<SEC-DOCUMENT>0000833040-16-000030.txt : 20160127
<SEC-HEADER>0000833040-16-000030.hdr.sgml : 20160127
<ACCEPTANCE-DATETIME>20160127161627
ACCESSION NUMBER:		0000833040-16-000030
CONFORMED SUBMISSION TYPE:	N-Q
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20151130
FILED AS OF DATE:		20160127
DATE AS OF CHANGE:		20160127
EFFECTIVENESS DATE:		20160127

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:		161365215

	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>n-qfutpe113015_sec.htm
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<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Courier New">UNITED STATES<BR>SECURITIES AND EXCHANGE COMMISSION<BR>Washington, DC 20549</FONT></P>

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

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

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

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

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

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

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

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

<H1 style="PAGE-BREAK-AFTER: auto; 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 lang=EN-US style="FONT-SIZE: 10pt" color=#454545 face="Courier New">(Exact name of registrant as specified in charter)</FONT></P>

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

<H1 style="PAGE-BREAK-AFTER: auto; 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 lang=EN-US style="FONT-SIZE: 10pt" color=#454545 face="Courier New">(Address of principal executive offices) (Zip code)</FONT></P>

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

<H1 style="PAGE-BREAK-AFTER: auto; 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 lang=EN-US style="FONT-SIZE: 10pt" color=#454545 face="Courier New">(Name and address of agent for service)</FONT></P>

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

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

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

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

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

<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=#454545 face="Courier New">Date of reporting period: </FONT><U><FONT lang=EN-US style="FONT-SIZE: 10pt" color=#454545 face="Courier New">11/30/15</FONT></U></P>

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

<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face="courier new"></FONT>&nbsp;</P>

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

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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>

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

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

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

<TR>

   <TD colSpan=5>&nbsp;</TD></TR>

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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, 2015 (unaudited)</FONT></B></TD>

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

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

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

<TR>

   <TD colSpan=5>&nbsp;</TD></TR>

<TR>

   <TD colSpan=5>&nbsp;</TD></TR>

<TR vAlign=bottom>

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

   <TD bgColor=#bfbfbf align=center><B><FONT color=#ffffff size=1 face="Arial Narrow,Bold,Arial,Helvetica,sans-serif">Country</FONT></B></TD>

   <TD style="TEXT-INDENT: 19.2pt" bgColor=#bfbfbf align=left><B><FONT color=#ffffff size=1 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=1 face="Arial Narrow,Bold,Arial,Helvetica,sans-serif">Value</FONT></B></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 21.239pt" align=left><B><FONT size=2 face="Arial Narrow,Bold,Arial,Helvetica,sans-serif">Common Stocks 46.2%</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: 21.239pt" align=left><B><FONT size=1 face="Arial Narrow,Bold,Arial,Helvetica,sans-serif">Energy 1.4%</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: 21.239pt" 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">2,419,570</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 21.239pt" align=left><B><FONT size=1 face="Arial Narrow,Bold,Arial,Helvetica,sans-serif">Materials 0.8%</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: 21.239pt" 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">Australia</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">610,736</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 21.239pt" align=left><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">Freeport-McMoRan 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">657,509</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 18.119pt" 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">South32 Ltd., ADR</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">10,074</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">42,512</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">1,310,757</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 21.239pt" align=left><B><FONT size=1 face="Arial Narrow,Bold,Arial,Helvetica,sans-serif">Transportation 0.1%</FONT></B></TD>

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

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

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

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

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 18.119pt" 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">92,407</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 21.239pt" align=left><B><FONT size=1 face="Arial Narrow,Bold,Arial,Helvetica,sans-serif">Utilities 43.9%</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: 21.239pt" 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">2,407,600</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 21.239pt" 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">4,200,750</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 21.239pt" 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">2,878,110</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 21.239pt" 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">2,276,300</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 21.239pt" 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">2,610,300</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 21.239pt" 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">6,737,000</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 21.239pt" 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">2,012,250</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 21.239pt" 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">80,060</FONT></TD>

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

   <TD align=right><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">5,424,865</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 21.239pt" 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">4,452,000</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 21.239pt" 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">3,331,500</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 21.239pt" 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">1,502,050</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 21.239pt" 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">1,883,400</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 21.239pt" 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">1,889,300</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 21.239pt" 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">4,993,000</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 21.239pt" 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">2,636,500</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 21.239pt" 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">4,435,200</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 21.239pt" 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">2,723,200</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 21.239pt" 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">1,759,500</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 21.239pt" 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">4,961,500</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 21.239pt" 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">87,250</FONT></TD>

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

   <TD align=right><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">3,886,115</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 18.119pt" 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">Talen 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">9,992</FONT></TD>

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

   <TD align=right><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">77,838</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 21.239pt" 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">2,034,000</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 21.239pt" align=left><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">WEC Energy 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">40,000</FONT></TD>

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

   <TD align=right><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">1,972,800</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 21.239pt" 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">2,560,800</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 21.239pt" 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">2,139,600</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">75,785,478</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 21.239pt" align=left><B><FONT size=2 face="Arial Narrow,Bold,Arial,Helvetica,sans-serif">Total Common Stocks (Cost $47,699,704)</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">79,608,212</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 21.239pt" align=left><B><FONT size=2 face="Arial Narrow,Bold,Arial,Helvetica,sans-serif">Convertible Preferred Stocks 0.1%</FONT></B></TD>

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

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

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

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

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 21.239pt" align=left><B><FONT size=1 face="Arial Narrow,Bold,Arial,Helvetica,sans-serif">Transportation 0.1%</FONT></B></TD>

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

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

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

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

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 18.119pt" 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">4,200</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 18.119pt" 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">200,031</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 21.239pt" 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">204,231</FONT></TD></TR>

<TR vAlign=bottom>

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

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

   <TD bgColor=#bfbfbf align=center><B><FONT color=#ffffff size=1 face="Arial Narrow,Bold,Arial,Helvetica,sans-serif">Principal Amount</FONT></B><SUP><FONT color=#ffffff size=1 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: 21.239pt" align=left><B><FONT size=2 face="Arial Narrow,Bold,Arial,Helvetica,sans-serif">Corporate Bonds 86.4%</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: 21.239pt" align=left><B><FONT size=1 face="Arial Narrow,Bold,Arial,Helvetica,sans-serif">Automobiles &amp; Components 1.8%</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: 21.239pt" align=left><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">Fiat Chrysler Automobiles NV, senior note, 5.25%, 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">1,700,000</FONT></TD>

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

   <TD align=right><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">1,689,375</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 21.239pt" align=left><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">The Goodyear Tire &amp; Rubber Co., 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 style="TEXT-INDENT: 28.44pt" align=left><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">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">1,165,659</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 28.44pt" align=left><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">5.125%, 11/15/23</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">300,000</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">308,250</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">3,163,284</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 21.239pt" align=left><B><FONT size=1 face="Arial Narrow,Bold,Arial,Helvetica,sans-serif">Banks 3.6%</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: 21.239pt" 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 style="TEXT-INDENT: 28.44pt" align=left><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">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">528,750</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 28.44pt" align=left><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">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">1,228,500</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 25.08pt" align=left><SUP><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">b </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">320,625</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 18.36pt" 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">Citigroup Inc., junior sub. bond, M, 6.30% to 5/15/24, 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">1,100,000</FONT></TD>

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

   <TD align=right><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">1,083,500</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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<TR>

   <TD width="52%"></TD>

   <TD width="23%"></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, 2015 (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: 18.36pt" 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">JPMorgan Chase &amp; Co., junior sub. 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: 28.44pt" align=left><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">R, 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">911,700</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 28.44pt" align=left><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">V, 5.00% to 7/30/19, 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">800,000</FONT></TD>

   <TD align=right><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">769,000</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 21.239pt" align=left><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">Royal Bank of Scotland Group PLC, sub. 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: 28.44pt" align=left><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">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 align=right><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">992,250</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 28.44pt" align=left><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">5.125%, 5/28/24</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">400,000</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">411,750</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">6,246,075</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 21.239pt" align=left><B><FONT size=1 face="Arial Narrow,Bold,Arial,Helvetica,sans-serif">Capital Goods 2.3%</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: 18.119pt" align=left><SUP><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">b</FONT></SUP><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">Bombardier Inc., senior bond, 144A, 7.50%, 3/15/25</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">1,700,000</FONT></TD>

   <TD align=right><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">1,275,000</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 21.239pt" align=left><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">Navistar International Corp., senior bond, 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">800,000</FONT></TD>

   <TD align=right><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">574,000</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 21.239pt" align=left><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">Oshkosh Corp., senior note, 5.375%, 3/01/22</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">500,000</FONT></TD>

   <TD align=right><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">507,500</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 21.239pt" align=left><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">TransDigm 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: 28.44pt" align=left><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">senior sub. bond, 6.50%, 7/15/24</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">198,000</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 25.08pt" align=left><SUP><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">b </FONT></SUP><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">senior sub. bond, 144A, 6.50%, 5/15/25</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">98,625</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 28.44pt" align=left><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">senior sub. note, 6.00%, 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">700,000</FONT></TD>

   <TD align=right><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">691,250</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 18.119pt" align=left><SUP><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">b</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">603,000</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">3,947,375</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 21.239pt" align=left><B><FONT size=1 face="Arial Narrow,Bold,Arial,Helvetica,sans-serif">Commercial &amp; Professional Services 1.0%</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: 18.119pt" align=left><SUP><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">b</FONT></SUP><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">Acosta Inc., senior note, 144A, 7.75%, 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">500,000</FONT></TD>

   <TD align=right><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">463,750</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 21.239pt" align=left><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">IHS Inc., senior note, 5.00%, 11/01/22</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">300,000</FONT></TD>

   <TD align=right><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">306,375</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 21.239pt" align=left><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">United Rentals North America Inc., senior bond, 5.75%, 11/15/24</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">1,000,000</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">1,015,000</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">1,785,125</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 21.239pt" align=left><B><FONT size=1 face="Arial Narrow,Bold,Arial,Helvetica,sans-serif">Consumer Durables &amp; Apparel 3.4%</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: 18.119pt" align=left><SUP><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">b</FONT></SUP><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">Jarden Corp., senior note, 144A, 5.00%, 11/15/23</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">700,000</FONT></TD>

   <TD align=right><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">721,788</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 21.239pt" 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: 28.44pt" 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">1,116,500</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 28.44pt" align=left><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">senior note, 4.75%, 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">200,000</FONT></TD>

   <TD align=right><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">197,000</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 28.44pt" 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">300,750</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 21.239pt" 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">200,000</FONT></TD>

   <TD align=right><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">205,750</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 18.119pt" align=left><SUP><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">b</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: 28.44pt" 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">403,000</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 28.44pt" align=left><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">5.875%, 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">500,000</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 28.44pt" align=left><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">5.625%, 3/01/24</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">700,000</FONT></TD>

   <TD align=right><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">679,875</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 21.239pt" 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">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: 21.239pt" 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">900,000</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">924,525</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">5,789,438</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 21.239pt" align=left><B><FONT size=1 face="Arial Narrow,Bold,Arial,Helvetica,sans-serif">Consumer Services 5.2%</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: 18.119pt" align=left><SUP><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">b</FONT></SUP><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">1011778 BC ULC/New Red Finance 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: 28.44pt" align=left><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">secured note, second lien, 144A, 6.00%, 4/01/22</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">1,037,500</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 28.44pt" align=left><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">senior secured note, first lien, 144A, 4.625%, 1/15/22</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">500,000</FONT></TD>

   <TD align=right><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">506,250</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 18.119pt" align=left><SUP><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">b</FONT></SUP><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">24 Hour Holdings III LLC, senior note, 144A, 8.00%, 6/01/22</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><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">842,500</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 18.119pt" 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">Caesars Entertainment Operating Co. Inc., senior secured note, first lien, 11.25%,</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: 24.72pt" align=left><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">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">500,000</FONT></TD>

   <TD align=right><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">387,500</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; b,d</FONT></SUP><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">Fontainebleau Las Vegas, senior secured bond, first lien, 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">200</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 18.119pt" align=left><SUP><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">b</FONT></SUP><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">International Game Technology PLC, senior secured bond, 144A, 6.50%, 2/15/25</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">1,569,312</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 18.119pt" align=left><SUP><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">b</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">959,625</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 21.239pt" 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: 28.44pt" 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">1,221,000</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 28.44pt" 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">823,000</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 18.119pt" align=left><SUP><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">b</FONT></SUP><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">Sabre GLBL Inc., first lien, 144A, 5.375%, 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">300,000</FONT></TD>

   <TD align=right><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">301,500</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 18.119pt" align=left><SUP><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">b</FONT></SUP><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">Wynn Las Vegas LLC/Wynn Las Vegas Capital Corp., senior bond, 144A, 5.50%,</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: 24.72pt" align=left><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">3/01/25</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">723,000</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 18.119pt" align=left><SUP><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">b</FONT></SUP><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">Wynn Macau Ltd., senior note, 144A, 5.25%, 10/15/21</FONT></TD>

   <TD align=center><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">Macau</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">542,250</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">8,913,637</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 21.239pt" align=left><B><FONT size=1 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: 21.239pt" align=left><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">AerCap Ireland Capital Ltd./AerCap Global Aviation Trust, 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: 28.44pt" align=left><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">4.25%, 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">800,000</FONT></TD>

   <TD align=right><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">813,000</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 28.44pt" align=left><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">4.625%, 10/30/20</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">200,000</FONT></TD>

   <TD align=right><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">205,750</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 28.44pt" align=left><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">5.00%, 10/01/21</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">500,000</FONT></TD>

   <TD align=right><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">519,063</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 21.239pt" 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">618,750</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 18.119pt" align=left><SUP><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">e</FONT></SUP><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">Deutsche Bank AG, sub. bond, 4.296% to 5/24/23, FRN thereafter, 5/24/28</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">900,000</FONT></TD>

   <TD align=right><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">850,725</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 21.239pt" align=left><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">E*TRADE Financial 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: 28.44pt" align=left><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">5.375%, 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">318,000</FONT></TD></TR></TABLE></DIV>

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<TR>

   <TD width="51%"></TD>

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

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

   <TD width="2%"></TD>

   <TD width="9%"></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>

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

<TR>

   <TD colSpan=5>&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, 2015 (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></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 28.44pt" align=left><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">4.625%, 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">400,000</FONT></TD>

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

   <TD align=right><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">412,000</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 21.239pt" align=left><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">Navient Corp., senior note,</FONT></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: 28.44pt" 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=left>&nbsp;</TD>

   <TD align=right><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">947,250</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 28.44pt" 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 align=left>&nbsp;</TD>

   <TD align=right><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">771,600</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 28.44pt" align=left><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">4.875%, 6/17/19</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=left>&nbsp;</TD>

   <TD align=right><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">750,000</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 18.119pt" align=left><SUP><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">b</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=left>&nbsp;</TD>

   <TD align=right><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">732,235</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 18.119pt" align=left><SUP><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">b</FONT></SUP><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">OneMain Financial Holdings Inc., senior note, 144A, 7.25%, 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">800,000</FONT></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">816,000</FONT></TD></TR>

<TR vAlign=bottom>

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

   <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">7,754,373</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 21.239pt" align=left><B><FONT size=1 face="Arial Narrow,Bold,Arial,Helvetica,sans-serif">Energy 12.8%</FONT></B></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: 21.239pt" align=left><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">BreitBurn Energy Partners LP/BreitBurn Finance Corp.,</FONT></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: 28.44pt" 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=left>&nbsp;</TD>

   <TD align=right><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">206,500</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 28.44pt" align=left><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=left>&nbsp;</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: 21.239pt" align=left><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">California Resources Corp.,</FONT></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: 28.44pt" align=left><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">senior bond, 6.00%, 11/15/24</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=left>&nbsp;</TD>

   <TD align=right><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">360,375</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 28.44pt" align=left><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">senior note, 5.50%, 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">400,000</FONT></TD>

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

   <TD align=right><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">242,000</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 18.119pt" align=left><SUP><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">b</FONT></SUP><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">Calumet Specialty Products Partners LP/Calumet Finance Co., senior note, 144A,</FONT></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: 24.72pt" align=left><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">7.75%, 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">800,000</FONT></TD>

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

   <TD align=right><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">754,000</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 21.239pt" align=left><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">CGG SA, senior note,</FONT></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: 28.44pt" align=left><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=left>&nbsp;</TD>

   <TD align=right><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">328,500</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 28.44pt" align=left><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">6.875%, 1/15/22</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">300,000</FONT></TD>

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

   <TD align=right><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">164,813</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 21.239pt" align=left><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">Chaparral Energy Inc.,</FONT></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: 28.44pt" align=left><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">senior bond, 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=left>&nbsp;</TD>

   <TD align=right><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">44,000</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 28.44pt" align=left><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">senior bond, 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=left>&nbsp;</TD>

   <TD align=right><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">64,500</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 28.44pt" align=left><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">senior note, 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=left>&nbsp;</TD>

   <TD align=right><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">220,000</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 21.239pt" align=left><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">1,350,000</FONT></TD>

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

   <TD align=right><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">654,750</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 21.239pt" align=left><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">Chesapeake Energy Corp., senior note,</FONT></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: 28.44pt" align=left><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">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=left>&nbsp;</TD>

   <TD align=right><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">807,500</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 28.44pt" align=left><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">4.875%, 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">300,000</FONT></TD>

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

   <TD align=right><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">128,438</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 21.239pt" align=left><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">Clayton Williams Energy Inc., senior note, 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">500,000</FONT></TD>

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

   <TD align=right><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">470,000</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 21.239pt" align=left><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">Compressco Partners LP/Finance Corp., senior note, 7.25%, 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=left>&nbsp;</TD>

   <TD align=right><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">242,812</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 21.239pt" align=left><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>

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

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 28.44pt" align=left><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">5.875%, 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">800,000</FONT></TD>

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

   <TD align=right><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">528,000</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 25.08pt" align=left><SUP><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">b </FONT></SUP><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">144A, 8.00%, 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">800,000</FONT></TD>

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

   <TD align=right><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">568,000</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 18.119pt" align=left><SUP><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">b</FONT></SUP><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">Crestwood Midstream Partners LP/Crestwood Midstream Finance Corp., senior note,</FONT></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: 24.72pt" align=left><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">144A, 6.25%, 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">500,000</FONT></TD>

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

   <TD align=right><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">427,500</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 18.119pt" align=left><SUP><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">b</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">1,100,000</FONT></TD>

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

   <TD align=right><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">767,250</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 21.239pt" align=left><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>

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

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 28.44pt" align=left><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=left>&nbsp;</TD>

   <TD align=right><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">184,395</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 28.44pt" align=left><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">senior note, first lien, 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=left>&nbsp;</TD>

   <TD align=right><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">1,581,562</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 21.239pt" align=left><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=left>&nbsp;</TD>

   <TD align=right><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">383,500</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 18.119pt" align=left><SUP><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">b</FONT></SUP><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">EnQuest PLC, senior note, 144A, 7.00%, 4/15/22</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">600,000</FONT></TD>

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

   <TD align=right><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">364,125</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 21.239pt" align=left><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=left>&nbsp;</TD>

   <TD align=right><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">260,000</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 18.119pt" align=left><SUP><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">b</FONT></SUP><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">Ferrellgas LP/Ferrellgas Finance Corp., senior note, 144A, 6.75%, 6/15/23</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=left>&nbsp;</TD>

   <TD align=right><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">809,820</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 18.119pt" align=left><SUP><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">b</FONT></SUP><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">Goodrich Petroleum Corp., secured note, second lien, 144A, 8.875%, 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">600</FONT></TD>

   <TD align=left><SUP><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">f</FONT></SUP></TD>

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

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 21.239pt" align=left><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">Halcon Resources Corp.,</FONT></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: 28.44pt" align=left><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">senior note, 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">800,000</FONT></TD>

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

   <TD align=right><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">256,000</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 25.08pt" align=left><SUP><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">b </FONT></SUP><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">senior secured note, third lien, 144A, 13.00%, 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">520,000</FONT></TD>

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

   <TD align=right><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">243,100</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 18.119pt" align=left><SUP><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">b</FONT></SUP><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">Linn Energy LLC/Finance Corp., senior secured note, second lien, 144A, 12.00%,</FONT></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: 24.72pt" align=left><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">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">900,000</FONT></TD>

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

   <TD align=right><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">562,500</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 21.239pt" align=left><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">Martin Midstream Partners LP/Martin Midstream Finance Corp., senior note, 7.25%,</FONT></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: 24.72pt" align=left><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">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">1,000,000</FONT></TD>

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

   <TD align=right><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">953,750</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 21.239pt" align=left><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">Memorial Resource Development Corp., senior note, 5.875%, 7/01/22</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">500,000</FONT></TD>

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

   <TD align=right><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">468,750</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 21.239pt" align=left><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">700,000</FONT></TD>

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

   <TD align=right><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">113,750</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 18.119pt" align=left><SUP><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">b</FONT></SUP><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">Murray Energy Corp., secured note, second lien, 144A, 11.25%, 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">700,000</FONT></TD>

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

   <TD align=right><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">159,250</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 21.239pt" align=left><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">Oasis Petroleum Inc.,</FONT></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: 28.44pt" align=left><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">senior bond, 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=left>&nbsp;</TD>

   <TD align=right><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">173,500</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 28.44pt" align=left><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">senior note, 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=left>&nbsp;</TD>

   <TD align=right><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">190,500</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 28.44pt" align=left><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">senior note, 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=left>&nbsp;</TD>

   <TD align=right><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">342,000</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 28.44pt" align=left><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">senior note, 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=left>&nbsp;</TD>

   <TD align=right><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">343,000</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 18.119pt" align=left><SUP><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">b</FONT></SUP><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">Ocean Rig UDW Inc., senior note, 144A, 7.25%, 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">400,000</FONT></TD>

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

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

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 21.239pt" align=left><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=left>&nbsp;</TD>

   <TD align=right><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">1,258,500</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 18.119pt" align=left><SUP><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">b</FONT></SUP><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">Peabody Energy Corp., second lien, 144A, 10.00%, 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">1,700,000</FONT></TD>

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

   <TD align=right><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">408,000</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 21.239pt" align=left><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=left>&nbsp;</TD>

   <TD align=right><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">157,500</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 21.239pt" align=left><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">QEP Resources Inc., senior bond,</FONT></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: 28.44pt" align=left><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=left>&nbsp;</TD>

   <TD align=right><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">633,500</FONT></TD></TR></TABLE></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, 2015 (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: 28.44pt" align=left><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">359,000</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 10.8pt" align=left><SUP><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">b,d,g</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">400,000</FONT></TD>

   <TD align=right><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">122,000</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 21.239pt" align=left><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">Sabine Pass Liquefaction LLC, first lien,</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: 28.44pt" align=left><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">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">972,500</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 28.44pt" align=left><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">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">194,250</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 28.44pt" align=left><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">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">463,750</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 21.239pt" align=left><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">Sanchez Energy 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: 28.44pt" align=left><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">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">688,500</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 28.44pt" align=left><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">6.125%, 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">300,000</FONT></TD>

   <TD align=right><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">207,750</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 18.119pt" align=left><SUP><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">b</FONT></SUP><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">Ultra Petroleum Corp., senior bond, 144A, 6.125%, 10/01/24</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">1,100,000</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: 21.239pt" align=left><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><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">516,000</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 21.239pt" align=left><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">WPX Energy Inc., senior note, 8.25%, 8/01/23</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">600,000</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">562,500</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">22,039,190</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 21.239pt" align=left><B><FONT size=1 face="Arial Narrow,Bold,Arial,Helvetica,sans-serif">Food, Beverage &amp; Tobacco 3.1%</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: 21.239pt" align=left><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">Constellation Brands 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: 28.44pt" align=left><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">senior bond, 4.75%, 11/15/24</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">400,000</FONT></TD>

   <TD align=right><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">412,000</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 28.44pt" align=left><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">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">505,000</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 25.08pt" align=left><SUP><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">e </FONT></SUP><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">senior note, 4.75%, 12/01/25</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">102,000</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 21.239pt" align=left><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">Cott Beverages Inc., senior note, 6.75%, 1/01/20</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">624,000</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 18.119pt" align=left><SUP><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">b</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">300,000</FONT></TD>

   <TD align=right><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">300,750</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 18.119pt" align=left><SUP><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">b</FONT></SUP><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">JBS USA LLC/Finance 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: 28.44pt" align=left><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">senior bond, 144A, 5.875%, 7/15/24</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">592,125</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 28.44pt" align=left><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">senior note, 144A, 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">315,750</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 28.44pt" align=left><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">senior note, 144A, 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">733,250</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 21.239pt" align=left><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">Post Holdings 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 style="TEXT-INDENT: 28.44pt" align=left><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">835,752</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 25.08pt" align=left><SUP><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">b </FONT></SUP><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">144A, 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">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: 25.08pt" align=left><SUP><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">b </FONT></SUP><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">144A, 6.00%, 12/15/22</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">297,000</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 25.08pt" align=left><SUP><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">b </FONT></SUP><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">144A, 7.75%, 3/15/24</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">100,000</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">104,250</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">5,333,127</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 21.239pt" align=left><B><FONT size=1 face="Arial Narrow,Bold,Arial,Helvetica,sans-serif">Health Care Equipment &amp; Services 6.4%</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: 21.239pt" align=left><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 style="TEXT-INDENT: 28.44pt" align=left><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">933,894</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 28.44pt" align=left><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">99,500</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 21.239pt" align=left><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 style="TEXT-INDENT: 28.44pt" align=left><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">915,750</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 28.44pt" align=left><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">402,000</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 28.44pt" align=left><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">senior note, 6.875%, 2/01/22</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">194,500</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 28.44pt" align=left><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">senior secured note, first lien, 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">615,000</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 21.239pt" align=left><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">DaVita HealthCare Partners 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: 28.44pt" align=left><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">senior bond, 5.125%, 7/15/24</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">400,000</FONT></TD>

   <TD align=right><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">399,750</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 28.44pt" align=left><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">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">520,000</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 21.239pt" align=left><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 style="TEXT-INDENT: 28.44pt" align=left><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">senior bond, 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">830,000</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 28.44pt" align=left><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">senior bond, 5.875%, 2/15/26</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">1,422,750</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 28.44pt" align=left><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">1,416,009</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 28.44pt" align=left><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">senior secured bond, first lien, 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">644,250</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 18.119pt" align=left><SUP><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">b</FONT></SUP><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">Hologic Inc., senior note, 144A, 5.25%, 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">500,000</FONT></TD>

   <TD align=right><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">521,875</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 21.239pt" align=left><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">Tenet Healthcare 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: 28.44pt" align=left><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">5.00%, 3/01/19</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">774,000</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 28.44pt" align=left><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">5.50%, 3/01/19</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">390,000</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 28.44pt" align=left><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">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 style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">1,003,750</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">11,083,028</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 21.239pt" align=left><B><FONT size=1 face="Arial Narrow,Bold,Arial,Helvetica,sans-serif">Materials 11.8%</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: 21.239pt" align=left><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">ArcelorMittal, 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: 28.44pt" align=left><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">6.50%, 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">900,000</FONT></TD>

   <TD align=right><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">789,750</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 28.44pt" align=left><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">6.125%, 6/01/25</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">300,000</FONT></TD>

   <TD align=right><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">237,000</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 18.119pt" align=left><SUP><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">b</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">528,125</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 18.119pt" align=left><SUP><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">b</FONT></SUP><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">Ardagh Packaging Finance PLC/Ardagh MP Holdings USA 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: 28.44pt" align=left><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">6.25%, 1/31/19</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">200,500</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 28.44pt" align=left><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">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">88,235</FONT></TD>

   <TD align=right><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">88,346</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 28.44pt" align=left><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">6.75%, 1/31/21</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">200,000</FONT></TD>

   <TD align=right><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">203,125</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 28.44pt" align=left><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">6.00%, 6/30/21</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">500,000</FONT></TD>

   <TD align=right><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">495,000</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 18.119pt" align=left><SUP><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">b</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">800,000</FONT></TD>

   <TD align=right><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">648,400</FONT></TD></TR></TABLE></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=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></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, 2015 (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: 18.119pt" align=left><SUP><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">b</FONT></SUP><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">Blue Cube Spinco Inc., senior bond, 144A, 10.00%, 10/15/25</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: 18.119pt" align=left><SUP><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">b</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">1,375,500</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 18.119pt" align=left><SUP><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">b</FONT></SUP><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">Cemex Finance LLC, senior secured note, first lien, 144A, 6.00%, 4/01/24</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">600,000</FONT></TD>

   <TD align=right><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">559,125</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 18.119pt" align=left><SUP><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">b</FONT></SUP><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">Cemex SAB de CV, first lien, 144A, 5.70%, 1/11/25</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">1,100,000</FONT></TD>

   <TD align=right><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">978,312</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 18.119pt" align=left><SUP><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">b</FONT></SUP><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">The Chemours Co.,</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: 28.44pt" align=left><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">senior bond, 144A, 7.00%, 5/15/25</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">150,000</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 28.44pt" align=left><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">senior note, 144A, 6.625%, 5/15/23</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">1,100,000</FONT></TD>

   <TD align=right><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">830,500</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 18.119pt" align=left><SUP><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">b</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">926,250</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 18.119pt" align=left><SUP><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">b</FONT></SUP><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">First Quantum Minerals 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 style="TEXT-INDENT: 28.44pt" align=left><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">6.75%, 2/15/20</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">631,000</FONT></TD>

   <TD align=right><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">413,305</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 28.44pt" align=left><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">7.00%, 2/15/21</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">1,131,000</FONT></TD>

   <TD align=right><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">724,547</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 18.119pt" align=left><SUP><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">b</FONT></SUP><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">FMG Resources (August 2006) Pty. Ltd., senior secured note, 144A, 9.75%, 3/01/22</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">1,800,000</FONT></TD>

   <TD align=right><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">1,735,875</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 18.119pt" align=left><SUP><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">b</FONT></SUP><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">NOVA Chemicals Corp., senior bond, 144A, 5.00%, 5/01/25</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">1,100,000</FONT></TD>

   <TD align=right><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">1,080,750</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 21.239pt" 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">684,250</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 18.119pt" align=left><SUP><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">b</FONT></SUP><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">Owens-Brockway Glass Container 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: 28.44pt" align=left><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">5.00%, 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">600,000</FONT></TD>

   <TD align=right><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">597,000</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 28.44pt" align=left><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">5.875%, 8/15/23</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">520,937</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 18.119pt" align=left><SUP><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">b</FONT></SUP><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">Platform Specialty Products Corp., senior note, 144A, 6.50%, 2/01/22</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">900,000</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: 18.119pt" align=left><SUP><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">b</FONT></SUP><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">PSPC Escrow II Corp., senior note, 144A, 10.375%, 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">200,000</FONT></TD>

   <TD align=right><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">204,500</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 18.119pt" align=left><SUP><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">b</FONT></SUP><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">Rain CII Carbon LLC/CII Carbon 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">387,500</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 21.239pt" 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: 28.44pt" 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">514,375</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 28.44pt" 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">1,007,500</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 28.44pt" 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">203,500</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 28.44pt" 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">103,875</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 28.44pt" 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">702,625</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 18.119pt" align=left><SUP><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">b</FONT></SUP><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">Sealed Air 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: 28.44pt" align=left><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">senior bond, 144A, 5.50%, 9/15/25</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: 28.44pt" align=left><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">senior note, 144A, 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">446,000</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 21.239pt" align=left><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">Steel Dynamics 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: 28.44pt" align=left><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">senior bond, 5.50%, 10/01/24</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">500,000</FONT></TD>

   <TD align=right><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">478,750</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 28.44pt" align=left><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">senior note, 5.125%, 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">391,000</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 21.239pt" align=left><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">Verso Paper Holdings LLC/Inc., senior secured note, first lien, 11.75%, 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">216,000</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">32,940</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">20,332,662</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 21.239pt" align=left><B><FONT size=1 face="Arial Narrow,Bold,Arial,Helvetica,sans-serif">Media 9.4%</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: 21.239pt" 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">740,250</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 21.239pt" 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">1,700,000</FONT></TD>

   <TD align=right><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">1,712,750</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 18.119pt" align=left><SUP><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">b</FONT></SUP><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">CCOH Safari LLC, senior bond, 144A, 5.75%, 2/15/26</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">503,750</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 21.239pt" 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: 28.44pt" 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">493,750</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 28.44pt" 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">681,625</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 21.239pt" align=left><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">CSC Holdings LLC, 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: 28.44pt" align=left><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">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">663,250</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 28.44pt" align=left><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">5.25%, 6/01/24</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">700,000</FONT></TD>

   <TD align=right><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">595,000</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 21.239pt" 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: 28.44pt" 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">1,000,000</FONT></TD>

   <TD align=right><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">1,009,150</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 28.44pt" 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">706,125</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 21.239pt" align=left><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: 28.44pt" align=left><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">senior bond, 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">954,000</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 28.44pt" align=left><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">senior note, 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">800,000</FONT></TD>

   <TD align=right><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">832,000</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 21.239pt" align=left><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">iHeartCommunications 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: 28.44pt" align=left><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">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">1,300,000</FONT></TD>

   <TD align=right><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">898,300</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 28.44pt" align=left><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">senior secured note, first lien, 9.00%, 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">100,000</FONT></TD>

   <TD align=right><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">68,625</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 18.119pt" align=left><SUP><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">b</FONT></SUP><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">Radio One Inc., senior sub. note, 144A, 9.25%, 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">500,000</FONT></TD>

   <TD align=right><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">412,500</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 18.119pt" align=left><SUP><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">b</FONT></SUP><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">Sirius XM Radio Inc., senior bond, 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: 28.44pt" align=left><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">6.00%, 7/15/24</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">800,000</FONT></TD>

   <TD align=right><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">829,000</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 28.44pt" align=left><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">5.375%, 4/15/25</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">694,750</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 18.119pt" align=left><SUP><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">b</FONT></SUP><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">Unitymedia KabelBW GmbH, senior bond, 144A, 6.125%, 1/15/25</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">600,000</FONT></TD>

   <TD align=right><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">607,875</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 18.119pt" align=left><SUP><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">b</FONT></SUP><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">Univision Communications Inc., senior secured bond, first lien, 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">358,000</FONT></TD>

   <TD align=right><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">372,320</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 18.119pt" align=left><SUP><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">b</FONT></SUP><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">Virgin Media Finance PLC, 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">307,875</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 18.119pt" align=left><SUP><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">b</FONT></SUP><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">Virgin Media Secured Finance PLC, senior secured 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: 28.44pt" align=left><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">144A, 5.25%, 1/15/26</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">500,000</FONT></TD>

   <TD align=right><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">490,625</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 28.44pt" align=left><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">first lien, 144A, 5.50%, 1/15/25</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">800,000</FONT></TD>

   <TD align=right><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">806,000</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 18.119pt" align=left><SUP><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">b</FONT></SUP><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">VTR Finance BV, senior secured note, 144A, 6.875%, 1/15/24</FONT></TD>

   <TD align=center><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">Chile</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">582,000</FONT></TD></TR></TABLE></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=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></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, 2015 (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: 18.119pt" align=left><SUP><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">b</FONT></SUP><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">WMG Acquisition 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: 28.44pt" align=left><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">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 align=right><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">1,210,825</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 28.44pt" align=left><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">senior note, 144A, 5.625%, 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">100,000</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">98,250</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">16,270,595</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 21.239pt" align=left><B><FONT size=1 face="Arial Narrow,Bold,Arial,Helvetica,sans-serif">Pharmaceuticals, Biotechnology &amp; Life Sciences 2.8%</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: 18.119pt" align=left><SUP><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">b</FONT></SUP><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">Concordia Healthcare Corp., senior note, 144A, 7.00%, 4/15/23</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">865,000</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 18.119pt" align=left><SUP><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">b</FONT></SUP><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">Endo Finance LLC/Endo Ltd./Endo Finco 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: 28.44pt" align=left><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">senior bond, 144A, 6.00%, 2/01/25</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">573,000</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 28.44pt" align=left><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">senior note, 144A, 6.00%, 7/15/23</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">400,000</FONT></TD>

   <TD align=right><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">390,500</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 18.119pt" align=left><SUP><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">b</FONT></SUP><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">Horizon Pharma Financing Inc., senior note, 144A, 6.625%, 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">692,000</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 18.119pt" align=left><SUP><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">b</FONT></SUP><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">Jaguar Holding Co. II/Pharmaceutical Product Development LLC, 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: 24.72pt" align=left><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">6.375%, 8/01/23</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">481,250</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 18.119pt" align=left><SUP><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">b</FONT></SUP><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">Valeant Pharmaceuticals International, 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 align=right><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">1,013,375</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 18.119pt" align=left><SUP><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">b</FONT></SUP><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">Valeant Pharmaceuticals International 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: 28.44pt" align=left><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">senior bond, 144A, 6.125%, 4/15/25</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">261,750</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 28.44pt" align=left><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">senior note, 144A, 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">700,000</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">614,250</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">4,891,125</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 21.239pt" align=left><B><FONT size=1 face="Arial Narrow,Bold,Arial,Helvetica,sans-serif">Real Estate 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: 21.239pt" align=left><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">Equinix Inc., 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: 28.44pt" align=left><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">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">1,330,875</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 25.08pt" align=left><SUP><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">e </FONT></SUP><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">5.875%, 1/15/26</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">203,500</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">1,534,375</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 21.239pt" align=left><B><FONT size=1 face="Arial Narrow,Bold,Arial,Helvetica,sans-serif">Retailing 1.7%</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: 18.119pt" align=left><SUP><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">b</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">920,250</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 18.119pt" align=left><SUP><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">b</FONT></SUP><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">Argos Merger Sub Inc., senior note, 144A, 7.125%, 3/15/23</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">300,000</FONT></TD>

   <TD align=right><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">303,000</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 18.119pt" align=left><SUP><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">b</FONT></SUP><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">Dollar Tree Inc., senior note, 144A, 5.75%, 3/01/23</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">522,500</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 18.119pt" align=left><SUP><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">b</FONT></SUP><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">Netflix Inc., senior bond, 144A, 5.875%, 2/15/25</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">1,142,625</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">2,888,375</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 21.239pt" align=left><B><FONT size=1 face="Arial Narrow,Bold,Arial,Helvetica,sans-serif">Semiconductors &amp; Semiconductor Equipment 0.5%</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: 18.119pt" align=left><SUP><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">b</FONT></SUP><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">Qorvo Inc., senior bond, 144A, 7.00%, 12/01/25</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">824,000</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 21.239pt" align=left><B><FONT size=1 face="Arial Narrow,Bold,Arial,Helvetica,sans-serif">Software &amp; Services 2.9%</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: 18.119pt" align=left><SUP><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">b</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">1,600,000</FONT></TD>

   <TD align=right><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">1,244,000</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 18.119pt" align=left><SUP><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">b</FONT></SUP><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: 28.44pt" align=left><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">second lien, 144A, 5.75%, 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">1,400,000</FONT></TD>

   <TD align=right><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">1,403,500</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 28.44pt" align=left><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">senior note, 144A, 7.00%, 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">400,000</FONT></TD>

   <TD align=right><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">406,500</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 28.44pt" align=left><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">senior secured bond, 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">900,000</FONT></TD>

   <TD align=right><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">941,625</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 18.119pt" align=left><SUP><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">b</FONT></SUP><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">Infor (U.S.) Inc., senior note, 144A, 6.50%, 5/15/22</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 style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">979,000</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">4,974,625</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 21.239pt" align=left><B><FONT size=1 face="Arial Narrow,Bold,Arial,Helvetica,sans-serif">Technology Hardware &amp; Equipment 1.5%</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: 18.119pt" align=left><SUP><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">b</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">France</FONT></TD>

   <TD align=right><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">730,000</FONT></TD>

   <TD align=right><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">775,253</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 18.119pt" align=left><SUP><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">b</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">700,000</FONT></TD>

   <TD align=right><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">626,500</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;&nbsp;&nbsp; b,h</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">406,500</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 18.119pt" align=left><SUP><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">b</FONT></SUP><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">CommScope Technologies Finance LLC, senior bond, 144A, 6.00%, 6/15/25</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 style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">864,000</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">2,672,253</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 21.239pt" align=left><B><FONT size=1 face="Arial Narrow,Bold,Arial,Helvetica,sans-serif">Telecommunication Services 7.0%</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: 21.239pt" align=left><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">CenturyLink Inc., 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: 28.44pt" align=left><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">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">285,945</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 28.44pt" align=left><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">5.625%, 4/01/25</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">863,750</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 18.119pt" align=left><SUP><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">b</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">785,812</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 18.119pt" align=left><SUP><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">b</FONT></SUP><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">Digicel 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 style="TEXT-INDENT: 28.44pt" align=left><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">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">452,500</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 28.44pt" align=left><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">6.75%, 3/01/23</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">300,000</FONT></TD>

   <TD align=right><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">266,411</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 21.239pt" align=left><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">Intelsat Jackson Holdings 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: 28.44pt" align=left><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">senior bond, 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">305,000</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 28.44pt" align=left><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">senior note, 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">168,000</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 28.44pt" align=left><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">senior note, 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">1,252,500</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 18.119pt" align=left><SUP><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">b</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">900,000</FONT></TD>

   <TD align=right><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">871,312</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 18.119pt" align=left><SUP><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">b</FONT></SUP><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">Sprint Communications 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: 28.44pt" 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">2,165,000</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 28.44pt" 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">511,562</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 21.239pt" align=left><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">Sprint 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: 28.44pt" align=left><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">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">403,750</FONT></TD></TR></TABLE></DIV>

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<TR>

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

   <TD width="20%"></TD>

   <TD width="11%"></TD>

   <TD width="4%"></TD>

   <TD width="7%"></TD>

   <TD width="2%"></TD></TR>

<TR vAlign=bottom>

   <TD align=right><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>

   <TD colSpan=6>&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, 2015 (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 style="TEXT-INDENT: 28.44pt" align=left><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">7.125%, 6/15/24</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=left>&nbsp;</TD>

   <TD align=right><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">155,125</FONT></TD>

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

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 21.239pt" 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>

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

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

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 28.44pt" 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=left>&nbsp;</TD>

   <TD align=right><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">202,000</FONT></TD>

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

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 28.44pt" align=left><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">senior bond, 6.375%, 3/01/25</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=left>&nbsp;</TD>

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

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

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 28.44pt" 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=left>&nbsp;</TD>

   <TD align=right><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">828,000</FONT></TD>

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

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 28.44pt" 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=left>&nbsp;</TD>

   <TD align=right><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">102,301</FONT></TD>

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

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 18.119pt" align=left><SUP><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">b</FONT></SUP><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">Wind Acquisition Finance SA,</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 style="TEXT-INDENT: 28.44pt" align=left><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">senior note, 144A, 7.375%, 4/23/21</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">1,700,000</FONT></TD>

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

   <TD align=right><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">1,636,250</FONT></TD>

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

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 28.44pt" align=left><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">senior secured note, first lien, 144A, 4.75%, 7/15/20</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">300,000</FONT></TD>

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

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">299,813</FONT></TD>

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

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">12,055,031</FONT></TD>

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

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 21.239pt" align=left><B><FONT size=1 face="Arial Narrow,Bold,Arial,Helvetica,sans-serif">Transportation 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 style="TEXT-INDENT: 18.119pt" align=left><SUP><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">b</FONT></SUP><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">Florida East Coast Holdings Corp.,</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 style="TEXT-INDENT: 28.44pt" align=left><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">secured note, first lien, 144A, 6.75%, 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">400,000</FONT></TD>

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

   <TD align=right><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">393,000</FONT></TD>

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

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 28.44pt" align=left><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">senior note, 144A, 9.75%, 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">200,000</FONT></TD>

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

   <TD align=right><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">175,000</FONT></TD>

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

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 21.239pt" 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>

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

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

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 28.44pt" 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=left>&nbsp;</TD>

   <TD align=right><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">612,750</FONT></TD>

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

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 28.44pt" 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 align=left>&nbsp;</TD>

   <TD align=right><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">1,025,000</FONT></TD>

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

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 18.119pt" align=left><SUP><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">b</FONT></SUP><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">Stena AB, senior bond, 144A, 7.00%, 2/01/24</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">300,000</FONT></TD>

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

   <TD align=right><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">263,250</FONT></TD>

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

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 18.119pt" align=left><SUP><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">b</FONT></SUP><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">Stena International SA, secured bond, 144A, 5.75%, 3/01/24</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">500,000</FONT></TD>

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

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">442,125</FONT></TD>

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

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">2,911,125</FONT></TD>

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

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 21.239pt" align=left><B><FONT size=1 face="Arial Narrow,Bold,Arial,Helvetica,sans-serif">Utilities 2.1%</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 style="TEXT-INDENT: 21.239pt" align=left><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">Calpine Corp.,</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 style="TEXT-INDENT: 28.44pt" align=left><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">senior bond, 5.75%, 1/15/25</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=left>&nbsp;</TD>

   <TD align=right><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">1,222,000</FONT></TD>

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

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 25.08pt" align=left><SUP><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">b </FONT></SUP><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">senior secured bond, first lien, 144A, 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">354,000</FONT></TD>

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

   <TD align=right><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">377,453</FONT></TD>

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

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 18.119pt" align=left><SUP><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">b</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">1,000,000</FONT></TD>

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

   <TD align=right><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">835,000</FONT></TD>

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

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 21.239pt" align=left><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">NRG Yield Operating LLC, senior bond, 5.375%, 8/15/24</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=left>&nbsp;</TD>

   <TD align=right><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">546,900</FONT></TD>

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

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 18.119pt" align=left><SUP><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">b</FONT></SUP><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">PPL Energy Supply LLC, senior bond, 144A, 6.50%, 6/01/25</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=left>&nbsp;</TD>

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

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

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 14.519pt" align=left><SUP><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">b,d</FONT></SUP><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">Texas Competitive Eletric Holdings Co. LLC/Texas Competitive Eletric 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 style="TEXT-INDENT: 24.72pt" align=left><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">Finance Inc., senior secured note, first lien, 144A, 11.50%, 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">700,000</FONT></TD>

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

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">248,500</FONT></TD>

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

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">3,572,353</FONT></TD>

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

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 21.239pt" align=left><B><FONT size=2 face="Arial Narrow,Bold,Arial,Helvetica,sans-serif">Total Corporate Bonds (Cost $169,137,393)</FONT></B></TD>

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

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

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

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">148,981,171</FONT></TD>

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

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 18.119pt" align=left><SUP><FONT size=2 face="Arial Narrow,Arial,Helvetica,sans-serif">g</FONT></SUP><B><FONT size=2 face="Arial Narrow,Bold,Arial,Helvetica,sans-serif">Senior Floating Rate Interests (Cost $765,495) 0.4%</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 style="TEXT-INDENT: 21.239pt" align=left><B><FONT size=1 face="Arial Narrow,Bold,Arial,Helvetica,sans-serif">Household &amp; Personal Products 0.4%</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 style="TEXT-INDENT: 21.239pt" align=left><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=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">770,664</FONT></TD>

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

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">736,625</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&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=1 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 style="TEXT-INDENT: 21.239pt" align=left><B><FONT size=2 face="Arial Narrow,Bold,Arial,Helvetica,sans-serif">Escrows and Litigation Trusts (Cost $&#8212;) 0.0%</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 style="TEXT-INDENT: 15.839pt" align=left><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">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 style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">&#8212;</FONT></TD>

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

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 21.239pt" align=left><B><FONT size=2 face="Arial Narrow,Bold,Arial,Helvetica,sans-serif">Total Investments before Short Term Investments (Cost $218,189,685)</FONT></B></TD>

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

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

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

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">229,530,239</FONT></TD>

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

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 21.239pt" align=left><B><FONT size=2 face="Arial Narrow,Bold,Arial,Helvetica,sans-serif">Short Term Investments (Cost $1,932,702) 1.1%</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 style="TEXT-INDENT: 21.239pt" align=left><B><FONT size=1 face="Arial Narrow,Bold,Arial,Helvetica,sans-serif">Money Market Funds 1.1%</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 style="TEXT-INDENT: 15.839pt" align=left><SUP><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">a,j</FONT></SUP><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">Institutional Fiduciary Trust Money Market Portfolio</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">1,932,702</FONT></TD>

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

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">1,932,702</FONT></TD>

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

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 21.239pt" align=left><B><FONT size=2 face="Arial Narrow,Bold,Arial,Helvetica,sans-serif">Total Investments (Cost $220,122,387) 134.2%</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">231,462,941</FONT></TD>

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

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 21.239pt" align=left><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">34.8</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>

   <TD colSpan=6>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 21.239pt" align=left><B><FONT size=2 face="Arial Narrow,Bold,Arial,Helvetica,sans-serif">Other Assets, less Liabilities 0.6%</FONT></B></TD>

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

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

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

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">956,337</FONT></TD>

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

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 21.239pt" align=left><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">$</FONT></TD>

   <TD align=right><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">172,419,278</FONT></TD>

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

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<P style="TEXT-ALIGN: left"><SUP><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">* </FONT></SUP><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">The principal amount is stated in U.S. dollars unless otherwise indicated.</FONT><BR><SUP><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">a </FONT></SUP><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">Non-income producing.</FONT><BR><SUP><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">b </FONT></SUP><FONT size=1 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</FONT><BR><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">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</FONT><BR><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">November 30, 2015, the aggregate value of these securities was $70,984,563, representing 41.17% of net assets.</FONT><BR><SUP><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">c </FONT></SUP><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">Perpetual security with no stated maturity date.</FONT><BR><SUP><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">d </FONT></SUP><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">Defaulted security or security for which income has been deemed uncollectible.</FONT><BR><SUP><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">e </FONT></SUP><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">A portion or all of the security purchased on a when-issued or delayed delivery basis.</FONT><BR><SUP><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">f </FONT></SUP><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">Principal amount is stated in 1,000 Units.</FONT></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, 2015 (unaudited) </FONT></B><I><FONT size=3 face="Arial Narrow,Italic,Arial,Helvetica,sans-serif">(continued)</FONT></I></P>

<P style="TEXT-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">The coupon rate shown represents the rate at period end.</FONT><BR><SUP><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">h </FONT></SUP><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">Income may be received in additional securities and/or cash.</FONT><BR><SUP><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">i </FONT></SUP><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">Security has been deemed illiquid because it may not be able to be sold within seven days.</FONT><BR><SUP><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">j </FONT></SUP><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">See Note 4 regarding investments in affiliated management investment companies.</FONT></P>

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<TR>

   <TD width="18%"></TD>

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

   <TD width="70%"></TD></TR>

<TR vAlign=bottom>

   <TD align=left><B><FONT size=1 face="Arial Narrow,Bold,Arial,Helvetica,sans-serif">ADR</FONT></B></TD>

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

   <TD align=left><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">American Depositary Receipt</FONT></TD></TR>

<TR vAlign=bottom>

   <TD align=left><B><FONT size=1 face="Arial Narrow,Bold,Arial,Helvetica,sans-serif">FRN</FONT></B></TD>

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

   <TD align=left><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">Floating Rate Note</FONT></TD></TR>

<TR vAlign=bottom>

   <TD align=left><B><FONT size=1 face="Arial Narrow,Bold,Arial,Helvetica,sans-serif">PIK</FONT></B></TD>

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

   <TD align=left><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">Payment-In-Kind</FONT></TD></TR></TABLE></DIV>

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<P style="TEXT-ALIGN: left"><B><FONT size=3 face="Arial Narrow,Bold,Arial,Helvetica,sans-serif">A</FONT></B><B><FONT size=1 face="Arial Narrow,Bold,Arial,Helvetica,sans-serif">BBREVIATIONS</FONT></B></P>

<P style="TEXT-ALIGN: left"><B><FONT size=2 face="Arial Narrow,Bold,Arial,Helvetica,sans-serif">Selected Portfolio</FONT></B></P></DIV>

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<P style="TEXT-ALIGN: left"><B><FONT size=5 face="Times New Roman,Bold,Times New Roman,Times,serif">Franklin Universal Trust</FONT></B></P>

<P style="TEXT-ALIGN: left"><FONT size=4 face="Times New Roman,Times New Roman,Times,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="Times New Roman,Times New Roman,Times,serif">Franklin Universal Trust (Fund) is registered under the Investment Company Act of 1940 as a closed-end management investment company and applies the specialized accounting and reporting guidance in U.S. Generally Accepted Accounting Principles.</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="Times New Roman,Times New Roman,Times,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. The Fund calculates the net asset value (NAV) per share as of 4 p.m. Eastern time each day the New York Stock Exchange (NYSE) is open for trading. Senior Fixed Rate Notes are carried at cost. Under compliance policies and procedures approved by the Fund&#8217;s Board of Trustees (the Board), the Fund&#8217;s administrator has responsibility for oversight of valuation, including leading the cross-functional 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="Times New Roman,Times New Roman,Times,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 as of 4 p.m. Eastern time, whichever is earlier. The value is then converted into its U.S. dollar equivalent at the foreign exchange rate in effect at 4 p.m. Eastern time on the day that the value of the security is determined. Over-the-counter (OTC) securities are valued within the range of the most recent quoted bid and ask prices. Securities that trade in multiple markets or on multiple exchanges are valued according to the broadest and most representative market. Certain equity securities are valued based upon fundamental characteristics or relationships to similar securities.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face="Times New Roman,Times New Roman,Times,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. Securities denominated in a foreign currency are converted into their U.S. dollar equivalent at the foreign exchange rate in effect at 4 p.m. Eastern time on the date that the values of the foreign debt securities are determined.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face="Times New Roman,Times New Roman,Times,serif">Investments in open-end mutual funds are valued at the closing NAV.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face="Times New Roman,Times New Roman,Times,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</FONT></P></DIV>

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<P style="TEXT-ALIGN: left"><FONT size=2 face="Times New Roman,Times New Roman,Times,serif">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="Times New Roman,Times New Roman,Times,serif">Trading in securities on foreign securities stock exchanges and OTC markets may be completed before 4 p.m. Eastern time. In addition, trading in certain foreign markets may not take place on every NYSE business day. 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&#8217;s portfolio securities as determined at the foreign market close and the 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="Times New Roman,Times New Roman,Times,serif">When the last day of the reporting period is a non-business day, certain foreign markets may be open on those days that the NYSE is closed, which could result in differences between the value of the Fund&#8217;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="Times New Roman,Times New Roman,Times,serif">At November 30, 2015, the cost of investments and net unrealized appreciation (depreciation) for income tax purposes were as follows:</FONT></P>

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<TABLE cellSpacing=0 border=0>



<TR>

   <TD width="64%"></TD>

   <TD width="9%"></TD>

   <TD width="19%"></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 style="BORDER-BOTTOM: #000000 1px solid; TEXT-INDENT: 0.583pt" align=left><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>$</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>220,443,537</FONT></TD>

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

   <TD align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>37,146,841</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 style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>(26,127,437</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><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 style="BORDER-BOTTOM: #000000 1px solid; TEXT-INDENT: 0.039pt" align=left><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>$</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>11,019,404</FONT></TD>

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

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<P style="TEXT-ALIGN: left"><B><FONT size=2 face=Arial,Bold,Arial,Helvetica,sans-serif>4. INVESTMENTS IN AFFILIATED MANAGEMENT INVESTMENT COMPANIES</FONT></B></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face="Times New Roman,Times New Roman,Times,serif">The Fund invests in an affiliated management investment company for purposes other than exercising a controlling influence over the management or policies. Management fees paid by the Fund are waived on assets invested in the affiliated management investment company, in an amount not to exceed the management and administrative fees paid directly or indirectly by each affiliate. Prior to September 1, 2013, the waiver was accounted for as a reduction to management fees.</FONT></P>

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<TABLE cellSpacing=0 border=0>



<TR>

   <TD width="23%"></TD>

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

   <TD width="6%"></TD>

   <TD width="6%"></TD>

   <TD width="3%"></TD>

   <TD width="11%"></TD>

   <TD width="3%"></TD>

   <TD width="6%"></TD>

   <TD width="1%"></TD>

   <TD width="6%"></TD>

   <TD width="6%"></TD>

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

   <TD width="3%"></TD></TR>

<TR vAlign=bottom>

   <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>

   <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>

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

   <TD align=right><B><FONT size=1 face=Arial,Bold,Arial,Helvetica,sans-serif>% of Affiliated Fund</FONT></B></TD>

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

<TR vAlign=bottom>

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

   <TD align=right><B><FONT size=1 face=Arial,Bold,Arial,Helvetica,sans-serif>Number of Shares</FONT></B></TD>

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

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

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

   <TD align=right><B><FONT size=1 face=Arial,Bold,Arial,Helvetica,sans-serif>Number of Shares</FONT></B></TD>

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

   <TD align=right><B><FONT size=1 face=Arial,Bold,Arial,Helvetica,sans-serif>Value at</FONT></B></TD>

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

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

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

   <TD align=right><B><FONT size=1 face=Arial,Bold,Arial,Helvetica,sans-serif>Shares Outstanding</FONT></B></TD>

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

<TR vAlign=bottom>

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

   <TD align=right><B><FONT size=1 face=Arial,Bold,Arial,Helvetica,sans-serif>Held at Beginning</FONT></B></TD>

   <TD align=right><B><FONT size=1 face=Arial,Bold,Arial,Helvetica,sans-serif>Gross</FONT></B></TD>

   <TD align=right><B><FONT size=1 face=Arial,Bold,Arial,Helvetica,sans-serif>Gross</FONT></B></TD>

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

   <TD align=right><B><FONT size=1 face=Arial,Bold,Arial,Helvetica,sans-serif>Held at End of</FONT></B></TD>

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

   <TD align=right><B><FONT size=1 face=Arial,Bold,Arial,Helvetica,sans-serif>End of</FONT></B></TD>

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

   <TD align=right><B><FONT size=1 face=Arial,Bold,Arial,Helvetica,sans-serif>Investment</FONT></B></TD>

   <TD align=right><B><FONT size=1 face=Arial,Bold,Arial,Helvetica,sans-serif>Realized</FONT></B></TD>

   <TD align=right><B><FONT size=1 face=Arial,Bold,Arial,Helvetica,sans-serif>Held at End of</FONT></B></TD>

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

<TR vAlign=bottom>

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

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

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

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

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

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

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

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

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

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

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><B><FONT size=1 face=Arial,Bold,Arial,Helvetica,sans-serif>Gain (Loss)</FONT></B></TD>

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

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

<TR vAlign=bottom>

   <TD align=left><B><FONT size=1 face=Arial,Bold,Arial,Helvetica,sans-serif>Non-Controlled Affiliates</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>

   <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>

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

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

<TR vAlign=bottom>

   <TD align=left><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>Institutional Fiduciary Trust Money Market Portfolio</FONT></TD>

   <TD align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>1,958,705</FONT></TD>

   <TD align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>7,879,602</FONT></TD>

   <TD align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>(7,905,605</FONT></TD>

   <TD 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>1,932,702</FONT></TD>

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

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>1,932,702</FONT></TD>

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

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

   <TD style="BORDER-BOTTOM: #000000 1px solid" 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>0.01</FONT></TD>

   <TD align=left><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>%</FONT></TD></TR></TABLE></DIV>

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

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<P style="TEXT-ALIGN: left"><B><FONT size=2 face=Arial,Bold,Arial,Helvetica,sans-serif>5. FAIR VALUE MEASUREMENTS</FONT></B></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face="Times New Roman,Times New Roman,Times,serif">The Fund follows a fair value hierarchy that distinguishes between market data obtained from independent sources (observable inputs) and the Fund&#8217;s own market assumptions (unobservable inputs). These inputs are used in determining the value of the Fund&#8217;s financial instruments and are summarized in the following fair value hierarchy:</FONT></P>

<UL>

<LI><FONT size=2 face="Times New Roman,Times New Roman,Times,serif">Level 1 &#8211; quoted prices in active markets for identical financial instruments</FONT>

<LI><FONT size=2 face="Times New Roman,Times New Roman,Times,serif">Level 2 &#8211; other significant observable inputs (including quoted prices for similar financial</FONT> <FONT size=2 face="Times New Roman,Times New Roman,Times,serif">instruments, interest rates, prepayment speed, credit risk, etc.)</FONT>

<LI><FONT size=2 face="Times New Roman,Times New Roman,Times,serif">Level 3 &#8211; significant unobservable inputs (including the Fund&#8217;s own assumptions in determining</FONT> <FONT size=2 face="Times New Roman,Times New Roman,Times,serif">the fair value of financial instruments)</FONT> </LI></UL>

<P style="TEXT-ALIGN: left"><FONT size=2 face="Times New Roman,Times New Roman,Times,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="Times New Roman,Times New Roman,Times,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="Times New Roman,Times New Roman,Times,serif">A summary of inputs used as of November 30, 2015, in valuing the Fund&#8217;s assets carried at fair value, is as follows:</FONT></P>

<DIV align=left>

<TABLE cellSpacing=0 border=0>



<TR>

   <TD width="36%"></TD>

   <TD width="5%"></TD>

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

   <TD width="5%"></TD>

   <TD width="12%"></TD>

   <TD width="5%"></TD>

   <TD width="5%"></TD>

   <TD width="2%"></TD>

   <TD width="2%"></TD>

   <TD width="11%"></TD></TR>

<TR vAlign=bottom>

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

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

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

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

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><B><FONT size=1 face=Arial,Bold,Arial,Helvetica,sans-serif>Level 2</FONT></B></TD>

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

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><B><FONT size=1 face=Arial,Bold,Arial,Helvetica,sans-serif>Level 3</FONT></B></TD>

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

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

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

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

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

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

<TR vAlign=bottom>

   <TD align=left><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments in Securities:</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>

   <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: 13.44pt" align=left><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>&nbsp; Equity Investments:</FONT><SUP><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>a</FONT></SUP></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>

   <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: 17.519pt" align=left><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>&nbsp;&nbsp; Transportation</FONT></TD>

   <TD 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>-</FONT></TD>

   <TD style="TEXT-INDENT: 0.543pt" 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>296,638</FONT></TD>

   <TD style="TEXT-INDENT: 1.079pt" 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>-</FONT></TD>

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

   <TD style="TEXT-INDENT: 0.418pt" 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>296,638</FONT></TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other Equity Investments</FONT><SUP><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>b</FONT></SUP></TD>

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

   <TD align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>79,515,805</FONT></TD>

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

   <TD align=right><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>-</FONT></TD>

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

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

   <TD align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>79,515,805</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 13.44pt" align=left><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>Corporate Bonds</FONT></TD>

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

   <TD align=right><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>148,981,171</FONT></TD>

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

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

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

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

   <TD align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>148,981,171</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 13.44pt" align=left><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>Senior Floating Rate Interests</FONT></TD>

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

   <TD align=right><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>736,625</FONT></TD>

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

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

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

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

   <TD align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>736,625</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 13.44pt" align=left><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>Escrows and Litigation Trusts</FONT></TD>

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

   <TD align=right><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>-</FONT></TD>

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

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

   <TD align=left><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>c</FONT></TD>

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

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

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 13.44pt" align=left><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>Short Term Investments</FONT></TD>

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

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>1,932,702</FONT></TD>

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

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

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

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

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

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

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>1,932,702</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 13.44pt" align=left><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>Total Investments in Securities</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; TEXT-INDENT: 0.048pt" align=left><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>$</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>81,448,507</FONT></TD>

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

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>150,014,434</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; TEXT-INDENT: 1.132pt" align=left><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>$</FONT></TD>

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

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

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

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>231,462,941</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 and convertible preferred stocks.</FONT><BR><BR><SUP><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>b</FONT></SUP><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>For detailed categories, see the accompanying Statement of Investments.</FONT><BR><BR><SUP><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>c</FONT></SUP><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>Includes security determined to have no value at November 30, 2015.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face="Times New Roman,Times New Roman,Times,serif">A reconciliation of assets in which Level 3 inputs are used in determining fair value is presented when there are significant Level 3 financial instruments at the end of the period.</FONT></P>

<P style="TEXT-ALIGN: left"><B><FONT size=2 face=Arial,Bold,Arial,Helvetica,sans-serif>6. SUBSEQUENT EVENTS</FONT></B></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face="Times New Roman,Times New Roman,Times,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="Times New Roman,Times New Roman,Times,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 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Courier New"></FONT>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Courier New">Item 2. Controls and Procedures.</FONT></P>

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

<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Courier New">(a) </FONT><U><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Courier New">Evaluation of Disclosure Controls and Procedures</FONT></U><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Courier New">.&nbsp; 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.&nbsp; 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.&nbsp; 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 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Courier New"></FONT>&nbsp;</P>

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

<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Courier New">(b) </FONT><U><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Courier New">Changes in Internal Controls</FONT></U><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Courier New">.&nbsp; 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 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=#454545 face="Courier New"></FONT>&nbsp;</P>

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

<P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Courier New">Item 3. Exhibits.</FONT></B></P>

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

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

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

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

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

<H1 style="PAGE-BREAK-AFTER: auto; TEXT-ALIGN: left; MARGIN: 0in 0in 0pt" align=left><B><FONT style="FONT-SIZE: 10pt; TEXT-DECORATION: none" color=windowtext face="Courier New">Franklin Universal Trust</FONT></B></H1>

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<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Courier New">By </FONT><U><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Courier New">/s/ Laura F. Fergerson</FONT></U></P>

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

<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Courier New">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Chief Executive Officer &#8211; </FONT></P>

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

<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Courier New">Date&nbsp; January 26, 2016</FONT></P>

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

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

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

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

<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Courier New">By </FONT><U><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Courier New">/s/ Laura F. Fergerson</FONT></U></P>

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

<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Courier New">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Chief Executive Officer &#8211; </FONT></P>

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

<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Courier New">Date&nbsp; January 26, 2016</FONT></P>

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

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

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

<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Courier New">By </FONT><U><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Courier New">/s/ Gaston Gardey</FONT></U></P>

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

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

<P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 0.5in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Courier New">Chief Accounting Officer</FONT></P>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Courier New">Date January 26, 2016</FONT></P></DIV>

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<FILENAME>fut302certs1115.htm
<DESCRIPTION>CERTS 302
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<p align=right style="margin:0in;margin-bottom:.0001pt;text-align:right;"><b><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">Exhibit
3(a)</font></b></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </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;">;</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;</font></b><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">&#160;</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;">1/26/2016</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>









</DIV><HR noshade align="center" width="100%" size=2><DIV STYLE="page-break-before: always">&nbsp;</DIV><a name="page_2"></a><a name="_bclPageBorder2"></a><DIV STYLE="PADDING-RIGHT: 0%; PADDING-LEFT: 0%">
<p align=right style="margin:0in;margin-bottom:.0001pt;text-align:right;"><b><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">Exhibit
3(a)</font></b></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;">I, Gaston Gardey, 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;">;</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;</font></b><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">&#160;</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;">1/26/2016</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\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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