N-CSRS 1 primary-document.htm

#
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549

FORM N-CSRS
CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT INVESTMENT COMPANIES
Investment Company Act file number: 811-05569
Franklin Universal Trust
(Exact name of registrant as specified in charter)
One Franklin Parkway, San Mateo, CA 94403-1906
(Address of principal executive offices)(Zip code)
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: 2/28/23
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
.
Semiannual
Report
Franklin
Universal
Trust
February
28,
2023
Distribution
Policy
:
The
Fund’s
Board
of
Trustees
(the
“Board”)
has
authorized
a
distribution
policy
(the
“Distribution
Policy”).
Under
the
Distribution
Policy,
the
Fund
pays
monthly
distributions
and
seeks
to
maintain
a
relatively
stable
level
of
distributions
to
shareholders.
With
each
distribution,
the
Fund
will
issue
a
notice
to
its
shareholders
and
an
accompanying
press
release
that
provides
estimates
regarding
the
amount
and
composition
of
the
distribution.
The
Fund
will
send
a
Form
1099-DIV
to
shareholders
for
the
calendar
year
that
will
describe
how
to
report
the
Fund’s
distributions
for
federal
income
tax
purposes.
Shareholders
should
not
draw
any
conclusions
about
the
Fund’s
investment
performance
from
the
amount
of
distributions
or
from
the
terms
of
the
Fund’s
Distribution
Policy.
The
Board
may
amend
or
terminate
the
Distribution
Policy
at
any
time
without
prior
notice
to
shareholders;
however,
at
this
time
there
are
no
reasonably
foreseeable
circumstances
that
might
cause
the
termination
of
the
Distribution
Policy.
Not
FDIC
Insured
May
Lose
Value
No
Bank
Guarantee
franklintempleton.com
Semiannual
Report
1
Contents
Semiannual
Report
Franklin
Universal
Trust
2
Performance
Summary
5
Financial
Highlights
and
Schedule
of
Investments
8
Financial
Statements
41
Notes
to
Financial
Statements
45
Important
Information
to
Shareholders
55
Annual
Meeting
of
Shareholders
56
Dividend
Reinvestment
and
Cash
Purchase
Plan
57
Shareholder
Information
59
Visit
franklintempleton.com
for
fund
updates
and
documents,
or
to
find
helpful
financial
planning
tools.
2
franklintempleton.com
Semiannual
Report
SEMIANNUAL
REPORT
Franklin
Universal
Trust
Dear
Shareholder:
This
semiannual
report
for
Franklin
Universal
Trust
covers
the
period
ended
February
28,
2023
.
Your
Fund’s
Goal
and
Main
Investments
The
Fund’s
primary
investment
objective
is
to
provide
high,
current
income
consistent
with
preservation
of
capital.
Its
secondary
objective
is
growth
of
income
through
dividend
increases
and
capital
appreciation.
Performance
Overview
For
the
six
months
under
review,
the
Fund’s
cumulative
total
returns
were
-3.52%
based
on
net
asset
value
and
-5.94%
based
on
market
price.
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
traded
in
the
U.S.
credit
market,
posted
a
+2.21%
cumulative
total
return,
and
utilities
stocks,
as
measured
by
the
Standard
&
Poor’s
®
(S&P
®
)
500
Utilities
Index,
which
consists
of
all
utility
stocks
in
the
S&P
500
®
Index,
posted
a
-11.17%
cumulative
total
return
for
the
same
period.
1
You
can
find
the
Fund’s
long-term
performance
data
in
the
Performance
Summary
on
page
5
.
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
-2.13%
total
return
for
the
six
months
ended
February
28,
2023.
1
High
inflation
amid
a
strong
labor
market
led
to
significantly
tighter
monetary
policy,
reducing
the
value
of
most
bonds.
While
interest
rates
increased
along
the
entire
yield
curve
(yields
for
all
Treasury
maturities),
relatively
large
increases
in
shorter-term
interest
rates
led
the
yield
curve
to
further
invert
during
the
period,
reaching
the
largest
inversion
in
more
than
four
decades.
In
an
effort
to
control
inflation,
the
U.S.
Federal
Reserve
(Fed)
raised
the
federal
funds
target
rate
four
times
during
the
period
to
end
at
a
range
of
4.50%–4.75%.
The
Fed
slowed
the
pace
of
its
interest
rate
increases
from
75
basis
points
(bps)
at
its
September
and
November
2022
meetings,
to
50
bps
in
December
and
25
bps
in
February
2023.
At
its
February
meeting,
the
Fed
noted
that
although
inflation
has
eased
somewhat,
it
remained
elevated,
and
job
growth
was
robust
while
the
unemployment
rate
continued
to
be
low.
Furthermore,
the
Fed
maintained
its
policy
of
reducing
its
accumulated
bond
holdings
and
decreasing
the
size
of
its
balance
sheet.
U.S.
Treasury
(UST)
bonds,
as
measured
by
the
Bloomberg
U.S.
Treasury
Index,
posted
a
-2.65%
total
return
for
the
six-month
period.
1
The
10-year
UST
yield
(which
moves
inversely
to
price)
rose
amid
high
inflation
and
the
Fed’s
tightening
monetary
stance.
Mortgage-backed
securities
(MBS),
as
measured
by
the
Bloomberg
U.S.
MBS
Fixed
Rate
Index,
posted
a
-2.47%
total
return
for
the
period
as
mortgage
rates
rose
to
the
highest
level
in
over
two
decades
and
modest
prepayment
rates
led
to
increasing
interest-rate
sensitivity.
1
Corporate
bond
prices
were
mixed,
as
higher
yields
attracted
investors
despite
persistent
inflation
and
concerns
about
the
impact
of
elevated
interest
rates
on
corporate
profits
and
borrowing
costs.
In
this
environment,
investment-grade
corporate
bonds,
as
represented
by
the
Bloomberg
U.S.
Corporate
Investment
Grade
Index,
posted
a
-1.13%
total
return.
1
However,
high-yield
corporate
bonds,
as
represented
by
the
Bloomberg
U.S.
Corporate
High
Yield
Index,
posted
1.
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
Semiannual
Report
a
+2.51%
total
return
as
the
continued
resilience
of
the
U.S.
economy
eased
solvency
concerns.
1
Investment
Strategy
We
invest
primarily
in
two
asset
classes:
high-yield
bonds
and
utility
stocks.
Within
the
high-yield
portion
of
the
portfolio,
we
use
fundamental
research
to
invest
in
a
diversified
portfolio
of
bonds.
Within
the
utility
portion
of
the
portfolio,
we
focus
on
companies
with
attractive
dividend
yields
and
with
a
history
of
increasing
their
dividends.
Manager’s
Discussion
As
the
U.S.
Federal
Reserve
(Fed)
had
remained
firmly
on
a
hawkish
rate
path
throughout
2022,
September’s
rate
hike
in
2022
marked
the
third
consecutive
75
basis
point
(bp)
increase.
The
Fed
ended
the
year
with
two
additional
rate
increases
of
75
bps
and
50
bps
at
its
November
and
December
Federal
Open
Market
Committee
meetings.
In
the
last
few
months
of
2022,
markets
focused
on
slowing
inflation
data
and
investors
grappled
with
the
potential
timing
of
the
transition
from
a
rate
hiking
cycle
to
a
potential
Fed
pivot.
Against
this
backdrop,
the
Fed
increased
rates
by
just
25
basis
points
(bps)
at
its
most
recent
February
2023
meeting,
with
the
federal
funds
target
rate
range
now
at
4.50-4.75%.
In
a
reversal
from
the
downward
inflation
trend
in
late
2022,
January
2023’s
inflation
accelerated,
which
reignited
market
participants’
concerns
about
the
duration
and
pace
of
the
Fed’s
rate-hiking
cycle.
*
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,
rights,
senior
floating
rate
interests
and
warrants.
High-Yield
Corporate
Bonds
For
the
six-month
period
under
review,
the
Credit
Suisse
High
Yield
Index
returned
+2.21%
as
CCC-rated
high-yield
(HY)
bonds
generally
underperformed
their
higher-rated
counterparts
on
a
relative
basis.
From
a
sector
standpoint,
gaming/leisure
issuers
outperformed.
During
the
reporting
period,
volatility
persisted
as
the
market
kept
second
guessing
the
Fed’s
hawkish
commitment
against
a
backdrop
of
mixed
activity
and
inflation
data.
The
ongoing
fourth
quarter
of
2022
reporting
season
for
HY
issuers
points
to
continued
strong
revenue
and
earnings
before
interest,
taxes,
depreciation
and
amortization
(EBITDA)
growth,
which
we
believe
will
likely
lead
to
a
further
decline
in
net
leverage
to
its
lowest
level
since
the
fourth
quarter
of
2013.
While
the
year-over-year
improvement
in
aggregate
fourth-quarter
earnings
puts
the
HY
asset
class
in
a
relatively
good
starting
position
to
weather
economic
volatility,
some
areas
of
deteriorating
company
fundamentals
are
possible
as
the
economy
moderates
further.
In
particular,
it
may
become
challenging
for
companies
to
continue
to
pass
along
price
increases
in
a
potentially
more
subdued
demand
environment.
Although
the
default
rate
is
likely
to
move
higher
from
current
low
levels
as
the
economy
slows,
it
is
expected
to
remain
below
levels
typically
seen
in
a
recession.
It
is
also
worth
noting
that
credit
metrics
are
generally
in
decent
shape
and
extreme
bearish
economic
outcomes
now
seem
less
likely.
We
continue
to
be
cautious
of
industries
or
companies
that
are
in
secular
decline
or
facing
heightened
competitive
pressures.
We
remain
focused
on
prudent
security
selection
as
a
more
challenging
environment
should
bring
increased
dispersion
between
winners
and
losers.
Portfolio
Composition
2/28/23
%
of
Total
Investments*
Corporate
Bonds
54.2%
Common
Stocks
35.0%
Marketplace
Loans
6.1%
Other**
1.0%
Short-Term
Investments
3.7%
Top
10
Holdings
2/28/23
Issuer
%
of
Total
Net
Assets
a
a
NextEra
Energy,
Inc.
4.3%
Sempra
Energy
3.6%
American
Electric
Power
Co.,
Inc.
3.0%
CMS
Energy
Corp.
2.4%
Evergy,
Inc.
2.3%
Alliant
Energy
Corp.
2.2%
Duke
Energy
Corp.
2.0%
Dominion
Energy,
Inc.
1.9%
Xcel
Energy,
Inc.
1.9%
CenterPoint
Energy,
Inc.
1.8%
Franklin
Universal
Trust
4
franklintempleton.com
Semiannual
Report
Utility
Stocks
Regarding
utilities,
the
S&P
®
500
Utilities
Index
posted
a
-11.17%
total
return
which
underperformed
the
+1.26%
total
return
for
the
S&P
500
®
during
the
period
under
review.
1
Utilities
likely
underperformed
due
to
the
impacts
from
rising
interest
rates
and
inflationary
pressures.
Rising
interest
expenses
and
sustained
cost
pressures
led
many
in
the
sector
to
provide
below-expected
outlooks
for
2023.
Additionally,
affordability
concerns
are
a
key
issue
across
the
sector
for
companies
that
are,
or
will
be,
in
rate
cases.
Sempra
Energy,
Duke
Energy,
and
CMS
Energy
were
relative
outperformers.
Sempra
benefited
from
its
strong
outlook
on
the
liquified
natural
gas
(LNG)
export
market,
which
was
partially
offset
by
investor
doubt
regarding
outstanding
regulatory
initiatives.
Duke
Energy’s
relative
outperformance
could
be
attributed
to
slight
multiple
expansion,
despite
outstanding
regulatory
initiatives
and
the
discounted
sale
of
its
commercial
renewables
segment.
CMS
provided
a
strong
2023
outlook
and
benefits
during
times
of
turmoil,
being
one
of
the
highest
quality
names
in
the
sector
in
a
favorable
jurisdiction.
NextEra
Energy,
Dominion
Energy
and
Alliant
Energy
were
relative
underperformers.
NextEra
Energy
executive
Eric
Silagy
announced
his
retirement,
and
the
company
is
under
investigation
by
the
Federal
Energy
Commission
and
the
State
of
Florida
for
possible
campaign
finance
law
violations.
Dominion
unexpectedly
announced
a
strategic
review,
leading
investors
to
question
what
is
next
for
the
business
regarding
the
dividend,
divestitures,
and
regulatory
environment.
Alliant’s
underperformance
is
likely
attributed
to
multiple
compression,
as
the
name
previously
traded
at
a
premium.
Thank
you
for
your
continued
participation
in
Franklin
Universal
Trust.
We
look
forward
to
serving
your
future
investment
needs.
Sincerely,
Glenn
Voyles,
CFA
Jonathan
G.
Belk,
CFA
Portfolio
Management
Team
The
foregoing
information
reflects
our
analysis,
opinions
and
portfolio
holdings
as
of
February
28,
2023,
the
end
of
the
reporting
period.
The
way
we
implement
our
main
investment
strategies
and
the
resulting
portfolio
holdings
may
change
depending
on
factors
such
as
market
and
economic
conditions.
These
opinions
may
not
be
relied
upon
as
investment
advice
or
an
offer
for
a
particular
security.
The
information
is
not
a
complete
analysis
of
every
aspect
of
any
market,
country,
industry,
security
or
the
Fund.
Statements
of
fact
are
from
sources
considered
reliable,
but
the
investment
manager
makes
no
representation
or
warranty
as
to
their
completeness
or
accuracy.
Although
historical
performance
is
no
guarantee
of
future
results,
these
insights
may
help
you
understand
our
investment
management
philosophy.
CFA
®
is
a
trademark
owned
by
CFA
Institute.
Performance
Summary
as
of
February
28,
2023
Franklin
Universal
Trust
5
franklintempleton.com
Semiannual
Report
Total
return
reflects
reinvestment
of
the
Fund’s
dividends
and
capital
gain
distributions,
if
any,
and
any
unrealized
gains
or
losses.
Total
returns
do
not
reflect
any
sales
charges
paid
at
inception
or
brokerage
commissions
paid
on
secondary
market
purchases.
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
2/28/23
1
Performance
data
represent
past
performance,
which
does
not
guarantee
future
results.
Investment
return
and
principal
value
will
fluctuate,
and
you
may
have
a
gain
or
loss
when
you
sell
your
shares.
Current
performance
may
differ
from
figures
shown.
Cumulative
Total
Return
2
Average
Annual
Total
Return
2
Based
on
NAV
3
Based
on
market
price
4
Based
on
NAV
3
Based
on
market
price
4
6-Month
-3.52%
-5.94%
-3.52%
-5.94%
1-Year
-5.98%
-2.47%
-5.98%
-2.47%
5-Year
+25.44%
+42.95%
+4.64%
+7.41%
10-Year
+68.14%
+81.07%
+5.33%
+6.12%
See
page
7
for
Performance
Summary
footnotes.
Franklin
Universal
Trust
Performance
Summary
6
franklintempleton.com
Semiannual
Report
See
page
7
for
Performance
Summary
footnotes.
Total
Return
Index
Comparison
for
a
Hypothetical
$10,000
Investment
1
Total
return
represents
the
change
in
value
of
an
investment
over
the
period
shown.
It
includes
any
applicable
maximum
sales
charge,
Fund
expenses,
account
fees
and
reinvested
distributions.
The
unmanaged
indexes
include
reinvestment
of
any
income
or
distributions.
They
differ
from
the
Fund
in
composition
and
do
not
pay
management
fees
or
expenses.
One
cannot
invest
directly
in
an
index.
9/1/12–8/31/22
Franklin
Universal
Trust
Performance
Summary
7
franklintempleton.com
Semiannual
Report
Shares
Prices
1
All
investments
involve
risks,
including
possible
loss
of
principal.
Bond
prices
generally
move
in
the
opposite
direction
of
interest
rates.
As
prices
of
bonds
in
a
fund
adjust
to
a
rise
in
interest
rates,
the
Fund’s
share
price
may
decline.
Investments
in
lower-rated
bonds
include
higher
risk
of
default
and
loss
of
principal.
Stock
prices
fluctuate,
sometimes
rapidly
and
dramatically,
due
to
factors
affecting
individual
companies,
particular
industries
or
sectors,
or
general
market
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
desired
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
total
annual
operating
expenses
are
as
of
the
Fund's
annual
report
available
at
the
time
of
publication.
Actual
expenses
may
be
higher
and
may
impact
portfolio
returns.
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:
Morningstar.
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.
The
S&P
®
500
Utilities
Index
is
market
capitalization
weighted
and
consists
of
all
utility
stocks
in
the
S&P
500
®
.
See
www.franklintempletondatasources.com
for
additional
data
provider
information.
Symbol:
FT
2/28/23
8/31/22
Change
Net
Asset
Value
(NAV)
$7.48
$8.08
-$0.60
Market
Price
(NYSE)
$7.19
$8.00
-$0.81
Distributions
(9/1/22–2/28/23)
Net
Investment
Income
Long-Term
Capital
Gain
Total
$0.2550
$0.0612
$0.3162
Franklin
Universal
Trust
Financial
Highlights
franklintempleton.com
Semiannual
Report
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
8
a
Six
Months
Ended
February
28,
2023
(unaudited)
Year
Ended
August
31,
2022
2021
2020
2019
2018
Per
share
operating
performance
(for
a
share
outstanding
throughout
the
period)
Net
asset
value,
beginning
of
period
.....
$8.08
$8.92
$8.12
$8.57
$7.99
$8.24
Income
from
investment
operations:
Net
investment
income
a
.............
0.16
0.41
0.38
0.41
0.38
0.39
Net
realized
and
unrealized
gains
(losses)
(0.44)
(0.70)
0.85
(0.48)
0.58
(0.26)
Total
from
investment
operations
........
(0.28)
(0.29)
1.23
(0.07)
0.96
0.13
Less
distributions
from:
Net
investment
income
..............
(0.26)
(0.51)
(0.43)
(0.38)
(0.38)
(0.38)
Net
realized
gains
.................
(0.06)
(0.04)
—
(—)
b
—
—
Total
distributions
...................
(0.32)
(0.55)
(0.43)
(0.38)
(0.38)
(0.38)
Net
asset
value,
end
of
period
..........
$7.48
$8.08
$8.92
$8.12
$8.57
$7.99
Market
value,
end
of
period
c
...........
$7.19
$8.00
$8.59
$7.00
$7.37
$6.77
Total
return
(based
on
net
asset
value
per
share)
d
...........................
(3.52)%
(3.41)%
15.33%
(0.67)%
12.40%
1.73%
Total
return
(based
on
market
value
per
share)
d
...........................
(5.94)%
(0.36)%
29.55%
0.25%
15.02%
(1.18)%
Ratios
to
average
net
assets
e
Expenses
before
waiver
and
payments
by
affiliates
..........................
2.76%
2.57%
2.50%
2.49%
2.45%
1.98%
Expenses
net
of
waiver
and
payments
by
affiliates
f
..........................
2.74%
2.57%
g
2.50%
g
2.49%
g
2.44%
1.98%
g
Net
investment
income
...............
4.23%
4.85%
4.38%
5.01%
4.69%
4.91%
Supplemental
data
Net
assets,
end
of
period
(000’s)
........
$188,014
$203,053
$224,246
$204,094
$215,292
$200,796
Portfolio
turnover
rate
................
7.80%
22.29%
36.58%
35.26%
21.70%
22.96%
Total
debt
outstanding
at
end
of
period
(000's)
...........................
$65,000
$65,000
$65,000
$65,000
$65,000
$65,000
Asset
coverage
per
$1,000
of
debt
......
$3,893
$4,124
$4,450
$4,140
$4,312
$4,089
Average
amount
of
senior
rate
fixed
Notes
per
share
during
the
period
............
$2.59
$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.
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.
Total
return
is
not
annualized
for
periods
less
than
one
year.
e
Ratios
are
annualized
for
periods
less
than
one
year.
f
Benefit
of
expense
reduction
rounds
to
less
than
0.01%.
g
Benefit
of
waiver
and
payments
by
affiliates
rounds
to
less
than
0.01%.
Franklin
Universal
Trust
Schedule
of
Investments
(unaudited),
February
28,
2023
franklintempleton.com
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Semiannual
Report
9
a
a
Country
Shares
a
Value
a
a
a
a
a
a
Common
Stocks
47.1%
Electric
Utilities
25.3%
Alliant
Energy
Corp.
...................................
United
States
80,000
$
4,101,600
American
Electric
Power
Co.,
Inc.
.........................
United
States
65,000
5,718,050
Constellation
Energy
Corp.
..............................
United
States
21,666
1,622,567
Duke
Energy
Corp.
....................................
United
States
40,000
3,770,400
Edison
International
...................................
United
States
36,000
2,383,560
Entergy
Corp.
........................................
United
States
30,000
3,086,100
Evergy
,
Inc.
..........................................
United
States
72,000
4,234,320
Exelon
Corp.
.........................................
United
States
65,000
2,625,350
FirstEnergy
Corp.
.....................................
United
States
61,000
2,411,940
NextEra
Energy,
Inc.
...................................
United
States
115,000
8,168,450
Pinnacle
West
Capital
Corp.
.............................
United
States
25,000
1,842,000
PPL
Corp.
...........................................
United
States
24,500
663,215
Southern
Co.
(The)
....................................
United
States
53,000
3,342,180
Xcel
Energy,
Inc.
......................................
United
States
55,000
3,551,350
47,521,082
Metals
&
Mining
2.6%
BHP
Group
Ltd.,
ADR
..................................
Australia
25,185
1,535,529
Freeport-McMoRan,
Inc.
................................
United
States
80,380
3,293,169
South32
Ltd.,
ADR
....................................
Australia
10,074
146,274
4,974,972
Multi-Utilities
16.8%
CenterPoint
Energy,
Inc.
................................
United
States
122,800
3,416,296
CMS
Energy
Corp.
....................................
United
States
78,000
4,599,660
Consolidated
Edison,
Inc.
...............................
United
States
35,000
3,127,250
Dominion
Energy,
Inc.
..................................
United
States
65,000
3,615,300
DTE
Energy
Co.
......................................
United
States
30,000
3,291,300
NiSource,
Inc.
........................................
United
States
60,000
1,645,800
Public
Service
Enterprise
Group,
Inc.
......................
United
States
45,000
2,719,350
Sempra
Energy
.......................................
United
States
45,000
6,748,200
WEC
Energy
Group,
Inc.
................................
United
States
28,000
2,482,480
31,645,636
Oil,
Gas
&
Consumable
Fuels
2.4%
a
Amplify
Energy
Corp.
..................................
United
States
245
2,053
Birch
Permian
Holdings,
Inc.
.............................
United
States
32,490
597,004
California
Resources
Corp.
..............................
United
States
27
1,139
Chesapeake
Energy
Corp.
..............................
United
States
1,871
151,196
Civitas
Resources,
Inc.
.................................
United
States
18,598
1,305,022
DT
Midstream,
Inc.
....................................
United
States
15,000
753,000
Enbridge,
Inc.
........................................
Canada
39,360
1,476,787
b
Woodside
Energy
Group
Ltd.,
ADR
........................
Australia
9,101
221,427
4,507,628
Total
Common
Stocks
(Cost
$37,357,596)
......................................
88,649,318
Preferred
Stocks
0.3%
Electric
Utilities
0.3%
SCE
Trust
II,
5.1%
....................................
United
States
27,500
572,550
Total
Preferred
Stocks
(Cost
$598,125)
.........................................
572,550
Franklin
Universal
Trust
Schedule
of
Investments
(unaudited)
franklintempleton.com
Semiannual
Report
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
10
a
a
Country
Rights
a
Value
a
a
a
a
a
a
Rights
0.4%
Independent
Power
and
Renewable
Electricity
Producers
0.4%
a
Talen
Energy
Supply
LLC,
5/09/23
.........................
United
States
2,260,000
$
700,600
Total
Rights
(Cost
$–)
........................................................
700,600
Warrants
Warrants
0.0%
†
Oil,
Gas
&
Consumable
Fuels
0.0%
†
a
California
Resources
Corp.,
10/27/24
......................
United
States
64
701
Total
Warrants
(Cost
$–)
......................................................
701
Principal
Amount
*
Convertible
Bonds
0.0%
†
Wireless
Telecommunication
Services
0.0%
†
c,d,e
Digicel
Group
Holdings
Ltd.
,
Sub.
Bond
,
144A,
PIK,
7
%
,
Perpetual
Bermuda
27,081
1,541
Total
Convertible
Bonds
(Cost
$7,532)
.........................................
1,541
Corporate
Bonds
73.0%
Aerospace
&
Defense
0.3%
e
TransDigm
,
Inc.
,
Senior
Secured
Note
,
144A,
6.75
%
,
8/15/28
....
United
States
600,000
597,750
Airlines
0.9%
e
American
Airlines
Inc
/
AAdvantage
Loyalty
IP
Ltd.
,
Senior
Secured
Note
,
144A,
5.5
%
,
4/20/26
.............................
United
States
700,000
682,002
e
Delta
Air
Lines,
Inc.
/
SkyMiles
IP
Ltd.
,
Senior
Secured
Note
,
144A,
4.75
%
,
10/20/28
.....................................
United
States
700,000
665,420
e
United
Airlines,
Inc.
,
Senior
Secured
Note,
144A,
4.375%,
4/15/26
..............
United
States
100,000
94,208
Senior
Secured
Note,
144A,
4.625%,
4/15/29
..............
United
States
300,000
266,231
1,707,861
Auto
Components
3.2%
e
Adient
Global
Holdings
Ltd.
,
Senior
Note,
144A,
8.25%,
4/15/31
......................
United
States
700,000
700,000
Senior
Secured
Note,
144A,
7%,
4/15/28
..................
United
States
400,000
400,000
e
Allison
Transmission,
Inc.
,
Senior
Bond,
144A,
3.75%,
1/30/31
......................
United
States
300,000
249,387
Senior
Note,
144A,
4.75%,
10/01/27
.....................
United
States
600,000
557,147
Dana,
Inc.
,
Senior
Note
,
5.625
%
,
6/15/28
...................
United
States
1,400,000
1,268,582
e
Dornoch
Debt
Merger
Sub,
Inc.
,
Senior
Note
,
144A,
6.625
%
,
10/15/29
..........................................
United
States
800,000
605,000
Goodyear
Tire
&
Rubber
Co.
(The)
,
Senior
Note,
9.5%,
5/31/25
............................
United
States
900,000
928,765
Senior
Note,
5%,
7/15/29
.............................
United
States
600,000
522,540
e
Real
Hero
Merger
Sub
2,
Inc.
,
Senior
Note
,
144A,
6.25
%
,
2/01/29
.
United
States
1,000,000
741,626
5,973,047
Automobiles
0.6%
e
Jaguar
Land
Rover
Automotive
plc
,
Senior
Note
,
144A,
5.5
%
,
7/15/29
...........................................
United
Kingdom
1,300,000
1,040,813
Banks
0.5%
d
JPMorgan
Chase
&
Co.
,
R
,
Junior
Sub.
Bond
,
6%
to
7/31/23,
FRN
thereafter
,
Perpetual
.................................
United
States
900,000
899,757
Beverages
0.3%
e
Primo
Water
Holdings,
Inc.
,
Senior
Note
,
144A,
4.375
%
,
4/30/29
..
Canada
700,000
600,222
Franklin
Universal
Trust
Schedule
of
Investments
(unaudited)
franklintempleton.com
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Semiannual
Report
11
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
Corporate
Bonds
(continued)
Biotechnology
0.3%
e
Emergent
BioSolutions
,
Inc.
,
Senior
Note
,
144A,
3.875
%
,
8/15/28
.
United
States
900,000
$
545,495
Building
Products
2.3%
e
Advanced
Drainage
Systems,
Inc.
,
Senior
Note
,
144A,
6.375
%
,
6/15/30
...........................................
United
States
500,000
478,136
e
Camelot
Return
Merger
Sub,
Inc.
,
Senior
Secured
Note
,
144A,
8.75
%
,
8/01/28
.....................................
United
States
700,000
665,977
e
Cornerstone
Building
Brands,
Inc.
,
Senior
Note
,
144A,
6.125
%
,
1/15/29
...........................................
United
States
300,000
217,922
e
Eco
Material
Technologies,
Inc.
,
Senior
Secured
Note
,
144A,
7.875
%
,
1/31/27
.....................................
United
States
500,000
477,646
e
JELD-WEN,
Inc.
,
Senior
Note
,
144A,
4.875
%
,
12/15/27
.........
United
States
300,000
250,980
e
Oscar
AcquisitionCo
LLC
/
Oscar
Finance,
Inc.
,
Senior
Note
,
144A,
9.5
%
,
4/15/30
......................................
United
States
1,000,000
887,925
e
Standard
Industries,
Inc.
,
Senior
Bond,
144A,
4.75%,
1/15/28
......................
United
States
500,000
449,695
Senior
Bond,
144A,
4.375%,
7/15/30
.....................
United
States
100,000
83,348
e
Summit
Materials
LLC
/
Summit
Materials
Finance
Corp.
,
Senior
Note
,
144A,
5.25
%
,
1/15/29
............................
United
States
800,000
736,892
4,248,521
Capital
Markets
0.5%
Credit
Suisse
Group
AG
,
Senior
Note
,
4.55
%
,
4/17/26
..........
Switzerland
800,000
715,194
e
Jane
Street
Group
/
JSG
Finance,
Inc.
,
Senior
Secured
Note
,
144A,
4.5
%
,
11/15/29
......................................
United
States
300,000
263,646
978,840
Chemicals
4.1%
c,e
Anagram
International,
Inc.
/
Anagram
Holdings
LLC
,
Secured
Note
,
144A,
PIK,
10
%
,
8/15/26
..............................
United
States
243,743
194,656
e
ASP
Unifrax
Holdings,
Inc.
,
Senior
Note,
144A,
7.5%,
9/30/29
.......................
United
States
200,000
136,245
Senior
Secured
Note,
144A,
5.25%,
9/30/28
...............
United
States
300,000
233,110
e
Braskem
Idesa
SAPI
,
Senior
Secured
Bond
,
144A,
6.99
%
,
2/20/32
Mexico
300,000
209,217
Celanese
US
Holdings
LLC
,
Senior
Note
,
6.33
%
,
7/15/29
.......
United
States
1,000,000
981,406
e
Consolidated
Energy
Finance
SA
,
Senior
Note
,
144A,
5.625
%
,
10/15/28
..........................................
Switzerland
600,000
513,694
e
Diamond
BC
BV
,
Senior
Note
,
144A,
4.625
%
,
10/01/29
.........
United
States
300,000
243,618
e
Element
Solutions,
Inc.
,
Senior
Note
,
144A,
3.875
%
,
9/01/28
.....
United
States
300,000
259,101
e
GPD
Cos.,
Inc.
,
Senior
Secured
Note
,
144A,
10.125
%
,
4/01/26
...
United
States
1,500,000
1,348,365
e
Illuminate
Buyer
LLC
/
Illuminate
Holdings
IV,
Inc.
,
Senior
Note
,
144A,
9
%
,
7/01/28
...................................
United
States
1,000,000
896,100
c,e
Kobe
US
Midco
2,
Inc.
,
Senior
Note
,
144A,
PIK,
9.25
%
,
11/01/26
..
United
States
200,000
150,000
e
Rain
CII
Carbon
LLC
/
CII
Carbon
Corp.
,
Secured
Note
,
144A,
7.25
%
,
4/01/25
.....................................
United
States
1,500,000
1,429,567
e
SCIH
Salt
Holdings,
Inc.
,
Senior
Secured
Note
,
144A,
4.875
%
,
5/01/28
...........................................
United
States
300,000
259,680
e
Vibrantz
Technologies,
Inc.
,
Senior
Note
,
144A,
9
%
,
2/15/30
.....
United
States
1,000,000
775,906
7,630,665
Commercial
Services
&
Supplies
1.4%
e
APX
Group,
Inc.
,
Senior
Note
,
144A,
5.75
%
,
7/15/29
...........
United
States
800,000
671,128
e
Harsco
Corp.
,
Senior
Note
,
144A,
5.75
%
,
7/31/27
.............
United
States
500,000
424,904
e
Prime
Security
Services
Borrower
LLC
/
Prime
Finance,
Inc.
,
Senior
Secured
Note
,
144A,
3.375
%
,
8/31/27
....................
United
States
600,000
519,637
e
Stericycle,
Inc.
,
Senior
Note
,
144A,
3.875
%
,
1/15/29
...........
United
States
1,200,000
1,029,830
2,645,499
Franklin
Universal
Trust
Schedule
of
Investments
(unaudited)
franklintempleton.com
Semiannual
Report
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
12
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
Corporate
Bonds
(continued)
Communications
Equipment
0.7%
e
CommScope
,
Inc.
,
Senior
Note
,
144A,
7.125
%
,
7/01/28
.........
United
States
1,600,000
$
1,262,000
Construction
&
Engineering
1.3%
e
Arcosa
,
Inc.
,
Senior
Note
,
144A,
4.375
%
,
4/15/29
.............
United
States
300,000
262,411
e
Great
Lakes
Dredge
&
Dock
Corp.
,
Senior
Note
,
144A,
5.25
%
,
6/01/29
...........................................
United
States
500,000
390,089
e
VM
Consolidated,
Inc.
,
Senior
Note
,
144A,
5.5
%
,
4/15/29
.......
United
States
800,000
709,224
e
Weekley
Homes
LLC
/
Weekley
Finance
Corp.
,
Senior
Note
,
144A,
4.875
%
,
9/15/28
.....................................
United
States
1,300,000
1,105,246
2,466,970
Consumer
Finance
1.1%
Ford
Motor
Credit
Co.
LLC
,
Senior
Note
,
6.95
%
,
3/06/26
........
United
States
500,000
500,901
e
PRA
Group,
Inc.
,
Senior
Note,
144A,
8.375%,
2/01/28
.....................
United
States
600,000
605,625
Senior
Note,
144A,
5%,
10/01/29
.......................
United
States
300,000
255,994
e
PROG
Holdings,
Inc.
,
Senior
Note
,
144A,
6
%
,
11/15/29
.........
United
States
900,000
765,977
2,128,497
Containers
&
Packaging
3.2%
e
Ardagh
Packaging
Finance
plc
/
Ardagh
Holdings
USA,
Inc.
,
Senior
Note,
144A,
5.25%,
8/15/27
......................
United
States
600,000
493,593
Senior
Secured
Note,
144A,
5.25%,
4/30/25
...............
United
States
800,000
774,200
e
Mauser
Packaging
Solutions
Holding
Co.
,
Secured
Note,
144A,
9.25%,
4/15/27
.....................
United
States
1,500,000
1,411,650
Senior
Secured
Note,
144A,
7.875%,
8/15/26
..............
United
States
1,000,000
1,007,180
e
Owens-Brockway
Glass
Container,
Inc.
,
Senior
Note,
144A,
5.875%,
8/15/23
.....................
United
States
148,000
147,326
Senior
Note,
144A,
6.625%,
5/13/27
.....................
United
States
375,000
365,066
e
Pactiv
Evergreen
Group
Issuer
LLC
/
Pactiv
Evergreen
Group
Issuer,
Inc.
,
Senior
Secured
Note
,
144A,
4.375
%
,
10/15/28
..........
United
States
300,000
257,654
e
Pactiv
Evergreen
Group
Issuer,
Inc./Pactiv
Evergreen
Group
Issuer
LLC
,
Senior
Secured
Note
,
144A,
4
%
,
10/15/27
.............
United
States
1,200,000
1,047,900
e
Trivium
Packaging
Finance
BV
,
Senior
Note
,
144A,
8.5
%
,
8/15/27
.
Netherlands
500,000
475,525
5,980,094
Diversified
Consumer
Services
0.4%
Grand
Canyon
University
,
5.125
%
,
10/01/28
.................
United
States
800,000
734,000
Diversified
Financial
Services
0.5%
e
Jefferson
Capital
Holdings
LLC
,
Senior
Note
,
144A,
6
%
,
8/15/26
..
United
States
1,200,000
1,028,910
Diversified
Telecommunication
Services
2.6%
e
Altice
France
Holding
SA
,
Senior
Secured
Note
,
144A,
10.5
%
,
5/15/27
...........................................
Luxembourg
1,500,000
1,240,245
e
CCO
Holdings
LLC
/
CCO
Holdings
Capital
Corp.
,
Senior
Bond,
144A,
5.375%,
6/01/29
.....................
United
States
500,000
446,425
Senior
Bond,
144A,
4.5%,
8/15/30
.......................
United
States
1,700,000
1,400,052
Senior
Bond,
144A,
4.25%,
2/01/31
......................
United
States
200,000
160,720
e
Iliad
Holding
SASU
,
Senior
Secured
Note
,
144A,
7
%
,
10/15/28
...
France
800,000
735,860
e
Virgin
Media
Secured
Finance
plc
,
Senior
Secured
Bond
,
144A,
4.5
%
,
8/15/30
......................................
United
Kingdom
1,100,000
906,546
4,889,848
Electric
Utilities
0.7%
e
Vistra
Operations
Co.
LLC
,
Senior
Note,
144A,
5.625%,
2/15/27
.....................
United
States
1,000,000
948,720
Franklin
Universal
Trust
Schedule
of
Investments
(unaudited)
franklintempleton.com
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Semiannual
Report
13
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
Corporate
Bonds
(continued)
Electric
Utilities
(continued)
e
Vistra
Operations
Co.
LLC,
(continued)
Senior
Note,
144A,
4.375%,
5/01/29
.....................
United
States
400,000
$
346,016
1,294,736
Electrical
Equipment
1.3%
e
Regal
Rexnord
Corp.
,
Senior
Bond,
144A,
6.4%,
4/15/33
.......................
United
States
400,000
393,989
Senior
Note,
144A,
6.3%,
2/15/30
.......................
United
States
500,000
489,561
e
Sensata
Technologies
BV
,
Senior
Note
,
144A,
4
%
,
4/15/29
......
United
States
1,000,000
883,095
e
Vertiv
Group
Corp.
,
Senior
Secured
Note
,
144A,
4.125
%
,
11/15/28
United
States
800,000
695,816
2,462,461
Electronic
Equipment,
Instruments
&
Components
0.2%
e
TTM
Technologies,
Inc.
,
Senior
Note
,
144A,
4
%
,
3/01/29
........
United
States
500,000
412,964
Energy
Equipment
&
Services
2.8%
e
CSI
Compressco
LP
/
CSI
Compressco
Finance,
Inc.
,
c
Secured
Note,
144A,
PIK,
10%,
4/01/26
..................
United
States
982,453
841,058
Senior
Secured
Note,
144A,
7.5%,
4/01/25
................
United
States
402,000
372,104
e
Enerflex
Ltd.
,
Senior
Secured
Note
,
144A,
9
%
,
10/15/27
........
Canada
900,000
889,056
e
Nabors
Industries
Ltd.
,
Senior
Note
,
144A,
7.25
%
,
1/15/26
......
United
States
600,000
571,689
Nabors
Industries,
Inc.
,
Senior
Note
,
5.75
%
,
2/01/25
...........
United
States
500,000
477,600
e
Transocean
Titan
Financing
Ltd.
,
Senior
Secured
Note
,
144A,
8.375
%
,
2/01/28
.....................................
United
States
300,000
306,480
e
Transocean,
Inc.
,
Senior
Secured
Note
,
144A,
8.75
%
,
2/15/30
....
United
States
800,000
814,964
e
Weatherford
International
Ltd.
,
Senior
Note,
144A,
11%,
12/01/24
.......................
United
States
39,000
40,026
Senior
Note,
144A,
8.625%,
4/30/30
.....................
United
States
700,000
699,870
Senior
Secured
Note,
144A,
6.5%,
9/15/28
................
United
States
300,000
295,062
5,307,909
Entertainment
0.9%
e
Banijay
Entertainment
SASU
,
Senior
Secured
Note
,
144A,
5.375
%
,
3/01/25
...........................................
France
1,000,000
973,810
Netflix,
Inc.
,
Senior
Bond
,
5.875
%
,
11/15/28
.................
United
States
800,000
812,000
1,785,810
Equity
Real
Estate
Investment
Trusts
(REITs)
1.5%
e
Global
Net
Lease,
Inc.
/
Global
Net
Lease
Operating
Partnership
LP
,
Senior
Note
,
144A,
3.75
%
,
12/15/27
......................
United
States
800,000
660,049
e
HAT
Holdings
I
LLC
/
HAT
Holdings
II
LLC
,
Senior
Note
,
144A,
6
%
,
4/15/25
...........................................
United
States
400,000
385,932
MPT
Operating
Partnership
LP
/
MPT
Finance
Corp.
,
Senior
Bond
,
5.25
%
,
8/01/26
.....................................
United
States
200,000
178,613
e
Necessity
Retail
REIT,
Inc.
(The)
/
American
Finance
Operating
Partner
LP
,
Senior
Note
,
144A,
4.5
%
,
9/30/28
...............
United
States
900,000
711,648
e
VICI
Properties
LP
/
VICI
Note
Co.,
Inc.
,
Senior
Note
,
144A,
3.75
%
,
2/15/27
...........................................
United
States
700,000
634,516
e
XHR
LP
,
Senior
Secured
Note
,
144A,
4.875
%
,
6/01/29
.........
United
States
400,000
342,048
2,912,806
Food
Products
0.9%
e
Chobani
LLC
/
Chobani
Finance
Corp.,
Inc.
,
Senior
Secured
Note
,
144A,
4.625
%
,
11/15/28
...............................
United
States
800,000
698,072
e
Darling
Ingredients,
Inc.
,
Senior
Note
,
144A,
6
%
,
6/15/30
.......
United
States
200,000
193,500
Pilgrim's
Pride
Corp.
,
Senior
Note
,
3.5
%
,
3/01/32
.............
United
States
200,000
154,753
e
Post
Holdings,
Inc.
,
Senior
Bond,
144A,
5.625%,
1/15/28
.....................
United
States
300,000
286,771
Franklin
Universal
Trust
Schedule
of
Investments
(unaudited)
franklintempleton.com
Semiannual
Report
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
14
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
Corporate
Bonds
(continued)
Food
Products
(continued)
e
Post
Holdings,
Inc.,
(continued)
Senior
Bond,
144A,
4.625%,
4/15/30
.....................
United
States
400,000
$
347,214
1,680,310
Health
Care
Equipment
&
Supplies
0.6%
e
Garden
Spinco
Corp.
,
Senior
Note
,
144A,
8.625
%
,
7/20/30
......
United
States
400,000
422,500
e
Medline
Borrower
LP
,
Senior
Note,
144A,
5.25%,
10/01/29
.....................
United
States
500,000
410,990
Senior
Secured
Note,
144A,
3.875%,
4/01/29
..............
United
States
400,000
333,750
1,167,240
Health
Care
Providers
&
Services
2.3%
Centene
Corp.
,
Senior
Bond,
2.5%,
3/01/31
............................
United
States
500,000
390,258
Senior
Note,
2.45%,
7/15/28
...........................
United
States
500,000
420,320
Senior
Note,
2.625%,
8/01/31
..........................
United
States
500,000
390,173
e
CHS/Community
Health
Systems,
Inc.
,
Secured
Note,
144A,
6.125%,
4/01/30
....................
United
States
500,000
343,075
Senior
Secured
Note,
144A,
6%,
1/15/29
..................
United
States
300,000
259,388
e
DaVita,
Inc.
,
Senior
Note
,
144A,
4.625
%
,
6/01/30
.............
United
States
1,200,000
990,270
e
ModivCare
Escrow
Issuer,
Inc.
,
Senior
Note
,
144A,
5
%
,
10/01/29
.
United
States
100,000
84,706
e
MPH
Acquisition
Holdings
LLC
,
Senior
Note
,
144A,
5.75
%
,
11/01/28
United
States
1,200,000
781,500
e
Tenet
Healthcare
Corp.
,
Senior
Secured
Note
,
144A,
6.125
%
,
6/15/30
...........................................
United
States
700,000
667,735
4,327,425
Hotels,
Restaurants
&
Leisure
5.2%
e
1011778
BC
ULC
/
New
Red
Finance,
Inc.
,
Secured
Bond
,
144A,
4
%
,
10/15/30
.......................................
Canada
600,000
496,176
e,f,g
24
Hour
Fitness
Worldwide,
Inc.
,
Senior
Note
,
144A,
8
%
,
6/01/22
.
United
States
1,800,000
—
e
Caesars
Entertainment,
Inc.
,
Senior
Secured
Note
,
144A,
7
%
,
2/15/30
...........................................
United
States
300,000
302,603
e
Carnival
Corp.
,
Senior
Note,
144A,
7.625%,
3/01/26
.....................
United
States
400,000
359,544
Senior
Note,
144A,
5.75%,
3/01/27
......................
United
States
1,500,000
1,235,730
e
Carnival
Holdings
Bermuda
Ltd.
,
Senior
Note
,
144A,
10.375
%
,
5/01/28
...........................................
United
States
400,000
428,360
e
Everi
Holdings,
Inc.
,
Senior
Note
,
144A,
5
%
,
7/15/29
...........
United
States
700,000
616,289
e
Fertitta
Entertainment
LLC
/
Fertitta
Entertainment
Finance
Co.,
Inc.
,
Senior
Note
,
144A,
6.75
%
,
1/15/30
.......................
United
States
1,000,000
830,010
e
Motion
Bondco
DAC
,
Senior
Note
,
144A,
6.625
%
,
11/15/27
......
United
Kingdom
200,000
185,065
e
NCL
Corp.
Ltd.
,
Senior
Note
,
144A,
5.875
%
,
3/15/26
...........
United
States
300,000
259,854
e
Papa
John's
International,
Inc.
,
Senior
Note
,
144A,
3.875
%
,
9/15/29
United
States
300,000
250,856
e
Premier
Entertainment
Sub
LLC
/
Premier
Entertainment
Finance
Corp.
,
Senior
Bond,
144A,
5.875%,
9/01/31
.....................
United
States
500,000
360,800
Senior
Note,
144A,
5.625%,
9/01/29
.....................
United
States
900,000
662,526
e
Royal
Caribbean
Cruises
Ltd.
,
Senior
Note,
144A,
5.5%,
8/31/26
.......................
United
States
700,000
643,916
Senior
Note,
144A,
11.625%,
8/15/27
....................
United
States
700,000
746,158
e
Station
Casinos
LLC
,
Senior
Note
,
144A,
4.5
%
,
2/15/28
........
United
States
400,000
353,640
e
Studio
City
Finance
Ltd.
,
Senior
Note
,
144A,
5
%
,
1/15/29
.......
Macau
1,600,000
1,233,976
e
Wynn
Resorts
Finance
LLC
/
Wynn
Resorts
Capital
Corp.
,
Senior
Note
,
144A,
7.125
%
,
2/15/31
...........................
United
States
800,000
799,156
9,764,659
Franklin
Universal
Trust
Schedule
of
Investments
(unaudited)
franklintempleton.com
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Semiannual
Report
15
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
Corporate
Bonds
(continued)
Household
Durables
0.9%
e
Ashton
Woods
USA
LLC
/
Ashton
Woods
Finance
Co.
,
Senior
Note
,
144A,
4.625
%
,
8/01/29
................................
United
States
1,500,000
$
1,232,235
M/I
Homes,
Inc.
,
Senior
Note
,
3.95
%
,
2/15/30
................
United
States
600,000
487,144
1,719,379
Independent
Power
and
Renewable
Electricity
Producers
2.1%
e
Calpine
Corp.
,
Senior
Bond,
144A,
5%,
2/01/31
........................
United
States
900,000
741,566
Senior
Note,
144A,
4.625%,
2/01/29
.....................
United
States
700,000
591,615
e
Clearway
Energy
Operating
LLC
,
Senior
Bond,
144A,
3.75%,
1/15/32
......................
United
States
400,000
317,378
Senior
Note,
144A,
4.75%,
3/15/28
......................
United
States
600,000
551,265
Senior
Note,
144A,
3.75%,
2/15/31
......................
United
States
300,000
244,418
e
Leeward
Renewable
Energy
Operations
LLC
,
Senior
Note
,
144A,
4.25
%
,
7/01/29
.....................................
United
States
1,000,000
851,990
g
Talen
Energy
Supply
LLC
,
Senior
Note
,
6.5
%
,
6/01/25
..........
United
States
1,500,000
577,500
3,875,732
Insurance
0.6%
e
Alliant
Holdings
Intermediate
LLC
/
Alliant
Holdings
Co-Issuer
,
Senior
Note
,
144A,
6.75
%
,
10/15/27
...........................
United
States
300,000
272,904
e
Jones
Deslauriers
Insurance
Management,
Inc.
,
Senior
Note
,
144A,
10.5
%
,
12/15/30
.....................................
Canada
800,000
813,504
1,086,408
IT
Services
1.8%
e
Cablevision
Lightpath
LLC
,
Senior
Secured
Note
,
144A,
3.875
%
,
9/15/27
...........................................
United
States
500,000
408,058
e
Cogent
Communications
Group,
Inc.
,
Senior
Secured
Note
,
144A,
3.5
%
,
5/01/26
......................................
United
States
500,000
454,580
e
Gartner,
Inc.
,
Senior
Note,
144A,
4.5%,
7/01/28
.......................
United
States
500,000
459,476
Senior
Note,
144A,
3.625%,
6/15/29
.....................
United
States
200,000
173,146
Senior
Note,
144A,
3.75%,
10/01/30
.....................
United
States
300,000
254,287
e
Northwest
Fiber
LLC
/
Northwest
Fiber
Finance
Sub,
Inc.
,
Senior
Note
,
144A,
6
%
,
2/15/28
..............................
United
States
1,100,000
875,501
e
Presidio
Holdings,
Inc.
,
Senior
Note
,
144A,
8.25
%
,
2/01/28
......
United
States
900,000
856,208
3,481,256
Life
Sciences
Tools
&
Services
0.1%
e
Charles
River
Laboratories
International,
Inc.
,
Senior
Note
,
144A,
3.75
%
,
3/15/29
.....................................
United
States
200,000
173,820
Machinery
1.7%
e
ATS
Corp.
,
Senior
Note
,
144A,
4.125
%
,
12/15/28
.............
Canada
1,300,000
1,136,287
e
Chart
Industries,
Inc.
,
Senior
Secured
Note
,
144A,
7.5
%
,
1/01/30
.
United
States
700,000
711,375
e
Manitowoc
Co.,
Inc.
(The)
,
Secured
Note
,
144A,
9
%
,
4/01/26
....
United
States
1,000,000
1,000,776
e
Roller
Bearing
Co.
of
America,
Inc.
,
Senior
Note
,
144A,
4.375
%
,
10/15/29
..........................................
United
States
400,000
346,240
3,194,678
Media
3.1%
e
Clear
Channel
International
BV
,
Senior
Secured
Note
,
144A,
6.625
%
,
8/01/25
.....................................
United
Kingdom
400,000
390,406
e
Clear
Channel
Outdoor
Holdings,
Inc.
,
Senior
Note,
144A,
7.75%,
4/15/28
......................
United
States
300,000
249,231
Senior
Note,
144A,
7.5%,
6/01/29
.......................
United
States
500,000
405,470
Senior
Secured
Note,
144A,
5.125%,
8/15/27
..............
United
States
400,000
357,382
Franklin
Universal
Trust
Schedule
of
Investments
(unaudited)
franklintempleton.com
Semiannual
Report
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
16
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
Corporate
Bonds
(continued)
Media
(continued)
CSC
Holdings
LLC
,
Senior
Bond,
5.25%,
6/01/24
...........................
United
States
400,000
$
387,936
e
Senior
Note,
144A,
7.5%,
4/01/28
.......................
United
States
300,000
201,187
e
Diamond
Sports
Group
LLC
/
Diamond
Sports
Finance
Co.
,
Senior
Note,
144A,
6.625%,
8/15/27
.....................
United
States
700,000
19,250
Senior
Secured
Note,
144A,
5.375%,
8/15/26
..............
United
States
800,000
90,760
e
Directv
Financing
LLC
/
Directv
Financing
Co-Obligor,
Inc.
,
Senior
Secured
Note
,
144A,
5.875
%
,
8/15/27
....................
United
States
200,000
179,037
e
DISH
DBS
Corp.
,
Senior
Secured
Note
,
144A,
5.75
%
,
12/01/28
...
United
States
1,000,000
800,675
e
LCPR
Senior
Secured
Financing
DAC
,
Senior
Secured
Note
,
144A,
6.75
%
,
10/15/27
.....................................
United
States
450,000
416,717
e
News
Corp.
,
Senior
Note
,
144A,
3.875
%
,
5/15/29
.............
United
States
200,000
171,570
e
Outfront
Media
Capital
LLC
/
Outfront
Media
Capital
Corp.
,
Senior
Note
,
144A,
5
%
,
8/15/27
..............................
United
States
100,000
90,345
e
Scripps
Escrow,
Inc.
,
Senior
Note
,
144A,
5.875
%
,
7/15/27
.......
United
States
600,000
481,084
e
Sinclair
Television
Group,
Inc.
,
Senior
Bond
,
144A,
5.5
%
,
3/01/30
.
United
States
700,000
517,111
e
Sirius
XM
Radio,
Inc.
,
Senior
Note
,
144A,
4
%
,
7/15/28
.........
United
States
600,000
513,540
e
Univision
Communications,
Inc.
,
Senior
Secured
Note
,
144A,
4.5
%
,
5/01/29
...........................................
United
States
600,000
506,602
5,778,303
Metals
&
Mining
1.2%
Commercial
Metals
Co.
,
Senior
Bond
,
3.875
%
,
2/15/31
.........
United
States
700,000
591,440
e
Constellium
SE
,
Senior
Note
,
144A,
3.75
%
,
4/15/29
...........
United
States
600,000
498,906
e
FMG
Resources
August
2006
Pty.
Ltd.
,
Senior
Bond
,
144A,
4.375
%
,
4/01/31
...........................................
Australia
500,000
422,443
e
Novelis
Corp.
,
Senior
Bond,
144A,
3.875%,
8/15/31
.....................
United
States
100,000
81,133
Senior
Note,
144A,
3.25%,
11/15/26
.....................
United
States
100,000
88,254
e
SunCoke
Energy,
Inc.
,
Senior
Secured
Note
,
144A,
4.875
%
,
6/30/29
United
States
600,000
510,002
2,192,178
Mortgage
Real
Estate
Investment
Trusts
(REITs)
0.4%
e
Apollo
Commercial
Real
Estate
Finance,
Inc.
,
Senior
Secured
Note
,
144A,
4.625
%
,
6/15/29
................................
United
States
1,000,000
772,320
Multiline
Retail
0.5%
e
Macy's
Retail
Holdings
LLC
,
Senior
Bond,
144A,
6.125%,
3/15/32
.....................
United
States
500,000
430,620
Senior
Note,
144A,
5.875%,
3/15/30
.....................
United
States
500,000
441,400
872,020
Oil,
Gas
&
Consumable
Fuels
9.6%
e
Antero
Resources
Corp.
,
Senior
Note,
144A,
7.625%,
2/01/29
.....................
United
States
166,000
167,420
Senior
Note,
144A,
5.375%,
3/01/30
.....................
United
States
700,000
638,469
e
Calumet
Specialty
Products
Partners
LP
/
Calumet
Finance
Corp.
,
Senior
Note
,
144A,
8.125
%
,
1/15/27
......................
United
States
900,000
881,104
Cheniere
Energy
Partners
LP
,
Senior
Note,
4.5%,
10/01/29
...........................
United
States
1,200,000
1,090,278
Senior
Note,
4%,
3/01/31
.............................
United
States
1,200,000
1,035,298
Cheniere
Energy,
Inc.
,
Senior
Note
,
4.625
%
,
10/15/28
..........
United
States
700,000
649,628
e
Chesapeake
Energy
Corp.
,
Senior
Note
,
144A,
5.5
%
,
2/01/26
....
United
States
500,000
490,587
Crestwood
Midstream
Partners
LP
/
Crestwood
Midstream
Finance
Corp.
,
Senior
Note,
5.75%,
4/01/25
...........................
United
States
800,000
776,858
e
Senior
Note,
144A,
6%,
2/01/29
........................
United
States
700,000
637,543
e
Senior
Note,
144A,
8%,
4/01/29
........................
United
States
500,000
497,965
Franklin
Universal
Trust
Schedule
of
Investments
(unaudited)
franklintempleton.com
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Semiannual
Report
17
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
Corporate
Bonds
(continued)
Oil,
Gas
&
Consumable
Fuels
(continued)
e
CrownRock
LP
/
CrownRock
Finance,
Inc.
,
Senior
Note
,
144A,
5
%
,
5/01/29
...........................................
United
States
300,000
$
271,938
e
DT
Midstream,
Inc.
,
Senior
Note
,
144A,
4.125
%
,
6/15/29
........
United
States
700,000
600,908
e
Endeavor
Energy
Resources
LP
/
EER
Finance,
Inc.
,
Senior
Bond
,
144A,
5.75
%
,
1/30/28
.................................
United
States
1,300,000
1,255,703
e
EnLink
Midstream
LLC
,
Senior
Note
,
144A,
6.5
%
,
9/01/30
.......
United
States
800,000
789,004
e
EQM
Midstream
Partners
LP
,
Senior
Note
,
144A,
7.5
%
,
6/01/27
..
United
States
100,000
98,101
e
EQT
Corp.
,
Senior
Note
,
144A,
3.125
%
,
5/15/26
..............
United
States
300,000
274,772
e
Harbour
Energy
plc
,
Senior
Note
,
144A,
5.5
%
,
10/15/26
........
United
Kingdom
500,000
463,080
e
Hilcorp
Energy
I
LP
/
Hilcorp
Finance
Co.
,
Senior
Bond,
144A,
6%,
2/01/31
........................
United
States
200,000
180,190
Senior
Note,
144A,
5.75%,
2/01/29
......................
United
States
200,000
181,214
Senior
Note,
144A,
6%,
4/15/30
........................
United
States
300,000
272,571
e
Kinetik
Holdings
LP
,
Senior
Note
,
144A,
5.875
%
,
6/15/30
........
United
States
600,000
555,447
e
Martin
Midstream
Partners
LP
/
Martin
Midstream
Finance
Corp.
,
Secured
Note
,
144A,
11.5
%
,
2/15/28
.....................
United
States
1,800,000
1,778,049
c,e,f,g
Murray
Energy
Corp.
,
Secured
Note
,
144A,
PIK,
12
%
,
4/15/24
...
United
States
757,734
—
Occidental
Petroleum
Corp.
,
Senior
Bond,
6.45%,
9/15/36
...........................
United
States
700,000
704,455
Senior
Note,
8.875%,
7/15/30
..........................
United
States
1,100,000
1,250,788
Sunoco
LP
/
Sunoco
Finance
Corp.
,
Senior
Note,
6%,
4/15/27
.............................
United
States
1,000,000
983,700
Senior
Note,
4.5%,
5/15/29
............................
United
States
200,000
175,723
e
Venture
Global
Calcasieu
Pass
LLC
,
Senior
Secured
Bond,
144A,
4.125%,
8/15/31
..............
United
States
300,000
258,338
Senior
Secured
Note,
144A,
3.875%,
8/15/29
..............
United
States
300,000
259,033
Senior
Secured
Note,
144A,
6.25%,
1/15/30
...............
United
States
400,000
395,030
e
Viper
Energy
Partners
LP
,
Senior
Note
,
144A,
5.375
%
,
11/01/27
..
United
States
400,000
380,708
17,993,902
Paper
&
Forest
Products
0.1%
e
Glatfelter
Corp.
,
Senior
Note
,
144A,
4.75
%
,
11/15/29
...........
United
States
400,000
262,736
Personal
Products
0.4%
e
BellRing
Brands,
Inc.
,
Senior
Note
,
144A,
7
%
,
3/15/30
.........
United
States
800,000
792,110
Pharmaceuticals
2.4%
e
1375209
BC
Ltd.
,
Senior
Secured
Note
,
144A,
9
%
,
1/30/28
......
Canada
305,000
304,811
e
Bausch
Health
Cos.,
Inc.
,
Secured
Note,
144A,
14%,
10/15/30
.....................
United
States
107,000
68,294
Senior
Secured
Note,
144A,
11%,
9/30/28
.................
United
States
542,000
426,812
e,g
Endo
Dac
/
Endo
Finance
LLC
/
Endo
Finco
,
Inc.
,
Secured
Note,
144A,
9.5%,
7/31/27
......................
United
States
302,000
40,543
Senior
Note,
144A,
6%,
6/30/28
........................
United
States
389,000
26,288
e,g
Endo
Luxembourg
Finance
Co.
I
SARL
/
Endo
US,
Inc.
,
Senior
Secured
Note
,
144A,
6.125
%
,
4/01/29
....................
United
States
500,000
371,250
e
Jazz
Securities
DAC
,
Senior
Secured
Note
,
144A,
4.375
%
,
1/15/29
United
States
1,300,000
1,152,548
e
Organon
&
Co.
/
Organon
Foreign
Debt
Co-Issuer
BV
,
Senior
Secured
Note
,
144A,
4.125
%
,
4/30/28
....................
United
States
1,000,000
883,600
e,g
Par
Pharmaceutical,
Inc.
,
Senior
Secured
Note
,
144A,
7.5
%
,
4/01/27
United
States
225,000
169,594
Teva
Pharmaceutical
Finance
Netherlands
III
BV
,
Senior
Note,
7.125%,
1/31/25
..........................
Israel
500,000
506,777
Senior
Note,
4.75%,
5/09/27
...........................
Israel
600,000
540,744
4,491,261
Franklin
Universal
Trust
Schedule
of
Investments
(unaudited)
franklintempleton.com
Semiannual
Report
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
18
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
Corporate
Bonds
(continued)
Real
Estate
Management
&
Development
0.4%
e
Five
Point
Operating
Co.
LP
/
Five
Point
Capital
Corp.
,
Senior
Note
,
144A,
7.875
%
,
11/15/25
...............................
United
States
400,000
$
361,534
e
Forestar
Group,
Inc.
,
Senior
Note
,
144A,
3.85
%
,
5/15/26
........
United
States
500,000
438,134
799,668
Road
&
Rail
0.8%
e
First
Student
Bidco
,
Inc.
/
First
Transit
Parent,
Inc.
,
Senior
Secured
Note
,
144A,
4
%
,
7/31/29
..............................
United
States
900,000
770,324
e
NESCO
Holdings
II,
Inc.
,
Secured
Note
,
144A,
5.5
%
,
4/15/29
....
United
States
500,000
446,140
e
Williams
Scotsman
International,
Inc.
,
Senior
Secured
Note
,
144A,
4.625
%
,
8/15/28
.....................................
United
States
300,000
271,572
1,488,036
Software
1.3%
e
Camelot
Finance
SA
,
Senior
Secured
Note
,
144A,
4.5
%
,
11/01/26
.
United
States
900,000
826,224
e
McAfee
Corp.
,
Senior
Note
,
144A,
7.375
%
,
2/15/30
............
United
States
800,000
634,964
e
Rocket
Software,
Inc.
,
Senior
Note
,
144A,
6.5
%
,
2/15/29
........
United
States
1,100,000
901,413
2,362,601
Specialty
Retail
2.2%
e
Bath
&
Body
Works,
Inc.
,
Senior
Note
,
144A,
6.625
%
,
10/01/30
...
United
States
500,000
474,307
e
Evergreen
Acqco
1
LP
/
TVI,
Inc.
,
Senior
Secured
Note
,
144A,
9.75
%
,
4/26/28
.....................................
United
States
800,000
792,116
e
Gap,
Inc.
(The)
,
Senior
Note
,
144A,
3.625
%
,
10/01/29
..........
United
States
700,000
514,125
e
Lithia
Motors,
Inc.
,
Senior
Bond,
144A,
4.375%,
1/15/31
.....................
United
States
300,000
250,135
Senior
Note,
144A,
4.625%,
12/15/27
....................
United
States
400,000
363,556
e
Michaels
Cos.,
Inc.
(The)
,
Senior
Note,
144A,
7.875%,
5/01/29
.....................
United
States
600,000
452,217
Senior
Secured
Note,
144A,
5.25%,
5/01/28
...............
United
States
300,000
249,977
Murphy
Oil
USA,
Inc.
,
Senior
Note
,
4.75
%
,
9/15/29
............
United
States
700,000
625,622
e
Victoria's
Secret
&
Co.
,
Senior
Note
,
144A,
4.625
%
,
7/15/29
.....
United
States
400,000
326,606
4,048,661
Textiles,
Apparel
&
Luxury
Goods
0.7%
e
Hanesbrands,
Inc.
,
Senior
Note,
144A,
4.625%,
5/15/24
.....................
United
States
1,000,000
999,925
Senior
Note,
144A,
9%,
2/15/31
........................
United
States
400,000
404,980
1,404,905
Thrifts
&
Mortgage
Finance
0.7%
e
Ladder
Capital
Finance
Holdings
LLLP
/
Ladder
Capital
Finance
Corp.
,
Senior
Note
,
144A,
4.75
%
,
6/15/29
.................
United
States
300,000
244,303
MGIC
Investment
Corp.
,
Senior
Note
,
5.25
%
,
8/15/28
..........
United
States
500,000
468,120
Radian
Group,
Inc.
,
Senior
Note
,
6.625
%
,
3/15/25
.............
United
States
600,000
600,204
1,312,627
Trading
Companies
&
Distributors
0.5%
e
H&E
Equipment
Services,
Inc.
,
Senior
Note
,
144A,
3.875
%
,
12/15/28
United
States
600,000
516,603
e
WESCO
Distribution,
Inc.
,
Senior
Note
,
144A,
7.25
%
,
6/15/28
....
United
States
400,000
405,702
922,305
Wireless
Telecommunication
Services
0.9%
Hughes
Satellite
Systems
Corp.
,
Senior
Note
,
6.625
%
,
8/01/26
...
United
States
900,000
848,106
T-Mobile
USA,
Inc.
,
Senior
Note,
4.75%,
2/01/28
...........................
United
States
600,000
581,532
Franklin
Universal
Trust
Schedule
of
Investments
(unaudited)
franklintempleton.com
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Semiannual
Report
19
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
Corporate
Bonds
(continued)
Wireless
Telecommunication
Services
(continued)
T-Mobile
USA,
Inc.,
(continued)
Senior
Note,
2.625%,
2/15/29
..........................
United
States
300,000
$
255,484
1,685,122
Total
Corporate
Bonds
(Cost
$158,978,176)
.....................................
137,185,137
h
Senior
Floating
Rate
Interests
0.1%
Media
0.1%
i
Diamond
Sports
Group
LLC
,
First
Lien,
CME
Term
Loan
,
12.775
%
,
(
3-month
SOFR
+
8
%
),
5/25/26
.........................
United
States
159,053
149,775
Total
Senior
Floating
Rate
Interests
(Cost
$148,000)
.............................
149,775
j
Marketplace
Loans
8.2%
f
Diversified
Financial
Services
8.2%
a
a
a
a
a
a
Total
Marketplace
Loans
(Cost
$17,334,574)
....................................
15,385,774
Asset-Backed
Securities
0.5%
Diversified
Financial
Services
0.5%
e,k
Consumer
Loan
Underlying
Bond
Certificate
Issuer
Trust
I
,
2019-26,
PT,
144A,
FRN,
18.469%,
8/15/44
................
United
States
90,877
86,121
2019-31,
PT,
144A,
FRN,
19.121%,
9/15/44
................
United
States
74,768
70,040
2019-37,
PT,
144A,
FRN,
18.995%,
10/17/44
...............
United
States
92,033
88,045
2019-42,
PT,
144A,
FRN,
19.551%,
11/15/44
...............
United
States
80,336
75,774
2019-51,
PT,
144A,
FRN,
16.088%,
1/15/45
................
United
States
93,549
88,535
2019-52,
PT,
144A,
FRN,
16.11%,
1/15/45
.................
United
States
85,533
81,336
2019-S3,
PT,
144A,
FRN,
12.626%,
6/15/44
................
United
States
16,710
15,536
2019-S4,
PT,
144A,
FRN,
13.89%,
8/15/44
.................
United
States
64,779
62,878
2019-S5,
PT,
144A,
FRN,
13.808%,
9/15/44
................
United
States
61,535
58,058
2019-S6,
PT,
144A,
FRN,
12.391%,
10/17/44
...............
United
States
67,135
62,588
2019-S7,
PT,
144A,
FRN,
12.532%,
12/15/44
...............
United
States
48,023
44,925
2019-S8,
PT,
144A,
FRN,
11.245%,
1/15/45
................
United
States
56,551
52,749
2020-2,
PT,
144A,
FRN,
15.997%,
3/15/45
.................
United
States
79,365
75,102
2020-7,
PT,
144A,
FRN,
15.651%,
4/17/45
.................
United
States
43,292
40,475
e,k
Prosper
Pass-Thru
Trust
III
,
2020-PT1,
A,
144A,
FRN,
15.363%,
3/15/26
................
United
States
41,776
40,905
2020-PT2,
A,
144A,
FRN,
18.341%,
4/15/26
................
United
States
53,563
51,513
2020-PT3,
A,
144A,
FRN,
19.746%,
5/15/26
................
United
States
11,341
10,738
e,k
Upgrade
Master
Pass-Thru
Trust
,
2019-PT2
,
A
,
144A,
FRN
,
15.315
%
,
2/15/26
.
...................................
United
States
48,921
48,014
1,053,332
a
a
a
a
a
a
Total
Asset-Backed
Securities
(Cost
$1,071,410)
................................
1,053,332
Shares
a
Escrows
and
Litigation
Trusts
0.0%
†
a
Chesapeake
Energy
Corp.,
Escrow
Account
.................
United
States
1,500,000
26,250
Total
Escrows
and
Litigation
Trusts
(Cost
$48,985)
..............................
26,250
Total
Long
Term
Investments
(Cost
$215,544,398)
...............................
243,724,978
a
Franklin
Universal
Trust
Schedule
of
Investments
(unaudited)
franklintempleton.com
Semiannual
Report
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
20
See
Abbreviations
on
page
54
.
Short
Term
Investments
5.1%
a
a
Country
Shares
a
Value
a
a
a
Money
Market
Funds
5.0%
l,m
Institutional
Fiduciary
Trust
-
Money
Market
Portfolio,
4.204%
....
United
States
9,303,619
$
9,303,619
Total
Money
Market
Funds
(Cost
$9,303,619)
...................................
9,303,619
a
a
a
n
Investments
from
Cash
Collateral
Received
for
Loaned
Securities
0.1%
Money
Market
Funds
0.1%
l,m
Institutional
Fiduciary
Trust
-
Money
Market
Portfolio,
4.204%
....
United
States
200,000
200,000
Total
Investments
from
Cash
Collateral
Received
for
Loaned
Securities
(Cost
$200,000)
.............................................................
200,000
Total
Short
Term
Investments
(Cost
$9,503,619
)
.................................
9,503,619
a
Total
Investments
(Cost
$225,048,017)
134.7%
..................................
$253,228,597
Notes
Payable
(34.6)%
.......................................................
(65,000,000)
Other
Assets,
less
Liabilities
(0.1)%
...........................................
(214,377)
Net
Assets
100.0%
...........................................................
$188,014,220
*
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
February
28,
2023.
See
Note
1(c).
c
Income
may
be
received
in
additional
securities
and/or
cash.
d
Perpetual
security
with
no
stated
maturity
date.
e
Security
was
purchased
pursuant
to
Rule
144A
or
Regulation
S
under
the
Securities
Act
of
1933.
144A
securities
may
be
sold
in
transactions
exempt
from
registration
only
to
qualified
institutional
buyers
or
in
a
public
offering
registered
under
the
Securities
Act
of
1933.
Regulation
S
securities
cannot
be
sold
in
the
United
States
without
either
an
effective
registration
statement
filed
pursuant
to
the
Securities
Act
of
1933,
or
pursuant
to
an
exemption
from
registration.
At
February
28,
2023,
the
aggregate
value
of
these
securities
was
$115,727,811,
representing
61.6%
of
net
assets.
f
Fair
valued
using
significant
unobservable
inputs.
See
Note
11
regarding
fair
value
measurements.
g
See
Note
8
regarding
credit
risk
and
defaulted
securities.
h
See
Note
1(d)
regarding
senior
floating
rate
interests.
i
The
coupon
rate
shown
represents
the
rate
inclusive
of
any
caps
or
floors,
if
applicable,
in
effect
at
period
end.
j
See
Note
1(e)
regarding
Marketplace
Lending.
See
full
breakdown
of
marketplace
loans
holdings
in
the
table
at
the
end
of
this
schedule.
k
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.
l
See
Note
4(c)
regarding
investments
in
affiliated
management
investment
companies.
m
The
rate
shown
is
the
annualized
seven-day
effective
yield
at
period
end.
n
See
Note
1(c)
regarding
securities
on
loan.
Franklin
Universal
Trust
Schedule
of
Investments
(unaudited),
February
28,
2023
franklintempleton.com
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Semiannual
Report
21
At
February
28,
2023,
the
Fund
had
the
following marketplace
loans
outstanding.
See
Note
1(e).
Description
Principal
Amount
Value
Marketplace
Loans
-
8.2%
Freedom
Financial
Asset
Management
LLC
APP-10084065.FP.FTS.B,
15.49%,
8/01/23
$
2,055
$
2,063
APP-10095990.FP.FTS.B,
5.99%,
8/05/23
.
2,374
2,387
APP-10236665.FP.FTS.B,
5.99%,
10/04/23
2,762
2,780
APP-10852298.FP.FTS.B,
5.99%,
10/05/23
3,445
3,467
APP-10840576.FP.FTS.B,
5.99%,
10/15/23
3,463
3,490
APP-10847318.FP.FTS.B,
5.99%,
10/15/23
3,729
3,759
APP-11111300.FP.FTS.B,
5.99%,
11/02/23
3,885
3,913
APP-09915050.FP.FTS.B,
5.99%,
11/20/23
3,112
3,137
APP-10762832.FP.FTS.B,
15.49%,
11/26/23
3,279
3,315
APP-11022068.FP.FTS.B,
5.99%,
12/06/23
4,549
4,582
APP-11022377.FP.FTS.B,
5.99%,
12/20/23
4,700
4,743
APP-12381966.FP.FTS.B,
20.49%,
1/20/24
6,580
6,656
APP-11834925.FP.FTS.B,
5.99%,
2/11/24
.
5,397
5,449
APP-11634713.FP.FTS.B,
5.99%,
2/13/24
.
5,698
5,752
APP-11595250.FP.FTS.B,
5.99%,
2/18/24
.
4,437
4,481
APP-12399683.FP.FTS.B,
22.49%,
3/20/24
5,647
5,716
APP-13323334.FP.FTS.B,
5.99%,
5/14/24
.
4,563
4,614
APP-13489698.FP.FTS.B,
5.99%,
5/15/24
.
5,997
6,065
APP-13476049.FP.FTS.B,
21.49%,
5/17/24
7,601
7,681
APP-13485474.FP.FTS.B,
15.99%,
5/18/24
4,971
5,038
APP-13471580.FP.FTS.B,
5.99%,
5/19/24
.
5,241
5,302
APP-15125689.FP.FTS.B,
5.99%,
7/15/24
.
6,423
6,500
APP-15138477.FP.FTS.B,
5.99%,
7/16/24
.
5,102
5,165
APP-15143961.FP.FTS.B,
5.99%,
7/16/24
.
2,867
2,887
APP-14522400.FP.FTS.B,
5.99%,
7/23/24
.
6,202
6,284
APP-15089870.FP.FTS.B,
20.99%,
7/27/24
11,535
11,697
APP-10084299.FP.FTS.B,
16.49%,
8/11/24
7,829
4,642
APP-10541747.FP.FTS.B,
16.99%,
9/05/24
6,820
6,847
APP-10836612.FP.FTS.B,
21.49%,
10/15/24
..........................
6,877
6,836
APP-10849903.FP.FTS.B,
11.24%,
10/16/24
16,813
16,963
APP-10584167.FP.FTS.B,
16.99%,
10/28/24
..........................
4,822
4,876
APP-11139281.FP.FTS.B,
8.49%,
11/01/24
8,556
8,615
APP-11106155.FP.FTS.B,
12.74%,
11/01/24
13,206
13,286
APP-10844126.FP.FTS.B,
23.99%,
11/30/24
11,062
10,844
APP-11021958.FP.FTS.B,
12.24%,
12/10/24
8,529
8,602
APP-11021643.FP.FTS.B,
10.49%,
12/14/24
10,876
10,989
APP-11695329.FP.FTS.B,
15.99%,
12/15/24
12,774
12,753
APP-11693890.FP.FTS.B,
13.24%,
12/17/24
30,790
30,948
APP-11102104.FP.FTS.B,
23.99%,
12/18/24
11,287
2,532
APP-11007940.FP.FTS.B,
10.49%,
12/19/24
8,751
8,859
APP-10839343.FP.FTS.B,
13.99%,
12/19/24
..........................
5,904
5,977
APP-11718442.FP.FTS.B,
19.99%,
12/22/24
29,308
29,277
APP-11799520.FP.FTS.B,
16.99%,
12/25/24
7,635
7,694
APP-11859716.FP.FTS.B,
12.49%,
1/01/25
21,851
21,912
APP-11681583.FP.FTS.B,
16.99%,
1/30/25
7,550
7,641
APP-12413621.FP.FTS.B,
15.49%,
2/01/25
15,415
15,224
APP-11766706.FP.FTS.B,
23.99%,
2/02/25
6,164
6,047
APP-11738038.FP.FTS.B,
21.99%,
2/04/25
14,272
9,172
APP-11799331.FP.FTS.B,
8.99%,
2/06/25
.
21,143
21,331
APP-11694349.FP.FTS.B,
14.24%,
2/07/25
22,878
22,888
APP-11862313.FP.FTS.B,
16.49%,
2/11/25
7,519
7,513
APP-11869808.FP.FTS.B,
21.99%,
2/15/25
12,810
12,643
APP-12409067.FP.FTS.B,
13.74%,
3/08/25
26,729
26,897
Description
Principal
Amount
Value
Freedom
Financial
Asset
Management
LLC
(continued)
APP-12394118.FP.FTS.B,
17.74%,
3/10/25
$
15,461
$
15,386
APP-12410877.FP.FTS.B,
13.74%,
3/15/25
22,434
22,605
APP-12370660.FP.FTS.B,
15.49%,
3/15/25
12,299
1,312
APP-12299545.FP.FTS.B,
14.99%,
3/21/25
14,328
14,322
APP-12397103.FP.FTS.B,
25.49%,
3/21/25
6,781
1,546
APP-13502295.FP.FTS.B,
14.49%,
5/13/25
22,747
22,965
APP-13323354.FP.FTS.B,
10.09%,
5/18/25
13,317
13,509
APP-14953979.FP.FTS.B,
7.74%,
7/13/25
.
25,070
25,364
APP-15094222.FP.FTS.B,
10.24%,
7/14/25
20,096
20,337
APP-15084327.FP.FTS.B,
10.74%,
7/14/25
15,754
15,972
APP-15090883.FP.FTS.B,
25.49%,
7/14/25
4,300
4,244
APP-15068808.FP.FTS.B,
20.74%,
7/25/25
12,055
1,413
APP-15034726.FP.FTS.B,
25.49%,
7/25/25
7,888
7,855
APP-10111431.FP.FTS.B,
10.99%,
9/15/25
14,222
14,434
APP-10140977.FP.FTS.B,
24.99%,
9/15/25
7,379
7,534
APP-10091198.FP.FTS.B,
15.49%,
9/24/25
6,900
6,946
APP-10083835.FP.FTS.B,
10.99%,
9/25/25
9,991
10,164
APP-11022514.FP.FTS.B,
18.49%,
10/21/25
11,908
12,107
APP-10582948.FP.FTS.B,
10.99%,
10/22/25
..........................
16,951
17,206
APP-10578403.FP.FTS.B,
15.99%,
10/30/25
..........................
14,782
15,076
APP-10561192.FP.FTS.B,
8.99%,
11/03/25
12,273
12,448
APP-10841976.FP.FTS.B,
10.99%,
11/28/25
13,082
13,287
APP-10868780.FP.FTS.B,
14.49%,
12/02/25
..........................
22,620
22,879
APP-11025662.FP.FTS.B,
18.99%,
12/06/25
19,118
19,283
APP-11116538.FP.FTS.B,
8.99%,
12/10/25
10,733
10,886
APP-11105408.FP.FTS.B,
10.99%,
12/14/25
8,835
8,972
APP-11843242.FP.FTS.B,
12.24%,
12/15/25
14,961
15,123
APP-11097002.FP.FTS.B,
17.99%,
12/15/25
36,101
36,663
APP-11022500.FP.FTS.B,
17.99%,
12/16/25
9,402
9,547
APP-11579320.FP.FTS.B,
16.99%,
12/20/25
15,974
16,237
APP-11648292.FP.FTS.B,
11.24%,
12/29/25
17,224
2,288
APP-11798391.FP.FTS.B,
18.49%,
1/04/26
8,028
8,093
APP-11733010.FP.FTS.B,
15.74%,
1/28/26
27,939
28,429
APP-12378685.FP.FTS.B,
15.99%,
2/01/26
11,269
11,369
APP-11757188.FP.FTS.B,
18.24%,
2/02/26
32,065
32,264
APP-11799488.FP.FTS.B,
16.99%,
2/05/26
15,074
15,200
APP-11757063.FP.FTS.B,
17.99%,
2/05/26
16,049
16,173
APP-11763164.FP.FTS.B,
14.49%,
2/07/26
6,603
984
APP-12281543.FP.FTS.B,
16.74%,
3/08/26
29,145
29,337
APP-12246304.FP.FTS.B,
18.24%,
3/08/26
26,604
26,729
APP-12397373.FP.FTS.B,
15.99%,
3/15/26
11,339
11,501
APP-12338754.FP.FTS.B,
20.49%,
3/15/26
3,715
3,697
APP-12032813.FP.FTS.B,
17.99%,
3/17/26
10,541
10,656
APP-12419810.FP.FTS.B,
15.74%,
3/20/26
31,242
31,704
APP-12270812.FP.FTS.B,
16.99%,
3/22/26
10,142
10,286
APP-12421465.FP.FTS.B,
17.99%,
3/23/26
16,452
16,657
APP-13524997.FP.FTS.B,
10.59%,
3/25/26
12,860
13,036
APP-13511680.FP.FTS.B,
12.84%,
5/05/26
12,482
12,640
APP-13256383.FP.FTS.B,
7.99%,
5/18/26
.
31,474
31,967
APP-13477482.FP.FTS.B,
10.34%,
5/18/26
33,146
33,691
APP-13527002.FP.FTS.B,
15.59%,
5/19/26
8,469
8,622
APP-14943761.FP.FTS.B,
15.99%,
6/01/26
18,010
18,138
APP-15146572.FP.FTS.B,
10.74%,
7/15/26
8,650
8,679
Franklin
Universal
Trust
Schedule
of
Investments
(unaudited)
franklintempleton.com
Semiannual
Report
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
22
Description
Principal
Amount
Value
Marketplace
Loans
(continued)
Freedom
Financial
Asset
Management
LLC
(continued)
APP-15112645.FP.FTS.B,
16.99%,
7/15/26
$
17,555
$
17,650
APP-15065994.FP.FTS.B,
17.74%,
7/15/26
41,721
42,101
APP-15053141.FP.FTS.B,
18.99%,
7/15/26
17,648
17,745
APP-15107872.FP.FTS.B,
20.49%,
7/15/26
12,864
12,888
APP-15064308.FP.FTS.B,
22.49%,
7/15/26
19,410
19,408
APP-15054013.FP.FTS.B,
17.99%,
7/20/26
14,515
14,682
APP-15109634.FP.FTS.B,
19.49%,
7/21/26
8,872
8,980
APP-15053667.FP.FTS.B,
17.99%,
7/22/26
11,634
11,779
APP-15073340.FP.FTS.B,
15.99%,
7/25/26
8,802
8,964
APP-14860724.FP.FTS.B,
20.99%,
7/26/26
16,988
17,149
APP-15041042.FP.FTS.B,
26.49%,
7/26/26
6,812
6,864
APP-15111841.FP.FTS.B,
7.84%,
7/28/26
.
26,288
26,748
APP-14956830.FP.FTS.B,
15.74%,
7/28/26
26,287
26,651
APP-15053675.FP.FTS.B,
10.99%,
7/30/26
11,616
11,837
APP-10130115.FP.FTS.B,
20.49%,
8/01/26
20,468
20,643
APP-10133595.FP.FTS.B,
11.99%,
8/11/26
15,196
15,416
APP-10140897.FP.FTS.B,
16.99%,
8/12/26
16,447
16,686
APP-10145662.FP.FTS.B,
18.99%,
9/17/26
17,500
17,777
APP-10460831.FP.FTS.B,
21.99%,
9/19/26
6,156
6,252
APP-10572421.FP.FTS.B,
10.49%,
9/20/26
26,702
27,121
APP-10112510.FP.FTS.B,
16.49%,
9/25/26
9,959
10,158
APP-10145175.FP.FTS.B,
14.49%,
9/26/26
7,303
7,447
APP-10850556.FP.FTS.B,
11.99%,
10/01/26
16,426
16,585
APP-09931612.FP.FTS.B,
14.24%,
10/03/26
..........................
12,565
12,689
APP-10838239.FP.FTS.B,
12.49%,
10/12/26
..........................
25,500
25,853
APP-10835593.FP.FTS.B,
19.49%,
10/15/26
..........................
9,999
10,051
APP-10845328.FP.FTS.B,
11.99%,
10/16/26
19,706
19,996
APP-10704368.FP.FTS.B,
14.99%,
10/16/26
..........................
15,353
15,572
APP-10745909.FP.FTS.B,
17.99%,
10/16/26
..........................
40,645
41,219
APP-10829192.FP.FTS.B,
18.99%,
10/16/26
..........................
20,012
20,260
APP-10852939.FP.FTS.B,
16.49%,
10/17/26
..........................
2,291
2,294
APP-10581131.FP.FTS.B,
22.49%,
10/22/26
8,199
8,305
APP-10575367.FP.FTS.B,
20.99%,
10/25/26
..........................
31,067
31,553
APP-10129146.FP.FTS.B,
23.49%,
10/25/26
..........................
18,923
19,222
APP-10916894.FP.FTS.B,
20.49%,
11/01/26
15,999
15,998
APP-10384953.FP.FTS.B,
19.99%,
11/02/26
13,359
13,416
APP-10224478.FP.FTS.B,
20.49%,
11/02/26
21,632
21,821
APP-11119432.FP.FTS.B,
11.99%,
11/03/26
17,664
17,896
APP-10577758.FP.FTS.B,
17.49%,
11/04/26
9,981
5,628
APP-11187454.FP.FTS.B,
22.49%,
11/10/26
8,417
8,463
APP-10848002.FP.FTS.B,
17.99%,
11/19/26
20,076
20,315
APP-10859032.FP.FTS.B,
9.99%,
11/21/26
12,312
12,508
APP-10842381.FP.FTS.B,
12.49%,
11/21/26
28,135
28,571
APP-10830375.FP.FTS.B,
19.99%,
11/21/26
12,940
13,068
APP-10692450.FP.FTS.B,
17.49%,
11/29/26
21,374
21,735
APP-10671079.FP.FTS.B,
11.99%,
11/30/26
22,784
23,206
APP-10848317.FP.FTS.B,
12.24%,
11/30/26
15,832
16,020
APP-10670975.FP.FTS.B,
21.49%,
11/30/26
13,191
13,433
APP-10860337.FP.FTS.B,
22.99%,
11/30/26
13,510
13,437
Description
Principal
Amount
Value
Freedom
Financial
Asset
Management
LLC
(continued)
APP-11107180.FP.FTS.B,
14.24%,
12/06/26
$
20,672
$
3,732
APP-11122151.FP.FTS.B,
16.49%,
12/06/26
13,881
7,186
APP-11094577.FP.FTS.B,
19.49%,
12/08/26
10,110
10,218
APP-11008022.FP.FTS.B,
11.99%,
12/13/26
11,647
11,825
APP-11123090.FP.FTS.B,
14.24%,
12/15/26
19,015
19,314
APP-10314454.FP.FTS.B,
15.99%,
12/15/26
..........................
9,506
9,653
APP-11021456.FP.FTS.B,
20.99%,
12/15/26
30,864
31,011
APP-10839250.FP.FTS.B,
17.49%,
12/17/26
..........................
11,821
11,955
APP-11680428.FP.FTS.B,
17.99%,
12/17/26
9,126
9,197
APP-11121084.FP.FTS.B,
17.49%,
12/19/26
15,411
15,602
APP-11116084.FP.FTS.B,
19.49%,
12/19/26
15,065
14,964
APP-11007668.FP.FTS.B,
19.99%,
12/19/26
15,191
15,347
APP-11091099.FP.FTS.B,
9.99%,
12/20/26
25,228
25,647
APP-11111264.FP.FTS.B,
16.49%,
12/20/26
9,951
10,123
APP-11036570.FP.FTS.B,
22.99%,
12/20/26
13,262
13,362
APP-11874582.FP.FTS.B,
17.49%,
12/23/26
18,249
18,428
APP-11751323.FP.FTS.B,
17.99%,
12/23/26
11,756
11,883
APP-11752200.FP.FTS.B,
21.49%,
12/23/26
16,119
16,212
APP-11767307.FP.FTS.B,
14.49%,
12/24/26
22,792
23,033
APP-11461595.FP.FTS.B,
17.99%,
12/24/26
4,881
4,822
APP-11762193.FP.FTS.B,
18.49%,
12/24/26
15,558
15,661
APP-11759070.FP.FTS.B,
24.99%,
12/24/26
41,346
14,830
APP-11677084.FP.FTS.B,
15.49%,
12/26/26
37,176
37,666
APP-11798581.FP.FTS.B,
16.99%,
12/28/26
16,532
16,746
APP-11799609.FP.FTS.B,
10.99%,
1/01/27
26,592
26,890
APP-11844341.FP.FTS.B,
16.74%,
1/01/27
27,859
27,885
APP-11870826.FP.FTS.B,
19.99%,
1/04/27
9,692
9,681
APP-11744634.FP.FTS.B,
19.99%,
2/01/27
14,725
14,675
APP-12399764.FP.FTS.B,
25.49%,
2/01/27
7,188
2,466
APP-11824892.FP.FTS.B,
16.99%,
2/03/27
14,428
14,550
APP-11765220.FP.FTS.B,
11.99%,
2/04/27
41,752
42,291
APP-12235238.FP.FTS.B,
19.99%,
2/04/27
12,727
12,666
APP-12396355.FP.FTS.B,
19.99%,
2/04/27
19,975
19,842
APP-11724933.FP.FTS.B,
14.24%,
2/05/27
12,245
12,415
APP-11702245.FP.FTS.B,
17.49%,
2/05/27
30,852
9,662
APP-11698240.FP.FTS.B,
18.99%,
2/05/27
20,012
2,072
APP-12419304.FP.FTS.B,
19.99%,
2/05/27
6,518
6,514
APP-11674918.FP.FTS.B,
20.49%,
2/05/27
21,843
21,893
APP-11442714.FP.FTS.B,
12.49%,
2/06/27
31,244
31,712
APP-12397051.FP.FTS.B,
17.49%,
2/06/27
10,345
10,367
APP-11696610.FP.FTS.B,
14.24%,
2/07/27
21,225
21,564
APP-11743079.FP.FTS.B,
16.24%,
2/07/27
34,184
34,281
APP-11757936.FP.FTS.B,
19.99%,
2/07/27
8,160
8,191
APP-11763967.FP.FTS.B,
19.99%,
2/07/27
13,021
13,035
APP-11837813.FP.FTS.B,
20.99%,
2/10/27
10,403
10,349
APP-11838245.FP.FTS.B,
19.99%,
2/11/27
8,719
8,730
APP-11801863.FP.FTS.B,
8.99%,
2/12/27
.
28,763
29,161
APP-11798652.FP.FTS.B,
11.74%,
2/14/27
41,701
42,324
APP-11843528.FP.FTS.B,
19.99%,
2/14/27
3,546
3,506
APP-11864146.FP.FTS.B,
11.24%,
2/15/27
14,924
15,151
APP-11872928.FP.FTS.B,
11.24%,
2/15/27
13,387
13,591
APP-11845152.FP.FTS.B,
11.74%,
2/15/27
35,831
36,377
APP-11801830.FP.FTS.B,
16.49%,
2/15/27
17,068
17,299
APP-11842708.FP.FTS.B,
23.49%,
2/16/27
3,839
3,769
APP-11763914.FP.FTS.B,
23.24%,
2/18/27
20,986
4,692
APP-10128827.FP.FTS.B,
25.49%,
2/24/27
8,426
8,416
Franklin
Universal
Trust
Schedule
of
Investments
(unaudited)
franklintempleton.com
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Semiannual
Report
23
Description
Principal
Amount
Value
Marketplace
Loans
(continued)
Freedom
Financial
Asset
Management
LLC
(continued)
APP-12304720.FP.FTS.B,
18.74%,
3/06/27
$
43,296
$
43,301
APP-12106158.FP.FTS.B,
11.24%,
3/07/27
14,684
14,868
APP-12414983.FP.FTS.B,
19.74%,
3/08/27
26,156
25,977
APP-12404066.FP.FTS.B,
22.49%,
3/08/27
30,308
30,034
APP-12408150.FP.FTS.B,
19.99%,
3/10/27
9,202
9,205
APP-12407302.FP.FTS.B,
18.99%,
3/15/27
9,421
9,467
APP-12272662.FP.FTS.B,
16.49%,
3/17/27
17,294
17,356
APP-11863466.FP.FTS.B,
25.49%,
3/17/27
8,907
8,886
APP-12385340.FP.FTS.B,
25.49%,
3/17/27
7,890
7,885
APP-12375682.FP.FTS.B,
22.99%,
3/18/27
8,937
8,772
APP-12399677.FP.FTS.B,
19.24%,
3/20/27
18,054
6,250
APP-12341500.FP.FTS.B,
20.49%,
3/20/27
14,619
14,622
APP-12396943.FP.FTS.B,
13.49%,
3/21/27
14,836
15,066
APP-12270734.FP.FTS.B,
16.99%,
3/21/27
16,147
16,400
APP-10314654.FP.FTS.B,
19.74%,
3/21/27
28,638
28,750
APP-12381900.FP.FTS.B,
18.49%,
3/22/27
18,370
18,490
APP-13531026.FP.FTS.B,
11.59%,
3/28/27
21,712
21,995
APP-13513406.FP.FTS.B,
14.34%,
4/01/27
43,880
44,272
APP-13456975.FP.FTS.B,
14.74%,
4/03/27
43,980
44,353
APP-13478834.FP.FTS.B,
16.99%,
5/03/27
18,159
18,116
APP-13508795.FP.FTS.B,
9.59%,
5/05/27
.
15,571
15,758
APP-13047632.FP.FTS.B,
11.49%,
5/05/27
12,506
12,664
APP-13485036.FP.FTS.B,
13.34%,
5/06/27
11,613
11,759
APP-13515740.FP.FTS.B,
17.74%,
5/06/27
32,967
33,099
APP-08710316.FP.FTS.B,
10.99%,
5/13/27
30,331
30,765
APP-13498310.FP.FTS.B,
17.99%,
5/13/27
10,729
10,768
APP-13498730.FP.FTS.B,
11.34%,
5/15/27
17,505
17,769
APP-13329158.FP.FTS.B,
17.99%,
5/15/27
14,411
14,328
APP-13453359.FP.FTS.B,
18.24%,
5/15/27
26,880
26,944
APP-13410410.FP.FTS.B,
19.99%,
5/15/27
9,487
9,513
APP-13486869.FP.FTS.B,
11.34%,
5/16/27
28,250
28,688
APP-13531289.FP.FTS.B,
14.09%,
5/16/27
26,147
26,533
APP-13453820.FP.FTS.B,
16.24%,
5/16/27
35,612
36,088
APP-13512105.FP.FTS.B,
19.49%,
5/16/27
23,412
23,487
APP-13473219.FP.FTS.B,
22.49%,
5/16/27
13,411
13,350
APP-13479562.FP.FTS.B,
18.49%,
5/17/27
14,366
14,322
APP-13506828.FP.FTS.B,
16.74%,
5/18/27
30,359
30,796
APP-13227905.FP.FTS.B,
21.99%,
5/18/27
9,094
9,115
APP-13517315.FP.FTS.B,
12.09%,
5/19/27
43,890
44,613
APP-13507352.FP.FTS.B,
20.49%,
5/19/27
8,929
8,981
APP-13531806.FP.FTS.B,
16.99%,
5/20/27
17,897
18,173
APP-13485355.FP.FTS.B,
17.24%,
5/20/27
32,877
33,102
APP-13485605.FP.FTS.B,
18.99%,
5/20/27
12,404
12,467
APP-13518313.FP.FTS.B,
18.99%,
5/20/27
15,379
15,395
APP-13302186.FP.FTS.B,
20.49%,
5/20/27
12,889
12,929
APP-15111331.FP.FTS.B,
11.99%,
6/11/27
19,956
20,196
APP-15050554.FP.FTS.B,
20.99%,
6/12/27
8,245
769
APP-11758670.FP.FTS.B,
16.74%,
7/01/27
43,892
24,302
APP-15090828.FP.FTS.B,
23.24%,
7/14/27
14,327
14,219
APP-14906773.FP.FTS.B,
9.74%,
7/15/27
.
35,747
36,232
APP-13533233.FP.FTS.B,
14.09%,
7/15/27
23,734
24,081
APP-15064429.FP.FTS.B,
14.49%,
7/15/27
24,449
24,756
APP-15106750.FP.FTS.B,
18.99%,
7/15/27
20,608
20,503
APP-15055216.FP.FTS.B,
19.99%,
7/15/27
16,067
16,082
APP-15070181.FP.FTS.B,
19.99%,
7/15/27
16,067
16,082
APP-15109285.FP.FTS.B,
21.49%,
7/15/27
26,932
26,795
APP-14864382.FP.FTS.B,
11.74%,
7/16/27
18,949
3,412
APP-14865954.FP.FTS.B,
11.74%,
7/16/27
24,537
24,881
Description
Principal
Amount
Value
Freedom
Financial
Asset
Management
LLC
(continued)
APP-15149750.FP.FTS.B,
11.99%,
7/16/27
$
15,952
$
16,181
APP-14958373.FP.FTS.B,
12.24%,
7/16/27
16,240
16,466
APP-15158424.FP.FTS.B,
11.99%,
7/17/27
16,773
17,014
APP-15019783.FP.FTS.B,
21.24%,
7/19/27
14,267
14,267
APP-15110929.FP.FTS.B,
23.74%,
7/21/27
29,863
3,306
APP-14914244.FP.FTS.B,
20.99%,
7/22/27
12,948
12,982
APP-15057995.FP.FTS.B,
18.99%,
7/23/27
9,179
9,316
APP-15058449.FP.FTS.B,
11.99%,
7/25/27
10,929
11,113
APP-15078317.FP.FTS.B,
13.99%,
7/25/27
19,023
19,330
APP-15055723.FP.FTS.B,
11.24%,
7/26/27
28,835
29,323
APP-15048744.FP.FTS.B,
16.49%,
7/27/27
21,080
21,260
APP-14689753.FP.FTS.B,
18.99%,
7/27/27
21,460
7,184
APP-15039962.FP.FTS.B,
12.49%,
7/28/27
45,909
46,751
APP-15053719.FP.FTS.B,
16.99%,
7/28/27
10,318
10,495
APP-15133409.FP.FTS.B,
15.49%,
7/30/27
23,457
23,866
APP-15053776.FP.FTS.B,
17.49%,
7/30/27
11,182
11,272
APP-11764720.FP.FTS.B,
21.99%,
8/05/27
9,218
9,182
APP-15068287.FP.FTS.B,
26.99%,
8/26/27
9,420
9,429
APP-15053335.FP.FTS.B,
23.49%,
8/28/27
9,818
9,830
APP-15085248.FP.FTS.B,
22.74%,
8/29/27
12,269
12,323
APP-15070551.FP.FTS.B,
24.74%,
4/27/28
16,544
16,589
4,500,247
LendingClub
Corp.
161121841.LC.FTS.B,
17.74%,
8/09/23
...
2,689
1,189
161393306.LC.FTS.B,
15%,
4/20/24
.....
12,239
9,816
153974620.LC.FTS.B,
14.3%,
6/24/24
...
8,145
7,960
154144733.LC.FTS.B,
12.4%,
6/26/24
...
6,853
6,661
153904028.LC.FTS.B,
17.74%,
6/30/24
...
6,550
6,363
155451456.LC.FTS.B,
11.02%,
7/17/24
...
9,576
9,328
155408143.LC.FTS.B,
16.95%,
7/22/24
...
9,517
9,274
154596020.LC.FTS.B,
16.12%,
7/24/24
...
7,370
7,220
154977601.LC.FTS.B,
16.95%,
7/28/24
...
7,475
7,211
155731933.LC.FTS.B,
15.24%,
7/29/24
...
11,605
11,254
155823205.LC.FTS.B,
14.3%,
8/01/24
...
6,505
6,282
156235700.LC.FTS.B,
17.74%,
8/06/24
...
5,551
5,379
156759369.LC.FTS.B,
12.4%,
8/09/24
...
8,807
8,529
156752978.LC.FTS.B,
14.3%,
8/09/24
...
14,724
14,251
156812488.LC.FTS.B,
14.3%,
8/12/24
...
4,009
3,890
158130288.LC.FTS.B,
14.3%,
9/04/24
...
5,744
5,554
159089545.LC.FTS.B,
16.95%,
9/23/24
...
4,934
4,789
159106791.LC.FTS.B,
17.74%,
9/23/24
...
6,099
5,919
159001219.LC.FTS.B,
12.4%,
9/26/24
...
9,519
9,248
158913750.LC.FTS.B,
11.71%,
9/30/24
...
9,992
9,652
155686835.LC.FTS.B,
16.95%,
9/30/24
...
5,529
5,281
160792694.LC.FTS.B,
13.08%,
10/23/24
..
16,305
15,749
160768091.LC.FTS.B,
16.95%,
10/23/24
..
7,448
246
160029837.LC.FTS.B,
12.4%,
10/29/24
...
13,759
13,217
158011325.LC.FTS.B,
14.3%,
11/03/24
...
7,449
7,124
161424051.LC.FTS.B,
10.33%,
11/05/24
..
6,094
5,868
161483895.LC.FTS.B,
13.08%,
11/07/24
..
5,109
4,921
162010515.LC.FTS.B,
17.74%,
11/18/24
..
4,813
4,646
157902245.LC.FTS.B,
15.24%,
11/30/24
..
4,939
4,760
162934170.LC.FTS.B,
16.12%,
12/06/24
..
8,869
8,499
162923894.LC.FTS.B,
18.62%,
12/06/24
..
4,765
4,630
163764805.LC.FTS.B,
Zero
Cpn,
12/23/24
12,440
–
163557424.LC.FTS.B,
11.02%,
12/30/24
..
8,137
7,954
160768654.LC.FTS.B,
13.08%,
12/31/24
..
9,878
9,431
Franklin
Universal
Trust
Schedule
of
Investments
(unaudited)
franklintempleton.com
Semiannual
Report
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
24
Description
Principal
Amount
Value
Marketplace
Loans
(continued)
LendingClub
Corp.
(continued)
164671360.LC.FTS.B,
11.02%,
1/10/25
...
$
11,936
$
11,454
164758820.LC.FTS.B,
11.71%,
1/13/25
...
4,127
3,968
164529142.LC.FTS.B,
12.4%,
1/18/25
...
12,273
11,766
164548038.LC.FTS.B,
11.02%,
1/25/25
...
15,027
14,414
165045221.LC.FTS.B,
15.24%,
1/28/25
...
17,361
16,595
165707974.LC.FTS.B,
20.55%,
1/28/25
...
3,027
2,952
164089980.LC.FTS.B,
17.74%,
2/28/25
...
6,835
6,487
167132427.LC.FTS.B,
20.55%,
2/28/25
...
11,023
10,634
167747801.LC.FTS.B,
16.12%,
3/15/25
...
8,362
7,966
168420680.LC.FTS.B,
17.74%,
3/16/25
...
11,074
10,565
166170570.LC.FTS.B,
17.74%,
3/17/25
...
9,106
8,677
168140265.LC.FTS.B,
15.24%,
3/21/25
...
11,367
10,844
154830437.LC.FTS.B,
16.95%,
4/15/25
...
5,308
5,040
167712249.LC.FTS.B,
14.3%,
4/20/25
...
15,268
14,611
151259806.LC.FTS.B,
20%,
5/04/25
.....
9,420
9,090
165352318.LC.FTS.B,
15.24%,
6/22/25
...
17,620
16,705
166444317.LC.FTS.B,
13.08%,
11/04/25
..
24,917
23,386
160809803.LC.FTS.B,
13.08%,
11/23/25
..
16,045
15,030
165520144.LC.FTS.B,
20.55%,
3/05/26
...
11,886
4,527
160698361.LC.FTS.B,
Zero
Cpn,
10/23/32
9,994
–
163789996.LC.FTS.B,
18.62%,
12/23/32
..
2,556
340
164493400.LC.FTS.B,
5%,
1/07/33
......
3,017
2,811
164840710.LC.FTS.B,
11.02%,
1/13/33
...
3,559
3,524
160507437.LC.FTS.B,
17.74%,
2/28/33
...
744
744
163724403.LC.FTS.B,
17.74%,
2/28/33
...
2,816
2,815
167401494.LC.FTS.B,
17.74%,
3/01/33
...
1,784
980
168118890.LC.FTS.B,
14.3%,
3/02/33
....
1,119
1,116
168163559.LC.FTS.B,
14.3%,
3/11/33
....
678
678
168167134.LC.FTS.B,
14.3%,
3/11/33
....
203
203
167712619.LC.FTS.B,
16.12%,
3/15/33
...
389
388
168533173.LC.FTS.B,
15.24%,
3/17/33
...
343
344
167535348.LC.FTS.B,
15.24%,
3/18/33
...
291
291
168554036.LC.FTS.B,
16.95%,
3/19/33
...
492
493
166461550.LC.FTS.B,
18.62%,
3/25/33
...
259
261
163426985.LC.FTS.B,
17.74%,
3/26/33
...
598
68
461,862
LendingClub
Corp.
-
LCX
161911117.LC.FTS.B,
20.55%,
11/14/24
..
2,816
2,794
164542068.LC.FTS.B,
25.65%,
1/21/25
...
6,965
6,816
157483547.LC.FTS.B,
Zero
Cpn,
12/13/32
2,388
–
166157039.LC.FTS.B,
25.65%,
3/15/33
...
447
448
164620294.LC.FTS.B,
23.05%,
3/21/33
...
331
334
10,392
LendingClub
Corp.
-
LCX
PM
171728432.LC.FTS.B,
17.3%,
10/30/23
...
3,030
2,962
173017997.LC.FTS.B,
14.02%,
12/17/23
..
770
757
172997264.LC.FTS.B,
14.02%,
12/19/23
..
3,219
3,124
173574789.LC.FTS.B,
19.95%,
1/07/24
...
2,964
2,904
173374603.LC.FTS.B,
19.12%,
1/13/24
...
5,002
4,902
185022110.LC.FTS.B,
18.99%,
1/13/25
...
14,040
13,908
184889420.LC.FTS.B,
Zero
Cpn,
1/17/25
.
11,274
–
184794872.LC.FTS.B,
Zero
Cpn,
1/18/25
.
8,673
814
184916811.LC.FTS.B,
15.99%,
1/18/25
...
6,924
6,864
185107591.LC.FTS.B,
17.99%,
1/18/25
...
115
114
185116420.LC.FTS.B,
18.99%,
1/18/25
...
4,116
4,081
185085067.LC.FTS.B,
22.99%,
1/18/25
...
12,147
12,141
Description
Principal
Amount
Value
LendingClub
Corp.
-
LCX
PM
(continued)
184905245.LC.FTS.B,
15.99%,
1/19/25
...
$
11,111
$
10,455
185222066.LC.FTS.B,
15.99%,
1/19/25
...
4,203
4,138
185225789.LC.FTS.B,
20.99%,
1/19/25
...
10,625
10,529
185231531.LC.FTS.B,
21.49%,
1/19/25
...
2,839
2,814
185170289.LC.FTS.B,
15.99%,
1/22/25
...
7,630
7,335
184577634.LC.FTS.B,
15.49%,
1/25/25
...
4,835
4,800
185449370.LC.FTS.B,
18.44%,
1/25/25
...
8,770
8,664
185337050.LC.FTS.B,
20.99%,
1/25/25
...
16,999
16,872
185529283.LC.FTS.B,
18.99%,
1/27/25
...
14,040
13,942
185074501.LC.FTS.B,
12.74%,
1/29/25
...
3,553
3,519
185617939.LC.FTS.B,
18.49%,
1/31/25
...
1,410
1,404
185591984.LC.FTS.B,
18.99%,
1/31/25
...
10,444
10,371
184733710.LC.FTS.B,
24.99%,
1/31/25
...
2,598
2,612
185493347.LC.FTS.B,
16.49%,
2/01/25
...
14,433
14,243
185513167.LC.FTS.B,
16.99%,
2/01/25
...
6,509
6,424
185743058.LC.FTS.B,
12.19%,
2/02/25
...
5,649
5,551
185670318.LC.FTS.B,
15.44%,
2/02/25
...
10,745
10,418
185694876.LC.FTS.B,
15.49%,
2/02/25
...
8,239
8,147
185720673.LC.FTS.B,
14.49%,
2/04/25
...
4,280
4,152
184778654.LC.FTS.B,
16.19%,
2/04/25
...
2,515
2,488
185764512.LC.FTS.B,
19.99%,
2/04/25
...
18,254
18,026
185806351.LC.FTS.B,
18.99%,
2/07/25
...
8,748
8,651
185828353.LC.FTS.B,
22.99%,
2/08/25
...
13,303
13,109
186050160.LC.FTS.B,
15.99%,
2/10/25
...
12,565
12,404
185828265.LC.FTS.B,
19.44%,
2/10/25
...
11,656
11,528
185614486.LC.FTS.B,
19.99%,
2/10/25
...
18,263
18,028
185157324.LC.FTS.B,
16.49%,
2/14/25
...
7,149
1,446
185731098.LC.FTS.B,
18.99%,
2/14/25
...
2,909
2,882
186141198.LC.FTS.B,
18.99%,
2/14/25
...
3,636
3,602
185870831.LC.FTS.B,
15.99%,
2/15/25
...
5,188
5,139
185951058.LC.FTS.B,
17.69%,
2/15/25
...
4,536
–
186248821.LC.FTS.B,
12.94%,
2/16/25
...
10,629
10,529
185664927.LC.FTS.B,
18.49%,
2/16/25
...
3,663
3,629
186046548.LC.FTS.B,
16.49%,
2/17/25
...
3,616
3,583
185952586.LC.FTS.B,
16.99%,
2/17/25
...
4,859
3,803
185769830.LC.FTS.B,
Zero
Cpn,
2/19/25
.
8,143
764
188498393.LC.FTS.B,
18.99%,
4/25/25
...
24,867
24,841
188682908.LC.FTS.B,
21.79%,
4/25/25
...
3,401
3,397
187330959.LC.FTS.B,
23.99%,
4/25/25
...
11,841
11,882
188539697.LC.FTS.B,
27.99%,
4/25/25
...
7,196
7,211
188790970.LC.FTS.B,
19.99%,
4/27/25
...
19,473
18,938
188805747.LC.FTS.B,
22.49%,
4/27/25
...
14,139
14,093
188578940.LC.FTS.B,
23.99%,
4/27/25
...
778
780
188852266.LC.FTS.B,
23.99%,
4/27/25
...
4,736
4,756
188854471.LC.FTS.B,
24.79%,
4/27/25
...
3,959
3,956
188781202.LC.FTS.B,
15.99%,
4/28/25
...
11,493
11,055
188845200.LC.FTS.B,
16.99%,
4/28/25
...
1,591
1,591
188849723.LC.FTS.B,
19.49%,
4/28/25
...
1,603
1,600
188894731.LC.FTS.B,
23.99%,
4/28/25
...
2,569
2,575
188623124.LC.FTS.B,
19.49%,
4/30/25
...
32,714
30,563
188683873.LC.FTS.B,
23.99%,
5/01/25
...
9,774
9,696
171733583.LC.FTS.B,
18.24%,
10/30/25
..
14,474
14,032
173004399.LC.FTS.B,
15.4%,
12/16/25
...
6,536
6,341
172637623.LC.FTS.B,
16.08%,
12/17/25
..
11,911
11,559
186109882.LC.FTS.B,
5%,
2/14/26
......
17,011
14,008
184987590.LC.FTS.B,
19.73%,
1/13/27
...
9,048
(240)
185030629.LC.FTS.B,
28.99%,
1/13/27
...
5,315
5,328
184976261.LC.FTS.B,
15.44%,
1/18/27
...
16,865
15,699
Franklin
Universal
Trust
Schedule
of
Investments
(unaudited)
franklintempleton.com
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Semiannual
Report
25
Description
Principal
Amount
Value
Marketplace
Loans
(continued)
LendingClub
Corp.
-
LCX
PM
(continued)
185102499.LC.FTS.B,
17.49%,
1/18/27
...
$
12,755
$
12,422
185105381.LC.FTS.B,
17.74%,
1/18/27
...
10,360
8,013
185242092.LC.FTS.B,
20.99%,
1/19/27
...
25,617
25,213
185186598.LC.FTS.B,
21.99%,
1/19/27
...
6,920
6,804
185203099.LC.FTS.B,
21.99%,
1/19/27
...
12,008
11,802
185257156.LC.FTS.B,
23.99%,
1/19/27
...
11,762
11,560
185208719.LC.FTS.B,
27.99%,
1/19/27
...
8,460
8,493
185021259.LC.FTS.B,
24.99%,
1/20/27
...
21,881
2,750
185295974.LC.FTS.B,
Zero
Cpn,
1/21/27
.
25,311
5,091
185284755.LC.FTS.B,
20.24%,
1/21/27
...
20,154
19,861
185298966.LC.FTS.B,
21.49%,
1/21/27
...
21,586
21,270
184608676.LC.FTS.B,
21.99%,
1/21/27
...
12,939
12,736
185190835.LC.FTS.B,
21.99%,
1/21/27
...
17,258
16,963
185280664.LC.FTS.B,
21.99%,
1/21/27
...
15,021
14,663
185094462.LC.FTS.B,
22.99%,
1/21/27
...
10,418
10,255
185461521.LC.FTS.B,
23.99%,
1/25/27
...
17,425
17,164
185215933.LC.FTS.B,
28.99%,
1/25/27
...
16,007
16,079
185510835.LC.FTS.B,
20.99%,
1/27/27
...
25,383
2,263
184953769.LC.FTS.B,
21.99%,
1/27/27
...
24,221
23,898
185465019.LC.FTS.B,
21.99%,
1/27/27
...
21,626
21,338
185285978.LC.FTS.B,
23.19%,
1/27/27
...
26,064
25,712
184862697.LC.FTS.B,
13.19%,
1/28/27
...
13,220
12,746
185051135.LC.FTS.B,
23.99%,
1/28/27
...
21,027
20,515
185593614.LC.FTS.B,
14.94%,
1/31/27
...
5,119
5,001
185625736.LC.FTS.B,
17.24%,
1/31/27
...
12,906
12,603
185553869.LC.FTS.B,
17.44%,
1/31/27
...
15,148
14,790
185606478.LC.FTS.B,
20.99%,
1/31/27
...
22,245
21,957
185551601.LC.FTS.B,
23.19%,
1/31/27
...
22,221
8,778
185325210.LC.FTS.B,
21.49%,
2/01/27
...
21,177
20,734
185801067.LC.FTS.B,
15.19%,
2/04/27
...
12,831
12,387
185785605.LC.FTS.B,
16.99%,
2/04/27
...
20,670
20,111
185794411.LC.FTS.B,
18.99%,
2/04/27
...
26,026
25,319
185773530.LC.FTS.B,
21.99%,
2/04/27
...
13,319
5,103
185579608.LC.FTS.B,
23.99%,
2/04/27
...
26,471
25,916
185803689.LC.FTS.B,
12.69%,
2/08/27
...
34,336
11,717
185670781.LC.FTS.B,
14.74%,
2/08/27
...
34,158
32,994
185765188.LC.FTS.B,
19.49%,
2/08/27
...
21,714
20,988
185965503.LC.FTS.B,
19.99%,
2/08/27
...
4,708
548
185788975.LC.FTS.B,
20.44%,
2/08/27
...
34,879
34,128
185500483.LC.FTS.B,
23.99%,
2/08/27
...
30,883
30,263
186105140.LC.FTS.B,
14.99%,
2/10/27
...
10,257
9,916
186053383.LC.FTS.B,
18.49%,
2/10/27
...
21,650
21,095
186004411.LC.FTS.B,
21.99%,
2/10/27
...
12,316
12,088
186037923.LC.FTS.B,
23.49%,
2/10/27
...
6,167
6,051
186073191.LC.FTS.B,
23.99%,
2/10/27
...
8,820
8,654
186131505.LC.FTS.B,
14.94%,
2/14/27
...
10,564
1,879
185962334.LC.FTS.B,
16.49%,
2/14/27
...
30,088
29,339
186055580.LC.FTS.B,
19.49%,
2/14/27
...
13,905
13,685
186072313.LC.FTS.B,
19.99%,
2/14/27
...
13,932
13,704
184948000.LC.FTS.B,
23.99%,
2/14/27
...
26,471
25,998
186114907.LC.FTS.B,
24.99%,
2/14/27
...
8,852
8,626
185957980.LC.FTS.B,
10.99%,
2/15/27
...
26,897
26,062
185644818.LC.FTS.B,
17.24%,
2/15/27
...
34,773
32,695
185796432.LC.FTS.B,
21.99%,
2/15/27
...
17,920
14,096
186037630.LC.FTS.B,
23.99%,
2/15/27
...
13,311
13,079
186258250.LC.FTS.B,
Zero
Cpn,
2/16/27
.
9,313
882
185737435.LC.FTS.B,
19.74%,
2/16/27
...
14,662
14,434
186256667.LC.FTS.B,
20.49%,
2/16/27
...
19,242
2,311
Description
Principal
Amount
Value
LendingClub
Corp.
-
LCX
PM
(continued)
186160994.LC.FTS.B,
23.99%,
2/16/27
...
$
17,647
$
17,345
186255693.LC.FTS.B,
28.99%,
2/16/27
...
7,168
7,185
185994246.LC.FTS.B,
23.99%,
2/17/27
...
7,115
6,993
184697668.LC.FTS.B,
22.49%,
2/23/27
...
17,619
17,354
185972627.LC.FTS.B,
22.69%,
2/23/27
...
12,450
1,580
185440062.LC.FTS.B,
17.49%,
2/25/27
...
19,074
18,672
186057988.LC.FTS.B,
23.99%,
2/25/27
...
17,857
17,616
185584314.LC.FTS.B,
23.99%,
2/28/27
...
11,438
11,189
186094287.LC.FTS.B,
24.99%,
2/28/27
...
9,087
8,865
188640868.LC.FTS.B,
20.99%,
4/25/27
...
18,233
17,721
188665152.LC.FTS.B,
20.99%,
4/25/27
...
9,087
8,964
188676937.LC.FTS.B,
22.99%,
4/25/27
...
10,834
10,769
188681928.LC.FTS.B,
22.99%,
4/25/27
...
8,860
8,798
188661710.LC.FTS.B,
23.19%,
4/25/27
...
9,020
8,967
188722342.LC.FTS.B,
28.99%,
4/25/27
...
6,408
6,472
188741644.LC.FTS.B,
20.49%,
4/26/27
...
18,070
13,672
188818650.LC.FTS.B,
20.99%,
4/26/27
...
5,738
5,711
188082596.LC.FTS.B,
21.49%,
4/26/27
...
18,177
17,541
188826193.LC.FTS.B,
22.99%,
4/26/27
...
7,212
7,173
188684882.LC.FTS.B,
23.99%,
4/26/27
...
5,513
5,368
188570436.LC.FTS.B,
25.99%,
4/26/27
...
6,543
6,273
188791237.LC.FTS.B,
27.99%,
4/26/27
...
16,810
16,757
188850161.LC.FTS.B,
18.99%,
4/27/27
...
7,131
7,052
188736809.LC.FTS.B,
19.99%,
4/27/27
...
12,059
1,487
188709996.LC.FTS.B,
20.49%,
4/27/27
...
26,858
25,372
188698368.LC.FTS.B,
20.99%,
4/27/27
...
19,724
19,052
188844587.LC.FTS.B,
20.99%,
4/27/27
...
8,966
8,926
188172463.LC.FTS.B,
22.49%,
4/27/27
...
10,269
9,997
188821742.LC.FTS.B,
23.99%,
4/27/27
...
18,079
17,985
188832786.LC.FTS.B,
27.99%,
4/27/27
...
4,566
4,617
188838885.LC.FTS.B,
28.99%,
4/27/27
...
9,154
9,255
188724009.LC.FTS.B,
Zero
Cpn,
4/28/27
.
34,660
3,264
188770586.LC.FTS.B,
21.49%,
4/28/27
...
16,360
16,083
188825826.LC.FTS.B,
23.49%,
4/28/27
...
9,134
9,054
188877761.LC.FTS.B,
25.99%,
4/28/27
...
6,723
6,612
188729615.LC.FTS.B,
28.99%,
4/28/27
...
23,123
23,277
188842402.LC.FTS.B,
21.49%,
4/30/27
...
5,453
5,408
188806927.LC.FTS.B,
23.99%,
4/30/27
...
13,774
13,696
188652977.LC.FTS.B,
23.99%,
5/24/27
...
3,210
3,147
188683114.LC.FTS.B,
Zero
Cpn,
3/27/28
.
38,174
22,818
1,865,862
Prosper
Funding
LLC
1606124.PS.FTS.B,
12.3%,
8/17/24
.....
5,752
5,569
1606139.PS.FTS.B,
12.8%,
8/17/24
.....
2,696
2,614
1616481.PS.FTS.B,
14.89%,
8/17/24
....
8,335
8,072
1609444.PS.FTS.B,
15%,
8/17/24
.......
3,369
3,263
1610038.PS.FTS.B,
15%,
8/17/24
.......
4,619
4,486
1611259.PS.FTS.B,
13.5%,
8/19/24
.....
2,884
2,803
1607870.PS.FTS.B,
14%,
8/19/24
.......
4,972
4,816
1618077.PS.FTS.B,
15.4%,
8/19/24
.....
2,230
2,161
1618524.PS.FTS.B,
15.2%,
8/20/24
.....
5,568
5,398
1608122.PS.FTS.B,
19.8%,
8/20/24
.....
1,001
984
1619058.PS.FTS.B,
19%,
8/23/24
.......
1,142
1,122
1612303.PS.FTS.B,
20.8%,
8/23/24
.....
11,547
11,345
1610720.PS.FTS.B,
16.6%,
8/25/24
.....
4,713
4,578
1610444.PS.FTS.B,
18.09%,
8/25/24
....
8,325
8,189
1610027.PS.FTS.B,
18.09%,
8/27/24
....
4,174
4,171
Franklin
Universal
Trust
Schedule
of
Investments
(unaudited)
franklintempleton.com
Semiannual
Report
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
26
Description
Principal
Amount
Value
Marketplace
Loans
(continued)
Prosper
Funding
LLC
(continued)
1625728.PS.FTS.B,
12.49%,
9/16/24
....
$
14,372
$
13,895
1622147.PS.FTS.B,
13.6%,
9/16/24
.....
1,156
1,119
1626067.PS.FTS.B,
15.4%,
9/17/24
.....
8,010
7,739
1632888.PS.FTS.B,
17.96%,
9/17/24
....
1,655
1,603
1622396.PS.FTS.B,
20.4%,
9/17/24
.....
2,898
2,839
1626424.PS.FTS.B,
11.7%,
9/20/24
.....
6,301
6,098
1634583.PS.FTS.B,
18.4%,
9/21/24
.....
1,786
1,749
1623410.PS.FTS.B,
18.5%,
9/21/24
.....
1,192
1,171
1623737.PS.FTS.B,
18.7%,
9/21/24
.....
1,193
1,168
1634322.PS.FTS.B,
20.46%,
9/21/24
....
1,808
1,777
1628590.PS.FTS.B,
24.51%,
9/22/24
....
6,034
5,985
1629025.PS.FTS.B,
19.5%,
9/23/24
.....
5,994
5,873
1626395.PS.FTS.B,
13.87%,
9/24/24
....
21,311
20,647
1625876.PS.FTS.B,
14.41%,
9/24/24
....
15,200
14,739
1625882.PS.FTS.B,
14.85%,
9/24/24
....
378
373
1632609.PS.FTS.B,
14.39%,
9/26/24
....
4,317
4,170
1626680.PS.FTS.B,
16%,
9/27/24
.......
7,364
7,251
1622420.PS.FTS.B,
19.86%,
9/30/24
....
6,901
6,755
1634534.PS.FTS.B,
11.6%,
10/08/24
....
3,023
2,914
1630510.PS.FTS.B,
11.97%,
10/10/24
....
4,528
4,382
1628891.PS.FTS.B,
14.94%,
10/12/24
...
3,067
2,934
1648309.PS.FTS.B,
14.49%,
10/26/24
...
6,352
6,146
1645271.PS.FTS.B,
10.8%,
10/27/24
....
11,823
11,573
1648648.PS.FTS.B,
16%,
10/27/24
......
2,463
2,383
1645670.PS.FTS.B,
17.8%,
10/27/24
....
2,263
2,253
1655772.PS.FTS.B,
21.23%,
10/27/24
...
3,292
3,285
1649014.PS.FTS.B,
22.7%,
10/27/24
....
2,524
2,552
1656261.PS.FTS.B,
16%,
10/28/24
......
4,498
4,302
1646552.PS.FTS.B,
15.29%,
10/29/24
...
9,570
9,138
1650988.PS.FTS.B,
15.4%,
11/01/24
....
5,400
3,040
1648499.PS.FTS.B,
17%,
11/02/24
......
4,954
1,198
1661430.PS.FTS.B,
12%,
11/05/24
......
6,890
6,636
1658149.PS.FTS.B,
13.4%,
11/08/24
....
3,157
3,035
1664622.PS.FTS.B,
16.9%,
11/08/24
....
1,624
1,571
1664838.PS.FTS.B,
20.01%,
11/08/24
....
3,331
3,230
1666485.PS.FTS.B,
10.5%,
11/09/24
....
2,484
2,395
1665699.PS.FTS.B,
15%,
11/09/24
......
5,095
4,899
1660360.PS.FTS.B,
14.39%,
11/10/24
....
3,174
3,053
1653836.PS.FTS.B,
14.79%,
11/10/24
....
1,272
1,224
1660285.PS.FTS.B,
18.9%,
11/10/24
....
1,301
1,263
1661320.PS.FTS.B,
12.3%,
11/12/24
....
5,333
5,145
1661257.PS.FTS.B,
17.8%,
11/12/24
....
1,293
1,253
1655723.PS.FTS.B,
15.1%,
11/15/24
....
12,744
12,283
1645667.PS.FTS.B,
16.6%,
11/17/24
....
6,496
6,341
1646495.PS.FTS.B,
13.3%,
11/28/24
....
16,841
9,423
1685274.PS.FTS.B,
10.54%,
12/14/24
...
1,228
1,185
1685619.PS.FTS.B,
14.39%,
12/14/24
...
3,984
3,824
1672733.PS.FTS.B,
15%,
12/14/24
......
6,635
6,368
1678399.PS.FTS.B,
16.3%,
12/14/24
....
1,670
1,615
1678747.PS.FTS.B,
19.3%,
12/14/24
....
1,356
1,311
1679110.PS.FTS.B,
13.36%,
12/15/24
....
6,510
6,280
1686000.PS.FTS.B,
13.36%,
12/15/24
...
9,868
9,516
1673372.PS.FTS.B,
16%,
12/15/24
......
5,335
5,163
1672982.PS.FTS.B,
22%,
12/15/24
......
2,061
1,994
1680175.PS.FTS.B,
22.6%,
12/16/24
....
2,731
2,676
1674770.PS.FTS.B,
13.1%,
12/17/24
....
9,855
9,471
1674329.PS.FTS.B,
14.89%,
12/17/24
...
3,979
3,823
1674347.PS.FTS.B,
15.86%,
12/17/24
...
9,996
9,605
Description
Principal
Amount
Value
Prosper
Funding
LLC
(continued)
1700772.PS.FTS.B,
12.1%,
1/12/25
.....
$
13,679
$
13,176
1701126.PS.FTS.B,
13%,
1/12/25
.......
2,786
2,719
1693870.PS.FTS.B,
13.6%,
1/12/25
.....
3,423
3,298
1693867.PS.FTS.B,
15.4%,
1/12/25
.....
3,832
500
1701129.PS.FTS.B,
16.4%,
1/12/25
.....
7,669
7,344
1700775.PS.FTS.B,
16.6%,
1/12/25
.....
20,945
20,060
1688351.PS.FTS.B,
17%,
1/12/25
.......
3,131
3,027
1688342.PS.FTS.B,
17.5%,
1/12/25
.....
11,157
10,788
1688336.PS.FTS.B,
19.2%,
1/12/25
.....
11,243
10,870
1687970.PS.FTS.B,
23.5%,
1/12/25
.....
1,397
1,360
1688693.PS.FTS.B,
11.7%,
1/13/25
.....
6,785
6,538
1694488.PS.FTS.B,
13.8%,
1/13/25
.....
8,454
8,158
1694470.PS.FTS.B,
15.29%,
1/13/25
....
5,176
4,967
1689453.PS.FTS.B,
12%,
1/15/25
.......
3,096
2,987
1690265.PS.FTS.B,
23.3%,
1/18/25
.....
5,009
4,897
1697473.PS.FTS.B,
10.54%,
1/19/25
....
10,119
9,766
1692512.PS.FTS.B,
19.34%,
1/19/25
....
7,262
6,984
1692137.PS.FTS.B,
20.34%,
1/19/25
....
3,038
763
1700011.PS.FTS.B,
13.9%,
1/21/25
.....
3,428
3,300
1697303.PS.FTS.B,
13.9%,
1/27/25
.....
2,846
2,783
1688699.PS.FTS.B,
21.8%,
1/27/25
.....
6,317
6,214
1698238.PS.FTS.B,
15.1%,
2/01/25
.....
7,568
7,257
1720755.PS.FTS.B,
13.96%,
2/14/25
....
17,787
17,137
1714645.PS.FTS.B,
11.4%,
2/15/25
.....
5,276
5,086
1715041.PS.FTS.B,
11.4%,
2/15/25
.....
1,407
1,356
1720938.PS.FTS.B,
13.81%,
2/15/25
....
7,110
6,852
1707953.PS.FTS.B,
13.96%,
2/15/25
....
14,244
13,731
1707959.PS.FTS.B,
14.39%,
2/15/25
....
1,033
1,004
1707938.PS.FTS.B,
15.86%,
2/15/25
....
10,043
9,630
1715485.PS.FTS.B,
16%,
2/15/25
.......
17,944
17,206
1714630.PS.FTS.B,
16.16%,
2/15/25
....
10,774
10,331
1714624.PS.FTS.B,
19.41%,
2/15/25
....
7,281
7,031
1715122.PS.FTS.B,
19.8%,
2/15/25
.....
1,840
1,772
1720920.PS.FTS.B,
21.2%,
2/15/25
.....
7,700
7,490
1722336.PS.FTS.B,
14.74%,
2/16/25
....
3,926
3,767
1722348.PS.FTS.B,
16%,
2/16/25
.......
6,531
289
1716271.PS.FTS.B,
18.9%,
2/16/25
.....
20,571
792
1715734.PS.FTS.B,
19.83%,
2/16/25
....
5,105
4,896
1722360.PS.FTS.B,
22.6%,
2/16/25
.....
2,183
2,123
1723116.PS.FTS.B,
16.29%,
2/17/25
....
1,437
1,390
1709219.PS.FTS.B,
16%,
2/25/25
.......
7,436
7,186
1720923.PS.FTS.B,
18.7%,
2/28/25
.....
19,045
18,292
1708640.PS.FTS.B,
21.8%,
2/28/25
.....
6,154
5,908
1714408.PS.FTS.B,
22.11%,
3/13/25
....
7,764
7,488
1715809.PS.FTS.B,
13.6%,
3/15/25
.....
7,398
6,623
1749541.PS.FTS.B,
22.03%,
4/05/25
....
2,694
2,570
1750351.PS.FTS.B,
15.2%,
4/06/25
.....
2,663
2,541
1743776.PS.FTS.B,
20.4%,
4/06/25
.....
19,523
18,639
1752996.PS.FTS.B,
25.4%,
4/06/25
.....
1,677
432
1753944.PS.FTS.B,
15.4%,
4/07/25
.....
5,754
5,492
1744391.PS.FTS.B,
24.09%,
4/07/25
....
2,451
2,347
1750903.PS.FTS.B,
24.4%,
4/07/25
.....
6,332
6,062
1745381.PS.FTS.B,
12.9%,
4/08/25
.....
15,204
14,654
1758243.PS.FTS.B,
24.4%,
4/16/25
.....
3,173
3,050
1757968.PS.FTS.B,
13.9%,
4/18/25
.....
4,578
4,388
1742906.PS.FTS.B,
15.4%,
4/30/25
.....
1,606
1,531
1743767.PS.FTS.B,
25.71%,
5/05/25
....
6,693
6,390
1752241.PS.FTS.B,
14.7%,
5/10/25
.....
24,006
22,948
Franklin
Universal
Trust
Schedule
of
Investments
(unaudited)
franklintempleton.com
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Semiannual
Report
27
Description
Principal
Amount
Value
Marketplace
Loans
(continued)
Prosper
Funding
LLC
(continued)
1625713.PS.FTS.B,
13.66%,
8/16/25
....
$
4,211
$
238
1658650.PS.FTS.B,
13.6%,
10/09/25
....
12,164
11,695
1701120.PS.FTS.B,
15.9%,
12/12/25
....
9,876
5,532
1742903.PS.FTS.B,
18.09%,
2/15/26
....
4,999
4,911
1606145.PS.FTS.B,
14%,
8/17/26
.......
11,544
11,063
1606127.PS.FTS.B,
15.2%,
8/17/26
.....
6,992
6,700
1607933.PS.FTS.B,
18.5%,
8/19/26
.....
1,580
1,536
1608617.PS.FTS.B,
13.7%,
8/20/26
.....
4,609
4,441
1618680.PS.FTS.B,
15.37%,
8/20/26
....
13,578
13,083
1611802.PS.FTS.B,
29.74%,
8/22/26
....
3,351
3,324
1609277.PS.FTS.B,
15.7%,
8/23/26
.....
10,884
10,450
1610327.PS.FTS.B,
27.6%,
8/24/26
.....
6,723
6,688
1621434.PS.FTS.B,
14.6%,
8/26/26
.....
3,641
3,510
1614454.PS.FTS.B,
17.7%,
8/26/26
.....
7,996
7,801
1621428.PS.FTS.B,
20%,
8/26/26
.......
8,092
7,891
1611746.PS.FTS.B,
14.29%,
8/27/26
....
7,064
6,907
1612838.PS.FTS.B,
18.5%,
9/13/26
.....
7,073
6,018
1619286.PS.FTS.B,
12.5%,
9/16/26
.....
9,421
9,078
1625740.PS.FTS.B,
18.48%,
9/16/26
....
8,027
7,762
1622423.PS.FTS.B,
13.88%,
9/17/26
....
11,196
10,776
1627036.PS.FTS.B,
16.33%,
9/20/26
....
10,714
10,260
1624382.PS.FTS.B,
13.4%,
9/21/26
.....
10,814
10,573
1634850.PS.FTS.B,
15.1%,
9/21/26
.....
16,555
15,861
1623734.PS.FTS.B,
18.4%,
9/21/26
.....
8,082
7,837
1623731.PS.FTS.B,
18.93%,
9/21/26
....
14,483
14,039
1628497.PS.FTS.B,
14.89%,
9/22/26
....
8,464
8,112
1635897.PS.FTS.B,
12%,
9/23/26
.......
17,039
16,425
1635735.PS.FTS.B,
14.68%,
9/23/26
....
11,797
11,370
1637445.PS.FTS.B,
13.3%,
9/27/26
.....
7,944
7,758
1626758.PS.FTS.B,
17.96%,
9/30/26
....
18,023
17,269
1634247.PS.FTS.B,
16.7%,
10/05/26
....
19,065
18,233
1626046.PS.FTS.B,
15.18%,
10/16/26
...
7,747
7,452
1608923.PS.FTS.B,
27.13%,
10/21/26
...
3,440
3,369
1644875.PS.FTS.B,
11.6%,
10/26/26
....
6,011
5,798
1655034.PS.FTS.B,
11.7%,
10/26/26
....
18,443
17,788
1648324.PS.FTS.B,
12.2%,
10/26/26
....
16,079
15,508
1644860.PS.FTS.B,
18.33%,
10/26/26
...
9,594
9,323
1645337.PS.FTS.B,
18.48%,
10/27/26
...
16,575
16,331
1646123.PS.FTS.B,
13.32%,
10/28/26
...
6,064
5,754
1649539.PS.FTS.B,
16.7%,
10/28/26
....
16,439
15,595
1644866.PS.FTS.B,
11.1%,
10/29/26
....
8,002
7,716
1650328.PS.FTS.B,
11.2%,
10/29/26
....
7,599
7,289
1646948.PS.FTS.B,
11.79%,
10/29/26
....
12,033
11,542
1649926.PS.FTS.B,
13.8%,
10/29/26
....
26,745
25,345
1656591.PS.FTS.B,
14.79%,
10/29/26
...
28,504
27,631
1650904.PS.FTS.B,
26.43%,
10/29/26
...
6,857
6,588
1655028.PS.FTS.B,
13.8%,
11/01/26
....
6,504
6,226
1647395.PS.FTS.B,
11.89%,
11/03/26
....
8,031
7,702
1661010.PS.FTS.B,
12.5%,
11/05/26
....
20,932
20,092
1661007.PS.FTS.B,
15.8%,
11/05/26
....
16,366
15,551
1654774.PS.FTS.B,
16.18%,
11/05/26
....
28,693
27,263
1661004.PS.FTS.B,
17.8%,
11/05/26
....
4,544
4,338
1661433.PS.FTS.B,
28.23%,
11/05/26
....
4,314
4,178
1651868.PS.FTS.B,
9.45%,
11/08/26
....
10,301
9,896
1658185.PS.FTS.B,
10.5%,
11/08/26
....
7,171
6,889
1658167.PS.FTS.B,
13.5%,
11/08/26
....
19,825
18,863
1651871.PS.FTS.B,
20.66%,
11/08/26
....
4,602
4,398
1658881.PS.FTS.B,
13.8%,
11/09/26
....
19,932
18,997
Description
Principal
Amount
Value
Prosper
Funding
LLC
(continued)
1653323.PS.FTS.B,
16%,
11/09/26
......
$
9,829
$
9,353
1666362.PS.FTS.B,
19%,
11/09/26
......
5,814
5,562
1666359.PS.FTS.B,
21%,
11/09/26
......
5,112
4,972
1666911.PS.FTS.B,
10.62%,
11/10/26
....
10,365
9,961
1660066.PS.FTS.B,
12.6%,
11/10/26
....
28,193
27,091
1660078.PS.FTS.B,
13.93%,
11/10/26
....
16,204
15,569
1646330.PS.FTS.B,
16.2%,
11/10/26
....
24,730
23,463
1666890.PS.FTS.B,
17%,
11/10/26
......
13,168
12,608
1652018.PS.FTS.B,
19.23%,
11/15/26
....
12,537
11,989
1662505.PS.FTS.B,
25.4%,
11/15/26
....
8,534
8,324
1651913.PS.FTS.B,
25.67%,
11/22/26
....
6,070
5,868
1672147.PS.FTS.B,
16.56%,
12/03/26
...
16,693
15,874
1666100.PS.FTS.B,
18.33%,
12/03/26
...
4,205
3,998
1672316.PS.FTS.B,
10.44%,
12/14/26
...
10,544
10,146
1678354.PS.FTS.B,
11.07%,
12/14/26
....
12,204
11,742
1678396.PS.FTS.B,
11.2%,
12/14/26
....
5,052
4,862
1685634.PS.FTS.B,
12.5%,
12/14/26
....
6,554
6,306
1672730.PS.FTS.B,
13.8%,
12/14/26
....
28,849
27,484
1685271.PS.FTS.B,
16.8%,
12/14/26
....
12,533
11,936
1678387.PS.FTS.B,
18.33%,
12/14/26
...
11,640
11,152
1678372.PS.FTS.B,
22.8%,
12/14/26
....
9,422
9,149
1685631.PS.FTS.B,
27.02%,
12/14/26
...
5,222
5,065
1686078.PS.FTS.B,
10.5%,
12/15/26
....
9,736
9,370
1686378.PS.FTS.B,
17.23%,
12/15/26
...
6,697
6,380
1687344.PS.FTS.B,
19%,
12/17/26
......
4,178
4,014
1685997.PS.FTS.B,
12.87%,
12/18/26
...
7,396
7,117
1687950.PS.FTS.B,
11.5%,
12/20/26
....
12,117
11,673
1675010.PS.FTS.B,
12.5%,
12/20/26
....
9,265
7,834
1685637.PS.FTS.B,
11.7%,
12/28/26
....
25,021
24,078
1672718.PS.FTS.B,
14.38%,
1/07/27
....
6,782
6,525
1701111.PS.FTS.B,
10.29%,
1/12/27
.....
20,508
19,725
1700808.PS.FTS.B,
11.4%,
1/12/27
.....
8,288
7,974
1700805.PS.FTS.B,
13.3%,
1/12/27
.....
8,491
6,861
1700766.PS.FTS.B,
14.68%,
1/12/27
....
21,017
20,218
1701108.PS.FTS.B,
15.7%,
1/12/27
.....
29,549
28,111
1700784.PS.FTS.B,
18.25%,
1/12/27
....
8,530
8,124
1701147.PS.FTS.B,
21.63%,
1/12/27
....
8,640
8,346
1687964.PS.FTS.B,
22.2%,
1/12/27
.....
6,494
6,271
1694491.PS.FTS.B,
12.62%,
1/13/27
....
12,499
12,028
1694725.PS.FTS.B,
18.4%,
1/13/27
.....
12,802
12,200
1701537.PS.FTS.B,
19.3%,
1/13/27
.....
12,847
12,240
1695958.PS.FTS.B,
10.5%,
1/14/27
.....
12,381
11,919
1689173.PS.FTS.B,
11.2%,
1/14/27
.....
16,147
15,543
1695787.PS.FTS.B,
11.7%,
1/14/27
.....
20,747
19,971
1689251.PS.FTS.B,
19%,
1/14/27
.......
3,422
3,262
1689623.PS.FTS.B,
19%,
1/14/27
.......
2,720
2,593
1694719.PS.FTS.B,
16.93%,
1/17/27
....
15,227
14,490
1690253.PS.FTS.B,
17.5%,
1/18/27
.....
4,252
4,063
1705005.PS.FTS.B,
15%,
1/19/27
.......
21,887
20,876
1691789.PS.FTS.B,
26.13%,
1/19/27
....
13,167
12,761
1702455.PS.FTS.B,
15.18%,
1/20/27
....
13,355
12,846
1702237.PS.FTS.B,
11.7%,
1/25/27
.....
8,436
8,141
1703169.PS.FTS.B,
25.6%,
2/11/27
.....
13,921
3,804
1707746.PS.FTS.B,
9.45%,
2/14/27
.....
5,766
5,551
1707734.PS.FTS.B,
10.29%,
2/14/27
....
15,800
15,316
1720764.PS.FTS.B,
22.5%,
2/14/27
.....
9,655
9,346
1707944.PS.FTS.B,
10.9%,
2/15/27
.....
10,682
–
1714627.PS.FTS.B,
11.4%,
2/15/27
.....
17,693
17,034
Franklin
Universal
Trust
Schedule
of
Investments
(unaudited)
franklintempleton.com
Semiannual
Report
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
28
Description
Principal
Amount
Value
Marketplace
Loans
(continued)
Prosper
Funding
LLC
(continued)
1720917.PS.FTS.B,
13.7%,
2/15/27
.....
$
10,629
$
10,127
1714633.PS.FTS.B,
14.39%,
2/15/27
....
12,983
10,501
1707950.PS.FTS.B,
16.5%,
2/15/27
.....
8,595
8,186
1714648.PS.FTS.B,
16.7%,
2/15/27
.....
6,451
6,144
1721346.PS.FTS.B,
16.7%,
2/15/27
.....
17,203
16,425
1715347.PS.FTS.B,
17.29%,
2/15/27
....
12,930
12,344
1720911.PS.FTS.B,
18.59%,
2/15/27
....
21,652
20,665
1714642.PS.FTS.B,
18.7%,
2/15/27
.....
8,664
8,269
1714636.PS.FTS.B,
23.58%,
2/15/27
....
4,845
4,691
1722117.PS.FTS.B,
15.18%,
2/16/27
....
6,842
6,520
1709201.PS.FTS.B,
18.48%,
2/16/27
....
10,822
10,334
1709846.PS.FTS.B,
26.5%,
2/17/27
.....
8,889
8,611
1720908.PS.FTS.B,
15.29%,
2/22/27
....
25,694
24,469
1712903.PS.FTS.B,
15.29%,
2/23/27
....
8,248
7,879
1707743.PS.FTS.B,
13.3%,
3/07/27
.....
6,897
6,566
1715713.PS.FTS.B,
10.8%,
3/14/27
.....
8,621
8,314
1749550.PS.FTS.B,
11.5%,
4/05/27
.....
13,064
12,592
1752654.PS.FTS.B,
12.76%,
4/05/27
....
13,121
12,646
1752645.PS.FTS.B,
15.18%,
4/05/27
....
8,818
8,498
1752624.PS.FTS.B,
17.23%,
4/05/27
....
17,750
16,865
1753011.PS.FTS.B,
12%,
4/06/27
.......
13,087
12,617
1749859.PS.FTS.B,
19.06%,
4/06/27
....
6,426
6,068
1752981.PS.FTS.B,
21%,
4/06/27
.......
5,834
5,559
1744328.PS.FTS.B,
14.89%,
4/07/27
....
17,619
16,754
1750735.PS.FTS.B,
16%,
4/07/27
.......
4,862
4,596
1755072.PS.FTS.B,
10.8%,
4/08/27
.....
5,084
4,920
1754293.PS.FTS.B,
13.4%,
4/12/27
.....
10,519
10,022
1747163.PS.FTS.B,
16.2%,
4/12/27
.....
22,116
21,068
1754398.PS.FTS.B,
22.9%,
4/12/27
.....
10,265
2,745
1685640.PS.FTS.B,
11.7%,
6/14/27
.....
14,425
5,697
1607291.PS.FTS.B,
28.59%,
7/18/27
....
5,436
5,230
1688073.PS.FTS.B,
16.7%,
12/04/27
....
16,600
4,181
2,315,129
Upgrade,
Inc.
25764424.UG.FTS.B,
25.26%,
7/07/23
...
1,325
1,339
Upgrade,
Inc.
-
Card
992271618.UG.FTS.B,
29.49%,
7/03/23
..
22
22
992460429.UG.FTS.B,
29.49%,
8/02/23
..
26
26
992431329.UG.FTS.B,
29.49%,
11/03/23
.
34
34
992270166.UG.FTS.B,
17.71%,
4/03/24
..
78
78
992258570.UG.FTS.B,
26.44%,
4/03/24
..
41
40
992457201.UG.FTS.B,
29.48%,
4/03/24
..
14
13
992241314.UG.FTS.B,
29.49%,
4/03/24
..
20
20
992273410.UG.FTS.B,
29.49%,
4/03/24
..
–
–
992343756.UG.FTS.B,
29.49%,
4/03/24
..
411
406
992392020.UG.FTS.B,
29.49%,
4/03/24
..
191
191
992453366.UG.FTS.B,
29.49%,
4/03/24
..
51
16
992460590.UG.FTS.B,
29.49%,
4/03/24
..
–
–
992249570.UG.FTS.B,
20.96%,
4/04/24
..
107
108
992412130.UG.FTS.B,
28.48%,
4/04/24
..
11
11
992264728.UG.FTS.B,
29.49%,
4/04/24
..
31
(2)
992295541.UG.FTS.B,
29.49%,
4/04/24
..
27
26
992344959.UG.FTS.B,
29.49%,
4/04/24
..
10
10
992440565.UG.FTS.B,
29.49%,
4/04/24
..
2
2
992457777.UG.FTS.B,
29.49%,
4/04/24
..
175
23
992238031.UG.FTS.B,
Zero
Cpn,
4/05/24
.
453
32
992245673.UG.FTS.B,
Zero
Cpn,
4/05/24
.
124
9
Description
Principal
Amount
Value
Upgrade,
Inc.
-
Card
(continued)
992275143.UG.FTS.B,
Zero
Cpn,
4/05/24
.
$
436
$
30
992353681.UG.FTS.B,
Zero
Cpn,
4/05/24
.
35
2
992360406.UG.FTS.B,
Zero
Cpn,
4/05/24
.
96
7
992375165.UG.FTS.B,
Zero
Cpn,
4/05/24
.
211
15
992434531.UG.FTS.B,
Zero
Cpn,
4/05/24
.
412
29
992434771.UG.FTS.B,
Zero
Cpn,
4/05/24
.
196
14
992320075.UG.FTS.B,
16.49%,
4/05/24
..
41
41
992278634.UG.FTS.B,
17.49%,
4/05/24
..
22
22
992261330.UG.FTS.B,
18.71%,
4/05/24
..
43
43
992407305.UG.FTS.B,
18.71%,
4/05/24
..
68
68
992425399.UG.FTS.B,
18.96%,
4/05/24
..
84
83
992327252.UG.FTS.B,
19.3%,
4/05/24
...
20
20
992413501.UG.FTS.B,
19.3%,
4/05/24
...
755
754
992393132.UG.FTS.B,
19.99%,
4/05/24
..
53
54
992425235.UG.FTS.B,
19.99%,
4/05/24
..
383
386
992243760.UG.FTS.B,
20.47%,
4/05/24
..
81
81
992253128.UG.FTS.B,
20.96%,
4/05/24
..
188
49
992271480.UG.FTS.B,
20.96%,
4/05/24
..
138
109
992321694.UG.FTS.B,
20.96%,
4/05/24
..
111
112
992324567.UG.FTS.B,
20.96%,
4/05/24
..
317
318
992247109.UG.FTS.B,
21.48%,
4/05/24
..
2,067
1,607
992291104.UG.FTS.B,
21.48%,
4/05/24
..
242
242
992335344.UG.FTS.B,
21.48%,
4/05/24
..
31
30
992419177.UG.FTS.B,
21.48%,
4/05/24
..
137
136
992258460.UG.FTS.B,
22.45%,
4/05/24
..
126
126
992243886.UG.FTS.B,
22.47%,
4/05/24
..
53
–
992270384.UG.FTS.B,
22.47%,
4/05/24
..
73
72
992310198.UG.FTS.B,
22.47%,
4/05/24
..
281
281
992313421.UG.FTS.B,
22.47%,
4/05/24
..
42
42
992420315.UG.FTS.B,
22.47%,
4/05/24
..
24
24
992275523.UG.FTS.B,
23.45%,
4/05/24
..
70
70
992445453.UG.FTS.B,
23.45%,
4/05/24
..
498
493
992460308.UG.FTS.B,
25.44%,
4/05/24
..
76
75
992270855.UG.FTS.B,
26.44%,
4/05/24
..
115
83
992258284.UG.FTS.B,
27.99%,
4/05/24
..
79
81
992240601.UG.FTS.B,
28.48%,
4/05/24
..
161
164
992252825.UG.FTS.B,
28.48%,
4/05/24
..
308
313
992258720.UG.FTS.B,
28.48%,
4/05/24
..
110
112
992262433.UG.FTS.B,
28.48%,
4/05/24
..
442
445
992269299.UG.FTS.B,
28.48%,
4/05/24
..
62
61
992300661.UG.FTS.B,
28.48%,
4/05/24
..
11
11
992309850.UG.FTS.B,
28.48%,
4/05/24
..
79
5
992332109.UG.FTS.B,
28.48%,
4/05/24
..
99
101
992336619.UG.FTS.B,
28.48%,
4/05/24
..
133
134
992425560.UG.FTS.B,
28.48%,
4/05/24
..
193
194
992255211.UG.FTS.B,
29.47%,
4/05/24
..
65
66
992309762.UG.FTS.B,
29.48%,
4/05/24
..
340
338
992342504.UG.FTS.B,
29.48%,
4/05/24
..
298
303
992406244.UG.FTS.B,
29.48%,
4/05/24
..
243
244
992424634.UG.FTS.B,
29.48%,
4/05/24
..
534
540
992453174.UG.FTS.B,
29.48%,
4/05/24
..
55
55
992237034.UG.FTS.B,
29.49%,
4/05/24
..
93
92
992241102.UG.FTS.B,
29.49%,
4/05/24
..
155
158
992241305.UG.FTS.B,
29.49%,
4/05/24
..
96
97
992242547.UG.FTS.B,
29.49%,
4/05/24
..
130
131
992245006.UG.FTS.B,
29.49%,
4/05/24
..
58
57
992245608.UG.FTS.B,
29.49%,
4/05/24
..
87
89
992250322.UG.FTS.B,
29.49%,
4/05/24
..
53
53
Franklin
Universal
Trust
Schedule
of
Investments
(unaudited)
franklintempleton.com
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Semiannual
Report
29
Description
Principal
Amount
Value
Marketplace
Loans
(continued)
Upgrade,
Inc.
-
Card
(continued)
992251113.UG.FTS.B,
29.49%,
4/05/24
..
$
15
$
15
992251623.UG.FTS.B,
29.49%,
4/05/24
..
55
55
992252291.UG.FTS.B,
29.49%,
4/05/24
..
10
6
992253455.UG.FTS.B,
29.49%,
4/05/24
..
77
78
992253980.UG.FTS.B,
29.49%,
4/05/24
..
223
227
992263652.UG.FTS.B,
29.49%,
4/05/24
..
66
67
992269988.UG.FTS.B,
29.49%,
4/05/24
..
139
141
992270710.UG.FTS.B,
29.49%,
4/05/24
..
99
99
992272262.UG.FTS.B,
29.49%,
4/05/24
..
59
60
992278624.UG.FTS.B,
29.49%,
4/05/24
..
265
268
992300807.UG.FTS.B,
29.49%,
4/05/24
..
74
57
992301548.UG.FTS.B,
29.49%,
4/05/24
..
154
152
992305197.UG.FTS.B,
29.49%,
4/05/24
..
166
168
992306382.UG.FTS.B,
29.49%,
4/05/24
..
51
7
992306483.UG.FTS.B,
29.49%,
4/05/24
..
114
116
992309966.UG.FTS.B,
29.49%,
4/05/24
..
10
10
992312387.UG.FTS.B,
29.49%,
4/05/24
..
138
138
992319118.UG.FTS.B,
29.49%,
4/05/24
..
296
243
992319935.UG.FTS.B,
29.49%,
4/05/24
..
–
–
992324074.UG.FTS.B,
29.49%,
4/05/24
..
662
655
992326465.UG.FTS.B,
29.49%,
4/05/24
..
117
29
992327965.UG.FTS.B,
29.49%,
4/05/24
..
125
33
992330489.UG.FTS.B,
29.49%,
4/05/24
..
315
319
992333696.UG.FTS.B,
29.49%,
4/05/24
..
19
19
992337455.UG.FTS.B,
29.49%,
4/05/24
..
244
246
992339612.UG.FTS.B,
29.49%,
4/05/24
..
132
133
992340819.UG.FTS.B,
29.49%,
4/05/24
..
29
29
992344458.UG.FTS.B,
29.49%,
4/05/24
..
164
167
992345378.UG.FTS.B,
29.49%,
4/05/24
..
985
998
992353602.UG.FTS.B,
29.49%,
4/05/24
..
10
10
992366199.UG.FTS.B,
29.49%,
4/05/24
..
50
49
992371567.UG.FTS.B,
29.49%,
4/05/24
..
335
340
992377971.UG.FTS.B,
29.49%,
4/05/24
..
233
58
992388420.UG.FTS.B,
29.49%,
4/05/24
..
51
52
992389706.UG.FTS.B,
29.49%,
4/05/24
..
57
56
992409881.UG.FTS.B,
29.49%,
4/05/24
..
20
20
992411134.UG.FTS.B,
29.49%,
4/05/24
..
–
–
992417871.UG.FTS.B,
29.49%,
4/05/24
..
25
25
992421251.UG.FTS.B,
29.49%,
4/05/24
..
9
9
992425321.UG.FTS.B,
29.49%,
4/05/24
..
130
131
992432014.UG.FTS.B,
29.49%,
4/05/24
..
34
34
992436268.UG.FTS.B,
29.49%,
4/05/24
..
99
100
992442175.UG.FTS.B,
29.49%,
4/05/24
..
1,222
1,222
992385683.UG.FTS.B,
21.98%,
3/31/25
..
88
88
992250581.UG.FTS.B,
Zero
Cpn,
4/03/25
.
37
3
992305890.UG.FTS.B,
Zero
Cpn,
4/03/25
.
32
2
992428468.UG.FTS.B,
25.95%,
4/03/25
..
128
127
992307329.UG.FTS.B,
28.98%,
4/03/25
..
27
27
992268108.UG.FTS.B,
29.49%,
4/03/25
..
527
525
992269560.UG.FTS.B,
29.49%,
4/03/25
..
328
324
992274902.UG.FTS.B,
29.49%,
4/03/25
..
236
244
992279655.UG.FTS.B,
29.49%,
4/03/25
..
173
20
992290976.UG.FTS.B,
29.49%,
4/03/25
..
330
335
992291590.UG.FTS.B,
29.49%,
4/03/25
..
–
–
992310969.UG.FTS.B,
29.49%,
4/03/25
..
202
199
992335320.UG.FTS.B,
29.49%,
4/03/25
..
1,606
344
992345576.UG.FTS.B,
29.49%,
4/03/25
..
300
306
992357933.UG.FTS.B,
29.49%,
4/03/25
..
257
265
Description
Principal
Amount
Value
Upgrade,
Inc.
-
Card
(continued)
992375406.UG.FTS.B,
29.49%,
4/03/25
..
$
49
$
50
992457866.UG.FTS.B,
29.49%,
4/03/25
..
9
9
992460328.UG.FTS.B,
29.49%,
4/03/25
..
117
26
992464343.UG.FTS.B,
Zero
Cpn,
4/04/25
.
44
3
992375568.UG.FTS.B,
17.97%,
4/04/25
..
28
28
992333441.UG.FTS.B,
18.97%,
4/04/25
..
291
20
992258313.UG.FTS.B,
21.98%,
4/04/25
..
105
106
992241764.UG.FTS.B,
28.98%,
4/04/25
..
131
48
992301470.UG.FTS.B,
28.98%,
4/04/25
..
139
100
992327058.UG.FTS.B,
28.98%,
4/04/25
..
18
18
992336155.UG.FTS.B,
28.98%,
4/04/25
..
2,660
2,739
992376698.UG.FTS.B,
28.98%,
4/04/25
..
31
31
992387188.UG.FTS.B,
28.98%,
4/04/25
..
284
290
992453316.UG.FTS.B,
28.98%,
4/04/25
..
313
311
992463571.UG.FTS.B,
28.98%,
4/04/25
..
111
113
992338388.UG.FTS.B,
29.46%,
4/04/25
..
1,246
74
992266370.UG.FTS.B,
29.49%,
4/04/25
..
506
517
992342016.UG.FTS.B,
29.49%,
4/04/25
..
427
423
992421008.UG.FTS.B,
29.49%,
4/04/25
..
57
58
992421200.UG.FTS.B,
29.49%,
4/04/25
..
190
194
992246089.UG.FTS.B,
Zero
Cpn,
4/05/25
.
655
45
992249619.UG.FTS.B,
Zero
Cpn,
4/05/25
.
94
7
992253640.UG.FTS.B,
Zero
Cpn,
4/05/25
.
486
33
992270874.UG.FTS.B,
Zero
Cpn,
4/05/25
.
135
9
992275310.UG.FTS.B,
Zero
Cpn,
4/05/25
.
64
5
992281528.UG.FTS.B,
Zero
Cpn,
4/05/25
.
1,436
101
992327197.UG.FTS.B,
Zero
Cpn,
4/05/25
.
88
6
992329853.UG.FTS.B,
Zero
Cpn,
4/05/25
.
1,215
84
992360370.UG.FTS.B,
Zero
Cpn,
4/05/25
.
70
5
992392490.UG.FTS.B,
Zero
Cpn,
4/05/25
.
134
9
992394900.UG.FTS.B,
Zero
Cpn,
4/05/25
.
474
33
992264407.UG.FTS.B,
14.97%,
4/05/25
..
874
871
992391676.UG.FTS.B,
15.97%,
4/05/25
..
211
212
992403635.UG.FTS.B,
15.97%,
4/05/25
..
30
30
992275748.UG.FTS.B,
17.97%,
4/05/25
..
673
667
992369850.UG.FTS.B,
17.97%,
4/05/25
..
1,167
1,183
992417616.UG.FTS.B,
17.99%,
4/05/25
..
111
112
992286525.UG.FTS.B,
18.8%,
4/05/25
...
137
139
992323394.UG.FTS.B,
18.97%,
4/05/25
..
1,800
1,813
992385717.UG.FTS.B,
18.97%,
4/05/25
..
298
116
992415664.UG.FTS.B,
18.97%,
4/05/25
..
1,868
1,882
992239422.UG.FTS.B,
19.21%,
4/05/25
..
422
420
992253582.UG.FTS.B,
19.21%,
4/05/25
..
255
29
992369900.UG.FTS.B,
19.21%,
4/05/25
..
48
48
992405969.UG.FTS.B,
19.21%,
4/05/25
..
1,241
(9)
992416415.UG.FTS.B,
19.21%,
4/05/25
..
1,554
1,573
992424538.UG.FTS.B,
19.21%,
4/05/25
..
1,165
1,173
992299044.UG.FTS.B,
19.8%,
4/05/25
...
1,018
67
992432194.UG.FTS.B,
19.8%,
4/05/25
...
422
423
992256001.UG.FTS.B,
19.97%,
4/05/25
..
468
473
992254376.UG.FTS.B,
19.99%,
4/05/25
..
13
13
992284873.UG.FTS.B,
19.99%,
4/05/25
..
2,261
2,255
992290432.UG.FTS.B,
19.99%,
4/05/25
..
4,588
4,727
992293971.UG.FTS.B,
19.99%,
4/05/25
..
125
9
992331017.UG.FTS.B,
19.99%,
4/05/25
..
265
270
992342733.UG.FTS.B,
19.99%,
4/05/25
..
59
60
992346135.UG.FTS.B,
19.99%,
4/05/25
..
435
448
992423362.UG.FTS.B,
19.99%,
4/05/25
..
227
49
Franklin
Universal
Trust
Schedule
of
Investments
(unaudited)
franklintempleton.com
Semiannual
Report
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
30
Description
Principal
Amount
Value
Marketplace
Loans
(continued)
Upgrade,
Inc.
-
Card
(continued)
992431381.UG.FTS.B,
19.99%,
4/05/25
..
$
100
$
99
992433537.UG.FTS.B,
19.99%,
4/05/25
..
1,167
1,192
992255166.UG.FTS.B,
20.46%,
4/05/25
..
77
76
992373703.UG.FTS.B,
20.46%,
4/05/25
..
389
394
992386358.UG.FTS.B,
20.46%,
4/05/25
..
1,981
2,002
992444107.UG.FTS.B,
20.46%,
4/05/25
..
179
179
992255180.UG.FTS.B,
20.97%,
4/05/25
..
99
20
992278945.UG.FTS.B,
21.46%,
4/05/25
..
50
50
992282788.UG.FTS.B,
21.46%,
4/05/25
..
943
940
992339089.UG.FTS.B,
21.46%,
4/05/25
..
93
93
992356241.UG.FTS.B,
21.46%,
4/05/25
..
262
30
992416161.UG.FTS.B,
21.46%,
4/05/25
..
97
96
992258743.UG.FTS.B,
21.97%,
4/05/25
..
53
53
992293341.UG.FTS.B,
21.98%,
4/05/25
..
1,265
1,274
992296469.UG.FTS.B,
21.98%,
4/05/25
..
254
256
992305155.UG.FTS.B,
21.98%,
4/05/25
..
1,672
193
992440479.UG.FTS.B,
21.98%,
4/05/25
..
246
246
992238906.UG.FTS.B,
22.97%,
4/05/25
..
2,734
1,807
992254237.UG.FTS.B,
22.97%,
4/05/25
..
229
16
992265045.UG.FTS.B,
25.95%,
4/05/25
..
161
161
992302611.UG.FTS.B,
25.95%,
4/05/25
..
1,155
1,135
992424737.UG.FTS.B,
25.95%,
4/05/25
..
804
173
992409011.UG.FTS.B,
26.94%,
4/05/25
..
143
142
992432800.UG.FTS.B,
26.94%,
4/05/25
..
181
38
992250719.UG.FTS.B,
27.95%,
4/05/25
..
357
369
992375541.UG.FTS.B,
27.95%,
4/05/25
..
106
105
992364002.UG.FTS.B,
27.99%,
4/05/25
..
206
213
992437875.UG.FTS.B,
27.99%,
4/05/25
..
316
320
992243919.UG.FTS.B,
28.98%,
4/05/25
..
59
60
992247969.UG.FTS.B,
28.98%,
4/05/25
..
316
325
992249070.UG.FTS.B,
28.98%,
4/05/25
..
249
256
992250607.UG.FTS.B,
28.98%,
4/05/25
..
21
21
992256909.UG.FTS.B,
28.98%,
4/05/25
..
197
128
992257896.UG.FTS.B,
28.98%,
4/05/25
..
135
140
992258333.UG.FTS.B,
28.98%,
4/05/25
..
363
374
992260520.UG.FTS.B,
28.98%,
4/05/25
..
536
545
992261690.UG.FTS.B,
28.98%,
4/05/25
..
116
14
992263589.UG.FTS.B,
28.98%,
4/05/25
..
70
72
992263759.UG.FTS.B,
28.98%,
4/05/25
..
510
520
992264444.UG.FTS.B,
28.98%,
4/05/25
..
1,842
1,905
992271131.UG.FTS.B,
28.98%,
4/05/25
..
324
332
992271316.UG.FTS.B,
28.98%,
4/05/25
..
172
178
992278811.UG.FTS.B,
28.98%,
4/05/25
..
140
145
992279721.UG.FTS.B,
28.98%,
4/05/25
..
5
4
992281862.UG.FTS.B,
28.98%,
4/05/25
..
476
483
992290941.UG.FTS.B,
28.98%,
4/05/25
..
118
121
992294259.UG.FTS.B,
28.98%,
4/05/25
..
369
381
992300476.UG.FTS.B,
28.98%,
4/05/25
..
16
16
992300542.UG.FTS.B,
28.98%,
4/05/25
..
139
88
992305223.UG.FTS.B,
28.98%,
4/05/25
..
170
175
992314013.UG.FTS.B,
28.98%,
4/05/25
..
33
33
992314088.UG.FTS.B,
28.98%,
4/05/25
..
126
127
992315976.UG.FTS.B,
28.98%,
4/05/25
..
126
130
992318621.UG.FTS.B,
28.98%,
4/05/25
..
52
52
992321475.UG.FTS.B,
28.98%,
4/05/25
..
485
500
992327673.UG.FTS.B,
28.98%,
4/05/25
..
37
37
992331199.UG.FTS.B,
28.98%,
4/05/25
..
66
5
992350450.UG.FTS.B,
28.98%,
4/05/25
..
2,904
2,991
Description
Principal
Amount
Value
Upgrade,
Inc.
-
Card
(continued)
992352813.UG.FTS.B,
28.98%,
4/05/25
..
$
163
$
10
992357000.UG.FTS.B,
28.98%,
4/05/25
..
22
22
992362215.UG.FTS.B,
28.98%,
4/05/25
..
978
990
992376009.UG.FTS.B,
28.98%,
4/05/25
..
225
49
992377531.UG.FTS.B,
28.98%,
4/05/25
..
53
53
992377941.UG.FTS.B,
28.98%,
4/05/25
..
840
(78)
992386343.UG.FTS.B,
28.98%,
4/05/25
..
128
132
992391277.UG.FTS.B,
28.98%,
4/05/25
..
68
69
992394554.UG.FTS.B,
28.98%,
4/05/25
..
30
30
992399278.UG.FTS.B,
28.98%,
4/05/25
..
4,321
4,372
992404668.UG.FTS.B,
28.98%,
4/05/25
..
138
137
992407582.UG.FTS.B,
28.98%,
4/05/25
..
28
28
992412921.UG.FTS.B,
28.98%,
4/05/25
..
481
496
992420787.UG.FTS.B,
28.98%,
4/05/25
..
182
188
992421379.UG.FTS.B,
28.98%,
4/05/25
..
156
158
992426381.UG.FTS.B,
28.98%,
4/05/25
..
120
123
992430529.UG.FTS.B,
28.98%,
4/05/25
..
81
83
992433923.UG.FTS.B,
28.98%,
4/05/25
..
3
3
992444060.UG.FTS.B,
28.98%,
4/05/25
..
1,000
1,020
992452945.UG.FTS.B,
28.98%,
4/05/25
..
250
251
992453117.UG.FTS.B,
28.98%,
4/05/25
..
69
17
992455130.UG.FTS.B,
28.98%,
4/05/25
..
370
373
992456750.UG.FTS.B,
28.98%,
4/05/25
..
190
194
992237976.UG.FTS.B,
29.45%,
4/05/25
..
360
(8)
992338606.UG.FTS.B,
29.45%,
4/05/25
..
152
153
992362869.UG.FTS.B,
29.45%,
4/05/25
..
427
92
992314494.UG.FTS.B,
29.46%,
4/05/25
..
210
13
992258080.UG.FTS.B,
29.48%,
4/05/25
..
16
16
992359180.UG.FTS.B,
29.48%,
4/05/25
..
30
30
992376094.UG.FTS.B,
29.48%,
4/05/25
..
167
173
992236701.UG.FTS.B,
29.49%,
4/05/25
..
58
58
992239162.UG.FTS.B,
29.49%,
4/05/25
..
151
156
992239750.UG.FTS.B,
29.49%,
4/05/25
..
436
438
992240128.UG.FTS.B,
29.49%,
4/05/25
..
658
660
992241600.UG.FTS.B,
29.49%,
4/05/25
..
116
120
992242540.UG.FTS.B,
29.49%,
4/05/25
..
1,845
1,813
992243368.UG.FTS.B,
29.49%,
4/05/25
..
385
375
992245669.UG.FTS.B,
29.49%,
4/05/25
..
88
20
992247116.UG.FTS.B,
29.49%,
4/05/25
..
253
255
992247201.UG.FTS.B,
29.49%,
4/05/25
..
29
28
992247659.UG.FTS.B,
29.49%,
4/05/25
..
29
28
992249629.UG.FTS.B,
29.49%,
4/05/25
..
140
(7)
992251977.UG.FTS.B,
29.49%,
4/05/25
..
6
6
992252024.UG.FTS.B,
29.49%,
4/05/25
..
81
84
992255844.UG.FTS.B,
29.49%,
4/05/25
..
131
130
992256275.UG.FTS.B,
29.49%,
4/05/25
..
61
50
992258657.UG.FTS.B,
29.49%,
4/05/25
..
153
34
992259602.UG.FTS.B,
29.49%,
4/05/25
..
462
466
992260675.UG.FTS.B,
29.49%,
4/05/25
..
158
20
992260816.UG.FTS.B,
29.49%,
4/05/25
..
178
184
992260902.UG.FTS.B,
29.49%,
4/05/25
..
17
17
992261033.UG.FTS.B,
29.49%,
4/05/25
..
252
54
992261113.UG.FTS.B,
29.49%,
4/05/25
..
23
23
992264683.UG.FTS.B,
29.49%,
4/05/25
..
23
3
992264748.UG.FTS.B,
29.49%,
4/05/25
..
63
64
992267578.UG.FTS.B,
29.49%,
4/05/25
..
151
149
992268866.UG.FTS.B,
29.49%,
4/05/25
..
376
383
992268980.UG.FTS.B,
29.49%,
4/05/25
..
98
102
Franklin
Universal
Trust
Schedule
of
Investments
(unaudited)
franklintempleton.com
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Semiannual
Report
31
Description
Principal
Amount
Value
Marketplace
Loans
(continued)
Upgrade,
Inc.
-
Card
(continued)
992271586.UG.FTS.B,
29.49%,
4/05/25
..
$
173
$
179
992271815.UG.FTS.B,
29.49%,
4/05/25
..
755
92
992272067.UG.FTS.B,
29.49%,
4/05/25
..
199
(10)
992275943.UG.FTS.B,
29.49%,
4/05/25
..
20
20
992275962.UG.FTS.B,
29.49%,
4/05/25
..
275
280
992275994.UG.FTS.B,
29.49%,
4/05/25
..
117
120
992276049.UG.FTS.B,
29.49%,
4/05/25
..
190
196
992276160.UG.FTS.B,
29.49%,
4/05/25
..
107
111
992279429.UG.FTS.B,
29.49%,
4/05/25
..
44
44
992279540.UG.FTS.B,
29.49%,
4/05/25
..
192
(17)
992286064.UG.FTS.B,
29.49%,
4/05/25
..
527
543
992286124.UG.FTS.B,
29.49%,
4/05/25
..
4
4
992290768.UG.FTS.B,
29.49%,
4/05/25
..
20
20
992291050.UG.FTS.B,
29.49%,
4/05/25
..
49
49
992291806.UG.FTS.B,
29.49%,
4/05/25
..
579
601
992293542.UG.FTS.B,
29.49%,
4/05/25
..
106
109
992294700.UG.FTS.B,
29.49%,
4/05/25
..
30
30
992301071.UG.FTS.B,
29.49%,
4/05/25
..
25
24
992301441.UG.FTS.B,
29.49%,
4/05/25
..
222
229
992303097.UG.FTS.B,
29.49%,
4/05/25
..
243
251
992305996.UG.FTS.B,
29.49%,
4/05/25
..
17
17
992308045.UG.FTS.B,
29.49%,
4/05/25
..
611
630
992312103.UG.FTS.B,
29.49%,
4/05/25
..
486
501
992320378.UG.FTS.B,
29.49%,
4/05/25
..
218
226
992321464.UG.FTS.B,
29.49%,
4/05/25
..
292
196
992324857.UG.FTS.B,
29.49%,
4/05/25
..
98
102
992325544.UG.FTS.B,
29.49%,
4/05/25
..
46
45
992326831.UG.FTS.B,
29.49%,
4/05/25
..
60
61
992326966.UG.FTS.B,
29.49%,
4/05/25
..
138
142
992328217.UG.FTS.B,
29.49%,
4/05/25
..
126
27
992329930.UG.FTS.B,
29.49%,
4/05/25
..
23
23
992336198.UG.FTS.B,
29.49%,
4/05/25
..
128
132
992340410.UG.FTS.B,
29.49%,
4/05/25
..
165
170
992341078.UG.FTS.B,
29.49%,
4/05/25
..
37
31
992341543.UG.FTS.B,
29.49%,
4/05/25
..
84
86
992341609.UG.FTS.B,
29.49%,
4/05/25
..
48
49
992341758.UG.FTS.B,
29.49%,
4/05/25
..
253
261
992343713.UG.FTS.B,
29.49%,
4/05/25
..
68
69
992344325.UG.FTS.B,
29.49%,
4/05/25
..
155
160
992344730.UG.FTS.B,
29.49%,
4/05/25
..
55
4
992351269.UG.FTS.B,
29.49%,
4/05/25
..
217
224
992354024.UG.FTS.B,
29.49%,
4/05/25
..
47
47
992355380.UG.FTS.B,
29.49%,
4/05/25
..
84
87
992356084.UG.FTS.B,
29.49%,
4/05/25
..
20
20
992356295.UG.FTS.B,
29.49%,
4/05/25
..
51
51
992359643.UG.FTS.B,
29.49%,
4/05/25
..
500
487
992359656.UG.FTS.B,
29.49%,
4/05/25
..
751
774
992359703.UG.FTS.B,
29.49%,
4/05/25
..
141
146
992359875.UG.FTS.B,
29.49%,
4/05/25
..
87
21
992361376.UG.FTS.B,
29.49%,
4/05/25
..
82
81
992365877.UG.FTS.B,
29.49%,
4/05/25
..
53
54
992366107.UG.FTS.B,
29.49%,
4/05/25
..
41
41
992368911.UG.FTS.B,
29.49%,
4/05/25
..
317
319
992369632.UG.FTS.B,
29.49%,
4/05/25
..
250
256
992371487.UG.FTS.B,
29.49%,
4/05/25
..
182
187
992371872.UG.FTS.B,
29.49%,
4/05/25
..
544
549
992371951.UG.FTS.B,
29.49%,
4/05/25
..
228
235
992377543.UG.FTS.B,
29.49%,
4/05/25
..
773
796
Description
Principal
Amount
Value
Upgrade,
Inc.
-
Card
(continued)
992387720.UG.FTS.B,
29.49%,
4/05/25
..
$
171
$
(4)
992391014.UG.FTS.B,
29.49%,
4/05/25
..
168
166
992391427.UG.FTS.B,
29.49%,
4/05/25
..
174
181
992394239.UG.FTS.B,
29.49%,
4/05/25
..
176
179
992400924.UG.FTS.B,
29.49%,
4/05/25
..
48
48
992401130.UG.FTS.B,
29.49%,
4/05/25
..
180
186
992401571.UG.FTS.B,
29.49%,
4/05/25
..
88
91
992403505.UG.FTS.B,
29.49%,
4/05/25
..
181
186
992418075.UG.FTS.B,
29.49%,
4/05/25
..
54
55
992419811.UG.FTS.B,
29.49%,
4/05/25
..
139
142
992424526.UG.FTS.B,
29.49%,
4/05/25
..
253
258
992425789.UG.FTS.B,
29.49%,
4/05/25
..
360
367
992426541.UG.FTS.B,
29.49%,
4/05/25
..
482
491
992427607.UG.FTS.B,
29.49%,
4/05/25
..
195
185
992429564.UG.FTS.B,
29.49%,
4/05/25
..
93
96
992433503.UG.FTS.B,
29.49%,
4/05/25
..
–
–
992440270.UG.FTS.B,
29.49%,
4/05/25
..
13
13
992444531.UG.FTS.B,
29.49%,
4/05/25
..
4,221
505
992444668.UG.FTS.B,
29.49%,
4/05/25
..
1,600
1,628
992444707.UG.FTS.B,
29.49%,
4/05/25
..
120
123
992452371.UG.FTS.B,
29.49%,
4/05/25
..
140
143
992454738.UG.FTS.B,
29.49%,
4/05/25
..
1,923
1,956
992455102.UG.FTS.B,
29.49%,
4/05/25
..
326
332
992455279.UG.FTS.B,
29.49%,
4/05/25
..
505
109
992455358.UG.FTS.B,
29.49%,
4/05/25
..
111
111
992457021.UG.FTS.B,
29.49%,
4/05/25
..
20
20
992459731.UG.FTS.B,
29.49%,
4/05/25
..
71
72
992460627.UG.FTS.B,
29.49%,
4/05/25
..
17
17
992423845.UG.FTS.B,
29.49%,
10/02/27
.
–
–
992320167.UG.FTS.B,
29.49%,
11/03/27
.
–
–
992404005.UG.FTS.B,
Zero
Cpn,
12/03/27
13
1
992351381.UG.FTS.B,
21.97%,
12/03/27
.
–
–
992460915.UG.FTS.B,
29.47%,
1/01/28
..
14
6
992258426.UG.FTS.B,
29.49%,
2/01/28
..
–
–
992432730.UG.FTS.B,
29.49%,
2/01/28
..
–
–
992429167.UG.FTS.B,
29.49%,
3/01/28
..
4
4
992351458.UG.FTS.B,
Zero
Cpn,
3/03/28
.
26
2
992453045.UG.FTS.B,
19.99%,
3/03/28
..
1
1
992265353.UG.FTS.B,
20.46%,
3/03/28
..
4
4
992456375.UG.FTS.B,
28.48%,
3/03/28
..
17
16
992253373.UG.FTS.B,
29.49%,
3/03/28
..
2
2
99,031
Upstart
Network,
Inc.
L1729715.UP.FTS.B,
8.39%,
9/17/24
....
3,354
3,325
L1722095.UP.FTS.B,
11.17%,
9/17/24
....
569
564
FW1729768.UP.FTS.B,
11.21%,
9/17/24
..
1,708
1,694
FW1730324.UP.FTS.B,
15.67%,
9/17/24
..
5,830
5,823
L1729192.UP.FTS.B,
17.9%,
9/17/24
....
1,904
138
L1729539.UP.FTS.B,
18.67%,
9/17/24
....
1,500
1,494
L1730191.UP.FTS.B,
23.36%,
9/17/24
....
1,356
1,285
L1730194.UP.FTS.B,
23.58%,
9/17/24
....
674
670
FW1730336.UP.FTS.B,
30.16%,
9/17/24
..
3,183
3,155
L1902385.UP.FTS.B,
8.05%,
10/22/24
....
2,927
2,901
L1902094.UP.FTS.B,
9.69%,
10/22/24
....
591
586
L1902354.UP.FTS.B,
12.7%,
10/22/24
....
3,011
2,988
L1902268.UP.FTS.B,
14.19%,
10/22/24
...
3,461
3,418
L1901213.UP.FTS.B,
15.08%,
10/22/24
...
16,054
15,953
Franklin
Universal
Trust
Schedule
of
Investments
(unaudited)
franklintempleton.com
Semiannual
Report
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
32
Description
Principal
Amount
Value
Marketplace
Loans
(continued)
Upstart
Network,
Inc.
(continued)
FW1900872.UP.FTS.B,
18.12%,
10/22/24
.
$
3,730
$
3,713
L1902710.UP.FTS.B,
18.85%,
10/22/24
...
3,433
3,418
L1896884.UP.FTS.B,
19.31%,
10/22/24
...
4,380
4,361
L1902837.UP.FTS.B,
20.13%,
10/22/24
...
1,012
18
FW1902685.UP.FTS.B,
20.49%,
10/22/24
.
1,890
1,882
L1900998.UP.FTS.B,
21.32%,
10/22/24
...
3,213
3,188
FW1902521.UP.FTS.B,
21.52%,
10/22/24
.
646
644
L1901625.UP.FTS.B,
21.76%,
10/22/24
...
4,385
4,359
L1875546.UP.FTS.B,
21.84%,
10/22/24
...
1,142
1,133
L1902017.UP.FTS.B,
22.16%,
10/22/24
...
580
574
L1901126.UP.FTS.B,
23.27%,
10/22/24
...
14,478
1,046
L1900754.UP.FTS.B,
23.33%,
10/22/24
...
2,052
2,035
FW1901937.UP.FTS.B,
24.32%,
10/22/24
.
7,719
7,653
FW1902725.UP.FTS.B,
26.82%,
10/22/24
.
2,609
2,587
L2031380.UP.FTS.B,
6.17%,
11/12/24
....
4,542
4,493
L2032548.UP.FTS.B,
7.85%,
11/12/24
....
6,675
6,614
L2031918.UP.FTS.B,
8.28%,
11/12/24
....
1,840
1,820
L2002430.UP.FTS.B,
8.48%,
11/12/24
....
1,903
1,883
L2031630.UP.FTS.B,
9.03%,
11/12/24
....
4,311
4,272
L2031494.UP.FTS.B,
9.06%,
11/12/24
....
3,566
3,533
L2032651.UP.FTS.B,
9.8%,
11/12/24
.....
2,165
2,143
L2033075.UP.FTS.B,
11.83%,
11/12/24
...
6,904
6,833
L2032627.UP.FTS.B,
14.45%,
11/12/24
...
1,270
1,259
L2033117.UP.FTS.B,
15.91%,
11/12/24
...
3,456
3,426
L2032469.UP.FTS.B,
17.26%,
11/12/24
...
379
373
L2030693.UP.FTS.B,
17.81%,
11/12/24
...
2,619
94
L2031921.UP.FTS.B,
19.5%,
11/12/24
....
3,914
3,880
L2033189.UP.FTS.B,
21.52%,
11/12/24
...
967
70
FW2031299.UP.FTS.B,
21.82%,
11/12/24
.
5,430
5,364
L2031497.UP.FTS.B,
23.3%,
11/12/24
....
1,447
1,430
FW2033085.UP.FTS.B,
25.77%,
11/12/24
.
4,686
4,635
FW2032765.UP.FTS.B,
27.87%,
11/12/24
.
4,113
4,058
FW2030908.UP.FTS.B,
29.29%,
11/12/24
.
3,146
3,112
L2102716.UP.FTS.B,
6.59%,
11/23/24
....
3,036
3,004
L2103900.UP.FTS.B,
7.28%,
11/23/24
....
1,790
1,770
L2102014.UP.FTS.B,
8.1%,
11/23/24
.....
2,083
2,067
L2102521.UP.FTS.B,
9.48%,
11/23/24
....
4,508
4,468
L2102773.UP.FTS.B,
10.25%,
11/23/24
...
744
738
L2103582.UP.FTS.B,
11.94%,
11/23/24
...
3,929
3,899
L2102080.UP.FTS.B,
12.09%,
11/23/24
...
1,796
258
L2101841.UP.FTS.B,
12.19%,
11/23/24
...
1,106
81
L2102945.UP.FTS.B,
12.52%,
11/23/24
...
3,769
3,739
L2103173.UP.FTS.B,
14.48%,
11/23/24
...
2,849
2,831
FW2102978.UP.FTS.B,
15.1%,
11/23/24
..
2,011
1,996
L2101642.UP.FTS.B,
15.95%,
11/23/24
...
4,907
4,895
L2102263.UP.FTS.B,
17.21%,
11/23/24
...
1,289
1,286
L2103519.UP.FTS.B,
17.52%,
11/23/24
...
2,233
2,227
L2102733.UP.FTS.B,
17.97%,
11/23/24
...
4,612
1,286
L2099426.UP.FTS.B,
18.86%,
11/23/24
...
1,627
1,618
L2103410.UP.FTS.B,
20.18%,
11/23/24
...
3,273
3,256
L2103709.UP.FTS.B,
20.75%,
11/23/24
...
1,444
1,441
L2102185.UP.FTS.B,
21.19%,
11/23/24
...
4,936
4,911
L2103127.UP.FTS.B,
21.34%,
11/23/24
...
6,933
6,887
FW2103254.UP.FTS.B,
28.98%,
11/23/24
.
2,188
2,169
FW2103797.UP.FTS.B,
29.82%,
11/23/24
.
5,309
828
L2250253.UP.FTS.B,
5.3%,
12/14/24
....
13,852
13,690
FW2247150.UP.FTS.B,
7.75%,
12/14/24
..
3,512
3,471
L2249821.UP.FTS.B,
9.1%,
12/14/24
....
643
636
Description
Principal
Amount
Value
Upstart
Network,
Inc.
(continued)
L2249474.UP.FTS.B,
9.8%,
12/14/24
....
$
1,605
$
1,589
L2249818.UP.FTS.B,
9.92%,
12/14/24
....
2,533
2,508
L2248588.UP.FTS.B,
10.67%,
12/14/24
...
9,671
9,578
L2251137.UP.FTS.B,
11.74%,
12/14/24
...
16,375
16,200
L2249713.UP.FTS.B,
11.85%,
12/14/24
...
2,611
2,583
L2249033.UP.FTS.B,
12.44%,
12/14/24
...
7,421
1,042
L2249391.UP.FTS.B,
12.58%,
12/14/24
...
1,396
1,382
L2251228.UP.FTS.B,
12.94%,
12/14/24
...
987
976
L2248952.UP.FTS.B,
12.98%,
12/14/24
...
4,596
4,547
L2250705.UP.FTS.B,
13.29%,
12/14/24
...
658
651
L2248867.UP.FTS.B,
14.64%,
12/14/24
...
3,074
3,042
L2251099.UP.FTS.B,
15.99%,
12/14/24
...
929
920
FW2249991.UP.FTS.B,
16.74%,
12/14/24
.
3,012
2,982
L2250280.UP.FTS.B,
16.83%,
12/14/24
...
2,730
2,689
L2248645.UP.FTS.B,
17.82%,
12/14/24
...
4,217
3,981
L2249946.UP.FTS.B,
17.98%,
12/14/24
...
2,694
2,667
FW2249440.UP.FTS.B,
19.65%,
12/14/24
.
679
674
L2250240.UP.FTS.B,
20.48%,
12/14/24
...
780
21
L2250459.UP.FTS.B,
21.22%,
12/14/24
...
3,011
2,965
L2248558.UP.FTS.B,
21.57%,
12/14/24
...
685
675
L2251174.UP.FTS.B,
21.98%,
12/14/24
...
2,027
1,993
FW2250657.UP.FTS.B,
22.04%,
12/14/24
.
687
680
L2248667.UP.FTS.B,
22.71%,
12/14/24
...
1,068
303
FW2250596.UP.FTS.B,
22.87%,
12/14/24
.
2,225
2,193
L2249754.UP.FTS.B,
22.91%,
12/14/24
...
2,137
2,108
FW2249278.UP.FTS.B,
23.56%,
12/14/24
.
1,384
1,370
L2250234.UP.FTS.B,
24.22%,
12/14/24
...
3,639
1,038
FW2249744.UP.FTS.B,
24.36%,
12/14/24
.
1,385
1,368
FW2251405.UP.FTS.B,
24.46%,
12/14/24
.
1,390
1,369
FW2250179.UP.FTS.B,
25.41%,
12/14/24
.
2,314
2,282
FW2250656.UP.FTS.B,
26.59%,
12/14/24
.
789
778
FW2249531.UP.FTS.B,
27.05%,
12/14/24
.
4,334
310
FW2250011.UP.FTS.B,
27.44%,
12/14/24
.
2,958
2,914
FW2249611.UP.FTS.B,
28.33%,
12/14/24
.
1,419
1,398
FW2250630.UP.FTS.B,
28.93%,
12/14/24
.
1,050
1,036
FW2249206.UP.FTS.B,
28.96%,
12/14/24
.
994
979
FW2248284.UP.FTS.B,
29.12%,
12/14/24
.
2,245
2,210
L2251006.UP.FTS.B,
6.59%,
12/15/24
....
1,586
1,568
L2252015.UP.FTS.B,
6.88%,
12/15/24
....
1,906
1,885
L2253130.UP.FTS.B,
10.71%,
12/15/24
...
3,893
3,853
L2253004.UP.FTS.B,
13.29%,
12/15/24
...
6,082
312
L2250196.UP.FTS.B,
14.38%,
12/15/24
...
3,637
3,603
FW2251095.UP.FTS.B,
15.84%,
12/15/24
.
1,224
1,213
FW2251549.UP.FTS.B,
16.2%,
12/15/24
..
525
516
L2251539.UP.FTS.B,
16.31%,
12/15/24
...
6,550
479
L2253233.UP.FTS.B,
17.76%,
12/15/24
...
3,700
3,666
L2253008.UP.FTS.B,
17.8%,
12/15/24
....
3,055
3,028
L2251602.UP.FTS.B,
18.36%,
12/15/24
...
2,362
2,340
L2252717.UP.FTS.B,
19.17%,
12/15/24
...
3,387
3,356
FW2253350.UP.FTS.B,
19.8%,
12/15/24
..
2,718
2,680
L2252886.UP.FTS.B,
20.6%,
12/15/24
....
887
879
L2249377.UP.FTS.B,
20.67%,
12/15/24
...
5,118
5,047
L2252058.UP.FTS.B,
20.99%,
12/15/24
...
820
813
L2240893.UP.FTS.B,
21.21%,
12/15/24
...
17,104
16,949
FW2252326.UP.FTS.B,
21.53%,
12/15/24
.
5,482
5,432
FW2249426.UP.FTS.B,
22.47%,
12/15/24
.
4,692
4,424
FW2251845.UP.FTS.B,
22.89%,
12/15/24
.
1,352
1,334
L2251577.UP.FTS.B,
23.09%,
12/15/24
...
2,235
2,205
Franklin
Universal
Trust
Schedule
of
Investments
(unaudited)
franklintempleton.com
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Semiannual
Report
33
Description
Principal
Amount
Value
Marketplace
Loans
(continued)
Upstart
Network,
Inc.
(continued)
L2253201.UP.FTS.B,
23.48%,
12/15/24
...
$
2,075
$
2,046
FW2250071.UP.FTS.B,
30.65%,
12/15/24
.
4,640
4,375
L2499293.UP.FTS.B,
6.07%,
1/24/25
....
10,555
10,440
L2491823.UP.FTS.B,
6.34%,
1/24/25
....
3,303
3,267
FW2498281.UP.FTS.B,
7.12%,
1/24/25
...
812
803
L2499253.UP.FTS.B,
7.19%,
1/24/25
....
27,867
27,565
L2491568.UP.FTS.B,
7.35%,
1/24/25
....
2,049
2,027
L2499551.UP.FTS.B,
8.93%,
1/24/25
....
6,693
6,633
L2498976.UP.FTS.B,
9.51%,
1/24/25
....
10,068
9,979
L2499846.UP.FTS.B,
10.23%,
1/24/25
....
4,042
4,006
L2498779.UP.FTS.B,
11.48%,
1/24/25
....
678
672
L2497791.UP.FTS.B,
11.97%,
1/24/25
....
2,718
2,693
L2499082.UP.FTS.B,
12.89%,
1/24/25
....
9,553
9,463
FW2499139.UP.FTS.B,
14.86%,
1/24/25
..
1,033
1,027
L2499336.UP.FTS.B,
15.49%,
1/24/25
....
1,037
1,028
L2497860.UP.FTS.B,
16.59%,
1/24/25
....
1,042
1,033
FW2499341.UP.FTS.B,
16.67%,
1/24/25
..
1,031
1,024
L2497587.UP.FTS.B,
16.78%,
1/24/25
....
1,273
1,262
FW2497313.UP.FTS.B,
17.51%,
1/24/25
..
39,125
5,821
L2495345.UP.FTS.B,
20.06%,
1/24/25
....
5,711
1,600
L2499854.UP.FTS.B,
22.79%,
1/24/25
....
4,998
4,955
L2500532.UP.FTS.B,
23.03%,
1/24/25
....
1,215
1,203
FW2497753.UP.FTS.B,
26.22%,
1/24/25
..
4,346
4,303
FW2499886.UP.FTS.B,
26.23%,
1/24/25
..
10,143
10,056
FW2498195.UP.FTS.B,
26.98%,
1/24/25
..
6,425
6,356
FW2497524.UP.FTS.B,
28.76%,
1/24/25
..
2,155
2,132
FW2496668.UP.FTS.B,
5.04%,
1/25/25
...
14,959
14,800
L2501009.UP.FTS.B,
5.3%,
1/25/25
.....
6,571
6,499
L2501544.UP.FTS.B,
6.11%,
1/25/25
.....
2,309
2,284
L2477274.UP.FTS.B,
6.54%,
1/25/25
....
4,287
4,243
L2502696.UP.FTS.B,
7.45%,
1/25/25
....
3,297
3,268
FW2502837.UP.FTS.B,
8.49%,
1/25/25
...
668
661
L2501769.UP.FTS.B,
8.83%,
1/25/25
....
6,689
6,623
FW2502102.UP.FTS.B,
9.39%,
1/25/25
...
420
415
L2501978.UP.FTS.B,
10.16%,
1/25/25
....
1,347
1,335
L2502709.UP.FTS.B,
10.64%,
1/25/25
....
11,713
11,599
FW2502461.UP.FTS.B,
10.75%,
1/25/25
..
1,705
1,687
L2503015.UP.FTS.B,
11.17%,
1/25/25
....
675
670
FW2503195.UP.FTS.B,
11.21%,
1/25/25
..
9,137
9,053
L2501275.UP.FTS.B,
11.42%,
1/25/25
....
1,829
1,813
L2502561.UP.FTS.B,
11.5%,
1/25/25
.....
1,990
1,974
FW2501076.UP.FTS.B,
12.39%,
1/25/25
..
535
529
L2500956.UP.FTS.B,
13.21%,
1/25/25
....
1,888
1,871
L2501451.UP.FTS.B,
13.58%,
1/25/25
....
433
428
FW2503345.UP.FTS.B,
13.6%,
1/25/25
...
2,054
2,036
FW2503482.UP.FTS.B,
16.69%,
1/25/25
..
763
759
L2502390.UP.FTS.B,
16.88%,
1/25/25
....
828
60
FW2501793.UP.FTS.B,
17.35%,
1/25/25
..
1,394
1,386
L2502079.UP.FTS.B,
20.91%,
1/25/25
....
3,540
3,521
L2502143.UP.FTS.B,
21.34%,
1/25/25
....
8,821
8,698
L2501394.UP.FTS.B,
21.45%,
1/25/25
....
9,062
8,976
L2500631.UP.FTS.B,
22.56%,
1/25/25
....
7,132
7,046
FW2502139.UP.FTS.B,
27.5%,
1/25/25
...
4,370
4,317
FW2501617.UP.FTS.B,
27.92%,
1/25/25
..
14,591
14,452
FW2503206.UP.FTS.B,
28.84%,
1/25/25
..
818
806
FW2503051.UP.FTS.B,
29.1%,
1/25/25
...
739
730
L1729059.UP.FTS.B,
7.36%,
2/17/25
....
953
941
L1730069.UP.FTS.B,
14.07%,
2/17/25
....
12,564
12,497
Description
Principal
Amount
Value
Upstart
Network,
Inc.
(continued)
FW1729714.UP.FTS.B,
27.13%,
2/17/25
..
$
3,810
$
3,585
L2031949.UP.FTS.B,
13.15%,
4/12/25
....
8,305
8,182
FW2032368.UP.FTS.B,
20.11%,
4/12/25
..
7,031
6,963
L2030998.UP.FTS.B,
20.7%,
4/12/25
....
9,915
676
FW2032694.UP.FTS.B,
22.49%,
4/12/25
..
4,597
4,500
L2971722.UP.FTS.B,
8.62%,
4/19/25
....
14,285
14,130
L2972108.UP.FTS.B,
15.03%,
4/19/25
....
2,528
2,496
L2970836.UP.FTS.B,
15.68%,
4/19/25
....
3,830
3,793
L2970738.UP.FTS.B,
18.85%,
4/19/25
....
3,097
3,064
FW2971973.UP.FTS.B,
20.05%,
4/19/25
..
3,103
2,925
FW2972173.UP.FTS.B,
22.89%,
4/19/25
..
8,355
8,225
L2103839.UP.FTS.B,
11.98%,
4/23/25
....
4,565
4,513
L2102178.UP.FTS.B,
21.01%,
4/23/25
....
2,685
194
FW2102772.UP.FTS.B,
25.91%,
4/23/25
..
4,375
1,274
FW2103646.UP.FTS.B,
26.77%,
4/23/25
..
2,156
37
FW2248798.UP.FTS.B,
28.6%,
5/14/25
...
1,572
1,544
L2253679.UP.FTS.B,
22.11%,
5/15/25
....
3,441
511
FW2249116.UP.FTS.B,
28.33%,
5/15/25
..
981
968
L2503447.UP.FTS.B,
21.45%,
6/25/25
....
6,269
153
FW1729657.UP.FTS.B,
9.44%,
9/17/26
...
5,339
5,294
L1729743.UP.FTS.B,
11.64%,
9/17/26
....
38,642
38,267
L1728160.UP.FTS.B,
12.23%,
9/17/26
....
3,878
3,840
FW1730300.UP.FTS.B,
13.99%,
9/17/26
..
3,735
3,687
L1728895.UP.FTS.B,
14.87%,
9/17/26
....
2,558
353
L1730112.UP.FTS.B,
15.91%,
9/17/26
....
2,375
2,348
L1729289.UP.FTS.B,
17.07%,
9/17/26
....
2,390
2,363
FW1729819.UP.FTS.B,
18.12%,
9/17/26
..
1,848
264
FW1729970.UP.FTS.B,
18.27%,
9/17/26
..
20,423
19,201
L1729699.UP.FTS.B,
18.77%,
9/17/26
....
2,545
2,507
L1729786.UP.FTS.B,
18.84%,
9/17/26
....
4,826
4,762
L1729529.UP.FTS.B,
20.22%,
9/17/26
....
10,464
10,438
L1729751.UP.FTS.B,
20.66%,
9/17/26
....
5,685
5,661
FW1730043.UP.FTS.B,
21.14%,
9/17/26
..
3,743
3,727
FW1729704.UP.FTS.B,
21.57%,
9/17/26
..
16,310
16,092
L1730077.UP.FTS.B,
21.62%,
9/17/26
....
5,229
5,146
L1730290.UP.FTS.B,
23.01%,
9/17/26
....
6,242
6,216
L1730120.UP.FTS.B,
23.06%,
9/17/26
....
9,082
9,047
L1729719.UP.FTS.B,
23.41%,
9/17/26
....
8,113
8,088
L1729627.UP.FTS.B,
24.42%,
9/17/26
....
8,266
8,231
L1729824.UP.FTS.B,
25.14%,
9/17/26
....
5,455
5,441
L1728842.UP.FTS.B,
25.21%,
9/17/26
....
17,495
250
L1729392.UP.FTS.B,
25.28%,
9/17/26
....
828
826
FW1729883.UP.FTS.B,
25.62%,
9/17/26
..
4,146
4,136
FW1729302.UP.FTS.B,
28.5%,
9/17/26
...
1,178
1,174
FW1730388.UP.FTS.B,
28.64%,
9/17/26
..
12,970
12,917
FW1729684.UP.FTS.B,
29.1%,
9/17/26
...
10,724
3,157
FW1729744.UP.FTS.B,
29.63%,
9/17/26
..
7,612
7,581
FW1729641.UP.FTS.B,
30.22%,
9/17/26
..
4,070
4,053
FW1728143.UP.FTS.B,
30.44%,
9/17/26
..
4,498
4,480
FW1730150.UP.FTS.B,
30.64%,
9/17/26
..
981
973
FW1729402.UP.FTS.B,
31.22%,
9/17/26
..
19,128
1,349
FW1728162.UP.FTS.B,
31.41%,
9/17/26
..
2,745
193
FW1729390.UP.FTS.B,
32.18%,
9/17/26
..
2,045
2,040
FW1728926.UP.FTS.B,
32.35%,
9/17/26
..
2,340
2,331
FW1729788.UP.FTS.B,
32.4%,
9/17/26
...
4,816
1,418
FW1902353.UP.FTS.B,
5.71%,
10/22/26
..
10,650
10,576
L1902780.UP.FTS.B,
7.49%,
10/22/26
....
5,350
5,307
L1902219.UP.FTS.B,
10.65%,
10/22/26
...
7,831
7,759
Franklin
Universal
Trust
Schedule
of
Investments
(unaudited)
franklintempleton.com
Semiannual
Report
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
34
Description
Principal
Amount
Value
Marketplace
Loans
(continued)
Upstart
Network,
Inc.
(continued)
L1901633.UP.FTS.B,
11.17%,
10/22/26
...
$
3,927
$
3,891
L1901059.UP.FTS.B,
11.8%,
10/22/26
....
3,130
3,103
L1901748.UP.FTS.B,
12.93%,
10/22/26
...
7,116
7,055
L1902477.UP.FTS.B,
13.65%,
10/22/26
...
8,115
8,038
FW1902782.UP.FTS.B,
14.11%,
10/22/26
.
15,916
15,783
L1901083.UP.FTS.B,
14.22%,
10/22/26
...
3,593
3,561
L1902333.UP.FTS.B,
15.82%,
10/22/26
...
19,327
19,116
FW1901571.UP.FTS.B,
16.95%,
10/22/26
.
10,124
10,014
L1901582.UP.FTS.B,
17.7%,
10/22/26
....
17,235
17,048
L1901001.UP.FTS.B,
18.48%,
10/22/26
...
3,580
3,528
FW1901195.UP.FTS.B,
18.66%,
10/22/26
.
1,879
1,855
L1901585.UP.FTS.B,
18.87%,
10/22/26
...
994
978
L1901212.UP.FTS.B,
19.55%,
10/22/26
...
4,939
4,923
L1902855.UP.FTS.B,
19.55%,
10/22/26
...
2,461
2,430
L1901595.UP.FTS.B,
20.19%,
10/22/26
...
3,785
3,738
L1900981.UP.FTS.B,
20.57%,
10/22/26
...
2,901
2,864
L1901936.UP.FTS.B,
21.29%,
10/22/26
...
9,099
9,069
FW1902510.UP.FTS.B,
21.87%,
10/22/26
.
16,831
16,751
L1902424.UP.FTS.B,
22.14%,
10/22/26
...
10,712
10,677
L1902840.UP.FTS.B,
22.56%,
10/22/26
...
10,899
10,764
L1901067.UP.FTS.B,
23.17%,
10/22/26
...
12,514
12,474
FW1902786.UP.FTS.B,
23.49%,
10/22/26
.
9,851
709
L1902567.UP.FTS.B,
23.92%,
10/22/26
...
21,381
21,290
L1901771.UP.FTS.B,
24.44%,
10/22/26
...
4,319
4,278
L1901141.UP.FTS.B,
24.79%,
10/22/26
...
1,701
1,696
L1902683.UP.FTS.B,
25.19%,
10/22/26
...
10,100
10,068
L1901660.UP.FTS.B,
25.23%,
10/22/26
...
1,429
1,426
L1901951.UP.FTS.B,
25.24%,
10/22/26
...
2,021
2,014
FW1902836.UP.FTS.B,
25.41%,
10/22/26
.
41,408
41,304
L1902657.UP.FTS.B,
25.42%,
10/22/26
...
1,764
1,758
FW1902401.UP.FTS.B,
25.71%,
10/22/26
.
3,965
3,953
L1902021.UP.FTS.B,
25.72%,
10/22/26
...
2,193
2,187
FW1902199.UP.FTS.B,
26.04%,
10/22/26
.
3,548
3,537
FW1902133.UP.FTS.B,
27.21%,
10/22/26
.
16,977
16,925
FW1886406.UP.FTS.B,
27.97%,
10/22/26
.
10,672
3,161
FW1901053.UP.FTS.B,
28.68%,
10/22/26
.
2,989
2,980
FW1901629.UP.FTS.B,
31%,
10/22/26
...
3,874
(8)
FW1901509.UP.FTS.B,
31.16%,
10/22/26
.
7,104
7,066
FW1902391.UP.FTS.B,
31.19%,
10/22/26
.
3,091
3,087
FW1901303.UP.FTS.B,
31.21%,
10/22/26
.
3,278
3,268
FW1900628.UP.FTS.B,
31.23%,
10/22/26
.
949
946
FW1902299.UP.FTS.B,
31.27%,
10/22/26
.
6,938
6,908
FW1902681.UP.FTS.B,
31.63%,
10/22/26
.
6,911
6,891
FW1901994.UP.FTS.B,
32.7%,
10/22/26
..
6,607
6,589
L2031623.UP.FTS.B,
9.89%,
11/12/26
....
29,060
28,809
L2032896.UP.FTS.B,
9.9%,
11/12/26
.....
5,558
5,511
L2031352.UP.FTS.B,
11.14%,
11/12/26
...
1,961
1,941
L2032147.UP.FTS.B,
11.65%,
11/12/26
...
6,413
6,344
L2032600.UP.FTS.B,
12.19%,
11/12/26
...
5,972
5,910
L2032561.UP.FTS.B,
12.57%,
11/12/26
...
12,093
11,963
FW2032979.UP.FTS.B,
12.77%,
11/12/26
.
6,450
6,380
L2032884.UP.FTS.B,
12.78%,
11/12/26
...
6,450
6,381
FW2032727.UP.FTS.B,
12.91%,
11/12/26
.
2,824
2,793
L2032885.UP.FTS.B,
12.92%,
11/12/26
...
3,917
3,876
L2032155.UP.FTS.B,
12.96%,
11/12/26
...
6,461
6,392
FW2031248.UP.FTS.B,
13.13%,
11/12/26
.
6,303
6,236
FW2032795.UP.FTS.B,
13.19%,
11/12/26
.
6,464
6,394
L2030856.UP.FTS.B,
13.22%,
11/12/26
...
7,967
7,627
Description
Principal
Amount
Value
Upstart
Network,
Inc.
(continued)
L2030962.UP.FTS.B,
13.54%,
11/12/26
...
$
6,599
$
6,193
FW2032278.UP.FTS.B,
13.85%,
11/12/26
.
4,011
3,970
L2032791.UP.FTS.B,
14.03%,
11/12/26
...
2,401
2,377
L2032226.UP.FTS.B,
14.31%,
11/12/26
...
19,780
19,578
L2031580.UP.FTS.B,
14.88%,
11/12/26
...
1,301
1,285
L2032373.UP.FTS.B,
14.92%,
11/12/26
...
8,148
8,062
FW2032722.UP.FTS.B,
14.98%,
11/12/26
.
6,627
6,219
L2032174.UP.FTS.B,
15.1%,
11/12/26
....
5,893
1,502
FW2032454.UP.FTS.B,
15.76%,
11/12/26
.
4,037
3,963
L2032268.UP.FTS.B,
15.84%,
11/12/26
...
17,085
16,855
L2033071.UP.FTS.B,
15.91%,
11/12/26
...
3,031
2,999
FW2031845.UP.FTS.B,
15.93%,
11/12/26
.
12,386
12,219
FW2032538.UP.FTS.B,
16.45%,
11/12/26
.
4,104
4,061
L2032366.UP.FTS.B,
16.55%,
11/12/26
...
6,375
6,309
L2033082.UP.FTS.B,
16.64%,
11/12/26
...
13,780
13,639
L2030808.UP.FTS.B,
16.75%,
11/12/26
...
6,987
6,913
FW2032502.UP.FTS.B,
16.77%,
11/12/26
.
6,583
6,514
L2033005.UP.FTS.B,
16.99%,
11/12/26
...
3,336
3,132
L2033008.UP.FTS.B,
17.14%,
11/12/26
...
5,271
5,198
L2031479.UP.FTS.B,
17.32%,
11/12/26
...
12,912
3,471
L2032509.UP.FTS.B,
17.7%,
11/12/26
....
3,121
225
L2030768.UP.FTS.B,
17.71%,
11/12/26
...
4,128
4,072
L2032284.UP.FTS.B,
17.94%,
11/12/26
...
4,139
4,072
L2032006.UP.FTS.B,
17.99%,
11/12/26
...
5,232
5,146
FW2031117.UP.FTS.B,
18.34%,
11/12/26
.
8,281
8,147
L2032837.UP.FTS.B,
18.39%,
11/12/26
...
8,283
8,170
L2030864.UP.FTS.B,
18.46%,
11/12/26
...
7,954
7,871
L2032849.UP.FTS.B,
19.14%,
11/12/26
...
9,973
9,836
FW2032194.UP.FTS.B,
19.49%,
11/12/26
.
6,243
6,142
L2030806.UP.FTS.B,
19.55%,
11/12/26
...
3,331
3,277
FW2032947.UP.FTS.B,
19.59%,
11/12/26
.
20,870
20,654
L2031425.UP.FTS.B,
19.77%,
11/12/26
...
5,195
5,116
L2031289.UP.FTS.B,
19.82%,
11/12/26
...
6,669
6,561
L2032060.UP.FTS.B,
20.25%,
11/12/26
...
5,011
4,930
L2032456.UP.FTS.B,
20.93%,
11/12/26
...
1,254
1,236
L2030794.UP.FTS.B,
21.21%,
11/12/26
...
1,426
1,403
L2032266.UP.FTS.B,
21.24%,
11/12/26
...
4,198
4,165
FW2033134.UP.FTS.B,
22.19%,
11/12/26
.
6,520
6,471
L2032742.UP.FTS.B,
22.42%,
11/12/26
...
2,486
2,448
L2031168.UP.FTS.B,
24.05%,
11/12/26
...
4,244
4,211
L2029169.UP.FTS.B,
24.06%,
11/12/26
...
10,725
766
L2032183.UP.FTS.B,
24.12%,
11/12/26
...
8,491
8,425
FW2032995.UP.FTS.B,
24.13%,
11/12/26
.
2,553
2,512
FW2031872.UP.FTS.B,
24.66%,
11/12/26
.
25,535
25,338
L2031986.UP.FTS.B,
24.81%,
11/12/26
...
9,087
647
FW2033202.UP.FTS.B,
25.01%,
11/12/26
.
13,515
13,427
L2032407.UP.FTS.B,
25.01%,
11/12/26
...
1,030
977
L2031441.UP.FTS.B,
25.1%,
11/12/26
....
3,462
249
L2031569.UP.FTS.B,
25.11%,
11/12/26
...
3,836
3,806
L2032689.UP.FTS.B,
25.21%,
11/12/26
...
4,946
4,866
FW2031174.UP.FTS.B,
25.25%,
11/12/26
.
8,026
7,975
L2032525.UP.FTS.B,
25.33%,
11/12/26
...
853
839
L2031145.UP.FTS.B,
25.44%,
11/12/26
...
4,012
3,947
L2030886.UP.FTS.B,
25.5%,
11/12/26
....
17,674
17,537
L2031934.UP.FTS.B,
25.51%,
11/12/26
...
2,561
2,542
FW2031600.UP.FTS.B,
26.6%,
11/12/26
..
4,217
4,188
FW2030941.UP.FTS.B,
26.62%,
11/12/26
.
25,002
24,847
FW2031539.UP.FTS.B,
26.65%,
11/12/26
.
4,325
4,294
Franklin
Universal
Trust
Schedule
of
Investments
(unaudited)
franklintempleton.com
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Semiannual
Report
35
Description
Principal
Amount
Value
Marketplace
Loans
(continued)
Upstart
Network,
Inc.
(continued)
L2032677.UP.FTS.B,
26.71%,
11/12/26
...
$
6,863
$
6,810
FW2032771.UP.FTS.B,
26.84%,
11/12/26
.
3,150
16
FW2032877.UP.FTS.B,
27.2%,
11/12/26
..
4,236
4,207
FW2003411.UP.FTS.B,
27.5%,
11/12/26
..
6,454
6,405
FW2032753.UP.FTS.B,
27.55%,
11/12/26
.
1,202
1,195
FW2031263.UP.FTS.B,
27.74%,
11/12/26
.
3,533
3,344
FW2032946.UP.FTS.B,
27.87%,
11/12/26
.
21,804
21,655
FW2032549.UP.FTS.B,
29.36%,
11/12/26
.
2,312
164
FW2033144.UP.FTS.B,
29.76%,
11/12/26
.
2,693
783
FW2032040.UP.FTS.B,
29.84%,
11/12/26
.
1,667
118
FW2032799.UP.FTS.B,
29.91%,
11/12/26
.
2,083
2,068
FW2030797.UP.FTS.B,
30%,
11/12/26
...
19,679
19,541
FW2033131.UP.FTS.B,
30.02%,
11/12/26
.
705
692
FW2033213.UP.FTS.B,
30.17%,
11/12/26
.
1,303
1,293
FW2031474.UP.FTS.B,
30.22%,
11/12/26
.
2,947
2,929
FW2031432.UP.FTS.B,
30.62%,
11/12/26
.
3,948
279
FW2031644.UP.FTS.B,
30.67%,
11/12/26
.
1,567
1,555
FW2031627.UP.FTS.B,
30.86%,
11/12/26
.
4,355
4,322
FW2032625.UP.FTS.B,
30.96%,
11/12/26
.
678
47
FW2031985.UP.FTS.B,
31%,
11/12/26
...
1,690
1,670
FW2031873.UP.FTS.B,
31.05%,
11/12/26
.
872
865
FW2032325.UP.FTS.B,
31.07%,
11/12/26
.
1,046
1,038
FW2031596.UP.FTS.B,
31.1%,
11/12/26
..
4,820
4,787
FW2032994.UP.FTS.B,
31.15%,
11/12/26
.
2,832
414
FW2033066.UP.FTS.B,
31.16%,
11/12/26
.
6,366
6,317
FW2031715.UP.FTS.B,
31.33%,
11/12/26
.
4,188
4,156
FW2033208.UP.FTS.B,
31.39%,
11/12/26
.
3,315
3,295
FW2101958.UP.FTS.B,
6.23%,
11/23/26
..
30,359
30,159
L2101736.UP.FTS.B,
8.06%,
11/23/26
....
759
753
L2103598.UP.FTS.B,
8.71%,
11/23/26
....
12,628
12,529
L2102006.UP.FTS.B,
8.84%,
11/23/26
....
39,489
39,182
FW2103621.UP.FTS.B,
10.34%,
11/23/26
.
4,677
4,636
L2101981.UP.FTS.B,
11.14%,
11/23/26
...
7,170
7,110
L2102059.UP.FTS.B,
12.22%,
11/23/26
...
17,029
16,885
L2101522.UP.FTS.B,
12.34%,
11/23/26
...
26,948
26,708
L2103822.UP.FTS.B,
12.78%,
11/23/26
...
4,031
3,996
L2101315.UP.FTS.B,
12.86%,
11/23/26
...
5,646
5,596
L2102939.UP.FTS.B,
13.35%,
11/23/26
...
2,830
2,805
L2076017.UP.FTS.B,
13.49%,
11/23/26
...
3,073
3,046
L2095249.UP.FTS.B,
14.31%,
11/23/26
...
12,999
12,886
L2101130.UP.FTS.B,
14.68%,
11/23/26
...
2,854
232
L2102807.UP.FTS.B,
15.1%,
11/23/26
....
12,916
12,758
FW2102638.UP.FTS.B,
15.48%,
11/23/26
.
7,350
7,277
L2068146.UP.FTS.B,
16.06%,
11/23/26
...
8,193
8,104
L2102751.UP.FTS.B,
16.5%,
11/23/26
....
3,284
3,249
L2103150.UP.FTS.B,
16.57%,
11/23/26
...
4,928
4,886
FW2101751.UP.FTS.B,
16.63%,
11/23/26
.
16,431
16,253
L2101428.UP.FTS.B,
17.6%,
11/23/26
....
12,973
3,548
L2099233.UP.FTS.B,
17.83%,
11/23/26
...
13,163
13,033
L2050778.UP.FTS.B,
18.01%,
11/23/26
...
7,554
7,474
FW2101742.UP.FTS.B,
18.05%,
11/23/26
.
6,371
6,303
L2102561.UP.FTS.B,
18.92%,
11/23/26
...
4,188
4,143
L2102051.UP.FTS.B,
19.71%,
11/23/26
...
4,735
4,670
L2103543.UP.FTS.B,
19.91%,
11/23/26
...
820
810
FW2102941.UP.FTS.B,
20.37%,
11/23/26
.
16,713
16,654
L2102313.UP.FTS.B,
20.5%,
11/23/26
....
1,246
1,243
L2102253.UP.FTS.B,
20.85%,
11/23/26
...
6,532
6,510
L2102703.UP.FTS.B,
20.89%,
11/23/26
...
4,308
1,254
Description
Principal
Amount
Value
Upstart
Network,
Inc.
(continued)
L2103666.UP.FTS.B,
21.53%,
11/23/26
...
$
6,693
$
481
L2103089.UP.FTS.B,
22.24%,
11/23/26
...
6,953
2,026
FW2102410.UP.FTS.B,
22.44%,
11/23/26
.
4,199
4,191
L2103055.UP.FTS.B,
22.44%,
11/23/26
...
1,096
1,083
L2102400.UP.FTS.B,
22.64%,
11/23/26
...
5,025
5,014
L2101750.UP.FTS.B,
24.17%,
11/23/26
...
6,051
6,023
L2102299.UP.FTS.B,
24.27%,
11/23/26
...
5,741
879
L2103547.UP.FTS.B,
24.76%,
11/23/26
...
936
927
FW2102727.UP.FTS.B,
24.84%,
11/23/26
.
3,406
3,395
L2103842.UP.FTS.B,
25.11%,
11/23/26
...
3,410
3,368
L2102211.UP.FTS.B,
25.3%,
11/23/26
....
917
65
L2101935.UP.FTS.B,
25.31%,
11/23/26
...
1,109
1,105
L2103945.UP.FTS.B,
25.34%,
11/23/26
...
2,358
2,349
L2103197.UP.FTS.B,
25.35%,
11/23/26
...
7,323
519
L2101880.UP.FTS.B,
25.39%,
11/23/26
...
2,562
2,553
L2101888.UP.FTS.B,
25.4%,
11/23/26
....
8,710
623
L2103491.UP.FTS.B,
25.4%,
11/23/26
....
885
876
L2102577.UP.FTS.B,
25.42%,
11/23/26
...
5,352
379
L2102346.UP.FTS.B,
25.43%,
11/23/26
...
4,438
4,424
L2103588.UP.FTS.B,
25.44%,
11/23/26
...
3,158
3,148
L2103899.UP.FTS.B,
25.44%,
11/23/26
...
3,168
485
FW2102485.UP.FTS.B,
25.59%,
11/23/26
.
404
29
L2102991.UP.FTS.B,
25.76%,
11/23/26
...
3,722
579
L2102028.UP.FTS.B,
25.89%,
11/23/26
...
5,130
5,114
L2052565.UP.FTS.B,
26.09%,
11/23/26
...
13,949
13,904
FW2101678.UP.FTS.B,
26.5%,
11/23/26
..
3,000
2,990
L2102238.UP.FTS.B,
26.56%,
11/23/26
...
7,784
549
FW2103284.UP.FTS.B,
27.1%,
11/23/26
..
3,436
3,425
FW2103532.UP.FTS.B,
28.75%,
11/23/26
.
8,644
8,617
FW2103644.UP.FTS.B,
29%,
11/23/26
...
4,650
329
FW2102776.UP.FTS.B,
29.73%,
11/23/26
.
1,658
116
FW2102091.UP.FTS.B,
29.86%,
11/23/26
.
5,092
5,079
FW2101041.UP.FTS.B,
30.44%,
11/23/26
.
6,068
6,058
FW2102371.UP.FTS.B,
30.85%,
11/23/26
.
6,800
6,778
FW2102995.UP.FTS.B,
30.88%,
11/23/26
.
1,098
1,094
FW2103415.UP.FTS.B,
31.09%,
11/23/26
.
11,356
11,318
FW2103786.UP.FTS.B,
31.2%,
11/23/26
..
1,406
1,398
FW2103069.UP.FTS.B,
31.22%,
11/23/26
.
1,919
1,913
FW2102405.UP.FTS.B,
31.83%,
11/23/26
.
2,188
(9)
FW2102063.UP.FTS.B,
31.99%,
11/23/26
.
13,468
13,428
L2250662.UP.FTS.B,
8.88%,
12/14/26
....
8,853
8,774
L2249279.UP.FTS.B,
9.09%,
12/14/26
....
4,028
3,992
L2251398.UP.FTS.B,
9.28%,
12/14/26
....
6,451
6,394
L2250255.UP.FTS.B,
9.36%,
12/14/26
....
2,584
2,556
L2250829.UP.FTS.B,
9.77%,
12/14/26
....
1,290
1,275
L2247842.UP.FTS.B,
9.8%,
12/14/26
....
5,983
5,930
L2251213.UP.FTS.B,
9.85%,
12/14/26
....
9,705
9,598
FW2251249.UP.FTS.B,
10.34%,
12/14/26
.
15,404
15,234
L2248805.UP.FTS.B,
10.51%,
12/14/26
...
8,361
2,124
L2249903.UP.FTS.B,
11.03%,
12/14/26
...
2,440
2,413
FW2249671.UP.FTS.B,
11.35%,
12/14/26
.
15,276
15,136
L2251005.UP.FTS.B,
11.75%,
12/14/26
...
13,142
12,997
FW2249158.UP.FTS.B,
11.8%,
12/14/26
..
12,247
12,112
L2251043.UP.FTS.B,
12.11%,
12/14/26
...
26,166
25,878
L2250070.UP.FTS.B,
12.15%,
12/14/26
...
5,707
5,646
L2251230.UP.FTS.B,
12.48%,
12/14/26
...
1,598
1,581
L2249726.UP.FTS.B,
12.59%,
12/14/26
...
7,326
7,249
L2251302.UP.FTS.B,
12.76%,
12/14/26
...
4,913
4,862
Franklin
Universal
Trust
Schedule
of
Investments
(unaudited)
franklintempleton.com
Semiannual
Report
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
36
Description
Principal
Amount
Value
Marketplace
Loans
(continued)
Upstart
Network,
Inc.
(continued)
L2250389.UP.FTS.B,
13.11%,
12/14/26
...
$
16,322
$
16,149
L2247235.UP.FTS.B,
13.18%,
12/14/26
...
3,287
3,251
L2250820.UP.FTS.B,
13.59%,
12/14/26
...
2,635
2,606
FW2250025.UP.FTS.B,
13.65%,
12/14/26
.
6,180
6,112
FW2249624.UP.FTS.B,
13.82%,
12/14/26
.
4,539
4,489
L2240508.UP.FTS.B,
14.03%,
12/14/26
...
355
351
L2251167.UP.FTS.B,
14.16%,
12/14/26
...
7,018
6,941
L2247268.UP.FTS.B,
14.22%,
12/14/26
...
40,819
40,265
L2249868.UP.FTS.B,
14.41%,
12/14/26
...
4,968
4,914
L2250559.UP.FTS.B,
14.84%,
12/14/26
...
6,233
6,166
FW2250857.UP.FTS.B,
15.23%,
12/14/26
.
24,668
24,334
L2251440.UP.FTS.B,
16.23%,
12/14/26
...
1,211
1,194
L2249248.UP.FTS.B,
16.43%,
12/14/26
...
9,939
9,805
L2250291.UP.FTS.B,
16.44%,
12/14/26
...
6,676
6,581
L2250670.UP.FTS.B,
16.58%,
12/14/26
...
4,174
4,128
L2250624.UP.FTS.B,
16.92%,
12/14/26
...
5,016
4,945
L2249982.UP.FTS.B,
16.98%,
12/14/26
...
993
315
L2249388.UP.FTS.B,
17.25%,
12/14/26
...
5,491
401
FW2250678.UP.FTS.B,
17.4%,
12/14/26
..
2,992
802
L2249629.UP.FTS.B,
17.8%,
12/14/26
....
5,320
5,264
L2249002.UP.FTS.B,
18.13%,
12/14/26
...
2,941
2,892
L2250560.UP.FTS.B,
18.18%,
12/14/26
...
8,405
8,264
FW2248499.UP.FTS.B,
18.23%,
12/14/26
.
4,496
644
FW2248341.UP.FTS.B,
18.43%,
12/14/26
.
21,406
20,087
L2248252.UP.FTS.B,
18.48%,
12/14/26
...
2,530
2,488
FW2249113.UP.FTS.B,
18.58%,
12/14/26
.
21,048
20,694
FW2249102.UP.FTS.B,
18.66%,
12/14/26
.
5,272
764
L2249404.UP.FTS.B,
18.82%,
12/14/26
...
3,528
980
L2250154.UP.FTS.B,
19.32%,
12/14/26
...
8,687
2,352
L2250893.UP.FTS.B,
19.53%,
12/14/26
...
18,407
1,315
L2250499.UP.FTS.B,
19.65%,
12/14/26
...
3,045
3,001
L2251037.UP.FTS.B,
19.7%,
12/14/26
....
1,523
1,501
L2249412.UP.FTS.B,
19.96%,
12/14/26
...
1,710
1,686
L2248975.UP.FTS.B,
19.98%,
12/14/26
...
8,879
8,752
FW2251119.UP.FTS.B,
20.09%,
12/14/26
.
1,551
1,527
L2249483.UP.FTS.B,
20.19%,
12/14/26
...
8,477
8,334
FW2250352.UP.FTS.B,
20.38%,
12/14/26
.
26,868
771
FW2250365.UP.FTS.B,
20.49%,
12/14/26
.
25,230
24,884
L2250843.UP.FTS.B,
20.5%,
12/14/26
....
4,669
4,590
L2250558.UP.FTS.B,
20.67%,
12/14/26
...
6,880
6,820
L2251409.UP.FTS.B,
20.71%,
12/14/26
...
10,194
10,022
L2251393.UP.FTS.B,
20.81%,
12/14/26
...
4,203
4,170
L2249780.UP.FTS.B,
21.14%,
12/14/26
...
6,808
6,749
L2250707.UP.FTS.B,
21.52%,
12/14/26
...
5,089
5,020
L2249030.UP.FTS.B,
21.69%,
12/14/26
...
1,876
1,845
L2249288.UP.FTS.B,
21.82%,
12/14/26
...
4,608
4,568
L2249149.UP.FTS.B,
21.87%,
12/14/26
...
8,535
8,391
FW2248314.UP.FTS.B,
21.92%,
12/14/26
.
2,988
2,962
L2249898.UP.FTS.B,
22.33%,
12/14/26
...
18,775
18,524
L2250188.UP.FTS.B,
22.59%,
12/14/26
...
4,498
170
L2251333.UP.FTS.B,
22.77%,
12/14/26
...
13,900
13,781
L2250436.UP.FTS.B,
22.79%,
12/14/26
...
15,419
15,285
L2249183.UP.FTS.B,
22.87%,
12/14/26
...
2,999
2,973
L2250392.UP.FTS.B,
22.93%,
12/14/26
...
2,814
810
L2250810.UP.FTS.B,
23.01%,
12/14/26
...
6,169
1,770
FW2251497.UP.FTS.B,
23.11%,
12/14/26
.
5,182
5,089
L2249529.UP.FTS.B,
23.39%,
12/14/26
...
9,237
666
L2250010.UP.FTS.B,
23.56%,
12/14/26
...
4,296
4,258
Description
Principal
Amount
Value
Upstart
Network,
Inc.
(continued)
FW2248500.UP.FTS.B,
23.6%,
12/14/26
..
$
2,579
$
2,557
FW2248932.UP.FTS.B,
23.62%,
12/14/26
.
1,731
1,716
L2249765.UP.FTS.B,
23.67%,
12/14/26
...
3,438
3,408
L2250948.UP.FTS.B,
23.7%,
12/14/26
....
38,681
38,344
L2248306.UP.FTS.B,
23.97%,
12/14/26
...
21,512
21,325
FW2249399.UP.FTS.B,
24.09%,
12/14/26
.
3,874
3,809
L2249615.UP.FTS.B,
24.09%,
12/14/26
...
203
200
L2250334.UP.FTS.B,
24.44%,
12/14/26
...
7,499
7,373
L2250245.UP.FTS.B,
24.75%,
12/14/26
...
1,717
1,705
L2251223.UP.FTS.B,
24.89%,
12/14/26
...
5,499
385
L2250314.UP.FTS.B,
24.91%,
12/14/26
...
3,022
2,999
L2249782.UP.FTS.B,
24.98%,
12/14/26
...
3,628
3,596
L2248144.UP.FTS.B,
25.08%,
12/14/26
...
4,140
3,915
L2250779.UP.FTS.B,
25.12%,
12/14/26
...
1,642
1,628
L2249254.UP.FTS.B,
25.13%,
12/14/26
...
6,914
6,854
L2248450.UP.FTS.B,
25.14%,
12/14/26
...
5,189
5,115
L2249986.UP.FTS.B,
25.21%,
12/14/26
...
1,670
120
L2248417.UP.FTS.B,
25.23%,
12/14/26
...
1,902
1,885
L2249856.UP.FTS.B,
25.32%,
12/14/26
...
1,038
1,029
L2240158.UP.FTS.B,
25.37%,
12/14/26
...
10,411
2,938
L2250087.UP.FTS.B,
25.37%,
12/14/26
...
384
377
L2249823.UP.FTS.B,
25.41%,
12/14/26
...
3,834
3,779
L2249987.UP.FTS.B,
25.42%,
12/14/26
...
1,869
276
L2251395.UP.FTS.B,
25.45%,
12/14/26
...
1,904
1,887
L2251149.UP.FTS.B,
25.46%,
12/14/26
...
2,184
2,166
L2249309.UP.FTS.B,
25.75%,
12/14/26
...
3,638
3,606
L2250992.UP.FTS.B,
25.92%,
12/14/26
...
8,677
8,602
FW2250494.UP.FTS.B,
25.95%,
12/14/26
.
3,594
530
L2247535.UP.FTS.B,
25.95%,
12/14/26
...
5,476
5,383
FW2250385.UP.FTS.B,
26.11%,
12/14/26
.
2,664
(9)
FW2248550.UP.FTS.B,
26.2%,
12/14/26
..
3,905
3,871
L2249257.UP.FTS.B,
26.38%,
12/14/26
...
7,718
7,655
FW2248463.UP.FTS.B,
26.66%,
12/14/26
.
2,761
195
FW2250572.UP.FTS.B,
27.63%,
12/14/26
.
9,593
9,509
FW2249342.UP.FTS.B,
27.92%,
12/14/26
.
4,986
4,937
FW2251120.UP.FTS.B,
28.37%,
12/14/26
.
11,368
11,268
FW2249976.UP.FTS.B,
28.77%,
12/14/26
.
1,649
1,632
FW2250989.UP.FTS.B,
29.6%,
12/14/26
..
2,016
18
FW2246912.UP.FTS.B,
29.61%,
12/14/26
.
2,804
199
FW2250294.UP.FTS.B,
30.29%,
12/14/26
.
5,616
397
FW2249682.UP.FTS.B,
30.35%,
12/14/26
.
1,445
1,432
FW2249951.UP.FTS.B,
30.44%,
12/14/26
.
1,764
1,749
FW2249983.UP.FTS.B,
30.63%,
12/14/26
.
1,694
1,678
FW2250251.UP.FTS.B,
30.69%,
12/14/26
.
5,168
5,119
FW2251385.UP.FTS.B,
30.75%,
12/14/26
.
4,936
4,852
FW2249049.UP.FTS.B,
30.95%,
12/14/26
.
5,543
5,502
FW2249935.UP.FTS.B,
30.97%,
12/14/26
.
3,262
3,235
FW2247285.UP.FTS.B,
30.98%,
12/14/26
.
5,293
5,246
FW2250818.UP.FTS.B,
31.04%,
12/14/26
.
2,347
163
FW2248234.UP.FTS.B,
31.09%,
12/14/26
.
7,325
7,260
FW2251092.UP.FTS.B,
31.1%,
12/14/26
..
1,677
1,662
FW2250801.UP.FTS.B,
31.11%,
12/14/26
.
2,508
2,483
FW2249041.UP.FTS.B,
31.12%,
12/14/26
.
971
962
FW2250974.UP.FTS.B,
31.12%,
12/14/26
.
2,944
2,916
FW2251215.UP.FTS.B,
31.16%,
12/14/26
.
3,619
3,587
FW2248893.UP.FTS.B,
31.17%,
12/14/26
.
1,589
1,575
FW2249653.UP.FTS.B,
31.19%,
12/14/26
.
3,355
3,325
FW2251410.UP.FTS.B,
31.25%,
12/14/26
.
4,080
4,044
Franklin
Universal
Trust
Schedule
of
Investments
(unaudited)
franklintempleton.com
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Semiannual
Report
37
Description
Principal
Amount
Value
Marketplace
Loans
(continued)
Upstart
Network,
Inc.
(continued)
FW2249397.UP.FTS.B,
31.37%,
12/14/26
.
$
1,481
$
(6)
FW2247969.UP.FTS.B,
31.61%,
12/14/26
.
5,550
5,380
FW2250563.UP.FTS.B,
31.74%,
12/14/26
.
2,918
2,892
L2251963.UP.FTS.B,
7.31%,
12/15/26
....
9,965
9,883
L2252296.UP.FTS.B,
8.02%,
12/15/26
....
12,019
11,916
L2141755.UP.FTS.B,
8.51%,
12/15/26
....
39,423
39,093
L2251219.UP.FTS.B,
8.53%,
12/15/26
....
2,010
1,993
L2252339.UP.FTS.B,
8.65%,
12/15/26
....
20,095
19,925
L2252737.UP.FTS.B,
8.71%,
12/15/26
....
16,886
16,743
L2252298.UP.FTS.B,
8.83%,
12/15/26
....
2,489
2,467
L2252476.UP.FTS.B,
9.18%,
12/15/26
....
8,061
7,992
FW2253701.UP.FTS.B,
10.99%,
12/15/26
.
10,548
10,443
L2253738.UP.FTS.B,
11.28%,
12/15/26
...
24,434
24,179
L2247794.UP.FTS.B,
12.65%,
12/15/26
...
3,689
3,651
L2253650.UP.FTS.B,
13.61%,
12/15/26
...
5,353
5,298
L2253574.UP.FTS.B,
13.77%,
12/15/26
...
1,648
1,631
L2253384.UP.FTS.B,
13.79%,
12/15/26
...
9,891
9,789
L2251912.UP.FTS.B,
13.91%,
12/15/26
...
2,886
2,857
L2253091.UP.FTS.B,
14.6%,
12/15/26
....
24,752
24,511
L2252906.UP.FTS.B,
14.66%,
12/15/26
...
9,186
9,092
L2252920.UP.FTS.B,
14.66%,
12/15/26
...
2,483
2,457
L2252226.UP.FTS.B,
14.86%,
12/15/26
...
41,568
41,149
L2252357.UP.FTS.B,
15.18%,
12/15/26
...
4,677
4,628
L2252931.UP.FTS.B,
15.49%,
12/15/26
...
2,867
2,830
FW2249675.UP.FTS.B,
16.01%,
12/15/26
.
12,496
12,330
L2252976.UP.FTS.B,
16.75%,
12/15/26
...
5,307
5,240
L2252902.UP.FTS.B,
16.77%,
12/15/26
...
14,202
14,013
FW2253272.UP.FTS.B,
17.07%,
12/15/26
.
10,710
496
L2252701.UP.FTS.B,
17.13%,
12/15/26
...
13,295
517
L2252199.UP.FTS.B,
17.21%,
12/15/26
...
7,868
7,789
L2251888.UP.FTS.B,
17.72%,
12/15/26
...
5,108
4,795
L2253164.UP.FTS.B,
17.76%,
12/15/26
...
4,616
4,538
FW2252613.UP.FTS.B,
17.78%,
12/15/26
.
3,750
3,703
L2253110.UP.FTS.B,
17.96%,
12/15/26
...
5,263
749
FW2253547.UP.FTS.B,
18.3%,
12/15/26
..
3,108
3,046
L2251960.UP.FTS.B,
19.3%,
12/15/26
....
9,383
1,363
L2252566.UP.FTS.B,
19.55%,
12/15/26
...
5,044
4,995
FW2251546.UP.FTS.B,
19.76%,
12/15/26
.
12,693
12,493
L2252438.UP.FTS.B,
19.81%,
12/15/26
...
3,385
3,332
L2252318.UP.FTS.B,
20.43%,
12/15/26
...
2,545
2,506
L2250838.UP.FTS.B,
20.47%,
12/15/26
...
3,211
3,145
L2251727.UP.FTS.B,
20.77%,
12/15/26
...
2,127
2,094
L2253118.UP.FTS.B,
21.32%,
12/15/26
...
17,031
16,905
L2252234.UP.FTS.B,
21.66%,
12/15/26
...
3,670
3,611
L2251298.UP.FTS.B,
21.73%,
12/15/26
...
6,440
464
L2252879.UP.FTS.B,
22.23%,
12/15/26
...
940
933
L2251670.UP.FTS.B,
22.36%,
12/15/26
...
4,275
4,244
L2252753.UP.FTS.B,
22.36%,
12/15/26
...
3,531
3,481
L2252135.UP.FTS.B,
22.59%,
12/15/26
...
2,568
2,549
L2251712.UP.FTS.B,
23.15%,
12/15/26
...
24,884
24,702
L2253562.UP.FTS.B,
23.61%,
12/15/26
...
4,296
4,265
L2253195.UP.FTS.B,
24.23%,
12/15/26
...
1,788
266
FW2253422.UP.FTS.B,
24.48%,
12/15/26
.
10,128
10,056
L2250541.UP.FTS.B,
24.85%,
12/15/26
...
2,592
2,573
L2252209.UP.FTS.B,
25.21%,
12/15/26
...
1,276
1,267
L2204211.UP.FTS.B,
25.24%,
12/15/26
...
524
515
L2252447.UP.FTS.B,
25.4%,
12/15/26
....
1,038
1,031
L2253781.UP.FTS.B,
25.42%,
12/15/26
...
5,077
4,817
Description
Principal
Amount
Value
Upstart
Network,
Inc.
(continued)
FW2253392.UP.FTS.B,
25.5%,
12/15/26
..
$
6,210
$
5,881
FW2252481.UP.FTS.B,
26.36%,
12/15/26
.
11,286
11,204
FW2252287.UP.FTS.B,
26.45%,
12/15/26
.
1,317
375
FW2248936.UP.FTS.B,
26.48%,
12/15/26
.
5,142
5,108
FW2250547.UP.FTS.B,
27.22%,
12/15/26
.
3,226
228
FW2251714.UP.FTS.B,
28.54%,
12/15/26
.
5,187
5,154
FW2252023.UP.FTS.B,
28.67%,
12/15/26
.
4,026
3,997
FW2253234.UP.FTS.B,
28.94%,
12/15/26
.
9,591
9,534
FW2252989.UP.FTS.B,
29.41%,
12/15/26
.
9,654
9,585
FW2252065.UP.FTS.B,
29.59%,
12/15/26
.
7,981
7,929
FW2252237.UP.FTS.B,
29.62%,
12/15/26
.
5,093
5,057
FW2252233.UP.FTS.B,
30.05%,
12/15/26
.
2,199
2,183
FW2247630.UP.FTS.B,
30.42%,
12/15/26
.
2,733
2,714
FW2252687.UP.FTS.B,
30.62%,
12/15/26
.
13,216
13,122
FW2252113.UP.FTS.B,
30.81%,
12/15/26
.
1,235
1,226
FW2251570.UP.FTS.B,
31.17%,
12/15/26
.
10,595
10,520
FW2253186.UP.FTS.B,
31.17%,
12/15/26
.
1,854
1,841
FW2253542.UP.FTS.B,
31.19%,
12/15/26
.
1,677
1,665
FW2252788.UP.FTS.B,
31.31%,
12/15/26
.
3,886
3,858
FW2251389.UP.FTS.B,
31.46%,
12/15/26
.
16,813
16,696
FW2251813.UP.FTS.B,
31.46%,
12/15/26
.
3,852
3,652
FW2251940.UP.FTS.B,
31.49%,
12/15/26
.
8,926
620
FW2251566.UP.FTS.B,
31.95%,
12/15/26
.
5,660
834
L2499407.UP.FTS.B,
5.37%,
1/24/27
....
40,277
40,017
L2497781.UP.FTS.B,
5.7%,
1/24/27
.....
4,841
4,810
L2499766.UP.FTS.B,
6.26%,
1/24/27
....
4,854
4,823
FW2499326.UP.FTS.B,
6.71%,
1/24/27
...
6,487
6,445
L2498743.UP.FTS.B,
7.47%,
1/24/27
....
8,952
8,882
L2492277.UP.FTS.B,
7.6%,
1/24/27
.....
5,538
5,493
L2500086.UP.FTS.B,
7.95%,
1/24/27
....
10,269
10,186
L2497458.UP.FTS.B,
8.44%,
1/24/27
....
28,574
28,351
L2497353.UP.FTS.B,
9.69%,
1/24/27
....
10,668
10,585
L2499026.UP.FTS.B,
10.04%,
1/24/27
....
16,480
16,348
L2498801.UP.FTS.B,
10.59%,
1/24/27
....
22,295
22,090
L2499730.UP.FTS.B,
10.93%,
1/24/27
....
8,244
8,167
L2500305.UP.FTS.B,
11.35%,
1/24/27
....
829
821
L2498662.UP.FTS.B,
11.41%,
1/24/27
....
8,288
8,208
FW2499235.UP.FTS.B,
11.45%,
1/24/27
..
5,381
5,332
L2498623.UP.FTS.B,
12.18%,
1/24/27
....
1,830
1,812
L2497417.UP.FTS.B,
12.27%,
1/24/27
....
18,971
18,787
L2497448.UP.FTS.B,
12.57%,
1/24/27
....
8,599
2,204
FW2497574.UP.FTS.B,
12.62%,
1/24/27
..
28,482
28,197
L2497797.UP.FTS.B,
12.7%,
1/24/27
....
5,835
5,779
L2497350.UP.FTS.B,
13.11%,
1/24/27
....
8,544
8,460
L2500282.UP.FTS.B,
13.29%,
1/24/27
....
8,358
8,277
L2500590.UP.FTS.B,
13.43%,
1/24/27
....
1,064
1,052
L2498730.UP.FTS.B,
14.35%,
1/24/27
....
5,037
4,989
FW2499948.UP.FTS.B,
14.6%,
1/24/27
...
5,883
5,828
L2499978.UP.FTS.B,
14.9%,
1/24/27
....
29,452
29,167
L2500513.UP.FTS.B,
14.9%,
1/24/27
....
16,829
16,667
L2498596.UP.FTS.B,
15.19%,
1/24/27
....
1,685
1,669
L2499400.UP.FTS.B,
15.39%,
1/24/27
....
11,941
11,793
L2498019.UP.FTS.B,
15.41%,
1/24/27
....
25,298
25,054
L2499756.UP.FTS.B,
15.54%,
1/24/27
....
24,101
23,863
FW2497967.UP.FTS.B,
16.1%,
1/24/27
...
8,807
8,702
L2497954.UP.FTS.B,
16.34%,
1/24/27
....
5,521
397
FW2500346.UP.FTS.B,
16.35%,
1/24/27
..
17,712
17,494
L2494019.UP.FTS.B,
16.44%,
1/24/27
....
5,081
5,023
Franklin
Universal
Trust
Schedule
of
Investments
(unaudited)
franklintempleton.com
Semiannual
Report
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
38
Description
Principal
Amount
Value
Marketplace
Loans
(continued)
Upstart
Network,
Inc.
(continued)
L2497377.UP.FTS.B,
16.51%,
1/24/27
....
$
4,659
$
4,602
L2499556.UP.FTS.B,
16.78%,
1/24/27
....
19,211
2,804
L2499062.UP.FTS.B,
17.84%,
1/24/27
....
1,296
1,280
FW2494435.UP.FTS.B,
17.9%,
1/24/27
...
33,717
33,322
L2500130.UP.FTS.B,
18.16%,
1/24/27
....
5,969
5,883
L2497198.UP.FTS.B,
18.3%,
1/24/27
....
5,121
5,047
L2498470.UP.FTS.B,
18.32%,
1/24/27
....
11,463
11,349
L2499350.UP.FTS.B,
18.35%,
1/24/27
....
25,600
25,232
L2500098.UP.FTS.B,
18.6%,
1/24/27
....
6,406
6,328
L2497796.UP.FTS.B,
18.8%,
1/24/27
....
5,984
5,898
L2500341.UP.FTS.B,
18.83%,
1/24/27
....
2,138
2,107
L2497754.UP.FTS.B,
19.19%,
1/24/27
....
2,654
2,616
FW2498275.UP.FTS.B,
19.45%,
1/24/27
..
8,480
8,362
L2499146.UP.FTS.B,
19.77%,
1/24/27
....
3,940
3,887
L2498546.UP.FTS.B,
19.91%,
1/24/27
....
5,675
5,593
L2497528.UP.FTS.B,
19.93%,
1/24/27
....
4,293
4,231
L2499090.UP.FTS.B,
20.13%,
1/24/27
....
5,155
5,081
FW2498254.UP.FTS.B,
20.72%,
1/24/27
..
2,583
2,568
FW2499205.UP.FTS.B,
20.72%,
1/24/27
..
5,236
5,205
L2497852.UP.FTS.B,
20.98%,
1/24/27
....
3,087
3,041
L2499153.UP.FTS.B,
21.13%,
1/24/27
....
1,035
1,020
L2498554.UP.FTS.B,
21.26%,
1/24/27
....
4,314
4,252
L2497527.UP.FTS.B,
21.34%,
1/24/27
....
4,315
4,290
L2497646.UP.FTS.B,
21.52%,
1/24/27
....
1,578
1,552
L2497439.UP.FTS.B,
21.55%,
1/24/27
....
5,488
5,409
L2500177.UP.FTS.B,
21.66%,
1/24/27
....
5,186
5,155
FW2494038.UP.FTS.B,
22.37%,
1/24/27
..
3,466
3,415
L2499540.UP.FTS.B,
22.38%,
1/24/27
....
5,188
5,164
L2497652.UP.FTS.B,
22.95%,
1/24/27
....
848
247
FW2497553.UP.FTS.B,
23.05%,
1/24/27
..
15,298
15,203
FW2498441.UP.FTS.B,
23.1%,
1/24/27
...
9,381
9,325
L2497905.UP.FTS.B,
23.5%,
1/24/27
....
45,638
1,125
L2500427.UP.FTS.B,
23.85%,
1/24/27
....
9,174
9,062
L2499847.UP.FTS.B,
24.09%,
1/24/27
....
21,689
21,390
L2500224.UP.FTS.B,
25.04%,
1/24/27
....
5,046
5,021
L2500298.UP.FTS.B,
25.15%,
1/24/27
....
1,400
1,380
FW2497649.UP.FTS.B,
25.29%,
1/24/27
..
35,014
34,800
L2500002.UP.FTS.B,
25.3%,
1/24/27
....
3,274
502
L2498291.UP.FTS.B,
25.35%,
1/24/27
....
1,051
1,044
L2500059.UP.FTS.B,
25.4%,
1/24/27
....
2,540
750
L2500230.UP.FTS.B,
25.4%,
1/24/27
....
4,553
4,526
L2500426.UP.FTS.B,
25.41%,
1/24/27
....
1,138
1,131
L2497705.UP.FTS.B,
25.44%,
1/24/27
....
3,480
3,455
L2500467.UP.FTS.B,
25.44%,
1/24/27
....
1,489
1,480
L2497190.UP.FTS.B,
26.04%,
1/24/27
....
2,545
2,508
FW2497955.UP.FTS.B,
26.15%,
1/24/27
..
11,943
189
L2500357.UP.FTS.B,
26.3%,
1/24/27
....
8,168
8,119
FW2498761.UP.FTS.B,
26.35%,
1/24/27
..
6,566
463
FW2498744.UP.FTS.B,
26.78%,
1/24/27
..
8,797
8,743
FW2499122.UP.FTS.B,
26.89%,
1/24/27
..
1,905
1,895
FW2498012.UP.FTS.B,
27.23%,
1/24/27
..
5,198
5,166
FW2499127.UP.FTS.B,
27.37%,
1/24/27
..
4,457
4,429
FW2499103.UP.FTS.B,
27.5%,
1/24/27
...
2,645
2,629
FW2497665.UP.FTS.B,
27.6%,
1/24/27
...
10,942
10,804
FW2500434.UP.FTS.B,
27.81%,
1/24/27
..
883
877
L2497724.UP.FTS.B,
27.87%,
1/24/27
....
4,592
4,525
FW2497801.UP.FTS.B,
28.11%,
1/24/27
..
6,207
6,170
FW2497947.UP.FTS.B,
28.25%,
1/24/27
..
33,687
33,480
Description
Principal
Amount
Value
Upstart
Network,
Inc.
(continued)
FW2499989.UP.FTS.B,
28.3%,
1/24/27
...
$
7,603
$
7,556
L2498023.UP.FTS.B,
28.37%,
1/24/27
....
3,447
3,412
FW2497725.UP.FTS.B,
28.51%,
1/24/27
..
1,062
1,054
FW2499482.UP.FTS.B,
28.65%,
1/24/27
..
14,515
14,425
FW2498534.UP.FTS.B,
28.67%,
1/24/27
..
1,620
1,608
FW2498212.UP.FTS.B,
29.42%,
1/24/27
..
1,226
87
FW2499784.UP.FTS.B,
29.61%,
1/24/27
..
7,546
7,499
FW2500060.UP.FTS.B,
29.62%,
1/24/27
..
3,729
3,705
FW2498768.UP.FTS.B,
30.06%,
1/24/27
..
1,326
1,319
FW2497607.UP.FTS.B,
30.5%,
1/24/27
...
4,262
4,233
FW2497688.UP.FTS.B,
30.73%,
1/24/27
..
1,112
1,101
FW2499403.UP.FTS.B,
30.76%,
1/24/27
..
2,494
2,479
FW2500502.UP.FTS.B,
30.77%,
1/24/27
..
4,594
708
FW2498079.UP.FTS.B,
30.78%,
1/24/27
..
2,673
2,656
FW2498894.UP.FTS.B,
31.13%,
1/24/27
..
3,211
3,191
FW2498394.UP.FTS.B,
31.2%,
1/24/27
...
4,555
4,527
FW2498422.UP.FTS.B,
31.2%,
1/24/27
...
893
887
FW2498197.UP.FTS.B,
31.21%,
1/24/27
..
1,160
1,153
FW2497608.UP.FTS.B,
31.43%,
1/24/27
..
1,517
1,510
FW2499098.UP.FTS.B,
31.57%,
1/24/27
..
27,575
1,890
FW2499925.UP.FTS.B,
31.73%,
1/24/27
..
1,652
1,641
FW2500567.UP.FTS.B,
33.54%,
1/24/27
..
2,165
655
FW2497327.UP.FTS.B,
33.75%,
1/24/27
..
1,708
1,697
FW2502639.UP.FTS.B,
4.89%,
1/25/27
...
10,832
10,763
L2502859.UP.FTS.B,
5.46%,
1/25/27
....
40,240
39,983
L2443263.UP.FTS.B,
6.66%,
1/25/27
....
6,890
6,847
L2472114.UP.FTS.B,
7.63%,
1/25/27
.....
16,280
16,178
L2501608.UP.FTS.B,
7.8%,
1/25/27
.....
16,302
16,199
L2501651.UP.FTS.B,
8.03%,
1/25/27
....
6,667
6,613
L2501547.UP.FTS.B,
8.21%,
1/25/27
....
4,900
4,862
L2502319.UP.FTS.B,
8.49%,
1/25/27
....
33,371
33,103
L2501796.UP.FTS.B,
9.36%,
1/25/27
....
12,809
12,708
L2502134.UP.FTS.B,
9.38%,
1/25/27
....
26,133
25,929
L2502374.UP.FTS.B,
9.72%,
1/25/27
....
6,991
6,936
L2502174.UP.FTS.B,
9.86%,
1/25/27
....
13,991
13,857
L2500014.UP.FTS.B,
10.79%,
1/25/27
....
9,823
9,746
L2501446.UP.FTS.B,
11.34%,
1/25/27
....
2,486
2,466
FW2498378.UP.FTS.B,
11.81%,
1/25/27
..
24,909
24,671
L2502791.UP.FTS.B,
11.84%,
1/25/27
....
6,951
6,876
L2501198.UP.FTS.B,
12.05%,
1/25/27
....
10,390
10,291
L2500626.UP.FTS.B,
12.15%,
1/25/27
....
4,057
4,016
L2502704.UP.FTS.B,
12.53%,
1/25/27
....
2,972
2,943
L2502644.UP.FTS.B,
12.76%,
1/25/27
....
8,338
8,259
FW2502179.UP.FTS.B,
12.78%,
1/25/27
..
1,668
1,652
L2501977.UP.FTS.B,
12.89%,
1/25/27
....
33,196
32,891
L2500795.UP.FTS.B,
13.1%,
1/25/27
....
8,955
552
L2502535.UP.FTS.B,
13.13%,
1/25/27
....
40,853
40,469
L2502247.UP.FTS.B,
13.43%,
1/25/27
....
3,345
3,313
L2503471.UP.FTS.B,
13.93%,
1/25/27
....
4,191
4,151
L2501470.UP.FTS.B,
14.16%,
1/25/27
....
12,779
12,657
L2500808.UP.FTS.B,
14.3%,
1/25/27
....
6,211
6,152
FW2502376.UP.FTS.B,
14.43%,
1/25/27
..
12,597
12,477
L2500633.UP.FTS.B,
14.62%,
1/25/27
....
3,834
3,799
L2501876.UP.FTS.B,
14.91%,
1/25/27
....
3,366
3,334
L2503197.UP.FTS.B,
15.28%,
1/25/27
....
13,025
3,374
L2501020.UP.FTS.B,
15.56%,
1/25/27
....
1,439
1,424
L2501591.UP.FTS.B,
16.26%,
1/25/27
....
14,235
14,069
FW2502838.UP.FTS.B,
16.27%,
1/25/27
..
34,375
33,940
Franklin
Universal
Trust
Schedule
of
Investments
(unaudited)
franklintempleton.com
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Semiannual
Report
39
Description
Principal
Amount
Value
Marketplace
Loans
(continued)
Upstart
Network,
Inc.
(continued)
FW2500763.UP.FTS.B,
16.29%,
1/25/27
..
$
3,639
$
3,595
FW2501405.UP.FTS.B,
16.74%,
1/25/27
..
4,365
314
L2503404.UP.FTS.B,
16.88%,
1/25/27
....
7,517
7,428
L2499095.UP.FTS.B,
16.97%,
1/25/27
....
2,546
2,515
L2500943.UP.FTS.B,
17.28%,
1/25/27
....
6,766
6,688
FW2502154.UP.FTS.B,
17.3%,
1/25/27
...
10,467
752
L2503121.UP.FTS.B,
17.35%,
1/25/27
....
10,575
10,455
FW2502260.UP.FTS.B,
17.52%,
1/25/27
..
5,954
5,882
L2501997.UP.FTS.B,
17.77%,
1/25/27
....
4,257
4,206
FW2501148.UP.FTS.B,
17.78%,
1/25/27
..
1,702
1,683
FW2501125.UP.FTS.B,
17.82%,
1/25/27
..
1,277
1,259
L2502739.UP.FTS.B,
18.1%,
1/25/27
....
5,541
5,475
L2502439.UP.FTS.B,
18.98%,
1/25/27
....
5,990
5,906
L2495525.UP.FTS.B,
19.03%,
1/25/27
....
5,976
5,897
L2501884.UP.FTS.B,
19.04%,
1/25/27
....
8,556
8,436
L2502391.UP.FTS.B,
19.43%,
1/25/27
....
12,821
12,676
L2500727.UP.FTS.B,
19.88%,
1/25/27
....
6,953
6,854
FW2501295.UP.FTS.B,
20.14%,
1/25/27
..
859
847
FW2500961.UP.FTS.B,
20.28%,
1/25/27
..
5,783
5,749
L2503073.UP.FTS.B,
21.17%,
1/25/27
....
10,198
2,978
L2500557.UP.FTS.B,
21.25%,
1/25/27
....
13,281
3,763
FW2501561.UP.FTS.B,
21.33%,
1/25/27
..
5,156
5,131
L2503424.UP.FTS.B,
21.51%,
1/25/27
....
8,464
8,344
L2501728.UP.FTS.B,
21.52%,
1/25/27
....
4,393
4,328
L2500163.UP.FTS.B,
21.71%,
1/25/27
....
13,444
13,249
L2502058.UP.FTS.B,
21.83%,
1/25/27
....
8,782
8,723
FW2497118.UP.FTS.B,
22.54%,
1/25/27
..
9,410
9,277
L2496481.UP.FTS.B,
22.63%,
1/25/27
....
18,304
2,773
L2500977.UP.FTS.B,
22.64%,
1/25/27
....
6,070
6,036
FW2500954.UP.FTS.B,
23.81%,
1/25/27
..
6,967
6,927
FW2502037.UP.FTS.B,
23.81%,
1/25/27
..
3,500
3,481
L2502763.UP.FTS.B,
23.93%,
1/25/27
....
3,565
3,546
FW2503468.UP.FTS.B,
24.6%,
1/25/27
...
2,957
2,944
FW2503375.UP.FTS.B,
24.71%,
1/25/27
..
2,730
809
FW2503209.UP.FTS.B,
25.12%,
1/25/27
..
6,096
6,069
L2502753.UP.FTS.B,
25.33%,
1/25/27
....
2,890
2,873
L2497155.UP.FTS.B,
25.35%,
1/25/27
....
309
305
L2501592.UP.FTS.B,
25.36%,
1/25/27
....
1,043
1,038
L2500577.UP.FTS.B,
25.4%,
1/25/27
....
1,313
1,306
L2503342.UP.FTS.B,
25.48%,
1/25/27
....
5,703
5,664
L2500860.UP.FTS.B,
25.49%,
1/25/27
....
1,214
1,208
L2502978.UP.FTS.B,
25.49%,
1/25/27
....
3,393
63
L2501610.UP.FTS.B,
25.67%,
1/25/27
....
2,892
2,876
L2502912.UP.FTS.B,
25.69%,
1/25/27
....
18,137
18,053
L2502995.UP.FTS.B,
25.82%,
1/25/27
....
2,770
2,753
FW2501208.UP.FTS.B,
25.83%,
1/25/27
..
17,100
17,002
L2500786.UP.FTS.B,
26.35%,
1/25/27
....
2,445
2,411
FW2503491.UP.FTS.B,
26.41%,
1/25/27
..
1,928
1,920
FW2501330.UP.FTS.B,
26.47%,
1/25/27
..
4,833
4,805
FW2502187.UP.FTS.B,
26.63%,
1/25/27
..
4,396
4,371
FW2501336.UP.FTS.B,
26.71%,
1/25/27
..
1,380
1,355
FW2503082.UP.FTS.B,
26.84%,
1/25/27
..
2,324
692
FW2502725.UP.FTS.B,
26.94%,
1/25/27
..
4,120
4,092
FW2499783.UP.FTS.B,
27.06%,
1/25/27
..
8,820
8,770
FW2501053.UP.FTS.B,
27.35%,
1/25/27
..
7,139
7,098
FW2502455.UP.FTS.B,
27.61%,
1/25/27
..
7,799
547
FW2474863.UP.FTS.B,
27.63%,
1/25/27
..
2,885
2,870
FW2502652.UP.FTS.B,
27.68%,
1/25/27
..
4,323
4,298
Description
Principal
Amount
Value
Upstart
Network,
Inc.
(continued)
FW2503169.UP.FTS.B,
27.77%,
1/25/27
..
$
883
$
878
FW2501180.UP.FTS.B,
28.56%,
1/25/27
..
2,654
2,639
FW2500797.UP.FTS.B,
28.58%,
1/25/27
..
1,751
1,742
FW2503337.UP.FTS.B,
28.86%,
1/25/27
..
15,770
252
FW2502849.UP.FTS.B,
29.19%,
1/25/27
..
1,330
1,322
FW2501594.UP.FTS.B,
30.71%,
1/25/27
..
1,123
338
FW2501203.UP.FTS.B,
30.73%,
1/25/27
..
1,247
1,241
FW2502622.UP.FTS.B,
30.97%,
1/25/27
..
2,362
166
FW2502676.UP.FTS.B,
31.01%,
1/25/27
..
3,366
1,004
FW2503502.UP.FTS.B,
31.01%,
1/25/27
..
2,286
2,273
FW2502222.UP.FTS.B,
31.02%,
1/25/27
..
1,148
1,143
FW2501430.UP.FTS.B,
31.03%,
1/25/27
..
1,606
1,597
FW2502879.UP.FTS.B,
31.04%,
1/25/27
..
25,856
25,705
FW2502592.UP.FTS.B,
31.05%,
1/25/27
..
14,105
3
FW2502647.UP.FTS.B,
31.05%,
1/25/27
..
7,522
7,474
FW2502834.UP.FTS.B,
31.11%,
1/25/27
..
2,403
2,389
FW2500670.UP.FTS.B,
31.13%,
1/25/27
..
1,001
299
FW2502954.UP.FTS.B,
31.14%,
1/25/27
..
4,339
4,301
FW2499746.UP.FTS.B,
31.16%,
1/25/27
..
3,212
3,193
FW2500654.UP.FTS.B,
31.21%,
1/25/27
..
884
880
FW2503208.UP.FTS.B,
31.21%,
1/25/27
..
2,319
2,306
FW2502423.UP.FTS.B,
32.98%,
1/25/27
..
1,346
1,338
FW2502276.UP.FTS.B,
33.54%,
1/25/27
..
4,494
4,468
L1729483.UP.FTS.B,
18.23%,
2/17/27
....
13,863
13,704
L1729858.UP.FTS.B,
25.05%,
2/17/27
....
19,143
19,079
FW1729695.UP.FTS.B,
29.91%,
2/17/27
..
46,583
46,242
FW1729859.UP.FTS.B,
30.83%,
2/17/27
..
9,376
1,383
FW1729220.UP.FTS.B,
32.29%,
2/17/27
..
3,324
(124)
L1902300.UP.FTS.B,
22.58%,
3/22/27
....
4,510
4,485
FW1902098.UP.FTS.B,
26.15%,
3/22/27
..
4,643
705
FW1901725.UP.FTS.B,
31.78%,
3/22/27
..
12,899
1,931
L2031108.UP.FTS.B,
11.34%,
4/12/27
....
41,282
40,808
L2031106.UP.FTS.B,
17.27%,
4/12/27
....
6,688
6,275
L2030776.UP.FTS.B,
18.15%,
4/12/27
....
4,425
4,376
FW2030457.UP.FTS.B,
19.74%,
4/12/27
..
5,647
813
L2032168.UP.FTS.B,
21.6%,
4/12/27
....
8,674
8,552
L2032065.UP.FTS.B,
22.33%,
4/12/27
....
18,150
17,149
FW2032681.UP.FTS.B,
22.41%,
4/12/27
..
2,290
2,251
L2031364.UP.FTS.B,
24.71%,
4/12/27
....
3,263
(74)
L2032337.UP.FTS.B,
26.62%,
4/12/27
....
8,240
2,380
FW2032026.UP.FTS.B,
29.26%,
4/12/27
..
15,523
1,090
FW2030903.UP.FTS.B,
29.44%,
4/12/27
..
4,789
336
L2972334.UP.FTS.B,
6.17%,
4/19/27
....
42,711
42,474
L2972137.UP.FTS.B,
6.42%,
4/19/27
....
12,825
12,754
L2971979.UP.FTS.B,
6.84%,
4/19/27
....
22,951
22,825
L2971286.UP.FTS.B,
7.38%,
4/19/27
....
21,454
21,336
L2972081.UP.FTS.B,
7.8%,
4/19/27
.....
4,546
4,520
FW2972190.UP.FTS.B,
7.92%,
4/19/27
...
40,673
40,450
L2971556.UP.FTS.B,
10.11%,
4/19/27
....
22,365
22,161
L2971728.UP.FTS.B,
11.46%,
4/19/27
....
9,318
9,226
L2971948.UP.FTS.B,
12.78%,
4/19/27
....
6,544
6,480
L2971527.UP.FTS.B,
13.17%,
4/19/27
....
9,197
9,107
L2967243.UP.FTS.B,
14.24%,
4/19/27
....
14,944
14,798
L2970341.UP.FTS.B,
15.34%,
4/19/27
....
5,763
5,419
L2971759.UP.FTS.B,
16.29%,
4/19/27
....
6,725
6,636
L2971657.UP.FTS.B,
16.32%,
4/19/27
....
1,929
1,904
L2971854.UP.FTS.B,
16.46%,
4/19/27
....
2,731
2,695
FW2968818.UP.FTS.B,
17.01%,
4/19/27
..
14,457
14,265
Franklin
Universal
Trust
Schedule
of
Investments
(unaudited)
franklintempleton.com
Semiannual
Report
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
40
Description
Principal
Amount
Value
Marketplace
Loans
(continued)
Upstart
Network,
Inc.
(continued)
L2970277.UP.FTS.B,
17.94%,
4/19/27
....
$
28,464
$
28,086
FW2971812.UP.FTS.B,
18.16%,
4/19/27
..
26,867
26,563
L2972316.UP.FTS.B,
18.63%,
4/19/27
....
44,448
43,873
L2971776.UP.FTS.B,
19.69%,
4/19/27
....
5,902
5,824
L2972008.UP.FTS.B,
20.74%,
4/19/27
....
4,943
4,900
FW2971982.UP.FTS.B,
21.48%,
4/19/27
..
1,528
1,508
L2970145.UP.FTS.B,
22.58%,
4/19/27
....
7,844
7,720
L2972209.UP.FTS.B,
23.9%,
4/19/27
....
2,715
2,690
L2971880.UP.FTS.B,
24%,
4/19/27
......
28,695
28,319
L2971929.UP.FTS.B,
24.66%,
4/19/27
....
19,768
19,456
FW2971643.UP.FTS.B,
24.95%,
4/19/27
..
19,422
19,264
L2971841.UP.FTS.B,
25.2%,
4/19/27
....
1,335
1,323
L2971769.UP.FTS.B,
25.23%,
4/19/27
....
6,062
6,013
L2972249.UP.FTS.B,
25.46%,
4/19/27
....
5,749
408
FW2972220.UP.FTS.B,
26.42%,
4/19/27
..
3,553
3,521
L2971662.UP.FTS.B,
26.49%,
4/19/27
....
911
897
FW2972102.UP.FTS.B,
26.72%,
4/19/27
..
3,094
910
FW2972305.UP.FTS.B,
27.33%,
4/19/27
..
5,479
5,430
FW2972030.UP.FTS.B,
28.07%,
4/19/27
..
4,574
4,533
FW2971684.UP.FTS.B,
30.82%,
4/19/27
..
9,109
8,627
FW2101729.UP.FTS.B,
20.8%,
4/23/27
...
28,581
618
L2100737.UP.FTS.B,
22.28%,
4/23/27
....
15,001
14,920
FW2101765.UP.FTS.B,
29.07%,
4/23/27
..
3,269
3,245
FW2103611.UP.FTS.B,
30.3%,
4/23/27
...
1,501
1,482
FW2103334.UP.FTS.B,
30.61%,
4/23/27
..
2,233
157
FW2103313.UP.FTS.B,
31.18%,
4/23/27
..
3,705
1,085
FW2249414.UP.FTS.B,
19.5%,
5/14/27
...
5,894
5,794
L2248430.UP.FTS.B,
21.51%,
5/14/27
....
1,158
1,145
L2250450.UP.FTS.B,
23.85%,
5/14/27
....
1,386
202
L2248036.UP.FTS.B,
24.14%,
5/14/27
....
25,766
7,393
L2251286.UP.FTS.B,
25.89%,
5/14/27
....
2,018
1,994
L2248209.UP.FTS.B,
26.25%,
5/14/27
....
5,875
(284)
FW2248688.UP.FTS.B,
26.36%,
5/14/27
..
4,016
287
FW2248226.UP.FTS.B,
29.45%,
5/14/27
..
2,803
2,781
FW2250225.UP.FTS.B,
30.13%,
5/14/27
..
1,493
1,472
FW2250018.UP.FTS.B,
31.2%,
5/14/27
...
1,086
(58)
FW2250032.UP.FTS.B,
32.02%,
5/14/27
..
3,976
3,938
L2251560.UP.FTS.B,
14.27%,
5/15/27
....
6,036
434
L2251988.UP.FTS.B,
19.87%,
5/15/27
....
2,213
2,178
FW2253145.UP.FTS.B,
24.76%,
5/15/27
..
11,676
11,279
FW2253490.UP.FTS.B,
28.02%,
5/15/27
..
4,645
4,608
FW2253485.UP.FTS.B,
30.83%,
5/15/27
..
1,711
1,660
FW2252117.UP.FTS.B,
30.85%,
5/15/27
..
22,516
22,327
FW2252591.UP.FTS.B,
31.67%,
5/15/27
..
6,704
6,513
FW2497520.UP.FTS.B,
17.89%,
6/24/27
..
5,650
828
L2500104.UP.FTS.B,
25.5%,
6/24/27
....
3,419
514
FW2499816.UP.FTS.B,
27.03%,
6/24/27
..
5,214
1,517
FW2498266.UP.FTS.B,
27.06%,
6/24/27
..
3,698
3,644
FW2463420.UP.FTS.B,
28.55%,
6/24/27
..
911
902
FW2497794.UP.FTS.B,
30.97%,
6/24/27
..
6,804
1,997
FW2497583.UP.FTS.B,
31.24%,
6/24/27
..
6,872
6,815
FW2497836.UP.FTS.B,
31.41%,
6/24/27
..
6,203
429
FW2501171.UP.FTS.B,
18.13%,
6/25/27
..
5,174
1,443
L2499889.UP.FTS.B,
20.18%,
6/25/27
....
22,153
21,816
L2502792.UP.FTS.B,
24.01%,
6/25/27
....
4,992
4,965
L2502008.UP.FTS.B,
24.08%,
6/25/27
....
39,246
2,793
L2503278.UP.FTS.B,
24.32%,
6/25/27
....
9,743
9,686
L2500827.UP.FTS.B,
25.15%,
6/25/27
....
2,728
(62)
Description
Principal
Amount
Value
Upstart
Network,
Inc.
(continued)
L2500638.UP.FTS.B,
25.31%,
6/25/27
....
$
881
$
876
FW2503221.UP.FTS.B,
29%,
6/25/27
....
23,760
23,620
FW2501815.UP.FTS.B,
29.99%,
6/25/27
..
6,885
6,842
FW2500473.UP.FTS.B,
31.15%,
6/25/27
..
2,805
(147)
FW1729187.UP.FTS.B,
30.3%,
7/17/27
...
6,119
6,078
FW2972075.UP.FTS.B,
9.42%,
9/19/27
...
34,350
34,128
FW2251363.UP.FTS.B,
16.36%,
10/14/27
.
37,835
37,382
L2253724.UP.FTS.B,
25.49%,
10/15/27
...
710
695
FW2251983.UP.FTS.B,
30.9%,
10/15/27
..
3,754
3,693
FW2500185.UP.FTS.B,
30.96%,
11/24/27
.
6,704
6,642
FW2499865.UP.FTS.B,
31.15%,
11/24/27
.
1,680
1,684
L2498668.UP.FTS.B,
13.66%,
11/25/27
...
36,152
35,808
L2501498.UP.FTS.B,
22.59%,
11/25/27
...
5,764
(42)
FW2502338.UP.FTS.B,
30.04%,
11/25/27
.
4,723
4,676
L1901406.UP.FTS.B,
27.3%,
10/22/28
....
4,804
4,803
L2475583.UP.FTS.B,
20.34%,
1/25/29
....
782
771
6,131,912
Total
Marketplace
Loans
(Cost
$17,334,574)
....
$15,385,774
Franklin
Universal
Trust
Financial
Statements
Statement
of
Assets
and
Liabilities
February
28,
2023
(unaudited)
franklintempleton.com
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Semiannual
Report
41
Franklin
Universal
Trust
Assets:
Investments
in
securities:
Cost
-
Unaffiliated
issuers
...................................................................
$215,544,398
Cost
-
Non-controlled
affiliates
(Note
4
c
)
........................................................
9,503,619
Value
-
Unaffiliated
issuers
(Includes
securities
loaned
of
$199,262)
...................................
$243,724,978
Value
-
Non-controlled
affiliates
(Note
4
c
)
.......................................................
9,503,619
Cash
....................................................................................
241,790
Receivables:
Dividends
and
interest
.....................................................................
2,834,258
Total
assets
..........................................................................
256,304,645
Liabilities:
Payables:
Investment
securities
purchased
..............................................................
1,582,547
Management
fees
.........................................................................
159,499
Trustees'
fees
and
expenses
.................................................................
4
Accrued
interest
(Note
3
)
...................................................................
1,166,302
Payable
upon
return
of
securities
loaned
(Note
1
c
)
..................................................
200,000
Senior
fixed
rate
Notes,
at
par
value
of
$65,000,000
less
unamortized
Note
issuance
costs
of
$13,375
(Note
3
)
....
64,986,625
Accrued
expenses
and
other
liabilities
...........................................................
195,448
Total
liabilities
.........................................................................
68,290,425
Net
assets,
at
value
.................................................................
$188,014,220
Net
assets
consist
of:
Paid-in
capital
.............................................................................
$164,196,058
Total
distributable
earnings
(losses)
.............................................................
23,818,162
Net
assets,
at
value
.................................................................
$188,014,220
Shares
outstanding
.........................................................................
25,131,894
Net
asset
value
per
share
....................................................................
$7.48
Franklin
Universal
Trust
Financial
Statements
Statement
of
Operations
for
the
six
months
ended
February
28,
2023
(unaudited)
franklintempleton.com
Semiannual
Report
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
42
Franklin
Universal
Trust
Investment
income:
Dividends:
(net
of
foreign
taxes
of
$8,848)
Unaffiliated
issuers
........................................................................
$1,827,811
Non-controlled
affiliates
(Note
4
c
)
.............................................................
152,797
Interest:
Unaffiliated
issuers
........................................................................
4,707,485
Income
from
securities
loaned:
Unaffiliated
entities
(net
of
fees
and
rebates)
.....................................................
5,111
Non-controlled
affiliates
(Note
4
c
)
.............................................................
4,769
Total
investment
income
...................................................................
6,697,973
Expenses:
Management
fees
(Note
4
a
)
...................................................................
968,655
Transfer
agent
fees
.........................................................................
26,439
Custodian
fees
(Note
5
)
......................................................................
643
Reports
to
shareholders
fees
..................................................................
4,156
Professional
fees
...........................................................................
74,640
Trustees'
fees
and
expenses
..................................................................
1,164
Amortization
of
note
issuance
costs
(Note
3
)
......................................................
12,643
Marketplace
lending
fees
(Note
1
e
)
.............................................................
243,025
Interest
expense
(Note
3
)
.....................................................................
1,260,324
Other
....................................................................................
64,084
Total
expenses
.........................................................................
2,655,773
Expense
reductions
(Note
5
)
...............................................................
(5)
Expenses
waived/paid
by
affiliates
(Note
4c)
...................................................
(19,448)
Net
expenses
.........................................................................
2,636,320
Net
investment
income
................................................................
4,061,653
Realized
and
unrealized
gains
(losses):
Net
realized
gain
(loss)
from:
Investments:
Unaffiliated
issuers
......................................................................
(1,722,555)
Foreign
currency
transactions
................................................................
(900)
Net
realized
gain
(loss)
..................................................................
(1,723,455)
Net
change
in
unrealized
appreciation
(depreciation)
on:
Investments:
Unaffiliated
issuers
......................................................................
(9,430,292)
Translation
of
other
assets
and
liabilities
denominated
in
foreign
currencies
..............................
117
Net
change
in
unrealized
appreciation
(depreciation)
............................................
(9,430,175)
Net
realized
and
unrealized
gain
(loss)
............................................................
(11,153,630)
Net
increase
(decrease)
in
net
assets
resulting
from
operations
..........................................
$(7,091,977)
Franklin
Universal
Trust
Financial
Statements
Statements
of
Changes
in
Net
Assets
franklintempleton.com
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Semiannual
Report
43
Franklin
Universal
Trust
Six
Months
Ended
February
28,
2023
(unaudited)
Year
Ended
August
31,
2022
Increase
(decrease)
in
net
assets:
Operations:
Net
investment
income
.................................................
$4,061,653
$10,398,489
Net
realized
gain
(loss)
.................................................
(1,723,455)
2,697,904
Net
change
in
unrealized
appreciation
(depreciation)
...........................
(9,430,175)
(20,486,901)
Net
increase
(decrease)
in
net
assets
resulting
from
operations
................
(7,091,977)
(7,390,508)
Distributions
to
shareholders
..............................................
(7,946,705)
(13,802,436)
Net
increase
(decrease)
in
net
assets
...................................
(15,038,682)
(21,192,944)
Net
assets:
Beginning
of
period
.....................................................
203,052,902
224,245,846
End
of
period
..........................................................
$188,014,220
$203,052,902
Franklin
Universal
Trust
Financial
Statements
Statement
of
Cash
Flows
for
the
six
months
ended
February
28,
2023
(unaudited)
franklintempleton.com
Semiannual
Report
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
44
Franklin
Universal
Trust
Cash
flow
from
operating
activities:
Dividends,
interest
and
other
income
received
.....................................................
$
6,483,130
Operating
expenses
paid
.....................................................................
(1,461,734)
Interest
expense
paid
........................................................................
(1,270,769)
Cash
collateral
received
for
securities
loaned
......................................................
32,488
Realized
(loss)
on
foreign
currency
transactions
....................................................
(900)
Purchases
of
long-term
investments
.............................................................
(17,514,586)
Sales
and
maturities
of
long-term
investments
.....................................................
18,859,538
Net
sales
of
short-term
investments
.............................................................
177,067
Cash
provided
-
operating
activities
..........................................................
5,304,234
Cash
flow
from
financing
activities:
Cash
distributions
to
shareholders
..............................................................
(7,946,705)
Cash
used
-
financing
activities
.............................................................
(7,946,705)
Net
increase
(decrease)
in
cash
.................................................................
(2,642,471)
Cash
at
beginning
of
period
.....................................................................
2,884,261
Cash
at
end
of
period
.........................................................................
$241,790
Reconciliation
of
Net
Increase
(Decrease)
in
Net
Assets
resulting
from
Operating
Activities
to
Net
Cash
Provided
by
Operating
Activities
for
the
period
ended
February
28,
2023
Net
increase
(decrease)
in
net
assets
resulting
from
operating
activities
....................................
$
(7,
091
,
977
)
Adjustments
to
reconcile
net
increase
(decrease)
in
net
assets
resulting
from
operating
activities
to
net
cash
provided
by
operating
activities:
Net
amortization
income
..................................................................
(86,479)
Amortization
of
Note
issuance
costs
..........................................................
12,643
Reinvested
dividends
from
non-controlled
affiliates
...............................................
(152,797)
Interest
received
in
the
form
of
securities
......................................................
(11,635)
Decrease
in
dividends
and
interest
receivable
and
other
assets
.....................................
47,586
Decrease
in
interest
payable
...............................................................
(10,445)
Decrease
in
payable
to
affiliates,
accrued
expenses,
and
other
liabilities
...............................
(98,381)
Increase
in
payable
for
investments
purchased
.................................................
1,582,547
Increase
in
collateral
for
securities
loaned
.....................................................
32,488
Decrease
in
cost
of
investments
.............................................................
1,650,392
Decrease
in
unrealized
depreciation
on
investments.
.............................................
9,430,292
Net
cash
provided
by
operating
activities
...........................................................
$5,304,234
Franklin
Universal
Trust
45
franklintempleton.com
Semiannual
Report
Notes
to
Financial
Statements
(unaudited)
1.
Organization
and
Significant
Accounting
Policies
Franklin
Universal
Trust (Fund)
is
registered under
the
Investment
Company
Act
of
1940
(1940
Act)
as
a
closed-end
management
investment
company.
The
Fund
follows
the
accounting
and
reporting
guidance
in
Financial
Accounting
Standards
Board
(FASB)
Accounting
Standards
Codification
Topic
946,
Financial
Services
–
Investment
Companies
(ASC
946)
and
applies
the
specialized
accounting
and
reporting
guidance
in
U.S.
Generally
Accepted
Accounting
Principles
(U.S.
GAAP),
including,
but
not
limited
to,
ASC
946.
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
Board
has
designated
the
Fund’s
investment
manager
as
the
valuation
designee
and
has
responsibility
for
oversight
of
valuation.
The
investment
manager
is
assisted
by
the
Fund’s
administrator
in
performing
this
responsibility,
including
leading
the
cross-
functional
Valuation
Committee
(VC).
The
Fund
may
utilize
independent
pricing
services,
quotations
from
securities
and
financial
instrument
dealers,
and
other
market
sources
to
determine
fair
value.
Equity
securities
listed
on
an
exchange
or
on
the
NASDAQ
National
Market
System
are
valued
at
the
last
quoted
sale
price
or
the
official
closing
price of
the
day,
respectively.
Foreign
equity
securities
are
valued
as
of
the
close
of
trading
on
the
foreign
stock
exchange
on
which
the
security
is
primarily
traded,
or
as
of
4
p.m.
Eastern
time.
The
value
is
then
converted
into
its
U.S.
dollar
equivalent
at
the
foreign
exchange
rate
in
effect
at
4
p.m.
Eastern
time
on
the
day
that
the
value
of
the
security
is
determined.
Over-the-counter
(OTC)
securities
are
valued
within
the
range
of
the
most
recent
quoted
bid
and
ask
prices.
Securities
that
trade
in
multiple
markets
or
on
multiple
exchanges
are
valued
according
to
the
broadest
and
most
representative
market.
Certain
equity
securities
are
valued
based
upon
fundamental
characteristics
or
relationships
to
similar
securities.
Debt
securities
generally
trade
in
the
OTC
market
rather
than
on
a
securities
exchange.
The
Fund's
pricing
services
use
multiple
valuation
techniques
to
determine
fair
value.
In
instances
where
sufficient
market
activity
exists,
the
pricing
services
may
utilize
a
market-based
approach
through
which
quotes
from
market
makers
are
used
to
determine
fair
value.
In
instances
where
sufficient
market
activity
may
not
exist
or
is
limited,
the
pricing
services
also
utilize
proprietary
valuation
models
which
may
consider
market
characteristics
such
as
benchmark
yield
curves,
credit
spreads,
estimated
default
rates,
anticipated
market
interest
rate
volatility,
coupon
rates,
anticipated
timing
of
principal
repayments,
underlying
collateral,
and
other
unique
security
features
in
order
to
estimate
the
relevant
cash
flows,
which
are
then
discounted
to
calculate
the
fair
value.
Securities
denominated
in
a
foreign
currency
are
converted
into
their
U.S.
dollar
equivalent
at
the
foreign
exchange
rate
in
effect
at
4
p.m.
Eastern
time
on
the
date
that
the
values
of
the
foreign
debt
securities
are
determined.
Investments
in
open-end
mutual
funds
are
valued
at
the
closing
NAV.
The
Fund
has
procedures
to
determine
the
fair
value
of
financial
instruments
for
which
market
prices
are
not
reliable
or
readily
available.
Under
these
procedures,
the Fund
primarily
employs
a
market-based
approach
which
may
use
related
or
comparable
assets
or
liabilities,
recent
transactions,
market
multiples,
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
Franklin
Universal
Trust
Notes
to
Financial
Statements
(unaudited)
46
franklintempleton.com
Semiannual
Report
by
the
Fund.
As
a
result,
differences
may
arise
between
the
value
of
the
Fund's
portfolio
securities
as
determined
at
the
foreign
market
close
and
the
latest
indications
of
value
at
4
p.m.
Eastern
time. In
order
to
minimize
the
potential
for
these
differences,
an
independent
pricing
service
may
be
used
to
adjust
the
value
of
the
Fund's
portfolio
securities
to
the
latest
indications
of
fair
value
at
4
p.m.
Eastern
time.
At
February
28,
2023,
certain
securities
may
have
been
fair
valued
using
these
procedures,
in
which
case
the
securities
were
categorized
as
Level
2
within
the
fair
value
hierarchy
(referred
to
as
“market
level
fair
value”).
See
the
Fair
Value
Measurements
note
for
more
information.
When
the
last
day
of
the
reporting
period
is
a
non-business
day,
certain
foreign
markets
may
be
open
on
those
days
that
the
Fund's
NAV
is
not
calculated,
which
could
result
in
differences
between
the
value
of
the
Fund's
portfolio
securities
on
the
last
business
day
and
the
last
calendar
day
of
the
reporting
period.
Any
security
valuation
changes
due
to
an
open
foreign
market
are
adjusted
and
reflected
by
the
Fund
for
financial
reporting
purposes.
b.
Foreign
Currency
Translation
Portfolio
securities
and
other
assets
and
liabilities
denominated
in
foreign
currencies
are
translated
into
U.S.
dollars
based
on
the
exchange
rate
of
such
currencies
against
U.S.
dollars
on
the
date
of
valuation.
The
Fund
may
enter
into
foreign
currency
exchange
contracts
to
facilitate
transactions
denominated
in
a
foreign
currency.
Purchases
and
sales
of
securities,
income
and
expense
items
denominated
in
foreign
currencies
are
translated
into
U.S.
dollars
at
the
exchange
rate
in
effect
on
the
transaction
date.
Portfolio
securities
and
assets
and
liabilities
denominated
in
foreign
currencies
contain
risks
that
those
currencies
will
decline
in
value
relative
to
the
U.S.
dollar.
Occasionally,
events
may
impact
the
availability
or
reliability
of
foreign
exchange
rates
used
to
convert
the
U.S.
dollar
equivalent
value.
If
such
an
event
occurs,
the
foreign
exchange
rate
will
be
valued
at
fair
value
using
procedures
established
and
approved
by
the
Board.
The
Fund
does
not
separately
report
the
effect
of
changes
in
foreign
exchange
rates
from
changes
in
market
prices
on
securities
held.
Such
changes
are
included
in
net
realized
and
unrealized
gain
or
loss
from
investments
in
the
Statement of
Operations.
Realized
foreign
exchange
gains
or
losses
arise
from
sales
of
foreign
currencies,
currency
gains
or
losses
realized
between
the
trade
and
settlement
dates
on
securities
transactions
and
the
difference
between
the
recorded
amounts
of
dividends,
interest,
and
foreign
withholding
taxes
and
the
U.S.
dollar
equivalent
of
the
amounts
actually
received
or
paid.
Net
unrealized
foreign
exchange
gains
and
losses
arise
from
changes
in
foreign
exchange
rates
on
foreign
denominated
assets
and
liabilities
other
than
investments
in
securities
held
at
the
end
of
the
reporting
period.
c.
Securities
Lending
The
Fund
participates
in
an
agency
based
securities
lending
program
to
earn
additional
income.
The
Fund
receives
collateral
in
the
form
of
cash
and/or
U.S.
Government
and
Agency
securities
against
the
loaned
securities
in
an
amount
equal
to
at
least
102%
of
the
fair
value
of
the
loaned
securities.
Collateral
is
maintained
over
the
life
of
the
loan
in
an
amount
not
less
than
100%
of
the
fair
value
of
loaned
securities,
as
determined
at
the
close
of
Fund
business
each
day;
any
additional
collateral
required
due
to
changes
in
security
values
is
delivered
to
the
Fund
on
the
next
business
day.
Any
cash
collateral
received
is
deposited
into
a
joint
cash
account
with
other
funds
and
is
used
to
invest
in
a
money
market
fund
managed
by
Franklin
Advisers,
Inc.,
an
affiliate
of
the
Fund.
The
Fund
may
receive
income
from
the
investment
of
cash
collateral,
in
addition
to
lending
fees
and
rebates
paid
by
the
borrower.
Income
from
securities
loaned,
net
of
fees
paid
to
the
securities
lending
agent
and/
or
third-party
vendor,
is
reported
separately
in
the
Statement
of
Operations.
The
Fund
bears
the
market
risk
with
respect
to
any
cash
collateral
investment,
securities
loaned,
and
the
risk
that
the
agent
may
default
on
its
obligations
to
the
Fund.
If
the
borrower
defaults
on
its
obligation
to
return
the
securities
loaned,
the
Fund
has
the
right
to
repurchase
the
securities
in
the
open
market
using
the
collateral
received.
The
securities
lending
agent
has
agreed
to
indemnify
the
Fund
in
the
event
of
default
by
a
third
party
borrower.
1.
Organization
and
Significant
Accounting
Policies
(continued)
a.
Financial
Instrument
Valuation
(continued)
Franklin
Universal
Trust
Notes
to
Financial
Statements
(unaudited)
47
franklintempleton.com
Semiannual
Report
d.
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.
e.
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.
f.
Income
and
Deferred
Taxes
It
is the
Fund's
policy
to
qualify
as
a
regulated
investment
company
under
the
Internal
Revenue
Code. The
Fund
intends
to
distribute
to
shareholders
substantially
all
of
its
taxable
income
and
net
realized
gains
to
relieve
it
from
federal
income
and excise
taxes.
As
a
result,
no
provision
for
U.S.
federal
income
taxes
is
required.
The Fund
may
be
subject
to
foreign
taxation
related
to
income
received,
capital
gains
on
the
sale
of
securities
and
certain
foreign
currency
transactions
in
the
foreign
jurisdictions
in
which
it
invests.
Foreign
taxes,
if
any,
are
recorded
based
on
the
tax
regulations
and
rates
that
exist
in
the
foreign
markets
in
which
the
Fund
invests.
When
a
capital
gain
tax
is
determined
to
apply,
the
Fund
records
an
estimated
deferred
tax
liability
in
an
amount
that
would
be
payable
if
the
securities
were
disposed
of
on
the
valuation
date.
The
Fund
may
recognize
an
income
tax
liability
related
to
its
uncertain
tax
positions
under
U.S.
GAAP
when
the
uncertain
tax
position
has
a
less
than
50%
probability
that
it
will
be
sustained
upon
examination
by
the
tax
authorities
based
on
its
technical
merits.
As
of
February
28,
2023,
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.
g.
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.
Facility
fees
are
recognized
as
income
over
the
expected
term
of
the
loan.
Dividend
income
is
recorded
on
the
ex-dividend
date
except
for
certain
dividends
from
securities
where
the
dividend
rate
is
not
1.
Organization
and
Significant
Accounting
Policies
(continued)
Franklin
Universal
Trust
Notes
to
Financial
Statements
(unaudited)
48
franklintempleton.com
Semiannual
Report
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.
h.
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.
i.
Guarantees
and
Indemnifications
Under
the
Fund’s
organizational
documents,
its
officers
and
trustees
are
indemnified
by
the
Fund
against
certain
liabilities
arising
out
of
the
performance
of
their
duties
to
the
Fund.
Additionally,
in
the
normal
course
of
business,
the
Fund
enters
into
contracts
with
service
providers
that
contain
general
indemnification
clauses.
The
Fund’s
maximum
exposure
under
these
arrangements
is
unknown
as
this
would
involve
future
claims
that
may
be
made
against
the
Fund
that
have
not
yet
occurred.
Currently,
the
Fund
expects
the
risk
of
loss
to
be
remote.
2.
Shares
of
Beneficial
Interest
At
February
28,
2023,
there
were
an
unlimited
number
of
shares
authorized
($0.01
par
value).
During
the
periods ended
February
28,
2023
and
August
31,
2022
there
were
no
shares
issued;
all
reinvested
distributions
were
satisfied
with
previously
issued
shares
purchased
in
the
open
market.
Under
the
Board
approved
open-market
share
repurchase
program,
the
Fund
may
purchase,
from
time
to
time,
Fund
shares
in
open-market
transactions,
at
the
discretion
of
management.
During
the
periods ended
February
28,
2023
and
August
31,
2022,
there
were
no
shares
repurchased.
3.
Senior
Fixed
Rate
Notes
On
August
28,
2018,
the
Fund
issued
$65
million
principal
amount
of
a
new
class
of
five-year
senior
fixed
rate
notes
(Notes).
The
Notes
bear
interest,
payable
semi-annually,
at
a
rate
of
3.91%
per
year,
to
maturity
on
September
15,
2023.
The
Notes
are
general
unsecured
obligations
of
the
Fund
and
rank
senior
to
trust
shares
and
all
existing
or
future
unsecured
indebtedness
of
the
Fund.
For
the
period
ended
February
28,
2023,
total
interest
paid
by
the
Fund
on
the
Notes
was
$1,270,769.
The
Fund
is
required
to
maintain
on
a
monthly
basis
a
specified
discounted
asset
value
for
its
portfolio
in
compliance
with
guidelines
established
in
the
Notes
Agreement,
and
is
required
under
the
1940
Act
to
maintain
asset
coverage
for
the
Notes
of
at
least
300%.
The
Fund
has
met
these
requirements
during
the
period
ended
February
28,
2023.
The
issuance
costs
of
$114,819
incurred
by
the
Fund
are
deferred
and
amortized
on
an
interest
method
basis
over
the
term
of
the
Notes.
For
the
period
ended
February
28,
2023,
the
Fund
amortized
$12,643
of
Notes
issuance
costs.
Subject
to
certain
restrictions
and
make
whole
premiums,
the
Fund
may
prepay
the
Notes
at
any
time.
At
February
28,
2023,
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
February
28,
2023,
the
estimated
fair
value
of
the
Notes
was
approximately
$64,397,000.
The
inputs
used
in
determining
the
fair
value
of
the
Notes
represent
Level
3
in
the
fair
value
hierarchy.
See
Note
11
regarding
fair
value
measurements
for
additional
information
about
fair
value
hierarchy
and
Level
3
inputs.
1.
Organization
and
Significant
Accounting
Policies
(continued)
g.
Security
Transactions,
Investment
Income,
Expenses
and
Distributions
(continued)
Franklin
Universal
Trust
Notes
to
Financial
Statements
(unaudited)
49
franklintempleton.com
Semiannual
Report
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
period
ended
February
28,
2023,
the
Fund
held
investments
in
affiliated
management
investment
companies
as
follows:
5.
Expense
Offset
Arrangement
The Fund has
entered
into
an
arrangement
with
its
custodian
whereby
credits
realized
as
a
result
of
uninvested
cash
balances
are
used
to
reduce
a
portion
of
the
Fund's
custodian
expenses.
During
the
period
ended
February
28,
2023,
the
custodian
fees
were
reduced
as
noted
in
the
Statement
of
Operations.
Subsidiary
Affiliation
Franklin
Advisers,
Inc.
(Advisers)
Investment
manager
Franklin
Templeton
Services,
LLC
(FT
Services)
Administrative
manager
aa
Value
at
Beginning
of
Period
Purchases
Sales
Realized
Gain
(Loss)
Net
Change
in
Unrealized
Appreciation
(Depreciation)
Value
at
End
of
Period
Number
of
Shares
Held
at
End
of
Period
Investment
Income
a
a
a
a
a
a
a
a
Franklin
Universal
Trust
Non-Controlled
Affiliates
Dividends
Institutional
Fiduciary
Trust
-
Money
Market
Portfolio,
4.204%
$
9,360,377
$
11,261,958
$
(11,318,716)
$
—
$
—
$
9,303,619
9,303,619
$
152,797
Non-Controlled
Affiliates
Income
from
securities
loaned
Institutional
Fiduciary
Trust
-
Money
Market
Portfolio,
4.204%
$134,000
$5,509,000
$(5,443,000)
$—
$—
$200,000
200,000
$4,769
Total
Affiliated
Securities
...
$9,494,377
$16,770,958
$(16,761,716)
$—
$—
$9,503,619
$157,566
Franklin
Universal
Trust
Notes
to
Financial
Statements
(unaudited)
50
franklintempleton.com
Semiannual
Report
6.
Income
Taxes
At
February
28,
2023,
the
cost
of
investments
and
net
unrealized
appreciation
(depreciation)
for
income
tax
purposes
were
as
follows:
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
period
ended
February
28,
2023,
aggregated
$19,097,133
and
$20,396,813,
respectively.
At
February
28,
2023,
in
connection
with
securities
lending
transactions,
the
Fund
loaned
equity
investments
and
received
$200,000
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
February
28,
2023,
the
Fund
had
68.1%
of
its
portfolio
invested
in
high
yield
or
other
securities
rated
below
investment
grade
and
unrated
securities.
These
securities
may
be
more
sensitive
to
economic
conditions
causing
greater
price
volatility
and
are
potentially
subject
to
a
greater
risk
of
loss
due
to
default
than
higher
rated
securities.
The
Fund
held
defaulted
securities
and/or
other
securities
for
which
the
income
has
been
deemed
uncollectible.
At
February
28,
2023,
the
aggregate
value
of
these
securities
was
$1,185,175,
representing
0.6%
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.
Cost
of
investments
..........................................................................
$225,344,059
Unrealized
appreciation
........................................................................
$55,212,238
Unrealized
depreciation
........................................................................
(27,327,700)
Net
unrealized
appreciation
(depreciation)
..........................................................
$27,884,538
Franklin
Universal
Trust
Notes
to
Financial
Statements
(unaudited)
51
franklintempleton.com
Semiannual
Report
11.
Fair
Value
Measurements
The
Fund
follows
a
fair
value
hierarchy
that
distinguishes
between
market
data
obtained
from
independent
sources
(observable
inputs)
and
the Fund's
own
market
assumptions
(unobservable
inputs).
These
inputs
are
used
in
determining
the
value
of
the
Fund's financial
instruments
and
are
summarized
in
the
following
fair
value
hierarchy:
Level
1
–
quoted
prices
in
active
markets
for
identical
financial
instruments
Level
2
–
other
significant
observable
inputs
(including
quoted
prices
for
similar
financial
instruments,
interest
rates,
prepayment
speed,
credit
risk,
etc.)
Level
3
–
significant
unobservable
inputs
(including
the
Fund's
own
assumptions
in
determining
the
fair
value
of
financial
instruments)
The
input
levels
are
not
necessarily
an
indication
of
the
risk
or
liquidity
associated
with
financial
instruments
at
that
level.
A
summary
of
inputs
used
as
of
February
28,
2023,
in
valuing
the
Fund's
assets
carried
at
fair
value,
is
as
follows:
Level
1
Level
2
Level
3
Total
Franklin
Universal
Trust
Assets:
Investments
in
Securities:
Common
Stocks
:
Electric
Utilities
........................
$
47,521,082
$
—
$
—
$
47,521,082
Metals
&
Mining
.......................
4,974,972
—
—
4,974,972
Multi-Utilities
..........................
31,645,636
—
—
31,645,636
Oil,
Gas
&
Consumable
Fuels
.............
3,910,624
597,004
—
4,507,628
Preferred
Stocks
.........................
572,550
—
—
572,550
Rights
.................................
—
700,600
—
700,600
Warrants
...............................
701
—
—
701
Convertible
Bonds
.......................
—
1,541
—
1,541
Corporate
Bonds
:
Aerospace
&
Defense
...................
—
597,750
—
597,750
Airlines
..............................
—
1,707,861
—
1,707,861
Auto
Components
......................
—
5,973,047
—
5,973,047
Automobiles
..........................
—
1,040,813
—
1,040,813
Banks
...............................
—
899,757
—
899,757
Beverages
...........................
—
600,222
—
600,222
Biotechnology
.........................
—
545,495
—
545,495
Building
Products
......................
—
4,248,521
—
4,248,521
Capital
Markets
........................
—
978,840
—
978,840
Chemicals
...........................
—
7,630,665
—
7,630,665
Commercial
Services
&
Supplies
...........
—
2,645,499
—
2,645,499
Communications
Equipment
..............
—
1,262,000
—
1,262,000
Construction
&
Engineering
...............
—
2,466,970
—
2,466,970
Consumer
Finance
.....................
—
2,128,497
—
2,128,497
Containers
&
Packaging
.................
—
5,980,094
—
5,980,094
Diversified
Consumer
Services
............
—
734,000
—
734,000
Diversified
Financial
Services
.............
—
1,028,910
—
1,028,910
Diversified
Telecommunication
Services
.....
—
4,889,848
—
4,889,848
Electric
Utilities
........................
—
1,294,736
—
1,294,736
Electrical
Equipment
....................
—
2,462,461
—
2,462,461
Electronic
Equipment,
Instruments
&
Components
........................
—
412,964
—
412,964
Energy
Equipment
&
Services
.............
—
5,307,909
—
5,307,909
Entertainment
.........................
—
1,785,810
—
1,785,810
Equity
Real
Estate
Investment
Trusts
(REITs)
.
—
2,912,806
—
2,912,806
Food
Products
........................
—
1,680,310
—
1,680,310
Franklin
Universal
Trust
Notes
to
Financial
Statements
(unaudited)
52
franklintempleton.com
Semiannual
Report
Level
1
Level
2
Level
3
Total
Franklin
Universal
Trust
(continued)
Assets:
(continued)
Investments
in
Securities:
Corporate
Bonds:
Health
Care
Equipment
&
Supplies
.........
$
—
$
1,167,240
$
—
$
1,167,240
Health
Care
Providers
&
Services
..........
—
4,327,425
—
4,327,425
Hotels,
Restaurants
&
Leisure
.............
—
9,764,659
—
a
9,764,659
Household
Durables
....................
—
1,719,379
—
1,719,379
Independent
Power
and
Renewable
Electricity
Producers
..........................
—
3,875,732
—
3,875,732
Insurance
............................
—
1,086,408
—
1,086,408
IT
Services
...........................
—
3,481,256
—
3,481,256
Life
Sciences
Tools
&
Services
............
—
173,820
—
173,820
Machinery
............................
—
3,194,678
—
3,194,678
Media
...............................
—
5,778,303
—
5,778,303
Metals
&
Mining
.......................
—
2,192,178
—
2,192,178
Mortgage
Real
Estate
Investment
Trusts
(REITs)
............................
—
772,320
—
772,320
Multiline
Retail
........................
—
872,020
—
872,020
Oil,
Gas
&
Consumable
Fuels
.............
—
17,993,902
—
a
17,993,902
Paper
&
Forest
Products
.................
—
262,736
—
262,736
Personal
Products
.....................
—
792,110
—
792,110
Pharmaceuticals
.......................
—
4,491,261
—
4,491,261
Real
Estate
Management
&
Development
....
—
799,668
—
799,668
Road
&
Rail
..........................
—
1,488,036
—
1,488,036
Software
.............................
—
2,362,601
—
2,362,601
Specialty
Retail
........................
—
4,048,661
—
4,048,661
Textiles,
Apparel
&
Luxury
Goods
..........
—
1,404,905
—
1,404,905
Thrifts
&
Mortgage
Finance
...............
—
1,312,627
—
1,312,627
Trading
Companies
&
Distributors
..........
—
922,305
—
922,305
Wireless
Telecommunication
Services
.......
—
1,685,122
—
1,685,122
Senior
Floating
Rate
Interests
...............
—
149,775
—
149,775
Marketplace
Loans
.......................
—
—
15,385,774
15,385,774
Asset-Backed
Securities
...................
—
1,053,332
—
1,053,332
Escrows
and
Litigation
Trusts
...............
—
26,250
—
26,250
Short
Term
Investments
...................
9,503,619
—
—
9,503,619
Total
Investments
in
Securities
...........
$98,129,184
$139,713,639
$15,385,774
$253,228,597
a
Includes
financial
instruments
determined
to
have
no
value
at
February
28,
2023.
11.
Fair
Value
Measurements
(continued)
Franklin
Universal
Trust
Notes
to
Financial
Statements
(unaudited)
53
franklintempleton.com
Semiannual
Report
A
reconciliation
in
which
Level
3
inputs
are
used
in
determining
fair
value
is
presented
when
there
are
significant
Level
3
assets
and/or
liabilities
at
the
beginning
and/or
end
of
the period.
At
February
28,
2023,
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
February
28,
2023,
are
as
follows:
Balance
at
Beginning
of
Period
Purchases
a
Sales
b
Transfer
Into
Level
3
c
Transfer
Out
of
Level
3
Net
Accretion
(Amortiza-
tion)
Net
Realized
Gain
(Loss)
Net
Unr
ealized
Appreciatio
n
(
Depreciation
)
Balance
at
End
of
Period
Net
Change
in
Unrealized
Appreciation
(Depreciation)
on
Assets
Held
at
Period
End
a
a
a
a
a
a
a
a
a
a
a
Franklin
Universal
Trust
Assets:
Investments
in
Securities:
Common
Stocks
:
Oil,
Gas
&
Consumable
Fuels
..........
$
—
d
$
—
$
(151)
$
—
$
—
$
—
$
(74,975)
$
75,126
$
—
$
—
Warrants
...........
Oil,
Gas
&
Consumable
Fuels
..........
—
d
—
—
d
—
—
—
—
—
—
—
Corporate
Bonds
:
Hotels,
Restaurants
&
Leisure
.........
540
—
—
—
—
—
—
(540)
—
d
(540)
Oil,
Gas
&
Consumable
Fuels
..........
—
—
—
3,864
—
—
—
(3,864)
—
d
(3,864)
Marketplace
Loans
:
Diversified
Financial
Services
........
21,006,789
38,113
(5,278,522)
—
—
—
(101,414)
(279,192)
15,385,774
(681,175)
Total
Investments
in
Securities
............
$21,007,329
$38,113
$(5,278,673)
$3,864
$—
$—
$(176,389)
$(208,470)
$15,385,774
$(685,579)
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
financial
instruments
determined
to
have
no
value.
Description
Fair
Value
at
End
of
Period
Valuation
Technique
Unobservable
Inputs
Amount
(Weighted
Average)
a
Impact
to
Fair
Value
if
Input
Increases
b
Franklin
Universal
Trust
Assets:
Investments
in
Securities:
Marketplace
Loans:
Diversified
Financial
Services
...
$14,813,150
Discounted
cash
flow
Loss-adjusted
discount
rate
2.6%
-
11.1%
(8.2%)
Decrease
Projected
loss
rate
20.5%
-
35.0%
(27.2%)
Decrease
All
Other
Investments
..........
572,624
c,d
Total
$15,385,774
11.
Fair
Value
Measurements
(continued)
Franklin
Universal
Trust
Notes
to
Financial
Statements
(unaudited)
54
franklintempleton.com
Semiannual
Report
12.
New
Accounting
Pronouncements
In June
2022,
the
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
has
reviewed
the
requirements
and
believes
that
the
adoption
of
the
ASU
will
not
have
a
material
impact
on
the
financial
statements.
13.
Subsequent
Events
The
Fund
has
evaluated
subsequent
even
ts
through
the
issuance
of
the
financial
statements
and
determined
that
no
events
have
occurred
that
require
disclosure
.
Abbreviations
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
increases
and
decreases
in
these
inputs
in
isolation
could
result
in
significantly
higher
or
lower
fair
value
measurements.
c
Includes
fair
value
of
immaterial
assets
and/or
liabilities
developed
using
various
valuation
techniques
and
unobservable
inputs.
May
also
include
values
derived
using
recent
transactions,
private
transaction
prices
or
non-public
third-party
pricing
information
which
is
unobservable.
d
Includes
financial
instruments
determined
to
have
no
value
at
February
28,
2023.
Selected
Portfolio
ADR
American
Depositary
Receipt
CME
Chicago
Mercantile
Exchange
FRN
Floating
Rate
Note
PIK
Payment-In-Kind
SOFR
Secured
Overnight
Financing
Rate
11.
Fair
Value
Measurements
(continued)
Franklin
Universal
Trust
55
franklintempleton.com
Semiannual
Report
Important
Information
to
Shareholders
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.
Franklin
Universal
Trust
Annual
Meeting
of
Shareholders
56
franklintempleton.com
Semiannual
Report
The
Annual
Meeting
of
Shareholders
(the
“Meeting”)
for
Franklin
Universal
Trust
(Fund)
was
held
on
March
9,
2023.
At
the
Meeting,
shareholders
elected
Harris
J.
Ashton,
Edith
E.
Holiday
and
Rupert
H.
Johnson,
Jr.
as
Trustees
of
the
Fund
to
hold
office
for
a
three
year
term,
set
to
expire
at
the
2026
Annual
Meeting
of
Shareholders.
These
terms
continue,
however,
until
their
successors
are
duly
elected
and
qualified
or
until
a
Trustee’s
resignation,
retirement,
death
or
removal,
whichever
is
earlier.
The
results
of
the
voting
were
as
follows:
Note:
Terrance
J.
Checki,
Mary
C.
Choksi,
Gregory
E.
Johnson,
J.
Michael
Luttig,
Larry
D.
Thompson
and
Valerie
M.
Williams
are
Trustees
of
the
Fund
who
are
currently
serving
and
whose
terms
of
office
continued
after
the
meeting.
Trustee
Nominees
Shares
For
Shares
Withheld
Harris
J.
Ashton
13,231,125
4,300,912
Edith
E.
Holiday
13,237,945
4,294,092
Rupert
H.
Johnson,
Jr.
13,236,202
4,295,836
Franklin
Universal
Trust
57
franklintempleton.com
Semiannual
Report
Dividend
Reinvestment
and
Cash
Purchase
Plan
The
Fund’s
Dividend
Reinvestment
and
Cash
Purchase
Plan
(Plan)
offers
you
a
prompt
and
simple
way
to
reinvest
dividends
and
capital
gain
distributions
in
shares
of
the
Fund.
The
Plan
also
allows
you
to
purchase
additional
shares
of
the
Fund
by
making
voluntary
cash
payments.
American
Stock
Transfer
&
Trust
Company,
LLC
(Plan
Agent),
P.O.
Box
922,
Wall
Street
Station,
New
York,
NY
10269-0560,
acts
as
your
Plan
Agent
in
administering
the
Plan.
You
are
automatically
enrolled
in
the
Plan
unless
you
elect
to
receive
dividends
or
distributions
in
cash.
If
you
own
shares
in
your
own
name,
you
should
notify
the
Plan
Agent,
in
writing,
if
you
wish
to
receive
dividends
or
distributions
in
cash.
If
the
Fund
declares
a
dividend
or
capital
gain
distribution
payable
either
in
cash
or
in
stock
of
the
Fund
and
the
market
price
of
shares
on
the
valuation
date
equals
or
exceeds
the
net
asset
value,
the
Fund
will
issue
new
shares
to
you
at
the
higher
of
net
asset
value
or
95%
of
the
then
current
market
price.
Whenever
the
Fund
declares
a
distribution
from
capital
gains
or
an
income
dividend
payable
in
either
cash
or
shares,
if
the
net
asset
value
per
share
of
the
Fund’s
common
stock
exceeds
the
market
price
per
share
on
the
valuation
date,
the
Plan
Agent
shall
apply
the
amount
of
such
dividend
or
distribution
payable
to
participants
to
the
purchase
of
shares
(less
their
pro
rata
share
of
brokerage
commissions
incurred
with
respect
to
open
market
purchases
in
connection
with
the
reinvestment
of
such
dividend
or
distribution).
If
the
price
exceeds
the
net
asset
value
before
the
Plan
Agent
has
completed
its
purchases,
the
average
purchase
price
may
exceed
the
net
asset
value,
resulting
in
fewer
shares
being
acquired
than
if
the
Fund
had
issued
new
shares.
All
reinvestments
are
in
full
and
fractional
shares,
carried
to
three
decimal
places.
The
Fund
will
not
issue
shares
under
the
Plan
at
a
price
below
net
asset
value.
The
Plan
permits
you
on
a
voluntary
basis
to
submit
in
cash
payments
of
not
less
than
$100
each
up
to
a
total
of
$5,000
per
month
to
purchase
additional
shares
of
the
Fund.
It
is
entirely
up
to
you
whether
you
wish
to
buy
additional
shares
with
voluntary
cash
payments,
and
you
do
not
have
to
send
in
the
same
amount
each
time
if
you
do.
These
payments
should
be
made
by
check
or
money
order
payable
to
American
Stock
Transfer
&
Trust
Company,
LLC
and
sent
to
American
Stock
Transfer
&
Trust
Company,
LLC,
P.O.
Box
922,
Wall
Street
Station,
New
York,
NY
10269-0560,
Attn:
Franklin
Universal
Trust.
Your
cash
payment
will
be
aggregated
with
the
payments
of
other
participants
and
invested
on
your
behalf
by
the
Plan
Agent
in
shares
of
the
Fund
that
are
purchased
in
the
open
market.
The
Plan
Agent
will
invest
cash
payments
on
approximately
the
5th
of
each
month
in
which
no
dividend
or
distribution
is
payable
and,
during
each
month
in
which
a
dividend
or
distribution
is
payable,
will
invest
cash
payments
beginning
on
the
dividend
payment
date.
Under
no
circumstances
will
interest
be
paid
on
your
funds
held
by
the
Plan
Agent.
Accordingly,
you
should
send
any
voluntary
cash
payments
you
wish
to
make
shortly
before
an
investment
date
but
in
sufficient
time
to
ensure
that
your
payment
will
reach
the
Plan
Agent
not
less
than
two
business
days
before
an
investment
date.
Payments
received
less
than
two
business
days
before
an
investment
date
will
be
invested
during
the
next
month
or,
if
there
are
more
than
30
days
until
the
next
investment
date,
will
be
returned
to
you.
You
may
obtain
a
refund
of
any
cash
payment
by
written
notice,
if
the
Plan
Agent
receives
the
written
notice
not
less
than
48
hours
before
an
investment
date.
There
is
no
direct
charge
to
participants
for
reinvesting
dividends
and
capital
gain
distributions,
since
the
Plan
Agent’s
fees
are
paid
by
the
Fund.
However,
when
shares
are
purchased
in
the
open
market,
each
participant
will
pay
a
pro
rata
portion
of
any
brokerage
commissions
incurred.
The
Plan
Agent
will
deduct
a
$5.00
service
fee
from
each
of
your
voluntary
cash
payments.
The
automatic
reinvestment
of
dividends
and
capital
gain
distributions
does
not
relieve
you
of
any
taxes
which
may
be
payable
on
dividends
or
distributions.
In
connection
with
the
reinvestment
of
dividends
and
capital
gain
distributions,
if
the
Fund
issues
new
shares,
shareholders
receiving
such
shares
generally
will
be
treated
as
having
a
distribution
equal
to
the
market
value
of
the
shares
received,
and
if
shares
are
purchased
on
the
open
market,
shareholders
generally
will
be
treated
as
having
received
a
distribution
equal
to
the
cash
distribution
that
would
have
been
paid.
The
Fund
does
not
issue
new
shares
in
connection
with
voluntary
cash
payments.
All
investments
are
in
full
and
fractional
shares,
carried
to
three
decimal
places.
If
the
market
price
exceeds
the
net
asset
value
at
the
time
the
Plan
Agent
purchases
the
additional
shares,
you
will
receive
shares
at
a
price
greater
than
the
net
asset
value.
Franklin
Universal
Trust
Dividend
Reinvestment
and
Cash
Purchase
Plan
58
franklintempleton.com
Semiannual
Report
You
will
receive
a
monthly
account
statement
from
the
Plan
Agent
showing
total
dividends
and
capital
gain
distributions,
date
of
investment,
shares
acquired
and
price
per
share,
and
total
shares
of
record
held
by
you
and
by
the
Plan
Agent
for
you.
You
are
entitled
to
vote
all
shares
of
record,
including
shares
purchased
for
you
by
the
Plan
Agent,
and,
if
you
vote
by
proxy,
your
proxy
will
include
all
such
shares.
As
long
as
you
participate
in
the
Plan,
the
Plan
Agent
will
hold
the
shares
it
has
acquired
for
you
in
safekeeping,
in
its
name
or
in
the
name
of
its
nominee.
This
convenience
provides
added
protection
against
loss,
theft
or
inadvertent
destruction
of
certificates.
However,
you
may
request
that
a
certificate
representing
your
Plan
shares
be
issued
to
you.
You
may
withdraw
from
the
Plan
without
penalty
at
any
time
by
notifying
the
Plan
Agent,
in
writing,
at
the
address
above.
If
you
withdraw,
you
will
receive,
without
charge,
stock
certificates
issued
in
your
name
for
all
full
shares.
The
Plan
Agent
will
convert
any
fractional
shares
you
hold
at
the
time
of
your
withdrawal
to
cash
at
current
market
price
and
send
you
a
check
for
the
proceeds.
If
you
hold
shares
in
your
own
name,
please
address
all
notices,
correspondence,
questions,
or
other
communications
regarding
the
Plan
to
the
Plan
Agent
at
the
address
noted
above.
If
your
shares
are
not
held
in
your
name,
you
should
contact
your
brokerage
firm,
bank,
or
other
nominee
for
more
information
and
to
determine
if
our
nominee
will
participate
in
the
Plan
on
your
behalf.
The
Fund
or
the
Plan
Agent
may
amend
or
terminate
the
Plan.
You
will
receive
written
notice
at
least
90
days
before
the
effective
date
of
termination
or
of
any
amendment.
In
the
case
of
termination,
you
will
receive
written
notice
at
least
90
days
before
the
record
date
of
any
dividend
or
capital
gain
distribution
by
the
Fund.
Franklin
Universal
Trust
Shareholder
Information
59
franklintempleton.com
Semiannual
Report
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
S
04/23
©
2023
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.
Semiannual
Report
Franklin
Universal
Trust
Investment
Manager
Transfer
Agent
Franklin
Advisers,
Inc.
(800)
DIAL
BEN
®
/
342-5236
American
Stock
Transfer
&
Trust
Co.,
LLC
6201
15th
Avenue
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.   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 Equity Group, 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.
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 Equity Group, which includes the following Investment Managers:
Franklin Advisers, Inc. (FAV)
Franklin Templeton Institutional, LLC
Franklin Templeton Portfolio Advisors, Inc. (FTPA)
The following Proxy Policies apply to FAV 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 FTPA only:
RESPONSIBILITY OF THE INVESTMENT MANAGERS TO VOTE PROXIES
In certain SMA programs, typically where the SMA program sponsor has not elected for the Investment Manager to vote proxies, or where the Investment Manager only provides non-discretionary management services to the SMA program, the Investment Manager will not be delegated the responsibility to vote proxies held by the SMA program accounts. Instead, the SMA program sponsor or another service provider will generally vote these proxies. Clients in SMA programs should contact the SMA program sponsor for a copy of the program sponsor’s proxy voting policies.
The ISS proxy voting guidelines can be found at: https://www.issgovernance.com/policy-gateway/voting-policies/.
The Glass Lewis proxy voting guidelines can be found at: https://www.glasslewis.com/voting-policies-current/.
Item 8. Portfolio Managers of Closed-End Management Investment Companies. N/A
Item 9. Purchases of Equity Securities by Closed-End Management Investment Company and
Affiliated Purchasers. N/A
Item 10. Submission of Matters to a Vote of Security Holders.
There have been no changes to the procedures by which shareholders may recommend nominees to the Registrant's Board of Trustees that would require disclosure herein.
Item 11. Controls and Procedures.
(a)
Evaluation of Disclosure Controls and Procedures. The Registrant maintains disclosure controls and procedures that are designed to provide reasonable assurance that information required to be disclosed in the Registrant’s filings under the Securities Exchange Act of 1934, as amended, and the Investment Company Act of 1940 is recorded, processed, summarized and reported within the periods specified in the rules and forms of the Securities and Exchange Commission. Such information is accumulated and communicated to the Registrant’s management, including its principal executive officer and principal financial officer, as appropriate, to allow timely decisions regarding required disclosure. The Registrant’s management, including the principal executive officer and the principal financial officer, recognizes that any set of controls and procedures, no matter how well designed and operated, can provide only reasonable assurance of achieving the desired control objectives.
Within 90 days prior to the filing date of this Shareholder Report on Form N-CSR, the Registrant had carried out an evaluation, under the supervision and with the participation of the Registrant’s management, including the Registrant’s principal executive officer and the Registrant’s principal financial officer, of the effectiveness of the design and operation of the Registrant’s disclosure controls and procedures. Based on such evaluation, the Registrant’s principal executive officer and principal financial officer concluded that the Registrant’s disclosure controls and procedures are effective.
(b) Changes in Internal Controls
. There have been no changes in the Registrant’s internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect the internal control over financial reporting.
Item 12. Disclosure of Securities Lending Activities for Closed-End Management Investment Company.
Securities lending agent
The board of trustees has approved the Fund’s participation in a securities lending program. Under the securities lending program, Bank of New York Mellon serves as the Fund’s securities lending agent.
For the period ended February 28, 2023, 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 | $11,850
Fees and/or compensation paid by the Fund for securities lending activities and related services |
Fees paid to Securities Lending Agent from revenue split | $947
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) | $1,023
Other fees not included above | -
Aggregate fees/compensation paid by the Fund for securities lending activities | $1,970
Net income from securities lending activities | $9,880

Item 13. Exhibits.
(a)(1) Code of Ethics
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(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
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(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
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(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
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
FRANKLIN
UNIVERSAL TRUST
By S\MATTHEW T. HINKLE______________________
Matthew T. Hinkle
Chief Executive Officer - Finance and Administration
Date April 26, 2023
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.
By S\MATTHEW T. HINKLE______________________
Matthew T. Hinkle
Chief Executive Officer - Finance and Administration
Date April 26, 2023
By S\CHRISTOPHER KINGS______________________
Christopher Kings
Chief Financial Officer, Chief Accounting Officer and Treasurer
Date April 26, 2023