N-CSRS 1 primary-document.htm
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
FORM N-CSRS
CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT INVESTMENT COMPANIES
Investment Company Act file number: 811-05569
Franklin Universal Trust
(Exact name of registrant as specified in charter)
One Franklin Parkway, San Mateo, CA 94403-1906
(Address of principal executive offices) (Zip code)
Craig S. Tyle, One Franklin Parkway, San Mateo, CA 94403-1906
(Name and address of agent for service)
Registrant's telephone number, including area code: 650 312-2000
Date of fiscal year end: 8/31
Date of reporting period: 2/28/22
Item 1. Reports to Stockholders.
a.)
The following is a copy of the report transmitted to shareholders pursuant to Rule30e-1 under the Investment Company Act of 1940, as amended (the “1940 Act”) (17 CFR 270.30e-1.)
b.)
A copy of the notice transmitted to shareholders in reliance on Rule 30e-3 under the 1940 Act that contains disclosures specified by paragraph (c)(3) of that rule is included in the Annual Report.
Not Applicable
.
SEMIANNUAL
REPORT
Franklin
Universal
Trust
February
28,
2022
Distribution
Policy
:
The
Fund’s
Board
of
Trustees
(the
“Board”)
has
authorized
a
distribution
policy
(the
“Distribution
Policy”).
Under
the
Distribution
Policy,
the
Fund
pays
monthly
distributions
and
seeks
to
maintain
a
relatively
stable
level
of
distributions
to
shareholders.
With
each
distribution,
the
Fund
will
issue
a
notice
to
its
shareholders
and
an
accompanying
press
release
that
provides
estimates
regarding
the
amount
and
composition
of
the
distribution.
The
Fund
will
send
a
Form
1099-DIV
to
shareholders
for
the
calendar
year
that
will
describe
how
to
report
the
Fund’s
distributions
for
federal
income
tax
purposes.
Shareholders
should
not
draw
any
conclusions
about
the
Fund’s
investment
performance
from
the
amount
of
distributions
or
from
the
terms
of
the
Fund’s
Distribution
Policy.
The
Board
may
amend
or
terminate
the
Distribution
Policy
at
any
time
without
prior
notice
to
shareholders;
however,
at
this
time
there
are
no
reasonably
foreseeable
circumstances
that
might
cause
the
termination
of
the
Distribution
Policy.
Not
FDIC
Insured
May
Lose
Value
No
Bank
Guarantee
franklintempleton.com
Semiannual
Report
1
Contents
Semiannual
Report
Franklin
Universal
Trust
2
Performance
Summary
5
Financial
Highlights
and
Statement
of
Investments
8
Financial
Statements
41
Notes
to
Financial
Statements
45
Important
Information
to
Shareholders
55
Annual
Meeting
of
Shareholders
56
Dividend
Reinvestment
and
Cash
Purchase
Plan
57
Shareholder
Information
59
Visit
franklintempleton.com
for
fund
updates
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documents,
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to
find
helpful
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tools.
2
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Semiannual
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SEMIANNUAL
REPORT
Franklin
Universal
Trust
Dear
Shareholder:
This
semi
annual
report
for
Franklin
Universal
Trust
covers
the
period
ended
February
28,
2022
.
Your
Fund’s
Goal
and
Main
Investments
The
Fund’s
primary
investment
objective
is
to
provide
high,
current
income
consistent
with
preservation
of
capital.
Its
secondary
objective
is
growth
of
income
through
dividend
increases
and
capital
appreciation.
Performance
Overview
For
the
six
months
under
review,
the
Fund’s
cumulative
total
returns
were
-0.88%
based
on
net
asset
value
and
-3.90%
based
on
market
price,
as
shown
in
the
Performance
Summary
on
page
5
.
For
comparison,
the
Credit
Suisse
(CS)
High
Yield
Index,
which
is
designed
to
mirror
the
investable
universe
of
the
U.S.
dollar-denominated
high-yield
debt
market,
posted
a
-2.60%
cumulative
total
return,
1
and
utilities
stocks,
as
measured
by
the
Standard
&
Poor’s
®
(S&P
®
)
500
Utilities
Index,
which
tracks
all
electric
utility
stocks
in
the
broad
S&P
500
®
Index,
posted
a
+0.58%
cumulative
total
return
for
the
same
period.
2
The
Fund
has
a
policy
of
seeking
to
maintain
a
relatively
stable
level
of
distributions
to
shareholders.
This
policy
has
no
impact
on
the
Fund’s
investment
strategy
and
may
reduce
the
Fund’s
net
asset
value.
The
Fund’s
investment
manager
believes
the
policy
helps
maintain
the
Fund’s
competitiveness
and
may
benefit
the
Fund’s
market
price
and
premium/discount
to
the
Fund’s
net
asset
value.
Performance
data
represent
past
performance,
which
does
not
guarantee
future
results.
Investment
return
and
principal
value
will
fluctuate,
and
you
may
have
a
gain
or
loss
when
you
sell
your
shares.
Current
performance
may
differ
from
figures
shown.
Economic
and
Market
Overview
The
U.S.
bond
market,
as
measured
by
the
Bloomberg
U.S.
Aggregate
Bond
Index,
posted
a
-0.66%
total
return
for
the
six
months
ended
February
28,
2022.
2
The
inflation
rate
continued
to
increase
during
the
six-month
period
amid
increased
demand
and
supply-chain
bottlenecks,
reaching
its
highest
point
since
1982.
U.S.
consumer
spending
on
goods
remained
strong,
adding
to
pressure
on
the
prices
of
many
products.
Inflation
reduces
the
value
of
bonds
in
real
terms,
so
rising
inflation
during
the
period
negatively
impacted
bond
prices.
However,
the
armed
conflict
in
Europe
that
began
late
in
the
period
drove
a
partial
recovery
in
bond
prices,
as
uncertainty
led
investors
to
move
into
bonds
and
away
from
equities.
In
an
effort
to
support
the
economy,
the
U.S.
Federal
Reserve
(Fed)
kept
the
federal
funds
target
rate
at
a
record-
low
range
of
0.00%–0.25%.
While
the
Fed
also
maintained
quantitative
easing
measures
with
U.S.
Treasury
(UST)
and
mortgage
bond
purchasing,
it
began
to
reduce
the
rate
of
purchases
beginning
in
November
2021
and
accelerated
the
pace
of
tapering
in
December.
The
Fed
also
noted
in
its
January
2022
meeting
statement
that
the
persistently
high
inflation
rate
and
strong
labor
market
meant
that
it
expected
conditions
will
soon
be
appropriate
to
raise
the
federal
funds
target
rate.
UST
bonds,
as
measured
by
the
Bloomberg
U.S.
Treasury
Index,
posted
a
-2.11%
total
return
for
the
six-month
period.
2
The
10-year
UST
yield
(which
moves
inversely
to
price)
grew
notably
amid
high
inflation
and
the
Fed’s
less
accommodative
stance.
Yields
rose
more
slowly
on
the
longest-term
(20-year
and
30-year)
USTs,
while
rising
faster
on
USTs
with
terms
between
six
months
and
seven
years.
Consequently,
the
yield
curve
flattened,
reflecting
investors’
concerns
about
long-term
economic
growth.
Mortgage-
backed
securities
(MBS),
as
measured
by
the
Bloomberg
U.S.
MBS
Index,
posted
a
-2.88%
total
return
for
the
period.
2
Corporate
bond
total
returns
were
mixed,
as
the
yield
spread
between
USTs
and
corporate
bonds
widened.
High-
yield
corporate
bonds,
as
represented
by
the
Bloomberg
U.S.
Corporate
High
Yield
Bond
Index,
posted
a
+0.64%
1.
Source:
Credit
Suisse
Group.
2.
Source:
Morningstar.
Treasuries,
if
held
to
maturity,
offer
a
fixed
rate
of
return
and
a
fixed
principal
value;
their
interest
payments
and
principal
are
guaranteed.
The
indexes
are
unmanaged
and
include
reinvestment
of
any
income
or
distributions.
They
do
not
reflect
any
fees,
expenses
or
sales
charges.
One
cannot
invest
directly
in
an
index,
and
an
index
is
not
representative
of
the
Fund’s
portfolio.
See
www.franklintempletondatasources.com
for
additional
data
provider
information.
The
dollar
value,
number
of
shares
or
principal
amount,
and
names
of
all
portfolio
holdings
are
listed
in
the
Fund’s
Statement
of
Investments
(SOI).
The
SOI
begins
on
page
9
.
Franklin
Universal
Trust
3
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Semiannual
Report
total
return,
while
investment-grade
corporate
bonds,
as
represented
by
the
Bloomberg
U.S.
Corporate
Bond
Index,
posted
a
-3.40%
total
return.
2
Investment
Strategy
We
invest
primarily
in
two
asset
classes:
high-yield
bonds
and
utility
stocks.
Within
the
high-yield
portion
of
the
portfolio,
we
use
fundamental
research
to
invest
in
a
diversified
portfolio
of
bonds.
Within
the
utility
portion
of
the
portfolio,
we
focus
on
companies
with
attractive
dividend
yields
and
with
a
history
of
increasing
their
dividends.
Manager’s
Discussion
As
the
U.S.
economy
transitioned
from
summer
into
fall
of
2021,
inflation
and
commensurate
risks
of
higher
commodity
prices
took
center
stage.
As
supply
chain-induced
inflation
persisted,
U.S.
policymakers
signaled
a
move
away
from
the
“transitory
inflation”
stance,
leading
to
renewed
market
focus
on
the
timing
of
a
Fed
bond-buying
taper
and
interest-
rate
hike.
Amid
ever-changing
views
around
the
trajectory
of
Fed
tapering,
UST
yields
experienced
periods
of
volatility.
During
November
2021,
news
of
the
highly
contagious
Omicron
variant
weighed
on
market
sentiment.
Against
this
backdrop,
the
Fed
began
the
process
of
winding
down
its
pandemic-era
asset
purchases,
which
was
followed
with
a
December
2021
announcement
that
tapering
of
asset
purchases
will
be
accelerated
to
the
monthly
rate
of
$30
billion
starting
in
January
2022;
at
this
pace,
the
Fed
will
cease
their
purchases
by
mid-March
of
2022.
As
the
Fed
had
turned
much
more
hawkish
in
ending
accommodative
policies
to
rein
in
inflation,
market
participants
speculated
on
whether
the
Fed
will
likely
raise
interest
rates
at
its
March
2022
meeting
by
25
or
50
basis
points
(bps).
Toward
the
end
of
February,
concerns
related
to
the
Russia-Ukraine
conflict,
geopolitical
tensions
and
a
sharp
rise
in
inflation
expectations
weighed
on
market
sentiment.
Investors
grew
increasingly
concerned
about
the
potential
global-growth
ramifications
of
international
sanctions
on
Russia.
Despite
risk-off
market
volatility,
UST
rates
rose
as
the
yield
curve
flattened;
credit
spreads
widened
and
fixed
income
sectors
generally
posted
negative
total
returns.
*
Percentage
of
total
investments
of
the
Fund.
Total
investments
of
the
fund
include
long-term
and
short
-term
investments,
excluding
long-term
debt
issued
by
the
Fund.
**
Includes
convertible
bonds,
escrows
and
litigation
trusts,
preferred
stocks,
and
warrants.
High-Yield
Corporate
Bonds
For
the
six-month
period
under
review,
the
CS
High
Yield
Index
posted
negative
returns
as
CCC-rated
high-yield
(HY)
bonds
generally
performed
better
than
their
higher-rated
counterparts
on
a
relative
basis.
From
a
sector
standpoint,
issuers
in
energy
were
notable
outperformers.
In
the
period
leading
up
to
the
end
of
2021,
the
HY
sector
enjoyed
a
favorable
environment
for
leveraged
credit,
and
investors’
reach
for
yield
remained
strong
as
market
participants
focused
on
the
positives.
HY
spreads
ended
2021
close
to
the
lows
of
the
year
despite
a
scare
in
the
closing
weeks
from
the
Omicron
variant
and
the
Fed’s
hawkish
pivot.
Since
then,
a
broader
risk-off
tone
set
in
as
markets
priced
in
more
Fed
tightening
and
escalating
geopolitical
risks
around
the
Russia-Ukraine
conflict
prompted
HY
spreads
to
widen.
HY
credit
fundamentals
and
corporate
balance
sheets,
however,
remained
generally
good,
in
our
view.
As
of
the
fourth
quarter
of
2021,
net
leverage
for
the
overall
asset
class
and
interest
coverage
levels
were
healthy.
While
input-cost
inflation
pressures
and
Portfolio
Composition
2/28/22
%
of
Total
Investments*
Corporate
Bonds
54.4%
Common
Stocks
34.0%
Marketplace
Loans
8.6%
Asset-Backed
Securities
1.2%
Other**
0.3%
Short-Term
Investments
1.5%
Top
10
Holdings
2/28/22
Issuer
%
of
Total
Net
Assets
a
a
NextEra
Energy,
Inc.
4.2%
Sempra
Energy
3.0%
American
Electric
Power
Co.,
Inc.
2.7%
CMS
Energy
Corp.
2.7%
Dominion
Energy,
Inc.
2.4%
Alliant
Energy
Corp.
2.2%
Evergy
,
Inc.
2.1%
Duke
Energy
Corp.
1.9%
Freeport-McMoRan,
Inc.
1.8%
Xcel
Energy,
Inc.
1.7%
Franklin
Universal
Trust
4
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Semiannual
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shortages
could
present
some
headwinds
to
the
fundamental
picture,
the
vast
majority
of
U.S.
HY
sectors
are
not
likely
to
be
negatively
impacted
to
a
significant
degree,
in
our
view.
However,
the
potential
impacts
to
HY
corporates
from
the
Russia-Ukraine
conflict
are
harder
to
quantify.
As
sanctions
on
Russia
are
levied,
the
impact
to
HY
would
largely
depend
on
the
type
of
sanctions
imposed,
any
unintended
consequences
and
the
resulting
response
from
Russia.
Utility
Stocks
Regarding
utilities,
the
S&P
500
Utilities
Index's
+0.58%
total
return
outperformed
the
S&P
500’s
-2.63%
total
return
over
the
six-month
period.
Utilities
likely
outperformed
due
to
favorable
sector
rotation
stemming
from
the
selloff
in
growth
stocks
and
the
recent
geopolitical
concerns.
Compared
to
other
sectors,
utilities
remained
relatively
insulated
from
supply-chain
pressures
and
provided
relatively
strong
2022
corporate
guidance.
The
growth
outlook
continues
to
look
robust,
driven
by
sustainable
initiatives
and
resiliency
investments.
Many
utilities
provided
healthy
rolled-forward
capital-expenditure
updates.
Exelon,
Sempra
Energy
and
American
Electric
Power
were
relative
outperformers.
Exelon’s
outperformance
was
attributable
to
its
spin-off
of
its
nuclear
generation
segment,
leading
the
company
to
mainly
become
a
pure
play,
regulated,
transmission
and
distribution-focused
utility.
Sempra
Energy
was
previously
trading
at
what
we
considered
a
relative
discount
but
is
seeing
benefits
from
the
strong
outlook
from
the
liquified
natural
gas
export
market
and
a
robust
long-term
growth
update.
American
Electric
Power
disclosed
it
will
divest
its
unregulated
renewables
portfolio,
added
approximately
$1.5
billion
of
transmission
to
its
capital-expenditure
plan
and
raised
the
bottom-end
of
its
earnings
per
share
growth
rate.
Underperformers
for
the
period
were
Evergy,
NextEra
Energy
and
Alliant
Energy.
We
mainly
attribute
Evergy’s
underperformance
to
its
recent
run
and
outstanding
rate
cases,
as
not
much
has
changed
fundamentally.
NextEra’s
chairman,
president
and
chief
executive
officer
Jim
Robo
announced
his
retirement
during
the
period,
but
the
company
stated
that
Robo’s
stepping
down
was
part
of
a
long-term
succession
plan.
Additionally,
we
believe
compression
of
its
top-tier
premium
valuation
led
to
the
underperformance.
Dominion
Energy
performed
well
as
it
successfully
settled
its
triennial
review
and
provided
a
favorable
outlook
for
its
offshore
wind
unit.
We
remain
positive
on
the
sector,
as
in
our
view,
regulated
utilities
are
relatively
insulated
from
geopolitical
pressures
and
long-term
growth
prospects
remain
favorable.
Thank
you
for
your
continued
participation
in
Franklin
Universal
Trust.
We
look
forward
to
serving
your
future
investment
needs.
Sincerely,
Glenn
I.
Voyles,
CFA
Jonathan
G.
Belk,
CFA
Portfolio
Management
Team
The
foregoing
information
reflects
our
analysis,
opinions
and
portfolio
holdings
as
of
February
28,
2022,
the
end
of
the
reporting
period.
The
way
we
implement
our
main
investment
strategies
and
the
resulting
portfolio
holdings
may
change
depending
on
factors
such
as
market
and
economic
conditions.
These
opinions
may
not
be
relied
upon
as
investment
advice
or
an
offer
for
a
particular
security.
The
information
is
not
a
complete
analysis
of
every
aspect
of
any
market,
country,
industry,
security
or
the
Fund.
Statements
of
fact
are
from
sources
considered
reliable,
but
the
investment
manager
makes
no
representation
or
warranty
as
to
their
completeness
or
accuracy.
Although
historical
performance
is
no
guarantee
of
future
results,
these
insights
may
help
you
understand
our
investment
management
philosophy.
CFA
®
is
a
trademark
owned
by
CFA
Institute.
Performance
Summary
as
of
February
28,
2022
Franklin
Universal
Trust
5
franklintempleton.com
Semiannual
Report
Total
return
reflects
reinvestment
of
the
Fund’s
dividends
and
capital
gain
distributions,
if
any,
and
any
unrealized
gains
or
losses.
Total
returns
do
not
reflect
any
sales
charges
paid
at
inception
or
brokerage
commissions
paid
on
secondary
market
purchases.
The
performance
table
and
graph
do
not
reflect
any
taxes
that
a
shareholder
would
pay
on
Fund
dividends,
capital
gain
distributions,
if
any,
or
any
realized
gains
on
the
sale
of
Fund
shares.
Your
dividend
income
will
vary
depending
on
dividends
or
interest
paid
by
securities
in
the
Fund’s
portfolio,
adjusted
for
operating
expenses.
Capital
gain
distributions
are
net
profits
realized
from
the
sale
of
portfolio
securities.
Performance
as
of
2/28/22
1
Performance
data
represent
past
performance,
which
does
not
guarantee
future
results.
Investment
return
and
principal
value
will
fluctuate,
and
you
may
have
a
gain
or
loss
when
you
sell
your
shares.
Current
performance
may
differ
from
figures
shown.
Cumulative
Total
Return
2
Average
Annual
Total
Return
2
Based
on
NAV
3
Based
on
market
price
4
Based
on
NAV
3
Based
on
market
price
4
6-Month
-0.88%
-3.90%
-0.88%
-3.90%
1-Year
+8.69%
+15.99%
+8.69%
+15.99%
5-Year
+35.54%
+48.92%
+6.27%
+8.29%
10-Year
+102.50%
+112.84%
+7.31%
+7.85%
See
page
7
for
Performance
Summary
footnotes.
Franklin
Universal
Trust
Performance
Summary
6
franklintempleton.com
Semiannual
Report
See
page
7
for
Performance
Summary
footnotes.
Total
Return
Index
Comparison
for
a
Hypothetical
$10,000
Investment
1
Total
return
represents
the
change
in
value
of
an
investment
over
the
period
shown.
It
includes
any
applicable
maximum
sales
charge,
Fund
expenses,
account
fees
and
reinvested
distributions.
The
unmanaged
indexes
include
reinvestment
of
any
income
or
distributions.
They
differ
from
the
Fund
in
composition
and
do
not
pay
management
fees
or
expenses.
One
cannot
invest
directly
in
an
index.
9/1/11–8/31/21
Franklin
Universal
Trust
Performance
Summary
7
franklintempleton.com
Semiannual
Report
Shares
Prices
1
All
investments
involve
risks,
including
possible
loss
of
principal.
Bond
prices
generally
move
in
the
opposite
direction
of
interest
rates.
As
prices
of
bonds
in
a
fund
adjust
to
a
rise
in
interest
rates,
the
Fund’s
share
price
may
decline.
Investments
in
lower-rated
bonds
include
higher
risk
of
default
and
loss
of
principal.
Stock
prices
fluctuate,
sometimes
rapidly
and
dramatically,
due
to
factors
affecting
individual
companies,
particular
industries
or
sectors,
or
general
market
con-
ditions.
In
addition
to
having
sensitivity
to
other
factors,
securities
issued
by
utility
companies
have
historically
been
sensitive
to
interest-rate
changes.
When
interest
rates
fall,
utility
securities
prices,
and
thus
a
utilities
fund’s
share
price,
tend
to
rise;
when
interest
rates
rise,
their
prices
generally
fall.
For
stocks
paying
dividends,
dividends
are
not
guaranteed,
and
can
increase,
decrease
or
be
totally
eliminated
without
notice.
Events
such
as
the
spread
of
deadly
diseases,
disas-
ters,
and
financial,
political
or
social
disruptions,
may
heighten
risks
and
adversely
affect
performance.
The
Fund
is
actively
managed
but
there
is
no
guarantee
that
the
manager’s
investment
decisions
will
produce
the
desire
results.
Russia’s
military
invasion
of
Ukraine
in
February
2022,
the
resulting
responses
by
the
United
States
and
other
countries,
and
the
potential
for
wider
conflict
could
increase
volatility
and
uncertainty
in
the
financial
markets
and
adversely
affect
regional
and
global
economies.
The
United
States
and
other
countries
have
im-
posed
broad-ranging
economic
sanctions
on
Russia
and
certain
Russian
individuals,
banking
entities
and
corporations
as
a
response
to
its
invasion
of
Ukraine.
The
United
States
and
other
countries
have
also
imposed
economic
sanctions
on
Belarus
and
may
impose
sanctions
on
other
countries
that
support
Russia’s
military
invasion.
These
sanctions,
as
well
as
any
other
economic
consequences
related
to
the
invasion,
such
as
additional
sanctions,
boycotts
or
changes
in
consumer
or
purchaser
preferences
or
cyberattacks
on
governments,
companies
or
individuals,
may
further
decrease
the
value
and
liquidity
of
certain
Russian
securities
and
securities
of
issuers
in
other
countries
that
are
subject
to
economic
sanctions
related
to
the
invasion.
1.
The
Fund
has
a
fee
waiver
associated
with
any
investment
it
makes
in
a
Franklin
Templeton
money
fund
and/or
other
Franklin
Templeton
fund,
contractually
guaranteed
through
10/31/22.
Fund
investment
results
reflect
the
fee
waiver;
without
this
waiver,
the
results
would
have
been
lower.
2.
Total
return
calculations
represent
the
cumulative
and
average
annual
changes
in
value
of
an
investment
over
the
periods
indicated.
Return
for
less
than
one
year,
if
any,
has
not
been
annualized.
3.
Assumes
reinvestment
of
distributions
based
on
net
asset
value.
4.
Assumes
reinvestment
of
distributions
based
on
the
dividend
reinvestment
and
cash
purchase
plan.
5.
Source:
Credit
Suisse.
The
CS
High
Yield
Index
is
designed
to
mirror
the
investable
universe
of
the
U.S.
dollar-
denominated
high-yield
debt
traded
in
the
U.S.
credit
market.
6.
Source:
Morningstar.
The
S&P
500
Utilities
Index
is
market
capitalization
weighted
and
consists
of
all
utility
stocks
in
the
S&P
500.
See
www.franklintempletondatasources.com
for
additional
data
provider
information.
Symbol:
FT
2/28/22
8/31/21
Change
Net
Asset
Value
(NAV)
$8.55
$8.92
-$0.37
Market
Price
(NYSE)
$7.97
$8.59
-$0.62
Distributions
(9/1/21–2/28/22)
Net
Investment
Income
Short-Term
Capital
Gain
Total
$0.2550
$0.0392
$0.2942
Franklin
Universal
Trust
Financial
Highlights
franklintempleton.com
Semiannual
Report
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
8
a
Six
Months
Ended
February
28,
2022
(unaudited)
Year
Ended
August
31,
2021
2020
2019
2018
2017
Per
share
operating
performance
(for
a
share
outstanding
throughout
the
period)
Net
asset
value,
beginning
of
period
.....
$8.92
$8.12
$8.57
$7.99
$8.24
$7.67
Income
from
investment
operations:
Net
investment
income
a
.............
0.19
0.38
0.41
0.38
0.39
0.38
Net
realized
and
unrealized
gains
(losses)
(0.26)
0.85
(0.48)
0.58
(0.26)
0.57
Total
from
investment
operations
........
(0.07)
1.23
(0.07)
0.96
0.13
0.95
Less
distributions
from:
Net
investment
income
..............
(0.26)
(0.43)
(0.38)
(0.38)
(0.38)
(0.38)
Net
realized
gains
.................
(0.04)
—
(—)
b
—
—
—
Total
distributions
...................
(0.30)
(0.43)
(0.38)
(0.38)
(0.38)
(0.38)
Net
asset
value,
end
of
period
..........
$8.55
$8.92
$8.12
$8.57
$7.99
$8.24
Market
value,
end
of
period
c
...........
$7.97
$8.59
$7.00
$7.37
$6.77
$7.24
Total
return
(based
on
net
asset
value
per
share)
d
...........................
(0.88)%
15.33%
(0.67)%
12.40%
1.73%
12.74%
Total
return
(based
on
market
value
per
share)
d
...........................
(3.90)%
29.55%
0.25%
15.02%
(1.18)%
11.81%
Ratios
to
average
net
assets
e
Expenses
before
waiver
and
payments
by
affiliates
..........................
2.49%
2.50%
2.49%
2.45%
1.98%
2.00%
Expenses
net
of
waiver
and
payments
by
affiliates
f
..........................
2.49%
g
2.50%
g
2.49%
g
2.44%
1.98%
g
1.99%
Net
investment
income
...............
4.46%
4.38%
5.01%
4.69%
4.91%
4.81%
Supplemental
data
Net
assets,
end
of
period
(000’s)
........
$214,927
$224,246
$204,094
$215,292
$200,796
$206,965
Portfolio
turnover
rate
................
16.97
%
36.58%
35.26%
21.70%
22.96%
23.25%
Total
debt
outstanding
at
end
of
period
(000's)
...........................
$65,000
$65,000
$65,000
$65,000
$65,000
$60,000
Asset
coverage
per
$1,000
of
debt
......
$4,307
$4,450
$4,140
$4,312
$4,089
$4,449
Average
amount
of
senior
rate
fixed
Notes
per
share
during
the
period
............
$2.59
$2.59
$2.59
$2.59
$2.39
$2.39
a
Based
on
average
daily
shares
outstanding.
b
Amount
rounds
to
less
than
$0.01
per
share.
c
Based
on
the
last
sale
on
the
New
York
Stock
Exchange.
d
Total
return
is
not
annualized
for
periods
less
than
one
year.
e
Ratios
are
annualized
for
periods
less
than
one
year.
f
Benefit
of
expense
reduction
rounds
to
less
than
0.01%.
g
Benefit
of
waiver
and
payments
by
affiliates
rounds
to
less
than
0.01%.
Franklin
Universal
Trust
Statement
of
Investments
(unaudited),
February
28,
2022
franklintempleton.com
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Semiannual
Report
9
a
a
Country
Shares
a
Value
a
a
a
a
a
a
Common
Stocks
43.2%
Electric
Utilities
22.6%
Alliant
Energy
Corp.
...................................
United
States
80,000
$
4,672,000
American
Electric
Power
Co.,
Inc.
.........................
United
States
65,000
5,892,250
Constellation
Energy
Corp.
..............................
United
States
21,666
996,203
Duke
Energy
Corp.
....................................
United
States
40,000
4,016,400
Edison
International
...................................
United
States
36,000
2,283,120
Entergy
Corp.
........................................
United
States
30,000
3,156,300
Evergy,
Inc.
..........................................
United
States
72,000
4,493,520
Exelon
Corp.
.........................................
United
States
65,000
2,766,400
FirstEnergy
Corp.
.....................................
United
States
40,000
1,674,000
NextEra
Energy,
Inc.
...................................
United
States
115,000
9,001,050
Pinnacle
West
Capital
Corp.
.............................
United
States
25,000
1,770,750
PPL
Corp.
...........................................
United
States
24,500
641,165
Southern
Co.
(The)
....................................
United
States
53,000
3,432,810
Xcel
Energy,
Inc.
......................................
United
States
55,000
3,703,150
48,499,118
Machinery
0.3%
a
Birch
Permian
Holdings,
Inc.
.............................
United
States
3,694
60,951
a
Birch
Permian
Holdings,
Inc.
.............................
United
States
28,796
471,535
532,486
Metals
&
Mining
2.6%
BHP
Group
Ltd.,
ADR
..................................
Australia
25,185
1,707,291
Freeport-McMoRan,
Inc.
................................
United
States
80,380
3,773,841
South32
Ltd.,
ADR
....................................
Australia
10,074
175,086
5,656,218
Multi-Utilities
16.1%
CenterPoint
Energy,
Inc.
................................
United
States
122,800
3,358,580
CMS
Energy
Corp.
....................................
United
States
90,000
5,760,900
Consolidated
Edison,
Inc.
...............................
United
States
35,000
3,001,950
Dominion
Energy,
Inc.
..................................
United
States
65,000
5,169,450
DTE
Energy
Co.
......................................
United
States
30,000
3,647,700
NiSource,
Inc.
........................................
United
States
60,000
1,735,800
Public
Service
Enterprise
Group,
Inc.
......................
United
States
45,000
2,917,350
Sempra
Energy
.......................................
United
States
45,000
6,489,900
WEC
Energy
Group,
Inc.
................................
United
States
28,000
2,544,640
34,626,270
Oil,
Gas
&
Consumable
Fuels
1.6%
a
Amplify
Energy
Corp.
..................................
United
States
245
1,188
California
Resources
Corp.
..............................
United
States
27
1,113
Chesapeake
Energy
Corp.
..............................
United
States
752
58,092
Civitas
Resources,
Inc.
.................................
United
States
18,598
938,641
DT
Midstream,
Inc.
....................................
United
States
15,000
796,500
Enbridge,
Inc.
........................................
Canada
39,360
1,699,565
a,b,c
Riviera
Resources,
Inc.
.................................
United
States
5,042
—
3,495,099
Total
Common
Stocks
(Cost
$36,488,577)
......................................
92,809,191
Preferred
Stocks
0.3%
Electric
Utilities
0.3%
SCE
Trust
II,
5.1%
....................................
United
States
27,500
605,550
Total
Preferred
Stocks
(Cost
$598,125)
.........................................
605,550
Franklin
Universal
Trust
Statement
of
Investments
(unaudited)
franklintempleton.com
Semiannual
Report
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
10
a
a
Country
Warrants
a
Value
a
a
a
a
a
a
Warrants
0.0%
†
Oil,
Gas
&
Consumable
Fuels
0.0%
†
a,b
Battalion
Oil
Corp.,
A,
10/08/22
...........................
United
States
583
$
1,124
a,b
Battalion
Oil
Corp.,
B,
10/08/22
...........................
United
States
728
1,035
a,b
Battalion
Oil
Corp.,
C,
10/08/22
...........................
United
States
937
878
a
California
Resources
Corp.,
10/27/24
......................
United
States
64
781
a
Chesapeake
Energy
Corp.,
2/09/26
........................
United
States
1,418
61,683
65,501
Paper
&
Forest
Products
0.0%
†
a
Verso
Corp.,
7/25/23
...................................
United
States
350
1,518
Total
Warrants
(Cost
$602,518)
................................................
67,019
Principal
Amount
*
Convertible
Bonds
0.0%
†
Wireless
Telecommunication
Services
0.0%
†
d,e,f
Digicel
Group
Holdings
Ltd.
,
Sub.
Bond
,
144A,
PIK,
7
%
,
Perpetual
Bermuda
25,282
20,116
Total
Convertible
Bonds
(Cost
$6,212)
.........................................
20,116
Corporate
Bonds
69.0%
Airlines
0.9%
f
American
Airlines
Inc/AAdvantage
Loyalty
IP
Ltd.
,
Senior
Secured
Note
,
144A,
5.5
%
,
4/20/26
.............................
United
States
700,000
717,500
f
Delta
Air
Lines,
Inc.
/
SkyMiles
IP
Ltd.
,
Senior
Secured
Note
,
144A,
4.75
%
,
10/20/28
.....................................
United
States
700,000
730,680
f
United
Airlines,
Inc.
,
Senior
Secured
Note,
144A,
4.375%,
4/15/26
..............
United
States
100,000
99,870
Senior
Secured
Note,
144A,
4.625%,
4/15/29
..............
United
States
300,000
293,190
1,841,240
Auto
Components
2.6%
f
Allison
Transmission,
Inc.
,
Senior
Bond,
144A,
3.75%,
1/30/31
......................
United
States
300,000
279,021
Senior
Note,
144A,
4.75%,
10/01/27
.....................
United
States
600,000
597,444
Dana,
Inc.
,
Senior
Note
,
5.625
%
,
6/15/28
...................
United
States
1,400,000
1,433,257
f
Dornoch
Debt
Merger
Sub,
Inc.
,
Senior
Note
,
144A,
6.625
%
,
10/15/29
..........................................
United
States
800,000
743,000
Goodyear
Tire
&
Rubber
Co.
(The)
,
Senior
Note,
9.5%,
5/31/25
............................
United
States
900,000
959,175
f
Senior
Note,
144A,
5%,
7/15/29
........................
United
States
600,000
592,416
f
Real
Hero
Merger
Sub
2,
Inc.
,
Senior
Note
,
144A,
6.25
%
,
2/01/29
.
United
States
1,000,000
943,725
5,548,038
Automobiles
0.6%
f
Jaguar
Land
Rover
Automotive
plc
,
Senior
Note
,
144A,
5.5
%
,
7/15/29
...........................................
United
Kingdom
1,300,000
1,250,418
Banks
0.4%
e
JPMorgan
Chase
&
Co.
,
R
,
Junior
Sub.
Bond
,
6%
to
8/01/23,
FRN
thereafter
,
Perpetual
.................................
United
States
900,000
925,988
Beverages
0.3%
f
Primo
Water
Holdings,
Inc.
,
Senior
Note
,
144A,
4.375
%
,
4/30/29
..
Canada
700,000
652,788
Biotechnology
0.4%
f
Emergent
BioSolutions,
Inc.
,
Senior
Note
,
144A,
3.875
%
,
8/15/28
.
United
States
900,000
806,540
Franklin
Universal
Trust
Statement
of
Investments
(unaudited)
franklintempleton.com
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Semiannual
Report
11
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
Corporate
Bonds
(continued)
Building
Products
1.1%
f
Cornerstone
Building
Brands,
Inc.
,
Senior
Note
,
144A,
6.125
%
,
1/15/29
...........................................
United
States
300,000
$
287,600
f
Eco
Material
Technologies,
Inc.
,
Senior
Secured
Note
,
144A,
7.875
%
,
1/31/27
.....................................
United
States
500,000
506,235
f
JELD-WEN,
Inc.
,
Senior
Note
,
144A,
4.875
%
,
12/15/27
.........
United
States
300,000
292,139
f
Standard
Industries,
Inc.
,
Senior
Bond,
144A,
4.75%,
1/15/28
......................
United
States
500,000
491,470
Senior
Bond,
144A,
4.375%,
7/15/30
.....................
United
States
100,000
94,834
f
Summit
Materials
LLC
/
Summit
Materials
Finance
Corp.
,
Senior
Note
,
144A,
5.25
%
,
1/15/29
............................
United
States
800,000
804,044
2,476,322
Capital
Markets
0.1%
f
Jane
Street
Group
/
JSG
Finance,
Inc.
,
Senior
Secured
Note
,
144A,
4.5
%
,
11/15/29
......................................
United
States
300,000
293,060
Chemicals
4.1%
d,f
Anagram
International,
Inc.
/
Anagram
Holdings
LLC
,
Secured
Note
,
144A,
PIK,
10
%
,
8/15/26
..............................
United
States
221,083
230,217
f
ASP
Unifrax
Holdings,
Inc.
,
Senior
Note,
144A,
7.5%,
9/30/29
.......................
United
States
200,000
182,829
Senior
Secured
Note,
144A,
5.25%,
9/30/28
...............
United
States
300,000
287,754
f
Axalta
Coating
Systems
LLC
,
Senior
Note
,
144A,
3.375
%
,
2/15/29
United
States
400,000
365,576
f
Braskem
Idesa
SAPI
,
Senior
Secured
Bond
,
144A,
6.99
%
,
2/20/32
Mexico
300,000
287,046
f
Consolidated
Energy
Finance
SA
,
Senior
Note
,
144A,
5.625
%
,
10/15/28
..........................................
Switzerland
600,000
555,330
f
CVR
Partners
LP
/
CVR
Nitrogen
Finance
Corp.
,
Senior
Secured
Note
,
144A,
6.125
%
,
6/15/28
...........................
United
States
300,000
302,207
f
Diamond
BC
BV
,
Senior
Note
,
144A,
4.625
%
,
10/01/29
.........
United
States
300,000
273,404
f
Element
Solutions,
Inc.
,
Senior
Note
,
144A,
3.875
%
,
9/01/28
.....
United
States
700,000
665,007
f
GPD
Cos.,
Inc.
,
Senior
Secured
Note
,
144A,
10.125
%
,
4/01/26
...
United
States
1,500,000
1,581,120
f
Illuminate
Buyer
LLC
/
Illuminate
Holdings
IV,
Inc.
,
Senior
Note
,
144A,
9
%
,
7/01/28
...................................
United
States
1,000,000
1,058,960
f
Ingevity
Corp.
,
Senior
Note
,
144A,
3.875
%
,
11/01/28
...........
United
States
400,000
377,680
d,f
Kobe
US
Midco
2,
Inc.
,
Senior
Note
,
144A,
PIK,
9.25
%
,
11/01/26
..
United
States
200,000
202,875
f
LSF11
A5
HoldCo
LLC
,
Senior
Note
,
144A,
6.625
%
,
10/15/29
....
United
States
600,000
571,503
f
PMHC
II,
Inc.
,
Senior
Note
,
144A,
9
%
,
2/15/30
...............
United
States
1,000,000
974,490
f
Rain
CII
Carbon
LLC
/
CII
Carbon
Corp.
,
Secured
Note
,
144A,
7.25
%
,
4/01/25
.....................................
United
States
600,000
601,326
f
SCIH
Salt
Holdings,
Inc.
,
Senior
Secured
Note
,
144A,
4.875
%
,
5/01/28
...........................................
United
States
300,000
284,653
8,801,977
Commercial
Services
&
Supplies
1.8%
f
APX
Group,
Inc.
,
Senior
Note
,
144A,
5.75
%
,
7/15/29
...........
United
States
800,000
718,484
f
Harsco
Corp.
,
Senior
Note
,
144A,
5.75
%
,
7/31/27
.............
United
States
500,000
493,108
f
Nielsen
Finance
LLC
/
Nielsen
Finance
Co.
,
Senior
Note
,
144A,
4.5
%
,
7/15/29
......................................
United
States
1,200,000
1,080,360
f
Prime
Security
Services
Borrower
LLC
/
Prime
Finance,
Inc.
,
Senior
Secured
Note
,
144A,
3.375
%
,
8/31/27
....................
United
States
600,000
555,946
f
Stericycle,
Inc.
,
Senior
Note
,
144A,
3.875
%
,
1/15/29
...........
United
States
1,200,000
1,119,186
3,967,084
Communications
Equipment
0.7%
f
CommScope,
Inc.
,
Senior
Note
,
144A,
7.125
%
,
7/01/28
.........
United
States
1,600,000
1,512,000
Franklin
Universal
Trust
Statement
of
Investments
(unaudited)
franklintempleton.com
Semiannual
Report
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
12
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
Corporate
Bonds
(continued)
Construction
&
Engineering
1.3%
f
Arcosa,
Inc.
,
Senior
Note
,
144A,
4.375
%
,
4/15/29
.............
United
States
300,000
$
284,776
f
Great
Lakes
Dredge
&
Dock
Corp.
,
Senior
Note
,
144A,
5.25
%
,
6/01/29
...........................................
United
States
500,000
501,295
f
VM
Consolidated,
Inc.
,
Senior
Note
,
144A,
5.5
%
,
4/15/29
.......
United
States
800,000
787,164
f
Weekley
Homes
LLC
/
Weekley
Finance
Corp.
,
Senior
Note
,
144A,
4.875
%
,
9/15/28
.....................................
United
States
1,300,000
1,238,770
2,812,005
Consumer
Finance
0.5%
f
PRA
Group,
Inc.
,
Senior
Note
,
144A,
5
%
,
10/01/29
............
United
States
300,000
291,505
f
PROG
Holdings,
Inc.
,
Senior
Note
,
144A,
6
%
,
11/15/29
.........
United
States
900,000
865,733
1,157,238
Containers
&
Packaging
3.2%
f
Ardagh
Packaging
Finance
plc
/
Ardagh
Holdings
USA,
Inc.
,
Senior
Note,
144A,
5.25%,
8/15/27
......................
United
States
600,000
571,007
Senior
Secured
Note,
144A,
5.25%,
4/30/25
...............
United
States
800,000
811,492
f
Mauser
Packaging
Solutions
Holding
Co.
,
Senior
Note,
144A,
7.25%,
4/15/25
......................
United
States
1,800,000
1,771,713
Senior
Secured
Note,
144A,
8.5%,
4/15/24
................
United
States
1,000,000
1,027,210
f
Owens-Brockway
Glass
Container,
Inc.
,
Senior
Note,
144A,
5.875%,
8/15/23
.....................
United
States
332,000
338,187
Senior
Note,
144A,
6.625%,
5/13/27
.....................
United
States
375,000
389,460
f
Pactiv
Evergreen
Group
Issuer
LLC
/
Pactiv
Evergreen
Group
Issuer,
Inc.
,
Senior
Secured
Note
,
144A,
4.375
%
,
10/15/28
..........
United
States
300,000
277,480
f
Pactiv
Evergreen
Group
Issuer,
Inc./Pactiv
Evergreen
Group
Issuer
LLC/Reynolds
Group
Holdings
Ltd.
,
Senior
Secured
Note
,
144A,
4
%
,
10/15/27
.......................................
United
States
1,200,000
1,114,056
f
Trivium
Packaging
Finance
BV
,
Senior
Note
,
144A,
8.5
%
,
8/15/27
.
Netherlands
500,000
513,370
6,813,975
Distributors
0.1%
f
Ritchie
Bros
Holdings,
Inc.
,
Senior
Note
,
144A,
4.75
%
,
12/15/31
..
Canada
300,000
298,544
Diversified
Consumer
Services
0.4%
Grand
Canyon
University
,
5.125
%
,
10/01/28
.................
United
States
800,000
802,000
Diversified
Financial
Services
1.2%
f
Jefferson
Capital
Holdings
LLC
,
Senior
Note
,
144A,
6
%
,
8/15/26
..
United
States
1,200,000
1,156,788
f
MPH
Acquisition
Holdings
LLC
,
Senior
Note
,
144A,
5.75
%
,
11/01/28
United
States
1,500,000
1,355,415
2,512,203
Diversified
Telecommunication
Services
3.4%
f
Altice
France
Holding
SA
,
Senior
Secured
Note
,
144A,
10.5
%
,
5/15/27
...........................................
Luxembourg
1,500,000
1,572,983
f
CCO
Holdings
LLC
/
CCO
Holdings
Capital
Corp.
,
Senior
Bond,
144A,
5.375%,
6/01/29
.....................
United
States
500,000
508,670
Senior
Bond,
144A,
4.5%,
8/15/30
.......................
United
States
1,700,000
1,640,109
Senior
Bond,
144A,
4.25%,
2/01/31
......................
United
States
200,000
187,724
f
DKT
Finance
ApS
,
Senior
Secured
Note
,
144A,
9.375
%
,
6/17/23
..
Denmark
1,500,000
1,507,674
f
Iliad
Holding
SASU
,
Senior
Secured
Note
,
144A,
7
%
,
10/15/28
...
France
800,000
797,112
f
Virgin
Media
Secured
Finance
plc
,
Senior
Secured
Bond
,
144A,
4.5
%
,
8/15/30
......................................
United
Kingdom
1,100,000
1,041,700
7,255,972
Electric
Utilities
0.7%
f
Vistra
Operations
Co.
LLC
,
Senior
Note,
144A,
5.625%,
2/15/27
.....................
United
States
1,000,000
1,025,170
Franklin
Universal
Trust
Statement
of
Investments
(unaudited)
franklintempleton.com
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Semiannual
Report
13
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
Corporate
Bonds
(continued)
Electric
Utilities
(continued)
f
Vistra
Operations
Co.
LLC,
(continued)
Senior
Note,
144A,
4.375%,
5/01/29
.....................
United
States
400,000
$
388,308
1,413,478
Electrical
Equipment
0.8%
f
Sensata
Technologies
BV
,
Senior
Note
,
144A,
4
%
,
4/15/29
......
United
States
1,000,000
961,755
f
Vertiv
Group
Corp.
,
Senior
Secured
Note
,
144A,
4.125
%
,
11/15/28
United
States
800,000
735,084
1,696,839
Electronic
Equipment,
Instruments
&
Components
0.2%
f
TTM
Technologies,
Inc.
,
Senior
Note
,
144A,
4
%
,
3/01/29
........
United
States
500,000
462,097
Energy
Equipment
&
Services
1.7%
f
CSI
Compressco
LP
/
CSI
Compressco
Finance,
Inc.
,
d
Secured
Note,
144A,
PIK,
10%,
4/01/26
..................
United
States
982,453
943,548
Senior
Secured
Note,
144A,
7.5%,
4/01/25
................
United
States
402,000
398,382
f
Nabors
Industries
Ltd.
,
Senior
Note
,
144A,
7.25
%
,
1/15/26
......
United
States
600,000
585,981
Nabors
Industries,
Inc.
,
Senior
Note
,
5.75
%
,
2/01/25
...........
United
States
500,000
479,500
f
Weatherford
International
Ltd.
,
Senior
Note,
144A,
11%,
12/01/24
.......................
United
States
111,000
115,079
Senior
Note,
144A,
8.625%,
4/30/30
.....................
United
States
700,000
711,893
Senior
Secured
Note,
144A,
6.5%,
9/15/28
................
United
States
400,000
414,610
3,648,993
Entertainment
1.0%
f
Banijay
Entertainment
SASU
,
Senior
Secured
Note
,
144A,
5.375
%
,
3/01/25
...........................................
France
1,000,000
991,000
Netflix,
Inc.
,
Senior
Bond,
5.875%,
11/15/28
.........................
United
States
800,000
905,880
f
Senior
Note,
144A,
3.625%,
6/15/25
.....................
United
States
300,000
307,115
2,203,995
Equity
Real
Estate
Investment
Trusts
(REITs)
1.4%
f
American
Finance
Trust,
Inc.
/
American
Finance
Operating
Partner
LP
,
Senior
Note
,
144A,
4.5
%
,
9/30/28
.....................
United
States
500,000
466,690
f
Global
Net
Lease,
Inc.
/
Global
Net
Lease
Operating
Partnership
LP
,
Senior
Note
,
144A,
3.75
%
,
12/15/27
......................
United
States
800,000
744,830
f
HAT
Holdings
I
LLC
/
HAT
Holdings
II
LLC
,
Senior
Note
,
144A,
6
%
,
4/15/25
...........................................
United
States
400,000
413,060
MPT
Operating
Partnership
LP
/
MPT
Finance
Corp.
,
Senior
Bond
,
5.25
%
,
8/01/26
.....................................
United
States
200,000
204,976
f
VICI
Properties
LP
/
VICI
Note
Co.,
Inc.
,
Senior
Note
,
144A,
3.75
%
,
2/15/27
...........................................
United
States
700,000
695,930
f
XHR
LP
,
Senior
Secured
Note
,
144A,
4.875
%
,
6/01/29
.........
United
States
400,000
389,434
2,914,920
Food
Products
0.9%
f
Chobani
LLC
/
Chobani
Finance
Corp.,
Inc.
,
Senior
Secured
Note
,
144A,
4.625
%
,
11/15/28
...............................
United
States
800,000
771,384
f
Pilgrim's
Pride
Corp.
,
Senior
Bond
,
144A,
3.5
%
,
3/01/32
........
United
States
300,000
274,962
f
Post
Holdings,
Inc.
,
Senior
Bond,
144A,
5.625%,
1/15/28
.....................
United
States
300,000
301,447
Senior
Bond,
144A,
5.5%,
12/15/29
......................
United
States
200,000
201,940
Senior
Bond,
144A,
4.625%,
4/15/30
.....................
United
States
400,000
377,042
1,926,775
Franklin
Universal
Trust
Statement
of
Investments
(unaudited)
franklintempleton.com
Semiannual
Report
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
14
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
Corporate
Bonds
(continued)
Health
Care
Equipment
&
Supplies
0.5%
f
Mozart
Debt
Merger
Sub,
Inc.
,
Senior
Note,
144A,
5.25%,
10/01/29
.....................
United
States
500,000
$
478,200
Senior
Secured
Note,
144A,
3.875%,
4/01/29
..............
United
States
400,000
380,120
f
Ortho-Clinical
Diagnostics,
Inc.
/
Ortho-Clinical
Diagnostics
SA
,
Senior
Note
,
144A,
7.375
%
,
6/01/25
......................
United
States
180,000
186,188
1,044,508
Health
Care
Providers
&
Services
1.6%
Centene
Corp.
,
Senior
Bond,
2.5%,
3/01/31
............................
United
States
500,000
461,150
Senior
Note,
2.45%,
7/15/28
...........................
United
States
500,000
471,760
Senior
Note,
2.625%,
8/01/31
..........................
United
States
500,000
461,765
f
CHS/Community
Health
Systems,
Inc.
,
Secured
Note,
144A,
6.125%,
4/01/30
....................
United
States
500,000
465,620
Senior
Secured
Note,
144A,
6%,
1/15/29
..................
United
States
300,000
300,883
f
DaVita,
Inc.
,
Senior
Note
,
144A,
4.625
%
,
6/01/30
.............
United
States
1,200,000
1,152,474
f
ModivCare
Escrow
Issuer,
Inc.
,
Senior
Note
,
144A,
5
%
,
10/01/29
.
United
States
100,000
94,280
3,407,932
Hotels,
Restaurants
&
Leisure
4.8%
f
1011778
BC
ULC
/
New
Red
Finance,
Inc.
,
Secured
Bond
,
144A,
4
%
,
10/15/30
.......................................
Canada
1,000,000
925,085
b,f,g
24
Hour
Fitness
Worldwide,
Inc.
,
Senior
Note
,
144A,
8
%
,
6/01/22
.
United
States
1,800,000
540
f
Boyd
Gaming
Corp.
,
Senior
Note
,
144A,
8.625
%
,
6/01/25
.......
United
States
400,000
421,470
f
Carnival
Corp.
,
Senior
Note,
144A,
7.625%,
3/01/26
.....................
United
States
400,000
411,598
Senior
Note,
144A,
5.75%,
3/01/27
......................
United
States
1,500,000
1,462,950
f
Everi
Holdings,
Inc.
,
Senior
Note
,
144A,
5
%
,
7/15/29
...........
United
States
700,000
687,321
f
Fertitta
Entertainment
LLC
/
Fertitta
Entertainment
Finance
Co.,
Inc.
,
Senior
Note
,
144A,
6.75
%
,
1/15/30
.......................
United
States
1,000,000
953,180
f
Motion
Bondco
DAC
,
Senior
Note
,
144A,
6.625
%
,
11/15/27
......
United
Kingdom
200,000
194,913
f
NCL
Corp.
Ltd.
,
Senior
Note
,
144A,
5.875
%
,
3/15/26
...........
United
States
300,000
289,050
f
Papa
John's
International,
Inc.
,
Senior
Note
,
144A,
3.875
%
,
9/15/29
United
States
300,000
279,420
f
Penn
National
Gaming,
Inc.
,
Senior
Note
,
144A,
4.125
%
,
7/01/29
.
United
States
200,000
185,216
f
Premier
Entertainment
Sub
LLC
/
Premier
Entertainment
Finance
Corp.
,
Senior
Bond,
144A,
5.875%,
9/01/31
.....................
United
States
500,000
450,643
Senior
Note,
144A,
5.625%,
9/01/29
.....................
United
States
1,000,000
908,465
f
Royal
Caribbean
Cruises
Ltd.
,
Senior
Note
,
144A,
5.5
%
,
8/31/26
..
United
States
700,000
697,557
f
Station
Casinos
LLC
,
Senior
Note
,
144A,
4.5
%
,
2/15/28
........
United
States
200,000
192,500
f
Studio
City
Finance
Ltd.
,
Senior
Note
,
144A,
5
%
,
1/15/29
.......
Macau
1,600,000
1,275,200
f
Wynn
Macau
Ltd.
,
Senior
Note
,
144A,
5.625
%
,
8/26/28
.........
Macau
300,000
261,690
f
Wynn
Resorts
Finance
LLC
/
Wynn
Resorts
Capital
Corp.
,
Senior
Note
,
144A,
7.75
%
,
4/15/25
............................
United
States
800,000
836,076
10,432,874
Household
Durables
1.1%
f
Ashton
Woods
USA
LLC
/
Ashton
Woods
Finance
Co.
,
Senior
Note
,
144A,
4.625
%
,
8/01/29
................................
United
States
1,500,000
1,426,837
M/I
Homes,
Inc.
,
Senior
Note
,
3.95
%
,
2/15/30
................
United
States
600,000
546,645
f
Williams
Scotsman
International,
Inc.
,
Senior
Secured
Note
,
144A,
4.625
%
,
8/15/28
.....................................
United
States
300,000
296,250
2,269,732
Independent
Power
and
Renewable
Electricity
Producers
3.0%
f
Calpine
Corp.
,
Senior
Bond,
144A,
5%,
2/01/31
........................
United
States
900,000
834,570
Franklin
Universal
Trust
Statement
of
Investments
(unaudited)
franklintempleton.com
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Semiannual
Report
15
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
Corporate
Bonds
(continued)
Independent
Power
and
Renewable
Electricity
Producers
(continued)
f
Calpine
Corp.,
(continued)
Senior
Note,
144A,
4.625%,
2/01/29
.....................
United
States
700,000
$
650,265
f
Clearway
Energy
Operating
LLC
,
Senior
Bond,
144A,
3.75%,
1/15/32
......................
United
States
400,000
374,570
Senior
Note,
144A,
4.75%,
3/15/28
......................
United
States
600,000
604,146
Senior
Note,
144A,
3.75%,
2/15/31
......................
United
States
300,000
279,528
f
InterGen
NV
,
Senior
Secured
Bond
,
144A,
7
%
,
6/30/23
.........
Netherlands
1,900,000
1,869,885
f
Leeward
Renewable
Energy
Operations
LLC
,
Senior
Note
,
144A,
4.25
%
,
7/01/29
.....................................
United
States
1,000,000
969,990
Talen
Energy
Supply
LLC
,
Senior
Note
,
6.5
%
,
6/01/25
..........
United
States
2,100,000
864,433
6,447,387
Insurance
0.4%
f
Alliant
Holdings
Intermediate
LLC
/
Alliant
Holdings
Co-Issuer
,
Senior
Note
,
144A,
6.75
%
,
10/15/27
...........................
United
States
800,000
782,904
Internet
&
Direct
Marketing
Retail
0.1%
f
Match
Group
Holdings
II
LLC
,
Senior
Note
,
144A,
3.625
%
,
10/01/31
United
States
200,000
186,804
IT
Services
1.8%
f
Cablevision
Lightpath
LLC
,
Senior
Secured
Note
,
144A,
3.875
%
,
9/15/27
...........................................
United
States
500,000
469,753
f
Cogent
Communications
Group,
Inc.
,
Senior
Secured
Note
,
144A,
3.5
%
,
5/01/26
......................................
United
States
500,000
484,352
f
Gartner,
Inc.
,
Senior
Note,
144A,
4.5%,
7/01/28
.......................
United
States
500,000
507,120
Senior
Note,
144A,
3.625%,
6/15/29
.....................
United
States
200,000
194,398
Senior
Note,
144A,
3.75%,
10/01/30
.....................
United
States
300,000
292,303
f
Northwest
Fiber
LLC
/
Northwest
Fiber
Finance
Sub,
Inc.
,
Senior
Note
,
144A,
6
%
,
2/15/28
..............................
United
States
1,100,000
964,282
f
Presidio
Holdings,
Inc.
,
Senior
Note
,
144A,
8.25
%
,
2/01/28
......
United
States
900,000
922,860
3,835,068
Life
Sciences
Tools
&
Services
0.1%
f
Charles
River
Laboratories
International,
Inc.
,
Senior
Note
,
144A,
3.75
%
,
3/15/29
.....................................
United
States
200,000
192,538
Machinery
1.6%
f
ATS
Automation
Tooling
Systems,
Inc.
,
Senior
Note
,
144A,
4.125
%
,
12/15/28
..........................................
Canada
1,300,000
1,254,461
f
Manitowoc
Co.,
Inc.
(The)
,
Secured
Note
,
144A,
9
%
,
4/01/26
....
United
States
1,000,000
1,043,735
f
Roller
Bearing
Co.
of
America,
Inc.
,
Senior
Note
,
144A,
4.375
%
,
10/15/29
..........................................
United
States
800,000
773,000
f
TK
Elevator
Holdco
GmbH
,
Senior
Note
,
144A,
7.625
%
,
7/15/28
..
Germany
300,000
305,550
3,376,746
Media
3.6%
f
Clear
Channel
International
BV
,
Senior
Secured
Note
,
144A,
6.625
%
,
8/01/25
.....................................
United
Kingdom
400,000
406,400
f
Clear
Channel
Outdoor
Holdings,
Inc.
,
Senior
Note,
144A,
7.75%,
4/15/28
......................
United
States
300,000
313,800
Senior
Note,
144A,
7.5%,
6/01/29
.......................
United
States
300,000
312,118
Senior
Secured
Note,
144A,
5.125%,
8/15/27
..............
United
States
500,000
500,150
CSC
Holdings
LLC
,
Senior
Bond,
5.25%,
6/01/24
...........................
United
States
400,000
406,056
f
Senior
Note,
144A,
7.5%,
4/01/28
.......................
United
States
300,000
299,931
f
Diamond
Sports
Group
LLC
/
Diamond
Sports
Finance
Co.
,
Senior
Note,
144A,
6.625%,
8/15/27
.....................
United
States
700,000
169,750
Senior
Secured
Note,
144A,
5.375%,
8/15/26
..............
United
States
800,000
329,376
Franklin
Universal
Trust
Statement
of
Investments
(unaudited)
franklintempleton.com
Semiannual
Report
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
16
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
Corporate
Bonds
(continued)
Media
(continued)
f
Directv
Financing
LLC
/
Directv
Financing
Co-Obligor,
Inc.
,
Senior
Secured
Note
,
144A,
5.875
%
,
8/15/27
....................
United
States
200,000
$
200,250
f
DISH
DBS
Corp.
,
Senior
Secured
Note
,
144A,
5.75
%
,
12/01/28
...
United
States
1,000,000
958,125
f
LCPR
Senior
Secured
Financing
DAC
,
Senior
Secured
Note
,
144A,
6.75
%
,
10/15/27
.....................................
United
States
450,000
465,421
f
News
Corp.
,
Senior
Note
,
144A,
3.875
%
,
5/15/29
.............
United
States
200,000
191,850
f
Scripps
Escrow,
Inc.
,
Senior
Note
,
144A,
5.875
%
,
7/15/27
.......
United
States
600,000
599,520
f
Sinclair
Television
Group,
Inc.
,
Senior
Bond
,
144A,
5.5
%
,
3/01/30
.
United
States
700,000
615,073
f
Sirius
XM
Radio,
Inc.
,
Senior
Note
,
144A,
4
%
,
7/15/28
.........
United
States
600,000
577,860
f
Univision
Communications,
Inc.
,
Senior
Secured
Note,
144A,
9.5%,
5/01/25
................
United
States
800,000
845,032
Senior
Secured
Note,
144A,
4.5%,
5/01/29
................
United
States
600,000
575,094
7,765,806
Metals
&
Mining
1.1%
Commercial
Metals
Co.
,
Senior
Bond
,
3.875
%
,
2/15/31
.........
United
States
700,000
656,040
f
Constellium
SE
,
Senior
Note
,
144A,
3.75
%
,
4/15/29
...........
United
States
600,000
552,357
f
FMG
Resources
August
2006
Pty.
Ltd.
,
Senior
Bond
,
144A,
4.375
%
,
4/01/31
...........................................
Australia
500,000
486,012
f
Novelis
Corp.
,
Senior
Bond,
144A,
3.875%,
8/15/31
.....................
United
States
100,000
92,259
Senior
Note,
144A,
3.25%,
11/15/26
.....................
United
States
100,000
95,023
f
SunCoke
Energy,
Inc.
,
Senior
Secured
Note
,
144A,
4.875
%
,
6/30/29
United
States
600,000
576,444
2,458,135
Mortgage
Real
Estate
Investment
Trusts
(REITs)
0.4%
f
Apollo
Commercial
Real
Estate
Finance,
Inc.
,
Senior
Secured
Note
,
144A,
4.625
%
,
6/15/29
................................
United
States
1,000,000
904,220
Oil,
Gas
&
Consumable
Fuels
8.4%
f
Antero
Resources
Corp.
,
Senior
Note,
144A,
8.375%,
7/15/26
.....................
United
States
130,000
142,828
Senior
Note,
144A,
7.625%,
2/01/29
.....................
United
States
166,000
179,905
Senior
Note,
144A,
5.375%,
3/01/30
.....................
United
States
700,000
714,378
f
Calumet
Specialty
Products
Partners
LP
/
Calumet
Finance
Corp.
,
Senior
Note
,
144A,
8.125
%
,
1/15/27
......................
United
States
900,000
894,753
Cheniere
Energy
Partners
LP
,
f
Senior
Bond,
144A,
3.25%,
1/31/32
......................
United
States
400,000
376,688
Senior
Note,
4.5%,
10/01/29
...........................
United
States
1,200,000
1,224,996
Senior
Note,
4%,
3/01/31
.............................
United
States
1,200,000
1,183,818
Cheniere
Energy,
Inc.
,
Senior
Secured
Note
,
4.625
%
,
10/15/28
...
United
States
700,000
715,960
f
Chesapeake
Energy
Corp.
,
Senior
Note
,
144A,
5.5
%
,
2/01/26
....
United
States
500,000
514,422
Civitas
Resources,
Inc.
,
Senior
Note
,
7.5
%
,
4/30/26
...........
United
States
199,676
200,930
Crestwood
Midstream
Partners
LP
/
Crestwood
Midstream
Finance
Corp.
,
Senior
Note,
5.75%,
4/01/25
...........................
United
States
800,000
806,028
f
Senior
Note,
144A,
6%,
2/01/29
........................
United
States
700,000
706,748
f
Senior
Note,
144A,
8%,
4/01/29
........................
United
States
500,000
532,650
f
CrownRock
LP
/
CrownRock
Finance,
Inc.
,
Senior
Note
,
144A,
5
%
,
5/01/29
...........................................
United
States
300,000
305,690
f
DT
Midstream,
Inc.
,
Senior
Note
,
144A,
4.125
%
,
6/15/29
........
United
States
700,000
676,729
f
Endeavor
Energy
Resources
LP
/
EER
Finance,
Inc.
,
Senior
Bond,
144A,
5.75%,
1/30/28
......................
United
States
300,000
311,091
Senior
Note,
144A,
6.625%,
7/15/25
.....................
United
States
500,000
523,148
Franklin
Universal
Trust
Statement
of
Investments
(unaudited)
franklintempleton.com
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Semiannual
Report
17
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
Corporate
Bonds
(continued)
Oil,
Gas
&
Consumable
Fuels
(continued)
d,f
EnQuest
plc
,
Senior
Note
,
144A,
Reg
S,
PIK,
7
%
,
10/15/23
......
United
Kingdom
352,663
$
330,216
f
EQT
Corp.
,
Senior
Note
,
144A,
3.125
%
,
5/15/26
..............
United
States
300,000
295,410
f
Harbour
Energy
plc
,
Senior
Note
,
144A,
5.5
%
,
10/15/26
........
United
Kingdom
500,000
494,280
f
Hilcorp
Energy
I
LP
/
Hilcorp
Finance
Co.
,
Senior
Bond,
144A,
6%,
2/01/31
........................
United
States
200,000
203,300
Senior
Note,
144A,
5.75%,
2/01/29
......................
United
States
200,000
201,349
f
Martin
Midstream
Partners
LP
/
Martin
Midstream
Finance
Corp.
,
Secured
Note
,
144A,
11.5
%
,
2/28/25
.....................
United
States
1,476,232
1,523,693
d,f,g
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
825,345
Senior
Note,
8.875%,
7/15/30
..........................
United
States
1,100,000
1,424,066
Senior
Note,
6.625%,
9/01/30
..........................
United
States
200,000
233,046
Senior
Note,
6.125%,
1/01/31
..........................
United
States
300,000
341,589
Sunoco
LP
/
Sunoco
Finance
Corp.
,
Senior
Note,
6%,
4/15/27
.............................
United
States
1,000,000
1,033,555
Senior
Note,
4.5%,
5/15/29
............................
United
States
200,000
192,010
f
Venture
Global
Calcasieu
Pass
LLC
,
Senior
Secured
Bond,
144A,
4.125%,
8/15/31
..............
United
States
300,000
297,454
Senior
Secured
Note,
144A,
3.875%,
8/15/29
..............
United
States
300,000
294,218
f
Viper
Energy
Partners
LP
,
Senior
Note
,
144A,
5.375
%
,
11/01/27
..
United
States
400,000
410,872
18,115,029
Paper
&
Forest
Products
0.2%
f
Glatfelter
Corp.
,
Senior
Note
,
144A,
4.75
%
,
11/15/29
...........
United
States
400,000
380,384
Pharmaceuticals
3.2%
f
Bausch
Health
Americas,
Inc.
,
Senior
Note
,
144A,
9.25
%
,
4/01/26
.
United
States
1,400,000
1,450,022
f
Bausch
Health
Cos.,
Inc.
,
Senior
Bond
,
144A,
6.125
%
,
4/15/25
...
United
States
328,000
329,845
f
Endo
Dac
/
Endo
Finance
LLC
/
Endo
Finco,
Inc.
,
Secured
Note,
144A,
9.5%,
7/31/27
......................
United
States
302,000
294,941
Senior
Note,
144A,
6%,
6/30/28
........................
United
States
389,000
258,033
f
Endo
Luxembourg
Finance
Co.
I
SARL
/
Endo
US,
Inc.
,
Senior
Secured
Note
,
144A,
6.125
%
,
4/01/29
....................
United
States
500,000
470,723
f
Jazz
Securities
DAC
,
Senior
Secured
Note
,
144A,
4.375
%
,
1/15/29
United
States
1,300,000
1,289,964
f
Organon
&
Co.
/
Organon
Foreign
Debt
Co-Issuer
BV
,
Senior
Bond,
144A,
5.125%,
4/30/31
.....................
United
States
500,000
499,890
Senior
Secured
Note,
144A,
4.125%,
4/30/28
..............
United
States
1,000,000
985,300
f
Par
Pharmaceutical,
Inc.
,
Senior
Secured
Note
,
144A,
7.5
%
,
4/01/27
United
States
225,000
225,630
Teva
Pharmaceutical
Finance
Netherlands
III
BV
,
Senior
Note,
7.125%,
1/31/25
..........................
Israel
500,000
525,665
Senior
Note,
4.75%,
5/09/27
...........................
Israel
600,000
579,000
6,909,013
Real
Estate
Management
&
Development
0.4%
f
Five
Point
Operating
Co.
LP
/
Five
Point
Capital
Corp.
,
Senior
Note
,
144A,
7.875
%
,
11/15/25
...............................
United
States
400,000
408,502
f
Forestar
Group,
Inc.
,
Senior
Note
,
144A,
3.85
%
,
5/15/26
........
United
States
500,000
474,372
882,874
Road
&
Rail
0.6%
f
First
Student
Bidco,
Inc.
/
First
Transit
Parent,
Inc.
,
Senior
Secured
Note
,
144A,
4
%
,
7/31/29
..............................
United
States
900,000
852,199
f
NESCO
Holdings
II,
Inc.
,
Secured
Note
,
144A,
5.5
%
,
4/15/29
....
United
States
500,000
481,272
1,333,471
Franklin
Universal
Trust
Statement
of
Investments
(unaudited)
franklintempleton.com
Semiannual
Report
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
18
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
Corporate
Bonds
(continued)
Software
1.3%
f
Camelot
Finance
SA
,
Senior
Secured
Note
,
144A,
4.5
%
,
11/01/26
.
United
States
900,000
$
901,868
f
Condor
Merger
Sub,
Inc.
,
Senior
Note
,
144A,
7.375
%
,
2/15/30
...
United
States
800,000
770,144
f
Rocket
Software,
Inc.
,
Senior
Note
,
144A,
6.5
%
,
2/15/29
........
United
States
1,300,000
1,207,830
2,879,842
Specialty
Retail
1.8%
f
Bath
&
Body
Works,
Inc.
,
Senior
Note
,
144A,
6.625
%
,
10/01/30
...
United
States
500,000
541,885
f
Gap,
Inc.
(The)
,
Senior
Note
,
144A,
3.625
%
,
10/01/29
..........
United
States
700,000
635,250
f
Lithia
Motors,
Inc.
,
Senior
Bond,
144A,
4.375%,
1/15/31
.....................
United
States
300,000
302,742
Senior
Note,
144A,
4.625%,
12/15/27
....................
United
States
400,000
409,474
Senior
Note,
144A,
3.875%,
6/01/29
.....................
United
States
200,000
197,730
f
Michaels
Cos.,
Inc.
(The)
,
Senior
Note,
144A,
7.875%,
5/01/29
.....................
United
States
600,000
526,119
Senior
Secured
Note,
144A,
5.25%,
5/01/28
...............
United
States
300,000
280,986
Murphy
Oil
USA,
Inc.
,
Senior
Note
,
4.75
%
,
9/15/29
............
United
States
700,000
702,985
f
Victoria's
Secret
&
Co.
,
Senior
Note
,
144A,
4.625
%
,
7/15/29
.....
United
States
400,000
376,656
3,973,827
Textiles,
Apparel
&
Luxury
Goods
0.6%
f
Hanesbrands,
Inc.
,
Senior
Note
,
144A,
4.625
%
,
5/15/24
........
United
States
1,000,000
1,014,885
f
Kontoor
Brands,
Inc.
,
Senior
Note
,
144A,
4.125
%
,
11/15/29
......
United
States
300,000
283,263
1,298,148
Thrifts
&
Mortgage
Finance
0.7%
f
Ladder
Capital
Finance
Holdings
LLLP
/
Ladder
Capital
Finance
Corp.
,
Senior
Note
,
144A,
4.75
%
,
6/15/29
.................
United
States
300,000
291,153
MGIC
Investment
Corp.
,
Senior
Note
,
5.25
%
,
8/15/28
..........
United
States
500,000
506,895
Radian
Group,
Inc.
,
Senior
Note
,
6.625
%
,
3/15/25
.............
United
States
600,000
635,991
1,434,039
Trading
Companies
&
Distributors
0.5%
f
H&E
Equipment
Services,
Inc.
,
Senior
Note
,
144A,
3.875
%
,
12/15/28
United
States
600,000
562,251
f
WESCO
Distribution,
Inc.
,
Senior
Note
,
144A,
7.25
%
,
6/15/28
....
United
States
400,000
429,956
992,207
Wireless
Telecommunication
Services
1.4%
Hughes
Satellite
Systems
Corp.
,
Senior
Note
,
6.625
%
,
8/01/26
...
United
States
1,200,000
1,251,360
T-Mobile
USA,
Inc.
,
Senior
Bond,
2.875%,
2/15/31
..........................
United
States
300,000
281,931
Senior
Bond,
3.5%,
4/15/31
............................
United
States
200,000
197,188
Senior
Note,
2.625%,
2/15/29
..........................
United
States
300,000
281,863
Senior
Note,
4.75%,
2/01/28
...........................
United
States
600,000
620,085
f
Vmed
O2
UK
Financing
I
plc
,
Senior
Secured
Bond
,
144A,
4.25
%
,
1/31/31
...........................................
United
Kingdom
500,000
460,745
3,093,172
Total
Corporate
Bonds
(Cost
$155,872,176)
.....................................
148,391,149
b,h
Marketplace
Loans
11.0%
Diversified
Financial
Services
11.0%
a
a
a
a
a
a
Total
Marketplace
Loans
(Cost
$24,089,808)
....................................
23,555,680
Franklin
Universal
Trust
Statement
of
Investments
(unaudited)
franklintempleton.com
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Semiannual
Report
19
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
Asset-Backed
Securities
1.5%
Diversified
Financial
Services
1.5%
f,i
Consumer
Loan
Underlying
Bond
Certificate
Issuer
Trust
I
,
2019-26,
PT,
144A,
FRN,
19.759%,
8/15/44
................
United
States
231,265
$
228,543
2019-31,
PT,
144A,
FRN,
19.574%,
9/15/44
................
United
States
204,815
200,593
2019-37,
PT,
144A,
FRN,
20.855%,
10/17/44
...............
United
States
228,295
223,035
2019-42,
PT,
144A,
FRN,
19.552%,
11/15/44
...............
United
States
230,013
226,960
2019-51,
PT,
144A,
FRN,
17.018%,
1/15/45
................
United
States
284,540
281,372
2019-52,
PT,
144A,
FRN,
16.617%,
1/15/45
................
United
States
246,920
245,713
2019-S3,
PT,
144A,
FRN,
13.511%,
6/15/44
................
United
States
52,820
51,891
2019-S4,
PT,
144A,
FRN,
14.328%,
8/15/44
................
United
States
179,442
177,488
2019-S5,
PT,
144A,
FRN,
13.805%,
9/15/44
................
United
States
189,930
187,510
2019-S6,
PT,
144A,
FRN,
11.66%,
10/17/44
................
United
States
179,256
174,611
2019-S7,
PT,
144A,
FRN,
10.985%,
12/15/44
...............
United
States
165,245
161,866
2019-S8,
PT,
144A,
FRN,
10.449%,
1/15/45
................
United
States
199,319
194,531
2020-2,
PT,
144A,
FRN,
16.269%,
3/15/45
.................
United
States
234,810
232,890
2020-7,
PT,
144A,
FRN,
16.583%,
4/17/45
.................
United
States
130,391
127,584
f,i
Prosper
Pass-Thru
Trust
III
,
2020-PT1,
A,
144A,
FRN,
8.796%,
3/15/26
.................
United
States
141,529
144,201
2020-PT2,
A,
144A,
FRN,
9.444%,
4/15/26
.................
United
States
165,580
162,326
2020-PT3,
A,
144A,
FRN,
7.183%,
5/15/26
.................
United
States
25,749
25,646
f,i
Upgrade
Master
Pass-Thru
Trust
,
2019-PT2
,
A
,
144A,
FRN
,
14.467
%
,
2/15/26
.
...................................
United
States
163,079
166,313
3,213,073
a
a
a
a
a
a
Total
Asset-Backed
Securities
(Cost
$3,151,042)
................................
3,213,073
Shares
a
Escrows
and
Litigation
Trusts
0.0%
†
a
Chesapeake
Energy
Corp.,
Escrow
Account
.................
United
States
1,500,000
24,375
Total
Escrows
and
Litigation
Trusts
(Cost
$48,985)
..............................
24,375
Total
Long
Term
Investments
(Cost
$220,857,443)
...............................
268,686,153
a
Short
Term
Investments
1.9%
a
a
Country
Shares
a
Value
a
Money
Market
Funds
1.9%
j,k
Institutional
Fiduciary
Trust
-
Money
Market
Portfolio,
0.01%
.....
United
States
4,146,676‌
4,146,676
Total
Money
Market
Funds
(Cost
$4,146,676)
...................................
4,146,676
Total
Short
Term
Investments
(Cost
$4,146,676
)
.................................
4,146,676
a
Total
Investments
(Cost
$225,004,119)
126.9%
..................................
$272,832,829
Notes
Payable
(30.2)%
.......................................................
(64,962,495)
Other
Assets,
less
Liabilities
3.3%
.............................................
7,056,663
Net
Assets
100.0%
...........................................................
$214,926,997
Franklin
Universal
Trust
Statement
of
Investments
(unaudited)
franklintempleton.com
Semiannual
Report
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
20
See
Abbreviations
on
page
54
.
At
February
28,
2022,
the
Fund
had
the
following marketplace
loans
outstanding.
See
Note
1(d).
*
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
12
regarding
fair
value
measurements.
c
See
Note
11
regarding
restricted
securities.
d
Income
may
be
received
in
additional
securities
and/or
cash.
e
Perpetual
security
with
no
stated
maturity
date.
f
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
February
28,
2022,
the
aggregate
value
of
these
securities
was
$128,281,407,
representing
59.7%
of
net
assets.
g
See
Note
8
regarding
credit
risk
and
defaulted
securities.
h
See
Note
1(d)
regarding
Marketplace
Lending.
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(c)
regarding
investments
in
affiliated
management
investment
companies.
k
The
rate
shown
is
the
annualized
seven-day
effective
yield
at
period
end.
Description
Principal
Amount
Value
Marketplace
Loans
-
11.0%
Freedom
Financial
Asset
Management
LLC
APP-10084065.FP.FTS.B,
15.49%,
8/01/23
.
$
5,803‌
$
5,849‌
APP-10095990.FP.FTS.B,
5.99%,
8/05/23
..
6,936‌
7,017‌
APP-10849718.FP.FTS.B,
15.49%,
10/01/23
11,584‌
11,669‌
APP-10236665.FP.FTS.B,
5.99%,
10/04/23
.
6,732‌
6,817‌
APP-10852298.FP.FTS.B,
5.99%,
10/05/23
.
8,396‌
8,506‌
APP-10840576.FP.FTS.B,
5.99%,
10/15/23
.
8,412‌
8,532‌
APP-10847318.FP.FTS.B,
5.99%,
10/15/23
.
9,059‌
9,189‌
APP-11111300.FP.FTS.B,
5.99%,
11/02/23
.
8,811‌
8,932‌
APP-10550866.FP.FTS.B,
5.99%,
11/05/23
.
8,023‌
8,141‌
APP-09915050.FP.FTS.B,
5.99%,
11/20/23
.
7,549‌
7,666‌
APP-10762832.FP.FTS.B,
15.49%,
11/26/23
7,911‌
8,052‌
APP-11022068.FP.FTS.B,
5.99%,
12/06/23
.
10,303‌
10,460‌
APP-11105363.FP.FTS.B,
23.99%,
12/06/23
14,026‌
4,577‌
APP-11113828.FP.FTS.B,
15.49%,
12/15/23
5,784‌
5,870‌
APP-11037585.FP.FTS.B,
5.99%,
12/19/23
.
9,599‌
9,765‌
APP-10824538.FP.FTS.B,
5.99%,
12/20/23
.
8,846‌
8,993‌
APP-11022377.FP.FTS.B,
5.99%,
12/20/23
.
10,608‌
10,792‌
APP-12381966.FP.FTS.B,
20.49%,
1/20/24
.
12,632‌
12,754‌
APP-11834925.FP.FTS.B,
5.99%,
2/11/24
..
10,442‌
10,649‌
APP-11634713.FP.FTS.B,
5.99%,
2/13/24
..
11,548‌
11,760‌
APP-11595250.FP.FTS.B,
5.99%,
2/18/24
..
8,984‌
9,152‌
APP-12399683.FP.FTS.B,
22.49%,
3/20/24
.
10,000‌
10,199‌
APP-10084299.FP.FTS.B,
16.49%,
8/11/24
.
11,266‌
11,323‌
APP-10541747.FP.FTS.B,
16.99%,
9/05/24
.
10,352‌
10,414‌
APP-10142701.FP.FTS.B,
15.49%,
9/21/24
.
28,556‌
28,819‌
APP-10084298.FP.FTS.B,
12.74%,
9/26/24
.
14,882‌
15,090‌
APP-10836612.FP.FTS.B,
21.49%,
10/15/24
9,127‌
9,134‌
APP-10849903.FP.FTS.B,
11.24%,
10/16/24
25,507‌
25,854‌
APP-10570664.FP.FTS.B,
23.99%,
10/16/24
9,202‌
9,180‌
APP-10584167.FP.FTS.B,
16.99%,
10/28/24
7,109‌
7,234‌
APP-11139281.FP.FTS.B,
8.49%,
11/01/24
.
12,930‌
13,089‌
APP-10580345.FP.FTS.B,
12.49%,
11/01/24
26,400‌
26,706‌
Description
Principal
Amount
Value
Freedom
Financial
Asset
Management
LLC
(continued)
APP-11106155.FP.FTS.B,
12.74%,
11/01/24
$
19,561‌
$
19,786‌
APP-10482137.FP.FTS.B,
16.99%,
11/01/24
6,974‌
7,062‌
APP-11103175.FP.FTS.B,
17.99%,
11/05/24
22,791‌
22,830‌
APP-10762580.FP.FTS.B,
11.24%,
11/18/24
26,718‌
27,111‌
APP-10482415.FP.FTS.B,
12.24%,
11/25/24
11,569‌
11,766‌
APP-10842304.FP.FTS.B,
18.99%,
11/29/24
12,257‌
12,409‌
APP-10762540.FP.FTS.B,
14.49%,
11/30/24
18,609‌
18,731‌
APP-10825429.FP.FTS.B,
16.99%,
11/30/24
10,000‌
1,936‌
APP-10844126.FP.FTS.B,
23.99%,
11/30/24
15,197‌
15,067‌
APP-11021958.FP.FTS.B,
12.24%,
12/10/24
12,632‌
12,831‌
APP-11021643.FP.FTS.B,
10.49%,
12/14/24
16,226‌
16,509‌
APP-11695329.FP.FTS.B,
15.99%,
12/15/24
21,353‌
21,568‌
APP-11693890.FP.FTS.B,
13.24%,
12/17/24
48,709‌
49,339‌
APP-11102104.FP.FTS.B,
23.99%,
12/18/24
14,257‌
14,337‌
APP-11007940.FP.FTS.B,
10.49%,
12/19/24
13,026‌
13,282‌
APP-10839343.FP.FTS.B,
13.99%,
12/19/24
8,716‌
8,891‌
APP-11718442.FP.FTS.B,
19.99%,
12/22/24
41,349‌
41,771‌
APP-11799520.FP.FTS.B,
16.99%,
12/25/24
10,938‌
11,087‌
APP-11859716.FP.FTS.B,
12.49%,
1/01/25
.
35,452‌
35,846‌
APP-11872522.FP.FTS.B,
9.49%,
1/04/25
..
39,041‌
39,691‌
APP-11681583.FP.FTS.B,
16.99%,
1/30/25
.
10,601‌
10,837‌
APP-12413621.FP.FTS.B,
15.49%,
2/01/25
.
26,400‌
26,956‌
APP-12420264.FP.FTS.B,
15.99%,
2/01/25
.
24,157‌
24,356‌
APP-11766706.FP.FTS.B,
23.99%,
2/02/25
.
8,390‌
8,430‌
APP-11738038.FP.FTS.B,
21.99%,
2/04/25
.
18,558‌
18,642‌
APP-11799331.FP.FTS.B,
8.99%,
2/06/25
..
30,805‌
31,329‌
APP-11694349.FP.FTS.B,
14.24%,
2/07/25
.
32,386‌
32,856‌
APP-11862313.FP.FTS.B,
16.49%,
2/11/25
.
12,458‌
12,648‌
APP-11730867.FP.FTS.B,
25.49%,
2/14/25
.
10,211‌
10,355‌
APP-11869808.FP.FTS.B,
21.99%,
2/15/25
.
17,571‌
17,760‌
APP-12409067.FP.FTS.B,
13.74%,
3/08/25
.
37,581‌
38,380‌
APP-12399135.FP.FTS.B,
23.99%,
3/08/25
.
15,800‌
15,890‌
Franklin
Universal
Trust
Statement
of
Investments
(unaudited)
franklintempleton.com
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Semiannual
Report
21
Description
Principal
Amount
Value
Marketplace
Loans
(continued)
Freedom
Financial
Asset
Management
LLC
(continued)
APP-12394118.FP.FTS.B,
17.74%,
3/10/25
.
$
20,000‌
$
20,172‌
APP-12410877.FP.FTS.B,
13.74%,
3/15/25
.
34,000‌
34,813‌
APP-12370660.FP.FTS.B,
15.49%,
3/15/25
.
15,000‌
15,284‌
APP-12299545.FP.FTS.B,
14.99%,
3/21/25
.
20,000‌
20,332‌
APP-12270717.FP.FTS.B,
17.99%,
3/21/25
.
10,263‌
10,443‌
APP-12397103.FP.FTS.B,
25.49%,
3/21/25
.
8,200‌
8,485‌
APP-10111431.FP.FTS.B,
10.99%,
9/15/25
.
18,897‌
19,197‌
APP-10140977.FP.FTS.B,
24.99%,
9/15/25
.
9,254‌
9,287‌
APP-10569988.FP.FTS.B,
19.49%,
9/21/25
.
9,306‌
9,407‌
APP-10537957.FP.FTS.B,
24.99%,
9/21/25
.
9,517‌
9,515‌
APP-10091198.FP.FTS.B,
15.49%,
9/24/25
.
19,313‌
19,667‌
APP-10083835.FP.FTS.B,
10.99%,
9/25/25
.
13,253‌
13,502‌
APP-10411637.FP.FTS.B,
11.74%,
10/05/25
28,642‌
29,033‌
APP-10850461.FP.FTS.B,
20.99%,
10/10/25
9,406‌
9,445‌
APP-11022514.FP.FTS.B,
18.49%,
10/21/25
15,130‌
15,265‌
APP-10582948.FP.FTS.B,
10.99%,
10/22/25
22,328‌
22,695‌
APP-10578403.FP.FTS.B,
15.99%,
10/30/25
18,860‌
19,180‌
APP-10561192.FP.FTS.B,
8.99%,
11/03/25
.
16,147‌
16,416‌
APP-10834068.FP.FTS.B,
16.49%,
11/16/25
30,164‌
30,485‌
APP-10590842.FP.FTS.B,
19.49%,
11/18/25
14,155‌
14,259‌
APP-09208158.FP.FTS.B,
13.99%,
11/19/25
37,050‌
37,627‌
APP-10847056.FP.FTS.B,
11.49%,
11/22/25
31,182‌
31,733‌
APP-10841976.FP.FTS.B,
10.99%,
11/28/25
18,146‌
18,481‌
APP-10868780.FP.FTS.B,
14.49%,
12/02/25
28,780‌
29,097‌
APP-11025662.FP.FTS.B,
18.99%,
12/06/25
23,951‌
24,071‌
APP-11116538.FP.FTS.B,
8.99%,
12/10/25
.
14,019‌
14,259‌
APP-11105408.FP.FTS.B,
10.99%,
12/14/25
11,430‌
11,643‌
APP-11843242.FP.FTS.B,
12.24%,
12/15/25
19,141‌
19,373‌
APP-11097002.FP.FTS.B,
17.99%,
12/15/25
45,294‌
45,994‌
APP-11022500.FP.FTS.B,
17.99%,
12/16/25
11,824‌
11,997‌
APP-10988049.FP.FTS.B,
17.99%,
12/17/25
29,186‌
29,465‌
APP-11110991.FP.FTS.B,
10.99%,
12/20/25
19,086‌
19,476‌
APP-10561628.FP.FTS.B,
15.99%,
12/20/25
12,648‌
12,913‌
APP-11579320.FP.FTS.B,
16.99%,
12/20/25
20,040‌
20,267‌
APP-11749302.FP.FTS.B,
16.24%,
12/23/25
38,800‌
39,410‌
APP-11648292.FP.FTS.B,
11.24%,
12/29/25
19,672‌
20,034‌
APP-11799657.FP.FTS.B,
12.24%,
1/04/26
.
21,226‌
21,584‌
APP-11798391.FP.FTS.B,
18.49%,
1/04/26
.
9,931‌
10,063‌
APP-11733010.FP.FTS.B,
15.74%,
1/28/26
.
35,478‌
36,088‌
APP-12378685.FP.FTS.B,
15.99%,
2/01/26
.
14,037‌
14,217‌
APP-11708353.FP.FTS.B,
18.49%,
2/01/26
.
19,585‌
19,829‌
APP-11757188.FP.FTS.B,
18.24%,
2/02/26
.
39,620‌
40,097‌
APP-11799488.FP.FTS.B,
16.99%,
2/05/26
.
18,657‌
18,897‌
APP-11757063.FP.FTS.B,
17.99%,
2/05/26
.
19,836‌
20,105‌
APP-11763164.FP.FTS.B,
14.49%,
2/07/26
.
17,115‌
17,462‌
APP-11579317.FP.FTS.B,
16.24%,
2/13/26
.
34,229‌
34,716‌
APP-11869017.FP.FTS.B,
7.99%,
2/15/26
..
22,124‌
22,557‌
APP-11845599.FP.FTS.B,
15.99%,
2/16/26
.
14,858‌
15,177‌
APP-12281543.FP.FTS.B,
16.74%,
3/08/26
.
36,035‌
36,519‌
APP-12246304.FP.FTS.B,
18.24%,
3/08/26
.
32,699‌
33,449‌
APP-12401540.FP.FTS.B,
18.24%,
3/08/26
.
32,000‌
32,759‌
APP-12397373.FP.FTS.B,
15.99%,
3/15/26
.
14,000‌
14,334‌
APP-12338754.FP.FTS.B,
20.49%,
3/15/26
.
11,671‌
11,840‌
APP-12032813.FP.FTS.B,
17.99%,
3/17/26
.
12,885‌
13,231‌
APP-12419810.FP.FTS.B,
15.74%,
3/20/26
.
37,703‌
38,434‌
APP-12270812.FP.FTS.B,
16.99%,
3/22/26
.
12,411‌
12,667‌
APP-12421465.FP.FTS.B,
17.99%,
3/23/26
.
20,000‌
20,607‌
APP-10130115.FP.FTS.B,
20.49%,
8/01/26
.
24,176‌
23,883‌
Description
Principal
Amount
Value
Freedom
Financial
Asset
Management
LLC
(continued)
APP-10133595.FP.FTS.B,
11.99%,
8/11/26
.
$
18,496‌
$
18,751‌
APP-10146342.FP.FTS.B,
14.74%,
8/12/26
.
31,163‌
31,568‌
APP-10140897.FP.FTS.B,
16.99%,
8/12/26
.
19,619‌
19,841‌
APP-10117469.FP.FTS.B,
17.49%,
8/12/26
.
16,069‌
16,033‌
APP-10561274.FP.FTS.B,
14.99%,
9/15/26
.
26,677‌
26,952‌
APP-10145280.FP.FTS.B,
16.99%,
9/15/26
.
23,214‌
23,499‌
APP-10145662.FP.FTS.B,
18.99%,
9/17/26
.
20,691‌
20,787‌
APP-10460831.FP.FTS.B,
21.99%,
9/19/26
.
7,180‌
7,195‌
APP-10572421.FP.FTS.B,
10.49%,
9/20/26
.
32,541‌
33,025‌
APP-10091214.FP.FTS.B,
17.49%,
9/22/26
.
17,214‌
17,423‌
APP-10112171.FP.FTS.B,
22.49%,
9/24/26
.
9,297‌
9,337‌
APP-10128827.FP.FTS.B,
25.49%,
9/24/26
.
9,572‌
9,624‌
APP-10112510.FP.FTS.B,
16.49%,
9/25/26
.
11,870‌
12,073‌
APP-10061673.FP.FTS.B,
18.49%,
9/25/26
.
23,457‌
23,586‌
APP-10065934.FP.FTS.B,
19.49%,
9/25/26
.
47,301‌
47,483‌
APP-10015954.FP.FTS.B,
19.99%,
9/25/26
.
18,737‌
18,871‌
APP-10145175.FP.FTS.B,
14.49%,
9/26/26
.
8,775‌
8,947‌
APP-10850556.FP.FTS.B,
11.99%,
10/01/26
19,836‌
20,020‌
APP-09931612.FP.FTS.B,
14.24%,
10/03/26
15,039‌
15,170‌
APP-10838239.FP.FTS.B,
12.49%,
10/12/26
30,565‌
30,976‌
APP-10838238.FP.FTS.B,
11.99%,
10/15/26
4,623‌
4,641‌
APP-10835593.FP.FTS.B,
19.49%,
10/15/26
11,498‌
11,522‌
APP-10840600.FP.FTS.B,
19.49%,
10/15/26
13,101‌
13,156‌
APP-10846417.FP.FTS.B,
22.99%,
10/15/26
17,310‌
17,258‌
APP-10770219.FP.FTS.B,
25.49%,
10/15/26
9,607‌
9,573‌
APP-10845328.FP.FTS.B,
11.99%,
10/16/26
23,751‌
24,102‌
APP-10704368.FP.FTS.B,
14.99%,
10/16/26
18,283‌
18,510‌
APP-10745909.FP.FTS.B,
17.99%,
10/16/26
47,855‌
48,442‌
APP-10829192.FP.FTS.B,
18.99%,
10/16/26
23,476‌
23,585‌
APP-10852939.FP.FTS.B,
16.49%,
10/17/26
8,412‌
8,535‌
APP-10568088.FP.FTS.B,
18.99%,
10/20/26
47,386‌
47,686‌
APP-10573356.FP.FTS.B,
16.49%,
10/21/26
12,281‌
12,357‌
APP-10581131.FP.FTS.B,
22.49%,
10/22/26
9,537‌
9,562‌
APP-10575367.FP.FTS.B,
20.99%,
10/25/26
36,233‌
36,483‌
APP-10129146.FP.FTS.B,
23.49%,
10/25/26
21,945‌
22,040‌
APP-10575636.FP.FTS.B,
18.49%,
10/30/26
11,593‌
11,747‌
APP-10489452.FP.FTS.B,
14.24%,
11/01/26
13,944‌
14,127‌
APP-10355079.FP.FTS.B,
18.49%,
11/01/26
38,564‌
38,709‌
APP-10916894.FP.FTS.B,
20.49%,
11/01/26
18,595‌
18,498‌
APP-10384953.FP.FTS.B,
19.99%,
11/02/26
15,564‌
15,569‌
APP-10224478.FP.FTS.B,
20.49%,
11/02/26
25,071‌
25,333‌
APP-11119432.FP.FTS.B,
11.99%,
11/03/26
21,192‌
21,494‌
APP-10491072.FP.FTS.B,
13.24%,
11/04/26
47,860‌
48,696‌
APP-10577758.FP.FTS.B,
17.49%,
11/04/26
12,053‌
12,125‌
APP-10551173.FP.FTS.B,
11.99%,
11/05/26
19,022‌
19,352‌
APP-11187454.FP.FTS.B,
22.49%,
11/10/26
9,712‌
9,716‌
APP-10848002.FP.FTS.B,
17.99%,
11/19/26
23,757‌
24,022‌
APP-10859032.FP.FTS.B,
9.99%,
11/21/26
.
14,983‌
15,231‌
APP-10842381.FP.FTS.B,
12.49%,
11/21/26
33,736‌
34,289‌
APP-10830375.FP.FTS.B,
19.99%,
11/21/26
15,106‌
15,181‌
APP-10845176.FP.FTS.B,
17.49%,
11/25/26
14,416‌
14,589‌
APP-10692450.FP.FTS.B,
17.49%,
11/29/26
25,975‌
26,382‌
APP-10849788.FP.FTS.B,
17.49%,
11/29/26
11,684‌
11,876‌
APP-10671079.FP.FTS.B,
11.99%,
11/30/26
28,078‌
28,544‌
APP-10848317.FP.FTS.B,
12.24%,
11/30/26
18,381‌
18,662‌
APP-10670975.FP.FTS.B,
21.49%,
11/30/26
15,365‌
15,469‌
APP-10860337.FP.FTS.B,
22.99%,
11/30/26
15,495‌
15,429‌
APP-10682032.FP.FTS.B,
11.99%,
12/01/26
13,147‌
13,369‌
Franklin
Universal
Trust
Statement
of
Investments
(unaudited)
franklintempleton.com
Semiannual
Report
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
22
Description
Principal
Amount
Value
Marketplace
Loans
(continued)
Freedom
Financial
Asset
Management
LLC
(continued)
APP-11107180.FP.FTS.B,
14.24%,
12/06/26
$
23,068‌
$
23,380‌
APP-11122151.FP.FTS.B,
16.49%,
12/06/26
14,598‌
14,799‌
APP-11094577.FP.FTS.B,
19.49%,
12/08/26
11,739‌
11,881‌
APP-11119689.FP.FTS.B,
19.99%,
12/10/26
48,662‌
49,071‌
APP-11008022.FP.FTS.B,
11.99%,
12/13/26
13,956‌
14,207‌
APP-11123280.FP.FTS.B,
12.49%,
12/14/26
32,870‌
33,476‌
APP-11123090.FP.FTS.B,
14.24%,
12/15/26
22,566‌
22,981‌
APP-10314454.FP.FTS.B,
15.99%,
12/15/26
11,191‌
11,387‌
APP-11021456.FP.FTS.B,
20.99%,
12/15/26
35,682‌
35,891‌
APP-11112014.FP.FTS.B,
17.99%,
12/16/26
48,714‌
49,259‌
APP-10839250.FP.FTS.B,
17.49%,
12/17/26
13,842‌
14,023‌
APP-11115075.FP.FTS.B,
17.99%,
12/17/26
17,915‌
5,908‌
APP-11680428.FP.FTS.B,
17.99%,
12/17/26
10,682‌
10,778‌
APP-11084610.FP.FTS.B,
19.99%,
12/18/26
13,597‌
13,654‌
APP-10916814.FP.FTS.B,
20.99%,
12/18/26
40,432‌
40,795‌
APP-11121084.FP.FTS.B,
17.49%,
12/19/26
18,040‌
18,293‌
APP-11116084.FP.FTS.B,
19.49%,
12/19/26
39,219‌
39,847‌
APP-11007668.FP.FTS.B,
19.99%,
12/19/26
17,610‌
17,816‌
APP-11091099.FP.FTS.B,
9.99%,
12/20/26
.
30,471‌
31,062‌
APP-11111264.FP.FTS.B,
16.49%,
12/20/26
11,692‌
11,925‌
APP-11766944.FP.FTS.B,
19.99%,
12/20/26
17,615‌
17,790‌
APP-11036570.FP.FTS.B,
22.99%,
12/20/26
15,115‌
15,241‌
APP-11874582.FP.FTS.B,
17.49%,
12/23/26
21,406‌
21,642‌
APP-11751323.FP.FTS.B,
17.99%,
12/23/26
13,715‌
13,914‌
APP-11752200.FP.FTS.B,
21.49%,
12/23/26
18,318‌
18,563‌
APP-11767307.FP.FTS.B,
14.49%,
12/24/26
27,029‌
27,371‌
APP-11461595.FP.FTS.B,
17.99%,
12/24/26
13,192‌
13,335‌
APP-11762193.FP.FTS.B,
18.49%,
12/24/26
18,114‌
18,373‌
APP-11759070.FP.FTS.B,
24.99%,
12/24/26
45,245‌
45,873‌
APP-11737090.FP.FTS.B,
25.49%,
12/24/26
7,894‌
8,170‌
APP-11123763.FP.FTS.B,
18.49%,
12/25/26
12,398‌
12,585‌
APP-11677084.FP.FTS.B,
15.49%,
12/26/26
43,839‌
44,497‌
APP-11798581.FP.FTS.B,
16.99%,
12/28/26
18,717‌
19,035‌
APP-11799609.FP.FTS.B,
10.99%,
1/01/27
.
31,753‌
32,215‌
APP-11844341.FP.FTS.B,
16.74%,
1/01/27
.
32,525‌
32,727‌
APP-11843108.FP.FTS.B,
16.99%,
1/03/27
.
25,790‌
26,071‌
APP-11870826.FP.FTS.B,
19.99%,
1/04/27
.
11,193‌
11,302‌
APP-11752747.FP.FTS.B,
17.99%,
1/28/27
.
28,806‌
29,420‌
APP-11758670.FP.FTS.B,
16.74%,
2/01/27
.
49,659‌
50,484‌
APP-11764558.FP.FTS.B,
17.99%,
2/01/27
.
19,876‌
20,052‌
APP-11744634.FP.FTS.B,
19.99%,
2/01/27
.
16,913‌
17,069‌
APP-12399764.FP.FTS.B,
25.49%,
2/01/27
.
7,800‌
7,815‌
APP-11824892.FP.FTS.B,
16.99%,
2/03/27
.
16,823‌
17,070‌
APP-11765220.FP.FTS.B,
11.99%,
2/04/27
.
49,578‌
50,502‌
APP-12235238.FP.FTS.B,
19.99%,
2/04/27
.
15,000‌
15,132‌
APP-12396355.FP.FTS.B,
19.99%,
2/04/27
.
23,000‌
23,170‌
APP-11724933.FP.FTS.B,
14.24%,
2/05/27
.
14,404‌
14,688‌
APP-11838934.FP.FTS.B,
16.99%,
2/05/27
.
20,523‌
20,762‌
APP-11702245.FP.FTS.B,
17.49%,
2/05/27
.
34,842‌
35,309‌
APP-11698240.FP.FTS.B,
18.99%,
2/05/27
.
21,922‌
22,226‌
APP-12419304.FP.FTS.B,
19.99%,
2/05/27
.
7,500‌
7,578‌
APP-11674918.FP.FTS.B,
20.49%,
2/05/27
.
24,934‌
25,254‌
APP-11764720.FP.FTS.B,
21.99%,
2/05/27
.
9,983‌
10,116‌
APP-11442714.FP.FTS.B,
12.49%,
2/06/27
.
37,084‌
37,837‌
APP-11765974.FP.FTS.B,
17.24%,
2/06/27
.
39,832‌
40,433‌
APP-12397051.FP.FTS.B,
17.49%,
2/06/27
.
12,000‌
12,143‌
APP-11696610.FP.FTS.B,
14.24%,
2/07/27
.
24,854‌
25,364‌
APP-11743079.FP.FTS.B,
16.24%,
2/07/27
.
39,823‌
40,377‌
Description
Principal
Amount
Value
Freedom
Financial
Asset
Management
LLC
(continued)
APP-11757936.FP.FTS.B,
19.99%,
2/07/27
.
$
9,383‌
$
9,527‌
APP-11763967.FP.FTS.B,
19.99%,
2/07/27
.
14,972‌
15,179‌
APP-11837813.FP.FTS.B,
20.99%,
2/10/27
.
11,938‌
12,056‌
APP-11792416.FP.FTS.B,
16.49%,
2/11/27
.
25,323‌
25,663‌
APP-11838245.FP.FTS.B,
19.99%,
2/11/27
.
9,949‌
10,089‌
APP-11801863.FP.FTS.B,
8.99%,
2/12/27
..
34,644‌
35,298‌
APP-11799414.FP.FTS.B,
19.99%,
2/13/27
.
10,195‌
10,350‌
APP-11798652.FP.FTS.B,
11.74%,
2/14/27
.
49,570‌
50,563‌
APP-11843528.FP.FTS.B,
19.99%,
2/14/27
.
9,964‌
10,122‌
APP-11804301.FP.FTS.B,
22.49%,
2/14/27
.
10,279‌
10,419‌
APP-11864146.FP.FTS.B,
11.24%,
2/15/27
.
17,839‌
18,204‌
APP-11872928.FP.FTS.B,
11.24%,
2/15/27
.
15,946‌
16,272‌
APP-11845152.FP.FTS.B,
11.74%,
2/15/27
.
42,587‌
43,455‌
APP-11801830.FP.FTS.B,
16.49%,
2/15/27
.
19,897‌
20,299‌
APP-11836574.FP.FTS.B,
16.99%,
2/16/27
.
20,889‌
21,258‌
APP-11842708.FP.FTS.B,
23.49%,
2/16/27
.
9,986‌
10,141‌
APP-11874547.FP.FTS.B,
19.49%,
2/18/27
.
13,050‌
13,281‌
APP-11763914.FP.FTS.B,
23.24%,
2/18/27
.
22,999‌
23,752‌
APP-12304720.FP.FTS.B,
18.74%,
3/06/27
.
50,000‌
50,551‌
APP-12106158.FP.FTS.B,
11.24%,
3/07/27
.
17,440‌
17,795‌
APP-12414983.FP.FTS.B,
19.74%,
3/08/27
.
30,000‌
30,288‌
APP-12404066.FP.FTS.B,
22.49%,
3/08/27
.
34,500‌
34,804‌
APP-12408150.FP.FTS.B,
19.99%,
3/10/27
.
10,525‌
10,663‌
APP-12407302.FP.FTS.B,
18.99%,
3/15/27
.
10,800‌
10,978‌
APP-12272662.FP.FTS.B,
16.49%,
3/17/27
.
20,000‌
20,323‌
APP-11863466.FP.FTS.B,
25.49%,
3/17/27
.
9,997‌
10,162‌
APP-12385340.FP.FTS.B,
25.49%,
3/17/27
.
8,900‌
9,171‌
APP-12334114.FP.FTS.B,
8.99%,
3/18/27
..
35,790‌
36,506‌
APP-12407333.FP.FTS.B,
22.49%,
3/18/27
.
9,690‌
9,841‌
APP-12375682.FP.FTS.B,
22.99%,
3/18/27
.
15,650‌
16,133‌
APP-12362387.FP.FTS.B,
13.24%,
3/20/27
.
40,000‌
40,850‌
APP-12399677.FP.FTS.B,
19.24%,
3/20/27
.
20,000‌
20,618‌
APP-12341500.FP.FTS.B,
20.49%,
3/20/27
.
16,600‌
17,112‌
APP-12396943.FP.FTS.B,
13.49%,
3/21/27
.
17,000‌
17,369‌
APP-12270734.FP.FTS.B,
16.99%,
3/21/27
.
18,548‌
19,050‌
APP-10314654.FP.FTS.B,
19.74%,
3/21/27
.
32,593‌
33,178‌
APP-12415697.FP.FTS.B,
17.99%,
3/22/27
.
25,300‌
25,753‌
APP-12381900.FP.FTS.B,
18.49%,
3/22/27
.
21,000‌
21,632‌
APP-12164396.FP.FTS.B,
22.99%,
4/22/27
.
18,500‌
19,118‌
5,630,493‌
LendingClub
Corp.
153397672.LC.FTS.B,
14.3%,
6/14/22
....
4,665‌
4,661‌
153745806.LC.FTS.B,
25%,
6/19/22
......
1,939‌
1,908‌
153856171.LC.FTS.B,
14.3%,
6/20/22
....
3,356‌
3,359‌
154044569.LC.FTS.B,
16.95%,
6/24/22
....
344‌
345‌
153378839.LC.FTS.B,
20%,
6/26/22
......
1,946‌
1,960‌
154417950.LC.FTS.B,
14.3%,
7/01/22
....
1,656‌
1,644‌
154621459.LC.FTS.B,
14.3%,
7/03/22
....
576‌
575‌
154762010.LC.FTS.B,
11.71%,
7/17/22
....
965‌
956‌
154022189.LC.FTS.B,
17.74%,
7/17/22
....
1,279‌
1,257‌
155447930.LC.FTS.B,
16.95%,
7/25/22
....
598‌
598‌
156473775.LC.FTS.B,
11.71%,
8/06/22
....
2,018‌
1,995‌
156613324.LC.FTS.B,
13.08%,
8/07/22
....
1,668‌
1,647‌
157802793.LC.FTS.B,
20.55%,
8/28/22
....
1,433‌
1,438‌
157843311.LC.FTS.B,
11.02%,
9/04/22
....
5,565‌
5,476‌
158121595.LC.FTS.B,
17.74%,
9/04/22
....
8,326‌
8,213‌
158839038.LC.FTS.B,
16.12%,
9/16/22
....
1,461‌
1,430‌
Franklin
Universal
Trust
Statement
of
Investments
(unaudited)
franklintempleton.com
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Semiannual
Report
23
Description
Principal
Amount
Value
Marketplace
Loans
(continued)
LendingClub
Corp.
(continued)
159072068.LC.FTS.B,
16.12%,
9/20/22
....
$
8,091‌
$
8,014‌
158584585.LC.FTS.B,
16.95%,
9/24/22
....
732‌
713‌
159209497.LC.FTS.B,
18.62%,
9/25/22
....
2,401‌
2,406‌
159503700.LC.FTS.B,
14.3%,
9/30/22
....
655‌
650‌
158674158.LC.FTS.B,
16.95%,
9/30/22
....
3,632‌
688‌
159444276.LC.FTS.B,
11.71%,
10/07/22
...
10,134‌
9,967‌
159851638.LC.FTS.B,
18.62%,
10/07/22
...
2,315‌
2,291‌
160328345.LC.FTS.B,
16.95%,
10/16/22
...
2,998‌
2,958‌
160507437.LC.FTS.B,
17.74%,
10/17/22
...
5,787‌
5,543‌
160698361.LC.FTS.B,
Zero
Cpn,
10/23/22
.
13,196‌
6,334‌
161121841.LC.FTS.B,
17.74%,
10/31/22
...
9,547‌
9,065‌
161307831.LC.FTS.B,
13.08%,
11/05/22
...
4,603‌
4,510‌
161435144.LC.FTS.B,
13.08%,
11/05/22
...
4,459‌
4,328‌
161330945.LC.FTS.B,
20.55%,
11/05/22
...
1,862‌
1,821‌
161393306.LC.FTS.B,
25.65%,
11/05/22
...
17,349‌
16,899‌
161597561.LC.FTS.B,
14.3%,
11/08/22
....
10,146‌
804‌
162300634.LC.FTS.B,
17.74%,
11/22/22
...
16,994‌
16,342‌
162691500.LC.FTS.B,
23.05%,
12/02/22
...
8,735‌
8,541‌
163232730.LC.FTS.B,
14.3%,
12/12/22
....
3,236‌
3,155‌
163205403.LC.FTS.B,
15.24%,
12/16/22
...
1,625‌
1,584‌
163426985.LC.FTS.B,
17.74%,
12/16/22
...
4,031‌
3,897‌
162121370.LC.FTS.B,
18.62%,
12/17/22
...
7,359‌
7,240‌
163082276.LC.FTS.B,
16.12%,
12/23/22
...
1,968‌
1,924‌
163789996.LC.FTS.B,
18.62%,
12/23/22
...
4,859‌
956‌
163724403.LC.FTS.B,
17.74%,
12/30/22
...
16,133‌
15,554‌
164288173.LC.FTS.B,
12.4%,
1/03/23
....
8,641‌
8,409‌
164260503.LC.FTS.B,
17.74%,
1/03/23
....
3,646‌
3,525‌
164271498.LC.FTS.B,
17.74%,
1/03/23
....
2,906‌
2,821‌
164345934.LC.FTS.B,
23.05%,
1/06/23
....
6,349‌
6,186‌
164493400.LC.FTS.B,
5%,
1/07/23
.......
6,205‌
5,980‌
164374418.LC.FTS.B,
20.55%,
1/07/23
....
3,688‌
3,599‌
164230564.LC.FTS.B,
23.05%,
1/07/23
....
2,856‌
2,786‌
164840710.LC.FTS.B,
11.02%,
1/13/23
....
12,452‌
11,423‌
164752651.LC.FTS.B,
11.71%,
1/13/23
....
3,434‌
3,346‌
165275435.LC.FTS.B,
16.95%,
1/21/23
....
13,214‌
12,630‌
165274334.LC.FTS.B,
15.24%,
1/22/23
....
3,630‌
3,545‌
166161562.LC.FTS.B,
13.08%,
2/05/23
....
5,321‌
5,108‌
166461550.LC.FTS.B,
18.62%,
2/10/23
....
7,827‌
7,635‌
166725144.LC.FTS.B,
13.08%,
2/14/23
....
7,494‌
7,276‌
166706004.LC.FTS.B,
18.62%,
2/14/23
....
16,827‌
15,992‌
167040921.LC.FTS.B,
20.55%,
2/20/23
....
2,973‌
2,902‌
166940539.LC.FTS.B,
17.74%,
2/24/23
....
5,310‌
5,169‌
167401494.LC.FTS.B,
17.74%,
2/26/23
....
9,372‌
8,992‌
167535348.LC.FTS.B,
15.24%,
3/03/23
....
2,790‌
2,691‌
167712619.LC.FTS.B,
16.12%,
3/03/23
....
3,822‌
3,682‌
167561625.LC.FTS.B,
17.74%,
3/03/23
....
8,022‌
7,726‌
168136459.LC.FTS.B,
18.62%,
3/10/23
....
5,232‌
5,053‌
168138547.LC.FTS.B,
20.55%,
3/10/23
....
6,929‌
6,706‌
168163559.LC.FTS.B,
14.3%,
3/11/23
.....
8,222‌
7,941‌
168167134.LC.FTS.B,
14.3%,
3/11/23
.....
2,466‌
2,382‌
168118890.LC.FTS.B,
14.3%,
3/12/23
.....
16,238‌
15,642‌
168278154.LC.FTS.B,
16.95%,
3/13/23
....
5,636‌
5,451‌
168111101.LC.FTS.B,
20.55%,
3/13/23
....
3,038‌
2,935‌
168533173.LC.FTS.B,
15.24%,
3/17/23
....
4,144‌
4,009‌
168554036.LC.FTS.B,
16.95%,
3/19/23
....
5,886‌
5,698‌
151259806.LC.FTS.B,
20%,
6/04/24
......
13,812‌
5,272‌
152544412.LC.FTS.B,
13.08%,
6/20/24
....
20,955‌
20,090‌
153904028.LC.FTS.B,
17.74%,
6/21/24
....
10,181‌
9,705‌
Description
Principal
Amount
Value
LendingClub
Corp.
(continued)
153974620.LC.FTS.B,
14.3%,
6/24/24
....
$
13,317‌
$
12,753‌
154144733.LC.FTS.B,
12.4%,
6/26/24
....
11,648‌
11,149‌
154416452.LC.FTS.B,
16.12%,
7/01/24
....
14,866‌
14,106‌
154830437.LC.FTS.B,
16.95%,
7/08/24
....
7,209‌
6,421‌
154977601.LC.FTS.B,
16.95%,
7/10/24
....
11,249‌
10,613‌
154984164.LC.FTS.B,
12.4%,
7/11/24
.....
14,882‌
14,220‌
155451456.LC.FTS.B,
11.02%,
7/17/24
....
18,279‌
17,496‌
155408143.LC.FTS.B,
16.95%,
7/22/24
....
14,993‌
14,300‌
155615542.LC.FTS.B,
14.3%,
7/23/24
....
8,838‌
8,347‌
155731933.LC.FTS.B,
15.24%,
7/23/24
....
17,775‌
16,894‌
155823205.LC.FTS.B,
14.3%,
7/24/24
....
10,071‌
9,509‌
154596020.LC.FTS.B,
16.12%,
7/24/24
....
23,153‌
22,054‌
155686835.LC.FTS.B,
16.95%,
7/31/24
....
7,891‌
7,420‌
156235700.LC.FTS.B,
17.74%,
8/06/24
....
8,516‌
8,065‌
156589526.LC.FTS.B,
14.3%,
8/07/24
....
25,904‌
1,145‌
156759369.LC.FTS.B,
12.4%,
8/09/24
....
13,836‌
13,187‌
156752978.LC.FTS.B,
14.3%,
8/09/24
....
22,931‌
21,702‌
156812488.LC.FTS.B,
14.3%,
8/12/24
....
6,246‌
5,928‌
156799913.LC.FTS.B,
12.4%,
8/16/24
....
18,448‌
17,598‌
156978108.LC.FTS.B,
16.12%,
8/16/24
....
9,161‌
8,703‌
158011325.LC.FTS.B,
14.3%,
9/03/24
.....
10,629‌
9,935‌
157482871.LC.FTS.B,
14.3%,
9/04/24
....
12,083‌
11,413‌
158130288.LC.FTS.B,
14.3%,
9/04/24
....
8,760‌
8,275‌
159089545.LC.FTS.B,
16.95%,
9/23/24
....
7,437‌
7,057‌
159106791.LC.FTS.B,
17.74%,
9/23/24
....
9,162‌
8,693‌
159001219.LC.FTS.B,
12.4%,
9/26/24
....
16,481‌
15,736‌
157902245.LC.FTS.B,
15.24%,
9/27/24
....
7,124‌
6,718‌
158570676.LC.FTS.B,
16.12%,
9/27/24
....
7,635‌
7,217‌
158913750.LC.FTS.B,
11.71%,
9/30/24
....
15,121‌
14,382‌
160029837.LC.FTS.B,
12.4%,
10/09/24
....
20,205‌
19,150‌
160497417.LC.FTS.B,
18.62%,
10/17/24
...
6,452‌
6,135‌
160768654.LC.FTS.B,
13.08%,
10/23/24
...
13,776‌
12,991‌
160792694.LC.FTS.B,
13.08%,
10/23/24
...
24,520‌
23,306‌
160804707.LC.FTS.B,
13.08%,
10/23/24
...
14,255‌
13,460‌
160768091.LC.FTS.B,
16.95%,
10/23/24
...
9,489‌
8,944‌
160802244.LC.FTS.B,
16.95%,
10/24/24
...
9,534‌
9,024‌
161424051.LC.FTS.B,
10.33%,
11/05/24
...
9,114‌
8,630‌
160992973.LC.FTS.B,
12.4%,
11/07/24
....
6,249‌
5,920‌
161483895.LC.FTS.B,
13.08%,
11/07/24
...
7,547‌
7,149‌
160809803.LC.FTS.B,
13.08%,
11/08/24
...
20,567‌
16,855‌
162010515.LC.FTS.B,
17.74%,
11/18/24
...
6,967‌
6,565‌
161908889.LC.FTS.B,
Zero
Cpn,
11/22/24
.
7,715‌
730‌
162624241.LC.FTS.B,
13.08%,
12/02/24
...
19,669‌
18,585‌
162934170.LC.FTS.B,
16.12%,
12/06/24
...
12,713‌
11,890‌
162923894.LC.FTS.B,
18.62%,
12/06/24
...
6,759‌
6,347‌
163764805.LC.FTS.B,
20.55%,
12/23/24
...
13,128‌
12,408‌
163557424.LC.FTS.B,
11.02%,
12/30/24
...
17,136‌
16,423‌
164089980.LC.FTS.B,
17.74%,
12/30/24
...
9,042‌
8,402‌
164548038.LC.FTS.B,
11.02%,
1/10/25
....
21,605‌
20,404‌
164671360.LC.FTS.B,
11.02%,
1/10/25
....
17,236‌
16,268‌
164529142.LC.FTS.B,
12.4%,
1/10/25
....
17,555‌
16,566‌
164683343.LC.FTS.B,
20.55%,
1/10/25
....
8,477‌
7,929‌
164758820.LC.FTS.B,
11.71%,
1/13/25
....
6,164‌
5,828‌
163766174.LC.FTS.B,
17.74%,
1/21/25
....
12,269‌
11,475‌
165045221.LC.FTS.B,
15.24%,
1/22/25
....
24,184‌
22,582‌
165352318.LC.FTS.B,
15.24%,
1/22/25
....
23,718‌
21,088‌
164870816.LC.FTS.B,
16.95%,
1/22/25
....
15,219‌
13,958‌
165707974.LC.FTS.B,
20.55%,
1/28/25
....
4,575‌
4,311‌
Franklin
Universal
Trust
Statement
of
Investments
(unaudited)
franklintempleton.com
Semiannual
Report
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
24
Description
Principal
Amount
Value
Marketplace
Loans
(continued)
LendingClub
Corp.
(continued)
165520144.LC.FTS.B,
20.55%,
2/05/25
....
$
14,123‌
$
13,143‌
167132427.LC.FTS.B,
20.55%,
2/21/25
....
14,763‌
13,766‌
167079278.LC.FTS.B,
20.55%,
2/24/25
....
23,477‌
21,220‌
167701228.LC.FTS.B,
Zero
Cpn,
3/03/25
..
8,313‌
791‌
167712249.LC.FTS.B,
14.3%,
3/03/25
....
21,554‌
20,131‌
166170570.LC.FTS.B,
17.74%,
3/03/25
....
12,325‌
11,466‌
166444317.LC.FTS.B,
13.08%,
3/04/25
....
32,076‌
26,742‌
167747801.LC.FTS.B,
16.12%,
3/04/25
....
11,421‌
10,622‌
168140265.LC.FTS.B,
15.24%,
3/10/25
....
15,592‌
14,525‌
168420680.LC.FTS.B,
17.74%,
3/16/25
....
15,140‌
14,090‌
1,226,808‌
LendingClub
Corp.
-
LCX
157719290.LC.FTS.B,
14.3%,
8/26/22
....
322‌
322‌
157483547.LC.FTS.B,
16.95%,
8/26/22
....
4,498‌
4,466‌
157395789.LC.FTS.B,
17.74%,
8/26/22
....
1,935‌
1,939‌
159192001.LC.FTS.B,
17.74%,
9/24/22
....
8,217‌
8,017‌
161175578.LC.FTS.B,
20.55%,
11/12/22
...
10,428‌
10,321‌
161935731.LC.FTS.B,
14.3%,
11/15/22
....
4,660‌
4,616‌
161909866.LC.FTS.B,
20.55%,
11/15/22
...
–‌
–‌
165150776.LC.FTS.B,
18.62%,
1/21/23
....
5,858‌
5,791‌
165327223.LC.FTS.B,
20.55%,
1/21/23
....
891‌
877‌
164620294.LC.FTS.B,
23.05%,
1/21/23
....
1,561‌
1,516‌
164239762.LC.FTS.B,
20.55%,
1/22/23
....
1,956‌
1,934‌
166157039.LC.FTS.B,
25.65%,
2/07/23
....
16,086‌
15,615‌
161911117.LC.FTS.B,
20.55%,
11/14/24
...
4,028‌
3,894‌
164542068.LC.FTS.B,
25.65%,
1/21/25
....
9,458‌
8,952‌
165857030.LC.FTS.B,
23.05%,
2/07/25
....
11,386‌
2,219‌
70,479‌
LendingClub
Corp.
-
LCX
PM
171545777.LC.FTS.B,
10.81%,
10/30/23
...
5,250‌
4,935‌
171728432.LC.FTS.B,
17.3%,
10/30/23
....
6,447‌
6,160‌
171730294.LC.FTS.B,
19.95%,
10/30/23
...
6,191‌
757‌
172078618.LC.FTS.B,
8.46%,
11/23/23
....
12,276‌
11,458‌
172997264.LC.FTS.B,
14.02%,
12/17/23
...
6,607‌
6,286‌
173017997.LC.FTS.B,
14.02%,
12/17/23
...
1,584‌
1,536‌
173574789.LC.FTS.B,
19.95%,
1/07/24
....
5,640‌
5,411‌
173374603.LC.FTS.B,
19.12%,
1/13/24
....
9,553‌
9,155‌
173844241.LC.FTS.B,
17.99%,
1/14/24
....
2,235‌
2,201‌
184889420.LC.FTS.B,
15.99%,
1/13/25
....
23,519‌
22,195‌
184905245.LC.FTS.B,
15.99%,
1/13/25
....
15,651‌
14,549‌
185022110.LC.FTS.B,
18.99%,
1/13/25
....
19,583‌
19,548‌
184916811.LC.FTS.B,
15.99%,
1/18/25
....
9,782‌
9,791‌
185100934.LC.FTS.B,
16.99%,
1/18/25
....
8,317‌
8,323‌
184794872.LC.FTS.B,
17.19%,
1/18/25
....
10,000‌
7,905‌
185107591.LC.FTS.B,
17.99%,
1/18/25
....
1,459‌
1,455‌
185116420.LC.FTS.B,
18.99%,
1/18/25
....
14,133‌
14,121‌
185090414.LC.FTS.B,
19.99%,
1/18/25
....
9,795‌
9,782‌
185085067.LC.FTS.B,
22.99%,
1/18/25
....
16,668‌
16,628‌
185170289.LC.FTS.B,
15.99%,
1/19/25
....
10,760‌
10,312‌
185222066.LC.FTS.B,
15.99%,
1/19/25
....
6,129‌
6,076‌
185225789.LC.FTS.B,
20.99%,
1/19/25
....
14,697‌
14,680‌
185231531.LC.FTS.B,
21.49%,
1/19/25
....
3,920‌
3,912‌
184827001.LC.FTS.B,
11.99%,
1/21/25
....
1,954‌
1,964‌
185074501.LC.FTS.B,
12.74%,
1/21/25
....
4,885‌
4,903‌
185220597.LC.FTS.B,
15.49%,
1/21/25
....
21,516‌
20,839‌
184922844.LC.FTS.B,
15.99%,
1/21/25
....
16,000‌
16,060‌
185269892.LC.FTS.B,
22.99%,
1/21/25
....
20,000‌
20,151‌
Description
Principal
Amount
Value
LendingClub
Corp.
-
LCX
PM
(continued)
184577634.LC.FTS.B,
15.49%,
1/25/25
....
$
6,846‌
$
6,863‌
185429719.LC.FTS.B,
16.99%,
1/25/25
....
10,568‌
10,593‌
185388961.LC.FTS.B,
17.49%,
1/25/25
....
9,787‌
9,527‌
185449370.LC.FTS.B,
18.44%,
1/25/25
....
11,748‌
11,758‌
185337050.LC.FTS.B,
20.99%,
1/25/25
....
23,516‌
23,529‌
185446293.LC.FTS.B,
22.99%,
1/25/25
....
19,494‌
19,337‌
185493347.LC.FTS.B,
16.49%,
1/27/25
....
20,000‌
20,056‌
185508661.LC.FTS.B,
16.49%,
1/27/25
....
10,000‌
10,086‌
185513167.LC.FTS.B,
16.99%,
1/27/25
....
9,000‌
9,025‌
185529283.LC.FTS.B,
18.99%,
1/27/25
....
20,000‌
20,167‌
185516823.LC.FTS.B,
22.49%,
1/27/25
....
5,000‌
5,040‌
185617939.LC.FTS.B,
18.49%,
1/31/25
....
27,000‌
27,058‌
185591984.LC.FTS.B,
18.99%,
1/31/25
....
14,400‌
14,430‌
184733710.LC.FTS.B,
24.99%,
1/31/25
....
3,500‌
3,505‌
185743058.LC.FTS.B,
12.19%,
2/02/25
....
8,000‌
7,965‌
185670318.LC.FTS.B,
15.44%,
2/02/25
....
15,000‌
14,628‌
185694876.LC.FTS.B,
15.49%,
2/02/25
....
11,500‌
11,543‌
185706898.LC.FTS.B,
15.99%,
2/02/25
....
10,400‌
10,438‌
185712751.LC.FTS.B,
19.99%,
2/02/25
....
15,000‌
15,031‌
185724453.LC.FTS.B,
15.99%,
2/03/25
....
2,400‌
2,410‌
185720673.LC.FTS.B,
14.49%,
2/04/25
....
6,000‌
5,861‌
184778654.LC.FTS.B,
16.19%,
2/04/25
....
3,500‌
3,516‌
185664927.LC.FTS.B,
18.49%,
2/04/25
....
5,000‌
5,016‌
185767962.LC.FTS.B,
18.99%,
2/04/25
....
4,872‌
4,918‌
185806351.LC.FTS.B,
18.99%,
2/04/25
....
12,000‌
12,039‌
185769830.LC.FTS.B,
19.94%,
2/04/25
....
9,500‌
9,530‌
185764512.LC.FTS.B,
19.99%,
2/04/25
....
25,000‌
25,079‌
185951058.LC.FTS.B,
17.69%,
2/08/25
....
5,500‌
5,509‌
185828353.LC.FTS.B,
22.99%,
2/08/25
....
18,000‌
17,790‌
185972334.LC.FTS.B,
22.99%,
2/08/25
....
7,500‌
7,521‌
185870831.LC.FTS.B,
15.99%,
2/10/25
....
7,200‌
7,251‌
186050160.LC.FTS.B,
15.99%,
2/10/25
....
17,500‌
17,519‌
186046548.LC.FTS.B,
16.49%,
2/10/25
....
5,000‌
5,037‌
185687275.LC.FTS.B,
17.44%,
2/10/25
....
5,000‌
5,029‌
186038688.LC.FTS.B,
18.99%,
2/10/25
....
25,000‌
25,123‌
185828265.LC.FTS.B,
19.44%,
2/10/25
....
16,000‌
16,079‌
186033116.LC.FTS.B,
19.49%,
2/10/25
....
3,800‌
3,819‌
185614486.LC.FTS.B,
19.99%,
2/10/25
....
25,000‌
25,122‌
185157324.LC.FTS.B,
16.49%,
2/14/25
....
9,600‌
9,661‌
185952586.LC.FTS.B,
16.99%,
2/14/25
....
6,500‌
6,541‌
186144016.LC.FTS.B,
17.49%,
2/14/25
....
9,000‌
9,057‌
185731098.LC.FTS.B,
18.99%,
2/14/25
....
4,000‌
4,022‌
186124453.LC.FTS.B,
18.99%,
2/14/25
....
5,000‌
5,028‌
186130490.LC.FTS.B,
18.99%,
2/14/25
....
15,000‌
15,083‌
186141198.LC.FTS.B,
18.99%,
2/14/25
....
5,000‌
5,028‌
186109882.LC.FTS.B,
21.99%,
2/14/25
....
20,000‌
20,096‌
186135777.LC.FTS.B,
22.99%,
2/14/25
....
8,400‌
8,440‌
186248821.LC.FTS.B,
12.94%,
2/16/25
....
15,000‌
15,113‌
186258860.LC.FTS.B,
16.49%,
2/16/25
....
5,600‌
5,638‌
171620762.LC.FTS.B,
14.71%,
10/30/25
...
2,481‌
2,435‌
171733583.LC.FTS.B,
18.24%,
10/30/25
...
18,205‌
17,405‌
173004399.LC.FTS.B,
15.4%,
12/16/25
....
8,055‌
7,812‌
172637623.LC.FTS.B,
16.08%,
12/17/25
...
14,984‌
14,532‌
173844190.LC.FTS.B,
21.99%,
1/14/26
....
16,549‌
16,141‌
184987590.LC.FTS.B,
19.73%,
1/13/27
....
9,901‌
9,598‌
185051135.LC.FTS.B,
23.99%,
1/13/27
....
23,499‌
23,460‌
185021259.LC.FTS.B,
24.99%,
1/13/27
....
23,796‌
23,681‌
185030629.LC.FTS.B,
28.99%,
1/13/27
....
5,955‌
5,923‌
Franklin
Universal
Trust
Statement
of
Investments
(unaudited)
franklintempleton.com
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Semiannual
Report
25
Description
Principal
Amount
Value
Marketplace
Loans
(continued)
LendingClub
Corp.
-
LCX
PM
(continued)
184862697.LC.FTS.B,
13.19%,
1/18/27
....
$
15,500‌
$
15,375‌
184976261.LC.FTS.B,
15.44%,
1/18/27
....
19,777‌
18,749‌
185102499.LC.FTS.B,
17.49%,
1/18/27
....
14,842‌
14,857‌
185067921.LC.FTS.B,
17.74%,
1/18/27
....
19,850‌
19,602‌
185105381.LC.FTS.B,
17.74%,
1/18/27
....
11,874‌
11,886‌
185246556.LC.FTS.B,
18.49%,
1/19/27
....
4,949‌
4,945‌
185174308.LC.FTS.B,
19.73%,
1/19/27
....
29,703‌
28,671‌
185242092.LC.FTS.B,
20.99%,
1/19/27
....
29,713‌
29,682‌
185186598.LC.FTS.B,
21.99%,
1/19/27
....
7,926‌
7,899‌
185203099.LC.FTS.B,
21.99%,
1/19/27
....
13,870‌
13,823‌
185201217.LC.FTS.B,
23.19%,
1/19/27
....
11,892‌
11,793‌
185207466.LC.FTS.B,
23.99%,
1/19/27
....
29,737‌
29,486‌
185257156.LC.FTS.B,
23.99%,
1/19/27
....
13,382‌
13,333‌
185208719.LC.FTS.B,
27.99%,
1/19/27
....
9,525‌
9,486‌
185275950.LC.FTS.B,
15.44%,
1/21/27
....
19,777‌
19,822‌
185284755.LC.FTS.B,
20.24%,
1/21/27
....
23,221‌
23,222‌
185298966.LC.FTS.B,
21.49%,
1/21/27
....
24,764‌
24,714‌
185325210.LC.FTS.B,
21.49%,
1/21/27
....
24,000‌
23,966‌
184608676.LC.FTS.B,
21.99%,
1/21/27
....
14,870‌
14,960‌
185190835.LC.FTS.B,
21.99%,
1/21/27
....
19,814‌
19,773‌
185280664.LC.FTS.B,
21.99%,
1/21/27
....
16,842‌
16,807‌
185094462.LC.FTS.B,
22.99%,
1/21/27
....
11,892‌
11,865‌
185295974.LC.FTS.B,
23.99%,
1/21/27
....
27,754‌
27,689‌
185215933.LC.FTS.B,
28.99%,
1/21/27
....
17,864‌
17,811‌
185400305.LC.FTS.B,
19.49%,
1/25/27
....
9,900‌
9,907‌
184820033.LC.FTS.B,
22.49%,
1/25/27
....
25,000‌
24,992‌
185461521.LC.FTS.B,
23.99%,
1/25/27
....
19,825‌
19,792‌
185510835.LC.FTS.B,
20.99%,
1/27/27
....
27,000‌
27,215‌
184953769.LC.FTS.B,
21.99%,
1/27/27
....
28,000‌
28,224‌
185465019.LC.FTS.B,
21.99%,
1/27/27
....
25,000‌
25,200‌
185285978.LC.FTS.B,
23.19%,
1/27/27
....
30,000‌
30,235‌
185262859.LC.FTS.B,
24.99%,
1/27/27
....
20,000‌
20,152‌
185593614.LC.FTS.B,
14.94%,
1/31/27
....
6,000‌
6,031‌
185625736.LC.FTS.B,
17.24%,
1/31/27
....
15,000‌
15,054‌
185553869.LC.FTS.B,
17.44%,
1/31/27
....
17,400‌
17,458‌
185606478.LC.FTS.B,
20.99%,
1/31/27
....
25,525‌
25,572‌
185551601.LC.FTS.B,
23.19%,
1/31/27
....
25,000‌
25,006‌
185644818.LC.FTS.B,
17.24%,
2/02/27
....
40,000‌
38,496‌
185705979.LC.FTS.B,
23.49%,
2/02/27
....
16,500‌
16,514‌
185715452.LC.FTS.B,
24.99%,
2/02/27
....
18,000‌
18,014‌
185801067.LC.FTS.B,
15.19%,
2/04/27
....
15,000‌
14,930‌
185785605.LC.FTS.B,
16.99%,
2/04/27
....
24,000‌
24,119‌
185794411.LC.FTS.B,
18.99%,
2/04/27
....
30,000‌
30,114‌
185773530.LC.FTS.B,
21.99%,
2/04/27
....
15,000‌
15,034‌
185796432.LC.FTS.B,
21.99%,
2/04/27
....
20,000‌
20,116‌
185579608.LC.FTS.B,
23.99%,
2/04/27
....
30,000‌
30,063‌
185584314.LC.FTS.B,
23.99%,
2/04/27
....
13,000‌
13,027‌
185803689.LC.FTS.B,
12.69%,
2/08/27
....
40,000‌
37,912‌
185670781.LC.FTS.B,
14.74%,
2/08/27
....
40,000‌
39,859‌
186002061.LC.FTS.B,
14.94%,
2/08/27
....
14,180‌
14,268‌
185765188.LC.FTS.B,
19.49%,
2/08/27
....
25,000‌
24,619‌
185950419.LC.FTS.B,
19.94%,
2/08/27
....
40,000‌
39,462‌
185905597.LC.FTS.B,
19.99%,
2/08/27
....
13,000‌
12,694‌
185965503.LC.FTS.B,
19.99%,
2/08/27
....
5,200‌
5,197‌
185788975.LC.FTS.B,
20.44%,
2/08/27
....
40,000‌
39,974‌
184697668.LC.FTS.B,
22.49%,
2/08/27
....
20,000‌
20,057‌
185972627.LC.FTS.B,
22.69%,
2/08/27
....
13,500‌
13,604‌
185500483.LC.FTS.B,
23.99%,
2/08/27
....
35,000‌
35,097‌
Description
Principal
Amount
Value
LendingClub
Corp.
-
LCX
PM
(continued)
185994246.LC.FTS.B,
23.99%,
2/08/27
....
$
8,000‌
$
8,022‌
185957980.LC.FTS.B,
10.99%,
2/10/27
....
35,725‌
35,656‌
186105140.LC.FTS.B,
14.99%,
2/10/27
....
12,000‌
11,965‌
186053383.LC.FTS.B,
18.49%,
2/10/27
....
25,000‌
25,134‌
186004411.LC.FTS.B,
21.99%,
2/10/27
....
14,050‌
14,109‌
186037923.LC.FTS.B,
23.49%,
2/10/27
....
7,000‌
7,029‌
186037630.LC.FTS.B,
23.99%,
2/10/27
....
15,000‌
15,085‌
186057988.LC.FTS.B,
23.99%,
2/10/27
....
20,000‌
20,081‌
186073191.LC.FTS.B,
23.99%,
2/10/27
....
10,000‌
10,041‌
186131505.LC.FTS.B,
14.94%,
2/14/27
....
12,000‌
12,087‌
185962334.LC.FTS.B,
16.49%,
2/14/27
....
35,000‌
35,232‌
186055580.LC.FTS.B,
19.49%,
2/14/27
....
16,000‌
16,093‌
185737435.LC.FTS.B,
19.74%,
2/14/27
....
16,975‌
17,074‌
186072313.LC.FTS.B,
19.99%,
2/14/27
....
16,000‌
16,093‌
184948000.LC.FTS.B,
23.99%,
2/14/27
....
30,000‌
30,142‌
186094287.LC.FTS.B,
24.99%,
2/14/27
....
10,000‌
10,047‌
186114907.LC.FTS.B,
24.99%,
2/14/27
....
10,000‌
10,047‌
185440062.LC.FTS.B,
17.49%,
2/16/27
....
22,000‌
22,154‌
186256667.LC.FTS.B,
20.49%,
2/16/27
....
21,225‌
21,254‌
186258250.LC.FTS.B,
21.99%,
2/16/27
....
10,000‌
10,055‌
186160994.LC.FTS.B,
23.99%,
2/16/27
....
20,000‌
20,108‌
186255693.LC.FTS.B,
28.99%,
2/16/27
....
8,000‌
8,041‌
2,534,307‌
Prosper
Funding
LLC
1609447.PS.FTS.B,
12.06%,
8/17/24
.....
8,578‌
8,375‌
1606124.PS.FTS.B,
12.3%,
8/17/24
......
9,027‌
8,814‌
1606139.PS.FTS.B,
12.8%,
8/17/24
......
4,296‌
4,195‌
1606130.PS.FTS.B,
14.89%,
8/17/24
.....
8,632‌
8,350‌
1616481.PS.FTS.B,
14.89%,
8/17/24
.....
12,947‌
12,525‌
1609444.PS.FTS.B,
15%,
8/17/24
........
5,180‌
5,010‌
1610038.PS.FTS.B,
15%,
8/17/24
........
7,726‌
7,450‌
1606757.PS.FTS.B,
15.5%,
8/17/24
......
3,627‌
3,510‌
1616802.PS.FTS.B,
16%,
8/17/24
........
6,922‌
6,696‌
1609774.PS.FTS.B,
16.6%,
8/17/24
......
7,797‌
7,542‌
1606751.PS.FTS.B,
18.41%,
8/17/24
.....
8,697‌
8,412‌
1611259.PS.FTS.B,
13.5%,
8/19/24
......
5,163‌
5,044‌
1607870.PS.FTS.B,
14%,
8/19/24
........
7,753‌
7,574‌
1618029.PS.FTS.B,
15.2%,
8/19/24
......
2,159‌
2,090‌
1618077.PS.FTS.B,
15.4%,
8/19/24
......
3,456‌
3,346‌
1611457.PS.FTS.B,
14.2%,
8/20/24
......
1,618‌
1,578‌
1618524.PS.FTS.B,
15.2%,
8/20/24
......
8,637‌
8,365‌
1608122.PS.FTS.B,
19.8%,
8/20/24
......
1,634‌
1,575‌
1619058.PS.FTS.B,
19%,
8/23/24
........
1,742‌
1,684‌
1612303.PS.FTS.B,
20.8%,
8/23/24
......
17,480‌
16,898‌
1613464.PS.FTS.B,
15.4%,
8/24/24
......
6,655‌
6,456‌
1609562.PS.FTS.B,
19.8%,
8/24/24
......
8,942‌
8,650‌
1610156.PS.FTS.B,
24.6%,
8/24/24
......
1,803‌
1,743‌
1610720.PS.FTS.B,
16.6%,
8/25/24
......
7,114‌
7,009‌
1610444.PS.FTS.B,
18.09%,
8/25/24
.....
12,520‌
12,285‌
1610027.PS.FTS.B,
18.09%,
8/27/24
.....
6,252‌
6,148‌
1609666.PS.FTS.B,
18.7%,
8/29/24
......
6,402‌
3,539‌
1612697.PS.FTS.B,
25.61%,
8/30/24
.....
9,029‌
8,614‌
1625728.PS.FTS.B,
12.49%,
9/16/24
.....
22,066‌
21,604‌
1625731.PS.FTS.B,
13.3%,
9/16/24
......
13,672‌
13,541‌
1622147.PS.FTS.B,
13.6%,
9/16/24
......
1,769‌
1,732‌
1632609.PS.FTS.B,
14.39%,
9/16/24
.....
6,200‌
6,017‌
1626067.PS.FTS.B,
15.4%,
9/17/24
......
12,157‌
11,802‌
1632888.PS.FTS.B,
17.96%,
9/17/24
.....
2,568‌
2,484‌
Franklin
Universal
Trust
Statement
of
Investments
(unaudited)
franklintempleton.com
Semiannual
Report
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
26
Description
Principal
Amount
Value
Marketplace
Loans
(continued)
Prosper
Funding
LLC
(continued)
1622420.PS.FTS.B,
19.86%,
9/17/24
.....
$
12,967‌
$
12,523‌
1622396.PS.FTS.B,
20.4%,
9/17/24
......
4,476‌
4,322‌
1620186.PS.FTS.B,
22.4%,
9/17/24
......
1,867‌
1,854‌
1626424.PS.FTS.B,
11.7%,
9/20/24
......
9,695‌
9,501‌
1626697.PS.FTS.B,
13%,
9/20/24
........
3,711‌
3,637‌
1634583.PS.FTS.B,
18.4%,
9/21/24
......
2,676‌
2,590‌
1623410.PS.FTS.B,
18.5%,
9/21/24
......
1,784‌
1,726‌
1623737.PS.FTS.B,
18.7%,
9/21/24
......
1,785‌
1,728‌
1634322.PS.FTS.B,
20.46%,
9/21/24
.....
2,686‌
2,598‌
1628590.PS.FTS.B,
24.51%,
9/22/24
.....
8,904‌
8,596‌
1629025.PS.FTS.B,
19.5%,
9/23/24
......
8,937‌
8,660‌
1626395.PS.FTS.B,
13.87%,
9/24/24
.....
31,791‌
30,950‌
1625876.PS.FTS.B,
14.41%,
9/24/24
.....
22,725‌
22,293‌
1625882.PS.FTS.B,
14.85%,
9/24/24
.....
1,210‌
1,195‌
1630510.PS.FTS.B,
11.97%,
9/27/24
.....
6,793‌
6,743‌
1626680.PS.FTS.B,
16%,
9/27/24
........
10,933‌
10,811‌
1628891.PS.FTS.B,
14.94%,
9/29/24
.....
4,549‌
4,429‌
1634534.PS.FTS.B,
11.6%,
10/08/24
.....
4,528‌
4,440‌
1648309.PS.FTS.B,
14.49%,
10/26/24
....
9,325‌
9,246‌
1645271.PS.FTS.B,
10.8%,
10/27/24
.....
17,644‌
17,556‌
1655766.PS.FTS.B,
15.5%,
10/27/24
.....
14,936‌
14,828‌
1648648.PS.FTS.B,
16%,
10/27/24
.......
3,736‌
3,711‌
1655418.PS.FTS.B,
17.37%,
10/27/24
....
5,742‌
1,460‌
1645670.PS.FTS.B,
17.8%,
10/27/24
.....
3,275‌
3,246‌
1655772.PS.FTS.B,
21.23%,
10/27/24
....
4,695‌
4,666‌
1649014.PS.FTS.B,
22.7%,
10/27/24
.....
3,658‌
3,621‌
1649335.PS.FTS.B,
13.1%,
10/28/24
.....
1,968‌
1,950‌
1656261.PS.FTS.B,
16%,
10/28/24
.......
6,538‌
6,372‌
1646495.PS.FTS.B,
13.3%,
10/29/24
.....
22,409‌
21,971‌
1646552.PS.FTS.B,
15.29%,
10/29/24
....
13,999‌
13,727‌
1647383.PS.FTS.B,
16.2%,
10/29/24
.....
5,605‌
5,452‌
1650988.PS.FTS.B,
15.4%,
11/01/24
.....
7,656‌
7,421‌
1648499.PS.FTS.B,
17%,
11/02/24
.......
6,545‌
6,335‌
1659951.PS.FTS.B,
18.09%,
11/04/24
.....
2,808‌
2,721‌
1661430.PS.FTS.B,
12%,
11/05/24
.......
10,229‌
10,065‌
1651433.PS.FTS.B,
12.4%,
11/05/24
.....
15,350‌
15,104‌
1654777.PS.FTS.B,
13.3%,
11/05/24
.....
11,175‌
10,912‌
1664880.PS.FTS.B,
9.45%,
11/08/24
.....
9,272‌
9,132‌
1652093.PS.FTS.B,
12.33%,
11/08/24
.....
3,256‌
3,206‌
1658149.PS.FTS.B,
13.4%,
11/08/24
.....
4,657‌
4,553‌
1664622.PS.FTS.B,
16.9%,
11/08/24
.....
2,337‌
2,270‌
1664838.PS.FTS.B,
20.01%,
11/08/24
.....
5,065‌
4,918‌
1666485.PS.FTS.B,
10.5%,
11/09/24
.....
3,713‌
3,658‌
1666317.PS.FTS.B,
13.4%,
11/09/24
.....
4,191‌
4,099‌
1658650.PS.FTS.B,
13.6%,
11/09/24
.....
13,973‌
13,666‌
1665699.PS.FTS.B,
15%,
11/09/24
.......
7,464‌
7,299‌
1666494.PS.FTS.B,
18.9%,
11/09/24
.....
8,622‌
5,044‌
1660138.PS.FTS.B,
10.89%,
11/10/24
.....
37,149‌
36,604‌
1660012.PS.FTS.B,
12.3%,
11/10/24
.....
6,511‌
6,415‌
1653779.PS.FTS.B,
14.39%,
11/10/24
.....
18,647‌
18,243‌
1660360.PS.FTS.B,
14.39%,
11/10/24
.....
4,662‌
4,561‌
1653836.PS.FTS.B,
14.79%,
11/10/24
.....
1,865‌
1,825‌
1645667.PS.FTS.B,
16.6%,
11/10/24
.....
9,407‌
9,231‌
1660285.PS.FTS.B,
18.9%,
11/10/24
.....
1,874‌
1,821‌
1661320.PS.FTS.B,
12.3%,
11/12/24
.....
7,907‌
7,794‌
1661257.PS.FTS.B,
17.8%,
11/12/24
.....
1,871‌
1,821‌
1661617.PS.FTS.B,
10.89%,
11/15/24
.....
9,287‌
9,163‌
1661575.PS.FTS.B,
12%,
11/15/24
.......
7,189‌
7,167‌
Description
Principal
Amount
Value
Prosper
Funding
LLC
(continued)
1655723.PS.FTS.B,
15.1%,
11/15/24
.....
$
18,661‌
$
18,292‌
1670571.PS.FTS.B,
14.09%,
11/16/24
.....
6,058‌
5,941‌
1672573.PS.FTS.B,
17%,
12/03/24
.......
1,915‌
1,869‌
1678378.PS.FTS.B,
10.5%,
12/14/24
.....
19,052‌
18,884‌
1685274.PS.FTS.B,
10.54%,
12/14/24
....
1,892‌
1,882‌
1685238.PS.FTS.B,
12.2%,
12/14/24
.....
14,308‌
14,181‌
1672739.PS.FTS.B,
13.6%,
12/14/24
.....
14,323‌
14,195‌
1685619.PS.FTS.B,
14.39%,
12/14/24
....
5,735‌
5,658‌
1672733.PS.FTS.B,
15%,
12/14/24
.......
9,559‌
9,431‌
1678399.PS.FTS.B,
16.3%,
12/14/24
.....
2,391‌
2,349‌
1678369.PS.FTS.B,
17.71%,
12/14/24
....
9,578‌
9,449‌
1678747.PS.FTS.B,
19.3%,
12/14/24
.....
1,918‌
1,883‌
1679110.PS.FTS.B,
13.36%,
12/15/24
.....
9,517‌
9,383‌
1686000.PS.FTS.B,
13.36%,
12/15/24
....
14,321‌
14,196‌
1673372.PS.FTS.B,
16%,
12/15/24
.......
7,653‌
7,521‌
1679107.PS.FTS.B,
18.5%,
12/15/24
.....
21,178‌
20,811‌
1685991.PS.FTS.B,
19.5%,
12/15/24
.....
1,918‌
1,885‌
1672982.PS.FTS.B,
22%,
12/15/24
.......
2,883‌
2,832‌
1680175.PS.FTS.B,
22.6%,
12/16/24
.....
3,822‌
3,717‌
1674770.PS.FTS.B,
13.1%,
12/17/24
.....
14,318‌
14,144‌
1674329.PS.FTS.B,
14.89%,
12/17/24
....
5,735‌
5,665‌
1674347.PS.FTS.B,
15.86%,
12/17/24
....
14,347‌
14,171‌
1682128.PS.FTS.B,
16%,
12/21/24
.......
1,913‌
1,893‌
1700772.PS.FTS.B,
12.1%,
1/12/25
......
19,540‌
19,464‌
1700742.PS.FTS.B,
12.24%,
1/12/25
.....
7,817‌
7,769‌
1701126.PS.FTS.B,
13%,
1/12/25
........
7,819‌
7,788‌
1693870.PS.FTS.B,
13.6%,
1/12/25
......
4,888‌
4,868‌
1694296.PS.FTS.B,
13.87%,
1/12/25
.....
24,370‌
24,016‌
1688000.PS.FTS.B,
13.9%,
1/12/25
......
8,000‌
7,993‌
1693867.PS.FTS.B,
15.4%,
1/12/25
......
4,891‌
4,861‌
1701120.PS.FTS.B,
15.9%,
1/12/25
......
11,741‌
11,668‌
1701129.PS.FTS.B,
16.4%,
1/12/25
......
10,764‌
10,697‌
1687967.PS.FTS.B,
16.57%,
1/12/25
.....
1,957‌
1,945‌
1700775.PS.FTS.B,
16.6%,
1/12/25
......
29,359‌
29,175‌
1688351.PS.FTS.B,
17%,
1/12/25
........
4,405‌
4,365‌
1688342.PS.FTS.B,
17.5%,
1/12/25
......
15,663‌
15,522‌
1700745.PS.FTS.B,
18.01%,
1/12/25
.....
6,854‌
6,854‌
1688003.PS.FTS.B,
18.2%,
1/12/25
......
9,707‌
9,522‌
1694107.PS.FTS.B,
18.5%,
1/12/25
......
8,814‌
8,758‌
1688336.PS.FTS.B,
19.2%,
1/12/25
......
15,673‌
15,530‌
1687970.PS.FTS.B,
23.5%,
1/12/25
......
1,932‌
1,890‌
1688693.PS.FTS.B,
11.7%,
1/13/25
......
9,769‌
9,733‌
1694488.PS.FTS.B,
13.8%,
1/13/25
......
12,932‌
12,856‌
1694470.PS.FTS.B,
15.29%,
1/13/25
.....
7,336‌
7,294‌
1688699.PS.FTS.B,
21.8%,
1/13/25
......
8,298‌
8,143‌
1695739.PS.FTS.B,
11.89%,
1/14/25
.....
14,654‌
14,604‌
1695970.PS.FTS.B,
17%,
1/14/25
........
1,958‌
1,942‌
1689453.PS.FTS.B,
12%,
1/15/25
........
4,283‌
4,229‌
1690265.PS.FTS.B,
23.3%,
1/18/25
......
6,866‌
6,816‌
1697473.PS.FTS.B,
10.54%,
1/19/25
.....
14,646‌
14,616‌
1698238.PS.FTS.B,
15.1%,
1/19/25
......
10,270‌
10,234‌
1692512.PS.FTS.B,
19.34%,
1/19/25
.....
10,202‌
10,079‌
1692137.PS.FTS.B,
20.34%,
1/19/25
.....
3,920‌
3,898‌
1700011.PS.FTS.B,
13.9%,
1/21/25
......
4,888‌
4,875‌
1697303.PS.FTS.B,
13.9%,
1/27/25
......
4,000‌
4,046‌
1715202.PS.FTS.B,
18.09%,
2/04/25
.....
5,000‌
4,933‌
1714423.PS.FTS.B,
12.3%,
2/14/25
......
6,100‌
6,075‌
1720755.PS.FTS.B,
13.96%,
2/14/25
.....
25,000‌
24,896‌
Franklin
Universal
Trust
Statement
of
Investments
(unaudited)
franklintempleton.com
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Semiannual
Report
27
Description
Principal
Amount
Value
Marketplace
Loans
(continued)
Prosper
Funding
LLC
(continued)
1707749.PS.FTS.B,
16%,
2/14/25
........
$
5,000‌
$
4,970‌
1714408.PS.FTS.B,
22.11%,
2/14/25
.....
10,000‌
9,903‌
1714645.PS.FTS.B,
11.4%,
2/15/25
......
7,500‌
7,472‌
1715041.PS.FTS.B,
11.4%,
2/15/25
......
2,000‌
1,993‌
1720926.PS.FTS.B,
13.68%,
2/15/25
.....
25,000‌
24,864‌
1720938.PS.FTS.B,
13.81%,
2/15/25
.....
10,000‌
9,961‌
1707953.PS.FTS.B,
13.96%,
2/15/25
.....
20,000‌
19,922‌
1707959.PS.FTS.B,
14.39%,
2/15/25
.....
3,000‌
2,983‌
1707938.PS.FTS.B,
15.86%,
2/15/25
.....
14,000‌
13,922‌
1715485.PS.FTS.B,
16%,
2/15/25
........
25,000‌
24,860‌
1714630.PS.FTS.B,
16.16%,
2/15/25
.....
15,000‌
14,916‌
1720929.PS.FTS.B,
18.11%,
2/15/25
.....
7,000‌
6,960‌
1720923.PS.FTS.B,
18.7%,
2/15/25
......
25,000‌
24,810‌
1714624.PS.FTS.B,
19.41%,
2/15/25
.....
10,000‌
9,924‌
1715122.PS.FTS.B,
19.8%,
2/15/25
......
2,500‌
2,481‌
1720920.PS.FTS.B,
21.2%,
2/15/25
......
10,500‌
10,405‌
1708640.PS.FTS.B,
21.8%,
2/15/25
......
8,000‌
7,938‌
1707956.PS.FTS.B,
24.4%,
2/15/25
......
4,500‌
4,458‌
1715809.PS.FTS.B,
13.6%,
2/16/25
......
12,500‌
12,437‌
1722336.PS.FTS.B,
14.74%,
2/16/25
.....
5,500‌
5,472‌
1716181.PS.FTS.B,
15.4%,
2/16/25
......
9,500‌
9,451‌
1709219.PS.FTS.B,
16%,
2/16/25
........
10,500‌
10,428‌
1722348.PS.FTS.B,
16%,
2/16/25
........
8,000‌
7,958‌
1716271.PS.FTS.B,
18.9%,
2/16/25
......
25,000‌
24,823‌
1715734.PS.FTS.B,
19.83%,
2/16/25
.....
7,000‌
6,962‌
1722360.PS.FTS.B,
22.6%,
2/16/25
......
3,000‌
2,975‌
1723116.PS.FTS.B,
16.29%,
2/17/25
.....
2,000‌
1,987‌
1625713.PS.FTS.B,
13.66%,
8/16/25
.....
4,655‌
2,255‌
1606145.PS.FTS.B,
14%,
8/17/26
........
13,933‌
13,456‌
1606127.PS.FTS.B,
15.2%,
8/17/26
......
8,380‌
8,092‌
1607291.PS.FTS.B,
28.59%,
8/18/26
.....
5,714‌
5,483‌
1608104.PS.FTS.B,
15.8%,
8/19/26
......
23,093‌
22,406‌
1607933.PS.FTS.B,
18.5%,
8/19/26
......
1,874‌
1,794‌
1611955.PS.FTS.B,
13.3%,
8/20/26
......
11,908‌
11,609‌
1618458.PS.FTS.B,
13.3%,
8/20/26
......
5,566‌
5,441‌
1608617.PS.FTS.B,
13.7%,
8/20/26
......
5,570‌
5,446‌
1618680.PS.FTS.B,
15.37%,
8/20/26
.....
16,299‌
15,934‌
1611802.PS.FTS.B,
29.74%,
8/22/26
.....
3,822‌
3,673‌
1619286.PS.FTS.B,
12.5%,
8/23/26
......
11,113‌
10,873‌
1612306.PS.FTS.B,
13.5%,
8/23/26
......
6,589‌
6,446‌
1609277.PS.FTS.B,
15.7%,
8/23/26
......
13,048‌
12,627‌
1620417.PS.FTS.B,
13.7%,
8/24/26
......
8,465‌
8,283‌
1610327.PS.FTS.B,
27.6%,
8/24/26
......
7,675‌
7,395‌
1620558.PS.FTS.B,
29.08%,
8/24/26
.....
9,502‌
9,138‌
1621434.PS.FTS.B,
14.6%,
8/26/26
......
4,676‌
4,580‌
1614454.PS.FTS.B,
17.7%,
8/26/26
......
9,465‌
9,249‌
1621428.PS.FTS.B,
20%,
8/26/26
........
9,497‌
9,297‌
1611746.PS.FTS.B,
14.29%,
8/27/26
.....
8,473‌
8,402‌
1615451.PS.FTS.B,
21.64%,
9/03/26
.....
20,823‌
20,087‌
1612838.PS.FTS.B,
18.5%,
9/13/26
......
8,529‌
8,160‌
1622156.PS.FTS.B,
12.5%,
9/16/26
......
4,693‌
4,599‌
1625740.PS.FTS.B,
18.48%,
9/16/26
.....
9,476‌
9,105‌
1622423.PS.FTS.B,
13.88%,
9/17/26
.....
13,453‌
13,184‌
1626046.PS.FTS.B,
15.18%,
9/17/26
.....
8,956‌
8,777‌
1627036.PS.FTS.B,
16.33%,
9/20/26
.....
12,750‌
12,379‌
1624382.PS.FTS.B,
13.4%,
9/21/26
......
28,201‌
27,663‌
1634850.PS.FTS.B,
15.1%,
9/21/26
......
19,795‌
19,227‌
1634247.PS.FTS.B,
16.7%,
9/21/26
......
22,113‌
21,476‌
Description
Principal
Amount
Value
Prosper
Funding
LLC
(continued)
1623734.PS.FTS.B,
18.4%,
9/21/26
......
$
9,507‌
$
9,160‌
1623731.PS.FTS.B,
18.93%,
9/21/26
.....
17,067‌
16,442‌
1628173.PS.FTS.B,
11.6%,
9/22/26
......
9,934‌
9,748‌
1628497.PS.FTS.B,
14.89%,
9/22/26
.....
10,083‌
9,797‌
1608923.PS.FTS.B,
27.13%,
9/22/26
.....
3,869‌
3,754‌
1635897.PS.FTS.B,
12%,
9/23/26
........
20,632‌
20,249‌
1635735.PS.FTS.B,
14.68%,
9/23/26
.....
14,130‌
13,866‌
1637445.PS.FTS.B,
13.3%,
9/27/26
......
9,520‌
9,461‌
1626758.PS.FTS.B,
17.96%,
9/27/26
.....
21,163‌
20,926‌
1637406.PS.FTS.B,
18.5%,
9/27/26
......
6,707‌
6,590‌
1644866.PS.FTS.B,
11.1%,
10/26/26
.....
9,623‌
9,578‌
1644875.PS.FTS.B,
11.6%,
10/26/26
.....
7,221‌
7,190‌
1655034.PS.FTS.B,
11.7%,
10/26/26
.....
22,146‌
22,054‌
1648324.PS.FTS.B,
12.2%,
10/26/26
.....
19,267‌
19,195‌
1644860.PS.FTS.B,
18.33%,
10/26/26
....
11,628‌
11,484‌
1645337.PS.FTS.B,
18.48%,
10/27/26
....
19,383‌
19,154‌
1649743.PS.FTS.B,
10.9%,
10/28/26
.....
11,063‌
10,889‌
1646108.PS.FTS.B,
11.1%,
10/28/26
.....
24,056‌
23,677‌
1649533.PS.FTS.B,
11.79%,
10/28/26
.....
25,036‌
24,642‌
1646123.PS.FTS.B,
13.32%,
10/28/26
....
7,233‌
7,054‌
1649539.PS.FTS.B,
16.7%,
10/28/26
.....
19,351‌
18,874‌
1646117.PS.FTS.B,
18.33%,
10/28/26
.....
11,628‌
11,229‌
1646138.PS.FTS.B,
24.03%,
10/28/26
....
5,842‌
5,626‌
1650328.PS.FTS.B,
11.2%,
10/29/26
.....
9,146‌
9,040‌
1646948.PS.FTS.B,
11.79%,
10/29/26
.....
14,444‌
14,276‌
1649926.PS.FTS.B,
13.8%,
10/29/26
.....
31,841‌
31,242‌
1656591.PS.FTS.B,
14.79%,
10/29/26
....
33,804‌
33,965‌
1650904.PS.FTS.B,
26.43%,
10/29/26
....
7,804‌
7,561‌
1647395.PS.FTS.B,
11.89%,
11/01/26
.....
9,630‌
9,478‌
1655028.PS.FTS.B,
13.8%,
11/01/26
.....
7,737‌
7,615‌
1653745.PS.FTS.B,
13.8%,
11/04/26
.....
33,771‌
32,979‌
1649545.PS.FTS.B,
16.1%,
11/04/26
.....
12,368‌
11,944‌
1654396.PS.FTS.B,
10.5%,
11/05/26
.....
14,425‌
14,210‌
1661010.PS.FTS.B,
12.5%,
11/05/26
.....
25,054‌
24,680‌
1661007.PS.FTS.B,
15.8%,
11/05/26
.....
19,335‌
18,886‌
1654774.PS.FTS.B,
16.18%,
11/05/26
.....
33,848‌
33,062‌
1661004.PS.FTS.B,
17.8%,
11/05/26
.....
5,327‌
5,158‌
1661433.PS.FTS.B,
28.23%,
11/05/26
.....
4,884‌
4,716‌
1651868.PS.FTS.B,
9.45%,
11/08/26
.....
12,487‌
12,311‌
1658185.PS.FTS.B,
10.5%,
11/08/26
.....
8,655‌
8,532‌
1658167.PS.FTS.B,
13.5%,
11/08/26
.....
23,632‌
23,111‌
1651871.PS.FTS.B,
20.66%,
11/08/26
.....
5,340‌
5,178‌
1658881.PS.FTS.B,
13.8%,
11/09/26
.....
24,122‌
23,598‌
1653323.PS.FTS.B,
16%,
11/09/26
.......
11,603‌
11,350‌
1666362.PS.FTS.B,
19%,
11/09/26
.......
6,787‌
6,585‌
1666359.PS.FTS.B,
21%,
11/09/26
.......
5,925‌
5,739‌
1665702.PS.FTS.B,
24.03%,
11/09/26
.....
5,842‌
5,658‌
1666911.PS.FTS.B,
10.62%,
11/10/26
.....
12,503‌
12,331‌
1660066.PS.FTS.B,
12.6%,
11/10/26
.....
33,730‌
33,263‌
1660078.PS.FTS.B,
13.93%,
11/10/26
.....
19,352‌
19,083‌
1646330.PS.FTS.B,
16.2%,
11/10/26
.....
29,065‌
28,348‌
1666890.PS.FTS.B,
17%,
11/10/26
.......
15,485‌
15,034‌
1655769.PS.FTS.B,
11.44%,
11/13/26
.....
13,246‌
13,009‌
1652018.PS.FTS.B,
19.23%,
11/15/26
.....
14,601‌
14,160‌
1662505.PS.FTS.B,
25.4%,
11/15/26
.....
9,747‌
9,475‌
1670577.PS.FTS.B,
16.63%,
11/16/26
.....
11,320‌
11,025‌
1651913.PS.FTS.B,
25.67%,
11/22/26
.....
6,894‌
6,730‌
1672147.PS.FTS.B,
16.56%,
12/03/26
....
19,575‌
19,108‌
Franklin
Universal
Trust
Statement
of
Investments
(unaudited)
franklintempleton.com
Semiannual
Report
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
28
Description
Principal
Amount
Value
Marketplace
Loans
(continued)
Prosper
Funding
LLC
(continued)
1666100.PS.FTS.B,
18.33%,
12/03/26
....
$
4,899‌
$
4,782‌
1672316.PS.FTS.B,
10.44%,
12/14/26
....
12,671‌
12,566‌
1678354.PS.FTS.B,
11.07%,
12/14/26
.....
14,627‌
14,506‌
1678396.PS.FTS.B,
11.2%,
12/14/26
.....
6,282‌
6,200‌
1685637.PS.FTS.B,
11.7%,
12/14/26
.....
29,267‌
29,023‌
1685640.PS.FTS.B,
11.7%,
12/14/26
.....
15,609‌
15,479‌
1685634.PS.FTS.B,
12.5%,
12/14/26
.....
7,809‌
7,744‌
1672730.PS.FTS.B,
13.8%,
12/14/26
.....
34,194‌
33,748‌
1672718.PS.FTS.B,
14.38%,
12/14/26
....
7,819‌
7,753‌
1685271.PS.FTS.B,
16.8%,
12/14/26
.....
14,683‌
14,490‌
1678387.PS.FTS.B,
18.33%,
12/14/26
....
14,698‌
14,428‌
1678771.PS.FTS.B,
21.18%,
12/14/26
....
14,722‌
14,451‌
1678372.PS.FTS.B,
22.8%,
12/14/26
.....
10,807‌
10,590‌
1685631.PS.FTS.B,
27.02%,
12/14/26
....
5,908‌
5,788‌
1686078.PS.FTS.B,
10.5%,
12/15/26
.....
11,697‌
11,603‌
1685997.PS.FTS.B,
12.87%,
12/15/26
....
8,787‌
8,716‌
1686378.PS.FTS.B,
17.23%,
12/15/26
....
7,833‌
7,733‌
1673369.PS.FTS.B,
24.09%,
12/15/26
....
9,162‌
8,983‌
1673363.PS.FTS.B,
28.23%,
12/15/26
....
11,823‌
11,590‌
1679968.PS.FTS.B,
19%,
12/16/26
.......
14,704‌
14,449‌
1687329.PS.FTS.B,
13.48%,
12/17/26
....
10,744‌
10,662‌
1687344.PS.FTS.B,
19%,
12/17/26
.......
4,914‌
4,832‌
1687950.PS.FTS.B,
11.5%,
12/20/26
.....
14,531‌
14,361‌
1675010.PS.FTS.B,
12.5%,
12/20/26
.....
10,931‌
10,806‌
1688073.PS.FTS.B,
16.7%,
12/20/26
.....
17,811‌
17,836‌
1676912.PS.FTS.B,
13.8%,
12/22/26
.....
24,424‌
24,173‌
1701111.PS.FTS.B,
10.29%,
1/12/27
......
24,684‌
24,592‌
1700808.PS.FTS.B,
11.4%,
1/12/27
......
9,877‌
9,840‌
1700805.PS.FTS.B,
13.3%,
1/12/27
......
9,884‌
9,826‌
1694302.PS.FTS.B,
13.4%,
1/12/27
......
15,815‌
15,722‌
1693900.PS.FTS.B,
13.42%,
1/12/27
.....
31,630‌
31,508‌
1687973.PS.FTS.B,
13.8%,
1/12/27
......
24,714‌
24,568‌
1688345.PS.FTS.B,
14.67%,
1/12/27
.....
7,911‌
7,864‌
1700766.PS.FTS.B,
14.68%,
1/12/27
.....
24,721‌
24,624‌
1701108.PS.FTS.B,
15.7%,
1/12/27
......
34,621‌
34,414‌
1700784.PS.FTS.B,
18.25%,
1/12/27
.....
9,900‌
9,811‌
1701147.PS.FTS.B,
21.63%,
1/12/27
.....
9,910‌
9,800‌
1687964.PS.FTS.B,
22.2%,
1/12/27
......
7,433‌
7,351‌
1694491.PS.FTS.B,
12.62%,
1/13/27
.....
14,821‌
14,769‌
1688663.PS.FTS.B,
14.29%,
1/13/27
.....
14,875‌
14,792‌
1688399.PS.FTS.B,
15%,
1/13/27
........
12,000‌
11,890‌
1694725.PS.FTS.B,
18.4%,
1/13/27
......
14,850‌
14,725‌
1701537.PS.FTS.B,
19.3%,
1/13/27
......
14,854‌
14,728‌
1695958.PS.FTS.B,
10.5%,
1/14/27
......
14,811‌
14,763‌
1689173.PS.FTS.B,
11.2%,
1/14/27
......
19,260‌
19,196‌
1695787.PS.FTS.B,
11.7%,
1/14/27
......
24,696‌
24,614‌
1702530.PS.FTS.B,
12.21%,
1/14/27
.....
10,374‌
10,339‌
1702455.PS.FTS.B,
15.18%,
1/14/27
.....
15,824‌
15,769‌
1702479.PS.FTS.B,
16.5%,
1/14/27
......
9,894‌
9,817‌
1689251.PS.FTS.B,
19%,
1/14/27
........
3,961‌
3,929‌
1689623.PS.FTS.B,
19%,
1/14/27
........
3,149‌
3,124‌
1695193.PS.FTS.B,
27.18%,
1/14/27
.....
14,887‌
14,737‌
1694719.PS.FTS.B,
16.93%,
1/17/27
.....
17,713‌
17,612‌
1690322.PS.FTS.B,
16.9%,
1/18/27
......
24,739‌
24,595‌
1690253.PS.FTS.B,
17.5%,
1/18/27
......
4,949‌
4,920‌
1703169.PS.FTS.B,
25.6%,
1/18/27
......
14,881‌
14,769‌
1705005.PS.FTS.B,
15%,
1/19/27
........
25,713‌
25,622‌
1692239.PS.FTS.B,
19.06%,
1/19/27
.....
7,526‌
7,485‌
Description
Principal
Amount
Value
Prosper
Funding
LLC
(continued)
1691789.PS.FTS.B,
26.13%,
1/19/27
.....
$
14,883‌
$
14,780‌
1702237.PS.FTS.B,
11.7%,
1/25/27
......
10,000‌
10,091‌
1707746.PS.FTS.B,
9.45%,
2/14/27
......
6,900‌
6,876‌
1707734.PS.FTS.B,
10.29%,
2/14/27
.....
26,961‌
26,866‌
1707743.PS.FTS.B,
13.3%,
2/14/27
......
8,000‌
7,957‌
1720764.PS.FTS.B,
22.5%,
2/14/27
......
11,000‌
10,895‌
1715713.PS.FTS.B,
10.8%,
2/15/27
......
10,000‌
9,966‌
1707944.PS.FTS.B,
10.9%,
2/15/27
......
12,500‌
12,458‌
1714627.PS.FTS.B,
11.4%,
2/15/27
......
21,000‌
20,928‌
1707977.PS.FTS.B,
11.55%,
2/15/27
.....
10,000‌
9,966‌
1720917.PS.FTS.B,
13.7%,
2/15/27
......
12,500‌
12,437‌
1714633.PS.FTS.B,
14.39%,
2/15/27
.....
15,000‌
14,924‌
1714639.PS.FTS.B,
14.53%,
2/15/27
.....
4,000‌
3,986‌
1720908.PS.FTS.B,
15.29%,
2/15/27
.....
30,000‌
29,846‌
1707950.PS.FTS.B,
16.5%,
2/15/27
......
10,000‌
9,948‌
1714648.PS.FTS.B,
16.7%,
2/15/27
......
7,500‌
7,461‌
1721346.PS.FTS.B,
16.7%,
2/15/27
......
20,000‌
19,856‌
1715347.PS.FTS.B,
17.29%,
2/15/27
.....
15,000‌
14,891‌
1720911.PS.FTS.B,
18.59%,
2/15/27
.....
25,000‌
24,816‌
1714642.PS.FTS.B,
18.7%,
2/15/27
......
10,000‌
9,926‌
1714636.PS.FTS.B,
23.58%,
2/15/27
.....
5,500‌
5,451‌
1722117.PS.FTS.B,
15.18%,
2/16/27
.....
8,000‌
7,962‌
1709201.PS.FTS.B,
18.48%,
2/16/27
.....
12,500‌
12,415‌
1722051.PS.FTS.B,
21%,
2/16/27
........
10,000‌
9,918‌
1709846.PS.FTS.B,
26.5%,
2/17/27
......
10,000‌
9,921‌
1712903.PS.FTS.B,
15.29%,
2/23/27
.....
9,640‌
9,617‌
3,872,708‌
Upgrade,
Inc.
24408129.UG.FTS.B,
25.26%,
11/21/22
...
4,537‌
4,604‌
25039071.UG.FTS.B,
25.26%,
12/15/22
...
385‌
388‌
25591564.UG.FTS.B,
25.26%,
12/30/22
...
388‌
393‌
25809785.UG.FTS.B,
24.99%,
1/06/23
....
1,936‌
1,946‌
25764424.UG.FTS.B,
25.26%,
2/07/23
....
4,386‌
4,340‌
25454043.UG.FTS.B,
Zero
Cpn,
12/23/24
..
16,450‌
1,260‌
12,931‌
Upstart
Network,
Inc.
L1729059.UP.FTS.B,
7.36%,
9/17/24
.....
1,266‌
1,258‌
L1729715.UP.FTS.B,
8.39%,
9/17/24
.....
5,255‌
5,224‌
L1722095.UP.FTS.B,
11.17%,
9/17/24
.....
880‌
875‌
FW1729768.UP.FTS.B,
11.21%,
9/17/24
...
2,642‌
2,625‌
L1730069.UP.FTS.B,
14.07%,
9/17/24
.....
17,599‌
17,420‌
FW1730324.UP.FTS.B,
15.67%,
9/17/24
...
8,878‌
8,788‌
L1730028.UP.FTS.B,
17.8%,
9/17/24
.....
3,112‌
3,081‌
L1729192.UP.FTS.B,
17.9%,
9/17/24
.....
2,564‌
116‌
L1729539.UP.FTS.B,
18.67%,
9/17/24
.....
2,231‌
2,209‌
L1701486.UP.FTS.B,
23.29%,
9/17/24
.....
1,799‌
1,777‌
L1730191.UP.FTS.B,
23.36%,
9/17/24
.....
1,945‌
1,841‌
FW1729692.UP.FTS.B,
23.48%,
9/17/24
...
2,399‌
362‌
L1730194.UP.FTS.B,
23.58%,
9/17/24
.....
989‌
976‌
FW1729714.UP.FTS.B,
27.13%,
9/17/24
...
4,525‌
4,469‌
FW1730096.UP.FTS.B,
29.53%,
9/17/24
...
3,309‌
500‌
FW1729116.UP.FTS.B,
29.85%,
9/17/24
...
2,459‌
725‌
FW1730336.UP.FTS.B,
30.16%,
9/17/24
...
4,546‌
4,491‌
FW1729136.UP.FTS.B,
30.45%,
9/17/24
...
4,327‌
4,099‌
L1902385.UP.FTS.B,
8.05%,
10/22/24
.....
4,503‌
4,484‌
L1902094.UP.FTS.B,
9.69%,
10/22/24
.....
902‌
899‌
L1902354.UP.FTS.B,
12.7%,
10/22/24
.....
4,536‌
4,515‌
Franklin
Universal
Trust
Statement
of
Investments
(unaudited)
franklintempleton.com
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Semiannual
Report
29
Description
Principal
Amount
Value
Marketplace
Loans
(continued)
Upstart
Network,
Inc.
(continued)
L1901477.UP.FTS.B,
13.19%,
10/22/24
....
$
2,703‌
$
2,689‌
L1902268.UP.FTS.B,
14.19%,
10/22/24
....
18,182‌
18,044‌
FW1895387.UP.FTS.B,
14.22%,
10/22/24
..
4,657‌
4,624‌
L1901213.UP.FTS.B,
15.08%,
10/22/24
....
22,758‌
22,586‌
L1902811.UP.FTS.B,
15.52%,
10/22/24
....
3,755‌
3,708‌
FW1900872.UP.FTS.B,
18.12%,
10/22/24
..
5,486‌
5,445‌
L1902710.UP.FTS.B,
18.85%,
10/22/24
....
5,034‌
4,997‌
L1896884.UP.FTS.B,
19.31%,
10/22/24
....
6,410‌
6,364‌
L1901253.UP.FTS.B,
19.45%,
10/22/24
....
5,250‌
1,527‌
FW1901088.UP.FTS.B,
19.62%,
10/22/24
..
1,374‌
1,364‌
L1902837.UP.FTS.B,
20.13%,
10/22/24
....
1,295‌
1,283‌
FW1902685.UP.FTS.B,
20.49%,
10/22/24
..
2,752‌
2,732‌
L1902733.UP.FTS.B,
21.31%,
10/22/24
....
4,591‌
4,550‌
L1900998.UP.FTS.B,
21.32%,
10/22/24
....
4,833‌
4,780‌
FW1901209.UP.FTS.B,
21.35%,
10/22/24
..
918‌
910‌
FW1902521.UP.FTS.B,
21.52%,
10/22/24
..
1,010‌
1,003‌
L1901625.UP.FTS.B,
21.76%,
10/22/24
....
6,242‌
6,175‌
L1875546.UP.FTS.B,
21.84%,
10/22/24
....
1,654‌
1,639‌
L1902017.UP.FTS.B,
22.16%,
10/22/24
....
1,006‌
996‌
FW1901769.UP.FTS.B,
22.22%,
10/22/24
..
4,597‌
4,564‌
L1900838.UP.FTS.B,
22.33%,
10/22/24
....
5,643‌
5,601‌
L1900722.UP.FTS.B,
23.23%,
10/22/24
....
5,456‌
5,416‌
L1901126.UP.FTS.B,
23.27%,
10/22/24
....
16,576‌
16,428‌
L1900754.UP.FTS.B,
23.33%,
10/22/24
....
3,074‌
3,040‌
FW1901937.UP.FTS.B,
24.32%,
10/22/24
..
11,064‌
10,965‌
FW1902725.UP.FTS.B,
26.82%,
10/22/24
..
3,701‌
3,669‌
FW1901404.UP.FTS.B,
27.07%,
10/22/24
..
15,714‌
2,423‌
FW1901723.UP.FTS.B,
27.55%,
10/22/24
..
4,893‌
753‌
FW1902648.UP.FTS.B,
29%,
10/22/24
....
5,785‌
1,723‌
L2031380.UP.FTS.B,
6.17%,
11/12/24
.....
6,927‌
6,901‌
L2031821.UP.FTS.B,
6.68%,
11/12/24
.....
5,159‌
5,129‌
L2032548.UP.FTS.B,
7.85%,
11/12/24
.....
10,130‌
10,074‌
L2031918.UP.FTS.B,
8.28%,
11/12/24
.....
2,778‌
2,765‌
L2002430.UP.FTS.B,
8.48%,
11/12/24
.....
2,871‌
2,858‌
L2031630.UP.FTS.B,
9.03%,
11/12/24
.....
6,487‌
6,457‌
L2031494.UP.FTS.B,
9.06%,
11/12/24
.....
5,533‌
5,503‌
FW2031311.UP.FTS.B,
9.3%,
11/12/24
....
2,001‌
1,984‌
L2032651.UP.FTS.B,
9.8%,
11/12/24
......
3,247‌
3,231‌
L2033075.UP.FTS.B,
11.83%,
11/12/24
....
10,245‌
10,188‌
L2032893.UP.FTS.B,
11.86%,
11/12/24
....
1,953‌
509‌
L2031949.UP.FTS.B,
13.15%,
11/12/24
....
10,985‌
10,924‌
L2032627.UP.FTS.B,
14.45%,
11/12/24
....
1,865‌
1,848‌
FW2033188.UP.FTS.B,
15.1%,
11/12/24
...
5,972‌
5,917‌
L2033117.UP.FTS.B,
15.91%,
11/12/24
....
5,043‌
4,997‌
L2032469.UP.FTS.B,
17.26%,
11/12/24
....
823‌
812‌
L2032999.UP.FTS.B,
17.5%,
11/12/24
.....
5,642‌
5,593‌
L2030693.UP.FTS.B,
17.81%,
11/12/24
....
3,275‌
3,246‌
FW2032267.UP.FTS.B,
18.58%,
11/12/24
..
4,790‌
4,538‌
L2032406.UP.FTS.B,
19.26%,
11/12/24
....
5,623‌
5,573‌
L2031921.UP.FTS.B,
19.5%,
11/12/24
.....
5,624‌
5,574‌
FW2032368.UP.FTS.B,
20.11%,
11/12/24
..
8,916‌
8,814‌
L2030998.UP.FTS.B,
20.7%,
11/12/24
.....
10,147‌
10,034‌
L2033189.UP.FTS.B,
21.52%,
11/12/24
....
1,127‌
1,117‌
FW2031299.UP.FTS.B,
21.82%,
11/12/24
..
8,050‌
7,963‌
FW2032694.UP.FTS.B,
22.49%,
11/12/24
..
5,663‌
5,600‌
L2031497.UP.FTS.B,
23.3%,
11/12/24
.....
2,057‌
2,031‌
L2031708.UP.FTS.B,
24.46%,
11/12/24
....
7,500‌
1,245‌
FW2033085.UP.FTS.B,
25.77%,
11/12/24
..
6,556‌
6,472‌
Description
Principal
Amount
Value
Upstart
Network,
Inc.
(continued)
FW2032765.UP.FTS.B,
27.87%,
11/12/24
..
$
5,670‌
$
5,608‌
FW2032721.UP.FTS.B,
28.48%,
11/12/24
..
9,818‌
2,874‌
FW2021695.UP.FTS.B,
29.12%,
11/12/24
..
2,933‌
2,901‌
FW2031946.UP.FTS.B,
29.18%,
11/12/24
..
5,677‌
5,615‌
FW2030908.UP.FTS.B,
29.29%,
11/12/24
..
4,384‌
4,338‌
L2102716.UP.FTS.B,
6.59%,
11/23/24
.....
4,621‌
4,609‌
L2103900.UP.FTS.B,
7.28%,
11/23/24
.....
4,624‌
4,613‌
L2102014.UP.FTS.B,
8.1%,
11/23/24
......
3,148‌
3,138‌
L2101938.UP.FTS.B,
8.87%,
11/23/24
.....
2,409‌
2,402‌
L2102521.UP.FTS.B,
9.48%,
11/23/24
.....
6,769‌
6,749‌
L2102773.UP.FTS.B,
10.25%,
11/23/24
....
1,114‌
1,110‌
L2103582.UP.FTS.B,
11.94%,
11/23/24
....
6,150‌
6,125‌
L2103839.UP.FTS.B,
11.98%,
11/23/24
....
5,579‌
5,562‌
L2102080.UP.FTS.B,
12.09%,
11/23/24
....
2,325‌
2,318‌
L2101841.UP.FTS.B,
12.19%,
11/23/24
....
1,395‌
1,391‌
L2102945.UP.FTS.B,
12.52%,
11/23/24
....
5,583‌
5,565‌
FW2102565.UP.FTS.B,
13.23%,
11/23/24
..
918‌
911‌
L2103161.UP.FTS.B,
14.04%,
11/23/24
....
2,787‌
2,776‌
L2101555.UP.FTS.B,
14.18%,
11/23/24
....
1,085‌
1,080‌
L2103173.UP.FTS.B,
14.48%,
11/23/24
....
4,196‌
4,184‌
FW2102978.UP.FTS.B,
15.1%,
11/23/24
...
2,884‌
2,875‌
FW2101012.UP.FTS.B,
15.23%,
11/23/24
..
3,350‌
3,345‌
L2101642.UP.FTS.B,
15.95%,
11/23/24
....
7,175‌
7,129‌
L2102263.UP.FTS.B,
17.21%,
11/23/24
....
1,870‌
1,860‌
L2103519.UP.FTS.B,
17.52%,
11/23/24
....
3,252‌
3,230‌
L2102733.UP.FTS.B,
17.97%,
11/23/24
....
6,083‌
6,051‌
L2099426.UP.FTS.B,
18.86%,
11/23/24
....
2,342‌
2,330‌
FW2102335.UP.FTS.B,
19.49%,
11/23/24
..
2,343‌
2,331‌
L2102908.UP.FTS.B,
19.98%,
11/23/24
....
1,395‌
1,386‌
L2103410.UP.FTS.B,
20.18%,
11/23/24
....
4,690‌
4,666‌
L2103709.UP.FTS.B,
20.75%,
11/23/24
....
2,065‌
2,054‌
L2102178.UP.FTS.B,
21.01%,
11/23/24
....
2,816‌
2,798‌
L2102185.UP.FTS.B,
21.19%,
11/23/24
....
7,043‌
7,007‌
L2103127.UP.FTS.B,
21.34%,
11/23/24
....
9,916‌
9,838‌
L2101911.UP.FTS.B,
22.18%,
11/23/24
....
7,519‌
7,472‌
FW2102005.UP.FTS.B,
22.51%,
11/23/24
..
5,641‌
5,606‌
L2102659.UP.FTS.B,
22.84%,
11/23/24
....
6,584‌
6,543‌
FW2102627.UP.FTS.B,
24.07%,
11/23/24
..
3,855‌
3,840‌
FW2102772.UP.FTS.B,
25.91%,
11/23/24
..
4,831‌
4,813‌
FW2103646.UP.FTS.B,
26.77%,
11/23/24
..
2,618‌
2,591‌
FW2103253.UP.FTS.B,
27.01%,
11/23/24
..
1,802‌
1,786‌
FW2103254.UP.FTS.B,
28.98%,
11/23/24
..
3,027‌
3,010‌
FW2103797.UP.FTS.B,
29.82%,
11/23/24
..
6,627‌
6,590‌
L2250253.UP.FTS.B,
5.3%,
12/14/24
.....
26,164‌
26,059‌
FW2247150.UP.FTS.B,
7.75%,
12/14/24
...
5,228‌
5,214‌
L2249821.UP.FTS.B,
9.1%,
12/14/24
.....
952‌
948‌
L2249474.UP.FTS.B,
9.8%,
12/14/24
.....
2,371‌
2,360‌
L2249818.UP.FTS.B,
9.92%,
12/14/24
.....
3,806‌
3,789‌
L2248588.UP.FTS.B,
10.67%,
12/14/24
....
14,238‌
14,172‌
L2251137.UP.FTS.B,
11.74%,
12/14/24
....
23,838‌
23,754‌
L2249713.UP.FTS.B,
11.85%,
12/14/24
....
3,814‌
3,797‌
L2249033.UP.FTS.B,
12.44%,
12/14/24
....
9,503‌
9,450‌
L2249391.UP.FTS.B,
12.58%,
12/14/24
....
2,059‌
2,047‌
L2248563.UP.FTS.B,
12.74%,
12/14/24
....
2,958‌
2,945‌
L2251228.UP.FTS.B,
12.94%,
12/14/24
....
1,432‌
1,425‌
L2248952.UP.FTS.B,
12.98%,
12/14/24
....
6,681‌
6,651‌
L2250705.UP.FTS.B,
13.29%,
12/14/24
....
955‌
950‌
L2250256.UP.FTS.B,
14.38%,
12/14/24
....
5,409‌
5,136‌
Franklin
Universal
Trust
Statement
of
Investments
(unaudited)
franklintempleton.com
Semiannual
Report
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
30
Description
Principal
Amount
Value
Marketplace
Loans
(continued)
Upstart
Network,
Inc.
(continued)
L2248867.UP.FTS.B,
14.64%,
12/14/24
....
$
4,752‌
$
4,725‌
L2248849.UP.FTS.B,
14.84%,
12/14/24
....
2,457‌
2,428‌
L2250026.UP.FTS.B,
15.72%,
12/14/24
....
5,069‌
5,032‌
L2251099.UP.FTS.B,
15.99%,
12/14/24
....
1,374‌
1,360‌
FW2249991.UP.FTS.B,
16.74%,
12/14/24
..
4,307‌
4,276‌
L2250280.UP.FTS.B,
16.83%,
12/14/24
....
6,083‌
6,026‌
L2248645.UP.FTS.B,
17.82%,
12/14/24
....
5,747‌
5,706‌
L2249946.UP.FTS.B,
17.98%,
12/14/24
....
3,832‌
3,804‌
L2249692.UP.FTS.B,
18.04%,
12/14/24
....
7,664‌
7,609‌
L2249171.UP.FTS.B,
19.01%,
12/14/24
....
6,710‌
6,662‌
FW2249440.UP.FTS.B,
19.65%,
12/14/24
..
953‌
945‌
L2250240.UP.FTS.B,
20.48%,
12/14/24
....
960‌
953‌
L2250459.UP.FTS.B,
21.22%,
12/14/24
....
4,225‌
4,187‌
L2248558.UP.FTS.B,
21.57%,
12/14/24
....
960‌
952‌
L2251174.UP.FTS.B,
21.98%,
12/14/24
....
3,362‌
3,332‌
FW2250657.UP.FTS.B,
22.04%,
12/14/24
..
961‌
954‌
L2238243.UP.FTS.B,
22.69%,
12/14/24
....
3,844‌
3,810‌
L2250214.UP.FTS.B,
22.7%,
12/14/24
.....
9,000‌
2,749‌
L2248667.UP.FTS.B,
22.71%,
12/14/24
....
1,431‌
1,415‌
FW2250596.UP.FTS.B,
22.87%,
12/14/24
..
3,076‌
3,048‌
L2249754.UP.FTS.B,
22.91%,
12/14/24
....
3,174‌
3,146‌
FW2249278.UP.FTS.B,
23.56%,
12/14/24
..
1,923‌
1,910‌
L2250234.UP.FTS.B,
24.22%,
12/14/24
....
4,714‌
4,672‌
FW2249744.UP.FTS.B,
24.36%,
12/14/24
..
1,924‌
1,907‌
FW2251405.UP.FTS.B,
24.46%,
12/14/24
..
1,924‌
1,907‌
FW2250179.UP.FTS.B,
25.41%,
12/14/24
..
3,370‌
3,340‌
FW2250905.UP.FTS.B,
25.42%,
12/14/24
..
982‌
933‌
FW2250656.UP.FTS.B,
26.59%,
12/14/24
..
1,200‌
350‌
FW2249531.UP.FTS.B,
27.05%,
12/14/24
..
4,819‌
4,776‌
FW2250011.UP.FTS.B,
27.44%,
12/14/24
..
4,049‌
4,013‌
FW2250753.UP.FTS.B,
28.29%,
12/14/24
..
2,894‌
2,868‌
FW2249611.UP.FTS.B,
28.33%,
12/14/24
..
1,965‌
1,868‌
FW2248798.UP.FTS.B,
28.6%,
12/14/24
...
2,120‌
2,097‌
FW2248958.UP.FTS.B,
28.78%,
12/14/24
..
1,737‌
1,721‌
FW2249423.UP.FTS.B,
28.9%,
12/14/24
...
965‌
956‌
FW2250630.UP.FTS.B,
28.93%,
12/14/24
..
1,444‌
1,428‌
FW2249206.UP.FTS.B,
28.96%,
12/14/24
..
1,351‌
1,339‌
FW2248284.UP.FTS.B,
29.12%,
12/14/24
..
3,389‌
3,216‌
L2251006.UP.FTS.B,
6.59%,
12/15/24
.....
2,374‌
2,369‌
L2252015.UP.FTS.B,
6.88%,
12/15/24
.....
2,850‌
2,843‌
L2253130.UP.FTS.B,
10.71%,
12/15/24
....
5,717‌
5,700‌
L2253004.UP.FTS.B,
13.29%,
12/15/24
....
7,634‌
7,606‌
L2250196.UP.FTS.B,
14.38%,
12/15/24
....
5,255‌
5,222‌
FW2251095.UP.FTS.B,
15.84%,
12/15/24
..
1,906‌
1,891‌
FW2251549.UP.FTS.B,
16.2%,
12/15/24
...
1,385‌
1,373‌
L2251539.UP.FTS.B,
16.31%,
12/15/24
....
7,654‌
7,607‌
L2253233.UP.FTS.B,
17.76%,
12/15/24
....
5,268‌
5,236‌
L2253008.UP.FTS.B,
17.8%,
12/15/24
.....
4,311‌
4,285‌
L2251602.UP.FTS.B,
18.36%,
12/15/24
....
3,354‌
3,334‌
L2252717.UP.FTS.B,
19.17%,
12/15/24
....
4,794‌
4,765‌
FW2251695.UP.FTS.B,
19.28%,
12/15/24
..
6,678‌
6,627‌
FW2253350.UP.FTS.B,
19.8%,
12/15/24
...
3,837‌
3,808‌
L2252886.UP.FTS.B,
20.6%,
12/15/24
.....
1,248‌
1,240‌
L2249377.UP.FTS.B,
20.67%,
12/15/24
....
7,198‌
7,144‌
L2252058.UP.FTS.B,
20.99%,
12/15/24
....
1,152‌
1,145‌
FW2252026.UP.FTS.B,
21.07%,
12/15/24
..
4,286‌
4,243‌
L2240893.UP.FTS.B,
21.21%,
12/15/24
....
24,003‌
23,864‌
FW2252326.UP.FTS.B,
21.53%,
12/15/24
..
7,683‌
7,638‌
Description
Principal
Amount
Value
Upstart
Network,
Inc.
(continued)
L2253679.UP.FTS.B,
22.11%,
12/15/24
....
$
3,843‌
$
3,814‌
FW2249426.UP.FTS.B,
22.47%,
12/15/24
..
6,270‌
6,224‌
FW2251845.UP.FTS.B,
22.89%,
12/15/24
..
2,017‌
2,002‌
L2251577.UP.FTS.B,
23.09%,
12/15/24
....
3,091‌
3,055‌
L2253201.UP.FTS.B,
23.48%,
12/15/24
....
2,885‌
2,864‌
FW2253584.UP.FTS.B,
25.02%,
12/15/24
..
17,326‌
17,201‌
FW2249116.UP.FTS.B,
28.33%,
12/15/24
..
1,254‌
1,247‌
FW2251502.UP.FTS.B,
29.17%,
12/15/24
..
6,756‌
6,709‌
FW2253772.UP.FTS.B,
29.37%,
12/15/24
..
2,207‌
2,187‌
FW2250071.UP.FTS.B,
30.65%,
12/15/24
..
5,989‌
5,948‌
L2499293.UP.FTS.B,
6.07%,
1/24/25
.....
15,595‌
15,588‌
L2491823.UP.FTS.B,
6.34%,
1/24/25
.....
4,874‌
4,872‌
FW2498281.UP.FTS.B,
7.12%,
1/24/25
....
1,459‌
1,456‌
L2499253.UP.FTS.B,
7.19%,
1/24/25
.....
40,956‌
40,938‌
L2491568.UP.FTS.B,
7.35%,
1/24/25
.....
3,000‌
3,007‌
L2499551.UP.FTS.B,
8.93%,
1/24/25
.....
9,758‌
9,751‌
L2498976.UP.FTS.B,
9.51%,
1/24/25
.....
14,641‌
14,629‌
L2499846.UP.FTS.B,
10.23%,
1/24/25
.....
5,858‌
5,853‌
L2498922.UP.FTS.B,
10.53%,
1/24/25
.....
4,882‌
4,878‌
FW2500459.UP.FTS.B,
10.8%,
1/24/25
....
1,660‌
1,658‌
L2498779.UP.FTS.B,
11.48%,
1/24/25
.....
977‌
976‌
L2497791.UP.FTS.B,
11.97%,
1/24/25
.....
3,908‌
3,903‌
L2499082.UP.FTS.B,
12.89%,
1/24/25
.....
13,682‌
13,667‌
L2497521.UP.FTS.B,
13.37%,
1/24/25
.....
1,955‌
1,953‌
FW2499139.UP.FTS.B,
14.86%,
1/24/25
...
1,467‌
1,464‌
L2499336.UP.FTS.B,
15.49%,
1/24/25
.....
1,467‌
1,465‌
L2497860.UP.FTS.B,
16.59%,
1/24/25
.....
1,468‌
1,465‌
FW2499341.UP.FTS.B,
16.67%,
1/24/25
...
1,467‌
1,462‌
L2497587.UP.FTS.B,
16.78%,
1/24/25
.....
1,957‌
1,954‌
FW2497313.UP.FTS.B,
17.51%,
1/24/25
...
50,000‌
49,930‌
L2495345.UP.FTS.B,
20.06%,
1/24/25
.....
7,349‌
7,336‌
L2499854.UP.FTS.B,
22.79%,
1/24/25
.....
6,865‌
6,854‌
L2500532.UP.FTS.B,
23.03%,
1/24/25
.....
1,667‌
1,664‌
FW2497753.UP.FTS.B,
26.22%,
1/24/25
...
5,891‌
5,879‌
FW2499886.UP.FTS.B,
26.23%,
1/24/25
...
13,746‌
13,723‌
FW2498195.UP.FTS.B,
26.98%,
1/24/25
...
8,752‌
8,707‌
FW2497524.UP.FTS.B,
28.76%,
1/24/25
...
2,917‌
2,902‌
FW2497701.UP.FTS.B,
28.96%,
1/24/25
...
3,145‌
3,138‌
FW2496668.UP.FTS.B,
5.04%,
1/25/25
....
24,357‌
24,349‌
L2501009.UP.FTS.B,
5.3%,
1/25/25
......
9,744‌
9,741‌
L2501544.UP.FTS.B,
6.11%,
1/25/25
......
3,412‌
3,410‌
L2477274.UP.FTS.B,
6.54%,
1/25/25
.....
6,326‌
6,315‌
L2502696.UP.FTS.B,
7.45%,
1/25/25
.....
4,854‌
4,844‌
FW2502837.UP.FTS.B,
8.49%,
1/25/25
....
976‌
975‌
FW2502316.UP.FTS.B,
8.56%,
1/25/25
....
1,171‌
1,170‌
L2501769.UP.FTS.B,
8.83%,
1/25/25
.....
9,758‌
9,752‌
FW2502102.UP.FTS.B,
9.39%,
1/25/25
....
976‌
975‌
L2501978.UP.FTS.B,
10.16%,
1/25/25
.....
1,953‌
1,951‌
L2502709.UP.FTS.B,
10.64%,
1/25/25
.....
17,000‌
17,061‌
FW2502461.UP.FTS.B,
10.75%,
1/25/25
...
2,930‌
2,928‌
L2503015.UP.FTS.B,
11.17%,
1/25/25
.....
975‌
973‌
FW2503195.UP.FTS.B,
11.21%,
1/25/25
...
13,185‌
13,173‌
L2501275.UP.FTS.B,
11.42%,
1/25/25
.....
2,637‌
2,636‌
L2502561.UP.FTS.B,
11.5%,
1/25/25
......
2,924‌
2,917‌
FW2501076.UP.FTS.B,
12.39%,
1/25/25
...
977‌
976‌
L2500956.UP.FTS.B,
13.21%,
1/25/25
.....
2,932‌
2,930‌
L2501451.UP.FTS.B,
13.58%,
1/25/25
.....
1,132‌
1,129‌
FW2503345.UP.FTS.B,
13.6%,
1/25/25
....
2,933‌
2,930‌
Franklin
Universal
Trust
Statement
of
Investments
(unaudited)
franklintempleton.com
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Semiannual
Report
31
Description
Principal
Amount
Value
Marketplace
Loans
(continued)
Upstart
Network,
Inc.
(continued)
FW2503482.UP.FTS.B,
16.69%,
1/25/25
...
$
1,077‌
$
1,075‌
L2502390.UP.FTS.B,
16.88%,
1/25/25
.....
979‌
977‌
FW2501793.UP.FTS.B,
17.35%,
1/25/25
...
1,958‌
1,955‌
FW2501790.UP.FTS.B,
20.53%,
1/25/25
...
2,779‌
2,764‌
L2502079.UP.FTS.B,
20.91%,
1/25/25
.....
4,901‌
4,894‌
L2502605.UP.FTS.B,
21.21%,
1/25/25
.....
45‌
45‌
L2502143.UP.FTS.B,
21.34%,
1/25/25
.....
11,763‌
11,743‌
L2501394.UP.FTS.B,
21.45%,
1/25/25
.....
12,547‌
12,526‌
L2503447.UP.FTS.B,
21.45%,
1/25/25
.....
6,862‌
6,850‌
L2500631.UP.FTS.B,
22.56%,
1/25/25
.....
9,807‌
9,790‌
L2501802.UP.FTS.B,
23.18%,
1/25/25
.....
981‌
979‌
FW2503223.UP.FTS.B,
25.57%,
1/25/25
...
2,945‌
2,940‌
FW2502139.UP.FTS.B,
27.5%,
1/25/25
....
5,894‌
5,884‌
FW2501617.UP.FTS.B,
27.92%,
1/25/25
...
19,648‌
19,616‌
FW2502835.UP.FTS.B,
28.01%,
1/25/25
...
3,438‌
3,433‌
FW2503206.UP.FTS.B,
28.84%,
1/25/25
...
1,474‌
1,472‌
FW2503051.UP.FTS.B,
29.1%,
1/25/25
....
1,031‌
1,025‌
FW1729657.UP.FTS.B,
9.44%,
9/17/26
....
6,536‌
6,511‌
L1729743.UP.FTS.B,
11.64%,
9/17/26
.....
46,862‌
46,577‌
L1728160.UP.FTS.B,
12.23%,
9/17/26
.....
4,691‌
4,663‌
L1723407.UP.FTS.B,
12.98%,
9/17/26
.....
9,425‌
8,885‌
FW1730300.UP.FTS.B,
13.99%,
9/17/26
...
5,246‌
5,197‌
L1730225.UP.FTS.B,
14.84%,
9/17/26
.....
838‌
832‌
L1728895.UP.FTS.B,
14.87%,
9/17/26
.....
3,287‌
3,265‌
L1730112.UP.FTS.B,
15.91%,
9/17/26
.....
2,832‌
2,805‌
L1729289.UP.FTS.B,
17.07%,
9/17/26
.....
2,837‌
2,810‌
L1729863.UP.FTS.B,
17.12%,
9/17/26
.....
23,577‌
23,287‌
FW1729819.UP.FTS.B,
18.12%,
9/17/26
...
2,084‌
2,064‌
L1729483.UP.FTS.B,
18.23%,
9/17/26
.....
14,457‌
13,649‌
FW1729970.UP.FTS.B,
18.27%,
9/17/26
...
23,681‌
23,408‌
L1729699.UP.FTS.B,
18.77%,
9/17/26
.....
3,094‌
3,051‌
L1729786.UP.FTS.B,
18.84%,
9/17/26
.....
5,689‌
5,624‌
L1730162.UP.FTS.B,
19.56%,
9/17/26
.....
4,745‌
4,691‌
L1729529.UP.FTS.B,
20.22%,
9/17/26
.....
12,365‌
12,273‌
FW1730364.UP.FTS.B,
20.42%,
9/17/26
...
2,881‌
2,721‌
L1729751.UP.FTS.B,
20.66%,
9/17/26
.....
6,654‌
6,604‌
FW1730043.UP.FTS.B,
21.14%,
9/17/26
...
4,376‌
4,343‌
L1729813.UP.FTS.B,
21.17%,
9/17/26
.....
6,661‌
6,585‌
FW1729704.UP.FTS.B,
21.57%,
9/17/26
...
19,036‌
18,819‌
L1730077.UP.FTS.B,
21.62%,
9/17/26
.....
6,876‌
6,787‌
L1730290.UP.FTS.B,
23.01%,
9/17/26
.....
7,249‌
7,196‌
L1730120.UP.FTS.B,
23.06%,
9/17/26
.....
10,491‌
10,414‌
L1729719.UP.FTS.B,
23.41%,
9/17/26
.....
9,452‌
9,377‌
FW1729408.UP.FTS.B,
23.55%,
9/17/26
...
3,692‌
3,507‌
L1729698.UP.FTS.B,
23.96%,
9/17/26
.....
5,762‌
5,468‌
L1729627.UP.FTS.B,
24.42%,
9/17/26
.....
9,555‌
9,485‌
L1729824.UP.FTS.B,
25.14%,
9/17/26
.....
6,303‌
6,257‌
L1728842.UP.FTS.B,
25.21%,
9/17/26
.....
19,129‌
18,990‌
L1729392.UP.FTS.B,
25.28%,
9/17/26
.....
955‌
948‌
L1729663.UP.FTS.B,
25.4%,
9/17/26
.....
14,351‌
14,246‌
FW1730415.UP.FTS.B,
25.51%,
9/17/26
...
5,948‌
81‌
FW1729883.UP.FTS.B,
25.62%,
9/17/26
...
4,777‌
4,742‌
L1728252.UP.FTS.B,
25.65%,
9/17/26
.....
11,867‌
11,781‌
L1729688.UP.FTS.B,
26.02%,
9/17/26
.....
1,915‌
1,894‌
L1729964.UP.FTS.B,
26.27%,
9/17/26
.....
3,250‌
3,200‌
FW1730296.UP.FTS.B,
27.27%,
9/17/26
...
7,741‌
7,355‌
FW1729216.UP.FTS.B,
28.26%,
9/17/26
...
4,800‌
4,766‌
FW1729302.UP.FTS.B,
28.5%,
9/17/26
....
1,345‌
1,336‌
Description
Principal
Amount
Value
Upstart
Network,
Inc.
(continued)
FW1730388.UP.FTS.B,
28.64%,
9/17/26
...
$
14,792‌
$
14,687‌
FW1729684.UP.FTS.B,
29.1%,
9/17/26
....
11,533‌
11,451‌
FW1729744.UP.FTS.B,
29.63%,
9/17/26
...
8,655‌
8,594‌
FW1729695.UP.FTS.B,
29.91%,
9/17/26
...
48,099‌
47,759‌
FW1729641.UP.FTS.B,
30.22%,
9/17/26
...
4,619‌
4,587‌
FW1729187.UP.FTS.B,
30.3%,
9/17/26
....
7,119‌
7,045‌
FW1728143.UP.FTS.B,
30.44%,
9/17/26
...
5,102‌
5,066‌
FW1730150.UP.FTS.B,
30.64%,
9/17/26
...
1,252‌
1,243‌
FW1729859.UP.FTS.B,
30.83%,
9/17/26
...
9,630‌
9,562‌
FW1729402.UP.FTS.B,
31.22%,
9/17/26
...
20,387‌
19,369‌
FW1727856.UP.FTS.B,
31.23%,
9/17/26
...
2,601‌
2,583‌
FW1728162.UP.FTS.B,
31.41%,
9/17/26
...
2,876‌
2,856‌
FW1730036.UP.FTS.B,
31.55%,
9/17/26
...
7,490‌
7,426‌
FW1729390.UP.FTS.B,
32.18%,
9/17/26
...
2,315‌
2,299‌
FW1729220.UP.FTS.B,
32.29%,
9/17/26
...
3,376‌
3,352‌
FW1728926.UP.FTS.B,
32.35%,
9/17/26
...
2,661‌
2,639‌
FW1729788.UP.FTS.B,
32.4%,
9/17/26
....
5,209‌
5,173‌
FW1902353.UP.FTS.B,
5.71%,
10/22/26
...
13,189‌
13,172‌
L1902780.UP.FTS.B,
7.49%,
10/22/26
.....
6,581‌
6,559‌
L1902219.UP.FTS.B,
10.65%,
10/22/26
....
9,489‌
9,446‌
L1901633.UP.FTS.B,
11.17%,
10/22/26
....
4,748‌
4,727‌
L1901059.UP.FTS.B,
11.8%,
10/22/26
.....
3,805‌
3,788‌
L1902506.UP.FTS.B,
12.6%,
10/22/26
.....
33,302‌
33,155‌
L1887930.UP.FTS.B,
12.89%,
10/22/26
....
3,526‌
3,510‌
L1901748.UP.FTS.B,
12.93%,
10/22/26
....
8,548‌
8,504‌
L1902477.UP.FTS.B,
13.65%,
10/22/26
....
9,643‌
9,601‌
FW1902782.UP.FTS.B,
14.11%,
10/22/26
..
19,028‌
18,933‌
L1901083.UP.FTS.B,
14.22%,
10/22/26
....
4,291‌
4,273‌
L1902575.UP.FTS.B,
14.33%,
10/22/26
....
1,395‌
1,388‌
L1901955.UP.FTS.B,
15.79%,
10/22/26
....
9,555‌
9,489‌
L1902333.UP.FTS.B,
15.82%,
10/22/26
....
22,933‌
22,776‌
L1901861.UP.FTS.B,
16.26%,
10/22/26
....
1,431‌
1,424‌
FW1901571.UP.FTS.B,
16.95%,
10/22/26
..
11,961‌
11,880‌
L1901582.UP.FTS.B,
17.7%,
10/22/26
.....
20,305‌
20,169‌
L1901001.UP.FTS.B,
18.48%,
10/22/26
....
4,396‌
4,343‌
FW1901195.UP.FTS.B,
18.66%,
10/22/26
..
2,205‌
2,187‌
L1901585.UP.FTS.B,
18.87%,
10/22/26
....
3,837‌
3,804‌
L1902177.UP.FTS.B,
19.16%,
10/22/26
....
18,178‌
18,000‌
L1901212.UP.FTS.B,
19.55%,
10/22/26
....
5,834‌
5,808‌
L1902855.UP.FTS.B,
19.55%,
10/22/26
....
2,880‌
2,855‌
L1901595.UP.FTS.B,
20.19%,
10/22/26
....
4,419‌
4,382‌
L1900981.UP.FTS.B,
20.57%,
10/22/26
....
3,372‌
3,343‌
L1901936.UP.FTS.B,
21.29%,
10/22/26
....
10,581‌
10,527‌
FW1902510.UP.FTS.B,
21.87%,
10/22/26
..
19,250‌
19,154‌
L1902068.UP.FTS.B,
21.92%,
10/22/26
....
8,358‌
8,313‌
L1902547.UP.FTS.B,
22.05%,
10/22/26
....
8,833‌
2,590‌
L1902424.UP.FTS.B,
22.14%,
10/22/26
....
12,420‌
12,358‌
L1902840.UP.FTS.B,
22.56%,
10/22/26
....
12,618‌
12,515‌
L1902300.UP.FTS.B,
22.58%,
10/22/26
....
4,816‌
4,793‌
L1901067.UP.FTS.B,
23.17%,
10/22/26
....
14,458‌
14,387‌
L1900642.UP.FTS.B,
23.33%,
10/22/26
....
4,321‌
4,298‌
FW1902786.UP.FTS.B,
23.49%,
10/22/26
..
10,449‌
10,385‌
L1902567.UP.FTS.B,
23.92%,
10/22/26
....
24,340‌
24,234‌
L1901771.UP.FTS.B,
24.44%,
10/22/26
....
6,274‌
6,244‌
L1901141.UP.FTS.B,
24.79%,
10/22/26
....
1,931‌
1,922‌
FW1901151.UP.FTS.B,
24.85%,
10/22/26
..
2,200‌
379‌
FW1901677.UP.FTS.B,
24.92%,
10/22/26
..
28,971‌
28,832‌
L1901018.UP.FTS.B,
25.18%,
10/22/26
....
9,746‌
9,704‌
Franklin
Universal
Trust
Statement
of
Investments
(unaudited)
franklintempleton.com
Semiannual
Report
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
32
Description
Principal
Amount
Value
Marketplace
Loans
(continued)
Upstart
Network,
Inc.
(continued)
L1902683.UP.FTS.B,
25.19%,
10/22/26
....
$
11,591‌
$
11,536‌
L1901660.UP.FTS.B,
25.23%,
10/22/26
....
1,642‌
1,634‌
L1901951.UP.FTS.B,
25.24%,
10/22/26
....
2,318‌
2,307‌
FW1902836.UP.FTS.B,
25.41%,
10/22/26
..
47,641‌
47,357‌
L1902657.UP.FTS.B,
25.42%,
10/22/26
....
2,056‌
2,043‌
L1902485.UP.FTS.B,
25.47%,
10/22/26
....
1,451‌
1,445‌
L1900275.UP.FTS.B,
25.48%,
10/22/26
....
2,282‌
2,258‌
L1901089.UP.FTS.B,
25.48%,
10/22/26
....
966‌
962‌
FW1902401.UP.FTS.B,
25.71%,
10/22/26
..
4,543‌
4,521‌
L1902021.UP.FTS.B,
25.72%,
10/22/26
....
2,513‌
2,501‌
L1902761.UP.FTS.B,
26.03%,
10/22/26
....
2,127‌
2,117‌
FW1902199.UP.FTS.B,
26.04%,
10/22/26
..
4,061‌
4,042‌
FW1902098.UP.FTS.B,
26.15%,
10/22/26
..
4,835‌
4,812‌
L1901920.UP.FTS.B,
26.18%,
10/22/26
....
2,611‌
2,598‌
FW1902581.UP.FTS.B,
26.52%,
10/22/26
..
19,748‌
19,683‌
FW1902833.UP.FTS.B,
26.75%,
10/22/26
..
48,375‌
48,150‌
FW1902133.UP.FTS.B,
27.21%,
10/22/26
..
19,359‌
19,270‌
FW1886406.UP.FTS.B,
27.97%,
10/22/26
..
11,748‌
11,686‌
FW1894923.UP.FTS.B,
28.29%,
10/22/26
..
4,000‌
36‌
FW1901053.UP.FTS.B,
28.68%,
10/22/26
..
3,393‌
3,377‌
FW1902052.UP.FTS.B,
28.9%,
10/22/26
...
11,727‌
11,678‌
FW1902453.UP.FTS.B,
29.13%,
10/22/26
..
5,938‌
911‌
FW1902473.UP.FTS.B,
30%,
10/22/26
....
5,852‌
5,823‌
FW1901054.UP.FTS.B,
30.7%,
10/22/26
...
1,068‌
1,064‌
FW1900529.UP.FTS.B,
30.81%,
10/22/26
..
5,906‌
5,877‌
FW1901629.UP.FTS.B,
31%,
10/22/26
....
4,177‌
4,159‌
FW1902583.UP.FTS.B,
31%,
10/22/26
....
1,577‌
471‌
FW1901509.UP.FTS.B,
31.16%,
10/22/26
..
7,732‌
7,701‌
FW1902391.UP.FTS.B,
31.19%,
10/22/26
..
3,488‌
3,471‌
FW1901303.UP.FTS.B,
31.21%,
10/22/26
..
3,692‌
3,676‌
FW1900628.UP.FTS.B,
31.23%,
10/22/26
..
1,069‌
1,064‌
FW1902299.UP.FTS.B,
31.27%,
10/22/26
..
7,676‌
7,643‌
FW1902681.UP.FTS.B,
31.63%,
10/22/26
..
7,776‌
7,743‌
FW1901725.UP.FTS.B,
31.78%,
10/22/26
..
13,420‌
13,363‌
FW1901994.UP.FTS.B,
32.7%,
10/22/26
...
7,395‌
7,363‌
L2031623.UP.FTS.B,
9.89%,
11/12/26
.....
35,466‌
35,337‌
L2032896.UP.FTS.B,
9.9%,
11/12/26
......
6,725‌
6,701‌
L2030228.UP.FTS.B,
11.02%,
11/12/26
....
19,289‌
19,170‌
L2031352.UP.FTS.B,
11.14%,
11/12/26
....
2,406‌
2,394‌
L2031108.UP.FTS.B,
11.34%,
11/12/26
....
46,199‌
45,969‌
L2032935.UP.FTS.B,
11.41%,
11/12/26
....
24,064‌
23,996‌
L2032147.UP.FTS.B,
11.65%,
11/12/26
....
7,702‌
7,664‌
L2032600.UP.FTS.B,
12.19%,
11/12/26
....
7,225‌
7,189‌
L2032561.UP.FTS.B,
12.57%,
11/12/26
....
14,471‌
14,401‌
FW2032979.UP.FTS.B,
12.77%,
11/12/26
..
7,711‌
7,673‌
L2032884.UP.FTS.B,
12.78%,
11/12/26
....
7,711‌
7,673‌
FW2032727.UP.FTS.B,
12.91%,
11/12/26
..
3,374‌
3,358‌
L2032885.UP.FTS.B,
12.92%,
11/12/26
....
4,713‌
4,684‌
L2032155.UP.FTS.B,
12.96%,
11/12/26
....
7,721‌
7,684‌
FW2031248.UP.FTS.B,
13.13%,
11/12/26
..
7,489‌
7,445‌
FW2032795.UP.FTS.B,
13.19%,
11/12/26
..
7,714‌
7,677‌
L2030856.UP.FTS.B,
13.22%,
11/12/26
....
9,643‌
9,596‌
FW2031491.UP.FTS.B,
13.32%,
11/12/26
..
6,269‌
6,238‌
L2030962.UP.FTS.B,
13.54%,
11/12/26
....
7,717‌
7,680‌
FW2032278.UP.FTS.B,
13.85%,
11/12/26
..
4,825‌
4,801‌
L2032791.UP.FTS.B,
14.03%,
11/12/26
....
2,895‌
2,881‌
L2032226.UP.FTS.B,
14.31%,
11/12/26
....
23,543‌
23,404‌
L2031496.UP.FTS.B,
14.48%,
11/12/26
....
7,724‌
7,687‌
Description
Principal
Amount
Value
Upstart
Network,
Inc.
(continued)
L2031580.UP.FTS.B,
14.88%,
11/12/26
....
$
1,932‌
$
1,923‌
L2032373.UP.FTS.B,
14.92%,
11/12/26
....
9,659‌
9,613‌
FW2032722.UP.FTS.B,
14.98%,
11/12/26
..
7,728‌
7,691‌
L2030829.UP.FTS.B,
14.99%,
11/12/26
....
15,456‌
15,382‌
L2032174.UP.FTS.B,
15.1%,
11/12/26
.....
6,763‌
6,730‌
FW2032454.UP.FTS.B,
15.76%,
11/12/26
..
9,487‌
9,414‌
L2032268.UP.FTS.B,
15.84%,
11/12/26
....
20,684‌
20,493‌
L2033071.UP.FTS.B,
15.91%,
11/12/26
....
3,598‌
3,582‌
FW2031845.UP.FTS.B,
15.93%,
11/12/26
..
14,503‌
14,391‌
FW2032747.UP.FTS.B,
16.19%,
11/12/26
..
14,594‌
14,485‌
FW2032538.UP.FTS.B,
16.45%,
11/12/26
..
4,837‌
4,814‌
L2032366.UP.FTS.B,
16.55%,
11/12/26
....
7,574‌
7,529‌
FW2032997.UP.FTS.B,
16.58%,
11/12/26
..
967‌
963‌
L2033082.UP.FTS.B,
16.64%,
11/12/26
....
16,921‌
15,986‌
L2030808.UP.FTS.B,
16.75%,
11/12/26
....
8,225‌
8,186‌
FW2032502.UP.FTS.B,
16.77%,
11/12/26
..
7,741‌
7,705‌
L2033005.UP.FTS.B,
16.99%,
11/12/26
....
3,914‌
3,702‌
L2033008.UP.FTS.B,
17.14%,
11/12/26
....
6,195‌
6,147‌
L2031106.UP.FTS.B,
17.27%,
11/12/26
....
7,570‌
7,498‌
L2031479.UP.FTS.B,
17.32%,
11/12/26
....
14,618‌
14,506‌
L2032509.UP.FTS.B,
17.7%,
11/12/26
.....
3,387‌
3,357‌
L2030768.UP.FTS.B,
17.71%,
11/12/26
....
4,842‌
4,805‌
L2027501.UP.FTS.B,
17.87%,
11/12/26
....
4,895‌
4,634‌
L2032284.UP.FTS.B,
17.94%,
11/12/26
....
4,848‌
4,802‌
L2032006.UP.FTS.B,
17.99%,
11/12/26
....
6,076‌
5,997‌
L2030776.UP.FTS.B,
18.15%,
11/12/26
....
4,676‌
4,655‌
FW2032396.UP.FTS.B,
18.3%,
11/12/26
...
15,020‌
14,876‌
L2031481.UP.FTS.B,
18.31%,
11/12/26
....
9,492‌
9,402‌
FW2031117.UP.FTS.B,
18.34%,
11/12/26
..
9,690‌
9,597‌
L2032837.UP.FTS.B,
18.39%,
11/12/26
....
9,691‌
9,617‌
L2030864.UP.FTS.B,
18.46%,
11/12/26
....
9,304‌
9,261‌
L2030865.UP.FTS.B,
18.88%,
11/12/26
....
3,393‌
3,361‌
FW2033031.UP.FTS.B,
18.91%,
11/12/26
..
1,357‌
1,344‌
L2032849.UP.FTS.B,
19.14%,
11/12/26
....
11,636‌
11,548‌
FW2032194.UP.FTS.B,
19.49%,
11/12/26
..
7,275‌
7,206‌
L2030806.UP.FTS.B,
19.55%,
11/12/26
....
3,880‌
3,843‌
FW2032947.UP.FTS.B,
19.59%,
11/12/26
..
24,293‌
24,185‌
FW2030839.UP.FTS.B,
19.73%,
11/12/26
..
21,978‌
21,706‌
FW2030457.UP.FTS.B,
19.74%,
11/12/26
..
5,995‌
5,926‌
L2031425.UP.FTS.B,
19.77%,
11/12/26
....
6,082‌
6,012‌
L2031289.UP.FTS.B,
19.82%,
11/12/26
....
7,762‌
7,688‌
L2032060.UP.FTS.B,
20.25%,
11/12/26
....
5,824‌
5,768‌
L2032905.UP.FTS.B,
20.65%,
11/12/26
....
3,398‌
3,371‌
L2032195.UP.FTS.B,
20.89%,
11/12/26
....
9,712‌
9,620‌
L2032456.UP.FTS.B,
20.93%,
11/12/26
....
1,455‌
1,439‌
L2030959.UP.FTS.B,
21.08%,
11/12/26
....
9,683‌
9,573‌
L2030794.UP.FTS.B,
21.21%,
11/12/26
....
1,651‌
1,636‌
L2032266.UP.FTS.B,
21.24%,
11/12/26
....
4,867‌
4,829‌
L2032324.UP.FTS.B,
21.35%,
11/12/26
....
12,630‌
12,531‌
L2032168.UP.FTS.B,
21.6%,
11/12/26
.....
9,248‌
9,180‌
FW2027921.UP.FTS.B,
21.63%,
11/12/26
..
1,962‌
1,858‌
FW2032858.UP.FTS.B,
21.65%,
11/12/26
..
14,800‌
2,385‌
L2031801.UP.FTS.B,
21.65%,
11/12/26
....
3,887‌
3,851‌
FW2032674.UP.FTS.B,
21.86%,
11/12/26
..
1,470‌
1,459‌
L2032292.UP.FTS.B,
21.9%,
11/12/26
.....
1,634‌
1,576‌
L2032772.UP.FTS.B,
22.03%,
11/12/26
....
4,900‌
4,865‌
FW2033134.UP.FTS.B,
22.19%,
11/12/26
..
7,580‌
7,199‌
L2032065.UP.FTS.B,
22.33%,
11/12/26
....
18,960‌
18,813‌
Franklin
Universal
Trust
Statement
of
Investments
(unaudited)
franklintempleton.com
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Semiannual
Report
33
Description
Principal
Amount
Value
Marketplace
Loans
(continued)
Upstart
Network,
Inc.
(continued)
L2031176.UP.FTS.B,
22.37%,
11/12/26
....
$
8,946‌
$
8,862‌
FW2032681.UP.FTS.B,
22.41%,
11/12/26
..
2,431‌
2,408‌
L2032742.UP.FTS.B,
22.42%,
11/12/26
....
2,932‌
2,771‌
L2033183.UP.FTS.B,
22.68%,
11/12/26
....
3,478‌
3,459‌
FW2032923.UP.FTS.B,
22.87%,
11/12/26
..
5,837‌
5,792‌
L2031168.UP.FTS.B,
24.05%,
11/12/26
....
4,868‌
4,831‌
L2029169.UP.FTS.B,
24.06%,
11/12/26
....
11,347‌
11,239‌
L2032183.UP.FTS.B,
24.12%,
11/12/26
....
9,737‌
9,663‌
FW2032995.UP.FTS.B,
24.13%,
11/12/26
..
2,921‌
2,894‌
FW2031872.UP.FTS.B,
24.66%,
11/12/26
..
29,225‌
29,002‌
L2031364.UP.FTS.B,
24.71%,
11/12/26
....
3,426‌
3,401‌
L2031986.UP.FTS.B,
24.81%,
11/12/26
....
9,784‌
9,713‌
FW2033202.UP.FTS.B,
25.01%,
11/12/26
..
15,514‌
15,382‌
L2032407.UP.FTS.B,
25.01%,
11/12/26
....
1,173‌
1,164‌
L2032352.UP.FTS.B,
25.02%,
11/12/26
....
9,932‌
9,452‌
L2031441.UP.FTS.B,
25.1%,
11/12/26
.....
3,606‌
3,578‌
L2031569.UP.FTS.B,
25.11%,
11/12/26
....
4,385‌
4,352‌
L2030665.UP.FTS.B,
25.13%,
11/12/26
....
4,303‌
4,264‌
L2032689.UP.FTS.B,
25.21%,
11/12/26
....
5,652‌
5,600‌
FW2031174.UP.FTS.B,
25.25%,
11/12/26
..
9,278‌
9,209‌
L2032525.UP.FTS.B,
25.33%,
11/12/26
....
975‌
966‌
L2031372.UP.FTS.B,
25.41%,
11/12/26
....
2,400‌
737‌
L2031753.UP.FTS.B,
25.41%,
11/12/26
....
2,490‌
2,370‌
L2031145.UP.FTS.B,
25.44%,
11/12/26
....
4,581‌
4,539‌
L2031781.UP.FTS.B,
25.49%,
11/12/26
....
21,250‌
21,054‌
L2030886.UP.FTS.B,
25.5%,
11/12/26
.....
20,178‌
20,025‌
L2031934.UP.FTS.B,
25.51%,
11/12/26
....
2,924‌
2,902‌
FW2032331.UP.FTS.B,
25.7%,
11/12/26
...
1,938‌
1,916‌
L2030633.UP.FTS.B,
25.9%,
11/12/26
.....
2,341‌
2,323‌
L2032092.UP.FTS.B,
26.07%,
11/12/26
....
7,509‌
7,452‌
FW2031600.UP.FTS.B,
26.6%,
11/12/26
...
4,878‌
4,841‌
FW2032655.UP.FTS.B,
26.61%,
11/12/26
..
5,854‌
5,810‌
FW2030941.UP.FTS.B,
26.62%,
11/12/26
..
28,683‌
28,467‌
L2032337.UP.FTS.B,
26.62%,
11/12/26
....
8,293‌
8,230‌
FW2031539.UP.FTS.B,
26.65%,
11/12/26
..
4,878‌
4,841‌
L2032677.UP.FTS.B,
26.71%,
11/12/26
....
7,805‌
7,747‌
FW2032771.UP.FTS.B,
26.84%,
11/12/26
..
3,415‌
3,390‌
FW2031241.UP.FTS.B,
27.03%,
11/12/26
..
3,400‌
500‌
FW2032877.UP.FTS.B,
27.2%,
11/12/26
...
4,755‌
4,712‌
FW2003411.UP.FTS.B,
27.5%,
11/12/26
...
7,270‌
7,207‌
FW2032753.UP.FTS.B,
27.55%,
11/12/26
..
1,365‌
1,353‌
FW2031662.UP.FTS.B,
27.63%,
11/12/26
..
7,381‌
7,012‌
FW2031263.UP.FTS.B,
27.74%,
11/12/26
..
3,906‌
3,876‌
FW2032946.UP.FTS.B,
27.87%,
11/12/26
..
24,413‌
24,230‌
FW2032026.UP.FTS.B,
29.26%,
11/12/26
..
15,702‌
15,590‌
FW2033112.UP.FTS.B,
29.26%,
11/12/26
..
5,865‌
5,821‌
FW2032549.UP.FTS.B,
29.36%,
11/12/26
..
2,444‌
2,426‌
FW2030903.UP.FTS.B,
29.44%,
11/12/26
..
4,931‌
4,903‌
FW2033144.UP.FTS.B,
29.76%,
11/12/26
..
2,933‌
2,912‌
FW2032040.UP.FTS.B,
29.84%,
11/12/26
..
1,760‌
1,747‌
FW2032799.UP.FTS.B,
29.91%,
11/12/26
..
2,347‌
2,330‌
FW2030797.UP.FTS.B,
30%,
11/12/26
....
22,275‌
22,081‌
FW2033131.UP.FTS.B,
30.02%,
11/12/26
..
1,748‌
1,727‌
FW2031347.UP.FTS.B,
30.03%,
11/12/26
..
15,877‌
4,629‌
FW2033213.UP.FTS.B,
30.17%,
11/12/26
..
1,467‌
1,456‌
FW2031474.UP.FTS.B,
30.22%,
11/12/26
..
3,320‌
3,293‌
FW2032450.UP.FTS.B,
30.43%,
11/12/26
..
4,109‌
4,079‌
FW2031432.UP.FTS.B,
30.62%,
11/12/26
..
4,112‌
4,082‌
Description
Principal
Amount
Value
Upstart
Network,
Inc.
(continued)
FW2031182.UP.FTS.B,
30.67%,
11/12/26
..
$
3,914‌
$
3,885‌
FW2031644.UP.FTS.B,
30.67%,
11/12/26
..
1,761‌
1,748‌
FW2032197.UP.FTS.B,
30.75%,
11/12/26
..
1,957‌
1,943‌
FW2018494.UP.FTS.B,
30.86%,
11/12/26
..
1,600‌
267‌
FW2031627.UP.FTS.B,
30.86%,
11/12/26
..
4,893‌
4,857‌
FW2032625.UP.FTS.B,
30.96%,
11/12/26
..
813‌
802‌
FW2031985.UP.FTS.B,
31%,
11/12/26
....
2,056‌
2,035‌
FW2031873.UP.FTS.B,
31.05%,
11/12/26
..
979‌
972‌
FW2032325.UP.FTS.B,
31.07%,
11/12/26
..
1,174‌
1,166‌
FW2031596.UP.FTS.B,
31.1%,
11/12/26
...
5,481‌
5,441‌
FW2032994.UP.FTS.B,
31.15%,
11/12/26
..
3,009‌
2,983‌
FW2033066.UP.FTS.B,
31.16%,
11/12/26
..
7,145‌
7,093‌
FW2033123.UP.FTS.B,
31.18%,
11/12/26
..
1,600‌
500‌
FW2033143.UP.FTS.B,
31.21%,
11/12/26
..
19,576‌
19,433‌
FW2030963.UP.FTS.B,
31.23%,
11/12/26
..
1,200‌
352‌
FW2032496.UP.FTS.B,
31.23%,
11/12/26
..
8,711‌
8,648‌
FW2032619.UP.FTS.B,
31.24%,
11/12/26
..
18,206‌
18,073‌
FW2033181.UP.FTS.B,
31.25%,
11/12/26
..
2,277‌
665‌
FW2031715.UP.FTS.B,
31.33%,
11/12/26
..
4,699‌
4,664‌
FW2033208.UP.FTS.B,
31.39%,
11/12/26
..
3,720‌
3,693‌
FW2019354.UP.FTS.B,
31.57%,
11/12/26
..
6,310‌
5,997‌
FW2033190.UP.FTS.B,
31.59%,
11/12/26
..
2,105‌
2,086‌
FW2032062.UP.FTS.B,
31.82%,
11/12/26
..
3,429‌
3,404‌
FW2032750.UP.FTS.B,
31.85%,
11/12/26
..
2,487‌
2,369‌
FW2032397.UP.FTS.B,
31.93%,
11/12/26
..
2,350‌
2,333‌
FW2101958.UP.FTS.B,
6.23%,
11/23/26
...
37,329‌
37,303‌
L2101736.UP.FTS.B,
8.06%,
11/23/26
.....
959‌
957‌
L2103598.UP.FTS.B,
8.71%,
11/23/26
.....
15,357‌
15,330‌
L2102006.UP.FTS.B,
8.84%,
11/23/26
.....
47,997‌
47,913‌
L2101895.UP.FTS.B,
8.9%,
11/23/26
......
14,370‌
14,335‌
FW2103621.UP.FTS.B,
10.34%,
11/23/26
..
5,760‌
5,736‌
L2101981.UP.FTS.B,
11.14%,
11/23/26
....
8,638‌
8,603‌
L2102059.UP.FTS.B,
12.22%,
11/23/26
....
20,427‌
20,343‌
L2101522.UP.FTS.B,
12.34%,
11/23/26
....
32,276‌
32,180‌
L2103822.UP.FTS.B,
12.78%,
11/23/26
....
4,820‌
4,805‌
L2101315.UP.FTS.B,
12.86%,
11/23/26
....
6,748‌
6,728‌
L2102025.UP.FTS.B,
13.15%,
11/23/26
....
3,182‌
3,173‌
L2102939.UP.FTS.B,
13.35%,
11/23/26
....
3,376‌
3,366‌
L2076017.UP.FTS.B,
13.49%,
11/23/26
....
3,858‌
3,847‌
L2095249.UP.FTS.B,
14.31%,
11/23/26
....
15,446‌
15,403‌
L2101974.UP.FTS.B,
14.36%,
11/23/26
....
8,302‌
8,279‌
L2101130.UP.FTS.B,
14.68%,
11/23/26
....
3,090‌
3,082‌
L2102807.UP.FTS.B,
15.1%,
11/23/26
.....
19,876‌
19,754‌
L2103733.UP.FTS.B,
15.47%,
11/23/26
....
9,616‌
9,579‌
FW2102638.UP.FTS.B,
15.48%,
11/23/26
..
9,328‌
9,287‌
L2103246.UP.FTS.B,
15.57%,
11/23/26
....
2,611‌
2,599‌
L2068146.UP.FTS.B,
16.06%,
11/23/26
....
9,670‌
9,625‌
L2102888.UP.FTS.B,
16.12%,
11/23/26
....
4,899‌
4,886‌
L2102751.UP.FTS.B,
16.5%,
11/23/26
.....
3,869‌
3,852‌
L2103150.UP.FTS.B,
16.57%,
11/23/26
....
5,805‌
5,789‌
FW2101751.UP.FTS.B,
16.63%,
11/23/26
..
19,350‌
19,261‌
L2102461.UP.FTS.B,
16.75%,
11/23/26
....
9,676‌
9,631‌
L2102482.UP.FTS.B,
16.94%,
11/23/26
....
4,731‌
4,713‌
L2101428.UP.FTS.B,
17.6%,
11/23/26
.....
14,524‌
14,458‌
L2099233.UP.FTS.B,
17.83%,
11/23/26
....
15,497‌
15,427‌
L2050778.UP.FTS.B,
18.01%,
11/23/26
....
8,718‌
8,679‌
FW2101742.UP.FTS.B,
18.05%,
11/23/26
..
7,363‌
7,330‌
L2101699.UP.FTS.B,
18.05%,
11/23/26
....
9,527‌
9,464‌
Franklin
Universal
Trust
Statement
of
Investments
(unaudited)
franklintempleton.com
Semiannual
Report
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
34
Description
Principal
Amount
Value
Marketplace
Loans
(continued)
Upstart
Network,
Inc.
(continued)
L2102561.UP.FTS.B,
18.92%,
11/23/26
....
$
4,848‌
$
4,826‌
L2101597.UP.FTS.B,
19.51%,
11/23/26
....
6,790‌
6,760‌
L2102051.UP.FTS.B,
19.71%,
11/23/26
....
5,433‌
5,402‌
L2102099.UP.FTS.B,
19.87%,
11/23/26
....
7,500‌
1,233‌
L2103543.UP.FTS.B,
19.91%,
11/23/26
....
944‌
936‌
FW2102941.UP.FTS.B,
20.37%,
11/23/26
..
19,415‌
19,348‌
L2103457.UP.FTS.B,
20.42%,
11/23/26
....
9,200‌
2,614‌
L2102313.UP.FTS.B,
20.5%,
11/23/26
.....
1,449‌
1,443‌
FW2101729.UP.FTS.B,
20.8%,
11/23/26
...
29,557‌
29,464‌
L2102253.UP.FTS.B,
20.85%,
11/23/26
....
7,575‌
7,549‌
L2102703.UP.FTS.B,
20.89%,
11/23/26
....
4,904‌
4,892‌
L2103666.UP.FTS.B,
21.53%,
11/23/26
....
7,249‌
7,194‌
L2103089.UP.FTS.B,
22.24%,
11/23/26
....
7,778‌
7,753‌
L2100737.UP.FTS.B,
22.28%,
11/23/26
....
16,529‌
16,475‌
L2103801.UP.FTS.B,
22.34%,
11/23/26
....
2,906‌
2,884‌
FW2102410.UP.FTS.B,
22.44%,
11/23/26
..
4,862‌
4,846‌
L2103055.UP.FTS.B,
22.44%,
11/23/26
....
1,264‌
1,257‌
L2101897.UP.FTS.B,
22.63%,
11/23/26
....
9,817‌
9,794‌
L2102400.UP.FTS.B,
22.64%,
11/23/26
....
5,805‌
5,781‌
FW2103066.UP.FTS.B,
23.11%,
11/23/26
..
3,405‌
3,394‌
FW2101826.UP.FTS.B,
23.99%,
11/23/26
..
7,762‌
7,726‌
L2101750.UP.FTS.B,
24.17%,
11/23/26
....
6,900‌
6,886‌
L2102299.UP.FTS.B,
24.27%,
11/23/26
....
6,330‌
6,310‌
FW2103766.UP.FTS.B,
24.61%,
11/23/26
..
8,280‌
8,255‌
L2103547.UP.FTS.B,
24.76%,
11/23/26
....
1,072‌
1,067‌
L2102901.UP.FTS.B,
24.77%,
11/23/26
....
2,000‌
309‌
FW2102727.UP.FTS.B,
24.84%,
11/23/26
..
3,897‌
3,885‌
L2103842.UP.FTS.B,
25.11%,
11/23/26
....
3,898‌
3,877‌
L2102211.UP.FTS.B,
25.3%,
11/23/26
.....
975‌
970‌
L2101935.UP.FTS.B,
25.31%,
11/23/26
....
1,267‌
1,263‌
L2103945.UP.FTS.B,
25.34%,
11/23/26
....
2,827‌
2,818‌
L2103197.UP.FTS.B,
25.35%,
11/23/26
....
7,797‌
7,774‌
L2101880.UP.FTS.B,
25.39%,
11/23/26
....
2,924‌
2,915‌
L2101888.UP.FTS.B,
25.4%,
11/23/26
.....
9,260‌
9,232‌
L2103491.UP.FTS.B,
25.4%,
11/23/26
.....
1,102‌
1,093‌
L2102577.UP.FTS.B,
25.42%,
11/23/26
....
5,751‌
5,734‌
L2102346.UP.FTS.B,
25.43%,
11/23/26
....
5,069‌
5,053‌
L2103267.UP.FTS.B,
25.44%,
11/23/26
....
3,335‌
3,318‌
L2103588.UP.FTS.B,
25.44%,
11/23/26
....
3,607‌
3,596‌
L2103899.UP.FTS.B,
25.44%,
11/23/26
....
3,491‌
3,477‌
L2102933.UP.FTS.B,
25.47%,
11/23/26
....
2,141‌
2,133‌
L2101815.UP.FTS.B,
25.49%,
11/23/26
....
12,977‌
12,949‌
FW2102485.UP.FTS.B,
25.59%,
11/23/26
..
1,151‌
1,140‌
L2101347.UP.FTS.B,
25.68%,
11/23/26
....
17,549‌
17,457‌
L2102991.UP.FTS.B,
25.76%,
11/23/26
....
3,997‌
3,986‌
L2102028.UP.FTS.B,
25.89%,
11/23/26
....
5,850‌
5,833‌
L2052565.UP.FTS.B,
26.09%,
11/23/26
....
15,896‌
15,850‌
FW2101678.UP.FTS.B,
26.5%,
11/23/26
...
3,414‌
3,404‌
L2102238.UP.FTS.B,
26.56%,
11/23/26
....
8,573‌
8,531‌
FW2103284.UP.FTS.B,
27.1%,
11/23/26
...
3,904‌
3,893‌
FW2102544.UP.FTS.B,
27.32%,
11/23/26
..
2,928‌
2,920‌
FW2103396.UP.FTS.B,
27.57%,
11/23/26
..
8,857‌
8,839‌
FW2101640.UP.FTS.B,
28.13%,
11/23/26
..
992‌
295‌
FW2103532.UP.FTS.B,
28.75%,
11/23/26
..
9,771‌
9,745‌
FW2103644.UP.FTS.B,
29%,
11/23/26
....
4,888‌
4,875‌
FW2101765.UP.FTS.B,
29.07%,
11/23/26
..
3,421‌
3,412‌
FW2102776.UP.FTS.B,
29.73%,
11/23/26
..
1,986‌
596‌
FW2102091.UP.FTS.B,
29.86%,
11/23/26
..
5,632‌
5,603‌
Description
Principal
Amount
Value
Upstart
Network,
Inc.
(continued)
FW2101316.UP.FTS.B,
29.99%,
11/23/26
..
$
5,000‌
$
874‌
FW2103611.UP.FTS.B,
30.3%,
11/23/26
...
2,935‌
2,928‌
FW2102766.UP.FTS.B,
30.35%,
11/23/26
..
9,147‌
9,114‌
FW2101041.UP.FTS.B,
30.44%,
11/23/26
..
6,848‌
6,831‌
FW2103334.UP.FTS.B,
30.61%,
11/23/26
..
2,300‌
734‌
FW2103140.UP.FTS.B,
30.67%,
11/23/26
..
1,951‌
1,945‌
FW2103858.UP.FTS.B,
30.83%,
11/23/26
..
1,577‌
1,574‌
FW2102371.UP.FTS.B,
30.85%,
11/23/26
..
7,940‌
7,929‌
FW2102634.UP.FTS.B,
30.88%,
11/23/26
..
1,468‌
1,464‌
FW2102995.UP.FTS.B,
30.88%,
11/23/26
..
1,247‌
1,241‌
FW2102867.UP.FTS.B,
30.9%,
11/23/26
...
1,687‌
505‌
FW2101539.UP.FTS.B,
30.96%,
11/23/26
..
2,100‌
324‌
FW2103415.UP.FTS.B,
31.09%,
11/23/26
..
12,874‌
12,816‌
FW2103313.UP.FTS.B,
31.18%,
11/23/26
..
3,874‌
3,858‌
FW2103786.UP.FTS.B,
31.2%,
11/23/26
...
1,762‌
1,757‌
FW2102108.UP.FTS.B,
31.21%,
11/23/26
..
4,268‌
1,279‌
FW2102609.UP.FTS.B,
31.21%,
11/23/26
..
1,900‌
333‌
FW2103069.UP.FTS.B,
31.22%,
11/23/26
..
2,153‌
2,148‌
FW2102405.UP.FTS.B,
31.83%,
11/23/26
..
2,350‌
2,344‌
FW2102063.UP.FTS.B,
31.99%,
11/23/26
..
15,081‌
15,045‌
L2249428.UP.FTS.B,
8.72%,
12/14/26
.....
14,602‌
14,569‌
L2250662.UP.FTS.B,
8.88%,
12/14/26
.....
10,709‌
10,685‌
L2249279.UP.FTS.B,
9.09%,
12/14/26
.....
4,869‌
4,858‌
L2251398.UP.FTS.B,
9.28%,
12/14/26
.....
7,791‌
7,774‌
L2250255.UP.FTS.B,
9.36%,
12/14/26
.....
6,628‌
6,595‌
L2250829.UP.FTS.B,
9.77%,
12/14/26
.....
2,867‌
2,857‌
L2247842.UP.FTS.B,
9.8%,
12/14/26
.....
7,209‌
7,193‌
L2251213.UP.FTS.B,
9.85%,
12/14/26
.....
11,691‌
11,647‌
FW2251249.UP.FTS.B,
10.34%,
12/14/26
..
18,518‌
18,448‌
L2248805.UP.FTS.B,
10.51%,
12/14/26
....
9,747‌
9,710‌
L2249903.UP.FTS.B,
11.03%,
12/14/26
....
2,925‌
2,914‌
FW2249671.UP.FTS.B,
11.35%,
12/14/26
..
19,487‌
19,428‌
L2251005.UP.FTS.B,
11.75%,
12/14/26
....
15,707‌
15,648‌
FW2249158.UP.FTS.B,
11.8%,
12/14/26
...
14,635‌
14,579‌
L2251043.UP.FTS.B,
12.11%,
12/14/26
....
31,227‌
31,109‌
L2250070.UP.FTS.B,
12.15%,
12/14/26
....
6,815‌
6,780‌
L2251230.UP.FTS.B,
12.48%,
12/14/26
....
1,952‌
1,945‌
L2249726.UP.FTS.B,
12.59%,
12/14/26
....
8,786‌
8,753‌
L2251302.UP.FTS.B,
12.76%,
12/14/26
....
5,851‌
5,822‌
L2251060.UP.FTS.B,
12.84%,
12/14/26
....
3,992‌
3,776‌
L2250389.UP.FTS.B,
13.11%,
12/14/26
....
19,429‌
19,328‌
L2247235.UP.FTS.B,
13.18%,
12/14/26
....
3,906‌
3,892‌
L2250820.UP.FTS.B,
13.59%,
12/14/26
....
3,126‌
3,114‌
FW2250025.UP.FTS.B,
13.65%,
12/14/26
..
7,327‌
7,299‌
FW2249624.UP.FTS.B,
13.82%,
12/14/26
..
5,373‌
5,353‌
L2240508.UP.FTS.B,
14.03%,
12/14/26
....
922‌
915‌
L2251167.UP.FTS.B,
14.16%,
12/14/26
....
8,306‌
8,275‌
L2247268.UP.FTS.B,
14.22%,
12/14/26
....
48,743‌
48,359‌
L2249868.UP.FTS.B,
14.41%,
12/14/26
....
5,864‌
5,842‌
FW2249992.UP.FTS.B,
14.49%,
12/14/26
..
1,386‌
1,377‌
L2250559.UP.FTS.B,
14.84%,
12/14/26
....
7,351‌
7,324‌
L2248700.UP.FTS.B,
14.99%,
12/14/26
....
7,822‌
7,793‌
FW2250857.UP.FTS.B,
15.23%,
12/14/26
..
29,248‌
29,017‌
L2250968.UP.FTS.B,
15.57%,
12/14/26
....
2,473‌
2,338‌
FW2250512.UP.FTS.B,
15.67%,
12/14/26
..
26,316‌
26,108‌
L2250750.UP.FTS.B,
16.01%,
12/14/26
....
4,207‌
4,182‌
L2251440.UP.FTS.B,
16.23%,
12/14/26
....
1,468‌
1,459‌
FW2251363.UP.FTS.B,
16.36%,
12/14/26
..
41,102‌
40,951‌
Franklin
Universal
Trust
Statement
of
Investments
(unaudited)
franklintempleton.com
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Semiannual
Report
35
Description
Principal
Amount
Value
Marketplace
Loans
(continued)
Upstart
Network,
Inc.
(continued)
L2249248.UP.FTS.B,
16.43%,
12/14/26
....
$
11,684‌
$
11,591‌
L2250291.UP.FTS.B,
16.44%,
12/14/26
....
7,829‌
7,783‌
L2250670.UP.FTS.B,
16.58%,
12/14/26
....
4,894‌
4,876‌
L2250624.UP.FTS.B,
16.92%,
12/14/26
....
5,874‌
5,839‌
L2249982.UP.FTS.B,
16.98%,
12/14/26
....
4,895‌
4,866‌
L2249388.UP.FTS.B,
17.25%,
12/14/26
....
5,875‌
5,832‌
FW2250678.UP.FTS.B,
17.4%,
12/14/26
...
3,395‌
3,367‌
L2249629.UP.FTS.B,
17.8%,
12/14/26
.....
6,209‌
6,177‌
L2250587.UP.FTS.B,
17.94%,
12/14/26
....
15,674‌
15,581‌
L2249002.UP.FTS.B,
18.13%,
12/14/26
....
3,429‌
3,404‌
L2250560.UP.FTS.B,
18.18%,
12/14/26
....
9,797‌
9,726‌
FW2248499.UP.FTS.B,
18.23%,
12/14/26
..
4,899‌
4,870‌
FW2248341.UP.FTS.B,
18.43%,
12/14/26
..
24,821‌
23,537‌
L2248252.UP.FTS.B,
18.48%,
12/14/26
....
2,940‌
2,918‌
FW2249113.UP.FTS.B,
18.58%,
12/14/26
..
24,486‌
24,307‌
FW2250867.UP.FTS.B,
18.63%,
12/14/26
..
39,201‌
38,915‌
FW2249102.UP.FTS.B,
18.66%,
12/14/26
..
5,880‌
5,837‌
L2248897.UP.FTS.B,
18.73%,
12/14/26
....
2,156‌
2,140‌
L2249404.UP.FTS.B,
18.82%,
12/14/26
....
3,920‌
3,892‌
L2250926.UP.FTS.B,
19.09%,
12/14/26
....
16,959‌
16,835‌
L2250154.UP.FTS.B,
19.32%,
12/14/26
....
9,804‌
9,747‌
FW2249414.UP.FTS.B,
19.5%,
12/14/26
...
5,942‌
5,640‌
L2250893.UP.FTS.B,
19.53%,
12/14/26
....
19,612‌
19,497‌
L2250499.UP.FTS.B,
19.65%,
12/14/26
....
3,530‌
3,510‌
L2251037.UP.FTS.B,
19.7%,
12/14/26
.....
1,765‌
1,755‌
L2249412.UP.FTS.B,
19.96%,
12/14/26
....
2,004‌
1,987‌
L2248975.UP.FTS.B,
19.98%,
12/14/26
....
10,387‌
10,300‌
FW2251119.UP.FTS.B,
20.09%,
12/14/26
..
1,962‌
1,950‌
L2249393.UP.FTS.B,
20.1%,
12/14/26
.....
4,904‌
4,871‌
L2249483.UP.FTS.B,
20.19%,
12/14/26
....
9,809‌
9,738‌
FW2250352.UP.FTS.B,
20.38%,
12/14/26
..
29,448‌
29,235‌
FW2250365.UP.FTS.B,
20.49%,
12/14/26
..
29,245‌
29,011‌
L2250843.UP.FTS.B,
20.5%,
12/14/26
.....
5,396‌
5,357‌
L2250558.UP.FTS.B,
20.67%,
12/14/26
....
7,948‌
7,893‌
L2251409.UP.FTS.B,
20.71%,
12/14/26
....
11,775‌
11,689‌
L2251393.UP.FTS.B,
20.81%,
12/14/26
....
4,869‌
4,829‌
L2249304.UP.FTS.B,
20.89%,
12/14/26
....
6,250‌
6,173‌
FW2246646.UP.FTS.B,
21.08%,
12/14/26
..
4,906‌
4,874‌
L2249780.UP.FTS.B,
21.14%,
12/14/26
....
7,852‌
7,798‌
L2250723.UP.FTS.B,
21.16%,
12/14/26
....
3,435‌
3,410‌
L2248430.UP.FTS.B,
21.51%,
12/14/26
....
1,276‌
1,272‌
L2250707.UP.FTS.B,
21.52%,
12/14/26
....
5,865‌
5,819‌
L2250505.UP.FTS.B,
21.65%,
12/14/26
....
29,451‌
29,237‌
L2249030.UP.FTS.B,
21.69%,
12/14/26
....
2,160‌
2,144‌
L2249288.UP.FTS.B,
21.82%,
12/14/26
....
5,302‌
5,266‌
L2249149.UP.FTS.B,
21.87%,
12/14/26
....
9,819‌
9,748‌
FW2248314.UP.FTS.B,
21.92%,
12/14/26
..
3,437‌
3,413‌
L2249898.UP.FTS.B,
22.33%,
12/14/26
....
21,429‌
21,256‌
L2250188.UP.FTS.B,
22.59%,
12/14/26
....
4,823‌
4,791‌
FW2249874.UP.FTS.B,
22.75%,
12/14/26
..
16,701‌
16,587‌
L2251333.UP.FTS.B,
22.77%,
12/14/26
....
15,896‌
15,772‌
L2250436.UP.FTS.B,
22.79%,
12/14/26
....
17,683‌
17,563‌
L2249183.UP.FTS.B,
22.87%,
12/14/26
....
3,439‌
3,415‌
L2250392.UP.FTS.B,
22.93%,
12/14/26
....
3,144‌
3,123‌
L2250810.UP.FTS.B,
23.01%,
12/14/26
....
6,882‌
6,836‌
FW2251497.UP.FTS.B,
23.11%,
12/14/26
..
6,244‌
6,179‌
L2249529.UP.FTS.B,
23.39%,
12/14/26
....
9,827‌
9,760‌
L2250010.UP.FTS.B,
23.56%,
12/14/26
....
4,914‌
4,881‌
Description
Principal
Amount
Value
Upstart
Network,
Inc.
(continued)
FW2248500.UP.FTS.B,
23.6%,
12/14/26
...
$
2,949‌
$
2,929‌
FW2248932.UP.FTS.B,
23.62%,
12/14/26
..
1,966‌
1,952‌
L2249765.UP.FTS.B,
23.67%,
12/14/26
....
3,932‌
3,905‌
L2250302.UP.FTS.B,
23.69%,
12/14/26
....
6,870‌
6,817‌
L2250948.UP.FTS.B,
23.7%,
12/14/26
.....
44,230‌
43,930‌
FW2248406.UP.FTS.B,
23.81%,
12/14/26
..
1,376‌
1,367‌
L2250450.UP.FTS.B,
23.85%,
12/14/26
....
1,474‌
1,464‌
L2248306.UP.FTS.B,
23.97%,
12/14/26
....
24,576‌
24,409‌
FW2249399.UP.FTS.B,
24.09%,
12/14/26
..
4,423‌
4,392‌
L2249615.UP.FTS.B,
24.09%,
12/14/26
....
3,932‌
3,906‌
L2248036.UP.FTS.B,
24.14%,
12/14/26
....
26,953‌
25,642‌
L2251175.UP.FTS.B,
24.32%,
12/14/26
....
5,408‌
5,371‌
L2250334.UP.FTS.B,
24.44%,
12/14/26
....
8,555‌
8,493‌
L2250245.UP.FTS.B,
24.75%,
12/14/26
....
1,957‌
1,942‌
L2251223.UP.FTS.B,
24.89%,
12/14/26
....
5,901‌
5,867‌
L2250314.UP.FTS.B,
24.91%,
12/14/26
....
3,442‌
3,424‌
L2249605.UP.FTS.B,
24.93%,
12/14/26
....
4,131‌
4,103‌
L2249782.UP.FTS.B,
24.98%,
12/14/26
....
4,131‌
4,103‌
L2248144.UP.FTS.B,
25.08%,
12/14/26
....
4,563‌
4,339‌
L2250779.UP.FTS.B,
25.12%,
12/14/26
....
1,869‌
1,856‌
L2249254.UP.FTS.B,
25.13%,
12/14/26
....
7,869‌
7,816‌
L2248450.UP.FTS.B,
25.14%,
12/14/26
....
5,886‌
5,840‌
L2249986.UP.FTS.B,
25.21%,
12/14/26
....
1,775‌
1,763‌
L2248417.UP.FTS.B,
25.23%,
12/14/26
....
2,164‌
2,150‌
L2248407.UP.FTS.B,
25.27%,
12/14/26
....
2,459‌
2,443‌
L2249856.UP.FTS.B,
25.32%,
12/14/26
....
1,181‌
1,173‌
L2240158.UP.FTS.B,
25.37%,
12/14/26
....
11,412‌
11,330‌
L2250087.UP.FTS.B,
25.37%,
12/14/26
....
1,056‌
1,013‌
L2248877.UP.FTS.B,
25.38%,
12/14/26
....
3,148‌
3,126‌
L2249823.UP.FTS.B,
25.41%,
12/14/26
....
4,531‌
4,505‌
L2249987.UP.FTS.B,
25.42%,
12/14/26
....
2,045‌
2,028‌
L2251395.UP.FTS.B,
25.45%,
12/14/26
....
2,164‌
2,150‌
L2251149.UP.FTS.B,
25.46%,
12/14/26
....
2,480‌
2,358‌
L2249309.UP.FTS.B,
25.75%,
12/14/26
....
4,133‌
4,105‌
L2251286.UP.FTS.B,
25.89%,
12/14/26
....
2,165‌
2,150‌
L2250992.UP.FTS.B,
25.92%,
12/14/26
....
9,848‌
9,782‌
FW2250494.UP.FTS.B,
25.95%,
12/14/26
..
3,936‌
3,910‌
L2247535.UP.FTS.B,
25.95%,
12/14/26
....
7,152‌
7,053‌
FW2249943.UP.FTS.B,
25.97%,
12/14/26
..
20,000‌
19,249‌
FW2250500.UP.FTS.B,
26.04%,
12/14/26
..
1,476‌
1,466‌
FW2250385.UP.FTS.B,
26.11%,
12/14/26
..
3,445‌
3,421‌
FW2248550.UP.FTS.B,
26.2%,
12/14/26
...
4,429‌
4,399‌
L2248209.UP.FTS.B,
26.25%,
12/14/26
....
6,102‌
6,061‌
FW2248688.UP.FTS.B,
26.36%,
12/14/26
..
4,158‌
4,132‌
L2249257.UP.FTS.B,
26.38%,
12/14/26
....
8,662‌
8,603‌
FW2251269.UP.FTS.B,
26.55%,
12/14/26
..
4,922‌
4,889‌
L2248675.UP.FTS.B,
26.56%,
12/14/26
....
4,823‌
4,791‌
FW2248463.UP.FTS.B,
26.66%,
12/14/26
..
2,953‌
2,933‌
FW2248876.UP.FTS.B,
27.04%,
12/14/26
..
1,969‌
1,956‌
FW2251276.UP.FTS.B,
27.23%,
12/14/26
..
11,620‌
11,541‌
FW2250895.UP.FTS.B,
27.24%,
12/14/26
..
3,200‌
989‌
FW2250572.UP.FTS.B,
27.63%,
12/14/26
..
10,834‌
10,761‌
FW2248164.UP.FTS.B,
27.68%,
12/14/26
..
5,910‌
5,870‌
FW2249342.UP.FTS.B,
27.92%,
12/14/26
..
5,859‌
5,810‌
FW2249569.UP.FTS.B,
27.99%,
12/14/26
..
11,564‌
11,464‌
FW2247531.UP.FTS.B,
28.13%,
12/14/26
..
3,000‌
934‌
FW2251120.UP.FTS.B,
28.37%,
12/14/26
..
12,809‌
12,723‌
FW2249976.UP.FTS.B,
28.77%,
12/14/26
..
1,951‌
1,934‌
Franklin
Universal
Trust
Statement
of
Investments
(unaudited)
franklintempleton.com
Semiannual
Report
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
36
Description
Principal
Amount
Value
Marketplace
Loans
(continued)
Upstart
Network,
Inc.
(continued)
FW2250016.UP.FTS.B,
29.36%,
12/14/26
..
$
6,505‌
$
6,462‌
FW2248226.UP.FTS.B,
29.45%,
12/14/26
..
2,957‌
2,938‌
FW2251197.UP.FTS.B,
29.46%,
12/14/26
..
4,802‌
4,757‌
FW2250989.UP.FTS.B,
29.6%,
12/14/26
...
2,169‌
2,154‌
FW2246912.UP.FTS.B,
29.61%,
12/14/26
..
2,958‌
2,938‌
FW2251457.UP.FTS.B,
29.96%,
12/14/26
..
1,713‌
1,697‌
FW2250225.UP.FTS.B,
30.13%,
12/14/26
..
1,571‌
1,559‌
FW2250294.UP.FTS.B,
30.29%,
12/14/26
..
5,917‌
5,878‌
FW2249682.UP.FTS.B,
30.35%,
12/14/26
..
1,677‌
1,665‌
FW2249063.UP.FTS.B,
30.39%,
12/14/26
..
5,918‌
5,878‌
FW2249951.UP.FTS.B,
30.44%,
12/14/26
..
1,973‌
1,959‌
FW2248119.UP.FTS.B,
30.63%,
12/14/26
..
2,800‌
823‌
FW2249983.UP.FTS.B,
30.63%,
12/14/26
..
1,879‌
1,867‌
FW2250251.UP.FTS.B,
30.69%,
12/14/26
..
5,721‌
5,683‌
FW2251385.UP.FTS.B,
30.75%,
12/14/26
..
5,524‌
5,485‌
FW2249282.UP.FTS.B,
30.76%,
12/14/26
..
1,290‌
1,282‌
FW2250230.UP.FTS.B,
30.8%,
12/14/26
...
3,354‌
3,332‌
FW2249049.UP.FTS.B,
30.95%,
12/14/26
..
6,215‌
6,174‌
FW2249935.UP.FTS.B,
30.97%,
12/14/26
..
3,749‌
3,724‌
FW2247285.UP.FTS.B,
30.98%,
12/14/26
..
5,919‌
5,880‌
FW2250818.UP.FTS.B,
31.04%,
12/14/26
..
2,500‌
2,407‌
FW2249932.UP.FTS.B,
31.05%,
12/14/26
..
11,444‌
11,363‌
FW2251021.UP.FTS.B,
31.06%,
12/14/26
..
1,973‌
1,960‌
FW2248810.UP.FTS.B,
31.08%,
12/14/26
..
2,583‌
2,571‌
FW2248234.UP.FTS.B,
31.09%,
12/14/26
..
8,189‌
8,134‌
FW2250276.UP.FTS.B,
31.09%,
12/14/26
..
1,677‌
1,666‌
FW2251092.UP.FTS.B,
31.1%,
12/14/26
...
1,875‌
1,862‌
FW2250801.UP.FTS.B,
31.11%,
12/14/26
..
2,857‌
2,831‌
FW2249041.UP.FTS.B,
31.12%,
12/14/26
..
1,085‌
1,078‌
FW2250974.UP.FTS.B,
31.12%,
12/14/26
..
3,256‌
3,234‌
FW2251215.UP.FTS.B,
31.16%,
12/14/26
..
4,045‌
4,018‌
FW2251477.UP.FTS.B,
31.16%,
12/14/26
..
1,480‌
1,469‌
FW2248893.UP.FTS.B,
31.17%,
12/14/26
..
1,776‌
1,764‌
FW2250257.UP.FTS.B,
31.18%,
12/14/26
..
1,480‌
1,470‌
FW2249653.UP.FTS.B,
31.19%,
12/14/26
..
3,749‌
3,724‌
FW2250018.UP.FTS.B,
31.2%,
12/14/26
...
1,092‌
1,040‌
FW2251105.UP.FTS.B,
31.21%,
12/14/26
..
34,800‌
33,121‌
FW2250863.UP.FTS.B,
31.23%,
12/14/26
..
17,565‌
17,448‌
FW2251410.UP.FTS.B,
31.25%,
12/14/26
..
4,600‌
4,378‌
FW2249397.UP.FTS.B,
31.37%,
12/14/26
..
1,579‌
1,568‌
FW2250341.UP.FTS.B,
31.55%,
12/14/26
..
4,243‌
4,215‌
FW2249720.UP.FTS.B,
31.6%,
12/14/26
...
9,375‌
9,312‌
FW2247969.UP.FTS.B,
31.61%,
12/14/26
..
6,217‌
6,176‌
FW2251100.UP.FTS.B,
31.72%,
12/14/26
..
1,974‌
1,961‌
FW2250563.UP.FTS.B,
31.74%,
12/14/26
..
3,257‌
3,235‌
FW2250032.UP.FTS.B,
32.02%,
12/14/26
..
4,024‌
3,991‌
L2251963.UP.FTS.B,
7.31%,
12/15/26
.....
12,143‌
12,111‌
L2252296.UP.FTS.B,
8.02%,
12/15/26
.....
14,594‌
14,569‌
L2141755.UP.FTS.B,
8.51%,
12/15/26
.....
48,506‌
48,380‌
L2251219.UP.FTS.B,
8.53%,
12/15/26
.....
2,467‌
2,330‌
L2252339.UP.FTS.B,
8.65%,
12/15/26
.....
24,334‌
24,294‌
L2252737.UP.FTS.B,
8.71%,
12/15/26
.....
20,443‌
20,408‌
L2252298.UP.FTS.B,
8.83%,
12/15/26
.....
3,203‌
3,194‌
L2252476.UP.FTS.B,
9.18%,
12/15/26
.....
9,738‌
9,722‌
FW2253701.UP.FTS.B,
10.99%,
12/15/26
..
12,676‌
12,637‌
L2253738.UP.FTS.B,
11.28%,
12/15/26
....
29,258‌
29,169‌
L2247794.UP.FTS.B,
12.65%,
12/15/26
....
4,393‌
4,380‌
FW2253414.UP.FTS.B,
13.43%,
12/15/26
..
3,907‌
3,896‌
Description
Principal
Amount
Value
Upstart
Network,
Inc.
(continued)
L2253650.UP.FTS.B,
13.61%,
12/15/26
....
$
6,350‌
$
6,331‌
L2253574.UP.FTS.B,
13.77%,
12/15/26
....
1,954‌
1,948‌
L2253384.UP.FTS.B,
13.79%,
12/15/26
....
11,724‌
11,690‌
L2251912.UP.FTS.B,
13.91%,
12/15/26
....
3,420‌
3,410‌
L2251560.UP.FTS.B,
14.27%,
12/15/26
....
6,352‌
6,334‌
L2253091.UP.FTS.B,
14.6%,
12/15/26
.....
29,325‌
29,243‌
L2252906.UP.FTS.B,
14.66%,
12/15/26
....
10,851‌
10,820‌
L2252920.UP.FTS.B,
14.66%,
12/15/26
....
2,933‌
2,924‌
L2252226.UP.FTS.B,
14.86%,
12/15/26
....
48,883‌
48,747‌
L2252357.UP.FTS.B,
15.18%,
12/15/26
....
5,867‌
5,851‌
L2252931.UP.FTS.B,
15.49%,
12/15/26
....
3,369‌
3,345‌
FW2249675.UP.FTS.B,
16.01%,
12/15/26
..
14,720‌
14,651‌
L2251599.UP.FTS.B,
16.33%,
12/15/26
....
2,740‌
2,727‌
L2252976.UP.FTS.B,
16.75%,
12/15/26
....
6,241‌
6,198‌
L2252902.UP.FTS.B,
16.77%,
12/15/26
....
16,641‌
16,561‌
FW2253272.UP.FTS.B,
17.07%,
12/15/26
..
11,749‌
11,677‌
L2252701.UP.FTS.B,
17.13%,
12/15/26
....
14,687‌
14,617‌
L2252199.UP.FTS.B,
17.21%,
12/15/26
....
9,204‌
9,180‌
L2251888.UP.FTS.B,
17.72%,
12/15/26
....
5,877‌
5,849‌
L2253164.UP.FTS.B,
17.76%,
12/15/26
....
5,723‌
5,670‌
FW2252613.UP.FTS.B,
17.78%,
12/15/26
..
4,408‌
4,387‌
L2253110.UP.FTS.B,
17.96%,
12/15/26
....
5,869‌
5,830‌
FW2253547.UP.FTS.B,
18.3%,
12/15/26
...
4,899‌
4,869‌
L2251960.UP.FTS.B,
19.3%,
12/15/26
.....
10,802‌
10,738‌
L2252566.UP.FTS.B,
19.55%,
12/15/26
....
5,838‌
5,815‌
FW2251546.UP.FTS.B,
19.76%,
12/15/26
..
14,710‌
14,623‌
L2252438.UP.FTS.B,
19.81%,
12/15/26
....
3,923‌
3,900‌
L2251988.UP.FTS.B,
19.87%,
12/15/26
....
2,452‌
2,437‌
L2252318.UP.FTS.B,
20.43%,
12/15/26
....
2,943‌
2,926‌
L2250838.UP.FTS.B,
20.47%,
12/15/26
....
6,279‌
6,242‌
L2251727.UP.FTS.B,
20.77%,
12/15/26
....
2,453‌
2,439‌
FW2252454.UP.FTS.B,
20.99%,
12/15/26
..
4,770‌
4,734‌
L2253118.UP.FTS.B,
21.32%,
12/15/26
....
19,632‌
19,526‌
L2252234.UP.FTS.B,
21.66%,
12/15/26
....
4,418‌
4,392‌
L2251298.UP.FTS.B,
21.73%,
12/15/26
....
6,873‌
6,833‌
L2253117.UP.FTS.B,
22.06%,
12/15/26
....
7,365‌
7,326‌
L2250184.UP.FTS.B,
22.22%,
12/15/26
....
1,000‌
964‌
L2252879.UP.FTS.B,
22.23%,
12/15/26
....
1,080‌
1,075‌
L2251670.UP.FTS.B,
22.36%,
12/15/26
....
4,911‌
4,885‌
L2252753.UP.FTS.B,
22.36%,
12/15/26
....
5,304‌
5,276‌
L2252135.UP.FTS.B,
22.59%,
12/15/26
....
2,947‌
2,931‌
L2251712.UP.FTS.B,
23.15%,
12/15/26
....
28,495‌
28,346‌
L2250105.UP.FTS.B,
23.56%,
12/15/26
....
3,910‌
3,885‌
L2253562.UP.FTS.B,
23.61%,
12/15/26
....
4,914‌
4,889‌
L2252151.UP.FTS.B,
23.83%,
12/15/26
....
3,895‌
3,861‌
L2253195.UP.FTS.B,
24.23%,
12/15/26
....
1,966‌
1,956‌
FW2253422.UP.FTS.B,
24.48%,
12/15/26
..
11,700‌
11,279‌
FW2253145.UP.FTS.B,
24.76%,
12/15/26
..
11,826‌
11,767‌
L2250541.UP.FTS.B,
24.85%,
12/15/26
....
2,951‌
2,935‌
L2252209.UP.FTS.B,
25.21%,
12/15/26
....
1,475‌
1,467‌
L2204211.UP.FTS.B,
25.24%,
12/15/26
....
1,082‌
1,077‌
L2252447.UP.FTS.B,
25.4%,
12/15/26
.....
1,181‌
1,175‌
L2253781.UP.FTS.B,
25.42%,
12/15/26
....
5,706‌
5,677‌
L2253724.UP.FTS.B,
25.49%,
12/15/26
....
1,091‌
1,038‌
FW2253392.UP.FTS.B,
25.5%,
12/15/26
...
6,887‌
6,852‌
FW2251554.UP.FTS.B,
25.54%,
12/15/26
..
3,500‌
1,080‌
FW2252608.UP.FTS.B,
25.98%,
12/15/26
..
3,472‌
3,308‌
L2250043.UP.FTS.B,
26.02%,
12/15/26
....
2,362‌
2,350‌
Franklin
Universal
Trust
Statement
of
Investments
(unaudited)
franklintempleton.com
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Semiannual
Report
37
Description
Principal
Amount
Value
Marketplace
Loans
(continued)
Upstart
Network,
Inc.
(continued)
FW2252481.UP.FTS.B,
26.36%,
12/15/26
..
$
12,796‌
$
12,732‌
FW2252287.UP.FTS.B,
26.45%,
12/15/26
..
1,889‌
1,874‌
FW2252974.UP.FTS.B,
26.45%,
12/15/26
..
28,936‌
28,736‌
FW2248936.UP.FTS.B,
26.48%,
12/15/26
..
5,853‌
5,814‌
FW2252129.UP.FTS.B,
26.6%,
12/15/26
...
4,892‌
4,861‌
FW2250547.UP.FTS.B,
27.22%,
12/15/26
..
3,474‌
3,310‌
FW2253490.UP.FTS.B,
28.02%,
12/15/26
..
4,926‌
4,901‌
FW2248254.UP.FTS.B,
28.44%,
12/15/26
..
5,445‌
5,421‌
FW2251714.UP.FTS.B,
28.54%,
12/15/26
..
5,862‌
5,824‌
FW2252023.UP.FTS.B,
28.67%,
12/15/26
..
4,533‌
4,511‌
FW2250659.UP.FTS.B,
28.84%,
12/15/26
..
4,928‌
4,904‌
FW2253234.UP.FTS.B,
28.94%,
12/15/26
..
10,841‌
10,789‌
FW2252989.UP.FTS.B,
29.41%,
12/15/26
..
10,844‌
10,792‌
FW2252065.UP.FTS.B,
29.59%,
12/15/26
..
8,873‌
8,831‌
FW2252237.UP.FTS.B,
29.62%,
12/15/26
..
5,718‌
5,691‌
FW2253785.UP.FTS.B,
29.85%,
12/15/26
..
3,568‌
3,552‌
FW2252233.UP.FTS.B,
30.05%,
12/15/26
..
2,465‌
2,454‌
FW2247630.UP.FTS.B,
30.42%,
12/15/26
..
2,964‌
2,942‌
FW2253413.UP.FTS.B,
30.61%,
12/15/26
..
19,865‌
18,935‌
FW2252687.UP.FTS.B,
30.62%,
12/15/26
..
14,795‌
14,726‌
FW2252504.UP.FTS.B,
30.66%,
12/15/26
..
4,932‌
4,909‌
FW2252113.UP.FTS.B,
30.81%,
12/15/26
..
1,381‌
1,375‌
FW2250795.UP.FTS.B,
30.83%,
12/15/26
..
1,200‌
353‌
FW2253485.UP.FTS.B,
30.83%,
12/15/26
..
1,874‌
1,865‌
FW2252117.UP.FTS.B,
30.85%,
12/15/26
..
24,662‌
24,546‌
FW2251983.UP.FTS.B,
30.9%,
12/15/26
...
3,944‌
3,926‌
FW2252133.UP.FTS.B,
30.95%,
12/15/26
..
1,973‌
1,964‌
FW2253703.UP.FTS.B,
31.04%,
12/15/26
..
5,919‌
5,892‌
FW2251570.UP.FTS.B,
31.17%,
12/15/26
..
11,839‌
11,784‌
FW2253186.UP.FTS.B,
31.17%,
12/15/26
..
2,072‌
2,062‌
FW2253542.UP.FTS.B,
31.19%,
12/15/26
..
1,875‌
1,866‌
FW2252788.UP.FTS.B,
31.31%,
12/15/26
..
4,341‌
4,321‌
FW2251389.UP.FTS.B,
31.46%,
12/15/26
..
18,903‌
18,778‌
FW2251813.UP.FTS.B,
31.46%,
12/15/26
..
4,243‌
4,223‌
FW2251940.UP.FTS.B,
31.49%,
12/15/26
..
9,473‌
9,429‌
FW2252591.UP.FTS.B,
31.67%,
12/15/26
..
6,908‌
6,876‌
FW2251566.UP.FTS.B,
31.95%,
12/15/26
..
6,119‌
6,091‌
L2499407.UP.FTS.B,
5.37%,
1/24/27
.....
49,276‌
49,265‌
L2497781.UP.FTS.B,
5.7%,
1/24/27
......
5,914‌
5,913‌
L2499766.UP.FTS.B,
6.26%,
1/24/27
.....
5,915‌
5,911‌
FW2499326.UP.FTS.B,
6.71%,
1/24/27
....
7,888‌
7,887‌
L2498743.UP.FTS.B,
7.47%,
1/24/27
.....
10,850‌
10,845‌
L2492277.UP.FTS.B,
7.6%,
1/24/27
......
6,707‌
6,704‌
L2500086.UP.FTS.B,
7.95%,
1/24/27
.....
12,707‌
12,689‌
L2497458.UP.FTS.B,
8.44%,
1/24/27
.....
34,518‌
34,469‌
L2497353.UP.FTS.B,
9.69%,
1/24/27
.....
12,812‌
12,794‌
L2500275.UP.FTS.B,
9.89%,
1/24/27
.....
19,733‌
19,705‌
L2499026.UP.FTS.B,
10.04%,
1/24/27
.....
19,751‌
19,743‌
L2500222.UP.FTS.B,
10.38%,
1/24/27
.....
24,717‌
24,679‌
L2498801.UP.FTS.B,
10.59%,
1/24/27
.....
26,661‌
26,642‌
L2499730.UP.FTS.B,
10.93%,
1/24/27
.....
9,852‌
9,828‌
L2500305.UP.FTS.B,
11.35%,
1/24/27
.....
988‌
987‌
L2498662.UP.FTS.B,
11.41%,
1/24/27
.....
9,877‌
9,870‌
FW2499235.UP.FTS.B,
11.45%,
1/24/27
...
6,414‌
6,399‌
L2498665.UP.FTS.B,
12%,
1/24/27
.......
4,940‌
4,936‌
L2498623.UP.FTS.B,
12.18%,
1/24/27
.....
2,174‌
2,172‌
L2497417.UP.FTS.B,
12.27%,
1/24/27
.....
22,527‌
22,511‌
L2497448.UP.FTS.B,
12.57%,
1/24/27
.....
9,881‌
9,874‌
Description
Principal
Amount
Value
Upstart
Network,
Inc.
(continued)
FW2497574.UP.FTS.B,
12.62%,
1/24/27
...
$
33,600‌
$
33,577‌
L2497797.UP.FTS.B,
12.7%,
1/24/27
.....
6,917‌
6,912‌
L2497350.UP.FTS.B,
13.11%,
1/24/27
.....
10,000‌
9,993‌
L2500282.UP.FTS.B,
13.29%,
1/24/27
.....
9,884‌
9,877‌
L2498317.UP.FTS.B,
13.31%,
1/24/27
.....
4,241‌
4,232‌
L2500590.UP.FTS.B,
13.43%,
1/24/27
.....
1,483‌
1,482‌
L2500384.UP.FTS.B,
13.68%,
1/24/27
.....
8,893‌
8,873‌
FW2497490.UP.FTS.B,
14.04%,
1/24/27
...
6,920‌
6,916‌
L2498730.UP.FTS.B,
14.35%,
1/24/27
.....
5,932‌
5,928‌
FW2499948.UP.FTS.B,
14.6%,
1/24/27
....
6,922‌
6,917‌
L2499978.UP.FTS.B,
14.9%,
1/24/27
.....
34,612‌
34,588‌
L2500513.UP.FTS.B,
14.9%,
1/24/27
.....
19,778‌
19,765‌
L2498596.UP.FTS.B,
15.19%,
1/24/27
.....
1,978‌
1,977‌
L2499400.UP.FTS.B,
15.39%,
1/24/27
.....
13,847‌
13,831‌
L2498019.UP.FTS.B,
15.41%,
1/24/27
.....
29,673‌
29,652‌
L2499756.UP.FTS.B,
15.54%,
1/24/27
.....
27,696‌
27,677‌
FW2497967.UP.FTS.B,
16.1%,
1/24/27
....
10,459‌
10,421‌
L2497954.UP.FTS.B,
16.34%,
1/24/27
.....
5,936‌
5,932‌
FW2500346.UP.FTS.B,
16.35%,
1/24/27
...
21,223‌
21,144‌
L2494019.UP.FTS.B,
16.44%,
1/24/27
.....
5,936‌
5,930‌
L2497377.UP.FTS.B,
16.51%,
1/24/27
.....
5,442‌
5,436‌
FW2499114.UP.FTS.B,
16.59%,
1/24/27
...
4,749‌
4,746‌
L2499556.UP.FTS.B,
16.78%,
1/24/27
.....
21,473‌
21,448‌
L2499062.UP.FTS.B,
17.84%,
1/24/27
.....
1,481‌
1,476‌
FW2497520.UP.FTS.B,
17.89%,
1/24/27
...
6,000‌
6,035‌
FW2494435.UP.FTS.B,
17.9%,
1/24/27
....
39,595‌
39,549‌
L2500130.UP.FTS.B,
18.16%,
1/24/27
.....
6,930‌
6,920‌
L2497198.UP.FTS.B,
18.3%,
1/24/27
.....
5,940‌
5,931‌
L2498470.UP.FTS.B,
18.32%,
1/24/27
.....
13,811‌
13,778‌
L2499350.UP.FTS.B,
18.35%,
1/24/27
.....
29,700‌
29,658‌
L2497514.UP.FTS.B,
18.45%,
1/24/27
.....
45,541‌
45,476‌
L2500098.UP.FTS.B,
18.6%,
1/24/27
.....
7,426‌
7,417‌
L2497796.UP.FTS.B,
18.8%,
1/24/27
.....
6,931‌
6,921‌
L2500341.UP.FTS.B,
18.83%,
1/24/27
.....
2,475‌
2,472‌
L2495286.UP.FTS.B,
19.19%,
1/24/27
.....
20,203‌
20,129‌
L2497754.UP.FTS.B,
19.19%,
1/24/27
.....
3,070‌
3,065‌
FW2498275.UP.FTS.B,
19.45%,
1/24/27
...
9,829‌
9,783‌
L2497369.UP.FTS.B,
19.6%,
1/24/27
.....
27,731‌
27,691‌
L2500347.UP.FTS.B,
19.63%,
1/24/27
.....
17,857‌
17,832‌
L2499146.UP.FTS.B,
19.77%,
1/24/27
.....
4,506‌
4,484‌
L2498546.UP.FTS.B,
19.91%,
1/24/27
.....
6,537‌
6,528‌
L2497528.UP.FTS.B,
19.93%,
1/24/27
.....
4,952‌
4,945‌
L2499090.UP.FTS.B,
20.13%,
1/24/27
.....
5,943‌
5,935‌
FW2498254.UP.FTS.B,
20.72%,
1/24/27
...
2,972‌
2,967‌
FW2499205.UP.FTS.B,
20.72%,
1/24/27
...
5,944‌
5,933‌
L2497852.UP.FTS.B,
20.98%,
1/24/27
.....
3,468‌
3,463‌
L2499153.UP.FTS.B,
21.13%,
1/24/27
.....
1,189‌
1,187‌
L2498554.UP.FTS.B,
21.26%,
1/24/27
.....
4,954‌
4,947‌
L2499623.UP.FTS.B,
21.29%,
1/24/27
.....
4,954‌
4,947‌
L2497527.UP.FTS.B,
21.34%,
1/24/27
.....
4,954‌
4,945‌
L2497646.UP.FTS.B,
21.52%,
1/24/27
.....
2,446‌
2,437‌
L2497439.UP.FTS.B,
21.55%,
1/24/27
.....
19,323‌
19,302‌
L2500177.UP.FTS.B,
21.66%,
1/24/27
.....
5,946‌
5,935‌
FW2498781.UP.FTS.B,
22.05%,
1/24/27
...
11,695‌
11,674‌
FW2497293.UP.FTS.B,
22.07%,
1/24/27
...
1,982‌
1,979‌
L2500531.UP.FTS.B,
22.26%,
1/24/27
.....
2,973‌
2,970‌
FW2494038.UP.FTS.B,
22.37%,
1/24/27
...
3,965‌
3,959‌
L2499540.UP.FTS.B,
22.38%,
1/24/27
.....
5,921‌
5,901‌
Franklin
Universal
Trust
Statement
of
Investments
(unaudited)
franklintempleton.com
Semiannual
Report
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
38
Description
Principal
Amount
Value
Marketplace
Loans
(continued)
Upstart
Network,
Inc.
(continued)
L2497632.UP.FTS.B,
22.61%,
1/24/27
.....
$
4,946‌
$
4,930‌
L2497652.UP.FTS.B,
22.95%,
1/24/27
.....
991‌
990‌
FW2497553.UP.FTS.B,
23.05%,
1/24/27
...
17,271‌
17,212‌
FW2498441.UP.FTS.B,
23.1%,
1/24/27
....
10,707‌
10,688‌
L2500121.UP.FTS.B,
23.45%,
1/24/27
.....
4,707‌
4,681‌
L2497905.UP.FTS.B,
23.5%,
1/24/27
.....
49,574‌
49,486‌
L2500427.UP.FTS.B,
23.85%,
1/24/27
.....
10,610‌
10,598‌
L2499847.UP.FTS.B,
24.09%,
1/24/27
.....
24,692‌
24,582‌
FW2497923.UP.FTS.B,
24.18%,
1/24/27
...
3,914‌
3,894‌
L2498223.UP.FTS.B,
24.52%,
1/24/27
.....
6,347‌
6,336‌
L2498333.UP.FTS.B,
24.57%,
1/24/27
.....
4,463‌
4,455‌
FW2497401.UP.FTS.B,
24.71%,
1/24/27
...
16,861‌
16,831‌
L2498247.UP.FTS.B,
25.02%,
1/24/27
.....
1,966‌
1,959‌
L2500224.UP.FTS.B,
25.04%,
1/24/27
.....
5,739‌
5,721‌
L2500571.UP.FTS.B,
25.04%,
1/24/27
.....
11,879‌
11,840‌
L2500298.UP.FTS.B,
25.15%,
1/24/27
.....
1,587‌
1,585‌
L2497779.UP.FTS.B,
25.23%,
1/24/27
.....
1,374‌
1,368‌
L2498289.UP.FTS.B,
25.27%,
1/24/27
.....
1,686‌
1,683‌
FW2497649.UP.FTS.B,
25.29%,
1/24/27
...
39,678‌
39,609‌
L2500002.UP.FTS.B,
25.3%,
1/24/27
.....
3,472‌
3,467‌
L2497381.UP.FTS.B,
25.32%,
1/24/27
.....
1,190‌
1,188‌
L2498291.UP.FTS.B,
25.35%,
1/24/27
.....
1,190‌
1,188‌
L2487811.UP.FTS.B,
25.36%,
1/24/27
.....
2,579‌
2,575‌
L2500059.UP.FTS.B,
25.4%,
1/24/27
.....
2,778‌
2,773‌
L2500230.UP.FTS.B,
25.4%,
1/24/27
.....
5,158‌
5,149‌
L2498359.UP.FTS.B,
25.41%,
1/24/27
.....
4,027‌
4,012‌
L2500426.UP.FTS.B,
25.41%,
1/24/27
.....
1,290‌
1,287‌
L2499927.UP.FTS.B,
25.43%,
1/24/27
.....
1,500‌
1,497‌
L2497705.UP.FTS.B,
25.44%,
1/24/27
.....
3,869‌
3,862‌
L2500467.UP.FTS.B,
25.44%,
1/24/27
.....
1,686‌
1,683‌
L2500104.UP.FTS.B,
25.5%,
1/24/27
.....
3,457‌
3,442‌
FW2498469.UP.FTS.B,
25.85%,
1/24/27
...
992‌
990‌
FW2488788.UP.FTS.B,
25.89%,
1/24/27
...
15,000‌
15,125‌
L2497190.UP.FTS.B,
26.04%,
1/24/27
.....
2,877‌
2,873‌
FW2497955.UP.FTS.B,
26.15%,
1/24/27
...
12,898‌
12,876‌
L2500357.UP.FTS.B,
26.3%,
1/24/27
.....
9,228‌
9,212‌
FW2498761.UP.FTS.B,
26.35%,
1/24/27
...
6,946‌
6,934‌
FW2498010.UP.FTS.B,
26.65%,
1/24/27
...
22,724‌
22,685‌
FW2498744.UP.FTS.B,
26.78%,
1/24/27
...
9,923‌
9,906‌
FW2497770.UP.FTS.B,
26.8%,
1/24/27
....
7,443‌
7,430‌
FW2499122.UP.FTS.B,
26.89%,
1/24/27
...
2,159‌
2,150‌
FW2499816.UP.FTS.B,
27.03%,
1/24/27
...
5,400‌
5,389‌
FW2498266.UP.FTS.B,
27.06%,
1/24/27
...
3,968‌
3,949‌
FW2498012.UP.FTS.B,
27.23%,
1/24/27
...
5,855‌
5,845‌
FW2499127.UP.FTS.B,
27.37%,
1/24/27
...
4,962‌
4,954‌
FW2499103.UP.FTS.B,
27.5%,
1/24/27
....
2,978‌
2,972‌
FW2499219.UP.FTS.B,
27.58%,
1/24/27
...
15,881‌
15,853‌
FW2497665.UP.FTS.B,
27.6%,
1/24/27
....
15,851‌
15,800‌
FW2500434.UP.FTS.B,
27.81%,
1/24/27
...
993‌
991‌
L2497724.UP.FTS.B,
27.87%,
1/24/27
.....
5,162‌
5,155‌
FW2497801.UP.FTS.B,
28.11%,
1/24/27
...
7,000‌
6,986‌
FW2498723.UP.FTS.B,
28.14%,
1/24/27
...
1,985‌
1,982‌
FW2497947.UP.FTS.B,
28.25%,
1/24/27
...
37,822‌
37,758‌
FW2499989.UP.FTS.B,
28.3%,
1/24/27
....
8,537‌
8,523‌
L2498023.UP.FTS.B,
28.37%,
1/24/27
.....
4,467‌
4,460‌
FW2497725.UP.FTS.B,
28.51%,
1/24/27
...
1,191‌
1,189‌
FW2463420.UP.FTS.B,
28.55%,
1/24/27
...
969‌
965‌
FW2499482.UP.FTS.B,
28.65%,
1/24/27
...
16,282‌
16,254‌
Description
Principal
Amount
Value
Upstart
Network,
Inc.
(continued)
FW2498534.UP.FTS.B,
28.67%,
1/24/27
...
$
1,787‌
$
1,784‌
FW2497321.UP.FTS.B,
29.03%,
1/24/27
...
16,000‌
15,967‌
FW2499635.UP.FTS.B,
29.22%,
1/24/27
...
1,800‌
1,815‌
FW2498212.UP.FTS.B,
29.42%,
1/24/27
...
1,291‌
1,289‌
FW2499784.UP.FTS.B,
29.61%,
1/24/27
...
8,441‌
8,427‌
FW2500060.UP.FTS.B,
29.62%,
1/24/27
...
4,171‌
4,164‌
FW2498768.UP.FTS.B,
30.06%,
1/24/27
...
1,490‌
1,487‌
FW2499719.UP.FTS.B,
30.29%,
1/24/27
...
1,490‌
1,487‌
FW2498295.UP.FTS.B,
30.4%,
1/24/27
....
993‌
992‌
FW2497607.UP.FTS.B,
30.5%,
1/24/27
....
5,000‌
5,040‌
FW2497688.UP.FTS.B,
30.73%,
1/24/27
...
1,291‌
1,284‌
FW2499403.UP.FTS.B,
30.76%,
1/24/27
...
2,781‌
2,777‌
FW2500502.UP.FTS.B,
30.77%,
1/24/27
...
4,967‌
4,958‌
FW2498079.UP.FTS.B,
30.78%,
1/24/27
...
2,980‌
2,975‌
FW2500185.UP.FTS.B,
30.96%,
1/24/27
...
7,000‌
7,056‌
FW2497794.UP.FTS.B,
30.97%,
1/24/27
...
7,152‌
7,140‌
FW2487975.UP.FTS.B,
31.06%,
1/24/27
...
1,482‌
1,477‌
FW2500554.UP.FTS.B,
31.1%,
1/24/27
....
1,093‌
1,091‌
FW2499034.UP.FTS.B,
31.11%,
1/24/27
...
2,285‌
2,281‌
FW2498894.UP.FTS.B,
31.13%,
1/24/27
...
3,576‌
3,570‌
FW2498599.UP.FTS.B,
31.15%,
1/24/27
...
4,900‌
4,890‌
FW2499865.UP.FTS.B,
31.15%,
1/24/27
...
1,788‌
1,785‌
FW2498990.UP.FTS.B,
31.17%,
1/24/27
...
1,987‌
1,983‌
FW2498394.UP.FTS.B,
31.2%,
1/24/27
....
5,066‌
5,058‌
FW2498422.UP.FTS.B,
31.2%,
1/24/27
....
993‌
992‌
FW2498197.UP.FTS.B,
31.21%,
1/24/27
...
1,291‌
1,289‌
FW2500316.UP.FTS.B,
31.21%,
1/24/27
...
8,146‌
8,132‌
FW2500195.UP.FTS.B,
31.23%,
1/24/27
...
4,272‌
4,265‌
FW2497583.UP.FTS.B,
31.24%,
1/24/27
...
7,367‌
7,338‌
FW2497836.UP.FTS.B,
31.41%,
1/24/27
...
6,358‌
6,348‌
FW2497608.UP.FTS.B,
31.43%,
1/24/27
...
1,689‌
1,686‌
FW2499098.UP.FTS.B,
31.57%,
1/24/27
...
29,209‌
29,171‌
FW2499925.UP.FTS.B,
31.73%,
1/24/27
...
1,850‌
1,841‌
FW2499694.UP.FTS.B,
31.9%,
1/24/27
....
2,482‌
2,474‌
FW2500567.UP.FTS.B,
33.54%,
1/24/27
...
2,286‌
2,282‌
FW2497327.UP.FTS.B,
33.75%,
1/24/27
...
1,889‌
1,885‌
FW2498111.UP.FTS.B,
34.75%,
1/24/27
...
8,800‌
8,867‌
FW2502639.UP.FTS.B,
4.89%,
1/25/27
....
13,286‌
13,277‌
L2471085.UP.FTS.B,
5.17%,
1/25/27
.....
4,927‌
4,926‌
L2502859.UP.FTS.B,
5.46%,
1/25/27
.....
49,278‌
49,270‌
L2443263.UP.FTS.B,
6.66%,
1/25/27
.....
8,381‌
8,380‌
L2503357.UP.FTS.B,
6.69%,
1/25/27
.....
11,774‌
11,754‌
L2472114.UP.FTS.B,
7.63%,
1/25/27
......
19,723‌
19,711‌
L2501608.UP.FTS.B,
7.8%,
1/25/27
......
19,729‌
19,726‌
L2501651.UP.FTS.B,
8.03%,
1/25/27
.....
8,000‌
7,998‌
L2501547.UP.FTS.B,
8.21%,
1/25/27
.....
5,920‌
5,918‌
L2502319.UP.FTS.B,
8.49%,
1/25/27
.....
39,440‌
39,388‌
L2501796.UP.FTS.B,
9.36%,
1/25/27
.....
15,397‌
15,392‌
L2502134.UP.FTS.B,
9.38%,
1/25/27
.....
31,453‌
31,409‌
L2502374.UP.FTS.B,
9.72%,
1/25/27
.....
8,391‌
8,388‌
L2502174.UP.FTS.B,
9.86%,
1/25/27
.....
16,782‌
16,772‌
L2500014.UP.FTS.B,
10.79%,
1/25/27
.....
11,765‌
11,748‌
L2501070.UP.FTS.B,
10.94%,
1/25/27
.....
7,407‌
7,403‌
L2501446.UP.FTS.B,
11.34%,
1/25/27
.....
2,963‌
2,962‌
FW2498378.UP.FTS.B,
11.81%,
1/25/27
...
29,636‌
29,620‌
L2502791.UP.FTS.B,
11.84%,
1/25/27
.....
9,367‌
9,343‌
L2501198.UP.FTS.B,
12.05%,
1/25/27
.....
12,350‌
12,343‌
L2500626.UP.FTS.B,
12.15%,
1/25/27
.....
5,219‌
5,207‌
Franklin
Universal
Trust
Statement
of
Investments
(unaudited)
franklintempleton.com
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Semiannual
Report
39
Description
Principal
Amount
Value
Marketplace
Loans
(continued)
Upstart
Network,
Inc.
(continued)
L2500585.UP.FTS.B,
12.23%,
1/25/27
.....
$
39,521‌
$
39,499‌
L2502704.UP.FTS.B,
12.53%,
1/25/27
.....
3,500‌
3,513‌
L2502644.UP.FTS.B,
12.76%,
1/25/27
.....
9,882‌
9,877‌
FW2502179.UP.FTS.B,
12.78%,
1/25/27
...
1,976‌
1,975‌
L2501977.UP.FTS.B,
12.89%,
1/25/27
.....
39,403‌
39,314‌
L2500795.UP.FTS.B,
13.1%,
1/25/27
.....
10,000‌
10,038‌
L2502535.UP.FTS.B,
13.13%,
1/25/27
.....
49,282‌
49,172‌
FW2503315.UP.FTS.B,
13.41%,
1/25/27
...
22,734‌
22,721‌
L2502247.UP.FTS.B,
13.43%,
1/25/27
.....
3,954‌
3,952‌
L2498668.UP.FTS.B,
13.66%,
1/25/27
.....
42,000‌
42,169‌
L2503471.UP.FTS.B,
13.93%,
1/25/27
.....
4,943‌
4,940‌
L2501320.UP.FTS.B,
14.1%,
1/25/27
.....
9,652‌
9,627‌
L2501470.UP.FTS.B,
14.16%,
1/25/27
.....
15,000‌
14,992‌
L2500808.UP.FTS.B,
14.3%,
1/25/27
.....
7,317‌
7,313‌
FW2502376.UP.FTS.B,
14.43%,
1/25/27
...
14,831‌
14,823‌
L2501981.UP.FTS.B,
14.61%,
1/25/27
.....
3,955‌
3,953‌
L2500633.UP.FTS.B,
14.62%,
1/25/27
.....
4,521‌
4,510‌
L2501146.UP.FTS.B,
14.73%,
1/25/27
.....
44,499‌
44,474‌
L2501876.UP.FTS.B,
14.91%,
1/25/27
.....
3,956‌
3,954‌
L2501622.UP.FTS.B,
14.98%,
1/25/27
.....
7,912‌
7,907‌
L2503197.UP.FTS.B,
15.28%,
1/25/27
.....
14,836‌
14,828‌
L2501020.UP.FTS.B,
15.56%,
1/25/27
.....
1,666‌
1,662‌
L2503422.UP.FTS.B,
15.86%,
1/25/27
.....
2,465‌
2,460‌
L2501591.UP.FTS.B,
16.26%,
1/25/27
.....
16,690‌
16,631‌
FW2502838.UP.FTS.B,
16.27%,
1/25/27
...
39,574‌
39,537‌
FW2500763.UP.FTS.B,
16.29%,
1/25/27
...
4,254‌
4,250‌
FW2501405.UP.FTS.B,
16.74%,
1/25/27
...
4,750‌
4,745‌
L2503404.UP.FTS.B,
16.88%,
1/25/27
.....
8,806‌
8,773‌
L2499095.UP.FTS.B,
16.97%,
1/25/27
.....
2,969‌
2,966‌
L2500943.UP.FTS.B,
17.28%,
1/25/27
.....
8,016‌
8,009‌
FW2502154.UP.FTS.B,
17.3%,
1/25/27
....
24,948‌
24,928‌
L2503121.UP.FTS.B,
17.35%,
1/25/27
.....
12,330‌
12,288‌
FW2502260.UP.FTS.B,
17.52%,
1/25/27
...
6,928‌
6,922‌
L2501997.UP.FTS.B,
17.77%,
1/25/27
.....
4,949‌
4,945‌
FW2501148.UP.FTS.B,
17.78%,
1/25/27
...
1,970‌
1,963‌
FW2501125.UP.FTS.B,
17.82%,
1/25/27
...
1,485‌
1,483‌
L2502739.UP.FTS.B,
18.1%,
1/25/27
.....
6,435‌
6,429‌
FW2501171.UP.FTS.B,
18.13%,
1/25/27
...
5,426‌
5,403‌
L2501056.UP.FTS.B,
18.4%,
1/25/27
.....
20,716‌
20,630‌
L2503099.UP.FTS.B,
18.87%,
1/25/27
.....
11,882‌
11,868‌
L2502439.UP.FTS.B,
18.98%,
1/25/27
.....
6,884‌
6,854‌
L2495525.UP.FTS.B,
19.03%,
1/25/27
.....
6,895‌
6,866‌
L2501884.UP.FTS.B,
19.04%,
1/25/27
.....
9,902‌
9,891‌
L2502391.UP.FTS.B,
19.43%,
1/25/27
.....
14,462‌
14,407‌
L2502757.UP.FTS.B,
19.68%,
1/25/27
.....
14,856‌
14,843‌
L2500727.UP.FTS.B,
19.88%,
1/25/27
.....
8,023‌
8,014‌
FW2501374.UP.FTS.B,
20.06%,
1/25/27
...
9,905‌
9,894‌
FW2501295.UP.FTS.B,
20.14%,
1/25/27
...
991‌
989‌
L2499889.UP.FTS.B,
20.18%,
1/25/27
.....
23,680‌
23,582‌
FW2500961.UP.FTS.B,
20.28%,
1/25/27
...
6,934‌
6,924‌
L2502301.UP.FTS.B,
20.37%,
1/25/27
.....
9,906‌
9,895‌
L2503073.UP.FTS.B,
21.17%,
1/25/27
.....
11,295‌
11,279‌
L2500557.UP.FTS.B,
21.25%,
1/25/27
.....
14,863‌
14,846‌
FW2501561.UP.FTS.B,
21.33%,
1/25/27
...
6,000‌
6,054‌
L2503424.UP.FTS.B,
21.51%,
1/25/27
.....
9,711‌
9,700‌
L2501728.UP.FTS.B,
21.52%,
1/25/27
.....
4,955‌
4,949‌
FW2502473.UP.FTS.B,
21.58%,
1/25/27
...
5,946‌
5,937‌
L2500163.UP.FTS.B,
21.71%,
1/25/27
.....
14,865‌
14,848‌
Description
Principal
Amount
Value
Upstart
Network,
Inc.
(continued)
L2502058.UP.FTS.B,
21.83%,
1/25/27
.....
$
10,000‌
$
9,985‌
L2500694.UP.FTS.B,
22.07%,
1/25/27
.....
5,299‌
5,278‌
FW2497118.UP.FTS.B,
22.54%,
1/25/27
...
15,839‌
15,782‌
L2501498.UP.FTS.B,
22.59%,
1/25/27
.....
5,947‌
5,939‌
L2496481.UP.FTS.B,
22.63%,
1/25/27
.....
19,726‌
19,642‌
L2500977.UP.FTS.B,
22.64%,
1/25/27
.....
6,939‌
6,929‌
L2501262.UP.FTS.B,
23.23%,
1/25/27
.....
1,685‌
1,683‌
L2449123.UP.FTS.B,
23.47%,
1/25/27
.....
6,940‌
6,930‌
L2502224.UP.FTS.B,
23.55%,
1/25/27
.....
9,331‌
9,282‌
FW2500954.UP.FTS.B,
23.81%,
1/25/27
...
7,933‌
7,921‌
FW2502037.UP.FTS.B,
23.81%,
1/25/27
...
3,966‌
3,961‌
L2502763.UP.FTS.B,
23.93%,
1/25/27
.....
4,165‌
4,159‌
L2502792.UP.FTS.B,
24.01%,
1/25/27
.....
5,355‌
5,347‌
L2502008.UP.FTS.B,
24.08%,
1/25/27
.....
40,000‌
39,939‌
L2503278.UP.FTS.B,
24.32%,
1/25/27
.....
9,904‌
9,875‌
L2502481.UP.FTS.B,
24.46%,
1/25/27
.....
9,917‌
9,904‌
FW2503468.UP.FTS.B,
24.6%,
1/25/27
....
3,363‌
3,353‌
FW2503375.UP.FTS.B,
24.71%,
1/25/27
...
2,974‌
2,971‌
FW2503209.UP.FTS.B,
25.12%,
1/25/27
...
6,862‌
6,837‌
L2500827.UP.FTS.B,
25.15%,
1/25/27
.....
2,777‌
2,774‌
L2502899.UP.FTS.B,
25.17%,
1/25/27
.....
1,189‌
1,189‌
L2502326.UP.FTS.B,
25.22%,
1/25/27
.....
2,281‌
2,278‌
L2500638.UP.FTS.B,
25.31%,
1/25/27
.....
992‌
991‌
L2502753.UP.FTS.B,
25.33%,
1/25/27
.....
3,274‌
3,269‌
L2497155.UP.FTS.B,
25.35%,
1/25/27
.....
1,190‌
1,189‌
L2501249.UP.FTS.B,
25.35%,
1/25/27
.....
1,190‌
1,189‌
L2501592.UP.FTS.B,
25.36%,
1/25/27
.....
1,185‌
1,181‌
L2500577.UP.FTS.B,
25.4%,
1/25/27
.....
1,488‌
1,486‌
L2503342.UP.FTS.B,
25.48%,
1/25/27
.....
6,349‌
6,340‌
L2500860.UP.FTS.B,
25.49%,
1/25/27
.....
1,379‌
1,375‌
L2502978.UP.FTS.B,
25.49%,
1/25/27
.....
3,670‌
3,665‌
L2501610.UP.FTS.B,
25.67%,
1/25/27
.....
3,274‌
3,269‌
L2502912.UP.FTS.B,
25.69%,
1/25/27
.....
20,562‌
20,500‌
L2502995.UP.FTS.B,
25.82%,
1/25/27
.....
3,274‌
3,269‌
FW2501208.UP.FTS.B,
25.83%,
1/25/27
...
19,346‌
19,319‌
L2500786.UP.FTS.B,
26.35%,
1/25/27
.....
2,778‌
2,775‌
FW2503491.UP.FTS.B,
26.41%,
1/25/27
...
2,179‌
2,173‌
FW2501330.UP.FTS.B,
26.47%,
1/25/27
...
5,457‌
5,450‌
FW2502187.UP.FTS.B,
26.63%,
1/25/27
...
4,962‌
4,955‌
FW2501336.UP.FTS.B,
26.71%,
1/25/27
...
2,355‌
2,343‌
FW2501018.UP.FTS.B,
26.83%,
1/25/27
...
23,816‌
23,784‌
FW2503082.UP.FTS.B,
26.84%,
1/25/27
...
2,481‌
2,478‌
FW2502725.UP.FTS.B,
26.94%,
1/25/27
...
4,565‌
4,559‌
FW2499783.UP.FTS.B,
27.06%,
1/25/27
...
9,924‌
9,911‌
FW2501263.UP.FTS.B,
27.2%,
1/25/27
....
992‌
991‌
FW2501053.UP.FTS.B,
27.35%,
1/25/27
...
8,039‌
8,028‌
L2500579.UP.FTS.B,
27.35%,
1/25/27
.....
13,696‌
13,678‌
FW2502455.UP.FTS.B,
27.61%,
1/25/27
...
7,940‌
7,930‌
FW2474863.UP.FTS.B,
27.63%,
1/25/27
...
3,300‌
3,295‌
FW2501136.UP.FTS.B,
27.66%,
1/25/27
...
4,566‌
4,560‌
FW2502652.UP.FTS.B,
27.68%,
1/25/27
...
4,864‌
4,857‌
FW2502827.UP.FTS.B,
27.68%,
1/25/27
...
1,582‌
1,577‌
FW2503169.UP.FTS.B,
27.77%,
1/25/27
...
993‌
991‌
FW2500974.UP.FTS.B,
28.31%,
1/25/27
...
2,085‌
2,082‌
FW2501180.UP.FTS.B,
28.56%,
1/25/27
...
2,978‌
2,974‌
FW2500797.UP.FTS.B,
28.58%,
1/25/27
...
1,971‌
1,965‌
FW2503337.UP.FTS.B,
28.86%,
1/25/27
...
16,779‌
16,757‌
FW2503221.UP.FTS.B,
29%,
1/25/27
.....
24,822‌
24,789‌
Franklin
Universal
Trust
Statement
of
Investments
(unaudited)
franklintempleton.com
Semiannual
Report
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
40
Description
Principal
Amount
Value
Marketplace
Loans
(continued)
Upstart
Network,
Inc.
(continued)
FW2502849.UP.FTS.B,
29.19%,
1/25/27
...
$
1,489‌
$
1,487‌
FW2501588.UP.FTS.B,
29.29%,
1/25/27
...
1,986‌
1,983‌
FW2503423.UP.FTS.B,
29.77%,
1/25/27
...
11,317‌
11,269‌
FW2501815.UP.FTS.B,
29.99%,
1/25/27
...
6,952‌
6,943‌
FW2502338.UP.FTS.B,
30.04%,
1/25/27
...
5,065‌
5,058‌
FW2500628.UP.FTS.B,
30.26%,
1/25/27
...
993‌
992‌
FW2501186.UP.FTS.B,
30.62%,
1/25/27
...
5,513‌
5,494‌
FW2501594.UP.FTS.B,
30.71%,
1/25/27
...
1,181‌
1,178‌
FW2501203.UP.FTS.B,
30.73%,
1/25/27
...
1,391‌
1,389‌
FW2501729.UP.FTS.B,
30.83%,
1/25/27
...
1,093‌
1,091‌
FW2498257.UP.FTS.B,
30.89%,
1/25/27
...
1,093‌
1,091‌
FW2501656.UP.FTS.B,
30.91%,
1/25/27
...
993‌
992‌
FW2502055.UP.FTS.B,
30.95%,
1/25/27
...
3,278‌
3,274‌
FW2502622.UP.FTS.B,
30.97%,
1/25/27
...
2,483‌
2,480‌
FW2502676.UP.FTS.B,
31.01%,
1/25/27
...
3,675‌
3,671‌
FW2503502.UP.FTS.B,
31.01%,
1/25/27
...
2,583‌
2,579‌
FW2502222.UP.FTS.B,
31.02%,
1/25/27
...
1,284‌
1,280‌
FW2501430.UP.FTS.B,
31.03%,
1/25/27
...
1,788‌
1,786‌
FW2502879.UP.FTS.B,
31.04%,
1/25/27
...
28,808‌
28,770‌
FW2502592.UP.FTS.B,
31.05%,
1/25/27
...
15,099‌
15,080‌
FW2502647.UP.FTS.B,
31.05%,
1/25/27
...
8,742‌
8,730‌
FW2502834.UP.FTS.B,
31.11%,
1/25/27
...
2,682‌
2,679‌
FW2500670.UP.FTS.B,
31.13%,
1/25/27
...
1,093‌
1,091‌
FW2502954.UP.FTS.B,
31.14%,
1/25/27
...
5,265‌
5,258‌
FW2500473.UP.FTS.B,
31.15%,
1/25/27
...
2,900‌
2,895‌
FW2496750.UP.FTS.B,
31.16%,
1/25/27
...
1,262‌
1,255‌
FW2499746.UP.FTS.B,
31.16%,
1/25/27
...
3,576‌
3,572‌
FW2500654.UP.FTS.B,
31.21%,
1/25/27
...
987‌
984‌
FW2503208.UP.FTS.B,
31.21%,
1/25/27
...
2,583‌
2,580‌
FW2497199.UP.FTS.B,
31.22%,
1/25/27
...
1,887‌
1,885‌
FW2497987.UP.FTS.B,
31.34%,
1/25/27
...
6,259‌
6,251‌
FW2501378.UP.FTS.B,
31.34%,
1/25/27
...
3,902‌
3,886‌
FW2500430.UP.FTS.B,
31.41%,
1/25/27
...
1,788‌
1,786‌
FW2502423.UP.FTS.B,
32.98%,
1/25/27
...
1,491‌
1,489‌
FW2502276.UP.FTS.B,
33.54%,
1/25/27
...
4,970‌
4,963‌
FW2502962.UP.FTS.B,
34.08%,
1/25/27
...
2,783‌
2,780‌
L1729858.UP.FTS.B,
25.05%,
2/17/27
.....
19,144‌
18,995‌
L1901406.UP.FTS.B,
27.3%,
10/22/28
.....
5,118‌
5,096‌
L2475583.UP.FTS.B,
20.34%,
1/25/29
.....
1,391‌
1,385‌
10,207,954‌
Total
Marketplace
Loans
(Cost
$24,089,808)
......
23,555,680‌
Franklin
Universal
Trust
Financial
Statements
Statement
of
Assets
and
Liabilities
February
28,
2022
(unaudited)
franklintempleton.com
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Semiannual
Report
41
Franklin
Universal
Trust
Assets:
Investments
in
securities:
Cost
-
Unaffiliated
issuers
...................................................................
$220,857,443
Cost
-
Non-controlled
affiliates
(Note
4
c
)
........................................................
4,146,676
Value
-
Unaffiliated
issuers
..................................................................
$268,686,153
Value
-
Non-controlled
affiliates
(Note
4
c
)
.......................................................
4,146,676
Cash
....................................................................................
4,955,414
Receivables:
Investment
securities
sold
...................................................................
751,024
Dividends
and
interest
.....................................................................
2,967,495
Total
assets
..........................................................................
281,506,762
Liabilities:
Payables:
Investment
securities
purchased
..............................................................
96,249
Management
fees
.........................................................................
175,077
Trustees'
fees
and
expenses
.................................................................
3,886
Accrued
interest
(Note
3
)
...................................................................
1,166,304
Senior
fixed
rate
Notes,
at
par
value
of
$65,000,000
less
unamortized
Note
issuance
costs
of
$37,505
(Note
3
)
....
64,962,495
Accrued
expenses
and
other
liabilities
...........................................................
175,754
Total
liabilities
.........................................................................
66,579,765
Net
assets,
at
value
.................................................................
$214,926,997
Net
assets
consist
of:
Paid-in
capital
.............................................................................
$164,229,882
Total
distributable
earnings
(losses)
.............................................................
50,697,115
Net
assets,
at
value
.................................................................
$214,926,997
Shares
outstanding
.........................................................................
25,131,894
Net
asset
value
per
share
....................................................................
$8.55
Franklin
Universal
Trust
Financial
Statements
Statement
of
Operations
for
the
six
months
ended
February
28,
2022
(unaudited)
franklintempleton.com
Semiannual
Report
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
42
Franklin
Universal
Trust
Investment
income:
Dividends:
(net
of
foreign
taxes
of
$30,584)
Unaffiliated
issuers
........................................................................
$1,596,985
Non-controlled
affiliates
(Note
4
c
)
.............................................................
250
Interest:
Unaffiliated
issuers
........................................................................
5,989,764
Income
from
securities
loaned:
Unaffiliated
entities
(net
of
fees
and
rebates)
.....................................................
2,793
Non-controlled
affiliates
(Note
4
c
)
.............................................................
13
Total
investment
income
...................................................................
7,589,805
Expenses:
Management
fees
(Note
4
a
)
...................................................................
1,068,768
Transfer
agent
fees
.........................................................................
47,658
Custodian
fees
(Note
5
)
......................................................................
800
Reports
to
shareholders
fees
..................................................................
15,637
Professional
fees
...........................................................................
112,918
Trustees'
fees
and
expenses
..................................................................
2,363
Amortization
of
note
issuance
costs
(Note
3
)
......................................................
16,919
Marketplace
lending
fees
(Note
1d)
.............................................................
130,809
Interest
expense
(Note
3
)
.....................................................................
1,260,305
Other
....................................................................................
64,696
Total
expenses
.........................................................................
2,720,873
Expense
reductions
(Note
5
)
...............................................................
(17)
Expenses
waived/paid
by
affiliates
(Note
4c)
...................................................
(2,897)
Net
expenses
.........................................................................
2,717,959
Net
investment
income
................................................................
4,871,846
Realized
and
unrealized
gains
(losses):
Net
realized
gain
(loss)
from:
Investments:
Unaffiliated
issuers
......................................................................
3,472,321
Foreign
currency
transactions
................................................................
(865)
Net
realized
gain
(loss)
..................................................................
3,471,456
Net
change
in
unrealized
appreciation
(depreciation)
on:
Investments:
Unaffiliated
issuers
......................................................................
(10,268,609)
Translation
of
other
assets
and
liabilities
denominated
in
foreign
currencies
..............................
261
Net
change
in
unrealized
appreciation
(depreciation)
............................................
(10,268,348)
Net
realized
and
unrealized
gain
(loss)
............................................................
(6,796,892)
Net
increase
(decrease)
in
net
assets
resulting
from
operations
..........................................
$(1,925,046)
Franklin
Universal
Trust
Financial
Statements
Statements
of
Changes
in
Net
Assets
franklintempleton.com
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Semiannual
Report
43
Franklin
Universal
Trust
Six
Months
Ended
February
28,
2022
(unaudited)
Year
Ended
August
31,
2021
Increase
(decrease)
in
net
assets:
Operations:
Net
investment
income
.................................................
$4,871,846
$9,479,293
Net
realized
gain
(loss)
.................................................
3,471,456
3,849,343
Net
change
in
unrealized
appreciation
(depreciation)
...........................
(10,268,348)
17,529,265
Net
increase
(decrease)
in
net
assets
resulting
from
operations
................
(1,925,046)
30,857,901
Distributions
to
shareholders
..............................................
(7,393,803)
(10,706,188)
Net
increase
(decrease)
in
net
assets
...................................
(9,318,849)
20,151,713
Net
assets:
Beginning
of
period
.....................................................
224,245,846
204,094,133
End
of
period
..........................................................
$214,926,997
$224,245,846
Franklin
Universal
Trust
Financial
Statements
Statement
of
Cash
Flows
for
the
six
months
ended
February
28,
2022
(unaudited)
franklintempleton.com
Semiannual
Report
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
44
Franklin
Universal
Trust
Cash
flow
from
operating
activities:
Dividends,
interest
and
other
income
received
.....................................................
$
7,620,505
Operating
expenses
paid
.....................................................................
(1,514,610)
Interest
expense
paid
........................................................................
(1,270,750)
Cash
collateral
returned
for
securities
loaned
......................................................
(58,148)
Realized
(loss)
on
foreign
currency
transactions
....................................................
(865)
Purchases
of
long-term
investments
.............................................................
(46,995,442)
Sales
and
maturities
of
long-term
investments
.....................................................
51,631,857
Net
sales
of
short-term
investments
.............................................................
2,587,300
Cash
provided
-
operating
activities
..........................................................
11,999,847
Cash
flow
from
financing
activities:
Cash
distributions
to
shareholders
..............................................................
(8,461,908)
Cash
used
-
financing
activities
.............................................................
(8,461,908)
Net
increase
(decrease)
in
cash
.................................................................
3,537,939
Cash
at
beginning
of
period
.....................................................................
1,417,475
Cash
at
end
of
period
.........................................................................
$4,955,414
Reconciliation
of
Net
Increase
(Decrease)
in
Net
Assets
resulting
from
Operating
Activities
to
Net
Cash
Provided
by
Operating
Activities
for
the
period
ended
February
28,
2022
Net
increase
(decrease)
in
net
assets
resulting
from
operating
activities
....................................
$
(1,925,046)
Adjustments
to
reconcile
net
increase
(decrease)
in
net
assets
resulting
from
operating
activities
to
net
cash
provided
by
operating
activities:
Net
amortization
income
..................................................................
(56,101)
Amortization
of
Note
issuance
costs
..........................................................
16,919
Reinvested
dividends
from
non-controlled
affiliates
...............................................
(250)
Interest
received
in
the
form
of
securities
......................................................
(27,323)
Decrease
in
dividends
and
interest
receivable
and
other
assets
.....................................
141,958
Decrease
in
interest
payable
...............................................................
(10,445)
Decrease
in
payable
to
affiliates,
accrued
expenses,
and
other
liabilities
...............................
(73,875)
Decrease
in
payable
for
investments
purchased
.................................................
(203,751)
Increase
in
receivable
for
investments
sold
.....................................................
(535,774)
Decrease
in
collateral
for
securities
loaned
.....................................................
(58,148)
Decrease
in
cost
of
investments
.............................................................
4,463,335
De
crease
in
unrealized
appreciation
on
investments.
.............................................
10,268,348
Net
cash
provided
by
operating
activities
...........................................................
$11,999,847
Franklin
Universal
Trust
45
franklintempleton.com
Semiannual
Report
Notes
to
Financial
Statements
(unaudited)
1.
Organization
and
Significant
Accounting
Policies
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).
The
following
summarizes
the
Fund's
significant
accounting
policies.
a.
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.
Securities
denominated
in
a
foreign
currency
are
converted
into
their
U.S.
dollar
equivalent
at
the
foreign
exchange
rate
in
effect
at
4
p.m.
Eastern
time
on
the
date
that
the
values
of
the
foreign
debt
securities
are
determined.
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
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
Franklin
Universal
Trust
Notes
to
Financial
Statements
(unaudited)
46
franklintempleton.com
Semiannual
Report
the
latest
indications
of
fair
value
at
4
p.m.
Eastern
time.
At
February
28,
2022,
certain
securities
may
have
been
fair
valued
using
these
procedures,
in
which
case
the
securities
were
categorized
as
Level
2
inputs
within
the
fair
value
hierarchy
(referred
to
as
“market
level
fair
value”).
See
the
Fair
Value
Measurements
note
for
more
information.
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.
b.
Foreign
Currency
Translation
Portfolio
securities
and
other
assets
and
liabilities
denominated
in
foreign
currencies
are
translated
into
U.S.
dollars
based
on
the
exchange
rate
of
such
currencies
against
U.S.
dollars
on
the
date
of
valuation.
The
Fund
may
enter
into
foreign
currency
exchange
contracts
to
facilitate
transactions
denominated
in
a
foreign
currency.
Purchases
and
sales
of
securities,
income
and
expense
items
denominated
in
foreign
currencies
are
translated
into
U.S.
dollars
at
the
exchange
rate
in
effect
on
the
transaction
date.
Portfolio
securities
and
assets
and
liabilities
denominated
in
foreign
currencies
contain
risks
that
those
currencies
will
decline
in
value
relative
to
the
U.S.
dollar.
Occasionally,
events
may
impact
the
availability
or
reliability
of
foreign
exchange
rates
used
to
convert
the
U.S.
dollar
equivalent
value.
If
such
an
event
occurs,
the
foreign
exchange
rate
will
be
valued
at
fair
value
using
procedures
established
and
approved
by
the
Board.
The
Fund
does
not
separately
report
the
effect
of
changes
in
foreign
exchange
rates
from
changes
in
market
prices
on
securities
held.
Such
changes
are
included
in
net
realized
and
unrealized
gain
or
loss
from
investments
in
the
Statement of
Operations.
Realized
foreign
exchange
gains
or
losses
arise
from
sales
of
foreign
currencies,
currency
gains
or
losses
realized
between
the
trade
and
settlement
dates
on
securities
transactions
and
the
difference
between
the
recorded
amounts
of
dividends,
interest,
and
foreign
withholding
taxes
and
the
U.S.
dollar
equivalent
of
the
amounts
actually
received
or
paid.
Net
unrealized
foreign
exchange
gains
and
losses
arise
from
changes
in
foreign
exchange
rates
on
foreign
denominated
assets
and
liabilities
other
than
investments
in
securities
held
at
the
end
of
the
reporting
period.
c.
Securities
Lending
The
Fund
participates
in
an
agency
based
securities
lending
program
to
earn
additional
income.
The
Fund
receives
collateral
in
the
form
of
cash
and/or
U.S.
Government
and
Agency
securities
against
the
loaned
securities
in
an
amount
equal
to
at
least
102%
of
the
fair
value
of
the
loaned
securities.
Collateral
is
maintained
over
the
life
of
the
loan
in
an
amount
not
less
than
100%
of
the
fair
value
of
loaned
securities,
as
determined
at
the
close
of
Fund
business
each
day;
any
additional
collateral
required
due
to
changes
in
security
values
is
delivered
to
the
Fund
on
the
next
business
day.
Any
cash
collateral
received
is
deposited
into
a
joint
cash
account
with
other
funds
and
is
used
to
invest
in
a
money
market
fund
managed
by
Franklin
Advisers,
Inc.,
an
affiliate
of
the
Fund.
The
Fund
may
receive
income
from
the
investment
of
cash
collateral,
in
addition
to
lending
fees
and
rebates
paid
by
the
borrower.
Income
from
securities
loaned,
net
of
fees
paid
to
the
securities
lending
agent
and/
or
third-party
vendor,
is
reported
separately
in
the
Statement
of
Operations.
The
Fund
bears
the
market
risk
with
respect
to
any
cash
collateral
investment,
securities
loaned,
and
the
risk
that
the
agent
may
default
on
its
obligations
to
the
Fund.
If
the
borrower
defaults
on
its
obligation
to
return
the
securities
loaned,
the
Fund
has
the
right
to
repurchase
the
securities
in
the
open
market
using
the
collateral
received.
The
securities
lending
agent
has
agreed
to
indemnify
the
Fund
in
the
event
of
default
by
a
third
party
borrower.
At
February
28,
2022,
the
Fund
had
no
securities
on
loan.
d.
Marketplace
Lending
The
Fund
invests
in
loans
obtained
through
marketplace
lending.
Marketplace
lending,
sometimes
referred
to
as
peer-to-peer
lending,
is
a
method
of
financing
in
which
a
platform
facilitates
the
borrowing
and
lending
of
money.
It
is
considered
an
alternative
to
more
traditional
forms
of
debt
financing.
Prospective
borrowers
are
required
to
provide
certain
financial
information
to
the
platform,
including,
but
not
limited
to,
the
intended
purpose
of
the
loan,
income,
employment
information,
credit
score,
debt-to-income
ratio,
credit
history
(including
defaults
and
delinquencies)
and
1.
Organization
and
Significant
Accounting
Policies
(continued)
a.
Financial
Instrument
Valuation
(continued)
Franklin
Universal
Trust
Notes
to
Financial
Statements
(unaudited)
47
franklintempleton.com
Semiannual
Report
home
ownership
status.
Based
on
this
and
other
information,
the
platform
assigns
its
own
credit
rating
to
the
borrower
and
sets
the
interest
rate
for
the
requested
loan.
The
platform
then
posts
the
borrowing
requests
online,
giving
investors
the
opportunity
to
purchase
the
loans
based
on
factors
such
as
the
interest
rates
and
expected
yields
of
the
loans,
the
borrower
background
data,
and
the
credit
rating
assigned
by
the
platform.
When
the
Fund
invests
in
these
loans,
it
usually
purchases
all
rights,
title
and
interest
in
the
loans
pursuant
to
a
loan
purchase
agreement
directly
from
the
platform.
The
platform
or
a
third-party
servicer
typically
continues
to
service
the
loans,
collecting
payments
and
distributing
them
to
the
Fund,
less
any
servicing
fees
assessed.
The
servicer
is
typically
responsible
for
taking
actions
against
a
borrower
in
the
event
of
a
default
on
the
loan.
Servicing
fees,
along
with
other
administration
fees,
are
included
in
marketplace
lending
fees
in
the
Statement
of
Operations.
The Fund,
as
an
investor
in
a
loan,
would
be
entitled
to
receive
payment
only
from
the
borrower
and
would
not
be
able
to
recover
any
deficiency
from
the
platform,
except
under
very
narrow
circumstances.
The
loans
in
which
the
Fund
may
invest
are
unsecured.
e.
Income
and
Deferred
Taxes
It
is the
Fund's
policy
to
qualify
as
a
regulated
investment
company
under
the
Internal
Revenue
Code. The
Fund
intends
to
distribute
to
shareholders
substantially
all
of
its
taxable
income
and
net
realized
gains
to
relieve
it
from
federal
income
and excise
taxes.
As
a
result,
no
provision
for
U.S.
federal
income
taxes
is
required.
The Fund
may
be
subject
to
foreign
taxation
related
to
income
received,
capital
gains
on
the
sale
of
securities
and
certain
foreign
currency
transactions
in
the
foreign
jurisdictions
in
which
it
invests.
Foreign
taxes,
if
any,
are
recorded
based
on
the
tax
regulations
and
rates
that
exist
in
the
foreign
markets
in
which
the
Fund
invests.
When
a
capital
gain
tax
is
determined
to
apply,
the
Fund
records
an
estimated
deferred
tax
liability
in
an
amount
that
would
be
payable
if
the
securities
were
disposed
of
on
the
valuation
date.
The
Fund
may
recognize
an
income
tax
liability
related
to
its
uncertain
tax
positions
under
U.S.
GAAP
when
the
uncertain
tax
position
has
a
less
than
50%
probability
that
it
will
be
sustained
upon
examination
by
the
tax
authorities
based
on
its
technical
merits.
As
of
February
28,
2022,
the
Fund
has
determined
that
no
tax
liability
is
required
in
its
financial
statements
related
to
uncertain
tax
positions
for
any
open
tax
years
(or
expected
to
be
taken
in
future
tax
years).
Open
tax
years
are
those
that
remain
subject
to
examination
and
are
based
on
the
statute
of
limitations
in
each
jurisdiction
in
which
the
Fund
invests.
f.
Security
Transactions,
Investment
Income,
Expenses
and
Distributions
Security
transactions
are
accounted
for
on
trade
date.
Realized
gains
and
losses
on
security
transactions
are
determined
on
a
specific
identification
basis.
Interest
income
and
estimated
expenses
are
accrued
daily.
Amortization
of
premium
and
accretion
of
discount
on
debt
securities
are
included
in
interest
income.
Dividend
income
is
recorded
on
the
ex-dividend
date
except
for
certain
dividends
from
securities
where
the
dividend
rate
is
not
available.
In
such
cases,
the
dividend
is
recorded
as
soon
as
the
information
is
received
by
the
Fund.
Distributions
to shareholders
are
recorded
on
the
ex-dividend
date.
Distributable
earnings
are
determined
according
to
income
tax
regulations
(tax
basis)
and
may
differ
from
earnings
recorded
in
accordance
with
U.S.
GAAP.
These
differences
may
be
permanent
or
temporary.
Permanent
differences
are
reclassified
among
capital
accounts
to
reflect
their
tax
character.
These
reclassifications
have
no
impact
on
net
assets
or
the
results
of
operations.
Temporary
differences
are
not
reclassified,
as
they
may
reverse
in
subsequent
periods.
g.
Accounting
Estimates
The
preparation
of
financial
statements
in
accordance
with
U.S.
GAAP
requires
management
to
make
estimates
and
assumptions
that
affect
the
reported
amounts
of
assets
and
liabilities
at
the
date
of
the
financial
statements
and
the
amounts
of
income
and
expenses
during
the
reporting
period.
Actual
results
could
differ
from
those
estimates.
1.
Organization
and
Significant
Accounting
Policies
(continued)
d.
Marketplace
Lending
(continued)
Franklin
Universal
Trust
Notes
to
Financial
Statements
(unaudited)
48
franklintempleton.com
Semiannual
Report
h.
Guarantees
and
Indemnifications
Under
the
Fund’s
organizational
documents,
its
officers
and
trustees
are
indemnified
by
the
Fund
against
certain
liabilities
arising
out
of
the
performance
of
their
duties
to
the
Fund.
Additionally,
in
the
normal
course
of
business,
the
Fund
enters
into
contracts
with
service
providers
that
contain
general
indemnification
clauses.
The
Fund’s
maximum
exposure
under
these
arrangements
is
unknown
as
this
would
involve
future
claims
that
may
be
made
against
the
Fund
that
have
not
yet
occurred.
Currently,
the
Fund
expects
the
risk
of
loss
to
be
remote.
2.
Shares
of
Beneficial
Interest
At
February
28,
2022,
there
were
an
unlimited
number
of
shares
authorized
($0.01
par
value).
During
the
periods ended
February
28,
2022
and
August
31,
2021
there
were
no
shares
issued;
all
reinvested
distributions
were
satisfied
with
previously
issued
shares
purchased
in
the
open
market.
Under
the
Board
approved
open-market
share
repurchase
program,
the
Fund
may
purchase,
from
time
to
time,
Fund
shares
in
open-market
transactions,
at
the
discretion
of
management.
During
the
periods ended
February
28,
2022
and
August
31,
2021,
there
were
no
shares
repurchased.
3.
Senior
Fixed
Rate
Notes
On
August
28,
2018,
the
Fund
issued
$65
million
principal
amount
of
a
new
class
of
five-year
senior
fixed
rate
notes
(Notes).
The
Notes
bear
interest,
payable
semi-annually,
at
a
rate
of
3.91%
per
year,
to
maturity
on
September
15,
2023.
The
Notes
are
general
unsecured
obligations
of
the
Fund
and
rank
senior
to
trust
shares
and
all
existing
or
future
unsecured
indebtedness
of
the
Fund.
For
the
period
ended
February
28,
2022,
total
interest
paid
by
the
Fund
on
the
Notes
was
$1,270,750.
The
Fund
is
required
to
maintain
on
a
monthly
basis
a
specified
discounted
asset
value
for
its
portfolio
in
compliance
with
guidelines
established
in
the
Notes
Agreement,
and
is
required
under
the
1940
Act
to
maintain
asset
coverage
for
the
Notes
of
at
least
300%.
The
Fund
has
met
these
requirements
during
the
period
ended
February
28,
2022.
The
issuance
costs
of
$114,819
incurred
by
the
Fund
are
deferred
and
amortized
on
an
interest
method
basis
over
the
term
of
the
Notes.
For
the
period
ended
February
28,
2022,
the
Fund
amortized
$16,919
of
Notes
issuance
costs.
Subject
to
certain
restrictions
and
make
whole
premiums,
the
Fund
may
prepay
the
Notes
at
any
time.
At
February
28,
2022,
if
the
Notes
were
fully
prepaid,
the
make
whole
premium
related
to
the
current
balance
of
the
Notes
would
have
been
approximately
$2,044,735.
The
Fund
employs
an
income-based
approach
to
determine
the
fair
value
of
the
Notes,
which
uses
the
Notes’
current
credit
rating,
remaining
time
to
maturity,
stated
coupon
rates,
the
current
yield
of
a
comparable
asset,
and
a
liquidity
premium.
At
February
28,
2022,
the
estimated
fair
value
of
the
Notes
was
approximately
$66,710,000.
The
inputs
used
in
determining
the
fair
value
of
the
Notes
represent
Level
3
in
the
fair
value
hierarchy.
See
Note
12
regarding
fair
value
measurements
for
additional
information
about
fair
value
hierarchy
and
Level
3
inputs.
4.
Transactions
with
Affiliates
Franklin
Resources,
Inc.
is
the
holding
company
for
various
subsidiaries
that
together
are
referred
to
as
Franklin
Templeton.
Certain
officers
and
trustees
of
the
Fund
are
also
officers
and/or
directors
of
the
following
subsidiaries:
Subsidiary
Affiliation
Franklin
Advisers,
Inc.
(Advisers)
Investment
manager
Franklin
Templeton
Services,
LLC
(FT
Services)
Administrative
manager
1.
Organization
and
Significant
Accounting
Policies
(continued)
Franklin
Universal
Trust
Notes
to
Financial
Statements
(unaudited)
49
franklintempleton.com
Semiannual
Report
a.
Management
Fees
The
Fund
pays
an
investment
management
fee,
computed
weekly
and
paid
monthly,
to
Advisers
of
0.75%
per
year
of
the
average
weekly
managed
assets.
Managed
assets
are
defined
as
the
Fund’s
gross
asset
value
minus
the
sum
of
accrued
liabilities,
other
than
the
principal
amount
of
the
Notes.
b.
Administrative
Fees
Under
an
agreement
with
Advisers,
FT
Services
provides
administrative
services
to
the
Fund.
The
fee
is
paid
by
Advisers
based
on
the
Fund's
average
daily
net
assets,
and
is
not
an
additional
expense
of
the
Fund.
c.
Investments
in
Affiliated
Management
Investment
Companies
The
Fund
invests
in
one
or
more
affiliated
management
investment
companies.
As
defined
in
the
1940
Act,
an
investment
is
deemed
to
be
a
“Controlled
Affiliate”
of
a
fund
when
a
fund
owns,
either
directly
or
indirectly,
25%
or
more
of
the
affiliated
fund’s
outstanding
shares
or
has
the
power
to
exercise
control
over
management
or
policies
of
such
fund.
The
Fund
does
not
invest
for
purposes
of
exercising
a
controlling
influence
over
the
management
or
policies.
Management
fees
paid
by
the
Fund
are
waived
on
assets
invested
in
the
affiliated
management
investment
companies,
as
noted
in
the
Statement
of
Operations,
in
an
amount
not
to
exceed
the
management
and
administrative
fees
paid
directly
or
indirectly
by
each
affiliate.
During
the
period
ended
February
28,
2022,
the
Fund
held
investments
in
affiliated
management
investment
companies
as
follows:
5.
Expense
Offset
Arrangement
The Fund has
entered
into
an
arrangement
with
its
custodian
whereby
credits
realized
as
a
result
of
uninvested
cash
balances
are
used
to
reduce
a
portion
of
the
Fund's
custodian
expenses.
During
the
period
ended
February
28,
2022,
the
custodian
fees
were
reduced
as
noted
in
the
Statement
of
Operations.
6.
Income
Taxes
At
February
28,
2022,
the
cost
of
investments
and
net
unrealized
appreciation
(depreciation)
for
income
tax
purposes
were
as
follows:
aa
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
Franklin
Universal
Trust
Non-Controlled
Affiliates
Dividends
Institutional
Fiduciary
Trust
-
Money
Market
Portfolio,
0.01%
.
$
6,675,578
$
38,109,587
$
(40,638,489)
$
—
$
—
$
4,146,676
4,146,676
$
250
Non-Controlled
Affiliates
Income
from
securities
loaned
Institutional
Fiduciary
Trust
-
Money
Market
Portfolio,
0.01%
.
$46,000
$5,582,000
$(5,628,000)
$—
$—
$—
—
$13
Total
Affiliated
Securities
...
$6,721,578
$43,691,587
$(46,266,489)
$—
$—
$4,146,676
$263
4.
Transactions
with
Affiliates
(continued)
Franklin
Universal
Trust
Notes
to
Financial
Statements
(unaudited)
50
franklintempleton.com
Semiannual
Report
Differences
between
income
and/or
capital
gains
as
determined
on
a
book
basis
and
a
tax
basis
are
primarily
due
to
differing
treatment
s
of
paydown
losses
and
bond
discounts
and
premiums
.
7.
Investment
Transactions
Purchases
and
sales
of
investments
(excluding
short
term
securities)
for
the
period
ended
February
28,
2022,
aggregated
$46,791,691
and
$52,059,125,
respectively.
8.
Credit Risk
and
Defaulted
Securities
At
February
28,
2022,
the
Fund
had
60.9%
of
its
portfolio
invested
in
high
yield
or
other
securities
rated
below
investment
grade
and
unrated
securities.
These
securities
may
be
more
sensitive
to
economic
conditions
causing
greater
price
volatility
and
are
potentially
subject
to
a
greater
risk
of
loss
due
to
default
than
higher
rated
securities.
The
Fund
held
defaulted
securities
and/or
other
securities
for
which
the
income
has
been
deemed
uncollectible.
At
February
28,
2022,
the
aggregate
value
of
these
securities
represents
less
than
0.1%
of
the
Fund's
net
assets.
The
Fund
discontinues
accruing
income
on
securities
for
which
income
has
been
deemed
uncollectible
and
provides
an
estimate
for
losses
on
interest
receivable.
The
securities
have
been
identified
in
the
accompanying
Statement
of
Investments.
9.
Geopolitical
Risk
On
February
24,
2022,
Russia
engaged
in
military
actions
in
the
sovereign
territory
of
Ukraine.
The
current
political
and
financial
uncertainty
surrounding
Russia
and
Ukraine
may
increase
market
volatility
and
the
economic
risk
of
investing
in
securities
in
these
countries
and
may
also
cause
uncertainty
for
the
global
economy
and
broader
financial
markets.
The
ultimate
fallout
and
long-term
impact
from
these
events
are
not
known.
The
Fund
will
continue
to
assess
the
impact
on
valuations
and
liquidity
and
will
take
any
potential
actions
needed
in
accordance
with
procedures
approved
by
the
Board
of
Trustees.
10.
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.
11.
Restricted
Securities
The
Fund
invests
in
securities
that
are
restricted
under
the
Securities
Act
of
1933
(1933
Act).
Restricted
securities
are
often
purchased
in
private
placement
transactions,
and
cannot
be
sold
without
prior
registration
unless
the
sale
is
pursuant
to
an
exemption
under
the
1933
Act.
Disposal
of
these
securities
may
require
greater
effort
and
expense,
and
prompt
sale
at
an
acceptable
price
may
be
difficult.
The Fund
may
have
registration
rights
for
restricted
securities.
The
issuer
generally
incurs
all
registration
costs.
Cost
of
investments
..........................................................................
$225,244,291
Unrealized
appreciation
........................................................................
$84,015,394
Unrealized
depreciation
........................................................................
(36,426,856)
Net
unrealized
appreciation
(depreciation)
..........................................................
$47,588,538
6.
Income
Taxes
(continued)
Franklin
Universal
Trust
Notes
to
Financial
Statements
(unaudited)
51
franklintempleton.com
Semiannual
Report
At
February
28,
2022,
investments
in
restricted
securities,
excluding
securities
exempt
from
registration
under
the
1933
Act,
were
as
follows:
12.
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)
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
February
28,
2022,
in
valuing
the
Fund's
assets
carried
at
fair
value,
is
as
follows:
Shares
Issuer
Acquisition
Date
Cost
Value
Franklin
Universal
Trust
5,042
Riviera
Resources
Inc
........................
8/08/18
$
46,134
$
—
Total
Restricted
Securities
(Value
is
—%
of
Net
Assets)
..............
$46,134
$—
Level
1
Level
2
Level
3
Total
Franklin
Universal
Trust
Assets:
Investments
in
Securities:
Common
Stocks
:
Electric
Utilities
........................
$
48,499,118
$
—
$
—
$
48,499,118
Machinery
............................
—
532,486
—
532,486
Metals
&
Mining
.......................
5,656,218
—
—
5,656,218
Multi-Utilities
..........................
34,626,270
—
—
34,626,270
Oil,
Gas
&
Consumable
Fuels
.............
3,495,099
—
—
a
3,495,099
Preferred
Stocks
........................
605,550
—
—
605,550
Warrants
:
Oil,
Gas
&
Consumable
Fuels
.............
62,464
—
3,037
65,501
Paper
&
Forest
Products
.................
—
1,518
—
1,518
Convertible
Bonds
.......................
—
20,116
—
20,116
Corporate
Bonds
:
Airlines
..............................
—
1,841,240
—
1,841,240
Auto
Components
......................
—
5,548,038
—
5,548,038
Automobiles
..........................
—
1,250,418
—
1,250,418
Banks
...............................
—
925,988
—
925,988
Beverages
...........................
—
652,788
—
652,788
Biotechnology
.........................
—
806,540
—
806,540
Building
Products
......................
—
2,476,322
—
2,476,322
Capital
Markets
........................
—
293,060
—
293,060
Chemicals
...........................
—
8,801,977
—
8,801,977
Commercial
Services
&
Supplies
...........
—
3,967,084
—
3,967,084
Communications
Equipment
..............
—
1,512,000
—
1,512,000
11.
Restricted
Securities
(continued)
Franklin
Universal
Trust
Notes
to
Financial
Statements
(unaudited)
52
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Semiannual
Report
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
February
28,
2022,
the
reconciliation is
as follows:
Level
1
Level
2
Level
3
Total
Franklin
Universal
Trust
(continued)
Assets:
(continued)
Investments
in
Securities:
Corporate
Bonds:
Construction
&
Engineering
...............
$
—
$
2,812,005
$
—
$
2,812,005
Consumer
Finance
.....................
—
1,157,238
—
1,157,238
Containers
&
Packaging
.................
—
6,813,975
—
6,813,975
Distributors
...........................
—
298,544
—
298,544
Diversified
Consumer
Services
............
—
802,000
—
802,000
Diversified
Financial
Services
.............
—
2,512,203
—
2,512,203
Diversified
Telecommunication
Services
.....
—
7,255,972
—
7,255,972
Electric
Utilities
........................
—
1,413,478
—
1,413,478
Electrical
Equipment
....................
—
1,696,839
—
1,696,839
Electronic
Equipment,
Instruments
&
Components
........................
—
462,097
—
462,097
Energy
Equipment
&
Services
.............
—
3,648,993
—
3,648,993
Entertainment
.........................
—
2,203,995
—
2,203,995
Equity
Real
Estate
Investment
Trusts
(REITs)
.
—
2,914,920
—
2,914,920
Food
Products
........................
—
1,926,775
—
1,926,775
Health
Care
Equipment
&
Supplies
.........
—
1,044,508
—
1,044,508
Health
Care
Providers
&
Services
..........
—
3,407,932
—
3,407,932
Hotels,
Restaurants
&
Leisure
.............
—
10,432,334
540
10,432,874
Household
Durables
....................
—
2,269,732
—
2,269,732
Independent
Power
and
Renewable
Electricity
Producers
..........................
—
6,447,387
—
6,447,387
Insurance
............................
—
782,904
—
782,904
Internet
&
Direct
Marketing
Retail
..........
—
186,804
—
186,804
IT
Services
...........................
—
3,835,068
—
3,835,068
Life
Sciences
Tools
&
Services
............
—
192,538
—
192,538
Machinery
............................
—
3,376,746
—
3,376,746
Media
...............................
—
7,765,806
—
7,765,806
Metals
&
Mining
.......................
—
2,458,135
—
2,458,135
Mortgage
Real
Estate
Investment
Trusts
(REITs)
............................
—
904,220
—
904,220
Oil,
Gas
&
Consumable
Fuels
.............
—
18,115,029
—
18,115,029
Paper
&
Forest
Products
.................
—
380,384
—
380,384
Pharmaceuticals
.......................
—
6,909,013
—
6,909,013
Real
Estate
Management
&
Development
....
—
882,874
—
882,874
Road
&
Rail
..........................
—
1,333,471
—
1,333,471
Software
.............................
—
2,879,842
—
2,879,842
Specialty
Retail
........................
—
3,973,827
—
3,973,827
Textiles,
Apparel
&
Luxury
Goods
..........
—
1,298,148
—
1,298,148
Thrifts
&
Mortgage
Finance
...............
—
1,434,039
—
1,434,039
Trading
Companies
&
Distributors
..........
—
992,207
—
992,207
Wireless
Telecommunication
Services
.......
—
3,093,172
—
3,093,172
Marketplace
Loans
......................
—
—
23,555,680
23,555,680
Asset-Backed
Securities
..................
—
3,213,073
—
3,213,073
Escrows
and
Litigation
Trusts
...............
—
24,375
—
24,375
Short
Term
Investments
...................
4,146,676
—
—
4,146,676
Total
Investments
in
Securities
...........
$97,091,395
$152,182,177
$23,559,257
$272,832,829
a
Includes
securities
determined
to
have
no
value
at
February
28,
2022.
12.
Fair
Value
Measurements
(continued)
Franklin
Universal
Trust
Notes
to
Financial
Statements
(unaudited)
53
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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
February
28,
2022,
are
as
follows:
Balance
at
Beginning
of
Period
Purchases
a
Sales
b
Transfer
Into
Level
3
c
Transfer
Out
of
Level
3
Net
Accretion
(
Amortiza
-
tion
)
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
:
Oil,
Gas
&
Consumable
Fuels
..........
$
1,302
$
—
$
—
$
—
$
—
$
—
$
—
$
(1,302)
$
—
d
$
(1,302)
Warrants
:
Oil,
Gas
&
Consumable
Fuels
..........
125
—
—
—
—
—
—
2,912
3,037
2,912
Corporate
Bonds
:
Hotels,
Restaurants
&
Leisure
.........
—
—
—
540
—
—
—
—
540
—
Oil,
Gas
&
Consumable
Fuels
..........
1,624,844
53,039
(1,784,152)
—
—
—
159,555
(53,286)
—
—
Marketplace
Loans
:
Diversified
Financial
Services
........
3,297,986
22,683,400
(2,040,713)
—
—
—
(43,462)
(341,531)
23,555,680
(274,489)
Total
Investments
in
Securities
............
$4,924,257
$22,736,439
$(3,824,865)
$540
$—
$—
$116,093
$(393,207)
$23,559,257
$(272,879)
a
Purchases
include
all
purchases
of
securities
and
securities
received
in
corporate
actions.
b
Sales
include
all
sales
of
securities,
maturities,
paydowns
and
securities
tendered
in
corporate
actions.
c
Transferred
into
level
3
as
a
result
of
the
unavailability
of
a
quoted
market
price
in
an
active
market
for
identical
securities
or
other
significant
observable
valuation
inputs.
d
Includes
securities
determined
to
have
no
value.
Description
Fair
Value
at
End
of
Period
Valuation
Technique
Unobservable
Inputs
Amount
(Weighted
Average)
a
Impact
to
Fair
Value
if
Input
Increases
b
Franklin
Universal
Trust
Assets:
Investments
in
Securities:
Marketplace
Loans:
Diversified
Financial
Services
...
$23,472,270
Discounted
cash
flow
Loss-adjusted
discount
rate
2.2%-11.0%
(8.0%)
Decrease
c
Projected
loss
rate
14.6%-18.7%
(16.7%)
Decrease
c
All
Other
Investments
..........
86,987
d,e
Total
$23,559,257
a
Weighted
based
on
the
relative
fair
value
of
the
financial
instruments.
b
Represents
the
directional
change
in
the
fair
value
of
the
Level
3
financial
instruments
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
and
net
assets.
12.
Fair
Value
Measurements
(continued)
Franklin
Universal
Trust
Notes
to
Financial
Statements
(unaudited)
54
franklintempleton.com
Semiannual
Report
13.
Subsequent
Events
The
Fund
has
evaluated
subsequent
even
ts
through
the
issuance
of
the
financial
statements
and
determined
that
no
events
have
occurred
that
require
disclosure
.
Abbreviations
d
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.
e
Includes
securities
determined
to
have
no
value
at
February
28,
2022
.
Selected
Portfolio
ADR
American
Depositary
Receipt
FRN
Floating
Rate
Note
PIK
Payment-In-Kind
12.
Fair
Value
Measurements
(continued)
Franklin
Universal
Trust
55
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Semiannual
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Important
Information
to
Shareholders
Share
Repurchase
Program
The
Fund’s
Board
previously
authorized
the
Fund
to
repurchase
up
to
10%
of
the
Fund’s
outstanding
shares
in
open-market
transactions,
at
the
discretion
of
management.
This
authorization
remains
in
effect.
In
exercising
its
discretion
consistent
with
its
portfolio
management
responsibilities,
the
investment
manager
will
take
into
account
various
other
factors,
including,
but
not
limited
to,
the
level
of
the
discount,
the
Fund’s
performance,
portfolio
holdings,
dividend
history,
market
conditions,
cash
on
hand,
the
availability
of
other
attractive
investments
and
whether
the
sale
of
certain
portfolio
securities
would
be
undesirable
because
of
liquidity
concerns
or
because
the
sale
might
subject
the
Fund
to
adverse
tax
consequences.
Any
repurchases
would
be
made
on
a
national
securities
exchange
at
the
prevailing
market
price,
subject
to
exchange
requirements,
Federal
securities
laws
and
rules
that
restrict
repurchases,
and
the
terms
of
any
outstanding
leverage
or
borrowing
of
the
Fund.
If
and
when
the
Fund’s
10%
threshold
is
reached,
no
further
repurchases
could
be
completed
until
authorized
by
the
Board.
Until
the
10%
threshold
is
reached,
Fund
management
will
have
the
flexibility
to
commence
share
repurchases
if
and
when
it
is
determined
to
be
appropriate
in
light
of
prevailing
circumstances.
In
the
Notes
to
Financial
Statements
section,
please
see
note
2
(Shares
of
Beneficial
Interest)
for
additional
information
regarding
shares
repurchased.
Franklin
Universal
Trust
Annual
Meeting
of
Shareholders
56
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Semiannual
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The
2022
Annual
Shareholders’
Meeting
(Meeting)
for
Franklin
Universal
Trust
(Fund)
was
held
on
March
10,
2022.
At
the
Meeting,
shareholders
elected
all
of
the
Fund’s
nominees
for
the
Board
of
Trustees
(Board).
The
results
of
the
voting
were
as
follows:
Trustees
Shares
For
Shares
Withheld
Gregory
E.
Johnson
17,454,622
377,367
J.
Michael
Luttig
12,982,310
4,849,679
Valerie
M.
Williams
17,526,440
305,549
Franklin
Universal
Trust
57
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Dividend
Reinvestment
and
Cash
Purchase
Plan
The
Fund’s
Dividend
Reinvestment
and
Cash
Purchase
Plan
(Plan)
offers
you
a
prompt
and
simple
way
to
reinvest
dividends
and
capital
gain
distributions
in
shares
of
the
Fund.
The
Plan
also
allows
you
to
purchase
additional
shares
of
the
Fund
by
making
voluntary
cash
payments.
American
Stock
Transfer
&
Trust
Company,
LLC
(Plan
Agent),
P.O.
Box
922,
Wall
Street
Station,
New
York,
NY
10269-0560,
acts
as
your
Plan
Agent
in
administering
the
Plan.
You
are
automatically
enrolled
in
the
Plan
unless
you
elect
to
receive
dividends
or
distributions
in
cash.
If
you
own
shares
in
your
own
name,
you
should
notify
the
Plan
Agent,
in
writing,
if
you
wish
to
receive
dividends
or
distributions
in
cash.
If
the
Fund
declares
a
dividend
or
capital
gain
distribution
payable
either
in
cash
or
in
stock
of
the
Fund
and
the
market
price
of
shares
on
the
valuation
date
equals
or
exceeds
the
net
asset
value,
the
Fund
will
issue
new
shares
to
you
at
the
higher
of
net
asset
value
or
95%
of
the
then
current
market
price.
Whenever
the
Fund
declares
a
distribution
from
capital
gains
or
an
income
dividend
payable
in
either
cash
or
shares,
if
the
net
asset
value
per
share
of
the
Fund’s
common
stock
exceeds
the
market
price
per
share
on
the
valuation
date,
the
Plan
Agent
shall
apply
the
amount
of
such
dividend
or
distribution
payable
to
participants
to
the
purchase
of
shares
(less
their
pro
rata
share
of
brokerage
commissions
incurred
with
respect
to
open
market
purchases
in
connection
with
the
reinvestment
of
such
dividend
or
distribution).
If
the
price
exceeds
the
net
asset
value
before
the
Plan
Agent
has
completed
its
purchases,
the
average
purchase
price
may
exceed
the
net
asset
value,
resulting
in
fewer
shares
being
acquired
than
if
the
Fund
had
issued
new
shares.
All
reinvestments
are
in
full
and
fractional
shares,
carried
to
three
decimal
places.
The
Fund
will
not
issue
shares
under
the
Plan
at
a
price
below
net
asset
value.
The
Plan
permits
you
on
a
voluntary
basis
to
submit
in
cash
payments
of
not
less
than
$100
each
up
to
a
total
of
$5,000
per
month
to
purchase
additional
shares
of
the
Fund.
It
is
entirely
up
to
you
whether
you
wish
to
buy
additional
shares
with
voluntary
cash
payments,
and
you
do
not
have
to
send
in
the
same
amount
each
time
if
you
do.
These
payments
should
be
made
by
check
or
money
order
payable
to
American
Stock
Transfer
&
Trust
Company,
LLC
and
sent
to
American
Stock
Transfer
&
Trust
Company,
LLC,
P.O.
Box
922,
Wall
Street
Station,
New
York,
NY
10269-0560,
Attn:
Franklin
Universal
Trust.
Your
cash
payment
will
be
aggregated
with
the
payments
of
other
participants
and
invested
on
your
behalf
by
the
Plan
Agent
in
shares
of
the
Fund
that
are
purchased
in
the
open
market.
The
Plan
Agent
will
invest
cash
payments
on
approximately
the
5th
of
each
month
in
which
no
dividend
or
distribution
is
payable
and,
during
each
month
in
which
a
dividend
or
distribution
is
payable,
will
invest
cash
payments
beginning
on
the
dividend
payment
date.
Under
no
circumstances
will
interest
be
paid
on
your
funds
held
by
the
Plan
Agent.
Accordingly,
you
should
send
any
voluntary
cash
payments
you
wish
to
make
shortly
before
an
investment
date
but
in
sufficient
time
to
ensure
that
your
payment
will
reach
the
Plan
Agent
not
less
than
two
business
days
before
an
investment
date.
Payments
received
less
than
two
business
days
before
an
investment
date
will
be
invested
during
the
next
month
or,
if
there
are
more
than
30
days
until
the
next
investment
date,
will
be
returned
to
you.
You
may
obtain
a
refund
of
any
cash
payment
by
written
notice,
if
the
Plan
Agent
receives
the
written
notice
not
less
than
48
hours
before
an
investment
date.
There
is
no
direct
charge
to
participants
for
reinvesting
dividends
and
capital
gain
distributions,
since
the
Plan
Agent’s
fees
are
paid
by
the
Fund.
However,
when
shares
are
purchased
in
the
open
market,
each
participant
will
pay
a
pro
rata
portion
of
any
brokerage
commissions
incurred.
The
Plan
Agent
will
deduct
a
$5.00
service
fee
from
each
of
your
voluntary
cash
payments.
The
automatic
reinvestment
of
dividends
and
capital
gain
distributions
does
not
relieve
you
of
any
taxes
which
may
be
payable
on
dividends
or
distributions.
In
connection
with
the
reinvestment
of
dividends
and
capital
gain
distributions,
if
the
Fund
issues
new
shares,
shareholders
receiving
such
shares
generally
will
be
treated
as
having
a
distribution
equal
to
the
market
value
of
the
shares
received,
and
if
shares
are
purchased
on
the
open
market,
shareholders
generally
will
be
treated
as
having
received
a
distribution
equal
to
the
cash
distribution
that
would
have
been
paid.
The
Fund
does
not
issue
new
shares
in
connection
with
voluntary
cash
payments.
All
investments
are
in
full
and
fractional
shares,
carried
to
three
decimal
places.
If
the
market
price
exceeds
the
net
asset
value
at
the
time
the
Plan
Agent
purchases
the
additional
shares,
you
will
receive
shares
at
a
price
greater
than
the
net
asset
value.
Franklin
Universal
Trust
Dividend
Reinvestment
and
Cash
Purchase
Plan
58
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Semiannual
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You
will
receive
a
monthly
account
statement
from
the
Plan
Agent
showing
total
dividends
and
capital
gain
distributions,
date
of
investment,
shares
acquired
and
price
per
share,
and
total
shares
of
record
held
by
you
and
by
the
Plan
Agent
for
you.
You
are
entitled
to
vote
all
shares
of
record,
including
shares
purchased
for
you
by
the
Plan
Agent,
and,
if
you
vote
by
proxy,
your
proxy
will
include
all
such
shares.
As
long
as
you
participate
in
the
Plan,
the
Plan
Agent
will
hold
the
shares
it
has
acquired
for
you
in
safekeeping,
in
its
name
or
in
the
name
of
its
nominee.
This
convenience
provides
added
protection
against
loss,
theft
or
inadvertent
destruction
of
certificates.
However,
you
may
request
that
a
certificate
representing
your
Plan
shares
be
issued
to
you.
You
may
withdraw
from
the
Plan
without
penalty
at
any
time
by
notifying
the
Plan
Agent,
in
writing,
at
the
address
above.
If
you
withdraw,
you
will
receive,
without
charge,
stock
certificates
issued
in
your
name
for
all
full
shares.
The
Plan
Agent
will
convert
any
fractional
shares
you
hold
at
the
time
of
your
withdrawal
to
cash
at
current
market
price
and
send
you
a
check
for
the
proceeds.
If
you
hold
shares
in
your
own
name,
please
address
all
notices,
correspondence,
questions,
or
other
communications
regarding
the
Plan
to
the
Plan
Agent
at
the
address
noted
above.
If
your
shares
are
not
held
in
your
name,
you
should
contact
your
brokerage
firm,
bank,
or
other
nominee
for
more
information
and
to
determine
if
our
nominee
will
participate
in
the
Plan
on
your
behalf.
The
Fund
or
the
Plan
Agent
may
amend
or
terminate
the
Plan.
You
will
receive
written
notice
at
least
90
days
before
the
effective
date
of
termination
or
of
any
amendment.
In
the
case
of
termination,
you
will
receive
written
notice
at
least
90
days
before
the
record
date
of
any
dividend
or
capital
gain
distribution
by
the
Fund.
Franklin
Universal
Trust
Shareholder
Information
59
franklintempleton.com
Semiannual
Report
Board
Approval
of
Investment
Management
Agreements
FRANKLIN
UNIVERSAL
TRUST
(Fund)
At
an
in-person
meeting
held
on
February
28,
2022
(Meeting),
the
Board
of
Trustees
(Board)
of
the
Fund,
including
a
majority
of
the
trustees
who
are
not
“interested
persons”
as
defined
in
the
Investment
Company
Act
of
1940
(Independent
Trustees),
reviewed
and
approved
the
continuance
of
the
investment
management
agreement
between
Franklin
Advisers,
Inc.
(Manager)
and
the
Fund
(Management
Agreement)
for
an
additional
one-year
period.
The
Independent
Trustees
received
advice
from
and
met
separately
with
Independent
Trustee
counsel
in
considering
whether
to
approve
the
continuation
of
the
Management
Agreement.
In
considering
the
continuation
of
the
Management
Agreement,
the
Board
reviewed
and
considered
information
provided
by
the
Manager
at
the
Meeting
and
throughout
the
year
at
meetings
of
the
Board
and
its
committees.
The
Board
also
reviewed
and
considered
information
provided
in
response
to
a
detailed
set
of
requests
for
information
submitted
to
the
Manager
by
Independent
Trustee
counsel
on
behalf
of
the
Independent
Trustees
in
connection
with
the
annual
contract
renewal
process.
In
addition,
prior
to
the
Meeting,
the
Independent
Trustees
held
a
virtual
contract
renewal
meeting
at
which
the
Independent
Trustees
first
conferred
amongst
themselves
and
Independent
Trustee
counsel
about
contract
renewal
matters;
and
then
met
with
management
to
request
additional
information
that
the
Independent
Trustees
reviewed
and
considered
at
the
Meeting.
The
Board
reviewed
and
considered
all
of
the
factors
it
deemed
relevant
in
approving
the
continuance
of
the
Management
Agreement,
including,
but
not
limited
to:
(i)
the
nature,
extent
and
quality
of
the
services
provided
by
the
Manager;
(ii)
the
investment
performance
of
the
Fund;
(iii)
the
costs
of
the
services
provided
and
profits
realized
by
the
Manager
and
its
affiliates
from
the
relationship
with
the
Fund;
(iv)
the
extent
to
which
economies
of
scale
are
realized
as
the
Fund
grows;
and
(v)
whether
fee
levels
reflect
these
economies
of
scale
for
the
benefit
of
Fund
investors.
In
approving
the
continuance
of
the
Management
Agreement,
the
Board,
including
a
majority
of
the
Independent
Trustees,
determined
that
the
terms
of
the
Management
Agreement
are
fair
and
reasonable
and
that
the
continuance
of
such
Management
Agreement
is
in
the
best
interests
of
the
Fund
and
its
shareholders.
While
attention
was
given
to
all
information
furnished,
the
following
discusses
some
primary
factors
relevant
to
the
Board’s
determination.
Nature,
Extent
and
Quality
of
Services
The
Board
reviewed
and
considered
information
regarding
the
nature,
extent
and
quality
of
investment
management
services
provided
by
the
Manager
and
its
affiliates
to
the
Fund
and
its
shareholders.
This
information
included,
among
other
things,
the
qualifications,
background
and
experience
of
the
senior
management
and
investment
personnel
of
the
Manager,
as
well
as
information
on
succession
planning
where
appropriate;
the
structure
of
investment
personnel
compensation;
oversight
of
third-party
service
providers;
investment
performance
reports
and
related
financial
information
for
the
Fund
(including
its
share
price
discount
to
net
asset
value);
reports
on
expenses
and
shareholder
services;
legal
and
compliance
matters;
risk
controls;
pricing
and
other
services
provided
by
the
Manager
and
its
affiliates;
and
management
fees
charged
by
the
Manager
and
its
affiliates
to
US
funds
and
other
accounts,
including
management’s
explanation
of
differences
among
accounts
where
relevant.
The
Board
acknowledged
the
ongoing
integration
of
the
Legg
Mason
family
of
funds
into
the
Franklin
Templeton
(FT)
family
of
funds
and
developing
strategies
to
address
areas
of
heightened
concern
in
the
mutual
fund
industry,
including
various
regulatory
initiatives
and
recent
geopolitical
concerns.
The
Board
also
reviewed
and
considered
the
benefits
provided
to
Fund
shareholders
of
investing
in
a
fund
that
is
part
of
the
FT
family
of
funds.
The
Board
noted
the
financial
position
of
Franklin
Resources,
Inc.
(FRI),
the
Manager’s
parent,
and
its
commitment
to
the
mutual
fund
business
as
evidenced
by
its
reassessment
of
the
fund
offerings
in
response
to
the
market
environment
and
project
initiatives
and
capital
investments
relating
to
the
services
provided
to
the
Fund
by
the
FT
organization.
The
Board
specifically
noted
FT’s
commitment
to
being
a
global
leader
in
stewardship
and
sustainability
and
the
recent
addition
of
a
senior
executive
focused
on
environmental,
social
and
governance
and
climate
control
initiatives.
Following
consideration
of
such
information,
the
Board
was
satisfied
with
the
nature,
extent
and
quality
of
services
provided
by
the
Manager
and
its
affiliates
to
the
Fund
and
its
shareholders.
Franklin
Universal
Trust
Shareholder
Information
60
franklintempleton.com
Semiannual
Report
Fund
Performance
The
Board
reviewed
and
considered
the
performance
results
of
the
Fund
over
various
time
periods
ended
November
30,
2021.
The
Board
considered
the
performance
returns
for
the
Fund
in
comparison
to
the
performance
returns
of
mutual
funds
deemed
comparable
to
the
Fund
included
in
a
universe
(Performance
Universe)
selected
by
Broadridge
Financial
Solutions,
Inc.
(Broadridge),
an
independent
provider
of
investment
company
data.
The
Board
received
a
description
of
the
methodology
used
by
Broadridge
to
select
the
mutual
funds
included
in
a
Performance
Universe.
The
Board
also
reviewed
and
considered
Fund
performance
reports
provided
and
discussions
that
occurred
with
portfolio
managers
at
Board
meetings
throughout
the
year.
A
summary
of
the
Fund’s
performance
results
is
below.
Such
results
are
based
on
net
asset
value
without
regard
to
market
discounts
or
premiums.
The
Performance
Universe
for
the
Fund
included
the
Fund
and
all
leveraged
closed-end
high
yield
funds.
The
Board
noted
that
the
Fund’s
annualized
income
return
for
the
one-,
three-,
five-
and
10-year
periods
was
below
the
median
and
in
the
fifth
quintile
(worst)
of
its
Performance
Universe.
The
Board
also
noted
that
the
Fund’s
annualized
total
return
for
the
three-,
five-
and
10-year
periods
was
above
the
median
of
its
Performance
Universe,
but
for
the
one-year
period
was
0.71%
below
the
median
of
its
Performance
Universe.
The
Board
further
noted
that
the
Fund’s
annualized
income
return
for
each
of
the
one-,
three-,
five-
and
10-year
periods,
while
below
the
median,
was
5.37%,
4.99%,
4.96%
and
5.59%,
respectively.
The
Board
concluded
that
the
Fund’s
performance
was
acceptable.
Comparative
Fees
and
Expenses
The
Board
reviewed
and
considered
information
regarding
the
Fund’s
actual
total
expense
ratio
and
its
various
components,
including,
as
applicable,
management
fees;
underlying
fund
expenses;
investment-related
expenses;
and
other
non-management
fees.
The
Board
considered
the
actual
total
expense
ratio
and,
separately,
the
contractual
management
fee
rate,
without
the
effect
of
fee
waivers,
if
any
(Management
Rate)
of
the
Fund
in
comparison
to
the
median
expense
ratio
and
median
Management
Rate,
respectively,
of
other
mutual
funds
deemed
comparable
to
and
with
a
similar
expense
structure
to
the
Fund
selected
by
Broadridge
(Expense
Group).
Broadridge
fee
and
expense
data
is
based
upon
information
taken
from
each
fund’s
most
recent
annual
or
semi-annual
report,
which
reflects
historical
asset
levels
that
may
be
quite
different
from
those
currently
existing,
particularly
in
a
period
of
market
volatility.
While
recognizing
such
inherent
limitation
and
the
fact
that
expense
ratios
and
Management
Rates
generally
increase
as
assets
decline
and
decrease
as
assets
grow,
the
Board
believed
the
independent
analysis
conducted
by
Broadridge
to
be
an
appropriate
measure
of
comparative
fees
and
expenses.
The
Broadridge
Management
Rate
includes
administrative
charges.
The
Board
received
a
description
of
the
methodology
used
by
Broadridge
to
select
the
mutual
funds
included
in
the
Expense
Group.
The
Expense
Group
for
the
Fund
included
the
Fund
and
10
other
high
yield
(leveraged)
funds.
The
Board
noted
that
the
Management
Rate
for
the
Fund
was
below
the
median
of
its
Expense
Group.
The
Board
also
noted
that
the
annual
total
expense
ratio
for
the
Fund
was
above
the
median
of
its
Expense
Group.
The
Board
inquired
about
the
above
median
annual
total
expense
ratio
for
the
Fund
and
noted
management’s
explanation
that
the
expense
ratio
reflected
investment-related
expenses
that
were
higher
than
those
of
other
funds
in
the
Expense
Group
due
to
the
interest
the
Fund
pays
on
its
five-year
senior
fixed
rate
notes.
The
Board
concluded
that
the
Management
Rate
charged
to
the
Fund
is
reasonable.
Profitability
The
Board
reviewed
and
considered
information
regarding
the
profits
realized
by
the
Manager
and
its
affiliates
in
connection
with
the
operation
of
the
Fund.
In
this
respect,
the
Board
considered
the
Fund
profitability
analysis
provided
by
the
Manager
that
addresses
the
overall
profitability
of
FT’s
US
fund
business,
as
well
as
its
profits
in
providing
investment
management
and
other
services
to
each
of
the
individual
funds
during
the
12-month
period
ended
September
30,
2021,
being
the
most
recent
fiscal
year-
end
for
FRI.
The
Board
noted
that
although
management
continually
makes
refinements
to
its
methodologies
used
in
calculating
profitability
in
response
to
organizational
and
product-related
changes,
the
overall
methodology
has
remained
consistent
with
that
used
in
the
Fund’s
profitability
report
presentations
from
prior
years.
The
Board
also
noted
that
PricewaterhouseCoopers
LLP,
auditor
to
FRI
and
certain
FT
funds,
has
been
engaged
by
the
Manager
to
periodically
review
and
assess
the
allocation
methodologies
to
be
used
solely
by
the
Fund’s
Board
with
respect
to
the
profitability
analysis.
The
Board
noted
management’s
belief
that
costs
incurred
in
establishing
the
infrastructure
necessary
for
the
type
of
mutual
fund
operations
conducted
by
the
Manager
and
its
affiliates
may
not
be
fully
reflected
in
the
expenses
allocated
to
the
Fund
in
determining
its
profitability,
as
well
as
the
fact
that
the
level
of
profits,
to
a
certain
extent,
reflected
operational
cost
savings
and
efficiencies
initiated
by
management.
As
part
of
this
evaluation,
the
Board
considered
management’s
outsourcing
of
certain
operations,
Franklin
Universal
Trust
Shareholder
Information
61
franklintempleton.com
Semiannual
Report
which
effort
has
required
considerable
up
front
expenditures
by
the
Manager
but,
over
the
long
run
is
expected
to
result
in
greater
efficiencies.
The
Board
also
noted
management’s
expenditures
in
improving
shareholder
services
provided
to
the
Fund,
as
well
as
the
need
to
implement
systems
and
meet
additional
regulatory
and
compliance
requirements
resulting
from
recent
US
Securities
and
Exchange
Commission
and
other
regulatory
requirements.
The
Board
also
considered
the
extent
to
which
the
Manager
and
its
affiliates
might
derive
ancillary
benefits
from
fund
operations,
potential
benefits
resulting
from
personnel
and
systems
enhancements
necessitated
by
fund
growth,
as
well
as
increased
leverage
with
service
providers
and
counterparties.
Based
upon
its
consideration
of
all
these
factors,
the
Board
concluded
that
the
level
of
profits
realized
by
the
Manager
and
its
affiliates
from
providing
services
to
the
Fund
was
not
excessive
in
view
of
the
nature,
extent
and
quality
of
services
provided
to
the
Fund.
Economies
of
Scale
The
Board
reviewed
and
considered
the
extent
to
which
the
Manager
may
realize
economies
of
scale,
if
any,
as
the
Fund
grows
larger
and
whether
the
Fund’s
management
fee
structure
reflects
any
economies
of
scale
for
the
benefit
of
shareholders.
The
Board
believes
that
the
Manager’s
ability
to
realize
economies
of
scale
and
the
sharing
of
such
benefit
is
a
more
relevant
consideration
in
the
case
of
an
open-end
fund
whose
size
increases
as
a
result
of
the
continuous
sale
of
its
shares.
A
closed-end
fund,
such
as
the
Fund,
does
not
continuously
offer
shares,
and
growth
following
its
initial
public
offering
will
primarily
result
from
market
appreciation,
which
benefits
its
shareholders.
While
believing
economies
of
scale
to
be
less
of
a
factor
in
the
context
of
a
closed-end
fund,
the
Board
believes
at
some
point
an
increase
in
size
may
lead
to
economies
of
scale
that
would
be
shared
with
the
Fund
and
its
shareholders
and
intends
to
monitor
future
growth
of
the
Fund
accordingly.
The
Board
considered
the
Manager’s
view
that
any
analyses
of
potential
economies
of
scale
in
managing
a
particular
fund
are
inherently
limited
in
light
of
the
joint
and
common
costs
and
investments
the
Manager
incurs
across
the
FT
family
of
funds
as
a
whole.
Conclusion
Based
on
its
review,
consideration
and
evaluation
of
all
factors
it
believed
relevant,
including
the
above-described
factors
and
conclusions,
the
Board
unanimously
approved
the
continuation
of
the
Management
Agreement
for
an
additional
one-year
period.
Proxy
Voting
Policies
and
Procedures
The
Fund’s
investment
manager
has
established
Proxy
Voting
Policies
and
Procedures
(Policies)
that
the
Fund
uses
to
determine
how
to
vote
proxies
relating
to
portfolio
securities.
Shareholders
may
view
the
Fund’s
complete
Policies
online
at
franklintempleton.com.
Alternatively,
shareholders
may
request
copies
of
the
Policies
free
of
charge
by
calling
the
Proxy
Group
collect
at
(954)
527-
7678
or
by
sending
a
written
request
to:
Franklin
Templeton
Companies,
LLC,
300
S.E.
2nd
Street,
Fort
Lauderdale,
FL
33301,
Attention:
Proxy
Group.
Copies
of
the
Fund’s
proxy
voting
records
are
also
made
available
online
at
franklintempleton.com
and
posted
on
the
U.S.
Securities
and
Exchange
Commission’s
website
at
sec.gov
and
reflect
the
most
recent
12-month
period
ended
June
30.
Quarterly
Statement
of
Investments
The
Fund
files
a
complete
statement
of
investments
with
the
U.S.
Securities
and
Exchange
Commission
for
the
first
and
third
quarters
for
each
fiscal
year
as
an
exhibit
to
its
report
on
Form
N-PORT.
Shareholders
may
view
the
filed
Form
N-PORT
by
visiting
the
Commission’s
website
at
sec.
gov.
The
filed
form
may
also
be
viewed
and
copied
at
the
Commission’s
Public
Reference
Room
in
Washington,
DC.
Information
regarding
the
operations
of
the
Public
Reference
Room
may
be
obtained
by
calling
(800)
SEC-0330.
FUT
S
04/22
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Item 2. Code of Ethics.
(a) The Registrant has adopted a code of ethics that applies to its principal executive officers and principal financial and accounting officer.
(c) N/A
(d) N/A
(f) Pursuant to Item 13(a)(1), the Registrant is attaching as an exhibit a copy of its code of ethics that applies to its principal executive officers and principal financial and accounting officer.
Item 3. Audit Committee Financial Expert.
(a)(1) The Registrant has an audit committee financial expert serving on its audit committee.
(2) The audit committee financial expert is Mary C. Choksi and she is "independent" as defined under the relevant Securities and Exchange Commission Rules and Releases.

    Item 4. Principal Accountant Fees and Services.      N/A

Item 5. Audit Committee
of Listed Registrants.
Members of the Audit Committee are: Mary C. Choksi, J. Michael Luttig and Larry D. Thompson.
Item 6. Schedule of Investments. N/A
Item 7
. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.
The board of trustees of the Fund has delegated the authority to vote proxies related to the portfolio securities held by the Fund to the Fund's investment manager, Franklin Advisers, Inc. in accordance with the Proxy Voting Policies and Procedures (Policies) adopted by the investment manager.
RESPONSIBILITY OF THE INVESTMENT MANAGER TO VOTE PROXIES
Franklin Advisers, Inc. (hereinafter the "Investment Manager") has delegated its administrative duties with respect to voting proxies for securities to the Proxy Group within Franklin Templeton Companies, LLC (the "Proxy Group"), a wholly-owned subsidiary of Franklin Resources, Inc. Franklin Templeton Companies, LLC provides a variety of general corporate services to its affiliates, including, but not limited to, legal and compliance activities. Proxy duties consist of analyzing proxy statements of issuers whose stock is owned by any client (including both investment companies and any separate accounts managed by the Investment Manager) that has either delegated proxy voting administrative responsibility to the Investment Manager or has asked for information and/or recommendations on the issues to be voted. The Investment Manager will inform Advisory Clients that have not delegated the voting responsibility but that have requested voting advice about the Investment Manager's views on such proxy votes. The Proxy Group also provides these services to other advisory affiliates of the Investment Manager.
The Proxy Group will process proxy votes on behalf of, and the Investment Manager votes proxies solely in the best interests of, separate account clients, the Investment Manager-managed investment company shareholders, or shareholders of funds that have appointed Franklin Templeton International Services S.à.r.l. (“FTIS S.à.r.l.”) as the Management Company, provided such funds or clients have properly delegated such responsibility in writing, or, where employee benefit plan assets subject to the Employee Retirement Income Security Act of 1974, as amended, are involved (“ERISA accounts”), in the best interests of the plan participants and beneficiaries (collectively, "Advisory Clients"), unless (i) the power to vote has been specifically retained by the named fiduciary in the documents in which the named fiduciary appointed the Investment Manager or (ii) the documents otherwise expressly prohibit the Investment Manager from voting proxies. The Investment Manager recognizes that the exercise of voting rights on securities held by ERISA plans for which the Investment Manager has voting responsibility is a fiduciary duty that must be exercised with care, skill, prudence and diligence.
In certain circumstances, Advisory Clients are permitted to direct their votes in a solicitation pursuant to the Investment Management Agreement. An Advisory Client that wishes to direct its vote shall give reasonable prior written notice to the Investment Manager indicating such intention and provide written instructions directing the Investment Manager or the Proxy Group to vote regarding the solicitation. Where such prior written notice is received, the Proxy Group will vote proxies in accordance with such written notification received from the Advisory Client.
The Investment Manager has adopted and implemented Proxy Voting Policies and Procedures (“Proxy Policies”) that it believes are reasonably designed to ensure that proxies are voted in the best interest of Advisory Clients in accordance with its fiduciary duties and rule 206(4)-6 under the Investment Advisers Act of 1940. To the extent that the Investment Manager has a subadvisory agreement with an affiliated investment manager (the “Affiliated Subadviser”) with respect to a particular Advisory Client, the Investment Manager may delegate proxy voting responsibility to the Affiliated Subadviser. The Investment Manager may also delegate proxy voting responsibility to a subadviser that is not an Affiliated Subadviser in certain limited situations as disclosed to fund shareholders (e.g., where an Investment Manager to a pooled investment vehicle has engaged a subadviser that is not an Affiliated Subadviser to manage all or a portion of the assets).
*
Rule 38a-1 under the Investment Company Act of 1940 (“1940 Act”) and Rule 206(4)-7 under the Investment Advisers Act of 1940 (“Advisers Act”) (together the “Compliance Rule”) require registered investment companies and registered investment advisers to, among other things, adopt and implement written policies and procedures reasonably designed to prevent violations of the federal securities laws (“Compliance Rule Policies and Procedures”).
HOW THE INVESTMENT MANAGER VOTES PROXIES
Fiduciary Considerations
All proxies received by the Proxy Group will be voted based upon the Investment Manager's instructions and/or policies. To assist it in analyzing proxies of equity securities, the Investment Manager subscribes to Institutional Shareholder Services Inc. ("ISS"), an unaffiliated third-party corporate governance research service that provides in-depth analyses of shareholder meeting agendas and vote recommendations. In addition, the Investment Manager subscribes to ISS’s Proxy Voting Service and Vote Disclosure Service. These services include receipt of proxy ballots, custodian bank relations, account maintenance, vote execution, ballot reconciliation, vote record maintenance, comprehensive reporting capabilities, and vote disclosure services. Also, the Investment Manager
subscribes to Glass, Lewis & Co., LLC ("Glass Lewis"), an unaffiliated third-party analytical research firm, to receive analyses and vote recommendations on the shareholder meetings of publicly held U.S. companies, as well as a limited subscription to its international research. Although analyses provided by ISS, Glass Lewis, and/or another independent third-party proxy service provider (each a “Proxy Service”) are thoroughly reviewed and considered in making a final voting decision, the Investment Manager does not consider recommendations from a Proxy Service or any third-party to be determinative of the Investment Manager's ultimate decision. Rather, the Investment Manager exercises its independent judgment in making voting decisions. As a matter of policy, the officers, directors and employees of the Investment Manager and the Proxy Group will not be influenced by outside sources whose interests conflict with the interests of Advisory Clients.
For ease of reference, the Proxy Policies often refer to all Advisory Clients. However, our processes and practices seek to ensure that proxy voting decisions are suitable for individual Advisory Clients. In some cases, the investment manager’s evaluation may result in an individual Advisory Client or Investment Manager voting differently, depending upon the nature and objective of the fund or account, the composition of its portfolio, whether the Investment Manager has adopted a specialty or custom voting policy, and other factors.
Circumstances Where the Investment Manager May Generally Rely on the Recommendations of a Proxy Service
Certain of the Investment Manager’s clients’ accounts are separate accounts or funds (or a portion thereof) that follow a smart beta strategy, are passively managed to track a particular securities index, or employ a quantitative strategy. These accounts include certain client accounts managed by Franklin Templeton Investment Solutions (“FTIS”), a business unit of the Investment Manager that are managed systematically to either (i) track a specified securities index (including but not limited to exchange traded funds (“ETFs”)) or (ii) seek to achieve other stated investment objectives.
In the case of accounts managed to track an index, the primary criteria for determining whether a security should be included (or continue to be included) in an investment portfolio is whether such security is a representative component of the securities index that the account is seeking to track. For other systematically-managed accounts that do not track a specific index, FTIS’s proprietary methodologies rely on a combination of quantitative, qualitative, and behavioral analysis rather than fundamental security research and analyst coverage that an actively-managed portfolio would ordinarily employ. Accordingly, absent client direction, in light of the high number of positions held by such accounts and the considerable time and effort that would be required to review proxy statements and ISS or Glass Lewis recommendations, the Investment Manager may review ISS’s non-US Benchmark guidelines, ISS’s specialty guidelines (in particular, ISS’s Sustainability guidelines), or Glass Lewis’s US guidelines ( the “the ISS and Glass Lewis Proxy Voting Guidelines”) and determine, consistent with the best interest of its clients, to provide standing instructions to the Proxy Group to vote proxies according to the recommendations of ISS or Glass Lewis.
The Investment Manager, however, retains the ability to vote a proxy differently than ISS or Glass Lewis recommends if the Investment Manager determines that it would be in the best interests of Advisory Clients (for example, where an issuer files additional solicitation materials after a Proxy Service has issued its voting recommendations but sufficiently before the vote submission deadline and these materials would reasonably be expected to affect the Investment Manager’s voting determination).
Conflicts of Interest
All conflicts of interest will be resolved in the best interests of the Advisory Clients. The Investment Manager is an affiliate of a large, diverse financial services firm with many affiliates and makes its best efforts to mitigate conflicts of interest. However, as a general matter, the Investment Manager takes the position that relationships between certain affiliates acquired as a result of the Legg Mason transaction that do not use the “Franklin Templeton” name (“Legg Mason Affiliates”) and an issuer (e.g., an investment management relationship between an issuer and a Legg Mason Affiliate) do not present a conflict of interest for the Investment Manager in voting proxies with respect to such issuer because: (i) the Investment Manager operates as an independent business unit from the Legg Mason Affiliate business units, and (ii) informational barriers exist between the Investment Manager and the Legg Mason Affiliate business units. Franklin Templeton employees are under an obligation to bring any conflicts of interest, including conflicts of interest which may arise because of an attempt by a Legg Mason Affiliate business unit or officer or employee to influence proxy voting by the Investment Manager to the attention of Franklin Templeton’s Compliance.
Material conflicts of interest could arise in a variety of situations, including as a result of the Investment Manager’s or an affiliate’s (other than a Legg Mason Affiliate as described above): (i) material business relationship with an issuer or proponent, (ii) direct or indirect pecuniary interest in an issuer or proponent; or (iii) significant personal or family relationship with an issuer or proponent.
Material conflicts of interest are identified by the Proxy Group based upon analyses of client, distributor, broker dealer, and vendor lists, information periodically gathered from directors and officers, and information derived from other sources, including public filings. The Proxy Group gathers and analyzes this information on a best efforts basis, as much of this information is provided directly by individuals and groups other than the Proxy Group, and the Proxy Group relies on the accuracy of the information it receives from such parties.
Nonetheless, even though a potential conflict of interest between the Investment Manager or an affiliate (other than a Legg Mason Affiliate as described above) and an issuer may exist: (1) the Investment Manager may vote in opposition to the recommendations of an issuer’s management even if contrary to the recommendations of a third-party proxy voting research provider; (2) if management has made no recommendations, the Proxy Group may defer to the voting instructions of the Investment Manager; and (3) with respect to shares held by Franklin Resources, Inc. or its affiliates for their own corporate accounts, such shares may be voted without regard to these conflict procedures.
Otherwise, in
situations where a material conflict of interest is identified between the Investment Manager or one of its affiliates (other than Legg Mason Affiliates) and an issuer, the Proxy Group may vote consistent with the voting recommendation of a Proxy Service or send the proxy directly to the relevant Advisory Clients with the Investment Manager’s recommendation regarding the vote for approval.
Where the Proxy Group refers a matter to an Advisory Client, it may rely upon the instructions of a representative of the Advisory Client, such as the board of directors or trustees, a committee of the board, or an appointed delegate in the case of a U.S. registered investment company, a conducting officer in the case of a fund that has appointed FTIS S.à.r.l as its Management Company, the Independent Review Committee for Canadian investment funds, or a plan administrator in the case of an employee benefit plan. A quorum of the board of directors or trustees or of a committee of the board can be reached by a majority of members, or a majority of non-recused members. The Proxy Group may determine to vote all shares held by Advisory Clients of the Investment Manager and affiliated Investment Managers (other than Legg Mason Affiliates) in accordance with the instructions of one or more of the Advisory Clients.
The Investment Manager may also decide whether to vote proxies for securities deemed to present conflicts of interest that are sold following a record date, but before a shareholder meeting date. The Investment Manager may consider various factors in deciding whether to vote such proxies, including the Investment Manager’s long-term view of the issuer’s securities for investment, or it may defer the decision to vote to the applicable Advisory Client. The Investment Manager also may be unable to vote, or choose not to vote, a proxy for securities deemed to present a conflict of interest for any of the reasons outlined in the first paragraph of the section of these policies entitled “Proxy Procedures.”
Where a material conflict of interest has been identified, but the items on which the Investment Manager’s vote recommendations differ from a Proxy Service relate specifically to (1) shareholder proposals regarding social or environmental issues, (2) “Other Business” without describing the matters that might be considered, or (3) items the Investment Manager wishes to vote in opposition to the recommendations of an issuer’s management, the Proxy Group may defer to the vote recommendations of the Investment Manager rather than sending the proxy directly to the relevant Advisory Clients for approval.
To avoid certain potential conflicts of interest, the Investment Manager will employ echo voting or pass-through voting, if possible, in the following instances: (1) when a Franklin Templeton U.S. registered investment company invests in an underlying fund in reliance on any one of Sections 12(d)(1)(F), or (G) of the Investment Company Act of 1940, as amended, (“1940 Act”), the rules thereunder, or pursuant to a U.S. Securities and Exchange Commission (“SEC”) exemptive order thereunder; (2) when a Franklin Templeton U.S. registered investment company invests uninvested cash in affiliated money market funds pursuant to the rules under the 1940 Act or any exemptive orders thereunder (“cash sweep arrangement”); or (3) when required pursuant to the fund’s governing documents or applicable law. Echo voting means that the Investment Manager will vote the shares in the same proportion as the vote of all other holders of the fund’s shares. With respect to instances when a Franklin Templeton U.S. registered investment company invests in an underlying fund in reliance on any one of Sections 12(d)(1)(F) or (G) of the 1940 Act, the rules thereunder, or pursuant to an SEC exemptive order thereunder, and there are no other unaffiliated shareholders also invested in the underlying fund, the Investment Manager will vote in accordance with the recommendation of such investment company’s board of trustees or directors. In addition, to avoid certain potential conflicts of interest, and where required under a fund’s governing documents or applicable law, the Investment Manager will employ pass-through voting when a Franklin Templeton U.S. registered investment company invests in an underlying fund in reliance on Section 12(d)(1)(E) of the 1940 Act, the rules thereunder, or pursuant to an SEC exemptive order thereunder. In “pass-through voting,” a feeder fund will solicit voting instructions from its shareholders as to how to vote on the master fund’s proposals. If a Franklin Templeton investment company becomes a holder of more than 25% of the shares on a non-affiliated fund, as a result of a decrease in the outstanding shares of the non-affiliated fund, then the Investment Manager will vote the shares in the same proportion as the vote of all other holders of the non-affiliated fund.
In addition, with respect to an open-ended collective investment scheme formed as a Société d'Investissement à capital variable (SICAV), in accordance with Luxembourg law, if one sub-fund (the “Acquirer”) has invested in another sub-fund of the SICAV (the “Target”), then the voting rights attached to the shares of the Target will be suspended for voting purposes as long as they are held by the Acquirer. Similarly, in accordance with Canadian law, Canadian mutual funds that are invested in another proprietary mutual fund are prohibited from voting the units of the underlying fund.
Weight Given Management Recommendations
One of the primary factors the Investment Manager considers when determining the desirability of investing in a particular company is the quality and depth of that company's management. Accordingly, the recommendation of management on any issue is a factor that the Investment Manager considers in determining how proxies should be voted. However, the Investment Manager does not consider recommendations from management to be determinative of the Investment Manager's ultimate decision. Each issue is considered on its own merits, and the Investment Manager will not support the position of a company's management in any situation where it determines that the ratification of management's position would adversely affect the investment merits of owning that company's shares.
Engagement with Issuers
The Investment Manager believes that engagement with issuers is important to good corporate governance and to assist in making proxy voting decisions. The Investment Manager may engage with issuers to discuss specific ballot items to be voted on in advance of an annual or special meeting to obtain further information or clarification on the proposals. The Investment Manager may also engage with management on a range of environmental, social or corporate governance issues throughout the year.
THE PROXY GROUP
The Proxy Group is part of the Franklin Templeton Companies, LLC Legal Department and is overseen by legal counsel. Full- time staff members and support staff (which includes individuals that are employees of affiliates of Franklin Templeton Companies, LLC) are devoted to proxy voting administration and oversight and providing support and assistance where needed. On a daily basis, the Proxy Group will review each proxy upon receipt as well as any agendas, materials and recommendations that they receive from a Proxy Service or other sources. The Proxy Group maintains a record of all shareholder meetings that are scheduled for companies whose securities are held by the Investment Manager's managed funds and accounts. For each shareholder meeting, a member of the Proxy Group will consult with the research analyst that follows the security and provide the analyst with the agenda, analyses of one or more Proxy Services, recommendations and any other information provided to the Proxy Group. Except in situations identified as presenting material conflicts of interest, the Investment Manager's research analyst and relevant portfolio manager(s) are responsible for making the final voting decision based on their review of the agenda, analyses of one or more Proxy Services, proxy statements, their knowledge of the company and any other information publicly available.
In situations where the Investment Manager has not responded with vote recommendations to the Proxy Group by the deadline date, the Proxy Group may vote consistent with the vote recommendations of a Proxy Service. Except in cases where the Proxy Group is voting consistent with the voting recommendation of a Proxy Service, the Proxy Group must obtain voting instructions from the Investment Manager's research analyst, relevant portfolio manager(s), legal counsel and/or the Advisory Client prior to submitting the vote. In the event that an account holds a security that the Investment Manager did not purchase on its behalf, and the Investment Manager does not normally consider the security as a potential investment for other accounts, the Proxy Group may vote consistent with the voting recommendations of a Proxy Service or take no action on the meeting.
PROXY PROCEDURES
The Proxy Group is fully cognizant of its responsibility to process proxies and maintain proxy records as may be required by relevant rules and regulations. In addition, the Investment Manager understands its fiduciary duty to vote proxies and that proxy voting decisions may affect the value of shareholdings. Therefore, the Investment Manager will generally attempt to process every proxy it receives for all domestic and foreign securities. However, there may be situations in which the Investment Manager may be unable to successfully vote a proxy, or may choose not to vote a proxy, such as where: (i) a proxy ballot was not received from the custodian bank; (ii) a meeting notice was received too late; (iii) there are fees imposed upon the exercise of a vote and it is determined that such fees outweigh the benefit of voting; (iv) there are legal encumbrances to voting, including blocking restrictions in certain markets that preclude the ability to dispose of a security if the Investment Manager votes a proxy or where the Investment Manager is prohibited from voting by applicable law, economic or other sanctions, or other regulatory or market requirements, including but not limited to, effective Powers of Attorney; (v) additional documentation or the disclosure of beneficial owner details is required; (vi) the Investment Manager held shares on the record date but has sold them prior to the meeting date; (vii) the Advisory Client held shares on the record date, but the Advisory Client closed the account prior to the meeting date; (viii) a proxy voting service is not offered by the custodian in the market; (ix) due to either system error or human error, the Investment Manager’s intended vote is not correctly submitted; (x) the Investment Manager believes it is not in the best interest of the Advisory Client to vote the proxy for any other reason not enumerated herein; or (xi) a security is subject to a securities lending or similar program that has transferred legal title to the security to another person.
Even if the Investment Manager uses reasonable efforts to vote a proxy on behalf of its Advisory Clients, such vote or proxy may be rejected because of (a) operational or procedural issues experienced by one or more third parties involved in voting proxies in such jurisdictions; (b) changes in the process or agenda for the meeting by the issuer for which the Investment Manager does not have sufficient notice; or (c) the exercise by the issuer of its discretion to reject the vote of the Investment Manager. In addition, despite the best efforts of the Proxy Group and its agents, there may be situations where the Investment Manager’s votes are not received, or properly tabulated, by an issuer or the issuer’s agent.
The Investment Manager or its affiliates may, on behalf of one or more of the proprietary registered investment companies advised by the Investment Manager or its affiliates, determine to use its best efforts to recall any security on loan where the Investment Manager or its affiliates (a) learn of a vote on a material event that may affect a security on loan and (b) determine that it is in the best interests of such proprietary registered investment companies to recall the security for voting purposes. The Investment Manager will not generally make such efforts on behalf of other Advisory Clients or notify such Advisory Clients or their custodians that the Investment Manager or its affiliates has learned of such a vote.
There may be instances in certain non-U.S. markets where split voting is not allowed. Split voting occurs when a position held within an account is voted in accordance with two differing instructions. Some markets and/or issuers only allow voting on an entire position and do not accept split voting. In certain cases, when more than one Franklin Templeton Investment Manager has accounts holding shares of an issuer that are held in an omnibus structure, the Proxy Group will seek direction from an appropriate representative of the Advisory Client with multiple Investment Managers (such as a conducting officer of the Management Company in the case of a SICAV), or the Proxy Group will submit the vote based on the voting instructions provided by the Investment Manager with accounts holding the greatest number of shares of the security within the omnibus structure.
The Investment Manager may vote against an agenda item where no further information is provided, particularly in non-U.S. markets. For example, if "Other Business" is listed on the agenda with no further information included in the proxy materials, the Investment Manager may vote against the item as no information has been provided prior to the meeting in order to make an informed decision. The Investment Manager may also enter a "withhold" vote on the election of certain directors from time to time based on individual situations, particularly where the Investment Manager is not in favor of electing a director and there is no provision for voting against such director.
If several issues are bundled together in a single voting item, the Investment Manager will assess the total benefit to shareholders and the extent that such issues should be subject to separate voting proposals.
The following describes the standard procedures that are to be followed with respect to carrying out the Investment Manager's proxy policy:
1. The Proxy Group will identify all Advisory Clients, maintain a list of those clients, and indicate those Advisory Clients who have delegated proxy voting authority in writing to the Investment Manager. The Proxy Group will periodically review and update this list. If the agreement with an Advisory Client permits the Advisory Client to provide instructions to the Investment Manager regarding how to vote the client’s shares, the Investment Manager will make a best-efforts attempt to vote per the Advisory Client’s instructions.
2. All relevant information in the proxy materials received (e.g., the record date of the meeting) will be recorded promptly by the Proxy Group to maintain control over such materials.
3. The Proxy Group will review and compile information on each proxy upon receipt of any agendas, materials, reports, recommendations from a Proxy Service, or other information. The Proxy Group will then forward (or otherwise make available) this information to the appropriate research analyst for review and voting instructions.
4. In determining how to vote, the Investment Manager's analysts and relevant portfolio manager(s) will consider their in-depth knowledge of the company, any readily available information and research about the company and its agenda items, and the recommendations of a Proxy Service.
5. The Proxy Group is responsible for maintaining the documentation that supports the Investment Manager’s voting decision. Such documentation may include, but is not limited to, any information provided by a Proxy Service and, with respect to an issuer that presents a potential conflict of interest, any board or audit committee memoranda describing the position it has taken. Additionally, the Proxy Group may include documentation obtained from the research analyst, portfolio manager and/or legal counsel; however, the relevant research analyst may, but is not required to, maintain additional documentation that was used or created as part of the analysis to reach a voting decision, such as certain financial statements of an issuer, press releases, or notes from discussions with an issuer’s management.
6. After the proxy is completed but before it is returned to the issuer and/or its agent, the Proxy Group may review those situations including special or unique documentation to determine that the appropriate documentation has been created, including conflict of interest screening. If the Proxy Group learns that an issuer has filed additional solicitation materials sufficiently prior to the submission deadline, the Proxy Group will disseminate this information to the Investment Manager so that the Investment Manager may consider this information and determine whether it is material to its voting decision.
7. The Proxy Group will make every effort to submit the Investment Manager's vote on all proxies to ISS by the cut-off date. However, in certain foreign jurisdictions or instances where the Proxy Group did not receive sufficient notice of the meeting, the Proxy Group will use its best efforts to send the voting instructions to ISS in time for the vote to be processed.
8. With respect to proprietary products, the Proxy Group will file Powers of Attorney in all jurisdictions that require such documentation on a best efforts basis; the Proxy Group does not have authority to file Powers of Attorney on behalf of other Advisory Clients. On occasion, the Investment Manager may wish to attend and vote at a shareholder meeting in person. In such cases, the Proxy Group will use its best efforts to facilitate the attendance of the designated Franklin Templeton employee by coordinating with the relevant custodian bank.
9. The Proxy Group prepares reports for each separate account client that has requested a record of votes cast. The report specifies the proxy issues that have been voted for the Advisory Client during the requested period and the position taken with respect to each issue. The Proxy Group sends one copy to the Advisory Client, retains a copy in the Proxy Group’s files and forwards a copy to either the appropriate portfolio manager or the client service representative. While many Advisory Clients prefer quarterly or annual reports, the Proxy Group will provide reports for any timeframe requested by an Advisory Client.
10. If the Franklin Templeton Services, LLC Global Trade Services learns of a vote that may affect a security on loan from a proprietary registered investment company, Global Trade Services will notify the Investment Manager. If the Investment Manager decides that the vote is material and it would be in the best interests of shareholders to recall the security, the Investment Manager will advise Global Trade Services to contact the lending agent in an effort to retrieve the security. If so requested by the Investment Manager, Global Trade Services shall use its best efforts to recall any security on loan and will use other practicable and legally enforceable means to ensure that the Investment Manager is able to vote proxies for proprietary registered investment companies with respect to such loaned securities. However, there can be no guarantee that the securities can be retrieved for such purposes. Global Trade Services will advise the Proxy Group of all recalled securities. Many Advisory Clients have entered into securities lending arrangements with agent lenders to generate additional revenue. Under normal circumstances, the Investment Manager will not make efforts to recall any security on loan for voting purposes on behalf of other Advisory Clients or notify such clients or their custodians that the Investment Manager or its affiliates have learned of such a vote.
11. The Proxy Group participates in Franklin Templeton Investment’s Business Continuity and Disaster Preparedness programs. The Proxy Group will conduct disaster recovery testing on a periodic basis in an effort to ensure continued operations of the Proxy Group in the event of a disaster. Should the Proxy Group not be fully operational, then the Proxy Group may instruct ISS to vote all meetings immediately due per the recommendations of the appropriate third-party proxy voting service provider.
12. The Proxy Group, in conjunction with legal staff responsible for coordinating Fund disclosure, on a timely basis, will file all required Form N-PXs, with respect to proprietary U.S. registered investment companies, disclose that each U.S.-registered fund’s proxy voting record is available on the Franklin Templeton web site, and will make available the information disclosed in each fund’s Form N-PX as soon as is reasonably practicable after filing Form N-PX with the SEC. The Proxy Group will work with legal staff in other jurisdictions, as needed, to help support required proxy voting disclosure in such markets.
13. The Proxy Group, in conjunction with legal staff responsible for coordinating Fund disclosure, will ensure that all required disclosure about proxy voting of the proprietary U.S. registered investment companies is made in such clients’ disclosure documents.
14. The Proxy Group is subject to periodic review by Internal Audit and compliance groups.
15. The Investment Manager will review the guidelines of each Proxy Service, with special emphasis on the factors they use with respect to proxy voting recommendations.
16. The Proxy Group will update the proxy voting policies and procedures as necessary for review and approval by legal, compliance, investment officers, and/or other relevant staff.
17. The Proxy Group will familiarize itself with the procedures of ISS that govern the transmission of proxy voting information from the Proxy Group to ISS and periodically review how well this process is functioning. The Proxy Group, in conjunction with the compliance department, will conduct periodic due diligence reviews of each Proxy Service via on-site visits or by written questionnaires. As part of the periodic due diligence process, the Investment Manager assesses the adequacy and quality of each Proxy Service’s staffing and personnel to ensure each Proxy Service has the capacity and competency to adequately analyze proxy issues and the ability to make proxy voting recommendations based on materially accurate information. In the event the Investment Manager discovers an error in the research or voting recommendations provided by a Proxy Service, it will take reasonable steps to investigate the error and seek to determine whether the Proxy Service is taking reasonable steps to reduce similar errors in the future. In addition, the Investment Manager assesses the robustness of Proxy Service’s policies regarding (1) ensuring proxy voting recommendations are based on current and accurate information, and (2) identifying and addressing any conflicts of interest. The Investment Manager also considers the independence of each Proxy Service on an on-going basis.
18. The Proxy Group will investigate, or cause others to investigate, any and all instances where these Procedures have been violated or there is evidence that they are not being followed. Based upon the findings of these investigations, the Proxy Group, if practicable, will recommend amendments to these Procedures to minimize the likelihood of the reoccurrence of non-compliance.
19. At least annually, the Proxy Group will verify that:
a. A sampling of proxies received by Franklin Templeton Investments has been voted in a manner consistent with the Proxy Voting Policies and Procedures;
b. A sampling of proxies received by Franklin Templeton Investments has been voted in accordance with the instructions of the Investment Manager;
c. Adequate disclosure has been made to clients and fund shareholders about the procedures and how proxies were voted in markets where such disclosures are required by law or regulation; and
d. Timely filings were made with applicable regulators, as required by law or regulation, related to proxy voting.
The Proxy Group is responsible for maintaining appropriate proxy voting records. Such records will include, but are not limited to, a copy of all materials returned to the issuer and/or its agent, the documentation described above, listings of proxies voted by issuer and by client, each written client request for proxy voting policies/records and the Investment Manager’s written response to any client request for such records, and any other relevant information. The Proxy Group may use an outside service such as ISS to support this recordkeeping function. All records will be retained in either hard copy or electronic format for at least five years, the first two of which will be on-site. Advisory Clients may request copies of their proxy voting records by calling the Proxy Group collect at 1-954-527-7678, or by sending a written request to: Franklin Templeton Companies, LLC, 300 S.E. 2nd Street, Fort Lauderdale, FL 33301, Attention: Proxy Group. The Investment Manager does not disclose to third parties (other than ISS) the proxy voting records of its Advisory Clients, except to the extent such disclosure is required by applicable law or regulation or court order. Advisory Clients may review the Investment Manager's proxy voting policies and procedures on-line at www.franklintempleton.com and may request additional copies by calling the number above. For U.S. proprietary registered investment companies, an annual proxy voting record for the period ending June 30 of each year will be posted to www.franklintempleton.com no later than August 31 of each year. For proprietary Canadian mutual fund products, an annual proxy voting record for the period ending June 30 of each year will be posted to www.franklintempleton.ca no later than August 31 of each year. For proprietary Australian mutual fund products, an annual proxy voting record for the period ending June 30 of each year will be posted to
www.franklintempleton.com.au
no later than September 30 of each year. The Proxy Group will periodically review the web site posting and update the posting when necessary. In addition, the Proxy Group is responsible for ensuring that the proxy voting policies, procedures and records of the Investment Manager are available as required by law and is responsible for overseeing the filing of such U.S. registered investment company voting records with the SEC.
PROCEDURES FOR MEETINGS INVOLVING FIXED INCOME SECURITIES & PRIVATELY HELD ISSUERS
From time to time, certain custodians may process events for fixed income securities through their proxy voting channels rather than corporate action channels for administrative convenience. In such cases, the Proxy Group will receive ballots for such events on the ISS voting platform. The Proxy Group will solicit voting instructions from the Investment Manager for each account or fund involved. If the Proxy Group does not receive voting instructions from the Investment Manager, the Proxy Group will take no action on the event. The Investment Manager may be unable to vote a proxy for a fixed income security, or may choose not to vote a proxy, for the reasons described under the section entitled “Proxy Procedures.”
In the rare instance where there is a vote for a privately held issuer, the decision will generally be made by the relevant portfolio managers or research analysts.
The Proxy Group will monitor such meetings involving fixed income securities or privately held issuers for conflicts of interest in accordance with these procedures. If a fixed income or privately held issuer is flagged as a potential conflict of interest, the Investment Manager may nonetheless vote as it deems in the best interests of its Advisory Clients. The Investment Manager will report such decisions on an annual basis to Advisory Clients as may be required.
The ISS proxy voting guidelines can be found at:
https://www.issgovernance.com/policy-gateway/voting-policies/
.
The Glass Lewis proxy voting guidelines can be found at:
https://www.glasslewis.com/voting-policies-current/
.
Item 8. Portfolio Managers of Closed-End Management Investment Companies.
N/A
Item 9. Purchases of Equity Securities by Closed-End Management Investment Company and
Affiliated Purchasers. N/A
Item 10. Submission of Matters to a Vote of Security Holders.
There have been no changes to the procedures by which shareholders may recommend nominees to the Registrant's Board of Trustees that would require disclosure herein.
Item 11. Controls and Procedures.
(a)
Evaluation of Disclosure Controls and Procedures
.
The Registrant maintains disclosure controls and procedures that are designed to provide reasonable assurance that information required to be disclosed in the Registrant’s filings under the Securities Exchange Act of 1934, as amended, and the Investment Company Act of 1940 is recorded, processed, summarized and reported within the periods specified in the rules and forms of the Securities and Exchange Commission. Such information is accumulated and communicated to the Registrant’s management, including its principal executive officer and principal financial officer, as appropriate, to allow timely decisions regarding required disclosure. The Registrant’s management, including the principal executive officer and the principal financial officer, recognizes that any set of controls and procedures, no matter how well designed and operated, can provide only reasonable assurance of achieving the desired control objectives.
Within 90 days prior to the filing date of this Shareholder Report on Form N-CSR, the Registrant had carried out an evaluation, under the supervision and with the participation of the Registrant’s management, including the Registrant’s principal executive officer and the Registrant’s principal financial officer, of the effectiveness of the design and operation of the Registrant’s disclosure controls and procedures. Based on such evaluation, the Registrant’s principal executive officer and principal financial officer concluded that the Registrant’s disclosure controls and procedures are effective.
(b) Changes in Internal Controls.
There have been no changes in the Registrant’s internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect the internal control over financial reporting.
Item 12. Disclosure of Securities Lending Activities for Closed-End Management Investment Company.
Securities lending agent
The board of trustees has approved the Fund’s participation in a securities lending program. Under the securities lending program, Bank of New York Mellon serves as the Fund’s securities lending agent.
The securities lending agent is responsible for the implementation and administration of the Funds’ securities lending program. Pursuant to the respective Securities Lending Agreements with the Fund, the securities lending agent performs a variety of services, including (but not limited to) the following:
o Trade finding, execution and settlement
o Settlement monitoring and controls, reconciliations, corporate actions and recall management
o Collateral management and valuation information
o Invoice management and billing from counterparties
For the period ended February 28, 2022, the income earned by the Fund as well as the fees and/or compensation paid by the Fund in dollars pursuant to a securities lending agreement between the Trust with respect to the Fund and the Securities Lending Agent were as follows (figures may differ from those shown in shareholder reports due to time of availability and use of estimates):

Gross income earned by the Fund from securities lending activities | $3,337
Fees and/or compensation paid by the Fund for securities lending activities and related services |
Fees paid to Securities Lending Agent from revenue split | $531
Fees paid for any cash collateral management service (including fees deducted from a pooled cash collateral reinvestment vehicle) not included in a revenue split | $ -
Administrative fees not included in a revenue split | $ -
Indemnification fees not included in a revenue split | $ -
Rebate (paid to borrower) | $ -
Other fees not included above | $ -
Aggregate fees/compensation paid by the Fund for securities lending activities | $531
Net income from securities lending activities | $2,806

Item 13. Exhibits.
(a)(1)
Code of Ethics
codeofethics
(a)(2) Certifications pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 of Matthew T. Hinkle, Chief Executive Officer - Finance and Administration, and Christopher Kings, Chief Financial Officer, Chief Accounting Officer and Treasurer
section302
(b)
Certifications pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 of Matthew T. Hinkle, Chief Executive Officer - Finance and Administration, and Christopher Kings, Chief Financial Officer, Chief Accounting Officer and Treasurer
section906
(c)
Pursuant to the Securities and Exchange Commission’s Order granting relief from Section 19(b) of the Investment Company Act of 1940, the 19(a) Notices to Beneficial Owners are attached hereto as Exhibit.
section19b
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
FRANKLIN
UNIVERSAL TRUST
By S\MATTHEW T. HINKLE______________________
Matthew T. Hinkle
Chief Executive Officer - Finance and Administration
Date April 26, 2022
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.
By S\MATTHEW T. HINKLE______________________
Matthew T. Hinkle
Chief Executive Officer - Finance and Administration
Date April 26, 2022
By S\CHRISTOPHER KINGS______________________
Christopher Kings
Chief Financial Officer, Chief Accounting Officer and Treasurer
Date April 26, 2022