NPORT-EX 2 FUT.htm
Franklin
Universal
Trust
Statement
of
Investments
(unaudited),
November
30,
2020
See
Notes
to
Statement
of
Investments.
Quarterly
Statement
of
Investments
1
a
a
Country
Shares
a
Value
a
a
a
a
a
a
Common
Stocks
40.7%
Electric
Utilities
22.5%
Alliant
Energy
Corp.
...................................
United
States
80,000
$
4,208,000
American
Electric
Power
Co.,
Inc.
.........................
United
States
65,000
5,517,850
Duke
Energy
Corp.
....................................
United
States
46,060
4,267,920
Edison
International
...................................
United
States
36,000
2,208,960
Entergy
Corp.
........................................
United
States
30,000
3,265,500
Evergy
,
Inc.
..........................................
United
States
80,000
4,432,800
Exelon
Corp.
.........................................
United
States
80,000
3,285,600
FirstEnergy
Corp.
.....................................
United
States
40,000
1,062,400
NextEra
Energy,
Inc.
...................................
United
States
120,000
8,830,800
Pinnacle
West
Capital
Corp.
.............................
United
States
30,000
2,455,500
PPL
Corp.
...........................................
United
States
24,500
696,290
Southern
Co.
(The)
....................................
United
States
60,000
3,591,000
Xcel
Energy,
Inc.
......................................
United
States
60,000
4,041,600
47,864,220
Energy
Equipment
&
Services
0.0%
†
a
Weatherford
International
plc
.............................
United
States
16,874
63,278
a
Machinery
0.1%
a
Birch
Permian
Holdings,
Inc.
.............................
United
States
3,694
25,858
a
Birch
Permian
Holdings,
Inc.
.............................
United
States
28,796
197,972
223,830
Metals
&
Mining
1.5%
BHP
Group
plc,
ADR
...................................
Australia
25,185
1,144,910
Freeport-McMoRan,
Inc.
................................
United
States
80,380
1,880,088
South32
Ltd.,
ADR
....................................
Australia
10,074
88,047
3,113,045
Multi-Utilities
15.8%
CenterPoint
Energy,
Inc.
................................
United
States
122,800
2,847,732
CMS
Energy
Corp.
....................................
United
States
90,000
5,538,600
Consolidated
Edison,
Inc.
...............................
United
States
40,000
3,050,000
Dominion
Energy,
Inc.
..................................
United
States
67,200
5,274,528
DTE
Energy
Co.
......................................
United
States
30,000
3,774,300
NiSource,
Inc.
........................................
United
States
60,000
1,452,000
Public
Service
Enterprise
Group,
Inc.
......................
United
States
45,000
2,622,600
Sempra
Energy
.......................................
United
States
45,000
5,736,600
WEC
Energy
Group,
Inc.
................................
United
States
35,000
3,323,250
33,619,610
Oil,
Gas
&
Consumable
Fuels
0.7%
Amplify
Energy
Corp.
..................................
United
States
245
247
a
California
Resources
Corp.
..............................
United
States
27
589
Enbridge,
Inc.
........................................
Canada
39,360
1,228,426
a
Goodrich
Petroleum
Corp.
...............................
United
States
19,379
224,021
Riviera
Resources,
Inc.
.................................
United
States
5,042
1,190
1,454,473
Paper
&
Forest
Products
0.0%
†
Verso
Corp.,
A
........................................
United
States
3,330
35,997
Specialty
Retail
0.1%
a
Party
City
Holdings,
Inc.
................................
United
States
37,652
172,445
a
Total
Common
Stocks
(Cost
$37,374,197)
......................................
86,546,898
Franklin
Universal
Trust
Statement
of
Investments
(unaudited)
Quarterly
Statement
of
Investments
See
Notes
to
Statement
of
Investments.
2
a
a
Country
Shares
a
Value
a
a
a
a
a
a
Preferred
Stocks
0.3%
Electric
Utilities
0.3%
SCE
Trust
II,
5.1%
....................................
United
States
27,500
$
676,500
Total
Preferred
Stocks
(Cost
$598,125)
.........................................
676,500
Warrants
Warrants
0.0%
†
Oil,
Gas
&
Consumable
Fuels
0.0%
†
a,b
Battalion
Oil
Corp.,
A,
10/08/22
...........................
United
States
583
55
a,b
Battalion
Oil
Corp.,
B,
10/08/22
...........................
United
States
728
40
a,b
Battalion
Oil
Corp.,
C,
10/08/22
...........................
United
States
937
25
a
California
Resources
Corp.,
10/27/24
......................
United
States
64
218
a,b
Chaparral
Energy,
Inc.,
10/01/24
..........................
United
States
1
—
338
Paper
&
Forest
Products
0.0%
†
a
Verso
Corp.,
7/25/23
...................................
United
States
350
271
Total
Warrants
(Cost
$—)
.....................................................
609
Principal
Amount
*
Convertible
Bonds
0.0%
†
Wireless
Telecommunication
Services
0.0%
†
c,d,e
Digicel
Group
0.5
Ltd.
,
Sub.
Bond
,
144A,
PIK,
7
%
,
Perpetual
.....
Bermuda
23,602
4,558
Total
Convertible
Bonds
(Cost
$4,210)
.........................................
4,558
Corporate
Bonds
81.0%
Aerospace
&
Defense
0.5%
e
BWX
Technologies,
Inc.
,
Senior
Note
,
144A,
5.375
%
,
7/15/26
....
United
States
600,000
625,386
e
Signature
Aviation
US
Holdings,
Inc.
,
Senior
Note
,
144A,
5.375
%
,
5/01/26
...........................................
United
States
500,000
515,000
1,140,386
Air
Freight
&
Logistics
0.7%
e
DAE
Funding
LLC
,
Senior
Note,
144A,
4.5%,
8/01/22
.......................
United
Arab
Emirates
700,000
707,875
Senior
Note,
144A,
5%,
8/01/24
........................
United
Arab
Emirates
700,000
720,562
1,428,437
Airlines
0.8%
e
Delta
Air
Lines,
Inc.
/
SkyMiles
IP
Ltd.
,
Senior
Secured
Note
,
144A,
4.75
%
,
10/20/28
.....................................
United
States
1,000,000
1,077,993
e
Mileage
Plus
Holdings
LLC
/
Mileage
Plus
Intellectual
Property
Assets
Ltd.
,
Senior
Secured
Note
,
144A,
6.5
%
,
6/20/27
.......
United
States
500,000
543,125
1,621,118
Auto
Components
2.8%
e
Adient
US
LLC
,
Senior
Secured
Note
,
144A,
7
%
,
5/15/26
.......
United
States
1,900,000
2,064,606
e
Allison
Transmission,
Inc.
,
Senior
Bond,
144A,
3.75%,
1/30/31
......................
United
States
700,000
707,000
Senior
Note,
144A,
4.75%,
10/01/27
.....................
United
States
600,000
636,300
Dana,
Inc.
,
Senior
Note
,
5.625
%
,
6/15/28
...................
United
States
1,400,000
1,513,211
Goodyear
Tire
&
Rubber
Co.
(The)
,
Senior
Note
,
9.5
%
,
5/31/25
...
United
States
1,000,000
1,127,483
6,048,600
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)
Banks
0.4%
d
JPMorgan
Chase
&
Co.
,
R
,
Junior
Sub.
Bond
,
6%
to
8/01/23,
FRN
thereafter
,
Perpetual
.................................
United
States
900,000
$
947,439
Biotechnology
0.4%
e
Emergent
BioSolutions
,
Inc.
,
Senior
Note
,
144A,
3.875
%
,
8/15/28
.
United
States
900,000
911,813
Building
Products
1.5%
e
Cornerstone
Building
Brands,
Inc.
,
Senior
Note,
144A,
8%,
4/15/26
........................
United
States
900,000
948,960
Senior
Note,
144A,
6.125%,
1/15/29
.....................
United
States
500,000
528,437
e
JELD-WEN,
Inc.
,
Senior
Note,
144A,
4.625%,
12/15/25
....................
United
States
300,000
307,094
Senior
Note,
144A,
4.875%,
12/15/27
....................
United
States
300,000
316,500
e
Standard
Industries,
Inc.
,
Senior
Note
,
144A,
5
%
,
2/15/27
.......
United
States
300,000
315,188
e
Summit
Materials
LLC
/
Summit
Materials
Finance
Corp.
,
Senior
Note
,
144A,
5.25
%
,
1/15/29
............................
United
States
800,000
833,000
3,249,179
Chemicals
2.7%
c,e
Anagram
International,
Inc.
/
Anagram
Holdings
LLC
,
Secured
Note
,
144A,
PIK,
10
%
,
8/15/26
..............................
United
States
200,005
182,005
e
Axalta
Coating
Systems
LLC
,
Senior
Note
,
144A,
3.375
%
,
2/15/29
United
States
600,000
606,345
e
Element
Solutions,
Inc.
,
Senior
Note
,
144A,
3.875
%
,
9/01/28
.....
United
States
700,000
714,962
e
Illuminate
Buyer
LLC
/
Illuminate
Holdings
IV,
Inc.
,
Senior
Note
,
144A,
9
%
,
7/01/28
...................................
United
States
1,000,000
1,113,750
e
Ingevity
Corp.
,
Senior
Note
,
144A,
3.875
%
,
11/01/28
...........
United
States
400,000
405,750
e
Neon
Holdings,
Inc.
,
Senior
Secured
Note
,
144A,
10.125
%
,
4/01/26
United
States
1,500,000
1,597,500
e
Rain
CII
Carbon
LLC
/
CII
Carbon
Corp.
,
Secured
Note
,
144A,
7.25
%
,
4/01/25
.....................................
United
States
600,000
597,369
e
TPC
Group,
Inc.
,
Senior
Secured
Note
,
144A,
10.5
%
,
8/01/24
....
United
States
600,000
481,188
5,698,869
Commercial
Services
&
Supplies
1.6%
e
Harsco
Corp.
,
Senior
Note
,
144A,
5.75
%
,
7/31/27
.............
United
States
1,500,000
1,589,092
e
Prime
Security
Services
Borrower
LLC
/
Prime
Finance,
Inc.
,
Senior
Secured
Note
,
144A,
3.375
%
,
8/31/27
....................
United
States
600,000
593,250
e
Stericycle,
Inc.
,
Senior
Note
,
144A,
3.875
%
,
1/15/29
...........
United
States
1,200,000
1,249,500
3,431,842
Communications
Equipment
0.8%
e
CommScope
,
Inc.
,
Senior
Note
,
144A,
7.125
%
,
7/01/28
.........
United
States
1,600,000
1,707,888
Construction
&
Engineering
1.1%
e
New
Enterprise
Stone
&
Lime
Co.,
Inc.
,
Senior
Secured
Note
,
144A,
6.25
%
,
3/15/26
.....................................
United
States
900,000
929,813
e
Weekley
Homes
LLC
/
Weekley
Finance
Corp.
,
Senior
Note
,
144A,
4.875
%
,
9/15/28
.....................................
United
States
1,300,000
1,362,156
2,291,969
Construction
Materials
0.6%
e
Cemex
SAB
de
CV
,
Senior
Secured
Note
,
144A,
5.2
%
,
9/17/30
...
Mexico
1,100,000
1,200,375
Consumer
Finance
2.0%
e
FirstCash
,
Inc.
,
Senior
Note
,
144A,
4.625
%
,
9/01/28
...........
United
States
700,000
720,562
Navient
Corp.
,
Senior
Note,
6.625%,
7/26/21
..........................
United
States
400,000
410,750
Senior
Note,
6.5%,
6/15/22
............................
United
States
500,000
527,750
Senior
Note,
7.25%,
9/25/23
...........................
United
States
600,000
655,125
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)
Consumer
Finance
(continued)
OneMain
Finance
Corp.
,
Senior
Bond,
5.375%,
11/15/29
.........................
United
States
1,000,000
$
1,092,500
Senior
Note,
6.625%,
1/15/28
..........................
United
States
700,000
804,433
4,211,120
Containers
&
Packaging
4.6%
e
Ardagh
Packaging
Finance
plc
/
Ardagh
Holdings
USA,
Inc.
,
Senior
Note,
144A,
5.25%,
8/15/27
......................
United
States
600,000
626,310
Senior
Secured
Note,
144A,
5.25%,
4/30/25
...............
United
States
800,000
846,980
e
Mauser
Packaging
Solutions
Holding
Co.
,
Senior
Note,
144A,
7.25%,
4/15/25
......................
United
States
1,800,000
1,808,910
Senior
Secured
Note,
144A,
8.5%,
4/15/24
................
United
States
500,000
525,000
e
Owens-Brockway
Glass
Container,
Inc.
,
Senior
Note,
144A,
5.875%,
8/15/23
.....................
United
States
500,000
538,437
Senior
Note,
144A,
6.625%,
5/13/27
.....................
United
States
500,000
542,188
e
Plastipak
Holdings,
Inc.
,
Senior
Note
,
144A,
6.25
%
,
10/15/25
....
United
States
1,700,000
1,754,188
e
Reynolds
Group
Issuer,
Inc.
/
Reynolds
Group
Issuer
LLC
/
Reynolds
Group
Issuer
Luxembourg
SA
,
Senior
Secured
Note
,
144A,
4
%
,
10/15/27
..........................................
United
States
1,200,000
1,221,840
e
Sealed
Air
Corp.
,
Senior
Bond,
144A,
5.5%,
9/15/25
.......................
United
States
200,000
224,852
Senior
Note,
144A,
4%,
12/01/27
.......................
United
States
600,000
643,500
e
Trivium
Packaging
Finance
BV
,
Senior
Note
,
144A,
8.5
%
,
8/15/27
.
Netherlands
1,000,000
1,084,275
9,816,480
Diversified
Financial
Services
0.7%
e
MPH
Acquisition
Holdings
LLC
,
Senior
Note
,
144A,
5.75
%
,
11/01/28
United
States
1,500,000
1,471,875
Diversified
Telecommunication
Services
4.2%
e
Altice
France
Holding
SA
,
Senior
Secured
Note
,
144A,
10.5
%
,
5/15/27
...........................................
Luxembourg
2,000,000
2,258,150
e
CCO
Holdings
LLC
/
CCO
Holdings
Capital
Corp.
,
Senior
Bond,
144A,
5.75%,
2/15/26
......................
United
States
700,000
726,502
Senior
Bond,
144A,
5.375%,
6/01/29
.....................
United
States
500,000
546,820
Senior
Bond,
144A,
4.5%,
8/15/30
.......................
United
States
1,700,000
1,794,571
Senior
Bond,
144A,
4.25%,
2/01/31
......................
United
States
200,000
207,730
e
DKT
Finance
ApS
,
Senior
Secured
Note
,
144A,
9.375
%
,
6/17/23
..
Denmark
1,500,000
1,552,875
e
Virgin
Media
Secured
Finance
plc
,
Senior
Secured
Bond,
144A,
5.5%,
8/15/26
................
United
Kingdom
200,000
209,601
Senior
Secured
Bond,
144A,
4.5%,
8/15/30
................
United
Kingdom
1,100,000
1,154,175
e
Zayo
Group
Holdings,
Inc.
,
Senior
Secured
Note
,
144A,
4
%
,
3/01/27
United
States
500,000
498,098
8,948,522
Electric
Utilities
0.7%
e
Vistra
Operations
Co.
LLC
,
Senior
Note
,
144A,
5.625
%
,
2/15/27
..
United
States
1,500,000
1,586,640
Energy
Equipment
&
Services
1.1%
e
CSI
Compressco
LP
/
CSI
Compressco
Finance,
Inc.
,
c
Secured
Note,
144A,
PIK,
10%,
4/01/26
..................
United
States
948,950
691,851
Senior
Secured
Note,
144A,
7.5%,
4/01/25
................
United
States
402,000
361,842
e
Nabors
Industries
Ltd.
,
Senior
Note,
144A,
7.25%,
1/15/26
......................
United
States
600,000
337,125
Senior
Note,
144A,
7.5%,
1/15/28
.......................
United
States
400,000
217,250
Nabors
Industries,
Inc.
,
Senior
Note
,
5.75
%
,
2/01/25
...........
United
States
500,000
184,000
e
Weatherford
International
Ltd.
,
Senior
Note
,
144A,
11
%
,
12/01/24
.
United
States
917,000
639,607
2,431,675
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)
Entertainment
1.7%
e
Banijay
Entertainment
SASU
,
Senior
Secured
Note
,
144A,
5.375
%
,
3/01/25
...........................................
France
1,000,000
$
1,018,125
Netflix,
Inc.
,
Senior
Bond,
5.875%,
2/15/25
..........................
United
States
800,000
914,500
e
Senior
Note,
144A,
3.625%,
6/15/25
.....................
United
States
300,000
318,562
e
WMG
Acquisition
Corp.
,
Senior
Secured
Bond
,
144A,
3
%
,
2/15/31
.
United
States
1,400,000
1,365,882
3,617,069
Equity
Real
Estate
Investment
Trusts
(REITs)
1.4%
e
HAT
Holdings
I
LLC
/
HAT
Holdings
II
LLC
,
Senior
Note,
144A,
5.25%,
7/15/24
......................
United
States
800,000
833,584
Senior
Note,
144A,
6%,
4/15/25
........................
United
States
600,000
641,250
MPT
Operating
Partnership
LP
/
MPT
Finance
Corp.
,
Senior
Bond
,
5.25
%
,
8/01/26
.....................................
United
States
300,000
314,310
e
Park
Intermediate
Holdings
LLC
/
PK
Domestic
Property
LLC
/
PK
Finance
Co-Issuer
,
Senior
Secured
Note
,
144A,
5.875
%
,
10/01/28
United
States
500,000
527,812
e
VICI
Properties
LP
/
VICI
Note
Co.,
Inc.
,
Senior
Note
,
144A,
3.75
%
,
2/15/27
...........................................
United
States
700,000
715,204
3,032,160
Food
Products
1.5%
e
Chobani
LLC
/
Chobani
Finance
Corp.,
Inc.
,
Senior
Secured
Note
,
144A,
4.625
%
,
11/15/28
...............................
United
States
800,000
830,000
e
Kraft
Heinz
Foods
Co.
,
Senior
Bond
,
144A,
4.25
%
,
3/01/31
......
United
States
800,000
889,414
e
Post
Holdings,
Inc.
,
Senior
Bond,
144A,
5%,
8/15/26
........................
United
States
700,000
727,464
Senior
Bond,
144A,
5.625%,
1/15/28
.....................
United
States
300,000
319,688
Senior
Bond,
144A,
4.625%,
4/15/30
.....................
United
States
500,000
522,625
3,289,191
Health
Care
Equipment
&
Supplies
0.2%
e
Ortho-Clinical
Diagnostics,
Inc.
/
Ortho-Clinical
Diagnostics
SA
,
Senior
Note
,
144A,
7.375
%
,
6/01/25
......................
United
States
300,000
321,563
Health
Care
Providers
&
Services
3.9%
e
Centene
Corp.
,
Senior
Note
,
144A,
5.375
%
,
8/15/26
...........
United
States
500,000
529,375
CHS/Community
Health
Systems,
Inc.
,
e
Secured
Note,
144A,
8.125%,
6/30/24
....................
United
States
718,000
669,535
Senior
Note,
6.875%,
2/01/22
..........................
United
States
175,000
167,672
Senior
Secured
Note,
6.25%,
3/31/23
....................
United
States
600,000
613,500
e
Senior
Secured
Note,
144A,
6.625%,
2/15/25
..............
United
States
500,000
509,900
HCA,
Inc.
,
Senior
Bond,
5.875%,
2/15/26
..........................
United
States
1,400,000
1,613,500
Senior
Bond,
3.5%,
9/01/30
............................
United
States
1,200,000
1,242,644
e
MEDNAX,
Inc.
,
Senior
Note
,
144A,
6.25
%
,
1/15/27
............
United
States
400,000
428,992
e
Providence
Service
Corp.
(The)
,
Senior
Note
,
144A,
5.875
%
,
11/15/25
..........................................
United
States
1,500,000
1,594,867
e
Tenet
Healthcare
Corp.
,
Senior
Note
,
144A,
6.125
%
,
10/01/28
....
United
States
1,000,000
1,015,625
8,385,610
Hotels,
Restaurants
&
Leisure
6.0%
e
1011778
BC
ULC
/
New
Red
Finance,
Inc.
,
Secured
Bond
,
144A,
4
%
,
10/15/30
.......................................
Canada
1,000,000
998,750
e,f
24
Hour
Fitness
Worldwide,
Inc.
,
Senior
Note
,
144A,
8
%
,
6/01/22
.
United
States
1,800,000
15,750
e
Boyd
Gaming
Corp.
,
Senior
Note
,
144A,
8.625
%
,
6/01/25
.......
United
States
1,300,000
1,445,847
e
Boyne
USA,
Inc.
,
Secured
Note
,
144A,
7.25
%
,
5/01/25
.........
United
States
1,500,000
1,586,670
e
Caesars
Entertainment,
Inc.
,
Senior
Secured
Note
,
144A,
6.25
%
,
7/01/25
...........................................
United
States
900,000
960,970
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)
Hotels,
Restaurants
&
Leisure
(continued)
e
Caesars
Resort
Collection
LLC
/
CRC
Finco
,
Inc.
,
Senior
Secured
Note
,
144A,
5.75
%
,
7/01/25
............................
United
States
400,000
$
424,000
e
Carnival
Corp.
,
Senior
Note
,
144A,
7.625
%
,
3/01/26
...........
United
States
400,000
425,368
e
Downstream
Development
Authority
of
the
Quapaw
Tribe
of
Oklahoma
,
Senior
Secured
Note
,
144A,
10.5
%
,
2/15/23
.......
United
States
1,500,000
1,445,467
e
Golden
Nugget,
Inc.
,
Senior
Note
,
144A,
6.75
%
,
10/15/24
.......
United
States
1,300,000
1,272,375
e
International
Game
Technology
plc
,
Senior
Secured
Note
,
144A,
5.25
%
,
1/15/29
.....................................
United
States
400,000
423,792
e
Six
Flags
Theme
Parks,
Inc.
,
Senior
Secured
Note
,
144A,
7
%
,
7/01/25
...........................................
United
States
400,000
434,380
e
Studio
City
Finance
Ltd.
,
Senior
Note
,
144A,
7.25
%
,
2/11/24
.....
Macau
1,300,000
1,358,910
e
Vail
Resorts,
Inc.
,
Senior
Note
,
144A,
6.25
%
,
5/15/25
..........
United
States
700,000
749,875
e
Wynn
Resorts
Finance
LLC
/
Wynn
Resorts
Capital
Corp.
,
Senior
Note
,
144A,
7.75
%
,
4/15/25
............................
United
States
1,200,000
1,295,838
12,837,992
Household
Durables
1.7%
e
Ashton
Woods
USA
LLC
/
Ashton
Woods
Finance
Co.
,
Senior
Note,
144A,
6.75%,
8/01/25
......................
United
States
1,500,000
1,569,217
Senior
Note,
144A,
9.875%,
4/01/27
.....................
United
States
400,000
450,424
e
Taylor
Morrison
Communities,
Inc.
/
Taylor
Morrison
Holdings
II,
Inc.
,
Senior
Note
,
144A,
5.625
%
,
3/01/24
......................
United
States
400,000
429,000
Toll
Brothers
Finance
Corp.
,
Senior
Bond
,
5.625
%
,
1/15/24
......
United
States
700,000
778,677
e
Williams
Scotsman
International,
Inc.
,
Senior
Secured
Note
,
144A,
4.625
%
,
8/15/28
.....................................
United
States
300,000
312,563
3,539,881
Independent
Power
and
Renewable
Electricity
Producers
3.2%
e
Calpine
Corp.
,
Senior
Bond,
144A,
5%,
2/01/31
........................
United
States
900,000
949,725
Senior
Note,
144A,
4.625%,
2/01/29
.....................
United
States
700,000
723,800
Clearway
Energy
Operating
LLC
,
Senior
Note,
5.75%,
10/15/25
..........................
United
States
400,000
421,750
Senior
Note,
5%,
9/15/26
.............................
United
States
700,000
723,492
e
Senior
Note,
144A,
4.75%,
3/15/28
......................
United
States
600,000
644,016
e
InterGen
NV
,
Senior
Secured
Bond
,
144A,
7
%
,
6/30/23
.........
Netherlands
1,900,000
1,805,000
Talen
Energy
Supply
LLC
,
Senior
Note
,
6.5
%
,
6/01/25
..........
United
States
2,100,000
1,508,062
6,775,845
Insurance
0.8%
e
Alliant
Holdings
Intermediate
LLC
/
Alliant
Holdings
Co-Issuer
,
Senior
Note
,
144A,
6.75
%
,
10/15/27
...........................
United
States
1,600,000
1,718,704
Internet
&
Direct
Marketing
Retail
0.3%
e
Match
Group
Holdings
II
LLC
,
Senior
Note
,
144A,
4.625
%
,
6/01/28
United
States
500,000
525,938
IT
Services
2.0%
e
Cablevision
Lightpath
LLC
,
Senior
Secured
Note
,
144A,
3.875
%
,
9/15/27
...........................................
United
States
700,000
708,645
e
Gartner,
Inc.
,
Senior
Note,
144A,
4.5%,
7/01/28
.......................
United
States
500,000
525,625
Senior
Note,
144A,
3.75%,
10/01/30
.....................
United
States
300,000
312,471
e
Presidio
Holdings,
Inc.
,
Senior
Note
,
144A,
8.25
%
,
2/01/28
......
United
States
900,000
979,312
e
Tempo
Acquisition
LLC
/
Tempo
Acquisition
Finance
Corp.
,
Senior
Note
,
144A,
6.75
%
,
6/01/25
............................
United
States
1,600,000
1,642,000
4,168,053
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)
Machinery
1.9%
e
Manitowoc
Co.,
Inc.
(The)
,
Secured
Note
,
144A,
9
%
,
4/01/26
....
United
States
1,000,000
$
1,079,375
e
Navistar
International
Corp.
,
Senior
Note
,
144A,
6.625
%
,
11/01/25
United
States
400,000
419,180
Tennant
Co.
,
Senior
Note
,
5.625
%
,
5/01/25
..................
United
States
1,600,000
1,664,000
e
Vertical
Holdco
GmbH
,
Senior
Note
,
144A,
7.625
%
,
7/15/28
.....
Germany
300,000
321,938
e
Vertical
US
Newco,
Inc.
,
Senior
Secured
Note
,
144A,
5.25
%
,
7/15/27
Germany
600,000
631,125
4,115,618
Media
5.3%
e
Clear
Channel
International
BV
,
Senior
Secured
Note
,
144A,
6.625
%
,
8/01/25
.....................................
United
States
400,000
418,500
Clear
Channel
Worldwide
Holdings,
Inc.
,
Senior
Note,
9.25%,
2/15/24
...........................
United
States
510,000
510,691
e
Senior
Secured
Note,
144A,
5.125%,
8/15/27
..............
United
States
500,000
505,625
CSC
Holdings
LLC
,
Senior
Bond,
5.25%,
6/01/24
...........................
United
States
700,000
759,062
Senior
Note,
6.75%,
11/15/21
..........................
United
States
700,000
733,579
e
Senior
Note,
144A,
7.5%,
4/01/28
.......................
United
States
300,000
334,875
e
Diamond
Sports
Group
LLC
/
Diamond
Sports
Finance
Co.
,
Senior
Note,
144A,
6.625%,
8/15/27
.....................
United
States
700,000
402,290
Senior
Secured
Note,
144A,
5.375%,
8/15/26
..............
United
States
400,000
310,750
DISH
DBS
Corp.
,
Senior
Note
,
5.875
%
,
7/15/22
..............
United
States
400,000
420,512
e
Gray
Television,
Inc.
,
Senior
Note,
144A,
7%,
5/15/27
........................
United
States
500,000
551,875
Senior
Note,
144A,
4.75%,
10/15/30
.....................
United
States
500,000
508,125
e
LCPR
Senior
Secured
Financing
DAC
,
Senior
Secured
Note
,
144A,
6.75
%
,
10/15/27
.....................................
United
States
700,000
761,845
e
Nexstar
Broadcasting,
Inc.
,
Senior
Note,
144A,
5.625%,
7/15/27
.....................
United
States
1,000,000
1,067,815
Senior
Note,
144A,
4.75%,
11/01/28
.....................
United
States
200,000
206,185
e
Scripps
Escrow,
Inc.
,
Senior
Note
,
144A,
5.875
%
,
7/15/27
.......
United
States
600,000
605,250
e
Sinclair
Television
Group,
Inc.
,
Senior
Bond
,
144A,
5.5
%
,
3/01/30
.
United
States
700,000
702,058
e
Sirius
XM
Radio,
Inc.
,
Senior
Note
,
144A,
4.625
%
,
7/15/24
......
United
States
600,000
622,164
e
Univision
Communications,
Inc.
,
Senior
Secured
Note,
144A,
9.5%,
5/01/25
................
United
States
1,200,000
1,335,000
Senior
Secured
Note,
144A,
6.625%,
6/01/27
..............
United
States
500,000
534,688
11,290,889
Metals
&
Mining
1.2%
e
FMG
Resources
August
2006
Pty.
Ltd.
,
Senior
Note
,
144A,
4.75
%
,
5/15/22
...........................................
Australia
800,000
825,500
e
Joseph
T
Ryerson
&
Son,
Inc.
,
Senior
Secured
Note
,
144A,
8.5
%
,
8/01/28
...........................................
United
States
1,080,000
1,179,225
e
Novelis
Corp.
,
Senior
Bond
,
144A,
5.875
%
,
9/30/26
...........
United
States
500,000
525,000
2,529,725
Oil,
Gas
&
Consumable
Fuels
9.1%
e
Aker
BP
ASA
,
Senior
Note,
144A,
4.75%,
6/15/24
......................
Norway
500,000
516,831
Senior
Note,
144A,
5.875%,
3/31/25
.....................
Norway
500,000
517,574
Apache
Corp.
,
Senior
Note
,
4.875
%
,
11/15/27
................
United
States
300,000
313,800
Calumet
Specialty
Products
Partners
LP
/
Calumet
Finance
Corp.
,
Senior
Note
,
7.75
%
,
4/15/23
...........................
United
States
800,000
776,496
Cenovus
Energy,
Inc.
,
Senior
Bond,
6.75%,
11/15/39
..........................
Canada
400,000
476,254
Senior
Bond,
5.4%,
6/15/47
............................
Canada
300,000
320,636
Senior
Note,
5.375%,
7/15/25
..........................
Canada
700,000
772,695
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)
Cenovus
Energy,
Inc.,
(continued)
Cheniere
Corpus
Christi
Holdings
LLC
,
Senior
Secured
Note
,
5.875
%
,
3/31/25
.....................................
United
States
700,000
$
802,726
Cheniere
Energy
Partners
LP
,
Senior
Note,
5.625%,
10/01/26
.........................
United
States
700,000
731,815
Senior
Note,
4.5%,
10/01/29
...........................
United
States
1,200,000
1,252,212
Senior
Secured
Note,
5.25%,
10/01/25
...................
United
States
1,200,000
1,232,700
e
Cheniere
Energy,
Inc.
,
Senior
Secured
Note
,
144A,
4.625
%
,
10/15/28
..........................................
United
States
700,000
726,250
f
Chesapeake
Energy
Corp.
,
Senior
Note
,
7.5
%
,
10/01/26
........
United
States
1,500,000
97,500
Comstock
Resources,
Inc.
,
Senior
Note
,
9.75
%
,
8/15/26
........
United
States
600,000
635,250
e
Continental
Resources,
Inc.
,
Senior
Bond
,
144A,
5.75
%
,
1/15/31
..
United
States
700,000
752,500
Crestwood
Midstream
Partners
LP
/
Crestwood
Midstream
Finance
Corp.
,
Senior
Note,
6.75%,
4/01/23
...........................
United
States
500,000
503,202
Senior
Note,
5.75%,
4/01/25
...........................
United
States
800,000
796,000
e
Endeavor
Energy
Resources
LP
/
EER
Finance,
Inc.
,
Senior
Bond,
144A,
5.75%,
1/30/28
......................
United
States
800,000
852,000
Senior
Note,
144A,
6.625%,
7/15/25
.....................
United
States
500,000
533,720
c,e
EnQuest
plc
,
Senior
Note
,
144A,
Reg
S,
PIK,
7
%
,
10/15/23
......
United
Kingdom
630,593
397,943
HighPoint
Operating
Corp.
,
Senior
Note
,
8.75
%
,
6/15/25
........
United
States
1,253,000
507,465
e
Martin
Midstream
Partners
LP
/
Martin
Midstream
Finance
Corp.
,
Secured
Note,
144A,
10%,
2/29/24
......................
United
States
170,928
174,774
Secured
Note,
144A,
11.5%,
2/28/25
.....................
United
States
776,232
737,420
c,e,f
Murray
Energy
Corp.
,
Secured
Note
,
144A,
PIK,
12
%
,
4/15/24
...
United
States
757,734
3,864
Occidental
Petroleum
Corp.
,
Senior
Bond,
6.45%,
9/15/36
...........................
United
States
700,000
685,160
g
Senior
Note,
FRN,
1.671%,
(3-month
USD
LIBOR
+
1.45%),
8/15/22
...........................................
United
States
400,000
382,298
Senior
Note,
8.875%,
7/15/30
..........................
United
States
1,100,000
1,243,688
Senior
Note,
6.625%,
9/01/30
..........................
United
States
200,000
209,188
QEP
Resources,
Inc.
,
Senior
Bond
,
5.25
%
,
5/01/23
............
United
States
700,000
599,550
Sunoco
LP
/
Sunoco
Finance
Corp.
,
Senior
Note,
6%,
4/15/27
.............................
United
States
1,000,000
1,072,250
e
Senior
Note,
144A,
4.5%,
5/15/29
.......................
United
States
200,000
207,125
e
Viper
Energy
Partners
LP
,
Senior
Note
,
144A,
5.375
%
,
11/01/27
..
United
States
400,000
423,056
19,253,942
Pharmaceuticals
2.3%
e
Bausch
Health
Americas,
Inc.
,
Senior
Note
,
144A,
9.25
%
,
4/01/26
.
United
States
1,400,000
1,556,100
e
Bausch
Health
Cos.,
Inc.
,
Senior
Bond,
144A,
6.125%,
4/15/25
.....................
United
States
400,000
411,956
Senior
Secured
Note,
144A,
7%,
3/15/24
..................
United
States
200,000
206,450
e
Catalent
Pharma
Solutions,
Inc.
,
Senior
Note
,
144A,
4.875
%
,
1/15/26
...........................................
United
States
700,000
718,242
e
Endo
Dac
/
Endo
Finance
LLC
/
Endo
Finco
,
Inc.
,
Secured
Note,
144A,
9.5%,
7/31/27
......................
United
States
502,000
553,344
Senior
Note,
144A,
6%,
6/30/28
........................
United
States
689,000
544,999
e
Par
Pharmaceutical,
Inc.
,
Senior
Secured
Note
,
144A,
7.5
%
,
4/01/27
United
States
225,000
243,295
Teva
Pharmaceutical
Finance
Netherlands
III
BV
,
Senior
Note
,
7.125
%
,
1/31/25
.....................................
Israel
500,000
547,370
4,781,756
Real
Estate
Management
&
Development
0.7%
e
Five
Point
Operating
Co.
LP
/
Five
Point
Capital
Corp.
,
Senior
Note
,
144A,
7.875
%
,
11/15/25
...............................
United
States
1,000,000
1,051,875
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)
Real
Estate
Management
&
Development
(continued)
e
Howard
Hughes
Corp.
(The)
,
Senior
Note
,
144A,
5.375
%
,
8/01/28
.
United
States
500,000
$
533,542
1,585,417
Semiconductors
&
Semiconductor
Equipment
0.7%
e
Amkor
Technology,
Inc.
,
Senior
Note
,
144A,
6.625
%
,
9/15/27
.....
United
States
1,000,000
1,086,250
e
ON
Semiconductor
Corp.
,
Senior
Note
,
144A,
3.875
%
,
9/01/28
...
United
States
300,000
309,375
1,395,625
Software
1.2%
e
Blackboard,
Inc.
,
Secured
Note
,
144A,
10.375
%
,
11/15/24
.......
United
States
1,600,000
1,685,000
e
Camelot
Finance
SA
,
Senior
Secured
Note
,
144A,
4.5
%
,
11/01/26
.
United
States
900,000
943,313
2,628,313
Specialty
Retail
1.4%
e
L
Brands,
Inc.
,
Senior
Note
,
144A,
6.625
%
,
10/01/30
...........
United
States
500,000
550,312
e
Lithia
Motors,
Inc.
,
Senior
Bond,
144A,
4.375%,
1/15/31
.....................
United
States
300,000
318,938
Senior
Note,
144A,
4.625%,
12/15/27
....................
United
States
400,000
425,750
Murphy
Oil
USA,
Inc.
,
Senior
Note
,
4.75
%
,
9/15/29
............
United
States
1,200,000
1,277,778
e,g
Party
City
Holdings,
Inc.
,
Senior
Secured
Note
,
144A,
FRN
,
5.75
%
,
(
6-month
USD
LIBOR
+
5
%
),
7/15/25
.....................
United
States
370,005
318,204
2,890,982
Technology
Hardware,
Storage
&
Peripherals
0.2%
e
Dell
International
LLC
/
EMC
Corp.
,
Senior
Note,
144A,
5.875%,
6/15/21
.....................
United
States
132,000
132,429
Senior
Note,
144A,
7.125%,
6/15/24
.....................
United
States
200,000
207,676
340,105
Textiles,
Apparel
&
Luxury
Goods
0.5%
e
Hanesbrands,
Inc.
,
Senior
Note
,
144A,
4.625
%
,
5/15/24
........
United
States
1,000,000
1,053,125
Thrifts
&
Mortgage
Finance
2.5%
MGIC
Investment
Corp.
,
Senior
Note
,
5.25
%
,
8/15/28
..........
United
States
500,000
534,062
e
NMI
Holdings,
Inc.
,
Senior
Secured
Note
,
144A,
7.375
%
,
6/01/25
.
United
States
1,200,000
1,330,266
e
PennyMac
Financial
Services,
Inc.
,
Senior
Note
,
144A,
5.375
%
,
10/15/25
..........................................
United
States
1,000,000
1,046,250
e
Quicken
Loans
LLC
/
Quicken
Loans
Co-Issuer,
Inc.
,
Senior
Bond,
144A,
3.875%,
3/01/31
.....................
United
States
800,000
812,000
Senior
Note,
144A,
3.625%,
3/01/29
.....................
United
States
500,000
497,883
Radian
Group,
Inc.
,
Senior
Note
,
6.625
%
,
3/15/25
.............
United
States
900,000
996,188
5,216,649
Trading
Companies
&
Distributors
1.8%
e
Beacon
Roofing
Supply,
Inc.
,
Senior
Note
,
144A,
4.875
%
,
11/01/25
United
States
1,000,000
1,015,315
H&E
Equipment
Services,
Inc.
,
Senior
Note,
5.625%,
9/01/25
..........................
United
States
800,000
837,240
e
Senior
Note,
144A,
3.875%,
12/15/28
....................
United
States
600,000
600,000
e
HD
Supply,
Inc.
,
Senior
Note
,
144A,
5.375
%
,
10/15/26
.........
United
States
300,000
318,562
e
WESCO
Distribution,
Inc.
,
Senior
Note,
144A,
7.125%,
6/15/25
.....................
United
States
500,000
545,038
Senior
Note,
144A,
7.25%,
6/15/28
......................
United
States
400,000
449,938
3,766,093
Wireless
Telecommunication
Services
2.3%
c
Digicel
Group
0.5
Ltd.
,
e
Senior
Note,
144A,
PIK,
8%,
4/01/25
.....................
Bermuda
142,885
51,466
Senior
Secured
Note,
PIK,
10%,
4/01/24
..................
Bermuda
457,588
356,029
Franklin
Universal
Trust
Statement
of
Investments
(unaudited)
Quarterly
Statement
of
Investments
See
Notes
to
Statement
of
Investments.
10
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
a
Corporate
Bonds
(continued)
Wireless
Telecommunication
Services
(continued)
c
Digicel
Group
0.5
Ltd.,
(continued)
Hughes
Satellite
Systems
Corp.
,
Senior
Note
,
6.625
%
,
8/01/26
...
United
States
1,300,000
$
1,450,878
Sprint
Corp.
,
Senior
Note,
7.875%,
9/15/23
..........................
United
States
1,200,000
1,384,500
Senior
Note,
7.125%,
6/15/24
..........................
United
States
500,000
582,505
T-Mobile
USA,
Inc.
,
Senior
Note
,
4.75
%
,
2/01/28
..............
United
States
600,000
645,036
e
Vmed
O2
UK
Financing
I
plc
,
Senior
Secured
Bond
,
144A,
4.25
%
,
1/31/31
...........................................
United
Kingdom
500,000
514,500
4,984,914
Total
Corporate
Bonds
(Cost
$171,407,570)
.....................................
172,189,386
Marketplace
Loans
1.7%
Diversified
Financial
Services
1.7%
b
Lending
Club
-
LCX,
13.08%
-
25.65%,
8/26/22
-
2/07/25
........
United
States
271,923
254,599
b
Lending
Club,
10.33%
-
25.65%,
6/14/22
-
3/19/25
............
United
States
3,663,170
3,141,748
b
Prosper,
11.99%
-
23.24%,
11/12/23
-
11/30/25
...............
United
States
124,691
124,175
b
Upgrade,
16.89%
-
30.17%,
11/14/22
-
1/07/25
...............
United
States
101,589
83,149
3,603,671
a
a
a
a
a
a
Total
Marketplace
Loans
(Cost
$4,161,374)
.....................................
3,603,671
Asset-Backed
Securities
3.7%
Diversified
Financial
Services
3.7%
e,g,h
Consumer
Loan
Underlying
Bond
Certificate
Issuer
Trust
I
,
2019-26,
PT,
144A,
FRN,
18.576%,
8/15/44
................
United
States
637,148
549,459
2019-31,
PT,
144A,
FRN,
18.248%,
9/15/44
................
United
States
582,542
505,062
2019-37,
PT,
144A,
FRN,
19.279%,
10/17/44
...............
United
States
611,435
544,833
2019-42,
PT,
144A,
FRN,
18.752%,
11/15/44
...............
United
States
597,896
519,268
2019-51,
PT,
144A,
FRN,
16.498%,
1/15/45
................
United
States
742,153
650,083
2019-52,
PT,
144A,
FRN,
17.6%,
1/15/45
..................
United
States
635,772
561,526
2019-S3,
PT,
144A,
FRN,
13.446%,
6/15/44
................
United
States
172,370
148,338
2019-S4,
PT,
144A,
FRN,
10.4%,
8/15/44
..................
United
States
558,668
482,465
2019-S5,
PT,
144A,
FRN,
13.462%,
9/15/44
................
United
States
542,597
487,640
2019-S6,
PT,
144A,
FRN,
11.359%,
10/17/44
...............
United
States
542,812
469,647
2019-S7,
PT,
144A,
FRN,
11.425%,
12/15/44
...............
United
States
482,164
420,854
2019-S8,
PT,
144A,
FRN,
10.225%,
1/15/45
................
United
States
543,867
473,182
2020-2,
PT,
144A,
FRN,
17.037%,
3/15/45
.................
United
States
604,364
525,865
2020-7,
PT,
144A,
FRN,
16.873%,
4/17/45
.................
United
States
362,931
316,506
e,g,h
Prosper
Pass-Thru
Trust
III
,
2020-PT1,
A,
144A,
FRN,
8.796%,
3/15/26
.................
United
States
382,285
375,698
2020-PT2,
A,
144A,
FRN,
9.444%,
4/15/26
.................
United
States
430,573
423,687
2020-PT3,
A,
144A,
FRN,
7.183%,
5/15/26
.................
United
States
79,678
80,444
e
Upgrade
Master
Pass-Thru
Trust
,
2019-PT2
,
A
,
144A,
7.727
%
,
2/15/26
...........................................
United
States
417,149
410,417
7,944,974
a
a
a
a
a
a
Total
Asset-Backed
Securities
(Cost
$8,640,743)
................................
7,944,974
Shares
Escrows
and
Litigation
Trusts
0.0%
†
a,b
Vistra
Energy
Corp.,
Escrow
Account
......................
United
States
700,000
1,050
Total
Escrows
and
Litigation
Trusts
(Cost
$18,346)
..............................
1,050
Total
Long
Term
Investments
(Cost
$222,204,565)
...............................
270,967,646
a
Franklin
Universal
Trust
Statement
of
Investments
(unaudited)
See
Notes
to
Statement
of
Investments.
Quarterly
Statement
of
Investments
11
See
Abbreviations
on
page
16
.
Short
Term
Investments
2.2%
a
a
Country
Shares
a
Value
a
Money
Market
Funds
2.2%
i,j
Institutional
Fiduciary
Trust
-
Money
Market
Portfolio,
0%
........
United
States
4,755,699
$
4,755,699
Total
Money
Market
Funds
(Cost
$4,755,699)
...................................
4,755,699
Total
Short
Term
Investments
(Cost
$4,755,699
)
.................................
4,755,699
a
Total
Investments
(Cost
$226,960,264)
129.6%
..................................
$275,723,345
Notes
Payable
(30.5)%
.......................................................
(64,934,089)
Other
Assets,
less
Liabilities
0.9%
.............................................
1,951,089
Net
Assets
100.0%
...........................................................
$212,740,345
*
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
Fair
valued
using
significant
unobservable
inputs.
See
Note
5
regarding
fair
value
measurements.
c
Income
may
be
received
in
additional
securities
and/or
cash.
d
Perpetual
security
with
no
stated
maturity
date.
e
Security
was
purchased
pursuant
to
Rule
144A
or
Regulation
S
under
the
Securities
Act
of
1933.
144A
securities
may
be
sold
in
transactions
exempt
from
registration
only
to
qualified
institutional
buyers
or
in
a
public
offering
registered
under
the
Securities
Act
of
1933.
Regulation
S
securities
cannot
be
sold
in
the
United
States
without
either
an
effective
registration
statement
filed
pursuant
to
the
Securities
Act
of
1933,
or
pursuant
to
an
exemption
from
registration.
At
November
30,
2020,
the
aggregate
value
of
these
securities
was
$138,467,805,
representing
65.1%
of
net
assets.
f
Defaulted
security
or
security
for
which
income
has
been
deemed
uncollectible.
g
The
coupon
rate
shown
represents
the
rate
at
period
end.
h
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.
i
See
Note
4
regarding
investments
in
affiliated
management
investment
companies.
j
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
has
procedures
to
determine
the
fair
value
of
financial
instruments
for
which
market
prices
are
not
reliable
or
readily
available.
Under
these
procedures,
the
Fund
primarily employs
a
market-based
approach
which
may
use
related
or
comparable
assets
or
liabilities,
recent
transactions,
market
multiples,
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.
Events
can
occur
between
the
time
at
which
trading
in
a
foreign
security
is
completed
and
4
p.m.
Eastern
time
that
might
call
into
question
the
reliability
of
the
value
of
a
portfolio
security
held
by
the Fund.
As
a
result,
differences
may
arise
between
the
value
of
the Fund’s
portfolio
Franklin
Universal
Trust
Notes
to
Statement
of
Investments
(unaudited)
13
securities
as
determined
at
the
foreign
market
close
and
the
latest
indications
of
value
at
4
p.m.
Eastern
time.
In
order
to
minimize
the
potential
for
these
differences, an
independent
pricing
service
may
be
used
to
adjust
the
value
of
the Fund's
portfolio
securities
to
the
latest
indications
of
fair
value
at
4
p.m.
Eastern
time. 
When
the
last
day
of
the
reporting
period
is
a
non-business
day,
certain
foreign
markets
may
be
open
on
those
days
that
the
Fund’s NAV
is
not
calculated,
which
could
result
in
differences
between
the
value
of
the
Fund’s
portfolio
securities
on
the
last
business
day
and
the
last
calendar
day
of
the
reporting
period.
Any security
valuation
changes
due
to
an
open
foreign
market
are
adjusted
and
reflected
by
the
Fund
for
financial
reporting
purposes.
3. 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
November
30,
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
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)
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%
.........
$5,235,951
$17,165,872
$(17,646,124)
$—
$—
$4,755,699
4,755,699
$—
Total
Affiliated
Securities
....
$5,235,951
$17,165,872
$(17,646,124)
$—
$—
$4,755,699
$—
2. Financial
Instrument
Valuation
(continued)
Franklin
Universal
Trust
Notes
to
Statement
of
Investments
(unaudited)
14
The
input
levels
are
not
necessarily
an
indication
of
the
risk
or
liquidity
associated
with
financial
instruments
at
that
level.
A
summary
of
inputs
used
as
of
November
30,
2020,
in
valuing
the
Fund's
assets
carried
at
fair
value,
is
as
follows:
A
reconciliation
in
which
Level
3
inputs
are
used
in
determining
fair
value
is
presented
when
there
are
significant
Level
3
assets
and/or
liabilities
at
the
beginning
and/or
end
of
the
period.
At November
30,
2020,
the
reconciliation
is
as
follows:
6
Level
1
Level
2
Level
3
Total
Franklin
Universal
Trust
Assets:
Investments
in
Securities:
Common
Stocks
:
Electric
Utilities
........................
$
47,864,220
$
—
$
—
$
47,864,220
Energy
Equipment
&
Services
.............
63,278
—
—
63,278
Machinery
............................
—
223,830
—
223,830
Metals
&
Mining
.......................
3,113,045
—
—
3,113,045
Multi-Utilities
..........................
33,619,610
—
—
33,619,610
Oil,
Gas
&
Consumable
Fuels
.............
1,454,473
—
—
1,454,473
Paper
&
Forest
Products
.................
35,997
—
—
35,997
Specialty
Retail
........................
172,445
—
—
172,445
Preferred
Stocks
........................
676,500
—
—
676,500
Warrants
:
Oil,
Gas
&
Consumable
Fuels
.............
218
—
120
a
338
Paper
&
Forest
Products
.................
—
271
—
271
Convertible
Bonds
.......................
—
4,558
—
4,558
Corporate
Bonds
........................
—
172,189,386
—
172,189,386
Marketplace
Loans
......................
—
—
3,603,671
3,603,671
Asset-Backed
Securities
..................
—
7,944,974
—
7,944,974
Escrows
and
Litigation
Trusts
...............
—
—
1,050
1,050
Short
Term
Investments
...................
4,755,699
—
—
4,755,699
Total
Investments
in
Securities
...........
$91,755,485
$180,363,019
$3,604,841
$275,723,345
a
Includes
securities
determined
to
have
no
value
at
November
30,
2020.
Balance
at
Beginning
of
Period
Purchases
Sales
Transfer
Into
Level
3
Transfer
Out
of
Level
3
a
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:
Common
Stocks
:
Machinery
.........
$
158,851
$
—
$
—
$
—
$
(158,851)
$
—
$
—
$
—
$
—
$
—
Warrants
:
Oil,
Gas
&
Consumable
Fuels
..........
90
—
—
—
—
—
—
30
120
c
30
Corporate
Bonds
:
Hotels,
Restaurants
&
Leisure
.........
5,625
—
—
—
(5,625)
—
—
—
—
—
Oil,
Gas
&
Consumable
Fuels
..........
481
—
—
—
(481)
—
—
—
—
—
Marketplace
Loans
:
Diversified
Financial
Services
........
4,023,963
126,019
(543,903)
—
—
—
(89,787)
87,379
3,603,671
87,379
5. Fair
Value
Measurements 
(continued)
Franklin
Universal
Trust
Notes
to
Statement
of
Investments
(unaudited)
15
Significant
unobservable
valuation
inputs
for
material
Level
3
assets
and/or
liabilities
and
impact
to
fair
value
as
a
result
of
changes
in
unobservable
valuation
inputs
as
of
November
30,
2020,
are
as
follows:
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.
Balance
at
Beginning
of
Period
Purchases
Sales
Transfer
Into
Level
3
Transfer
Out
of
Level
3
a
Cost
Basis
Adjust-
ments
b
Net
Realized
Gain
(Loss)
Net
Unrealized
Appreciation
(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
(continued)
Assets:
Investments
in
Securities:
Escrows
and
Litigation
Trusts
...........
$
14
$
—
$
—
$
—
$
—
$
—
$
—
$
1,036
$
1,050
$
1,036
Total
Investments
in
Securities
.
$4,189,024
$126,019
$(543,903)
$—
$(164,957)
$—
$(89,787)
$88,445
$3,604,841
$88,445
a
Transferred
out
of
Level
3
as
a
result
of
the
availability
of
a
quoted
price
in
an
active
market
for
identical
securities
and
other
significant
observable
valuation
inputs.
b
May
include
accretion,
amortization,
partnership
adjustments,
and/or
other
cost
basis
adjustments.
c
Includes
securities
determined
to
have
no
value.
Description
Fair
Value
at
End
of
Period
Valuation
Technique
Unobservable
Inputs
Amount
Impact
to
Fair
Value
if
Input
Increases
a
Franklin
Universal
Trust
Assets:
Investments
in
Securities:
Marketplace
Loans:
Lending
Club
...............
3,141,748
Discounted
cash
flow
Loss-adjusted
discount
rate
7.4%
Decrease
b
Projected
loss
rate
24.5%
Decrease
b
Lending
Club
–
LCX
..........
254,599
Discounted
cash
flow
Loss-adjusted
discount
rate
5.3%
Decrease
b
Projected
loss
rate
22.8%
Decrease
b
All
Other
....................
208,494
c
Total
.......................
3,604,841
a
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.
b
Represents
a
significant
impact
to
fair
value
and
net
assets.
c
Includes
financial
instruments
with
values
derived
using
private
transaction
prices
or
non-public
third
party
pricing
information
which
is
unobservable.
May
also
include
fair
value
of
immaterial
financial
instruments
and
developed
using
various
valuation
techniques
and
unobservable
inputs.
5. Fair
Value
Measurements 
(continued)
Franklin
Universal
Trust
Notes
to
Statement
of
Investments
(unaudited)
16
Abbreviations
Currency
USD
United
States
Dollar
Selected
Portfolio
ADR
American
Depositary
Receipt
FRN
Floating
Rate
Note
LIBOR
London
Inter-Bank
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.