<SEC-DOCUMENT>0000833040-14-000002.txt : 20140128
<SEC-HEADER>0000833040-14-000002.hdr.sgml : 20140128
<ACCEPTANCE-DATETIME>20140128155334
ACCESSION NUMBER:		0000833040-14-000002
CONFORMED SUBMISSION TYPE:	N-Q
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20131130
FILED AS OF DATE:		20140128
DATE AS OF CHANGE:		20140128
EFFECTIVENESS DATE:		20140128

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			FRANKLIN UNIVERSAL TRUST
		CENTRAL INDEX KEY:			0000833040
		IRS NUMBER:				943077602
		STATE OF INCORPORATION:			MA
		FISCAL YEAR END:			0831

	FILING VALUES:
		FORM TYPE:		N-Q
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	811-05569
		FILM NUMBER:		14552845

	BUSINESS ADDRESS:	
		STREET 1:		ONE FRANKLIN PARKWAY
		CITY:			SAN MATEO
		STATE:			CA
		ZIP:			94403-1906
		BUSINESS PHONE:		650-312-2000

	MAIL ADDRESS:	
		STREET 1:		ONE FRANKLIN PARKWAY
		CITY:			SAN MATEO
		STATE:			CA
		ZIP:			94403-1906
</SEC-HEADER>
<DOCUMENT>
<TYPE>N-Q
<SEQUENCE>1
<FILENAME>nq-fut_113013.htm
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<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Courier New">UNITED STATES<BR>SECURITIES AND EXCHANGE COMMISSION<BR>Washington, DC 20549</FONT></B></P>

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<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Courier New">FORM N-Q</FONT></B></P>

<P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Courier New"></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Courier New">QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF</FONT></B></P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Courier New">REGISTERED MANAGEMENT INVESTMENT COMPANY</FONT></B></P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Courier New"></FONT></B>&nbsp;</P>

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<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US color=#454545 face="Courier New">Investment Company Act file number </FONT><U><FONT style="FONT-SIZE: 10pt" lang=EN-US color=#454545 face="Courier New">811-05569&nbsp;</FONT></U></P>

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<H1 style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: center; MARGIN: 0in 0in 0pt"><U><FONT style="FONT-SIZE: 10pt; FONT-WEIGHT: normal" color=#454545 face="Courier New">Franklin Universal Trust</FONT></U></H1>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt" lang=EN-US color=#454545 face="Courier New">(Exact name of registrant as specified in charter)</FONT></P>

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<H1 style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: center; MARGIN: 0in 0in 0pt"><U><FONT style="FONT-SIZE: 10pt; FONT-WEIGHT: normal" color=#454545 face="Courier New">One Franklin Parkway, San Mateo, CA&nbsp; 94403-1906</FONT></U></H1>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt" lang=EN-US color=#454545 face="Courier New">(Address of principal executive offices) (Zip code)</FONT></P>

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<H1 style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: center; MARGIN: 0in 0in 0pt"><U><FONT style="FONT-SIZE: 10pt; FONT-WEIGHT: normal" color=#454545 face="Courier New">Craig S. Tyle, One Franklin Parkway, San Mateo, CA&nbsp; 94403-1906</FONT></U></H1>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt" lang=EN-US color=#454545 face="Courier New">(Name and address of agent for service)</FONT></P>

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<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US color=#454545 face="Courier New">Registrant's telephone number, including area code: &nbsp;</FONT><U><FONT style="FONT-SIZE: 10pt" lang=EN-US color=#454545 face="Courier New">(650) 312-2000</FONT></U></P>

<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US color=#454545 face="Courier New"></FONT>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US color=#454545 face="Courier New">Date of fiscal year end: </FONT><U><FONT style="FONT-SIZE: 10pt" lang=EN-US color=#454545 face="Courier New">&nbsp;&nbsp;8/31&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;</FONT></U></P>

<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US color=#454545 face="Courier New"></FONT>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US color=#454545 face="Courier New">Date of reporting period: </FONT><U><FONT style="FONT-SIZE: 10pt" lang=EN-US color=#454545 face="Courier New">&nbsp;11/30/13&nbsp;</FONT></U></P>

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<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Courier New">Item 1. Schedule of Investments.</FONT></P>

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   <TD align=left><B><FONT size=5 face="Arial Narrow,Bold,Arial,Helvetica,sans-serif">Franklin Universal Trust</FONT></B></TD>

   <TD align=left>&nbsp;</TD>

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   <TD style="BORDER-BOTTOM: #000000 1px solid" colSpan=2 align=left><B><FONT size=5 face="Arial Narrow,Bold,Arial,Helvetica,sans-serif">Statement of Investments, November 30, 2013 (unaudited)</FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>

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<TR>

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   <TD bgColor=#bfbfbf align=left>&nbsp;</TD>

   <TD bgColor=#bfbfbf align=center><B><FONT color=#ffffff size=2 face="Arial Narrow,Bold,Arial,Helvetica,sans-serif">Country</FONT></B></TD>

   <TD style="TEXT-INDENT: 19.679pt" bgColor=#bfbfbf align=left><B><FONT color=#ffffff size=2 face="Arial Narrow,Bold,Arial,Helvetica,sans-serif">Shares</FONT></B></TD>

   <TD bgColor=#bfbfbf align=right>&nbsp;</TD>

   <TD bgColor=#bfbfbf align=center><B><FONT color=#ffffff size=2 face="Arial Narrow,Bold,Arial,Helvetica,sans-serif">Value</FONT></B></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 21.839pt" align=left><B><FONT size=2 face="Arial Narrow,Bold,Arial,Helvetica,sans-serif">Common Stocks and Other Equity Interests 39.1%</FONT></B></TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

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   <TD style="TEXT-INDENT: 21.839pt" align=left><B><FONT size=2 face="Arial Narrow,Bold,Arial,Helvetica,sans-serif">Energy 1.5%</FONT></B></TD>

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   <TD align=left>&nbsp;</TD>

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   <TD align=left>&nbsp;</TD></TR>

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   <TD style="TEXT-INDENT: 21.839pt" align=left><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">Spectra Energy Corp.</FONT></TD>

   <TD align=center><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">United States</FONT></TD>

   <TD align=right><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">92,350</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">$</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">3,098,343</FONT></TD></TR>

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   <TD style="TEXT-INDENT: 21.839pt" align=left><B><FONT size=2 face="Arial Narrow,Bold,Arial,Helvetica,sans-serif">Materials 2.4%</FONT></B></TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

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   <TD align=left>&nbsp;</TD></TR>

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   <TD style="TEXT-INDENT: 21.839pt" align=left><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">BHP Billiton PLC, ADR</FONT></TD>

   <TD align=center><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">United Kingdom</FONT></TD>

   <TD align=right><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">25,185</FONT></TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">1,528,226</FONT></TD></TR>

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   <TD style="TEXT-INDENT: 21.839pt" align=left><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">Freeport-McMoRan Copper &amp; Gold Inc., B</FONT></TD>

   <TD align=center><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">United States</FONT></TD>

   <TD align=right><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">80,380</FONT></TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">2,788,382</FONT></TD></TR>

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   <TD align=left><SUP><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">a,b</FONT></SUP><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">NewPage Corp., Litigation Trust</FONT></TD>

   <TD align=center><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">United States</FONT></TD>

   <TD align=right><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">1,200,000</FONT></TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">&#8212;</FONT></TD></TR>

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   <TD style="TEXT-INDENT: 18.6pt" align=left><SUP><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">a</FONT></SUP><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">NewPage Holdings Inc.</FONT></TD>

   <TD align=center><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">United States</FONT></TD>

   <TD align=right><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">4,800</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">434,400</FONT></TD></TR>

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   <TD align=left>&nbsp;</TD>

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   <TD align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">4,751,008</FONT></TD></TR>

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   <TD style="TEXT-INDENT: 21.839pt" align=left><B><FONT size=2 face="Arial Narrow,Bold,Arial,Helvetica,sans-serif">Transportation 0.1%</FONT></B></TD>

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   <TD style="TEXT-INDENT: 18.6pt" align=left><SUP><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">a</FONT></SUP><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">CEVA Holdings LLC</FONT></TD>

   <TD align=center><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">United Kingdom</FONT></TD>

   <TD align=right><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">179</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">174,944</FONT></TD></TR>

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   <TD style="TEXT-INDENT: 21.839pt" align=left><B><FONT size=2 face="Arial Narrow,Bold,Arial,Helvetica,sans-serif">Utilities 35.1%</FONT></B></TD>

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   <TD style="TEXT-INDENT: 21.839pt" align=left><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">Alliant Energy Corp.</FONT></TD>

   <TD align=center><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">United States</FONT></TD>

   <TD align=right><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">40,000</FONT></TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">2,060,000</FONT></TD></TR>

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   <TD style="TEXT-INDENT: 21.839pt" align=left><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">American Electric Power Co. Inc.</FONT></TD>

   <TD align=center><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">United States</FONT></TD>

   <TD align=right><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">75,000</FONT></TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">3,529,500</FONT></TD></TR>

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   <TD style="TEXT-INDENT: 21.839pt" align=left><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">CenterPoint Energy Inc.</FONT></TD>

   <TD align=center><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">United States</FONT></TD>

   <TD align=right><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">169,800</FONT></TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">3,978,414</FONT></TD></TR>

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   <TD style="TEXT-INDENT: 21.839pt" align=left><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">CMS Energy Corp.</FONT></TD>

   <TD align=center><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">United States</FONT></TD>

   <TD align=right><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">65,000</FONT></TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">1,725,100</FONT></TD></TR>

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   <TD style="TEXT-INDENT: 21.839pt" align=left><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">Consolidated Edison Inc.</FONT></TD>

   <TD align=center><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">United States</FONT></TD>

   <TD align=right><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">42,000</FONT></TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">2,318,820</FONT></TD></TR>

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   <TD style="TEXT-INDENT: 21.839pt" align=left><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">Dominion Resources Inc.</FONT></TD>

   <TD align=center><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">United States</FONT></TD>

   <TD align=right><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">100,000</FONT></TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">6,491,000</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 21.839pt" align=left><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">DTE Energy Co.</FONT></TD>

   <TD align=center><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">United States</FONT></TD>

   <TD align=right><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">25,000</FONT></TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">1,668,500</FONT></TD></TR>

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   <TD style="TEXT-INDENT: 21.839pt" align=left><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">Duke Energy Corp.</FONT></TD>

   <TD align=center><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">United States</FONT></TD>

   <TD align=right><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">92,520</FONT></TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">6,472,699</FONT></TD></TR>

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   <TD style="TEXT-INDENT: 21.839pt" align=left><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">Edison International</FONT></TD>

   <TD align=center><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">United States</FONT></TD>

   <TD align=right><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">75,000</FONT></TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">3,465,750</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 21.839pt" align=left><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">Entergy Corp.</FONT></TD>

   <TD align=center><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">United States</FONT></TD>

   <TD align=right><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">50,000</FONT></TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">3,094,500</FONT></TD></TR>

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   <TD style="TEXT-INDENT: 21.839pt" align=left><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">Exelon Corp.</FONT></TD>

   <TD align=center><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">United States</FONT></TD>

   <TD align=right><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">55,000</FONT></TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">1,480,050</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 21.839pt" align=left><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">FirstEnergy Corp.</FONT></TD>

   <TD align=center><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">United States</FONT></TD>

   <TD align=right><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">60,000</FONT></TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">1,957,800</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 21.839pt" align=left><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">Great Plains Energy Inc.</FONT></TD>

   <TD align=center><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">United States</FONT></TD>

   <TD align=right><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">70,000</FONT></TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">1,661,800</FONT></TD></TR>

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   <TD style="TEXT-INDENT: 21.839pt" align=left><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">NextEra Energy Inc.</FONT></TD>

   <TD align=center><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">United States</FONT></TD>

   <TD align=right><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">50,000</FONT></TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">4,229,500</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 21.839pt" align=left><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">PG&amp;E Corp.</FONT></TD>

   <TD align=center><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">United States</FONT></TD>

   <TD align=right><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">50,000</FONT></TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">2,018,500</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 21.839pt" align=left><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">Pinnacle West Capital Corp.</FONT></TD>

   <TD align=center><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">United States</FONT></TD>

   <TD align=right><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">70,000</FONT></TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">3,735,200</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 21.839pt" align=left><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">PPL Corp.</FONT></TD>

   <TD align=center><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">United States</FONT></TD>

   <TD align=right><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">80,000</FONT></TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">2,456,800</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 21.839pt" align=left><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">Public Service Enterprise Group Inc.</FONT></TD>

   <TD align=center><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">United States</FONT></TD>

   <TD align=right><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">45,000</FONT></TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">1,471,050</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 21.839pt" align=left><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">Sempra Energy</FONT></TD>

   <TD align=center><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">United States</FONT></TD>

   <TD align=right><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">50,000</FONT></TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">4,422,000</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 21.839pt" align=left><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">The Southern Co.</FONT></TD>

   <TD align=center><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">United States</FONT></TD>

   <TD align=right><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">108,500</FONT></TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">4,408,355</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 21.839pt" align=left><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">UIL Holdings Corp.</FONT></TD>

   <TD align=center><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">United States</FONT></TD>

   <TD align=right><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">40,000</FONT></TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">1,501,200</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 21.839pt" align=left><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">Westar Energy Inc.</FONT></TD>

   <TD align=center><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">United States</FONT></TD>

   <TD align=right><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">60,000</FONT></TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">1,881,600</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 21.839pt" align=left><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">Wisconsin Energy Corp.</FONT></TD>

   <TD align=center><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">United States</FONT></TD>

   <TD align=right><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">40,000</FONT></TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">1,670,800</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 21.839pt" align=left><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">Xcel Energy Inc.</FONT></TD>

   <TD align=center><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">United States</FONT></TD>

   <TD align=right><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">60,000</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">1,681,200</FONT></TD></TR>

<TR vAlign=bottom>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">69,380,138</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 21.839pt" align=left><B><FONT size=2 face="Arial Narrow,Bold,Arial,Helvetica,sans-serif">Total Common Stocks and Other Equity Interests (Cost $49,985,146)</FONT></B></TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">77,404,433</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 21.839pt" align=left><B><FONT size=2 face="Arial Narrow,Bold,Arial,Helvetica,sans-serif">Convertible Preferred Stocks 0.2%</FONT></B></TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 21.839pt" align=left><B><FONT size=2 face="Arial Narrow,Bold,Arial,Helvetica,sans-serif">Transportation 0.2%</FONT></B></TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 18.6pt" align=left><SUP><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">a</FONT></SUP><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">CEVA Holdings LLC, cvt. pfd., A-1</FONT></TD>

   <TD align=center><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">United Kingdom</FONT></TD>

   <TD align=right><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">6</FONT></TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">5,700</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 18.6pt" align=left><SUP><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">a</FONT></SUP><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">CEVA Holdings LLC, cvt. pfd., A-2</FONT></TD>

   <TD align=center><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">United Kingdom</FONT></TD>

   <TD align=right><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">388</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">368,990</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 21.839pt" align=left><B><FONT size=2 face="Arial Narrow,Bold,Arial,Helvetica,sans-serif">Total Convertible Preferred Stocks (Cost $587,093)</FONT></B></TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">374,690</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 21.839pt" align=left><B><FONT size=2 face="Arial Narrow,Bold,Arial,Helvetica,sans-serif">Preferred Stocks (Cost $290,000) 0.2%</FONT></B></TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 21.839pt" align=left><B><FONT size=2 face="Arial Narrow,Bold,Arial,Helvetica,sans-serif">Diversified Financials 0.2%</FONT></B></TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 21.839pt" align=left><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">GMAC Capital Trust I, 8.125%, pfd.</FONT></TD>

   <TD align=center><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">United States</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">11,600</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">311,344</FONT></TD></TR>

<TR vAlign=bottom>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD bgColor=#bfbfbf align=right><B><FONT color=#ffffff size=2 face="Arial Narrow,Bold,Arial,Helvetica,sans-serif">Principal Amount</FONT></B><SUP><FONT color=#ffffff size=2 face="Times New Roman,Times New Roman,Times,serif">*</FONT></SUP></TD>

   <TD align=right>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 21.839pt" align=left><B><FONT size=2 face="Arial Narrow,Bold,Arial,Helvetica,sans-serif">Corporate Bonds 87.7%</FONT></B></TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 21.839pt" align=left><B><FONT size=2 face="Arial Narrow,Bold,Arial,Helvetica,sans-serif">Automobiles &amp; Components 1.2%</FONT></B></TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 21.839pt" align=left><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">The Goodyear Tire &amp; Rubber Co., senior note, 6.50%, 3/01/21</FONT></TD>

   <TD align=center><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">United States</FONT></TD>

   <TD align=right><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">1,100,000</FONT></TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">1,171,500</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 18.839pt" align=left><SUP><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">c</FONT></SUP><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">International Automotive Components Group SL, senior secured note, 144A, 9.125%,</FONT></TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 25.44pt" align=left><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">6/01/18</FONT></TD>

   <TD align=center><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">United States</FONT></TD>

   <TD align=right><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">1,100,000</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">1,155,000</FONT></TD></TR>

<TR vAlign=bottom>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">2,326,500</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 21.839pt" align=left><B><FONT size=2 face="Arial Narrow,Bold,Arial,Helvetica,sans-serif">Banks 1.5%</FONT></B></TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 21.839pt" align=left><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">CIT Group Inc., senior note,</FONT></TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.375%, 5/15/20</FONT></TD>

   <TD align=center><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">United States</FONT></TD>

   <TD align=right><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">500,000</FONT></TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">536,250</FONT></TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 8/15/22</FONT></TD>

   <TD align=center><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">United States</FONT></TD>

   <TD align=right><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">1,200,000</FONT></TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">1,193,126</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 26.039pt" align=left><SUP><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">c </FONT></SUP><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">144A, 6.625%, 4/01/18</FONT></TD>

   <TD align=center><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">United States</FONT></TD>

   <TD align=right><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">300,000</FONT></TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">340,500</FONT></TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P>

<P style="TEXT-ALIGN: center"><FONT size=3 face="Times New Roman,Times New Roman,Times,serif">Quarterly Statement of Investments | See Notes to Statement of Investments.</FONT></P></DIV>

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<DIV style="PAGE-BREAK-BEFORE: always">&nbsp;</DIV>

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<DIV align=left>

<TABLE border=0 cellSpacing=0>



<TR>

   <TD width="53%"></TD>

   <TD width="22%"></TD>

   <TD width="13%"></TD>

   <TD width="10%"></TD></TR>

<TR vAlign=bottom>

   <TD align=center><B><FONT size=5 face="Arial Narrow,Bold,Arial,Helvetica,sans-serif">Franklin Universal Trust</FONT></B></TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR>

   <TD colSpan=4>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD colSpan=2 align=left><B><FONT size=5 face="Arial Narrow,Bold,Arial,Helvetica,sans-serif">Statement of Investments, November 30, 2013 (unaudited) </FONT></B><I><FONT size=3 face="Arial Narrow,Italic,Arial,Helvetica,sans-serif">(continued)</FONT></I></TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR>

   <TD colSpan=4>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 21.839pt" align=left><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">Royal Bank of Scotland Group PLC, sub. note, 6.125%, 12/15/22</FONT></TD>

   <TD align=center><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">United Kingdom</FONT></TD>

   <TD align=right><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">900,000</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">919,125</FONT></TD></TR>

<TR vAlign=bottom>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">2,989,001</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 21.839pt" align=left><B><FONT size=2 face="Arial Narrow,Bold,Arial,Helvetica,sans-serif">Capital Goods 2.2%</FONT></B></TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 18.839pt" align=left><SUP><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">c</FONT></SUP><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">Abengoa Finance SAU, senior note, 144A, 8.875%, 11/01/17</FONT></TD>

   <TD align=center><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">Spain</FONT></TD>

   <TD align=right><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">1,500,000</FONT></TD>

   <TD align=right><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">1,597,500</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 21.839pt" align=left><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">Meritor Inc., senior note, 10.625%, 3/15/18</FONT></TD>

   <TD align=center><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">United States</FONT></TD>

   <TD align=right><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">1,200,000</FONT></TD>

   <TD align=right><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">1,299,000</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 21.839pt" align=left><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">Navistar International Corp., senior note, 8.25%, 11/01/21</FONT></TD>

   <TD align=center><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">United States</FONT></TD>

   <TD align=right><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">900,000</FONT></TD>

   <TD align=right><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">929,250</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 18.839pt" align=left><SUP><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">c</FONT></SUP><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">Zachry Holdings Inc., senior note, 144A, 7.50%, 2/01/20</FONT></TD>

   <TD align=center><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">United States</FONT></TD>

   <TD align=right><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">600,000</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">628,500</FONT></TD></TR>

<TR vAlign=bottom>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">4,454,250</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 21.839pt" align=left><B><FONT size=2 face="Arial Narrow,Bold,Arial,Helvetica,sans-serif">Commercial &amp; Professional Services 1.6%</FONT></B></TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 18.839pt" align=left><SUP><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">c</FONT></SUP><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">ADS Waste Holdings Inc., senior note, 144A, 8.25%, 10/01/20</FONT></TD>

   <TD align=center><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">United States</FONT></TD>

   <TD align=right><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">1,500,000</FONT></TD>

   <TD align=right><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">1,593,750</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 18.839pt" align=left><SUP><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">c</FONT></SUP><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">Algeco Scotsman Global Finance PLC, senior secured note, first lien, 144A, 8.50%,</FONT></TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 25.44pt" align=left><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">10/15/18</FONT></TD>

   <TD align=center><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">United Kingdom</FONT></TD>

   <TD align=right><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">900,000</FONT></TD>

   <TD align=right><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">969,750</FONT></TD></TR>

<TR vAlign=bottom>

   <TD align=left><SUP><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; c,d</FONT></SUP><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">Igloo Holdings Corp., senior note, 144A, PIK, 8.25%, 12/15/17</FONT></TD>

   <TD align=center><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">United States</FONT></TD>

   <TD align=right><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">500,000</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">511,875</FONT></TD></TR>

<TR vAlign=bottom>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">3,075,375</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 21.839pt" align=left><B><FONT size=2 face="Arial Narrow,Bold,Arial,Helvetica,sans-serif">Consumer Durables &amp; Apparel 3.2%</FONT></B></TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 21.839pt" align=left><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">KB Home,</FONT></TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 29.16pt" align=left><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">senior bond, 7.50%, 9/15/22</FONT></TD>

   <TD align=center><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">United States</FONT></TD>

   <TD align=right><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">1,100,000</FONT></TD>

   <TD align=right><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">1,163,250</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 29.16pt" align=left><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">senior note, 7.00%, 12/15/21</FONT></TD>

   <TD align=center><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">United States</FONT></TD>

   <TD align=right><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">300,000</FONT></TD>

   <TD align=right><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">310,500</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 21.839pt" align=left><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">M/I Homes Inc., senior note, 8.625%, 11/15/18</FONT></TD>

   <TD align=center><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">United States</FONT></TD>

   <TD align=right><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">900,000</FONT></TD>

   <TD align=right><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">976,500</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 18.839pt" align=left><SUP><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">c</FONT></SUP><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">SIWF Merger Sub Inc./Springs Industries Inc., senior secured note, 144A, 6.25%,</FONT></TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 25.44pt" align=left><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">6/01/21</FONT></TD>

   <TD align=center><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">United States</FONT></TD>

   <TD align=right><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">300,000</FONT></TD>

   <TD align=right><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">302,250</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 21.839pt" align=left><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">Standard Pacific Corp., senior note, 6.25%, 12/15/21</FONT></TD>

   <TD align=center><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">United States</FONT></TD>

   <TD align=right><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">700,000</FONT></TD>

   <TD align=right><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">718,375</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 18.839pt" align=left><SUP><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">c</FONT></SUP><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">Taylor Morrison Communities Inc./Monarch Communities Inc., senior note, 144A,</FONT></TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 29.16pt" align=left><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">7.75%, 4/15/20</FONT></TD>

   <TD align=center><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">United States</FONT></TD>

   <TD align=right><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">492,000</FONT></TD>

   <TD align=right><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">541,200</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 29.16pt" align=left><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">5.25%, 4/15/21</FONT></TD>

   <TD align=center><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">United States</FONT></TD>

   <TD align=right><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">400,000</FONT></TD>

   <TD align=right><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">387,000</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 21.839pt" align=left><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">Toll Brothers Finance Corp., senior bond, 5.625%, 1/15/24</FONT></TD>

   <TD align=center><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">United States</FONT></TD>

   <TD align=right><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">600,000</FONT></TD>

   <TD align=right><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">603,000</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 21.839pt" align=left><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">Visant Corp., senior note, 10.00%, 10/01/17</FONT></TD>

   <TD align=center><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">United States</FONT></TD>

   <TD align=right><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">1,400,000</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">1,316,000</FONT></TD></TR>

<TR vAlign=bottom>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">6,318,075</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 21.839pt" align=left><B><FONT size=2 face="Arial Narrow,Bold,Arial,Helvetica,sans-serif">Consumer Services 3.5%</FONT></B></TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 21.839pt" align=left><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">Caesars Entertainment Operating Co. Inc.,</FONT></TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 29.16pt" align=left><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">first lien, 9.00%, 2/15/20</FONT></TD>

   <TD align=center><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">United States</FONT></TD>

   <TD align=right><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">300,000</FONT></TD>

   <TD align=right><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">293,250</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 29.16pt" align=left><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">senior secured note, 11.25%, 6/01/17</FONT></TD>

   <TD align=center><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">United States</FONT></TD>

   <TD align=right><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">1,500,000</FONT></TD>

   <TD align=right><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">1,530,000</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 21.839pt" align=left><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">ClubCorp Club Operations Inc., senior note, 10.00%, 12/01/18</FONT></TD>

   <TD align=center><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">United States</FONT></TD>

   <TD align=right><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">674,000</FONT></TD>

   <TD align=right><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">754,880</FONT></TD></TR>

<TR vAlign=bottom>

   <TD align=left><SUP><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; c,e</FONT></SUP><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">Fontainebleau Las Vegas, 144A, 11.00%, 6/15/15</FONT></TD>

   <TD align=center><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">United States</FONT></TD>

   <TD align=right><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">1,600,000</FONT></TD>

   <TD align=right><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">160</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 18.839pt" align=left><SUP><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">c</FONT></SUP><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">Landry's Inc., senior note, 144A, 9.375%, 5/01/20</FONT></TD>

   <TD align=center><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">United States</FONT></TD>

   <TD align=right><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">900,000</FONT></TD>

   <TD align=right><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">985,500</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 21.839pt" align=left><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">MGM Resorts International, senior note,</FONT></TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 29.16pt" align=left><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">6.875%, 4/01/16</FONT></TD>

   <TD align=center><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">United States</FONT></TD>

   <TD align=right><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">1,200,000</FONT></TD>

   <TD align=right><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">1,332,000</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 29.16pt" align=left><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">7.50%, 6/01/16</FONT></TD>

   <TD align=center><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">United States</FONT></TD>

   <TD align=right><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">800,000</FONT></TD>

   <TD align=right><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">906,000</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 18.839pt" align=left><SUP><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">c</FONT></SUP><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">Paris Las Vegas Holding LLC, senior secured note, first lien, 144A, 8.00%, 10/01/20</FONT></TD>

   <TD align=center><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">United States</FONT></TD>

   <TD align=right><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">300,000</FONT></TD>

   <TD align=right><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">308,250</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 21.839pt" align=left><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">Pinnacle Entertainment Inc., senior sub. note, 7.75%, 4/01/22</FONT></TD>

   <TD align=center><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">United States</FONT></TD>

   <TD align=right><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">200,000</FONT></TD>

   <TD align=right><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">219,000</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 18.839pt" align=left><SUP><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">c</FONT></SUP><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">PNK Finance Corp., senior note, 144A, 6.375%, 8/01/21</FONT></TD>

   <TD align=center><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">United States</FONT></TD>

   <TD align=right><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">500,000</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">518,750</FONT></TD></TR>

<TR vAlign=bottom>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">6,847,790</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 21.839pt" align=left><B><FONT size=2 face="Arial Narrow,Bold,Arial,Helvetica,sans-serif">Diversified Financials 4.5%</FONT></B></TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 21.839pt" align=left><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">Ally Financial Inc., senior note, 5.50%, 2/15/17</FONT></TD>

   <TD align=center><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">United States</FONT></TD>

   <TD align=right><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">600,000</FONT></TD>

   <TD align=right><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">652,145</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 21.839pt" align=left><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">E*TRADE Financial Corp., senior note, 6.375%, 11/15/19</FONT></TD>

   <TD align=center><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">United States</FONT></TD>

   <TD align=right><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">800,000</FONT></TD>

   <TD align=right><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">860,000</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 18.839pt" align=left><SUP><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">c</FONT></SUP><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">General Motors Financial Co. Inc., senior note, 144A, 3.25%, 5/15/18</FONT></TD>

   <TD align=center><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">United States</FONT></TD>

   <TD align=right><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">400,000</FONT></TD>

   <TD align=right><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">402,000</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 21.839pt" align=left><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">GMAC Inc., sub. note, 8.00%, 12/31/18</FONT></TD>

   <TD align=center><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">United States</FONT></TD>

   <TD align=right><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">200,000</FONT></TD>

   <TD align=right><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">239,000</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 21.839pt" align=left><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">International Lease Finance Corp.,</FONT></TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 29.16pt" align=left><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">senior note, 8.25%, 12/15/20</FONT></TD>

   <TD align=center><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">United States</FONT></TD>

   <TD align=right><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">300,000</FONT></TD>

   <TD align=right><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">357,000</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 26.039pt" align=left><SUP><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">c </FONT></SUP><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">senior secured note, 144A, 6.75%, 9/01/16</FONT></TD>

   <TD align=center><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">United States</FONT></TD>

   <TD align=right><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">1,200,000</FONT></TD>

   <TD align=right><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">1,342,500</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 19.919pt" align=left><SUP><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">f</FONT></SUP><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">JPMorgan Chase &amp; Co., junior sub. bond, 6.00% to 8/01/23, FRN thereafter, Perpetual</FONT></TD>

   <TD align=center><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">United States</FONT></TD>

   <TD align=right><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">900,000</FONT></TD>

   <TD align=right><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">870,750</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 18.839pt" align=left><SUP><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">c</FONT></SUP><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">Neuberger Berman Group LLC/Finance Corp., senior note, 144A, 5.875%, 3/15/22</FONT></TD>

   <TD align=center><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">United States</FONT></TD>

   <TD align=right><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">700,000</FONT></TD>

   <TD align=right><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">721,000</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 18.839pt" align=left><SUP><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">c</FONT></SUP><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">Nuveen Investments Inc., senior note, 144A, 9.50%, 10/15/20</FONT></TD>

   <TD align=center><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">United States</FONT></TD>

   <TD align=right><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">900,000</FONT></TD>

   <TD align=right><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">888,750</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 18.839pt" align=left><SUP><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">c</FONT></SUP><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">Provident Fund Associates LP/Finance Corp., senior note, 144A, 6.75%, 6/15/21</FONT></TD>

   <TD align=center><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">United States</FONT></TD>

   <TD align=right><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">600,000</FONT></TD>

   <TD align=right><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">612,000</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 21.839pt" align=left><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">SLM Corp., senior note,</FONT></TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 29.16pt" align=left><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">8.45%, 6/15/18</FONT></TD>

   <TD align=center><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">United States</FONT></TD>

   <TD align=right><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">900,000</FONT></TD>

   <TD align=right><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">1,051,875</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 29.16pt" align=left><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">5.50%, 1/15/19</FONT></TD>

   <TD align=center><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">United States</FONT></TD>

   <TD align=right><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">800,000</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">830,611</FONT></TD></TR>

<TR vAlign=bottom>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">8,827,631</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 21.839pt" align=left><B><FONT size=2 face="Arial Narrow,Bold,Arial,Helvetica,sans-serif">Energy 23.5%</FONT></B></TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 21.839pt" align=left><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">Access Midstream Partner LP/ACMP Finance Corp., senior note, 6.125%, 7/15/22</FONT></TD>

   <TD align=center><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">United States</FONT></TD>

   <TD align=right><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">400,000</FONT></TD>

   <TD align=right><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">431,000</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 21.839pt" align=left><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">BreitBurn Energy Partners LP/Finance Corp.,</FONT></TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 29.16pt" align=left><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">senior bond, 7.875%, 4/15/22</FONT></TD>

   <TD align=center><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">United States</FONT></TD>

   <TD align=right><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">700,000</FONT></TD>

   <TD align=right><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">719,250</FONT></TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P></DIV>

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<P style="text-align: left;">
<B><FONT size=5 face="Arial Narrow,Bold,Arial,Helvetica,sans-serif">Franklin Universal Trust</FONT></B></P>
<P style="text-align: left;">
<B><FONT size=5 face="Arial Narrow,Bold,Arial,Helvetica,sans-serif">Statement of Investments, November 30, 2013 (unaudited) </FONT></B><I><FONT size=3 face="Arial Narrow,Italic,Arial,Helvetica,sans-serif">(continued)</FONT></I></P>
<DIV align="left">
<TABLE border=0 cellspacing=0>
<TR>
     <TD width=49%></TD>
     <TD width=22%></TD>
     <TD width=17%></TD>
     <TD width=10%></TD></TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:10.320007pt">
<FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">senior note, 8.625%, 10/15/20</FONT></TD>
	<TD align=center>
<FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">United States</FONT></TD>
	<TD align=right>
<FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">600,000</FONT></TD>
	<TD align=right>
<FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">645,000</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:3.000000pt">
<FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">Calumet Specialty Products Partners LP/Finance Corp., senior note,</FONT></TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:10.320007pt">
<FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">9.375%, 5/01/19</FONT></TD>
	<TD align=center>
<FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">United States</FONT></TD>
	<TD align=right>
<FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">900,000</FONT></TD>
	<TD align=right>
<FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">1,001,250</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:10.320007pt">
<FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">9.625%, 8/01/20</FONT></TD>
	<TD align=center>
<FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">United States</FONT></TD>
	<TD align=right>
<FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">100,000</FONT></TD>
	<TD align=right>
<FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">111,750</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:3.000000pt">
<FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">Carrizo Oil &amp; Gas Inc., senior note,</FONT></TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:10.320007pt">
<FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">8.625%, 10/15/18</FONT></TD>
	<TD align=center>
<FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">United States</FONT></TD>
	<TD align=right>
<FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">800,000</FONT></TD>
	<TD align=right>
<FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">873,000</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:10.320007pt">
<FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">7.50%, 9/15/20</FONT></TD>
	<TD align=center>
<FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">United States</FONT></TD>
	<TD align=right>
<FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">300,000</FONT></TD>
	<TD align=right>
<FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">330,000</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:3.000000pt">
<FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">CGG, senior note,</FONT></TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:10.320007pt">
<FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">7.75%, 5/15/17</FONT></TD>
	<TD align=center>
<FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">France</FONT></TD>
	<TD align=right>
<FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">600,000</FONT></TD>
	<TD align=right>
<FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">620,250</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:10.320007pt">
<FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">6.50%, 6/01/21</FONT></TD>
	<TD align=center>
<FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">France</FONT></TD>
	<TD align=right>
<FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">600,000</FONT></TD>
	<TD align=right>
<FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">619,500</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:3.000000pt">
<FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">Chaparral Energy Inc., senior note,</FONT></TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:10.320007pt">
<FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">9.875%, 10/01/20</FONT></TD>
	<TD align=center>
<FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">United States</FONT></TD>
	<TD align=right>
<FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">800,000</FONT></TD>
	<TD align=right>
<FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">916,000</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:10.320007pt">
<FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">8.25%, 9/01/21</FONT></TD>
	<TD align=center>
<FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">United States</FONT></TD>
	<TD align=right>
<FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">200,000</FONT></TD>
	<TD align=right>
<FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">220,500</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:10.320007pt">
<FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">7.625%, 11/15/22</FONT></TD>
	<TD align=center>
<FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">United States</FONT></TD>
	<TD align=right>
<FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">300,000</FONT></TD>
	<TD align=right>
<FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">326,250</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:3.000000pt">
<FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">CHC Helicopter SA, senior secured note, first lien, 9.25%, 10/15/20</FONT></TD>
	<TD align=center>
<FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">Canada</FONT></TD>
	<TD align=right>
<FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">1,500,000</FONT></TD>
	<TD align=right>
<FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">1,619,063</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:3.000000pt">
<FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">Chesapeake Energy Corp., senior note, 6.625%, 8/15/20</FONT></TD>
	<TD align=center>
<FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">United States</FONT></TD>
	<TD align=right>
<FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">1,700,000</FONT></TD>
	<TD align=right>
<FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">1,912,500</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:3.000000pt">
<FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">Clayton Williams Energy Inc., senior note,</FONT></TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:10.320007pt">
<FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">7.75%, 4/01/19</FONT></TD>
	<TD align=center>
<FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">United States</FONT></TD>
	<TD align=right>
<FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">1,000,000</FONT></TD>
	<TD align=right>
<FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">1,035,000</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:7.199997pt">
<SUP><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">c </FONT></SUP><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">144A, 7.75%, 4/01/19</FONT></TD>
	<TD align=center>
<FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">United States</FONT></TD>
	<TD align=right>
<FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">100,000</FONT></TD>
	<TD align=right>
<FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">103,500</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:3.000000pt">
<FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">CONSOL Energy Inc., senior note,</FONT></TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:10.320007pt">
<FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">8.00%, 4/01/17</FONT></TD>
	<TD align=center>
<FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">United States</FONT></TD>
	<TD align=right>
<FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">500,000</FONT></TD>
	<TD align=right>
<FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">530,625</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:10.320007pt">
<FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">8.25%, 4/01/20</FONT></TD>
	<TD align=center>
<FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">United States</FONT></TD>
	<TD align=right>
<FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">300,000</FONT></TD>
	<TD align=right>
<FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">327,750</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:10.320007pt">
<FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">6.375%, 3/01/21</FONT></TD>
	<TD align=center>
<FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">United States</FONT></TD>
	<TD align=right>
<FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">300,000</FONT></TD>
	<TD align=right>
<FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">312,750</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<SUP><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">c</FONT></SUP><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">Drill Rigs Holdings Inc., secured note, 144A, 6.50%, 10/01/17</FONT></TD>
	<TD align=center>
<FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">United States</FONT></TD>
	<TD align=right>
<FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">1,000,000</FONT></TD>
	<TD align=right>
<FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">1,087,500</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:3.000000pt">
<FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">Eagle Rock Energy Partners LP/Finance Corp., senior note, 8.375%, 6/01/19</FONT></TD>
	<TD align=center>
<FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">United States</FONT></TD>
	<TD align=right>
<FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">1,100,000</FONT></TD>
	<TD align=right>
<FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">1,138,500</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:3.000000pt">
<FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">El Paso Corp., senior bond, 6.50%, 9/15/20</FONT></TD>
	<TD align=center>
<FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">United States</FONT></TD>
	<TD align=right>
<FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">1,200,000</FONT></TD>
	<TD align=right>
<FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">1,301,435</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:3.000000pt">
<FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">Energy Transfer Equity LP,</FONT></TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:6.960007pt">
<SUP><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">g </FONT></SUP><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">senior bond, 5.875%, 1/15/24</FONT></TD>
	<TD align=center>
<FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">United States</FONT></TD>
	<TD align=right>
<FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">200,000</FONT></TD>
	<TD align=right>
<FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">199,750</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:10.320007pt">
<FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">senior note, 7.50%, 10/15/20</FONT></TD>
	<TD align=center>
<FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">United States</FONT></TD>
	<TD align=right>
<FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">1,500,000</FONT></TD>
	<TD align=right>
<FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">1,717,500</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:3.000000pt">
<FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">Energy XXI Gulf Coast Inc., senior note, 9.25%, 12/15/17</FONT></TD>
	<TD align=center>
<FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">United States</FONT></TD>
	<TD align=right>
<FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">1,300,000</FONT></TD>
	<TD align=right>
<FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">1,456,000</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:3.000000pt">
<FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">EPL Oil &amp; Gas Inc., senior note, 8.25%, 2/15/18</FONT></TD>
	<TD align=center>
<FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">United States</FONT></TD>
	<TD align=right>
<FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">800,000</FONT></TD>
	<TD align=right>
<FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">863,000</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<SUP><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">c</FONT></SUP><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">Expro Finance Luxembourg, senior secured note, 144A, 8.50%, 12/15/16</FONT></TD>
	<TD align=center>
<FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">United Kingdom</FONT></TD>
	<TD align=right>
<FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">1,307,000</FONT></TD>
	<TD align=right>
<FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">1,373,984</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:3.000000pt">
<FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">Goodrich Petroleum Corp., senior note, 8.875%, 3/15/19</FONT></TD>
	<TD align=center>
<FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">United States</FONT></TD>
	<TD align=right>
<FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">1,000,000</FONT></TD>
	<TD align=right>
<FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">1,055,000</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:3.000000pt">
<FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">Halcon Resources Corp., senior note,</FONT></TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:10.320007pt">
<FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">9.75%, 7/15/20</FONT></TD>
	<TD align=center>
<FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">United States</FONT></TD>
	<TD align=right>
<FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">1,000,000</FONT></TD>
	<TD align=right>
<FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">1,065,000</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:10.320007pt">
<FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">8.875%, 5/15/21</FONT></TD>
	<TD align=center>
<FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">United States</FONT></TD>
	<TD align=right>
<FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">400,000</FONT></TD>
	<TD align=right>
<FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">408,000</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:7.199997pt">
<SUP><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">c </FONT></SUP><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">144A, 9.25%, 2/15/22</FONT></TD>
	<TD align=center>
<FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">United States</FONT></TD>
	<TD align=right>
<FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">200,000</FONT></TD>
	<TD align=right>
<FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">206,000</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<SUP><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">c</FONT></SUP><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">Kinder Morgan Finance Co. LLC, senior secured note, 144A, 6.00%, 1/15/18</FONT></TD>
	<TD align=center>
<FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">United States</FONT></TD>
	<TD align=right>
<FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">1,200,000</FONT></TD>
	<TD align=right>
<FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">1,325,162</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:3.000000pt">
<FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">Kodiak Oil &amp; Gas Corp., senior note,</FONT></TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:10.320007pt">
<FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">8.125%, 12/01/19</FONT></TD>
	<TD align=center>
<FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">United States</FONT></TD>
	<TD align=right>
<FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">700,000</FONT></TD>
	<TD align=right>
<FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">778,750</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:7.199997pt">
<SUP><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">c </FONT></SUP><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">144A, 5.50%, 1/15/21</FONT></TD>
	<TD align=center>
<FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">United States</FONT></TD>
	<TD align=right>
<FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">200,000</FONT></TD>
	<TD align=right>
<FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">201,000</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:3.000000pt">
<FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">Linn Energy LLC/Finance Corp., senior note,</FONT></TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:10.320007pt">
<FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">8.625%, 4/15/20</FONT></TD>
	<TD align=center>
<FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">United States</FONT></TD>
	<TD align=right>
<FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">1,000,000</FONT></TD>
	<TD align=right>
<FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">1,075,000</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:10.320007pt">
<FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">7.75%, 2/01/21</FONT></TD>
	<TD align=center>
<FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">United States</FONT></TD>
	<TD align=right>
<FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">700,000</FONT></TD>
	<TD align=right>
<FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">729,750</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:3.000000pt">
<FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">Martin Midstream Partners LP/Martin Midstream Finance Corp., senior note,</FONT></TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:10.320007pt">
<FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">8.875%, 4/01/18</FONT></TD>
	<TD align=center>
<FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">United States</FONT></TD>
	<TD align=right>
<FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">350,000</FONT></TD>
	<TD align=right>
<FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">372,750</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:10.320007pt">
<FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">7.25%, 2/15/21</FONT></TD>
	<TD align=center>
<FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">United States</FONT></TD>
	<TD align=right>
<FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">600,000</FONT></TD>
	<TD align=right>
<FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">613,500</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:3.000000pt">
<FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">Midstates Petroleum Co. Inc./LLC, senior note, 9.25%, 6/01/21</FONT></TD>
	<TD align=center>
<FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">United States</FONT></TD>
	<TD align=right>
<FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">500,000</FONT></TD>
	<TD align=right>
<FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">524,375</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<SUP><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">c</FONT></SUP><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">Murray Energy Corp., senior secured note, 144A, 8.625%, 6/15/21</FONT></TD>
	<TD align=center>
<FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">United States</FONT></TD>
	<TD align=right>
<FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">700,000</FONT></TD>
	<TD align=right>
<FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">728,000</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:3.000000pt">
<FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">Oasis Petroleum Inc., senior note,</FONT></TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:10.320007pt">
<FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">7.25%, 2/01/19</FONT></TD>
	<TD align=center>
<FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">United States</FONT></TD>
	<TD align=right>
<FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">200,000</FONT></TD>
	<TD align=right>
<FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">216,500</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:10.320007pt">
<FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">6.50%, 11/01/21</FONT></TD>
	<TD align=center>
<FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">United States</FONT></TD>
	<TD align=right>
<FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">400,000</FONT></TD>
	<TD align=right>
<FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">434,000</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:10.320007pt">
<FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">6.875%, 1/15/23</FONT></TD>
	<TD align=center>
<FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">United States</FONT></TD>
	<TD align=right>
<FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">200,000</FONT></TD>
	<TD align=right>
<FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">216,000</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:7.199997pt">
<SUP><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">c </FONT></SUP><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">144A, 6.875%, 3/15/22</FONT></TD>
	<TD align=center>
<FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">United States</FONT></TD>
	<TD align=right>
<FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">400,000</FONT></TD>
	<TD align=right>
<FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">432,000</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:3.000000pt">
<FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">Offshore Group Investment Ltd.,</FONT></TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:10.320007pt">
<FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">senior bond, first lien, 7.125%, 4/01/23</FONT></TD>
	<TD align=center>
<FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">United States</FONT></TD>
	<TD align=right>
<FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">700,000</FONT></TD>
	<TD align=right>
<FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">724,500</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:10.320007pt">
<FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">senior secured note, first lien, 7.50%, 11/01/19</FONT></TD>
	<TD align=center>
<FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">United States</FONT></TD>
	<TD align=right>
<FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">700,000</FONT></TD>
	<TD align=right>
<FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">761,250</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:3.000000pt">
<FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">PBF Holding Co. LLC, first lien, 8.25%, 2/15/20</FONT></TD>
	<TD align=center>
<FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">United States</FONT></TD>
	<TD align=right>
<FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">1,200,000</FONT></TD>
	<TD align=right>
<FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">1,266,000</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:3.000000pt">
<FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">Penn Virginia Corp., senior note, 8.50%, 5/01/20</FONT></TD>
	<TD align=center>
<FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">United States</FONT></TD>
	<TD align=right>
<FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">700,000</FONT></TD>
	<TD align=right>
<FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">756,875</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:3.000000pt">
<FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">Penn Virginia Resource Partners LP/Finance Corp. II, senior note,</FONT></TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:10.320007pt">
<FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">8.375%, 6/01/20</FONT></TD>
	<TD align=center>
<FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">United States</FONT></TD>
	<TD align=right>
<FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">600,000</FONT></TD>
	<TD align=right>
<FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">666,000</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:7.199997pt">
<SUP><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">c </FONT></SUP><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">144A, 6.50%, 5/15/21</FONT></TD>
	<TD align=center>
<FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">United States</FONT></TD>
	<TD align=right>
<FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">400,000</FONT></TD>
	<TD align=right>
<FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">416,000</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:3.000000pt">
<FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">Plains Exploration &amp; Production Co., senior note, 6.875%, 2/15/23</FONT></TD>
	<TD align=center>
<FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">United States</FONT></TD>
	<TD align=right>
<FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">1,000,000</FONT></TD>
	<TD align=right>
<FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">1,112,500</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:3.000000pt">
<FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">QEP Resources Inc., senior note,</FONT></TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:10.320007pt">
<FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">5.375%, 10/01/22</FONT></TD>
	<TD align=center>
<FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">United States</FONT></TD>
	<TD align=right>
<FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">700,000</FONT></TD>
	<TD align=right>
<FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">679,000</FONT></TD>
</TR>
</TABLE>
</DIV>
<P style="MARGIN:0px">&nbsp;</P>
</DIV>

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<DIV align="left">
<TABLE border=0 cellspacing=0>
<TR>
     <TD width=53%></TD>
     <TD width=22%></TD>
     <TD width=13%></TD>
     <TD width=10%></TD></TR>
<TR valign="bottom">
	<TD align=center>
<B><FONT size=5 face="Arial Narrow,Bold,Arial,Helvetica,sans-serif">Franklin Universal Trust</FONT></B></TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
</TR>
<TR>
	<TD colspan=4>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left colspan=2>
<B><FONT size=5 face="Arial Narrow,Bold,Arial,Helvetica,sans-serif">Statement of Investments, November 30, 2013 (unaudited) </FONT></B><I><FONT size=3 face="Arial Narrow,Italic,Arial,Helvetica,sans-serif">(continued)</FONT></I></TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:29.160004pt">
<FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">5.25%, 5/01/23</FONT></TD>
	<TD align=center>
<FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">United States</FONT></TD>
	<TD align=right>
<FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">400,000</FONT></TD>
	<TD align=right>
<FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">378,000</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:21.839996pt">
<FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">QR Energy LP/QRE Finance, senior note, 9.25%, 8/01/20</FONT></TD>
	<TD align=center>
<FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">United States</FONT></TD>
	<TD align=right>
<FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">900,000</FONT></TD>
	<TD align=right>
<FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">938,250</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:15.119995pt">
<SUP><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">c,h</FONT></SUP><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">Quicksilver Resources Inc., secured note, second lien, 144A, FRN, 7.00%, 6/21/19</FONT></TD>
	<TD align=center>
<FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">United States</FONT></TD>
	<TD align=right>
<FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">1,200,000</FONT></TD>
	<TD align=right>
<FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">1,194,000</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:18.839996pt">
<SUP><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">c</FONT></SUP><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">Sabine Pass Liquefaction LLC,</FONT></TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:29.160004pt">
<FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">first lien, 144A, 6.25%, 3/15/22</FONT></TD>
	<TD align=center>
<FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">United States</FONT></TD>
	<TD align=right>
<FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">200,000</FONT></TD>
	<TD align=right>
<FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">199,750</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:29.160004pt">
<FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">secured note, 144A, 5.625%, 2/01/21</FONT></TD>
	<TD align=center>
<FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">United States</FONT></TD>
	<TD align=right>
<FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">1,000,000</FONT></TD>
	<TD align=right>
<FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">992,500</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:29.160004pt">
<FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">senior secured note, 144A, 5.625%, 4/15/23</FONT></TD>
	<TD align=center>
<FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">United States</FONT></TD>
	<TD align=right>
<FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">500,000</FONT></TD>
	<TD align=right>
<FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">476,250</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:18.839996pt">
<SUP><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">c</FONT></SUP><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">Samson Investment Co., senior note, 144A, 9.75%, 2/15/20</FONT></TD>
	<TD align=center>
<FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">United States</FONT></TD>
	<TD align=right>
<FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">1,400,000</FONT></TD>
	<TD align=right>
<FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">1,520,750</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:18.839996pt">
<SUP><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">c</FONT></SUP><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">Sanchez Energy Corp., senior note, 144A, 7.75%, 6/15/21</FONT></TD>
	<TD align=center>
<FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">United States</FONT></TD>
	<TD align=right>
<FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">900,000</FONT></TD>
	<TD align=right>
<FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">924,750</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:21.839996pt">
<FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">W&amp;T Offshore Inc., senior note, 8.50%, 6/15/19</FONT></TD>
	<TD align=center>
<FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">United States</FONT></TD>
	<TD align=right>
<FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">1,200,000</FONT></TD>
	<TD align=right style="border-bottom:1px solid #000000;">
<FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">1,296,000</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=right style="border-bottom:1px solid #000000;">
<FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">46,475,769</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:21.839996pt">
<B><FONT size=2 face="Arial Narrow,Bold,Arial,Helvetica,sans-serif">Food &amp; Staples Retailing 0.4%</FONT></B></TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:21.839996pt">
<FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">Rite Aid Corp., senior secured note, 8.00%, 8/15/20</FONT></TD>
	<TD align=center>
<FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">United States</FONT></TD>
	<TD align=right>
<FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">700,000</FONT></TD>
	<TD align=right style="border-bottom:1px solid #000000;">
<FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">787,500</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:21.839996pt">
<B><FONT size=2 face="Arial Narrow,Bold,Arial,Helvetica,sans-serif">Food, Beverage &amp; Tobacco 2.5%</FONT></B></TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:21.839996pt">
<FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">Constellation Brands Inc., senior note, 4.25%, 5/01/23</FONT></TD>
	<TD align=center>
<FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">United States</FONT></TD>
	<TD align=right>
<FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">500,000</FONT></TD>
	<TD align=right>
<FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">471,250</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:21.839996pt">
<FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">Del Monte Corp., senior note, 7.625%, 2/15/19</FONT></TD>
	<TD align=center>
<FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">United States</FONT></TD>
	<TD align=right>
<FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">1,600,000</FONT></TD>
	<TD align=right>
<FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">1,672,000</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:18.839996pt">
<SUP><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">c</FONT></SUP><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">Dole Food Co. Inc., senior secured note, 144A, 7.25%, 5/01/19</FONT></TD>
	<TD align=center>
<FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">United States</FONT></TD>
	<TD align=right>
<FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">500,000</FONT></TD>
	<TD align=right>
<FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">498,125</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:18.839996pt">
<SUP><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">c</FONT></SUP><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">JBS USA LLC/Finance Inc., senior note, 144A,</FONT></TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:29.160004pt">
<FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">8.25%, 2/01/20</FONT></TD>
	<TD align=center>
<FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">United States</FONT></TD>
	<TD align=right>
<FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">300,000</FONT></TD>
	<TD align=right>
<FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">325,500</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:29.160004pt">
<FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">7.25%, 6/01/21</FONT></TD>
	<TD align=center>
<FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">United States</FONT></TD>
	<TD align=right>
<FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">700,000</FONT></TD>
	<TD align=right>
<FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">729,750</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:18.839996pt">
<SUP><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">c</FONT></SUP><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">Post Holdings Inc., senior note, 144A,</FONT></TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:29.160004pt">
<FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">6.75%, 12/01/21</FONT></TD>
	<TD align=center>
<FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">United States</FONT></TD>
	<TD align=right>
<FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">100,000</FONT></TD>
	<TD align=right>
<FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">102,250</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:29.160004pt">
<FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">7.375%, 2/15/22</FONT></TD>
	<TD align=center>
<FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">United States</FONT></TD>
	<TD align=right>
<FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">800,000</FONT></TD>
	<TD align=right>
<FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">852,000</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:18.839996pt">
<SUP><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">c</FONT></SUP><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">Sun Merger Sub Inc., senior note, 144A, 5.875%, 8/01/21</FONT></TD>
	<TD align=center>
<FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">United States</FONT></TD>
	<TD align=right>
<FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">300,000</FONT></TD>
	<TD align=right style="border-bottom:1px solid #000000;">
<FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">311,250</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=right style="border-bottom:1px solid #000000;">
<FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">4,962,125</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:21.839996pt">
<B><FONT size=2 face="Arial Narrow,Bold,Arial,Helvetica,sans-serif">Health Care Equipment &amp; Services 4.9%</FONT></B></TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:21.839996pt">
<FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">Alere Inc.,</FONT></TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:29.160004pt">
<FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">senior note, 7.25%, 7/01/18</FONT></TD>
	<TD align=center>
<FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">United States</FONT></TD>
	<TD align=right>
<FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">900,000</FONT></TD>
	<TD align=right>
<FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">990,000</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:29.160004pt">
<FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">senior sub. note, 6.50%, 6/15/20</FONT></TD>
	<TD align=center>
<FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">United States</FONT></TD>
	<TD align=right>
<FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">100,000</FONT></TD>
	<TD align=right>
<FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">103,000</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:21.839996pt">
<FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">Aviv Healthcare Properties LP/Aviv Healthcare Capital Corp., senior note,</FONT></TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:29.160004pt">
<FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">7.75%, 2/15/19</FONT></TD>
	<TD align=center>
<FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">United States</FONT></TD>
	<TD align=right>
<FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">1,000,000</FONT></TD>
	<TD align=right>
<FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">1,080,000</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:26.039993pt">
<SUP><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">c </FONT></SUP><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">144A, 6.00%, 10/15/21</FONT></TD>
	<TD align=center>
<FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">United States</FONT></TD>
	<TD align=right>
<FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">100,000</FONT></TD>
	<TD align=right>
<FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">103,000</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:21.839996pt">
<FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">CHS/Community Health Systems Inc.,</FONT></TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:29.160004pt">
<FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">senior note, 8.00%, 11/15/19</FONT></TD>
	<TD align=center>
<FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">United States</FONT></TD>
	<TD align=right>
<FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">900,000</FONT></TD>
	<TD align=right>
<FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">983,250</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:29.160004pt">
<FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">senior note, 7.125%, 7/15/20</FONT></TD>
	<TD align=center>
<FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">United States</FONT></TD>
	<TD align=right>
<FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">400,000</FONT></TD>
	<TD align=right>
<FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">414,500</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:29.160004pt">
<FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">senior secured note, 5.125%, 8/15/18</FONT></TD>
	<TD align=center>
<FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">United States</FONT></TD>
	<TD align=right>
<FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">600,000</FONT></TD>
	<TD align=right>
<FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">625,500</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:21.839996pt">
<FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">DaVita HealthCare Partners Inc., senior note, 5.75%, 8/15/22</FONT></TD>
	<TD align=center>
<FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">United States</FONT></TD>
	<TD align=right>
<FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">500,000</FONT></TD>
	<TD align=right>
<FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">512,500</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:21.839996pt">
<FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">ExamWorks Group Inc., senior note, 9.00%, 7/15/19</FONT></TD>
	<TD align=center>
<FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">United States</FONT></TD>
	<TD align=right>
<FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">800,000</FONT></TD>
	<TD align=right>
<FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">876,000</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:21.839996pt">
<FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">HCA Inc.,</FONT></TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:29.160004pt">
<FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">senior note, 6.50%, 2/15/16</FONT></TD>
	<TD align=center>
<FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">United States</FONT></TD>
	<TD align=right>
<FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">1,400,000</FONT></TD>
	<TD align=right>
<FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">1,534,750</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:29.160004pt">
<FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">senior note, 5.875%, 5/01/23</FONT></TD>
	<TD align=center>
<FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">United States</FONT></TD>
	<TD align=right>
<FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">800,000</FONT></TD>
	<TD align=right>
<FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">796,000</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:29.160004pt">
<FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">senior secured note, 5.875%, 3/15/22</FONT></TD>
	<TD align=center>
<FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">United States</FONT></TD>
	<TD align=right>
<FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">600,000</FONT></TD>
	<TD align=right>
<FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">624,000</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:21.839996pt">
<FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">Tenet Healthcare Corp., senior note, 8.125%, 4/01/22</FONT></TD>
	<TD align=center>
<FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">United States</FONT></TD>
	<TD align=right>
<FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">1,000,000</FONT></TD>
	<TD align=right style="border-bottom:1px solid #000000;">
<FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">1,087,500</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=right style="border-bottom:1px solid #000000;">
<FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">9,730,000</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:21.839996pt">
<B><FONT size=2 face="Arial Narrow,Bold,Arial,Helvetica,sans-serif">Materials 11.0%</FONT></B></TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:21.839996pt">
<FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">ArcelorMittal, senior note, 6.00%, 3/01/21</FONT></TD>
	<TD align=center>
<FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">Luxembourg</FONT></TD>
	<TD align=right>
<FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">800,000</FONT></TD>
	<TD align=right>
<FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">842,632</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:18.839996pt">
<SUP><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">c</FONT></SUP><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">Ardagh Packaging Finance PLC, senior note, 144A, 9.125%, 10/15/20</FONT></TD>
	<TD align=center>
<FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">Luxembourg</FONT></TD>
	<TD align=right>
<FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">500,000</FONT></TD>
	<TD align=right>
<FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">542,500</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:18.839996pt">
<SUP><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">c</FONT></SUP><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">Ardagh Packaging Finance PLC/Ardagh MP Holdings USA Inc.,</FONT></TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:29.160004pt">
<FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">secured note, 144A, 4.875%, 11/15/22</FONT></TD>
	<TD align=center>
<FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">Luxembourg</FONT></TD>
	<TD align=right>
<FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">200,000</FONT></TD>
	<TD align=right>
<FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">195,125</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:29.160004pt">
<FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">senior note, 144A, 7.00%, 11/15/20</FONT></TD>
	<TD align=center>
<FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">Luxembourg</FONT></TD>
	<TD align=right>
<FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">500,000</FONT></TD>
	<TD align=right>
<FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">500,000</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:21.839996pt">
<FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">Ashland Inc., senior note, 4.75%, 8/15/22</FONT></TD>
	<TD align=center>
<FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">United States</FONT></TD>
	<TD align=right>
<FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">300,000</FONT></TD>
	<TD align=right>
<FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">287,250</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:18.839996pt">
<SUP><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">c</FONT></SUP><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">Barminco Finance Pty. Ltd., senior note, 144A, 9.00%, 6/01/18</FONT></TD>
	<TD align=center>
<FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">Australia</FONT></TD>
	<TD align=right>
<FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">700,000</FONT></TD>
	<TD align=right>
<FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">656,743</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:18.839996pt">
<SUP><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">c</FONT></SUP><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">BlueScope Steel Ltd./BlueScope Steel Finance, senior note, 144A, 7.125%, 5/01/18</FONT></TD>
	<TD align=center>
<FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">Australia</FONT></TD>
	<TD align=right>
<FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">1,400,000</FONT></TD>
	<TD align=right>
<FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">1,463,000</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:18.839996pt">
<SUP><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">c</FONT></SUP><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">Cemex SAB de CV, senior secured note, 144A, 9.00%, 1/11/18</FONT></TD>
	<TD align=center>
<FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">Mexico</FONT></TD>
	<TD align=right>
<FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">1,500,000</FONT></TD>
	<TD align=right>
<FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">1,653,750</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:18.839996pt">
<SUP><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">c</FONT></SUP><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">Eldorado Gold Corp., senior note, 144A, 6.125%, 12/15/20</FONT></TD>
	<TD align=center>
<FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">Canada</FONT></TD>
	<TD align=right>
<FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">1,000,000</FONT></TD>
	<TD align=right>
<FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">985,000</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:21.839996pt">
<FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">Euramax International Inc., senior secured note, 9.50%, 4/01/16</FONT></TD>
	<TD align=center>
<FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">United States</FONT></TD>
	<TD align=right>
<FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">200,000</FONT></TD>
	<TD align=right>
<FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">199,000</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:18.839996pt">
<SUP><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">c</FONT></SUP><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">Exopack Holding Corp., senior note, 144A, 10.00%, 6/01/18</FONT></TD>
	<TD align=center>
<FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">United States</FONT></TD>
	<TD align=right>
<FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">800,000</FONT></TD>
	<TD align=right>
<FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">868,000</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:18.839996pt">
<SUP><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">c</FONT></SUP><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">FMG Resources (August 2006) Pty. Ltd., senior note, 144A,</FONT></TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:29.160004pt">
<FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">7.00%, 11/01/15</FONT></TD>
	<TD align=center>
<FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">Australia</FONT></TD>
	<TD align=right>
<FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">400,000</FONT></TD>
	<TD align=right>
<FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">414,566</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:29.160004pt">
<FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">6.875%, 2/01/18</FONT></TD>
	<TD align=center>
<FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">Australia</FONT></TD>
	<TD align=right>
<FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">1,000,000</FONT></TD>
	<TD align=right>
<FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">1,060,000</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:29.160004pt">
<FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">8.25%, 11/01/19</FONT></TD>
	<TD align=center>
<FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">Australia</FONT></TD>
	<TD align=right>
<FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">300,000</FONT></TD>
	<TD align=right>
<FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">336,750</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:18.839996pt">
<SUP><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">c</FONT></SUP><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">Ineos Finance PLC, senior secured note, 144A, 7.50%, 5/01/20</FONT></TD>
	<TD align=center>
<FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">Switzerland</FONT></TD>
	<TD align=right>
<FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">800,000</FONT></TD>
	<TD align=right>
<FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">879,500</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:18.839996pt">
<SUP><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">c</FONT></SUP><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">Ineos Group Holdings SA, senior note, 144A, 6.125%, 8/15/18</FONT></TD>
	<TD align=center>
<FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">Switzerland</FONT></TD>
	<TD align=right>
<FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">300,000</FONT></TD>
	<TD align=right>
<FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">303,375</FONT></TD>
</TR>
</TABLE>
</DIV>
<P style="MARGIN:0px">&nbsp;</P>
</DIV>

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<TR>

   <TD width="53%"></TD>

   <TD width="22%"></TD>

   <TD width="13%"></TD>

   <TD width="10%"></TD></TR>

<TR vAlign=bottom>

   <TD align=center><B><FONT size=5 face="Arial Narrow,Bold,Arial,Helvetica,sans-serif">Franklin Universal Trust</FONT></B></TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR>

   <TD colSpan=4>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD colSpan=2 align=left><B><FONT size=5 face="Arial Narrow,Bold,Arial,Helvetica,sans-serif">Statement of Investments, November 30, 2013 (unaudited) </FONT></B><I><FONT size=3 face="Arial Narrow,Italic,Arial,Helvetica,sans-serif">(continued)</FONT></I></TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 18.839pt" align=left><SUP><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">c</FONT></SUP><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">Inmet Mining Corp., senior note, 144A,</FONT></TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 29.16pt" align=left><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">8.75%, 6/01/20</FONT></TD>

   <TD align=center><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">Canada</FONT></TD>

   <TD align=right><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">1,000,000</FONT></TD>

   <TD align=right><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">1,092,500</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 29.16pt" align=left><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">7.50%, 6/01/21</FONT></TD>

   <TD align=center><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">Canada</FONT></TD>

   <TD align=right><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">100,000</FONT></TD>

   <TD align=right><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">104,750</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 21.839pt" align=left><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">Novelis Inc., senior note, 8.75%, 12/15/20</FONT></TD>

   <TD align=center><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">Canada</FONT></TD>

   <TD align=right><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">700,000</FONT></TD>

   <TD align=right><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">787,500</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 21.839pt" align=left><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">Olin Corp., senior bond, 5.50%, 8/15/22</FONT></TD>

   <TD align=center><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">United States</FONT></TD>

   <TD align=right><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">1,600,000</FONT></TD>

   <TD align=right><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">1,604,000</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 18.839pt" align=left><SUP><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">c</FONT></SUP><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">Orion Engineered Carbons Bondco GmbH, senior secured note, first lien, 144A,</FONT></TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 25.44pt" align=left><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">9.625%, 6/15/18</FONT></TD>

   <TD align=center><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">Germany</FONT></TD>

   <TD align=right><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">700,000</FONT></TD>

   <TD align=right><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">773,938</FONT></TD></TR>

<TR vAlign=bottom>

   <TD align=left><SUP><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">&nbsp;&nbsp;&nbsp; c,d</FONT></SUP><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">Orion Engineered Carbons Finance &amp; Co. SCA, senior note, 144A, PIK, 9.25%, 8/01/19</FONT></TD>

   <TD align=center><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">Germany</FONT></TD>

   <TD align=right><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">200,000</FONT></TD>

   <TD align=right><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">210,000</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 18.839pt" align=left><SUP><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">c</FONT></SUP><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">Perstorp Holding AB, first lien, 144A, 8.75%, 5/15/17</FONT></TD>

   <TD align=center><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">Sweden</FONT></TD>

   <TD align=right><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">1,000,000</FONT></TD>

   <TD align=right><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">1,071,698</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 18.839pt" align=left><SUP><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">c</FONT></SUP><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">Rain CII Carbon LLC/Corp., second lien, 144A, 8.25%, 1/15/21</FONT></TD>

   <TD align=center><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">United States</FONT></TD>

   <TD align=right><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">500,000</FONT></TD>

   <TD align=right><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">515,000</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 21.839pt" align=left><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">Reynolds Group Issuer Inc./LLC/SA,</FONT></TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 29.16pt" align=left><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">first lien, 5.75%, 10/15/20</FONT></TD>

   <TD align=center><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">United States</FONT></TD>

   <TD align=right><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">500,000</FONT></TD>

   <TD align=right><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">515,000</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 29.16pt" align=left><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">senior note, 8.50%, 5/15/18</FONT></TD>

   <TD align=center><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">United States</FONT></TD>

   <TD align=right><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">1,000,000</FONT></TD>

   <TD align=right><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">1,062,500</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 29.16pt" align=left><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">senior note, 9.00%, 4/15/19</FONT></TD>

   <TD align=center><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">United States</FONT></TD>

   <TD align=right><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">200,000</FONT></TD>

   <TD align=right><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">215,000</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 29.16pt" align=left><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">senior note, 9.875%, 8/15/19</FONT></TD>

   <TD align=center><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">United States</FONT></TD>

   <TD align=right><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">100,000</FONT></TD>

   <TD align=right><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">111,500</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 29.16pt" align=left><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">senior note, 8.25%, 2/15/21</FONT></TD>

   <TD align=center><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">United States</FONT></TD>

   <TD align=right><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">700,000</FONT></TD>

   <TD align=right><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">740,250</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 18.839pt" align=left><SUP><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">c</FONT></SUP><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">Sealed Air Corp., senior note, 144A,</FONT></TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 29.16pt" align=left><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">8.125%, 9/15/19</FONT></TD>

   <TD align=center><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">United States</FONT></TD>

   <TD align=right><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">400,000</FONT></TD>

   <TD align=right><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">453,000</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 29.16pt" align=left><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">6.50%, 12/01/20</FONT></TD>

   <TD align=center><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">United States</FONT></TD>

   <TD align=right><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">400,000</FONT></TD>

   <TD align=right><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">436,000</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 29.16pt" align=left><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">8.375%, 9/15/21</FONT></TD>

   <TD align=center><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">United States</FONT></TD>

   <TD align=right><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">300,000</FONT></TD>

   <TD align=right><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">345,000</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 18.839pt" align=left><SUP><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">c</FONT></SUP><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">U.S. Coatings Acquisition Inc./Flash Dutch 2 BV, senior note, 144A, 7.375%, 5/01/21</FONT></TD>

   <TD align=center><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">United States</FONT></TD>

   <TD align=right><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">500,000</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">532,500</FONT></TD></TR>

<TR vAlign=bottom>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">21,757,327</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 21.839pt" align=left><B><FONT size=2 face="Arial Narrow,Bold,Arial,Helvetica,sans-serif">Media 7.5%</FONT></B></TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 21.839pt" align=left><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">Cablevision Systems Corp., senior note, 8.625%, 9/15/17</FONT></TD>

   <TD align=center><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">United States</FONT></TD>

   <TD align=right><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">700,000</FONT></TD>

   <TD align=right><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">812,000</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 21.839pt" align=left><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">CCO Holdings LLC/CCO Holdings Capital Corp., senior bond, 5.25%, 9/30/22</FONT></TD>

   <TD align=center><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">United States</FONT></TD>

   <TD align=right><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">200,000</FONT></TD>

   <TD align=right><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">189,500</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 21.839pt" align=left><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">Clear Channel Communications Inc., senior secured bond, first lien, 9.00%, 3/01/21</FONT></TD>

   <TD align=center><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">United States</FONT></TD>

   <TD align=right><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">1,900,000</FONT></TD>

   <TD align=right><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">1,928,500</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 21.839pt" align=left><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">Clear Channel Worldwide Holdings Inc.,</FONT></TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 29.16pt" align=left><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">senior note, 6.50%, 11/15/22</FONT></TD>

   <TD align=center><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">United States</FONT></TD>

   <TD align=right><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">500,000</FONT></TD>

   <TD align=right><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">520,000</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 29.16pt" align=left><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">senior sub. note, 7.625%, 3/15/20</FONT></TD>

   <TD align=center><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">United States</FONT></TD>

   <TD align=right><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">700,000</FONT></TD>

   <TD align=right><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">742,000</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 21.839pt" align=left><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">CSC Holdings LLC, senior note, 6.75%, 11/15/21</FONT></TD>

   <TD align=center><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">United States</FONT></TD>

   <TD align=right><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">700,000</FONT></TD>

   <TD align=right><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">757,750</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 21.839pt" align=left><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">DISH DBS Corp., senior note,</FONT></TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 29.16pt" align=left><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">7.125%, 2/01/16</FONT></TD>

   <TD align=center><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">United States</FONT></TD>

   <TD align=right><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">1,500,000</FONT></TD>

   <TD align=right><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">1,661,250</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 29.16pt" align=left><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">6.75%, 6/01/21</FONT></TD>

   <TD align=center><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">United States</FONT></TD>

   <TD align=right><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">700,000</FONT></TD>

   <TD align=right><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">757,750</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 18.839pt" align=left><SUP><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">c</FONT></SUP><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">Gannett Co. Inc.,</FONT></TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 29.16pt" align=left><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">senior bond, 144A, 6.375%, 10/15/23</FONT></TD>

   <TD align=center><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">United States</FONT></TD>

   <TD align=right><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">900,000</FONT></TD>

   <TD align=right><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">940,500</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 29.16pt" align=left><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">senior note, 144A, 5.125%, 7/15/20</FONT></TD>

   <TD align=center><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">United States</FONT></TD>

   <TD align=right><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">600,000</FONT></TD>

   <TD align=right><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">615,000</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 18.6pt" align=left><SUP><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">d</FONT></SUP><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">Radio One Inc., senior sub. note, PIK, 12.50%, 5/24/16</FONT></TD>

   <TD align=center><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">United States</FONT></TD>

   <TD align=right><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">1,317,676</FONT></TD>

   <TD align=right><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">1,334,147</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 18.839pt" align=left><SUP><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">c</FONT></SUP><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">The Nielsen Co. (Luxembourg) Sarl, senior note, 144A, 5.50%, 10/01/21</FONT></TD>

   <TD align=center><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">United States</FONT></TD>

   <TD align=right><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">400,000</FONT></TD>

   <TD align=right><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">410,000</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 18.839pt" align=left><SUP><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">c</FONT></SUP><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">Univision Communications Inc.,</FONT></TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 29.16pt" align=left><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">senior secured bond, 144A, 6.75%, 9/15/22</FONT></TD>

   <TD align=center><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">United States</FONT></TD>

   <TD align=right><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">400,000</FONT></TD>

   <TD align=right><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">442,000</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 29.16pt" align=left><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">senior secured note, 144A, 6.875%, 5/15/19</FONT></TD>

   <TD align=center><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">United States</FONT></TD>

   <TD align=right><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">1,000,000</FONT></TD>

   <TD align=right><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">1,082,500</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 29.16pt" align=left><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">senior secured note, 144A, 7.875%, 11/01/20</FONT></TD>

   <TD align=center><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">United States</FONT></TD>

   <TD align=right><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">200,000</FONT></TD>

   <TD align=right><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">223,500</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 18.839pt" align=left><SUP><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">c</FONT></SUP><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">UPCB Finance III Ltd., senior secured note, 144A, 6.625%, 7/01/20</FONT></TD>

   <TD align=center><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">Netherlands</FONT></TD>

   <TD align=right><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">1,100,000</FONT></TD>

   <TD align=right><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">1,177,000</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 18.839pt" align=left><SUP><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">c</FONT></SUP><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">WMG Acquisition Corp., secured note, 144A, 6.00%, 1/15/21</FONT></TD>

   <TD align=center><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">United States</FONT></TD>

   <TD align=right><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">1,190,000</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">1,246,525</FONT></TD></TR>

<TR vAlign=bottom>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">14,839,922</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 21.839pt" align=left><B><FONT size=2 face="Arial Narrow,Bold,Arial,Helvetica,sans-serif">Pharmaceuticals, Biotechnology &amp; Life Sciences 2.5%</FONT></B></TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 18.839pt" align=left><SUP><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">c</FONT></SUP><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">inVentiv Health Inc., senior secured note, 144A, 9.00%, 1/15/18</FONT></TD>

   <TD align=center><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">United States</FONT></TD>

   <TD align=right><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">400,000</FONT></TD>

   <TD align=right><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">422,000</FONT></TD></TR>

<TR vAlign=bottom>

   <TD align=center><SUP><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">c,d</FONT></SUP><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">Jaguar Holding Co. I, senior note, 144A, PIK, 9.375%, 10/15/17</FONT></TD>

   <TD align=center><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">United States</FONT></TD>

   <TD align=right><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">600,000</FONT></TD>

   <TD align=right><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">636,750</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 18.839pt" align=left><SUP><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">c</FONT></SUP><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">Jaguar Holding Co. II/Merger Sub Inc., senior note, 144A, 9.50%, 12/01/19</FONT></TD>

   <TD align=center><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">United States</FONT></TD>

   <TD align=right><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">400,000</FONT></TD>

   <TD align=right><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">451,000</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 21.839pt" align=left><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">Par Pharmaceutical Cos. Inc., senior note, 7.375%, 10/15/20</FONT></TD>

   <TD align=center><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">United States</FONT></TD>

   <TD align=right><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">1,600,000</FONT></TD>

   <TD align=right><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">1,688,000</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 18.839pt" align=left><SUP><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">c</FONT></SUP><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">Valeant Pharmaceuticals International Inc., senior note, 144A,</FONT></TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 29.16pt" align=left><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">7.50%, 7/15/21</FONT></TD>

   <TD align=center><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">United States</FONT></TD>

   <TD align=right><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">300,000</FONT></TD>

   <TD align=right><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">331,500</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 25.8pt" align=left><SUP><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">g </FONT></SUP><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">5.625%, 12/01/21</FONT></TD>

   <TD align=center><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">United States</FONT></TD>

   <TD align=right><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">200,000</FONT></TD>

   <TD align=right><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">201,500</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 18.839pt" align=left><SUP><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">c</FONT></SUP><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">VPI Escrow Corp., senior note, 144A, 6.375%, 10/15/20</FONT></TD>

   <TD align=center><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">United States</FONT></TD>

   <TD align=right><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">1,100,000</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">1,164,625</FONT></TD></TR>

<TR vAlign=bottom>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">4,895,375</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 21.839pt" align=left><B><FONT size=2 face="Arial Narrow,Bold,Arial,Helvetica,sans-serif">Retailing 1.2%</FONT></B></TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 18.839pt" align=left><SUP><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">c</FONT></SUP><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">Academy Ltd./Finance Corp., senior note, 144A, 9.25%, 8/01/19</FONT></TD>

   <TD align=center><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">United States</FONT></TD>

   <TD align=right><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">800,000</FONT></TD>

   <TD align=right><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">888,000</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 18.839pt" align=left><SUP><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">c</FONT></SUP><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">American Builders &amp; Contractors Supply Co. Inc., senior note, 144A, 5.625%, 4/15/21</FONT></TD>

   <TD align=center><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">United States</FONT></TD>

   <TD align=right><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">900,000</FONT></TD>

   <TD align=right><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">913,500</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 18.839pt" align=left><SUP><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">c</FONT></SUP><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">New Look Bondco I PLC, secured note, 144A, 8.375%, 5/14/18</FONT></TD>

   <TD align=center><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">United Kingdom</FONT></TD>

   <TD align=right><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">600,000</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">623,625</FONT></TD></TR>

<TR vAlign=bottom>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">2,425,125</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 21.839pt" align=left><B><FONT size=2 face="Arial Narrow,Bold,Arial,Helvetica,sans-serif">Semiconductors &amp; Semiconductor Equipment 0.9%</FONT></B></TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 21.839pt" align=left><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">Freescale Semiconductor Inc.,</FONT></TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 29.16pt" align=left><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">senior note, 8.05%, 2/01/20</FONT></TD>

   <TD align=center><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">United States</FONT></TD>

   <TD align=right><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">800,000</FONT></TD>

   <TD align=right><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">866,000</FONT></TD></TR></TABLE></DIV>

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   <TD width="50%"></TD>

   <TD width="25%"></TD>

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   <TD width="10%"></TD></TR>

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   <TD align=center><B><FONT size=5 face="Arial Narrow,Bold,Arial,Helvetica,sans-serif">Franklin Universal Trust</FONT></B></TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

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<TR vAlign=bottom>

   <TD colSpan=2 align=left><B><FONT size=5 face="Arial Narrow,Bold,Arial,Helvetica,sans-serif">Statement of Investments, November 30, 2013 (unaudited) </FONT></B><I><FONT size=3 face="Arial Narrow,Italic,Arial,Helvetica,sans-serif">(continued)</FONT></I></TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 29.16pt" align=left><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">senior note, 10.75%, 8/01/20</FONT></TD>

   <TD align=center><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">United States</FONT></TD>

   <TD align=right><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">504,000</FONT></TD>

   <TD align=right><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">574,560</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 26.039pt" align=left><SUP><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">c </FONT></SUP><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">senior secured note, 144A, 9.25%, 4/15/18</FONT></TD>

   <TD align=center><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">United States</FONT></TD>

   <TD align=right><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">212,000</FONT></TD>

   <TD align=right><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">229,755</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 26.039pt" align=left><SUP><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">c </FONT></SUP><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">senior secured note, 144A, 6.00%, 1/15/22</FONT></TD>

   <TD align=center><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">United States</FONT></TD>

   <TD align=right><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">200,000</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">202,500</FONT></TD></TR>

<TR vAlign=bottom>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">1,872,815</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 21.839pt" align=left><B><FONT size=2 face="Arial Narrow,Bold,Arial,Helvetica,sans-serif">Software &amp; Services 3.2%</FONT></B></TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 18.839pt" align=left><SUP><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">c</FONT></SUP><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">BMC Software Finance Inc., senior note, 144A, 8.125%, 7/15/21</FONT></TD>

   <TD align=center><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">United States</FONT></TD>

   <TD align=right><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">600,000</FONT></TD>

   <TD align=right><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">639,000</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 21.839pt" align=left><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">Equinix Inc., senior bond, 5.375%, 4/01/23</FONT></TD>

   <TD align=center><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">United States</FONT></TD>

   <TD align=right><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">1,300,000</FONT></TD>

   <TD align=right><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">1,283,750</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 21.839pt" align=left><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">First Data Corp.,</FONT></TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 29.16pt" align=left><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">senior bond, 12.625%, 1/15/21</FONT></TD>

   <TD align=center><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">United States</FONT></TD>

   <TD align=right><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">900,000</FONT></TD>

   <TD align=right><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">1,059,750</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 26.039pt" align=left><SUP><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">c </FONT></SUP><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">senior note, 144A, 11.25%, 1/15/21</FONT></TD>

   <TD align=center><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">United States</FONT></TD>

   <TD align=right><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">200,000</FONT></TD>

   <TD align=right><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">221,000</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 26.039pt" align=left><SUP><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">c </FONT></SUP><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">senior secured bond, 144A, 8.25%, 1/15/21</FONT></TD>

   <TD align=center><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">United States</FONT></TD>

   <TD align=right><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">900,000</FONT></TD>

   <TD align=right><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">959,625</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 18.839pt" align=left><SUP><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">c</FONT></SUP><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">Sitel LLC/Finance Corp., senior secured note, 144A, 11.00%, 8/01/17</FONT></TD>

   <TD align=center><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">United States</FONT></TD>

   <TD align=right><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">100,000</FONT></TD>

   <TD align=right><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">108,250</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 21.839pt" align=left><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">Sterling International Inc., senior note, 11.00%, 10/01/19</FONT></TD>

   <TD align=center><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">United States</FONT></TD>

   <TD align=right><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">400,000</FONT></TD>

   <TD align=right><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">418,000</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 21.839pt" align=left><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">West Corp., senior note, 7.875%, 1/15/19</FONT></TD>

   <TD align=center><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">United States</FONT></TD>

   <TD align=right><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">1,600,000</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">1,738,000</FONT></TD></TR>

<TR vAlign=bottom>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">6,427,375</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 21.839pt" align=left><B><FONT size=2 face="Arial Narrow,Bold,Arial,Helvetica,sans-serif">Technology Hardware &amp; Equipment 1.2%</FONT></B></TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><SUP><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; c,g</FONT></SUP><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">Alcatel-Lucent USA Inc., senior note, 144A, 6.75%, 11/15/20</FONT></TD>

   <TD align=center><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">United States</FONT></TD>

   <TD align=right><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">1,200,000</FONT></TD>

   <TD align=right><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">1,215,000</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 18.839pt" align=left><SUP><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">c</FONT></SUP><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">Blackboard Inc., senior note, 144A, 7.75%, 11/15/19</FONT></TD>

   <TD align=center><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">United States</FONT></TD>

   <TD align=right><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">300,000</FONT></TD>

   <TD align=right><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">298,500</FONT></TD></TR>

<TR vAlign=bottom>

   <TD align=left><SUP><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; c,d</FONT></SUP><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">CommScope Holdings Co. Inc., senior note, 144A, PIK, 6.625%, 6/01/20</FONT></TD>

   <TD align=center><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">United States</FONT></TD>

   <TD align=right><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">400,000</FONT></TD>

   <TD align=right><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">416,000</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 18.839pt" align=left><SUP><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">c</FONT></SUP><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">CommScope Inc., senior note, 144A, 8.25%, 1/15/19</FONT></TD>

   <TD align=center><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">United States</FONT></TD>

   <TD align=right><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">364,000</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">402,220</FONT></TD></TR>

<TR vAlign=bottom>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">2,331,720</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 21.839pt" align=left><B><FONT size=2 face="Arial Narrow,Bold,Arial,Helvetica,sans-serif">Telecommunication Services 8.2%</FONT></B></TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 21.839pt" align=left><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">CenturyLink Inc., senior bond, 6.75%, 12/01/23</FONT></TD>

   <TD align=center><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">United States</FONT></TD>

   <TD align=right><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">300,000</FONT></TD>

   <TD align=right><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">307,313</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 21.839pt" align=left><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">Cricket Communications Inc., senior note, 7.75%, 10/15/20</FONT></TD>

   <TD align=center><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">United States</FONT></TD>

   <TD align=right><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">1,500,000</FONT></TD>

   <TD align=right><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">1,725,000</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 21.839pt" align=left><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">Crown Castle International Corp., senior bond,</FONT></TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 29.16pt" align=left><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">7.125%, 11/01/19</FONT></TD>

   <TD align=center><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">United States</FONT></TD>

   <TD align=right><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">100,000</FONT></TD>

   <TD align=right><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">108,790</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 29.16pt" align=left><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">5.25%, 1/15/23</FONT></TD>

   <TD align=center><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">United States</FONT></TD>

   <TD align=right><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">200,000</FONT></TD>

   <TD align=right><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">198,500</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 18.839pt" align=left><SUP><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">c</FONT></SUP><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">Digicel Group Ltd., senior note, 144A, 8.25%, 9/30/20</FONT></TD>

   <TD align=center><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">Bermuda</FONT></TD>

   <TD align=right><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">900,000</FONT></TD>

   <TD align=right><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">942,750</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 18.839pt" align=left><SUP><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">c</FONT></SUP><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">Digicel Ltd., senior note, 144A, 6.00%, 4/15/21</FONT></TD>

   <TD align=center><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">Bermuda</FONT></TD>

   <TD align=right><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">500,000</FONT></TD>

   <TD align=right><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">484,905</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 18.839pt" align=left><SUP><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">c</FONT></SUP><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">eAccess Ltd., senior note, 144A, 8.25%, 4/01/18</FONT></TD>

   <TD align=center><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">Japan</FONT></TD>

   <TD align=right><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">700,000</FONT></TD>

   <TD align=right><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">773,500</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 21.839pt" align=left><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">Frontier Communications Corp., senior note,</FONT></TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 29.16pt" align=left><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">8.50%, 4/15/20</FONT></TD>

   <TD align=center><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">United States</FONT></TD>

   <TD align=right><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">800,000</FONT></TD>

   <TD align=right><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">920,000</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 29.16pt" align=left><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">9.25%, 7/01/21</FONT></TD>

   <TD align=center><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">United States</FONT></TD>

   <TD align=right><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">200,000</FONT></TD>

   <TD align=right><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">236,000</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 29.16pt" align=left><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">8.75%, 4/15/22</FONT></TD>

   <TD align=center><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">United States</FONT></TD>

   <TD align=right><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">700,000</FONT></TD>

   <TD align=right><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">801,500</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 21.839pt" align=left><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">Intelsat Jackson Holdings SA, senior note,</FONT></TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 29.16pt" align=left><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">7.25%, 10/15/20</FONT></TD>

   <TD align=center><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">Luxembourg</FONT></TD>

   <TD align=right><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">200,000</FONT></TD>

   <TD align=right><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">219,500</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 29.16pt" align=left><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">7.50%, 4/01/21</FONT></TD>

   <TD align=center><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">Luxembourg</FONT></TD>

   <TD align=right><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">1,500,000</FONT></TD>

   <TD align=right><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">1,655,625</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 29.16pt" align=left><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">6.625%,12/15/22</FONT></TD>

   <TD align=center><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">Luxembourg</FONT></TD>

   <TD align=right><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">500,000</FONT></TD>

   <TD align=right><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">511,250</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 18.839pt" align=left><SUP><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">c</FONT></SUP><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">Lynx II Corp., senior bond, 144A, 6.375%, 4/15/23</FONT></TD>

   <TD align=center><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">United Kingdom</FONT></TD>

   <TD align=right><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">300,000</FONT></TD>

   <TD align=right><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">311,250</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 18.839pt" align=left><SUP><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">c</FONT></SUP><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">Millicom International Cellular SA, senior note, 144A, 6.625%, 10/15/21</FONT></TD>

   <TD align=center><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">Luxembourg</FONT></TD>

   <TD align=right><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">700,000</FONT></TD>

   <TD align=right><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">718,812</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 18.839pt" align=left><SUP><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">c</FONT></SUP><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">Sprint Corp., senior note, 144A, 7.875%, 9/15/23</FONT></TD>

   <TD align=center><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">United States</FONT></TD>

   <TD align=right><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">500,000</FONT></TD>

   <TD align=right><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">548,750</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 18.839pt" align=left><SUP><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">c</FONT></SUP><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">Sprint Nextel Corp., senior note, 144A,</FONT></TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 29.16pt" align=left><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">9.00%, 11/15/18</FONT></TD>

   <TD align=center><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">United States</FONT></TD>

   <TD align=right><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">2,000,000</FONT></TD>

   <TD align=right><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">2,425,000</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 29.16pt" align=left><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">7.00%, 3/01/20</FONT></TD>

   <TD align=center><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">United States</FONT></TD>

   <TD align=right><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">500,000</FONT></TD>

   <TD align=right><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">558,750</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 21.839pt" align=left><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">T-Mobile USA Inc.,</FONT></TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 29.16pt" align=left><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">senior bond, 6.50%, 1/15/24</FONT></TD>

   <TD align=center><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">United States</FONT></TD>

   <TD align=right><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">200,000</FONT></TD>

   <TD align=right><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">203,000</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 29.16pt" align=left><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">senior note, 6.542%, 4/28/20</FONT></TD>

   <TD align=center><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">United States</FONT></TD>

   <TD align=right><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">800,000</FONT></TD>

   <TD align=right><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">851,000</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 29.16pt" align=left><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">senior note, 6.125%, 1/15/22</FONT></TD>

   <TD align=center><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">United States</FONT></TD>

   <TD align=right><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">100,000</FONT></TD>

   <TD align=right><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">102,125</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 18.839pt" align=left><SUP><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">c</FONT></SUP><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">Wind Acquisition Finance SA, senior secured note, 144A, 11.75%, 7/15/17</FONT></TD>

   <TD align=center><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">Italy</FONT></TD>

   <TD align=right><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">1,500,000</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">1,595,625</FONT></TD></TR>

<TR vAlign=bottom>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">16,198,945</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 21.839pt" align=left><B><FONT size=2 face="Arial Narrow,Bold,Arial,Helvetica,sans-serif">Transportation 1.1%</FONT></B></TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 18.839pt" align=left><SUP><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">c</FONT></SUP><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">CEVA Group PLC, senior note, first lien, 144A, 4.00%, 5/01/18</FONT></TD>

   <TD align=center><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">United Kingdom</FONT></TD>

   <TD align=right><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">600,000</FONT></TD>

   <TD align=right><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">501,000</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 21.839pt" align=left><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">Hertz Corp., senior note,</FONT></TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 29.16pt" align=left><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">7.50%, 10/15/18</FONT></TD>

   <TD align=center><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">United States</FONT></TD>

   <TD align=right><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">600,000</FONT></TD>

   <TD align=right><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">651,000</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 29.16pt" align=left><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">6.75%, 4/15/19</FONT></TD>

   <TD align=center><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">United States</FONT></TD>

   <TD align=right><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">1,000,000</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">1,082,500</FONT></TD></TR>

<TR vAlign=bottom>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">2,234,500</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 21.839pt" align=left><B><FONT size=2 face="Arial Narrow,Bold,Arial,Helvetica,sans-serif">Utilities 1.9%</FONT></B></TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 18.839pt" align=left><SUP><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">c</FONT></SUP><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">Calpine Corp., senior secured note, 144A,</FONT></TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 29.16pt" align=left><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">7.875%, 7/31/20</FONT></TD>

   <TD align=center><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">United States</FONT></TD>

   <TD align=right><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">434,000</FONT></TD>

   <TD align=right><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">477,400</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 29.16pt" align=left><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">7.50%, 2/15/21</FONT></TD>

   <TD align=center><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">United States</FONT></TD>

   <TD align=right><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">902,000</FONT></TD>

   <TD align=right><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">987,690</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 29.16pt" align=left><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">7.875%, 1/15/23</FONT></TD>

   <TD align=center><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">United States</FONT></TD>

   <TD align=right><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">452,000</FONT></TD>

   <TD align=right><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">497,200</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 18.839pt" align=left><SUP><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">c</FONT></SUP><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">InterGen NV, secured bond, 144A, 7.00%, 6/30/23</FONT></TD>

   <TD align=center><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">Netherlands</FONT></TD>

   <TD align=right><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">800,000</FONT></TD>

   <TD align=right><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">830,000</FONT></TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P></DIV>

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<TABLE border=0 cellspacing=0>
<TR>
     <TD width=53%></TD>
     <TD width=20%></TD>
     <TD width=11%></TD>
     <TD width=4%></TD>
     <TD width=7%></TD>
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<TR valign="bottom">
	<TD align=left>
<B><FONT size=5 face="Arial Narrow,Bold,Arial,Helvetica,sans-serif">Franklin Universal Trust</FONT></B></TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left colspan=2>
<B><FONT size=5 face="Arial Narrow,Bold,Arial,Helvetica,sans-serif">Statement of Investments, November 30, 2013 (unaudited) </FONT></B><I><FONT size=3 face="Arial Narrow,Italic,Arial,Helvetica,sans-serif">(continued)</FONT></I></TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:18.839996pt">
<SUP><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">c</FONT></SUP><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">Texas Competitive Electric Holdings Co. LLC/Texas Competitive Electric Holdings</FONT></TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:25.440002pt">
<FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">Finance Inc., senior secured note, 144A, 11.50%, 10/01/20</FONT></TD>
	<TD align=left>
<FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">United States</FONT></TD>
	<TD align=right>
<FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">1,200,000</FONT></TD>
	<TD align=left style="border-bottom:1px solid #000000;">
&nbsp;</TD>
	<TD align=right style="border-bottom:1px solid #000000;">
<FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">885,000</FONT></TD>
	<TD align=left style="border-bottom:1px solid #000000;">
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left style="border-bottom:1px solid #000000;">
&nbsp;</TD>
	<TD align=right style="border-bottom:1px solid #000000;">
<FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">3,677,290</FONT></TD>
	<TD align=left style="border-bottom:1px solid #000000;">
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:21.839996pt">
<B><FONT size=2 face="Arial Narrow,Bold,Arial,Helvetica,sans-serif">Total Corporate Bonds (Cost &#36;164,319,251)</FONT></B></TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left style="border-bottom:1px solid #000000;">
&nbsp;</TD>
	<TD align=right style="border-bottom:1px solid #000000;">
<FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">173,454,410</FONT></TD>
	<TD align=left style="border-bottom:1px solid #000000;">
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:18.600006pt">
<SUP><FONT size=2 face="Arial Narrow,Arial,Helvetica,sans-serif">h</FONT></SUP><B><FONT size=2 face="Arial Narrow,Bold,Arial,Helvetica,sans-serif">Senior Floating Rate Interests 1.0%</FONT></B></TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:21.839996pt">
<B><FONT size=2 face="Arial Narrow,Bold,Arial,Helvetica,sans-serif">Capital Goods 0.2%</FONT></B></TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:21.839996pt">
<FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">Navistar Inc., Tranche B Term Loan, 5.75%, 8/17/17</FONT></TD>
	<TD align=left>
<FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">United States</FONT></TD>
	<TD align=right>
<FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">345,513</FONT></TD>
	<TD align=left style="border-bottom:1px solid #000000;">
&nbsp;</TD>
	<TD align=right style="border-bottom:1px solid #000000;">
<FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">352,099</FONT></TD>
	<TD align=left style="border-bottom:1px solid #000000;">
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:21.839996pt">
<B><FONT size=2 face="Arial Narrow,Bold,Arial,Helvetica,sans-serif">Household &amp; Personal Products 0.5%</FONT></B></TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:21.839996pt">
<FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">Sun Products Corp., Tranche B Term Loan, 5.50%, 3/23/20</FONT></TD>
	<TD align=left>
<FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">United States</FONT></TD>
	<TD align=right>
<FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">995,000</FONT></TD>
	<TD align=left style="border-bottom:1px solid #000000;">
&nbsp;</TD>
	<TD align=right style="border-bottom:1px solid #000000;">
<FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">936,544</FONT></TD>
	<TD align=left style="border-bottom:1px solid #000000;">
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:21.839996pt">
<B><FONT size=2 face="Arial Narrow,Bold,Arial,Helvetica,sans-serif">Utilities 0.3%</FONT></B></TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:21.839996pt">
<FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">Texas Competitive Electric Holdings Co. LLC, 2017 Term Loan, 4.668% - 4.739%,</FONT></TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:25.440002pt">
<FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">10/10/17</FONT></TD>
	<TD align=left>
<FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">United States</FONT></TD>
	<TD align=right>
<FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">954,192</FONT></TD>
	<TD align=left style="border-bottom:1px solid #000000;">
&nbsp;</TD>
	<TD align=right style="border-bottom:1px solid #000000;">
<FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">662,448</FONT></TD>
	<TD align=left style="border-bottom:1px solid #000000;">
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:21.839996pt">
<B><FONT size=2 face="Arial Narrow,Bold,Arial,Helvetica,sans-serif">Total Senior Floating Rate Interests (Cost &#36;2,161,608)</FONT></B></TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left style="border-bottom:1px solid #000000;">
&nbsp;</TD>
	<TD align=right style="border-bottom:1px solid #000000;">
<FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">1,951,091</FONT></TD>
	<TD align=left style="border-bottom:1px solid #000000;">
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:21.839996pt">
<B><FONT size=2 face="Arial Narrow,Bold,Arial,Helvetica,sans-serif">Total Investments before Short Term Investments (Cost &#36;217,343,098)</FONT></B></TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left style="border-bottom:1px solid #000000;">
&nbsp;</TD>
	<TD align=left style="border-bottom:1px solid #000000;">
&nbsp;</TD>
	<TD align=right style="border-bottom:1px solid #000000;">
<FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">253,495,968</FONT></TD>
	<TD align=left style="border-bottom:1px solid #000000;">
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD bgcolor="#bfbfbf" align=right>
<B><FONT color="#ffffff" size=2 face="Arial Narrow,Bold,Arial,Helvetica,sans-serif">Shares</FONT></B></TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:21.839996pt">
<B><FONT size=2 face="Arial Narrow,Bold,Arial,Helvetica,sans-serif">Short Term Investments (Cost &#36;3,256,063) 1.7%</FONT></B></TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:21.839996pt">
<B><FONT size=2 face="Arial Narrow,Bold,Arial,Helvetica,sans-serif">Money Market Funds 1.7%</FONT></B></TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:16.320007pt">
<SUP><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">a,i </FONT></SUP><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">Institutional Fiduciary Trust Money Market Portfolio</FONT></TD>
	<TD align=left>
<FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">United States</FONT></TD>
	<TD align=right>
<FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">3,256,063</FONT></TD>
	<TD align=left style="border-bottom:1px solid #000000;">
&nbsp;</TD>
	<TD align=right style="border-bottom:1px solid #000000;">
<FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">3,256,063</FONT></TD>
	<TD align=left style="border-bottom:1px solid #000000;">
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:21.839996pt">
<B><FONT size=2 face="Arial Narrow,Bold,Arial,Helvetica,sans-serif">Total Investments (Cost &#36;220,599,161) 129.9%</FONT></B></TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=right>
<FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">256,752,031</FONT></TD>
	<TD align=left>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:21.839996pt">
<B><FONT size=2 face="Arial Narrow,Bold,Arial,Helvetica,sans-serif">Notes Payable </FONT></B><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">(</FONT><B><FONT size=2 face="Arial Narrow,Bold,Arial,Helvetica,sans-serif">30.4</FONT></B><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">)</FONT><B><FONT size=2 face="Arial Narrow,Bold,Arial,Helvetica,sans-serif">%</FONT></B></TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=right>
<FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">(60,000,000</FONT></TD>
	<TD align=left>
<FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">)</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:21.839996pt">
<B><FONT size=2 face="Arial Narrow,Bold,Arial,Helvetica,sans-serif">Other Assets, less Liabilities 0.5%</FONT></B></TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left style="border-bottom:1px solid #000000;">
&nbsp;</TD>
	<TD align=right style="border-bottom:1px solid #000000;">
<FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">951,189</FONT></TD>
	<TD align=left style="border-bottom:1px solid #000000;">
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:21.839996pt">
<B><FONT size=2 face="Arial Narrow,Bold,Arial,Helvetica,sans-serif">Net Assets 100.0%</FONT></B></TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
<FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">&#36;</FONT></TD>
	<TD align=right>
<FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">197,703,220</FONT></TD>
	<TD align=left>
&nbsp;</TD>
</TR>
</TABLE>
</DIV>
<P style="MARGIN:0px">&nbsp;</P>
<TABLE border=0 cellspacing=0>
<TR>
	<TD nowrap valign=top width="2%">
<SUP><FONT size=2 face="Arial Narrow,Arial,Helvetica,sans-serif">*</FONT></SUP>&nbsp; &nbsp; &nbsp; 	</TD>
	<TD width="98%">
<FONT size=2 face="Arial Narrow,Arial,Helvetica,sans-serif">The principal amount is stated in U.S. dollars unless otherwise indicated.</FONT>	</TD>
</TR>
<TR>
	<TD nowrap valign=top width="2%">
<SUP><FONT size=2 face="Arial Narrow,Arial,Helvetica,sans-serif">a</FONT></SUP>&nbsp; &nbsp; &nbsp; 	</TD>
	<TD width="98%">
<FONT size=2 face="Arial Narrow,Arial,Helvetica,sans-serif">Non-income producing.</FONT>	</TD>
</TR>
<TR>
	<TD nowrap valign=top width="2%">
<SUP><FONT size=2 face="Arial Narrow,Arial,Helvetica,sans-serif">b</FONT></SUP>&nbsp; &nbsp; &nbsp; 	</TD>
	<TD width="98%">
<FONT size=2 face="Arial Narrow,Arial,Helvetica,sans-serif">Security has been deemed illiquid because it may not be able to be sold within seven days. At November 30, 2013, the value of this security was &#36;0.</FONT>	</TD>
</TR>
<TR>
	<TD nowrap valign=top width="2%">
<SUP><FONT size=2 face="Arial Narrow,Arial,Helvetica,sans-serif">c</FONT></SUP>&nbsp; &nbsp; &nbsp; 	</TD>
	<TD width="98%">
<FONT size=2 face="Arial Narrow,Arial,Helvetica,sans-serif">Security was purchased pursuant to Rule 144A under the Securities Act of 1933 and 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. These securities have been deemed liquid under guidelines approved by the Fund's Board of Trustees. At November 30, 2013, the aggregate value of these securities was &#36;72,300,958, representing 36.57% of net assets.</FONT>	</TD>
</TR>
<TR>
	<TD nowrap valign=top width="2%">
<SUP><FONT size=2 face="Arial Narrow,Arial,Helvetica,sans-serif">d</FONT></SUP>&nbsp; &nbsp; &nbsp; 	</TD>
	<TD width="98%">
<FONT size=2 face="Arial Narrow,Arial,Helvetica,sans-serif">Income may be received in additional securities and/or cash.</FONT>	</TD>
</TR>
<TR>
	<TD nowrap valign=top width="2%">
<SUP><FONT size=2 face="Arial Narrow,Arial,Helvetica,sans-serif">e</FONT></SUP>&nbsp; &nbsp; &nbsp; 	</TD>
	<TD width="98%">
<FONT size=2 face="Arial Narrow,Arial,Helvetica,sans-serif">Defaulted security or security for which income has been deemed uncollectible.</FONT>	</TD>
</TR>
<TR>
	<TD nowrap valign=top width="2%">
<SUP><FONT size=2 face="Arial Narrow,Arial,Helvetica,sans-serif">f</FONT></SUP>&nbsp; &nbsp; &nbsp; 	</TD>
	<TD width="98%">
<FONT size=2 face="Arial Narrow,Arial,Helvetica,sans-serif">Perpetual security with no stated maturity date.</FONT>	</TD>
</TR>
<TR>
	<TD nowrap valign=top width="2%">
<SUP><FONT size=2 face="Arial Narrow,Arial,Helvetica,sans-serif">g</FONT></SUP>&nbsp; &nbsp; &nbsp; 	</TD>
	<TD width="98%">
<FONT size=2 face="Arial Narrow,Arial,Helvetica,sans-serif">A portion or all of the security purchased on a when-issued or delayed delivery basis.</FONT>	</TD>
</TR>
<TR>
	<TD nowrap valign=top width="2%">
<SUP><FONT size=2 face="Arial Narrow,Arial,Helvetica,sans-serif">h</FONT></SUP>&nbsp; &nbsp; &nbsp; 	</TD>
	<TD width="98%">
<FONT size=2 face="Arial Narrow,Arial,Helvetica,sans-serif">The coupon rate shown represents the rate at period end.</FONT>	</TD>
</TR>
<TR>
	<TD nowrap valign=top width="2%">
<SUP><FONT size=2 face="Arial Narrow,Arial,Helvetica,sans-serif">i</FONT></SUP>&nbsp; &nbsp; &nbsp; 	</TD>
	<TD width="98%">
<FONT size=2 face="Arial Narrow,Arial,Helvetica,sans-serif">The Institutional Fiduciary Trust Money Market Portfolio is managed by the Fund's investment manager.</FONT>	</TD>
</TR>
</TABLE>
<P style="text-align: left;">
<B><FONT size=3 face="Arial Narrow,Bold,Arial,Helvetica,sans-serif">A</FONT></B><B><FONT size=2 face="Arial Narrow,Bold,Arial,Helvetica,sans-serif">BBREVIATIONS</FONT></B><BR>
<BR>
<B><FONT size=2 face="Arial Narrow,Bold,Arial,Helvetica,sans-serif">Selected Portfolio</FONT></B></P>
<DIV align="left">
<TABLE border=0 cellspacing=0>
<TR>
     <TD width=18%></TD>
     <TD width=10%></TD>
     <TD width=70%></TD></TR>
<TR valign="bottom">
	<TD align=left>
<B><FONT size=2 face="Arial Narrow,Bold,Arial,Helvetica,sans-serif">ADR</FONT></B></TD>
	<TD align=left>
<FONT size=2 face="Arial Narrow,Arial,Helvetica,sans-serif">-</FONT></TD>
	<TD align=left>
<FONT size=2 face="Arial Narrow,Arial,Helvetica,sans-serif">American Depositary Receipt</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<B><FONT size=2 face="Arial Narrow,Bold,Arial,Helvetica,sans-serif">FRN</FONT></B></TD>
	<TD align=left>
<FONT size=2 face="Arial Narrow,Arial,Helvetica,sans-serif">-</FONT></TD>
	<TD align=left>
<FONT size=2 face="Arial Narrow,Arial,Helvetica,sans-serif">Floating Rate Note</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<B><FONT size=2 face="Arial Narrow,Bold,Arial,Helvetica,sans-serif">PIK</FONT></B></TD>
	<TD align=left>
<FONT size=2 face="Arial Narrow,Arial,Helvetica,sans-serif">-</FONT></TD>
	<TD align=left>
<FONT size=2 face="Arial Narrow,Arial,Helvetica,sans-serif">Payment-In-Kind</FONT></TD>
</TR>
</TABLE>
</DIV>
<P style="MARGIN:0px">&nbsp;</P>
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<P style="text-align: left;">
<FONT size=5 face="Arial,Arial,Helvetica,sans-serif">Franklin Universal Trust</FONT></P>
<P style="text-align: left;">
<FONT size=4 face="Arial,Arial,Helvetica,sans-serif">Notes to Statement of Investments (unaudited)</FONT></P>
<P style="text-align: left;">
<B><FONT size=2 face="Arial,Bold,Arial,Helvetica,sans-serif">1. ORGANIZATION</FONT></B></P>
<P style="text-align: left;">
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">Franklin Universal Trust (Fund) is registered under the Investment Company Act of 1940, as amended, as a closed-end investment company.</FONT></P>
<P style="text-align: left;">
<B><FONT size=2 face="Arial,Bold,Arial,Helvetica,sans-serif">2. FINANCIAL INSTRUMENT VALUATION</FONT></B></P>
<P style="text-align: left;">
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">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. Senior Fixed Rate Notes are carried at cost. Under procedures approved by the Fund&#146;s Board of Trustees (the Board), the Fund&#146;s administrator, investment manager and other affiliates have formed the Valuation and Liquidity Oversight Committee (VLOC). The VLOC provides administration and oversight of the Fund's valuation policies and procedures, which are approved annually by the Board. Among other things, these procedures allow the Fund to utilize independent pricing services, quotations from securities and financial instrument dealers, and other market sources to determine fair value.</FONT></P>
<P style="text-align: left;">
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">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 the NYSE, whichever is earlier. The value is then converted into its U.S. dollar equivalent at the foreign exchange rate in effect at the close of the NYSE 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. Investments in open-end mutual funds are valued at the closing net asset value.</FONT></P>
<P style="text-align: left;">
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">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.</FONT></P>
<P style="text-align: left;">
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">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 VLOC convenes on a regular basis to review such financial instruments and considers a number of factors, including significant unobservable valuation inputs, when arriving at fair value. The VLOC primarily employs a market-based approach which may use related or comparable assets or liabilities, recent transactions, market multiples, book values, and other relevant information for the investment to determine the fair value of the investment. An income-based valuation approach may also be used in which the anticipated future cash flows of the investment are discounted to calculate fair value. Discounts may also be applied due to the nature or duration of any restrictions on the disposition of the investments. Due to the inherent uncertainty of valuations of such investments, the fair values may differ significantly from the values that would have been used had an active market existed. The VLOC employs various methods for calibrating these valuation approaches including a regular review of key inputs and assumptions, transactional back-testing or disposition analysis, and reviews of any related market activity.</FONT></P>
<P style="text-align: left;">
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">Trading in securities on foreign securities stock exchanges and OTC markets may be completed before the daily close of business on the NYSE. Occasionally, events occur between the time at which trading in a foreign security is completed and the close of the NYSE 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&#146;s portfolio securities as determined at the foreign market close and the</FONT></P>
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<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">latest indications of value at the close of the NYSE. In order to minimize the potential for these differences, the VLOC monitors price movements following the close of trading in foreign stock markets through a series of country specific market proxies (such as baskets of American Depositary Receipts, futures contracts and exchange traded funds). These price movements are measured against established trigger thresholds for each specific market proxy to assist in determining if an event has occurred that may call into question the reliability of the values of the foreign securities held by the Fund. If such an event occurs, the securities may be valued using fair value procedures, which may include the use of independent pricing services.</FONT></P>
<P style="text-align: left;">
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">In addition, certain foreign markets may be open on days that the NYSE is closed, which could result in differences between the value of the Fund&#146;s portfolio securities on the last business day and the last calendar day of the reporting period. Any significant security valuation changes due to an open foreign market are adjusted and reflected by the Fund for financial reporting purposes.</FONT></P>
<P style="text-align: left;">
<B><FONT size=2 face="Arial,Bold,Arial,Helvetica,sans-serif">3. INCOME TAXES</FONT></B></P>
<P style="text-align: left;">
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">At November 30, 2013, the cost of investments and net unrealized appreciation (depreciation) for income tax purposes were as follows:</FONT></P>
<DIV align="left">
<TABLE border=0 cellspacing=0>
<TR>
     <TD width=67%></TD>
     <TD width=8%></TD>
     <TD width=18%></TD>
     <TD width=6%></TD></TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">Cost of investments</FONT></TD>
	<TD align=left style="border-bottom:1px solid #000000;">
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">&#36;</FONT></TD>
	<TD align=right style="border-bottom:1px solid #000000;">
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">220,655,297</FONT></TD>
	<TD align=left style="border-bottom:1px solid #000000;">
&nbsp;</TD>
</TR>
<TR>
	<TD colspan=4>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">Unrealized appreciation</FONT></TD>
	<TD align=left>
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">&#36;</FONT></TD>
	<TD align=right>
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">39,590,030</FONT></TD>
	<TD align=left>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">Unrealized depreciation</FONT></TD>
	<TD align=left style="border-bottom:1px solid #000000;">
&nbsp;</TD>
	<TD align=right style="border-bottom:1px solid #000000;">
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">(3,493,296</FONT></TD>
	<TD align=left style="border-bottom:1px solid #000000;">
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">)</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">Net unrealized appreciation (depreciation)</FONT></TD>
	<TD align=left style="border-bottom:1px solid #000000;">
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">&#36;</FONT></TD>
	<TD align=right style="border-bottom:1px solid #000000;">
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">36,096,734</FONT></TD>
	<TD align=left style="border-bottom:1px solid #000000;">
&nbsp;</TD>
</TR>
</TABLE>
</DIV>
<P style="MARGIN:0px">&nbsp;</P>
<P style="text-align: left;">
<B><FONT size=2 face="Arial,Bold,Arial,Helvetica,sans-serif">4. FAIR VALUE MEASUREMENTS</FONT></B></P>
<P style="text-align: left;">
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">The Fund follows a fair value hierarchy that distinguishes between market data obtained from independent sources (observable inputs) and the Fund&#146;s own market assumptions (unobservable inputs). These inputs are used in determining the value of the Fund&#146;s financial instruments and are summarized in the following fair value hierarchy:</FONT></P>
<UL>
<LI>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">Level 1 &#150; quoted prices in active markets for identical financial instruments</FONT></LI>
<LI>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">Level 2 &#150; other significant observable inputs (including quoted prices for similar financial instruments, interest rates,</FONT> <FONT size=2 face="Arial,Arial,Helvetica,sans-serif">prepayment speed, credit risk, etc.)</FONT></LI>
<LI>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">Level 3 &#150; significant unobservable inputs (including the Fund&#146;s own assumptions in determining the fair value of financial</FONT> <FONT size=2 face="Arial,Arial,Helvetica,sans-serif">instruments)</FONT></LI>
</UL>
<P style="text-align: left;">
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">The input levels are not necessarily an indication of the risk or liquidity associated with financial instruments at that level.</FONT></P>
<P style="text-align: left;">
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">For movements between the levels within the fair value hierarchy, the Fund has adopted a policy of recognizing the transfers as of the date of the underlying event which caused the movement.</FONT></P>
<P style="text-align: left;">
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">A summary of inputs used as of November 30, 2013, in valuing the Fund&#146;s assets and liabilities carried at fair value, is as follows:</FONT></P>
</DIV>

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<DIV align=left>

<TABLE border=0 cellSpacing=0>



<TR>

   <TD width="34%"></TD>

   <TD width="2%"></TD>

   <TD width="19%"></TD>

   <TD width="2%"></TD>

   <TD width="14%"></TD>

   <TD width="9%"></TD>

   <TD width="3%"></TD>

   <TD width="3%"></TD>

   <TD width="10%"></TD></TR>

<TR vAlign=bottom>

   <TD align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" align=center><B><FONT size=1 face=Arial,Bold,Arial,Helvetica,sans-serif>Level 1</FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" align=center><B><FONT size=1 face=Arial,Bold,Arial,Helvetica,sans-serif>Level 2</FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 3px double; TEXT-INDENT: 9.021pt" align=left><B><FONT size=1 face=Arial,Bold,Arial,Helvetica,sans-serif>Level 3</FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" align=right><B><FONT size=1 face=Arial,Bold,Arial,Helvetica,sans-serif>Total</FONT></B></TD></TR>

<TR vAlign=bottom>

   <TD align=left><B><FONT size=1 face=Arial,Bold,Arial,Helvetica,sans-serif>Assets:</FONT></B></TD>

   <TD align=right>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=center><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>Investments in Securities:</FONT></TD>

   <TD align=right>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 19.679pt" align=left><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>Equity Investments:</FONT><SUP><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>a</FONT></SUP></TD>

   <TD align=right>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 29.399pt" align=left><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>Materials</FONT></TD>

   <TD align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>$</FONT></TD>

   <TD align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>4,316,608</FONT></TD>

   <TD align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>$</FONT></TD>

   <TD align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>434,400</FONT></TD>

   <TD align=left><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>$</FONT></TD>

   <TD style="TEXT-INDENT: 0.044pt" align=left><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>- b</FONT></TD>

   <TD style="TEXT-INDENT: 1.835pt" align=left><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>$</FONT></TD>

   <TD align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>4,751,008</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 29.399pt" align=left><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>Transportation</FONT></TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>-</FONT></TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>549,634</FONT></TD>

   <TD align=left>&nbsp;</TD>

   <TD style="TEXT-INDENT: 0.032pt" align=left><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>-</FONT></TD>

   <TD align=left>&nbsp;</TD>

   <TD align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>549,634</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 29.399pt" align=left><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>Other Equity Investments</FONT><SUP><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>c</FONT></SUP></TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>72,789,825</FONT></TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>-</FONT></TD>

   <TD align=left>&nbsp;</TD>

   <TD style="TEXT-INDENT: 0.964pt" align=left><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>-</FONT></TD>

   <TD align=left>&nbsp;</TD>

   <TD align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>72,789,825</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 19.679pt" align=left><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>Corporate Bonds</FONT></TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>-</FONT></TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>173,454,410</FONT></TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>-</FONT></TD>

   <TD align=left>&nbsp;</TD>

   <TD align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>173,454,410</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 19.679pt" align=left><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>Senior Floating Rate Interests</FONT></TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>-</FONT></TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>1,951,091</FONT></TD>

   <TD align=left>&nbsp;</TD>

   <TD style="TEXT-INDENT: 0.035pt" align=left><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>-</FONT></TD>

   <TD align=left>&nbsp;</TD>

   <TD align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>1,951,091</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 19.679pt" align=left><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>Short Term Investments</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>3,256,063</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>-</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double; TEXT-INDENT: 0.008pt" align=left><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>-</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>3,256,063</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 39.24pt" align=left><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>Total Investments in Securities</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>$</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>80,362,496</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>$</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>176,389,535</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 3px double; TEXT-INDENT: 0.11pt" align=left><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>$</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 3px double; TEXT-INDENT: 0.154pt" align=left><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>-</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" align=left><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>$</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>256,752,031</FONT></TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P>

<P style="TEXT-ALIGN: left"><SUP><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>a</FONT></SUP><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>Includes common, preferred and convertible preferred stocks as w ell as other equity investments.</FONT><BR><SUP><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>b</FONT></SUP><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>Includes security determined to have no value at November 30, 2013.</FONT><BR><SUP><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>c</FONT></SUP><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>For detailed categories, see the accompanying Statement of Investments.</FONT><BR><BR><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>A reconciliation of assets in which Level 3 inputs are used in determining fair value is presented when there are significant Level</FONT><BR><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>3 investments at the end of the period.</FONT></P>

<P style="TEXT-ALIGN: left"><B><FONT size=2 face=Arial,Bold,Arial,Helvetica,sans-serif>5. SUBSEQUENT EVENTS</FONT></B></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>The Fund has evaluated subsequent events through the issuance of the Statement of Investments and determined that no events have occurred that require disclosure.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>For additional information on the Fund's significant accounting policies, please refer to the Fund's most recent semiannual or annual shareholder report.</FONT></P></DIV>
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<p style="margin:0in;margin-bottom:.0001pt;"><font face="Courier New" lang=EN-US style="font-size:10.0pt;">Item
2. Controls and Procedures.</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face="Courier New" lang=EN-US style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face="Courier New" lang=EN-US style="font-size:10.0pt;">(a) </font><u><font face="Courier New" lang=EN-US style="font-size:10.0pt;">Evaluation of
Disclosure Controls and Procedures</font></u><font face="Courier New" lang=EN-US style="font-size:10.0pt;">.&#160; The Registrant maintains disclosure
controls and procedures that are designed to ensure that information required
to be disclosed in the Registrant&#8217;s filings under the Securities Exchange Act
of 1934 and the Investment Company Act of 1940 is recorded, processed, summarized
and reported within the periods specified in the rules and forms of the
Securities and Exchange Commission.&#160; Such information is accumulated and
communicated to the Registrant&#8217;s management, including its principal executive
officer and principal financial officer, as appropriate, to allow timely
decisions regarding required disclosure.&#160; The Registrant&#8217;s management,
including the principal executive officer and the principal financial officer,
recognizes that any set of controls and procedures, no matter how well designed
and operated, can provide only reasonable assurance of achieving the desired
control objectives.</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face="Courier New" lang=EN-US style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face="Courier New" lang=EN-US style="font-size:10.0pt;">Within 90 days prior to the
filing date of this Quarterly Schedule of Portfolio Holdings on Form N-Q, the
Registrant had carried out an evaluation, under the supervision and with the
participation of the Registrant&#8217;s management, including the Registrant&#8217;s
principal executive officer and the Registrant&#8217;s principal financial officer,
of the effectiveness of the design and operation of the Registrant&#8217;s disclosure
controls and procedures.&#160; Based on such evaluation, the Registrant&#8217;s principal
executive officer and principal financial officer concluded that the
Registrant&#8217;s disclosure controls and procedures are effective.</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face="Courier New" lang=EN-US style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face="Courier New" lang=EN-US style="font-size:10.0pt;">(b) </font><u><font face="Courier New" lang=EN-US style="font-size:10.0pt;">Changes in Internal
Controls</font></u><font face="Courier New" lang=EN-US style="font-size:10.0pt;">.&#160; There have been no changes in the Registrant&#8217;s internal controls
or in other factors that could materially affect the internal controls over
financial reporting subsequent to the date of their evaluation in connection
with the preparation of this Quarterly Schedule of Portfolio Holdings on Form
N-Q.</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font color=#454545 face="Courier New" lang=EN-US style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face="Courier New" lang=EN-US style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><b><font face="Courier New" lang=EN-US style="font-size:10.0pt;">Item 3. Exhibits.</font></b></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font color=#454545 face="Courier New" lang=EN-US style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face="Courier New" lang=EN-US style="font-size:10.0pt;">(a) Certification pursuant to
Section 30a-2 under the Investment Company Act of 1940 of Laura F. Fergerson,
Chief Executive Officer - Finance and Administration, and Gaston Gardey, Chief
Financial Officer and Chief Accounting Officer.</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face="Courier New" lang=EN-US style="font-size:10.0pt;">&nbsp;</font></p>

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<p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><b><font face="Courier New" lang=EN-US style="font-size:10.0pt;">SIGNATURES</font></b></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font color=#454545 face="Courier New" lang=EN-US style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font color=#454545 face="Courier New" lang=EN-US style="font-size:10.0pt;">Pursuant to the
requirements of the Securities Exchange Act of 1934 and the Investment Company
Act of 1940, the registrant has duly caused this report to be signed on its
behalf by the undersigned, thereunto duly authorized.</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font color=#454545 face="Courier New" lang=EN-US style="font-size:10.0pt;">&nbsp;</font></p>

<h1 align=left style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:left;"><b><font color=windowtext face="Courier New" style="font-size:10.0pt;text-decoration:none;">Franklin Universal Trust</font></b></h1>

<p style="margin:0in;margin-bottom:.0001pt;"><font face="Courier New" lang=EN-US style="font-size:12.0pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face="Courier New" lang=EN-US style="font-size:12.0pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face="Courier New" lang=EN-US style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face="Courier New" lang=EN-US style="font-size:10.0pt;">By </font><u><font face="Courier New" lang=EN-US style="font-size:10.0pt;">/s/LAURA F. FERGERSON</font></u></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face="Courier New" lang=EN-US style="font-size:10.0pt;">&#160;&#160;&#160; Laura F. Fergerson</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face="Courier New" lang=EN-US style="font-size:10.0pt;">&#160;&#160;&#160; Chief Executive Officer &#8211;
</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face="Courier New" lang=EN-US style="font-size:10.0pt;">&#160;&#160;&#160; Finance and
Administration</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face="Courier New" lang=EN-US style="font-size:10.0pt;">&#160;Date January 27, 2014</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face="Courier New" lang=EN-US style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face="Courier New" lang=EN-US style="font-size:10.0pt;">Pursuant to the requirements
of the Securities Exchange Act of 1934 and the Investment Company Act of 1940,
this report has been signed below by the following persons on behalf of the
registrant and in the capacities and on the dates indicated.</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face="Courier New" lang=EN-US style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face="Courier New" lang=EN-US style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face="Courier New" lang=EN-US style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face="Courier New" lang=EN-US style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face="Courier New" lang=EN-US style="font-size:10.0pt;">By </font><u><font face="Courier New" lang=EN-US style="font-size:10.0pt;">/s/LAURA F. FERGERSON</font></u></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face="Courier New" lang=EN-US style="font-size:10.0pt;">&#160;&#160;&#160; Laura F. Fergerson</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face="Courier New" lang=EN-US style="font-size:10.0pt;">&#160;&#160;&#160; Chief Executive Officer &#8211;
</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face="Courier New" lang=EN-US style="font-size:10.0pt;">&#160;&#160;&#160; Finance and
Administration</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face="Courier New" lang=EN-US style="font-size:10.0pt;">&#160;Date January 27, 2014</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face="Courier New" lang=EN-US style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face="Courier New" lang=EN-US style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face="Courier New" lang=EN-US style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face="Courier New" lang=EN-US style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face="Courier New" lang=EN-US style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face="Courier New" lang=EN-US style="font-size:10.0pt;">By </font><u><font face="Courier New" lang=EN-US style="font-size:10.0pt;">/s/GASTON GARDEY</font></u></p>

<p style="margin:0in;margin-bottom:.0001pt;text-indent:.25in;"><font face="Courier New" lang=EN-US style="font-size:10.0pt;">&#160;&#160; Gaston Gardey</font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-indent:.25in;"><font face="Courier New" lang=EN-US style="font-size:10.0pt;">&#160;&#160; Chief
Financial Officer and </font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-indent:.25in;"><font face="Courier New" lang=EN-US style="font-size:10.0pt;">&#160;&#160;
Chief Accounting Officer</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face="Courier New" lang=EN-US style="font-size:10.0pt;">&#160;Date January 27, 2014</font></p>



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</DIV>
<p align=right style="margin:0in;margin-bottom:.0001pt;text-align:right;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">Exhibit
3 (a)</font></p>

<p align=right style="margin:0in;margin-bottom:.0001pt;text-align:right;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">I, Laura F. Fergerson, certify that:</font></p>

<p style="line-height:50%;margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-indent:.25in;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">1. I have reviewed this report on
Form N-Q of </font><b><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">Franklin Universal Trust</font></b><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">;&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-top:6.0pt;text-align:justify;text-indent:.25in;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">2.
Based on my knowledge, this report does not contain any untrue statement of a
material fact or omit to state a material fact necessary to make the statements
made, in light of the circumstances under which such statements were made, not
misleading with respect to the period covered by this report; </font><b><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">&#160;&nbsp;</font></b><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">&#160;&nbsp;</font></p>

<p style="margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:6.0pt;text-align:justify;text-indent:.25in;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">3. Based on my
knowledge, the schedules of investments included in this report fairly present
in all material respects the investments of the registrant as of the end of the
fiscal quarter for which the report is filed; </font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-top:6.0pt;text-align:justify;text-indent:.25in;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">4.
The registrant's other certifying officer(s) and I are responsible for
establishing and maintaining disclosure controls and procedures (as defined in
Rule 30a-3(c) under the Investment Company Act of 1940) and internal control
over financial reporting (as defined in Rule 30a-3(d) under the Investment
Company Act of 1940) for the registrant and have:</font></p>

<p style="margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:6.0pt;text-align:justify;text-indent:.25in;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">(a) Designed such disclosure controls and
procedures, or caused such disclosure controls and procedures to be designed
under our supervision, to ensure that material information relating to the
registrant, including its consolidated subsidiaries, is made known to us by
others within those entities, particularly during the period in which this
report is being prepared;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-top:6.0pt;text-align:justify;text-indent:.25in;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">(b)
Designed such internal control over financial reporting, or caused such
internal control over financial reporting to be designed under our supervision,
to provide reasonable assurance regarding the reliability of financial
reporting and the preparation of financial statements for external purposes in
accordance with generally accepted accounting principles;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-top:6.0pt;text-align:justify;text-indent:.25in;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">(c)
Evaluated the effectiveness of the registrant's disclosure controls and
procedures and presented in this report our conclusions about the effectiveness
of the disclosure controls and procedures, as of a date within 90 days prior to
the filing date of this report, based on such evaluation; and</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-top:6.0pt;text-align:justify;text-indent:.25in;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">(d)
Disclosed in this report any change in the registrant's internal control over
financial reporting that occurred during the registrant's most recent fiscal
quarter that has materially affected, or is reasonably likely to materially
affect, the registrant's internal control over financial reporting; and</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-top:6.0pt;text-align:justify;text-indent:.25in;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">5.
The registrant's other certifying officer(s) and I have disclosed to the
registrant's auditors and the audit committee of the registrant's board of
directors (or persons performing the equivalent functions):</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-top:6.0pt;text-align:justify;text-indent:.25in;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">(a)
All significant deficiencies and material weaknesses in the design or operation
of internal control over financial reporting which are reasonably likely to
adversely affect the registrant's ability to record, process, summarize, and
report financial information; and</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-top:6.0pt;text-align:justify;text-indent:.25in;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">(b)
Any fraud, whether or not material, that involves management or other employees
who have a significant role in the registrant's internal control over financial
reporting.</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face="times new roman" lang=EN-US style="font-size:11.0pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">1/27/2014</font></p>

<p style="line-height:50%;margin:0in;margin-bottom:.0001pt;"><font style="line-height:50%;"><b><font color=black face="Times New Roman" lang=EN-US style="font-size:11.0pt;">&nbsp;</font></b></font></p>

<p style="line-height:12.0pt;margin:0in;margin-bottom:.0001pt;"><b><font color=black face="Times New Roman" lang=EN-US style="font-size:11.0pt;">&nbsp;</font></b></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">S\LAURA F. FERGERSON</font></p>

<p style="line-height:12.0pt;margin:0in;margin-bottom:.0001pt;"><b><font color=black face="Times New Roman" lang=EN-US style="font-size:11.0pt;">&nbsp;</font></b></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">Laura F. Fergerson </font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">Chief Executive Officer - Finance and Administration</font></p>









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<p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">I, Gaston Gardey, certify that:</font></p>

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<p style="margin:0in;margin-bottom:.0001pt;text-indent:.25in;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">1. I have reviewed this report on
Form N-Q of </font><b><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">Franklin Universal Trust</font></b><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">;&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-top:6.0pt;text-align:justify;text-indent:.25in;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">2.
Based on my knowledge, this report does not contain any untrue statement of a
material fact or omit to state a material fact necessary to make the statements
made, in light of the circumstances under which such statements were made, not
misleading with respect to the period covered by this report; </font><b><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">&#160;&nbsp;</font></b><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">&#160;&nbsp;</font></p>

<p style="margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:6.0pt;text-align:justify;text-indent:.25in;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">3. Based on my
knowledge, the schedules of investments included in this report fairly present
in all material respects the investments of the registrant as of the end of the
fiscal quarter for which the report is filed; </font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-top:6.0pt;text-align:justify;text-indent:.25in;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">4.
The registrant's other certifying officer(s) and I are responsible for
establishing and maintaining disclosure controls and procedures (as defined in
Rule 30a-3(c) under the Investment Company Act of 1940) and internal control
over financial reporting (as defined in Rule 30a-3(d) under the Investment
Company Act of 1940) for the registrant and have:</font></p>

<p style="margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:6.0pt;text-align:justify;text-indent:.25in;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">(a) Designed such disclosure controls and
procedures, or caused such disclosure controls and procedures to be designed
under our supervision, to ensure that material information relating to the
registrant, including its consolidated subsidiaries, is made known to us by
others within those entities, particularly during the period in which this
report is being prepared;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-top:6.0pt;text-align:justify;text-indent:.25in;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">(b)
Designed such internal control over financial reporting, or caused such
internal control over financial reporting to be designed under our supervision,
to provide reasonable assurance regarding the reliability of financial
reporting and the preparation of financial statements for external purposes in
accordance with generally accepted accounting principles;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-top:6.0pt;text-align:justify;text-indent:.25in;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">(c)
Evaluated the effectiveness of the registrant's disclosure controls and
procedures and presented in this report our conclusions about the effectiveness
of the disclosure controls and procedures, as of a date within 90 days prior to
the filing date of this report, based on such evaluation; and</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-top:6.0pt;text-align:justify;text-indent:.25in;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">(d)
Disclosed in this report any change in the registrant's internal control over
financial reporting that occurred during the registrant's most recent fiscal
quarter that has materially affected, or is reasonably likely to materially
affect, the registrant's internal control over financial reporting; and</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-top:6.0pt;text-align:justify;text-indent:.25in;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">5.
The registrant's other certifying officer(s) and I have disclosed to the
registrant's auditors and the audit committee of the registrant's board of
directors (or persons performing the equivalent functions):</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-top:6.0pt;text-align:justify;text-indent:.25in;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">(a)
All significant deficiencies and material weaknesses in the design or operation
of internal control over financial reporting which are reasonably likely to
adversely affect the registrant's ability to record, process, summarize, and
report financial information; and</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-top:6.0pt;text-align:justify;text-indent:.25in;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">(b)
Any fraud, whether or not material, that involves management or other employees
who have a significant role in the registrant's internal control over financial
reporting.</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face="times new roman" lang=EN-US style="font-size:11.0pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">1/27/2014</font></p>

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<p style="line-height:12.0pt;margin:0in;margin-bottom:.0001pt;"><b><font color=black face="Times New Roman" lang=EN-US style="font-size:11.0pt;">&nbsp;</font></b></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">S\GASTON GARDEY</font></p>

<p style="line-height:12.0pt;margin:0in;margin-bottom:.0001pt;"><b><font color=black face="Times New Roman" lang=EN-US style="font-size:11.0pt;">&nbsp;</font></b></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">Gaston Gardey </font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">Chief Financial Officer and Chief Accounting Officer</font></p>









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