NPORT-EX 2 Franklin_Universal_Trust.htm
Franklin
Universal
Trust
Statement
of
Investments
(unaudited),
May
31,
2020
See
Notes
to
Statement
of
Investments.
Quarterly
Statement
of
Investments
1
a
a
Country
Shares
a
Value
a
Common
Stocks
42.3%
Electric
Utilities
24.0%
Alliant
Energy
Corp.
...................................
United
States
80,000
$
3,948,800
American
Electric
Power
Co.,
Inc.
.........................
United
States
65,000
5,541,250
Duke
Energy
Corp.
....................................
United
States
46,060
3,944,118
Edison
International
...................................
United
States
36,000
2,091,960
Entergy
Corp.
........................................
United
States
30,000
3,054,600
Evergy
,
Inc.
..........................................
United
States
80,000
4,935,200
Exelon
Corp.
.........................................
United
States
80,000
3,064,800
FirstEnergy
Corp.
.....................................
United
States
40,000
1,690,400
NextEra
Energy,
Inc.
...................................
United
States
30,000
7,666,800
Pinnacle
West
Capital
Corp.
.............................
United
States
30,000
2,337,000
PPL
Corp.
...........................................
United
States
24,500
684,530
Southern
Co.
(The)
....................................
United
States
60,000
3,424,200
Xcel
Energy,
Inc.
......................................
United
States
60,000
3,901,800
46,285,458
Energy
Equipment
&
Services
0.1%
a
Birch
Permian
Holdings,
Inc.
.............................
United
States
32,490
142,606
a
Weatherford
International
plc
.............................
United
States
16,874
33,748
176,354
Metals
&
Mining
0.9%
BHP
Group
plc,
ADR
...................................
Australia
25,185
992,289
Freeport-McMoRan,
Inc.
................................
United
States
80,380
729,047
South32
Ltd.,
ADR
....................................
Australia
10,074
63,365
1,784,701
Multi-Utilities
16.6%
CenterPoint
Energy,
Inc.
................................
United
States
122,800
2,183,384
CMS
Energy
Corp.
....................................
United
States
90,000
5,272,200
Consolidated
Edison,
Inc.
...............................
United
States
40,000
3,002,400
Dominion
Energy,
Inc.
..................................
United
States
67,200
5,712,672
DTE
Energy
Co.
......................................
United
States
30,000
3,227,100
NiSource,
Inc.
........................................
United
States
60,000
1,429,800
Public
Service
Enterprise
Group,
Inc.
......................
United
States
45,000
2,296,800
Sempra
Energy
.......................................
United
States
45,000
5,683,950
WEC
Energy
Group,
Inc.
................................
United
States
35,000
3,210,550
32,018,856
Oil,
Gas
&
Consumable
Fuels
0.7%
Amplify
Energy
Corp.
..................................
United
States
245
270
a
Battalion
Oil
Corp.
.....................................
United
States
121
701
a
Chaparral
Energy,
Inc.,
A
................................
United
States
5,868
2,926
a,b
Chaparral
Energy,
Inc.,
A,
144A
...........................
United
States
214
106
Enbridge,
Inc.
........................................
Canada
39,360
1,277,232
a
Goodrich
Petroleum
Corp.
...............................
United
States
19,379
155,807
Riviera
Resources,
Inc.
.................................
United
States
5,042
9,529
1,446,571
Paper
&
Forest
Products
0.0%
†
a
Verso
Corp.,
A
........................................
United
States
3,330
47,885
a
Total
Common
Stocks
(Cost
$38,942,445)
......................................
81,759,825
Preferred
Stocks
0.6%
Electric
Utilities
0.6%
SCE
Trust
II,
5.1%
....................................
United
States
50,000
1,205,500
Total
Preferred
Stocks
(Cost
$1,087,500)
.......................................
1,205,500
Franklin
Universal
Trust
Statement
of
Investments
(unaudited)
Quarterly
Statement
of
Investments
See
Notes
to
Statement
of
Investments.
2
a
a
Country
Warrants
a
Value
a
a
a
a
a
a
Warrants
0.0%
†
Oil,
Gas
&
Consumable
Fuels
0.0%
†
c
Battalion
Oil
Corp.
,
A
,
10/08/22
...........................
United
States
583
$
34
c
Battalion
Oil
Corp.
,
B
,
10/08/22
...........................
United
States
728
25
c
Battalion
Oil
Corp.
,
C
,
10/08/22
...........................
United
States
937
17
76
Paper
&
Forest
Products
0.0%
†
Verso
Corp.
,
7/25/23
...................................
United
States
350
455
Total
Warrants
(Cost
$—)
.....................................................
531
Principal
Amount
*
Corporate
Bonds
79.7%
Aerospace
&
Defense
0.6%
b
BWX
Technologies,
Inc.
,
Senior
Note
,
144A
,
5.375
%
,
7/15/26
....
United
States
600,000
618,864
b
Signature
Aviation
US
Holdings,
Inc.
,
Senior
Note
,
144A
,
5.375
%
,
5/01/26
...........................................
United
States
500,000
476,048
1,094,912
Auto
Components
1.9%
b
Adient
US
LLC
,
Senior
Secured
Note
,
144A
,
7
%
,
5/15/26
.......
United
States
1,900,000
1,952,183
b
Allison
Transmission,
Inc.
,
Senior
Bond
,
144A
,
4.75
%
,
10/01/27
..
United
States
600,000
584,136
Goodyear
Tire
&
Rubber
Co.
(The)
,
Senior
Note
,
9.5
%
,
5/31/25
...
United
States
1,000,000
1,053,200
3,589,519
Banks
1.0%
d,e
JPMorgan
Chase
&
Co.
,
R,
Junior
Sub.
Bond,
6%
to
8/01/23,
FRN
thereafter,
Perpetual
.
United
States
900,000
910,624
V,
Junior
Sub.
Bond,
4.753%
to
7/01/20,
FRN
thereafter,
Perpetual
.........................................
United
States
1,100,000
937,206
1,847,830
Building
Products
1.1%
b
Cornerstone
Building
Brands,
Inc.
,
Senior
Note
,
144A
,
8
%
,
4/15/26
United
States
900,000
863,411
b
JELD-WEN,
Inc.
,
Senior
Bond,
144A,
4.875%,
12/15/27
....................
United
States
300,000
282,318
Senior
Note,
144A,
4.625%,
12/15/25
....................
United
States
300,000
285,343
Senior
Secured
Note,
144A,
6.25%,
5/15/25
...............
United
States
300,000
310,500
b
Standard
Industries,
Inc.
,
Senior
Bond
,
144A
,
5
%
,
2/15/27
.......
United
States
300,000
309,742
2,051,314
Capital
Markets
0.1%
b
MSCI,
Inc.
,
Senior
Note
,
144A
,
5.375
%
,
5/15/27
..............
United
States
200,000
215,581
Chemicals
1.7%
b
Element
Solutions,
Inc.
,
Senior
Note
,
144A
,
5.875
%
,
12/01/25
....
United
States
600,000
618,255
b
Neon
Holdings,
Inc.
,
Senior
Secured
Note
,
144A
,
10.125
%
,
4/01/26
United
States
1,500,000
1,448,198
b
Olin
Corp.
,
Senior
Note
,
144A
,
9.5
%
,
6/01/25
................
United
States
200,000
218,750
b
Rain
CII
Carbon
LLC
/
CII
Carbon
Corp.
,
Secured
Note
,
144A
,
7.25
%
,
4/01/25
.....................................
United
States
600,000
547,869
b
TPC
Group,
Inc.
,
Senior
Secured
Note
,
144A
,
10.5
%
,
8/01/24
....
United
States
600,000
516,063
3,349,135
Commercial
Services
&
Supplies
0.8%
b
Harsco
Corp.
,
Senior
Note
,
144A
,
5.75
%
,
7/31/27
.............
United
States
1,500,000
1,472,768
Communications
Equipment
0.9%
b
CommScope
Technologies
LLC
,
Senior
Bond
,
144A
,
6
%
,
6/15/25
.
United
States
1,700,000
1,658,086
Franklin
Universal
Trust
Statement
of
Investments
(unaudited)
See
Notes
to
Statement
of
Investments.
Quarterly
Statement
of
Investments
3
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
a
Corporate
Bonds
(continued)
Construction
&
Engineering
1.0%
b
New
Enterprise
Stone
&
Lime
Co.,
Inc.
,
Senior
Secured
Note
,
144A
,
6.25
%
,
3/15/26
.....................................
United
States
900,000
$
876,204
Weekley
Homes
LLC
/
Weekley
Finance
Corp.
,
Senior
Note
,
6.625
%
,
8/15/25
.....................................
United
States
1,100,000
1,049,010
1,925,214
Consumer
Finance
2.4%
b
Avolon
Holdings
Funding
Ltd.
,
Senior
Note
,
144A
,
5.25
%
,
5/15/24
.
Ireland
500,000
422,718
b
FirstCash
,
Inc.
,
Senior
Note
,
144A
,
5.375
%
,
6/01/24
...........
United
States
1,100,000
1,106,990
Navient
Corp.
,
Senior
Note,
6.625%,
7/26/21
..........................
United
States
400,000
395,124
Senior
Note,
6.5%,
6/15/22
............................
United
States
500,000
492,338
Senior
Note,
7.25%,
9/25/23
...........................
United
States
600,000
577,869
Springleaf
Finance
Corp.
,
Senior
Bond,
5.375%,
11/15/29
.........................
United
States
1,000,000
888,815
Senior
Note,
6.625%,
1/15/28
..........................
United
States
700,000
670,120
4,553,974
Containers
&
Packaging
5.3%
b
Ardagh
Packaging
Finance
plc
/
Ardagh
Holdings
USA,
Inc.
,
Senior
Note,
144A,
5.25%,
8/15/27
......................
United
States
600,000
592,389
Senior
Secured
Note,
144A,
5.25%,
4/30/25
...............
United
States
800,000
837,000
Crown
Americas
LLC
/
Crown
Americas
Capital
Corp.
VI
,
Senior
Note
,
4.75
%
,
2/01/26
.................................
United
States
700,000
729,883
b
Mauser
Packaging
Solutions
Holding
Co.
,
Senior
Note,
144A,
7.25%,
4/15/25
......................
United
States
1,800,000
1,625,607
Senior
Secured
Note,
144A,
8.5%,
4/15/24
................
United
States
500,000
507,500
b
Owens-Brockway
Glass
Container,
Inc.
,
Senior
Note,
144A,
5%,
1/15/22
........................
United
States
162,000
163,575
Senior
Note,
144A,
5.875%,
8/15/23
.....................
United
States
500,000
520,053
Senior
Note,
144A,
6.625%,
5/13/27
.....................
United
States
500,000
527,500
b
Plastipak
Holdings,
Inc.
,
Senior
Note
,
144A
,
6.25
%
,
10/15/25
....
United
States
1,700,000
1,577,812
b
Reynolds
Group
Issuer,
Inc.
/
Reynolds
Group
Issuer
LLC
/
Reynolds
Group
Issuer
Luxembourg
SA
,
Senior
Note,
144A,
7%,
7/15/24
........................
United
States
200,000
201,531
Senior
Secured
Note,
144A,
5.125%,
7/15/23
..............
United
States
1,000,000
1,015,105
b
Sealed
Air
Corp.
,
Senior
Bond,
144A,
5.5%,
9/15/25
.......................
United
States
200,000
217,729
Senior
Note,
144A,
4%,
12/01/27
.......................
United
States
600,000
604,875
b
Trivium
Packaging
Finance
BV
,
Senior
Note
,
144A
,
8.5
%
,
8/15/27
.
Netherlands
1,000,000
1,057,315
10,177,874
Diversified
Financial
Services
0.6%
b
MPH
Acquisition
Holdings
LLC
,
Senior
Note
,
144A
,
7.125
%
,
6/01/24
United
States
1,300,000
1,232,550
Diversified
Telecommunication
Services
4.4%
b
Altice
France
Holding
SA
,
Senior
Secured
Note
,
144A
,
10.5
%
,
5/15/27
...........................................
Luxembourg
2,000,000
2,224,999
b
CCO
Holdings
LLC
/
CCO
Holdings
Capital
Corp.
,
Senior
Bond,
144A,
5.75%,
2/15/26
......................
United
States
700,000
731,496
Senior
Bond,
144A,
5.375%,
6/01/29
.....................
United
States
1,000,000
1,079,815
Senior
Bond,
144A,
4.5%,
8/15/30
.......................
United
States
1,700,000
1,767,737
b
DKT
Finance
ApS
,
Senior
Secured
Note
,
144A
,
9.375
%
,
6/17/23
..
Denmark
1,500,000
1,515,000
b
Virgin
Media
Secured
Finance
plc
,
Senior
Secured
Bond
,
144A
,
5.5
%
,
8/15/26
......................................
United
Kingdom
200,000
209,081
b
Zayo
Group
Holdings,
Inc.
,
Senior
Note,
144A,
6.125%,
3/01/28
.....................
United
States
500,000
494,923
Franklin
Universal
Trust
Statement
of
Investments
(unaudited)
Quarterly
Statement
of
Investments
See
Notes
to
Statement
of
Investments.
4
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
a
Corporate
Bonds
(continued)
Diversified
Telecommunication
Services
(continued)
b
Zayo
Group
Holdings,
Inc.,
(continued)
Senior
Secured
Note,
144A,
4%,
3/01/27
..................
United
States
500,000
$
493,672
8,516,723
Electric
Utilities
0.8%
b
Vistra
Operations
Co.
LLC
,
Senior
Note
,
144A
,
5.625
%
,
2/15/27
..
United
States
1,500,000
1,597,537
Electronic
Equipment,
Instruments
&
Components
0.7%
CDW
LLC
/
CDW
Finance
Corp.
,
Senior
Note,
4.125%,
5/01/25
..........................
United
States
600,000
616,500
Senior
Note,
5%,
9/01/25
.............................
United
States
700,000
725,511
1,342,011
Energy
Equipment
&
Services
1.2%
b
Archrock
Partners
LP
/
Archrock
Partners
Finance
Corp.
,
Senior
Note
,
144A
,
6.25
%
,
4/01/28
............................
United
States
500,000
477,812
CSI
Compressco
LP
/
CSI
Compressco
Finance,
Inc.
,
Senior
Note,
7.25%,
8/15/22
...........................
United
States
1,300,000
505,375
b
Senior
Secured
Note,
144A,
7.5%,
4/01/25
................
United
States
100,000
72,364
b
Nabors
Industries
Ltd.
,
Senior
Note,
144A,
7.25%,
1/15/26
......................
United
States
600,000
343,875
Senior
Note,
144A,
7.5%,
1/15/28
.......................
United
States
400,000
221,250
Nabors
Industries,
Inc.
,
Senior
Note
,
5.75
%
,
2/01/25
...........
United
States
500,000
156,823
b
Weatherford
International
Ltd.
,
Senior
Note
,
144A
,
11
%
,
12/01/24
.
United
States
917,000
621,841
2,399,340
Entertainment
1.2%
b
Banijay
Entertainment
SASU
,
Senior
Secured
Note
,
144A
,
5.375
%
,
3/01/25
...........................................
France
1,000,000
993,125
Netflix,
Inc.
,
Senior
Bond,
5.875%,
2/15/25
..........................
United
States
800,000
898,252
b
Senior
Note,
144A,
3.625%,
6/15/25
.....................
United
States
300,000
308,625
b
WMG
Acquisition
Corp.
,
Senior
Secured
Note
,
144A
,
5
%
,
8/01/23
.
United
States
200,000
202,729
2,402,731
Equity
Real
Estate
Investment
Trusts
(REITs)
1.2%
b
HAT
Holdings
I
LLC
/
HAT
Holdings
II
LLC
,
Senior
Note,
144A,
5.25%,
7/15/24
......................
United
States
800,000
812,084
Senior
Note,
144A,
6%,
4/15/25
........................
United
States
600,000
621,000
MPT
Operating
Partnership
LP
/
MPT
Finance
Corp.
,
Senior
Bond
,
5.25
%
,
8/01/26
.....................................
United
States
300,000
308,371
b
VICI
Properties
LP
/
VICI
Note
Co.,
Inc.
,
Senior
Note
,
144A
,
3.75
%
,
2/15/27
...........................................
United
States
700,000
677,142
2,418,597
Food
Products
2.6%
B&G
Foods,
Inc.
,
Senior
Note
,
5.25
%
,
4/01/25
...............
United
States
1,700,000
1,751,178
b
Kraft
Heinz
Foods
Co.
,
Senior
Bond
,
144A
,
4.25
%
,
3/01/31
......
United
States
800,000
853,069
b
Lamb
Weston
Holdings,
Inc.
,
Senior
Note
,
144A
,
4.625
%
,
11/01/24
United
States
700,000
731,651
b
Post
Holdings,
Inc.
,
Senior
Bond,
144A,
5%,
8/15/26
........................
United
States
800,000
821,852
Senior
Bond,
144A,
5.625%,
1/15/28
.....................
United
States
300,000
314,944
Senior
Bond,
144A,
4.625%,
4/15/30
.....................
United
States
500,000
494,688
4,967,382
Franklin
Universal
Trust
Statement
of
Investments
(unaudited)
See
Notes
to
Statement
of
Investments.
Quarterly
Statement
of
Investments
5
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
a
Corporate
Bonds
(continued)
Health
Care
Equipment
&
Supplies
0.0%
b
Ortho-Clinical
Diagnostics,
Inc.
/
Ortho-Clinical
Diagnostics
SA
,
Senior
Note
,
144A
,
7.375
%
,
6/01/25
......................
United
States
300,000
$
—
Health
Care
Providers
&
Services
5.5%
Centene
Corp.
,
b
Senior
Note,
144A,
5.25%,
4/01/25
......................
United
States
1,100,000
1,137,466
b
Senior
Note,
144A,
5.375%,
8/15/26
.....................
United
States
500,000
530,550
Senior
Note,
4.25%,
12/15/27
..........................
United
States
300,000
314,080
Senior
Note,
4.625%,
12/15/29
.........................
United
States
200,000
216,230
Senior
Note,
3.375%,
2/15/30
..........................
United
States
100,000
100,857
CHS/Community
Health
Systems,
Inc.
,
b
Secured
Note,
144A,
8.125%,
6/30/24
....................
United
States
718,000
515,607
Senior
Note,
6.875%,
2/01/22
..........................
United
States
175,000
144,047
Senior
Secured
Note,
6.25%,
3/31/23
....................
United
States
600,000
583,875
b
Senior
Secured
Note,
144A,
6.625%,
2/15/25
..............
United
States
500,000
484,062
HCA,
Inc.
,
Senior
Bond,
5.875%,
2/15/26
..........................
United
States
1,400,000
1,570,443
Senior
Bond,
3.5%,
9/01/30
............................
United
States
1,200,000
1,183,305
b
MEDNAX,
Inc.
,
Senior
Note
,
144A
,
6.25
%
,
1/15/27
............
United
States
1,600,000
1,501,048
b,f
Polaris
Intermediate
Corp.
,
Senior
Note
,
144A
,
PIK,
8.5
%
,
12/01/22
United
States
400,000
351,498
Tenet
Healthcare
Corp.
,
b
Secured
Note,
144A,
6.25%,
2/01/27
.....................
United
States
1,000,000
1,036,565
Senior
Note,
8.125%,
4/01/22
..........................
United
States
1,000,000
1,047,225
10,716,858
Hotels,
Restaurants
&
Leisure
5.1%
b,g
24
Hour
Fitness
Worldwide,
Inc.
,
Senior
Note
,
144A
,
8
%
,
6/01/22
.
United
States
1,800,000
54,000
b
Boyd
Gaming
Corp.
,
Senior
Note
,
144A
,
8.625
%
,
6/01/25
.......
United
States
1,300,000
1,392,950
b
Boyne
USA,
Inc.
,
Secured
Note
,
144A
,
7.25
%
,
5/01/25
.........
United
States
1,500,000
1,591,717
b
Downstream
Development
Authority
of
the
Quapaw
Tribe
of
Oklahoma
,
Senior
Secured
Note
,
144A
,
10.5
%
,
2/15/23
.......
United
States
1,500,000
1,047,968
b
Golden
Nugget,
Inc.
,
Senior
Note,
144A,
6.75%,
10/15/24
.....................
United
States
700,000
567,430
Senior
Note,
144A,
8.75%,
10/01/25
.....................
United
States
600,000
397,869
b
KFC
Holding
Co./Pizza
Hut
Holdings
LLC/Taco
Bell
of
America
LLC
,
Senior
Note,
144A,
5%,
6/01/24
........................
United
States
600,000
615,717
Senior
Note,
144A,
5.25%,
6/01/26
......................
United
States
500,000
521,578
b
Six
Flags
Theme
Parks,
Inc.
,
Senior
Secured
Note
,
144A
,
7
%
,
7/01/25
...........................................
United
States
400,000
427,000
b
Studio
City
Finance
Ltd.
,
Senior
Note
,
144A
,
7.25
%
,
2/11/24
.....
Macau
1,300,000
1,296,886
b
Vail
Resorts,
Inc.
,
Senior
Note
,
144A
,
6.25
%
,
5/15/25
..........
United
States
700,000
738,500
b
Wynn
Resorts
Finance
LLC
/
Wynn
Resorts
Capital
Corp.
,
Senior
Note
,
144A
,
7.75
%
,
4/15/25
............................
United
States
1,200,000
1,252,500
9,904,115
Household
Durables
1.5%
b
Ashton
Woods
USA
LLC
/
Ashton
Woods
Finance
Co.
,
Senior
Note,
144A,
6.75%,
8/01/25
......................
United
States
1,500,000
1,385,467
Senior
Note,
144A,
9.875%,
4/01/27
.....................
United
States
400,000
411,076
b
Taylor
Morrison
Communities,
Inc.
/
Taylor
Morrison
Holdings
II,
Inc.
,
Senior
Note
,
144A
,
5.625
%
,
3/01/24
......................
United
States
400,000
395,458
Toll
Brothers
Finance
Corp.
,
Senior
Bond
,
5.625
%
,
1/15/24
......
United
States
700,000
744,552
2,936,553
Franklin
Universal
Trust
Statement
of
Investments
(unaudited)
Quarterly
Statement
of
Investments
See
Notes
to
Statement
of
Investments.
6
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
a
Corporate
Bonds
(continued)
Independent
Power
and
Renewable
Electricity
Producers
3.3%
Calpine
Corp.
,
Senior
Bond
,
5.75
%
,
1/15/25
.................
United
States
1,800,000
$
1,846,125
Clearway
Energy
Operating
LLC
,
Senior
Note,
5.75%,
10/15/25
..........................
United
States
400,000
426,834
Senior
Note,
5%,
9/15/26
.............................
United
States
700,000
718,242
b
Senior
Note,
144A,
4.75%,
3/15/28
......................
United
States
600,000
620,439
b
InterGen
NV
,
Senior
Secured
Bond
,
144A
,
7
%
,
6/30/23
.........
Netherlands
1,400,000
1,372,000
Talen
Energy
Supply
LLC
,
Senior
Note
,
6.5
%
,
6/01/25
..........
United
States
2,100,000
1,425,155
6,408,795
Insurance
0.9%
b
Alliant
Holdings
Intermediate
LLC
/
Alliant
Holdings
Co-Issuer
,
Senior
Note
,
144A
,
6.75
%
,
10/15/27
...........................
United
States
1,800,000
1,840,059
Interactive
Media
&
Services
0.3%
b
Match
Group,
Inc.
,
Senior
Note
,
144A
,
4.625
%
,
6/01/28
.........
United
States
500,000
516,250
IT
Services
1.3%
b
Presidio
Holdings,
Inc.
,
Senior
Note
,
144A
,
8.25
%
,
2/01/28
......
United
States
900,000
891,562
b
Tempo
Acquisition
LLC
/
Tempo
Acquisition
Finance
Corp.
,
Senior
Note
,
144A
,
6.75
%
,
6/01/25
............................
United
States
1,600,000
1,596,984
2,488,546
Machinery
1.8%
b
Manitowoc
Co.,
Inc.
(The)
,
Secured
Note
,
144A
,
9
%
,
4/01/26
....
United
States
1,000,000
942,965
b
Maxim
Crane
Works
Holdings
Capital
LLC
,
Secured
Note
,
144A
,
10.125
%
,
8/01/24
....................................
United
States
300,000
293,282
b
Navistar
International
Corp.
,
Senior
Secured
Note
,
144A
,
9.5
%
,
5/01/25
...........................................
United
States
600,000
648,000
Tennant
Co.
,
Senior
Note
,
5.625
%
,
5/01/25
..................
United
States
1,600,000
1,609,832
3,494,079
Media
7.5%
Clear
Channel
Worldwide
Holdings,
Inc.
,
Senior
Note,
9.25%,
2/15/24
...........................
United
States
510,000
465,225
b
Senior
Secured
Note,
144A,
5.125%,
8/15/27
..............
United
States
1,000,000
1,002,315
CSC
Holdings
LLC
,
Senior
Bond,
6.75%,
11/15/21
..........................
United
States
700,000
739,441
Senior
Bond,
5.25%,
6/01/24
...........................
United
States
700,000
740,113
b
Senior
Bond,
144A,
5.5%,
4/15/27
.......................
United
States
500,000
529,908
b
Senior
Note,
144A,
5.5%,
5/15/26
.......................
United
States
1,200,000
1,257,126
b
Senior
Note,
144A,
7.5%,
4/01/28
.......................
United
States
300,000
333,122
b
Diamond
Sports
Group
LLC
/
Diamond
Sports
Finance
Co.
,
Senior
Note,
144A,
6.625%,
8/15/27
.....................
United
States
700,000
422,810
Senior
Secured
Note,
144A,
5.375%,
8/15/26
..............
United
States
600,000
478,404
DISH
DBS
Corp.
,
Senior
Note,
5.875%,
7/15/22
..........................
United
States
700,000
720,961
Senior
Note,
7.75%,
7/01/26
...........................
United
States
1,100,000
1,143,797
b
Gray
Television,
Inc.
,
Senior
Note
,
144A
,
7
%
,
5/15/27
..........
United
States
500,000
529,282
b
LCPR
Senior
Secured
Financing
DAC
,
Senior
Secured
Note
,
144A
,
6.75
%
,
10/15/27
.....................................
United
States
900,000
938,417
b
Nexstar
Broadcasting,
Inc.
,
Senior
Note,
144A,
5.625%,
8/01/24
.....................
United
States
900,000
920,344
Senior
Note,
144A,
5.625%,
7/15/27
.....................
United
States
1,000,000
1,027,315
b
Scripps
Escrow,
Inc.
,
Senior
Note
,
144A
,
5.875
%
,
7/15/27
.......
United
States
600,000
571,389
b
Sirius
XM
Radio,
Inc.
,
Senior
Bond,
144A,
5.375%,
4/15/25
.....................
United
States
700,000
720,115
Senior
Note,
144A,
4.625%,
7/15/24
.....................
United
States
600,000
615,903
Franklin
Universal
Trust
Statement
of
Investments
(unaudited)
See
Notes
to
Statement
of
Investments.
Quarterly
Statement
of
Investments
7
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
a
Corporate
Bonds
(continued)
Media
(continued)
b
Univision
Communications,
Inc.
,
Senior
Secured
Note
,
144A
,
9.5
%
,
5/01/25
...........................................
United
States
1,200,000
$
1,290,000
14,445,987
Metals
&
Mining
2.8%
b
Cleveland-Cliffs,
Inc.
,
Senior
Secured
Note,
144A,
9.875%,
10/17/25
.............
United
States
400,000
418,000
Senior
Secured
Note,
144A,
6.75%,
3/15/26
...............
United
States
900,000
821,111
b
FMG
Resources
August
2006
Pty.
Ltd.
,
Senior
Note
,
144A
,
4.75
%
,
5/15/22
...........................................
Australia
800,000
814,220
b
Kaiser
Aluminum
Corp.
,
Senior
Note,
144A,
6.5%,
5/01/25
.......................
United
States
100,000
103,000
Senior
Note,
144A,
4.625%,
3/01/28
.....................
United
States
500,000
473,658
b
Novelis
Corp.
,
Senior
Bond
,
144A
,
5.875
%
,
9/30/26
...........
United
States
500,000
513,547
Steel
Dynamics,
Inc.
,
Senior
Note
,
5.5
%
,
10/01/24
............
United
States
900,000
923,733
b
SunCoke
Energy
Partners
LP
/
SunCoke
Energy
Partners
Finance
Corp.
,
Senior
Note
,
144A
,
7.5
%
,
6/15/25
..................
United
States
1,700,000
1,293,215
5,360,484
Oil,
Gas
&
Consumable
Fuels
7.2%
b
Aker
BP
ASA
,
Senior
Note,
144A,
4.75%,
6/15/24
......................
Norway
500,000
500,935
Senior
Note,
144A,
5.875%,
3/31/25
.....................
Norway
500,000
500,850
California
Resources
Corp.
,
Senior
Note,
5.5%,
9/15/21
............................
United
States
10,000
142
Senior
Note,
6%,
11/15/24
.............................
United
States
15,000
432
Calumet
Specialty
Products
Partners
LP
/
Calumet
Finance
Corp.
,
Senior
Note
,
7.75
%
,
4/15/23
...........................
United
States
800,000
712,916
Cheniere
Corpus
Christi
Holdings
LLC
,
Senior
Secured
Note,
7%,
6/30/24
.......................
United
States
600,000
668,278
Senior
Secured
Note,
5.875%,
3/31/25
...................
United
States
1,000,000
1,103,056
Cheniere
Energy
Partners
LP
,
b
Senior
Bond,
144A,
4.5%,
10/01/29
......................
United
States
1,200,000
1,175,778
Senior
Note,
5.625%,
10/01/26
.........................
United
States
700,000
714,098
Senior
Secured
Note,
5.25%,
10/01/25
...................
United
States
1,200,000
1,215,732
Chesapeake
Energy
Corp.
,
Senior
Note
,
7.5
%
,
10/01/26
........
United
States
1,500,000
37,500
Crestwood
Midstream
Partners
LP
/
Crestwood
Midstream
Finance
Corp.
,
Senior
Note,
6.25%,
4/01/23
...........................
United
States
500,000
477,553
Senior
Note,
5.75%,
4/01/25
...........................
United
States
800,000
746,492
b
Endeavor
Energy
Resources
LP
/
EER
Finance,
Inc.
,
Senior
Bond
,
144A
,
5.75
%
,
1/30/28
.................................
United
States
1,000,000
978,565
b,f,h
EnQuest
plc
,
Senior
Note
,
144A
,
Reg
S,
PIK,
7
%
,
4/15/22
.......
United
Kingdom
609,269
332,173
HighPoint
Operating
Corp.
,
Senior
Note
,
8.75
%
,
6/15/25
........
United
States
1,253,000
313,250
Martin
Midstream
Partners
LP
/
Martin
Midstream
Finance
Corp.
,
Senior
Note
,
7.25
%
,
2/15/21
...........................
United
States
900,000
529,943
b,c,f
Murray
Energy
Corp.
,
Secured
Note
,
144A
,
PIK,
12
%
,
4/15/24
...
United
States
757,734
955
Occidental
Petroleum
Corp.
,
Senior
Bond,
6.45%,
9/15/36
...........................
United
States
700,000
505,750
e
Senior
Note,
FRN,
1.842%,
(US0003M
+
1.45%),
8/15/22
.....
United
States
400,000
350,145
Senior
Note,
2.9%,
8/15/24
............................
United
States
200,000
160,000
QEP
Resources,
Inc.
,
Senior
Bond
,
5.375
%
,
10/01/22
..........
United
States
700,000
401,251
b
Seven
Generations
Energy
Ltd.
,
Senior
Note
,
144A
,
5.375
%
,
9/30/25
Canada
800,000
—
Sunoco
LP
/
Sunoco
Finance
Corp.
,
Senior
Note,
4.875%,
1/15/23
..........................
United
States
700,000
712,834
Senior
Note,
6%,
4/15/27
.............................
United
States
1,000,000
1,029,385
Franklin
Universal
Trust
Statement
of
Investments
(unaudited)
Quarterly
Statement
of
Investments
See
Notes
to
Statement
of
Investments.
8
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
a
Corporate
Bonds
(continued)
Oil,
Gas
&
Consumable
Fuels
(continued)
b
Viper
Energy
Partners
LP
,
Senior
Note
,
144A
,
5.375
%
,
11/01/27
..
United
States
400,000
$
397,926
WPX
Energy,
Inc.
,
Senior
Bond
,
4.5
%
,
1/15/30
...............
United
States
400,000
367,374
13,933,313
Personal
Products
0.6%
b
Prestige
Brands,
Inc.
,
Senior
Note,
144A,
6.375%,
3/01/24
.....................
United
States
900,000
928,219
Senior
Note,
144A,
5.125%,
1/15/28
.....................
United
States
300,000
305,438
1,233,657
Pharmaceuticals
2.3%
b
Bausch
Health
Americas,
Inc.
,
Senior
Note
,
144A
,
9.25
%
,
4/01/26
.
United
States
1,400,000
1,557,759
b
Bausch
Health
Cos.,
Inc.
,
Senior
Bond,
144A,
6.125%,
4/15/25
.....................
United
States
400,000
406,958
Senior
Secured
Note,
144A,
7%,
3/15/24
..................
United
States
200,000
207,479
b
Catalent
Pharma
Solutions,
Inc.
,
Senior
Note
,
144A
,
4.875
%
,
1/15/26
...........................................
United
States
700,000
718,242
b
Endo
Dac
/
Endo
Finance
LLC
/
Endo
Finco
,
Inc.
,
Senior
Bond,
144A,
6%,
2/01/25
........................
United
States
600,000
443,106
Senior
Note,
144A,
6%,
7/15/23
........................
United
States
819,000
640,364
b
Teva
Pharmaceutical
Finance
Netherlands
III
BV
,
Senior
Note
,
144A
,
7.125
%
,
1/31/25
.....................................
Israel
500,000
537,552
4,511,460
Professional
Services
0.4%
b
Jaguar
Holding
Co.
II
/
PPD
Development
LP
,
Senior
Note
,
144A
,
6.375
%
,
8/01/23
.....................................
United
States
700,000
723,608
Real
Estate
Management
&
Development
0.5%
b
Five
Point
Operating
Co.
LP
/
Five
Point
Capital
Corp.
,
Senior
Note
,
144A
,
7.875
%
,
11/15/25
...............................
United
States
1,000,000
983,115
Road
&
Rail
0.6%
b
DAE
Funding
LLC
,
Senior
Note,
144A,
4.5%,
8/01/22
.......................
United
Arab
Emirates
700,000
628,512
Senior
Note,
144A,
5%,
8/01/24
........................
United
Arab
Emirates
700,000
587,570
1,216,082
Semiconductors
&
Semiconductor
Equipment
0.5%
b
Amkor
Technology,
Inc.
,
Senior
Note
,
144A
,
6.625
%
,
9/15/27
.....
United
States
1,000,000
1,059,815
Software
1.3%
b
Blackboard,
Inc.
,
Secured
Note
,
144A
,
10.375
%
,
11/15/24
.......
United
States
1,600,000
1,525,000
b
Camelot
Finance
SA
,
Senior
Secured
Note
,
144A
,
4.5
%
,
11/01/26
.
United
States
900,000
906,336
2,431,336
Specialty
Retail
1.0%
b
Lithia
Motors,
Inc.
,
Senior
Note
,
144A
,
4.625
%
,
12/15/27
........
United
States
400,000
387,250
Murphy
Oil
USA,
Inc.
,
Senior
Bond
,
4.75
%
,
9/15/29
............
United
States
1,200,000
1,236,018
b
Party
City
Holdings,
Inc.
,
Senior
Note
,
144A
,
6.625
%
,
8/01/26
....
United
States
1,700,000
278,375
1,901,643
Technology
Hardware,
Storage
&
Peripherals
0.2%
b
Dell
International
LLC
/
EMC
Corp.
,
Senior
Note,
144A,
5.875%,
6/15/21
.....................
United
States
132,000
132,246
Franklin
Universal
Trust
Statement
of
Investments
(unaudited)
See
Notes
to
Statement
of
Investments.
Quarterly
Statement
of
Investments
9
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
a
Corporate
Bonds
(continued)
Technology
Hardware,
Storage
&
Peripherals
(continued)
b
Dell
International
LLC
/
EMC
Corp.,
(continued)
Senior
Note,
144A,
7.125%,
6/15/24
.....................
United
States
200,000
$
207,937
340,183
Textiles,
Apparel
&
Luxury
Goods
0.5%
b
Hanesbrands,
Inc.
,
Senior
Note
,
144A
,
4.625
%
,
5/15/24
........
United
States
1,000,000
1,020,105
Thrifts
&
Mortgage
Finance
0.5%
Radian
Group,
Inc.
,
Senior
Note
,
6.625
%
,
3/15/25
.............
United
States
900,000
918,450
Trading
Companies
&
Distributors
1.5%
b
Beacon
Roofing
Supply,
Inc.
,
Senior
Note
,
144A
,
4.875
%
,
11/01/25
United
States
1,000,000
947,305
H&E
Equipment
Services,
Inc.
,
Senior
Note
,
5.625
%
,
9/01/25
....
United
States
800,000
783,916
b
HD
Supply,
Inc.
,
Senior
Note
,
144A
,
5.375
%
,
10/15/26
.........
United
States
600,000
622,743
United
Rentals
North
America,
Inc.
,
Senior
Bond
,
5.25
%
,
1/15/30
.
United
States
500,000
522,408
b
WESCO
Distribution,
Inc.
,
Senior
Note,
144A,
7.125%,
6/15/25
.....................
United
States
500,000
—
Senior
Note,
144A,
7.25%,
6/15/28
......................
United
States
400,000
—
2,876,372
Wireless
Telecommunication
Services
3.1%
b,g
Digicel
Group
One
Ltd.
,
Senior
Secured
Note
,
144A
,
8.25
%
,
12/30/22
..........................................
Bermuda
463,000
303,265
b,g
Digicel
Group
Two
Ltd.
,
Senior
Note
,
144A
,
8.25
%
,
9/30/22
......
Bermuda
437,000
24,035
Hughes
Satellite
Systems
Corp.
,
Senior
Note
,
6.625
%
,
8/01/26
...
United
States
1,300,000
1,361,113
Sprint
Corp.
,
Senior
Note,
7.875%,
9/15/23
..........................
United
States
1,200,000
1,365,126
Senior
Note,
7.125%,
6/15/24
..........................
United
States
500,000
568,202
Senior
Note,
7.625%,
2/15/25
..........................
United
States
100,000
116,937
Senior
Note,
7.625%,
3/01/26
..........................
United
States
500,000
598,658
T-Mobile
USA,
Inc.
,
Senior
Bond,
6.5%,
1/15/24
............................
United
States
200,000
205,081
Senior
Bond,
6.375%,
3/01/25
..........................
United
States
500,000
516,958
Senior
Bond,
4.75%,
2/01/28
...........................
United
States
600,000
638,895
Senior
Note,
6%,
4/15/24
.............................
United
States
200,000
203,977
5,902,247
Total
Corporate
Bonds
(Cost
$167,512,810)
.....................................
153,976,190
Marketplace
Loans
2.4%
Diversified
Financial
Services
2.4%
c
Lending
Club
-
LCX,
13.08%
-
25.65%,
8/26/22
-
2/07/25
........
United
States
331,742
309,546
c
Lending
Club,
10.33%
-
25.65%,
6/14/22
-
3/19/25
............
United
States
4,666,908
4,238,130
c
Upgrade,
16.89%
-
30.17%,
11/14/22
-
2/25/25
...............
United
States
148,492
140,973
4,688,649
a
a
a
a
a
a
Total
Marketplace
Loans
(Cost
$5,147,142)
.....................................
4,688,649
Asset-Backed
Securities
5.0%
Diversified
Financial
Services
5.0%
b,e
Consumer
Loan
Underlying
Bond
Certificate
Issuer
Trust
I
,
i
2019-S3,
PT,
144A,
FRN,
11.277%,
6/15/44
................
United
States
225,660
179,078
i
2019-26,
PT,
144A,
FRN,
16.395%,
8/15/44
................
United
States
817,495
658,999
i
2019-31,
PT,
144A,
FRN,
15.365%,
9/15/44
................
United
States
750,624
601,741
i
2019-S6,
PT,
144A,
FRN,
9.797%,
10/17/44
................
United
States
694,487
569,839
2019-37,
PT,
144A,
15.936%,
10/17/44
...................
United
States
793,889
654,229
i
2019-42,
PT,
144A,
FRN,
15.058%,
11/15/44
...............
United
States
753,743
605,701
Franklin
Universal
Trust
Statement
of
Investments
(unaudited)
Quarterly
Statement
of
Investments
See
Notes
to
Statement
of
Investments.
10
See
Abbreviations
on
page
18
.
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
a
Asset-Backed
Securities
(continued)
Diversified
Financial
Services
(continued)
b,e
Consumer
Loan
Underlying
Bond
Certificate
Issuer
Trust
I,
(continued)
i
2019-S7,
PT,
144A,
FRN,
9.341%,
12/15/44
................
United
States
602,908
$
494,056
i
2019-S8,
PT,
144A,
FRN,
8.851%,
1/15/45
.................
United
States
689,339
568,748
i
2019-51,
PT,
144A,
FRN,
14.137%,
1/15/45
................
United
States
919,619
769,609
i
2019-52,
PT,
144A,
FRN,
14.65%,
1/15/45
.................
United
States
768,786
651,906
i
2020-2,
PT,
144A,
FRN,
14.89%,
3/15/45
..................
United
States
744,305
636,065
i
2020-7,
PT,
144A,
FRN,
15.84%,
4/17/45
..................
United
States
444,274
384,697
b,e,i
Consumer
Loan
Underlying
Bond
Credit
Trust
,
2019-S4,
PT,
144A,
FRN,
9.569%,
8/15/44
.................
United
States
742,109
598,657
2019-S5,
PT,
144A,
FRN,
10.84%,
9/15/44
.................
United
States
723,706
591,135
b
Prosper
Pass-Thru
Trust
III
,
2020-PT1,
A,
144A,
8.796%,
3/15/26
.....................
United
States
478,241
464,834
2020-PT2,
A,
144A,
9.444%,
4/15/26
.....................
United
States
533,718
524,948
i
2020-PT3,
A,
144A,
FRN,
7.183%,
5/15/26
.................
United
States
99,496
102,177
b
Upgrade
Master
Pass-Thru
Trust
,
2019-PT2
,
A
,
144A
,
7.727
%
,
2/15/26
...........................................
United
States
534,657
502,519
9,558,938
a
a
a
a
a
a
Total
Asset-Backed
Securities
(Cost
$10,951,585)
...............................
9,558,938
Shares
Escrows
and
Litigation
Trusts
0.0%
†
a,c
Vistra
Energy
Corp.,
Escrow
Account
......................
United
States
700,000
1,400
Total
Escrows
and
Litigation
Trusts
(Cost
$18,346)
..............................
1,400
Total
Long
Term
Investments
(Cost
$223,659,828)
...............................
251,191,033
a
Short
Term
Investments
3.0%
a
a
Country
Shares
a
Value
a
Money
Market
Funds
3.0%
j,k
Institutional
Fiduciary
Trust
-
Money
Market
Portfolio,
0%
........
United
States
5,866,911
5,866,911
Total
Money
Market
Funds
(Cost
$5,866,911)
...................................
5,866,911
Total
Short
Term
Investments
(Cost
$5,866,911
)
.................................
5,866,911
a
Total
Investments
(Cost
$229,526,739)
133.0%
..................................
$257,057,944
Notes
Payable
(33.6)%
.......................................................
(64,923,032)
Other
Assets,
less
Liabilities
0.6%
.............................................
1,134,974
Net
Assets
100.0%
...........................................................
$193,269,886
*
The
principal
amount
is
stated
in
U.S.
dollars
unless
otherwise
indicated.
†
Rounds
to
less
than
0.1%
of
net
assets.
a
Non-income
producing.
b
Security
was
purchased
pursuant
to
Rule
144A
under
the
Securities
Act
of
1933
and
may
be
sold
in
transactions
exempt
from
registration
only
to
qualified
institutional
buyers
or
in
a
public
offering
registered
under
the
Securities
Act
of
1933.
At
May
31,
2020,
the
aggregate
value
of
these
securities
was
$115,123,093,
representing
59.6%
of
net
assets.
c
Fair
valued
using
significant
unobservable
inputs.
See
Note
5
regarding
fair
value
measurements.
d
Perpetual
security
with
no
stated
maturity
date.
Franklin
Universal
Trust
Statement
of
Investments
(unaudited)
See
Notes
to
Statement
of
Investments.
Quarterly
Statement
of
Investments
11
e
The
coupon
rate
shown
represents
the
rate
at
period
end.
f
Income
may
be
received
in
additional
securities
and/or
cash.
g
Defaulted
security
or
security
for
which
income
has
been
deemed
uncollectible.
h
Security
was
purchased
pursuant
to
Regulation
S
under
the
Securities
Act
of
1933,
which
exempts
from
registration
securities
offered
and
sold
outside
of
the
United
States.
Such
a
security
cannot
be
sold
in
the
United
States
without
either
an
effective
registration
statement
filed
pursuant
to
the
Securities
Act
of
1933,
or
pursuant
to
an
exemption
from
registration.
At
May
31,
2020,
the
aggregate
value
of
this
security
was
$332,173,
representing
0.2%
of
net
assets.
i
Adjustable
rate
security
with
an
interest
rate
that
is
not
based
on
a
published
reference
index
and
spread.  The
rate
is
based
on
the
structure
of
the
agreement
and
current
market
conditions.
The
coupon
rate
shown
represents
the
rate
at
period
end.
j
See
Note
4
regarding
investments
in
affiliated
management
investment
companies.
k
The
rate
shown
is
the
annualized
seven-day
effective
yield
at
period
end.
Franklin
Universal
Trust
Notes
to
Statement
of
Investments
(unaudited)
12
1.
Organization
Franklin
Universal
Trust
(Fund)
is
registered
under
the
Investment
Company
Act
of
1940
(1940
Act)
as
a
closed-end
management
investment
company
and
applies
the
specialized
accounting
and
reporting
guidance
in
U.S.
Generally
Accepted
Accounting
Principles
(U.S.
GAAP). 
2. Financial
Instrument
Valuation
The
Fund's investments
in
financial
instruments
are
carried
at
fair
value
daily.
Fair
value
is
the
price
that
would
be
received
to
sell
an
asset
or
paid
to
transfer
a
liability
in
an
orderly
transaction
between
market
participants
on
the
measurement
date.
The
Fund
calculates the
net
asset
value
(NAV)
per
share
each
business
day
as
of
4
p.m.
Eastern
time
or
the
regularly
scheduled
close
of
the
New
York
Stock
Exchange
(NYSE),
whichever
is
earlier.
Senior
Fixed
Rate
Notes
issued
by
the
Fund
are
carried
at
cost.
Under
compliance
policies
and
procedures
approved
by
the
Fund’s
Board
of
Trustees
(the
Board),
the
Fund’s
administrator
has
responsibility
for
oversight
of
valuation,
including
leading
the
cross-functional
Valuation
Committee
(VC).
The
Fund
may
utilize
independent
pricing
services,
quotations
from
securities
and
financial
instrument
dealers,
and
other
market
sources
to
determine
fair
value. 
Equity
securities
listed
on
an
exchange
or
on
the
NASDAQ
National
Market
System
are
valued
at
the
last
quoted
sale
price
or
the
official
closing
price
of
the
day,
respectively.
Foreign
equity
securities
are
valued
as
of
the
close
of
trading
on
the
foreign
stock
exchange
on
which
the
security
is
primarily
traded
or
as
of
4
p.m.
Eastern
time.
The
value
is
then
converted
into
its
U.S.
dollar
equivalent
at
the
foreign
exchange
rate
in
effect
at
4
p.m. Eastern
time
on
the
day
that
the
value
of
the
security
is
determined.
Over-the-counter
(OTC)
securities
are
valued
within
the
range
of
the
most
recent
quoted
bid
and
ask
prices.
Securities
that
trade
in
multiple
markets
or
on
multiple
exchanges
are
valued
according
to
the
broadest
and
most
representative
market.
Certain
equity
securities
are
valued
based
upon
fundamental
characteristics
or
relationships
to
similar
securities. 
Debt
securities
generally
trade
in
the
OTC
market
rather
than
on
a
securities
exchange.
The Fund's
pricing
services
use
multiple
valuation
techniques
to
determine
fair
value.
In
instances
where
sufficient
market
activity
exists,
the
pricing
services
may
utilize
a
market-based
approach
through
which
quotes
from
market
makers
are
used
to
determine
fair
value.
In
instances
where
sufficient
market
activity
may
not
exist
or
is
limited,
the
pricing
services
also
utilize
proprietary
valuation
models
which
may
consider
market
characteristics
such
as
benchmark
yield
curves,
credit
spreads,
estimated
default
rates,
anticipated
market
interest
rate
volatility,
coupon
rates,
anticipated
timing
of
principal
repayments,
underlying
collateral,
and
other
unique
security
features
in
order
to
estimate
the
relevant
cash
flows,
which
are
then
discounted
to
calculate
the
fair
value.
Investments
in
open-end
mutual
funds
are
valued
at
the
closing
NAV.
The
Fund's
procedures
to
determine
the
fair
value
of
financial
instruments
for
which
market
prices
are
not
reliable
or
readily
available.
Under
these
procedures,
the
Fund
primarily employs
a
market-based
approach
which
may
use
related
or
comparable
assets
or
liabilities,
recent
transactions,
market
multiples,
book
values,
and
other
relevant
information
for
the
investment
to
determine
the
fair
value
of
the
investment.
An
income-based
valuation
approach
may
also
be
used
in
which
the
anticipated
future
cash
flows
of
the
investment
are
discounted
to
calculate
fair
value.
Discounts
may
also
be
applied
due
to
the
nature
or
duration
of
any
restrictions
on
the
disposition
of
the
investments.
Due
to
the
inherent
uncertainty
of
valuations
of
such
investments,
the
fair
values
may
differ
significantly
from
the
values
that
would
have
been
used
had
an
active
market
existed. 
Trading
in
securities
on
foreign
securities
stock
exchanges
and
OTC
markets
may
be
completed
before
4
p.m.
Eastern
time.
In
addition,
trading
in
certain
foreign
markets
may
not
take
place
on
every
Fund’s
business
day.
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
value
of
a
portfolio
security
held
by
the Fund.
As
a
result,
differences
may
arise
between
the
value
of
the Fund’s
portfolio
securities
as
determined
at
the
foreign
market
close
and
the
latest
indications
of
value
at
4
p.m.
Eastern
time.
In
order
to
minimize
the
potential
for
these
differences,
the
VC
monitors
price
movements
following
the
close
of
trading
in
Franklin
Universal
Trust
Notes
to
Statement
of
Investments
(unaudited)
13
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.
When
the
last
day
of
the
reporting
period
is
a
non-business
day,
certain
foreign
markets
may
be
open
on
those
days
that
the
Fund’s NAV
is
not
calculated,
which
could
result
in
differences
between
the
value
of
the
Fund’s
portfolio
securities
on
the
last
business
day
and
the
last
calendar
day
of
the
reporting
period.
Any
significant
security
valuation
changes
due
to
an
open
foreign
market
are
adjusted
and
reflected
by
the
Fund
for
financial
reporting
purposes.
3. Novel
Coronavirus
Pandemic 
The
global
outbreak
of
the
novel
coronavirus
disease,
known
as
COVID-19, has
caused
adverse
effects
on
many
companies,
sectors,
nations,
regions
and
the
markets
in
general, and
may
continue for
an unpredictable duration.
The
effects
of
this
pandemic
may
materially
impact
the
value
and
performance
of
the Fund, its ability
to
buy
and
sell
fund
investments
at
appropriate
valuations
and its ability
to
achieve its investment
objectives.
4.
Investments
in
Affiliated
Management
Investment
Companies 
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,
2020,
the
Fund
held
investments
in
affiliated
management
investment
companies
as
follows: 
5. Fair
Value
Measurements 
The
Fund
follows
a
fair
value
hierarchy
that
distinguishes
between
market
data
obtained
from
independent
sources
(observable
inputs)
and
the Fund’s
own
market
assumptions
(unobservable
inputs).
These
inputs
are
used
in
determining
the
value
of
the
Fund’s
financial
instruments
and
are
summarized
in
the
following
fair
value
hierarchy:
Level
1
–
quoted
prices
in
active
markets
for
identical
financial
instruments
a
Value
at
Beginning
of
Period
Purchases
Sales
Realized
Gain
(Loss)
Net
Change
in
Unrealized
Appreciation
(Depreciation)
Value
at
End
of
Period
Number
of
Shares
Held
at
End
of
Period
Investment
Income
a
a
a
a
a
a
a
a
a
Franklin
Universal
Trust
Non-Controlled
Affiliates
Dividends
Institutional
Fiduciary
Trust
-
Money
Market
Portfolio,
0%
...........
$4,760,505
$51,507,412
$(50,401,006)
$
—
$
—
$
5,866,911
5,866,911
$
22,703
Non-Controlled
Affiliates
Income
from
securities
loaned
Institutional
Fiduciary
Trust
-
Money
Market
Portfolio,
0%
...........
$—
$1,732,000
$(1,732,000)
$
—
$
—
$
—
$
617
Total
Affiliated
Securities
......
$4,760,505
$53,239,412
$(52,133,006)
$—
$—
$5,866,911
$23,320
2. Financial
Instrument
Valuation
(continued)
Franklin
Universal
Trust
Notes
to
Statement
of
Investments
(unaudited)
14
Level
2
–
other
significant
observable
inputs
(including
quoted
prices
for
similar
financial
instruments,
interest
rates,
prepayment
speed,
credit
risk,
etc.)
Level
3
–
significant
unobservable
inputs
(including
the
Fund’s
own
assumptions
in
determining
the
fair
value
of
financial
instruments)
5. Fair
Value
Measurements 
(continued)
Franklin
Universal
Trust
Notes
to
Statement
of
Investments
(unaudited)
15
The
input
levels
are
not
necessarily
an
indication
of
the
risk
or
liquidity
associated
with
financial
instruments
at
that
level.
A
summary
of
inputs
used
as
of
May
31,
2020,
in
valuing
the
Fund’s
assets
carried
at
fair
value,
is
as
follows:
Level
1
Level
2
Level
3
Total
Franklin
Universal
Trust
Assets:
Investments
in
Securities:
Common
Stocks
:
Electric
Utilities
........................
$
46,285,458
$
—
$
—
$
46,285,458
Energy
Equipment
&
Services
.............
33,748
142,606
—
176,354
Metals
&
Mining
.......................
1,784,701
—
—
1,784,701
Multi-Utilities
..........................
32,018,856
—
—
32,018,856
Oil,
Gas
&
Consumable
Fuels
.............
1,446,571
—
—
1,446,571
Paper
&
Forest
Products
.................
47,885
—
—
47,885
Preferred
Stocks
........................
1,205,500
—
—
1,205,500
Warrants
:
Oil,
Gas
&
Consumable
Fuels
.............
—
—
76
76
Paper
&
Forest
Products
.................
455
—
—
455
Corporate
Bonds
:
Aerospace
&
Defense
...................
—
1,094,912
—
1,094,912
Auto
Components
......................
—
3,589,519
—
3,589,519
Banks
...............................
—
1,847,830
—
1,847,830
Building
Products
......................
—
2,051,314
—
2,051,314
Capital
Markets
........................
—
215,581
—
215,581
Chemicals
...........................
—
3,349,135
—
3,349,135
Commercial
Services
&
Supplies
...........
—
1,472,768
—
1,472,768
Communications
Equipment
..............
—
1,658,086
—
1,658,086
Construction
&
Engineering
...............
—
1,925,214
—
1,925,214
Consumer
Finance
.....................
—
4,553,974
—
4,553,974
Containers
&
Packaging
.................
—
10,177,874
—
10,177,874
Diversified
Financial
Services
.............
—
1,232,550
—
1,232,550
Diversified
Telecommunication
Services
.....
—
8,516,723
—
8,516,723
Electric
Utilities
........................
—
1,597,537
—
1,597,537
Electronic
Equipment,
Instruments
&
Components
........................
—
1,342,011
—
1,342,011
Energy
Equipment
&
Services
.............
—
2,399,340
—
2,399,340
Entertainment
.........................
—
2,402,731
—
2,402,731
Equity
Real
Estate
Investment
Trusts
(REITs)
.
—
2,418,597
—
2,418,597
Food
Products
........................
—
4,967,382
—
4,967,382
Health
Care
Providers
&
Services
..........
—
10,716,858
—
10,716,858
Hotels,
Restaurants
&
Leisure
.............
—
9,904,115
—
9,904,115
Household
Durables
....................
—
2,936,553
—
2,936,553
Independent
Power
and
Renewable
Electricity
Producers
..........................
—
6,408,795
—
6,408,795
Insurance
............................
—
1,840,059
—
1,840,059
Interactive
Media
&
Services
..............
—
516,250
—
516,250
IT
Services
...........................
—
2,488,546
—
2,488,546
Machinery
............................
—
3,494,079
—
3,494,079
Media
...............................
—
14,445,987
—
14,445,987
Metals
&
Mining
.......................
—
5,360,484
—
5,360,484
Oil,
Gas
&
Consumable
Fuels
.............
—
13,932,358
955
13,933,313
Personal
Products
.....................
—
1,233,657
—
1,233,657
Pharmaceuticals
.......................
—
4,511,460
—
4,511,460
Professional
Services
...................
—
723,608
—
723,608
Real
Estate
Management
&
Development
....
—
983,115
—
983,115
Road
&
Rail
..........................
—
1,216,082
—
1,216,082
Semiconductors
&
Semiconductor
Equipment
.
—
1,059,815
—
1,059,815
5. Fair
Value
Measurements 
(continued)
Franklin
Universal
Trust
Notes
to
Statement
of
Investments
(unaudited)
16
A
reconciliation
in
which
Level
3
inputs
are
used
in
determining
fair
value
is
presented
when
there
are
significant
Level
3
assets
and/or
liabilities
at
the
beginning
and/or
end
of
the
period.
At May
31,
2020,
the
reconciliation
is
as
follows:
6
Significant
unobservable
valuation
inputs
for
material
Level
3
assets
and/or
liabilities
and
impact
to
fair
value
as
a
result
of
changes
in
unobservable
valuation
inputs
as
of
May
31,
2020,
are
as
follows:
Level
1
Level
2
Level
3
Total
Franklin
Universal
Trust
(continued)
Assets:
Corporate
Bonds:
Software
.............................
$
—
$
2,431,336
$
—
$
2,431,336
Specialty
Retail
........................
—
1,901,643
—
1,901,643
Technology
Hardware,
Storage
&
Peripherals
.
—
340,183
—
340,183
Textiles,
Apparel
&
Luxury
Goods
..........
—
1,020,105
—
1,020,105
Thrifts
&
Mortgage
Finance
...............
—
918,450
—
918,450
Trading
Companies
&
Distributors
..........
—
2,876,372
—
2,876,372
Wireless
Telecommunication
Services
.......
—
5,902,247
—
5,902,247
Marketplace
Loans
......................
—
—
4,688,649
4,688,649
Asset-Backed
Securities
..................
—
9,558,938
—
9,558,938
Escrows
and
Litigation
Trusts
...............
—
—
1,400
1,400
Short
Term
Investments
...................
5,866,911
—
—
5,866,911
Total
Investments
in
Securities
...........
$88,690,085
$163,676,779
$4,691,080
$257,057,944
Balance
at
Beginning
of
Period
Purchases
Sales
Transfer
Into
Level
3
a
Transfer
Out
of
Level
3
Cost
Basis
Adjust-
ments
b
Net
Realized
Gain
(Loss)
Net
Unr
ealized
Appreciatio
n
(
Depreciation
)
Balance
at
End
of
Period
Net
Change
in
Unrealized
Appreciation
(Depreciation)
on
Assets
Held
at
Period
End
a
a
a
a
a
a
a
a
a
a
a
Franklin
Universal
Trust
Assets:
Investments
in
Securities:
Warrants
:
Oil,
Gas
&
Consumable
Fuels
.....
$
12
$
—
$
—
$
3,796
$
—
$
—
$
—
$
(3,732)
$
76
$
(3,732)
Corporate
Bonds
:
Oil,
Gas
&
Consumable
Fuels
.....
—
—
—
955
—
—
—
—
955
—
Marketplace
Loans
:
Diversified
Financial
Services
...
1,529,798
3,695,689
—
—
—
—
(78,344)
(458,494)
4,688,649
(445,192)
Escrows
and
Litigation
Trusts
—
c
—
—
1,400
—
—
—
—
1,400
—
Total
Investments
in
Securities
.........
$1,529,810
$3,695,689
$—
$6,151
$—
—
(78,344)
(462,226)
$4,691,080
(448,924)
a
Transferred
into
level
3
as
a
result
of
the
unavailability
of
a
quoted
market
price
in
an
active
market
for
identical
securities
or
as
a
result
of
the
unreliability
of
the
foreign
exchange
rate
and
other
significant
observable
valuation
inputs.
May
include
amounts
related
to
a
corporate
action.
b
May
include
accretion,
amortization,
partnership
adjustments,
and/or
other
cost
basis
adjustments.
c
Includes
securities
determined
to
have
no
value.
5. Fair
Value
Measurements 
(continued)
Franklin
Universal
Trust
Notes
to
Statement
of
Investments
(unaudited)
17
6.
Subsequent
Events
The Fund
has
evaluated
subsequent
events
through
the
issuance
of
the
Statement
of
Investments
and
determined
that
no
events
have
occurred
that
require
disclosure.
Description
Fair
Value
at
End
of
Period
Valuation
Technique
Unobservable
Inputs
Amount/Range
(Weighted
Average)
a
Impact
to
Fair
Value
if
Input
Increases
b
Franklin
Universal
Trust
Assets:
Investments
in
Securities:
Marketplace
Loans:
Lending
Club
.............
$4,238,130
Discounted
cash
flow
Loss-adjusted
discount
rate
7.5%
Decrease
c
Projected
loss
rate
12.2%
Decrease
c
Lending
Club
LCX
.........
309,546
Discounted
cash
flow
Loss-adjusted
discount
rate
8.8%
Decrease
c
Projected
loss
rate
21.6%
Decrease
c
Upgrade
................
140,973
Discounted
cash
flow
Loss-adjusted
discount
rate
15.5%
Decrease
c
Projected
loss
rate
20.5%
Decrease
c
All
Other
(
d
)
..................
2,431
Total
.............
$4,691,080
a
Weighted
based
on
the
relative
fair
value
of
the
financial
instruments.
b
Represents
the
directional
change
in
the
fair
value
that
would
result
from
a
significant
and
reasonable
increase
in
the
corresponding
input.
A
significant
and
reasonable
decrease
in
the
input
would
have
the
opposite
effect.
Significant
impacts,
if
any,
to
fair
value
and/or
net
assets
have
been
indicated.
c
Represents
a
significant
impact
to
fair
value
but
not
net
assets.
d
Includes
fair
value
of
immaterial
assets
and/or
liabilities
developed
using
various
valuation
techniques
and
unobservable
inputs.
May
also
include
values
derived
using
private
transaction
prices
or
non-public
third
party
pricing
information
which
is
unobservable.
5. Fair
Value
Measurements 
(continued)
Franklin
Universal
Trust
Notes
to
Statement
of
Investments
(unaudited)
18
Abbreviations
Currency
USD
United
States
Dollar
Selected
Portfolio
ADR
American
Depositary
Receipt
FRN
Floating
Rate
Note
LIBOR
London
InterBank
Offered
Rate
PIK
Payment-In-Kind
For
additional
information
on
the
Fund's
significant
accounting
policies,
please
refer
to
the Fund's
most
recent
semiannual
or
annual
shareholder
report.