
,
29
.49
%
,
4/05/25
..
131
137
992371951.UG.FTS.B
,
29
.49
%
,
4/05/25
..
154
160
992391427.UG.FTS.B
,
29
.49
%
,
4/05/25
..
124
130
992394239.UG.FTS.B
,
29
.49
%
,
4/05/25
..
98
100
992401130.UG.FTS.B
,
29
.49
%
,
4/05/25
..
130
136
992403505.UG.FTS.B
,
29
.49
%
,
4/05/25
..
131
137
992418075.UG.FTS.B
,
29
.49
%
,
4/05/25
..
17
17
992419811.UG.FTS.B
,
29
.49
%
,
4/05/25
..
98
102
992424526.UG.FTS.B
,
29
.49
%
,
4/05/25
..
182
189
992425789.UG.FTS.B
,
29
.49
%
,
4/05/25
..
259
268
992427607.UG.FTS.B
,
29
.49
%
,
4/05/25
..
111
114
992429564.UG.FTS.B
,
29
.49
%
,
4/05/25
..
71
75
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)
Upgrade,
Inc.
-
Card
(continued)
992444668.UG.FTS.B
,
29
.49
%
,
4/05/25
..
$
1,154
$
1,200
992444707.UG.FTS.B
,
29
.49
%
,
4/05/25
..
87
90
992452371.UG.FTS.B
,
29
.49
%
,
4/05/25
..
101
104
992454738.UG.FTS.B
,
29
.49
%
,
4/05/25
..
1,388
1,444
992455102.UG.FTS.B
,
29
.49
%
,
4/05/25
..
277
287
992455358.UG.FTS.B
,
29
.49
%
,
4/05/25
..
81
11
992459731.UG.FTS.B
,
29
.49
%
,
4/05/25
..
38
38
992401571.UG.FTS.B
,
29
.49
%
,
5/03/25
..
77
58
992460328.UG.FTS.B
,
29
.49
%
,
8/01/25
..
95
72
992286064.UG.FTS.B
,
29
.49
%
,
8/03/25
..
416
308
992312103.UG.FTS.B
,
29
.49
%
,
8/03/25
..
412
308
992444060.UG.FTS.B
,
28
.98
%
,
12/03/25
.
871
199
992424737.UG.FTS.B
,
25
.95
%
,
4/03/26
..
804
808
992300542.UG.FTS.B
,
28
.98
%
,
4/03/26
..
139
84
992351381.UG.FTS.B
,
21
.97
%
,
12/03/27
.
–
–
992432730.UG.FTS.B
,
29
.49
%
,
2/01/28
..
–
–
992335344.UG.FTS.B
,
Zero
Cpn
,
9/03/28
.
12
1
992314013.UG.FTS.B
,
28
.98
%
,
10/03/28
.
–
–
992290768.UG.FTS.B
,
29
.49
%
,
10/03/28
.
1
–
992294700.UG.FTS.B
,
29
.49
%
,
11/03/28
.
19
1
992258570.UG.FTS.B
,
26
.44
%
,
12/01/28
.
–
–
992375568.UG.FTS.B
,
17
.97
%
,
12/02/28
.
1
1
992313421.UG.FTS.B
,
22
.47
%
,
12/03/28
.
1
1
992275994.UG.FTS.B
,
29
.49
%
,
12/03/28
.
3
3
34,318
Upstart
Network,
Inc.
L1729715.UP.FTS.B
,
8
.39
%
,
9/17/24
....
1,820
1,818
L1722095.UP.FTS.B
,
11
.17
%
,
9/17/24
....
312
312
FW1729768.UP.FTS.B
,
11
.21
%
,
9/17/24
..
1,113
82
L1729539.UP.FTS.B
,
18
.67
%
,
9/17/24
....
848
854
L1730194.UP.FTS.B
,
23
.58
%
,
9/17/24
....
384
388
FW1730336.UP.FTS.B
,
30
.16
%
,
9/17/24
..
1,857
1,873
L1902385.UP.FTS.B
,
8
.05
%
,
10/22/24
....
1,658
1,655
L1902094.UP.FTS.B
,
9
.69
%
,
10/22/24
....
337
336
L1902354.UP.FTS.B
,
12
.7
%
,
10/22/24
....
1,734
1,734
L1901213.UP.FTS.B
,
15
.08
%
,
10/22/24
...
9,743
9,406
FW1900872.UP.FTS.B
,
18
.12
%
,
10/22/24
.
2,188
2,205
L1902710.UP.FTS.B
,
18
.85
%
,
10/22/24
...
2,018
2,034
L1900998.UP.FTS.B
,
21
.32
%
,
10/22/24
...
1,750
1,758
L1901625.UP.FTS.B
,
21
.76
%
,
10/22/24
...
1,112
1,106
L1875546.UP.FTS.B
,
21
.84
%
,
10/22/24
...
679
682
L1902017.UP.FTS.B
,
22
.16
%
,
10/22/24
...
143
142
L1900754.UP.FTS.B
,
23
.33
%
,
10/22/24
...
1,370
1,323
FW1901937.UP.FTS.B
,
24
.32
%
,
10/22/24
.
5,183
1,609
L2031380.UP.FTS.B
,
6
.17
%
,
11/12/24
....
2,654
2,636
L2032548.UP.FTS.B
,
7
.85
%
,
11/12/24
....
3,899
3,890
L2031918.UP.FTS.B
,
8
.28
%
,
11/12/24
....
1,083
1,081
L2002430.UP.FTS.B
,
8
.48
%
,
11/12/24
....
1,662
122
L2031630.UP.FTS.B
,
9
.03
%
,
11/12/24
....
2,545
2,540
L2031494.UP.FTS.B
,
9
.06
%
,
11/12/24
....
2,247
1,360
L2032651.UP.FTS.B
,
9
.8
%
,
11/12/24
.....
282
280
L2033075.UP.FTS.B
,
11
.83
%
,
11/12/24
...
4,126
4,117
L2032627.UP.FTS.B
,
14
.45
%
,
11/12/24
...
764
769
L2032469.UP.FTS.B
,
17
.26
%
,
11/12/24
...
55
54
L2031497.UP.FTS.B
,
23
.3
%
,
11/12/24
....
887
890
FW2033085.UP.FTS.B
,
25
.77
%
,
11/12/24
.
2,894
2,905
FW2032765.UP.FTS.B
,
27
.87
%
,
11/12/24
.
3,640
261
Description
Principal
Amount
Value
Upstart
Network,
Inc.
(continued)
FW2030908.UP.FTS.B
,
29
.29
%
,
11/12/24
.
$
2,679
$
189
L2102014.UP.FTS.B
,
8
.1
%
,
11/23/24
.....
1,225
1,225
L2102773.UP.FTS.B
,
10
.25
%
,
11/23/24
...
441
441
L2102080.UP.FTS.B
,
12
.09
%
,
11/23/24
...
950
950
L2103173.UP.FTS.B
,
14
.48
%
,
11/23/24
...
1,899
138
L2101642.UP.FTS.B
,
15
.95
%
,
11/23/24
...
3,639
535
L2102263.UP.FTS.B
,
17
.21
%
,
11/23/24
...
782
791
L2099426.UP.FTS.B
,
18
.86
%
,
11/23/24
...
995
1,003
L2103709.UP.FTS.B
,
20
.75
%
,
11/23/24
...
887
897
L2102185.UP.FTS.B
,
21
.19
%
,
11/23/24
...
3,037
3,069
L2103127.UP.FTS.B
,
21
.34
%
,
11/23/24
...
4,241
4,275
FW2103254.UP.FTS.B
,
28
.98
%
,
11/23/24
.
1,380
1,392
L2250253.UP.FTS.B
,
5
.3
%
,
12/14/24
....
2,460
2,437
L2249821.UP.FTS.B
,
9
.1
%
,
12/14/24
....
393
392
L2249474.UP.FTS.B
,
9
.8
%
,
12/14/24
....
983
981
L2249818.UP.FTS.B
,
9
.92
%
,
12/14/24
....
1,405
1,400
L2248588.UP.FTS.B
,
10
.67
%
,
12/14/24
...
5,412
5,394
L2251137.UP.FTS.B
,
11
.74
%
,
12/14/24
...
10,062
10,027
L2249713.UP.FTS.B
,
11
.85
%
,
12/14/24
...
1,616
1,612
L2249391.UP.FTS.B
,
12
.58
%
,
12/14/24
...
841
839
L2251228.UP.FTS.B
,
12
.94
%
,
12/14/24
...
611
610
L2250705.UP.FTS.B
,
13
.29
%
,
12/14/24
...
202
201
L2251099.UP.FTS.B
,
15
.99
%
,
12/14/24
...
545
547
FW2249991.UP.FTS.B
,
16
.74
%
,
12/14/24
.
2,528
184
L2250280.UP.FTS.B
,
16
.83
%
,
12/14/24
...
236
234
L2249946.UP.FTS.B
,
17
.98
%
,
12/14/24
...
1,696
1,708
FW2249440.UP.FTS.B
,
19
.65
%
,
12/14/24
.
518
74
L2250240.UP.FTS.B
,
20
.48
%
,
12/14/24
...
480
461
L2250459.UP.FTS.B
,
21
.22
%
,
12/14/24
...
1,916
1,916
L2251174.UP.FTS.B
,
21
.98
%
,
12/14/24
...
1,090
1,084
FW2250657.UP.FTS.B
,
22
.04
%
,
12/14/24
.
438
441
L2249754.UP.FTS.B
,
22
.91
%
,
12/14/24
...
2,001
145
FW2251405.UP.FTS.B
,
24
.46
%
,
12/14/24
.
894
897
FW2250179.UP.FTS.B
,
25
.41
%
,
12/14/24
.
1,610
1,612
FW2250656.UP.FTS.B
,
26
.59
%
,
12/14/24
.
532
533
FW2250011.UP.FTS.B
,
27
.44
%
,
12/14/24
.
1,714
1,714
FW2250630.UP.FTS.B
,
28
.93
%
,
12/14/24
.
766
219
FW2248284.UP.FTS.B
,
29
.12
%
,
12/14/24
.
1,506
1,474
L2251006.UP.FTS.B
,
6
.59
%
,
12/15/24
....
960
953
L2253130.UP.FTS.B
,
10
.71
%
,
12/15/24
...
2,391
2,383
L2250196.UP.FTS.B
,
14
.38
%
,
12/15/24
...
2,422
2,332
L2253233.UP.FTS.B
,
17
.76
%
,
12/15/24
...
2,330
2,341
L2251602.UP.FTS.B
,
18
.36
%
,
12/15/24
...
1,489
1,500
L2252717.UP.FTS.B
,
19
.17
%
,
12/15/24
...
2,141
2,157
FW2253350.UP.FTS.B
,
19
.8
%
,
12/15/24
..
2,291
167
L2252886.UP.FTS.B
,
20
.6
%
,
12/15/24
....
563
568
L2249377.UP.FTS.B
,
20
.67
%
,
12/15/24
...
3,275
3,279
L2240893.UP.FTS.B
,
21
.21
%
,
12/15/24
...
10,885
10,968
FW2252326.UP.FTS.B
,
21
.53
%
,
12/15/24
.
3,492
3,519
FW2249426.UP.FTS.B
,
22
.47
%
,
12/15/24
.
3,062
2,932
L2251577.UP.FTS.B
,
23
.09
%
,
12/15/24
...
1,332
1,332
L2253201.UP.FTS.B
,
23
.48
%
,
12/15/24
...
1,330
1,336
FW2251095.UP.FTS.B
,
15
.84
%
,
12/20/24
.
1,020
74
L2248952.UP.FTS.B
,
12
.98
%
,
12/21/24
...
2,852
2,845
L2499293.UP.FTS.B
,
6
.07
%
,
1/24/25
....
6,568
6,525
L2491823.UP.FTS.B
,
6
.34
%
,
1/24/25
....
2,057
2,044
FW2498281.UP.FTS.B
,
7
.12
%
,
1/24/25
...
280
278
L2499253.UP.FTS.B
,
7
.19
%
,
1/24/25
....
17,300
17,186
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)
Upstart
Network,
Inc.
(continued)
L2491568.UP.FTS.B
,
7
.35
%
,
1/24/25
....
$
1,489
$
208
L2499551.UP.FTS.B
,
8
.93
%
,
1/24/25
....
4,207
4,201
L2498976.UP.FTS.B
,
9
.51
%
,
1/24/25
....
7,611
1,070
L2499846.UP.FTS.B
,
10
.23
%
,
1/24/25
....
2,722
2,717
L2498779.UP.FTS.B
,
11
.48
%
,
1/24/25
....
430
429
L2497791.UP.FTS.B
,
11
.97
%
,
1/24/25
....
1,727
1,728
L2499082.UP.FTS.B
,
12
.89
%
,
1/24/25
....
6,088
6,091
FW2499139.UP.FTS.B
,
14
.86
%
,
1/24/25
..
873
64
L2499336.UP.FTS.B
,
15
.49
%
,
1/24/25
....
667
671
L2497860.UP.FTS.B
,
16
.59
%
,
1/24/25
....
800
118
FW2499341.UP.FTS.B
,
16
.67
%
,
1/24/25
..
795
118
L2497587.UP.FTS.B
,
16
.78
%
,
1/24/25
....
764
768
L2499854.UP.FTS.B
,
22
.79
%
,
1/24/25
....
3,291
3,320
FW2497753.UP.FTS.B
,
26
.22
%
,
1/24/25
..
3,067
3,078
FW2499886.UP.FTS.B
,
26
.23
%
,
1/24/25
..
5,206
5,214
FW2498195.UP.FTS.B
,
26
.98
%
,
1/24/25
..
4,246
4,266
FW2496668.UP.FTS.B
,
5
.04
%
,
1/25/25
...
8,670
8,607
L2501009.UP.FTS.B
,
5
.3
%
,
1/25/25
.....
4,077
4,051
L2501544.UP.FTS.B
,
6
.11
%
,
1/25/25
.....
1,437
1,428
L2477274.UP.FTS.B
,
6
.54
%
,
1/25/25
....
2,567
2,549
L2502696.UP.FTS.B
,
7
.45
%
,
1/25/25
....
2,052
2,049
FW2502837.UP.FTS.B
,
8
.49
%
,
1/25/25
...
419
419
L2501769.UP.FTS.B
,
8
.83
%
,
1/25/25
....
5,050
711
FW2502102.UP.FTS.B
,
9
.39
%
,
1/25/25
...
153
152
L2501978.UP.FTS.B
,
10
.16
%
,
1/25/25
....
1,130
82
L2502709.UP.FTS.B
,
10
.64
%
,
1/25/25
....
7,245
7,236
FW2502461.UP.FTS.B
,
10
.75
%
,
1/25/25
..
934
930
L2503015.UP.FTS.B
,
11
.17
%
,
1/25/25
....
427
427
FW2503195.UP.FTS.B
,
11
.21
%
,
1/25/25
..
5,789
5,793
FW2503345.UP.FTS.B
,
13
.6
%
,
1/25/25
...
1,314
1,312
FW2503482.UP.FTS.B
,
16
.69
%
,
1/25/25
..
486
490
FW2501793.UP.FTS.B
,
17
.35
%
,
1/25/25
..
960
967
L2501394.UP.FTS.B
,
21
.45
%
,
1/25/25
....
6,393
6,402
FW2502139.UP.FTS.B
,
27
.5
%
,
1/25/25
...
2,920
2,939
FW2503051.UP.FTS.B
,
29
.1
%
,
1/25/25
...
458
459
L1729059.UP.FTS.B
,
7
.36
%
,
2/17/25
....
606
601
L1730069.UP.FTS.B
,
14
.07
%
,
2/17/25
....
8,993
8,642
FW1729714.UP.FTS.B
,
27
.13
%
,
2/17/25
..
3,533
197
FW2031299.UP.FTS.B
,
21
.82
%
,
4/12/25
..
3,832
3,833
FW2032694.UP.FTS.B
,
22
.49
%
,
4/12/25
..
3,575
3,546
L2971722.UP.FTS.B
,
8
.62
%
,
4/19/25
....
9,636
9,586
L2972108.UP.FTS.B
,
15
.03
%
,
4/19/25
....
1,744
1,746
L2970836.UP.FTS.B
,
15
.68
%
,
4/19/25
....
2,654
2,643
FW2972173.UP.FTS.B
,
22
.89
%
,
4/19/25
..
5,840
5,831
L2103839.UP.FTS.B
,
11
.98
%
,
4/23/25
....
3,089
3,081
FW2032368.UP.FTS.B
,
20
.11
%
,
4/27/25
..
6,347
243
FW2250596.UP.FTS.B
,
22
.87
%
,
5/14/25
..
1,801
1,791
FW2248798.UP.FTS.B
,
28
.6
%
,
5/14/25
...
1,548
233
L2253008.UP.FTS.B
,
17
.8
%
,
5/15/25
....
2,943
809
L2253679.UP.FTS.B
,
22
.11
%
,
5/15/25
....
2,876
208
FW2251845.UP.FTS.B
,
22
.89
%
,
5/15/25
..
620
617
FW2249116.UP.FTS.B
,
28
.33
%
,
5/15/25
..
804
768
L2502143.UP.FTS.B
,
21
.34
%
,
6/25/25
....
7,960
2,298
FW1902521.UP.FTS.B
,
21
.52
%
,
8/22/25
..
565
19
FW2971973.UP.FTS.B
,
20
.05
%
,
9/19/25
..
2,509
2,495
FW2503206.UP.FTS.B
,
28
.84
%
,
11/25/25
.
735
737
FW1729657.UP.FTS.B
,
9
.44
%
,
9/17/26
...
4,364
4,345
L1729743.UP.FTS.B
,
11
.64
%
,
9/17/26
....
31,813
31,719
Description
Principal
Amount
Value
Upstart
Network,
Inc.
(continued)
L1728160.UP.FTS.B
,
12
.23
%
,
9/17/26
....
$
3,199
$
3,189
L1730112.UP.FTS.B
,
15
.91
%
,
9/17/26
....
1,982
1,981
L1729289.UP.FTS.B
,
17
.07
%
,
9/17/26
....
2,002
2,001
L1729699.UP.FTS.B
,
18
.77
%
,
9/17/26
....
2,059
2,050
L1729786.UP.FTS.B
,
18
.84
%
,
9/17/26
....
4,064
4,057
L1729529.UP.FTS.B
,
20
.22
%
,
9/17/26
....
9,921
722
L1729751.UP.FTS.B
,
20
.66
%
,
9/17/26
....
4,820
4,859
FW1730043.UP.FTS.B
,
21
.14
%
,
9/17/26
..
3,194
3,221
L1730077.UP.FTS.B
,
21
.62
%
,
9/17/26
....
3,610
3,580
L1730290.UP.FTS.B
,
23
.01
%
,
9/17/26
....
5,318
5,360
L1730120.UP.FTS.B
,
23
.06
%
,
9/17/26
....
7,753
7,818
L1729719.UP.FTS.B
,
23
.41
%
,
9/17/26
....
7,025
6,755
L1729627.UP.FTS.B
,
24
.42
%
,
9/17/26
....
7,068
7,141
L1729824.UP.FTS.B
,
25
.14
%
,
9/17/26
....
4,671
4,718
L1729392.UP.FTS.B
,
25
.28
%
,
9/17/26
....
724
696
FW1729302.UP.FTS.B
,
28
.5
%
,
9/17/26
...
1,075
162
FW1730388.UP.FTS.B
,
28
.64
%
,
9/17/26
..
11,214
11,329
FW1729744.UP.FTS.B
,
29
.63
%
,
9/17/26
..
6,598
6,666
FW1729641.UP.FTS.B
,
30
.22
%
,
9/17/26
..
3,533
3,569
FW1728143.UP.FTS.B
,
30
.44
%
,
9/17/26
..
3,875
3,913
FW1730150.UP.FTS.B
,
30
.64
%
,
9/17/26
..
805
807
FW1729390.UP.FTS.B
,
32
.18
%
,
9/17/26
..
1,755
1,771
FW1728926.UP.FTS.B
,
32
.35
%
,
9/17/26
..
2,020
2,036
FW1902353.UP.FTS.B
,
5
.71
%
,
10/22/26
..
8,648
8,598
L1902780.UP.FTS.B
,
7
.49
%
,
10/22/26
....
4,111
4,090
L1902219.UP.FTS.B
,
10
.65
%
,
10/22/26
...
6,466
6,441
L1901059.UP.FTS.B
,
11
.8
%
,
10/22/26
....
2,597
2,590
L1901748.UP.FTS.B
,
12
.93
%
,
10/22/26
...
5,912
5,896
FW1902782.UP.FTS.B
,
14
.11
%
,
10/22/26
.
13,274
13,239
L1902333.UP.FTS.B
,
15
.82
%
,
10/22/26
...
16,219
16,188
FW1901571.UP.FTS.B
,
16
.95
%
,
10/22/26
.
8,525
8,509
FW1901195.UP.FTS.B
,
18
.66
%
,
10/22/26
.
1,590
1,588
L1901212.UP.FTS.B
,
19
.55
%
,
10/22/26
...
4,196
4,233
L1902855.UP.FTS.B
,
19
.55
%
,
10/22/26
...
2,088
2,085
L1900981.UP.FTS.B
,
20
.57
%
,
10/22/26
...
2,518
2,397
L1901936.UP.FTS.B
,
21
.29
%
,
10/22/26
...
7,759
7,826
L1902840.UP.FTS.B
,
22
.56
%
,
10/22/26
...
9,328
9,315
L1901067.UP.FTS.B
,
23
.17
%
,
10/22/26
...
10,728
10,821
L1901771.UP.FTS.B
,
24
.44
%
,
10/22/26
...
3,331
3,327
L1902683.UP.FTS.B
,
25
.19
%
,
10/22/26
...
8,705
8,781
L1901951.UP.FTS.B
,
25
.24
%
,
10/22/26
...
1,742
1,757
FW1902836.UP.FTS.B
,
25
.41
%
,
10/22/26
.
35,466
35,802
L1902657.UP.FTS.B
,
25
.42
%
,
10/22/26
...
1,491
1,502
FW1902401.UP.FTS.B
,
25
.71
%
,
10/22/26
.
3,423
3,452
L1902021.UP.FTS.B
,
25
.72
%
,
10/22/26
...
1,931
1,856
FW1902199.UP.FTS.B
,
26
.04
%
,
10/22/26
.
3,062
3,095
FW1902133.UP.FTS.B
,
27
.21
%
,
10/22/26
.
16,247
1,157
FW1886406.UP.FTS.B
,
27
.97
%
,
10/22/26
.
9,615
2,838
FW1901053.UP.FTS.B
,
28
.68
%
,
10/22/26
.
2,736
416
FW1902391.UP.FTS.B
,
31
.19
%
,
10/22/26
.
2,701
2,729
FW1901303.UP.FTS.B
,
31
.21
%
,
10/22/26
.
2,869
2,894
FW1900628.UP.FTS.B
,
31
.23
%
,
10/22/26
.
830
838
FW1902681.UP.FTS.B
,
31
.63
%
,
10/22/26
.
6,056
6,109
FW1901994.UP.FTS.B
,
32
.7
%
,
10/22/26
..
6,269
212
FW1902299.UP.FTS.B
,
31
.27
%
,
10/27/26
.
6,000
6,068
L2032896.UP.FTS.B
,
9
.9
%
,
11/12/26
.....
4,603
4,578
L2032147.UP.FTS.B
,
11
.65
%
,
11/12/26
...
5,341
5,316
L2032600.UP.FTS.B
,
12
.19
%
,
11/12/26
...
5,013
4,989
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)
Upstart
Network,
Inc.
(continued)
L2032561.UP.FTS.B
,
12
.57
%
,
11/12/26
...
$
10,100
$
10,043
FW2032979.UP.FTS.B
,
12
.77
%
,
11/12/26
.
5,391
5,366
L2032884.UP.FTS.B
,
12
.78
%
,
11/12/26
...
5,391
5,366
FW2032727.UP.FTS.B
,
12
.91
%
,
11/12/26
.
2,361
2,350
L2032885.UP.FTS.B
,
12
.92
%
,
11/12/26
...
3,247
3,229
FW2032795.UP.FTS.B
,
13
.19
%
,
11/12/26
.
5,410
5,385
L2030962.UP.FTS.B
,
13
.54
%
,
11/12/26
...
5,730
1,481
FW2032278.UP.FTS.B
,
13
.85
%
,
11/12/26
.
3,342
3,326
L2032791.UP.FTS.B
,
14
.03
%
,
11/12/26
...
2,006
1,996
L2032226.UP.FTS.B
,
14
.31
%
,
11/12/26
...
16,579
16,499
L2031580.UP.FTS.B
,
14
.88
%
,
11/12/26
...
1,056
1,048
L2032373.UP.FTS.B
,
14
.92
%
,
11/12/26
...
6,856
6,825
FW2032722.UP.FTS.B
,
14
.98
%
,
11/12/26
.
5,480
5,454
L2032268.UP.FTS.B
,
15
.84
%
,
11/12/26
...
13,998
13,925
L2033071.UP.FTS.B
,
15
.91
%
,
11/12/26
...
2,553
2,541
FW2031845.UP.FTS.B
,
15
.93
%
,
11/12/26
.
10,785
6,053
L2032366.UP.FTS.B
,
16
.55
%
,
11/12/26
...
5,335
5,307
L2030808.UP.FTS.B
,
16
.75
%
,
11/12/26
...
6,161
1,587
FW2032502.UP.FTS.B
,
16
.77
%
,
11/12/26
.
5,572
5,542
L2033005.UP.FTS.B
,
16
.99
%
,
11/12/26
...
2,790
2,776
L2033008.UP.FTS.B
,
17
.14
%
,
11/12/26
...
4,465
4,449
L2031479.UP.FTS.B
,
17
.32
%
,
11/12/26
...
11,671
1,666
L2030768.UP.FTS.B
,
17
.71
%
,
11/12/26
...
3,503
3,491
L2032284.UP.FTS.B
,
17
.94
%
,
11/12/26
...
3,516
3,497
L2032006.UP.FTS.B
,
17
.99
%
,
11/12/26
...
4,345
4,319
FW2031117.UP.FTS.B
,
18
.34
%
,
11/12/26
.
7,040
7,015
L2032837.UP.FTS.B
,
18
.39
%
,
11/12/26
...
7,043
7,018
L2030864.UP.FTS.B
,
18
.46
%
,
11/12/26
...
6,765
6,734
L2032849.UP.FTS.B
,
19
.14
%
,
11/12/26
...
8,497
8,467
L2030806.UP.FTS.B
,
19
.55
%
,
11/12/26
...
2,841
2,831
FW2032947.UP.FTS.B
,
19
.59
%
,
11/12/26
.
17,821
17,725
L2031425.UP.FTS.B
,
19
.77
%
,
11/12/26
...
4,306
4,286
L2032060.UP.FTS.B
,
20
.25
%
,
11/12/26
...
4,284
4,268
L2032456.UP.FTS.B
,
20
.93
%
,
11/12/26
...
1,074
1,070
L2032266.UP.FTS.B
,
21
.24
%
,
11/12/26
...
3,685
2,176
FW2033134.UP.FTS.B
,
22
.19
%
,
11/12/26
.
5,728
3,378
L2032183.UP.FTS.B
,
24
.12
%
,
11/12/26
...
7,335
7,381
FW2031872.UP.FTS.B
,
24
.66
%
,
11/12/26
.
22,228
22,324
FW2033202.UP.FTS.B
,
25
.01
%
,
11/12/26
.
12,064
7,129
L2032689.UP.FTS.B
,
25
.21
%
,
11/12/26
...
4,421
2,547
FW2031174.UP.FTS.B
,
25
.25
%
,
11/12/26
.
7,115
4,228
L2032525.UP.FTS.B
,
25
.33
%
,
11/12/26
...
747
743
L2031145.UP.FTS.B
,
25
.44
%
,
11/12/26
...
3,478
3,466
L2031934.UP.FTS.B
,
25
.51
%
,
11/12/26
...
2,221
2,235
FW2031600.UP.FTS.B
,
26
.6
%
,
11/12/26
..
3,627
3,645
FW2031539.UP.FTS.B
,
26
.65
%
,
11/12/26
.
4,094
101
L2032677.UP.FTS.B
,
26
.71
%
,
11/12/26
...
5,969
6,006
FW2032877.UP.FTS.B
,
27
.2
%
,
11/12/26
..
3,558
3,570
FW2003411.UP.FTS.B
,
27
.5
%
,
11/12/26
..
5,500
5,524
FW2032753.UP.FTS.B
,
27
.55
%
,
11/12/26
.
1,047
1,053
FW2032946.UP.FTS.B
,
27
.87
%
,
11/12/26
.
19,696
11,685
FW2032799.UP.FTS.B
,
29
.91
%
,
11/12/26
.
1,827
1,838
FW2030797.UP.FTS.B
,
30
%
,
11/12/26
...
17,148
17,229
FW2033213.UP.FTS.B
,
30
.17
%
,
11/12/26
.
1,143
1,150
FW2031644.UP.FTS.B
,
30
.67
%
,
11/12/26
.
1,377
1,385
FW2031627.UP.FTS.B
,
30
.86
%
,
11/12/26
.
4,016
581
FW2031985.UP.FTS.B
,
31
%
,
11/12/26
...
1,043
1,033
FW2031873.UP.FTS.B
,
31
.05
%
,
11/12/26
.
766
771
Description
Principal
Amount
Value
Upstart
Network,
Inc.
(continued)
FW2032325.UP.FTS.B
,
31
.07
%
,
11/12/26
.
$
920
$
925
FW2031596.UP.FTS.B
,
31
.1
%
,
11/12/26
..
4,218
4,239
FW2032994.UP.FTS.B
,
31
.15
%
,
11/12/26
.
2,822
207
FW2033066.UP.FTS.B
,
31
.16
%
,
11/12/26
.
5,873
850
FW2031715.UP.FTS.B
,
31
.33
%
,
11/12/26
.
3,684
3,707
L2031352.UP.FTS.B
,
11
.14
%
,
11/13/26
...
1,562
1,553
L2031623.UP.FTS.B
,
9
.89
%
,
11/16/26
....
22,613
22,467
L2030886.UP.FTS.B
,
25
.5
%
,
11/19/26
....
15,436
15,503
FW2101958.UP.FTS.B
,
6
.23
%
,
11/23/26
..
24,836
24,697
L2101736.UP.FTS.B
,
8
.06
%
,
11/23/26
....
593
590
L2103598.UP.FTS.B
,
8
.71
%
,
11/23/26
....
10,417
10,366
L2102006.UP.FTS.B
,
8
.84
%
,
11/23/26
....
32,591
32,451
FW2103621.UP.FTS.B
,
10
.34
%
,
11/23/26
.
3,854
3,841
L2101981.UP.FTS.B
,
11
.14
%
,
11/23/26
...
6,095
5,766
L2102059.UP.FTS.B
,
12
.22
%
,
11/23/26
...
14,242
14,201
L2101522.UP.FTS.B
,
12
.34
%
,
11/23/26
...
22,494
22,430
L2103822.UP.FTS.B
,
12
.78
%
,
11/23/26
...
3,370
3,357
L2101315.UP.FTS.B
,
12
.86
%
,
11/23/26
...
3,400
3,376
L2102939.UP.FTS.B
,
13
.35
%
,
11/23/26
...
2,370
2,363
L2076017.UP.FTS.B
,
13
.49
%
,
11/23/26
...
2,531
2,521
L2095249.UP.FTS.B
,
14
.31
%
,
11/23/26
...
10,919
10,889
FW2102638.UP.FTS.B
,
15
.48
%
,
11/23/26
.
5,623
5,451
L2068146.UP.FTS.B
,
16
.06
%
,
11/23/26
...
5,400
5,366
L2102751.UP.FTS.B
,
16
.5
%
,
11/23/26
....
2,777
2,775
L2103150.UP.FTS.B
,
16
.57
%
,
11/23/26
...
4,102
4,089
FW2101751.UP.FTS.B
,
16
.63
%
,
11/23/26
.
14,196
13,490
L2099233.UP.FTS.B
,
17
.83
%
,
11/23/26
...
11,214
11,207
L2050778.UP.FTS.B
,
18
.01
%
,
11/23/26
...
6,320
6,316
L2102051.UP.FTS.B
,
19
.71
%
,
11/23/26
...
3,987
3,979
FW2102941.UP.FTS.B
,
20
.37
%
,
11/23/26
.
14,290
14,438
L2102313.UP.FTS.B
,
20
.5
%
,
11/23/26
....
1,063
1,073
L2102253.UP.FTS.B
,
20
.85
%
,
11/23/26
...
5,593
5,652
L2102703.UP.FTS.B
,
20
.89
%
,
11/23/26
...
3,601
3,631
L2103055.UP.FTS.B
,
22
.44
%
,
11/23/26
...
210
207
L2102400.UP.FTS.B
,
22
.64
%
,
11/23/26
...
4,311
4,353
L2101750.UP.FTS.B
,
24
.17
%
,
11/23/26
...
5,147
5,190
L2103547.UP.FTS.B
,
24
.76
%
,
11/23/26
...
868
16
FW2102727.UP.FTS.B
,
24
.84
%
,
11/23/26
.
2,949
2,979
L2103842.UP.FTS.B
,
25
.11
%
,
11/23/26
...
2,954
2,954
L2101935.UP.FTS.B
,
25
.31
%
,
11/23/26
...
961
971
L2103945.UP.FTS.B
,
25
.34
%
,
11/23/26
...
2,005
2,019
L2101880.UP.FTS.B
,
25
.39
%
,
11/23/26
...
2,222
2,240
L2103491.UP.FTS.B
,
25
.4
%
,
11/23/26
....
663
661
L2102346.UP.FTS.B
,
25
.43
%
,
11/23/26
...
4,185
296
L2103588.UP.FTS.B
,
25
.44
%
,
11/23/26
...
2,978
211
L2102028.UP.FTS.B
,
25
.89
%
,
11/23/26
...
4,453
4,499
L2052565.UP.FTS.B
,
26
.09
%
,
11/23/26
...
12,114
12,241
FW2101678.UP.FTS.B
,
26
.5
%
,
11/23/26
..
2,632
2,655
FW2103284.UP.FTS.B
,
27
.1
%
,
11/23/26
..
2,933
2,959
FW2103532.UP.FTS.B
,
28
.75
%
,
11/23/26
.
7,557
7,637
FW2102091.UP.FTS.B
,
29
.86
%
,
11/23/26
.
4,784
338
FW2102371.UP.FTS.B
,
30
.85
%
,
11/23/26
.
5,721
5,762
FW2103786.UP.FTS.B
,
31
.2
%
,
11/23/26
..
1,204
1,208
FW2103069.UP.FTS.B
,
31
.22
%
,
11/23/26
.
1,688
1,705
FW2033208.UP.FTS.B
,
31
.39
%
,
11/25/26
.
3,135
–
FW2102410.UP.FTS.B
,
22
.44
%
,
12/07/26
.
3,696
3,728
L2250662.UP.FTS.B
,
8
.88
%
,
12/14/26
....
7,347
7,301
L2249279.UP.FTS.B
,
9
.09
%
,
12/14/26
....
3,346
3,325
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)
Upstart
Network,
Inc.
(continued)
L2251398.UP.FTS.B
,
9
.28
%
,
12/14/26
....
$
5,361
$
5,328
L2250829.UP.FTS.B
,
9
.77
%
,
12/14/26
....
806
798
L2247842.UP.FTS.B
,
9
.8
%
,
12/14/26
....
5,132
4,833
L2251213.UP.FTS.B
,
9
.85
%
,
12/14/26
....
8,080
8,029
FW2251249.UP.FTS.B
,
10
.34
%
,
12/14/26
.
12,845
12,765
L2248805.UP.FTS.B
,
10
.51
%
,
12/14/26
...
7,098
1,831
L2249903.UP.FTS.B
,
11
.03
%
,
12/14/26
...
2,039
2,029
FW2249158.UP.FTS.B
,
11
.8
%
,
12/14/26
..
10,261
10,207
L2251043.UP.FTS.B
,
12
.11
%
,
12/14/26
...
21,944
21,829
L2250070.UP.FTS.B
,
12
.15
%
,
12/14/26
...
4,782
4,756
L2251230.UP.FTS.B
,
12
.48
%
,
12/14/26
...
1,332
1,324
L2249726.UP.FTS.B
,
12
.59
%
,
12/14/26
...
6,400
1,633
L2251302.UP.FTS.B
,
12
.76
%
,
12/14/26
...
4,481
224
L2247235.UP.FTS.B
,
13
.18
%
,
12/14/26
...
2,766
2,752
L2250820.UP.FTS.B
,
13
.59
%
,
12/14/26
...
2,220
2,208
FW2250025.UP.FTS.B
,
13
.65
%
,
12/14/26
.
5,208
5,176
L2251167.UP.FTS.B
,
14
.16
%
,
12/14/26
...
5,924
5,888
L2247268.UP.FTS.B
,
14
.22
%
,
12/14/26
...
34,195
34,022
L2249868.UP.FTS.B
,
14
.41
%
,
12/14/26
...
4,460
613
L2250559.UP.FTS.B
,
14
.84
%
,
12/14/26
...
5,278
5,246
FW2250857.UP.FTS.B
,
15
.23
%
,
12/14/26
.
20,779
20,676
L2251440.UP.FTS.B
,
16
.23
%
,
12/14/26
...
1,018
1,012
L2249248.UP.FTS.B
,
16
.43
%
,
12/14/26
...
8,431
8,390
L2250624.UP.FTS.B
,
16
.92
%
,
12/14/26
...
4,298
4,272
L2249629.UP.FTS.B
,
17
.8
%
,
12/14/26
....
4,525
4,500
L2249002.UP.FTS.B
,
18
.13
%
,
12/14/26
...
2,512
2,500
L2250560.UP.FTS.B
,
18
.18
%
,
12/14/26
...
7,180
7,146
L2248252.UP.FTS.B
,
18
.48
%
,
12/14/26
...
2,167
2,152
FW2249113.UP.FTS.B
,
18
.58
%
,
12/14/26
.
18,001
17,878
L2249404.UP.FTS.B
,
18
.82
%
,
12/14/26
...
3,335
287
L2250499.UP.FTS.B
,
19
.65
%
,
12/14/26
...
2,904
209
L2251037.UP.FTS.B
,
19
.7
%
,
12/14/26
....
1,302
1,296
L2249412.UP.FTS.B
,
19
.96
%
,
12/14/26
...
1,448
1,439
L2248975.UP.FTS.B
,
19
.98
%
,
12/14/26
...
7,529
7,483
L2250843.UP.FTS.B
,
20
.5
%
,
12/14/26
....
4,015
3,988
L2250558.UP.FTS.B
,
20
.67
%
,
12/14/26
...
5,960
5,979
L2251409.UP.FTS.B
,
20
.71
%
,
12/14/26
...
8,774
8,713
L2251393.UP.FTS.B
,
20
.81
%
,
12/14/26
...
3,603
3,618
L2249780.UP.FTS.B
,
21
.14
%
,
12/14/26
...
5,865
5,881
L2250707.UP.FTS.B
,
21
.52
%
,
12/14/26
...
4,468
4,226
L2249030.UP.FTS.B
,
21
.69
%
,
12/14/26
...
1,708
247
L2249288.UP.FTS.B
,
21
.82
%
,
12/14/26
...
3,978
3,989
L2249149.UP.FTS.B
,
21
.87
%
,
12/14/26
...
7,368
7,316
FW2248314.UP.FTS.B
,
21
.92
%
,
12/14/26
.
2,580
2,586
L2249898.UP.FTS.B
,
22
.33
%
,
12/14/26
...
16,206
16,128
L2251333.UP.FTS.B
,
22
.77
%
,
12/14/26
...
12,097
12,135
L2249183.UP.FTS.B
,
22
.87
%
,
12/14/26
...
2,596
2,603
L2250810.UP.FTS.B
,
23
.01
%
,
12/14/26
...
5,767
417
FW2251497.UP.FTS.B
,
23
.11
%
,
12/14/26
.
4,144
4,103
L2250010.UP.FTS.B
,
23
.56
%
,
12/14/26
...
3,726
3,735
FW2248500.UP.FTS.B
,
23
.6
%
,
12/14/26
..
2,318
2,214
FW2248932.UP.FTS.B
,
23
.62
%
,
12/14/26
.
1,536
1,469
L2249765.UP.FTS.B
,
23
.67
%
,
12/14/26
...
2,982
2,990
L2250948.UP.FTS.B
,
23
.7
%
,
12/14/26
....
33,557
33,644
L2248306.UP.FTS.B
,
23
.97
%
,
12/14/26
...
18,681
18,730
L2250334.UP.FTS.B
,
24
.44
%
,
12/14/26
...
6,519
6,473
L2250245.UP.FTS.B
,
24
.75
%
,
12/14/26
...
1,415
1,376
L2250314.UP.FTS.B
,
24
.91
%
,
12/14/26
...
2,768
795
Description
Principal
Amount
Value
Upstart
Network,
Inc.
(continued)
L2249782.UP.FTS.B
,
24
.98
%
,
12/14/26
...
$
3,158
$
3,166
L2248144.UP.FTS.B
,
25
.08
%
,
12/14/26
...
3,505
3,516
L2250779.UP.FTS.B
,
25
.12
%
,
12/14/26
...
1,443
1,448
L2248450.UP.FTS.B
,
25
.14
%
,
12/14/26
...
4,516
4,487
L2248417.UP.FTS.B
,
25
.23
%
,
12/14/26
...
1,657
1,661
L2249856.UP.FTS.B
,
25
.32
%
,
12/14/26
...
904
908
L2249823.UP.FTS.B
,
25
.41
%
,
12/14/26
...
3,255
3,233
L2251395.UP.FTS.B
,
25
.45
%
,
12/14/26
...
1,659
1,663
L2251149.UP.FTS.B
,
25
.46
%
,
12/14/26
...
2,071
311
L2249309.UP.FTS.B
,
25
.75
%
,
12/14/26
...
3,288
943
L2250992.UP.FTS.B
,
25
.92
%
,
12/14/26
...
7,576
7,595
FW2248550.UP.FTS.B
,
26
.2
%
,
12/14/26
..
3,411
3,419
L2249257.UP.FTS.B
,
26
.38
%
,
12/14/26
...
6,769
6,792
FW2249342.UP.FTS.B
,
27
.92
%
,
12/14/26
.
4,144
4,142
FW2251120.UP.FTS.B
,
28
.37
%
,
12/14/26
.
9,982
10,006
FW2249976.UP.FTS.B
,
28
.77
%
,
12/14/26
.
1,336
1,334
FW2249951.UP.FTS.B
,
30
.44
%
,
12/14/26
.
1,561
1,565
FW2249983.UP.FTS.B
,
30
.63
%
,
12/14/26
.
1,501
1,438
FW2250251.UP.FTS.B
,
30
.69
%
,
12/14/26
.
4,834
1,413
FW2251385.UP.FTS.B
,
30
.75
%
,
12/14/26
.
4,359
4,336
FW2249049.UP.FTS.B
,
30
.95
%
,
12/14/26
.
5,025
4,803
FW2249935.UP.FTS.B
,
30
.97
%
,
12/14/26
.
2,929
2,941
FW2248234.UP.FTS.B
,
31
.09
%
,
12/14/26
.
6,479
6,494
FW2251092.UP.FTS.B
,
31
.1
%
,
12/14/26
..
1,558
228
FW2250801.UP.FTS.B
,
31
.11
%
,
12/14/26
.
2,165
2,166
FW2249041.UP.FTS.B
,
31
.12
%
,
12/14/26
.
868
870
FW2250974.UP.FTS.B
,
31
.12
%
,
12/14/26
.
2,578
2,584
FW2251215.UP.FTS.B
,
31
.16
%
,
12/14/26
.
3,484
246
FW2248893.UP.FTS.B
,
31
.17
%
,
12/14/26
.
1,405
1,408
FW2249653.UP.FTS.B
,
31
.19
%
,
12/14/26
.
2,966
2,973
FW2251410.UP.FTS.B
,
31
.25
%
,
12/14/26
.
3,614
3,623
FW2247969.UP.FTS.B
,
31
.61
%
,
12/14/26
.
5,449
385
L2251963.UP.FTS.B
,
7
.31
%
,
12/15/26
....
8,207
8,163
L2141755.UP.FTS.B
,
8
.51
%
,
12/15/26
....
32,613
32,433
L2252339.UP.FTS.B
,
8
.65
%
,
12/15/26
....
16,664
16,575
L2252737.UP.FTS.B
,
8
.71
%
,
12/15/26
....
14,006
13,924
L2252298.UP.FTS.B
,
8
.83
%
,
12/15/26
....
1,911
1,898
L2252476.UP.FTS.B
,
9
.18
%
,
12/15/26
....
6,696
6,657
FW2253701.UP.FTS.B
,
10
.99
%
,
12/15/26
.
8,821
8,780
L2253738.UP.FTS.B
,
11
.28
%
,
12/15/26
...
20,437
20,320
L2247794.UP.FTS.B
,
12
.65
%
,
12/15/26
...
3,099
3,085
L2253650.UP.FTS.B
,
13
.61
%
,
12/15/26
...
4,510
4,489
L2253384.UP.FTS.B
,
13
.79
%
,
12/15/26
...
8,339
8,292
L2251912.UP.FTS.B
,
13
.91
%
,
12/15/26
...
2,434
2,423
L2253091.UP.FTS.B
,
14
.6
%
,
12/15/26
....
22,259
3,065
L2252906.UP.FTS.B
,
14
.66
%
,
12/15/26
...
7,765
7,722
L2252920.UP.FTS.B
,
14
.66
%
,
12/15/26
...
2,099
2,087
L2252357.UP.FTS.B
,
15
.18
%
,
12/15/26
...
4,177
574
L2252931.UP.FTS.B
,
15
.49
%
,
12/15/26
...
2,391
2,381
FW2249675.UP.FTS.B
,
16
.01
%
,
12/15/26
.
10,639
10,583
L2252976.UP.FTS.B
,
16
.75
%
,
12/15/26
...
4,511
4,493
L2252199.UP.FTS.B
,
17
.21
%
,
12/15/26
...
6,702
6,672
L2253164.UP.FTS.B
,
17
.76
%
,
12/15/26
...
3,819
3,790
FW2252613.UP.FTS.B
,
17
.78
%
,
12/15/26
.
1,901
1,877
FW2253547.UP.FTS.B
,
18
.3
%
,
12/15/26
..
2,077
2,047
L2252566.UP.FTS.B
,
19
.55
%
,
12/15/26
...
4,317
4,297
FW2251546.UP.FTS.B
,
19
.76
%
,
12/15/26
.
10,893
10,829
L2252438.UP.FTS.B
,
19
.81
%
,
12/15/26
...
2,926
2,910
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)
Upstart
Network,
Inc.
(continued)
L2252318.UP.FTS.B
,
20
.43
%
,
12/15/26
...
$
2,189
$
2,176
L2250838.UP.FTS.B
,
20
.47
%
,
12/15/26
...
2,087
2,055
L2251727.UP.FTS.B
,
20
.77
%
,
12/15/26
...
1,831
1,821
L2253118.UP.FTS.B
,
21
.32
%
,
12/15/26
...
14,680
14,735
L2252879.UP.FTS.B
,
22
.23
%
,
12/15/26
...
899
65
L2251670.UP.FTS.B
,
22
.36
%
,
12/15/26
...
3,697
3,711
L2252753.UP.FTS.B
,
22
.36
%
,
12/15/26
...
1,741
1,720
L2252135.UP.FTS.B
,
22
.59
%
,
12/15/26
...
2,221
2,230
L2251712.UP.FTS.B
,
23
.15
%
,
12/15/26
...
23,689
1,696
FW2253422.UP.FTS.B
,
24
.48
%
,
12/15/26
.
8,971
8,586
L2250541.UP.FTS.B
,
24
.85
%
,
12/15/26
...
2,257
2,266
L2252209.UP.FTS.B
,
25
.21
%
,
12/15/26
...
1,013
1,014
L2252447.UP.FTS.B
,
25
.4
%
,
12/15/26
....
905
908
FW2253392.UP.FTS.B
,
25
.5
%
,
12/15/26
..
5,375
5,390
FW2248936.UP.FTS.B
,
26
.48
%
,
12/15/26
.
4,470
4,491
FW2252023.UP.FTS.B
,
28
.67
%
,
12/15/26
.
3,538
3,559
FW2253234.UP.FTS.B
,
28
.94
%
,
12/15/26
.
8,349
8,391
FW2252989.UP.FTS.B
,
29
.41
%
,
12/15/26
.
9,389
666
FW2252233.UP.FTS.B
,
30
.05
%
,
12/15/26
.
1,939
1,946
FW2247630.UP.FTS.B
,
30
.42
%
,
12/15/26
.
2,409
2,307
FW2252687.UP.FTS.B
,
30
.62
%
,
12/15/26
.
11,668
11,739
FW2252113.UP.FTS.B
,
30
.81
%
,
12/15/26
.
1,157
–
FW2251570.UP.FTS.B
,
31
.17
%
,
12/15/26
.
9,367
9,403
FW2253186.UP.FTS.B
,
31
.17
%
,
12/15/26
.
1,639
1,645
FW2253542.UP.FTS.B
,
31
.19
%
,
12/15/26
.
1,483
1,492
FW2251389.UP.FTS.B
,
31
.46
%
,
12/15/26
.
14,749
14,812
FW2251813.UP.FTS.B
,
31
.46
%
,
12/15/26
.
3,517
516
L2252296.UP.FTS.B
,
8
.02
%
,
12/26/26
....
9,965
9,912
L2249483.UP.FTS.B
,
20
.19
%
,
12/28/26
...
7,333
7,299
L2253562.UP.FTS.B
,
23
.61
%
,
12/28/26
...
3,861
3,873
L2499407.UP.FTS.B
,
5
.37
%
,
1/24/27
....
33,199
33,013
L2497781.UP.FTS.B
,
5
.7
%
,
1/24/27
.....
4,186
1,024
L2499766.UP.FTS.B
,
6
.26
%
,
1/24/27
....
4,013
3,991
FW2499326.UP.FTS.B
,
6
.71
%
,
1/24/27
...
6,119
448
L2498743.UP.FTS.B
,
7
.47
%
,
1/24/27
....
7,432
7,393
L2492277.UP.FTS.B
,
7
.6
%
,
1/24/27
.....
4,599
4,576
L2500086.UP.FTS.B
,
7
.95
%
,
1/24/27
....
8,307
8,260
L2497458.UP.FTS.B
,
8
.44
%
,
1/24/27
....
23,764
23,641
L2497353.UP.FTS.B
,
9
.69
%
,
1/24/27
....
8,930
8,884
L2499026.UP.FTS.B
,
10
.04
%
,
1/24/27
....
13,800
13,722
L2498801.UP.FTS.B
,
10
.59
%
,
1/24/27
....
19,521
4,998
L2499730.UP.FTS.B
,
10
.93
%
,
1/24/27
....
6,916
6,885
L2500305.UP.FTS.B
,
11
.35
%
,
1/24/27
....
697
694
L2498662.UP.FTS.B
,
11
.41
%
,
1/24/27
....
7,120
7,084
FW2499235.UP.FTS.B
,
11
.45
%
,
1/24/27
..
4,525
4,505
L2498623.UP.FTS.B
,
12
.18
%
,
1/24/27
....
1,542
1,536
FW2497574.UP.FTS.B
,
12
.62
%
,
1/24/27
..
24,282
24,137
L2497797.UP.FTS.B
,
12
.7
%
,
1/24/27
....
4,927
4,906
L2500282.UP.FTS.B
,
13
.29
%
,
1/24/27
....
7,350
1,912
L2498730.UP.FTS.B
,
14
.35
%
,
1/24/27
....
4,275
4,257
FW2499948.UP.FTS.B
,
14
.6
%
,
1/24/27
...
4,996
4,974
L2499978.UP.FTS.B
,
14
.9
%
,
1/24/27
....
27,153
2,019
L2500513.UP.FTS.B
,
14
.9
%
,
1/24/27
....
14,308
14,245
L2499400.UP.FTS.B
,
15
.39
%
,
1/24/27
....
11,004
1,616
L2499756.UP.FTS.B
,
15
.54
%
,
1/24/27
....
22,850
1,646
FW2500346.UP.FTS.B
,
16
.35
%
,
1/24/27
..
14,966
14,898
L2494019.UP.FTS.B
,
16
.44
%
,
1/24/27
....
4,339
4,325
L2497377.UP.FTS.B
,
16
.51
%
,
1/24/27
....
3,980
3,967
Description
Principal
Amount
Value
Upstart
Network,
Inc.
(continued)
FW2494435.UP.FTS.B
,
17
.9
%
,
1/24/27
...
$
31,599
$
2,266
L2500130.UP.FTS.B
,
18
.16
%
,
1/24/27
....
5,123
5,107
L2497198.UP.FTS.B
,
18
.3
%
,
1/24/27
....
4,885
355
L2498470.UP.FTS.B
,
18
.32
%
,
1/24/27
....
9,712
9,659
L2500098.UP.FTS.B
,
18
.6
%
,
1/24/27
....
5,506
5,488
L2497796.UP.FTS.B
,
18
.8
%
,
1/24/27
....
5,154
5,128
L2500341.UP.FTS.B
,
18
.83
%
,
1/24/27
....
1,839
1,833
L2497754.UP.FTS.B
,
19
.19
%
,
1/24/27
....
2,285
2,277
FW2498275.UP.FTS.B
,
19
.45
%
,
1/24/27
..
7,827
226
L2499146.UP.FTS.B
,
19
.77
%
,
1/24/27
....
3,708
183
L2498546.UP.FTS.B
,
19
.91
%
,
1/24/27
....
4,898
4,873
L2497528.UP.FTS.B
,
19
.93
%
,
1/24/27
....
3,704
3,691
L2499090.UP.FTS.B
,
20
.13
%
,
1/24/27
....
4,450
4,435
FW2499205.UP.FTS.B
,
20
.72
%
,
1/24/27
..
4,598
4,615
L2499153.UP.FTS.B
,
21
.13
%
,
1/24/27
....
896
893
L2497527.UP.FTS.B
,
21
.34
%
,
1/24/27
....
3,738
3,764
L2497646.UP.FTS.B
,
21
.52
%
,
1/24/27
....
401
396
L2497439.UP.FTS.B
,
21
.55
%
,
1/24/27
....
2,297
2,269
L2500177.UP.FTS.B
,
21
.66
%
,
1/24/27
....
4,658
1,349
FW2494038.UP.FTS.B
,
22
.37
%
,
1/24/27
..
3,010
3,000
FW2497553.UP.FTS.B
,
23
.05
%
,
1/24/27
..
13,121
13,207
FW2498441.UP.FTS.B
,
23
.1
%
,
1/24/27
...
8,164
8,221
L2500427.UP.FTS.B
,
23
.85
%
,
1/24/27
....
7,953
7,918
L2499847.UP.FTS.B
,
24
.09
%
,
1/24/27
....
19,556
5,556
L2500224.UP.FTS.B
,
25
.04
%
,
1/24/27
....
4,547
4,564
L2500298.UP.FTS.B
,
25
.15
%
,
1/24/27
....
1,225
1,220
FW2497649.UP.FTS.B
,
25
.29
%
,
1/24/27
..
30,646
30,856
L2500230.UP.FTS.B
,
25
.4
%
,
1/24/27
....
3,987
4,014
L2500426.UP.FTS.B
,
25
.41
%
,
1/24/27
....
997
1,003
L2497705.UP.FTS.B
,
25
.44
%
,
1/24/27
....
3,068
3,078
L2500467.UP.FTS.B
,
25
.44
%
,
1/24/27
....
1,304
1,313
L2497190.UP.FTS.B
,
26
.04
%
,
1/24/27
....
2,231
2,223
L2500357.UP.FTS.B
,
26
.3
%
,
1/24/27
....
7,168
7,217
FW2498744.UP.FTS.B
,
26
.78
%
,
1/24/27
..
7,729
7,781
FW2499122.UP.FTS.B
,
26
.89
%
,
1/24/27
..
1,683
1,694
FW2499103.UP.FTS.B
,
27
.5
%
,
1/24/27
...
2,404
710
FW2500434.UP.FTS.B
,
27
.81
%
,
1/24/27
..
838
59
L2497724.UP.FTS.B
,
27
.87
%
,
1/24/27
....
4,046
4,031
FW2497801.UP.FTS.B
,
28
.11
%
,
1/24/27
..
5,479
5,505
FW2499989.UP.FTS.B
,
28
.3
%
,
1/24/27
...
6,749
6,776
L2498023.UP.FTS.B
,
28
.37
%
,
1/24/27
....
3,147
21
FW2497725.UP.FTS.B
,
28
.51
%
,
1/24/27
..
984
291
FW2499482.UP.FTS.B
,
28
.65
%
,
1/24/27
..
12,811
12,896
FW2498534.UP.FTS.B
,
28
.67
%
,
1/24/27
..
1,439
1,443
FW2499784.UP.FTS.B
,
29
.61
%
,
1/24/27
..
6,835
6,856
FW2500060.UP.FTS.B
,
29
.62
%
,
1/24/27
..
3,655
255
FW2498768.UP.FTS.B
,
30
.06
%
,
1/24/27
..
1,200
1,205
FW2497607.UP.FTS.B
,
30
.5
%
,
1/24/27
...
895
885
FW2497688.UP.FTS.B
,
30
.73
%
,
1/24/27
..
935
935
FW2499403.UP.FTS.B
,
30
.76
%
,
1/24/27
..
2,213
2,227
FW2498079.UP.FTS.B
,
30
.78
%
,
1/24/27
..
2,575
181
FW2498894.UP.FTS.B
,
31
.13
%
,
1/24/27
..
2,851
2,869
FW2498422.UP.FTS.B
,
31
.2
%
,
1/24/27
...
793
797
FW2498197.UP.FTS.B
,
31
.21
%
,
1/24/27
..
1,046
1,050
FW2497608.UP.FTS.B
,
31
.43
%
,
1/24/27
..
1,348
1,357
FW2497327.UP.FTS.B
,
33
.75
%
,
1/24/27
..
1,525
1,535
FW2502639.UP.FTS.B
,
4
.89
%
,
1/25/27
...
8,910
8,860
L2502859.UP.FTS.B
,
5
.46
%
,
1/25/27
....
34,175
33,975
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)
Upstart
Network,
Inc.
(continued)
L2443263.UP.FTS.B
,
6
.66
%
,
1/25/27
....
$
5,705
$
5,673
L2501608.UP.FTS.B
,
7
.8
%
,
1/25/27
.....
13,549
13,475
L2501547.UP.FTS.B
,
8
.21
%
,
1/25/27
....
4,078
4,057
L2502319.UP.FTS.B
,
8
.49
%
,
1/25/27
....
27,981
27,814
L2501796.UP.FTS.B
,
9
.36
%
,
1/25/27
....
10,701
10,647
L2502134.UP.FTS.B
,
9
.38
%
,
1/25/27
....
21,799
21,687
L2502174.UP.FTS.B
,
9
.86
%
,
1/25/27
....
11,707
11,658
FW2498378.UP.FTS.B
,
11
.81
%
,
1/25/27
..
20,974
20,885
L2502791.UP.FTS.B
,
11
.84
%
,
1/25/27
....
5,473
5,433
L2501198.UP.FTS.B
,
12
.05
%
,
1/25/27
....
8,756
8,719
L2500626.UP.FTS.B
,
12
.15
%
,
1/25/27
....
3,316
3,295
L2502704.UP.FTS.B
,
12
.53
%
,
1/25/27
....
2,792
203
FW2502179.UP.FTS.B
,
12
.78
%
,
1/25/27
..
1,409
1,403
L2501977.UP.FTS.B
,
12
.89
%
,
1/25/27
....
28,008
27,884
L2502535.UP.FTS.B
,
13
.13
%
,
1/25/27
....
34,030
33,864
L2502247.UP.FTS.B
,
13
.43
%
,
1/25/27
....
2,831
2,819
L2503471.UP.FTS.B
,
13
.93
%
,
1/25/27
....
3,552
3,537
L2500808.UP.FTS.B
,
14
.3
%
,
1/25/27
....
5,271
5,248
L2500633.UP.FTS.B
,
14
.62
%
,
1/25/27
....
3,248
3,233
L2501876.UP.FTS.B
,
14
.91
%
,
1/25/27
....
2,862
2,850
L2501591.UP.FTS.B
,
16
.26
%
,
1/25/27
....
12,110
12,067
FW2502838.UP.FTS.B
,
16
.27
%
,
1/25/27
..
29,479
29,350
FW2500763.UP.FTS.B
,
16
.29
%
,
1/25/27
..
3,107
3,097
L2503404.UP.FTS.B
,
16
.88
%
,
1/25/27
....
6,395
6,370
L2499095.UP.FTS.B
,
16
.97
%
,
1/25/27
....
2,178
2,171
L2500943.UP.FTS.B
,
17
.28
%
,
1/25/27
....
5,761
5,740
FW2502260.UP.FTS.B
,
17
.52
%
,
1/25/27
..
5,718
414
L2501997.UP.FTS.B
,
17
.77
%
,
1/25/27
....
3,650
3,639
FW2501148.UP.FTS.B
,
17
.78
%
,
1/25/27
..
1,459
1,455
FW2501125.UP.FTS.B
,
17
.82
%
,
1/25/27
..
1,095
1,092
L2502739.UP.FTS.B
,
18
.1
%
,
1/25/27
....
4,537
4,517
L2502439.UP.FTS.B
,
18
.98
%
,
1/25/27
....
5,066
5,048
L2495525.UP.FTS.B
,
19
.03
%
,
1/25/27
....
5,244
5,221
L2501884.UP.FTS.B
,
19
.04
%
,
1/25/27
....
7,907
296
L2502391.UP.FTS.B
,
19
.43
%
,
1/25/27
....
11,031
10,995
L2500727.UP.FTS.B
,
19
.88
%
,
1/25/27
....
5,999
5,981
FW2501295.UP.FTS.B
,
20
.14
%
,
1/25/27
..
742
739
FW2500961.UP.FTS.B
,
20
.28
%
,
1/25/27
..
4,923
4,948
L2500557.UP.FTS.B
,
21
.25
%
,
1/25/27
....
4,480
319
FW2501561.UP.FTS.B
,
21
.33
%
,
1/25/27
..
4,299
4,322
L2503424.UP.FTS.B
,
21
.51
%
,
1/25/27
....
7,334
7,311
L2501728.UP.FTS.B
,
21
.52
%
,
1/25/27
....
3,854
3,830
L2500163.UP.FTS.B
,
21
.71
%
,
1/25/27
....
11,703
11,615
L2502058.UP.FTS.B
,
21
.83
%
,
1/25/27
....
7,511
7,551
L2500977.UP.FTS.B
,
22
.64
%
,
1/25/27
....
5,276
5,315
L2502763.UP.FTS.B
,
23
.93
%
,
1/25/27
....
3,202
934
FW2503468.UP.FTS.B
,
24
.6
%
,
1/25/27
...
2,580
2,598
FW2503375.UP.FTS.B
,
24
.71
%
,
1/25/27
..
2,319
2,332
FW2503209.UP.FTS.B
,
25
.12
%
,
1/25/27
..
5,321
5,357
L2502753.UP.FTS.B
,
25
.33
%
,
1/25/27
....
2,810
442
L2501592.UP.FTS.B
,
25
.36
%
,
1/25/27
....
957
68
L2500577.UP.FTS.B
,
25
.4
%
,
1/25/27
....
1,150
1,158
L2503342.UP.FTS.B
,
25
.48
%
,
1/25/27
....
4,912
4,947
L2500860.UP.FTS.B
,
25
.49
%
,
1/25/27
....
1,059
1,065
L2501610.UP.FTS.B
,
25
.67
%
,
1/25/27
....
2,485
2,500
L2502912.UP.FTS.B
,
25
.69
%
,
1/25/27
....
15,858
15,965
L2502995.UP.FTS.B
,
25
.82
%
,
1/25/27
....
2,386
2,396
FW2501208.UP.FTS.B
,
25
.83
%
,
1/25/27
..
15,499
4,546
Description
Principal
Amount
Value
Upstart
Network,
Inc.
(continued)
FW2503491.UP.FTS.B
,
26
.41
%
,
1/25/27
..
$
1,719
$
1,727
FW2501330.UP.FTS.B
,
26
.47
%
,
1/25/27
..
4,246
4,276
FW2502187.UP.FTS.B
,
26
.63
%
,
1/25/27
..
3,861
3,888
FW2503082.UP.FTS.B
,
26
.84
%
,
1/25/27
..
1,926
1,938
FW2499783.UP.FTS.B
,
27
.06
%
,
1/25/27
..
8,754
623
FW2501053.UP.FTS.B
,
27
.35
%
,
1/25/27
..
6,409
6,430
FW2474863.UP.FTS.B
,
27
.63
%
,
1/25/27
..
2,618
2,626
FW2502652.UP.FTS.B
,
27
.68
%
,
1/25/27
..
3,807
3,834
FW2503169.UP.FTS.B
,
27
.77
%
,
1/25/27
..
778
783
FW2501180.UP.FTS.B
,
28
.56
%
,
1/25/27
..
2,343
2,360
FW2500797.UP.FTS.B
,
28
.58
%
,
1/25/27
..
1,538
1,548
FW2502849.UP.FTS.B
,
29
.19
%
,
1/25/27
..
996
996
FW2501203.UP.FTS.B
,
30
.73
%
,
1/25/27
..
1,106
1,114
FW2503502.UP.FTS.B
,
31
.01
%
,
1/25/27
..
2,017
2,028
FW2502222.UP.FTS.B
,
31
.02
%
,
1/25/27
..
1,016
1,022
FW2501430.UP.FTS.B
,
31
.03
%
,
1/25/27
..
1,427
1,434
FW2502879.UP.FTS.B
,
31
.04
%
,
1/25/27
..
23,310
23,420
FW2502647.UP.FTS.B
,
31
.05
%
,
1/25/27
..
6,672
6,698
FW2502834.UP.FTS.B
,
31
.11
%
,
1/25/27
..
2,192
336
FW2500654.UP.FTS.B
,
31
.21
%
,
1/25/27
..
795
798
FW2503208.UP.FTS.B
,
31
.21
%
,
1/25/27
..
2,060
2,074
FW2502276.UP.FTS.B
,
33
.54
%
,
1/25/27
..
4,019
4,038
FW2500954.UP.FTS.B
,
23
.81
%
,
2/07/27
..
6,231
6,254
L2500786.UP.FTS.B
,
26
.35
%
,
2/09/27
....
2,202
2,191
FW1729970.UP.FTS.B
,
18
.27
%
,
2/17/27
..
18,283
17,331
L1729858.UP.FTS.B
,
25
.05
%
,
2/17/27
....
18,999
18,254
FW1729684.UP.FTS.B
,
29
.1
%
,
2/17/27
...
10,193
9,765
FW1729695.UP.FTS.B
,
29
.91
%
,
2/17/27
..
44,873
43,029
L1902477.UP.FTS.B
,
13
.65
%
,
3/22/27
....
7,227
6,809
L1902300.UP.FTS.B
,
22
.58
%
,
3/22/27
....
4,294
308
L1901141.UP.FTS.B
,
24
.79
%
,
3/22/27
....
1,637
117
L1901660.UP.FTS.B
,
25
.23
%
,
3/22/27
....
1,396
1,330
FW1901509.UP.FTS.B
,
31
.16
%
,
3/22/27
..
6,583
6,320
L2031108.UP.FTS.B
,
11
.34
%
,
4/12/27
....
35,180
34,903
L2030856.UP.FTS.B
,
13
.22
%
,
4/12/27
....
7,323
1,862
L2031106.UP.FTS.B
,
17
.27
%
,
4/12/27
....
6,656
6,607
L2030776.UP.FTS.B
,
18
.15
%
,
4/12/27
....
4,143
4,100
FW2032194.UP.FTS.B
,
19
.49
%
,
4/12/27
..
5,847
5,782
L2032168.UP.FTS.B
,
21
.6
%
,
4/12/27
....
8,674
8,639
FW2032681.UP.FTS.B
,
22
.41
%
,
4/12/27
..
2,014
1,994
FW2032995.UP.FTS.B
,
24
.13
%
,
4/12/27
..
2,328
1,331
L2032407.UP.FTS.B
,
25
.01
%
,
4/12/27
....
983
581
FW2030941.UP.FTS.B
,
26
.62
%
,
4/12/27
..
24,043
1,722
L2032337.UP.FTS.B
,
26
.62
%
,
4/12/27
....
7,494
7,484
L2972334.UP.FTS.B
,
6
.17
%
,
4/19/27
....
35,804
35,597
L2972137.UP.FTS.B
,
6
.42
%
,
4/19/27
....
10,760
10,698
L2971979.UP.FTS.B
,
6
.84
%
,
4/19/27
....
19,284
19,173
L2971286.UP.FTS.B
,
7
.38
%
,
4/19/27
....
18,058
17,955
L2972081.UP.FTS.B
,
7
.8
%
,
4/19/27
.....
3,811
3,789
FW2972190.UP.FTS.B
,
7
.92
%
,
4/19/27
...
34,299
34,104
L2971556.UP.FTS.B
,
10
.11
%
,
4/19/27
....
10,399
10,298
L2971728.UP.FTS.B
,
11
.46
%
,
4/19/27
....
7,949
7,891
L2971948.UP.FTS.B
,
12
.78
%
,
4/19/27
....
5,601
5,565
L2971527.UP.FTS.B
,
13
.17
%
,
4/19/27
....
7,888
7,831
L2967243.UP.FTS.B
,
14
.24
%
,
4/19/27
....
12,858
12,766
L2970341.UP.FTS.B
,
15
.34
%
,
4/19/27
....
5,484
459
L2971759.UP.FTS.B
,
16
.29
%
,
4/19/27
....
5,822
5,773
L2971657.UP.FTS.B
,
16
.32
%
,
4/19/27
....
1,665
1,653
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)
L2971854.UP.FTS.B
,
16
.46
%
,
4/19/27
....
$
2,361
$
2,344
FW2968818.UP.FTS.B
,
17
.01
%
,
4/19/27
..
12,542
12,437
L2970277.UP.FTS.B
,
17
.94
%
,
4/19/27
....
26,036
3,751
FW2971812.UP.FTS.B
,
18
.16
%
,
4/19/27
..
20,709
20,507
L2972316.UP.FTS.B
,
18
.63
%
,
4/19/27
....
38,705
38,430
L2971776.UP.FTS.B
,
19
.69
%
,
4/19/27
....
5,159
5,116
L2972008.UP.FTS.B
,
20
.74
%
,
4/19/27
....
4,326
4,325
FW2971982.UP.FTS.B
,
21
.48
%
,
4/19/27
..
1,342
1,331
L2970145.UP.FTS.B
,
22
.58
%
,
4/19/27
....
7,072
6,674
FW2971643.UP.FTS.B
,
24
.95
%
,
4/19/27
..
17,189
17,212
L2971841.UP.FTS.B
,
25
.2
%
,
4/19/27
....
1,157
1,156
L2971769.UP.FTS.B
,
25
.23
%
,
4/19/27
....
5,814
417
FW2972220.UP.FTS.B
,
26
.42
%
,
4/19/27
..
3,161
3,160
L2971662.UP.FTS.B
,
26
.49
%
,
4/19/27
....
811
803
FW2972102.UP.FTS.B
,
26
.72
%
,
4/19/27
..
2,650
2,653
FW2972305.UP.FTS.B
,
27
.33
%
,
4/19/27
..
4,885
4,884
FW2972030.UP.FTS.B
,
28
.07
%
,
4/19/27
..
4,086
4,085
FW2101729.UP.FTS.B
,
20
.8
%
,
4/23/27
...
27,094
1,939
L2100737.UP.FTS.B
,
22
.28
%
,
4/23/27
....
15,001
15,112
FW2101765.UP.FTS.B
,
29
.07
%
,
4/23/27
..
3,269
3,292
FW2103611.UP.FTS.B
,
30
.3
%
,
4/23/27
...
1,101
6
FW2103415.UP.FTS.B
,
31
.09
%
,
4/23/27
..
10,820
10,831
L2250389.UP.FTS.B
,
13
.11
%
,
5/14/27
....
14,961
14,834
FW2249624.UP.FTS.B
,
13
.82
%
,
5/14/27
..
4,539
327
FW2248341.UP.FTS.B
,
18
.43
%
,
5/14/27
..
19,096
18,891
FW2249414.UP.FTS.B
,
19
.5
%
,
5/14/27
...
5,795
5,737
FW2250365.UP.FTS.B
,
20
.49
%
,
5/14/27
..
22,480
22,305
L2248430.UP.FTS.B
,
21
.51
%
,
5/14/27
....
1,158
1,151
L2250392.UP.FTS.B
,
22
.93
%
,
5/14/27
....
2,714
2,713
L2251286.UP.FTS.B
,
25
.89
%
,
5/14/27
....
1,800
1,793
FW2250225.UP.FTS.B
,
30
.13
%
,
5/14/27
..
1,493
210
FW2249682.UP.FTS.B
,
30
.35
%
,
5/14/27
..
1,318
1,321
FW2250032.UP.FTS.B
,
32
.02
%
,
5/14/27
..
3,976
–
L2252226.UP.FTS.B
,
14
.86
%
,
5/15/27
....
40,219
37,870
L2252234.UP.FTS.B
,
21
.66
%
,
5/15/27
....
3,499
3,299
FW2253145.UP.FTS.B
,
24
.76
%
,
5/15/27
..
11,676
–
FW2251714.UP.FTS.B
,
28
.54
%
,
5/15/27
..
4,797
4,801
FW2252591.UP.FTS.B
,
31
.67
%
,
5/15/27
..
6,704
6,536
L2250436.UP.FTS.B
,
22
.79
%
,
5/27/27
....
15,183
15,214
L2497417.UP.FTS.B
,
12
.27
%
,
6/24/27
....
18,541
18,434
L2497350.UP.FTS.B
,
13
.11
%
,
6/24/27
....
7,636
7,574
FW2497520.UP.FTS.B
,
17
.89
%
,
6/24/27
..
5,185
5,149
L2499350.UP.FTS.B
,
18
.35
%
,
6/24/27
....
24,321
545
FW2498266.UP.FTS.B
,
27
.06
%
,
6/24/27
..
3,375
3,357
FW2463420.UP.FTS.B
,
28
.55
%
,
6/24/27
..
859
856
FW2497583.UP.FTS.B
,
31
.24
%
,
6/24/27
..
6,468
6,455
L2472114.UP.FTS.B
,
7
.63
%
,
6/25/27
.....
14,591
14,498
L2503121.UP.FTS.B
,
17
.35
%
,
6/25/27
....
9,454
9,381
L2499889.UP.FTS.B
,
20
.18
%
,
6/25/27
....
22,153
–
L2502792.UP.FTS.B
,
24
.01
%
,
6/25/27
....
4,992
355
L2500638.UP.FTS.B
,
25
.31
%
,
6/25/27
....
842
843
FW2503221.UP.FTS.B
,
29
%
,
6/25/27
....
23,760
–
FW1729187.UP.FTS.B
,
30
.3
%
,
7/17/27
...
5,556
5,596
L2032742.UP.FTS.B
,
22
.42
%
,
9/12/27
....
1,807
1,790
FW2972075.UP.FTS.B
,
9
.42
%
,
9/19/27
...
30,222
28,392
L2971880.UP.FTS.B
,
24
%
,
9/19/27
......
26,893
26,623
L2253724.UP.FTS.B
,
25
.49
%
,
10/15/27
...
236
233
L2499062.UP.FTS.B
,
17
.84
%
,
11/24/27
...
1,125
1,118
Description
Principal
Amount
Value
Upstart
Network,
Inc.
(continued)
FW2500185.UP.FTS.B
,
30
.96
%
,
11/24/27
.
$
6,704
$
6,725
FW2498394.UP.FTS.B
,
31
.2
%
,
11/24/27
..
4,602
126
L2498668.UP.FTS.B
,
13
.66
%
,
11/25/27
...
31,902
31,688
FW2497947.UP.FTS.B
,
28
.25
%
,
11/27/27
.
30,665
30,363
L2971929.UP.FTS.B
,
24
.66
%
,
2/19/28
....
17,729
17,562
L1901406.UP.FTS.B
,
27
.3
%
,
10/22/28
....
4,503
4,559
L2475583.UP.FTS.B
,
20
.34
%
,
1/25/29
....
373
369
3,860,630
Total
Marketplace
Loans
(Cost
$
10,742,019
)
....
$
9,397,116
Franklin
Universal
Trust
Notes
to
Schedule
of
Investments
(unaudited)
28
Quarterly
Schedule
of
Investments
1.
Organization
Franklin
Universal
Trust (Fund)
is
registered under
the
Investment
Company
Act
of
1940
(1940
Act)
as
a
closed-end
management
investment
company.
The
Fund
follows
the
accounting
and
reporting
guidance
in
Financial
Accounting
Standards
Board
(FASB)
Accounting
Standards
Codification
Topic
946,
Financial
Services
–
Investment
Companies
(ASC
946)
and
applies
the
specialized
accounting
and
reporting
guidance
in
U.S.
Generally
Accepted
Accounting
Principles
(U.S.
GAAP),
including,
but
not
limited
to,
ASC
946.
2. Financial
Instrument
Valuation
The
Fund's investments
in
financial
instruments
are
carried
at
fair
value
daily.
Fair
value
is
the
price
that
would
be
received
to
sell
an
asset
or
paid
to
transfer
a
liability
in
an
orderly
transaction
between
market
participants
on
the
measurement
date.
The
Fund
calculates the
net
asset
value
(NAV)
per
share
each
business
day
as
of
4
p.m.
Eastern
time
or
the
regularly
scheduled
close
of
the
New
York
Stock
Exchange
(NYSE),
whichever
is
earlier.
Senior
fixed
rate
notes
issued
by
the
Fund
are
carried
at
cost. Under
compliance
policies
and
procedures
approved
by
the Fund's
Board
of Trustees
(the
Board),
the
Board
has
designated
the
Fund's
investment
manager
as
the
valuation
designee
and
has
responsibility
for
oversight
of
valuation.
The
investment
manager
is
assisted
by
the
Fund's administrator
in
performing
this responsibility,
including
leading
the
cross-
functional
Valuation
Committee
(VC).
The
Fund
may
utilize
independent
pricing
services,
quotations
from
securities
and
financial
instrument
dealers,
and
other
market
sources
to
determine
fair
value.
Equity
securities
listed
on
an
exchange
or
on
the
NASDAQ
National
Market
System
are
valued
at
the
last
quoted
sale
price
or
the
official
closing
price
of
the
day,
respectively.
Foreign
equity
securities
are
valued
as
of
the
close
of
trading
on
the
foreign
stock
exchange
on
which
the
security
is
primarily
traded
or
as
of
4
p.m.
Eastern
time.
The
value
is
then
converted
into
its
U.S.
dollar
equivalent
at
the
foreign
exchange
rate
in
effect
at
4
p.m. Eastern
time
on
the
day
that
the
value
of
the
security
is
determined.
Over-the-counter
(OTC)
securities
are
valued
within
the
range
of
the
most
recent
quoted
bid
and
ask
prices.
Securities
that
trade
in
multiple
markets
or
on
multiple
exchanges
are
valued
according
to
the
broadest
and
most
representative
market.
Certain
equity
securities
are
valued
based
upon
fundamental
characteristics
or
relationships
to
similar
securities.
Debt
securities
generally
trade
in
the
OTC
market
rather
than
on
a
securities
exchange.
The Fund's
pricing
services
use
multiple
valuation
techniques
to
determine
fair
value.
In
instances
where
sufficient
market
activity
exists,
the
pricing
services
may
utilize
a
market-based
approach
through
which
quotes
from
market
makers
are
used
to
determine
fair
value.
In
instances
where
sufficient
market
activity
may
not
exist
or
is
limited,
the
pricing
services
also
utilize
proprietary
valuation
models
which
may
consider
market
characteristics
such
as
benchmark
yield
curves,
credit
spreads,
estimated
default
rates,
anticipated
market
interest
rate
volatility,
coupon
rates,
anticipated
timing
of
principal
repayments,
underlying
collateral,
and
other
unique
security
features
in
order
to
estimate
the
relevant
cash
flows,
which
are
then
discounted
to
calculate
the
fair
value.
Securities
denominated
in
a
foreign
currency
are
converted
into
their
U.S.
dollar
equivalent
at
the
foreign
exchange
rate
in
effect
at
4
p.m.
Eastern
time
on
the
date
that
the
values
of
the
foreign
debt
securities
are
determined.
Investments
in
open-end
mutual
funds
are
valued
at
the
closing
NAV.
The
Fund
has procedures
to
determine
the
fair
value
of
financial
instruments
for
which
market
prices
are
not
reliable
or
readily
available.
Under
these
procedures,
the
Fund
primarily employs
a
market-based
approach
which
may
use
related
or
comparable
assets
or
liabilities,
recent
transactions,
market
multiples,
and
other
relevant
information
for
the
investment
to
determine
the
fair
value
of
the
investment.
An
income-based
valuation
approach
may
also
be
used
in
which
the
anticipated
future
cash
flows
of
the
investment
are
discounted
to
calculate
fair
value.
Discounts
may
also
be
applied
due
to
the
nature
or
duration
of
any
restrictions
on
the
disposition
of
the
investments.
Due
to
the
inherent
uncertainty
of
valuations
of
such
investments,
the
fair
values
may
differ
significantly
from
the
values
that
would
have
been
used
had
an
active
market
existed. 
Franklin
Universal
Trust
Notes
to
Schedule
of
Investments
(unaudited)
29
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,
2023,
the
Fund
held
investments
in
affiliated
management
investment
companies
as
follows:
4. Fair
Value
Measurements 
The Fund
follows a
fair
value
hierarchy
that
distinguishes
between
market
data
obtained
from
independent
sources
(observable
inputs)
and
the Fund's
own
market
assumptions
(unobservable
inputs).
These
inputs
are
used
in
determining
the
value
of
the
Fund's
financial
instruments
and
are
summarized
in
the
following
fair
value
hierarchy:
Level
1
–
quoted
prices
in
active
markets
for
identical
financial
instruments
Level
2
–
other
significant
observable
inputs
(including
quoted
prices
for
similar
financial
instruments,
interest
rates,
prepayment
speed,
credit
risk,
etc.)
Level
3
–
significant
unobservable
inputs
(including
the
Fund's
own
assumptions
in
determining
the
fair
value
of
financial
instruments)
The
input
levels
are
not
necessarily
an
indication
of
the
risk
or
liquidity
associated
with
financial
instruments
at
that
level.
A
summary
of
inputs
used
as
of
November
30,
2023,
in
valuing
the Fund's
assets
carried
at
fair
value,
is
as
follows:  
    aa
Value
at
Beginning
of
Period
Purchases
Sales
Realized
Gain
(Loss)
Net
Change
in
Unrealized
Appreciation
(Depreciation)
Value
at
End
of
Period
Number
of
Shares
Held
at
End
of
Period
Investment
Income
a      
a  
a  
a  
a  
a  
a  
a  
Franklin
Universal
Trust
Non-Controlled
Affiliates
Dividends
Institutional
Fiduciary
Trust
-
Money
Market
Portfolio,
5.036%
$7,233,846
$12,170,112
$(16,128,026)
$—
$—
$3,275,932
3,275,932
$51,245
Total
Affiliated
Securities
...
$7,233,846
$12,170,112
$(16,128,026)
$—
$—
$3,275,932
$51,245
2. Financial
Instrument
Valuation
(continued)
Franklin
Universal
Trust
Notes
to
Schedule
of
Investments
(unaudited)
30
Quarterly
Schedule
of
Investments
Level
1
Level
2
Level
3
Total
Franklin
Universal
Trust
Assets:
Investments
in
Securities:
Common
Stocks
:
Electric
Utilities
........................
$
45,765,543
$
—
$
—
$
45,765,543
Independent
Power
and
Renewable
Electricity
Producers
..........................
1,112,590
1,784,503
—
2,897,093
Metals
&
Mining
.......................
4,636,303
—
—
4,636,303
Multi-Utilities
..........................
30,370,496
—
—
30,370,496
Oil,
Gas
&
Consumable
Fuels
.............
2,570,003
357,390
—
2,927,393
Preferred
Stocks
.........................
538,725
—
—
538,725
Warrants
...............................
1,043
—
—
1,043
Corporate
Bonds
:
Aerospace
&
Defense
...................
—
601,823
—
601,823
Automobile
Components
.................
—
4,595,982
—
4,595,982
Automobiles
..........................
—
1,027,153
—
1,027,153
Banks
...............................
—
906,491
—
906,491
Beverages
...........................
—
621,578
—
621,578
Biotechnology
.........................
—
355,279
—
355,279
Building
Products
......................
—
4,962,195
—
4,962,195
Capital
Markets
........................
—
447,862
—
447,862
Chemicals
...........................
—
6,383,826
—
6,383,826
Commercial
Services
&
Supplies
...........
—
2,753,086
—
2,753,086
Communications
Equipment
..............
—
964,163
—
964,163
Construction
&
Engineering
...............
—
2,185,652
—
2,185,652
Construction
Materials
..................
—
513,933
—
513,933
Consumer
Finance
.....................
—
3,914,319
—
3,914,319
Consumer
Staples
Distribution
&
Retail
......
—
1,420,196
—
1,420,196
Containers
&
Packaging
.................
—
6,865,690
—
6,865,690
Distributors
...........................
—
825,338
—
825,338
Diversified
Consumer
Services
............
—
711,416
—
711,416
Diversified
REITs
......................
—
2,423,615
—
2,423,615
Diversified
Telecommunication
Services
.....
—
4,602,123
—
4,602,123
Electric
Utilities
........................
—
1,334,825
—
1,334,825
Electrical
Equipment
....................
—
2,512,099
—
2,512,099
Electronic
Equipment,
Instruments
&
Components
........................
—
444,845
—
444,845
Energy
Equipment
&
Services
.............
—
5,286,623
—
5,286,623
Entertainment
.........................
—
807,254
—
807,254
Financial
Services
......................
—
1,997,538
—
1,997,538
Food
Products
........................
—
2,690,058
—
2,690,058
Ground
Transportation
..................
—
1,555,133
—
1,555,133
Health
Care
Equipment
&
Supplies
.........
—
1,548,958
—
1,548,958
Health
Care
Providers
&
Services
..........
—
5,859,619
—
5,859,619
Health
Care
REITs
.....................
—
174,236
—
174,236
Hotel
&
Resort
REITs
...................
—
304,871
—
304,871
Hotels,
Restaurants
&
Leisure
.............
—
9,732,214
—
a
9,732,214
Household
Durables
....................
—
3,116,824
—
3,116,824
Independent
Power
and
Renewable
Electricity
Producers
..........................
—
3,223,193
—
3,223,193
Insurance
............................
—
1,117,388
—
1,117,388
IT
Services
...........................
—
3,611,076
—
3,611,076
Life
Sciences
Tools
&
Services
............
—
991,250
—
991,250
Machinery
............................
—
2,976,246
—
2,976,246
Media
...............................
—
6,506,428
—
6,506,428
Metals
&
Mining
.......................
—
2,954,674
—
2,954,674
Mortgage
Real
Estate
Investment
Trusts
(REITs)
............................
—
1,481,262
—
1,481,262
4. Fair
Value
Measurements 
(continued)
Franklin
Universal
Trust
Notes
to
Schedule
of
Investments
(unaudited)
31
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,
2023,
the
reconciliation
is
as
follows:
6
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,
2023,
are
as
follows:
Level
1
Level
2
Level
3
Total
Franklin
Universal
Trust
(continued)
Assets:
(continued)
Investments
in
Securities:
Corporate
Bonds:
Oil,
Gas
&
Consumable
Fuels
.............
$
—
$
17,605,046
$
—
a
$
17,605,046
Paper
&
Forest
Products
.................
—
242,546
—
242,546
Passenger
Airlines
.....................
—
1,610,385
—
1,610,385
Personal
Care
Products
.................
—
1,417,851
—
1,417,851
Pharmaceuticals
.......................
—
2,401,305
—
2,401,305
Real
Estate
Management
&
Development
....
—
1,358,100
—
1,358,100
Software
.............................
—
2,436,019
—
2,436,019
Specialized
REITs
......................
—
978,787
—
978,787
Specialty
Retail
........................
—
3,117,485
—
3,117,485
Textiles,
Apparel
&
Luxury
Goods
..........
—
377,446
—
377,446
Trading
Companies
&
Distributors
..........
—
938,821
—
938,821
Wireless
Telecommunication
Services
.......
—
854,543
—
854,543
Senior
Floating
Rate
Interests
...............
—
117,359
—
117,359
Marketplace
Loans
.......................
—
—
9,397,116
9,397,116
Asset-Backed
Securities
...................
—
450,942
—
450,942
Escrows
and
Litigation
Trusts
...............
—
32,250
—
32,250
Short
Term
Investments
...................
3,275,932
—
—
3,275,932
Total
Investments
in
Securities
...........
$88,270,635
$143,389,112
$9,397,116
$241,056,863
a
Includes
financial
instruments
determined
to
have
no
value.
Balance
at
Beginning
of
Period
Purchases
a
Sales
b
Transfer
Into
Level
3
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:
Corporate
Bonds
:
Hotels,
Restaurants
&
Leisure
.........
$
—
c
$
—
$
—
$
—
$
—
$
—
$
—
$
—
$
—
c
$
—
Oil,
Gas
&
Consumable
Fuels
..........
—
c
—
—
—
—
—
—
—
—
c
—
Marketplace
Loans
:
Financial
Services
...
11,122,540
c
4,978
(1,747,047)
—
—
—
(32,608)
49,253
9,397,116
c
(151,629)
Total
Investments
in
Securities
............
$11,122,540
$4,978
$(1,747,047)
$—
$—
$—
$(32,608)
$49,253
$9,397,116
$(151,629)
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
Includes
financial
instruments
determined
to
have
no
value.
4. Fair
Value
Measurements 
(continued)
Franklin
Universal
Trust
Notes
to
Schedule
of
Investments
(unaudited)
32
Quarterly
Schedule
of
Investments
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
determined
to
have
no
value.
Abbreviations
Description
Fair
Value
at
End
of
Period
Valuation
Technique
Unobservable
Inputs
Amount
(Weighted
Average)
a
Impact
to
Fair
Value
if
Input
Increases
b
Franklin
Universal
Trust
Assets:
Investments
in
Securities:
Marketplace
Loans:
Financial
Services...........
$9,397,116
Discounted
cash
flow
Loss-adjusted
discount
rate
0.1%
-
18.6%
(8.1%)
Decrease
Projected
loss
rate
3.0%
-
54.1%
(19.6%)
Decrease
All
Other
Investments……….
—
c
Total.......................................
$9,397,116
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. 
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