N-CSR 1 primary-document.htm

#
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549

FORM N-CSR
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)
Alison Baur, 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: 8/31/22
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.)
Include a copy of each notice transmitted to stockholders in reliance on Rule 30e-3 under the Act (17 CFR 270.30e-3) that contains disclosures specified by paragraph (c)(3) of that rule.
Not Applicable
.
Annual
Report
Franklin
Universal
Trust
August
31,
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
Annual
Report
1
Contents
Annual
Report
Franklin
Universal
Trust
2
Performance
Summary
5
Financial
Highlights
and
Schedule
of
Investments
8
Financial
Statements
47
Notes
to
Financial
Statements
51
Report
of
Independent
Registered
Public
Accounting
Firm
62
Tax
Information
63
Important
Information
to
Shareholders
64
Annual
Meeting
of
Shareholders
67
Dividend
Reinvestment
and
Cash
Purchase
Plan
68
Board
Members
and
Officers
70
Shareholder
Information
75
Visit
franklintempleton.com
for
fund
updates
and
documents,
or
to
find
helpful
financial
planning
tools.
2
franklintempleton.com
Annual
Report
ANNUAL
REPORT
Franklin
Universal
Trust
Dear
Shareholder:
This
annual
report
for
Franklin
Universal
Trust
covers
the
fiscal
year
ended
August
31,
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
12
months
under
review,
the
Fund’s
cumulative
total
returns
were
-3.41%
based
on
net
asset
value
and
-0.36%
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
-9.56%
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
-11.23%
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
-11.52%
total
return
for
the
12
months
ended
August
31,
2022.
2
High
inflation
amid
a
strengthening
labor
market
led
to
significantly
tighter
monetary
policy,
reducing
the
value
of
most
bonds.
Geopolitical
instability
disrupted
financial
markets
following
Russia’s
invasion
of
Ukraine,
adding
to
the
uncertainty
surrounding
the
course
of
the
global
economy.
The
yield
curve
narrowed
significantly,
inverting
late
in
the
period
as
investors
increasingly
became
concerned
about
the
economic
outlook.
In
an
effort
to
control
inflation,
the
U.S.
Federal
Reserve
(Fed)
began
to
raise
the
federal
funds
target
rate
in
March
2022,
the
first
such
increase
since
2018.
The
Fed
raised
the
federal
funds
rate
again
at
each
of
its
three
subsequent
meetings
to
end
the
period
at
a
range
of
2.25%–2.50%.
The
Fed
noted
in
its
July
2022
meeting
that
inflation
remained
elevated
despite
some
indicators
that
spending
was
softening,
as
job
growth
was
robust
and
the
unemployment
rate
remained
low.
Furthermore,
the
Fed
said
it
would
continue
to
reduce
its
bond
holdings,
and
Fed
Chair
Jerome
Powell
indicated
that
reducing
inflation
was
likely
to
require
a
period
of
below-trend
growth.
U.S.
Treasury
(UST)
bonds,
as
measured
by
the
Bloomberg
U.S.
Treasury
Index,
posted
a
-10.80%
total
return
for
the
12-month
period.
2
The
10-year
UST
yield
(which
moves
inversely
to
price)
increased
amid
high
inflation
and
the
Fed’s
tightening
monetary
stance.
Mortgage-backed
securities
(MBS),
as
measured
by
the
Bloomberg
U.S.
MBS
Index,
posted
a
-9.73%
total
return
for
the
period
as
mortgage
rates
rose
to
the
highest
level
in
over
a
decade.
2
Corporate
bond
prices
also
declined
overall,
constrained
by
inflation,
rising
interest
rates
and
concerns
about
the
impact
of
higher
interest
rates
on
corporate
borrowing
costs
and
the
wider
economy.
Corporate
yield
spreads,
a
measure
of
the
difference
in
yields
between
corporate
bonds
and
similarly-dated
USTs,
rose,
reflecting
investors’
increased
risk-aversion
preferences.
In
this
environment,
high-yield
corporate
bonds,
as
represented
by
the
Bloomberg
U.S.
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
Schedule
of
Investments
(SOI).
The
SOI
begins
on
page
9
.
Franklin
Universal
Trust
3
franklintempleton.com
Annual
Report
Corporate
High
Yield
Bond
Index,
posted
a
-10.60%
total
return,
while
investment-grade
corporate
bonds,
as
represented
by
the
Bloomberg
U.S.
Corporate
Bond
Index,
posted
a
-14.91%
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
During
the
latter
half
of
2021,
the
market
was
generally
focused
on
improving
economic
growth
as
the
economy
emerged
from
COVID-19-related
disruptions.
U.S.
high-
yield
(HY)
spreads
ended
2021
close
to
the
lows
of
the
year
despite
a
scare
in
the
closing
weeks
from
the
COVID-19
Omicron
variant
and
the
Fed’s
hawkish
pivot.
However,
as
the
calendar
turned
to
2022
a
broader
risk-off
tone
set
in
as
inflation
proved
to
be
both
higher
and
more
persistent
than
originally
expected,
causing
the
markets
to
price
in
more
Fed
tightening.
The
Russia-Ukraine
war
sent
shock
waves
through
the
existing
world
order,
further
pressuring
commodity
prices.
As
widely
expected,
the
Federal
Open
Market
Committee
(FOMC)
lifted
interest
rates
by
25
basis
points
(bps)
at
its
March
2022
meeting
in
an
effort
to
bring
inflation
under
control.
Since
then,
China’s
stringent
COVID-related
lockdowns
have
exacerbated
supply-chain
disruptions,
further
weighing
on
market
sentiment.
With
inflation
proving
to
be
a
more
pervasive
problem
compared
with
a
stable
to
strong
U.S.
employment
picture,
a
50
bp
increase
was
announced
at
May’s
2022
FOMC
meeting,
followed
by
two
consecutive
75
bp
increases.
From
the
Fed’s
annual
symposium
at
Jackson
Hole,
Chair
Powell
indicated
that
further
forceful
policy
moves
lie
ahead,
that
restoring
price
stability
will
take
time,
and
that
it
would
be
painful
for
both
households
and
businesses.
*
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,
senior
floating
rate
interests
and
warrants.
High-Yield
Corporate
Bonds
For
the
12-month
period
under
review,
the
ICE
BofA
High
Yield
Constrained
Index
posted
a
-10.43%
total
return
as
the
asset
class
was
impacted
by
both
the
rise
in
UST
yields
and
a
sharp
increase
in
spreads.
2
Lower-quality
CCC-rated
bonds
underperformed
amid
concerns
that
aggressive
Fed
actions
could
push
the
U.S.
economy
into
a
recession.
Energy
was
the
clear
outperformer
as
it
benefited
from
higher
commodity
prices,
but
every
industry
sector
generated
negative
returns.
In
the
period
leading
up
to
the
end
of
2021,
the
HY
sector
enjoyed
a
favorable
environment
for
leveraged
credit
and
for
most
of
last
year,
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,
escalating
geopolitical
risks
around
the
Russia-Ukraine
conflict,
combined
with
fears
that
the
Fed’s
aggressive
interest-rate
stance
could
push
the
economy
into
a
recession
have
resulted
in
persistent
Portfolio
Composition
8/31/22
%
of
Total
Investments*
Corporate
Bonds
49.8%
Common
Stocks
37.6%
Marketplace
Loans
8.0%
Asset-Backed
Securities
0.7%
Other**
0.3%
Short-Term
Investments
3.6%
Top
10
Holdings
8/31/22
Issuer
%
of
Total
Net
Assets
a
a
NextEra
Energy,
Inc.
4.8%
Sempra
Energy
3.7%
American
Electric
Power
Co.,
Inc.
3.2%
Dominion
Energy,
Inc.
2.6%
CMS
Energy
Corp.
2.6%
Evergy
,
Inc.
2.4%
Alliant
Energy
Corp.
2.4%
Duke
Energy
Corp.
2.1%
Southern
Co.
(The)
2.0%
Xcel
Energy,
Inc.
2.0%
Franklin
Universal
Trust
4
franklintempleton.com
Annual
Report
volatility.
In
calendar
2022
through
August,
as
spreads
widened
and
UST
yields
increased,
the
HY
asset
class
experienced
negative
returns.
Despite
the
fundamental
challenges,
it
is
worth
noting
that
HY
credit
fundamentals
are
entering
this
turbulent
period
from
a
position
of
strength,
with
net
leverage
approaching
pre-pandemic
lows
and
interest
coverage
remaining
near
a
record
high.
Liquidity
conditions
have
also
remained
generally
favorable
as
maturity
walls
for
most
HY
issuers
have
been
pushed
out
substantially
over
the
past
two
years
given
very
accommodative
capital
markets.
With
the
Fed
actively
seeking
to
slow
the
economy
to
combat
inflation,
we
continue
to
be
cautious
of
issuers
or
industries
that
are
facing
secular
declines
or
heightened
competitive
pressures,
as
well
as
companies
with
minimal
cash
flow
generation
relative
to
their
debt
obligations.
Utility
Stocks
Regarding
utilities,
the
S&P
500
Utilities
Index’s
+13.35%
total
return
outperformed
the
S&P
500’s
-10.97%
total
return
for
the
12-month
period
under
review.
Utilities
likely
outperformed
due
to
the
continued
sector
rotation
stemming
from
the
selloff
in
growth
stocks
and
the
ongoing
geopolitical
concerns.
Additionally,
the
passage
of
the
Inflation
Reduction
Act
during
the
period
was
a
tailwind
for
the
sector,
as
it
provides
long-term
economic
incentives
for
sustainable
investments.
Many
utilities
provided
healthy
outlooks
for
the
year,
but
we
are
currently
tracking
affordability
concerns
stemming
from
rising
energy
prices.
Sempra
Energy,
American
Electric
Power,
and
CMS
Energy
were
relative
outperformers.
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
in
California
and
Texas.
American
Electric
Power
disclosed
it
will
divest
its
unregulated
renewables
portfolio
and
continued
to
progress
with
closing
the
sale
of
Kentucky
Power.
CMS
Energy
recently
reached
settlements
on
its
gas
rate
case
filing
and
integrated
resource
plan
filing.
Additionally,
management
expects
a
constructive
outcome
from
the
electric
rate
case
filing.
Underperformers
for
the
time
period
were
Evergy,
NextEra
Energy,
and
Alliant
Energy.
We
mainly
attribute
Evergy’s
underperformance
to
its
recent
run
and
outstanding
rate
cases
but
remain
constructive
fundamentally.
NextEra’s
compression
of
its
top-tier
premium
valuation,
along
with
recent
inquiries
into
political
spending
practices,
led
to
the
underperformance,
in
our
view.
We
believe
Alliant
Energy’s
underperformance
was
also
driven
by
compression
of
its
multiple,
though
we
remain
constructive
on
the
name
due
to
upside
from
the
Inflation
Reduction
Act.
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
August
31,
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
August
31,
2022
Franklin
Universal
Trust
5
franklintempleton.com
Annual
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.
Total
return
also
does
not
reflect
brokerage
commissions
or
sales
charges
in
connection
with
the
purchase
or
sale
of
Fund
shares
at
the
opening
of
the
first
business
day
and
sale
on
the
closing
of
the
last
business
day
of
each
period.
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
8/31/22
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
1-Year
-3.41%
-0.36%
-3.41%
-0.36%
5-Year
+26.51%
+47.05%
+4.82%
+8.02%
10-Year
+86.77%
+99.94%
+6.45%
+7.17%
See
page
7
for
Performance
Summary
footnotes.
Franklin
Universal
Trust
Performance
Summary
6
franklintempleton.com
Annual
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.
9/1/12–8/31/22
Franklin
Universal
Trust
Performance
Summary
7
franklintempleton.com
Annual
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
conditions.
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,
disasters,
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
imposed
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
10/31/23.
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
8/31/22
8/31/21
Change
Net
Asset
Value
(NAV)
$8.08
$8.92
-$0.84
Market
Price
(NYSE)
$8.00
$8.59
-$0.59
Distributions
(9/1/21–8/31/22)
Net
Investment
Income
Short-Term
Capital
Gain
Total
$0.5100
$0.0392
$0.5492
Franklin
Universal
Trust
Financial
Highlights
franklintempleton.com
Annual
Report
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
8
a
Year
Ended
August
31,
2022
2021
2020
2019
2018
Per
share
operating
performance
(for
a
share
outstanding
throughout
the
year)
Net
asset
value,
beginning
of
year
...................
$8.92
$8.12
$8.57
$7.99
$8.24
Income
from
investment
operations:
Net
investment
income
a
.........................
0.41
0.38
0.41
0.38
0.39
Net
realized
and
unrealized
gains
(losses)
...........
(0.70)
0.85
(0.48)
0.58
(0.26)
Total
from
investment
operations
....................
(0.29)
1.23
(0.07)
0.96
0.13
Less
distributions
from:
Net
investment
income
..........................
(0.51)
(0.43)
(0.38)
(0.38)
(0.38)
Net
realized
gains
.............................
(0.04)
—
(—)
b
—
—
Total
distributions
...............................
(0.55)
(0.43)
(0.38)
(0.38)
(0.38)
Net
asset
value,
end
of
year
.......................
$8.08
$8.92
$8.12
$8.57
$7.99
Market
value,
end
of
year
c
.........................
$8.00
$8.59
$7.00
$7.37
$6.77
Total
return
(based
on
net
asset
value
per
share)
d
.......
(3.41)%
15.33%
(0.67)%
12.40%
1.73%
Total
return
(based
on
market
value
per
share)
d
.........
(0.36)%
29.55%
0.25%
15.02%
(1.18)%
Ratios
to
average
net
assets
Expenses
before
waiver
and
payments
by
affiliates
......
2.57%
2.50%
2.49%
2.45%
1.98%
Expenses
net
of
waiver
and
payments
by
affiliates
e
......
2.57%
f
2.50%
f
2.49%
f
2.44%
1.98%
f
Net
investment
income
...........................
4.85%
4.38%
5.01%
4.69%
4.91%
Supplemental
data
Net
assets,
end
of
year
(000’s)
.....................
$203,053
$224,246
$204,094
$215,292
$200,796
Portfolio
turnover
rate
............................
22.29%
36.58%
35.26%
21.70%
22.96%
Total
debt
outstanding
at
end
of
year
(000's)
...........
$65,000
$65,000
$65,000
$65,000
$65,000
Asset
coverage
per
$1,000
of
debt
..................
$4,124
$4,450
$4,140
$4,312
$4,089
Average
amount
of
senior
rate
fixed
Notes
per
share
during
the
year
......................................
$2.59
$2.59
$2.59
$2.59
$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
The
Market
Value
Total
Return
is
calculated
assuming
a
purchase
of
common
shares
on
the
opening
of
the
first
business
day
and
a
sale
on
the
closing
of
the
last
business
day
of
each
period.
Dividends
and
distributions
are
assumed
for
the
purposes
of
this
calculation
to
be
reinvested
at
prices
obtained
under
the
Fund's
Dividend
Reinvestment
and
Cash
Purchase
Plan,
which
includes
brokerage
commissions.
Net
Asset
Value
Total
Return
is
calculated
on
the
same
basis,
except
that
the
Fund's
net
asset
value
is
used
on
the
purchase,
sale
and
dividend
reinvestment
dates
instead
of
market
value.
Total
return
does
not
reflect
brokerage
commissions
or
sales
charges
in
connection
with
the
purchase
or
sale
of
Fund
shares
at
the
opening
of
the
first
business
day
and
sale
on
the
closing
of
the
last
business
day
of
each
period.
e
Benefit
of
expense
reduction
rounds
to
less
than
0.01%.
f
Benefit
of
waiver
and
payments
by
affiliates
rounds
to
less
than
0.01%.
Franklin
Universal
Trust
Schedule
of
Investments,
August
31,
2022
franklintempleton.com
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Annual
Report
9
a
a
Country
Shares
a
Value
a
a
a
a
a
a
Common
Stocks
49.0%
Electric
Utilities
26.6%
Alliant
Energy
Corp.
...................................
United
States
80,000
$
4,883,200
American
Electric
Power
Co.,
Inc.
.........................
United
States
65,000
6,513,000
Constellation
Energy
Corp.
..............................
United
States
21,666
1,767,729
Duke
Energy
Corp.
....................................
United
States
40,000
4,276,400
Edison
International
...................................
United
States
36,000
2,439,720
Entergy
Corp.
........................................
United
States
30,000
3,459,000
Evergy,
Inc.
..........................................
United
States
72,000
4,934,160
Exelon
Corp.
.........................................
United
States
65,000
2,854,150
FirstEnergy
Corp.
.....................................
United
States
61,000
2,412,550
NextEra
Energy,
Inc.
...................................
United
States
115,000
9,781,900
Pinnacle
West
Capital
Corp.
.............................
United
States
25,000
1,883,750
PPL
Corp.
...........................................
United
States
24,500
712,460
Southern
Co.
(The)
....................................
United
States
53,000
4,084,710
Xcel
Energy,
Inc.
......................................
United
States
55,000
4,083,750
54,086,479
Machinery
0.4%
a
Birch
Permian
Holdings,
Inc.
.............................
United
States
3,694
79,421
a
Birch
Permian
Holdings,
Inc.
.............................
United
States
28,796
615,515
694,936
Metals
&
Mining
1.9%
BHP
Group
Ltd.,
ADR
..................................
Australia
25,185
1,382,405
Freeport-McMoRan,
Inc.
................................
United
States
80,380
2,379,248
South32
Ltd.,
ADR
....................................
Australia
10,074
140,532
3,902,185
Multi-Utilities
18.1%
CenterPoint
Energy,
Inc.
................................
United
States
122,800
3,871,884
CMS
Energy
Corp.
....................................
United
States
78,000
5,268,120
Consolidated
Edison,
Inc.
...............................
United
States
35,000
3,420,900
Dominion
Energy,
Inc.
..................................
United
States
65,000
5,317,000
DTE
Energy
Co.
......................................
United
States
30,000
3,910,200
NiSource,
Inc.
........................................
United
States
60,000
1,770,600
Public
Service
Enterprise
Group,
Inc.
......................
United
States
45,000
2,896,200
Sempra
Energy
.......................................
United
States
45,000
7,423,650
WEC
Energy
Group,
Inc.
................................
United
States
28,000
2,887,920
36,766,474
Oil,
Gas
&
Consumable
Fuels
2.0%
a
Amplify
Energy
Corp.
..................................
United
States
245
1,825
California
Resources
Corp.
..............................
United
States
27
1,349
b
Chesapeake
Energy
Corp.
..............................
United
States
752
75,568
Civitas
Resources,
Inc.
.................................
United
States
18,598
1,249,600
DT
Midstream,
Inc.
....................................
United
States
15,000
828,150
Enbridge,
Inc.
........................................
Canada
39,360
1,622,419
a,c,d
Riviera
Resources,
Inc.
.................................
United
States
5,042
—
b
Woodside
Energy
Group
Ltd.,
ADR
........................
Australia
9,101
207,594
3,986,505
Total
Common
Stocks
(Cost
$36,801,211)
......................................
99,436,579
Franklin
Universal
Trust
Schedule
of
Investments
franklintempleton.com
Annual
Report
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
10
a
a
Country
Shares
a
Value
a
a
a
a
a
a
Preferred
Stocks
0.3%
Electric
Utilities
0.3%
SCE
Trust
II,
5.1%
....................................
United
States
27,500
$
561,000
Total
Preferred
Stocks
(Cost
$598,125)
.........................................
561,000
Warrants
Warrants
0.0%
†
Oil,
Gas
&
Consumable
Fuels
0.0%
†
a,c
Battalion
Oil
Corp.,
A,
10/08/22
...........................
United
States
583
—
a,c
Battalion
Oil
Corp.,
B,
10/08/22
...........................
United
States
728
—
a,c
Battalion
Oil
Corp.,
C,
10/08/22
...........................
United
States
937
—
a
California
Resources
Corp.,
10/27/24
......................
United
States
64
1,174
a
Chesapeake
Energy
Corp.,
2/09/26
........................
United
States
1,418
114,305
115,479
Total
Warrants
(Cost
$602,518)
................................................
115,479
Principal
Amount
*
Convertible
Bonds
0.0%
†
Wireless
Telecommunication
Services
0.0%
†
e,f,g
Digicel
Group
Holdings
Ltd.
,
Sub.
Bond
,
144A,
PIK,
7
%
,
Perpetual
Bermuda
26,166
10,735
Total
Convertible
Bonds
(Cost
$7,234)
.........................................
10,735
Corporate
Bonds
64.7%
Airlines
0.8%
g
American
Airlines
Inc/AAdvantage
Loyalty
IP
Ltd.
,
Senior
Secured
Note
,
144A,
5.5
%
,
4/20/26
.............................
United
States
700,000
666,862
g
Delta
Air
Lines,
Inc.
/
SkyMiles
IP
Ltd.
,
Senior
Secured
Note
,
144A,
4.75
%
,
10/20/28
.....................................
United
States
700,000
669,118
g
United
Airlines,
Inc.
,
Senior
Secured
Note,
144A,
4.375%,
4/15/26
..............
United
States
100,000
91,309
Senior
Secured
Note,
144A,
4.625%,
4/15/29
..............
United
States
300,000
263,625
1,690,914
Auto
Components
2.5%
g
Allison
Transmission,
Inc.
,
Senior
Bond,
144A,
3.75%,
1/30/31
......................
United
States
300,000
243,472
Senior
Note,
144A,
4.75%,
10/01/27
.....................
United
States
600,000
559,008
Dana,
Inc.
,
Senior
Note
,
5.625
%
,
6/15/28
...................
United
States
1,400,000
1,258,445
g
Dornoch
Debt
Merger
Sub,
Inc.
,
Senior
Note
,
144A,
6.625
%
,
10/15/29
..........................................
United
States
800,000
625,000
Goodyear
Tire
&
Rubber
Co.
(The)
,
Senior
Note,
9.5%,
5/31/25
............................
United
States
900,000
941,616
Senior
Note,
5%,
7/15/29
.............................
United
States
600,000
538,620
g
Real
Hero
Merger
Sub
2,
Inc.
,
Senior
Note
,
144A,
6.25
%
,
2/01/29
.
United
States
1,000,000
814,003
4,980,164
Automobiles
0.5%
g
Jaguar
Land
Rover
Automotive
plc
,
Senior
Note
,
144A,
5.5
%
,
7/15/29
...........................................
United
Kingdom
1,300,000
913,613
Banks
0.4%
f
JPMorgan
Chase
&
Co.
,
R
,
Junior
Sub.
Bond
,
6%
to
7/31/23,
FRN
thereafter
,
Perpetual
.................................
United
States
900,000
882,495
Beverages
0.3%
g
Primo
Water
Holdings,
Inc.
,
Senior
Note
,
144A,
4.375
%
,
4/30/29
..
Canada
700,000
599,575
Franklin
Universal
Trust
Schedule
of
Investments
franklintempleton.com
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Annual
Report
11
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
Corporate
Bonds
(continued)
Biotechnology
0.3%
g
Emergent
BioSolutions,
Inc.
,
Senior
Note
,
144A,
3.875
%
,
8/15/28
.
United
States
900,000
$
631,238
Building
Products
2.0%
g
Advanced
Drainage
Systems,
Inc.
,
Senior
Note
,
144A,
6.375
%
,
6/15/30
...........................................
United
States
500,000
484,291
g
Camelot
Return
Merger
Sub,
Inc.
,
Senior
Secured
Note
,
144A,
8.75
%
,
8/01/28
.....................................
United
States
700,000
636,538
g
Cornerstone
Building
Brands,
Inc.
,
Senior
Note
,
144A,
6.125
%
,
1/15/29
...........................................
United
States
300,000
204,915
g
Eco
Material
Technologies,
Inc.
,
Senior
Secured
Note
,
144A,
7.875
%
,
1/31/27
.....................................
United
States
500,000
467,022
g
JELD-WEN,
Inc.
,
Senior
Note
,
144A,
4.875
%
,
12/15/27
.........
United
States
300,000
232,982
g
Oscar
AcquisitionCo
LLC
/
Oscar
Finance,
Inc.
,
Senior
Note
,
144A,
9.5
%
,
4/15/30
......................................
United
States
1,000,000
872,229
g
Standard
Industries,
Inc.
,
Senior
Bond,
144A,
4.75%,
1/15/28
......................
United
States
500,000
437,904
Senior
Bond,
144A,
4.375%,
7/15/30
.....................
United
States
100,000
79,523
g
Summit
Materials
LLC
/
Summit
Materials
Finance
Corp.
,
Senior
Note
,
144A,
5.25
%
,
1/15/29
............................
United
States
800,000
720,972
4,136,376
Capital
Markets
0.1%
g
Jane
Street
Group
/
JSG
Finance,
Inc.
,
Senior
Secured
Note
,
144A,
4.5
%
,
11/15/29
......................................
United
States
300,000
272,437
Chemicals
3.5%
e,g
Anagram
International,
Inc.
/
Anagram
Holdings
LLC
,
Secured
Note
,
144A,
PIK,
10
%
,
8/15/26
..............................
United
States
232,137
228,032
g
ASP
Unifrax
Holdings,
Inc.
,
Senior
Note,
144A,
7.5%,
9/30/29
.......................
United
States
200,000
146,566
Senior
Secured
Note,
144A,
5.25%,
9/30/28
...............
United
States
300,000
241,105
g
Axalta
Coating
Systems
LLC
,
Senior
Note
,
144A,
3.375
%
,
2/15/29
United
States
400,000
332,122
g
Braskem
Idesa
SAPI
,
Senior
Secured
Bond
,
144A,
6.99
%
,
2/20/32
Mexico
300,000
232,980
g
Consolidated
Energy
Finance
SA
,
Senior
Note
,
144A,
5.625
%
,
10/15/28
..........................................
Switzerland
600,000
493,929
g
CVR
Partners
LP
/
CVR
Nitrogen
Finance
Corp.
,
Senior
Secured
Note
,
144A,
6.125
%
,
6/15/28
...........................
United
States
300,000
274,305
g
Diamond
BC
BV
,
Senior
Note
,
144A,
4.625
%
,
10/01/29
.........
United
States
300,000
256,170
g
Element
Solutions,
Inc.
,
Senior
Note
,
144A,
3.875
%
,
9/01/28
.....
United
States
700,000
609,263
g
GPD
Cos.,
Inc.
,
Senior
Secured
Note
,
144A,
10.125
%
,
4/01/26
...
United
States
1,500,000
1,397,899
g
Illuminate
Buyer
LLC
/
Illuminate
Holdings
IV,
Inc.
,
Senior
Note
,
144A,
9
%
,
7/01/28
...................................
United
States
1,000,000
861,475
g
Ingevity
Corp.
,
Senior
Note
,
144A,
3.875
%
,
11/01/28
...........
United
States
400,000
346,542
e,g
Kobe
US
Midco
2,
Inc.
,
Senior
Note
,
144A,
PIK,
9.25
%
,
11/01/26
..
United
States
200,000
165,000
g
Rain
CII
Carbon
LLC
/
CII
Carbon
Corp.
,
Secured
Note
,
144A,
7.25
%
,
4/01/25
.....................................
United
States
600,000
561,920
g
SCIH
Salt
Holdings,
Inc.
,
Senior
Secured
Note
,
144A,
4.875
%
,
5/01/28
...........................................
United
States
300,000
257,785
g
Vibrantz
Technologies,
Inc.
,
Senior
Note
,
144A,
9
%
,
2/15/30
.....
United
States
1,000,000
729,971
7,135,064
Franklin
Universal
Trust
Schedule
of
Investments
franklintempleton.com
Annual
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)
Commercial
Services
&
Supplies
1.9%
g
APX
Group,
Inc.
,
Senior
Note
,
144A,
5.75
%
,
7/15/29
...........
United
States
800,000
$
653,798
g
Harsco
Corp.
,
Senior
Note
,
144A,
5.75
%
,
7/31/27
.............
United
States
500,000
355,362
g
Nielsen
Finance
LLC
/
Nielsen
Finance
Co.
,
Senior
Note
,
144A,
4.5
%
,
7/15/29
......................................
United
States
1,200,000
1,206,600
g
Prime
Security
Services
Borrower
LLC
/
Prime
Finance,
Inc.
,
Senior
Secured
Note
,
144A,
3.375
%
,
8/31/27
....................
United
States
600,000
517,116
g
Stericycle,
Inc.
,
Senior
Note
,
144A,
3.875
%
,
1/15/29
...........
United
States
1,200,000
1,041,336
3,774,212
Communications
Equipment
0.6%
g
CommScope,
Inc.
,
Senior
Note
,
144A,
7.125
%
,
7/01/28
.........
United
States
1,600,000
1,318,712
Construction
&
Engineering
1.2%
g
Arcosa,
Inc.
,
Senior
Note
,
144A,
4.375
%
,
4/15/29
.............
United
States
300,000
272,262
g
Great
Lakes
Dredge
&
Dock
Corp.
,
Senior
Note
,
144A,
5.25
%
,
6/01/29
...........................................
United
States
500,000
427,195
g
VM
Consolidated,
Inc.
,
Senior
Note
,
144A,
5.5
%
,
4/15/29
.......
United
States
800,000
703,113
g
Weekley
Homes
LLC
/
Weekley
Finance
Corp.
,
Senior
Note
,
144A,
4.875
%
,
9/15/28
.....................................
United
States
1,300,000
1,084,119
2,486,689
Consumer
Finance
0.5%
g
PRA
Group,
Inc.
,
Senior
Note
,
144A,
5
%
,
10/01/29
............
United
States
300,000
258,888
g
PROG
Holdings,
Inc.
,
Senior
Note
,
144A,
6
%
,
11/15/29
.........
United
States
900,000
754,722
1,013,610
Containers
&
Packaging
3.0%
g
Ardagh
Packaging
Finance
plc
/
Ardagh
Holdings
USA,
Inc.
,
Senior
Note,
144A,
5.25%,
8/15/27
......................
United
States
600,000
434,808
Senior
Secured
Note,
144A,
5.25%,
4/30/25
...............
United
States
800,000
757,624
g
Mauser
Packaging
Solutions
Holding
Co.
,
Senior
Note,
144A,
7.25%,
4/15/25
......................
United
States
1,500,000
1,367,610
Senior
Secured
Note,
144A,
8.5%,
4/15/24
................
United
States
1,000,000
981,561
g
Owens-Brockway
Glass
Container,
Inc.
,
Senior
Note,
144A,
5.875%,
8/15/23
.....................
United
States
332,000
330,406
Senior
Note,
144A,
6.625%,
5/13/27
.....................
United
States
375,000
348,705
g
Pactiv
Evergreen
Group
Issuer
LLC
/
Pactiv
Evergreen
Group
Issuer,
Inc.
,
Senior
Secured
Note
,
144A,
4.375
%
,
10/15/28
..........
United
States
300,000
264,356
g
Pactiv
Evergreen
Group
Issuer,
Inc./Pactiv
Evergreen
Group
Issuer
LLC
,
Senior
Secured
Note
,
144A,
4
%
,
10/15/27
.............
United
States
1,200,000
1,049,106
g
Trivium
Packaging
Finance
BV
,
Senior
Note
,
144A,
8.5
%
,
8/15/27
.
Netherlands
500,000
475,940
6,010,116
Diversified
Consumer
Services
0.4%
Grand
Canyon
University
,
5.125
%
,
10/01/28
.................
United
States
800,000
743,370
Diversified
Financial
Services
1.1%
g
Jefferson
Capital
Holdings
LLC
,
Senior
Note
,
144A,
6
%
,
8/15/26
..
United
States
1,200,000
1,057,740
g
MPH
Acquisition
Holdings
LLC
,
Senior
Note
,
144A,
5.75
%
,
11/01/28
United
States
1,400,000
1,113,420
2,171,160
Diversified
Telecommunication
Services
2.8%
g
Altice
France
Holding
SA
,
Senior
Secured
Note
,
144A,
10.5
%
,
5/15/27
...........................................
Luxembourg
1,500,000
1,296,022
g
CCO
Holdings
LLC
/
CCO
Holdings
Capital
Corp.
,
Senior
Bond,
144A,
5.375%,
6/01/29
.....................
United
States
500,000
457,350
Senior
Bond,
144A,
4.5%,
8/15/30
.......................
United
States
1,700,000
1,431,740
Senior
Bond,
144A,
4.25%,
2/01/31
......................
United
States
200,000
163,440
Franklin
Universal
Trust
Schedule
of
Investments
franklintempleton.com
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Annual
Report
13
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
Corporate
Bonds
(continued)
Diversified
Telecommunication
Services
(continued)
g
DKT
Finance
ApS
,
Senior
Secured
Note
,
144A,
9.375
%
,
6/17/23
..
Denmark
700,000
$
676,550
g
Iliad
Holding
SASU
,
Senior
Secured
Note
,
144A,
7
%
,
10/15/28
...
France
800,000
725,248
g
Virgin
Media
Secured
Finance
plc
,
Senior
Secured
Bond
,
144A,
4.5
%
,
8/15/30
......................................
United
Kingdom
1,100,000
917,895
5,668,245
Electric
Utilities
0.6%
g
Vistra
Operations
Co.
LLC
,
Senior
Note,
144A,
5.625%,
2/15/27
.....................
United
States
1,000,000
963,695
Senior
Note,
144A,
4.375%,
5/01/29
.....................
United
States
400,000
349,422
1,313,117
Electrical
Equipment
0.8%
g
Sensata
Technologies
BV
,
Senior
Note
,
144A,
4
%
,
4/15/29
......
United
States
1,000,000
864,800
g
Vertiv
Group
Corp.
,
Senior
Secured
Note
,
144A,
4.125
%
,
11/15/28
United
States
800,000
692,992
1,557,792
Electronic
Equipment,
Instruments
&
Components
0.2%
g
TTM
Technologies,
Inc.
,
Senior
Note
,
144A,
4
%
,
3/01/29
........
United
States
500,000
433,184
Energy
Equipment
&
Services
1.7%
g
CSI
Compressco
LP
/
CSI
Compressco
Finance,
Inc.
,
e
Secured
Note,
144A,
PIK,
10%,
4/01/26
..................
United
States
982,453
895,830
Senior
Secured
Note,
144A,
7.5%,
4/01/25
................
United
States
402,000
367,155
g
Nabors
Industries
Ltd.
,
Senior
Note
,
144A,
7.25
%
,
1/15/26
......
United
States
600,000
546,414
Nabors
Industries,
Inc.
,
Senior
Note
,
5.75
%
,
2/01/25
...........
United
States
500,000
461,737
g
Weatherford
International
Ltd.
,
Senior
Note,
144A,
11%,
12/01/24
.......................
United
States
93,000
94,661
Senior
Note,
144A,
8.625%,
4/30/30
.....................
United
States
700,000
633,958
Senior
Secured
Note,
144A,
6.5%,
9/15/28
................
United
States
400,000
377,590
3,377,345
Entertainment
0.9%
g
Banijay
Entertainment
SASU
,
Senior
Secured
Note
,
144A,
5.375
%
,
3/01/25
...........................................
France
1,000,000
944,177
Netflix,
Inc.
,
Senior
Bond
,
5.875
%
,
11/15/28
.................
United
States
800,000
810,968
1,755,145
Equity
Real
Estate
Investment
Trusts
(REITs)
1.3%
g
American
Finance
Trust,
Inc.
/
American
Finance
Operating
Partner
LP
,
Senior
Note
,
144A,
4.5
%
,
9/30/28
.....................
United
States
500,000
401,837
g
Global
Net
Lease,
Inc.
/
Global
Net
Lease
Operating
Partnership
LP
,
Senior
Note
,
144A,
3.75
%
,
12/15/27
......................
United
States
800,000
689,255
g
HAT
Holdings
I
LLC
/
HAT
Holdings
II
LLC
,
Senior
Note
,
144A,
6
%
,
4/15/25
...........................................
United
States
400,000
388,160
MPT
Operating
Partnership
LP
/
MPT
Finance
Corp.
,
Senior
Bond
,
5.25
%
,
8/01/26
.....................................
United
States
200,000
191,327
g
VICI
Properties
LP
/
VICI
Note
Co.,
Inc.
,
Senior
Note
,
144A,
3.75
%
,
2/15/27
...........................................
United
States
700,000
633,899
g
XHR
LP
,
Senior
Secured
Note
,
144A,
4.875
%
,
6/01/29
.........
United
States
400,000
353,457
2,657,935
Franklin
Universal
Trust
Schedule
of
Investments
franklintempleton.com
Annual
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)
Food
Products
0.9%
g
Chobani
LLC
/
Chobani
Finance
Corp.,
Inc.
,
Senior
Secured
Note
,
144A,
4.625
%
,
11/15/28
...............................
United
States
800,000
$
701,185
g
Darling
Ingredients,
Inc.
,
Senior
Note
,
144A,
6
%
,
6/15/30
.......
United
States
200,000
200,532
g
Pilgrim's
Pride
Corp.
,
Senior
Bond
,
144A,
3.5
%
,
3/01/32
........
United
States
200,000
162,608
g
Post
Holdings,
Inc.
,
Senior
Bond,
144A,
5.625%,
1/15/28
.....................
United
States
300,000
285,328
Senior
Bond,
144A,
5.5%,
12/15/29
......................
United
States
200,000
183,502
Senior
Bond,
144A,
4.625%,
4/15/30
.....................
United
States
400,000
347,876
1,881,031
Health
Care
Equipment
&
Supplies
0.6%
g
Garden
Spinco
Corp.
,
Senior
Note
,
144A,
8.625
%
,
7/20/30
......
United
States
400,000
426,634
g
Medline
Borrower
LP
,
Senior
Note,
144A,
5.25%,
10/01/29
.....................
United
States
500,000
420,820
Senior
Secured
Note,
144A,
3.875%,
4/01/29
..............
United
States
400,000
339,500
1,186,954
Health
Care
Providers
&
Services
1.7%
Centene
Corp.
,
Senior
Bond,
2.5%,
3/01/31
............................
United
States
500,000
399,690
Senior
Note,
2.45%,
7/15/28
...........................
United
States
500,000
422,410
Senior
Note,
2.625%,
8/01/31
..........................
United
States
500,000
399,945
g
CHS/Community
Health
Systems,
Inc.
,
Secured
Note,
144A,
6.125%,
4/01/30
....................
United
States
500,000
310,605
Senior
Secured
Note,
144A,
6%,
1/15/29
..................
United
States
300,000
246,685
g
DaVita,
Inc.
,
Senior
Note
,
144A,
4.625
%
,
6/01/30
.............
United
States
1,200,000
967,524
g
ModivCare
Escrow
Issuer,
Inc.
,
Senior
Note
,
144A,
5
%
,
10/01/29
.
United
States
100,000
88,318
g
Tenet
Healthcare
Corp.
,
Senior
Secured
Note
,
144A,
6.125
%
,
6/15/30
...........................................
United
States
700,000
672,910
3,508,087
Hotels,
Restaurants
&
Leisure
4.3%
g
1011778
BC
ULC
/
New
Red
Finance,
Inc.
,
Secured
Bond
,
144A,
4
%
,
10/15/30
.......................................
Canada
600,000
487,692
c,g,h
24
Hour
Fitness
Worldwide,
Inc.
,
Senior
Note
,
144A,
8
%
,
6/01/22
.
United
States
1,800,000
540
g
Carnival
Corp.
,
Senior
Note,
144A,
7.625%,
3/01/26
.....................
United
States
400,000
341,080
Senior
Note,
144A,
5.75%,
3/01/27
......................
United
States
1,500,000
1,168,358
g
Everi
Holdings,
Inc.
,
Senior
Note
,
144A,
5
%
,
7/15/29
...........
United
States
700,000
629,657
g
Fertitta
Entertainment
LLC
/
Fertitta
Entertainment
Finance
Co.,
Inc.
,
Senior
Note
,
144A,
6.75
%
,
1/15/30
.......................
United
States
1,000,000
817,200
g
Motion
Bondco
DAC
,
Senior
Note
,
144A,
6.625
%
,
11/15/27
......
United
Kingdom
200,000
172,071
g
NCL
Corp.
Ltd.
,
Senior
Note
,
144A,
5.875
%
,
3/15/26
...........
United
States
300,000
243,000
g
Papa
John's
International,
Inc.
,
Senior
Note
,
144A,
3.875
%
,
9/15/29
United
States
300,000
256,902
g
Premier
Entertainment
Sub
LLC
/
Premier
Entertainment
Finance
Corp.
,
Senior
Bond,
144A,
5.875%,
9/01/31
.....................
United
States
500,000
350,160
Senior
Note,
144A,
5.625%,
9/01/29
.....................
United
States
1,000,000
740,100
g
Royal
Caribbean
Cruises
Ltd.
,
Senior
Note,
144A,
5.5%,
8/31/26
.......................
United
States
700,000
560,483
Senior
Note,
144A,
11.625%,
8/15/27
....................
United
States
700,000
687,078
Franklin
Universal
Trust
Schedule
of
Investments
franklintempleton.com
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Annual
Report
15
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
Corporate
Bonds
(continued)
Hotels,
Restaurants
&
Leisure
(continued)
g
Station
Casinos
LLC
,
Senior
Note
,
144A,
4.5
%
,
2/15/28
........
United
States
400,000
$
345,155
g
Studio
City
Finance
Ltd.
,
Senior
Note
,
144A,
5
%
,
1/15/29
.......
Macau
1,600,000
834,464
g
Wynn
Macau
Ltd.
,
Senior
Note
,
144A,
5.625
%
,
8/26/28
.........
Macau
300,000
210,456
g
Wynn
Resorts
Finance
LLC
/
Wynn
Resorts
Capital
Corp.
,
Senior
Note
,
144A,
7.75
%
,
4/15/25
............................
United
States
800,000
798,696
8,643,092
Household
Durables
0.8%
g
Ashton
Woods
USA
LLC
/
Ashton
Woods
Finance
Co.
,
Senior
Note
,
144A,
4.625
%
,
8/01/29
................................
United
States
1,500,000
1,179,261
M/I
Homes,
Inc.
,
Senior
Note
,
3.95
%
,
2/15/30
................
United
States
600,000
483,264
1,662,525
Independent
Power
and
Renewable
Electricity
Producers
3.2%
g
Calpine
Corp.
,
Senior
Bond,
144A,
5%,
2/01/31
........................
United
States
900,000
754,628
Senior
Note,
144A,
4.625%,
2/01/29
.....................
United
States
700,000
595,543
g
Clearway
Energy
Operating
LLC
,
Senior
Bond,
144A,
3.75%,
1/15/32
......................
United
States
400,000
333,298
Senior
Note,
144A,
4.75%,
3/15/28
......................
United
States
600,000
562,875
Senior
Note,
144A,
3.75%,
2/15/31
......................
United
States
300,000
251,017
g
InterGen
NV
,
Senior
Secured
Bond
,
144A,
7
%
,
6/30/23
.........
Netherlands
1,900,000
1,812,904
g
Leeward
Renewable
Energy
Operations
LLC
,
Senior
Note
,
144A,
4.25
%
,
7/01/29
.....................................
United
States
1,000,000
829,926
h
Talen
Energy
Supply
LLC
,
Senior
Note
,
6.5
%
,
6/01/25
..........
United
States
1,500,000
1,352,812
6,493,003
Insurance
0.1%
g
Alliant
Holdings
Intermediate
LLC
/
Alliant
Holdings
Co-Issuer
,
Senior
Note
,
144A,
6.75
%
,
10/15/27
...........................
United
States
300,000
273,012
Internet
&
Direct
Marketing
Retail
0.1%
g
Match
Group
Holdings
II
LLC
,
Senior
Note
,
144A,
3.625
%
,
10/01/31
United
States
200,000
156,715
IT
Services
1.7%
g
Cablevision
Lightpath
LLC
,
Senior
Secured
Note
,
144A,
3.875
%
,
9/15/27
...........................................
United
States
500,000
437,050
g
Cogent
Communications
Group,
Inc.
,
Senior
Secured
Note
,
144A,
3.5
%
,
5/01/26
......................................
United
States
500,000
451,030
g
Gartner,
Inc.
,
Senior
Note,
144A,
4.5%,
7/01/28
.......................
United
States
500,000
462,412
Senior
Note,
144A,
3.625%,
6/15/29
.....................
United
States
200,000
172,267
Senior
Note,
144A,
3.75%,
10/01/30
.....................
United
States
300,000
257,667
g
Northwest
Fiber
LLC
/
Northwest
Fiber
Finance
Sub,
Inc.
,
Senior
Note
,
144A,
6
%
,
2/15/28
..............................
United
States
1,100,000
860,116
g
Presidio
Holdings,
Inc.
,
Senior
Note
,
144A,
8.25
%
,
2/01/28
......
United
States
900,000
813,848
3,454,390
Life
Sciences
Tools
&
Services
0.1%
g
Charles
River
Laboratories
International,
Inc.
,
Senior
Note
,
144A,
3.75
%
,
3/15/29
.....................................
United
States
200,000
172,687
Franklin
Universal
Trust
Schedule
of
Investments
franklintempleton.com
Annual
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)
Machinery
1.2%
g
ATS
Automation
Tooling
Systems,
Inc.
,
Senior
Note
,
144A,
4.125
%
,
12/15/28
..........................................
Canada
1,300,000
$
1,143,249
g
Manitowoc
Co.,
Inc.
(The)
,
Secured
Note
,
144A,
9
%
,
4/01/26
....
United
States
1,000,000
951,877
g
Roller
Bearing
Co.
of
America,
Inc.
,
Senior
Note
,
144A,
4.375
%
,
10/15/29
..........................................
United
States
400,000
359,500
2,454,626
Media
2.9%
g
Clear
Channel
International
BV
,
Senior
Secured
Note
,
144A,
6.625
%
,
8/01/25
.....................................
United
Kingdom
400,000
378,850
g
Clear
Channel
Outdoor
Holdings,
Inc.
,
Senior
Note,
144A,
7.75%,
4/15/28
......................
United
States
300,000
244,560
Senior
Note,
144A,
7.5%,
6/01/29
.......................
United
States
300,000
241,560
Senior
Secured
Note,
144A,
5.125%,
8/15/27
..............
United
States
500,000
448,445
CSC
Holdings
LLC
,
Senior
Bond,
5.25%,
6/01/24
...........................
United
States
400,000
390,472
g
Senior
Note,
144A,
7.5%,
4/01/28
.......................
United
States
300,000
267,187
g
Diamond
Sports
Group
LLC
/
Diamond
Sports
Finance
Co.
,
Senior
Note,
144A,
6.625%,
8/15/27
.....................
United
States
700,000
65,632
Senior
Secured
Note,
144A,
5.375%,
8/15/26
..............
United
States
800,000
153,000
g
Directv
Financing
LLC
/
Directv
Financing
Co-Obligor,
Inc.
,
Senior
Secured
Note
,
144A,
5.875
%
,
8/15/27
....................
United
States
200,000
183,276
g
DISH
DBS
Corp.
,
Senior
Secured
Note
,
144A,
5.75
%
,
12/01/28
...
United
States
1,000,000
769,742
g
LCPR
Senior
Secured
Financing
DAC
,
Senior
Secured
Note
,
144A,
6.75
%
,
10/15/27
.....................................
United
States
450,000
425,475
g
News
Corp.
,
Senior
Note
,
144A,
3.875
%
,
5/15/29
.............
United
States
200,000
174,389
g
Scripps
Escrow,
Inc.
,
Senior
Note
,
144A,
5.875
%
,
7/15/27
.......
United
States
600,000
543,960
g
Sinclair
Television
Group,
Inc.
,
Senior
Bond
,
144A,
5.5
%
,
3/01/30
.
United
States
700,000
549,666
g
Sirius
XM
Radio,
Inc.
,
Senior
Note
,
144A,
4
%
,
7/15/28
.........
United
States
600,000
523,500
g
Univision
Communications,
Inc.
,
Senior
Secured
Note
,
144A,
4.5
%
,
5/01/29
...........................................
United
States
600,000
525,900
5,885,614
Metals
&
Mining
1.1%
Commercial
Metals
Co.
,
Senior
Bond
,
3.875
%
,
2/15/31
.........
United
States
700,000
582,095
g
Constellium
SE
,
Senior
Note
,
144A,
3.75
%
,
4/15/29
...........
United
States
600,000
497,385
g
FMG
Resources
August
2006
Pty.
Ltd.
,
Senior
Bond
,
144A,
4.375
%
,
4/01/31
...........................................
Australia
500,000
408,475
g
Novelis
Corp.
,
Senior
Bond,
144A,
3.875%,
8/15/31
.....................
United
States
100,000
80,889
Senior
Note,
144A,
3.25%,
11/15/26
.....................
United
States
100,000
89,190
g
SunCoke
Energy,
Inc.
,
Senior
Secured
Note
,
144A,
4.875
%
,
6/30/29
United
States
600,000
498,705
2,156,739
Mortgage
Real
Estate
Investment
Trusts
(REITs)
0.4%
g
Apollo
Commercial
Real
Estate
Finance,
Inc.
,
Senior
Secured
Note
,
144A,
4.625
%
,
6/15/29
................................
United
States
1,000,000
811,325
Multiline
Retail
0.4%
g
Macy's
Retail
Holdings
LLC
,
Senior
Bond,
144A,
6.125%,
3/15/32
.....................
United
States
500,000
415,883
Senior
Note,
144A,
5.875%,
3/15/30
.....................
United
States
500,000
428,180
844,063
Oil,
Gas
&
Consumable
Fuels
8.8%
g
Antero
Resources
Corp.
,
Senior
Note,
144A,
7.625%,
2/01/29
.....................
United
States
166,000
169,054
Senior
Note,
144A,
5.375%,
3/01/30
.....................
United
States
700,000
659,785
Franklin
Universal
Trust
Schedule
of
Investments
franklintempleton.com
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Annual
Report
17
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
Corporate
Bonds
(continued)
Oil,
Gas
&
Consumable
Fuels
(continued)
g
Calumet
Specialty
Products
Partners
LP
/
Calumet
Finance
Corp.
,
Senior
Note
,
144A,
8.125
%
,
1/15/27
......................
United
States
900,000
$
868,238
Cheniere
Energy
Partners
LP
,
Senior
Bond,
3.25%,
1/31/32
...........................
United
States
400,000
320,704
Senior
Note,
4.5%,
10/01/29
...........................
United
States
1,200,000
1,106,640
Senior
Note,
4%,
3/01/31
.............................
United
States
1,200,000
1,053,078
Cheniere
Energy,
Inc.
,
Senior
Note
,
4.625
%
,
10/15/28
..........
United
States
700,000
675,500
g
Chesapeake
Energy
Corp.
,
Senior
Note
,
144A,
5.5
%
,
2/01/26
....
United
States
500,000
482,520
Crestwood
Midstream
Partners
LP
/
Crestwood
Midstream
Finance
Corp.
,
g
Senior
Note,
144A,
6%,
2/01/29
........................
United
States
700,000
647,784
g
Senior
Note,
144A,
8%,
4/01/29
........................
United
States
500,000
496,398
Senior
Note,
5.75%,
4/01/25
...........................
United
States
800,000
772,152
g
CrownRock
LP
/
CrownRock
Finance,
Inc.
,
Senior
Note
,
144A,
5
%
,
5/01/29
...........................................
United
States
300,000
275,992
g
DT
Midstream,
Inc.
,
Senior
Note
,
144A,
4.125
%
,
6/15/29
........
United
States
700,000
615,930
g
Earthstone
Energy
Holdings
LLC
,
Senior
Note
,
144A,
8
%
,
4/15/27
.
United
States
500,000
487,785
g
Endeavor
Energy
Resources
LP
/
EER
Finance,
Inc.
,
Senior
Bond
,
144A,
5.75
%
,
1/30/28
.................................
United
States
300,000
296,460
g
EnLink
Midstream
LLC
,
Senior
Note
,
144A,
6.5
%
,
9/01/30
.......
United
States
800,000
796,864
g
EQM
Midstream
Partners
LP
,
Senior
Note
,
144A,
7.5
%
,
6/01/27
..
United
States
100,000
99,005
g
EQT
Corp.
,
Senior
Note
,
144A,
3.125
%
,
5/15/26
..............
United
States
300,000
282,702
g
Harbour
Energy
plc
,
Senior
Note
,
144A,
5.5
%
,
10/15/26
........
United
Kingdom
500,000
463,042
g
Hilcorp
Energy
I
LP
/
Hilcorp
Finance
Co.
,
Senior
Bond,
144A,
6%,
2/01/31
........................
United
States
200,000
181,575
Senior
Note,
144A,
5.75%,
2/01/29
......................
United
States
200,000
182,344
Senior
Note,
144A,
6%,
4/15/30
........................
United
States
300,000
276,597
g
Kinetik
Holdings
LP
,
Senior
Note
,
144A,
5.875
%
,
6/15/30
........
United
States
600,000
571,515
g
Martin
Midstream
Partners
LP
/
Martin
Midstream
Finance
Corp.
,
Secured
Note
,
144A,
11.5
%
,
2/28/25
.....................
United
States
1,476,232
1,446,109
e,g,h
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
748,979
Senior
Note,
8.875%,
7/15/30
..........................
United
States
1,100,000
1,286,554
Senior
Note,
6.625%,
9/01/30
..........................
United
States
200,000
213,940
Senior
Note,
6.125%,
1/01/31
..........................
United
States
300,000
312,207
Sunoco
LP
/
Sunoco
Finance
Corp.
,
Senior
Note,
6%,
4/15/27
.............................
United
States
1,000,000
968,570
Senior
Note,
4.5%,
5/15/29
............................
United
States
200,000
170,268
g
Venture
Global
Calcasieu
Pass
LLC
,
Senior
Secured
Bond,
144A,
4.125%,
8/15/31
..............
United
States
300,000
260,799
Senior
Secured
Note,
144A,
3.875%,
8/15/29
..............
United
States
300,000
262,170
g
Viper
Energy
Partners
LP
,
Senior
Note
,
144A,
5.375
%
,
11/01/27
..
United
States
400,000
383,596
17,838,720
Paper
&
Forest
Products
0.1%
g
Glatfelter
Corp.
,
Senior
Note
,
144A,
4.75
%
,
11/15/29
...........
United
States
400,000
248,538
Pharmaceuticals
2.3%
g
Bausch
Health
Americas,
Inc.
,
Senior
Note
,
144A,
9.25
%
,
4/01/26
.
United
States
1,400,000
842,310
g,h
Endo
Dac
/
Endo
Finance
LLC
/
Endo
Finco,
Inc.
,
Secured
Note,
144A,
9.5%,
7/31/27
......................
United
States
302,000
80,394
Senior
Note,
144A,
6%,
6/30/28
........................
United
States
389,000
22,368
Franklin
Universal
Trust
Schedule
of
Investments
franklintempleton.com
Annual
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)
Pharmaceuticals
(continued)
g,h
Endo
Luxembourg
Finance
Co.
I
SARL
/
Endo
US,
Inc.
,
Senior
Secured
Note
,
144A,
6.125
%
,
4/01/29
....................
United
States
500,000
$
429,447
g
Jazz
Securities
DAC
,
Senior
Secured
Note
,
144A,
4.375
%
,
1/15/29
United
States
1,300,000
1,174,147
g
Organon
&
Co.
/
Organon
Foreign
Debt
Co-Issuer
BV
,
Senior
Secured
Note
,
144A,
4.125
%
,
4/30/28
....................
United
States
1,000,000
898,595
g,h
Par
Pharmaceutical,
Inc.
,
Senior
Secured
Note
,
144A,
7.5
%
,
4/01/27
United
States
225,000
191,527
Teva
Pharmaceutical
Finance
Netherlands
III
BV
,
Senior
Note,
7.125%,
1/31/25
..........................
Israel
500,000
495,668
Senior
Note,
4.75%,
5/09/27
...........................
Israel
600,000
525,560
4,660,016
Real
Estate
Management
&
Development
0.4%
g
Five
Point
Operating
Co.
LP
/
Five
Point
Capital
Corp.
,
Senior
Note
,
144A,
7.875
%
,
11/15/25
...............................
United
States
400,000
349,857
g
Forestar
Group,
Inc.
,
Senior
Note
,
144A,
3.85
%
,
5/15/26
........
United
States
500,000
425,568
775,425
Road
&
Rail
0.7%
g
First
Student
Bidco,
Inc.
/
First
Transit
Parent,
Inc.
,
Senior
Secured
Note
,
144A,
4
%
,
7/31/29
..............................
United
States
900,000
778,162
g
NESCO
Holdings
II,
Inc.
,
Secured
Note
,
144A,
5.5
%
,
4/15/29
....
United
States
500,000
440,880
g
Williams
Scotsman
International,
Inc.
,
Senior
Secured
Note
,
144A,
4.625
%
,
8/15/28
.....................................
United
States
300,000
270,099
1,489,141
Software
1.2%
g
Camelot
Finance
SA
,
Senior
Secured
Note
,
144A,
4.5
%
,
11/01/26
.
United
States
900,000
838,332
g
Condor
Merger
Sub,
Inc.
,
Senior
Note
,
144A,
7.375
%
,
2/15/30
...
United
States
800,000
668,920
g
Rocket
Software,
Inc.
,
Senior
Note
,
144A,
6.5
%
,
2/15/29
........
United
States
1,100,000
848,562
2,355,814
Specialty
Retail
1.6%
g
Bath
&
Body
Works,
Inc.
,
Senior
Note
,
144A,
6.625
%
,
10/01/30
...
United
States
500,000
454,850
g
Gap,
Inc.
(The)
,
Senior
Note
,
144A,
3.625
%
,
10/01/29
..........
United
States
700,000
488,583
g
Lithia
Motors,
Inc.
,
Senior
Bond,
144A,
4.375%,
1/15/31
.....................
United
States
300,000
264,415
Senior
Note,
144A,
4.625%,
12/15/27
....................
United
States
400,000
370,992
Senior
Note,
144A,
3.875%,
6/01/29
.....................
United
States
200,000
169,151
g
Michaels
Cos.,
Inc.
(The)
,
Senior
Note,
144A,
7.875%,
5/01/29
.....................
United
States
600,000
399,915
Senior
Secured
Note,
144A,
5.25%,
5/01/28
...............
United
States
300,000
230,505
Murphy
Oil
USA,
Inc.
,
Senior
Note
,
4.75
%
,
9/15/29
............
United
States
700,000
641,588
g
Victoria's
Secret
&
Co.
,
Senior
Note
,
144A,
4.625
%
,
7/15/29
.....
United
States
400,000
317,668
3,337,667
Textiles,
Apparel
&
Luxury
Goods
0.6%
g
Hanesbrands,
Inc.
,
Senior
Note
,
144A,
4.625
%
,
5/15/24
........
United
States
1,000,000
964,500
g
Kontoor
Brands,
Inc.
,
Senior
Note
,
144A,
4.125
%
,
11/15/29
......
United
States
300,000
257,119
1,221,619
Thrifts
&
Mortgage
Finance
0.7%
g
Ladder
Capital
Finance
Holdings
LLLP
/
Ladder
Capital
Finance
Corp.
,
Senior
Note
,
144A,
4.75
%
,
6/15/29
.................
United
States
300,000
254,619
MGIC
Investment
Corp.
,
Senior
Note
,
5.25
%
,
8/15/28
..........
United
States
500,000
467,087
Radian
Group,
Inc.
,
Senior
Note
,
6.625
%
,
3/15/25
.............
United
States
600,000
601,572
1,323,278
Franklin
Universal
Trust
Schedule
of
Investments
franklintempleton.com
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Annual
Report
19
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
Corporate
Bonds
(continued)
Trading
Companies
&
Distributors
0.4%
g
H&E
Equipment
Services,
Inc.
,
Senior
Note
,
144A,
3.875
%
,
12/15/28
United
States
600,000
$
507,684
g
WESCO
Distribution,
Inc.
,
Senior
Note
,
144A,
7.25
%
,
6/15/28
....
United
States
400,000
403,808
911,492
Wireless
Telecommunication
Services
1.0%
Hughes
Satellite
Systems
Corp.
,
Senior
Note
,
6.625
%
,
8/01/26
...
United
States
900,000
853,101
T-Mobile
USA,
Inc.
,
Senior
Bond,
2.875%,
2/15/31
..........................
United
States
300,000
254,007
Senior
Bond,
3.5%,
4/15/31
............................
United
States
200,000
177,394
Senior
Note,
4.75%,
2/01/28
...........................
United
States
600,000
587,682
Senior
Note,
2.625%,
2/15/29
..........................
United
States
300,000
259,106
2,131,290
Total
Corporate
Bonds
(Cost
$154,214,330)
.....................................
131,399,371
i
Senior
Floating
Rate
Interests
0.1%
Media
0.1%
j
Diamond
Sports
Group
LLC
,
First
Lien,
CME
Term
Loan
,
10.387
%
,
(
1-month
SOFR
+
8
%
),
5/25/26
.........................
United
States
159,854
151,462
Total
Senior
Floating
Rate
Interests
(Cost
$147,386)
.............................
151,462
k
Marketplace
Loans
10.4%
c
Diversified
Financial
Services
10.4%
a
a
a
a
a
a
Total
Marketplace
Loans
(Cost
$22,676,396)
....................................
21,006,789
Asset-Backed
Securities
0.9%
Diversified
Financial
Services
0.9%
g,l
Consumer
Loan
Underlying
Bond
Certificate
Issuer
Trust
I
,
2019-26,
PT,
144A,
FRN,
17.608%,
8/15/44
................
United
States
135,374
129,283
2019-31,
PT,
144A,
FRN,
15.304%,
9/15/44
................
United
States
115,925
109,526
2019-37,
PT,
144A,
FRN,
16.807%,
10/17/44
...............
United
States
143,170
135,090
2019-42,
PT,
144A,
FRN,
15.417%,
11/15/44
...............
United
States
135,019
128,619
2019-51,
PT,
144A,
FRN,
15.274%,
1/15/45
................
United
States
164,969
157,985
2019-52,
PT,
144A,
FRN,
16.294%,
1/15/45
................
United
States
152,684
147,116
2019-S3,
PT,
144A,
FRN,
12.794%,
6/15/44
................
United
States
28,009
26,479
2019-S4,
PT,
144A,
FRN,
10.659%,
8/15/44
................
United
States
109,056
104,408
2019-S5,
PT,
144A,
FRN,
12.987%,
9/15/44
................
United
States
107,849
102,886
2019-S6,
PT,
144A,
FRN,
10.841%,
10/17/44
...............
United
States
107,335
101,190
2019-S7,
PT,
144A,
FRN,
10.277%,
12/15/44
...............
United
States
84,615
80,311
2019-S8,
PT,
144A,
FRN,
9.77%,
1/15/45
..................
United
States
103,417
98,001
2020-2,
PT,
144A,
FRN,
16.149%,
3/15/45
.................
United
States
139,861
134,210
2020-7,
PT,
144A,
FRN,
15.328%,
4/17/45
.................
United
States
81,157
76,734
g,l
Prosper
Pass-Thru
Trust
III
,
2020-PT1,
A,
144A,
FRN,
18.702%,
3/15/26
................
United
States
82,356
82,540
2020-PT2,
A,
144A,
FRN,
18.823%,
4/15/26
................
United
States
96,583
94,060
2020-PT3,
A,
144A,
FRN,
14.386%,
5/15/26
................
United
States
17,473
16,893
g,l
Upgrade
Master
Pass-Thru
Trust
,
2019-PT2
,
A
,
144A,
FRN
,
14.138
%
,
2/15/26
.
...................................
United
States
91,006
90,745
1,816,076
a
a
a
a
a
a
Total
Asset-Backed
Securities
(Cost
$1,835,059)
................................
1,816,076
Franklin
Universal
Trust
Schedule
of
Investments
franklintempleton.com
Annual
Report
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
20
a
a
Country
Shares
a
Value
a
a
a
a
a
a
Escrows
and
Litigation
Trusts
0.0%
†
a
Chesapeake
Energy
Corp.,
Escrow
Account
.................
United
States
1,500,000
$
44,625
Total
Escrows
and
Litigation
Trusts
(Cost
$48,985)
..............................
44,625
Total
Long
Term
Investments
(Cost
$216,931,244)
...............................
254,542,116
a
Short
Term
Investments
4.7%
a
a
Country
Shares
a
Value
a
a
a
Money
Market
Funds
4.6%
m,n
Institutional
Fiduciary
Trust
-
Money
Market
Portfolio,
1.864%
....
United
States
9,360,377
9,360,377
Total
Money
Market
Funds
(Cost
$9,360,377)
...................................
9,360,377
a
a
a
o
Investments
from
Cash
Collateral
Received
for
Loaned
Securities
0.1%
Money
Market
Funds
0.1%
m,n
Institutional
Fiduciary
Trust
-
Money
Market
Portfolio,
1.864%
....
United
States
134,000
134,000
Principal
Amount
*
Repurchase
Agreements
0.0%
†
p
Joint
Repurchase
Agreement,
BNP
Paribas
SA,
2.25%,
9/01/22
(Maturity
Value
$33,514)
Collateralized
by
U.S.
Treasury
Bonds,
7.125%
-
7.625%,
11/15/22
-
2/15/23;
U.S.
Treasury
Bond,
Index
Linked,
2.375%,
1/15/27;
U.S.
Treasury
Notes,
0.375%
-
2.25%,
8/15/24
-
3/31/27;
and
U.S.
Treasury
Notes,
Index
Linked,
0.125%,
1/15/23
-
7/15/24
(valued
at
$34,182)
........................................
33,512
33,512
Total
Investments
from
Cash
Collateral
Received
for
Loaned
Securities
(Cost
$167,512)
.............................................................
167,512
Total
Short
Term
Investments
(Cost
$9,527,889
)
.................................
9,527,889
a
Total
Investments
(Cost
$226,459,133)
130.1%
..................................
$264,070,005
Notes
Payable
(32.0)%
.......................................................
(64,973,982)
Other
Assets,
less
Liabilities
1.9%
.............................................
3,956,879
Net
Assets
100.0%
...........................................................
$203,052,902
Franklin
Universal
Trust
Schedule
of
Investments
franklintempleton.com
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Annual
Report
21
See
Abbreviations
on
page
61
.
*
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
A
portion
or
all
of
the
security
is
on
loan
at
August
31,
2022.
See
Note
1(d).
c
Fair
valued
using
significant
unobservable
inputs.
See
Note
12
regarding
fair
value
measurements.
d
See
Note
11
regarding
restricted
securities.
e
Income
may
be
received
in
additional
securities
and/or
cash.
f
Perpetual
security
with
no
stated
maturity
date.
g
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
August
31,
2022,
the
aggregate
value
of
these
securities
was
$110,875,559,
representing
54.6%
of
net
assets.
h
See
Note
8
regarding
credit
risk
and
defaulted
securities.
i
See
Note
1(e)
regarding
senior
floating
rate
interests.
j
The
coupon
rate
shown
represents
the
rate
inclusive
of
any
caps
or
floors,
if
applicable,
in
effect
at
period
end.
k
See
Note
1(f)
regarding
Marketplace
Lending.
See
full
breakdown
of
marketplace
loans
holdings
in
the
table
at
the
end
of
this
schedule.
l
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.
m
See
Note
4(c)
regarding
investments
in
affiliated
management
investment
companies.
n
The
rate
shown
is
the
annualized
seven-day
effective
yield
at
period
end.
o
See
Note
1(d)
regarding
securities
on
loan.
p
See
Note
1(c)
regarding
joint
repurchase
agreement.
Franklin
Universal
Trust
Schedule
of
Investments,
August
31,
2022
franklintempleton.com
Annual
Report
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
22
At
August
31,
2022,
the
Fund
had
the
following marketplace
loans
outstanding.
See
Note
1(f).
Description
Principal
Amount
Value
Marketplace
Loans
-
10.4%
Freedom
Financial
Asset
Management
LLC
APP-10084065.FP.FTS.B,
15.49%,
8/01/23
$
3,998
$
4,023
APP-10095990.FP.FTS.B,
5.99%,
8/05/23
.
4,687
4,728
APP-10236665.FP.FTS.B,
5.99%,
10/04/23
4,775
4,818
APP-10852298.FP.FTS.B,
5.99%,
10/05/23
5,956
6,011
APP-10840576.FP.FTS.B,
5.99%,
10/15/23
5,973
6,036
APP-10847318.FP.FTS.B,
5.99%,
10/15/23
6,432
6,500
APP-11111300.FP.FTS.B,
5.99%,
11/02/23
6,383
6,445
APP-10550866.FP.FTS.B,
5.99%,
11/05/23
5,705
5,763
APP-09915050.FP.FTS.B,
5.99%,
11/20/23
5,362
5,422
APP-10762832.FP.FTS.B,
15.49%,
11/26/23
5,754
5,828
APP-11022068.FP.FTS.B,
5.99%,
12/06/23
7,467
7,544
APP-11105363.FP.FTS.B,
23.99%,
12/06/23
11,303
2,272
APP-11037585.FP.FTS.B,
5.99%,
12/19/23
6,964
7,049
APP-10824538.FP.FTS.B,
5.99%,
12/20/23
6,415
6,491
APP-11022377.FP.FTS.B,
5.99%,
12/20/23
7,696
7,791
APP-12381966.FP.FTS.B,
20.49%,
1/20/24
9,740
9,780
APP-11834925.FP.FTS.B,
5.99%,
2/11/24
.
7,851
7,961
APP-11634713.FP.FTS.B,
5.99%,
2/13/24
.
8,664
8,774
APP-11595250.FP.FTS.B,
5.99%,
2/18/24
.
6,742
6,829
APP-12399683.FP.FTS.B,
22.49%,
3/20/24
7,978
8,050
APP-13323334.FP.FTS.B,
5.99%,
5/14/24
.
6,415
6,512
APP-13489698.FP.FTS.B,
5.99%,
5/15/24
.
8,432
8,561
APP-13476049.FP.FTS.B,
21.49%,
5/17/24
10,612
10,719
APP-13485474.FP.FTS.B,
15.99%,
5/18/24
6,806
6,923
APP-13471580.FP.FTS.B,
5.99%,
5/19/24
.
7,371
7,484
APP-15125689.FP.FTS.B,
5.99%,
7/15/24
.
8,701
8,844
APP-15138477.FP.FTS.B,
5.99%,
7/16/24
.
6,910
7,027
APP-15143961.FP.FTS.B,
5.99%,
7/16/24
.
6,559
6,661
APP-14522400.FP.FTS.B,
5.99%,
7/23/24
.
8,395
8,545
APP-15089870.FP.FTS.B,
20.99%,
7/27/24
15,029
15,321
APP-10084299.FP.FTS.B,
16.49%,
8/11/24
9,843
5,684
APP-10541747.FP.FTS.B,
16.99%,
9/05/24
8,654
8,674
APP-10142701.FP.FTS.B,
15.49%,
9/21/24
23,655
23,747
APP-10084298.FP.FTS.B,
12.74%,
9/26/24
12,261
12,384
APP-10836612.FP.FTS.B,
21.49%,
10/15/24
..........................
8,139
8,076
APP-10849903.FP.FTS.B,
11.24%,
10/16/24
21,271
21,468
APP-10570664.FP.FTS.B,
23.99%,
10/16/24
..........................
7,877
7,781
APP-10584167.FP.FTS.B,
16.99%,
10/28/24
..........................
5,819
5,884
APP-11139281.FP.FTS.B,
8.49%,
11/01/24
10,785
10,877
APP-10580345.FP.FTS.B,
12.49%,
11/01/24
22,104
22,248
APP-11106155.FP.FTS.B,
12.74%,
11/01/24
16,475
16,595
APP-10482137.FP.FTS.B,
16.99%,
11/01/24
5,910
5,953
APP-11103175.FP.FTS.B,
17.99%,
11/05/24
21,065
4,366
APP-10762540.FP.FTS.B,
14.49%,
11/30/24
15,272
15,381
APP-10825429.FP.FTS.B,
16.99%,
11/30/24
10,000
–
APP-10844126.FP.FTS.B,
23.99%,
11/30/24
12,778
12,721
APP-11021958.FP.FTS.B,
12.24%,
12/10/24
10,637
10,743
APP-11021643.FP.FTS.B,
10.49%,
12/14/24
13,614
13,781
APP-11695329.FP.FTS.B,
15.99%,
12/15/24
17,519
17,508
APP-11693890.FP.FTS.B,
13.24%,
12/17/24
41,652
41,931
APP-11102104.FP.FTS.B,
23.99%,
12/18/24
12,327
12,192
APP-11007940.FP.FTS.B,
10.49%,
12/19/24
10,939
11,095
Description
Principal
Amount
Value
Freedom
Financial
Asset
Management
LLC
(continued)
APP-10839343.FP.FTS.B,
13.99%,
12/19/24
..........................
$
7,338
$
7,443
APP-11718442.FP.FTS.B,
19.99%,
12/22/24
35,587
35,433
APP-11799520.FP.FTS.B,
16.99%,
12/25/24
9,350
9,423
APP-11859716.FP.FTS.B,
12.49%,
1/01/25
28,847
29,007
APP-11681583.FP.FTS.B,
16.99%,
1/30/25
8,880
8,994
APP-12413621.FP.FTS.B,
15.49%,
2/01/25
19,550
19,379
APP-12420264.FP.FTS.B,
15.99%,
2/01/25
20,800
20,719
APP-11766706.FP.FTS.B,
23.99%,
2/02/25
7,335
7,210
APP-11738038.FP.FTS.B,
21.99%,
2/04/25
16,165
15,875
APP-11799331.FP.FTS.B,
8.99%,
2/06/25
.
26,072
26,365
APP-11694349.FP.FTS.B,
14.24%,
2/07/25
27,760
27,830
APP-11862313.FP.FTS.B,
16.49%,
2/11/25
9,453
9,458
APP-11730867.FP.FTS.B,
25.49%,
2/14/25
8,963
8,886
APP-11869808.FP.FTS.B,
21.99%,
2/15/25
15,305
15,129
APP-12409067.FP.FTS.B,
13.74%,
3/08/25
32,328
32,605
APP-12399135.FP.FTS.B,
23.99%,
3/08/25
15,126
3,336
APP-12394118.FP.FTS.B,
17.74%,
3/10/25
18,254
18,300
APP-12410877.FP.FTS.B,
13.74%,
3/15/25
27,616
27,890
APP-12370660.FP.FTS.B,
15.49%,
3/15/25
13,543
13,717
APP-12299545.FP.FTS.B,
14.99%,
3/21/25
17,295
17,351
APP-12397103.FP.FTS.B,
25.49%,
3/21/25
7,307
7,267
APP-13502295.FP.FTS.B,
14.49%,
5/13/25
27,017
27,390
APP-13323354.FP.FTS.B,
10.09%,
5/18/25
15,439
15,697
APP-13531221.FP.FTS.B,
25.49%,
5/19/25
10,732
3,899
APP-13407126.FP.FTS.B,
25.49%,
5/20/25
9,618
2,281
APP-14953979.FP.FTS.B,
7.74%,
7/13/25
.
29,871
30,334
APP-15094222.FP.FTS.B,
10.24%,
7/14/25
23,804
24,190
APP-15084327.FP.FTS.B,
10.74%,
7/14/25
18,620
18,971
APP-15090883.FP.FTS.B,
25.49%,
7/14/25
11,931
11,984
APP-15068808.FP.FTS.B,
20.74%,
7/25/25
12,233
12,391
APP-15034726.FP.FTS.B,
25.49%,
7/25/25
9,021
9,134
APP-10111431.FP.FTS.B,
10.99%,
9/15/25
16,616
16,848
APP-10140977.FP.FTS.B,
24.99%,
9/15/25
8,365
8,407
APP-10569988.FP.FTS.B,
19.49%,
9/21/25
3,795
1,414
APP-10091198.FP.FTS.B,
15.49%,
9/24/25
17,159
17,443
APP-10083835.FP.FTS.B,
10.99%,
9/25/25
11,661
11,855
APP-10411637.FP.FTS.B,
11.74%,
10/05/25
21,031
21,209
APP-10850461.FP.FTS.B,
20.99%,
10/10/25
..........................
8,487
8,514
APP-11022514.FP.FTS.B,
18.49%,
10/21/25
13,581
13,687
APP-10582948.FP.FTS.B,
10.99%,
10/22/25
..........................
19,703
19,984
APP-10578403.FP.FTS.B,
15.99%,
10/30/25
..........................
16,553
16,787
APP-10561192.FP.FTS.B,
8.99%,
11/03/25
14,248
14,446
APP-10590842.FP.FTS.B,
19.49%,
11/18/25
13,577
4,505
APP-09208158.FP.FTS.B,
13.99%,
11/19/25
33,701
34,127
APP-10847056.FP.FTS.B,
11.49%,
11/22/25
27,653
28,065
APP-10841976.FP.FTS.B,
10.99%,
11/28/25
15,461
15,699
APP-10868780.FP.FTS.B,
14.49%,
12/02/25
..........................
25,794
25,957
APP-11025662.FP.FTS.B,
18.99%,
12/06/25
21,630
21,599
APP-11116538.FP.FTS.B,
8.99%,
12/10/25
12,408
12,582
APP-11105408.FP.FTS.B,
10.99%,
12/14/25
10,163
10,318
APP-11843242.FP.FTS.B,
12.24%,
12/15/25
17,077
17,236
Franklin
Universal
Trust
Schedule
of
Investments
franklintempleton.com
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Annual
Report
23
Description
Principal
Amount
Value
Marketplace
Loans
(continued)
Freedom
Financial
Asset
Management
LLC
(continued)
APP-11097002.FP.FTS.B,
17.99%,
12/15/25
$
40,868
$
41,293
APP-11022500.FP.FTS.B,
17.99%,
12/16/25
10,671
10,770
APP-11579320.FP.FTS.B,
16.99%,
12/20/25
18,080
18,171
APP-11648292.FP.FTS.B,
11.24%,
12/29/25
17,754
18,007
APP-11799657.FP.FTS.B,
12.24%,
1/04/26
19,034
19,273
APP-11798391.FP.FTS.B,
18.49%,
1/04/26
9,016
9,066
APP-11733010.FP.FTS.B,
15.74%,
1/28/26
31,185
31,550
APP-12378685.FP.FTS.B,
15.99%,
2/01/26
12,680
12,788
APP-11708353.FP.FTS.B,
18.49%,
2/01/26
17,795
17,867
APP-11757188.FP.FTS.B,
18.24%,
2/02/26
35,985
36,035
APP-11799488.FP.FTS.B,
16.99%,
2/05/26
16,920
17,003
APP-11757063.FP.FTS.B,
17.99%,
2/05/26
18,013
18,065
APP-11763164.FP.FTS.B,
14.49%,
2/07/26
15,662
8,111
APP-11869017.FP.FTS.B,
7.99%,
2/15/26
.
20,496
5,741
APP-12281543.FP.FTS.B,
16.74%,
3/08/26
32,718
32,869
APP-12246304.FP.FTS.B,
18.24%,
3/08/26
29,774
29,835
APP-12401540.FP.FTS.B,
18.24%,
3/08/26
29,138
29,104
APP-12397373.FP.FTS.B,
15.99%,
3/15/26
12,739
12,919
APP-12338754.FP.FTS.B,
20.49%,
3/15/26
11,062
3,627
APP-12032813.FP.FTS.B,
17.99%,
3/17/26
11,789
11,891
APP-12419810.FP.FTS.B,
15.74%,
3/20/26
34,374
34,763
APP-12270812.FP.FTS.B,
16.99%,
3/22/26
11,360
11,503
APP-12421465.FP.FTS.B,
17.99%,
3/23/26
18,766
18,962
APP-13524997.FP.FTS.B,
10.59%,
3/25/26
14,582
14,786
APP-13511680.FP.FTS.B,
12.84%,
5/05/26
14,023
14,218
APP-13256383.FP.FTS.B,
7.99%,
5/18/26
.
35,723
36,345
APP-13477482.FP.FTS.B,
10.34%,
5/18/26
37,414
38,093
APP-13527002.FP.FTS.B,
15.59%,
5/19/26
9,446
9,631
APP-14943761.FP.FTS.B,
15.99%,
6/01/26
19,992
20,181
APP-15146572.FP.FTS.B,
10.74%,
7/15/26
25,019
25,330
APP-15112645.FP.FTS.B,
16.99%,
7/15/26
19,419
19,640
APP-15065994.FP.FTS.B,
17.74%,
7/15/26
46,187
46,820
APP-15053141.FP.FTS.B,
18.99%,
7/15/26
19,445
19,666
APP-15107872.FP.FTS.B,
20.49%,
7/15/26
14,211
14,302
APP-15064308.FP.FTS.B,
22.49%,
7/15/26
21,242
21,414
APP-15054013.FP.FTS.B,
17.99%,
7/20/26
16,016
16,273
APP-15109634.FP.FTS.B,
19.49%,
7/21/26
9,758
9,922
APP-15053667.FP.FTS.B,
17.99%,
7/22/26
12,834
13,053
APP-15073340.FP.FTS.B,
15.99%,
7/25/26
9,747
9,953
APP-14860724.FP.FTS.B,
20.99%,
7/26/26
18,618
18,925
APP-15041042.FP.FTS.B,
26.49%,
7/26/26
7,387
7,506
APP-15111841.FP.FTS.B,
7.84%,
7/28/26
.
29,020
29,597
APP-14956830.FP.FTS.B,
15.74%,
7/28/26
29,223
29,782
APP-15053675.FP.FTS.B,
10.99%,
7/30/26
12,746
13,022
APP-10130115.FP.FTS.B,
20.49%,
8/01/26
22,396
22,205
APP-10133595.FP.FTS.B,
11.99%,
8/11/26
16,886
17,100
APP-10146342.FP.FTS.B,
14.74%,
8/12/26
28,608
28,930
APP-10140897.FP.FTS.B,
16.99%,
8/12/26
18,087
18,261
APP-10145280.FP.FTS.B,
16.99%,
9/15/26
21,198
21,437
APP-10145662.FP.FTS.B,
18.99%,
9/17/26
19,154
19,223
APP-10460831.FP.FTS.B,
21.99%,
9/19/26
6,690
6,697
APP-10572421.FP.FTS.B,
10.49%,
9/20/26
29,684
30,082
APP-10128827.FP.FTS.B,
25.49%,
9/24/26
8,972
8,973
APP-10112510.FP.FTS.B,
16.49%,
9/25/26
10,946
11,113
APP-10061673.FP.FTS.B,
18.49%,
9/25/26
21,945
21,948
APP-10145175.FP.FTS.B,
14.49%,
9/26/26
8,060
8,202
APP-10850556.FP.FTS.B,
11.99%,
10/01/26
18,173
18,317
Description
Principal
Amount
Value
Freedom
Financial
Asset
Management
LLC
(continued)
APP-09931612.FP.FTS.B,
14.24%,
10/03/26
..........................
$
13,837
$
13,928
APP-10838239.FP.FTS.B,
12.49%,
10/12/26
..........................
28,047
28,392
APP-10838238.FP.FTS.B,
11.99%,
10/15/26
1,735
1,735
APP-10835593.FP.FTS.B,
19.49%,
10/15/26
..........................
10,689
10,672
APP-10846417.FP.FTS.B,
22.99%,
10/15/26
..........................
16,937
5,962
APP-10845328.FP.FTS.B,
11.99%,
10/16/26
21,777
22,052
APP-10704368.FP.FTS.B,
14.99%,
10/16/26
..........................
16,862
17,028
APP-10745909.FP.FTS.B,
17.99%,
10/16/26
..........................
44,376
44,800
APP-10829192.FP.FTS.B,
18.99%,
10/16/26
..........................
21,807
21,834
APP-10852939.FP.FTS.B,
16.49%,
10/17/26
..........................
3,150
3,152
APP-10581131.FP.FTS.B,
22.49%,
10/22/26
8,896
8,880
APP-10575367.FP.FTS.B,
20.99%,
10/25/26
..........................
34,188
34,252
APP-10129146.FP.FTS.B,
23.49%,
10/25/26
..........................
20,501
20,537
APP-10575636.FP.FTS.B,
18.49%,
10/30/26
..........................
10,631
10,711
APP-10355079.FP.FTS.B,
18.49%,
11/01/26
35,835
35,797
APP-10916894.FP.FTS.B,
20.49%,
11/01/26
17,348
17,142
APP-10384953.FP.FTS.B,
19.99%,
11/02/26
14,503
14,407
APP-10224478.FP.FTS.B,
20.49%,
11/02/26
23,418
23,418
APP-11119432.FP.FTS.B,
11.99%,
11/03/26
19,471
19,691
APP-10577758.FP.FTS.B,
17.49%,
11/04/26
10,671
10,662
APP-11187454.FP.FTS.B,
22.49%,
11/10/26
9,092
9,024
APP-10848002.FP.FTS.B,
17.99%,
11/19/26
22,265
22,341
APP-10859032.FP.FTS.B,
9.99%,
11/21/26
13,672
13,858
APP-10842381.FP.FTS.B,
12.49%,
11/21/26
31,053
31,482
APP-10830375.FP.FTS.B,
19.99%,
11/21/26
14,064
14,025
APP-10845176.FP.FTS.B,
17.49%,
11/25/26
14,067
1,594
APP-10692450.FP.FTS.B,
17.49%,
11/29/26
23,740
23,868
APP-10671079.FP.FTS.B,
11.99%,
11/30/26
25,819
26,249
APP-10848317.FP.FTS.B,
12.24%,
11/30/26
17,263
4,940
APP-10670975.FP.FTS.B,
21.49%,
11/30/26
14,342
14,378
APP-10860337.FP.FTS.B,
22.99%,
11/30/26
14,384
14,395
APP-11107180.FP.FTS.B,
14.24%,
12/06/26
21,489
21,712
APP-11122151.FP.FTS.B,
16.49%,
12/06/26
14,035
14,170
APP-11094577.FP.FTS.B,
19.49%,
12/08/26
10,955
10,975
APP-11119689.FP.FTS.B,
19.99%,
12/10/26
45,403
45,361
APP-11008022.FP.FTS.B,
11.99%,
12/13/26
12,829
13,011
APP-11123280.FP.FTS.B,
12.49%,
12/14/26
30,249
30,690
APP-11123090.FP.FTS.B,
14.24%,
12/15/26
20,840
21,130
APP-10314454.FP.FTS.B,
15.99%,
12/15/26
..........................
10,370
10,497
APP-11021456.FP.FTS.B,
20.99%,
12/15/26
33,368
33,153
APP-10839250.FP.FTS.B,
17.49%,
12/17/26
..........................
12,866
12,927
APP-11115075.FP.FTS.B,
17.99%,
12/17/26
16,946
–
APP-11680428.FP.FTS.B,
17.99%,
12/17/26
9,931
9,974
APP-11084610.FP.FTS.B,
19.99%,
12/18/26
12,959
12,913
APP-11121084.FP.FTS.B,
17.49%,
12/19/26
16,770
16,866
Franklin
Universal
Trust
Schedule
of
Investments
franklintempleton.com
Annual
Report
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
24
Description
Principal
Amount
Value
Marketplace
Loans
(continued)
Freedom
Financial
Asset
Management
LLC
(continued)
APP-11116084.FP.FTS.B,
19.49%,
12/19/26
$
37,320
$
37,495
APP-11007668.FP.FTS.B,
19.99%,
12/19/26
16,446
16,470
APP-11091099.FP.FTS.B,
9.99%,
12/20/26
27,903
28,339
APP-11111264.FP.FTS.B,
16.49%,
12/20/26
10,849
11,007
APP-11766944.FP.FTS.B,
19.99%,
12/20/26
17,033
3,592
APP-11036570.FP.FTS.B,
22.99%,
12/20/26
14,297
14,240
APP-11874582.FP.FTS.B,
17.49%,
12/23/26
19,905
19,966
APP-11751323.FP.FTS.B,
17.99%,
12/23/26
12,769
12,793
APP-11752200.FP.FTS.B,
21.49%,
12/23/26
17,159
17,118
APP-11767307.FP.FTS.B,
14.49%,
12/24/26
24,971
25,163
APP-11461595.FP.FTS.B,
17.99%,
12/24/26
12,325
12,315
APP-11762193.FP.FTS.B,
18.49%,
12/24/26
16,881
16,877
APP-11759070.FP.FTS.B,
24.99%,
12/24/26
42,702
42,552
APP-11677084.FP.FTS.B,
15.49%,
12/26/26
40,609
41,051
APP-11798581.FP.FTS.B,
16.99%,
12/28/26
17,436
17,600
APP-11799609.FP.FTS.B,
10.99%,
1/01/27
29,229
29,549
APP-11844341.FP.FTS.B,
16.74%,
1/01/27
30,267
30,167
APP-11843108.FP.FTS.B,
16.99%,
1/03/27
20,449
20,242
APP-11870826.FP.FTS.B,
19.99%,
1/04/27
10,466
10,383
APP-11758670.FP.FTS.B,
16.74%,
2/01/27
46,247
46,699
APP-11744634.FP.FTS.B,
19.99%,
2/01/27
15,883
15,782
APP-12399764.FP.FTS.B,
25.49%,
2/01/27
7,340
7,203
APP-11824892.FP.FTS.B,
16.99%,
2/03/27
15,665
15,777
APP-11765220.FP.FTS.B,
11.99%,
2/04/27
45,758
46,328
APP-12235238.FP.FTS.B,
19.99%,
2/04/27
13,807
13,689
APP-12396355.FP.FTS.B,
19.99%,
2/04/27
21,607
21,375
APP-11724933.FP.FTS.B,
14.24%,
2/05/27
13,355
13,533
APP-11702245.FP.FTS.B,
17.49%,
2/05/27
32,504
32,458
APP-11698240.FP.FTS.B,
18.99%,
2/05/27
20,506
20,484
APP-12419304.FP.FTS.B,
19.99%,
2/05/27
7,023
6,992
APP-11674918.FP.FTS.B,
20.49%,
2/05/27
23,386
23,290
APP-11764720.FP.FTS.B,
21.99%,
2/05/27
9,733
9,776
APP-11442714.FP.FTS.B,
12.49%,
2/06/27
34,195
34,703
APP-12397051.FP.FTS.B,
17.49%,
2/06/27
11,197
11,184
APP-11696610.FP.FTS.B,
14.24%,
2/07/27
23,046
23,371
APP-11743079.FP.FTS.B,
16.24%,
2/07/27
37,069
37,041
APP-11757936.FP.FTS.B,
19.99%,
2/07/27
8,794
8,797
APP-11763967.FP.FTS.B,
19.99%,
2/07/27
14,033
13,990
APP-11837813.FP.FTS.B,
20.99%,
2/10/27
11,200
11,083
APP-11792416.FP.FTS.B,
16.49%,
2/11/27
23,969
13,778
APP-11838245.FP.FTS.B,
19.99%,
2/11/27
9,345
9,339
APP-11801863.FP.FTS.B,
8.99%,
2/12/27
.
31,694
32,130
APP-11798652.FP.FTS.B,
11.74%,
2/14/27
45,727
46,403
APP-11843528.FP.FTS.B,
19.99%,
2/14/27
9,336
9,345
APP-11804301.FP.FTS.B,
22.49%,
2/14/27
9,673
9,617
APP-11864146.FP.FTS.B,
11.24%,
2/15/27
16,393
16,640
APP-11872928.FP.FTS.B,
11.24%,
2/15/27
14,695
14,918
APP-11845152.FP.FTS.B,
11.74%,
2/15/27
39,288
39,881
APP-11801830.FP.FTS.B,
16.49%,
2/15/27
18,527
18,758
APP-11842708.FP.FTS.B,
23.49%,
2/16/27
9,426
9,378
APP-11874547.FP.FTS.B,
19.49%,
2/18/27
12,502
12,550
APP-11763914.FP.FTS.B,
23.24%,
2/18/27
21,684
21,572
APP-12304720.FP.FTS.B,
18.74%,
3/06/27
46,753
46,583
APP-12106158.FP.FTS.B,
11.24%,
3/07/27
16,093
16,289
APP-12414983.FP.FTS.B,
19.74%,
3/08/27
28,137
27,877
APP-12404066.FP.FTS.B,
22.49%,
3/08/27
32,500
32,126
APP-12408150.FP.FTS.B,
19.99%,
3/10/27
10,176
5,865
APP-12407302.FP.FTS.B,
18.99%,
3/15/27
10,157
10,197
Description
Principal
Amount
Value
Freedom
Financial
Asset
Management
LLC
(continued)
APP-12272662.FP.FTS.B,
16.49%,
3/17/27
$
18,736
$
18,781
APP-11863466.FP.FTS.B,
25.49%,
3/17/27
9,462
9,412
APP-12385340.FP.FTS.B,
25.49%,
3/17/27
8,436
8,394
APP-12334114.FP.FTS.B,
8.99%,
3/18/27
.
32,813
33,303
APP-12375682.FP.FTS.B,
22.99%,
3/18/27
14,863
14,784
APP-12399677.FP.FTS.B,
19.24%,
3/20/27
18,876
18,811
APP-12341500.FP.FTS.B,
20.49%,
3/20/27
15,708
15,685
APP-12396943.FP.FTS.B,
13.49%,
3/21/27
15,845
16,095
APP-12270734.FP.FTS.B,
16.99%,
3/21/27
17,463
17,735
APP-10314654.FP.FTS.B,
19.74%,
3/21/27
30,814
30,890
APP-12415697.FP.FTS.B,
17.99%,
3/22/27
2,298
2,291
APP-12381900.FP.FTS.B,
18.49%,
3/22/27
19,812
19,918
APP-13531026.FP.FTS.B,
11.59%,
3/28/27
23,364
23,673
APP-13513406.FP.FTS.B,
14.34%,
4/01/27
47,584
48,082
APP-13456975.FP.FTS.B,
14.74%,
4/03/27
47,648
48,092
APP-12164396.FP.FTS.B,
22.99%,
4/22/27
17,623
17,578
APP-13478834.FP.FTS.B,
16.99%,
5/03/27
19,588
19,567
APP-13508795.FP.FTS.B,
9.59%,
5/05/27
.
17,049
17,284
APP-13047632.FP.FTS.B,
11.49%,
5/05/27
13,895
14,054
APP-13485036.FP.FTS.B,
13.34%,
5/06/27
12,610
12,790
APP-13502063.FP.FTS.B,
14.99%,
5/06/27
2,601
2,601
APP-13515740.FP.FTS.B,
17.74%,
5/06/27
35,481
35,752
APP-08710316.FP.FTS.B,
10.99%,
5/13/27
33,097
33,630
APP-13498310.FP.FTS.B,
17.99%,
5/13/27
11,541
11,625
APP-13498730.FP.FTS.B,
11.34%,
5/15/27
19,055
19,374
APP-13533233.FP.FTS.B,
14.09%,
5/15/27
25,181
25,591
APP-13329158.FP.FTS.B,
17.99%,
5/15/27
16,904
16,905
APP-13453359.FP.FTS.B,
18.24%,
5/15/27
28,894
29,082
APP-13410410.FP.FTS.B,
19.99%,
5/15/27
10,163
10,234
APP-13500946.FP.FTS.B,
23.99%,
5/15/27
14,672
14,723
APP-13486869.FP.FTS.B,
11.34%,
5/16/27
30,834
31,346
APP-13531289.FP.FTS.B,
14.09%,
5/16/27
28,339
28,812
APP-13453820.FP.FTS.B,
16.24%,
5/16/27
38,428
39,026
APP-13512105.FP.FTS.B,
19.49%,
5/16/27
25,102
25,287
APP-13473219.FP.FTS.B,
22.49%,
5/16/27
14,297
14,314
APP-13479562.FP.FTS.B,
18.49%,
5/17/27
15,432
15,466
APP-13506828.FP.FTS.B,
16.74%,
5/18/27
32,722
33,266
APP-13227905.FP.FTS.B,
21.99%,
5/18/27
9,703
9,771
APP-13517315.FP.FTS.B,
12.09%,
5/19/27
47,764
48,637
APP-13507352.FP.FTS.B,
20.49%,
5/19/27
9,687
9,778
APP-13531806.FP.FTS.B,
16.99%,
5/20/27
19,277
19,617
APP-13485355.FP.FTS.B,
17.24%,
5/20/27
34,418
34,783
APP-13485605.FP.FTS.B,
18.99%,
5/20/27
13,252
13,456
APP-13518313.FP.FTS.B,
18.99%,
5/20/27
16,438
16,505
APP-13302186.FP.FTS.B,
20.49%,
5/20/27
13,788
13,894
APP-15111331.FP.FTS.B,
11.99%,
6/11/27
21,615
21,922
APP-15050554.FP.FTS.B,
20.99%,
6/12/27
8,327
8,380
APP-14983376.FP.FTS.B,
15.49%,
7/14/27
24,504
24,871
APP-15090828.FP.FTS.B,
23.24%,
7/14/27
15,221
15,319
APP-14906773.FP.FTS.B,
9.74%,
7/15/27
.
38,968
39,620
APP-15064429.FP.FTS.B,
14.49%,
7/15/27
26,391
26,817
APP-15106750.FP.FTS.B,
18.99%,
7/15/27
22,055
22,229
APP-15055216.FP.FTS.B,
19.99%,
7/15/27
17,164
17,347
APP-15070181.FP.FTS.B,
19.99%,
7/15/27
17,164
17,347
APP-15109285.FP.FTS.B,
21.49%,
7/15/27
28,695
28,922
APP-14864382.FP.FTS.B,
11.74%,
7/16/27
19,668
20,007
APP-14865954.FP.FTS.B,
11.74%,
7/16/27
26,634
27,090
APP-15149750.FP.FTS.B,
11.99%,
7/16/27
17,061
17,354
Franklin
Universal
Trust
Schedule
of
Investments
franklintempleton.com
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Annual
Report
25
Description
Principal
Amount
Value
Marketplace
Loans
(continued)
Freedom
Financial
Asset
Management
LLC
(continued)
APP-14958373.FP.FTS.B,
12.24%,
7/16/27
$
17,567
$
17,859
APP-15158424.FP.FTS.B,
11.99%,
7/17/27
18,196
18,514
APP-15019783.FP.FTS.B,
21.24%,
7/19/27
14,759
14,900
APP-15042863.FP.FTS.B,
17.49%,
7/20/27
14,257
14,510
APP-15110929.FP.FTS.B,
23.74%,
7/21/27
29,863
30,339
APP-14914244.FP.FTS.B,
20.99%,
7/22/27
13,797
13,987
APP-15057995.FP.FTS.B,
18.99%,
7/23/27
9,845
10,037
APP-15069814.FP.FTS.B,
11.74%,
7/25/27
12,060
12,303
APP-15058449.FP.FTS.B,
11.99%,
7/25/27
11,851
12,088
APP-14901536.FP.FTS.B,
13.99%,
7/25/27
29,359
29,944
APP-15078317.FP.FTS.B,
13.99%,
7/25/27
20,585
20,997
APP-15055723.FP.FTS.B,
11.24%,
7/26/27
31,316
31,948
APP-15048744.FP.FTS.B,
16.49%,
7/27/27
22,645
23,036
APP-14689753.FP.FTS.B,
18.99%,
7/27/27
22,198
22,556
APP-15039962.FP.FTS.B,
12.49%,
7/28/27
49,030
50,071
APP-15053719.FP.FTS.B,
16.99%,
7/28/27
10,935
11,170
APP-15133409.FP.FTS.B,
15.49%,
7/30/27
25,276
25,832
APP-15053776.FP.FTS.B,
17.49%,
7/30/27
11,840
12,056
APP-15068287.FP.FTS.B,
26.99%,
8/26/27
9,929
10,127
APP-15070551.FP.FTS.B,
24.74%,
8/27/27
17,223
17,566
APP-15053335.FP.FTS.B,
23.49%,
8/28/27
10,508
10,727
APP-15085248.FP.FTS.B,
22.74%,
8/29/27
12,886
13,154
6,132,476
LendingClub
Corp.
159444276.LC.FTS.B,
11.71%,
10/07/22
..
2,608
2,604
159851638.LC.FTS.B,
18.62%,
10/07/22
..
606
607
160698361.LC.FTS.B,
Zero
Cpn,
10/23/22
12,546
5,700
161307831.LC.FTS.B,
13.08%,
11/05/22
..
1,584
1,578
161330945.LC.FTS.B,
20.55%,
11/05/22
..
655
651
162691500.LC.FTS.B,
23.05%,
12/02/22
..
3,694
3,682
163082276.LC.FTS.B,
16.12%,
12/25/22
..
821
817
163426985.LC.FTS.B,
17.74%,
12/26/22
..
2,384
451
160507437.LC.FTS.B,
17.74%,
12/30/22
..
2,932
2,846
164288173.LC.FTS.B,
12.4%,
1/03/23
...
4,049
4,008
164260503.LC.FTS.B,
17.74%,
1/03/23
...
1,727
1,702
164271498.LC.FTS.B,
17.74%,
1/03/23
...
1,379
1,366
161435144.LC.FTS.B,
13.08%,
1/05/23
...
2,262
2,234
164374418.LC.FTS.B,
20.55%,
1/07/23
...
1,762
1,756
164230564.LC.FTS.B,
23.05%,
1/07/23
...
1,372
1,368
164752651.LC.FTS.B,
11.71%,
1/13/23
...
1,606
1,592
165274334.LC.FTS.B,
15.24%,
1/22/23
...
1,712
1,705
153745806.LC.FTS.B,
25%,
2/19/23
.....
938
924
167040921.LC.FTS.B,
20.55%,
2/20/23
...
947
940
166940539.LC.FTS.B,
17.74%,
2/24/23
...
2,771
2,751
166461550.LC.FTS.B,
18.62%,
2/25/23
...
4,218
4,204
167401494.LC.FTS.B,
17.74%,
2/26/23
...
6,152
2,674
163724403.LC.FTS.B,
17.74%,
2/28/23
...
8,650
8,530
168163559.LC.FTS.B,
14.3%,
3/11/23
....
4,584
4,517
168167134.LC.FTS.B,
14.3%,
3/11/23
....
1,375
1,355
168118890.LC.FTS.B,
14.3%,
3/12/23
....
8,947
8,795
167712619.LC.FTS.B,
16.12%,
3/15/23
...
2,174
2,135
168278154.LC.FTS.B,
16.95%,
3/15/23
...
2,806
2,765
168533173.LC.FTS.B,
15.24%,
3/17/23
...
2,316
2,286
167535348.LC.FTS.B,
15.24%,
3/18/23
...
1,588
1,561
168554036.LC.FTS.B,
16.95%,
3/19/23
...
3,302
3,261
168136459.LC.FTS.B,
18.62%,
3/26/23
...
2,832
2,812
162121370.LC.FTS.B,
18.62%,
4/17/23
...
4,204
4,133
Description
Principal
Amount
Value
LendingClub
Corp.
(continued)
161121841.LC.FTS.B,
17.74%,
5/09/23
...
$
5,852
$
5,622
164840710.LC.FTS.B,
11.02%,
7/13/23
...
8,127
7,610
165275435.LC.FTS.B,
16.95%,
8/21/23
...
10,104
7,853
161597561.LC.FTS.B,
14.3%,
11/08/23
...
7,010
1,254
161393306.LC.FTS.B,
25.65%,
11/20/23
..
13,983
13,679
163789996.LC.FTS.B,
18.62%,
11/23/23
..
3,269
3,173
164493400.LC.FTS.B,
5%,
1/07/24
......
4,631
4,501
153974620.LC.FTS.B,
14.3%,
6/24/24
...
10,823
10,472
154144733.LC.FTS.B,
12.4%,
6/26/24
...
9,146
8,835
153904028.LC.FTS.B,
17.74%,
6/30/24
...
8,141
7,860
155451456.LC.FTS.B,
11.02%,
7/17/24
...
14,072
13,583
155408143.LC.FTS.B,
16.95%,
7/22/24
...
12,370
11,930
154596020.LC.FTS.B,
16.12%,
7/24/24
...
19,032
18,332
154977601.LC.FTS.B,
16.95%,
7/28/24
...
9,730
1,792
155731933.LC.FTS.B,
15.24%,
7/29/24
...
14,245
13,722
155823205.LC.FTS.B,
14.3%,
8/01/24
...
8,351
7,978
156235700.LC.FTS.B,
17.74%,
8/06/24
...
7,099
6,803
156759369.LC.FTS.B,
12.4%,
8/09/24
...
11,399
10,950
156752978.LC.FTS.B,
14.3%,
8/09/24
...
18,973
18,161
156812488.LC.FTS.B,
14.3%,
8/12/24
...
5,168
4,961
158130288.LC.FTS.B,
14.3%,
9/04/24
...
7,306
6,983
159089545.LC.FTS.B,
16.95%,
9/23/24
...
6,238
5,988
159106791.LC.FTS.B,
17.74%,
9/23/24
...
7,698
7,389
159001219.LC.FTS.B,
12.4%,
9/26/24
...
12,848
12,378
158913750.LC.FTS.B,
11.71%,
9/30/24
...
12,202
11,674
155686835.LC.FTS.B,
16.95%,
9/30/24
...
6,481
6,194
160792694.LC.FTS.B,
13.08%,
10/23/24
..
20,546
19,682
160768091.LC.FTS.B,
16.95%,
10/23/24
..
7,980
7,613
160029837.LC.FTS.B,
12.4%,
10/29/24
...
16,542
15,802
158011325.LC.FTS.B,
14.3%,
11/03/24
...
9,096
8,593
161424051.LC.FTS.B,
10.33%,
11/05/24
..
7,643
7,294
161483895.LC.FTS.B,
13.08%,
11/07/24
..
6,368
6,080
162010515.LC.FTS.B,
17.74%,
11/18/24
..
5,937
5,662
157902245.LC.FTS.B,
15.24%,
11/30/24
..
5,890
5,634
162934170.LC.FTS.B,
16.12%,
12/06/24
..
10,868
10,284
162923894.LC.FTS.B,
18.62%,
12/06/24
..
5,808
5,554
163764805.LC.FTS.B,
Zero
Cpn,
12/23/24
12,790
6,282
163557424.LC.FTS.B,
11.02%,
12/30/24
..
12,007
11,593
160768654.LC.FTS.B,
13.08%,
12/31/24
..
11,890
11,275
162624241.LC.FTS.B,
13.08%,
12/31/24
..
17,831
6,161
164671360.LC.FTS.B,
11.02%,
1/10/25
...
14,659
13,940
164758820.LC.FTS.B,
11.71%,
1/13/25
...
5,175
4,931
164529142.LC.FTS.B,
12.4%,
1/18/25
...
14,996
14,249
163766174.LC.FTS.B,
17.74%,
1/21/25
...
10,836
3,922
164548038.LC.FTS.B,
11.02%,
1/25/25
...
18,406
17,501
165045221.LC.FTS.B,
15.24%,
1/28/25
...
20,330
19,281
165707974.LC.FTS.B,
20.55%,
1/28/25
...
3,850
3,697
164089980.LC.FTS.B,
17.74%,
2/28/25
...
7,987
7,493
167132427.LC.FTS.B,
20.55%,
2/28/25
...
12,987
12,359
167747801.LC.FTS.B,
16.12%,
3/15/25
...
9,953
9,360
168420680.LC.FTS.B,
17.74%,
3/16/25
...
13,188
12,419
166170570.LC.FTS.B,
17.74%,
3/17/25
...
10,786
10,147
168140265.LC.FTS.B,
15.24%,
3/21/25
...
13,559
12,771
154830437.LC.FTS.B,
16.95%,
4/15/25
...
6,298
5,643
167712249.LC.FTS.B,
14.3%,
4/20/25
...
18,522
17,498
167079278.LC.FTS.B,
20.55%,
5/01/25
...
21,127
19,472
151259806.LC.FTS.B,
20%,
5/04/25
.....
12,276
2,241
165352318.LC.FTS.B,
15.24%,
6/22/25
...
20,785
18,618
Franklin
Universal
Trust
Schedule
of
Investments
franklintempleton.com
Annual
Report
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
26
Description
Principal
Amount
Value
Marketplace
Loans
(continued)
LendingClub
Corp.
(continued)
160804707.LC.FTS.B,
Zero
Cpn,
6/23/25
.
$
13,925
$
1,311
164683343.LC.FTS.B,
20.55%,
8/16/25
...
7,905
1,495
166444317.LC.FTS.B,
13.08%,
11/04/25
..
28,616
24,119
160809803.LC.FTS.B,
13.08%,
11/23/25
..
17,912
15,101
165520144.LC.FTS.B,
20.55%,
3/05/26
...
12,954
12,059
158839038.LC.FTS.B,
16.12%,
9/16/32
...
425
423
154022189.LC.FTS.B,
17.74%,
9/17/32
...
343
342
158584585.LC.FTS.B,
16.95%,
9/24/32
...
287
286
159209497.LC.FTS.B,
18.62%,
9/25/32
...
359
361
158674158.LC.FTS.B,
16.95%,
9/30/32
...
1,630
160
706,695
LendingClub
Corp.
-
LCX
161935731.LC.FTS.B,
14.3%,
11/15/22
...
1,609
1,613
161175578.LC.FTS.B,
20.55%,
11/20/22
..
3,808
3,821
165150776.LC.FTS.B,
18.62%,
1/21/23
...
2,786
2,802
165327223.LC.FTS.B,
20.55%,
1/21/23
...
283
282
166157039.LC.FTS.B,
25.65%,
2/15/23
...
8,762
8,694
164620294.LC.FTS.B,
23.05%,
3/21/23
...
981
973
161911117.LC.FTS.B,
20.55%,
11/14/24
..
3,453
3,386
164542068.LC.FTS.B,
25.65%,
1/21/25
...
8,291
7,989
157483547.LC.FTS.B,
16.95%,
8/26/32
...
2,773
525
157395789.LC.FTS.B,
17.74%,
8/31/32
...
318
320
159192001.LC.FTS.B,
17.74%,
9/24/32
...
1,437
1,421
31,826
LendingClub
Corp.
-
LCX
PM
171545777.LC.FTS.B,
10.81%,
10/30/23
..
2,662
2,562
171728432.LC.FTS.B,
17.3%,
10/30/23
...
4,509
4,378
172078618.LC.FTS.B,
8.46%,
11/27/23
...
8,963
8,461
173017997.LC.FTS.B,
14.02%,
12/17/23
..
1,191
1,158
172997264.LC.FTS.B,
14.02%,
12/19/23
..
4,972
4,757
173574789.LC.FTS.B,
19.95%,
1/07/24
...
4,368
4,219
173374603.LC.FTS.B,
19.12%,
1/13/24
...
7,385
7,131
184905245.LC.FTS.B,
15.99%,
1/13/25
...
13,455
12,424
185022110.LC.FTS.B,
18.99%,
1/13/25
...
16,942
16,527
184889420.LC.FTS.B,
15.99%,
1/17/25
...
22,594
988
184916811.LC.FTS.B,
15.99%,
1/18/25
...
8,410
8,253
184794872.LC.FTS.B,
17.19%,
1/18/25
...
8,760
6,809
185107591.LC.FTS.B,
17.99%,
1/18/25
...
414
410
185116420.LC.FTS.B,
18.99%,
1/18/25
...
7,701
7,571
185090414.LC.FTS.B,
19.99%,
1/18/25
...
8,491
8,289
185085067.LC.FTS.B,
22.99%,
1/18/25
...
14,536
14,210
185170289.LC.FTS.B,
15.99%,
1/19/25
...
9,251
8,760
185222066.LC.FTS.B,
15.99%,
1/19/25
...
5,196
5,059
185225789.LC.FTS.B,
20.99%,
1/19/25
...
12,767
12,466
185231531.LC.FTS.B,
21.49%,
1/19/25
...
3,408
3,334
184827001.LC.FTS.B,
11.99%,
1/21/25
...
1,665
1,655
184577634.LC.FTS.B,
15.49%,
1/25/25
...
5,879
5,780
185449370.LC.FTS.B,
18.44%,
1/25/25
...
10,152
9,932
185337050.LC.FTS.B,
20.99%,
1/25/25
...
20,427
19,980
185529283.LC.FTS.B,
18.99%,
1/27/25
...
16,942
16,591
185074501.LC.FTS.B,
12.74%,
1/29/25
...
4,184
4,145
185617939.LC.FTS.B,
18.49%,
1/31/25
...
12,690
12,531
185591984.LC.FTS.B,
18.99%,
1/31/25
...
12,173
11,929
184733710.LC.FTS.B,
24.99%,
1/31/25
...
2,998
2,943
185493347.LC.FTS.B,
16.49%,
2/01/25
...
17,349
17,044
185513167.LC.FTS.B,
16.99%,
2/01/25
...
7,816
7,678
Description
Principal
Amount
Value
LendingClub
Corp.
-
LCX
PM
(continued)
185743058.LC.FTS.B,
12.19%,
2/02/25
...
$
6,860
$
6,715
185670318.LC.FTS.B,
15.44%,
2/02/25
...
12,954
12,407
185694876.LC.FTS.B,
15.49%,
2/02/25
...
9,932
9,739
185720673.LC.FTS.B,
14.49%,
2/04/25
...
5,171
4,984
184778654.LC.FTS.B,
16.19%,
2/04/25
...
3,027
2,971
185764512.LC.FTS.B,
19.99%,
2/04/25
...
21,794
21,265
184922844.LC.FTS.B,
15.99%,
2/05/25
...
13,940
13,701
185806351.LC.FTS.B,
18.99%,
2/07/25
...
10,460
10,244
185828353.LC.FTS.B,
22.99%,
2/08/25
...
15,785
15,234
186050160.LC.FTS.B,
15.99%,
2/10/25
...
15,130
14,810
185687275.LC.FTS.B,
17.44%,
2/10/25
...
4,336
4,261
186038688.LC.FTS.B,
18.99%,
2/10/25
...
21,750
21,260
185828265.LC.FTS.B,
19.44%,
2/10/25
...
13,933
13,619
185614486.LC.FTS.B,
19.99%,
2/10/25
...
21,802
21,368
186144016.LC.FTS.B,
Zero
Cpn,
2/14/25
.
7,402
700
185157324.LC.FTS.B,
16.49%,
2/14/25
...
8,309
8,170
185731098.LC.FTS.B,
18.99%,
2/14/25
...
3,480
3,404
186130490.LC.FTS.B,
18.99%,
2/14/25
...
14,370
389
186141198.LC.FTS.B,
18.99%,
2/14/25
...
4,350
4,255
186109882.LC.FTS.B,
21.99%,
2/14/25
...
17,940
6,820
186135777.LC.FTS.B,
22.99%,
2/14/25
...
7,366
7,210
185870831.LC.FTS.B,
15.99%,
2/15/25
...
6,242
6,156
185951058.LC.FTS.B,
17.69%,
2/15/25
...
4,793
4,706
186248821.LC.FTS.B,
12.94%,
2/16/25
...
12,922
12,805
185664927.LC.FTS.B,
18.49%,
2/16/25
...
4,378
4,298
186046548.LC.FTS.B,
16.49%,
2/17/25
...
4,345
4,287
185952586.LC.FTS.B,
16.99%,
2/17/25
...
5,640
5,563
185769830.LC.FTS.B,
19.94%,
2/19/25
...
8,357
8,212
188498393.LC.FTS.B,
18.99%,
4/25/25
...
29,969
29,827
188682908.LC.FTS.B,
21.79%,
4/25/25
...
3,940
3,921
187330959.LC.FTS.B,
23.99%,
4/25/25
...
13,811
13,745
188539697.LC.FTS.B,
27.99%,
4/25/25
...
8,328
8,287
188790970.LC.FTS.B,
19.99%,
4/27/25
...
22,898
22,115
188805747.LC.FTS.B,
22.49%,
4/27/25
...
16,541
16,331
188578940.LC.FTS.B,
23.99%,
4/27/25
...
921
917
188852266.LC.FTS.B,
23.99%,
4/27/25
...
5,524
5,502
188854471.LC.FTS.B,
24.79%,
4/27/25
...
4,608
4,589
188781202.LC.FTS.B,
15.99%,
4/28/25
...
13,208
12,640
188845200.LC.FTS.B,
16.99%,
4/28/25
...
1,824
1,825
188849723.LC.FTS.B,
19.49%,
4/28/25
...
1,831
1,825
188860532.LC.FTS.B,
22.99%,
4/28/25
...
1,779
1,780
188894731.LC.FTS.B,
23.99%,
4/28/25
...
2,931
2,922
188623124.LC.FTS.B,
19.49%,
4/30/25
...
37,591
35,054
188683873.LC.FTS.B,
23.99%,
5/01/25
...
11,317
11,278
171733583.LC.FTS.B,
18.24%,
10/30/25
..
16,106
15,502
173004399.LC.FTS.B,
15.4%,
12/16/25
...
7,440
7,205
172637623.LC.FTS.B,
16.08%,
12/17/25
..
13,509
13,087
173844190.LC.FTS.B,
21.99%,
1/23/26
...
15,158
14,864
184987590.LC.FTS.B,
19.73%,
1/13/27
...
9,272
8,840
185030629.LC.FTS.B,
28.99%,
1/13/27
...
5,658
5,505
184976261.LC.FTS.B,
15.44%,
1/18/27
...
18,377
17,231
185102499.LC.FTS.B,
17.49%,
1/18/27
...
13,843
13,633
185105381.LC.FTS.B,
17.74%,
1/18/27
...
11,077
10,909
185246556.LC.FTS.B,
18.49%,
1/19/27
...
4,593
4,493
185174308.LC.FTS.B,
19.73%,
1/19/27
...
28,465
5,098
185242092.LC.FTS.B,
20.99%,
1/19/27
...
27,670
27,063
185186598.LC.FTS.B,
21.99%,
1/19/27
...
7,450
7,265
185203099.LC.FTS.B,
21.99%,
1/19/27
...
13,038
12,712
Franklin
Universal
Trust
Schedule
of
Investments
franklintempleton.com
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Annual
Report
27
Description
Principal
Amount
Value
Marketplace
Loans
(continued)
LendingClub
Corp.
-
LCX
PM
(continued)
185257156.LC.FTS.B,
23.99%,
1/19/27
...
$
12,620
$
12,302
185208719.LC.FTS.B,
27.99%,
1/19/27
...
9,009
8,777
185021259.LC.FTS.B,
24.99%,
1/20/27
...
22,597
22,091
185284755.LC.FTS.B,
20.24%,
1/21/27
...
21,764
21,310
185298966.LC.FTS.B,
21.49%,
1/21/27
...
23,260
22,709
184608676.LC.FTS.B,
21.99%,
1/21/27
...
13,945
13,613
185190835.LC.FTS.B,
21.99%,
1/21/27
...
18,626
18,184
185280664.LC.FTS.B,
21.99%,
1/21/27
...
16,112
15,697
185094462.LC.FTS.B,
22.99%,
1/21/27
...
11,197
10,930
185295974.LC.FTS.B,
23.99%,
1/21/27
...
26,174
25,547
185215933.LC.FTS.B,
28.99%,
1/21/27
...
16,973
16,557
185275950.LC.FTS.B,
15.44%,
1/23/27
...
19,339
855
185067921.LC.FTS.B,
17.74%,
1/24/27
...
18,532
17,980
185461521.LC.FTS.B,
23.99%,
1/25/27
...
18,696
18,263
185510835.LC.FTS.B,
20.99%,
1/27/27
...
25,096
24,611
184953769.LC.FTS.B,
21.99%,
1/27/27
...
26,076
25,509
185465019.LC.FTS.B,
21.99%,
1/27/27
...
23,282
22,776
185285978.LC.FTS.B,
23.19%,
1/27/27
...
28,002
27,390
184862697.LC.FTS.B,
13.19%,
1/28/27
...
14,231
13,928
185051135.LC.FTS.B,
23.99%,
1/28/27
...
22,232
21,746
185593614.LC.FTS.B,
14.94%,
1/31/27
...
5,499
5,448
185625736.LC.FTS.B,
17.24%,
1/31/27
...
13,813
13,640
185553869.LC.FTS.B,
17.44%,
1/31/27
...
16,256
16,051
185606478.LC.FTS.B,
20.99%,
1/31/27
...
23,676
23,231
185551601.LC.FTS.B,
23.19%,
1/31/27
...
23,281
22,787
185325210.LC.FTS.B,
21.49%,
2/01/27
...
22,738
22,141
184820033.LC.FTS.B,
22.49%,
2/03/27
...
23,698
23,075
185801067.LC.FTS.B,
15.19%,
2/04/27
...
13,957
13,632
185785605.LC.FTS.B,
16.99%,
2/04/27
...
22,405
22,074
185794411.LC.FTS.B,
18.99%,
2/04/27
...
28,107
27,492
185773530.LC.FTS.B,
21.99%,
2/04/27
...
14,125
13,756
185579608.LC.FTS.B,
23.99%,
2/04/27
...
28,340
27,597
185803689.LC.FTS.B,
12.69%,
2/08/27
...
37,038
34,787
185670781.LC.FTS.B,
14.74%,
2/08/27
...
37,186
36,477
186002061.LC.FTS.B,
14.94%,
2/08/27
...
13,479
13,339
185765188.LC.FTS.B,
19.49%,
2/08/27
...
23,232
22,339
185965503.LC.FTS.B,
19.99%,
2/08/27
...
4,880
4,755
185788975.LC.FTS.B,
20.44%,
2/08/27
...
37,569
36,606
184697668.LC.FTS.B,
22.49%,
2/08/27
...
19,047
18,611
185500483.LC.FTS.B,
23.99%,
2/08/27
...
33,064
32,222
186105140.LC.FTS.B,
14.99%,
2/10/27
...
11,161
10,954
186053383.LC.FTS.B,
18.49%,
2/10/27
...
23,402
22,927
186004411.LC.FTS.B,
21.99%,
2/10/27
...
13,230
12,911
186037923.LC.FTS.B,
23.49%,
2/10/27
...
6,608
6,448
186057988.LC.FTS.B,
23.99%,
2/10/27
...
18,896
18,480
186073191.LC.FTS.B,
23.99%,
2/10/27
...
9,444
9,215
186131505.LC.FTS.B,
14.94%,
2/14/27
...
11,160
11,055
185962334.LC.FTS.B,
16.49%,
2/14/27
...
32,644
32,219
186055580.LC.FTS.B,
19.49%,
2/14/27
...
15,003
14,707
186072313.LC.FTS.B,
19.99%,
2/14/27
...
15,017
14,758
184948000.LC.FTS.B,
23.99%,
2/14/27
...
28,340
27,676
186114907.LC.FTS.B,
24.99%,
2/14/27
...
9,461
9,239
185957980.LC.FTS.B,
10.99%,
2/15/27
...
29,979
29,636
185644818.LC.FTS.B,
17.24%,
2/15/27
...
37,626
35,720
185796432.LC.FTS.B,
21.99%,
2/15/27
...
18,980
18,598
186037630.LC.FTS.B,
23.99%,
2/15/27
...
14,225
13,936
185440062.LC.FTS.B,
17.49%,
2/16/27
...
20,557
20,297
185737435.LC.FTS.B,
19.74%,
2/16/27
...
15,845
15,539
Description
Principal
Amount
Value
LendingClub
Corp.
-
LCX
PM
(continued)
186256667.LC.FTS.B,
20.49%,
2/16/27
...
$
19,937
$
19,467
186258250.LC.FTS.B,
21.99%,
2/16/27
...
9,416
9,203
186160994.LC.FTS.B,
23.99%,
2/16/27
...
18,893
18,463
186255693.LC.FTS.B,
28.99%,
2/16/27
...
7,614
7,438
185994246.LC.FTS.B,
23.99%,
2/17/27
...
7,607
7,454
185972627.LC.FTS.B,
22.69%,
2/23/27
...
12,863
12,665
185584314.LC.FTS.B,
23.99%,
2/28/27
...
12,252
12,033
186094287.LC.FTS.B,
24.99%,
2/28/27
...
9,648
9,480
188640868.LC.FTS.B,
20.99%,
4/25/27
...
19,487
19,116
188665152.LC.FTS.B,
20.99%,
4/25/27
...
9,754
9,652
188676937.LC.FTS.B,
22.99%,
4/25/27
...
11,554
11,486
188681928.LC.FTS.B,
22.99%,
4/25/27
...
9,521
9,461
188661710.LC.FTS.B,
23.19%,
4/25/27
...
9,630
9,574
188615433.LC.FTS.B,
23.99%,
4/25/27
...
7,715
7,695
188722342.LC.FTS.B,
28.99%,
4/25/27
...
6,780
6,739
188741644.LC.FTS.B,
20.49%,
4/26/27
...
19,148
18,209
188818650.LC.FTS.B,
20.99%,
4/26/27
...
6,149
6,135
188082596.LC.FTS.B,
21.49%,
4/26/27
...
19,225
18,505
188826193.LC.FTS.B,
22.99%,
4/26/27
...
7,703
7,660
188684882.LC.FTS.B,
23.99%,
4/26/27
...
5,761
5,649
188570436.LC.FTS.B,
25.99%,
4/26/27
...
6,954
6,692
188808287.LC.FTS.B,
25.99%,
4/26/27
...
2,897
268
188791237.LC.FTS.B,
27.99%,
4/26/27
...
17,569
17,426
188850161.LC.FTS.B,
18.99%,
4/27/27
...
7,669
7,654
188736809.LC.FTS.B,
19.99%,
4/27/27
...
12,476
11,822
188709996.LC.FTS.B,
20.49%,
4/27/27
...
28,807
27,163
188698368.LC.FTS.B,
20.99%,
4/27/27
...
21,137
20,416
188844587.LC.FTS.B,
20.99%,
4/27/27
...
9,608
9,588
188172463.LC.FTS.B,
22.49%,
4/27/27
...
10,991
10,682
188683114.LC.FTS.B,
23.99%,
4/27/27
...
38,554
38,353
188821742.LC.FTS.B,
23.99%,
4/27/27
...
19,277
19,176
188832786.LC.FTS.B,
27.99%,
4/27/27
...
4,838
4,813
188838885.LC.FTS.B,
28.99%,
4/27/27
...
9,686
9,634
188770586.LC.FTS.B,
21.49%,
4/28/27
...
17,303
16,993
188842402.LC.FTS.B,
21.49%,
4/28/27
...
5,768
5,717
188724009.LC.FTS.B,
22.99%,
4/28/27
...
34,660
34,558
188825826.LC.FTS.B,
23.49%,
4/28/27
...
9,633
9,548
188329392.LC.FTS.B,
25.99%,
4/28/27
...
19,665
3,880
188877761.LC.FTS.B,
25.99%,
4/28/27
...
7,163
7,095
188729615.LC.FTS.B,
28.99%,
4/28/27
...
24,217
24,193
188806927.LC.FTS.B,
23.99%,
4/30/27
...
14,649
14,696
188652977.LC.FTS.B,
23.99%,
5/24/27
...
3,449
3,390
185950419.LC.FTS.B,
19.94%,
10/16/27
..
38,701
37,582
188759826.LC.FTS.B,
18.99%,
12/17/27
..
29,630
29,036
2,545,101
Prosper
Funding
LLC
1609447.PS.FTS.B,
12.06%,
8/17/24
....
7,058
6,818
1606124.PS.FTS.B,
12.3%,
8/17/24
.....
7,435
7,185
1606139.PS.FTS.B,
12.8%,
8/17/24
.....
3,507
3,388
1606130.PS.FTS.B,
14.89%,
8/17/24
....
7,146
6,870
1616481.PS.FTS.B,
14.89%,
8/17/24
....
10,719
10,305
1609444.PS.FTS.B,
15%,
8/17/24
.......
4,290
4,124
1610038.PS.FTS.B,
15%,
8/17/24
.......
6,037
5,806
1606751.PS.FTS.B,
18.41%,
8/17/24
....
7,254
6,973
1611259.PS.FTS.B,
13.5%,
8/19/24
.....
3,874
3,750
1607870.PS.FTS.B,
14%,
8/19/24
.......
6,407
6,193
1618077.PS.FTS.B,
15.4%,
8/19/24
.....
2,865
2,756
Franklin
Universal
Trust
Schedule
of
Investments
franklintempleton.com
Annual
Report
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
28
Description
Principal
Amount
Value
Marketplace
Loans
(continued)
Prosper
Funding
LLC
(continued)
1618524.PS.FTS.B,
15.2%,
8/20/24
.....
$
7,156
$
6,888
1608122.PS.FTS.B,
19.8%,
8/20/24
.....
1,326
1,286
1619058.PS.FTS.B,
19%,
8/23/24
.......
1,454
1,413
1612303.PS.FTS.B,
20.8%,
8/23/24
.....
14,652
14,234
1609562.PS.FTS.B,
19.8%,
8/24/24
.....
7,296
7,092
1610156.PS.FTS.B,
24.6%,
8/24/24
.....
1,488
1,457
1610720.PS.FTS.B,
16.6%,
8/25/24
.....
5,759
5,554
1610444.PS.FTS.B,
18.09%,
8/25/24
....
10,144
9,835
1610027.PS.FTS.B,
18.09%,
8/27/24
....
5,083
4,926
1625728.PS.FTS.B,
12.49%,
9/16/24
....
18,318
17,691
1622147.PS.FTS.B,
13.6%,
9/16/24
.....
1,472
1,422
1632609.PS.FTS.B,
14.39%,
9/16/24
....
5,168
4,961
1626067.PS.FTS.B,
15.4%,
9/17/24
.....
10,155
9,751
1632888.PS.FTS.B,
17.96%,
9/17/24
....
2,130
2,046
1622420.PS.FTS.B,
19.86%,
9/17/24
....
8,801
8,500
1622396.PS.FTS.B,
20.4%,
9/17/24
.....
3,674
3,547
1626424.PS.FTS.B,
11.7%,
9/20/24
.....
8,051
7,788
1634583.PS.FTS.B,
18.4%,
9/21/24
.....
2,250
2,178
1623410.PS.FTS.B,
18.5%,
9/21/24
.....
1,500
1,452
1623737.PS.FTS.B,
18.7%,
9/21/24
.....
1,501
1,453
1634322.PS.FTS.B,
20.46%,
9/21/24
....
2,267
2,194
1628590.PS.FTS.B,
24.51%,
9/22/24
....
7,548
7,355
1629025.PS.FTS.B,
19.5%,
9/23/24
.....
7,530
7,297
1626395.PS.FTS.B,
13.87%,
9/24/24
....
25,788
24,831
1625876.PS.FTS.B,
14.41%,
9/24/24
....
18,459
17,864
1625882.PS.FTS.B,
14.85%,
9/24/24
....
815
799
1626680.PS.FTS.B,
16%,
9/27/24
.......
8,916
8,595
1628891.PS.FTS.B,
14.94%,
9/29/24
....
3,824
3,689
1634534.PS.FTS.B,
11.6%,
10/08/24
....
3,795
3,663
1630510.PS.FTS.B,
11.97%,
10/10/24
....
5,707
5,533
1648309.PS.FTS.B,
14.49%,
10/26/24
...
7,640
7,357
1645271.PS.FTS.B,
10.8%,
10/27/24
....
14,320
13,874
1648648.PS.FTS.B,
16%,
10/27/24
......
3,100
2,986
1645670.PS.FTS.B,
17.8%,
10/27/24
....
2,706
2,622
1655772.PS.FTS.B,
21.23%,
10/27/24
...
3,911
3,789
1649014.PS.FTS.B,
22.7%,
10/27/24
....
3,026
2,948
1656261.PS.FTS.B,
16%,
10/28/24
......
5,377
5,182
1646495.PS.FTS.B,
13.3%,
10/29/24
....
18,969
18,093
1646552.PS.FTS.B,
15.29%,
10/29/24
...
11,861
11,434
1650988.PS.FTS.B,
15.4%,
11/01/24
....
6,408
6,113
1648499.PS.FTS.B,
17%,
11/02/24
......
5,590
5,329
1659951.PS.FTS.B,
18.09%,
11/04/24
....
2,393
2,286
1661430.PS.FTS.B,
12%,
11/05/24
......
8,605
8,296
1652093.PS.FTS.B,
12.33%,
11/08/24
....
2,741
2,644
1658149.PS.FTS.B,
13.4%,
11/08/24
....
3,929
3,756
1664622.PS.FTS.B,
16.9%,
11/08/24
....
1,987
1,903
1664838.PS.FTS.B,
20.01%,
11/08/24
....
4,330
4,146
1666485.PS.FTS.B,
10.5%,
11/09/24
....
3,113
3,005
1665699.PS.FTS.B,
15%,
11/09/24
......
6,319
6,043
1660360.PS.FTS.B,
14.39%,
11/10/24
....
3,942
3,771
1653836.PS.FTS.B,
14.79%,
11/10/24
....
1,579
1,510
1645667.PS.FTS.B,
16.6%,
11/10/24
....
8,005
7,733
1660285.PS.FTS.B,
18.9%,
11/10/24
....
1,599
1,533
1661320.PS.FTS.B,
12.3%,
11/12/24
....
6,656
6,428
1661257.PS.FTS.B,
17.8%,
11/12/24
....
1,594
1,530
1661617.PS.FTS.B,
10.89%,
11/15/24
....
7,794
7,533
1661575.PS.FTS.B,
12%,
11/15/24
......
5,961
4,892
1655723.PS.FTS.B,
15.1%,
11/15/24
....
15,803
15,149
Description
Principal
Amount
Value
Prosper
Funding
LLC
(continued)
1651433.PS.FTS.B,
12.4%,
11/19/24
....
$
12,924
$
13,034
1666494.PS.FTS.B,
18.9%,
11/22/24
....
8,279
8,279
1672573.PS.FTS.B,
17%,
12/03/24
......
1,778
237
1678378.PS.FTS.B,
10.5%,
12/14/24
....
18,556
18,556
1685274.PS.FTS.B,
10.54%,
12/14/24
...
1,586
1,535
1672739.PS.FTS.B,
13.6%,
12/14/24
....
11,988
11,601
1685619.PS.FTS.B,
14.39%,
12/14/24
...
4,881
4,686
1672733.PS.FTS.B,
15%,
12/14/24
......
8,146
7,809
1678399.PS.FTS.B,
16.3%,
12/14/24
....
2,044
1,962
1678747.PS.FTS.B,
19.3%,
12/14/24
....
1,649
1,582
1679110.PS.FTS.B,
13.36%,
12/15/24
....
7,769
7,525
1686000.PS.FTS.B,
13.36%,
12/15/24
...
12,161
11,769
1673372.PS.FTS.B,
16%,
12/15/24
......
6,535
6,276
1685991.PS.FTS.B,
19.5%,
12/15/24
....
1,650
1,584
1672982.PS.FTS.B,
22%,
12/15/24
......
2,492
2,393
1680175.PS.FTS.B,
22.6%,
12/16/24
....
3,307
3,183
1674770.PS.FTS.B,
13.1%,
12/17/24
....
12,152
11,664
1674329.PS.FTS.B,
14.89%,
12/17/24
...
4,886
4,689
1674347.PS.FTS.B,
15.86%,
12/17/24
...
12,248
11,756
1700772.PS.FTS.B,
12.1%,
1/12/25
.....
16,648
16,125
1701126.PS.FTS.B,
13%,
1/12/25
.......
6,675
6,464
1693870.PS.FTS.B,
13.6%,
1/12/25
.....
4,178
4,046
1688000.PS.FTS.B,
13.9%,
1/12/25
.....
2,222
2,195
1693867.PS.FTS.B,
15.4%,
1/12/25
.....
4,196
4,024
1701120.PS.FTS.B,
15.9%,
1/12/25
.....
10,114
9,720
1701129.PS.FTS.B,
16.4%,
1/12/25
.....
9,301
8,939
1700775.PS.FTS.B,
16.6%,
1/12/25
.....
25,253
24,216
1688351.PS.FTS.B,
17%,
1/12/25
.......
3,792
3,633
1688342.PS.FTS.B,
17.5%,
1/12/25
.....
13,497
12,934
1694107.PS.FTS.B,
18.5%,
1/12/25
.....
7,610
7,297
1688336.PS.FTS.B,
19.2%,
1/12/25
.....
13,552
12,984
1687970.PS.FTS.B,
23.5%,
1/12/25
.....
1,692
1,622
1688693.PS.FTS.B,
11.7%,
1/13/25
.....
8,316
8,056
1694488.PS.FTS.B,
13.8%,
1/13/25
.....
10,552
10,236
1694470.PS.FTS.B,
15.29%,
1/13/25
....
6,293
6,037
1695739.PS.FTS.B,
11.89%,
1/14/25
....
12,480
12,093
1695970.PS.FTS.B,
17%,
1/14/25
.......
1,581
1,516
1689453.PS.FTS.B,
12%,
1/15/25
.......
3,781
3,678
1690265.PS.FTS.B,
23.3%,
1/18/25
.....
5,985
5,761
1697473.PS.FTS.B,
10.54%,
1/19/25
....
12,437
12,067
1692512.PS.FTS.B,
19.34%,
1/19/25
....
8,787
8,450
1692137.PS.FTS.B,
20.34%,
1/19/25
....
3,412
3,282
1700011.PS.FTS.B,
13.9%,
1/21/25
.....
4,181
4,024
1697303.PS.FTS.B,
13.9%,
1/27/25
.....
3,345
3,227
1688699.PS.FTS.B,
21.8%,
1/27/25
.....
7,303
7,001
1698238.PS.FTS.B,
15.1%,
2/01/25
.....
9,110
8,802
1715202.PS.FTS.B,
18.09%,
2/04/25
....
4,411
1,069
1714423.PS.FTS.B,
12.3%,
2/14/25
.....
5,229
5,078
1720755.PS.FTS.B,
13.96%,
2/14/25
....
21,505
20,882
1714408.PS.FTS.B,
22.11%,
2/14/25
....
8,744
8,388
1714645.PS.FTS.B,
11.4%,
2/15/25
.....
6,416
6,233
1715041.PS.FTS.B,
11.4%,
2/15/25
.....
1,711
1,662
1720938.PS.FTS.B,
13.81%,
2/15/25
....
8,599
8,353
1707953.PS.FTS.B,
13.96%,
2/15/25
....
17,220
16,776
1707959.PS.FTS.B,
14.39%,
2/15/25
....
2,571
2,473
1707938.PS.FTS.B,
15.86%,
2/15/25
....
12,091
11,631
1715485.PS.FTS.B,
16%,
2/15/25
.......
21,597
20,775
1714630.PS.FTS.B,
16.16%,
2/15/25
....
12,962
12,469
Franklin
Universal
Trust
Schedule
of
Investments
franklintempleton.com
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Annual
Report
29
Description
Principal
Amount
Value
Marketplace
Loans
(continued)
Prosper
Funding
LLC
(continued)
1714624.PS.FTS.B,
19.41%,
2/15/25
....
$
8,698
$
8,349
1715122.PS.FTS.B,
19.8%,
2/15/25
.....
2,203
2,117
1720920.PS.FTS.B,
21.2%,
2/15/25
.....
9,165
8,798
1708640.PS.FTS.B,
21.8%,
2/15/25
.....
6,991
6,709
1715809.PS.FTS.B,
13.6%,
2/16/25
.....
8,723
8,432
1722336.PS.FTS.B,
14.74%,
2/16/25
....
4,739
4,561
1709219.PS.FTS.B,
16%,
2/16/25
.......
9,071
8,714
1722348.PS.FTS.B,
16%,
2/16/25
.......
6,911
6,651
1716271.PS.FTS.B,
18.9%,
2/16/25
.....
21,724
20,864
1715734.PS.FTS.B,
19.83%,
2/16/25
....
6,094
5,863
1722360.PS.FTS.B,
22.6%,
2/16/25
.....
2,615
2,511
1723116.PS.FTS.B,
16.29%,
2/17/25
....
1,729
1,662
1716181.PS.FTS.B,
15.4%,
2/19/25
.....
8,209
7,924
1720923.PS.FTS.B,
18.7%,
2/28/25
.....
22,302
21,457
1749541.PS.FTS.B,
22.03%,
4/05/25
....
3,151
3,032
1752987.PS.FTS.B,
13.3%,
4/06/25
.....
1,815
1,752
1750351.PS.FTS.B,
15.2%,
4/06/25
.....
3,185
3,090
1743776.PS.FTS.B,
20.4%,
4/06/25
.....
22,915
22,067
1752996.PS.FTS.B,
25.4%,
4/06/25
.....
1,845
1,770
1743767.PS.FTS.B,
25.71%,
4/06/25
....
7,383
7,081
1753944.PS.FTS.B,
15.4%,
4/07/25
.....
6,827
6,626
1744391.PS.FTS.B,
24.09%,
4/07/25
....
2,855
2,740
1750903.PS.FTS.B,
24.4%,
4/07/25
.....
7,371
7,074
1745381.PS.FTS.B,
12.9%,
4/08/25
.....
18,141
17,696
1752241.PS.FTS.B,
14.7%,
4/11/25
.....
27,282
26,382
1758243.PS.FTS.B,
24.4%,
4/13/25
.....
3,686
3,551
1742903.PS.FTS.B,
18.09%,
4/15/25
....
5,025
4,837
1757968.PS.FTS.B,
13.9%,
4/18/25
.....
5,450
5,312
1760889.PS.FTS.B,
23.9%,
4/18/25
.....
3,768
3,207
1742906.PS.FTS.B,
15.4%,
4/30/25
.....
1,875
1,829
1770975.PS.FTS.B,
21%,
5/02/25
.......
1,878
1,808
1625713.PS.FTS.B,
13.66%,
8/16/25
....
4,309
4,290
1658650.PS.FTS.B,
13.6%,
10/09/25
....
12,164
11,635
1606145.PS.FTS.B,
14%,
8/17/26
.......
12,773
12,190
1606127.PS.FTS.B,
15.2%,
8/17/26
.....
7,699
7,348
1607933.PS.FTS.B,
18.5%,
8/19/26
.....
1,732
1,653
1618458.PS.FTS.B,
13.3%,
8/20/26
.....
5,212
5,091
1608617.PS.FTS.B,
13.7%,
8/20/26
.....
5,103
4,925
1618680.PS.FTS.B,
15.37%,
8/20/26
....
14,981
14,457
1611802.PS.FTS.B,
29.74%,
8/22/26
....
3,599
3,479
1609277.PS.FTS.B,
15.7%,
8/23/26
.....
12,000
11,476
1620417.PS.FTS.B,
13.7%,
8/24/26
.....
7,654
7,672
1610327.PS.FTS.B,
27.6%,
8/24/26
.....
7,219
6,124
1621434.PS.FTS.B,
14.6%,
8/26/26
.....
4,045
3,878
1614454.PS.FTS.B,
17.7%,
8/26/26
.....
8,635
8,299
1621428.PS.FTS.B,
20%,
8/26/26
.......
8,707
8,365
1611746.PS.FTS.B,
14.29%,
8/27/26
....
7,672
7,416
1612838.PS.FTS.B,
18.5%,
9/13/26
.....
8,015
4,728
1619286.PS.FTS.B,
12.5%,
9/16/26
.....
10,410
10,069
1622156.PS.FTS.B,
12.5%,
9/16/26
.....
4,299
4,147
1625740.PS.FTS.B,
18.48%,
9/16/26
....
8,778
8,369
1622423.PS.FTS.B,
13.88%,
9/17/26
....
12,356
11,923
1627036.PS.FTS.B,
16.33%,
9/20/26
....
11,765
11,237
1624382.PS.FTS.B,
13.4%,
9/21/26
.....
25,277
24,419
1634850.PS.FTS.B,
15.1%,
9/21/26
.....
18,224
17,413
1634247.PS.FTS.B,
16.7%,
9/21/26
.....
20,418
19,508
1623734.PS.FTS.B,
18.4%,
9/21/26
.....
8,828
8,421
1623731.PS.FTS.B,
18.93%,
9/21/26
....
15,823
15,126
Description
Principal
Amount
Value
Prosper
Funding
LLC
(continued)
1628173.PS.FTS.B,
11.6%,
9/22/26
.....
$
9,083
$
8,776
1628497.PS.FTS.B,
14.89%,
9/22/26
....
9,285
8,877
1608923.PS.FTS.B,
27.13%,
9/22/26
....
3,700
3,557
1635897.PS.FTS.B,
12%,
9/23/26
.......
18,880
18,244
1635735.PS.FTS.B,
14.68%,
9/23/26
....
12,998
12,560
1637445.PS.FTS.B,
13.3%,
9/27/26
.....
8,623
8,341
1626758.PS.FTS.B,
17.96%,
9/30/26
....
19,668
18,847
1626046.PS.FTS.B,
15.18%,
10/16/26
...
8,483
8,203
1644875.PS.FTS.B,
11.6%,
10/26/26
....
6,530
6,321
1655034.PS.FTS.B,
11.7%,
10/26/26
....
20,032
19,392
1648324.PS.FTS.B,
12.2%,
10/26/26
....
17,449
16,891
1644860.PS.FTS.B,
18.33%,
10/26/26
...
10,356
9,901
1645337.PS.FTS.B,
18.48%,
10/27/26
...
17,799
17,038
1649743.PS.FTS.B,
10.9%,
10/28/26
....
10,349
2,215
1646108.PS.FTS.B,
11.1%,
10/28/26
....
21,729
21,044
1646123.PS.FTS.B,
13.32%,
10/28/26
...
6,568
6,294
1649539.PS.FTS.B,
16.7%,
10/28/26
....
17,703
16,963
1644866.PS.FTS.B,
11.1%,
10/29/26
....
8,835
8,565
1650328.PS.FTS.B,
11.2%,
10/29/26
....
8,381
8,118
1646948.PS.FTS.B,
11.79%,
10/29/26
....
13,267
12,852
1649926.PS.FTS.B,
13.8%,
10/29/26
....
29,363
28,148
1656591.PS.FTS.B,
14.79%,
10/29/26
...
31,232
30,619
1650904.PS.FTS.B,
26.43%,
10/29/26
...
7,353
7,134
1647395.PS.FTS.B,
11.89%,
11/01/26
....
8,847
8,526
1655028.PS.FTS.B,
13.8%,
11/01/26
....
7,137
6,849
1654396.PS.FTS.B,
10.5%,
11/05/26
....
13,215
12,747
1661010.PS.FTS.B,
12.5%,
11/05/26
....
23,045
22,229
1661007.PS.FTS.B,
15.8%,
11/05/26
....
17,897
17,020
1654774.PS.FTS.B,
16.18%,
11/05/26
....
31,352
29,817
1661004.PS.FTS.B,
17.8%,
11/05/26
....
4,949
4,677
1661433.PS.FTS.B,
28.23%,
11/05/26
....
4,613
4,393
1651868.PS.FTS.B,
9.45%,
11/08/26
....
11,415
11,019
1658185.PS.FTS.B,
10.5%,
11/08/26
....
7,929
7,654
1658167.PS.FTS.B,
13.5%,
11/08/26
....
21,780
20,739
1651871.PS.FTS.B,
20.66%,
11/08/26
....
4,986
4,717
1658881.PS.FTS.B,
13.8%,
11/09/26
....
21,938
20,898
1653323.PS.FTS.B,
16%,
11/09/26
......
10,744
10,233
1666362.PS.FTS.B,
19%,
11/09/26
......
6,318
5,983
1666359.PS.FTS.B,
21%,
11/09/26
......
5,534
5,291
1665702.PS.FTS.B,
24.03%,
11/09/26
....
5,777
5,777
1666911.PS.FTS.B,
10.62%,
11/10/26
....
11,457
11,064
1660066.PS.FTS.B,
12.6%,
11/10/26
....
31,031
29,967
1660078.PS.FTS.B,
13.93%,
11/10/26
....
17,778
17,168
1646330.PS.FTS.B,
16.2%,
11/10/26
....
26,972
25,898
1666890.PS.FTS.B,
17%,
11/10/26
......
14,365
13,614
1652018.PS.FTS.B,
19.23%,
11/15/26
....
13,607
12,872
1662505.PS.FTS.B,
25.4%,
11/15/26
....
9,169
8,793
1651913.PS.FTS.B,
25.67%,
11/22/26
....
6,501
6,185
1672147.PS.FTS.B,
16.56%,
12/03/26
...
18,180
17,161
1666100.PS.FTS.B,
18.33%,
12/03/26
...
4,564
4,308
1672316.PS.FTS.B,
10.44%,
12/14/26
...
11,630
11,261
1678354.PS.FTS.B,
11.07%,
12/14/26
....
13,443
13,016
1678396.PS.FTS.B,
11.2%,
12/14/26
....
5,600
5,426
1685637.PS.FTS.B,
11.7%,
12/14/26
....
26,931
26,077
1685640.PS.FTS.B,
11.7%,
12/14/26
....
14,425
13,998
1685634.PS.FTS.B,
12.5%,
12/14/26
....
7,197
6,969
1672730.PS.FTS.B,
13.8%,
12/14/26
....
31,595
30,194
1672718.PS.FTS.B,
14.38%,
12/14/26
...
7,232
7,003
Franklin
Universal
Trust
Schedule
of
Investments
franklintempleton.com
Annual
Report
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
30
Description
Principal
Amount
Value
Marketplace
Loans
(continued)
Prosper
Funding
LLC
(continued)
1685271.PS.FTS.B,
16.8%,
12/14/26
....
$
13,643
$
13,037
1678387.PS.FTS.B,
18.33%,
12/14/26
...
12,803
12,142
1678372.PS.FTS.B,
22.8%,
12/14/26
....
10,144
9,707
1685631.PS.FTS.B,
27.02%,
12/14/26
...
5,581
5,337
1686078.PS.FTS.B,
10.5%,
12/15/26
....
10,737
10,399
1686378.PS.FTS.B,
17.23%,
12/15/26
...
7,284
6,963
1679968.PS.FTS.B,
19%,
12/16/26
......
14,529
14,529
1687344.PS.FTS.B,
19%,
12/17/26
......
4,567
4,342
1685997.PS.FTS.B,
12.87%,
12/18/26
...
8,114
7,875
1687950.PS.FTS.B,
11.5%,
12/20/26
....
13,352
12,948
1675010.PS.FTS.B,
12.5%,
12/20/26
....
10,025
9,726
1701111.PS.FTS.B,
10.29%,
1/12/27
.....
22,589
21,909
1700808.PS.FTS.B,
11.4%,
1/12/27
.....
9,101
8,826
1700805.PS.FTS.B,
13.3%,
1/12/27
.....
9,141
8,748
1700766.PS.FTS.B,
14.68%,
1/12/27
....
22,922
22,229
1701108.PS.FTS.B,
15.7%,
1/12/27
.....
32,162
30,777
1700784.PS.FTS.B,
18.25%,
1/12/27
....
9,238
8,768
1701147.PS.FTS.B,
21.63%,
1/12/27
....
9,300
8,881
1687964.PS.FTS.B,
22.2%,
1/12/27
.....
6,983
6,667
1694491.PS.FTS.B,
12.62%,
1/13/27
....
13,690
13,279
1688663.PS.FTS.B,
14.29%,
1/13/27
....
14,126
3,202
1694725.PS.FTS.B,
18.4%,
1/13/27
.....
13,862
13,163
1701537.PS.FTS.B,
19.3%,
1/13/27
.....
13,887
13,186
1695958.PS.FTS.B,
10.5%,
1/14/27
.....
13,622
13,217
1689173.PS.FTS.B,
11.2%,
1/14/27
.....
17,738
17,210
1695787.PS.FTS.B,
11.7%,
1/14/27
.....
22,768
22,090
1702530.PS.FTS.B,
12.21%,
1/14/27
....
9,574
9,289
1702455.PS.FTS.B,
15.18%,
1/14/27
....
14,682
14,245
1689251.PS.FTS.B,
19%,
1/14/27
.......
3,701
3,516
1689623.PS.FTS.B,
19%,
1/14/27
.......
2,942
2,795
1695193.PS.FTS.B,
27.18%,
1/14/27
....
14,593
2,174
1694719.PS.FTS.B,
16.93%,
1/17/27
....
16,527
15,866
1690253.PS.FTS.B,
17.5%,
1/18/27
.....
4,612
4,392
1703169.PS.FTS.B,
25.6%,
1/18/27
.....
14,051
13,461
1705005.PS.FTS.B,
15%,
1/19/27
.......
23,856
22,886
1692239.PS.FTS.B,
19.06%,
1/19/27
....
7,165
6,859
1691789.PS.FTS.B,
26.13%,
1/19/27
....
14,064
13,481
1702237.PS.FTS.B,
11.7%,
1/25/27
.....
9,107
8,858
1707746.PS.FTS.B,
9.45%,
2/14/27
.....
6,344
6,170
1707734.PS.FTS.B,
10.29%,
2/14/27
....
21,009
20,500
1707743.PS.FTS.B,
13.3%,
2/14/27
.....
7,412
7,118
1720764.PS.FTS.B,
22.5%,
2/14/27
.....
10,355
9,900
1715713.PS.FTS.B,
10.8%,
2/15/27
.....
9,219
8,969
1707944.PS.FTS.B,
10.9%,
2/15/27
.....
11,526
11,213
1714627.PS.FTS.B,
11.4%,
2/15/27
.....
19,384
18,857
1707977.PS.FTS.B,
11.55%,
2/15/27
....
9,233
8,982
1720917.PS.FTS.B,
13.7%,
2/15/27
.....
11,590
11,135
1714633.PS.FTS.B,
14.39%,
2/15/27
....
13,926
13,379
1720908.PS.FTS.B,
15.29%,
2/15/27
....
27,897
26,800
1707950.PS.FTS.B,
16.5%,
2/15/27
.....
9,320
8,953
1714648.PS.FTS.B,
16.7%,
2/15/27
.....
6,992
6,717
1721346.PS.FTS.B,
16.7%,
2/15/27
.....
18,646
17,762
1715347.PS.FTS.B,
17.29%,
2/15/27
....
13,999
13,335
1720911.PS.FTS.B,
18.59%,
2/15/27
....
23,384
22,272
1714642.PS.FTS.B,
18.7%,
2/15/27
.....
9,355
8,910
1714636.PS.FTS.B,
23.58%,
2/15/27
....
5,186
4,961
1722117.PS.FTS.B,
15.18%,
2/16/27
....
7,438
7,148
1709201.PS.FTS.B,
18.48%,
2/16/27
....
11,690
11,140
Description
Principal
Amount
Value
Prosper
Funding
LLC
(continued)
1722051.PS.FTS.B,
21%,
2/16/27
.......
$
9,391
$
8,993
1709846.PS.FTS.B,
26.5%,
2/17/27
.....
9,470
9,067
1712903.PS.FTS.B,
15.29%,
2/23/27
....
8,964
8,637
1749550.PS.FTS.B,
11.5%,
4/05/27
.....
14,246
13,971
1752654.PS.FTS.B,
12.76%,
4/05/27
....
14,270
13,995
1752645.PS.FTS.B,
15.18%,
4/05/27
....
9,543
9,360
1752624.PS.FTS.B,
17.23%,
4/05/27
....
19,135
18,571
1753011.PS.FTS.B,
12%,
4/06/27
.......
14,256
13,984
1749859.PS.FTS.B,
19.06%,
4/06/27
....
6,904
6,634
1752981.PS.FTS.B,
21%,
4/06/27
.......
6,246
5,995
1744328.PS.FTS.B,
14.89%,
4/07/27
....
19,080
18,529
1750735.PS.FTS.B,
16%,
4/07/27
.......
5,254
5,052
1755072.PS.FTS.B,
10.8%,
4/08/27
.....
5,759
5,654
1754293.PS.FTS.B,
13.4%,
4/12/27
.....
11,426
11,116
1747163.PS.FTS.B,
16.2%,
4/12/27
.....
23,889
23,241
1754398.PS.FTS.B,
22.9%,
4/12/27
.....
10,592
10,205
1607291.PS.FTS.B,
28.59%,
7/18/27
....
5,436
5,227
1688073.PS.FTS.B,
16.7%,
12/04/27
....
16,629
8,232
2,999,915
Upgrade,
Inc.
24408129.UG.FTS.B,
25.26%,
11/21/22
..
1,608
1,630
25591564.UG.FTS.B,
25.26%,
12/30/22
..
151
154
25809785.UG.FTS.B,
24.99%,
1/06/23
...
935
944
25764424.UG.FTS.B,
25.26%,
2/07/23
...
2,951
2,960
5,688
Upgrade,
Inc.
-
Card
992270166.UG.FTS.B,
17.71%,
4/03/24
..
120
121
992258570.UG.FTS.B,
26.44%,
4/03/24
..
64
64
992429136.UG.FTS.B,
29.48%,
4/03/24
..
3
3
992457201.UG.FTS.B,
29.48%,
4/03/24
..
39
40
992463383.UG.FTS.B,
29.48%,
4/03/24
..
99
99
992241314.UG.FTS.B,
29.49%,
4/03/24
..
139
138
992258426.UG.FTS.B,
29.49%,
4/03/24
..
25
25
992273410.UG.FTS.B,
29.49%,
4/03/24
..
183
180
992274510.UG.FTS.B,
29.49%,
4/03/24
..
110
111
992340918.UG.FTS.B,
29.49%,
4/03/24
..
14
13
992343756.UG.FTS.B,
29.49%,
4/03/24
..
499
497
992392020.UG.FTS.B,
29.49%,
4/03/24
..
259
255
992432730.UG.FTS.B,
29.49%,
4/03/24
..
30
12
992453366.UG.FTS.B,
29.49%,
4/03/24
..
68
68
992460543.UG.FTS.B,
29.49%,
4/03/24
..
95
94
992460590.UG.FTS.B,
29.49%,
4/03/24
..
16
15
992458570.UG.FTS.B,
Zero
Cpn,
4/04/24
.
83
6
992249570.UG.FTS.B,
20.96%,
4/04/24
..
146
148
992280231.UG.FTS.B,
28.48%,
4/04/24
..
103
76
992412130.UG.FTS.B,
28.48%,
4/04/24
..
37
37
992264728.UG.FTS.B,
29.49%,
4/04/24
..
40
40
992272313.UG.FTS.B,
29.49%,
4/04/24
..
196
194
992295541.UG.FTS.B,
29.49%,
4/04/24
..
52
52
992344959.UG.FTS.B,
29.49%,
4/04/24
..
145
142
992440565.UG.FTS.B,
29.49%,
4/04/24
..
25
24
992457777.UG.FTS.B,
29.49%,
4/04/24
..
210
208
992460429.UG.FTS.B,
29.49%,
4/04/24
..
46
46
992461648.UG.FTS.B,
29.49%,
4/04/24
..
12
12
992250038.UG.FTS.B,
Zero
Cpn,
4/05/24
.
162
11
992268915.UG.FTS.B,
Zero
Cpn,
4/05/24
.
130
9
Franklin
Universal
Trust
Schedule
of
Investments
franklintempleton.com
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Annual
Report
31
Description
Principal
Amount
Value
Marketplace
Loans
(continued)
Upgrade,
Inc.
-
Card
(continued)
992320627.UG.FTS.B,
Zero
Cpn,
4/05/24
.
$
213
$
15
992370097.UG.FTS.B,
Zero
Cpn,
4/05/24
.
1,100
77
992386319.UG.FTS.B,
Zero
Cpn,
4/05/24
.
220
15
992320075.UG.FTS.B,
16.49%,
4/05/24
..
66
67
992278634.UG.FTS.B,
17.49%,
4/05/24
..
48
49
992429880.UG.FTS.B,
18.47%,
4/05/24
..
6
6
992261330.UG.FTS.B,
18.71%,
4/05/24
..
66
67
992400020.UG.FTS.B,
18.71%,
4/05/24
..
214
216
992407305.UG.FTS.B,
18.71%,
4/05/24
..
93
94
992425399.UG.FTS.B,
18.96%,
4/05/24
..
124
125
992327252.UG.FTS.B,
19.3%,
4/05/24
...
54
54
992413501.UG.FTS.B,
19.3%,
4/05/24
...
1,030
1,038
992434771.UG.FTS.B,
19.3%,
4/05/24
...
196
197
992393132.UG.FTS.B,
19.99%,
4/05/24
..
76
77
992422714.UG.FTS.B,
19.99%,
4/05/24
..
2
2
992425235.UG.FTS.B,
19.99%,
4/05/24
..
515
515
992243760.UG.FTS.B,
20.47%,
4/05/24
..
190
191
992285323.UG.FTS.B,
20.47%,
4/05/24
..
112
79
992253128.UG.FTS.B,
20.96%,
4/05/24
..
240
242
992271480.UG.FTS.B,
20.96%,
4/05/24
..
165
167
992321694.UG.FTS.B,
20.96%,
4/05/24
..
151
153
992324567.UG.FTS.B,
20.96%,
4/05/24
..
431
436
992242493.UG.FTS.B,
21.48%,
4/05/24
..
61
61
992247109.UG.FTS.B,
21.48%,
4/05/24
..
2,548
2,572
992291104.UG.FTS.B,
21.48%,
4/05/24
..
341
345
992335344.UG.FTS.B,
21.48%,
4/05/24
..
56
56
992419177.UG.FTS.B,
21.48%,
4/05/24
..
192
42
992258460.UG.FTS.B,
22.45%,
4/05/24
..
169
171
992243886.UG.FTS.B,
22.47%,
4/05/24
..
60
60
992270384.UG.FTS.B,
22.47%,
4/05/24
..
112
113
992310198.UG.FTS.B,
22.47%,
4/05/24
..
392
395
992313421.UG.FTS.B,
22.47%,
4/05/24
..
66
66
992400323.UG.FTS.B,
22.47%,
4/05/24
..
87
88
992420315.UG.FTS.B,
22.47%,
4/05/24
..
51
51
992249297.UG.FTS.B,
23.45%,
4/05/24
..
164
166
992275523.UG.FTS.B,
23.45%,
4/05/24
..
91
91
992445453.UG.FTS.B,
23.45%,
4/05/24
..
672
673
992247973.UG.FTS.B,
24.45%,
4/05/24
..
340
342
992460308.UG.FTS.B,
25.44%,
4/05/24
..
102
102
992295830.UG.FTS.B,
25.45%,
4/05/24
..
9
9
992270855.UG.FTS.B,
26.44%,
4/05/24
..
133
137
992326392.UG.FTS.B,
26.44%,
4/05/24
..
139
33
992240706.UG.FTS.B,
27.99%,
4/05/24
..
21
21
992258284.UG.FTS.B,
27.99%,
4/05/24
..
107
109
992358354.UG.FTS.B,
27.99%,
4/05/24
..
23
23
992240601.UG.FTS.B,
28.48%,
4/05/24
..
217
220
992250956.UG.FTS.B,
28.48%,
4/05/24
..
175
41
992252825.UG.FTS.B,
28.48%,
4/05/24
..
412
418
992254322.UG.FTS.B,
28.48%,
4/05/24
..
10
10
992258720.UG.FTS.B,
28.48%,
4/05/24
..
152
35
992262433.UG.FTS.B,
28.48%,
4/05/24
..
590
593
992265697.UG.FTS.B,
28.48%,
4/05/24
..
17
17
992269299.UG.FTS.B,
28.48%,
4/05/24
..
87
87
992275143.UG.FTS.B,
28.48%,
4/05/24
..
436
438
992300661.UG.FTS.B,
28.48%,
4/05/24
..
38
38
992309850.UG.FTS.B,
28.48%,
4/05/24
..
91
91
992332109.UG.FTS.B,
28.48%,
4/05/24
..
134
135
992336619.UG.FTS.B,
28.48%,
4/05/24
..
186
188
Description
Principal
Amount
Value
Upgrade,
Inc.
-
Card
(continued)
992368000.UG.FTS.B,
28.48%,
4/05/24
..
$
467
$
474
992425560.UG.FTS.B,
28.48%,
4/05/24
..
260
260
992440455.UG.FTS.B,
28.48%,
4/05/24
..
9
9
992456375.UG.FTS.B,
28.48%,
4/05/24
..
28
28
992255211.UG.FTS.B,
29.47%,
4/05/24
..
87
88
992249086.UG.FTS.B,
29.48%,
4/05/24
..
666
674
992258355.UG.FTS.B,
29.48%,
4/05/24
..
26
26
992306666.UG.FTS.B,
29.48%,
4/05/24
..
85
84
992309762.UG.FTS.B,
29.48%,
4/05/24
..
981
980
992325997.UG.FTS.B,
29.48%,
4/05/24
..
2
2
992342504.UG.FTS.B,
29.48%,
4/05/24
..
399
403
992406244.UG.FTS.B,
29.48%,
4/05/24
..
313
312
992424634.UG.FTS.B,
29.48%,
4/05/24
..
712
707
992453174.UG.FTS.B,
29.48%,
4/05/24
..
83
19
992237034.UG.FTS.B,
29.49%,
4/05/24
..
219
217
992238031.UG.FTS.B,
29.49%,
4/05/24
..
459
111
992240620.UG.FTS.B,
29.49%,
4/05/24
..
30
30
992241102.UG.FTS.B,
29.49%,
4/05/24
..
206
208
992241305.UG.FTS.B,
29.49%,
4/05/24
..
128
129
992242547.UG.FTS.B,
29.49%,
4/05/24
..
200
198
992245006.UG.FTS.B,
29.49%,
4/05/24
..
248
243
992245608.UG.FTS.B,
29.49%,
4/05/24
..
117
118
992245673.UG.FTS.B,
29.49%,
4/05/24
..
126
126
992250322.UG.FTS.B,
29.49%,
4/05/24
..
88
88
992251113.UG.FTS.B,
29.49%,
4/05/24
..
40
40
992251278.UG.FTS.B,
29.49%,
4/05/24
..
50
49
992251623.UG.FTS.B,
29.49%,
4/05/24
..
77
76
992252291.UG.FTS.B,
29.49%,
4/05/24
..
31
31
992253373.UG.FTS.B,
29.49%,
4/05/24
..
29
29
992253455.UG.FTS.B,
29.49%,
4/05/24
..
106
106
992253980.UG.FTS.B,
29.49%,
4/05/24
..
299
301
992258845.UG.FTS.B,
29.49%,
4/05/24
..
84
84
992263652.UG.FTS.B,
29.49%,
4/05/24
..
88
88
992269988.UG.FTS.B,
29.49%,
4/05/24
..
181
183
992270710.UG.FTS.B,
29.49%,
4/05/24
..
133
134
992270945.UG.FTS.B,
29.49%,
4/05/24
..
5
5
992271618.UG.FTS.B,
29.49%,
4/05/24
..
43
42
992272262.UG.FTS.B,
29.49%,
4/05/24
..
91
91
992274936.UG.FTS.B,
29.49%,
4/05/24
..
33
32
992276138.UG.FTS.B,
29.49%,
4/05/24
..
70
70
992276595.UG.FTS.B,
29.49%,
4/05/24
..
63
62
992277788.UG.FTS.B,
29.49%,
4/05/24
..
12
12
992278151.UG.FTS.B,
29.49%,
4/05/24
..
127
16
992278624.UG.FTS.B,
29.49%,
4/05/24
..
353
357
992300807.UG.FTS.B,
29.49%,
4/05/24
..
85
86
992301548.UG.FTS.B,
29.49%,
4/05/24
..
230
228
992305197.UG.FTS.B,
29.49%,
4/05/24
..
222
223
992306382.UG.FTS.B,
29.49%,
4/05/24
..
65
66
992306483.UG.FTS.B,
29.49%,
4/05/24
..
153
154
992306824.UG.FTS.B,
29.49%,
4/05/24
..
145
19
992309107.UG.FTS.B,
29.49%,
4/05/24
..
18
18
992309966.UG.FTS.B,
29.49%,
4/05/24
..
36
36
992312387.UG.FTS.B,
29.49%,
4/05/24
..
210
210
992319118.UG.FTS.B,
29.49%,
4/05/24
..
359
360
992319813.UG.FTS.B,
29.49%,
4/05/24
..
18
17
992319935.UG.FTS.B,
29.49%,
4/05/24
..
43
42
992324074.UG.FTS.B,
29.49%,
4/05/24
..
1,266
1,251
992326465.UG.FTS.B,
29.49%,
4/05/24
..
144
144
Franklin
Universal
Trust
Schedule
of
Investments
franklintempleton.com
Annual
Report
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
32
Description
Principal
Amount
Value
Marketplace
Loans
(continued)
Upgrade,
Inc.
-
Card
(continued)
992327965.UG.FTS.B,
29.49%,
4/05/24
..
$
136
$
137
992330489.UG.FTS.B,
29.49%,
4/05/24
..
419
424
992333696.UG.FTS.B,
29.49%,
4/05/24
..
43
43
992337455.UG.FTS.B,
29.49%,
4/05/24
..
325
327
992339612.UG.FTS.B,
29.49%,
4/05/24
..
184
185
992340819.UG.FTS.B,
29.49%,
4/05/24
..
53
53
992344458.UG.FTS.B,
29.49%,
4/05/24
..
220
222
992345378.UG.FTS.B,
29.49%,
4/05/24
..
1,313
1,328
992351458.UG.FTS.B,
29.49%,
4/05/24
..
31
30
992353602.UG.FTS.B,
29.49%,
4/05/24
..
36
36
992353681.UG.FTS.B,
29.49%,
4/05/24
..
39
38
992354009.UG.FTS.B,
29.49%,
4/05/24
..
22
22
992360406.UG.FTS.B,
29.49%,
4/05/24
..
96
97
992366199.UG.FTS.B,
29.49%,
4/05/24
..
1,308
1,314
992371567.UG.FTS.B,
29.49%,
4/05/24
..
452
457
992372587.UG.FTS.B,
29.49%,
4/05/24
..
20
20
992375165.UG.FTS.B,
29.49%,
4/05/24
..
217
28
992377971.UG.FTS.B,
29.49%,
4/05/24
..
277
65
992387212.UG.FTS.B,
29.49%,
4/05/24
..
123
123
992387213.UG.FTS.B,
29.49%,
4/05/24
..
54
55
992388420.UG.FTS.B,
29.49%,
4/05/24
..
72
73
992388797.UG.FTS.B,
29.49%,
4/05/24
..
10
10
992389706.UG.FTS.B,
29.49%,
4/05/24
..
147
148
992390906.UG.FTS.B,
29.49%,
4/05/24
..
71
18
992401429.UG.FTS.B,
29.49%,
4/05/24
..
153
155
992403947.UG.FTS.B,
29.49%,
4/05/24
..
94
7
992409881.UG.FTS.B,
29.49%,
4/05/24
..
51
50
992411134.UG.FTS.B,
29.49%,
4/05/24
..
449
439
992411774.UG.FTS.B,
29.49%,
4/05/24
..
23
23
992411937.UG.FTS.B,
29.49%,
4/05/24
..
8
8
992417055.UG.FTS.B,
29.49%,
4/05/24
..
652
650
992417871.UG.FTS.B,
29.49%,
4/05/24
..
49
49
992421251.UG.FTS.B,
29.49%,
4/05/24
..
35
35
992425321.UG.FTS.B,
29.49%,
4/05/24
..
174
174
992432014.UG.FTS.B,
29.49%,
4/05/24
..
57
57
992434531.UG.FTS.B,
29.49%,
4/05/24
..
430
424
992436268.UG.FTS.B,
29.49%,
4/05/24
..
159
158
992442175.UG.FTS.B,
29.49%,
4/05/24
..
1,629
1,610
992453128.UG.FTS.B,
29.49%,
4/05/24
..
323
323
992385683.UG.FTS.B,
21.98%,
3/31/25
..
14,834
15,473
992265016.UG.FTS.B,
19.99%,
4/03/25
..
756
4
992428468.UG.FTS.B,
25.95%,
4/03/25
..
149
149
992408107.UG.FTS.B,
27.99%,
4/03/25
..
17
17
992307329.UG.FTS.B,
28.98%,
4/03/25
..
51
51
992456098.UG.FTS.B,
28.98%,
4/03/25
..
21
21
992460915.UG.FTS.B,
29.47%,
4/03/25
..
23
22
992250581.UG.FTS.B,
29.49%,
4/03/25
..
37
33
992268108.UG.FTS.B,
29.49%,
4/03/25
..
681
664
992269560.UG.FTS.B,
29.49%,
4/03/25
..
541
530
992274902.UG.FTS.B,
29.49%,
4/03/25
..
273
278
992279655.UG.FTS.B,
29.49%,
4/03/25
..
173
112
992290976.UG.FTS.B,
29.49%,
4/03/25
..
390
390
992291590.UG.FTS.B,
29.49%,
4/03/25
..
93
91
992305890.UG.FTS.B,
29.49%,
4/03/25
..
44
44
992310969.UG.FTS.B,
29.49%,
4/03/25
..
235
233
992335320.UG.FTS.B,
29.49%,
4/03/25
..
1,704
1,730
992345576.UG.FTS.B,
29.49%,
4/03/25
..
348
347
992357933.UG.FTS.B,
29.49%,
4/03/25
..
296
300
Description
Principal
Amount
Value
Upgrade,
Inc.
-
Card
(continued)
992375406.UG.FTS.B,
29.49%,
4/03/25
..
$
71
$
71
992429167.UG.FTS.B,
29.49%,
4/03/25
..
31
31
992457866.UG.FTS.B,
29.49%,
4/03/25
..
51
16
992460328.UG.FTS.B,
29.49%,
4/03/25
..
125
124
992375568.UG.FTS.B,
17.97%,
4/04/25
..
54
55
992333441.UG.FTS.B,
18.97%,
4/04/25
..
307
312
992387556.UG.FTS.B,
18.97%,
4/04/25
..
171
171
992339223.UG.FTS.B,
19.99%,
4/04/25
..
160
161
992464343.UG.FTS.B,
19.99%,
4/04/25
..
48
48
992258313.UG.FTS.B,
21.98%,
4/04/25
..
123
125
992241764.UG.FTS.B,
28.98%,
4/04/25
..
182
180
992301470.UG.FTS.B,
28.98%,
4/04/25
..
149
149
992327058.UG.FTS.B,
28.98%,
4/04/25
..
44
44
992336155.UG.FTS.B,
28.98%,
4/04/25
..
3,088
3,136
992376698.UG.FTS.B,
28.98%,
4/04/25
..
54
54
992387188.UG.FTS.B,
28.98%,
4/04/25
..
338
338
992453316.UG.FTS.B,
28.98%,
4/04/25
..
641
634
992455776.UG.FTS.B,
28.98%,
4/04/25
..
185
183
992463571.UG.FTS.B,
28.98%,
4/04/25
..
128
128
992338388.UG.FTS.B,
29.46%,
4/04/25
..
1,333
1,357
992421693.UG.FTS.B,
29.48%,
4/04/25
..
318
317
992253550.UG.FTS.B,
29.49%,
4/04/25
..
101
103
992266370.UG.FTS.B,
29.49%,
4/04/25
..
583
594
992342016.UG.FTS.B,
29.49%,
4/04/25
..
584
573
992389825.UG.FTS.B,
29.49%,
4/04/25
..
183
183
992421008.UG.FTS.B,
29.49%,
4/04/25
..
77
77
992421200.UG.FTS.B,
29.49%,
4/04/25
..
220
221
992423845.UG.FTS.B,
29.49%,
4/04/25
..
10
10
992459685.UG.FTS.B,
29.49%,
4/04/25
..
909
608
992460312.UG.FTS.B,
29.49%,
4/04/25
..
10
10
992460919.UG.FTS.B,
29.49%,
4/04/25
..
350
347
992247546.UG.FTS.B,
Zero
Cpn,
4/05/25
.
392
27
992253295.UG.FTS.B,
Zero
Cpn,
4/05/25
.
27
2
992281785.UG.FTS.B,
Zero
Cpn,
4/05/25
.
59
4
992315358.UG.FTS.B,
Zero
Cpn,
4/05/25
.
300
21
992315853.UG.FTS.B,
Zero
Cpn,
4/05/25
.
511
35
992353998.UG.FTS.B,
Zero
Cpn,
4/05/25
.
36
2
992386455.UG.FTS.B,
Zero
Cpn,
4/05/25
.
180
13
992456012.UG.FTS.B,
Zero
Cpn,
4/05/25
.
399
28
992264407.UG.FTS.B,
14.97%,
4/05/25
..
1,772
1,782
992325849.UG.FTS.B,
15.97%,
4/05/25
..
8
8
992391676.UG.FTS.B,
15.97%,
4/05/25
..
317
320
992403635.UG.FTS.B,
15.97%,
4/05/25
..
57
58
992243442.UG.FTS.B,
17.97%,
4/05/25
..
8
8
992275748.UG.FTS.B,
17.97%,
4/05/25
..
795
810
992369850.UG.FTS.B,
17.97%,
4/05/25
..
1,381
1,409
992417616.UG.FTS.B,
17.99%,
4/05/25
..
131
133
992256254.UG.FTS.B,
18.8%,
4/05/25
...
1,155
127
992286525.UG.FTS.B,
18.8%,
4/05/25
...
162
165
992323394.UG.FTS.B,
18.97%,
4/05/25
..
2,497
2,538
992385717.UG.FTS.B,
18.97%,
4/05/25
..
457
84
992415664.UG.FTS.B,
18.97%,
4/05/25
..
2,743
2,779
992439564.UG.FTS.B,
18.97%,
4/05/25
..
519
522
992239422.UG.FTS.B,
19.21%,
4/05/25
..
1,104
1,124
992253582.UG.FTS.B,
19.21%,
4/05/25
..
291
188
992257283.UG.FTS.B,
19.21%,
4/05/25
..
415
423
992281528.UG.FTS.B,
19.21%,
4/05/25
..
1,471
1,497
992336918.UG.FTS.B,
19.21%,
4/05/25
..
10
10
Franklin
Universal
Trust
Schedule
of
Investments
franklintempleton.com
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Annual
Report
33
Description
Principal
Amount
Value
Marketplace
Loans
(continued)
Upgrade,
Inc.
-
Card
(continued)
992369900.UG.FTS.B,
19.21%,
4/05/25
..
$
135
$
134
992405969.UG.FTS.B,
19.21%,
4/05/25
..
1,304
1,328
992416415.UG.FTS.B,
19.21%,
4/05/25
..
1,829
1,862
992424538.UG.FTS.B,
19.21%,
4/05/25
..
1,371
1,388
992299044.UG.FTS.B,
19.8%,
4/05/25
...
1,098
1,116
992376431.UG.FTS.B,
19.8%,
4/05/25
...
6
5
992432194.UG.FTS.B,
19.8%,
4/05/25
...
505
509
992256001.UG.FTS.B,
19.97%,
4/05/25
..
548
556
992254376.UG.FTS.B,
19.99%,
4/05/25
..
38
39
992275469.UG.FTS.B,
19.99%,
4/05/25
..
135
137
992284873.UG.FTS.B,
19.99%,
4/05/25
..
6,918
7,061
992290432.UG.FTS.B,
19.99%,
4/05/25
..
5,391
5,501
992293971.UG.FTS.B,
19.99%,
4/05/25
..
125
83
992318833.UG.FTS.B,
19.99%,
4/05/25
..
1,274
1,277
992331017.UG.FTS.B,
19.99%,
4/05/25
..
336
339
992342733.UG.FTS.B,
19.99%,
4/05/25
..
82
83
992346135.UG.FTS.B,
19.99%,
4/05/25
..
511
521
992403817.UG.FTS.B,
19.99%,
4/05/25
..
65
18
992423362.UG.FTS.B,
19.99%,
4/05/25
..
268
268
992428057.UG.FTS.B,
19.99%,
4/05/25
..
34
34
992431381.UG.FTS.B,
19.99%,
4/05/25
..
358
360
992432935.UG.FTS.B,
19.99%,
4/05/25
..
23
23
992433537.UG.FTS.B,
19.99%,
4/05/25
..
1,372
1,380
992453045.UG.FTS.B,
19.99%,
4/05/25
..
29
29
992255166.UG.FTS.B,
20.46%,
4/05/25
..
1,219
1,238
992265353.UG.FTS.B,
20.46%,
4/05/25
..
32
32
992301564.UG.FTS.B,
20.46%,
4/05/25
..
115
13
992373703.UG.FTS.B,
20.46%,
4/05/25
..
458
466
992386358.UG.FTS.B,
20.46%,
4/05/25
..
2,325
2,362
992444107.UG.FTS.B,
20.46%,
4/05/25
..
210
211
992255180.UG.FTS.B,
20.97%,
4/05/25
..
115
116
992267705.UG.FTS.B,
21.46%,
4/05/25
..
2
1
992278945.UG.FTS.B,
21.46%,
4/05/25
..
73
74
992282788.UG.FTS.B,
21.46%,
4/05/25
..
1,132
1,144
992339089.UG.FTS.B,
21.46%,
4/05/25
..
112
113
992356241.UG.FTS.B,
21.46%,
4/05/25
..
285
288
992416161.UG.FTS.B,
21.46%,
4/05/25
..
337
338
992258743.UG.FTS.B,
21.97%,
4/05/25
..
76
76
992351381.UG.FTS.B,
21.97%,
4/05/25
..
17
17
992253062.UG.FTS.B,
21.98%,
4/05/25
..
1,135
215
992293341.UG.FTS.B,
21.98%,
4/05/25
..
1,480
1,498
992296469.UG.FTS.B,
21.98%,
4/05/25
..
297
301
992305155.UG.FTS.B,
21.98%,
4/05/25
..
1,853
1,876
992440479.UG.FTS.B,
21.98%,
4/05/25
..
288
290
992238906.UG.FTS.B,
22.97%,
4/05/25
..
2,861
560
992254237.UG.FTS.B,
22.97%,
4/05/25
..
253
256
992265045.UG.FTS.B,
25.95%,
4/05/25
..
184
185
992302611.UG.FTS.B,
25.95%,
4/05/25
..
1,342
1,341
992424737.UG.FTS.B,
25.95%,
4/05/25
..
866
865
992409011.UG.FTS.B,
26.94%,
4/05/25
..
166
166
992432800.UG.FTS.B,
26.94%,
4/05/25
..
204
203
992250719.UG.FTS.B,
27.95%,
4/05/25
..
414
422
992375541.UG.FTS.B,
27.95%,
4/05/25
..
165
163
992452249.UG.FTS.B,
27.95%,
4/05/25
..
3
3
992300835
.UG.FTS.B,
27.99%,
4/05/25
..
–
–
992364002.UG.FTS.B,
27.99%,
4/05/25
..
239
244
992437875.UG.FTS.B,
27.99%,
4/05/25
..
387
383
992240928.UG.FTS.B,
28.98%,
4/05/25
..
–
–
Description
Principal
Amount
Value
Upgrade,
Inc.
-
Card
(continued)
992243919.UG.FTS.B,
28.98%,
4/05/25
..
$
79
$
80
992247969.UG.FTS.B,
28.98%,
4/05/25
..
364
372
992249070.UG.FTS.B,
28.98%,
4/05/25
..
287
293
992250607.UG.FTS.B,
28.98%,
4/05/25
..
170
172
992256909.UG.FTS.B,
28.98%,
4/05/25
..
197
41
992257896.UG.FTS.B,
28.98%,
4/05/25
..
151
154
992258333.UG.FTS.B,
28.98%,
4/05/25
..
433
51
992260520.UG.FTS.B,
28.98%,
4/05/25
..
621
623
992261690.UG.FTS.B,
28.98%,
4/05/25
..
116
118
992263589.UG.FTS.B,
28.98%,
4/05/25
..
89
90
992263759.UG.FTS.B,
28.98%,
4/05/25
..
603
607
992264444.UG.FTS.B,
28.98%,
4/05/25
..
2,142
2,185
992270874.UG.FTS.B,
28.98%,
4/05/25
..
135
138
992271131.UG.FTS.B,
28.98%,
4/05/25
..
352
359
992271316.UG.FTS.B,
28.98%,
4/05/25
..
199
203
992275914.UG.FTS.B,
28.98%,
4/05/25
..
–
–
992278811.UG.FTS.B,
28.98%,
4/05/25
..
162
165
992279721.UG.FTS.B,
28.98%,
4/05/25
..
253
258
992281862.UG.FTS.B,
28.98%,
4/05/25
..
690
703
992290941.UG.FTS.B,
28.98%,
4/05/25
..
136
138
992291799.UG.FTS.B,
28.98%,
4/05/25
..
279
181
992294259.UG.FTS.B,
28.98%,
4/05/25
..
421
429
992298143.UG.FTS.B,
28.98%,
4/05/25
..
1
1
992300476.UG.FTS.B,
28.98%,
4/05/25
..
1,061
1,045
992300542.UG.FTS.B,
28.98%,
4/05/25
..
139
143
992305223.UG.FTS.B,
28.98%,
4/05/25
..
205
209
992309311.UG.FTS.B,
28.98%,
4/05/25
..
186
190
992311367.UG.FTS.B,
28.98%,
4/05/25
..
10
10
992314013.UG.FTS.B,
28.98%,
4/05/25
..
55
55
992314088.UG.FTS.B,
28.98%,
4/05/25
..
155
154
992315733.UG.FTS.B,
28.98%,
4/05/25
..
72
73
992315976.UG.FTS.B,
28.98%,
4/05/25
..
146
149
992318621.UG.FTS.B,
28.98%,
4/05/25
..
72
73
992321363.UG.FTS.B,
28.98%,
4/05/25
..
791
47
992321475.UG.FTS.B,
28.98%,
4/05/25
..
560
570
992327197.UG.FTS.B,
28.98%,
4/05/25
..
91
92
992327673.UG.FTS.B,
28.98%,
4/05/25
..
60
61
992329853.UG.FTS.B,
28.98%,
4/05/25
..
1,215
1,217
992331199.UG.FTS.B,
28.98%,
4/05/25
..
77
78
992343987.UG.FTS.B,
28.98%,
4/05/25
..
67
68
992344897.UG.FTS.B,
28.98%,
4/05/25
..
12
12
992349878.UG.FTS.B,
28.98%,
4/05/25
..
3,625
3,698
992350450.UG.FTS.B,
28.98%,
4/05/25
..
3,351
3,419
992352813.UG.FTS.B,
28.98%,
4/05/25
..
174
177
992357000.UG.FTS.B,
28.98%,
4/05/25
..
256
254
992362215.UG.FTS.B,
28.98%,
4/05/25
..
1,133
1,139
992376009.UG.FTS.B,
28.98%,
4/05/25
..
254
259
992377531.UG.FTS.B,
28.98%,
4/05/25
..
73
73
992377941.UG.FTS.B,
28.98%,
4/05/25
..
840
547
992386343.UG.FTS.B,
28.98%,
4/05/25
..
144
146
992391175.UG.FTS.B,
28.98%,
4/05/25
..
10
9
992391277.UG.FTS.B,
28.98%,
4/05/25
..
85
87
992394554.UG.FTS.B,
28.98%,
4/05/25
..
54
54
992399278.UG.FTS.B,
28.98%,
4/05/25
..
4,860
3,145
992404668.UG.FTS.B,
28.98%,
4/05/25
..
251
247
992404766.UG.FTS.B,
28.98%,
4/05/25
..
5
5
992407582.UG.FTS.B,
28.98%,
4/05/25
..
55
55
992407833.UG.FTS.B,
28.98%,
4/05/25
..
3
3
Franklin
Universal
Trust
Schedule
of
Investments
franklintempleton.com
Annual
Report
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
34
Description
Principal
Amount
Value
Marketplace
Loans
(continued)
Upgrade,
Inc.
-
Card
(continued)
992412921.UG.FTS.B,
28.98%,
4/05/25
..
$
555
$
566
992418008.UG.FTS.B,
28.98%,
4/05/25
..
96
98
992420787.UG.FTS.B,
28.98%,
4/05/25
..
221
225
992421379.UG.FTS.B,
28.98%,
4/05/25
..
180
179
992426381.UG.FTS.B,
28.98%,
4/05/25
..
139
140
992430529.UG.FTS.B,
28.98%,
4/05/25
..
98
99
992433923.UG.FTS.B,
28.98%,
4/05/25
..
40
40
992444060.UG.FTS.B,
28.98%,
4/05/25
..
1,154
1,161
992452945.UG.FTS.B,
28.98%,
4/05/25
..
304
303
992453117.UG.FTS.B,
28.98%,
4/05/25
..
84
85
992455130.UG.FTS.B,
28.98%,
4/05/25
..
425
423
992455407.UG.FTS.B,
28.98%,
4/05/25
..
178
179
992456750.UG.FTS.B,
28.98%,
4/05/25
..
219
220
992237976.UG.FTS.B,
29.45%,
4/05/25
..
385
383
992338606.UG.FTS.B,
29.45%,
4/05/25
..
202
201
992343927.UG.FTS.B,
29.45%,
4/05/25
..
6
6
992362869.UG.FTS.B,
29.45%,
4/05/25
..
477
479
992314494.UG.FTS.B,
29.46%,
4/05/25
..
224
228
992411499.UG.FTS.B,
29.46%,
4/05/25
..
199
12
992258080.UG.FTS.B,
29.48%,
4/05/25
..
34
34
992359180.UG.FTS.B,
29.48%,
4/05/25
..
57
57
992376094.UG.FTS.B,
29.48%,
4/05/25
..
199
202
992234771.UG.FTS.B,
29.49%,
4/05/25
..
25
24
992236701.UG.FTS.B,
29.49%,
4/05/25
..
87
87
992239162.UG.FTS.B,
29.49%,
4/05/25
..
175
178
992239750.UG.FTS.B,
29.49%,
4/05/25
..
532
527
992240128.UG.FTS.B,
29.49%,
4/05/25
..
760
774
992241399.UG.FTS.B,
29.49%,
4/05/25
..
43
42
992241600.UG.FTS.B,
29.49%,
4/05/25
..
135
137
992242540.UG.FTS.B,
29.49%,
4/05/25
..
2,130
2,172
992243368.UG.FTS.B,
29.49%,
4/05/25
..
465
472
992245669.UG.FTS.B,
29.49%,
4/05/25
..
101
103
992246089.UG.FTS.B,
29.49%,
4/05/25
..
669
682
992247116.UG.FTS.B,
29.49%,
4/05/25
..
361
367
992247201.UG.FTS.B,
29.49%,
4/05/25
..
52
53
992247638.UG.FTS.B,
29.49%,
4/05/25
..
560
569
992247659.UG.FTS.B,
29.49%,
4/05/25
..
131
129
992247799.UG.FTS.B,
29.49%,
4/05/25
..
479
101
992249577.UG.FTS.B,
29.49%,
4/05/25
..
43
43
992249619.UG.FTS.B,
29.49%,
4/05/25
..
100
98
992249629.UG.FTS.B,
29.49%,
4/05/25
..
146
148
992251977.UG.FTS.B,
29.49%,
4/05/25
..
33
33
992252024.UG.FTS.B,
29.49%,
4/05/25
..
97
98
992253640.UG.FTS.B,
29.49%,
4/05/25
..
486
495
992255399.UG.FTS.B,
29.49%,
4/05/25
..
63
62
992255844.UG.FTS.B,
29.49%,
4/05/25
..
207
203
992256142.UG.FTS.B,
29.49%,
4/05/25
..
1,120
1,142
992256183.UG.FTS.B,
29.49%,
4/05/25
..
688
687
992256275.UG.FTS.B,
29.49%,
4/05/25
..
75
75
992257781.UG.FTS.B,
29.49%,
4/05/25
..
9
9
992258657.UG.FTS.B,
29.49%,
4/05/25
..
172
175
992259134.UG.FTS.B,
29.49%,
4/05/25
..
232
28
992259602.UG.FTS.B,
29.49%,
4/05/25
..
684
688
992260675.UG.FTS.B,
29.49%,
4/05/25
..
169
172
992260816.UG.FTS.B,
29.49%,
4/05/25
..
205
209
992260844.UG.FTS.B,
29.49%,
4/05/25
..
94
96
992260902.UG.FTS.B,
29.49%,
4/05/25
..
42
42
992261033.UG.FTS.B,
29.49%,
4/05/25
..
268
56
Description
Principal
Amount
Value
Upgrade,
Inc.
-
Card
(continued)
992261113.UG.FTS.B,
29.49%,
4/05/25
..
$
48
$
47
992264683.UG.FTS.B,
29.49%,
4/05/25
..
42
42
992264748.UG.FTS.B,
29.49%,
4/05/25
..
82
83
992267578.UG.FTS.B,
29.49%,
4/05/25
..
435
441
992268866.UG.FTS.B,
29.49%,
4/05/25
..
463
465
992268980.UG.FTS.B,
29.49%,
4/05/25
..
114
116
992270453.UG.FTS.B,
29.49%,
4/05/25
..
101
6
992270569.UG.FTS.B,
29.49%,
4/05/25
..
2
2
992271586.UG.FTS.B,
29.49%,
4/05/25
..
200
203
992271602.UG.FTS.B,
29.49%,
4/05/25
..
13
13
992271815.UG.FTS.B,
29.49%,
4/05/25
..
828
840
992272067.UG.FTS.B,
29.49%,
4/05/25
..
208
211
992272607.UG.FTS.B,
29.49%,
4/05/25
..
8
8
992275310.UG.FTS.B,
29.49%,
4/05/25
..
67
68
992275943.UG.FTS.B,
29.49%,
4/05/25
..
44
45
992275962.UG.FTS.B,
29.49%,
4/05/25
..
350
351
992275994.UG.FTS.B,
29.49%,
4/05/25
..
134
137
992276049.UG.FTS.B,
29.49%,
4/05/25
..
227
231
992276160.UG.FTS.B,
29.49%,
4/05/25
..
124
126
992279429.UG.FTS.B,
29.49%,
4/05/25
..
62
62
992279540.UG.FTS.B,
29.49%,
4/05/25
..
192
131
992281770.UG.FTS.B,
29.49%,
4/05/25
..
994
58
992285127.UG.FTS.B,
29.49%,
4/05/25
..
80
11
992286064.UG.FTS.B,
29.49%,
4/05/25
..
608
620
992286124.UG.FTS.B,
29.49%,
4/05/25
..
34
33
992290768.UG.FTS.B,
29.49%,
4/05/25
..
45
45
992291050.UG.FTS.B,
29.49%,
4/05/25
..
70
70
992291806.UG.FTS.B,
29.49%,
4/05/25
..
669
678
992293542.UG.FTS.B,
29.49%,
4/05/25
..
140
143
992294700.UG.FTS.B,
29.49%,
4/05/25
..
54
54
992301071.UG.FTS.B,
29.49%,
4/05/25
..
66
65
992301103.UG.FTS.B,
29.49%,
4/05/25
..
33
30
992301441.UG.FTS.B,
29.49%,
4/05/25
..
256
261
992303097.UG.FTS.B,
29.49%,
4/05/25
..
281
286
992305996.UG.FTS.B,
29.49%,
4/05/25
..
42
42
992308045.UG.FTS.B,
29.49%,
4/05/25
..
705
714
992309274.UG.FTS.B,
29.49%,
4/05/25
..
14
14
992312103.UG.FTS.B,
29.49%,
4/05/25
..
561
572
992318837.UG.FTS.B,
29.49%,
4/05/25
..
33
33
992320167.UG.FTS.B,
29.49%,
4/05/25
..
10
6
992320378.UG.FTS.B,
29.49%,
4/05/25
..
253
258
992320622.UG.FTS.B,
29.49%,
4/05/25
..
178
11
992321464.UG.FTS.B,
29.49%,
4/05/25
..
300
62
992324857.UG.FTS.B,
29.49%,
4/05/25
..
115
117
992325544.UG.FTS.B,
29.49%,
4/05/25
..
137
139
992326831.UG.FTS.B,
29.49%,
4/05/25
..
79
80
992326966.UG.FTS.B,
29.49%,
4/05/25
..
162
164
992327608.UG.FTS.B,
29.49%,
4/05/25
..
374
381
992328217.UG.FTS.B,
29.49%,
4/05/25
..
141
142
992329930.UG.FTS.B,
29.49%,
4/05/25
..
44
44
992336198.UG.FTS.B,
29.49%,
4/05/25
..
147
150
992338911.UG.FTS.B,
29.49%,
4/05/25
..
11
11
992340410.UG.FTS.B,
29.49%,
4/05/25
..
192
195
992340874.UG.FTS.B,
29.49%,
4/05/25
..
21
20
992341078.UG.FTS.B,
29.49%,
4/05/25
..
44
45
992341543.UG.FTS.B,
29.49%,
4/05/25
..
100
102
992341609.UG.FTS.B,
29.49%,
4/05/25
..
74
74
992341758.UG.FTS.B,
29.49%,
4/05/25
..
291
295
Franklin
Universal
Trust
Schedule
of
Investments
franklintempleton.com
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Annual
Report
35
Description
Principal
Amount
Value
Marketplace
Loans
(continued)
Upgrade,
Inc.
-
Card
(continued)
992343713.UG.FTS.B,
29.49%,
4/05/25
..
$
133
$
28
992344325.UG.FTS.B,
29.49%,
4/05/25
..
179
182
992344730.UG.FTS.B,
29.49%,
4/05/25
..
67
66
992351269.UG.FTS.B,
29.49%,
4/05/25
..
250
255
992354024.UG.FTS.B,
29.49%,
4/05/25
..
68
69
992355380.UG.FTS.B,
29.49%,
4/05/25
..
101
102
992356084.UG.FTS.B,
29.49%,
4/05/25
..
41
41
992356295.UG.FTS.B,
29.49%,
4/05/25
..
67
66
992359643.UG.FTS.B,
29.49%,
4/05/25
..
604
613
992359656.UG.FTS.B,
29.49%,
4/05/25
..
881
891
992359703.UG.FTS.B,
29.49%,
4/05/25
..
163
165
992359875.UG.FTS.B,
29.49%,
4/05/25
..
90
91
992360370.UG.FTS.B,
29.49%,
4/05/25
..
70
70
992360786.UG.FTS.B,
29.49%,
4/05/25
..
1,047
1,036
992361376.UG.FTS.B,
29.49%,
4/05/25
..
464
464
992365877.UG.FTS.B,
29.49%,
4/05/25
..
74
74
992366107.UG.FTS.B,
29.49%,
4/05/25
..
63
63
992368911.UG.FTS.B,
29.49%,
4/05/25
..
363
368
992369632.UG.FTS.B,
29.49%,
4/05/25
..
294
297
992371487.UG.FTS.B,
29.49%,
4/05/25
..
209
213
992371872.UG.FTS.B,
29.49%,
4/05/25
..
680
674
992371951.UG.FTS.B,
29.49%,
4/05/25
..
269
273
992375215.UG.FTS.B,
29.49%,
4/05/25
..
124
15
992376028.UG.FTS.B,
29.49%,
4/05/25
..
322
70
992376440.UG.FTS.B,
29.49%,
4/05/25
..
41
6
992377543.UG.FTS.B,
29.49%,
4/05/25
..
891
908
992387112.UG.FTS.B,
29.49%,
4/05/25
..
98
99
992387568.UG.FTS.B,
29.49%,
4/05/25
..
20
20
992387720.UG.FTS.B,
29.49%,
4/05/25
..
175
175
992390386.UG.FTS.B,
29.49%,
4/05/25
..
47
46
992391014.UG.FTS.B,
29.49%,
4/05/25
..
209
212
992391427.UG.FTS.B,
29.49%,
4/05/25
..
201
204
992392490.UG.FTS.B,
29.49%,
4/05/25
..
138
29
992394239.UG.FTS.B,
29.49%,
4/05/25
..
207
208
992394356.UG.FTS.B,
29.49%,
4/05/25
..
–
–
992394900.UG.FTS.B,
29.49%,
4/05/25
..
474
100
992395186.UG.FTS.B,
29.49%,
4/05/25
..
17
17
992400924.UG.FTS.B,
29.49%,
4/05/25
..
80
79
992401130.UG.FTS.B,
29.49%,
4/05/25
..
207
210
992401571.UG.FTS.B,
29.49%,
4/05/25
..
104
106
992403505.UG.FTS.B,
29.49%,
4/05/25
..
208
212
992404005.UG.FTS.B,
29.49%,
4/05/25
..
17
17
992418075.UG.FTS.B,
29.49%,
4/05/25
..
74
75
992419811.UG.FTS.B,
29.49%,
4/05/25
..
162
162
992420636.UG.FTS.B,
29.49%,
4/05/25
..
60
60
992421651.UG.FTS.B,
29.49%,
4/05/25
..
39
38
992424526.UG.FTS.B,
29.49%,
4/05/25
..
292
293
992425667.UG.FTS.B,
29.49%,
4/05/25
..
1,226
72
992425789.UG.FTS.B,
29.49%,
4/05/25
..
416
417
992426541.UG.FTS.B,
29.49%,
4/05/25
..
555
555
992427607.UG.FTS.B,
29.49%,
4/05/25
..
257
255
992429564.UG.FTS.B,
29.49%,
4/05/25
..
108
109
992431329.UG.FTS.B,
29.49%,
4/05/25
..
53
53
992433503.UG.FTS.B,
29.49%,
4/05/25
..
15
15
992439842.UG.FTS.B,
29.49%,
4/05/25
..
33
33
992440270.UG.FTS.B,
29.49%,
4/05/25
..
39
40
992444106.UG.FTS.B,
29.49%,
4/05/25
..
489
321
992444531.UG.FTS.B,
29.49%,
4/05/25
..
4,621
4,642
Description
Principal
Amount
Value
Upgrade,
Inc.
-
Card
(continued)
992444668.UG.FTS.B,
29.49%,
4/05/25
..
$
1,846
$
1,835
992444707.UG.FTS.B,
29.49%,
4/05/25
..
139
139
992452371.UG.FTS.B,
29.49%,
4/05/25
..
162
162
992454738.UG.FTS.B,
29.49%,
4/05/25
..
2,216
2,203
992455102.UG.FTS.B,
29.49%,
4/05/25
..
378
379
992455279.UG.FTS.B,
29.49%,
4/05/25
..
554
556
992455358.UG.FTS.B,
29.49%,
4/05/25
..
140
138
992457021.UG.FTS.B,
29.49%,
4/05/25
..
45
45
992459731.UG.FTS.B,
29.49%,
4/05/25
..
89
90
992460627.UG.FTS.B,
29.49%,
4/05/25
..
47
47
992310329.UG.FTS.B,
29.49%,
5/03/27
..
–
–
992460499.UG.FTS.B,
29.49%,
6/02/27
..
–
–
992255551.UG.FTS.B,
28.98%,
6/03/27
..
–
–
992272734.UG.FTS.B,
29.48%,
6/03/27
..
–
–
992249949.UG.FTS.B,
29.49%,
6/03/27
..
–
–
992258351.UG.FTS.B,
29.49%,
6/03/27
..
2
2
992276026.UG.FTS.B,
29.49%,
6/03/27
..
–
–
992423495.UG.FTS.B,
29.49%,
6/03/27
..
–
–
992325585.UG.FTS.B,
19.99%,
7/03/27
..
–
–
992284954.UG.FTS.B,
27.99%,
7/03/27
..
1
–
992342550.UG.FTS.B,
28.98%,
7/03/27
..
–
–
992420015.UG.FTS.B,
28.98%,
7/03/27
..
–
–
992259808.UG.FTS.B,
29.49%,
7/03/27
..
2
–
992314109.UG.FTS.B,
29.49%,
7/03/27
..
–
–
992291731.UG.FTS.B,
29.49%,
8/03/27
..
5
5
992315376.UG.FTS.B,
29.49%,
8/03/27
..
8
1
992404343.UG.FTS.B,
29.49%,
8/03/27
..
–
–
992265898.UG.FTS.B,
28.98%,
9/03/27
..
4
4
992298282.UG.FTS.B,
28.98%,
9/03/27
..
–
–
992344915.UG.FTS.B,
28.98%,
9/03/27
..
1
1
992344586.UG.FTS.B,
29.49%,
9/03/27
..
–
–
191,201
Upstart
Network,
Inc.
L1729059.UP.FTS.B,
7.36%,
9/17/24
....
1,117
1,052
L1729715.UP.FTS.B,
8.39%,
9/17/24
....
4,323
4,287
L1722095.UP.FTS.B,
11.17%,
9/17/24
....
729
723
FW1729768.UP.FTS.B,
11.21%,
9/17/24
..
2,187
2,169
L1730069.UP.FTS.B,
14.07%,
9/17/24
....
14,635
14,509
FW1730324.UP.FTS.B,
15.67%,
9/17/24
..
7,420
7,359
L1730028.UP.FTS.B,
17.8%,
9/17/24
....
2,782
767
L1729192.UP.FTS.B,
17.9%,
9/17/24
....
1,965
1,945
L1729539.UP.FTS.B,
18.67%,
9/17/24
....
1,885
1,865
L1701486.UP.FTS.B,
23.29%,
9/17/24
....
1,527
1,508
L1730191.UP.FTS.B,
23.36%,
9/17/24
....
1,616
1,593
L1730194.UP.FTS.B,
23.58%,
9/17/24
....
840
829
FW1729714.UP.FTS.B,
27.13%,
9/17/24
..
3,911
3,858
FW1730336.UP.FTS.B,
30.16%,
9/17/24
..
3,910
3,863
L1902385.UP.FTS.B,
8.05%,
10/22/24
....
3,729
3,697
L1902094.UP.FTS.B,
9.69%,
10/22/24
....
751
744
L1902354.UP.FTS.B,
12.7%,
10/22/24
....
3,795
3,764
L1902268.UP.FTS.B,
14.19%,
10/22/24
...
15,269
15,115
FW1895387.UP.FTS.B,
14.22%,
10/22/24
.
4,526
426
L1901213.UP.FTS.B,
15.08%,
10/22/24
...
19,869
18,774
L1902811.UP.FTS.B,
15.52%,
10/22/24
...
1,827
1,801
FW1900872.UP.FTS.B,
18.12%,
10/22/24
.
4,643
4,598
L1902710.UP.FTS.B,
18.85%,
10/22/24
...
4,267
4,234
L1896884.UP.FTS.B,
19.31%,
10/22/24
...
5,439
5,398
Franklin
Universal
Trust
Schedule
of
Investments
franklintempleton.com
Annual
Report
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
36
Description
Principal
Amount
Value
Marketplace
Loans
(continued)
Upstart
Network,
Inc.
(continued)
FW1901088.UP.FTS.B,
19.62%,
10/22/24
.
$
1,374
$
100
L1902837.UP.FTS.B,
20.13%,
10/22/24
...
1,054
1,043
FW1902685.UP.FTS.B,
20.49%,
10/22/24
.
2,341
2,323
L1900998.UP.FTS.B,
21.32%,
10/22/24
...
4,062
4,009
FW1901209.UP.FTS.B,
21.35%,
10/22/24
.
829
240
FW1902521.UP.FTS.B,
21.52%,
10/22/24
.
815
808
L1901625.UP.FTS.B,
21.76%,
10/22/24
...
5,611
5,307
L1875546.UP.FTS.B,
21.84%,
10/22/24
...
1,411
1,395
L1902017.UP.FTS.B,
22.16%,
10/22/24
...
857
847
L1900838.UP.FTS.B,
22.33%,
10/22/24
...
4,883
4,612
L1901126.UP.FTS.B,
23.27%,
10/22/24
...
14,708
13,892
L1900754.UP.FTS.B,
23.33%,
10/22/24
...
2,589
2,555
FW1901937.UP.FTS.B,
24.32%,
10/22/24
.
9,481
9,375
FW1902725.UP.FTS.B,
26.82%,
10/22/24
.
3,187
3,146
FW1902648.UP.FTS.B,
29%,
10/22/24
...
5,519
869
L2031380.UP.FTS.B,
6.17%,
11/12/24
....
5,752
5,699
L2031821.UP.FTS.B,
6.68%,
11/12/24
....
1,803
1,784
L2032548.UP.FTS.B,
7.85%,
11/12/24
....
8,433
8,353
L2031918.UP.FTS.B,
8.28%,
11/12/24
....
2,318
2,296
L2002430.UP.FTS.B,
8.48%,
11/12/24
....
2,397
2,374
L2031630.UP.FTS.B,
9.03%,
11/12/24
....
5,421
5,371
L2031494.UP.FTS.B,
9.06%,
11/12/24
....
4,564
4,520
L2032651.UP.FTS.B,
9.8%,
11/12/24
.....
2,718
2,693
L2033075.UP.FTS.B,
11.83%,
11/12/24
...
8,619
8,531
L2032893.UP.FTS.B,
11.86%,
11/12/24
...
1,776
145
L2032627.UP.FTS.B,
14.45%,
11/12/24
...
1,577
1,558
FW2033188.UP.FTS.B,
15.1%,
11/12/24
..
5,212
3,029
L2033117.UP.FTS.B,
15.91%,
11/12/24
...
4,278
4,227
L2032469.UP.FTS.B,
17.26%,
11/12/24
...
572
561
L2032999.UP.FTS.B,
17.5%,
11/12/24
....
4,809
4,746
L2030693.UP.FTS.B,
17.81%,
11/12/24
...
2,789
2,757
FW2032267.UP.FTS.B,
18.58%,
11/12/24
.
4,345
624
L2032406.UP.FTS.B,
19.26%,
11/12/24
...
5,398
201
L2031921.UP.FTS.B,
19.5%,
11/12/24
....
4,806
4,750
FW2032368.UP.FTS.B,
20.11%,
11/12/24
.
7,513
7,410
L2033189.UP.FTS.B,
21.52%,
11/12/24
...
967
956
FW2031299.UP.FTS.B,
21.82%,
11/12/24
.
6,854
6,745
FW2032694.UP.FTS.B,
22.49%,
11/12/24
.
4,875
4,791
L2031497.UP.FTS.B,
23.3%,
11/12/24
....
1,768
1,739
FW2033085.UP.FTS.B,
25.77%,
11/12/24
.
5,759
5,662
FW2032765.UP.FTS.B,
27.87%,
11/12/24
.
4,934
4,849
FW2031946.UP.FTS.B,
29.18%,
11/12/24
.
5,491
23
FW2030908.UP.FTS.B,
29.29%,
11/12/24
.
3,786
3,726
L2102716.UP.FTS.B,
6.59%,
11/23/24
....
3,840
3,809
L2103900.UP.FTS.B,
7.28%,
11/23/24
....
3,849
3,819
L2102014.UP.FTS.B,
8.1%,
11/23/24
.....
2,625
2,604
L2101938.UP.FTS.B,
8.87%,
11/23/24
....
2,154
561
L2102521.UP.FTS.B,
9.48%,
11/23/24
....
5,663
5,619
L2102773.UP.FTS.B,
10.25%,
11/23/24
...
933
926
L2103582.UP.FTS.B,
11.94%,
11/23/24
...
4,989
4,949
L2102080.UP.FTS.B,
12.09%,
11/23/24
...
1,998
1,888
L2101841.UP.FTS.B,
12.19%,
11/23/24
...
1,106
1,097
L2102945.UP.FTS.B,
12.52%,
11/23/24
...
4,701
4,668
L2103173.UP.FTS.B,
14.48%,
11/23/24
...
3,549
3,524
FW2102978.UP.FTS.B,
15.1%,
11/23/24
..
2,479
2,344
L2101642.UP.FTS.B,
15.95%,
11/23/24
...
6,064
6,012
L2102263.UP.FTS.B,
17.21%,
11/23/24
...
1,591
1,578
L2103519.UP.FTS.B,
17.52%,
11/23/24
...
2,762
2,739
Description
Principal
Amount
Value
Upstart
Network,
Inc.
(continued)
L2102733.UP.FTS.B,
17.97%,
11/23/24
...
$
5,183
$
5,141
L2099426.UP.FTS.B,
18.86%,
11/23/24
...
2,000
1,984
FW2102335.UP.FTS.B,
19.49%,
11/23/24
.
2,003
1,987
L2102908.UP.FTS.B,
19.98%,
11/23/24
...
1,212
1,146
L2103410.UP.FTS.B,
20.18%,
11/23/24
...
4,014
3,982
L2103709.UP.FTS.B,
20.75%,
11/23/24
...
1,769
1,755
L2102185.UP.FTS.B,
21.19%,
11/23/24
...
6,039
5,991
L2103127.UP.FTS.B,
21.34%,
11/23/24
...
8,495
8,396
L2101911.UP.FTS.B,
22.18%,
11/23/24
...
6,641
6,279
L2102659.UP.FTS.B,
22.84%,
11/23/24
...
6,283
161
FW2102627.UP.FTS.B,
24.07%,
11/23/24
.
3,627
260
FW2103646.UP.FTS.B,
26.77%,
11/23/24
.
2,157
2,124
FW2103253.UP.FTS.B,
27.01%,
11/23/24
.
1,677
493
FW2103254.UP.FTS.B,
28.98%,
11/23/24
.
2,634
2,606
FW2103797.UP.FTS.B,
29.82%,
11/23/24
.
5,776
5,714
L2250253.UP.FTS.B,
5.3%,
12/14/24
....
20,377
20,183
FW2247150.UP.FTS.B,
7.75%,
12/14/24
..
4,385
4,346
L2249821.UP.FTS.B,
9.1%,
12/14/24
....
801
793
L2249474.UP.FTS.B,
9.8%,
12/14/24
....
1,997
1,978
L2249818.UP.FTS.B,
9.92%,
12/14/24
....
3,198
3,168
L2248588.UP.FTS.B,
10.67%,
12/14/24
...
12,010
11,897
L2251137.UP.FTS.B,
11.74%,
12/14/24
...
20,173
19,987
L2249713.UP.FTS.B,
11.85%,
12/14/24
...
3,229
3,198
L2249033.UP.FTS.B,
12.44%,
12/14/24
...
8,046
7,968
L2249391.UP.FTS.B,
12.58%,
12/14/24
...
1,737
1,719
L2248563.UP.FTS.B,
12.74%,
12/14/24
...
2,509
2,485
L2251228.UP.FTS.B,
12.94%,
12/14/24
...
1,216
1,204
L2248952.UP.FTS.B,
12.98%,
12/14/24
...
5,669
5,615
L2250705.UP.FTS.B,
13.29%,
12/14/24
...
811
803
L2250256.UP.FTS.B,
14.38%,
12/14/24
...
5,002
359
L2248867.UP.FTS.B,
14.64%,
12/14/24
...
4,040
4,001
L2251099.UP.FTS.B,
15.99%,
12/14/24
...
1,159
1,143
FW2249991.UP.FTS.B,
16.74%,
12/14/24
.
3,684
3,638
L2250280.UP.FTS.B,
16.83%,
12/14/24
...
4,224
4,151
L2248645.UP.FTS.B,
17.82%,
12/14/24
...
4,939
4,871
L2249946.UP.FTS.B,
17.98%,
12/14/24
...
3,285
3,245
L2249171.UP.FTS.B,
19.01%,
12/14/24
...
5,766
5,694
FW2249440.UP.FTS.B,
19.65%,
12/14/24
.
819
809
L2250240.UP.FTS.B,
20.48%,
12/14/24
...
827
817
L2250459.UP.FTS.B,
21.22%,
12/14/24
...
3,646
3,585
L2248558.UP.FTS.B,
21.57%,
12/14/24
...
829
816
L2251174.UP.FTS.B,
21.98%,
12/14/24
...
2,906
2,858
FW2250657.UP.FTS.B,
22.04%,
12/14/24
.
830
820
L2238243.UP.FTS.B,
22.69%,
12/14/24
...
3,505
1,006
L2248667.UP.FTS.B,
22.71%,
12/14/24
...
1,236
1,215
FW2250596.UP.FTS.B,
22.87%,
12/14/24
.
2,664
2,617
L2249754.UP.FTS.B,
22.91%,
12/14/24
...
2,749
2,700
FW2249278.UP.FTS.B,
23.56%,
12/14/24
.
1,667
1,647
L2250234.UP.FTS.B,
24.22%,
12/14/24
...
4,092
4,024
FW2249744.UP.FTS.B,
24.36%,
12/14/24
.
1,611
1,583
FW2251405.UP.FTS.B,
24.46%,
12/14/24
.
1,671
1,644
FW2250179.UP.FTS.B,
25.41%,
12/14/24
.
2,818
2,769
FW2250905.UP.FTS.B,
25.42%,
12/14/24
.
896
–
FW2250656.UP.FTS.B,
26.59%,
12/14/24
.
965
948
FW2249531.UP.FTS.B,
27.05%,
12/14/24
.
4,334
2,606
FW2250011.UP.FTS.B,
27.44%,
12/14/24
.
3,536
3,478
FW2250753.UP.FTS.B,
28.29%,
12/14/24
.
2,715
401
FW2249611.UP.FTS.B,
28.33%,
12/14/24
.
1,707
1,679
Franklin
Universal
Trust
Schedule
of
Investments
franklintempleton.com
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Annual
Report
37
Description
Principal
Amount
Value
Marketplace
Loans
(continued)
Upstart
Network,
Inc.
(continued)
FW2248958.UP.FTS.B,
28.78%,
12/14/24
.
$
1,666
$
(2)
FW2249423.UP.FTS.B,
28.9%,
12/14/24
..
866
519
FW2250630.UP.FTS.B,
28.93%,
12/14/24
.
1,249
1,228
FW2249206.UP.FTS.B,
28.96%,
12/14/24
.
1,184
1,164
FW2248284.UP.FTS.B,
29.12%,
12/14/24
.
2,780
2,729
L2251006.UP.FTS.B,
6.59%,
12/15/24
....
1,986
1,969
L2252015.UP.FTS.B,
6.88%,
12/15/24
....
2,385
2,365
L2253130.UP.FTS.B,
10.71%,
12/15/24
...
4,827
4,785
L2253004.UP.FTS.B,
13.29%,
12/15/24
...
6,481
6,424
L2250196.UP.FTS.B,
14.38%,
12/15/24
...
4,472
4,420
FW2251095.UP.FTS.B,
15.84%,
12/15/24
.
1,625
1,606
FW2251549.UP.FTS.B,
16.2%,
12/15/24
..
930
914
L2251539.UP.FTS.B,
16.31%,
12/15/24
...
6,550
6,465
L2253233.UP.FTS.B,
17.76%,
12/15/24
...
4,515
4,463
L2253008.UP.FTS.B,
17.8%,
12/15/24
....
3,718
3,671
L2251602.UP.FTS.B,
18.36%,
12/15/24
...
2,878
2,845
L2252717.UP.FTS.B,
19.17%,
12/15/24
...
4,120
4,074
FW2251695.UP.FTS.B,
19.28%,
12/15/24
.
6,138
1,700
FW2253350.UP.FTS.B,
19.8%,
12/15/24
..
3,302
3,251
L2252886.UP.FTS.B,
20.6%,
12/15/24
....
1,075
1,063
L2249377.UP.FTS.B,
20.67%,
12/15/24
...
6,206
6,110
L2252058.UP.FTS.B,
20.99%,
12/15/24
...
994
983
L2240893.UP.FTS.B,
21.21%,
12/15/24
...
20,715
20,482
FW2252326.UP.FTS.B,
21.53%,
12/15/24
.
6,634
6,560
L2253679.UP.FTS.B,
22.11%,
12/15/24
...
3,348
3,295
FW2249426.UP.FTS.B,
22.47%,
12/15/24
.
5,427
5,339
FW2251845.UP.FTS.B,
22.89%,
12/15/24
.
1,735
1,708
L2251577.UP.FTS.B,
23.09%,
12/15/24
...
2,760
2,714
L2253201.UP.FTS.B,
23.48%,
12/15/24
...
2,501
2,463
FW2253584.UP.FTS.B,
25.02%,
12/15/24
.
15,451
14,554
FW2249116.UP.FTS.B,
28.33%,
12/15/24
.
1,097
1,085
FW2251502.UP.FTS.B,
29.17%,
12/15/24
.
6,483
(13)
FW2250071.UP.FTS.B,
30.65%,
12/15/24
.
5,327
5,025
L2499293.UP.FTS.B,
6.07%,
1/24/25
....
13,110
13,008
L2491823.UP.FTS.B,
6.34%,
1/24/25
....
4,100
4,068
FW2498281.UP.FTS.B,
7.12%,
1/24/25
...
1,102
1,093
L2499253.UP.FTS.B,
7.19%,
1/24/25
....
34,516
34,250
L2491568.UP.FTS.B,
7.35%,
1/24/25
....
2,488
2,345
L2499551.UP.FTS.B,
8.93%,
1/24/25
....
8,256
8,191
L2498976.UP.FTS.B,
9.51%,
1/24/25
....
12,403
12,306
L2499846.UP.FTS.B,
10.23%,
1/24/25
....
4,971
4,932
FW2500459.UP.FTS.B,
10.8%,
1/24/25
...
1,660
122
L2498779.UP.FTS.B,
11.48%,
1/24/25
....
831
825
L2497791.UP.FTS.B,
11.97%,
1/24/25
....
3,427
3,238
L2499082.UP.FTS.B,
12.89%,
1/24/25
....
11,677
11,589
FW2499139.UP.FTS.B,
14.86%,
1/24/25
..
1,257
1,245
L2499336.UP.FTS.B,
15.49%,
1/24/25
....
1,302
1,230
L2497860.UP.FTS.B,
16.59%,
1/24/25
....
1,263
1,250
FW2499341.UP.FTS.B,
16.67%,
1/24/25
..
1,252
1,239
L2497587.UP.FTS.B,
16.78%,
1/24/25
....
1,576
1,558
FW2497313.UP.FTS.B,
17.51%,
1/24/25
..
43,584
41,169
L2495345.UP.FTS.B,
20.06%,
1/24/25
....
6,365
6,302
L2499854.UP.FTS.B,
22.79%,
1/24/25
....
5,978
5,919
L2500532.UP.FTS.B,
23.03%,
1/24/25
....
1,453
1,434
FW2497753.UP.FTS.B,
26.22%,
1/24/25
..
5,163
5,096
FW2499886.UP.FTS.B,
26.23%,
1/24/25
..
12,036
11,917
FW2498195.UP.FTS.B,
26.98%,
1/24/25
..
7,668
7,565
FW2497524.UP.FTS.B,
28.76%,
1/24/25
..
2,560
2,525
Description
Principal
Amount
Value
Upstart
Network,
Inc.
(continued)
FW2497701.UP.FTS.B,
28.96%,
1/24/25
..
$
3,145
$
223
FW2496668.UP.FTS.B,
5.04%,
1/25/25
...
19,315
19,160
L2501009.UP.FTS.B,
5.3%,
1/25/25
.....
8,176
8,113
L2501544.UP.FTS.B,
6.11%,
1/25/25
.....
2,868
2,846
L2477274.UP.FTS.B,
6.54%,
1/25/25
....
5,322
5,281
L2502696.UP.FTS.B,
7.45%,
1/25/25
....
4,089
4,056
FW2502837.UP.FTS.B,
8.49%,
1/25/25
...
825
818
L2501769.UP.FTS.B,
8.83%,
1/25/25
....
8,254
8,190
FW2502102.UP.FTS.B,
9.39%,
1/25/25
...
827
820
L2501978.UP.FTS.B,
10.16%,
1/25/25
....
1,657
1,644
L2502709.UP.FTS.B,
10.64%,
1/25/25
....
14,360
14,250
FW2502461.UP.FTS.B,
10.75%,
1/25/25
..
2,384
2,364
L2503015.UP.FTS.B,
11.17%,
1/25/25
....
829
823
FW2503195.UP.FTS.B,
11.21%,
1/25/25
..
11,212
11,129
L2501275.UP.FTS.B,
11.42%,
1/25/25
....
2,244
2,226
L2502561.UP.FTS.B,
11.5%,
1/25/25
.....
2,459
2,441
FW2501076.UP.FTS.B,
12.39%,
1/25/25
..
722
715
L2500956.UP.FTS.B,
13.21%,
1/25/25
....
2,399
2,380
L2501451.UP.FTS.B,
13.58%,
1/25/25
....
997
989
FW2503345.UP.FTS.B,
13.6%,
1/25/25
...
2,507
2,488
FW2503482.UP.FTS.B,
16.69%,
1/25/25
..
926
917
L2502390.UP.FTS.B,
16.88%,
1/25/25
....
842
834
FW2501793.UP.FTS.B,
17.35%,
1/25/25
..
1,687
1,670
FW2501790.UP.FTS.B,
20.53%,
1/25/25
..
1,470
1,447
L2502079.UP.FTS.B,
20.91%,
1/25/25
....
4,252
4,211
L2502143.UP.FTS.B,
21.34%,
1/25/25
....
10,214
10,086
L2501394.UP.FTS.B,
21.45%,
1/25/25
....
10,883
10,746
L2500631.UP.FTS.B,
22.56%,
1/25/25
....
8,536
8,428
L2501802.UP.FTS.B,
23.18%,
1/25/25
....
855
844
FW2502139.UP.FTS.B,
27.5%,
1/25/25
...
5,177
5,113
FW2501617.UP.FTS.B,
27.92%,
1/25/25
..
17,272
17,057
FW2502835.UP.FTS.B,
28.01%,
1/25/25
..
3,334
59
FW2503206.UP.FTS.B,
28.84%,
1/25/25
..
1,062
1,044
FW2503051.UP.FTS.B,
29.1%,
1/25/25
...
894
882
FW1729136.UP.FTS.B,
30.45%,
2/17/25
..
4,232
3,982
L1902733.UP.FTS.B,
21.31%,
3/22/25
....
4,144
3,912
L1900722.UP.FTS.B,
23.23%,
3/22/25
....
5,213
31
L2031949.UP.FTS.B,
13.15%,
4/12/25
....
9,904
9,804
L2030998.UP.FTS.B,
20.7%,
4/12/25
....
9,915
9,753
L2971722.UP.FTS.B,
8.62%,
4/19/25
....
17,214
17,108
L2972108.UP.FTS.B,
15.03%,
4/19/25
....
3,002
2,972
L2970836.UP.FTS.B,
15.68%,
4/19/25
....
4,544
4,514
L2970738.UP.FTS.B,
18.85%,
4/19/25
....
3,650
3,612
FW2971973.UP.FTS.B,
20.05%,
4/19/25
..
3,497
3,464
FW2972173.UP.FTS.B,
22.89%,
4/19/25
..
9,482
9,349
L2103839.UP.FTS.B,
11.98%,
4/23/25
....
5,120
5,081
L2102178.UP.FTS.B,
21.01%,
4/23/25
....
2,685
2,540
FW2102772.UP.FTS.B,
25.91%,
4/23/25
..
4,375
4,320
FW2248798.UP.FTS.B,
28.6%,
5/14/25
...
1,986
1,954
L2503447.UP.FTS.B,
21.45%,
6/25/25
....
6,269
6,189
FW1729657.UP.FTS.B,
9.44%,
9/17/26
...
5,949
5,911
L1729743.UP.FTS.B,
11.64%,
9/17/26
....
42,850
42,484
L1728160.UP.FTS.B,
12.23%,
9/17/26
....
4,294
4,258
FW1730300.UP.FTS.B,
13.99%,
9/17/26
..
4,514
4,460
L1730225.UP.FTS.B,
14.84%,
9/17/26
....
756
748
L1728895.UP.FTS.B,
14.87%,
9/17/26
....
2,731
2,703
L1730112.UP.FTS.B,
15.91%,
9/17/26
....
2,611
2,580
L1729289.UP.FTS.B,
17.07%,
9/17/26
....
2,621
2,591
Franklin
Universal
Trust
Schedule
of
Investments
franklintempleton.com
Annual
Report
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
38
Description
Principal
Amount
Value
Marketplace
Loans
(continued)
Upstart
Network,
Inc.
(continued)
L1729863.UP.FTS.B,
17.12%,
9/17/26
....
$
22,426
$
21,088
FW1729819.UP.FTS.B,
18.12%,
9/17/26
..
1,929
1,907
FW1729970.UP.FTS.B,
18.27%,
9/17/26
..
21,928
21,618
L1729699.UP.FTS.B,
18.77%,
9/17/26
....
2,830
2,783
L1729786.UP.FTS.B,
18.84%,
9/17/26
....
5,274
5,199
L1730162.UP.FTS.B,
19.56%,
9/17/26
....
4,745
344
L1729529.UP.FTS.B,
20.22%,
9/17/26
....
11,439
11,366
FW1730364.UP.FTS.B,
20.42%,
9/17/26
..
2,751
403
L1729751.UP.FTS.B,
20.66%,
9/17/26
....
6,187
6,149
FW1730043.UP.FTS.B,
21.14%,
9/17/26
..
4,072
4,047
L1729813.UP.FTS.B,
21.17%,
9/17/26
....
6,398
6,018
FW1729704.UP.FTS.B,
21.57%,
9/17/26
..
17,730
17,483
L1730077.UP.FTS.B,
21.62%,
9/17/26
....
6,166
6,068
L1730290.UP.FTS.B,
23.01%,
9/17/26
....
6,768
6,726
L1730120.UP.FTS.B,
23.06%,
9/17/26
....
9,837
9,767
L1729719.UP.FTS.B,
23.41%,
9/17/26
....
8,812
8,752
FW1729408.UP.FTS.B,
23.55%,
9/17/26
..
3,477
1,009
L1729627.UP.FTS.B,
24.42%,
9/17/26
....
8,940
8,885
L1729824.UP.FTS.B,
25.14%,
9/17/26
....
5,903
5,866
L1728842.UP.FTS.B,
25.21%,
9/17/26
....
17,919
17,811
L1729392.UP.FTS.B,
25.28%,
9/17/26
....
895
889
FW1729883.UP.FTS.B,
25.62%,
9/17/26
..
4,477
4,449
L1729688.UP.FTS.B,
26.02%,
9/17/26
....
1,816
1,708
FW1730296.UP.FTS.B,
27.27%,
9/17/26
..
7,310
6,936
FW1729216.UP.FTS.B,
28.26%,
9/17/26
..
4,658
697
FW1729302.UP.FTS.B,
28.5%,
9/17/26
...
1,266
1,258
FW1730388.UP.FTS.B,
28.64%,
9/17/26
..
13,928
13,846
FW1729684.UP.FTS.B,
29.1%,
9/17/26
...
11,093
3,268
FW1729744.UP.FTS.B,
29.63%,
9/17/26
..
8,161
8,113
FW1729641.UP.FTS.B,
30.22%,
9/17/26
..
4,359
4,334
FW1729187.UP.FTS.B,
30.3%,
9/17/26
...
6,594
6,528
FW1728143.UP.FTS.B,
30.44%,
9/17/26
..
4,816
4,788
FW1730150.UP.FTS.B,
30.64%,
9/17/26
..
1,076
1,065
FW1729402.UP.FTS.B,
31.22%,
9/17/26
..
19,128
19,018
FW1727856.UP.FTS.B,
31.23%,
9/17/26
..
2,553
(21)
FW1728162.UP.FTS.B,
31.41%,
9/17/26
..
2,745
2,727
FW1730036.UP.FTS.B,
31.55%,
9/17/26
..
7,167
6,953
FW1729390.UP.FTS.B,
32.18%,
9/17/26
..
2,137
2,121
FW1728926.UP.FTS.B,
32.35%,
9/17/26
..
2,510
2,492
FW1729788.UP.FTS.B,
32.4%,
9/17/26
...
4,931
4,902
FW1902353.UP.FTS.B,
5.71%,
10/22/26
..
11,934
11,884
L1902780.UP.FTS.B,
7.49%,
10/22/26
....
5,975
5,939
L1902219.UP.FTS.B,
10.65%,
10/22/26
...
8,678
8,611
L1901633.UP.FTS.B,
11.17%,
10/22/26
...
4,347
4,313
L1901059.UP.FTS.B,
11.8%,
10/22/26
....
3,464
3,436
L1901748.UP.FTS.B,
12.93%,
10/22/26
...
7,850
7,790
L1902477.UP.FTS.B,
13.65%,
10/22/26
...
8,756
8,690
FW1902782.UP.FTS.B,
14.11%,
10/22/26
.
17,516
17,385
L1901083.UP.FTS.B,
14.22%,
10/22/26
...
3,952
3,923
L1901955.UP.FTS.B,
15.79%,
10/22/26
...
8,949
8,427
L1902333.UP.FTS.B,
15.82%,
10/22/26
...
21,186
20,964
FW1901571.UP.FTS.B,
16.95%,
10/22/26
.
11,073
10,958
L1901582.UP.FTS.B,
17.7%,
10/22/26
....
18,823
18,628
L1901001.UP.FTS.B,
18.48%,
10/22/26
...
4,001
3,940
FW1901195.UP.FTS.B,
18.66%,
10/22/26
.
2,048
2,022
L1901585.UP.FTS.B,
18.87%,
10/22/26
...
1,492
1,468
L1902177.UP.FTS.B,
19.16%,
10/22/26
...
16,886
16,669
L1901212.UP.FTS.B,
19.55%,
10/22/26
...
5,371
5,339
Description
Principal
Amount
Value
Upstart
Network,
Inc.
(continued)
L1902855.UP.FTS.B,
19.55%,
10/22/26
...
$
2,678
$
2,644
L1901595.UP.FTS.B,
20.19%,
10/22/26
...
4,114
4,062
L1900981.UP.FTS.B,
20.57%,
10/22/26
...
3,142
2,959
L1901936.UP.FTS.B,
21.29%,
10/22/26
...
9,870
9,821
FW1902510.UP.FTS.B,
21.87%,
10/22/26
.
17,974
17,886
L1902424.UP.FTS.B,
22.14%,
10/22/26
...
11,602
11,545
L1902840.UP.FTS.B,
22.56%,
10/22/26
...
11,795
11,643
L1901067.UP.FTS.B,
23.17%,
10/22/26
...
13,528
13,464
L1900642.UP.FTS.B,
23.33%,
10/22/26
...
4,298
146
FW1902786.UP.FTS.B,
23.49%,
10/22/26
.
9,851
9,800
L1902567.UP.FTS.B,
23.92%,
10/22/26
...
22,597
22,465
L1901771.UP.FTS.B,
24.44%,
10/22/26
...
4,878
4,823
L1901141.UP.FTS.B,
24.79%,
10/22/26
...
1,810
1,801
FW1901677.UP.FTS.B,
24.92%,
10/22/26
.
28,645
2,034
L1902683.UP.FTS.B,
25.19%,
10/22/26
...
10,880
10,829
L1901660.UP.FTS.B,
25.23%,
10/22/26
...
1,542
1,535
L1901951.UP.FTS.B,
25.24%,
10/22/26
...
2,176
2,166
FW1902836.UP.FTS.B,
25.41%,
10/22/26
.
44,873
44,630
L1902657.UP.FTS.B,
25.42%,
10/22/26
...
1,917
1,905
L1902485.UP.FTS.B,
25.47%,
10/22/26
...
1,395
411
L1900275.UP.FTS.B,
25.48%,
10/22/26
...
1,921
1,891
L1901089.UP.FTS.B,
25.48%,
10/22/26
...
917
872
FW1902401.UP.FTS.B,
25.71%,
10/22/26
.
4,267
4,243
L1902021.UP.FTS.B,
25.72%,
10/22/26
...
2,361
2,350
FW1902199.UP.FTS.B,
26.04%,
10/22/26
.
3,816
3,799
L1901920.UP.FTS.B,
26.18%,
10/22/26
...
2,558
34
FW1902581.UP.FTS.B,
26.52%,
10/22/26
.
19,193
395
FW1902833.UP.FTS.B,
26.75%,
10/22/26
.
46,486
13,713
FW1902133.UP.FTS.B,
27.21%,
10/22/26
.
18,227
18,144
FW1886406.UP.FTS.B,
27.97%,
10/22/26
.
11,059
11,004
FW1901053.UP.FTS.B,
28.68%,
10/22/26
.
3,201
3,187
FW1902473.UP.FTS.B,
30%,
10/22/26
...
5,811
405
FW1901054.UP.FTS.B,
30.7%,
10/22/26
..
1,049
(2)
FW1901629.UP.FTS.B,
31%,
10/22/26
...
3,954
3,937
FW1901509.UP.FTS.B,
31.16%,
10/22/26
.
7,487
7,121
FW1902391.UP.FTS.B,
31.19%,
10/22/26
.
3,300
3,285
FW1901303.UP.FTS.B,
31.21%,
10/22/26
.
3,496
3,481
FW1900628.UP.FTS.B,
31.23%,
10/22/26
.
1,012
1,008
FW1902299.UP.FTS.B,
31.27%,
10/22/26
.
7,308
7,272
FW1902681.UP.FTS.B,
31.63%,
10/22/26
.
7,367
7,336
FW1901725.UP.FTS.B,
31.78%,
10/22/26
.
12,988
12,353
FW1901994.UP.FTS.B,
32.7%,
10/22/26
..
7,146
2,148
L2031623.UP.FTS.B,
9.89%,
11/12/26
....
32,437
32,224
L2032896.UP.FTS.B,
9.9%,
11/12/26
.....
6,154
6,113
L2031352.UP.FTS.B,
11.14%,
11/12/26
...
2,179
2,159
L2032147.UP.FTS.B,
11.65%,
11/12/26
...
7,073
7,008
L2032600.UP.FTS.B,
12.19%,
11/12/26
...
6,642
6,581
L2032561.UP.FTS.B,
12.57%,
11/12/26
...
13,312
13,191
FW2032979.UP.FTS.B,
12.77%,
11/12/26
.
7,097
7,032
L2032884.UP.FTS.B,
12.78%,
11/12/26
...
7,097
7,033
FW2032727.UP.FTS.B,
12.91%,
11/12/26
.
3,106
3,078
L2032885.UP.FTS.B,
12.92%,
11/12/26
...
4,327
4,287
L2032155.UP.FTS.B,
12.96%,
11/12/26
...
7,111
7,047
FW2031248.UP.FTS.B,
13.13%,
11/12/26
.
6,923
6,861
FW2032795.UP.FTS.B,
13.19%,
11/12/26
.
7,105
7,042
L2030856.UP.FTS.B,
13.22%,
11/12/26
...
8,412
8,329
L2030962.UP.FTS.B,
13.54%,
11/12/26
...
7,037
6,973
FW2032278.UP.FTS.B,
13.85%,
11/12/26
.
4,414
4,374
Franklin
Universal
Trust
Schedule
of
Investments
franklintempleton.com
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Annual
Report
39
Description
Principal
Amount
Value
Marketplace
Loans
(continued)
Upstart
Network,
Inc.
(continued)
L2032791.UP.FTS.B,
14.03%,
11/12/26
...
$
2,641
$
2,616
L2032226.UP.FTS.B,
14.31%,
11/12/26
...
21,715
21,518
L2031496.UP.FTS.B,
14.48%,
11/12/26
...
7,622
548
L2031580.UP.FTS.B,
14.88%,
11/12/26
...
1,577
1,560
L2032373.UP.FTS.B,
14.92%,
11/12/26
...
8,926
8,847
FW2032722.UP.FTS.B,
14.98%,
11/12/26
.
7,142
7,079
L2030829.UP.FTS.B,
14.99%,
11/12/26
...
14,481
7,615
L2032174.UP.FTS.B,
15.1%,
11/12/26
....
6,251
6,196
FW2032454.UP.FTS.B,
15.76%,
11/12/26
.
5,148
5,058
L2032268.UP.FTS.B,
15.84%,
11/12/26
...
18,941
18,688
L2033071.UP.FTS.B,
15.91%,
11/12/26
...
3,244
3,214
FW2031845.UP.FTS.B,
15.93%,
11/12/26
.
13,715
7,615
FW2032747.UP.FTS.B,
16.19%,
11/12/26
.
14,076
1,991
FW2032538.UP.FTS.B,
16.45%,
11/12/26
.
4,482
4,443
L2032366.UP.FTS.B,
16.55%,
11/12/26
...
6,994
6,930
L2033082.UP.FTS.B,
16.64%,
11/12/26
...
15,103
14,967
L2030808.UP.FTS.B,
16.75%,
11/12/26
...
7,626
7,559
FW2032502.UP.FTS.B,
16.77%,
11/12/26
.
7,178
7,115
L2033005.UP.FTS.B,
16.99%,
11/12/26
...
3,581
3,534
L2033008.UP.FTS.B,
17.14%,
11/12/26
...
5,748
5,674
L2031106.UP.FTS.B,
17.27%,
11/12/26
...
7,027
6,933
L2031479.UP.FTS.B,
17.32%,
11/12/26
...
13,570
13,396
L2032509.UP.FTS.B,
17.7%,
11/12/26
....
3,194
1,772
L2030768.UP.FTS.B,
17.71%,
11/12/26
...
4,498
4,440
L2032284.UP.FTS.B,
17.94%,
11/12/26
...
4,506
4,433
L2032006.UP.FTS.B,
17.99%,
11/12/26
...
5,579
5,479
FW2032396.UP.FTS.B,
18.3%,
11/12/26
..
14,417
3,989
L2031481.UP.FTS.B,
18.31%,
11/12/26
...
8,794
8,676
FW2031117.UP.FTS.B,
18.34%,
11/12/26
.
9,011
8,868
L2032837.UP.FTS.B,
18.39%,
11/12/26
...
9,012
8,896
L2030864.UP.FTS.B,
18.46%,
11/12/26
...
8,653
8,578
L2030865.UP.FTS.B,
18.88%,
11/12/26
...
2,747
2,695
L2032849.UP.FTS.B,
19.14%,
11/12/26
...
10,835
10,697
FW2032194.UP.FTS.B,
19.49%,
11/12/26
.
6,778
6,671
L2030806.UP.FTS.B,
19.55%,
11/12/26
...
3,616
3,559
FW2032947.UP.FTS.B,
19.59%,
11/12/26
.
22,646
22,452
L2031425.UP.FTS.B,
19.77%,
11/12/26
...
5,625
5,533
L2031289.UP.FTS.B,
19.82%,
11/12/26
...
7,236
7,122
L2032060.UP.FTS.B,
20.25%,
11/12/26
...
5,433
5,348
L2032905.UP.FTS.B,
20.65%,
11/12/26
...
3,270
482
L2032195.UP.FTS.B,
20.89%,
11/12/26
...
9,070
8,928
L2032456.UP.FTS.B,
20.93%,
11/12/26
...
1,359
1,337
L2030959.UP.FTS.B,
21.08%,
11/12/26
...
7,035
6,893
L2030794.UP.FTS.B,
21.21%,
11/12/26
...
1,543
1,519
L2032266.UP.FTS.B,
21.24%,
11/12/26
...
4,548
4,503
L2032324.UP.FTS.B,
21.35%,
11/12/26
...
11,805
11,698
L2032168.UP.FTS.B,
21.6%,
11/12/26
....
8,674
8,564
FW2027921.UP.FTS.B,
21.63%,
11/12/26
.
1,882
271
FW2032858.UP.FTS.B,
21.65%,
11/12/26
.
14,487
1,045
FW2032674.UP.FTS.B,
21.86%,
11/12/26
.
1,381
819
FW2033134.UP.FTS.B,
22.19%,
11/12/26
.
7,057
6,990
L2031176.UP.FTS.B,
22.37%,
11/12/26
...
8,569
2,388
FW2032681.UP.FTS.B,
22.41%,
11/12/26
.
2,302
1,321
L2032742.UP.FTS.B,
22.42%,
11/12/26
...
2,660
2,617
L2033183.UP.FTS.B,
22.68%,
11/12/26
...
2,843
2,814
FW2032923.UP.FTS.B,
22.87%,
11/12/26
.
5,652
833
L2031168.UP.FTS.B,
24.05%,
11/12/26
...
4,570
4,529
L2029169.UP.FTS.B,
24.06%,
11/12/26
...
10,863
10,759
Description
Principal
Amount
Value
Upstart
Network,
Inc.
(continued)
L2032183.UP.FTS.B,
24.12%,
11/12/26
...
$
9,142
$
9,060
FW2032995.UP.FTS.B,
24.13%,
11/12/26
.
2,743
2,700
FW2031872.UP.FTS.B,
24.66%,
11/12/26
.
27,466
27,221
L2031986.UP.FTS.B,
24.81%,
11/12/26
...
9,137
9,054
FW2033202.UP.FTS.B,
25.01%,
11/12/26
.
14,494
14,354
L2032407.UP.FTS.B,
25.01%,
11/12/26
...
1,103
1,093
L2032352.UP.FTS.B,
25.02%,
11/12/26
...
9,557
1,410
L2031441.UP.FTS.B,
25.1%,
11/12/26
....
3,462
2,062
L2031569.UP.FTS.B,
25.11%,
11/12/26
...
4,123
4,086
L2030665.UP.FTS.B,
25.13%,
11/12/26
...
4,204
605
L2032689.UP.FTS.B,
25.21%,
11/12/26
...
5,315
5,233
FW2031174.UP.FTS.B,
25.25%,
11/12/26
.
8,726
8,642
L2032525.UP.FTS.B,
25.33%,
11/12/26
...
917
902
L2031372.UP.FTS.B,
25.41%,
11/12/26
...
2,400
172
L2031753.UP.FTS.B,
25.41%,
11/12/26
...
2,470
176
L2031145.UP.FTS.B,
25.44%,
11/12/26
...
4,310
4,243
L2030886.UP.FTS.B,
25.5%,
11/12/26
....
18,984
18,815
L2031934.UP.FTS.B,
25.51%,
11/12/26
...
2,751
2,727
FW2032331.UP.FTS.B,
25.7%,
11/12/26
..
1,819
1,790
L2030633.UP.FTS.B,
25.9%,
11/12/26
....
2,341
93
L2032092.UP.FTS.B,
26.07%,
11/12/26
...
7,509
539
FW2031600.UP.FTS.B,
26.6%,
11/12/26
..
4,626
4,583
FW2032655.UP.FTS.B,
26.61%,
11/12/26
.
5,686
837
FW2030941.UP.FTS.B,
26.62%,
11/12/26
.
27,248
26,998
FW2031539.UP.FTS.B,
26.65%,
11/12/26
.
4,597
4,557
L2032677.UP.FTS.B,
26.71%,
11/12/26
...
7,357
7,292
FW2032771.UP.FTS.B,
26.84%,
11/12/26
.
3,220
3,191
FW2032877.UP.FTS.B,
27.2%,
11/12/26
..
4,570
4,528
FW2003411.UP.FTS.B,
27.5%,
11/12/26
..
6,857
6,793
FW2032753.UP.FTS.B,
27.55%,
11/12/26
.
1,287
1,276
FW2031662.UP.FTS.B,
27.63%,
11/12/26
.
7,381
527
FW2031263.UP.FTS.B,
27.74%,
11/12/26
.
3,714
3,680
FW2032946.UP.FTS.B,
27.87%,
11/12/26
.
23,088
22,867
FW2033112.UP.FTS.B,
29.26%,
11/12/26
.
5,865
417
FW2032549.UP.FTS.B,
29.36%,
11/12/26
.
2,312
2,292
FW2033144.UP.FTS.B,
29.76%,
11/12/26
.
2,777
2,753
FW2032040.UP.FTS.B,
29.84%,
11/12/26
.
1,667
1,653
FW2032799.UP.FTS.B,
29.91%,
11/12/26
.
2,222
2,203
FW2030797.UP.FTS.B,
30%,
11/12/26
...
21,045
20,845
FW2033131.UP.FTS.B,
30.02%,
11/12/26
.
964
946
FW2033213.UP.FTS.B,
30.17%,
11/12/26
.
1,390
1,377
FW2031474.UP.FTS.B,
30.22%,
11/12/26
.
3,143
3,115
FW2032450.UP.FTS.B,
30.43%,
11/12/26
.
4,068
(9)
FW2031432.UP.FTS.B,
30.62%,
11/12/26
.
3,972
2,380
FW2031182.UP.FTS.B,
30.67%,
11/12/26
.
3,875
270
FW2031644.UP.FTS.B,
30.67%,
11/12/26
.
1,669
1,655
FW2032197.UP.FTS.B,
30.75%,
11/12/26
.
1,906
557
FW2031627.UP.FTS.B,
30.86%,
11/12/26
.
4,638
4,598
FW2032625.UP.FTS.B,
30.96%,
11/12/26
.
684
672
FW2031985.UP.FTS.B,
31%,
11/12/26
...
1,846
1,822
FW2031873.UP.FTS.B,
31.05%,
11/12/26
.
928
920
FW2032325.UP.FTS.B,
31.07%,
11/12/26
.
1,114
1,104
FW2031596.UP.FTS.B,
31.1%,
11/12/26
..
5,144
5,095
FW2032994.UP.FTS.B,
31.15%,
11/12/26
.
2,848
2,822
FW2033066.UP.FTS.B,
31.16%,
11/12/26
.
6,776
6,718
FW2033143.UP.FTS.B,
31.21%,
11/12/26
.
19,066
5,560
FW2032496.UP.FTS.B,
31.23%,
11/12/26
.
8,559
(103)
FW2032619.UP.FTS.B,
31.24%,
11/12/26
.
18,206
1,288
Franklin
Universal
Trust
Schedule
of
Investments
franklintempleton.com
Annual
Report
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
40
Description
Principal
Amount
Value
Marketplace
Loans
(continued)
Upstart
Network,
Inc.
(continued)
FW2033181.UP.FTS.B,
31.25%,
11/12/26
.
$
2,196
$
(38)
FW2031715.UP.FTS.B,
31.33%,
11/12/26
.
4,457
4,418
FW2033208.UP.FTS.B,
31.39%,
11/12/26
.
3,537
3,504
FW2019354.UP.FTS.B,
31.57%,
11/12/26
.
6,003
1,745
FW2033190.UP.FTS.B,
31.59%,
11/12/26
.
2,105
146
FW2032062.UP.FTS.B,
31.82%,
11/12/26
.
3,429
242
FW2032397.UP.FTS.B,
31.93%,
11/12/26
.
2,290
333
FW2101958.UP.FTS.B,
6.23%,
11/23/26
..
33,890
33,762
L2101736.UP.FTS.B,
8.06%,
11/23/26
....
848
843
L2103598.UP.FTS.B,
8.71%,
11/23/26
....
14,017
13,940
L2102006.UP.FTS.B,
8.84%,
11/23/26
....
43,820
43,582
FW2103621.UP.FTS.B,
10.34%,
11/23/26
.
5,189
5,149
L2101981.UP.FTS.B,
11.14%,
11/23/26
...
7,921
7,863
L2102059.UP.FTS.B,
12.22%,
11/23/26
...
18,815
18,679
L2101522.UP.FTS.B,
12.34%,
11/23/26
...
29,678
29,466
L2103822.UP.FTS.B,
12.78%,
11/23/26
...
4,436
4,404
L2101315.UP.FTS.B,
12.86%,
11/23/26
...
6,211
6,167
L2102939.UP.FTS.B,
13.35%,
11/23/26
...
3,110
3,088
L2076017.UP.FTS.B,
13.49%,
11/23/26
...
3,403
3,377
L2095249.UP.FTS.B,
14.31%,
11/23/26
...
14,257
14,158
L2101974.UP.FTS.B,
14.36%,
11/23/26
...
7,664
7,611
L2101130.UP.FTS.B,
14.68%,
11/23/26
...
2,973
770
L2102807.UP.FTS.B,
15.1%,
11/23/26
....
15,220
15,062
FW2102638.UP.FTS.B,
15.48%,
11/23/26
.
8,026
7,959
L2103246.UP.FTS.B,
15.57%,
11/23/26
...
2,248
2,222
L2068146.UP.FTS.B,
16.06%,
11/23/26
...
8,955
8,866
L2102751.UP.FTS.B,
16.5%,
11/23/26
....
3,591
3,555
L2103150.UP.FTS.B,
16.57%,
11/23/26
...
5,380
5,344
FW2101751.UP.FTS.B,
16.63%,
11/23/26
.
17,938
17,760
L2102461.UP.FTS.B,
16.75%,
11/23/26
...
9,090
8,566
L2101428.UP.FTS.B,
17.6%,
11/23/26
....
13,484
13,352
L2099233.UP.FTS.B,
17.83%,
11/23/26
...
14,397
14,256
L2050778.UP.FTS.B,
18.01%,
11/23/26
...
8,102
8,023
FW2101742.UP.FTS.B,
18.05%,
11/23/26
.
6,843
6,776
L2101699.UP.FTS.B,
18.05%,
11/23/26
...
8,962
8,874
L2102561.UP.FTS.B,
18.92%,
11/23/26
...
4,484
4,440
L2101597.UP.FTS.B,
19.51%,
11/23/26
...
6,327
6,266
L2102051.UP.FTS.B,
19.71%,
11/23/26
...
5,064
5,003
L2103543.UP.FTS.B,
19.91%,
11/23/26
...
876
864
FW2102941.UP.FTS.B,
20.37%,
11/23/26
.
18,116
18,030
L2102313.UP.FTS.B,
20.5%,
11/23/26
....
1,351
1,345
L2102253.UP.FTS.B,
20.85%,
11/23/26
...
7,074
7,041
L2102703.UP.FTS.B,
20.89%,
11/23/26
...
4,536
4,515
L2103666.UP.FTS.B,
21.53%,
11/23/26
...
6,610
6,526
L2103089.UP.FTS.B,
22.24%,
11/23/26
...
7,271
7,237
L2100737.UP.FTS.B,
22.28%,
11/23/26
...
15,501
15,417
FW2102410.UP.FTS.B,
22.44%,
11/23/26
.
4,658
1,370
L2103055.UP.FTS.B,
22.44%,
11/23/26
...
1,184
1,170
L2102400.UP.FTS.B,
22.64%,
11/23/26
...
5,431
5,404
FW2103066.UP.FTS.B,
23.11%,
11/23/26
.
3,367
241
L2101750.UP.FTS.B,
24.17%,
11/23/26
...
6,224
6,188
L2102299.UP.FTS.B,
24.27%,
11/23/26
...
5,945
5,919
L2103547.UP.FTS.B,
24.76%,
11/23/26
...
1,007
998
FW2102727.UP.FTS.B,
24.84%,
11/23/26
.
3,663
3,647
L2103842.UP.FTS.B,
25.11%,
11/23/26
...
3,665
3,623
L2102211.UP.FTS.B,
25.3%,
11/23/26
....
917
906
L2101935.UP.FTS.B,
25.31%,
11/23/26
...
1,192
1,186
L2103945.UP.FTS.B,
25.34%,
11/23/26
...
2,556
2,541
Description
Principal
Amount
Value
Upstart
Network,
Inc.
(continued)
L2103197.UP.FTS.B,
25.35%,
11/23/26
...
$
7,411
$
7,050
L2101880.UP.FTS.B,
25.39%,
11/23/26
...
2,751
2,739
L2101888.UP.FTS.B,
25.4%,
11/23/26
....
8,710
8,672
L2103491.UP.FTS.B,
25.4%,
11/23/26
....
1,005
994
L2102577.UP.FTS.B,
25.42%,
11/23/26
...
5,410
5,386
L2102346.UP.FTS.B,
25.43%,
11/23/26
...
4,768
4,747
L2103267.UP.FTS.B,
25.44%,
11/23/26
...
3,335
239
L2103588.UP.FTS.B,
25.44%,
11/23/26
...
3,393
3,378
L2103899.UP.FTS.B,
25.44%,
11/23/26
...
3,280
3,264
L2102933.UP.FTS.B,
25.47%,
11/23/26
...
2,118
150
FW2102485.UP.FTS.B,
25.59%,
11/23/26
.
483
477
L2101347.UP.FTS.B,
25.68%,
11/23/26
...
16,686
15,739
L2102991.UP.FTS.B,
25.76%,
11/23/26
...
3,762
3,746
L2102028.UP.FTS.B,
25.89%,
11/23/26
...
5,507
5,483
L2052565.UP.FTS.B,
26.09%,
11/23/26
...
14,968
14,904
FW2101678.UP.FTS.B,
26.5%,
11/23/26
..
3,217
3,203
L2102238.UP.FTS.B,
26.56%,
11/23/26
...
7,894
7,841
FW2103284.UP.FTS.B,
27.1%,
11/23/26
..
3,681
3,666
FW2102544.UP.FTS.B,
27.32%,
11/23/26
.
2,845
845
FW2101640.UP.FTS.B,
28.13%,
11/23/26
.
987
69
FW2103532.UP.FTS.B,
28.75%,
11/23/26
.
9,236
9,198
FW2103644.UP.FTS.B,
29%,
11/23/26
...
4,668
4,443
FW2101765.UP.FTS.B,
29.07%,
11/23/26
.
3,298
3,140
FW2102776.UP.FTS.B,
29.73%,
11/23/26
.
1,680
1,666
FW2102091.UP.FTS.B,
29.86%,
11/23/26
.
5,308
5,276
FW2101041.UP.FTS.B,
30.44%,
11/23/26
.
6,479
6,453
FW2103334.UP.FTS.B,
30.61%,
11/23/26
.
2,233
68
FW2103858.UP.FTS.B,
30.83%,
11/23/26
.
1,575
111
FW2102371.UP.FTS.B,
30.85%,
11/23/26
.
7,204
7,166
FW2102634.UP.FTS.B,
30.88%,
11/23/26
.
1,429
220
FW2102995.UP.FTS.B,
30.88%,
11/23/26
.
1,176
1,170
FW2103415.UP.FTS.B,
31.09%,
11/23/26
.
12,157
12,089
FW2103786.UP.FTS.B,
31.2%,
11/23/26
..
1,610
1,601
FW2103069.UP.FTS.B,
31.22%,
11/23/26
.
2,042
2,034
FW2102405.UP.FTS.B,
31.83%,
11/23/26
.
2,231
2,222
FW2102063.UP.FTS.B,
31.99%,
11/23/26
.
14,318
14,263
L2249428.UP.FTS.B,
8.72%,
12/14/26
....
13,035
12,947
L2250662.UP.FTS.B,
8.88%,
12/14/26
....
9,798
9,734
L2249279.UP.FTS.B,
9.09%,
12/14/26
....
4,456
4,428
L2251398.UP.FTS.B,
9.28%,
12/14/26
....
7,134
7,088
L2250255.UP.FTS.B,
9.36%,
12/14/26
....
3,354
3,324
L2250829.UP.FTS.B,
9.77%,
12/14/26
....
1,645
1,630
L2247842.UP.FTS.B,
9.8%,
12/14/26
....
6,608
6,566
L2251213.UP.FTS.B,
9.85%,
12/14/26
....
10,718
10,620
FW2251249.UP.FTS.B,
10.34%,
12/14/26
.
16,993
16,838
L2248805.UP.FTS.B,
10.51%,
12/14/26
...
8,948
8,866
L2249903.UP.FTS.B,
11.03%,
12/14/26
...
2,688
2,664
FW2249671.UP.FTS.B,
11.35%,
12/14/26
.
17,084
16,966
L2251005.UP.FTS.B,
11.75%,
12/14/26
...
14,455
14,324
FW2249158.UP.FTS.B,
11.8%,
12/14/26
..
13,469
13,347
L2251043.UP.FTS.B,
12.11%,
12/14/26
...
28,758
28,498
L2250070.UP.FTS.B,
12.15%,
12/14/26
...
6,274
6,217
L2251230.UP.FTS.B,
12.48%,
12/14/26
...
1,805
1,789
L2249726.UP.FTS.B,
12.59%,
12/14/26
...
8,099
8,025
L2251302.UP.FTS.B,
12.76%,
12/14/26
...
5,392
5,343
L2251060.UP.FTS.B,
12.84%,
12/14/26
...
3,719
943
L2250389.UP.FTS.B,
13.11%,
12/14/26
...
17,907
17,742
L2247235.UP.FTS.B,
13.18%,
12/14/26
...
3,605
3,572
Franklin
Universal
Trust
Schedule
of
Investments
franklintempleton.com
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Annual
Report
41
Description
Principal
Amount
Value
Marketplace
Loans
(continued)
Upstart
Network,
Inc.
(continued)
L2250820.UP.FTS.B,
13.59%,
12/14/26
...
$
2,887
$
2,861
FW2250025.UP.FTS.B,
13.65%,
12/14/26
.
6,769
6,708
FW2249624.UP.FTS.B,
13.82%,
12/14/26
.
4,956
4,911
L2240508.UP.FTS.B,
14.03%,
12/14/26
...
648
640
L2251167.UP.FTS.B,
14.16%,
12/14/26
...
7,680
7,611
L2247268.UP.FTS.B,
14.22%,
12/14/26
...
44,922
44,330
L2249868.UP.FTS.B,
14.41%,
12/14/26
...
5,425
5,376
FW2249992.UP.FTS.B,
14.49%,
12/14/26
.
955
944
L2250559.UP.FTS.B,
14.84%,
12/14/26
...
6,808
6,748
L2248700.UP.FTS.B,
14.99%,
12/14/26
...
7,580
1,038
FW2250857.UP.FTS.B,
15.23%,
12/14/26
.
27,029
26,673
L2250968.UP.FTS.B,
15.57%,
12/14/26
...
2,346
320
FW2250512.UP.FTS.B,
15.67%,
12/14/26
.
24,440
24,121
L2250750.UP.FTS.B,
16.01%,
12/14/26
...
3,954
2,191
L2251440.UP.FTS.B,
16.23%,
12/14/26
...
1,326
1,308
L2249248.UP.FTS.B,
16.43%,
12/14/26
...
10,839
10,696
L2250291.UP.FTS.B,
16.44%,
12/14/26
...
7,265
7,171
L2250670.UP.FTS.B,
16.58%,
12/14/26
...
4,545
4,505
L2250624.UP.FTS.B,
16.92%,
12/14/26
...
5,459
5,388
L2249982.UP.FTS.B,
16.98%,
12/14/26
...
1,289
1,271
L2249388.UP.FTS.B,
17.25%,
12/14/26
...
5,491
5,404
FW2250678.UP.FTS.B,
17.4%,
12/14/26
..
3,202
3,160
L2249629.UP.FTS.B,
17.8%,
12/14/26
....
5,789
5,737
L2249002.UP.FTS.B,
18.13%,
12/14/26
...
3,194
3,143
L2250560.UP.FTS.B,
18.18%,
12/14/26
...
9,125
8,981
FW2248499.UP.FTS.B,
18.23%,
12/14/26
.
4,695
2,613
FW2248341.UP.FTS.B,
18.43%,
12/14/26
.
23,017
22,725
L2248252.UP.FTS.B,
18.48%,
12/14/26
...
2,740
2,696
FW2249113.UP.FTS.B,
18.58%,
12/14/26
.
22,834
22,473
FW2250867.UP.FTS.B,
18.63%,
12/14/26
.
37,442
10,385
FW2249102.UP.FTS.B,
18.66%,
12/14/26
.
5,482
5,395
L2248897.UP.FTS.B,
18.73%,
12/14/26
...
2,156
157
L2249404.UP.FTS.B,
18.82%,
12/14/26
...
3,656
3,598
L2250926.UP.FTS.B,
19.09%,
12/14/26
...
15,930
15,681
L2250154.UP.FTS.B,
19.32%,
12/14/26
...
9,150
9,032
L2250893.UP.FTS.B,
19.53%,
12/14/26
...
18,477
18,244
L2250499.UP.FTS.B,
19.65%,
12/14/26
...
3,297
3,254
L2251037.UP.FTS.B,
19.7%,
12/14/26
....
1,648
1,627
L2249412.UP.FTS.B,
19.96%,
12/14/26
...
1,863
1,837
L2248975.UP.FTS.B,
19.98%,
12/14/26
...
9,670
9,538
FW2251119.UP.FTS.B,
20.09%,
12/14/26
.
1,833
1,810
L2249393.UP.FTS.B,
20.1%,
12/14/26
....
4,797
144
L2249483.UP.FTS.B,
20.19%,
12/14/26
...
9,168
9,023
FW2250352.UP.FTS.B,
20.38%,
12/14/26
.
27,538
27,101
FW2250365.UP.FTS.B,
20.49%,
12/14/26
.
27,315
26,955
L2250843.UP.FTS.B,
20.5%,
12/14/26
....
5,047
4,967
L2250558.UP.FTS.B,
20.67%,
12/14/26
...
7,434
7,363
L2251409.UP.FTS.B,
20.71%,
12/14/26
...
11,015
10,841
L2251393.UP.FTS.B,
20.81%,
12/14/26
...
4,549
4,502
FW2246646.UP.FTS.B,
21.08%,
12/14/26
.
4,746
1,366
L2249780.UP.FTS.B,
21.14%,
12/14/26
...
7,350
7,280
L2250723.UP.FTS.B,
21.16%,
12/14/26
...
3,387
496
L2248430.UP.FTS.B,
21.51%,
12/14/26
...
1,200
634
L2250707.UP.FTS.B,
21.52%,
12/14/26
...
5,554
3,089
L2249030.UP.FTS.B,
21.69%,
12/14/26
...
2,024
1,992
L2249288.UP.FTS.B,
21.82%,
12/14/26
...
4,969
4,921
L2249149.UP.FTS.B,
21.87%,
12/14/26
...
9,203
9,058
FW2248314.UP.FTS.B,
21.92%,
12/14/26
.
3,221
3,191
Description
Principal
Amount
Value
Upstart
Network,
Inc.
(continued)
L2249898.UP.FTS.B,
22.33%,
12/14/26
...
$
20,241
$
19,981
L2250188.UP.FTS.B,
22.59%,
12/14/26
...
4,514
4,471
L2251333.UP.FTS.B,
22.77%,
12/14/26
...
14,980
14,828
L2250436.UP.FTS.B,
22.79%,
12/14/26
...
16,599
16,440
L2249183.UP.FTS.B,
22.87%,
12/14/26
...
3,228
3,197
L2250392.UP.FTS.B,
22.93%,
12/14/26
...
2,952
2,923
L2250810.UP.FTS.B,
23.01%,
12/14/26
...
6,459
6,397
FW2251497.UP.FTS.B,
23.11%,
12/14/26
.
5,531
5,432
L2249529.UP.FTS.B,
23.39%,
12/14/26
...
9,237
9,141
L2250010.UP.FTS.B,
23.56%,
12/14/26
...
4,618
4,574
FW2248500.UP.FTS.B,
23.6%,
12/14/26
..
2,771
2,745
FW2248932.UP.FTS.B,
23.62%,
12/14/26
.
1,859
1,840
L2249765.UP.FTS.B,
23.67%,
12/14/26
...
3,695
3,660
L2250302.UP.FTS.B,
23.69%,
12/14/26
...
6,487
1,867
L2250948.UP.FTS.B,
23.7%,
12/14/26
....
41,576
41,178
L2250450.UP.FTS.B,
23.85%,
12/14/26
...
1,386
1,373
L2248306.UP.FTS.B,
23.97%,
12/14/26
...
23,111
22,890
FW2249399.UP.FTS.B,
24.09%,
12/14/26
.
4,161
4,096
L2249615.UP.FTS.B,
24.09%,
12/14/26
...
3,699
3,663
L2251175.UP.FTS.B,
24.32%,
12/14/26
...
5,301
77
L2250334.UP.FTS.B,
24.44%,
12/14/26
...
8,050
7,924
L2250245.UP.FTS.B,
24.75%,
12/14/26
...
1,850
1,833
L2251223.UP.FTS.B,
24.89%,
12/14/26
...
5,557
5,486
L2250314.UP.FTS.B,
24.91%,
12/14/26
...
3,242
3,215
L2249605.UP.FTS.B,
24.93%,
12/14/26
...
4,087
291
L2249782.UP.FTS.B,
24.98%,
12/14/26
...
3,891
3,853
L2248144.UP.FTS.B,
25.08%,
12/14/26
...
4,387
2,619
L2250779.UP.FTS.B,
25.12%,
12/14/26
...
1,761
1,744
L2249254.UP.FTS.B,
25.13%,
12/14/26
...
7,413
7,342
L2248450.UP.FTS.B,
25.14%,
12/14/26
...
5,548
5,477
L2249986.UP.FTS.B,
25.21%,
12/14/26
...
1,670
1,653
L2248417.UP.FTS.B,
25.23%,
12/14/26
...
2,039
2,020
L2249856.UP.FTS.B,
25.32%,
12/14/26
...
1,112
1,102
L2240158.UP.FTS.B,
25.37%,
12/14/26
...
10,757
10,588
L2250087.UP.FTS.B,
25.37%,
12/14/26
...
862
849
L2248877.UP.FTS.B,
25.38%,
12/14/26
...
2,967
2,920
L2249823.UP.FTS.B,
25.41%,
12/14/26
...
4,240
4,185
L2249987.UP.FTS.B,
25.42%,
12/14/26
...
1,920
1,900
L2251395.UP.FTS.B,
25.45%,
12/14/26
...
2,040
2,021
L2251149.UP.FTS.B,
25.46%,
12/14/26
...
2,320
2,296
L2249309.UP.FTS.B,
25.75%,
12/14/26
...
3,897
3,859
L2250992.UP.FTS.B,
25.92%,
12/14/26
...
9,290
9,194
FW2250494.UP.FTS.B,
25.95%,
12/14/26
.
3,713
3,677
L2247535.UP.FTS.B,
25.95%,
12/14/26
...
6,360
6,251
FW2249943.UP.FTS.B,
25.97%,
12/14/26
.
19,164
5,567
FW2250385.UP.FTS.B,
26.11%,
12/14/26
.
2,689
2,647
FW2248550.UP.FTS.B,
26.2%,
12/14/26
..
4,179
4,139
L2249257.UP.FTS.B,
26.38%,
12/14/26
...
8,175
8,097
FW2248463.UP.FTS.B,
26.66%,
12/14/26
.
2,789
2,762
FW2248876.UP.FTS.B,
27.04%,
12/14/26
.
1,967
139
FW2251276.UP.FTS.B,
27.23%,
12/14/26
.
11,298
1,670
FW2250572.UP.FTS.B,
27.63%,
12/14/26
.
10,244
10,146
FW2248164.UP.FTS.B,
27.68%,
12/14/26
.
5,697
1,656
FW2249342.UP.FTS.B,
27.92%,
12/14/26
.
5,446
5,386
FW2251120.UP.FTS.B,
28.37%,
12/14/26
.
12,124
12,008
FW2249976.UP.FTS.B,
28.77%,
12/14/26
.
1,812
1,793
FW2250016.UP.FTS.B,
29.36%,
12/14/26
.
6,441
451
FW2248226.UP.FTS.B,
29.45%,
12/14/26
.
2,803
2,777
Franklin
Universal
Trust
Schedule
of
Investments
franklintempleton.com
Annual
Report
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
42
Description
Principal
Amount
Value
Marketplace
Loans
(continued)
Upstart
Network,
Inc.
(continued)
FW2250989.UP.FTS.B,
29.6%,
12/14/26
..
$
2,051
$
2,032
FW2246912.UP.FTS.B,
29.61%,
12/14/26
.
2,804
2,777
FW2250225.UP.FTS.B,
30.13%,
12/14/26
.
1,501
1,486
FW2250294.UP.FTS.B,
30.29%,
12/14/26
.
5,616
5,562
FW2249682.UP.FTS.B,
30.35%,
12/14/26
.
1,572
1,556
FW2249951.UP.FTS.B,
30.44%,
12/14/26
.
1,889
1,871
FW2248119.UP.FTS.B,
30.63%,
12/14/26
.
2,621
386
FW2249983.UP.FTS.B,
30.63%,
12/14/26
.
1,799
1,781
FW2250251.UP.FTS.B,
30.69%,
12/14/26
.
5,436
5,380
FW2251385.UP.FTS.B,
30.75%,
12/14/26
.
5,245
5,163
FW2249282.UP.FTS.B,
30.76%,
12/14/26
.
1,278
89
FW2250230.UP.FTS.B,
30.8%,
12/14/26
..
3,354
237
FW2249049.UP.FTS.B,
30.95%,
12/14/26
.
5,900
5,843
FW2249935.UP.FTS.B,
30.97%,
12/14/26
.
3,592
2,156
FW2247285.UP.FTS.B,
30.98%,
12/14/26
.
5,622
5,569
FW2250818.UP.FTS.B,
31.04%,
12/14/26
.
2,347
2,323
FW2251021.UP.FTS.B,
31.06%,
12/14/26
.
1,908
559
FW2248810.UP.FTS.B,
31.08%,
12/14/26
.
2,541
177
FW2248234.UP.FTS.B,
31.09%,
12/14/26
.
7,779
7,705
FW2250276.UP.FTS.B,
31.09%,
12/14/26
.
1,607
963
FW2251092.UP.FTS.B,
31.1%,
12/14/26
..
1,781
1,764
FW2250801.UP.FTS.B,
31.11%,
12/14/26
.
2,692
2,661
FW2249041.UP.FTS.B,
31.12%,
12/14/26
.
1,031
1,021
FW2250974.UP.FTS.B,
31.12%,
12/14/26
.
3,093
3,064
FW2251215.UP.FTS.B,
31.16%,
12/14/26
.
3,843
3,807
FW2251477.UP.FTS.B,
31.16%,
12/14/26
.
1,466
101
FW2248893.UP.FTS.B,
31.17%,
12/14/26
.
1,687
1,671
FW2250257.UP.FTS.B,
31.18%,
12/14/26
.
1,443
212
FW2249653.UP.FTS.B,
31.19%,
12/14/26
.
3,562
3,528
FW2251105.UP.FTS.B,
31.21%,
12/14/26
.
34,800
2,459
FW2251410.UP.FTS.B,
31.25%,
12/14/26
.
4,344
4,302
FW2249397.UP.FTS.B,
31.37%,
12/14/26
.
1,500
1,486
FW2250341.UP.FTS.B,
31.55%,
12/14/26
.
4,203
292
FW2249720.UP.FTS.B,
31.6%,
12/14/26
..
9,285
645
FW2247969.UP.FTS.B,
31.61%,
12/14/26
.
5,960
5,903
FW2251100.UP.FTS.B,
31.72%,
12/14/26
.
1,955
136
FW2250563.UP.FTS.B,
31.74%,
12/14/26
.
3,096
3,067
L2251963.UP.FTS.B,
7.31%,
12/15/26
....
11,071
11,002
L2252296.UP.FTS.B,
8.02%,
12/15/26
....
13,328
13,247
L2141755.UP.FTS.B,
8.51%,
12/15/26
....
43,914
43,643
L2251219.UP.FTS.B,
8.53%,
12/15/26
....
2,225
2,212
L2252339.UP.FTS.B,
8.65%,
12/15/26
....
22,253
22,119
L2252737.UP.FTS.B,
8.71%,
12/15/26
....
18,696
18,584
L2252298.UP.FTS.B,
8.83%,
12/15/26
....
2,868
2,849
L2252476.UP.FTS.B,
9.18%,
12/15/26
....
8,915
8,862
FW2253701.UP.FTS.B,
10.99%,
12/15/26
.
11,399
11,300
L2253738.UP.FTS.B,
11.28%,
12/15/26
...
26,901
26,674
L2247794.UP.FTS.B,
12.65%,
12/15/26
...
4,050
4,016
FW2253414.UP.FTS.B,
13.43%,
12/15/26
.
3,607
3,578
L2253650.UP.FTS.B,
13.61%,
12/15/26
...
5,865
5,816
L2253574.UP.FTS.B,
13.77%,
12/15/26
...
1,805
1,790
L2253384.UP.FTS.B,
13.79%,
12/15/26
...
10,832
10,743
L2251912.UP.FTS.B,
13.91%,
12/15/26
...
3,160
3,134
L2253091.UP.FTS.B,
14.6%,
12/15/26
....
27,086
26,865
L2252906.UP.FTS.B,
14.66%,
12/15/26
...
10,042
9,961
L2252920.UP.FTS.B,
14.66%,
12/15/26
...
2,714
2,692
L2252226.UP.FTS.B,
14.86%,
12/15/26
...
45,257
44,890
L2252357.UP.FTS.B,
15.18%,
12/15/26
...
5,290
5,245
Description
Principal
Amount
Value
Upstart
Network,
Inc.
(continued)
L2252931.UP.FTS.B,
15.49%,
12/15/26
...
$
3,129
$
3,090
FW2249675.UP.FTS.B,
16.01%,
12/15/26
.
13,636
13,472
L2251599.UP.FTS.B,
16.33%,
12/15/26
...
2,544
2,513
L2252976.UP.FTS.B,
16.75%,
12/15/26
...
5,788
5,717
L2252902.UP.FTS.B,
16.77%,
12/15/26
...
15,461
15,276
FW2253272.UP.FTS.B,
17.07%,
12/15/26
.
10,985
10,825
L2252701.UP.FTS.B,
17.13%,
12/15/26
...
13,654
13,491
L2252199.UP.FTS.B,
17.21%,
12/15/26
...
8,558
8,490
L2251888.UP.FTS.B,
17.72%,
12/15/26
...
5,469
5,404
L2253164.UP.FTS.B,
17.76%,
12/15/26
...
5,088
5,003
FW2252613.UP.FTS.B,
17.78%,
12/15/26
.
4,103
4,054
L2253110.UP.FTS.B,
17.96%,
12/15/26
...
5,481
5,416
FW2253547.UP.FTS.B,
18.3%,
12/15/26
..
3,562
3,494
L2251960.UP.FTS.B,
19.3%,
12/15/26
....
9,775
9,624
L2252566.UP.FTS.B,
19.55%,
12/15/26
...
5,474
5,431
FW2251546.UP.FTS.B,
19.76%,
12/15/26
.
13,739
13,539
L2252438.UP.FTS.B,
19.81%,
12/15/26
...
3,664
3,611
L2251988.UP.FTS.B,
19.87%,
12/15/26
...
2,290
2,257
L2252318.UP.FTS.B,
20.43%,
12/15/26
...
2,752
2,712
L2250838.UP.FTS.B,
20.47%,
12/15/26
...
3,867
3,793
L2251727.UP.FTS.B,
20.77%,
12/15/26
...
2,295
2,262
FW2252454.UP.FTS.B,
20.99%,
12/15/26
.
4,660
692
L2253118.UP.FTS.B,
21.32%,
12/15/26
...
18,383
18,232
L2252234.UP.FTS.B,
21.66%,
12/15/26
...
3,989
3,927
L2251298.UP.FTS.B,
21.73%,
12/15/26
...
6,440
6,347
L2253117.UP.FTS.B,
22.06%,
12/15/26
...
6,905
6,848
L2252879.UP.FTS.B,
22.23%,
12/15/26
...
1,013
1,005
L2251670.UP.FTS.B,
22.36%,
12/15/26
...
4,606
4,569
L2252753.UP.FTS.B,
22.36%,
12/15/26
...
4,564
4,511
L2252135.UP.FTS.B,
22.59%,
12/15/26
...
2,765
2,743
L2251712.UP.FTS.B,
23.15%,
12/15/26
...
26,933
26,704
L2250105.UP.FTS.B,
23.56%,
12/15/26
...
3,711
3,515
L2253562.UP.FTS.B,
23.61%,
12/15/26
...
4,619
4,581
L2253195.UP.FTS.B,
24.23%,
12/15/26
...
1,850
1,835
FW2253422.UP.FTS.B,
24.48%,
12/15/26
.
10,864
10,771
L2250541.UP.FTS.B,
24.85%,
12/15/26
...
2,779
2,757
L2252209.UP.FTS.B,
25.21%,
12/15/26
...
1,389
1,378
L2204211.UP.FTS.B,
25.24%,
12/15/26
...
1,020
1,011
L2252447.UP.FTS.B,
25.4%,
12/15/26
....
1,113
1,104
L2253781.UP.FTS.B,
25.42%,
12/15/26
...
5,378
5,335
L2253724.UP.FTS.B,
25.49%,
12/15/26
...
798
783
FW2253392.UP.FTS.B,
25.5%,
12/15/26
..
6,561
6,508
L2250043.UP.FTS.B,
26.02%,
12/15/26
...
2,337
166
FW2252481.UP.FTS.B,
26.36%,
12/15/26
.
12,076
11,980
FW2252287.UP.FTS.B,
26.45%,
12/15/26
.
1,520
1,498
FW2248936.UP.FTS.B,
26.48%,
12/15/26
.
5,514
5,466
FW2252129.UP.FTS.B,
26.6%,
12/15/26
..
4,779
1,393
FW2250547.UP.FTS.B,
27.22%,
12/15/26
.
3,259
3,230
FW2253490.UP.FTS.B,
28.02%,
12/15/26
.
4,661
4,624
FW2248254.UP.FTS.B,
28.44%,
12/15/26
.
5,392
379
FW2251714.UP.FTS.B,
28.54%,
12/15/26
.
5,611
5,564
FW2252023.UP.FTS.B,
28.67%,
12/15/26
.
4,292
4,259
FW2250659.UP.FTS.B,
28.84%,
12/15/26
.
4,710
4,466
FW2253234.UP.FTS.B,
28.94%,
12/15/26
.
10,252
10,171
FW2252989.UP.FTS.B,
29.41%,
12/15/26
.
10,279
10,199
FW2252065.UP.FTS.B,
29.59%,
12/15/26
.
8,413
8,347
FW2252237.UP.FTS.B,
29.62%,
12/15/26
.
5,422
5,379
FW2253785.UP.FTS.B,
29.85%,
12/15/26
.
3,568
253
Franklin
Universal
Trust
Schedule
of
Investments
franklintempleton.com
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Annual
Report
43
Description
Principal
Amount
Value
Marketplace
Loans
(continued)
Upstart
Network,
Inc.
(continued)
FW2252233.UP.FTS.B,
30.05%,
12/15/26
.
$
2,339
$
2,321
FW2247630.UP.FTS.B,
30.42%,
12/15/26
.
2,891
2,868
FW2253413.UP.FTS.B,
30.61%,
12/15/26
.
19,865
1,406
FW2252687.UP.FTS.B,
30.62%,
12/15/26
.
14,047
13,939
FW2252504.UP.FTS.B,
30.66%,
12/15/26
.
4,806
712
FW2252113.UP.FTS.B,
30.81%,
12/15/26
.
1,323
1,313
FW2253485.UP.FTS.B,
30.83%,
12/15/26
.
1,728
1,713
FW2252117.UP.FTS.B,
30.85%,
12/15/26
.
23,422
23,242
FW2252133.UP.FTS.B,
30.95%,
12/15/26
.
1,939
(17)
FW2251570.UP.FTS.B,
31.17%,
12/15/26
.
11,249
11,162
FW2253186.UP.FTS.B,
31.17%,
12/15/26
.
1,969
1,953
FW2253542.UP.FTS.B,
31.19%,
12/15/26
.
1,781
1,767
FW2252788.UP.FTS.B,
31.31%,
12/15/26
.
4,125
4,094
FW2251389.UP.FTS.B,
31.46%,
12/15/26
.
17,914
17,757
FW2251813.UP.FTS.B,
31.46%,
12/15/26
.
4,058
4,026
FW2251940.UP.FTS.B,
31.49%,
12/15/26
.
9,004
8,935
FW2252591.UP.FTS.B,
31.67%,
12/15/26
.
6,704
6,360
FW2251566.UP.FTS.B,
31.95%,
12/15/26
.
5,820
5,776
L2499407.UP.FTS.B,
5.37%,
1/24/27
....
44,827
44,667
L2497781.UP.FTS.B,
5.7%,
1/24/27
.....
5,384
5,365
L2499766.UP.FTS.B,
6.26%,
1/24/27
....
5,391
5,372
FW2499326.UP.FTS.B,
6.71%,
1/24/27
...
7,197
7,172
L2498743.UP.FTS.B,
7.47%,
1/24/27
....
9,915
9,861
L2492277.UP.FTS.B,
7.6%,
1/24/27
.....
6,132
6,098
L2500086.UP.FTS.B,
7.95%,
1/24/27
....
11,508
11,444
L2497458.UP.FTS.B,
8.44%,
1/24/27
....
31,552
31,380
L2497353.UP.FTS.B,
9.69%,
1/24/27
....
11,761
11,698
L2500275.UP.FTS.B,
9.89%,
1/24/27
....
18,118
18,020
L2499026.UP.FTS.B,
10.04%,
1/24/27
....
18,148
18,054
L2498801.UP.FTS.B,
10.59%,
1/24/27
....
24,524
24,342
L2499730.UP.FTS.B,
10.93%,
1/24/27
....
9,065
8,997
L2500305.UP.FTS.B,
11.35%,
1/24/27
....
910
903
L2498662.UP.FTS.B,
11.41%,
1/24/27
....
9,101
9,033
FW2499235.UP.FTS.B,
11.45%,
1/24/27
..
5,910
5,866
L2498623.UP.FTS.B,
12.18%,
1/24/27
....
2,006
1,991
L2497417.UP.FTS.B,
12.27%,
1/24/27
....
20,792
20,638
L2497448.UP.FTS.B,
12.57%,
1/24/27
....
9,125
9,058
FW2497574.UP.FTS.B,
12.62%,
1/24/27
..
30,734
30,512
L2497797.UP.FTS.B,
12.7%,
1/24/27
....
6,390
6,343
L2497350.UP.FTS.B,
13.11%,
1/24/27
....
9,374
8,832
L2500282.UP.FTS.B,
13.29%,
1/24/27
....
9,141
9,074
L2498317.UP.FTS.B,
13.31%,
1/24/27
....
1,548
1,533
L2500590.UP.FTS.B,
13.43%,
1/24/27
....
1,292
1,281
L2500384.UP.FTS.B,
13.68%,
1/24/27
....
8,562
1,198
L2498730.UP.FTS.B,
14.35%,
1/24/27
....
5,497
5,457
FW2499948.UP.FTS.B,
14.6%,
1/24/27
...
6,417
6,370
L2499978.UP.FTS.B,
14.9%,
1/24/27
....
32,107
31,872
L2500513.UP.FTS.B,
14.9%,
1/24/27
....
18,347
18,212
L2498596.UP.FTS.B,
15.19%,
1/24/27
....
1,836
1,822
L2499400.UP.FTS.B,
15.39%,
1/24/27
....
12,858
12,723
L2498019.UP.FTS.B,
15.41%,
1/24/27
....
27,551
27,349
L2499756.UP.FTS.B,
15.54%,
1/24/27
....
26,054
24,533
FW2497967.UP.FTS.B,
16.1%,
1/24/27
...
9,599
9,496
L2497954.UP.FTS.B,
16.34%,
1/24/27
....
5,521
5,481
FW2500346.UP.FTS.B,
16.35%,
1/24/27
..
19,348
19,133
L2494019.UP.FTS.B,
16.44%,
1/24/27
....
5,522
5,465
L2497377.UP.FTS.B,
16.51%,
1/24/27
....
5,063
5,010
FW2499114.UP.FTS.B,
16.59%,
1/24/27
..
4,419
4,387
Description
Principal
Amount
Value
Upstart
Network,
Inc.
(continued)
L2499556.UP.FTS.B,
16.78%,
1/24/27
....
$
19,987
$
19,779
L2499062.UP.FTS.B,
17.84%,
1/24/27
....
1,381
1,366
FW2497520.UP.FTS.B,
17.89%,
1/24/27
..
5,761
1,578
FW2494435.UP.FTS.B,
17.9%,
1/24/27
...
36,602
36,213
L2500130.UP.FTS.B,
18.16%,
1/24/27
....
6,466
6,384
L2497198.UP.FTS.B,
18.3%,
1/24/27
....
5,544
5,473
L2498470.UP.FTS.B,
18.32%,
1/24/27
....
12,495
12,398
L2499350.UP.FTS.B,
18.35%,
1/24/27
....
27,722
27,370
L2500098.UP.FTS.B,
18.6%,
1/24/27
....
6,934
6,862
L2497796.UP.FTS.B,
18.8%,
1/24/27
....
6,474
6,392
L2500341.UP.FTS.B,
18.83%,
1/24/27
....
2,340
2,204
L2497754.UP.FTS.B,
19.19%,
1/24/27
....
2,869
2,833
FW2498275.UP.FTS.B,
19.45%,
1/24/27
..
9,179
9,059
L2497369.UP.FTS.B,
19.6%,
1/24/27
....
27,492
1,287
L2499146.UP.FTS.B,
19.77%,
1/24/27
....
4,223
4,167
L2498546.UP.FTS.B,
19.91%,
1/24/27
....
6,120
6,042
L2497528.UP.FTS.B,
19.93%,
1/24/27
....
4,635
4,576
L2499090.UP.FTS.B,
20.13%,
1/24/27
....
5,564
5,493
FW2498254.UP.FTS.B,
20.72%,
1/24/27
..
2,785
2,767
FW2499205.UP.FTS.B,
20.72%,
1/24/27
..
5,569
5,533
L2497852.UP.FTS.B,
20.98%,
1/24/27
....
3,251
3,210
L2499153.UP.FTS.B,
21.13%,
1/24/27
....
1,115
1,101
L2498554.UP.FTS.B,
21.26%,
1/24/27
....
4,647
4,588
L2499623.UP.FTS.B,
21.29%,
1/24/27
....
4,800
721
L2497527.UP.FTS.B,
21.34%,
1/24/27
....
4,648
4,617
L2497646.UP.FTS.B,
21.52%,
1/24/27
....
1,981
1,955
L2497439.UP.FTS.B,
21.55%,
1/24/27
....
7,920
7,822
L2500177.UP.FTS.B,
21.66%,
1/24/27
....
5,581
5,544
FW2498781.UP.FTS.B,
22.05%,
1/24/27
..
10,983
10,912
FW2497293.UP.FTS.B,
22.07%,
1/24/27
..
1,891
1,796
L2500531.UP.FTS.B,
22.26%,
1/24/27
....
2,883
424
FW2494038.UP.FTS.B,
22.37%,
1/24/27
..
3,725
3,678
L2499540.UP.FTS.B,
22.38%,
1/24/27
....
5,542
5,503
L2497632.UP.FTS.B,
22.61%,
1/24/27
....
4,583
4,550
L2497652.UP.FTS.B,
22.95%,
1/24/27
....
927
920
FW2497553.UP.FTS.B,
23.05%,
1/24/27
..
16,201
16,090
FW2498441.UP.FTS.B,
23.1%,
1/24/27
...
10,072
10,007
L2497905.UP.FTS.B,
23.5%,
1/24/27
....
46,663
46,361
L2500427.UP.FTS.B,
23.85%,
1/24/27
....
9,825
9,716
L2499847.UP.FTS.B,
24.09%,
1/24/27
....
23,673
22,325
FW2497923.UP.FTS.B,
24.18%,
1/24/27
..
3,678
3,629
L2498223.UP.FTS.B,
24.52%,
1/24/27
....
6,107
1,801
L2498333.UP.FTS.B,
24.57%,
1/24/27
....
4,251
4,037
FW2497401.UP.FTS.B,
24.71%,
1/24/27
..
15,900
15,798
L2498247.UP.FTS.B,
25.02%,
1/24/27
....
1,906
563
L2500224.UP.FTS.B,
25.04%,
1/24/27
....
5,424
5,390
L2500571.UP.FTS.B,
25.04%,
1/24/27
....
11,318
10,748
L2500298.UP.FTS.B,
25.15%,
1/24/27
....
1,498
1,479
L2498289.UP.FTS.B,
25.27%,
1/24/27
....
1,686
121
FW2497649.UP.FTS.B,
25.29%,
1/24/27
..
37,451
37,209
L2500002.UP.FTS.B,
25.3%,
1/24/27
....
3,356
3,170
L2497381.UP.FTS.B,
25.32%,
1/24/27
....
1,124
1,116
L2498291.UP.FTS.B,
25.35%,
1/24/27
....
1,124
1,116
L2487811.UP.FTS.B,
25.36%,
1/24/27
....
2,400
18
L2500059.UP.FTS.B,
25.4%,
1/24/27
....
2,622
2,605
L2500230.UP.FTS.B,
25.4%,
1/24/27
....
4,870
4,838
L2500426.UP.FTS.B,
25.41%,
1/24/27
....
1,217
1,210
L2497705.UP.FTS.B,
25.44%,
1/24/27
....
3,709
3,523
Franklin
Universal
Trust
Schedule
of
Investments
franklintempleton.com
Annual
Report
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
44
Description
Principal
Amount
Value
Marketplace
Loans
(continued)
Upstart
Network,
Inc.
(continued)
L2500467.UP.FTS.B,
25.44%,
1/24/27
....
$
1,592
$
1,582
FW2488788.UP.FTS.B,
25.89%,
1/24/27
..
9,842
9,501
L2497190.UP.FTS.B,
26.04%,
1/24/27
....
2,719
2,684
FW2497955.UP.FTS.B,
26.15%,
1/24/27
..
12,193
12,115
L2500357.UP.FTS.B,
26.3%,
1/24/27
....
8,723
8,666
FW2498761.UP.FTS.B,
26.35%,
1/24/27
..
6,566
6,523
FW2498010.UP.FTS.B,
26.65%,
1/24/27
..
21,909
6,491
FW2498744.UP.FTS.B,
26.78%,
1/24/27
..
9,387
9,326
FW2499122.UP.FTS.B,
26.89%,
1/24/27
..
2,038
2,023
FW2499816.UP.FTS.B,
27.03%,
1/24/27
..
5,214
4,958
FW2498266.UP.FTS.B,
27.06%,
1/24/27
..
3,745
3,697
FW2498012.UP.FTS.B,
27.23%,
1/24/27
..
5,542
5,507
FW2499127.UP.FTS.B,
27.37%,
1/24/27
..
4,698
4,668
FW2499103.UP.FTS.B,
27.5%,
1/24/27
...
2,819
2,801
FW2499219.UP.FTS.B,
27.58%,
1/24/27
..
15,723
1,104
FW2497665.UP.FTS.B,
27.6%,
1/24/27
...
13,511
13,372
FW2500434.UP.FTS.B,
27.81%,
1/24/27
..
940
934
L2497724.UP.FTS.B,
27.87%,
1/24/27
....
4,890
4,828
FW2497801.UP.FTS.B,
28.11%,
1/24/27
..
6,716
6,382
FW2498723.UP.FTS.B,
28.14%,
1/24/27
..
1,933
299
FW2497947.UP.FTS.B,
28.25%,
1/24/27
..
35,859
35,628
FW2499989.UP.FTS.B,
28.3%,
1/24/27
...
8,093
8,041
L2498023.UP.FTS.B,
28.37%,
1/24/27
....
3,751
3,708
FW2497725.UP.FTS.B,
28.51%,
1/24/27
..
1,119
1,111
FW2463420.UP.FTS.B,
28.55%,
1/24/27
..
912
880
FW2499482.UP.FTS.B,
28.65%,
1/24/27
..
15,442
15,342
FW2498534.UP.FTS.B,
28.67%,
1/24/27
..
1,712
1,626
FW2498212.UP.FTS.B,
29.42%,
1/24/27
..
1,226
1,218
FW2499784.UP.FTS.B,
29.61%,
1/24/27
..
8,016
7,964
FW2500060.UP.FTS.B,
29.62%,
1/24/27
..
3,961
3,935
FW2498768.UP.FTS.B,
30.06%,
1/24/27
..
1,416
1,406
FW2499719.UP.FTS.B,
30.29%,
1/24/27
..
1,465
18
FW2498295.UP.FTS.B,
30.4%,
1/24/27
...
952
905
FW2497607.UP.FTS.B,
30.5%,
1/24/27
...
4,792
4,553
FW2497688.UP.FTS.B,
30.73%,
1/24/27
..
1,207
1,195
FW2499403.UP.FTS.B,
30.76%,
1/24/27
..
2,645
2,628
FW2500502.UP.FTS.B,
30.77%,
1/24/27
..
4,724
4,693
FW2498079.UP.FTS.B,
30.78%,
1/24/27
..
2,834
2,816
FW2500185.UP.FTS.B,
30.96%,
1/24/27
..
6,749
6,416
FW2497794.UP.FTS.B,
30.97%,
1/24/27
..
6,804
6,760
FW2487975.UP.FTS.B,
31.06%,
1/24/27
..
1,472
102
FW2499034.UP.FTS.B,
31.11%,
1/24/27
..
2,263
157
FW2498894.UP.FTS.B,
31.13%,
1/24/27
..
3,403
3,381
FW2498394.UP.FTS.B,
31.2%,
1/24/27
...
4,822
4,792
FW2498422.UP.FTS.B,
31.2%,
1/24/27
...
953
906
FW2498197.UP.FTS.B,
31.21%,
1/24/27
..
1,229
1,221
FW2500316.UP.FTS.B,
31.21%,
1/24/27
..
7,752
7,702
FW2500195.UP.FTS.B,
31.23%,
1/24/27
..
4,065
4,039
FW2497583.UP.FTS.B,
31.24%,
1/24/27
..
7,114
7,066
FW2497608.UP.FTS.B,
31.43%,
1/24/27
..
1,608
1,597
FW2499098.UP.FTS.B,
31.57%,
1/24/27
..
27,809
27,461
FW2499925.UP.FTS.B,
31.73%,
1/24/27
..
1,729
1,715
FW2499694.UP.FTS.B,
31.9%,
1/24/27
...
2,393
369
FW2500567.UP.FTS.B,
33.54%,
1/24/27
..
2,182
2,168
FW2497327.UP.FTS.B,
33.75%,
1/24/27
..
1,803
1,791
FW2498111.UP.FTS.B,
34.75%,
1/24/27
..
8,563
2,584
FW2502639.UP.FTS.B,
4.89%,
1/25/27
...
12,071
12,028
L2502859.UP.FTS.B,
5.46%,
1/25/27
....
45,559
45,408
Description
Principal
Amount
Value
Upstart
Network,
Inc.
(continued)
L2443263.UP.FTS.B,
6.66%,
1/25/27
....
$
7,646
$
7,619
L2503357.UP.FTS.B,
6.69%,
1/25/27
....
10,495
10,448
L2472114.UP.FTS.B,
7.63%,
1/25/27
.....
18,023
17,961
L2501608.UP.FTS.B,
7.8%,
1/25/27
.....
18,043
17,981
L2501651.UP.FTS.B,
8.03%,
1/25/27
....
7,575
1,030
L2501547.UP.FTS.B,
8.21%,
1/25/27
....
5,418
5,389
L2502319.UP.FTS.B,
8.49%,
1/25/27
....
36,796
36,619
L2501796.UP.FTS.B,
9.36%,
1/25/27
....
14,128
14,053
L2502134.UP.FTS.B,
9.38%,
1/25/27
....
28,844
28,688
L2502374.UP.FTS.B,
9.72%,
1/25/27
....
7,705
7,664
L2502174.UP.FTS.B,
9.86%,
1/25/27
....
15,414
15,301
L2500014.UP.FTS.B,
10.79%,
1/25/27
....
10,815
10,757
L2501070.UP.FTS.B,
10.94%,
1/25/27
....
7,016
1,787
L2501446.UP.FTS.B,
11.34%,
1/25/27
....
2,730
2,716
FW2498378.UP.FTS.B,
11.81%,
1/25/27
..
27,328
27,130
L2502791.UP.FTS.B,
11.84%,
1/25/27
....
7,921
7,852
L2501198.UP.FTS.B,
12.05%,
1/25/27
....
11,393
11,311
L2500626.UP.FTS.B,
12.15%,
1/25/27
....
4,523
4,485
L2500585.UP.FTS.B,
12.23%,
1/25/27
....
36,473
36,209
L2502704.UP.FTS.B,
12.53%,
1/25/27
....
3,238
3,215
L2502644.UP.FTS.B,
12.76%,
1/25/27
....
9,130
9,063
FW2502179.UP.FTS.B,
12.78%,
1/25/27
..
1,826
1,813
L2501977.UP.FTS.B,
12.89%,
1/25/27
....
36,376
36,108
L2500795.UP.FTS.B,
13.1%,
1/25/27
....
9,272
9,208
L2502535.UP.FTS.B,
13.13%,
1/25/27
....
45,182
44,848
FW2503315.UP.FTS.B,
13.41%,
1/25/27
..
21,029
20,877
L2502247.UP.FTS.B,
13.43%,
1/25/27
....
3,657
3,631
L2503471.UP.FTS.B,
13.93%,
1/25/27
....
4,577
4,544
L2501470.UP.FTS.B,
14.16%,
1/25/27
....
13,738
13,639
L2500808.UP.FTS.B,
14.3%,
1/25/27
....
6,779
6,730
FW2502376.UP.FTS.B,
14.43%,
1/25/27
..
13,745
13,647
L2500633.UP.FTS.B,
14.62%,
1/25/27
....
4,187
4,156
L2501876.UP.FTS.B,
14.91%,
1/25/27
....
3,669
3,643
L2503197.UP.FTS.B,
15.28%,
1/25/27
....
13,771
13,673
L2501020.UP.FTS.B,
15.56%,
1/25/27
....
1,545
1,534
L2503422.UP.FTS.B,
15.86%,
1/25/27
....
2,290
2,273
L2501591.UP.FTS.B,
16.26%,
1/25/27
....
15,501
15,338
FW2502838.UP.FTS.B,
16.27%,
1/25/27
..
36,802
36,427
FW2500763.UP.FTS.B,
16.29%,
1/25/27
..
3,956
3,916
FW2501405.UP.FTS.B,
16.74%,
1/25/27
..
4,421
4,376
L2503404.UP.FTS.B,
16.88%,
1/25/27
....
8,182
8,095
L2499095.UP.FTS.B,
16.97%,
1/25/27
....
2,764
2,736
L2500943.UP.FTS.B,
17.28%,
1/25/27
....
7,479
7,402
FW2502154.UP.FTS.B,
17.3%,
1/25/27
...
23,270
23,038
L2503121.UP.FTS.B,
17.35%,
1/25/27
....
11,482
11,363
FW2502260.UP.FTS.B,
17.52%,
1/25/27
..
6,457
6,392
L2501997.UP.FTS.B,
17.77%,
1/25/27
....
4,615
4,568
FW2501148.UP.FTS.B,
17.78%,
1/25/27
..
1,845
1,826
FW2501125.UP.FTS.B,
17.82%,
1/25/27
..
1,385
1,367
L2502739.UP.FTS.B,
18.1%,
1/25/27
....
6,003
5,942
FW2501171.UP.FTS.B,
18.13%,
1/25/27
..
5,174
5,113
L2503099.UP.FTS.B,
18.87%,
1/25/27
....
11,446
3,249
L2502439.UP.FTS.B,
18.98%,
1/25/27
....
6,481
6,402
L2495525.UP.FTS.B,
19.03%,
1/25/27
....
6,452
6,370
L2501884.UP.FTS.B,
19.04%,
1/25/27
....
9,253
9,139
L2502391.UP.FTS.B,
19.43%,
1/25/27
....
13,856
13,714
L2502757.UP.FTS.B,
19.68%,
1/25/27
....
13,898
13,757
L2500727.UP.FTS.B,
19.88%,
1/25/27
....
7,508
7,415
Franklin
Universal
Trust
Schedule
of
Investments
franklintempleton.com
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Annual
Report
45
Description
Principal
Amount
Value
Marketplace
Loans
(continued)
Upstart
Network,
Inc.
(continued)
FW2501374.UP.FTS.B,
20.06%,
1/25/27
..
$
9,272
$
9,157
FW2501295.UP.FTS.B,
20.14%,
1/25/27
..
927
916
L2499889.UP.FTS.B,
20.18%,
1/25/27
....
22,607
22,340
FW2500961.UP.FTS.B,
20.28%,
1/25/27
..
6,281
6,233
L2503073.UP.FTS.B,
21.17%,
1/25/27
....
10,593
10,528
L2500557.UP.FTS.B,
21.25%,
1/25/27
....
13,940
13,768
FW2501561.UP.FTS.B,
21.33%,
1/25/27
..
5,559
5,524
L2503424.UP.FTS.B,
21.51%,
1/25/27
....
9,112
8,999
L2501728.UP.FTS.B,
21.52%,
1/25/27
....
4,649
4,592
FW2502473.UP.FTS.B,
21.58%,
1/25/27
..
5,823
179
L2500163.UP.FTS.B,
21.71%,
1/25/27
....
14,408
4,125
L2502058.UP.FTS.B,
21.83%,
1/25/27
....
9,326
9,264
L2500694.UP.FTS.B,
22.07%,
1/25/27
....
5,182
797
FW2497118.UP.FTS.B,
22.54%,
1/25/27
..
14,110
13,984
L2501498.UP.FTS.B,
22.59%,
1/25/27
....
5,764
1,698
L2496481.UP.FTS.B,
22.63%,
1/25/27
....
18,553
18,320
L2500977.UP.FTS.B,
22.64%,
1/25/27
....
6,522
6,483
L2501262.UP.FTS.B,
23.23%,
1/25/27
....
1,652
42
L2449123.UP.FTS.B,
23.47%,
1/25/27
....
6,648
6,604
FW2500954.UP.FTS.B,
23.81%,
1/25/27
..
7,470
7,425
FW2502037.UP.FTS.B,
23.81%,
1/25/27
..
3,735
3,712
L2502763.UP.FTS.B,
23.93%,
1/25/27
....
3,840
3,812
L2502792.UP.FTS.B,
24.01%,
1/25/27
....
5,044
5,014
FW2503468.UP.FTS.B,
24.6%,
1/25/27
...
3,169
3,149
FW2503375.UP.FTS.B,
24.71%,
1/25/27
..
2,806
2,789
FW2503209.UP.FTS.B,
25.12%,
1/25/27
..
6,459
6,414
L2502326.UP.FTS.B,
25.22%,
1/25/27
....
2,238
42
L2500638.UP.FTS.B,
25.31%,
1/25/27
....
934
928
L2502753.UP.FTS.B,
25.33%,
1/25/27
....
3,090
3,071
L2497155.UP.FTS.B,
25.35%,
1/25/27
....
802
791
L2501249.UP.FTS.B,
25.35%,
1/25/27
....
1,178
83
L2501592.UP.FTS.B,
25.36%,
1/25/27
....
1,117
1,110
L2500577.UP.FTS.B,
25.4%,
1/25/27
....
1,405
1,396
L2503342.UP.FTS.B,
25.48%,
1/25/27
....
6,084
6,042
L2500860.UP.FTS.B,
25.49%,
1/25/27
....
1,300
1,291
L2502978.UP.FTS.B,
25.49%,
1/25/27
....
3,465
3,444
L2501610.UP.FTS.B,
25.67%,
1/25/27
....
3,092
3,073
L2502912.UP.FTS.B,
25.69%,
1/25/27
....
19,405
19,281
L2502995.UP.FTS.B,
25.82%,
1/25/27
....
3,092
3,074
FW2501208.UP.FTS.B,
25.83%,
1/25/27
..
18,274
18,163
L2500786.UP.FTS.B,
26.35%,
1/25/27
....
2,630
2,599
FW2503491.UP.FTS.B,
26.41%,
1/25/27
..
2,060
2,047
FW2501330.UP.FTS.B,
26.47%,
1/25/27
..
5,160
5,128
FW2502187.UP.FTS.B,
26.63%,
1/25/27
..
4,692
4,664
FW2501336.UP.FTS.B,
26.71%,
1/25/27
..
2,059
2,028
FW2503082.UP.FTS.B,
26.84%,
1/25/27
..
2,347
2,333
FW2502725.UP.FTS.B,
26.94%,
1/25/27
..
4,360
4,330
FW2499783.UP.FTS.B,
27.06%,
1/25/27
..
9,570
9,507
FW2501053.UP.FTS.B,
27.35%,
1/25/27
..
7,610
7,564
FW2502455.UP.FTS.B,
27.61%,
1/25/27
..
7,799
1,224
FW2474863.UP.FTS.B,
27.63%,
1/25/27
..
3,146
3,124
FW2501136.UP.FTS.B,
27.66%,
1/25/27
..
4,367
4,337
FW2502652.UP.FTS.B,
27.68%,
1/25/27
..
4,606
4,578
FW2503169.UP.FTS.B,
27.77%,
1/25/27
..
943
937
FW2500974.UP.FTS.B,
28.31%,
1/25/27
..
2,048
17
FW2501180.UP.FTS.B,
28.56%,
1/25/27
..
2,824
2,807
FW2500797.UP.FTS.B,
28.58%,
1/25/27
..
1,867
1,854
FW2503337.UP.FTS.B,
28.86%,
1/25/27
..
15,921
15,825
Description
Principal
Amount
Value
Upstart
Network,
Inc.
(continued)
FW2503221.UP.FTS.B,
29%,
1/25/27
....
$
23,760
$
23,595
FW2502849.UP.FTS.B,
29.19%,
1/25/27
..
1,414
1,405
FW2501588.UP.FTS.B,
29.29%,
1/25/27
..
1,885
1,874
FW2503423.UP.FTS.B,
29.77%,
1/25/27
..
11,015
10,943
FW2502338.UP.FTS.B,
30.04%,
1/25/27
..
4,813
4,783
FW2500628.UP.FTS.B,
30.26%,
1/25/27
..
968
150
FW2501594.UP.FTS.B,
30.71%,
1/25/27
..
1,141
1,133
FW2501203.UP.FTS.B,
30.73%,
1/25/27
..
1,322
1,314
FW2501656.UP.FTS.B,
30.91%,
1/25/27
..
969
150
FW2502055.UP.FTS.B,
30.95%,
1/25/27
..
3,247
225
FW2502622.UP.FTS.B,
30.97%,
1/25/27
..
2,362
2,348
FW2502676.UP.FTS.B,
31.01%,
1/25/27
..
3,497
3,476
FW2503502.UP.FTS.B,
31.01%,
1/25/27
..
2,429
2,413
FW2502222.UP.FTS.B,
31.02%,
1/25/27
..
1,220
1,212
FW2501430.UP.FTS.B,
31.03%,
1/25/27
..
1,715
1,703
FW2502879.UP.FTS.B,
31.04%,
1/25/27
..
27,408
27,242
FW2502592.UP.FTS.B,
31.05%,
1/25/27
..
14,366
14,279
FW2502647.UP.FTS.B,
31.05%,
1/25/27
..
8,317
8,267
FW2502834.UP.FTS.B,
31.11%,
1/25/27
..
2,522
2,504
FW2500670.UP.FTS.B,
31.13%,
1/25/27
..
1,040
1,034
FW2502954.UP.FTS.B,
31.14%,
1/25/27
..
5,010
4,980
FW2500473.UP.FTS.B,
31.15%,
1/25/27
..
2,805
842
FW2496750.UP.FTS.B,
31.16%,
1/25/27
..
313
309
FW2499746.UP.FTS.B,
31.16%,
1/25/27
..
3,404
3,383
FW2500654.UP.FTS.B,
31.21%,
1/25/27
..
939
932
FW2503208.UP.FTS.B,
31.21%,
1/25/27
..
2,458
2,443
FW2497199.UP.FTS.B,
31.22%,
1/25/27
..
1,841
286
FW2497987.UP.FTS.B,
31.34%,
1/25/27
..
6,106
947
FW2501378.UP.FTS.B,
31.34%,
1/25/27
..
3,729
3,698
FW2502423.UP.FTS.B,
32.98%,
1/25/27
..
1,422
1,414
FW2502276.UP.FTS.B,
33.54%,
1/25/27
..
4,744
4,715
L1729483.UP.FTS.B,
18.23%,
2/17/27
....
13,863
13,696
L1729858.UP.FTS.B,
25.05%,
2/17/27
....
19,143
19,000
FW1729695.UP.FTS.B,
29.91%,
2/17/27
..
46,736
46,382
FW1729859.UP.FTS.B,
30.83%,
2/17/27
..
9,376
9,317
FW1729220.UP.FTS.B,
32.29%,
2/17/27
..
3,324
3,305
L1902506.UP.FTS.B,
12.6%,
3/22/27
....
32,397
30,493
L1887930.UP.FTS.B,
12.89%,
3/22/27
....
3,392
3,191
L1902300.UP.FTS.B,
22.58%,
3/22/27
....
4,706
4,675
FW1902098.UP.FTS.B,
26.15%,
3/22/27
..
4,643
4,614
L2031108.UP.FTS.B,
11.34%,
4/12/27
....
45,549
23,759
L2030776.UP.FTS.B,
18.15%,
4/12/27
....
4,456
4,422
FW2030457.UP.FTS.B,
19.74%,
4/12/27
..
5,703
5,613
L2032065.UP.FTS.B,
22.33%,
4/12/27
....
18,172
10,780
L2031364.UP.FTS.B,
24.71%,
4/12/27
....
3,263
3,230
L2032337.UP.FTS.B,
26.62%,
4/12/27
....
8,240
4,918
FW2032026.UP.FTS.B,
29.26%,
4/12/27
..
15,523
9,271
FW2030903.UP.FTS.B,
29.44%,
4/12/27
..
4,789
4,748
L2972334.UP.FTS.B,
6.17%,
4/19/27
....
47,126
47,029
L2972137.UP.FTS.B,
6.42%,
4/19/27
....
14,143
14,110
L2971979.UP.FTS.B,
6.84%,
4/19/27
....
25,285
25,234
L2971286.UP.FTS.B,
7.38%,
4/19/27
....
23,606
23,559
L2972081.UP.FTS.B,
7.8%,
4/19/27
.....
5,010
4,998
FW2972190.UP.FTS.B,
7.92%,
4/19/27
...
44,698
44,611
FW2972075.UP.FTS.B,
9.42%,
4/19/27
...
36,176
36,042
L2971556.UP.FTS.B,
10.11%,
4/19/27
....
30,808
30,695
L2971728.UP.FTS.B,
11.46%,
4/19/27
....
10,162
10,103
L2971948.UP.FTS.B,
12.78%,
4/19/27
....
7,119
7,074
Franklin
Universal
Trust
Schedule
of
Investments
franklintempleton.com
Annual
Report
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
46
Description
Principal
Amount
Value
Marketplace
Loans
(continued)
Upstart
Network,
Inc.
(continued)
L2971527.UP.FTS.B,
13.17%,
4/19/27
....
$
9,995
$
9,938
L2967243.UP.FTS.B,
14.24%,
4/19/27
....
16,204
16,114
L2970341.UP.FTS.B,
15.34%,
4/19/27
....
6,182
5,833
L2972320.UP.FTS.B,
15.99%,
4/19/27
....
15,574
14,725
L2971759.UP.FTS.B,
16.29%,
4/19/27
....
7,263
7,201
L2971657.UP.FTS.B,
16.32%,
4/19/27
....
2,086
2,066
L2971854.UP.FTS.B,
16.46%,
4/19/27
....
2,950
2,922
FW2968818.UP.FTS.B,
17.01%,
4/19/27
..
15,591
15,458
L2970277.UP.FTS.B,
17.94%,
4/19/27
....
30,642
30,384
FW2971812.UP.FTS.B,
18.16%,
4/19/27
..
29,999
29,775
L2972316.UP.FTS.B,
18.63%,
4/19/27
....
47,810
47,359
L2971776.UP.FTS.B,
19.69%,
4/19/27
....
6,333
6,280
L2972008.UP.FTS.B,
20.74%,
4/19/27
....
5,261
5,220
FW2971982.UP.FTS.B,
21.48%,
4/19/27
..
1,634
1,619
L2972267.UP.FTS.B,
22.43%,
4/19/27
....
5,537
5,485
L2970145.UP.FTS.B,
22.58%,
4/19/27
....
8,375
8,289
L2971633.UP.FTS.B,
22.88%,
4/19/27
....
22,846
21,690
L2972209.UP.FTS.B,
23.9%,
4/19/27
....
2,892
2,871
L2971880.UP.FTS.B,
24%,
4/19/27
......
30,561
30,315
L2971929.UP.FTS.B,
24.66%,
4/19/27
....
21,031
20,818
FW2971643.UP.FTS.B,
24.95%,
4/19/27
..
20,669
20,513
L2971841.UP.FTS.B,
25.2%,
4/19/27
....
1,410
1,398
L2971769.UP.FTS.B,
25.23%,
4/19/27
....
6,400
6,348
L2972249.UP.FTS.B,
25.46%,
4/19/27
....
5,793
5,752
FW2972220.UP.FTS.B,
26.42%,
4/19/27
..
3,769
3,743
L2971662.UP.FTS.B,
26.49%,
4/19/27
....
967
957
FW2972102.UP.FTS.B,
26.72%,
4/19/27
..
3,159
3,134
FW2972305.UP.FTS.B,
27.33%,
4/19/27
..
5,804
5,763
FW2972030.UP.FTS.B,
28.07%,
4/19/27
..
4,840
4,806
FW2971684.UP.FTS.B,
30.82%,
4/19/27
..
9,510
9,446
FW2101729.UP.FTS.B,
20.8%,
4/23/27
...
28,581
26,947
FW2103611.UP.FTS.B,
30.3%,
4/23/27
...
2,899
2,758
FW2103313.UP.FTS.B,
31.18%,
4/23/27
..
3,705
3,688
FW2249414.UP.FTS.B,
19.5%,
5/14/27
...
5,894
5,810
FW2248406.UP.FTS.B,
23.81%,
5/14/27
..
1,338
385
L2248036.UP.FTS.B,
24.14%,
5/14/27
....
25,766
25,477
L2248407.UP.FTS.B,
25.27%,
5/14/27
....
2,388
689
L2251286.UP.FTS.B,
25.89%,
5/14/27
....
2,085
2,062
L2248209.UP.FTS.B,
26.25%,
5/14/27
....
5,875
5,810
FW2248688.UP.FTS.B,
26.36%,
5/14/27
..
4,016
3,973
FW2251197.UP.FTS.B,
29.46%,
5/14/27
..
4,803
1,389
FW2250018.UP.FTS.B,
31.2%,
5/14/27
...
1,086
315
FW2250032.UP.FTS.B,
32.02%,
5/14/27
..
3,976
3,938
L2251560.UP.FTS.B,
14.27%,
5/15/27
....
6,036
5,677
FW2253145.UP.FTS.B,
24.76%,
5/15/27
..
11,676
11,582
L2500347.UP.FTS.B,
19.63%,
6/24/27
....
17,195
16,195
L2500104.UP.FTS.B,
25.5%,
6/24/27
....
3,419
3,381
FW2497836.UP.FTS.B,
31.41%,
6/24/27
..
6,203
6,156
L2501622.UP.FTS.B,
14.98%,
6/25/27
....
7,563
7,529
L2502008.UP.FTS.B,
24.08%,
6/25/27
....
39,246
38,991
L2503278.UP.FTS.B,
24.32%,
6/25/27
....
9,812
9,754
L2500827.UP.FTS.B,
25.15%,
6/25/27
....
2,728
2,712
FW2501815.UP.FTS.B,
29.99%,
6/25/27
..
6,885
6,842
FW2251363.UP.FTS.B,
16.36%,
10/14/27
.
38,592
38,260
FW2251983.UP.FTS.B,
30.9%,
10/15/27
..
3,754
3,717
FW2499865.UP.FTS.B,
31.15%,
11/24/27
.
1,748
1,843
L2498668.UP.FTS.B,
13.66%,
11/25/27
...
39,117
38,858
L1901406.UP.FTS.B,
27.3%,
10/22/28
....
4,966
4,952
Description
Principal
Amount
Value
Upstart
Network,
Inc.
(continued)
L2475583.UP.FTS.B,
20.34%,
1/25/29
....
$
1,063
$
1,051
8,393,887
Total
Marketplace
Loans
(Cost
$22,676,396)
....
$21,006,789
Franklin
Universal
Trust
Financial
Statements
Statement
of
Assets
and
Liabilities
August
31,
2022
franklintempleton.com
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Annual
Report
47
Franklin
Universal
Trust
Assets:
Investments
in
securities:
Cost
-
Unaffiliated
issuers
...................................................................
$216,931,244
Cost
-
Non-controlled
affiliates
(Note
4
c
)
........................................................
9,494,377
Cost
-
Unaffiliated
repurchase
agreements
......................................................
33,512
Value
-
Unaffiliated
issuers
(Includes
securities
loaned
of
$222,172)
...................................
$254,542,116
Value
-
Non-controlled
affiliates
(Note
4
c
)
.......................................................
9,494,377
Value
-
Unaffiliated
repurchase
agreements
......................................................
33,512
Cash
....................................................................................
2,884,261
Receivables:
Dividends
and
interest
.....................................................................
2,870,209
Total
assets
..........................................................................
269,824,475
Liabilities:
Payables:
Management
fees
.........................................................................
168,692
Accrued
interest
(Note
3
)
...................................................................
1,176,747
Payable
upon
return
of
securities
loaned
(Note
1
d
)
..................................................
167,512
Senior
fixed
rate
Notes,
at
par
value
of
$65,000,000
less
unamortized
Note
issuance
costs
of
$26,018
(Note
3
)
....
64,973,982
Accrued
expenses
and
other
liabilities
...........................................................
284,640
Total
liabilities
.........................................................................
66,771,573
Net
assets,
at
value
.................................................................
$203,052,902
Net
assets
consist
of:
Paid-in
capital
.............................................................................
$164,196,058
Total
distributable
earnings
(losses)
.............................................................
38,856,844
Net
assets,
at
value
.................................................................
$203,052,902
Shares
outstanding
.........................................................................
25,131,894
Net
asset
value
per
share
....................................................................
$8.08
Franklin
Universal
Trust
Financial
Statements
Statement
of
Operations
for
the
year
ended
August
31,
2022
franklintempleton.com
Annual
Report
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
48
Franklin
Universal
Trust
Investment
income:
Dividends:
(net
of
foreign
taxes
of
$17,046)
Unaffiliated
issuers
........................................................................
$3,311,667
Non-controlled
affiliates
(Note
4
c
)
.............................................................
30,715
Interest:
Unaffiliated
issuers
........................................................................
12,552,104
Income
from
securities
loaned:
Unaffiliated
entities
(net
of
fees
and
rebates)
.....................................................
3,898
Non-controlled
affiliates
(Note
4
c
)
.............................................................
653
Total
investment
income
...................................................................
15,899,037
Expenses:
Management
fees
(Note
4
a
)
...................................................................
2,095,721
Transfer
agent
fees
.........................................................................
61,072
Custodian
fees
(Note
5
)
......................................................................
1,539
Reports
to
shareholders
fees
..................................................................
41,074
Professional
fees
...........................................................................
215,122
Amortization
of
note
issuance
costs
(Note
3
)
......................................................
28,405
Marketplace
lending
fees
(Note
1
f
)
..............................................................
397,147
Interest
expense
(Note
3
)
.....................................................................
2,541,501
Other
....................................................................................
135,290
Total
expenses
.........................................................................
5,516,871
Expense
reductions
(Note
5
)
...............................................................
(54)
Expenses
waived/paid
by
affiliates
(Note
4c)
...................................................
(16,269)
Net
expenses
.........................................................................
5,500,548
Net
investment
income
................................................................
10,398,489
Realized
and
unrealized
gains
(losses):
Net
realized
gain
(loss)
from:
Investments:
Unaffiliated
issuers
......................................................................
2,698,479
Foreign
currency
transactions
................................................................
(575)
Net
realized
gain
(loss)
..................................................................
2,697,904
Net
change
in
unrealized
appreciation
(depreciation)
on:
Investments:
Unaffiliated
issuers
......................................................................
(20,486,447)
Translation
of
other
assets
and
liabilities
denominated
in
foreign
currencies
..............................
(454)
Net
change
in
unrealized
appreciation
(depreciation)
............................................
(20,486,901)
Net
realized
and
unrealized
gain
(loss)
............................................................
(17,788,997)
Net
increase
(decrease)
in
net
assets
resulting
from
operations
..........................................
$(7,390,508)
Franklin
Universal
Trust
Financial
Statements
Statements
of
Changes
in
Net
Assets
franklintempleton.com
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Annual
Report
49
Franklin
Universal
Trust
Year
Ended
August
31,
2022
Year
Ended
August
31,
2021
Increase
(decrease)
in
net
assets:
Operations:
Net
investment
income
.................................................
$10,398,489
$9,479,293
Net
realized
gain
(loss)
.................................................
2,697,904
3,849,343
Net
change
in
unrealized
appreciation
(depreciation)
...........................
(20,486,901)
17,529,265
Net
increase
(decrease)
in
net
assets
resulting
from
operations
................
(7,390,508)
30,857,901
Distributions
to
shareholders
..............................................
(13,802,436)
(10,706,188)
Net
increase
(decrease)
in
net
assets
...................................
(21,192,944)
20,151,713
Net
assets:
Beginning
of
year
.......................................................
224,245,846
204,094,133
End
of
year
...........................................................
$203,052,902
$224,245,846
Franklin
Universal
Trust
Financial
Statements
Statement
of
Cash
Flows
for
the
year
ended
August
31,
2022
franklintempleton.com
Annual
Report
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
50
Franklin
Universal
Trust
Cash
flow
from
operating
activities:
Dividends,
interest
and
other
income
received
.....................................................
$
15,965,377
Operating
expenses
paid
.....................................................................
(2,905,90
2
)
Interest
expense
paid
........................................................................
(2,541,503)
Cash
collateral
received
for
securities
loaned
......................................................
109,364
Realized
(loss)
on
foreign
currency
transactions
....................................................
(575)
Purchases
of
long-term
investments
.............................................................
(60,216,133)
Sales
and
maturities
of
long-term
investments
.....................................................
68,690,147
Net
purchases
of
short-term
investments
.........................................................
(2,763,448)
Cash
provided
-
operating
activities
..........................................................
16,337,327
Cash
flow
from
financing
activities:
Cash
distributions
to
shareholders
..............................................................
(14,870,541)
Cash
used
-
financing
activities
.............................................................
(14,870,541)
Net
increase
(decrease)
in
cash
.................................................................
1,466,786
Cash
at
beginning
of
year
......................................................................
1,417,475
Cash
at
end
of
year
...........................................................................
$2,884,261
Reconciliation
of
Net
Increase
(Decrease)
in
Net
Assets
resulting
from
Operating
Activities
to
Net
Cash
Provided
by
Operating
Activities
for
the
year
ended
August
31,
2022
Net
increase
(decrease)
in
net
assets
resulting
from
operating
activities
....................................
$
(7,390,508)
Adjustments
to
reconcile
net
increase
(decrease)
in
net
assets
resulting
from
operating
activities
to
net
cash
provided
by
operating
activities:
Net
amortization
income
..................................................................
(105,170)
Amortization
of
Note
issuance
costs
..........................................................
28,405
Reinvested
dividends
from
non-controlled
affiliates
...............................................
(30,715)
Interest
received
in
the
form
of
securities
......................................................
(9,435)
Decrease
in
dividends
and
interest
receivable
and
other
assets
.....................................
220,642
Decrease
in
interest
payable
...............................................................
(2)
Increase
in
payable
to
affiliates,
accrued
expenses,
and
other
liabilities
...............................
24,740
Decrease
in
payable
for
investments
purchased
.................................................
(300,000)
Decrease
in
receivable
for
investments
sold
....................................................
215,250
Increase
in
collateral
for
securities
loaned
.....................................................
109,364
Decrease
in
cost
of
investments
.............................................................
3,087,855
Decrease
in
unrealized
appreciation
on
investments.
.............................................
20,486,901
Net
cash
provided
by
operating
activities
...........................................................
$16,337,327
Franklin
Universal
Trust
51
franklintempleton.com
Annual
Report
Notes
to
Financial
Statements
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.
Investments
in
repurchase
agreements
are
valued
at
cost,
which
approximates
fair
value.
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
Franklin
Universal
Trust
Notes
to
Financial
Statements
52
franklintempleton.com
Annual
Report
used
to
adjust
the
value
of
the
Fund's
portfolio
securities
to
the
latest
indications
of
fair
value
at
4
p.m.
Eastern
time.
At
August
31,
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.
Joint
Repurchase
Agreement
The
Fund
enters
into
a
joint
repurchase
agreement
whereby
its
uninvested
cash
balance
is
deposited
into
a
joint
cash
account
with
other
funds
managed
by
the
investment
manager
or
an
affiliate
of
the
investment
manager
and
is
used
to
invest
in
one
or
more
repurchase
agreements.
The
value
and
face
amount
of
the
joint
repurchase
agreement
are
allocated
to
the
funds
based
on
their
pro-rata
interest.
A
repurchase
agreement
is
accounted
for
as
a
loan
by
the
Fund
to
the
seller,
collateralized
by
securities
which
are
delivered
to
the
Fund's
custodian.
The
fair
value,
including
accrued
interest,
of
the
initial
collateralization
is
required
to
be
at
least
102%
of
the
dollar
amount
invested
by
the
funds,
with
the
value
of
the
underlying
securities
marked
to
market
daily
to
maintain
coverage
of
at
least
100%.
Repurchase
agreements
are
subject
to
the
terms
of
Master
Repurchase
Agreements
(MRAs)
with
approved
counterparties
(sellers).
The
MRAs
contain
various
provisions,
including
but
not
limited
to
events
of
default
and
maintenance
of
collateral
for
repurchase
agreements.
In
the
event
of
default
by
either
the
seller
or
the
Fund,
certain
MRAs
may
permit
the
non-
defaulting
party
to
net
and
close-out
all
transactions,
if
any,
traded
under
such
agreements.
The
Fund
may
sell
securities
it
holds
as
collateral
and
apply
the
proceeds
towards
the
repurchase
price
and
any
other
amounts
owed
by
the
seller
to
the
Fund
in
the
event
of
default
by
the
seller.
This
could
involve
costs
or
delays
in
addition
to
a
loss
on
the
securities
if
their
value
falls
below
the
repurchase
price
owed
by
the
seller.
The
joint
repurchase
agreement
held
by
the Fund
at
year
end,
as
indicated
in
the
Schedule
of
Investments,
had
been
entered
into
on
August
31,
2022.
d.
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
1.
Organization
and
Significant
Accounting
Policies
(continued)
a.
Financial
Instrument
Valuation
(continued)
Franklin
Universal
Trust
Notes
to
Financial
Statements
53
franklintempleton.com
Annual
Report
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,
and/or
a
joint
repurchase
agreement.
Additionally,
the
Fund
held
$67,552
in
U.S.
Government
and
Agency
securities
as
collateral.
These
securities
are
held
as
collateral
in
segregated
accounts
with
the
Fund’s
custodian.
The
Fund
cannot
repledge
or
resell
these
securities
held
as
collateral.
As
such,
the
non-cash
collateral
is
excluded
from
the
Statement
of
Assets
and
Liabilities.
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.
e.
Senior
Floating
Rate
Interests
The
Fund
invests
in
senior
secured
corporate
loans
that
pay
interest
at
rates
which
are
periodically
reset
by
reference
to
a
base
lending
rate
plus
a
spread.
These
base
lending
rates
are
generally
the
prime
rate
offered
by
a
designated
U.S.
bank
or
the
London
InterBank
Offered
Rate
(LIBOR).
Senior
secured
corporate
loans
often
require
prepayment
of
principal
from
excess
cash
flows
or
at
the
discretion
of
the
borrower.
As
a
result,
actual
maturity
may
be
substantially
less
than
the
stated
maturity.
Senior
secured
corporate
loans
in
which
the Fund
invests
are
generally
readily
marketable,
but
may
be
subject
to
certain
restrictions
on
resale.
f.
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
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.
g.
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
1.
Organization
and
Significant
Accounting
Policies
(continued)
d.
Securities
Lending
(continued)
Franklin
Universal
Trust
Notes
to
Financial
Statements
54
franklintempleton.com
Annual
Report
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
August
31,
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.
h.
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.
Paydown
gains
and
losses
are
recorded
as
an
adjustment
to
interest
income
in
the
Statement
of
Operations.
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.
i.
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.
j.
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
August
31,
2022,
there
were
an
unlimited
number
of
shares
authorized
($0.01
par
value).
During
the
years ended
August
31,
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
years ended
August
31,
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
1.
Organization
and
Significant
Accounting
Policies
(continued)
g.
Income
and
Deferred
Taxes
(continued)
Franklin
Universal
Trust
Notes
to
Financial
Statements
55
franklintempleton.com
Annual
Report
indebtedness
of
the
Fund.
For
the
year
ended
August
31,
2022,
total
interest
paid
by
the
Fund
on
the
Notes
was
$2,541,503.
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
year
ended
August
31,
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
year
ended
August
31,
2022,
the
Fund
amortized
$28,405
of
Notes
issuance
costs.
Subject
to
certain
restrictions
and
make
whole
premiums,
the
Fund
may
prepay
the
Notes
at
any
time.
At
August
31,
2022,
if
the
Notes
were
fully
prepaid,
the
make
whole
premium
related
to
the
current
balance
of
the
Notes
would
have
been
$0.
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
August
31,
2022,
the
estimated
fair
value
of
the
Notes
was
approximately
$64,648,000.
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:
a.
Management
Fees
The
Fund
pays
an
investment
management
fee,
calculated
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
year
ended
August
31,
2022,
the
Fund
held
investments
in
affiliated
management
investment
companies
as
follows:
Subsidiary
Affiliation
Franklin
Advisers,
Inc.
(Advisers)
Investment
manager
Franklin
Templeton
Services,
LLC
(FT
Services)
Administrative
manager
3.
Senior
Fixed
Rate
Notes
(continued)
Franklin
Universal
Trust
Notes
to
Financial
Statements
56
franklintempleton.com
Annual
Report
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
year
ended
August
31,
2022,
the
custodian
fees
were
reduced
as
noted
in
the
Statement
of
Operations.
6.
Income
Taxes
The
tax
character
of
distributions
paid
during
the
years
ended
August
31,
2022
and
2021,
was
as
follows:
At
August
31,
2022,
the
cost
of
investments,
net
unrealized
appreciation
(depreciation)
and
undistributed
long
term
capital
gains
for
income
tax
purposes
were
as
follows:
aa
Value
at
Beginning
of
Year
Purchases
Sales
Realized
Gain
(Loss)
Net
Change
in
Unrealized
Appreciation
(Depreciation)
Value
at
End
of
Year
Number
of
Shares
Held
at
End
of
Year
Investment
Income
a
a
a
a
a
a
a
a
Franklin
Universal
Trust
Non-Controlled
Affiliates
Dividends
Institutional
Fiduciary
Trust
-
Money
Market
Portfolio,
1.864%
$
6,675,578
$
56,698,561
$
(54,013,762)
$
—
$
—
$
9,360,377
9,360,377
$
30,715
Non-Controlled
Affiliates
Income
from
securities
loaned
Institutional
Fiduciary
Trust
-
Money
Market
Portfolio,
1.864%
$46,000
$7,714,000
$(7,626,000)
$—
$—
$134,000
134,000
$653
Total
Affiliated
Securities
...
$6,721,578
$64,412,561
$(61,639,762)
$—
$—
$9,494,377
$31,368
2022
2021
Distributions
paid
from:
Ordinary
income
..........................................................
$13,022,703
$10,706,188
Long
term
capital
gain
......................................................
779,733
—
$13,802,436
$10,706,188
Cost
of
investments
..........................................................................
$226,748,442
Unrealized
appreciation
........................................................................
$65,414,526
Unrealized
depreciation
........................................................................
(28,092,963)
Net
unrealized
appreciation
(depreciation)
..........................................................
$37,321,563
Distributable
earnings:
Undistributed
long
term
capital
gains
..............................................................
$1,535,901
4.
Transactions
with
Affiliates
(continued)
c.
Investments
in
Affiliated
Management
Investment
Companies
(continued)
Franklin
Universal
Trust
Notes
to
Financial
Statements
57
franklintempleton.com
Annual
Report
Differences
between
income
and/or
capital
gains
as
determined
on
a
book
basis
and
a
tax
basis
are
primarily
due
to
differing
treatments
of
defaulted
securities,
paydown
losses,
bond
discounts
and
premiums
and
corporate
actions.
7.
Investment
Transactions
Purchases
and
sales
of
investments
(excluding
short
term
securities)
for
the
year
ended
August
31,
2022,
aggregated
$59,916,133
and
$68,528,140,
respectively.
At
August
31,
2022,
in
connection
with
securities
lending
transactions,
the
Fund
loaned
equity
investments
and
received
$167,512
of
cash
collateral.
The
gross
amount
of
recognized
liability
for
such
transactions
is
included
in
payable
upon
return
of
securities
loaned
in
the
Statement
of
Assets
and
Liabilities.
The
agreements
can
be
terminated
at
any
time.
8.
Credit Risk
and
Defaulted
Securities
At
August
31,
2022,
the
Fund
had
54.6%
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
August
31,
2022,
the
aggregate
value
of
these
securities
was
$2,080,952,
representing
1.0%
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
Schedule
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.
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.
At
August
31,
2022,
investments
in
restricted
securities,
excluding
securities
exempt
from
registration
under
the
1933
Act,
were
as
follows:
6.
Income
Taxes
(continued)
Franklin
Universal
Trust
Notes
to
Financial
Statements
58
franklintempleton.com
Annual
Report
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
August
31,
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
........................
$
54,086,479
$
—
$
—
$
54,086,479
Machinery
............................
—
694,936
—
694,936
Metals
&
Mining
.......................
3,902,185
—
—
3,902,185
Multi-Utilities
..........................
36,766,474
—
—
36,766,474
Oil,
Gas
&
Consumable
Fuels
.............
3,986,505
—
—
a
3,986,505
Preferred
Stocks
........................
561,000
—
—
561,000
Warrants
:
Oil,
Gas
&
Consumable
Fuels
.............
115,479
—
—
a
115,479
Convertible
Bonds
.......................
—
10,735
—
10,735
Corporate
Bonds
:
Airlines
..............................
—
1,690,914
—
1,690,914
Auto
Components
......................
—
4,980,164
—
4,980,164
Automobiles
..........................
—
913,613
—
913,613
Banks
...............................
—
882,495
—
882,495
Beverages
...........................
—
599,575
—
599,575
Biotechnology
.........................
—
631,238
—
631,238
Building
Products
......................
—
4,136,376
—
4,136,376
Capital
Markets
........................
—
272,437
—
272,437
Chemicals
...........................
—
7,135,064
—
7,135,064
Commercial
Services
&
Supplies
...........
—
3,774,212
—
3,774,212
Communications
Equipment
..............
—
1,318,712
—
1,318,712
Construction
&
Engineering
...............
—
2,486,689
—
2,486,689
Consumer
Finance
.....................
—
1,013,610
—
1,013,610
Containers
&
Packaging
.................
—
6,010,116
—
6,010,116
Diversified
Consumer
Services
............
—
743,370
—
743,370
11.
Restricted
Securities
(continued)
Franklin
Universal
Trust
Notes
to
Financial
Statements
59
franklintempleton.com
Annual
Report
Level
1
Level
2
Level
3
Total
Franklin
Universal
Trust
(continued)
Assets:
(continued)
Investments
in
Securities:
Corporate
Bonds:
Diversified
Financial
Services
.............
$
—
$
2,171,160
$
—
$
2,171,160
Diversified
Telecommunication
Services
.....
—
5,668,245
—
5,668,245
Electric
Utilities
........................
—
1,313,117
—
1,313,117
Electrical
Equipment
....................
—
1,557,792
—
1,557,792
Electronic
Equipment,
Instruments
&
Components
........................
—
433,184
—
433,184
Energy
Equipment
&
Services
.............
—
3,377,345
—
3,377,345
Entertainment
.........................
—
1,755,145
—
1,755,145
Equity
Real
Estate
Investment
Trusts
(REITs)
.
—
2,657,935
—
2,657,935
Food
Products
........................
—
1,881,031
—
1,881,031
Health
Care
Equipment
&
Supplies
.........
—
1,186,954
—
1,186,954
Health
Care
Providers
&
Services
..........
—
3,508,087
—
3,508,087
Hotels,
Restaurants
&
Leisure
.............
—
8,642,552
540
8,643,092
Household
Durables
....................
—
1,662,525
—
1,662,525
Independent
Power
and
Renewable
Electricity
Producers
..........................
—
6,493,003
—
6,493,003
Insurance
............................
—
273,012
—
273,012
Internet
&
Direct
Marketing
Retail
..........
—
156,715
—
156,715
IT
Services
...........................
—
3,454,390
—
3,454,390
Life
Sciences
Tools
&
Services
............
—
172,687
—
172,687
Machinery
............................
—
2,454,626
—
2,454,626
Media
...............................
—
5,885,614
—
5,885,614
Metals
&
Mining
.......................
—
2,156,739
—
2,156,739
Mortgage
Real
Estate
Investment
Trusts
(REITs)
............................
—
811,325
—
811,325
Multiline
Retail
........................
—
844,063
—
844,063
Oil,
Gas
&
Consumable
Fuels
.............
—
17,838,720
—
17,838,720
Paper
&
Forest
Products
.................
—
248,538
—
248,538
Pharmaceuticals
.......................
—
4,660,016
—
4,660,016
Real
Estate
Management
&
Development
....
—
775,425
—
775,425
Road
&
Rail
..........................
—
1,489,141
—
1,489,141
Software
.............................
—
2,355,814
—
2,355,814
Specialty
Retail
........................
—
3,337,667
—
3,337,667
Textiles,
Apparel
&
Luxury
Goods
..........
—
1,221,619
—
1,221,619
Thrifts
&
Mortgage
Finance
...............
—
1,323,278
—
1,323,278
Trading
Companies
&
Distributors
..........
—
911,492
—
911,492
Wireless
Telecommunication
Services
.......
—
2,131,290
—
2,131,290
Senior
Floating
Rate
Interests
...............
—
151,462
—
151,462
Marketplace
Loans
......................
—
—
21,006,789
21,006,789
Asset-Backed
Securities
..................
—
1,816,076
—
1,816,076
Escrows
and
Litigation
Trusts
...............
—
44,625
—
44,625
Short
Term
Investments
...................
9,494,377
33,512
—
9,527,889
Total
Investments
in
Securities
...........
$108,912,499
$134,150,177
$21,007,329
$264,070,005
a
Includes
securities
determined
to
have
no
value
at
August
31,
2022.
12.
Fair
Value
Measurements
(continued)
Franklin
Universal
Trust
Notes
to
Financial
Statements
60
franklintempleton.com
Annual
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 year.
At
August
31,
2022,
the
reconciliation is
as follows:
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
August
31,
2022,
are
as
follows:
Balance
at
Beginning
of
Year
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
Year
Net
Change
in
Unrealized
Appreciation
(Depreciation)
on
Assets
Held
at
Year
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
—
—
—
—
—
—
(125)
—
d
(125)
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
27,069,551
(7,440,949)
—
—
—
(442,788)
(1,477,011)
21,006,789
(1,457,074)
Total
Investments
in
Securities
............
$4,924,257
$27,122,590
$(9,225,101)
$540
$—
$—
$(283,233)
$(1,531,724)
$21,007,329
$(1,458,501)
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
Year
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
...
$20,778,074
Discounted
cash
flow
Loss-adjusted
discount
rate
2.4%
-
11.5%
(8.2%)
Decrease
c
Projected
loss
rate
15.5%
-
20.7%
(20.1%)
Decrease
c
All
Other
Investments
..........
229,255
d,e
Total
$21,007,329
12.
Fair
Value
Measurements
(continued)
Franklin
Universal
Trust
Notes
to
Financial
Statements
61
franklintempleton.com
Annual
Report
13.
New
Accounting
Pronouncements
In June
2022,
the
Financial
Accounting
Standards
Board
(FASB)
issued
Accounting
Standards
Update
(ASU)
No.
2022-03,
Fair
Value
Measurement
(Topic
820)
–
Fair
Value
Measurement
of
Equity
Securities
Subject
to
Contractual
Sale
Restrictions.
The
amendments
in
the
ASU
clarify
that
a
contractual
restriction
on
the
sale
of
an
equity
security
is
not
considered
part
of
the
unit
of
account
of
the
equity
security
and,
therefore,
should
not
be
considered
in
measuring
fair
value.
The
ASU
is
effective
for
interim
and
annual
reporting
periods
beginning
after
December
15,
2023,
with
the
option
of
early
adoption.
Management
is
currently
evaluating
the
impact,
if
any,
of
applying
this
ASU.
14.
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
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.
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
August
31,
2022.
Selected
Portfolio
ADR
American
Depositary
Receipt
CME
Chicago
Mercantile
Exchange
FRN
Floating
Rate
Note
PIK
Payment-In-Kind
SOFR
Secured
Overnight
Financing
Rate
12.
Fair
Value
Measurements
(continued)
Franklin
Universal
Trust
Report
of
Independent
Registered
Public
Accounting
Firm
62
franklintempleton.com
Annual
Report
To
the
Board
of
Trustees
and
Shareholders
of
Franklin
Universal
Trust
Opinion
on
the
Financial
Statements
We
have
audited
the
accompanying
statement
of
assets
and
liabilities,
including
the
schedule
of
investments,
of
Franklin
Universal
Trust
(the
"Fund")
as
of
August
31,
2022,
the
related
statements
of
operations
and
cash
flows
for
the
year
ended
August
31,
2022,
the
statements
of
changes
in
net
assets
for
each
of
the
two
years
in
the
period
ended
August
31,
2022,
including
the
related
notes,
and
the
financial
highlights
for
each
of
the
five
years
in
the
period
ended
August
31,
2022
(collectively
referred
to
as
the
“financial
statements”).
In
our
opinion,
the
financial
statements
present
fairly,
in
all
material
respects,
the
financial
position
of
the
Fund
as
of
August
31,
2022,
the
results
of
its
operations
and
its
cash
flows
for
the
year
then
ended,
the
changes
in
its
net
assets
for
each
of
the
two
years
in
the
period
ended
August
31,
2022
and
the
financial
highlights
for
each
of
the
five
years
in
the
period
ended
August
31,
2022
in
conformity
with
accounting
principles
generally
accepted
in
the
United
States
of
America.
Basis
for
Opinion
These
financial
statements
are
the
responsibility
of
the
Fund’s
management.
Our
responsibility
is
to
express
an
opinion
on
the
Fund’s
financial
statements
based
on
our
audits.
We
are
a
public
accounting
firm
registered
with
the
Public
Company
Accounting
Oversight
Board
(United
States)
(PCAOB)
and
are
required
to
be
independent
with
respect
to
the
Fund
in
accordance
with
the
U.S.
federal
securities
laws
and
the
applicable
rules
and
regulations
of
the
Securities
and
Exchange
Commission
and
the
PCAOB.
We
conducted
our
audits
of
these
financial
statements
in
accordance
with
the
standards
of
the
PCAOB.
Those
standards
require
that
we
plan
and
perform
the
audit
to
obtain
reasonable
assurance
about
whether
the
financial
statements
are
free
of
material
misstatement,
whether
due
to
error
or
fraud.
Our
audits
included
performing
procedures
to
assess
the
risks
of
material
misstatement
of
the
financial
statements,
whether
due
to
error
or
fraud,
and
performing
procedures
that
respond
to
those
risks.
Such
procedures
included
examining,
on
a
test
basis,
evidence
regarding
the
amounts
and
disclosures
in
the
financial
statements.
Our
audits
also
included
evaluating
the
accounting
principles
used
and
significant
estimates
made
by
management,
as
well
as
evaluating
the
overall
presentation
of
the
financial
statements.
Our
procedures
included
confirmation
of
securities
owned
as
of
August
31,
2022
by
correspondence
with
the
custodian
and
transfer
agent.
We
believe
that
our
audits
provide
a
reasonable
basis
for
our
opinion.
PricewaterhouseCoopers
LLP
San
Francisco,
California
October
17,
2022
We
have
served
as
the
auditor
of
one
or
more
investment
companies
in
the
Franklin
Templeton
Group
of
Funds
since
1948.
Franklin
Universal
Trust
Tax
Information
(unaudited)
63
franklintempleton.com
Annual
Report
By
mid-February,
tax
information
related
to
a
shareholder's
proportionate
share
of
distributions
paid
during
the
preceding
calendar
year
will
be
received,
if
applicable.
Please
also
refer
to
www.franklintempleton.com
for
per
share
tax
information
related
to
any
distributions
paid
during
the
preceding
calendar
year.
Shareholders
are
advised
to
consult
with
their
tax
advisors
for
further
information
on
the
treatment
of
these
amounts
on
their
tax
returns.
The
following
tax
information
for
the
Fund
is
required
to
be
furnished
to
shareholders
with
respect
to
income
earned
and
distributions
paid
during
its
fiscal
year.
The
Fund
hereby
reports
the
following
amounts,
or
if
subsequently
determined
to
be
different,
the
maximum
allowable
amounts,
for
the
fiscal
year
ended
August
31,
2022:
Pursuant
to:
Amount
Reported
Long-Term
Capital
Gain
Dividends
Distributed
§852(b)(3)(C)
$779,733
Income
Eligible
for
Dividends
Received
Deduction
(DRD)
§854(b)(1)(A)
$3,029,305
Qualified
Dividend
Income
Earned
(QDI)
§854(b)(1)(B)
$3,514,517
Qualified
Net
Interest
Income
(QII)
§871(k)(1)(C)
$7,468,888
Section
163(j)
Interest
Earned
§163(j)
$7,968,693
Franklin
Universal
Trust
Important
Information
to
Shareholders
64
franklintempleton.com
Annual
Report
Share
Repurchase
Program
The
Fund’s
Board
previously
authorized
an
open-market
share
repurchase
program,
pursuant
to
which
the
Fund
may
purchase
Fund
shares,
from
time
to
time,
up
to
10%
of
the
Fund’s
common
shares
in
open-market
transactions,
at
the
discretion
of
management.
This
authorization
remains
in
effect.
Information
About
the
Fund’s
Goal
and
Main
Investments,
Principal
Investment
Strategy,
and
Principal
Risks
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.
Principal
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.
In
seeking
to
obtain
higher
income,
the
Fund
may
invest
in
a
significant
portion
of
its
portfolio
in
lower-rated
U.S.
debt
securities
that
have
high
income
producing
characteristics,
including
obligations
of
corporations
and
other
business
organizations.
Lower-rated
securities
generally
pay
higher
yields
than
more
highly
rated
securities
to
compensate
investors
for
the
higher
risk.
The
Fund
may
also
invest
in
income
producing
debt
obligations
of
the
U.S.
Government,
its
agencies
and
instrumentalities,
and
foreign
governments
and
supranational
organizations.
Under
normal
market
conditions,
the
Fund
generally
will
invest
between
60%
and
80%
of
its
total
assets
in
high
income
producing
debt
securities
of
U.S.
and
foreign
issuers,
allocated
among
issuers,
geographic
regions,
and
currency
denominations
in
a
manner
that
is
consistent
with
its
objectives
based
upon
relative
interest
rates
among
various
instruments
denominated
in
different
currencies,
the
outlook
for
changes
in
these
interest
rates,
and
anticipated
changes
in
currency
exchange
rates.
Under
normal
market
conditions,
the
Fund
will
invest
approximately
20%
to
40%
of
its
assets
in
dividend-paying
common
and
preferred
stocks.
The
Fund
will
emphasize
investment
in
common
stocks
paying
high
current
dividends
with
a
focus
on
public
utility
companies.
The
Fund
may
also
invest
in
the
equity
and
convertible
securities
of
companies
engaged
in
the
business
of
extracting
and
processing
precious
metals
and
natural
resources,
such
as
gold
mining
stocks.
The
Fund
may
also
invest
a
small
portion
of
its
total
assets
in
loans
originated
through
on-line
marketplace
lending
platforms
that
provide
a
marketplace
for
lending
through
the
purchase
of
loans
(either
individually
or
in
aggregations)
and
other
types
of
marketplace
lending
instruments
(See
the
Notes
to
Financial
Statements
for
further
information)
.
Securities
may
be
purchased
by
the
Fund
on
a
“when
issued”
or
on
a
“forward
delivery”
basis,
which
means
that
the
obligations
will
be
delivered
at
a
future
date
beyond
customary
settlement
time.
The
Fund
employs
leverage
through
the
issuance
of
senior
fixed
rate
notes
(See
the
Notes
to
Financial
Statements
for
further
information)
.
The
Fund
may
also
invest
in
short-term
U.S.
government
securities
and
other
money
market
instruments
(including
certificates
of
deposit,
commercial
paper,
bankers’
acceptances,
short-term
foreign
government
securities,
and
repurchase
agreements)
although
it
typically
will
not
invest
more
than
5%
of
its
total
assets
in
such
securities
except
for
temporary
defensive
purposes.
Principal
Investment
Risks
You
could
lose
money
by
investing
in
the
Fund.
Closed-end
fund
shares
are
not
deposits
or
obligations
of,
or
guaranteed
or
endorsed
by,
any
bank,
and
are
not
insured
by
the
Federal
Deposit
Insurance
Corporation,
the
Federal
Reserve
Board,
or
any
other
agency
of
the
U.S.
government
.
High-Yield
Debt
Securities
Issuers
of
lower-rated
or
“high-yield”
debt
securities
(also
known
as
“junk
bonds”)
are
not
as
strong
financially
as
those
issuing
higher
credit
quality
debt
securities.
High-yield
debt
securities
are
generally
considered
predominantly
speculative
by
the
applicable
rating
agencies
as
their
issuers
are
more
likely
to
encounter
financial
difficulties
because
they
may
be
more
highly
leveraged,
or
because
of
Franklin
Universal
Trust
Important
Information
to
Shareholders
65
franklintempleton.com
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other
considerations.
In
addition,
high
yield
debt
securities
generally
are
more
vulnerable
to
changes
in
the
relevant
economy,
such
as
a
recession
or
a
sustained
period
of
rising
interest
rates,
that
could
affect
their
ability
to
make
interest
and
principal
payments
when
due.
The
prices
of
high-yield
debt
securities
generally
fluctuate
more
than
those
of
higher
credit
quality.
High-yield
debt
securities
are
generally
more
illiquid
(harder
to
sell)
and
harder
to
value.
Interest
Rate
When
interest
rates
rise,
debt
security
prices
generally
fall.
The
opposite
is
also
generally
true:
debt
security
prices
rise
when
interest
rates
fall.
Interest
rate
changes
are
influenced
by
a
number
of
factors,
including
government
policy,
monetary
policy,
inflation
expectations,
perceptions
of
risk,
and
supply
of
and
demand
for
bonds.
In
general,
securities
with
longer
maturities
or
durations
are
more
sensitive
to
interest
rate
changes.
Credit
An
issuer
of
debt
securities
may
fail
to
make
interest
payments
or
repay
principal
when
due,
in
whole
or
in
part.
Changes
in
an
issuer’s
financial
strength
or
in
a
security’s
or
government’s
credit
rating
may
affect
a
security’s
value.
Utilities
Industry
Utility
company
equity
securities
historically
have
been
sensitive
to
interest
rate
movements:
when
interest
rates
have
risen,
the
stock
prices
of
these
companies
have
tended
to
fall.
Regulatory
changes
in
certain
states
have
led
to
greater
competition
in
the
industry
and
the
emergence
of
non-regulated
providers
as
a
significant
part
of
the
industry,
and
could
impact
the
operations
of
regulated
providers
and
increase
the
cost
of
compliance.
These
trends
have
also
made
shares
of
some
utility
companies
less
sensitive
to
interest
rate
changes
but
more
sensitive
to
changes
in
revenue
and
earnings
and
caused
them
to
reduce
the
ratio
of
their
earnings
they
pay
out
as
dividends.
In
addition,
the
industry
is
subject
to
a
variety
of
risks
specific
to
this
industry:
utilities
may
find
it
difficult
to
obtain
adequate
returns
on
invested
capital
in
spite
of
rate
increases
or
because
rate
increases
become
increasingly
difficult
to
obtain;
they
may
face
difficulty
in
financing
large
construction
programs
during
inflationary
and
rising
interest
rate
periods;
utilities
are
subject
to
many
restrictions
on
operations
and
increased
costs
due
to
environmental
and
safety
regulations;
utilities
may
face
difficulties
in
obtaining
fuel
sources,
such
as
coal,
for
electric
generation
at
reasonable
prices;
utilities
may
face
risks
associated
with
the
operation
of
nuclear
power
plants
(including
litigation,
issues
associated
with
the
use
of
radioactive
materials
and
the
effects
of
natural
or
man-made
disasters);
utilities
may
face
greater
demands
in
providing
reliable
service
with
the
increasing
complexity
of
the
power
grid;
utilities
also
may
be
subject
to
adverse
effects
of
the
results
of
energy
conservation
programs
as
well
as
other
factors
affecting
the
level
of
demand
for
services.
Market
The
market
values
of
securities
or
other
investments
owned
by
the
Fund
will
go
up
or
down,
sometimes
rapidly
or
unpredictably.
The
market
value
of
a
security
or
other
investment
may
be
reduced
by
market
activity
or
other
results
of
supply
and
demand
unrelated
to
the
issuer.
This
is
a
basic
risk
associated
with
all
investments.
When
there
are
more
sellers
than
buyers,
prices
tend
to
fall.
Likewise,
when
there
are
more
buyers
than
sellers,
prices
tend
to
rise.
Leverage
The
Fund
employs
leverage
through
the
issuance
of
senior
fixed
rate
notes
which
creates
an
opportunity
for
increased
income,
but,
at
the
same
time,
creates
special
risks
(including
the
likelihood
of
greater
volatility
of
net
asset
value
and
market
price
of
common
shares).
The
cost
of
leverage
rises
and
falls
with
changes
in
short-term
interest
rates.
The
costs
of
using
leverage
may
be
greater
than
the
proceeds
of
the
leverage.
The
Fund’s
leveraging
strategy
may
not
be
successful.
Foreign
Securities
(non-U.S.)
Investing
in
foreign
securities
typically
involves
more
risks
than
investing
in
U.S.
securities,
and
includes
risks
associated
with:
(i)
internal
and
external
political
and
economic
developments
–
e.g.,
the
political,
economic
and
social
policies
and
structures
of
some
foreign
countries
may
be
less
stable
and
more
volatile
than
those
in
the
U.S.
or
some
foreign
countries
may
be
subject
to
trading
restrictions
or
economic
sanctions;
(ii)
trading
practices
–
e.g.,
government
supervision
and
regulation
of
foreign
securities
and
currency
markets,
trading
systems
and
brokers
may
be
less
than
in
the
U.S.;
(iii)
availability
of
information
–
e.g.,
foreign
issuers
may
not
be
subject
to
the
same
disclosure,
accounting
and
financial
reporting
standards
and
practices
as
U.S.
issuers;
(iv)
limited
markets
–
e.g.,
the
securities
of
Franklin
Universal
Trust
Important
Information
to
Shareholders
66
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Report
certain
foreign
issuers
may
be
less
liquid
(harder
to
sell)
and
more
volatile;
and
(v)
currency
exchange
rate
fluctuations
and
policies.
The
risks
of
foreign
investments
may
be
greater
in
developing
or
emerging
market
countries.
Management
The
Fund
is
subject
to
management
risk
because
it
is
an
actively
managed
investment
portfolio.
The
Fund’s
investment
manager
applies
investment
techniques
and
risk
analyses
in
making
investment
decisions
for
the
Fund,
but
there
can
be
no
guarantee
that
these
decisions
will
produce
the
desired
results.
The
following
information
is
a
summary
of
certain
changes
since
the
last
fiscal
year.
This
information
may
not
reflect
all
of
the
changes
that
have
occurred
since
you
purchased
the
Fund.
There
have
not
been
any
material
changes
during
the
last
fiscal
year.
Franklin
Universal
Trust
Annual
Meeting
of
Shareholders
67
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Annual
Report
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
Dividend
Reinvestment
and
Cash
Purchase
Plan
68
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Report
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
69
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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
Board
Members
and
Officers
70
franklintempleton.com
Annual
Report
The
name,
year
of
birth
and
address
of
the
officers
and
board
members,
as
well
as
their
affiliations,
positions
held
with
the
Trust,
principal
occupations
during
at
least
the
past
five
years
and
number
of
U.S.
registered
portfolios
overseen
in
the
Franklin
Templeton/Legg
Mason
fund
complex,
are
shown
below.
Generally,
each
board
member
serves
until
that
person’s
successor
is
elected
and
qualified.
Independent
Board
Members
Name,
Year
of
Birth
and
Address
Position
Length
of
Time
Served
Number
of
Portfolios
in
Fund
Complex
Overseen
by
Board
Member*
Other
Directorships
Held
During
at
Least
the
Past
5
Years
Harris
J.
Ashton
(1932)
Trustee
Since
1998
119
Bar-S
Foods
(meat
packing
company)
(1981-2010).
One
Franklin
Parkway
San
Mateo,
CA
94403-1906
Principal
Occupation
During
at
Least
the
Past
5
Years:
Director
of
various
companies;
and
formerly
,
Director,
RBC
Holdings,
Inc.
(bank
holding
company)
(until
2002);
and
President,
Chief
Executive
Officer
and
Chairman
of
the
Board,
General
Host
Corporation
(nursery
and
craft
centers)
(until
1998).
Terrence
J.
Checki
(1945)
Trustee
Since
2018
100
Hess
Corporation
(exploration
of
oil
and
gas)
(2014-present).
One
Franklin
Parkway
San
Mateo,
CA
94403-1906
Principal
Occupation
During
at
Least
the
Past
5
Years:
Member
of
the
Council
on
Foreign
Relations
(1996-present);
Member
of
the
National
Committee
on
U.S.-China
Relations
(1999-present);
member
of
the
board
of
trustees
of
the
Economic
Club
of
New
York
(2013-present);
member
of
the
board
of
trustees
of
the
Foreign
Policy
Association
(2005-present);
member
of
the
board
of
directors
of
Council
of
the
Americas
(2007-present)
and
the
Tallberg
Foundation
(2018-present);
and
formerly
,
Executive
Vice
President
of
the
Federal
Reserve
Bank
of
New
York
and
Head
of
its
Emerging
Markets
and
Internal
Affairs
Group
and
Member
of
Management
Committee
(1995-2014);
and
Visiting
Fellow
at
the
Council
on
Foreign
Relations
(2014).
Mary
C.
Choksi
(1950)
Trustee
Since
2014
120
Omnicom
Group
Inc.
(advertising
and
marketing
communications
services)
(2011-present)
and
White
Mountains
Insurance
Group,
Ltd.
(holding
company)
(2017-present);
and
formerly
,
Avis
Budget
Group
Inc.
(car
rental)
(2007-2020).
One
Franklin
Parkway
San
Mateo,
CA
94403-1906
Principal
Occupation
During
at
Least
the
Past
5
Years:
Director
of
various
companies;
and
formerly
,
Founder
and
Senior
Advisor,
Strategic
Investment
Group
(investment
management
group)
(2015-2017);
Founding
Partner
and
Senior
Managing
Director,
Strategic
Investment
Group
(1987-2015);
Founding
Partner
and
Managing
Director,
Emerging
Markets
Management
LLC
(investment
management
firm)
(1987-2011);
and
Loan
Officer/Senior
Loan
Officer/Senior
Pension
Investment
Officer,
World
Bank
Group
(international
financial
institution)
(1977-1987).
Franklin
Universal
Trust
71
franklintempleton.com
Annual
Report
Name,
Year
of
Birth
and
Address
Position
Length
of
Time
Served
Number
of
Portfolios
in
Fund
Complex
Overseen
by
Board
Member*
Other
Directorships
Held
During
at
Least
the
Past
5
Years
Edith
E.
Holiday
(1952)
Lead
Independent
Trustee
Trustee
since
2004
and
Lead
Independent
Trustee
since
2019
120
Hess
Corporation
(exploration
of
oil
and
gas)
(1993-present),
Santander
Consumer
USA
Holdings,
Inc.
(consumer
finance)
(2016-present);
Santander
Holdings
USA
(holding
company)
(2019-present);
and
formerly
,
Canadian
National
Railway
(railroad)
(2001-2021),
White
Mountains
Insurance
Group,
Ltd.
(holding
company)
(2004-
2021),
RTI
International
Metals,
Inc.
(manufacture
and
distribution
of
titanium)
(1999-2015)
and
H.J.
Heinz
Company
(processed
foods
and
allied
products)
(1994-2013).
One
Franklin
Parkway
San
Mateo,
CA
94403-1906
Principal
Occupation
During
at
Least
the
Past
5
Years:
Director
or
Trustee
of
various
companies
and
trusts;
and
formerly
,
Assistant
to
the
President
of
the
United
States
and
Secretary
of
the
Cabinet
(1990-1993);
General
Counsel
to
the
United
States
Treasury
Department
(1989-1990);
and
Counselor
to
the
Secretary
and
Assistant
Secretary
for
Public
Affairs
and
Public
Liaison-United
States
Treasury
Department
(1988-1989).
J.
Michael
Luttig
(1954)
Trustee
Since
2009
120
Boeing
Capital
Corporation
(aircraft
financing)
(2006-2010).
One
Franklin
Parkway
San
Mateo,
CA
94403-1906
Principal
Occupation
During
at
Least
the
Past
5
Years:
Counselor
and
Special
Advisor
to
the
CEO
and
Board
of
Directors
of
the
Coca-Cola
Company
(beverage
company)
(2021-present);
and
formerly
,
Counselor
and
Senior
Advisor
to
the
Chairman,
CEO,
and
Board
of
Directors,
of
The
Boeing
Company
(aerospace
company),
and
member
of
the
Executive
Council
(2019-2020);
Executive
Vice
President,
General
Counsel
and
member
of
the
Executive
Council,
The
Boeing
Company
(2006-2019);
and
Federal
Appeals
Court
Judge,
United
States
Court
of
Appeals
for
the
Fourth
Circuit
(1991-2006).
Larry
D.
Thompson
(1945)
Trustee
Since
2007
120
Graham
Holdings
Company
(education
and
media
organization)
(2011-2021);
The
Southern
Company
(energy
company)
(2014-2020;
previously
(2010-
2012)
and
Cbeyond,
Inc.
(business
communications
provider)
(2010-
2012).
One
Franklin
Parkway
San
Mateo,
CA
94403-1906
Principal
Occupation
During
at
Least
the
Past
5
Years:
Director
of
various
companies;
Counsel,
Finch
McCranie,
LLP
(law
firm)
(2015-present);
John
A.
Sibley
Professor
of
Corporate
and
Business
Law,
University
of
Georgia
School
of
Law
(2015-present;
previously
2011-2012);
and
formerly
,
Independent
Compliance
Monitor
and
Auditor,
Volkswagen
AG
(manufacturer
of
automobiles
and
commercial
vehicles)
(2017-2020);
Executive
Vice
President
-
Government
Affairs,
General
Counsel
and
Corporate
Secretary,
PepsiCo,
Inc.
(consumer
products)
(2012-2014);
Senior
Vice
President
-
Government
Affairs,
General
Counsel
and
Secretary,
PepsiCo,
Inc.
(2004-2011);
Senior
Fellow
of
The
Brookings
Institution
(2003-2004);
Visiting
Professor,
University
of
Georgia
School
of
Law
(2004);
and
Deputy
Attorney
General,
U.S.
Department
of
Justice
(2001-2003).
Independent
Board
Members
(continued)
Franklin
Universal
Trust
72
franklintempleton.com
Annual
Report
Interested
Board
Members
and
Officers
Name,
Year
of
Birth
and
Address
Position
Length
of
Time
Served
Number
of
Portfolios
in
Fund
Complex
Overseen
by
Board
Member*
Other
Directorships
Held
During
at
Least
the
Past
5
Years
Valerie
M.
Williams
(1956)
Trustee
Since
2021
100
Omnicom
Group,
Inc.
(advertising
and
marketing
communications
services)
(2016-present),
DTE
Energy
Co.
(gas
and
electric
utility)
(2018-present),
Devon
Energy
Corporation
(exploration
and
production
of
oil
and
gas)
(2021-present);
and
formerly
,
WPX
Energy,
Inc.
(exploration
and
production
of
oil
and
gas)
(2018-
2021).
One
Franklin
Parkway
San
Mateo,
CA
94403-1906
Principal
Occupation
During
at
Least
the
Past
5
Years:
Director
of
various
companies;
and
formerly
,
Regional
Assurance
Managing
Partner,
Ernst
&
Young
LLP
(public
accounting)
(2005-2016),
various
roles
of
increasing
responsibility
at
Ernst
&
Young
(1981-2005).
Name,
Year
of
Birth
and
Address
Position
Length
of
Time
Served
Number
of
Portfolios
in
Fund
Complex
Overseen
by
Board
Member*
Other
Directorships
Held
During
at
Least
the
Past
5
Years
**Gregory
E.
Johnson
Trustee
Since
2013
131
None
One
Franklin
Parkway
San
Mateo,
CA
94403-1906
Principal
Occupation
During
at
Least
the
Past
5
Years:
Executive
Chairman,
Chairman
of
the
Board
and
Director,
Franklin
Resources,
Inc.;
officer
and/or
director
or
trustee,
as
the
case
may
be,
of
some
of
the
other
subsidiaries
of
Franklin
Resources,
Inc.
and
of
certain
funds
in
the
Franklin
Templeton/Legg
Mason
fund
complex;
Vice
Chairman,
Investment
Company
Institute;
and
formerly
,
Chief
Executive
Officer
(2013-2020)
and
President
(1994-2015)
Franklin
Resources,
Inc.
**Rupert
H.
Johnson,
Jr.
(1940)
Chairman
of
the
Board,
Trustee
and
Senior
Vice
President
Chairman
of
the
Board
since
2013,
Trustee
and
Senior
Vice
President
since
1988
120
None
One
Franklin
Parkway
San
Mateo,
CA
94403-1906
Principal
Occupation
During
at
Least
the
Past
5
Years:
Director
(Vice
Chairman),
Franklin
Resources,
Inc.;
Director,
Franklin
Advisers,
Inc.;
and
officer
and/or
director
or
trustee,
as
the
case
may
be,
of
some
of
the
other
subsidiaries
of
Franklin
Resources,
Inc.
and
of
certain
funds
in
the
Franklin
Templeton/Legg
Mason
fund
complex.
Alison
E.
Baur
(1964)
Vice
President
Since
2012
Not
Applicable
Not
Applicable
One
Franklin
Parkway
San
Mateo,
CA
94403-1906
Principal
Occupation
During
at
Least
the
Past
5
Years:
Deputy
General
Counsel,
Franklin
Templeton;
and
officer
of
some
of
the
other
subsidiaries
of
Franklin
Resources,
Inc.
and
of
certain
funds
in
the
Franklin
Templeton/Legg
Mason
fund
complex.
Breda
M.
Beckerle
(1958)
Chief
Compliance
Officer
Since
2020
Not
Applicable
Not
Applicable
280
Park
Avenue
New
York,
NY
10017
Principal
Occupation
During
at
Least
the
Past
5
Years:
Chief
Compliance
Officer,
Fiduciary
Investment
Management
International,
Inc.,
Franklin
Advisers,
Inc.,
Franklin
Mutual
Advisers,
LLC,
Franklin
Templeton
Institutional,
LLC;
and
officer
of
certain
funds
in
the
Franklin
Templeton/Legg
Mason
fund
complex.
Independent
Board
Members
(continued)
Franklin
Universal
Trust
73
franklintempleton.com
Annual
Report
Name,
Year
of
Birth
and
Address
Position
Length
of
Time
Served
Number
of
Portfolios
in
Fund
Complex
Overseen
by
Board
Member*
Other
Directorships
Held
During
at
Least
the
Past
5
Years
Sonal
Desai,
Ph.D.
(1963)
President
and
Chief
Executive
Officer
–
Investment
Management
Since
2018
Not
Applicable
Not
Applicable
One
Franklin
Parkway
San
Mateo,
CA
94403-1906
Principal
Occupation
During
at
Least
the
Past
5
Years:
Director
and
Executive
Vice
President,
Franklin
Advisers,
Inc.;
Executive
Vice
President,
Franklin
Templeton
Institutional,
LLC;
and
officer
of
certain
funds
in
the
Franklin
Templeton/Legg
Mason
fund
complex.
Steven
J.
Gray
(1955)
Vice
President
and
Co-Secretary
Vice
President
since
2009
and
Co-Secretary
since
2019
Not
Applicable
Not
Applicable
One
Franklin
Parkway
San
Mateo,
CA
94403-1906
Principal
Occupation
During
at
Least
the
Past
5
Years:
Senior
Associate
General
Counsel,
Franklin
Templeton;
Assistant
Secretary,
Franklin
Distributors,
LLC;
and
officer
of
certain
funds
in
the
Franklin
Templeton/Legg
Mason
fund
complex.
Matthew
T.
Hinkle
(1971)
Chief
Executive
Officer
–
Finance
and
Administration
Since
2017
Not
Applicable
Not
Applicable
One
Franklin
Parkway
San
Mateo,
CA
94403-1906
Principal
Occupation
During
at
Least
the
Past
5
Years:
Senior
Vice
President,
Franklin
Templeton
Services,
LLC;
officer
of
certain
funds
in
the
Franklin
Templeton/Legg
Mason
fund
complex;
and
formerly
,
Vice
President,
Global
Tax
(2012-April
2017)
and
Treasurer/Assistant
Treasurer,
Franklin
Templeton
(2009-2017).
Susan
Kerr
(1949)
Vice
President
–
AML
Compliance
Since
2021
Not
Applicable
Not
Applicable
620
Eighth
Avenue
New
York,
NY
10018
Principal
Occupation
During
at
Least
the
Past
5
Years:
Senior
Compliance
Analyst,
Franklin
Templeton;
Chief
Anti-Money
Laundering
Compliance
Officer,
Legg
Mason
&
Co.,
or
its
affiliates;
Anti
Money
Laundering
Compliance
Officer;
Senior
Compliance
Officer,
LMIS;
and
officer
of
certain
funds
in
the
Franklin
Templeton/Legg
Mason
fund
complex.
Christopher
Kings
(1974)
Chief
Financial
Officer,
Chief
Accounting
Officer
and
Treasurer
Since
January
2022
Not
Applicable
Not
Applicable
One
Franklin
Parkway
San
Mateo,
CA
94403-1906
Principal
Occupation
During
at
Least
the
Past
5
Years:
Treasurer,
U.S.
Fund
Administration
&
Reporting;
and
officer
of
certain
funds
in
the
Franklin
Templeton/Legg
Mason
fund
complex.
Navid
J.
Tofigh
(1972)
Vice
President
Since
2015
Not
Applicable
Not
Applicable
One
Franklin
Parkway
San
Mateo,
CA
94403-1906
Principal
Occupation
During
at
Least
the
Past
5
Years:
Senior
Associate
General
Counsel,
Franklin
Templeton;
and
officer
of
certain
funds
in
the
Franklin
Templeton/Legg
Mason
fund
complex.
Lori
A.
Weber
(1964)
Vice
President
and
Co-Secretary
Vice
President
since
2011
and
Co-Secretary
since
2019
Not
Applicable
Not
Applicable
300
S.E.
2nd
Street
Fort
Lauderdale,
FL
33301-
1923
Principal
Occupation
During
at
Least
the
Past
5
Years:
Senior
Associate
General
Counsel,
Franklin
Templeton;
Assistant
Secretary,
Franklin
Resources,
Inc.;
Vice
President
and
Secretary,
Templeton
Investment
Counsel,
LLC;
and
officer
of
certain
funds
in
the
Franklin
Templeton/Legg
Mason
fund
complex.
Interested
Board
Members
and
Officers
(continued)
Franklin
Universal
Trust
74
franklintempleton.com
Annual
Report
*We
base
the
number
of
portfolios
on
each
separate
series
of
the
U.S.
registered
investment
companies
within
the
Franklin
Templeton/Legg
Mason
fund
complex.
These
portfolios
have
a
common
investment
manager
or
affiliated
investment
managers.
**Gregory
E.
Johnson
is
considered
to
be
an
interested
person
of
the
Fund
under
the
federal
securities
laws
due
to
his
position
as
an
officer
and
director
of
Franklin
Resources,
Inc.
(Resources),
which
is
the
parent
company
of
the
Fund’s
investment
manager
and
distributor.
Rupert
H.
Johnson,
Jr.
is
considered
to
be
an
interested
person
of
the
Fund
under
the
federal
securities
laws
due
to
his
position
as
an
officer
and
director
and
major
shareholder
of
Resources.
Note
1:
Rupert
H.
Johnson,
Jr.
is
the
uncle
of
Gregory
E.
Johnson.
Note
2:
Officer
information
is
current
as
of
the
date
of
this
report.
It
is
possible
that
after
this
date,
information
about
officers
may
change.
The
Sarbanes-Oxley
Act
of
2002
and
Rules
adopted
by
the
Securities
and
Exchange
Commission
require
the
Fund
to
disclose
whether
the
Fund’s
Audit
Committee
includes
at
least
one
member
who
is
an
audit
committee
financial
expert
within
the
meaning
of
such
Act
and
Rules.
The
Fund’s
Board
has
determined
that
there
is
at
least
one
such
financial
expert
on
the
Audit
Committee
and
has
designated
Mary
C.
Choksi
as
its
audit
committee
financial
expert.
The
Board
believes
that
Ms.
Choksi
qualifies
as
such
an
expert
in
view
of
her
extensive
business
background
and
experience.
She
served
as
a
director
of
Avis
Budget
Group,
Inc.
(2007-2020)
and
formerly,
Founder
and
Senior
Advisor,
Strategic
Investment
Group
(1987
to
2017).
Ms.
Choksi
has
been
a
Member
of
the
Fund’s
Audit
Committee
since
2014.
As
a
result
of
such
background
and
experience,
the
Board
believes
that
Ms.
Choksi
has
acquired
an
understanding
of
generally
accepted
accounting
principles
and
financial
statements,
the
general
application
of
such
principles
in
connection
with
the
accounting
estimates,
accruals
and
reserves,
and
analyzing
and
evaluating
financial
statements
that
present
a
breadth
and
level
of
complexity
of
accounting
issues
generally
comparable
to
those
of
the
Fund,
as
well
as
an
understanding
of
internal
controls
and
procedures
for
financial
reporting
and
an
understanding
of
audit
committee
functions.
Ms.
Choksi
is
an
independent
Board
member
as
that
term
is
defined
under
the
relevant
Securities
and
Exchange
Commission
Rules
and
Releases.
Interested
Board
Members
and
Officers
(continued)
Franklin
Universal
Trust
Shareholder
Information
75
franklintempleton.com
Annual
Report
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
Schedule
of
Investments
The
Fund
files
a
complete
schedule
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
A
10/22
©
2022
Franklin
Templeton
Investments.
All
rights
reserved.
To
help
ensure
we
provide
you
with
quality
service,
all
calls
to
and
from
our
service
areas
are
monitored
and/or
recorded.
Annual
Report
Franklin
Universal
Trust
Investment
Manager
Transfer
Agent
Franklin
Advisers,
Inc.
(800)
DIAL
BEN
®
/
342-5236
American
Stock
Transfer
&
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6201
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Brooklyn,
NY
11219
www.astfinancial.com
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.

    (a)      Audit Fees

The aggregate fees paid to the principal accountant for professional services rendered by the principal accountant for the audit of the registrant’s annual financial statements or for services that are normally provided by the principal accountant in connection with statutory and regulatory filings or engagements were $73,797 for the fiscal year ended August 31, 2022 and $53,527 for the fiscal year ended August 31, 2021.

    (b)      Audit-Related Fees

    There were no fees paid to the principal accountant for assurance and related services rendered by the principal accountant to the registrant that are reasonably related to the performance of the audit of the registrant's financial statements and are not reported under paragraph (a) of Item 4.

    There were no fees paid to the principal accountant for assurance and related services rendered by the principal accountant to the registrant's investment adviser and any entity controlling, controlled by or under common control with the investment adviser that provides ongoing services to the registrant that are reasonably related to the performance of the audit of their financial statements.

    (c)      Tax Fees

    There were no fees paid to the principal accountant for professional services rendered by the principal accountant to the registrant for tax compliance, tax advice and tax planning.

    There were no fees paid to the principal accountant for professional services rendered by the principal accountant to the registrant’s investment adviser and any entity controlling, controlled by or under common control with the investment adviser that provides ongoing services to the registrant for tax compliance, tax advice and tax planning.

    (d)      All Other Fees

    The aggregate fees paid to the principal accountant for products and services rendered by the principal accountant to the registrant not reported in paragraphs (a)-(c) of Item 4 were $0 for the fiscal year ended August 31, 2022 and $97 for the fiscal year ended August 31, 2021. The services for which these fees were paid included review of materials provided to the fund Board in connection with the investment management contract renewal process.

    The aggregate fees paid to the principal accountant for products and services rendered by the principal accountant to the registrant’s investment adviser and any entity controlling, controlled by or under common control with the investment adviser that provides ongoing services to the registrant not reported in paragraphs (a)-(c) of Item 4 were $241,195 for the fiscal year ended August 31, 2022 and $12,000 for the fiscal year ended August 31, 2021. The services for which these fees were paid included professional fees in connection with determining the feasibility of a U.S. direct lending structure,  assets under management certification, professional services relating to the readiness assessment over Greenhouse Gas Emissions and Energy, fees in connection with license for accounting and business knowledge platform Viewpoint, and fees in connection with license for employee development tool ProEdge.

(e) (1) The registrant’s audit committee is directly responsible for approving the services to be provided by the auditors, including:
(i) pre-approval of all audit and audit related services;
(ii) pre-approval of all non-audit related services to be provided to the Fund by the auditors;
(iii) pre-approval of all non-audit related services to be provided to the registrant by the auditors to the registrant’s investment adviser or to any entity that controls, is controlled by or is under common control with the registrant’s investment adviser and that provides ongoing services to the registrant where the non-audit services relate directly to the operations or financial reporting of the registrant; and
(iv) establishment by the audit committee, if deemed necessary or appropriate, as an alternative to committee pre-approval of services to be provided by the auditors, as required by paragraphs (ii) and (iii) above, of policies and procedures to permit such services to be pre-approved by other means, such as through establishment of guidelines or by action of a designated member or members of the committee; provided the policies and procedures are detailed as to the particular service and the committee is informed of each service and such policies and procedures do not include delegation of audit committee responsibilities, as contemplated under the Securities Exchange Act of 1934, to management; subject, in the case of (ii) through (iv), to any waivers, exceptions or exemptions that may be available under applicable law or rules.

    (e) (2) None of the services provided to the registrant described in paragraphs (b)-(d) of Item 4 were approved by the audit committee pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of regulation S-X.

    (f) No disclosures are required by this Item 4(f).

    (g) The aggregate non-audit fees paid to the principal accountant for services rendered by the principal accountant to the registrant and the registrant’s investment adviser and any entity controlling, controlled by or under common control with the investment adviser that provides ongoing services to the registrant were $241,195 for the fiscal year ended August 31, 2022 and $12,097 for the fiscal year ended August 31, 2021.

    (h) The registrant’s audit committee of the board has considered whether the provision of non-audit services that were rendered to the registrant’s investment adviser (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser), and any entity controlling, controlled by, or under common control with the investment adviser that provides ongoing services to the registrant that were not pre-approved pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X is compatible with maintaining the principal accountant’s independence.

(i) N/A
(j) N/A
Item 5. Audit Committee
of Listed Registrants.
Members of the Audit Committee are:
Terrence J. Checki,
Mary C. Choksi
,
Edith E. Holiday,
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 Templeton Investment Solutions, a separate investment group within Franklin Templeton, comprised of investment personnel from the SEC-registered investment advisers listed on Appendix A (hereinafter individually an “Investment Manager” and collectively the "Investment Managers") have delegated the administrative duties with respect to voting proxies for securities to the Franklin Templeton 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 disseminating proxy materials and analyses of issuers whose stock is owned by any client (including both investment companies and any separate accounts managed by the Investment Managers) that has either delegated proxy voting administrative responsibility to the Investment Managers or has asked for information and/or recommendations on the issues to be voted. The Investment Managers will inform Advisory Clients that have not delegated the voting responsibility but that have requested voting advice about the Investment Managers’ views on such proxy votes. The Proxy Group also provides these services to other advisory affiliates of the Investment Managers.
The Proxy Group will process proxy votes on behalf of, and the Investment Managers vote proxies solely in the best interests of, separate account clients, the Investment Managers’-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 Managers or (ii) the documents otherwise expressly prohibit the Investment Managers from voting proxies. The Investment Managers recognize that the exercise of voting rights on securities held by ERISA plans for which the Investment Managers have 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 Managers indicating such intention and provide written instructions directing the Investment Managers 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 Managers have adopted and implemented Proxy Voting Policies and Procedures (“Proxy Policies”) that they believe are reasonably designed to ensure that proxies are voted in the best interest of Advisory Clients in accordance with their fiduciary duties and rule 206(4)-6 under the Investment Advisers Act of 1940. To the extent that the Investment Managers have a subadvisory agreement with an affiliated investment manager (the “Affiliated Subadviser”) with respect to a particular Advisory Client, the Investment Managers may delegate proxy voting responsibility to the Affiliated Subadviser. The Investment Managers 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).
HOW THE INVESTMENT MANAGERS VOTE PROXIES
Proxy Services
All proxies received by the Proxy Group will be voted based upon the Investment Managers’ instructions and/or policies. To assist it in analyzing proxies of equity securities, the Investment Managers subscribe 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 Managers subscribe 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 Managers subscribe 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 Managers do not consider recommendations from a Proxy Service or any third-party to be determinative of the Investment Managers’ ultimate decision. Rather, the Investment Managers exercise their independent judgment in making voting decisions. As a matter of policy, the officers, directors and employees of the Investment Managers 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 Managers’ 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.
Conflicts of Interest
All conflicts of interest will be resolved in the best interests of the Advisory Clients. The Investment Managers are affiliates 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 Managers take the position that relationships between certain affiliates that do not use the “Franklin Templeton” name (“Independent Affiliates”) and an issuer (e.g., an investment management relationship between an issuer and an Independent Affiliate) do not present a conflict of interest for an Investment Manager in voting proxies with respect to such issuer because: (i) the Investment Managers operate as an independent business unit from the Independent Affiliate business units, and (ii) informational barriers exist between the Investment Managers and the Independent Affiliate business units.
Material conflicts of interest could arise in a variety of situations, including as a result of the Investment Managers’ or an affiliate’s (other than an Independent 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 Managers or an affiliate (other than an Independent Affiliate as described above) and an issuer may exist: (1) the Investment Managers 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 Managers; 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 Managers or one of its affiliates (other than Independent 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 Managers’ recommendation regarding the vote for approval. To address certain affiliate conflict situations, the Investment Managers will employ pass-through voting or mirror voting when required pursuant to a fund’s governing documents or applicable law.
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 Managers and affiliated Investment Managers (other than Independent Affiliates) in accordance with the instructions of one or more of the Advisory Clients.
The Investment Managers 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 Managers may consider various factors in deciding whether to vote such proxies, including the Investment Managers’ 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 Managers 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.”
Weight Given Management Recommendations
One of the primary factors the Investment Managers consider 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 Managers consider in determining how proxies should be voted. However, the Investment Managers do not consider recommendations from management to be determinative of the Investment Managers’ ultimate decision. Each issue is considered on its own merits, and the Investment Managers 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 Managers believe that engagement with issuers is important to good corporate governance and to assist in making proxy voting decisions. The Investment Managers 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 Managers 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 Managers’ 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 Managers’ 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 Managers have 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 Managers’ research analysts, 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 an 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 Managers understand their fiduciary duty to vote proxies and that proxy voting decisions may affect the value of shareholdings. Therefore, the Investment Managers will generally attempt to process every proxy it receives for all domestic and foreign securities. However, there may be situations in which the Investment Managers 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 an 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 Managers 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 Managers’ intended vote is not correctly submitted; (x) the Investment Managers believe 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.
Rejected Votes
Even if the Investment Managers use 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 Managers do not have sufficient notice; or (c) the exercise by the issuer of its discretion to reject the vote of the Investment Managers. In addition, despite the best efforts of the Proxy Group and its agents, there may be situations where the Investment Managers’ votes are not received, or properly tabulated, by an issuer or the issuer’s agent.
Securities on Loan
The Investment Managers or their affiliates may, on behalf of one or more of the proprietary registered investment companies advised by the Investment Managers or their affiliates, make efforts to recall any security on loan where the Investment Manager or its affiliates (a) learn of a vote on an event that may materially 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 ability to timely recall shares is not entirely within the control of the Investment Managers. Under certain circumstances, the recall of shares in time for such shares to be voted may not be possible due to applicable proxy voting record dates or other administrative considerations.
Split Voting
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.
Bundled Items
If several issues are bundled together in a single voting item, the Investment Managers will assess the total benefit to shareholders and the extent that such issues should be subject to separate voting proposals.
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 Managers for each account or fund involved. If the Proxy Group does not receive voting instructions from the Investment Managers, the Proxy Group will take no action on the event. The Investment Managers 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 Managers may nonetheless vote as it deems in the best interests of its Advisory Clients. The Investment Managers will report such decisions on an annual basis to Advisory Clients as may be required.
Appendix A
These Proxy Policies apply to accounts managed by personnel within Franklin Templeton Investment Solutions, which includes the following Investment Managers:
Franklin Advisers, Inc. (FAV)
Franklin Advisory Services, LLC (FASL)
Franklin Mutual Advisers LLC (FMA)
Franklin Templeton Investments Corp. (FTIC)
Franklin Templeton Investment Management Limited (FTIML)
Templeton Asset Management Ltd. (TAML)
The following Proxy Policies apply to FAV, FMA, FTIC, FTIML, and TAML only:
HOW THE INVESTMENT MANAGERS VOTE PROXIES
Proxy Services
Certain of the Investment Managers’ separate accounts or funds (or a portion thereof) are included under Franklin Templeton Investment Solutions (“FTIS”), a separate investment group within Franklin Templeton, and employ a quantitative strategy.
For such accounts, 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).
The following Proxy Policies apply to FASL only:
HOW THE INVESTMENT MANAGERS VOTE PROXIES
Proxy Services
The Franklin LibertyQ branded smart beta exchange traded funds and other passively managed exchange traded funds (collectively, “ETFs”), seek to track a particular securities index. As a result, each ETF may hold the securities of hundreds of issuers. Because the primary criteria for determining whether a security should be included (or continued to be included) in an ETF’s investment portfolio is whether such security is a representative component of the securities index that the ETF is seeking to track, the ETFs do not require the fundamental security research and analyst coverage that an actively managed portfolio would require. Accordingly, in light of the high number of positions held by an ETF 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 “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 rather than analyze each individual proxy vote. Permitting the Investment Manager of the ETFs to defer its judgment for voting on a proxy to the recommendations of ISS or Glass Lewis may result in a proxy related to the securities of a particular issuer held by an ETF being voted differently from the same proxy that is voted on by other funds managed by the Investment Managers.
The following Proxy Policies apply to FTIC, FTIML, and TAML only:
HOW THE INVESTMENT MANAGERS VOTE PROXIES
Proxy Services
For accounts managed by the Templeton Global Equity Group (“TGEG”), in making voting decisions, the Investment Manager may consider Glass Lewis’s Proxy Voting Guidelines, ISS’s Benchmark Policies, ISS’s Sustainability Policy, and TGEG’s custom sustainability guidelines, which reflect what TGEG believes to be good environmental, social, and governance practices.
The following Proxy Policies apply to FTIC only:
RESPONSIBILITY OF THE INVESTMENT MANAGERS TO VOTE PROXIES
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 or the Investment Manager chooses securities for an Advisory Client’s portfolios that are recommended by an Affiliated Subadviser, the Investment Manager may delegate proxy voting responsibility to the Affiliated Subadviser or vote proxies in accordance with the Affiliated Subadviser’s recommendations.
Item 8. Portfolio Managers of Closed-End Management Investment Companies.
(a)(1) As of October 28, 2022, the portfolio managers of the Fund is as follows:
GLENN I. VOYLES CFA
, Senior Vice President of Advisers
Mr. Voyles has been a manager of the Fund since 1999, providing research and advice on the purchases and sales of individual securities, and portfolio risk assessment for the global income component of the Fund. He joined Franklin Templeton Investments in 1993.
JONATHAN G. BELK CFA
, Portfolio Manager of Advisers
Mr. Belk has been a portfolio manager of the Fund since August 2020. He joined Franklin Templeton in 2004.
CFA and Chartered Financial Analyst are trademarks owned by CFA Institute.
(a)(2) This section reflects information about the portfolio managers as of the fiscal year ended August 31, 2022.
The following table shows the number of other accounts managed by each portfolio manager and the total assets in the accounts managed within each category:

Name | Number of Other Registered Investment Companies Managed1 | Assets of Other Registered Investment Companies Managed (x $1 million)1 | Number of Other Pooled Investment Vehicles Managed1 | Assets of Other Pooled Investment Vehicles Managed (x $1 million)1 | Number of Other Accounts Managed1 | Assets of Other Accounts Managed (x $1 million)1
Glenn I. Voyles | 4 | 3,568.9 | 4 | 1,098.4 | 1 | 43.1
Jonathan G. Belk | 2 | 530.5 |  |  |  |

1.
The various pooled investment vehicles and accounts listed are managed by a team of investment professionals. Accordingly, the individual managers listed would not be solely responsible for managing such listed amounts.
Portfolio managers that provide investment services to the Fund may also provide services to a variety of other investment products, including other funds, institutional accounts and private accounts. The advisory fees for some of such other products and accounts may be different than that charged to the Fund and may include performance based compensation (as noted, in the chart above, if any). This may result in fees that are higher (or lower) than the advisory fees paid by the Fund. As a matter of policy, each fund or account is managed solely for the benefit of the beneficial owners thereof. As discussed below, the separation of the trading execution function from the portfolio management function and the application of objectively based trade allocation procedures help to mitigate potential conflicts of interest that may arise as a result of the portfolio managers managing accounts with different advisory fees.
Conflicts.
The management of multiple funds, including the Fund, and accounts may also give rise to potential conflicts of interest if the funds and other accounts have different objectives, benchmarks, time horizons, and fees as the portfolio manager must allocate his or her time and investment ideas across multiple funds and accounts. The investment manager seeks to manage such competing interests for the time and attention of portfolio managers by having portfolio managers focus on a particular investment discipline. Most other accounts managed by a portfolio manager are managed using the same investment strategies that are used in connection with the management of the Fund. Accordingly, portfolio holdings, position sizes, and industry and sector exposures tend to be similar across similar portfolios, which may minimize the potential for conflicts of interest. As noted above, the separate management of the trade execution and valuation functions from the portfolio management process also helps to reduce potential conflicts of interest. However, securities selected for funds or accounts other than the Fund may outperform the securities selected for the Fund. Moreover, if a portfolio manager identifies a limited investment opportunity that may be suitable for more than one fund or other account, the Fund may not be able to take full advantage of that opportunity due to an allocation of that opportunity across all eligible funds and other accounts. The investment manager seeks to manage such potential conflicts by using procedures intended to provide a fair allocation of buy and sell opportunities among funds and other accounts.
The structure of a portfolio manager’s compensation may give rise to potential conflicts of interest. A portfolio manager’s base pay and bonus tend to increase with additional and more complex responsibilities that include increased assets under management. As such, there may be an indirect relationship between a portfolio manager’s marketing or sales efforts and his or her bonus.
Finally, the management of personal accounts by a portfolio manager may give rise to potential conflicts of interest. While the funds and the manager have adopted a code of ethics which they believe contains provisions reasonably necessary to prevent a wide range of prohibited activities by portfolio managers and others with respect to their personal trading activities, there can be no assurance that the code of ethics addresses all individual conduct that could result in conflicts of interest.
The manager and the Fund have adopted certain compliance procedures that are designed to address these, and other, types of conflicts. However, there is no guarantee that such procedures will detect each and every situation where a conflict arises.
Compensation.
The investment manager seeks to maintain a compensation program that is competitively positioned to attract, retain and motivate top-quality investment professionals. Portfolio managers receive a base salary, a cash incentive bonus opportunity, an equity compensation opportunity, and a benefits package. Portfolio manager compensation is reviewed annually and the level of compensation is based on individual performance, the salary range for a portfolio manager’s level of responsibility and Franklin Templeton guidelines. Portfolio managers are provided no financial incentive to favor one fund or account over another. Each portfolio manager’s compensation consists of the following three elements:
Base salary
Each portfolio manager is paid a base salary.
Annual bonus
Annual bonuses are structured to align the interests of the portfolio manager with those of the Fund’s shareholders. Each portfolio manager is eligible to receive an annual bonus. Bonuses generally are split between cash (50% to 65%) and restricted shares of Resources stock (17.5% to 25%) and mutual fund shares (17.5% to 25%). The deferred equity-based compensation is intended to build a vested interest of the portfolio manager in the financial performance of both Resources and mutual funds advised by the investment manager. The bonus plan is intended to provide a competitive level of annual bonus compensation that is tied to the portfolio manager achieving consistently strong investment performance, which aligns the financial incentives of the portfolio manager and Fund shareholders. The Chief Investment Officer of the investment manager and/or other officers of the investment manager, with responsibility for the Fund, have discretion in the granting of annual bonuses to portfolio managers in accordance with Franklin Templeton guidelines. The following factors are generally used in determining bonuses under the plan:

- Investment performance.
  Primary consideration is given to the historic investment performance over the 1, 3 and 5 preceding years of all accounts managed by the portfolio manager. The pre-tax performance of each fund managed is measured relative to a relevant peer group and/or applicable benchmark as appropriate.
- Non-investment performance.
  The more qualitative contributions of the portfolio manager to the investment manager’s business and the investment management team, including professional knowledge, productivity, responsiveness to client needs and communication, are evaluated in determining the amount of any bonus award.
- Responsibilities.
  The characteristics and complexity of funds managed by the portfolio manager are factored in the investment manager’s appraisal.

Additional long-term equity-based compensation
Portfolio managers may also be awarded restricted shares or units of Resources stock or restricted shares or units of one or more mutual funds. Awards of such deferred equity-based compensation typically vest over time, so as to create incentives to retain key talent.
Benefits
Portfolio managers also participate in benefit plans and programs available generally to all employees of the investment manager.
Ownership of Fund shares.
The investment manager has a policy of encouraging portfolio managers to invest in the funds they manage. Exceptions arise when, for example, a fund is closed to new investors or when tax considerations or jurisdictional constraints cause such an investment to be inappropriate for the portfolio manager. The following is the dollar range of Fund shares beneficially owned by the portfolio manager (such amounts may change from time to time):

Portfolio Manager | Dollar Range of Fund Shares Beneficially Owned
Glenn I. Voyles | None
Johnathan G. Belk | None

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.
For the fiscal year ended August 31, 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 | $5,387
Fees and/or compensation paid by the Fund for securities lending activities and related services |
Fees paid to Securities Lending Agent from revenue split | $437
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) | $399
Other fees not included above | -
Aggregate fees/compensation paid by the Fund for securities lending activities | $836
Net income from securities lending activities | $4,551

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
(a)(2)(1) There were no written solicitations to purchase securities under Rule 23c-1 under the Act sent or given during the period covered by the report by or on behalf of the Registrant to 10 or more persons.
(a)(2)(2) There was no change in the Registrant’s independent public accountant during the period covered by the report.
(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 October 28, 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 October 28, 2022
By S\CHRISTOPHER KINGS______________________
Christopher Kings
Chief Financial Officer, Chief Accounting Officer and Treasurer
Date October 28, 2022