<SEC-DOCUMENT>0000833040-17-000017.txt : 20170728
<SEC-HEADER>0000833040-17-000017.hdr.sgml : 20170728
<ACCEPTANCE-DATETIME>20170728150149
ACCESSION NUMBER:		0000833040-17-000017
CONFORMED SUBMISSION TYPE:	N-Q
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20170531
FILED AS OF DATE:		20170728
DATE AS OF CHANGE:		20170728
EFFECTIVENESS DATE:		20170728

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:		17989629

	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-qfutpe053117_sec.htm
<DESCRIPTION>FUT NQ PE:05-31-2017
<TEXT>

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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>

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<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>

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<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">05/31/17</FONT></U></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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<P style="TEXT-ALIGN: right"><FONT size=1 face="Times New Roman,Times New Roman,Times,serif">FRANKLIN UNIVERSAL TRUST</FONT></P>

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<TR>

   <TD width="57%"></TD>

   <TD width="19%"></TD>

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

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   <TD style="TEXT-INDENT: 1.638pt" align=left><B><FONT size=3 face=ArialNarrowBold,Arial,Helvetica,sans-serif>Statement of Investments, May 31, 2017 (unaudited)</FONT></B></TD>

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

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

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

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<TR vAlign=bottom>

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

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

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

   <TD align=right>&nbsp;</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=ArialMT-Bold,Arial,Helvetica,sans-serif>Country</FONT></B></TD>

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

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

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

<TR>

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

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8.623pt" align=left><B><FONT size=2 face=ArialMT-Bold,Arial,Helvetica,sans-serif>Common Stocks and Other Equity Interests 42.4%</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: 8.623pt" align=left><B><FONT size=1 face=ArialMT-Bold,Arial,Helvetica,sans-serif>Energy 2.1%</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: 4.575pt" align=left><SUP><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>a </FONT></SUP><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>Chaparral Energy Inc., A</FONT></TD>

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

   <TD align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>27,903</FONT></TD>

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

   <TD align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>641,769</FONT></TD></TR>

<TR vAlign=bottom>

   <TD align=left><SUP><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>a,b </FONT></SUP><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>Chaparral Energy Inc., A, 144A</FONT></TD>

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

   <TD align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>214</FONT></TD>

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

   <TD align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>5,501</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 4.575pt" align=left><SUP><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>a </FONT></SUP><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>Chaparral Energy Inc., B</FONT></TD>

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

   <TD align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>5,868</FONT></TD>

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

   <TD align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>134,964</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 4.575pt" align=left><SUP><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>a </FONT></SUP><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>CHC Group LLC</FONT></TD>

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

   <TD align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>10,468</FONT></TD>

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

   <TD align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>120,382</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8.623pt" align=left><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>Enbridge Inc</FONT></TD>

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

   <TD align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>39,360</FONT></TD>

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

   <TD align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>1,515,754</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 4.575pt" align=left><SUP><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>a </FONT></SUP><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>Energy XXI Gulf Coast Inc</FONT></TD>

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

   <TD align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>12,053</FONT></TD>

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

   <TD align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>313,740</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 4.575pt" align=left><SUP><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>a </FONT></SUP><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>Energy XXI Gulf Coast Inc., wts., 12/30/21.</FONT></TD>

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

   <TD align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>5,433</FONT></TD>

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

   <TD align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>9,236</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 4.575pt" align=left><SUP><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>a </FONT></SUP><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>Goodrich Petroleum Corp</FONT></TD>

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

   <TD align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>19,379</FONT></TD>

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

   <TD align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>234,098</FONT></TD></TR>

<TR vAlign=bottom>

   <TD align=left><SUP><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>a,b </FONT></SUP><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>Halcon Resources Corp</FONT></TD>

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

   <TD align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>52,355</FONT></TD>

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

   <TD align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>312,770</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 4.575pt" align=left><SUP><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>a </FONT></SUP><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>Halcon Resources Corp., wts., 9/09/20</FONT></TD>

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

   <TD align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>4,668</FONT></TD>

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

   <TD align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>3,968</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 4.575pt" align=left><SUP><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>a </FONT></SUP><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>Linn Energy Inc</FONT></TD>

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

   <TD align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>14,316</FONT></TD>

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

   <TD align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>439,501</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 4.575pt" align=left><SUP><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>a </FONT></SUP><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>Midstates Petroleum Co. Inc</FONT></TD>

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

   <TD align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>318</FONT></TD>

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

   <TD align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>5,457</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 0.306pt" align=left><SUP><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>a,c </FONT></SUP><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>Midstates Petroleum Co. Inc., wts., 4/21/20</FONT></TD>

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

   <TD align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>2,256</FONT></TD>

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

   <TD align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>149</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 4.575pt" align=left><SUP><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>a </FONT></SUP><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>Penn Virginia Corp</FONT></TD>

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

   <TD align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>8,772</FONT></TD>

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

   <TD align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>375,442</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 4.575pt" align=left><SUP><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>a </FONT></SUP><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>W&amp;T Offshore Inc</FONT></TD>

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

   <TD align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>49,360</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,Arial,Helvetica,sans-serif>100,694</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,Arial,Helvetica,sans-serif>4,213,425</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8.623pt" align=left><B><FONT size=1 face=ArialMT-Bold,Arial,Helvetica,sans-serif>Materials 0.9%</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: 8.623pt" align=left><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>BHP Billiton PLC, ADR.</FONT></TD>

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

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

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

   <TD align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>763,105</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 4.575pt" align=left><SUP><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>a </FONT></SUP><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>Freeport-McMoRan Inc</FONT></TD>

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

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

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

   <TD align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>923,566</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8.623pt" align=left><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>South32 Ltd., ADR</FONT></TD>

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

   <TD align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>10,074</FONT></TD>

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

   <TD align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>98,826</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 4.575pt" align=left><SUP><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>a </FONT></SUP><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>Verso Corp., A</FONT></TD>

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

   <TD align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>3,330</FONT></TD>

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

   <TD align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>11,389</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 4.575pt" align=left><SUP><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>a </FONT></SUP><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>Verso Corp., wts., 7/25/23</FONT></TD>

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

   <TD align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>350</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,Arial,Helvetica,sans-serif>53</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,Arial,Helvetica,sans-serif>1,796,939</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8.623pt" align=left><B><FONT size=1 face=ArialMT-Bold,Arial,Helvetica,sans-serif>Transportation 0.0%</FONT></B><B><SUP><FONT size=1 face=ArialMT-Bold,Arial,Helvetica,sans-serif>&#8224;</FONT></SUP></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: 0.305pt" align=left><SUP><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>a,c </FONT></SUP><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>CEVA Holdings LLC</FONT></TD>

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

   <TD align=right><FONT size=1 face=Arial,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,Arial,Helvetica,sans-serif>37,680</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8.623pt" align=left><B><FONT size=1 face=ArialMT-Bold,Arial,Helvetica,sans-serif>Utilities 39.4%</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: 8.623pt" align=left><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>Alliant Energy Corp</FONT></TD>

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

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

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

   <TD align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>3,317,600</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8.623pt" align=left><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>American Electric Power Co. Inc</FONT></TD>

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

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

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

   <TD align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>5,383,500</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8.623pt" align=left><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>CenterPoint Energy Inc</FONT></TD>

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

   <TD align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>122,800</FONT></TD>

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

   <TD align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>3,513,308</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8.623pt" align=left><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>CMS Energy Corp</FONT></TD>

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

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

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

   <TD align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>3,081,650</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8.623pt" align=left><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>Consolidated Edison Inc</FONT></TD>

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

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

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

   <TD align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>3,311,600</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8.623pt" align=left><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>Dominion Energy Inc</FONT></TD>

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

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

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

   <TD align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>6,461,600</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8.623pt" align=left><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>DTE Energy Co</FONT></TD>

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

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

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

   <TD align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>2,738,000</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8.623pt" align=left><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>Duke Energy Corp</FONT></TD>

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

   <TD align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>57,560</FONT></TD>

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

   <TD align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>4,931,741</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8.623pt" align=left><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>Edison International</FONT></TD>

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

   <TD align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>61,000</FONT></TD>

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

   <TD align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>4,975,770</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8.623pt" align=left><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>Entergy Corp</FONT></TD>

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

   <TD align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>30,000</FONT></TD>

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

   <TD align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>2,371,800</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8.623pt" align=left><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>Exelon Corp</FONT></TD>

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

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

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

   <TD align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>1,997,050</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8.623pt" align=left><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>FirstEnergy Corp</FONT></TD>

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

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

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

   <TD align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>1,754,400</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8.623pt" align=left><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>Great Plains Energy Inc</FONT></TD>

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

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

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

   <TD align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>2,011,100</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8.623pt" align=left><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>NextEra Energy Inc</FONT></TD>

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

   <TD align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>41,500</FONT></TD>

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

   <TD align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>5,869,760</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8.623pt" align=left><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>PG&amp;E Corp</FONT></TD>

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

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

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

   <TD align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>3,419,000</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8.623pt" align=left><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>Pinnacle West Capital Corp</FONT></TD>

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

   <TD align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>56,000</FONT></TD>

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

   <TD align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>4,947,600</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8.623pt" align=left><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>PPL Corp</FONT></TD>

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

   <TD align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>24,500</FONT></TD>

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

   <TD align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>977,795</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8.623pt" align=left><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>Public Service Enterprise Group Inc</FONT></TD>

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

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

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

   <TD align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>2,020,950</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8.623pt" align=left><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>Sempra Energy.</FONT></TD>

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

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

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

   <TD align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>5,824,500</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8.623pt" align=left><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>The Southern Co</FONT></TD>

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

   <TD align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>68,250</FONT></TD>

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

   <TD align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>3,454,132</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8.623pt" align=left><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>Vistra Energy Corp</FONT></TD>

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

   <TD align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>11,988</FONT></TD>

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

   <TD align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>177,063</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8.623pt" align=left><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>WEC Energy Group Inc</FONT></TD>

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

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

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

   <TD align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>2,510,400</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8.623pt" align=left><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>Westar Energy Inc</FONT></TD>

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

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

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

   <TD align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>3,177,000</FONT></TD></TR></TABLE></DIV>

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

<P style="TEXT-ALIGN: left"><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>Quarterly Statement of Investments | See Notes to Statement of Investments. | 1</FONT></P></DIV>

<HR noshade align="center" width="100%" size=2><DIV STYLE="page-break-before: always">&nbsp;</div>
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<P style="TEXT-ALIGN: left"><FONT size=1 face="Times New Roman,Times New Roman,Times,serif">FRANKLIN UNIVERSAL TRUST</FONT><BR><FONT size=1 face="Times New Roman,Times New Roman,Times,serif">STATEMENT OF INVESTMENTS (UNAUDITED)</FONT></P>

<DIV align=left>

<TABLE cellSpacing=0 border=0>



<TR>

   <TD width="58%"></TD>

   <TD width="15%"></TD>

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

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

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

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

<TR vAlign=bottom>

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

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

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

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

   <TD align=right>&nbsp;</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=ArialMT-Bold,Arial,Helvetica,sans-serif>Country</FONT></B></TD>

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

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

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

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

<TR>

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

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8.317pt" align=left><B><FONT size=2 face=ArialMT-Bold,Arial,Helvetica,sans-serif>Common Stocks and Other Equity Interests </FONT></B><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>(continued)</FONT></TD>

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

   <TD align=right>&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: 8.316pt" align=left><B><FONT size=1 face=ArialMT-Bold,Arial,Helvetica,sans-serif>Utilities </FONT></B><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>(continued)</FONT></TD>

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

   <TD align=right>&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: 8.316pt" align=left><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>Xcel Energy Inc</FONT></TD>

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

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

   <TD align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>60,000</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>2,874,600</FONT></TD></TR>

<TR vAlign=bottom>

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

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

   <TD align=right>&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,Arial,Helvetica,sans-serif>81,101,919</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8.317pt" align=left><B><FONT size=2 face=ArialMT-Bold,Arial,Helvetica,sans-serif>Total Common Stocks and Other Equity Interests</FONT></B></TD>

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

   <TD align=right>&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: 13.306pt" align=left><B><FONT size=2 face=ArialMT-Bold,Arial,Helvetica,sans-serif>(Cost $45,840,032)</FONT></B></TD>

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

   <TD align=right>&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,Arial,Helvetica,sans-serif>87,149,963</FONT></TD></TR>

<TR>

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

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8.317pt" align=left><B><FONT size=2 face=ArialMT-Bold,Arial,Helvetica,sans-serif>Convertible Preferred Stocks 0.0%</FONT></B><B><SUP><FONT size=2 face=ArialMT-Bold,Arial,Helvetica,sans-serif>&#8224;</FONT></SUP></B></TD>

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

   <TD align=right>&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: 8.317pt" align=left><B><FONT size=1 face=ArialMT-Bold,Arial,Helvetica,sans-serif>Transportation 0.0%</FONT></B><B><SUP><FONT size=1 face=ArialMT-Bold,Arial,Helvetica,sans-serif>&#8224;</FONT></SUP></B></TD>

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

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

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

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

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

<TR vAlign=bottom>

   <TD align=left><SUP><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>a,c </FONT></SUP><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>CEVA Holdings LLC, cvt. pfd., A-1</FONT></TD>

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

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

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

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

   <TD align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>1,950</FONT></TD></TR>

<TR vAlign=bottom>

   <TD align=left><SUP><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>a,c </FONT></SUP><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>CEVA Holdings LLC, cvt. pfd., A-2</FONT></TD>

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

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

   <TD align=right><FONT size=1 face=Arial,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,Arial,Helvetica,sans-serif>93,218</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8.317pt" align=left><B><FONT size=2 face=ArialMT-Bold,Arial,Helvetica,sans-serif>Total Convertible Preferred Stocks (Cost $587,092)</FONT></B></TD>

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

   <TD align=right>&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,Arial,Helvetica,sans-serif>95,168</FONT></TD></TR>

<TR>

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

<TR>

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

<TR vAlign=bottom>

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

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

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

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

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

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

<TR vAlign=bottom>

   <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><B><FONT size=1 face=ArialMT-Bold,Arial,Helvetica,sans-serif>Amount*</FONT></B></TD>

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

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

<TR>

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

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8.317pt" align=left><B><FONT size=2 face=ArialMT-Bold,Arial,Helvetica,sans-serif>Convertible Bonds (Cost $995,870) 0.4%</FONT></B></TD>

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

   <TD align=right>&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: 8.317pt" align=left><B><FONT size=1 face=ArialMT-Bold,Arial,Helvetica,sans-serif>Energy 0.4%</FONT></B></TD>

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

   <TD align=right>&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: 8.317pt" align=left><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>CHC Group LLC/CHC Finance Ltd., cvt., zero cpn., 10/01/20</FONT></TD>

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

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

   <TD align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>538,308</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,Arial,Helvetica,sans-serif>888,208</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8.317pt" align=left><B><FONT size=2 face=ArialMT-Bold,Arial,Helvetica,sans-serif>Corporate Bonds 84.2%</FONT></B></TD>

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

   <TD align=right>&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: 8.317pt" align=left><B><FONT size=1 face=ArialMT-Bold,Arial,Helvetica,sans-serif>Automobiles &amp; Components 0.7%</FONT></B></TD>

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

   <TD align=right>&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: 8.317pt" align=left><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>The Goodyear Tire &amp; Rubber Co.,</FONT></TD>

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

   <TD align=right>&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: 24.282pt" align=left><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>senior bond, 5.00%, 5/31/26</FONT></TD>

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

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

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

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

   <TD align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>1,136,432</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 24.282pt" align=left><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>senior note, 5.125%, 11/15/23</FONT></TD>

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

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

   <TD align=right><FONT size=1 face=Arial,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,Arial,Helvetica,sans-serif>316,500</FONT></TD></TR>

<TR vAlign=bottom>

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

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

   <TD align=right>&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,Arial,Helvetica,sans-serif>1,452,932</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8.317pt" align=left><B><FONT size=1 face=ArialMT-Bold,Arial,Helvetica,sans-serif>Banks 2.5%</FONT></B></TD>

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

   <TD align=right>&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: 8.317pt" align=left><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>CIT Group Inc.,</FONT></TD>

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

   <TD align=right>&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: 24.282pt" align=left><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>senior note, 5.375%, 5/15/20</FONT></TD>

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

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

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

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

   <TD align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>538,750</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 24.282pt" align=left><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>senior note, 5.00%, 8/15/22</FONT></TD>

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

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

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

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

   <TD align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>1,301,640</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 4.269pt" align=left><SUP><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>d </FONT></SUP><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>Citigroup Inc., junior sub. bond, M, 6.30% to 5/15/24, FRN thereafter, Perpetual</FONT></TD>

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

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

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

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

   <TD align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>1,161,875</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 4.269pt" align=left><SUP><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>d </FONT></SUP><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>JPMorgan Chase &amp; Co.,</FONT></TD>

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

   <TD align=right>&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: 24.282pt" align=left><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>junior sub. bond, R, 6.00% to 8/01/23, FRN thereafter, Perpetual</FONT></TD>

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

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

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

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

   <TD align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>961,875</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 24.282pt" align=left><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>junior sub. bond, V, 5.00% to 7/30/19, FRN thereafter, Perpetual.</FONT></TD>

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

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

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

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

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>1,119,525</FONT></TD></TR>

<TR vAlign=bottom>

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

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

   <TD align=right>&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,Arial,Helvetica,sans-serif>5,083,665</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8.317pt" align=left><B><FONT size=1 face=ArialMT-Bold,Arial,Helvetica,sans-serif>Capital Goods 4.9%</FONT></B></TD>

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

   <TD align=right>&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: 4.269pt" align=left><SUP><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>e </FONT></SUP><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>Cloud Crane Escrow LLC, secured note, second lien, 144A, 10.125%, 8/01/24</FONT></TD>

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

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

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

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

   <TD align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>109,000</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 4.269pt" align=left><SUP><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>e </FONT></SUP><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>Cloud Crane LLC, secured note, second lien, 144A, 10.125%, 8/01/24</FONT></TD>

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

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

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

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

   <TD align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>218,000</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8.317pt" align=left><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>CNH Industrial Capital LLC, senior note, 3.875%, 10/15/21</FONT></TD>

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

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

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

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

   <TD align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>1,738,250</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 4.269pt" align=left><SUP><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>e </FONT></SUP><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>Cortes NP Acquisition Corp., senior note, 144A, 9.25%, 10/15/24</FONT></TD>

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

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

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

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

   <TD align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>1,844,500</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 4.269pt" align=left><SUP><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>e </FONT></SUP><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>HD Supply Inc., senior note, 144A, 5.75%, 4/15/24</FONT></TD>

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

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

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

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

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

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8.317pt" align=left><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>Navistar International Corp., senior bond, 8.25%, 11/01/21</FONT></TD>

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

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

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

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

   <TD align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>813,496</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8.317pt" align=left><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>Oshkosh Corp., senior note, 5.375%, 3/01/22</FONT></TD>

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

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

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

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

   <TD align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>521,250</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 4.269pt" align=left><SUP><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>e </FONT></SUP><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>Tennant Co., senior note, 144A, 5.625%, 5/01/25</FONT></TD>

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

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

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

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

   <TD align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>1,047,500</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 4.269pt" align=left><SUP><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>e </FONT></SUP><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>Terex Corp., senior note, 144A, 5.625%, 2/01/25.</FONT></TD>

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

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

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

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

   <TD align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>1,436,750</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8.317pt" align=left><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>TransDigm Inc.,</FONT></TD>

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

   <TD align=right>&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: 24.282pt" align=left><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>senior sub. bond, 6.50%, 7/15/24</FONT></TD>

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

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

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

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

   <TD align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>1,042,500</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 24.282pt" align=left><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>senior sub. bond, 6.50%, 5/15/25</FONT></TD>

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

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

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

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

   <TD align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>103,875</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 24.282pt" align=left><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>senior sub. note, 6.00%, 7/15/22.</FONT></TD>

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

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

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

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

   <TD align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>727,037</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 21.232pt" align=left><SUP><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>e</FONT></SUP><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>senior sub. note, 144A, 6.50%, 5/15/25</FONT></TD>

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

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

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

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

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>103,875</FONT></TD></TR>

<TR vAlign=bottom>

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

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

   <TD align=right>&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,Arial,Helvetica,sans-serif>10,133,533</FONT></TD></TR></TABLE></DIV>

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

<P style="TEXT-ALIGN: left"><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>|2</FONT></P></DIV>

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<P style="text-align: center;">
<FONT size=1 face="Times New Roman,Times New Roman,Times,serif">FRANKLIN UNIVERSAL TRUST</FONT><BR>
<FONT size=1 face="Times New Roman,Times New Roman,Times,serif">STATEMENT OF INVESTMENTS (UNAUDITED)</FONT></P>
<DIV align="left">
<TABLE border=0 cellspacing=0>
<TR>
     <TD width=62%></TD>
     <TD width=11%></TD>
     <TD width=2%></TD>
     <TD width=10%></TD>
     <TD width=2%></TD>
     <TD width=10%></TD></TR>
<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=right>
&nbsp;</TD>
	<TD align=right>
<B><FONT size=1 face="ArialMT-Bold,Arial,Helvetica,sans-serif">Principal</FONT></B></TD>
	<TD align=right>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left style="border-bottom:1px solid #000000;">
&nbsp;</TD>
	<TD align=right style="border-bottom:1px solid #000000;">
<B><FONT size=1 face="ArialMT-Bold,Arial,Helvetica,sans-serif">Country</FONT></B></TD>
	<TD align=right style="border-bottom:1px solid #000000;">
&nbsp;</TD>
	<TD align=right style="border-bottom:1px solid #000000;">
<B><FONT size=1 face="ArialMT-Bold,Arial,Helvetica,sans-serif">Amount*</FONT></B></TD>
	<TD align=right style="border-bottom:1px solid #000000;">
&nbsp;</TD>
	<TD align=right style="border-bottom:1px solid #000000;">
<B><FONT size=1 face="ArialMT-Bold,Arial,Helvetica,sans-serif">Value</FONT></B></TD>
</TR>
<TR>
	<TD colspan=6>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:4.047897pt">
<B><FONT size=2 face="ArialMT-Bold,Arial,Helvetica,sans-serif">Corporate Bonds </FONT></B><FONT size=1 face="Arial,Arial,Helvetica,sans-serif">(continued)</FONT></TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=right>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=right>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:4.047775pt">
<B><FONT size=1 face="ArialMT-Bold,Arial,Helvetica,sans-serif">Commercial &amp; Professional Services 1.0%</FONT></B></TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=right>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=right>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:4.047775pt">
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">United Rentals North America Inc.,</FONT></TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=right>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=right>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:20.012573pt">
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">senior bond, 5.75%, 11/15/24.</FONT></TD>
	<TD align=right>
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">United States</FONT></TD>
	<TD align=right>
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">&#36;</FONT></TD>
	<TD align=right>
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">1,400,000</FONT></TD>
	<TD align=right>
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">&#36;</FONT></TD>
	<TD align=right>
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">1,485,764</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:20.012573pt">
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">senior bond, 5.875%, 9/15/26.</FONT></TD>
	<TD align=right>
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">United States</FONT></TD>
	<TD align=right>
&nbsp;</TD>
	<TD align=right>
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">100,000</FONT></TD>
	<TD align=right>
&nbsp;</TD>
	<TD align=right>
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">106,374</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:20.012573pt">
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">senior bond, 5.50%, 5/15/27</FONT></TD>
	<TD align=right>
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">United States</FONT></TD>
	<TD align=right>
&nbsp;</TD>
	<TD align=right>
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">500,000</FONT></TD>
	<TD align=right style="border-bottom:1px solid #000000;">
&nbsp;</TD>
	<TD align=right style="border-bottom:1px solid #000000;">
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">515,000</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=right>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=right style="border-bottom:1px solid #000000;">
&nbsp;</TD>
	<TD align=right style="border-bottom:1px solid #000000;">
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">2,107,138</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:4.047775pt">
<B><FONT size=1 face="ArialMT-Bold,Arial,Helvetica,sans-serif">Consumer Durables &amp; Apparel 4.7%</FONT></B></TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=right>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=right>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:4.047775pt">
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">Beazer Homes USA Inc.,</FONT></TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=right>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=right>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:20.012573pt">
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">senior note, 8.75%, 3/15/22</FONT></TD>
	<TD align=right>
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">United States</FONT></TD>
	<TD align=right>
&nbsp;</TD>
	<TD align=right>
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">1,300,000</FONT></TD>
	<TD align=right>
&nbsp;</TD>
	<TD align=right>
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">1,456,000</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:16.962601pt">
<SUP><FONT size=1 face="Arial,Arial,Helvetica,sans-serif">e</FONT></SUP><FONT size=1 face="Arial,Arial,Helvetica,sans-serif">senior note, 144A, 6.75%, 3/15/25</FONT></TD>
	<TD align=right>
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">United States</FONT></TD>
	<TD align=right>
&nbsp;</TD>
	<TD align=right>
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">100,000</FONT></TD>
	<TD align=right>
&nbsp;</TD>
	<TD align=right>
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">104,250</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<SUP><FONT size=1 face="Arial,Arial,Helvetica,sans-serif">e </FONT></SUP><FONT size=1 face="Arial,Arial,Helvetica,sans-serif">Hanesbrands Inc., senior note, 144A, 4.625%, 5/15/24</FONT></TD>
	<TD align=right>
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">United States</FONT></TD>
	<TD align=right>
&nbsp;</TD>
	<TD align=right>
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">1,500,000</FONT></TD>
	<TD align=right>
&nbsp;</TD>
	<TD align=right>
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">1,507,500</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:4.047897pt">
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">KB Home,</FONT></TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=right>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=right>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:20.012695pt">
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">senior bond, 7.50%, 9/15/22</FONT></TD>
	<TD align=right>
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">United States</FONT></TD>
	<TD align=right>
&nbsp;</TD>
	<TD align=right>
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">1,100,000</FONT></TD>
	<TD align=right>
&nbsp;</TD>
	<TD align=right>
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">1,252,900</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:20.012695pt">
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">senior note, 4.75%, 5/15/19</FONT></TD>
	<TD align=right>
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">United States</FONT></TD>
	<TD align=right>
&nbsp;</TD>
	<TD align=right>
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">200,000</FONT></TD>
	<TD align=right>
&nbsp;</TD>
	<TD align=right>
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">207,000</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:20.012695pt">
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">senior note, 7.00%, 12/15/21</FONT></TD>
	<TD align=right>
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">United States</FONT></TD>
	<TD align=right>
&nbsp;</TD>
	<TD align=right>
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">300,000</FONT></TD>
	<TD align=right>
&nbsp;</TD>
	<TD align=right>
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">339,375</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:4.047897pt">
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">Newell Brands Inc., senior note, 5.00%, 11/15/23</FONT></TD>
	<TD align=right>
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">United States</FONT></TD>
	<TD align=right>
&nbsp;</TD>
	<TD align=right>
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">700,000</FONT></TD>
	<TD align=right>
&nbsp;</TD>
	<TD align=right>
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">752,807</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:4.047897pt">
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">PulteGroup Inc., senior bond, 5.00%, 1/15/27</FONT></TD>
	<TD align=right>
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">United States</FONT></TD>
	<TD align=right>
&nbsp;</TD>
	<TD align=right>
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">1,700,000</FONT></TD>
	<TD align=right>
&nbsp;</TD>
	<TD align=right>
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">1,731,875</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<SUP><FONT size=1 face="Arial,Arial,Helvetica,sans-serif">e </FONT></SUP><FONT size=1 face="Arial,Arial,Helvetica,sans-serif">Taylor Morrison Communities Inc./Taylor Morrison Holdings II Inc.,</FONT></TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=right>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=right>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:20.012695pt">
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">senior note, 144A, 5.25%, 4/15/21</FONT></TD>
	<TD align=right>
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">United States</FONT></TD>
	<TD align=right>
&nbsp;</TD>
	<TD align=right>
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">400,000</FONT></TD>
	<TD align=right>
&nbsp;</TD>
	<TD align=right>
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">410,000</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:20.012695pt">
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">senior note, 144A, 5.875%, 4/15/23</FONT></TD>
	<TD align=right>
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">United States</FONT></TD>
	<TD align=right>
&nbsp;</TD>
	<TD align=right>
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">100,000</FONT></TD>
	<TD align=right>
&nbsp;</TD>
	<TD align=right>
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">107,250</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:20.012695pt">
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">senior note, 144A, 5.625%, 3/01/24</FONT></TD>
	<TD align=right>
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">United States</FONT></TD>
	<TD align=right>
&nbsp;</TD>
	<TD align=right>
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">1,000,000</FONT></TD>
	<TD align=right>
&nbsp;</TD>
	<TD align=right>
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">1,052,500</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:4.047897pt">
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">Toll Brothers Finance Corp., senior bond, 5.625%, 1/15/24.</FONT></TD>
	<TD align=right>
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">United States</FONT></TD>
	<TD align=right>
&nbsp;</TD>
	<TD align=right>
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">700,000</FONT></TD>
	<TD align=right style="border-bottom:1px solid #000000;">
&nbsp;</TD>
	<TD align=right style="border-bottom:1px solid #000000;">
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">756,000</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=right>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=right style="border-bottom:1px solid #000000;">
&nbsp;</TD>
	<TD align=right style="border-bottom:1px solid #000000;">
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">9,677,457</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:4.047897pt">
<B><FONT size=1 face="ArialMT-Bold,Arial,Helvetica,sans-serif">Consumer Services 4.8%</FONT></B></TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=right>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=right>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<SUP><FONT size=1 face="Arial,Arial,Helvetica,sans-serif">e </FONT></SUP><FONT size=1 face="Arial,Arial,Helvetica,sans-serif">1011778 BC ULC/New Red Finance Inc., senior secured note, first lien, 144A, 4.25%,</FONT></TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=right>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=right>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:8.039093pt">
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">5/15/24.</FONT></TD>
	<TD align=right>
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">Canada</FONT></TD>
	<TD align=right>
&nbsp;</TD>
	<TD align=right>
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">900,000</FONT></TD>
	<TD align=right>
&nbsp;</TD>
	<TD align=right>
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">901,125</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<SUP><FONT size=1 face="Arial,Arial,Helvetica,sans-serif">e </FONT></SUP><FONT size=1 face="Arial,Arial,Helvetica,sans-serif">24 Hour Holdings III LLC, senior note, 144A, 8.00%, 6/01/22</FONT></TD>
	<TD align=right>
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">United States</FONT></TD>
	<TD align=right>
&nbsp;</TD>
	<TD align=right>
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">1,000,000</FONT></TD>
	<TD align=right>
&nbsp;</TD>
	<TD align=right>
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">845,000</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<SUP><FONT size=1 face="Arial,Arial,Helvetica,sans-serif">e </FONT></SUP><FONT size=1 face="Arial,Arial,Helvetica,sans-serif">International Game Technology PLC, senior secured bond, 144A, 6.50%, 2/15/25</FONT></TD>
	<TD align=right>
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">United States</FONT></TD>
	<TD align=right>
&nbsp;</TD>
	<TD align=right>
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">2,200,000</FONT></TD>
	<TD align=right>
&nbsp;</TD>
	<TD align=right>
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">2,403,500</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<SUP><FONT size=1 face="Arial,Arial,Helvetica,sans-serif">e </FONT></SUP><FONT size=1 face="Arial,Arial,Helvetica,sans-serif">KFC Holding Co./Pizza Hut Holdings LLC/Taco Bell of America LLC,</FONT></TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=right>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=right>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:20.012695pt">
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">senior note, 144A, 5.00%, 6/01/24</FONT></TD>
	<TD align=right>
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">United States</FONT></TD>
	<TD align=right>
&nbsp;</TD>
	<TD align=right>
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">600,000</FONT></TD>
	<TD align=right>
&nbsp;</TD>
	<TD align=right>
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">625,680</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:20.012695pt">
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">senior note, 144A, 5.25%, 6/01/26</FONT></TD>
	<TD align=right>
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">United States</FONT></TD>
	<TD align=right>
&nbsp;</TD>
	<TD align=right>
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">600,000</FONT></TD>
	<TD align=right>
&nbsp;</TD>
	<TD align=right>
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">631,050</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<SUP><FONT size=1 face="Arial,Arial,Helvetica,sans-serif">e </FONT></SUP><FONT size=1 face="Arial,Arial,Helvetica,sans-serif">ROC Finance LLC/ROC Finance 1 Corp., senior secured note, first lien, 144A, 6.75%,</FONT></TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=right>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=right>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:8.039093pt">
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">11/15/21</FONT></TD>
	<TD align=right>
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">United States</FONT></TD>
	<TD align=right>
&nbsp;</TD>
	<TD align=right>
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">1,700,000</FONT></TD>
	<TD align=right>
&nbsp;</TD>
	<TD align=right>
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">1,765,875</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<SUP><FONT size=1 face="Arial,Arial,Helvetica,sans-serif">e </FONT></SUP><FONT size=1 face="Arial,Arial,Helvetica,sans-serif">Silversea Cruise Finance Ltd., senior secured note, first lien, 144A, 7.25%, 2/01/25</FONT></TD>
	<TD align=right>
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">United States</FONT></TD>
	<TD align=right>
&nbsp;</TD>
	<TD align=right>
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">500,000</FONT></TD>
	<TD align=right>
&nbsp;</TD>
	<TD align=right>
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">536,575</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<SUP><FONT size=1 face="Arial,Arial,Helvetica,sans-serif">e </FONT></SUP><FONT size=1 face="Arial,Arial,Helvetica,sans-serif">Wynn Las Vegas LLC/Wynn Las Vegas Capital Corp., senior bond, 144A, 5.50%, 3/01/25 .</FONT></TD>
	<TD align=right>
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">United States</FONT></TD>
	<TD align=right>
&nbsp;</TD>
	<TD align=right>
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">1,300,000</FONT></TD>
	<TD align=right>
&nbsp;</TD>
	<TD align=right>
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">1,378,000</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<SUP><FONT size=1 face="Arial,Arial,Helvetica,sans-serif">e </FONT></SUP><FONT size=1 face="Arial,Arial,Helvetica,sans-serif">Wynn Macau Ltd., senior note, 144A, 5.25%, 10/15/21</FONT></TD>
	<TD align=right>
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">Macau</FONT></TD>
	<TD align=right>
&nbsp;</TD>
	<TD align=right>
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">800,000</FONT></TD>
	<TD align=right style="border-bottom:1px solid #000000;">
&nbsp;</TD>
	<TD align=right style="border-bottom:1px solid #000000;">
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">832,000</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=right>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=right style="border-bottom:1px solid #000000;">
&nbsp;</TD>
	<TD align=right style="border-bottom:1px solid #000000;">
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">9,918,805</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:4.047897pt">
<B><FONT size=1 face="ArialMT-Bold,Arial,Helvetica,sans-serif">Diversified Financials 4.1%</FONT></B></TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=right>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=right>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:4.047897pt">
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">E*TRADE Financial Corp.,</FONT></TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=right>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=right>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:20.012695pt">
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">senior note, 5.375%, 11/15/22</FONT></TD>
	<TD align=right>
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">United States</FONT></TD>
	<TD align=right>
&nbsp;</TD>
	<TD align=right>
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">300,000</FONT></TD>
	<TD align=right>
&nbsp;</TD>
	<TD align=right>
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">315,575</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:20.012695pt">
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">senior note, 4.625%, 9/15/23</FONT></TD>
	<TD align=right>
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">United States</FONT></TD>
	<TD align=right>
&nbsp;</TD>
	<TD align=right>
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">400,000</FONT></TD>
	<TD align=right>
&nbsp;</TD>
	<TD align=right>
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">414,758</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<SUP><FONT size=1 face="Arial,Arial,Helvetica,sans-serif">e </FONT></SUP><FONT size=1 face="Arial,Arial,Helvetica,sans-serif">FirstCash Inc., senior note, 144A, 5.375%, 6/01/24</FONT></TD>
	<TD align=right>
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">United States</FONT></TD>
	<TD align=right>
&nbsp;</TD>
	<TD align=right>
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">1,100,000</FONT></TD>
	<TD align=right>
&nbsp;</TD>
	<TD align=right>
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">1,128,875</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<SUP><FONT size=1 face="Arial,Arial,Helvetica,sans-serif">e </FONT></SUP><FONT size=1 face="Arial,Arial,Helvetica,sans-serif">MSCI Inc., senior note, 144A, 4.75%, 8/01/26</FONT></TD>
	<TD align=right>
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">United States</FONT></TD>
	<TD align=right>
&nbsp;</TD>
	<TD align=right>
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">600,000</FONT></TD>
	<TD align=right>
&nbsp;</TD>
	<TD align=right>
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">618,000</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:4.047897pt">
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">Navient Corp.,</FONT></TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=right>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=right>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:20.012695pt">
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">senior note, 4.875%, 6/17/19</FONT></TD>
	<TD align=right>
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">United States</FONT></TD>
	<TD align=right>
&nbsp;</TD>
	<TD align=right>
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">800,000</FONT></TD>
	<TD align=right>
&nbsp;</TD>
	<TD align=right>
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">829,120</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:20.012695pt">
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">senior note, 6.625%, 7/26/21</FONT></TD>
	<TD align=right>
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">United States</FONT></TD>
	<TD align=right>
&nbsp;</TD>
	<TD align=right>
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">800,000</FONT></TD>
	<TD align=right>
&nbsp;</TD>
	<TD align=right>
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">852,240</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:20.012695pt">
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">senior note, 7.25%, 9/25/23</FONT></TD>
	<TD align=right>
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">United States</FONT></TD>
	<TD align=right>
&nbsp;</TD>
	<TD align=right>
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">1,700,000</FONT></TD>
	<TD align=right>
&nbsp;</TD>
	<TD align=right>
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">1,795,200</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<SUP><FONT size=1 face="Arial,Arial,Helvetica,sans-serif">e </FONT></SUP><FONT size=1 face="Arial,Arial,Helvetica,sans-serif">Park Aerospace Holdings Ltd.,</FONT></TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=right>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=right>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:20.012695pt">
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">senior note, 144A, 5.25%, 8/15/22</FONT></TD>
	<TD align=right>
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">Ireland</FONT></TD>
	<TD align=right>
&nbsp;</TD>
	<TD align=right>
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">700,000</FONT></TD>
	<TD align=right>
&nbsp;</TD>
	<TD align=right>
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">738,283</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:20.012695pt">
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">senior note, 144A, 5.50%, 2/15/24</FONT></TD>
	<TD align=right>
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">Ireland</FONT></TD>
	<TD align=right>
&nbsp;</TD>
	<TD align=right>
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">700,000</FONT></TD>
	<TD align=right>
&nbsp;</TD>
	<TD align=right>
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">737,191</FONT></TD>
</TR>
</TABLE>
</DIV>
<P style="MARGIN:0px">&nbsp;</P>
<P style="text-align: left;">
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">|3</FONT></P>
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<P style="TEXT-ALIGN: left"><FONT size=1 face="Times New Roman,Times New Roman,Times,serif">FRANKLIN UNIVERSAL TRUST</FONT><BR><FONT size=1 face="Times New Roman,Times New Roman,Times,serif">STATEMENT OF INVESTMENTS (UNAUDITED)</FONT></P>

<DIV align=left>

<TABLE cellSpacing=0 border=0>



<TR>

   <TD width="60%"></TD>

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

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

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

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

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

<TR vAlign=bottom>

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

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

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

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

   <TD align=right>&nbsp;</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=ArialMT-Bold,Arial,Helvetica,sans-serif>Country</FONT></B></TD>

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

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

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

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

<TR>

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

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8.475pt" align=left><B><FONT size=2 face=ArialMT-Bold,Arial,Helvetica,sans-serif>Corporate Bonds </FONT></B><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>(continued)</FONT></TD>

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

   <TD align=right>&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: 8.475pt" align=left><B><FONT size=1 face=ArialMT-Bold,Arial,Helvetica,sans-serif>Diversified Financials </FONT></B><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>(continued)</FONT></TD>

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

   <TD align=right>&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: 4.427pt" align=left><SUP><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>e </FONT></SUP><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>Tempo Acquisition LLC/Tempo Acquisition Finance Corp., senior note, 144A, 6.75%,</FONT></TD>

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

   <TD align=right>&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: 12.466pt" align=left><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>6/01/25.</FONT></TD>

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

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

   <TD align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>1,000,000</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>1,023,100</FONT></TD></TR>

<TR vAlign=bottom>

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

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

   <TD align=right>&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,Arial,Helvetica,sans-serif>8,452,342</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8.475pt" align=left><B><FONT size=1 face=ArialMT-Bold,Arial,Helvetica,sans-serif>Energy 9.1%</FONT></B></TD>

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

   <TD align=right>&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: 4.427pt" align=left><SUP><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>e </FONT></SUP><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>Bill Barrett Corp., senior note, 144A, 8.75%, 6/15/25</FONT></TD>

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

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

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

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

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

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 5.952pt" align=left><SUP><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>f </FONT></SUP><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>BreitBurn Energy Partners LP/BreitBurn Finance Corp.,</FONT></TD>

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

   <TD align=right>&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: 24.44pt" align=left><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>senior bond, 7.875%, 4/15/22.</FONT></TD>

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

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

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

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

   <TD align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>58,500</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 24.44pt" align=left><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>senior note, 8.625%, 10/15/20</FONT></TD>

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

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

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

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

   <TD align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>175,500</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8.475pt" align=left><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>California Resources Corp.,</FONT></TD>

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

   <TD align=right>&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: 21.39pt" align=left><SUP><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>e</FONT></SUP><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>secured note, second lien, 144A, 8.00%, 12/15/22</FONT></TD>

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

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

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

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

   <TD align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>462,788</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 24.44pt" align=left><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>senior bond, 6.00%, 11/15/24.</FONT></TD>

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

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

   <TD align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>15,000</FONT></TD>

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

   <TD align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>9,525</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 24.44pt" align=left><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>senior note, 5.50%, 9/15/21</FONT></TD>

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

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

   <TD align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>10,000</FONT></TD>

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

   <TD align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>7,000</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8.475pt" align=left><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>Calumet Specialty Products Partners LP/Calumet Finance Corp.,</FONT></TD>

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

   <TD align=right>&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: 24.44pt" align=left><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>senior note, 7.75%, 4/15/23</FONT></TD>

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

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

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

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

   <TD align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>720,000</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 21.39pt" align=left><SUP><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>e</FONT></SUP><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>senior note, 144A, 11.50%, 1/15/21</FONT></TD>

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

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

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

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

   <TD align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>351,750</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8.475pt" align=left><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>Cheniere Corpus Christi Holdings LLC,</FONT></TD>

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

   <TD align=right>&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: 24.44pt" align=left><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>senior note, first lien, 7.00%, 6/30/24.</FONT></TD>

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

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

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

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

   <TD align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>675,000</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 24.44pt" align=left><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>senior secured note, first lien, 5.875%, 3/31/25.</FONT></TD>

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

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

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

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

   <TD align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>1,077,500</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8.475pt" align=left><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>CONSOL Energy Inc.,</FONT></TD>

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

   <TD align=right>&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: 24.44pt" align=left><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>senior note, 5.875%, 4/15/22</FONT></TD>

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

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

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

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

   <TD align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>297,375</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 24.44pt" align=left><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>senior note, 8.00%, 4/01/23</FONT></TD>

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

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

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

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

   <TD align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>635,250</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8.475pt" align=left><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>Crestwood Midstream Partners LP/Crestwood Midstream Finance Corp.,</FONT></TD>

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

   <TD align=right>&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: 21.39pt" align=left><SUP><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>e</FONT></SUP><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>senior note, 144A, 5.75%, 4/01/25</FONT></TD>

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

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

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

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

   <TD align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>820,000</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 24.44pt" align=left><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>senior note, 6.25%, 4/01/23</FONT></TD>

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

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

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

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

   <TD align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>520,935</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8.475pt" align=left><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>CSI Compressco LP/CSI Compressco Finance Inc., senior note, 7.25%, 8/15/22</FONT></TD>

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

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

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

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

   <TD align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>772,000</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8.475pt" align=left><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>Energy Transfer Equity LP,</FONT></TD>

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

   <TD align=right>&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: 24.44pt" align=left><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>senior note, first lien, 7.50%, 10/15/20</FONT></TD>

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

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

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

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

   <TD align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>1,347,000</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 24.44pt" align=left><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>senior secured bond, first lien, 5.875%, 1/15/24</FONT></TD>

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

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

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

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

   <TD align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>214,500</FONT></TD></TR>

<TR vAlign=bottom>

   <TD align=left><SUP><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>e,g </FONT></SUP><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>EnQuest PLC, 144A, PIK, 8.00%, 10/15/23</FONT></TD>

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

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

   <TD align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>642,878</FONT></TD>

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

   <TD align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>525,218</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8.475pt" align=left><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>Ferrellgas LP/Ferrellgas Finance Corp., senior note, 6.75%, 6/15/23</FONT></TD>

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

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

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

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

   <TD align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>680,750</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 4.427pt" align=left><SUP><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>e </FONT></SUP><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>Ferrellgas Partners LP/Ferrellgas Partners Finance Corp., senior note, 144A, 8.625%,</FONT></TD>

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

   <TD align=right>&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: 12.466pt" align=left><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>6/15/20.</FONT></TD>

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

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

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

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

   <TD align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>780,000</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8.475pt" align=left><FONT size=1 face=Arial,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=right>&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: 12.466pt" align=left><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>2/15/21.</FONT></TD>

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

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

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

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

   <TD align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>618,000</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 4.427pt" align=left><SUP><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>e </FONT></SUP><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>Murray Energy Corp., secured note, second lien, 144A, 11.25%, 4/15/21</FONT></TD>

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

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

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

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

   <TD align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>540,750</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8.475pt" align=left><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>QEP Resources Inc., senior bond, 5.375%, 10/01/22.</FONT></TD>

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

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

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

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

   <TD align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>1,572,000</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8.475pt" align=left><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>Sabine Pass Liquefaction LLC,</FONT></TD>

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

   <TD align=right>&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: 24.44pt" align=left><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>first lien, 6.25%, 3/15/22</FONT></TD>

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

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

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

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

   <TD align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>227,059</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 24.44pt" align=left><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>first lien, 5.625%, 4/15/23</FONT></TD>

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

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

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

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

   <TD align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>558,003</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8.475pt" align=left><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>Sanchez Energy Corp.,</FONT></TD>

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

   <TD align=right>&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: 24.44pt" align=left><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>senior note, 7.75%, 6/15/21</FONT></TD>

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

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

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

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

   <TD align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>760,000</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 24.44pt" align=left><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>senior note, 6.125%, 1/15/23</FONT></TD>

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

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

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

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

   <TD align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>88,500</FONT></TD></TR>

<TR vAlign=bottom>

   <TD align=left><SUP><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>e,g </FONT></SUP><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>W&amp;T Offshore Inc.,</FONT></TD>

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

   <TD align=right>&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: 24.44pt" align=left><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>secured note, second lien, 144A, PIK, 10.75%, 5/15/20</FONT></TD>

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

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

   <TD align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>275,482</FONT></TD>

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

   <TD align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>241,271</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 24.44pt" align=left><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>senior secured note, third lien, 144A, PIK, 10.00%, 6/15/21</FONT></TD>

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

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

   <TD align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>246,533</FONT></TD>

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

   <TD align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>193,246</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8.475pt" align=left><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>Weatherford International Ltd.,</FONT></TD>

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

   <TD align=right>&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: 24.44pt" align=left><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>senior note, 5.125%, 9/15/20</FONT></TD>

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

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

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

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

   <TD align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>201,500</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 24.44pt" align=left><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>senior note, 7.75%, 6/15/21</FONT></TD>

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

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

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

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

   <TD align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>423,652</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 24.44pt" align=left><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>senior note, 4.50%, 4/15/22</FONT></TD>

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

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

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

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

   <TD align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>373,000</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 24.44pt" align=left><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>senior note, 8.25%, 6/15/23</FONT></TD>

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

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

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

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

   <TD align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>637,500</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8.475pt" align=left><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>WPX Energy Inc., senior note, 8.25%, 8/01/23</FONT></TD>

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

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

   <TD align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>400,000</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,Arial,Helvetica,sans-serif>440,000</FONT></TD></TR>

<TR vAlign=bottom>

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

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

   <TD align=right>&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,Arial,Helvetica,sans-serif>18,641,322</FONT></TD></TR></TABLE></DIV>

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

<P style="TEXT-ALIGN: left"><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>|4</FONT></P></DIV>

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<P style="TEXT-ALIGN: center"><FONT size=1 face="Times New Roman,Times New Roman,Times,serif">FRANKLIN UNIVERSAL TRUST</FONT><BR><FONT size=1 face="Times New Roman,Times New Roman,Times,serif">STATEMENT OF INVESTMENTS (UNAUDITED)</FONT></P>

<DIV align=left>

<TABLE cellSpacing=0 border=0>



<TR>

   <TD width="60%"></TD>

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

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

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

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

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

<TR vAlign=bottom>

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

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

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

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

   <TD align=right>&nbsp;</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=ArialMT-Bold,Arial,Helvetica,sans-serif>Country</FONT></B></TD>

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

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

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

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

<TR>

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

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 4.047pt" align=left><B><FONT size=2 face=ArialMT-Bold,Arial,Helvetica,sans-serif>Corporate Bonds </FONT></B><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>(continued)</FONT></TD>

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

   <TD align=right>&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: 4.047pt" align=left><B><FONT size=1 face=ArialMT-Bold,Arial,Helvetica,sans-serif>Food, Beverage &amp; Tobacco 3.8%</FONT></B></TD>

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

   <TD align=right>&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: 4.047pt" align=left><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>Constellation Brands Inc.,</FONT></TD>

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

   <TD align=right>&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: 20.012pt" align=left><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>senior bond, 4.75%, 11/15/24.</FONT></TD>

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

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

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

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

   <TD align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>438,429</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 20.012pt" align=left><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>senior note, 4.25%, 5/01/23</FONT></TD>

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

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

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

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

   <TD align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>538,807</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 20.012pt" align=left><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>senior note, 4.75%, 12/01/25</FONT></TD>

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

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

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

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

   <TD align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>109,850</FONT></TD></TR>

<TR vAlign=bottom>

   <TD align=left><SUP><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>e </FONT></SUP><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>Cott Holdings Inc., senior note, 144A, 5.50%, 4/01/25</FONT></TD>

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

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

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

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

   <TD align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>1,744,625</FONT></TD></TR>

<TR vAlign=bottom>

   <TD align=left><SUP><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>e </FONT></SUP><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>JBS USA LLC/Finance Inc.,</FONT></TD>

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

   <TD align=right>&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: 20.012pt" align=left><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>senior bond, 144A, 5.875%, 7/15/24</FONT></TD>

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

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

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

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

   <TD align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>884,250</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 20.012pt" align=left><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>senior note, 144A, 7.25%, 6/01/21</FONT></TD>

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

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

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

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

   <TD align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>802,000</FONT></TD></TR>

<TR vAlign=bottom>

   <TD align=left><SUP><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>e </FONT></SUP><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>Lamb Weston Holdings Inc.,</FONT></TD>

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

   <TD align=right>&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: 20.012pt" align=left><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>senior note, 144A, 4.625%, 11/01/24.</FONT></TD>

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

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

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

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

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

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 20.012pt" align=left><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>senior note, 144A, 4.875%, 11/01/26.</FONT></TD>

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

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

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

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

   <TD align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>1,030,000</FONT></TD></TR>

<TR vAlign=bottom>

   <TD align=left><SUP><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>e </FONT></SUP><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>Post Holdings Inc.,</FONT></TD>

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

   <TD align=right>&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: 20.012pt" align=left><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>senior bond, 144A, 5.00%, 8/15/26</FONT></TD>

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

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

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

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

   <TD align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>909,000</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 20.012pt" align=left><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>senior note, 144A, 6.00%, 12/15/22</FONT></TD>

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

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

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

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

   <TD align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>320,250</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 20.012pt" align=left><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>senior note, 144A, 5.50%, 3/01/25</FONT></TD>

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

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

   <TD align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>400,000</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,Arial,Helvetica,sans-serif>421,000</FONT></TD></TR>

<TR vAlign=bottom>

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

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

   <TD align=right>&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,Arial,Helvetica,sans-serif>7,713,211</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 4.047pt" align=left><B><FONT size=1 face=ArialMT-Bold,Arial,Helvetica,sans-serif>Health Care Equipment &amp; Services 5.8%</FONT></B></TD>

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

   <TD align=right>&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: 4.047pt" align=left><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>CHS/Community Health Systems Inc.,</FONT></TD>

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

   <TD align=right>&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: 20.012pt" align=left><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>senior note, 8.00%, 11/15/19</FONT></TD>

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

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

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

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

   <TD align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>302,625</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 20.012pt" align=left><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>senior note, 7.125%, 7/15/20</FONT></TD>

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

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

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

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

   <TD align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>395,000</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 20.012pt" align=left><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>senior note, 6.875%, 2/01/22</FONT></TD>

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

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

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

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

   <TD align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>178,500</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 20.012pt" align=left><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>senior secured note, first lien, 6.25%, 3/31/23</FONT></TD>

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

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

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

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

   <TD align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>622,200</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 4.047pt" align=left><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>DaVita Inc., senior note, 5.75%, 8/15/22</FONT></TD>

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

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

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

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

   <TD align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>519,062</FONT></TD></TR>

<TR vAlign=bottom>

   <TD align=left><SUP><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>e </FONT></SUP><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>Envision Healthcare Corp., senior note, 144A, 6.25%, 12/01/24</FONT></TD>

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

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

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

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

   <TD align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>1,608,750</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 4.047pt" align=left><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>HCA Inc.,</FONT></TD>

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

   <TD align=right>&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: 20.012pt" align=left><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>senior bond, 5.875%, 5/01/23.</FONT></TD>

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

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

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

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

   <TD align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>875,504</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 20.012pt" align=left><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>senior bond, 5.875%, 2/15/26.</FONT></TD>

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

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

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

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

   <TD align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>1,524,250</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 20.012pt" align=left><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>senior secured bond, first lien, 5.875%, 3/15/22</FONT></TD>

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

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

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

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

   <TD align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>667,500</FONT></TD></TR>

<TR vAlign=bottom>

   <TD align=left><SUP><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>e </FONT></SUP><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>MPH Acquisition Holdings LLC, senior note, 144A, 7.125%, 6/01/24</FONT></TD>

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

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

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

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

   <TD align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>1,392,560</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 4.047pt" align=left><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>Tenet Healthcare Corp.,</FONT></TD>

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

   <TD align=right>&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: 20.012pt" align=left><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>senior note, 5.00%, 3/01/19</FONT></TD>

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

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

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

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

   <TD align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>1,127,500</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 20.012pt" align=left><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>senior note, 5.50%, 3/01/19</FONT></TD>

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

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

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

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

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

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 20.012pt" align=left><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>senior note, 8.125%, 4/01/22</FONT></TD>

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

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

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

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

   <TD align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>1,058,750</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 4.047pt" align=left><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>Wellcare Health Plans Inc., senior note, 5.25%, 4/01/25.</FONT></TD>

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

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

   <TD align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>1,200,000</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,Arial,Helvetica,sans-serif>1,267,500</FONT></TD></TR>

<TR vAlign=bottom>

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

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

   <TD align=right>&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,Arial,Helvetica,sans-serif>11,951,701</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 4.047pt" align=left><B><FONT size=1 face=ArialMT-Bold,Arial,Helvetica,sans-serif>Materials 11.4%</FONT></B></TD>

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

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

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

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

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

<TR vAlign=bottom>

   <TD align=left><SUP><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>e </FONT></SUP><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>American Builders &amp; Contractors Supply Co. Inc., senior note, 144A, 5.625%, 4/15/21</FONT></TD>

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

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

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

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

   <TD align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>353,543</FONT></TD></TR>

<TR vAlign=bottom>

   <TD align=left><SUP><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>g </FONT></SUP><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>ARD Finance SA, secured note, PIK, 7.875%, 9/15/23</FONT></TD>

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

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

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

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

   <TD align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>410,673</FONT></TD></TR>

<TR vAlign=bottom>

   <TD align=left><SUP><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>e </FONT></SUP><FONT size=1 face=Arial,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=right>&nbsp;</TD>

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

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

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

<TR vAlign=bottom>

   <TD align=left><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>&nbsp;&nbsp; 6.00%, 6/30/21</FONT></TD>

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

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

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

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

   <TD align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>516,250</FONT></TD></TR>

<TR vAlign=bottom>

   <TD align=left><SUP><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>e </FONT></SUP><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>Axalta Coating Systems LLC, senior note, 144A, 4.875%, 8/15/24</FONT></TD>

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

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

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

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

   <TD align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>410,500</FONT></TD></TR>

<TR vAlign=bottom>

   <TD align=left><SUP><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>e </FONT></SUP><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>BlueScope Steel Ltd./BlueScope Steel Finance, senior note, 144A, 6.50%, 5/15/21</FONT></TD>

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

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

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

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

   <TD align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>1,591,627</FONT></TD></TR>

<TR vAlign=bottom>

   <TD align=left><SUP><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>e </FONT></SUP><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>BWAY Holding Co., senior note, 144A, 7.25%, 4/15/25</FONT></TD>

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

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

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

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

   <TD align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>918,000</FONT></TD></TR>

<TR vAlign=bottom>

   <TD align=left><SUP><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>e </FONT></SUP><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>Cemex SAB de CV, senior secured bond, first lien, 144A, 5.70%, 1/11/25</FONT></TD>

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

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

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

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

   <TD align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>1,161,644</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 4.047pt" align=left><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>The Chemours Co.,</FONT></TD>

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

   <TD align=right>&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: 20.012pt" align=left><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>senior bond, 7.00%, 5/15/25</FONT></TD>

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

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

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

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

   <TD align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>222,500</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 20.012pt" align=left><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>senior note, 6.625%, 5/15/23</FONT></TD>

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

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

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

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

   <TD align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>1,179,629</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 20.012pt" align=left><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>senior note, 5.375%, 5/15/27</FONT></TD>

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

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

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

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

   <TD align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>313,875</FONT></TD></TR></TABLE></DIV>

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

<P style="TEXT-ALIGN: left"><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>|5</FONT></P></DIV>

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<FONT size=1 face="Times New Roman,Times New Roman,Times,serif">FRANKLIN UNIVERSAL TRUST</FONT><BR>
<FONT size=1 face="Times New Roman,Times New Roman,Times,serif">STATEMENT OF INVESTMENTS (UNAUDITED)</FONT></P>
<DIV align="left">
<TABLE border=0 cellspacing=0>
<TR>
     <TD width=62%></TD>
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&nbsp;</TD>
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&nbsp;</TD>
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&nbsp;</TD>
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<B><FONT size=1 face="ArialMT-Bold,Arial,Helvetica,sans-serif">Principal</FONT></B></TD>
	<TD align=right>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left style="border-bottom:1px solid #000000;">
&nbsp;</TD>
	<TD align=right style="border-bottom:1px solid #000000;">
<B><FONT size=1 face="ArialMT-Bold,Arial,Helvetica,sans-serif">Country</FONT></B></TD>
	<TD align=right style="border-bottom:1px solid #000000;">
&nbsp;</TD>
	<TD align=right style="border-bottom:1px solid #000000;">
<B><FONT size=1 face="ArialMT-Bold,Arial,Helvetica,sans-serif">Amount*</FONT></B></TD>
	<TD align=right style="border-bottom:1px solid #000000;">
&nbsp;</TD>
	<TD align=right style="border-bottom:1px solid #000000;">
<B><FONT size=1 face="ArialMT-Bold,Arial,Helvetica,sans-serif">Value</FONT></B></TD>
</TR>
<TR>
	<TD colspan=6>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:4.047897pt">
<B><FONT size=2 face="ArialMT-Bold,Arial,Helvetica,sans-serif">Corporate Bonds </FONT></B><FONT size=1 face="Arial,Arial,Helvetica,sans-serif">(continued)</FONT></TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=right>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=right>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:4.047775pt">
<B><FONT size=1 face="ArialMT-Bold,Arial,Helvetica,sans-serif">Materials </FONT></B><FONT size=1 face="Arial,Arial,Helvetica,sans-serif">(continued)</FONT></TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=right>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=right>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<SUP><FONT size=1 face="Arial,Arial,Helvetica,sans-serif">e </FONT></SUP><FONT size=1 face="Arial,Arial,Helvetica,sans-serif">CVR Partners LP/CVR Nitrogen Finance Corp., secured note, second lien, 144A, 9.25%,</FONT></TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=right>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=right>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:8.039093pt">
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">6/15/23.</FONT></TD>
	<TD align=right>
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">United States</FONT></TD>
	<TD align=right>
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">&#36;</FONT></TD>
	<TD align=right>
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">1,000,000</FONT></TD>
	<TD align=right>
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">&#36;</FONT></TD>
	<TD align=right>
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">1,040,000</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<SUP><FONT size=1 face="Arial,Arial,Helvetica,sans-serif">e </FONT></SUP><FONT size=1 face="Arial,Arial,Helvetica,sans-serif">Eldorado Gold Corp., senior note, 144A, 6.125%, 12/15/20</FONT></TD>
	<TD align=right>
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">Canada</FONT></TD>
	<TD align=right>
&nbsp;</TD>
	<TD align=right>
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">500,000</FONT></TD>
	<TD align=right>
&nbsp;</TD>
	<TD align=right>
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">515,000</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<SUP><FONT size=1 face="Arial,Arial,Helvetica,sans-serif">e </FONT></SUP><FONT size=1 face="Arial,Arial,Helvetica,sans-serif">First Quantum Minerals Ltd.,</FONT></TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=right>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=right>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:20.012695pt">
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">senior note, 144A, 7.00%, 2/15/21</FONT></TD>
	<TD align=right>
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">Canada</FONT></TD>
	<TD align=right>
&nbsp;</TD>
	<TD align=right>
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">931,000</FONT></TD>
	<TD align=right>
&nbsp;</TD>
	<TD align=right>
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">979,691</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:20.012695pt">
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">senior note, 144A, 7.25%, 4/01/23</FONT></TD>
	<TD align=right>
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">Canada</FONT></TD>
	<TD align=right>
&nbsp;</TD>
	<TD align=right>
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">600,000</FONT></TD>
	<TD align=right>
&nbsp;</TD>
	<TD align=right>
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">607,500</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<SUP><FONT size=1 face="Arial,Arial,Helvetica,sans-serif">e </FONT></SUP><FONT size=1 face="Arial,Arial,Helvetica,sans-serif">FMG Resources August 2006 Pty. Ltd., senior note, 144A, 4.75%, 5/15/22.</FONT></TD>
	<TD align=right>
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">Australia</FONT></TD>
	<TD align=right>
&nbsp;</TD>
	<TD align=right>
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">800,000</FONT></TD>
	<TD align=right>
&nbsp;</TD>
	<TD align=right>
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">814,000</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<SUP><FONT size=1 face="Arial,Arial,Helvetica,sans-serif">e </FONT></SUP><FONT size=1 face="Arial,Arial,Helvetica,sans-serif">Grinding Media Inc./MC Grinding Media Canada Inc., senior secured note, 144A, 7.375%,</FONT></TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=right>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=right>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:8.039093pt">
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">12/15/23</FONT></TD>
	<TD align=right>
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">United States</FONT></TD>
	<TD align=right>
&nbsp;</TD>
	<TD align=right>
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">400,000</FONT></TD>
	<TD align=right>
&nbsp;</TD>
	<TD align=right>
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">432,500</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<SUP><FONT size=1 face="Arial,Arial,Helvetica,sans-serif">e </FONT></SUP><FONT size=1 face="Arial,Arial,Helvetica,sans-serif">New Gold Inc., senior note, 144A, 6.375%, 5/15/25</FONT></TD>
	<TD align=right>
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">Canada</FONT></TD>
	<TD align=right>
&nbsp;</TD>
	<TD align=right>
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">700,000</FONT></TD>
	<TD align=right>
&nbsp;</TD>
	<TD align=right>
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">719,320</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<SUP><FONT size=1 face="Arial,Arial,Helvetica,sans-serif">e </FONT></SUP><FONT size=1 face="Arial,Arial,Helvetica,sans-serif">Novelis Corp.,</FONT></TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=right>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=right>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:20.012695pt">
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">senior bond, 144A, 5.875%, 9/30/26</FONT></TD>
	<TD align=right>
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">United States</FONT></TD>
	<TD align=right>
&nbsp;</TD>
	<TD align=right>
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">500,000</FONT></TD>
	<TD align=right>
&nbsp;</TD>
	<TD align=right>
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">518,750</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:20.012695pt">
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">senior note, 144A, 6.25%, 8/15/24</FONT></TD>
	<TD align=right>
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">United States</FONT></TD>
	<TD align=right>
&nbsp;</TD>
	<TD align=right>
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">700,000</FONT></TD>
	<TD align=right>
&nbsp;</TD>
	<TD align=right>
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">739,270</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<SUP><FONT size=1 face="Arial,Arial,Helvetica,sans-serif">e </FONT></SUP><FONT size=1 face="Arial,Arial,Helvetica,sans-serif">Owens-Brockway Glass Container Inc.,</FONT></TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=right>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=right>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:20.012695pt">
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">senior note, 144A, 5.00%, 1/15/22</FONT></TD>
	<TD align=right>
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">United States</FONT></TD>
	<TD align=right>
&nbsp;</TD>
	<TD align=right>
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">1,000,000</FONT></TD>
	<TD align=right>
&nbsp;</TD>
	<TD align=right>
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">1,047,500</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:20.012695pt">
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">senior note, 144A, 5.875%, 8/15/23</FONT></TD>
	<TD align=right>
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">United States</FONT></TD>
	<TD align=right>
&nbsp;</TD>
	<TD align=right>
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">500,000</FONT></TD>
	<TD align=right>
&nbsp;</TD>
	<TD align=right>
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">547,187</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<SUP><FONT size=1 face="Arial,Arial,Helvetica,sans-serif">e </FONT></SUP><FONT size=1 face="Arial,Arial,Helvetica,sans-serif">Platform Specialty Products Corp.,</FONT></TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=right>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=right>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:20.012695pt">
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">senior note, 144A, 10.375%, 5/01/21.</FONT></TD>
	<TD align=right>
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">United States</FONT></TD>
	<TD align=right>
&nbsp;</TD>
	<TD align=right>
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">100,000</FONT></TD>
	<TD align=right>
&nbsp;</TD>
	<TD align=right>
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">111,125</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:20.012695pt">
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">senior note, 144A, 6.50%, 2/01/22</FONT></TD>
	<TD align=right>
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">United States</FONT></TD>
	<TD align=right>
&nbsp;</TD>
	<TD align=right>
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">600,000</FONT></TD>
	<TD align=right>
&nbsp;</TD>
	<TD align=right>
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">621,000</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<SUP><FONT size=1 face="Arial,Arial,Helvetica,sans-serif">e </FONT></SUP><FONT size=1 face="Arial,Arial,Helvetica,sans-serif">Rain CII Carbon LLC/CII Carbon Corp., second lien, 144A, 8.25%, 1/15/21</FONT></TD>
	<TD align=right>
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">United States</FONT></TD>
	<TD align=right>
&nbsp;</TD>
	<TD align=right>
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">500,000</FONT></TD>
	<TD align=right>
&nbsp;</TD>
	<TD align=right>
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">520,315</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:4.047897pt">
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">Reynolds Group Issuer Inc./Reynolds Group Issuer LLC/Reynolds Group Issuer</FONT></TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=right>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=right>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:8.039093pt">
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">Luxembourg SA,</FONT></TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=right>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=right>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:20.012695pt">
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">first lien, 5.75%, 10/15/20</FONT></TD>
	<TD align=right>
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">United States</FONT></TD>
	<TD align=right>
&nbsp;</TD>
	<TD align=right>
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">500,000</FONT></TD>
	<TD align=right>
&nbsp;</TD>
	<TD align=right>
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">514,375</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:16.962601pt">
<SUP><FONT size=1 face="Arial,Arial,Helvetica,sans-serif">e</FONT></SUP><FONT size=1 face="Arial,Arial,Helvetica,sans-serif">first lien, 144A, 5.125%, 7/15/23</FONT></TD>
	<TD align=right>
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">United States</FONT></TD>
	<TD align=right>
&nbsp;</TD>
	<TD align=right>
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">1,000,000</FONT></TD>
	<TD align=right>
&nbsp;</TD>
	<TD align=right>
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">1,038,750</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:16.962601pt">
<SUP><FONT size=1 face="Arial,Arial,Helvetica,sans-serif">e</FONT></SUP><FONT size=1 face="Arial,Arial,Helvetica,sans-serif">senior note, 144A, 7.00%, 7/15/24</FONT></TD>
	<TD align=right>
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">United States</FONT></TD>
	<TD align=right>
&nbsp;</TD>
	<TD align=right>
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">200,000</FONT></TD>
	<TD align=right>
&nbsp;</TD>
	<TD align=right>
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">215,624</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<SUP><FONT size=1 face="Arial,Arial,Helvetica,sans-serif">e </FONT></SUP><FONT size=1 face="Arial,Arial,Helvetica,sans-serif">Sealed Air Corp.,</FONT></TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=right>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=right>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:20.012695pt">
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">senior bond, 144A, 5.50%, 9/15/25</FONT></TD>
	<TD align=right>
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">United States</FONT></TD>
	<TD align=right>
&nbsp;</TD>
	<TD align=right>
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">400,000</FONT></TD>
	<TD align=right>
&nbsp;</TD>
	<TD align=right>
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">432,000</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:20.012695pt">
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">senior note, 144A, 6.50%, 12/01/20</FONT></TD>
	<TD align=right>
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">United States</FONT></TD>
	<TD align=right>
&nbsp;</TD>
	<TD align=right>
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">400,000</FONT></TD>
	<TD align=right>
&nbsp;</TD>
	<TD align=right>
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">448,000</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:4.047897pt">
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">Steel Dynamics Inc.,</FONT></TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=right>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=right>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:20.012695pt">
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">senior bond, 5.50%, 10/01/24.</FONT></TD>
	<TD align=right>
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">United States</FONT></TD>
	<TD align=right>
&nbsp;</TD>
	<TD align=right>
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">900,000</FONT></TD>
	<TD align=right>
&nbsp;</TD>
	<TD align=right>
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">955,125</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:20.012695pt">
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">senior bond, 5.00%, 12/15/26.</FONT></TD>
	<TD align=right>
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">United States</FONT></TD>
	<TD align=right>
&nbsp;</TD>
	<TD align=right>
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">700,000</FONT></TD>
	<TD align=right>
&nbsp;</TD>
	<TD align=right>
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">714,000</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:20.012695pt">
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">senior note, 5.125%, 10/01/21</FONT></TD>
	<TD align=right>
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">United States</FONT></TD>
	<TD align=right>
&nbsp;</TD>
	<TD align=right>
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">400,000</FONT></TD>
	<TD align=right>
&nbsp;</TD>
	<TD align=right>
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">414,500</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:4.047897pt">
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">Summit Materials LLC/Summit Materials Finance Corp., senior note, 8.50%, 4/15/22</FONT></TD>
	<TD align=right>
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">United States</FONT></TD>
	<TD align=right>
&nbsp;</TD>
	<TD align=right>
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">1,000,000</FONT></TD>
	<TD align=right>
&nbsp;</TD>
	<TD align=right>
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">1,127,500</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<SUP><FONT size=1 face="Arial,Arial,Helvetica,sans-serif">e </FONT></SUP><FONT size=1 face="Arial,Arial,Helvetica,sans-serif">SunCoke Energy Partners LP/SunCoke Energy Partners Finance Corp., senior note,</FONT></TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=right>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=right>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:8.039093pt">
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">144A, 7.50%, 6/15/25</FONT></TD>
	<TD align=right>
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">United States</FONT></TD>
	<TD align=right>
&nbsp;</TD>
	<TD align=right>
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">1,200,000</FONT></TD>
	<TD align=right style="border-bottom:1px solid #000000;">
&nbsp;</TD>
	<TD align=right style="border-bottom:1px solid #000000;">
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">1,182,000</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=right>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=right style="border-bottom:1px solid #000000;">
&nbsp;</TD>
	<TD align=right style="border-bottom:1px solid #000000;">
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">23,333,273</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:4.047897pt">
<B><FONT size=1 face="ArialMT-Bold,Arial,Helvetica,sans-serif">Media 8.7%</FONT></B></TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=right>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=right>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<SUP><FONT size=1 face="Arial,Arial,Helvetica,sans-serif">e </FONT></SUP><FONT size=1 face="Arial,Arial,Helvetica,sans-serif">Altice U.S. Finance I Corp., senior secured bond, 144A, 5.50%, 5/15/26</FONT></TD>
	<TD align=right>
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">United States</FONT></TD>
	<TD align=right>
&nbsp;</TD>
	<TD align=right>
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">900,000</FONT></TD>
	<TD align=right>
&nbsp;</TD>
	<TD align=right>
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">945,000</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:4.047897pt">
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">AMC Networks Inc., senior note, 5.00%, 4/01/24.</FONT></TD>
	<TD align=right>
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">United States</FONT></TD>
	<TD align=right>
&nbsp;</TD>
	<TD align=right>
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">900,000</FONT></TD>
	<TD align=right>
&nbsp;</TD>
	<TD align=right>
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">915,741</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:4.047897pt">
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">Cablevision Systems Corp., senior note, 8.625%, 9/15/17</FONT></TD>
	<TD align=right>
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">United States</FONT></TD>
	<TD align=right>
&nbsp;</TD>
	<TD align=right>
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">324,000</FONT></TD>
	<TD align=right>
&nbsp;</TD>
	<TD align=right>
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">330,075</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:4.047897pt">
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">CCO Holdings LLC/CCO Holdings Capital Corp.,</FONT></TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=right>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=right>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:20.012695pt">
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">senior bond, 5.25%, 9/30/22</FONT></TD>
	<TD align=right>
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">United States</FONT></TD>
	<TD align=right>
&nbsp;</TD>
	<TD align=right>
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">1,700,000</FONT></TD>
	<TD align=right>
&nbsp;</TD>
	<TD align=right>
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">1,764,294</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:16.962601pt">
<SUP><FONT size=1 face="Arial,Arial,Helvetica,sans-serif">e</FONT></SUP><FONT size=1 face="Arial,Arial,Helvetica,sans-serif">senior bond, 144A, 5.75%, 2/15/26</FONT></TD>
	<TD align=right>
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">United States</FONT></TD>
	<TD align=right>
&nbsp;</TD>
	<TD align=right>
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">700,000</FONT></TD>
	<TD align=right>
&nbsp;</TD>
	<TD align=right>
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">751,625</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:4.047897pt">
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">Clear Channel Worldwide Holdings Inc.,</FONT></TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=right>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=right>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:20.012695pt">
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">senior note, 6.50%, 11/15/22</FONT></TD>
	<TD align=right>
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">United States</FONT></TD>
	<TD align=right>
&nbsp;</TD>
	<TD align=right>
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">1,000,000</FONT></TD>
	<TD align=right>
&nbsp;</TD>
	<TD align=right>
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">1,035,000</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:20.012695pt">
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">senior sub. note, 7.625%, 3/15/20</FONT></TD>
	<TD align=right>
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">United States</FONT></TD>
	<TD align=right>
&nbsp;</TD>
	<TD align=right>
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">700,000</FONT></TD>
	<TD align=right>
&nbsp;</TD>
	<TD align=right>
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">706,125</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:4.047897pt">
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">CSC Holdings LLC,</FONT></TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=right>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=right>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:16.962601pt">
<SUP><FONT size=1 face="Arial,Arial,Helvetica,sans-serif">e</FONT></SUP><FONT size=1 face="Arial,Arial,Helvetica,sans-serif">senior bond, 144A, 5.50%, 4/15/27</FONT></TD>
	<TD align=right>
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">United States</FONT></TD>
	<TD align=right>
&nbsp;</TD>
	<TD align=right>
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">500,000</FONT></TD>
	<TD align=right>
&nbsp;</TD>
	<TD align=right>
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">524,910</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:20.012695pt">
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">senior note, 6.75%, 11/15/21</FONT></TD>
	<TD align=right>
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">United States</FONT></TD>
	<TD align=right>
&nbsp;</TD>
	<TD align=right>
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">700,000</FONT></TD>
	<TD align=right>
&nbsp;</TD>
	<TD align=right>
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">776,125</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:20.012695pt">
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">senior note, 5.25%, 6/01/24</FONT></TD>
	<TD align=right>
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">United States</FONT></TD>
	<TD align=right>
&nbsp;</TD>
	<TD align=right>
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">700,000</FONT></TD>
	<TD align=right>
&nbsp;</TD>
	<TD align=right>
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">716,187</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:4.047897pt">
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">DISH DBS Corp.,</FONT></TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=right>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=right>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:20.012695pt">
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">senior note, 6.75%, 6/01/21</FONT></TD>
	<TD align=right>
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">United States</FONT></TD>
	<TD align=right>
&nbsp;</TD>
	<TD align=right>
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">700,000</FONT></TD>
	<TD align=right>
&nbsp;</TD>
	<TD align=right>
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">776,125</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:20.012695pt">
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">senior note, 7.75%, 7/01/26</FONT></TD>
	<TD align=right>
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">United States</FONT></TD>
	<TD align=right>
&nbsp;</TD>
	<TD align=right>
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">800,000</FONT></TD>
	<TD align=right>
&nbsp;</TD>
	<TD align=right>
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">942,000</FONT></TD>
</TR>
</TABLE>
</DIV>
<P style="MARGIN:0px">&nbsp;</P>
<P style="text-align: left;">
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">|6</FONT></P>
</DIV>

<HR noshade align="center" width="100%" size=2><DIV STYLE="page-break-before: always">&nbsp;</div>
<!--$$/page=--><A name="page_8"></A><BR>

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<P style="TEXT-ALIGN: center"><FONT size=1 face="Times New Roman,Times New Roman,Times,serif">FRANKLIN UNIVERSAL TRUST</FONT></P>

<P style="TEXT-ALIGN: center"><FONT size=1 face="Times New Roman,Times New Roman,Times,serif">STATEMENT OF INVESTMENTS (UNAUDITED)</FONT></P>

<DIV align=left>

<TABLE cellSpacing=0 border=0>



<TR>

   <TD width="59%"></TD>

   <TD width="14%"></TD>

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

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

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

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

<TR vAlign=bottom>

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

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

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

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

   <TD align=right>&nbsp;</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=ArialMT-Bold,Arial,Helvetica,sans-serif>Country</FONT></B></TD>

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

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

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

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

<TR>

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

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 4.047pt" align=left><B><FONT size=2 face=ArialMT-Bold,Arial,Helvetica,sans-serif>Corporate Bonds </FONT></B><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>(continued)</FONT></TD>

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

   <TD align=right>&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: 4.047pt" align=left><B><FONT size=1 face=ArialMT-Bold,Arial,Helvetica,sans-serif>Media </FONT></B><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>(continued)</FONT></TD>

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

   <TD align=right>&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: 4.047pt" align=left><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>iHeartCommunications Inc.,</FONT></TD>

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

   <TD align=right>&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: 20.012pt" align=left><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>senior secured bond, first lien, 9.00%, 3/01/21</FONT></TD>

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

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

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

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

   <TD align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>738,750</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 20.012pt" align=left><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>senior secured note, first lien, 9.00%, 9/15/22</FONT></TD>

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

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

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

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

   <TD align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>73,625</FONT></TD></TR>

<TR vAlign=bottom>

   <TD align=left><SUP><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>e </FONT></SUP><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>Nexstar Broadcasting Inc., senior note, 144A, 5.625%, 8/01/24</FONT></TD>

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

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

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

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

   <TD align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>606,000</FONT></TD></TR>

<TR vAlign=bottom>

   <TD align=left><SUP><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>e </FONT></SUP><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>Radio One Inc., senior sub. note, 144A, 9.25%, 2/15/20</FONT></TD>

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

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

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

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

   <TD align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>481,250</FONT></TD></TR>

<TR vAlign=bottom>

   <TD align=left><SUP><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>e </FONT></SUP><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>Sirius XM Radio Inc.,</FONT></TD>

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

   <TD align=right>&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: 20.012pt" align=left><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>senior bond, 144A, 6.00%, 7/15/24</FONT></TD>

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

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

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

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

   <TD align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>851,000</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 20.012pt" align=left><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>senior bond, 144A, 5.375%, 4/15/25</FONT></TD>

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

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

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

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

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

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 4.047pt" align=left><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>Tegna Inc.,</FONT></TD>

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

   <TD align=right>&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: 20.012pt" align=left><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>senior bond, 6.375%, 10/15/23</FONT></TD>

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

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

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

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

   <TD align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>956,250</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 20.012pt" align=left><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>senior note, 5.125%, 7/15/20</FONT></TD>

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

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

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

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

   <TD align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>822,000</FONT></TD></TR>

<TR vAlign=bottom>

   <TD align=left><SUP><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>e </FONT></SUP><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>Univision Communications Inc., senior secured bond, first lien, 144A, 6.75%, 9/15/22</FONT></TD>

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

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

   <TD align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>358,000</FONT></TD>

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

   <TD align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>375,453</FONT></TD></TR>

<TR vAlign=bottom>

   <TD align=left><SUP><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>e </FONT></SUP><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>Virgin Media Finance PLC, senior bond, 144A, 6.375%, 4/15/23</FONT></TD>

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

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

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

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

   <TD align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>316,125</FONT></TD></TR>

<TR vAlign=bottom>

   <TD align=left><SUP><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>e </FONT></SUP><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>Virgin Media Secured Finance PLC,</FONT></TD>

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

   <TD align=right>&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: 20.012pt" align=left><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>senior secured bond, 144A, 5.25%, 1/15/26</FONT></TD>

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

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

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

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

   <TD align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>511,250</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 20.012pt" align=left><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>senior secured bond, first lien, 144A, 5.50%, 1/15/25</FONT></TD>

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

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

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

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

   <TD align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>826,000</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 20.012pt" align=left><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>senior secured bond, first lien, 144A, 5.50%, 8/15/26</FONT></TD>

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

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

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

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

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

<TR vAlign=bottom>

   <TD align=left><SUP><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>e </FONT></SUP><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>WMG Acquisition Corp.,</FONT></TD>

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

   <TD align=right>&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: 20.012pt" align=left><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>secured note, first lien, 144A, 5.00%, 8/01/23.</FONT></TD>

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

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

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

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

   <TD align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>205,500</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 20.012pt" align=left><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>senior note, 144A, 5.625%, 4/15/22</FONT></TD>

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

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

   <TD align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>92,000</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,Arial,Helvetica,sans-serif>96,025</FONT></TD></TR>

<TR vAlign=bottom>

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

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

   <TD align=right>&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,Arial,Helvetica,sans-serif>17,969,935</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 4.047pt" align=left><B><FONT size=1 face=ArialMT-Bold,Arial,Helvetica,sans-serif>Pharmaceuticals, Biotechnology &amp; Life Sciences 3.0%</FONT></B></TD>

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

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

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

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

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

<TR vAlign=bottom>

   <TD align=left><SUP><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>e </FONT></SUP><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>Concordia International Corp.,</FONT></TD>

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

   <TD align=right>&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: 20.012pt" align=left><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>senior note, 144A, 7.00%, 4/15/23</FONT></TD>

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

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

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

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

   <TD align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>191,250</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 20.012pt" align=left><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>senior secured note, first lien, 144A, 9.00%, 4/01/22</FONT></TD>

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

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

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

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

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

<TR vAlign=bottom>

   <TD align=left><SUP><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>e </FONT></SUP><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>Endo Dac/Endo Finance LLC/Endo Finco Inc.,</FONT></TD>

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

   <TD align=right>&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: 20.012pt" align=left><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>senior bond, 144A, 6.00%, 2/01/25</FONT></TD>

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

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

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

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

   <TD align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>720,800</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 20.012pt" align=left><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>senior note, 144A, 6.00%, 7/15/23</FONT></TD>

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

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

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

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

   <TD align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>926,250</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 4.047pt" align=left><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>Horizon Pharma Inc., senior note, 6.625%, 5/01/23</FONT></TD>

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

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

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

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

   <TD align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>1,413,750</FONT></TD></TR>

<TR vAlign=bottom>

   <TD align=left><SUP><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>e </FONT></SUP><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>Jaguar Holding Co. II/Pharmaceutical Product Development LLC, senior note, 144A,</FONT></TD>

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

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

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

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

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

<TR vAlign=bottom>

   <TD align=left><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>&nbsp;&nbsp;&nbsp; 6.375%, 8/01/23</FONT></TD>

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

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

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

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

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

<TR vAlign=bottom>

   <TD align=left><SUP><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>e </FONT></SUP><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>Valeant Pharmaceuticals International, senior note, 144A, 6.375%, 10/15/20</FONT></TD>

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

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

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

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

   <TD align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>1,035,375</FONT></TD></TR>

<TR vAlign=bottom>

   <TD align=left><SUP><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>e </FONT></SUP><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>Valeant Pharmaceuticals International Inc.,</FONT></TD>

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

   <TD align=right>&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: 20.012pt" align=left><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>senior bond, 144A, 6.125%, 4/15/25</FONT></TD>

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

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

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

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

   <TD align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>240,375</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 20.012pt" align=left><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>senior note, 144A, 5.625%, 12/01/21.</FONT></TD>

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

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

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

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

   <TD align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>605,063</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 20.012pt" align=left><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>senior note, 144A, 7.00%, 3/15/24</FONT></TD>

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

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

   <TD align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>200,000</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,Arial,Helvetica,sans-serif>212,000</FONT></TD></TR>

<TR vAlign=bottom>

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

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

   <TD align=right>&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,Arial,Helvetica,sans-serif>6,174,863</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 4.047pt" align=left><B><FONT size=1 face=ArialMT-Bold,Arial,Helvetica,sans-serif>Real Estate 1.2%</FONT></B></TD>

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

   <TD align=right>&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: 4.047pt" align=left><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>Equinix Inc.,</FONT></TD>

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

   <TD align=right>&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: 20.012pt" align=left><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>senior bond, 5.375%, 4/01/23.</FONT></TD>

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

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

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

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

   <TD align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>1,367,860</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 20.012pt" align=left><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>senior bond, 5.875%, 1/15/26.</FONT></TD>

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

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

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

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

   <TD align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>217,938</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 4.047pt" align=left><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>MPT Operating Partnership LP/MPT Finance Corp.,</FONT></TD>

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

   <TD align=right>&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: 20.012pt" align=left><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>senior bond, 5.25%, 8/01/26</FONT></TD>

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

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

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

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

   <TD align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>316,500</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 20.012pt" align=left><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>senior note, 6.375%, 3/01/24</FONT></TD>

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

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

   <TD align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>600,000</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,Arial,Helvetica,sans-serif>657,000</FONT></TD></TR>

<TR vAlign=bottom>

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

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

   <TD align=right>&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,Arial,Helvetica,sans-serif>2,559,298</FONT></TD></TR></TABLE></DIV>

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

<P style="TEXT-ALIGN: left"><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>|7</FONT></P></DIV>

<HR noshade align="center" width="100%" size=2><DIV STYLE="page-break-before: always">&nbsp;</div>

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<P style="text-align: left;">
<FONT size=1 face="Times New Roman,Times New Roman,Times,serif">FRANKLIN UNIVERSAL TRUST</FONT><BR>
<FONT size=1 face="Times New Roman,Times New Roman,Times,serif">STATEMENT OF INVESTMENTS (UNAUDITED)</FONT></P>
<DIV align="left">
<TABLE border=0 cellspacing=0>
<TR>
     <TD width=57%></TD>
     <TD width=16%></TD>
     <TD width=2%></TD>
     <TD width=10%></TD>
     <TD width=2%></TD>
     <TD width=10%></TD></TR>
<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=right>
&nbsp;</TD>
	<TD align=right>
<B><FONT size=1 face="ArialMT-Bold,Arial,Helvetica,sans-serif">Principal</FONT></B></TD>
	<TD align=right>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left style="border-bottom:1px solid #000000;">
&nbsp;</TD>
	<TD align=right style="border-bottom:1px solid #000000;">
<B><FONT size=1 face="ArialMT-Bold,Arial,Helvetica,sans-serif">Country</FONT></B></TD>
	<TD align=right style="border-bottom:1px solid #000000;">
&nbsp;</TD>
	<TD align=right style="border-bottom:1px solid #000000;">
<B><FONT size=1 face="ArialMT-Bold,Arial,Helvetica,sans-serif">Amount*</FONT></B></TD>
	<TD align=right style="border-bottom:1px solid #000000;">
&nbsp;</TD>
	<TD align=right style="border-bottom:1px solid #000000;">
<B><FONT size=1 face="ArialMT-Bold,Arial,Helvetica,sans-serif">Value</FONT></B></TD>
</TR>
<TR>
	<TD colspan=6>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:4.047897pt">
<B><FONT size=2 face="ArialMT-Bold,Arial,Helvetica,sans-serif">Corporate Bonds </FONT></B><FONT size=1 face="Arial,Arial,Helvetica,sans-serif">(continued)</FONT></TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=right>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=right>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:4.047775pt">
<B><FONT size=1 face="ArialMT-Bold,Arial,Helvetica,sans-serif">Retailing 1.4%</FONT></B></TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=right>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=right>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:4.047775pt">
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">Dollar Tree Inc., senior note, 5.75%, 3/01/23.</FONT></TD>
	<TD align=right>
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">United States</FONT></TD>
	<TD align=right>
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">&#36;</FONT></TD>
	<TD align=right>
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">500,000</FONT></TD>
	<TD align=right>
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">&#36;</FONT></TD>
	<TD align=right>
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">532,000</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:4.047775pt">
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">Netflix Inc., senior bond, 5.875%, 2/15/25</FONT></TD>
	<TD align=right>
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">United States</FONT></TD>
	<TD align=right>
&nbsp;</TD>
	<TD align=right>
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">1,100,000</FONT></TD>
	<TD align=right>
&nbsp;</TD>
	<TD align=right>
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">1,204,500</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<SUP><FONT size=1 face="Arial,Arial,Helvetica,sans-serif">e </FONT></SUP><FONT size=1 face="Arial,Arial,Helvetica,sans-serif">PetSmart Inc.,</FONT></TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=right>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=right>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:20.012695pt">
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">senior note, 144A, 7.125%, 3/15/23</FONT></TD>
	<TD align=right>
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">United States</FONT></TD>
	<TD align=right>
&nbsp;</TD>
	<TD align=right>
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">300,000</FONT></TD>
	<TD align=right>
&nbsp;</TD>
	<TD align=right>
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">280,500</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:20.012695pt">
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">senior note, 144A, 8.875%, 6/01/25</FONT></TD>
	<TD align=right>
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">United States</FONT></TD>
	<TD align=right>
&nbsp;</TD>
	<TD align=right>
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">300,000</FONT></TD>
	<TD align=right>
&nbsp;</TD>
	<TD align=right>
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">298,125</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:20.012695pt">
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">senior secured note, first lien, 144A, 5.875%, 6/01/25</FONT></TD>
	<TD align=right>
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">United States</FONT></TD>
	<TD align=right>
&nbsp;</TD>
	<TD align=right>
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">600,000</FONT></TD>
	<TD align=right style="border-bottom:1px solid #000000;">
&nbsp;</TD>
	<TD align=right style="border-bottom:1px solid #000000;">
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">604,500</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=right>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=right style="border-bottom:1px solid #000000;">
&nbsp;</TD>
	<TD align=right style="border-bottom:1px solid #000000;">
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">2,919,625</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:4.047897pt">
<B><FONT size=1 face="ArialMT-Bold,Arial,Helvetica,sans-serif">Semiconductors &amp; Semiconductor Equipment 0.9%</FONT></B></TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=right>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=right>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<SUP><FONT size=1 face="Arial,Arial,Helvetica,sans-serif">e </FONT></SUP><FONT size=1 face="Arial,Arial,Helvetica,sans-serif">Microsemi Corp., senior note, 144A, 9.125%, 4/15/23</FONT></TD>
	<TD align=right>
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">United States</FONT></TD>
	<TD align=right>
&nbsp;</TD>
	<TD align=right>
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">261,000</FONT></TD>
	<TD align=right>
&nbsp;</TD>
	<TD align=right>
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">301,455</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:4.047897pt">
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">Qorvo Inc., senior bond, 7.00%, 12/01/25.</FONT></TD>
	<TD align=right>
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">United States</FONT></TD>
	<TD align=right>
&nbsp;</TD>
	<TD align=right>
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">1,300,000</FONT></TD>
	<TD align=right style="border-bottom:1px solid #000000;">
&nbsp;</TD>
	<TD align=right style="border-bottom:1px solid #000000;">
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">1,469,000</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=right>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=right style="border-bottom:1px solid #000000;">
&nbsp;</TD>
	<TD align=right style="border-bottom:1px solid #000000;">
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">1,770,455</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:4.047897pt">
<B><FONT size=1 face="ArialMT-Bold,Arial,Helvetica,sans-serif">Software &amp; Services 3.4%</FONT></B></TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=right>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=right>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<SUP><FONT size=1 face="Arial,Arial,Helvetica,sans-serif">e </FONT></SUP><FONT size=1 face="Arial,Arial,Helvetica,sans-serif">BMC Software Finance Inc., senior note, 144A, 8.125%, 7/15/21</FONT></TD>
	<TD align=right>
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">United States</FONT></TD>
	<TD align=right>
&nbsp;</TD>
	<TD align=right>
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">1,900,000</FONT></TD>
	<TD align=right>
&nbsp;</TD>
	<TD align=right>
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">1,949,970</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<SUP><FONT size=1 face="Arial,Arial,Helvetica,sans-serif">e </FONT></SUP><FONT size=1 face="Arial,Arial,Helvetica,sans-serif">CyrusOne LP/CyrusOne Finance Corp., senior note, 144A, 5.00%, 3/15/24</FONT></TD>
	<TD align=right>
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">United States</FONT></TD>
	<TD align=right>
&nbsp;</TD>
	<TD align=right>
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">400,000</FONT></TD>
	<TD align=right>
&nbsp;</TD>
	<TD align=right>
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">410,000</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<SUP><FONT size=1 face="Arial,Arial,Helvetica,sans-serif">e </FONT></SUP><FONT size=1 face="Arial,Arial,Helvetica,sans-serif">First Data Corp.,</FONT></TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=right>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=right>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:20.012695pt">
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">secured note, second lien, 144A, 5.75%, 1/15/24</FONT></TD>
	<TD align=right>
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">United States</FONT></TD>
	<TD align=right>
&nbsp;</TD>
	<TD align=right>
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">1,700,000</FONT></TD>
	<TD align=right>
&nbsp;</TD>
	<TD align=right>
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">1,804,125</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:20.012695pt">
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">senior note, 144A, 7.00%, 12/01/23</FONT></TD>
	<TD align=right>
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">United States</FONT></TD>
	<TD align=right>
&nbsp;</TD>
	<TD align=right>
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">400,000</FONT></TD>
	<TD align=right>
&nbsp;</TD>
	<TD align=right>
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">432,000</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:4.047897pt">
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">Infor (U.S.) Inc., senior note, 6.50%, 5/15/22</FONT></TD>
	<TD align=right>
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">United States</FONT></TD>
	<TD align=right>
&nbsp;</TD>
	<TD align=right>
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">1,700,000</FONT></TD>
	<TD align=right>
&nbsp;</TD>
	<TD align=right>
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">1,778,625</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<SUP><FONT size=1 face="Arial,Arial,Helvetica,sans-serif">e </FONT></SUP><FONT size=1 face="Arial,Arial,Helvetica,sans-serif">Symantec Corp., senior note, 144A, 5.00%, 4/15/25</FONT></TD>
	<TD align=right>
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">United States</FONT></TD>
	<TD align=right>
&nbsp;</TD>
	<TD align=right>
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">500,000</FONT></TD>
	<TD align=right style="border-bottom:1px solid #000000;">
&nbsp;</TD>
	<TD align=right style="border-bottom:1px solid #000000;">
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">520,000</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=right>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=right style="border-bottom:1px solid #000000;">
&nbsp;</TD>
	<TD align=right style="border-bottom:1px solid #000000;">
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">6,894,720</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:4.047897pt">
<B><FONT size=1 face="ArialMT-Bold,Arial,Helvetica,sans-serif">Technology Hardware &amp; Equipment 2.1%</FONT></B></TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=right>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=right>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<SUP><FONT size=1 face="Arial,Arial,Helvetica,sans-serif">e </FONT></SUP><FONT size=1 face="Arial,Arial,Helvetica,sans-serif">Blackboard Inc., second lien, 144A, 9.75%, 10/15/21.</FONT></TD>
	<TD align=right>
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">United States</FONT></TD>
	<TD align=right>
&nbsp;</TD>
	<TD align=right>
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">1,542,000</FONT></TD>
	<TD align=right>
&nbsp;</TD>
	<TD align=right>
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">1,507,305</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:4.047897pt">
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">CDW LLC/CDW Finance Corp., senior note, 5.00%, 9/01/25.</FONT></TD>
	<TD align=right>
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">United States</FONT></TD>
	<TD align=right>
&nbsp;</TD>
	<TD align=right>
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">800,000</FONT></TD>
	<TD align=right>
&nbsp;</TD>
	<TD align=right>
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">828,000</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<SUP><FONT size=1 face="Arial,Arial,Helvetica,sans-serif">e </FONT></SUP><FONT size=1 face="Arial,Arial,Helvetica,sans-serif">CommScope Technologies LLC, senior bond, 144A, 6.00%, 6/15/25</FONT></TD>
	<TD align=right>
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">United States</FONT></TD>
	<TD align=right>
&nbsp;</TD>
	<TD align=right>
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">900,000</FONT></TD>
	<TD align=right>
&nbsp;</TD>
	<TD align=right>
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">960,930</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<SUP><FONT size=1 face="Arial,Arial,Helvetica,sans-serif">e </FONT></SUP><FONT size=1 face="Arial,Arial,Helvetica,sans-serif">Diamond 1 Finance Corp./Diamond 2 Finance Corp.,</FONT></TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=right>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=right>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:20.012695pt">
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">senior note, 144A, 5.875%, 6/15/21</FONT></TD>
	<TD align=right>
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">United States</FONT></TD>
	<TD align=right>
&nbsp;</TD>
	<TD align=right>
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">200,000</FONT></TD>
	<TD align=right>
&nbsp;</TD>
	<TD align=right>
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">211,875</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:20.012695pt">
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">senior note, 144A, 7.125%, 6/15/24</FONT></TD>
	<TD align=right>
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">United States</FONT></TD>
	<TD align=right>
&nbsp;</TD>
	<TD align=right>
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">200,000</FONT></TD>
	<TD align=right>
&nbsp;</TD>
	<TD align=right>
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">222,951</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:20.012695pt">
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">senior secured bond, first lien, 144A, 6.02%, 6/15/26</FONT></TD>
	<TD align=right>
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">United States</FONT></TD>
	<TD align=right>
&nbsp;</TD>
	<TD align=right>
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">200,000</FONT></TD>
	<TD align=right>
&nbsp;</TD>
	<TD align=right>
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">220,981</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:20.012695pt">
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">senior secured note, first lien, 144A, 5.45%, 6/15/23</FONT></TD>
	<TD align=right>
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">United States</FONT></TD>
	<TD align=right>
&nbsp;</TD>
	<TD align=right>
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">300,000</FONT></TD>
	<TD align=right style="border-bottom:1px solid #000000;">
&nbsp;</TD>
	<TD align=right style="border-bottom:1px solid #000000;">
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">326,157</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=right>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=right style="border-bottom:1px solid #000000;">
&nbsp;</TD>
	<TD align=right style="border-bottom:1px solid #000000;">
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">4,278,199</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:4.047897pt">
<B><FONT size=1 face="ArialMT-Bold,Arial,Helvetica,sans-serif">Telecommunication Services 6.4%</FONT></B></TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=right>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=right>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<SUP><FONT size=1 face="Arial,Arial,Helvetica,sans-serif">e </FONT></SUP><FONT size=1 face="Arial,Arial,Helvetica,sans-serif">Block Communications Inc., senior note, 144A, 6.875%, 2/15/25</FONT></TD>
	<TD align=right>
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">United States</FONT></TD>
	<TD align=right>
&nbsp;</TD>
	<TD align=right>
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">300,000</FONT></TD>
	<TD align=right>
&nbsp;</TD>
	<TD align=right>
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">323,625</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:4.047897pt">
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">CenturyLink Inc.,</FONT></TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=right>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=right>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:20.012695pt">
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">senior bond, 6.75%, 12/01/23.</FONT></TD>
	<TD align=right>
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">United States</FONT></TD>
	<TD align=right>
&nbsp;</TD>
	<TD align=right>
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">300,000</FONT></TD>
	<TD align=right>
&nbsp;</TD>
	<TD align=right>
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">321,750</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:20.012695pt">
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">senior bond, 5.625%, 4/01/25.</FONT></TD>
	<TD align=right>
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">United States</FONT></TD>
	<TD align=right>
&nbsp;</TD>
	<TD align=right>
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">1,000,000</FONT></TD>
	<TD align=right>
&nbsp;</TD>
	<TD align=right>
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">996,570</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<SUP><FONT size=1 face="Arial,Arial,Helvetica,sans-serif">e </FONT></SUP><FONT size=1 face="Arial,Arial,Helvetica,sans-serif">Digicel Group Ltd., senior note, 144A, 8.25%, 9/30/20</FONT></TD>
	<TD align=right>
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">Bermuda</FONT></TD>
	<TD align=right>
&nbsp;</TD>
	<TD align=right>
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">900,000</FONT></TD>
	<TD align=right>
&nbsp;</TD>
	<TD align=right>
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">854,802</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<SUP><FONT size=1 face="Arial,Arial,Helvetica,sans-serif">e </FONT></SUP><FONT size=1 face="Arial,Arial,Helvetica,sans-serif">Digicel Ltd.,</FONT></TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=right>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=right>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:20.012695pt">
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">senior note, 144A, 6.00%, 4/15/21</FONT></TD>
	<TD align=right>
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">Bermuda</FONT></TD>
	<TD align=right>
&nbsp;</TD>
	<TD align=right>
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">500,000</FONT></TD>
	<TD align=right>
&nbsp;</TD>
	<TD align=right>
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">486,573</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:20.012695pt">
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">senior note, 144A, 6.75%, 3/01/23</FONT></TD>
	<TD align=right>
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">Bermuda</FONT></TD>
	<TD align=right>
&nbsp;</TD>
	<TD align=right>
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">300,000</FONT></TD>
	<TD align=right>
&nbsp;</TD>
	<TD align=right>
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">288,623</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:4.047897pt">
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">Hughes Satellite Systems Corp., senior bond, 6.625%, 8/01/26</FONT></TD>
	<TD align=right>
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">United States</FONT></TD>
	<TD align=right>
&nbsp;</TD>
	<TD align=right>
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">1,400,000</FONT></TD>
	<TD align=right>
&nbsp;</TD>
	<TD align=right>
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">1,487,500</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:4.047897pt">
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">Intelsat Jackson Holdings SA, senior note, 7.50%, 4/01/21.</FONT></TD>
	<TD align=right>
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">Luxembourg</FONT></TD>
	<TD align=right>
&nbsp;</TD>
	<TD align=right>
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">900,000</FONT></TD>
	<TD align=right>
&nbsp;</TD>
	<TD align=right>
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">805,500</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<SUP><FONT size=1 face="Arial,Arial,Helvetica,sans-serif">e </FONT></SUP><FONT size=1 face="Arial,Arial,Helvetica,sans-serif">Sprint Communications Inc.,</FONT></TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=right>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=right>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:20.012695pt">
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">senior note, 144A, 9.00%, 11/15/18</FONT></TD>
	<TD align=right>
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">United States</FONT></TD>
	<TD align=right>
&nbsp;</TD>
	<TD align=right>
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">223,000</FONT></TD>
	<TD align=right>
&nbsp;</TD>
	<TD align=right>
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">245,021</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:20.012695pt">
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">senior note, 144A, 7.00%, 3/01/20</FONT></TD>
	<TD align=right>
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">United States</FONT></TD>
	<TD align=right>
&nbsp;</TD>
	<TD align=right>
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">500,000</FONT></TD>
	<TD align=right>
&nbsp;</TD>
	<TD align=right>
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">556,250</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:4.047897pt">
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">Sprint Corp.,</FONT></TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=right>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=right>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:20.012695pt">
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">senior bond, 7.875%, 9/15/23.</FONT></TD>
	<TD align=right>
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">United States</FONT></TD>
	<TD align=right>
&nbsp;</TD>
	<TD align=right>
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">500,000</FONT></TD>
	<TD align=right>
&nbsp;</TD>
	<TD align=right>
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">579,375</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:20.012695pt">
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">senior bond, 7.125%, 6/15/24.</FONT></TD>
	<TD align=right>
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">United States</FONT></TD>
	<TD align=right>
&nbsp;</TD>
	<TD align=right>
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">500,000</FONT></TD>
	<TD align=right>
&nbsp;</TD>
	<TD align=right>
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">563,687</FONT></TD>
</TR>
</TABLE>
</DIV>
<P style="MARGIN:0px">&nbsp;</P>
<P style="text-align: left;">
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">|8</FONT></P>
</DIV>

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<P style="TEXT-ALIGN: center"><FONT size=1 face="Times New Roman,Times New Roman,Times,serif">FRANKLIN UNIVERSAL TRUST</FONT><BR><FONT size=1 face="Times New Roman,Times New Roman,Times,serif">STATEMENT OF INVESTMENTS (UNAUDITED)</FONT></P>

<DIV align=left>

<TABLE cellSpacing=0 border=0>



<TR>

   <TD width="58%"></TD>

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

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

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

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

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

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

<TR vAlign=bottom>

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

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

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

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

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

   <TD align=left>&nbsp;</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=ArialMT-Bold,Arial,Helvetica,sans-serif>Country</FONT></B></TD>

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

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

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

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

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

<TR>

   <TD colSpan=7>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8.316pt" align=left><B><FONT size=2 face=ArialMT-Bold,Arial,Helvetica,sans-serif>Corporate Bonds </FONT></B><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>(continued)</FONT></TD>

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

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

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

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

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

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

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8.316pt" align=left><B><FONT size=1 face=ArialMT-Bold,Arial,Helvetica,sans-serif>Telecommunication Services </FONT></B><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>(continued)</FONT></TD>

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

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

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

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

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

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

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 4.268pt" align=left><SUP><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>e </FONT></SUP><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>Sprint Spectrum Co. LLC/Sprint Spectrum Co. II LLC, first lien, 144A, 3.36%, 3/20/23</FONT></TD>

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

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

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

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

   <TD align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>1,424,077</FONT></TD>

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

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8.316pt" align=left><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>T-Mobile USA Inc.,</FONT></TD>

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

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

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

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

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

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

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 24.281pt" align=left><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>senior bond, 6.50%, 1/15/24</FONT></TD>

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

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

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

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

   <TD align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>217,050</FONT></TD>

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

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 24.281pt" align=left><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>senior bond, 6.375%, 3/01/25.</FONT></TD>

   <TD align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>United States</FONT></TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>500,000</FONT></TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>543,125</FONT></TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 24.281pt" align=left><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>senior note, 6.125%, 1/15/22</FONT></TD>

   <TD align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>United States</FONT></TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>100,000</FONT></TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>105,500</FONT></TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 24.281pt" align=left><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>senior note, 6.00%, 4/15/24</FONT></TD>

   <TD align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>United States</FONT></TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>200,000</FONT></TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>216,000</FONT></TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 4.268pt" align=left><SUP><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>e </FONT></SUP><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>Wind Acquisition Finance SA,</FONT></TD>

   <TD align=left>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 24.281pt" align=left><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>secured note, second lien, 144A, 7.375%, 4/23/21</FONT></TD>

   <TD align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>Italy</FONT></TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>1,700,000</FONT></TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>1,770,159</FONT></TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 24.281pt" align=left><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>senior secured note, first lien, 144A, 4.75%, 7/15/20</FONT></TD>

   <TD align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>Italy</FONT></TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>300,000</FONT></TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>304,500</FONT></TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 4.268pt" align=left><SUP><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>e </FONT></SUP><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>Zayo Group LLC/Zayo Capital Inc., senior note, 144A, 5.75%, 1/15/27.</FONT></TD>

   <TD align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>United States</FONT></TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>1,000,000</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,Arial,Helvetica,sans-serif>1,057,390</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=right>&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,Arial,Helvetica,sans-serif>13,147,077</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8.316pt" align=left><B><FONT size=1 face=ArialMT-Bold,Arial,Helvetica,sans-serif>Transportation 1.0%</FONT></B></TD>

   <TD align=left>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 4.268pt" align=left><SUP><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>e </FONT></SUP><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>Florida East Coast Holdings Corp.,</FONT></TD>

   <TD align=left>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 24.281pt" align=left><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>secured note, first lien, 144A, 6.75%, 5/01/19.</FONT></TD>

   <TD align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>United States</FONT></TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>400,000</FONT></TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>413,000</FONT></TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 24.281pt" align=left><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>senior note, 144A, 9.75%, 5/01/20</FONT></TD>

   <TD align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>United States</FONT></TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>200,000</FONT></TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>214,250</FONT></TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 4.268pt" align=left><SUP><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>e </FONT></SUP><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>XPO Logistics Inc., senior note, 144A, 6.125%, 9/01/23</FONT></TD>

   <TD align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>United States</FONT></TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>1,300,000</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,Arial,Helvetica,sans-serif>1,376,375</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=right>&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,Arial,Helvetica,sans-serif>2,003,625</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8.317pt" align=left><B><FONT size=1 face=ArialMT-Bold,Arial,Helvetica,sans-serif>Utilities 3.3%</FONT></B></TD>

   <TD align=left>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8.317pt" align=left><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>Calpine Corp., senior bond, 5.75%, 1/15/25</FONT></TD>

   <TD align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>United States</FONT></TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>1,600,000</FONT></TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>1,526,000</FONT></TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8.317pt" align=left><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>Dynegy Inc., senior bond, 7.625%, 11/01/24.</FONT></TD>

   <TD align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>United States</FONT></TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>1,700,000</FONT></TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>1,657,500</FONT></TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 4.268pt" align=left><SUP><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>e </FONT></SUP><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>InterGen NV, secured bond, 144A, 7.00%, 6/30/23</FONT></TD>

   <TD align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>Netherlands</FONT></TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>1,000,000</FONT></TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>951,250</FONT></TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8.316pt" align=left><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>NRG Yield Operating LLC,</FONT></TD>

   <TD align=left>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 24.281pt" align=left><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>senior bond, 5.375%, 8/15/24.</FONT></TD>

   <TD align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>United States</FONT></TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>600,000</FONT></TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>622,500</FONT></TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 21.231pt" align=left><SUP><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>e</FONT></SUP><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>senior bond, 144A, 5.00%, 9/15/26</FONT></TD>

   <TD align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>United States</FONT></TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>900,000</FONT></TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>897,750</FONT></TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8.316pt" align=left><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>Talen Energy Supply LLC, senior note, 6.50%, 6/01/25</FONT></TD>

   <TD align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>United States</FONT></TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>1,600,000</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,Arial,Helvetica,sans-serif>1,200,000</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=right>&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,Arial,Helvetica,sans-serif>6,855,000</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8.316pt" align=left><B><FONT size=2 face=ArialMT-Bold,Arial,Helvetica,sans-serif>Total Corporate Bonds (Cost $168,501,933)</FONT></B></TD>

   <TD align=left>&nbsp;</TD>

   <TD align=right>&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,Arial,Helvetica,sans-serif>173,038,176</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD></TR>

<TR>

   <TD colSpan=7>&nbsp;</TD></TR>

<TR>

   <TD colSpan=7>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <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><B><FONT size=1 face=ArialMT-Bold,Arial,Helvetica,sans-serif>Shares</FONT></B></TD>

   <TD align=right>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR>

   <TD colSpan=7>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8.316pt" align=left><B><FONT size=2 face=ArialMT-Bold,Arial,Helvetica,sans-serif>Escrows and Litigation Trusts 0.0%</FONT></B><B><SUP><FONT size=2 face=ArialMT-Bold,Arial,Helvetica,sans-serif>&#8224;</FONT></SUP></B></TD>

   <TD align=left>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><SUP><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>a,c </FONT></SUP><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>Midstates Petroleum Co. Inc./Midstates Petroleum Co. LLC, Escrow Account</FONT></TD>

   <TD align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>United States</FONT></TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>700,000</FONT></TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>&#8212;</FONT></TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><SUP><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>a,c </FONT></SUP><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>NewPage Corp., Litigation Trust</FONT></TD>

   <TD align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>United States</FONT></TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>1,200,000</FONT></TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>&#8212;</FONT></TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 4.268pt" align=left><SUP><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>a </FONT></SUP><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>Penn Virginia Corp., Escrow Account.</FONT></TD>

   <TD align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>United States</FONT></TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>700,000</FONT></TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>12,250</FONT></TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><SUP><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>a,c </FONT></SUP><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>Vistra Energy Corp., Escrow Account</FONT></TD>

   <TD align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>United States</FONT></TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>700,000</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,Arial,Helvetica,sans-serif>8,120</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8.316pt" align=left><B><FONT size=2 face=ArialMT-Bold,Arial,Helvetica,sans-serif>Total Escrows and Litigation Trusts (Cost $20,297)</FONT></B></TD>

   <TD align=left>&nbsp;</TD>

   <TD align=right>&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,Arial,Helvetica,sans-serif>20,370</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8.316pt" align=left><B><FONT size=2 face=ArialMT-Bold,Arial,Helvetica,sans-serif>Total Investments before Short Term Investments</FONT></B></TD>

   <TD align=left>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><B><FONT size=2 face=ArialMT-Bold,Arial,Helvetica,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp; (Cost $215,945,224)</FONT></B></TD>

   <TD align=left>&nbsp;</TD>

   <TD align=right>&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,Arial,Helvetica,sans-serif>261,191,885</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD></TR>

<TR>

   <TD colSpan=7>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8.316pt" align=left><B><FONT size=2 face=ArialMT-Bold,Arial,Helvetica,sans-serif>Short Term Investments (Cost $2,018,687) 1.0%</FONT></B></TD>

   <TD align=left>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8.316pt" align=left><B><FONT size=1 face=ArialMT-Bold,Arial,Helvetica,sans-serif>Money Market Funds 1.0%</FONT></B></TD>

   <TD align=left>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 1.527pt" align=left><SUP><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>h,i </FONT></SUP><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>Institutional Fiduciary Trust Money Market Portfolio, 0.44%</FONT></TD>

   <TD align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>United States</FONT></TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>2,018,687</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,Arial,Helvetica,sans-serif>2,018,687</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8.316pt" align=left><B><FONT size=2 face=ArialMT-Bold,Arial,Helvetica,sans-serif>Total Investments (Cost $217,963,911) 128.0%</FONT></B></TD>

   <TD align=left>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>263,210,572</FONT></TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8.316pt" align=left><B><FONT size=2 face=ArialMT-Bold,Arial,Helvetica,sans-serif>Notes Payable (29.2)%</FONT></B></TD>

   <TD align=left>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>(59,961,811</FONT></TD>

   <TD align=left><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>)</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8.316pt" align=left><B><FONT size=2 face=ArialMT-Bold,Arial,Helvetica,sans-serif>Other Assets, less Liabilities 1.2%</FONT></B></TD>

   <TD align=left>&nbsp;</TD>

   <TD align=right>&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,Arial,Helvetica,sans-serif>2,356,828</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8.316pt" align=left><B><FONT size=2 face=ArialMT-Bold,Arial,Helvetica,sans-serif>Net Assets 100.0%</FONT></B></TD>

   <TD align=left>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD 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=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>205,605,589</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P>

<P style="TEXT-ALIGN: left"><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>|9</FONT></P></DIV>

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<P style="text-align: left;">
<FONT size=1 face="Times New Roman,Times New Roman,Times,serif">FRANKLIN UNIVERSAL TRUST</FONT><BR>
<FONT size=1 face="Times New Roman,Times New Roman,Times,serif">STATEMENT OF INVESTMENTS (UNAUDITED)</FONT></P>
<P style="text-align: left;">
<FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">See Abbreviations on page 14.</FONT><BR>
<BR>
<SUP><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">&#134;</FONT></SUP><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">Rounds to less than 0.1% of net assets.</FONT><BR>
<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">See Note 4 regarding restricted securities.</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">Security has been deemed illiquid because it may not be able to be sold within seven days. At May 31, 2017, the aggregate value of these securities was &#36;141,117,</FONT><BR>
<FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">representing 0.1% of net assets.</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">Perpetual security with no stated maturity date.</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">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&#146;s Board of Trustees. At</FONT><BR>
<FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">May 31, 2017, the aggregate value of these securities was &#36;88,585,953, representing 43.1% of net assets.</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">Defaulted security or security for which income has been deemed uncollectible.</FONT><BR>
<SUP><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">g</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">h</FONT></SUP><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">See Note 5 regarding investments in affiliated management investment companies.</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">The rate shown is the annualized seven-day yield at period end.</FONT></P>
<P style="text-align: left;">
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">|10</FONT></P>
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<P style="text-align: right;">
<FONT size=1 face="Times New Roman,Times New Roman,Times,serif">FRANKLIN UNIVERSAL TRUST</FONT></P>
<P style="text-align: left;">
<B><FONT size=3 face="ArialNarrowBold,Arial,Helvetica,sans-serif">Notes to Statement of Investments (unaudited)</FONT></B></P>
<P style="text-align: left;">
<B><FONT size=2 face="ArialMT-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="ArialMT-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&#146;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 issued by the Fund are carried at cost. Under compliance policies and procedures approved by the Fund&#146;s Board of Trustees (the Board), the Fund&#146;s administrator has responsibility for oversight of valuation, including leading the cross-functional Valuation Committee (VC). The VC provides administration and oversight of the Fund&#146;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. 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&#146;s pricing services use multiple valuation techniques to determine fair value. In instances where sufficient market activity exists, the pricing services may utilize a market-based approach through which quotes from market makers are used to determine fair value. In instances where sufficient market activity may not exist or is limited, the pricing services also utilize proprietary valuation models which may consider market characteristics such as benchmark yield curves, credit spreads, estimated default rates, anticipated market interest rate volatility, coupon rates, anticipated timing of principal repayments, underlying collateral, and other unique security features in order to estimate the relevant cash flows, which are then discounted to calculate the fair value.</FONT></P>
<P style="text-align: left;">
<FONT size=2 face="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 VC 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 VC primarily employs a market-based approach which may use related or comparable assets or liabilities, recent transactions, market multiples, book values, and other relevant information for the investment to determine the fair value of the investment. An income-based valuation approach may also be used in which the anticipated future cash flows of the investment are discounted to calculate fair value. Discounts may also be applied due to the nature or duration of any restrictions on the disposition of the investments. Due to the inherent uncertainty of valuations of such investments, the fair values may differ significantly from the values that would have been used had an active market existed. The VC 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 Fund&#146;s business day. Occasionally, events occur between the time at which trading in a foreign security is completed and 4 p.m. Eastern time that might call into question the reliability of the</FONT></P>
<P style="text-align: left;">
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">|11</FONT></P>
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<P style="text-align: left;">
<FONT size=1 face="Times New Roman,Times New Roman,Times,serif">FRANKLIN UNIVERSAL TRUST</FONT></P>
<P style="text-align: left;">
<FONT size=1 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="ArialMT-Bold,Arial,Helvetica,sans-serif">2. FINANCIAL INSTRUMENT VALUATION </FONT></B><FONT size=1 face="Arial,Arial,Helvetica,sans-serif">(continued)</FONT></P>
<P style="text-align: left;">
<FONT size=2 face="Times New Roman,Times New Roman,Times,serif">value of a portfolio security held by the Fund. As a result, differences may arise between the value of the Fund&#146;s portfolio securities as determined at the foreign market close and the latest indications of value at 4 p.m. Eastern time. In order to minimize the potential for these differences, the VC 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 Fund&#146;s NAV is not calculated, which could result in differences between the value of the Fund&#146;s portfolio securities on the last business day and the last calendar day of the reporting period. Any significant security valuation changes due to an open foreign market are adjusted and reflected by the Fund for financial reporting purposes.</FONT></P>
<P style="text-align: left;">
<B><FONT size=2 face="ArialMT-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 May 31, 2017, the cost of investments and net unrealized appreciation (depreciation) for income tax purposes were as follows:</FONT></P>
<DIV align="left">
<TABLE border=0 cellspacing=0>
<TR>
     <TD width=56%></TD>
     <TD width=2%></TD>
     <TD width=38%></TD>
     <TD width=2%></TD></TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">Cost of investments.</FONT></TD>
	<TD align=right style="border-bottom:1px solid #000000;">
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">&#36;</FONT></TD>
	<TD align=right style="border-bottom:1px solid #000000;">
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">218,369,500</FONT></TD>
	<TD align=left style="border-bottom:1px solid #000000;">
&nbsp;</TD>
</TR>
<TR>
	<TD colspan=4>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">Unrealized appreciation</FONT></TD>
	<TD align=right>
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">&#36;</FONT></TD>
	<TD align=right>
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">56,050,698</FONT></TD>
	<TD align=left>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">Unrealized depreciation</FONT></TD>
	<TD align=right style="border-bottom:1px solid #000000;">
&nbsp;</TD>
	<TD align=right style="border-bottom:1px solid #000000;">
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">(11,209,626</FONT></TD>
	<TD align=left style="border-bottom:1px solid #000000;">
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">)</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">Net unrealized appreciation (depreciation)</FONT></TD>
	<TD align=right style="border-bottom:1px solid #000000;">
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">&#36;</FONT></TD>
	<TD align=right style="border-bottom:1px solid #000000;">
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">44,841,072</FONT></TD>
	<TD align=left style="border-bottom:1px solid #000000;">
&nbsp;</TD>
</TR>
</TABLE>
</DIV>
<P style="MARGIN:0px">&nbsp;</P>
<P style="text-align: left;">
<B><FONT size=2 face="ArialMT-Bold,Arial,Helvetica,sans-serif">4. RESTRICTED SECURITIES</FONT></B></P>
<P style="text-align: left;">
<FONT size=2 face="Times New Roman,Times New Roman,Times,serif">At May 31, 2017, investments in restricted securities, excluding certain securities exempt from registration under the Securities Act of 1933 deemed to be liquid, were as follows:</FONT></P>
<DIV align="left">
<TABLE border=0 cellspacing=0>
<TR>
     <TD width=5%></TD>
     <TD width=50%></TD>
     <TD width=20%></TD>
     <TD width=2%></TD>
     <TD width=10%></TD>
     <TD width=2%></TD>
     <TD width=7%></TD></TR>
<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=right>
<B><FONT size=1 face="ArialMT-Bold,Arial,Helvetica,sans-serif">Acquisition</FONT></B></TD>
	<TD align=right>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=right>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=right style="border-bottom:1px solid #000000;">
<B><FONT size=1 face="ArialMT-Bold,Arial,Helvetica,sans-serif">Shares</FONT></B></TD>
	<TD align=left style="border-bottom:1px solid #000000;" style="TEXT-INDENT:6.044113pt">
<B><FONT size=1 face="ArialMT-Bold,Arial,Helvetica,sans-serif">Issuer</FONT></B></TD>
	<TD align=right style="border-bottom:1px solid #000000;">
<B><FONT size=1 face="ArialMT-Bold,Arial,Helvetica,sans-serif">Date</FONT></B></TD>
	<TD align=right style="border-bottom:1px solid #000000;">
&nbsp;</TD>
	<TD align=right style="border-bottom:1px solid #000000;">
<B><FONT size=1 face="ArialMT-Bold,Arial,Helvetica,sans-serif">Cost</FONT></B></TD>
	<TD align=right style="border-bottom:1px solid #000000;">
&nbsp;</TD>
	<TD align=right style="border-bottom:1px solid #000000;">
<B><FONT size=1 face="ArialMT-Bold,Arial,Helvetica,sans-serif">Value</FONT></B></TD>
</TR>
<TR valign="bottom">
	<TD align=right>
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">214</FONT></TD>
	<TD align=left>
<SUP><FONT size=1 face="Arial,Arial,Helvetica,sans-serif">a </FONT></SUP><FONT size=1 face="Arial,Arial,Helvetica,sans-serif">Chaparral Energy Inc., A, 144A</FONT></TD>
	<TD align=right>
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">3/21/17</FONT></TD>
	<TD align=right>
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">&#36;</FONT></TD>
	<TD align=right>
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">5,387</FONT></TD>
	<TD align=right>
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">&#36;</FONT></TD>
	<TD align=right>
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">5,501</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=right>
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">52,355</FONT></TD>
	<TD align=left>
<SUP><FONT size=1 face="Arial,Arial,Helvetica,sans-serif">b </FONT></SUP><FONT size=1 face="Arial,Arial,Helvetica,sans-serif">Halcon Resources Corp</FONT></TD>
	<TD align=right>
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">6/29/12 - 8/29/13</FONT></TD>
	<TD align=right style="border-bottom:1px solid #000000;">
&nbsp;</TD>
	<TD align=right style="border-bottom:1px solid #000000;">
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">1,480,716</FONT></TD>
	<TD align=right style="border-bottom:1px solid #000000;">
&nbsp;</TD>
	<TD align=right style="border-bottom:1px solid #000000;">
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">312,770</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
	<TD align=left style="TEXT-INDENT:10.034698pt">
<B><FONT size=1 face="ArialMT-Bold,Arial,Helvetica,sans-serif">Total Restricted Securities </FONT></B><FONT size=1 face="Arial,Arial,Helvetica,sans-serif">(Value is 0.2% of Net Assets)</FONT></TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=right style="border-bottom:1px solid #000000;">
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">&#36;</FONT></TD>
	<TD align=right style="border-bottom:1px solid #000000;">
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">1,486,103</FONT></TD>
	<TD align=right style="border-bottom:1px solid #000000;">
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">&#36;</FONT></TD>
	<TD align=right style="border-bottom:1px solid #000000;">
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">318,271</FONT></TD>
</TR>
</TABLE>
</DIV>
<P style="MARGIN:0px">&nbsp;</P>
<P style="text-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">The Fund also invests in unrestricted securities or other investments in the issuer, valued at &#36;776,733 as of May 31, 2017.</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">The Fund also invests in unrestricted securities or other investments in the issuer, valued at &#36;3,968 as of May 31, 2017.</FONT></P>
<P style="text-align: left;">
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">|12</FONT></P>
</DIV>

<HR noshade align="center" width="100%" size=2><DIV STYLE="page-break-before: always">&nbsp;</div>
<!--$$/page=--><A name="page_14"></A><BR>

<a name="_bclPageBorder14"></a><DIV style="PADDING-LEFT: 0%; PADDING-RIGHT: 0%">

<P style="TEXT-ALIGN: center"><FONT size=1 face="Times New Roman,Times New Roman,Times,serif">FRANKLIN UNIVERSAL TRUST</FONT></P>

<P style="TEXT-ALIGN: center"><FONT size=1 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=ArialMT-Bold,Arial,Helvetica,sans-serif>5. 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 one or more affiliated management investment companies for purposes other than exercising a controlling influence over the management or policies. During the period ended May 31, 2017, the Fund held investments in affiliated management investment companies as follows:</FONT></P>

<DIV align=left>

<TABLE cellSpacing=0 border=0>



<TR>

   <TD width="22%"></TD>

   <TD width="9%"></TD>

   <TD width="8%"></TD>

   <TD width="8%"></TD>

   <TD width="2%"></TD>

   <TD width="8%"></TD>

   <TD width="2%"></TD>

   <TD width="7%"></TD>

   <TD width="2%"></TD>

   <TD width="7%"></TD>

   <TD width="7%"></TD>

   <TD width="8%"></TD>

   <TD width="2%"></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=right>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=right><B><FONT size=1 face=ArialNarrowBold,Arial,Helvetica,sans-serif>% of</FONT></B></TD>

   <TD align=left>&nbsp;</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=right>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=right><B><FONT size=1 face=ArialNarrowBold,Arial,Helvetica,sans-serif>Affiliated</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=ArialNarrowBold,Arial,Helvetica,sans-serif>Number of</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=ArialNarrowBold,Arial,Helvetica,sans-serif>Number of</FONT></B></TD>

   <TD align=right>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=right><B><FONT size=1 face=ArialNarrowBold,Arial,Helvetica,sans-serif>Fund Shares</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=ArialNarrowBold,Arial,Helvetica,sans-serif>Shares Held</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=ArialNarrowBold,Arial,Helvetica,sans-serif>Shares</FONT></B></TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right><B><FONT size=1 face=ArialNarrowBold,Arial,Helvetica,sans-serif>Value</FONT></B></TD>

   <TD align=right>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=right><B><FONT size=1 face=ArialNarrowBold,Arial,Helvetica,sans-serif>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=ArialNarrowBold,Arial,Helvetica,sans-serif>at Beginning</FONT></B></TD>

   <TD align=right><B><FONT size=1 face=ArialNarrowBold,Arial,Helvetica,sans-serif>Gross</FONT></B></TD>

   <TD align=right><B><FONT size=1 face=ArialNarrowBold,Arial,Helvetica,sans-serif>Gross</FONT></B></TD>

   <TD align=left>&nbsp;</TD>

   <TD align=right><B><FONT size=1 face=ArialNarrowBold,Arial,Helvetica,sans-serif>Held at End</FONT></B></TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right><B><FONT size=1 face=ArialNarrowBold,Arial,Helvetica,sans-serif>at End</FONT></B></TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right><B><FONT size=1 face=ArialNarrowBold,Arial,Helvetica,sans-serif>Investment</FONT></B></TD>

   <TD align=right><B><FONT size=1 face=ArialNarrowBold,Arial,Helvetica,sans-serif>Realized</FONT></B></TD>

   <TD align=right><B><FONT size=1 face=ArialNarrowBold,Arial,Helvetica,sans-serif>Held at End</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=ArialNarrowBold,Arial,Helvetica,sans-serif>of Period</FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><B><FONT size=1 face=ArialNarrowBold,Arial,Helvetica,sans-serif>Additions</FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><B><FONT size=1 face=ArialNarrowBold,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=ArialNarrowBold,Arial,Helvetica,sans-serif>of Period</FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><B><FONT size=1 face=ArialNarrowBold,Arial,Helvetica,sans-serif>of Period</FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><B><FONT size=1 face=ArialNarrowBold,Arial,Helvetica,sans-serif>Income</FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><B><FONT size=1 face=ArialNarrowBold,Arial,Helvetica,sans-serif>Gain (Loss)</FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><B><FONT size=1 face=ArialNarrowBold,Arial,Helvetica,sans-serif>of Period</FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD></TR>

<TR>

   <TD colSpan=13>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">Institutional Fiduciary Trust Money Market</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=right>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 3.991pt" align=left><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">Portfolio, 0.44%</FONT></TD>

   <TD align=right><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">1,994,710</FONT></TD>

   <TD align=right><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">32,897,488</FONT></TD>

   <TD align=right><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">(32,873,511</FONT></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">2,018,687</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">2,018,687</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">4,079</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">$ &#8211;</FONT></TD>

   <TD align=right><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">0.0</FONT></TD>

   <TD align=left><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">%</FONT><SUP><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">a</FONT></SUP></TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P>

<P style="TEXT-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">Rounds to less than 0.1%.</FONT></P>

<P style="TEXT-ALIGN: left"><B><FONT size=2 face=ArialMT-Bold,Arial,Helvetica,sans-serif>6. 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 instruments, interest rates,</FONT> <FONT size=2 face="Times New Roman,Times New Roman,Times,serif">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 the fair value of financial</FONT> <FONT size=2 face="Times New Roman,Times New Roman,Times,serif">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 May 31, 2017, 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="30%"></TD>

   <TD width="2%"></TD>

   <TD width="19%"></TD>

   <TD width="3%"></TD>

   <TD width="10%"></TD>

   <TD width="4%"></TD>

   <TD width="9%"></TD>

   <TD width="2%"></TD>

   <TD width="2%"></TD>

   <TD width="12%"></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>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><B><FONT size=1 face=ArialMT-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=ArialMT-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=ArialMT-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=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><B><FONT size=1 face=ArialMT-Bold,Arial,Helvetica,sans-serif>Total</FONT></B></TD></TR>

<TR vAlign=bottom>

   <TD align=left><B><FONT size=1 face=ArialMT-Bold,Arial,Helvetica,sans-serif>Assets:</FONT></B></TD>

   <TD align=right>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>Investments in Securities:</FONT></TD>

   <TD align=right>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 13.969pt" align=left><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>Equity Investments:</FONT><SUP><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>a</FONT></SUP></TD>

   <TD align=right>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=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>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 19.957pt" align=left><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>Energy.</FONT></TD>

   <TD align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>$</FONT></TD>

   <TD align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>3,774,623</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>&#8212;</FONT></TD>

   <TD style="TEXT-INDENT: 0pt" 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>438,802</FONT></TD>

   <TD align=left>&nbsp;</TD>

   <TD align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>$</FONT></TD>

   <TD align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>4,213,425</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 19.957pt" align=left><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>Materials</FONT></TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>1,796,886</FONT></TD>

   <TD align=left>&nbsp;</TD>

   <TD align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>53</FONT></TD>

   <TD align=left>&nbsp;</TD>

   <TD align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>&#8212;</FONT></TD>

   <TD align=left>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>1,796,939</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 19.957pt" align=left><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>Transportation</FONT></TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>&#8212;</FONT></TD>

   <TD align=left>&nbsp;</TD>

   <TD align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>132,848</FONT></TD>

   <TD align=left>&nbsp;</TD>

   <TD align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>&#8212;</FONT></TD>

   <TD align=left>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>132,848</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 19.957pt" align=left><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>Utilities.</FONT></TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>81,101,919</FONT></TD>

   <TD align=left>&nbsp;</TD>

   <TD align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>&#8212;</FONT></TD>

   <TD align=left>&nbsp;</TD>

   <TD align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>&#8212;</FONT></TD>

   <TD align=left>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>81,101,919</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 13.97pt" align=left><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>Convertible Bonds</FONT></TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>&#8212;</FONT></TD>

   <TD align=left>&nbsp;</TD>

   <TD align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>888,208</FONT></TD>

   <TD align=left>&nbsp;</TD>

   <TD align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>&#8212;</FONT></TD>

   <TD align=left>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>888,208</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 13.97pt" align=left><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>Corporate Bonds</FONT></TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>&#8212;</FONT></TD>

   <TD align=left>&nbsp;</TD>

   <TD align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>173,038,176</FONT></TD>

   <TD align=left>&nbsp;</TD>

   <TD align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>&#8212;</FONT></TD>

   <TD align=left>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>173,038,176</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 13.971pt" align=left><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>Escrows and Litigation Trusts</FONT></TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>&#8212;</FONT></TD>

   <TD align=left>&nbsp;</TD>

   <TD align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>12,250</FONT></TD>

   <TD align=left>&nbsp;</TD>

   <TD align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>8,120</FONT></TD>

   <TD align=left><SUP><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>b</FONT></SUP></TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>20,370</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 13.967pt" align=left><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>Short Term Investments</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,Arial,Helvetica,sans-serif>2,018,687</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>&#8212;</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>&#8212;</FONT></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=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>2,018,687</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 25.941pt" align=left><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>Total Investments in Securities</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>88,692,115</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; TEXT-INDENT: 0pt" 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>174,071,535</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>446,922</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=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>263,210,572</FONT></TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P>

<P style="TEXT-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">Includes common and convertible preferred stocks as well as other equity investments.</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">Includes securities determined to have no value at May 31, 2017.</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"><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>|13</FONT></P></DIV>

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<!--$$/page=-->
<A name="page_15"></A><BR>

<a name="_bclPageBorder15"></a><DIV STYLE="PADDING-RIGHT: 0%; PADDING-LEFT: 0%">
<P style="text-align: left;">
<FONT size=1 face="Times New Roman,Times New Roman,Times,serif">FRANKLIN UNIVERSAL TRUST</FONT></P>
<P style="text-align: left;">
<FONT size=1 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="ArialMT-Bold,Arial,Helvetica,sans-serif">7. NEW ACCOUNTING PRONOUNCEMENTS</FONT></B></P>
<P style="text-align: left;">
<FONT size=2 face="Times New Roman,Times New Roman,Times,serif">In March 2017, the Financial Accounting Standards Board issued Accounting Standards Update No. 2017-08, Receivables&#151;Nonrefundable Fees and Other Costs (Subtopic 310-20): Premium Amortization on Purchased Callable Debt Securities. The amendments in the ASU shorten the amortization period for certain callable debt securities, held at a premium, to be amortized to the earliest call date. The ASU does not require an accounting change for securities held at a discount; which continues to be amortized to maturity. The ASU is effective for fiscal years and interim periods within those fiscal years beginning after December 15, 2018. Management is currently evaluating the impact, if any, of applying this provision.</FONT></P>
<P style="text-align: left;">
<B><FONT size=2 face="ArialMT-Bold,Arial,Helvetica,sans-serif">8. INVESTMENT COMPANY REPORTING MODERNIZATION</FONT></B></P>
<P style="text-align: left;">
<FONT size=2 face="Times New Roman,Times New Roman,Times,serif">In October 2016, the U.S. Securities and Exchange Commission adopted new rules and amended existing rules (together, final rules) intended to modernize the reporting and disclosure of information by registered investment companies. In part, the final rules amend Regulation S-X and require standardized, enhanced disclosures about derivatives in investment company financial statements, as well as other amendments. The compliance date for the amendments to Regulation S-X is August 1, 2017. Management has reviewed the requirements and believes the adoption of the amendments to Regulation S-X will not have a material impact on the Fund&#146;s financial statements and related disclosures.</FONT></P>
<P style="text-align: left;">
<B><FONT size=2 face="ArialMT-Bold,Arial,Helvetica,sans-serif">9. 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>
<DIV align="left">
<TABLE border=0 cellspacing=0>
<TR>
     <TD width=16%></TD>
     <TD width=83%></TD></TR>
<TR valign="bottom">
	<TD align=left colspan=2>
<B><FONT size=2 face="ArialMT-Bold,Arial,Helvetica,sans-serif">ABBREVIATIONS</FONT></B></TD>
</TR>
<TR>
	<TD colspan=2>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left colspan=2 style="border-bottom:1px solid #000000;">
<B><FONT size=2 face="ArialMT-Bold,Arial,Helvetica,sans-serif">Selected Portfolio</FONT></B></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<B><FONT size=1 face="ArialMT-Bold,Arial,Helvetica,sans-serif">ADR</FONT></B></TD>
	<TD align=left>
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">American Depositary Receipt</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<B><FONT size=1 face="ArialMT-Bold,Arial,Helvetica,sans-serif">FRN</FONT></B></TD>
	<TD align=left>
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">Floating Rate Note</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<B><FONT size=1 face="ArialMT-Bold,Arial,Helvetica,sans-serif">PIK</FONT></B></TD>
	<TD align=left>
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">Payment-In-Kind</FONT></TD>
</TR>
</TABLE>
</DIV>
<P style="MARGIN:0px">&nbsp;</P>
<P style="text-align: left;">
<FONT size=2 face="Times New Roman,Times New Roman,Times,serif">For additional information on the Fund&#146;s significant accounting policies, please refer to the Fund&#146;s most recent semiannual or annual shareholder report.</FONT></P>
<P style="text-align: left;">
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">|14</FONT></P>
</DIV>

<HR noshade align="center" width="100%" size=2><DIV STYLE="page-break-before: always">&nbsp;</div><a name="page_16"></a><a name="_bclPageBorder16"></a><DIV STYLE="PADDING-RIGHT: 0%; PADDING-LEFT: 0%">
<p style="margin:0in;margin-bottom:.0001pt;"><b><font face="Courier New" lang=EN-US style="font-size:10.0pt;">&nbsp;</font></b></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face="Courier New" lang=EN-US style="font-size:10.0pt;">Item 2. Controls and
Procedures.</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face="Courier New" lang=EN-US style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face="Courier New" lang=EN-US style="font-size:10.0pt;">(a) </font><u><font face="Courier New" lang=EN-US style="font-size:10.0pt;">Evaluation of
Disclosure Controls and Procedures</font></u><font face="Courier New" lang=EN-US style="font-size:10.0pt;">.&#160; The Registrant maintains disclosure
controls and procedures that are designed to ensure that information required
to be disclosed in the Registrant&#8217;s filings under the Securities Exchange Act
of 1934 and the Investment Company Act of 1940 is recorded, processed, summarized
and reported within the periods specified in the rules and forms of the
Securities and Exchange Commission.&#160; Such information is accumulated and
communicated to the Registrant&#8217;s management, including its principal executive
officer and principal financial officer, as appropriate, to allow timely
decisions regarding required disclosure.&#160; The Registrant&#8217;s management,
including the principal executive officer and the principal financial officer,
recognizes that any set of controls and procedures, no matter how well designed
and operated, can provide only reasonable assurance of achieving the desired
control objectives.</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face="Courier New" lang=EN-US style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face="Courier New" lang=EN-US style="font-size:10.0pt;">Within 90 days prior to the
filing date of this Quarterly Schedule of Portfolio Holdings on Form N-Q, the
Registrant had carried out an evaluation, under the supervision and with the
participation of the Registrant&#8217;s management, including the Registrant&#8217;s
principal executive officer and the Registrant&#8217;s principal financial officer,
of the effectiveness of the design and operation of the Registrant&#8217;s disclosure
controls and procedures.&#160; Based on such evaluation, the Registrant&#8217;s principal
executive officer and principal financial officer concluded that the
Registrant&#8217;s disclosure controls and procedures are effective.</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face="Courier New" lang=EN-US style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face="Courier New" lang=EN-US style="font-size:10.0pt;">(b) </font><u><font face="Courier New" lang=EN-US style="font-size:10.0pt;">Changes in Internal
Controls</font></u><font face="Courier New" lang=EN-US style="font-size:10.0pt;">.&#160; There have been no changes in the Registrant&#8217;s internal controls
or in other factors that could materially affect the internal controls over
financial reporting subsequent to the date of their evaluation in connection
with the preparation of this Quarterly Schedule of Portfolio Holdings on Form
N-Q.</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font color=#454545 face="Courier New" lang=EN-US style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face="Courier New" lang=EN-US style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><b><font face="Courier New" lang=EN-US style="font-size:10.0pt;">Item 3. Exhibits.</font></b></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font color=#454545 face="Courier New" lang=EN-US style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face="Courier New" lang=EN-US style="font-size:10.0pt;">(a) Certification pursuant to
Section 30a-2 under the Investment Company Act of 1940 of Matthew T. Hinkle,
Chief Executive Officer - Finance and Administration, and Gaston Gardey, Chief
Financial Officer and Chief Accounting Officer.</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face="Courier New" lang=EN-US style="font-size:10.0pt;">&nbsp;</font></p>

<p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><b><font face="Courier New" lang=EN-US style="font-size:10.0pt;">SIGNATURES</font></b></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font color=#454545 face="Courier New" lang=EN-US style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font color=#454545 face="Courier New" lang=EN-US style="font-size:10.0pt;">Pursuant to the
requirements of the Securities Exchange Act of 1934 and the Investment Company
Act of 1940, the registrant has duly caused this report to be signed on its
behalf by the undersigned, thereunto duly authorized.</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font color=#454545 face="Courier New" lang=EN-US style="font-size:10.0pt;">&nbsp;</font></p>

<h1 align=left style="margin:0in;margin-bottom:.0001pt;page-break-after:auto;text-align:left;"><b><font color=windowtext face="Courier New" style="font-size:10.0pt;text-decoration:none;">Franklin Universal Trust</font></b></h1>

<p style="margin:0in;margin-bottom:.0001pt;"><font face="Courier New" lang=EN-US style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face="Courier New" lang=EN-US style="font-size:10.0pt;">By </font><u><font face="Courier New" lang=EN-US style="font-size:10.0pt;">/s/ Matthew T. Hinkle </font></u></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face="Courier New" lang=EN-US style="font-size:10.0pt;">&#160;&#160;&#160;&#160;&#160; Matthew T. Hinkle</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face="Courier New" lang=EN-US style="font-size:10.0pt;">&#160;&#160;&#160;&#160;&#160; Chief Executive Officer
&#8211; </font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-indent:.5in;"><font face="Courier New" lang=EN-US style="font-size:10.0pt;">&#160;Finance
and Administration</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face="Courier New" lang=EN-US style="font-size:10.0pt;">Date July 27, 2017</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face="Courier New" lang=EN-US style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face="Courier New" lang=EN-US style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face="Courier New" lang=EN-US style="font-size:10.0pt;">&nbsp;</font></p>


</DIV><HR noshade align="center" width="100%" size=2><DIV STYLE="page-break-before: always">&nbsp;</DIV><a name="page_3"></a><a name="_bclPageBorder17"></a><DIV STYLE="PADDING-RIGHT: 0%; PADDING-LEFT: 0%">
<p style="margin:0in;margin-bottom:.0001pt;"><font face="Courier New" lang=EN-US style="font-size:10.0pt;">Pursuant
to the requirements of the Securities Exchange Act of 1934 and the Investment
Company Act of 1940, this report has been signed below by the following persons
on behalf of the registrant and in the capacities and on the dates indicated.</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face="Courier New" lang=EN-US style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face="Courier New" lang=EN-US style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face="Courier New" lang=EN-US style="font-size:10.0pt;">By </font><u><font face="Courier New" lang=EN-US style="font-size:10.0pt;">/s/Matthew T. Hinkle</font></u></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face="Courier New" lang=EN-US style="font-size:10.0pt;">&#160;&#160;&#160;&#160;&#160; Matthew T. Hinkle </font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face="Courier New" lang=EN-US style="font-size:10.0pt;">&#160;&#160;&#160;&#160;&#160; Chief Executive Officer
&#8211; </font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-indent:.5in;"><font face="Courier New" lang=EN-US style="font-size:10.0pt;">&#160;Finance
and Administration</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face="Courier New" lang=EN-US style="font-size:10.0pt;">Date July 27, 2017</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face="Courier New" lang=EN-US style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face="Courier New" lang=EN-US style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face="Courier New" lang=EN-US style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face="Courier New" lang=EN-US style="font-size:10.0pt;">By </font><u><font face="Courier New" lang=EN-US style="font-size:10.0pt;">/s/Gaston Gardey </font></u></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face="Courier New" lang=EN-US style="font-size:10.0pt;">&#160;&#160;&#160;&#160;&#160; Gaston Gardey</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face="Courier New" lang=EN-US style="font-size:10.0pt;">&#160;&#160;&#160;&#160;&#160; Chief Financial Officer
and</font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-indent:.5in;"><font face="Courier New" lang=EN-US style="font-size:10.0pt;">&#160;Chief
Accounting Officer</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face="Courier New" lang=EN-US style="font-size:10.0pt;">Date July 27, 2017</font></p>




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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;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">I, Matthew T. Hinkle, certify that:</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;line-height:50%;">&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;">7/27/2017</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><b><font color=black face="Times New Roman" lang=EN-US style="font-size:11.0pt;line-height:50%;">&nbsp;</font></b></p>

<p style="margin:0in;margin-bottom:.0001pt;"><b><font color=black face="Times New Roman" lang=EN-US style="font-size:11.0pt;line-height:12.0pt;">&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\MATTHEW T. HINKLE</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><b><font color=black face="Times New Roman" lang=EN-US style="font-size:11.0pt;line-height:12.0pt;">&nbsp;</font></b></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">Matthew T. Hinkle </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;">I, Gaston Gardey, certify that:</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;line-height:50%;">&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;">7/27/2017</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><b><font color=black face="Times New Roman" lang=EN-US style="font-size:11.0pt;line-height:50%;">&nbsp;</font></b></p>

<p style="margin:0in;margin-bottom:.0001pt;"><b><font color=black face="Times New Roman" lang=EN-US style="font-size:11.0pt;line-height:12.0pt;">&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="margin:0in;margin-bottom:.0001pt;"><b><font color=black face="Times New Roman" lang=EN-US style="font-size:11.0pt;line-height:12.0pt;">&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>

<p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">&nbsp;</font></p>




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