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: 2/29/24
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
29,
2024
Not
FDIC
Insured
May
Lose
Value
No
Bank
Guarantee
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.
franklintempleton.com
Semiannual
Report
1
Contents
Fund
Overview
2
Performance
Summary
3
Financial
Highlights
and
Schedule
of
Investments
5
Financial
Statements
30
Notes
to
Financial
Statements
34
Important
Information
to
Shareholders
44
Annual
Meeting
of
Shareholders
45
Dividend
Reinvestment
and
Cash
Purchase
Plan
46
Shareholder
Information
48
Visit
franklintempleton.com
for
fund
updates,
to
access
your
account,
or
to
find
helpful
financial
planning
tools.
2
franklintempleton.com
Semiannual
Report
Franklin
Universal
Trust
Dear
Shareholder,
This
semiannual
report
for
Franklin
Universal
Trust
covers
the
period
ended
February
29,
2024.
Effective
January
1,
2024,
the
Fund
changed
its
reference
index
from
the
Credit
Suisse
(CS)
High
Yield
Index
to
the
ICE
BofA
US
High
Yield
Constrained
Index.
Fund
Overview
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.
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.
Performance
Overview
For
the
six
months
under
review,
the
Fund’s
cumulative
total
returns
were
+4.26%
based
on
net
asset
value
and
-0.30%
based
on
market
price.
For
comparison,
the
ICE
BofA
US
High
Yield
Constrained
Index,
which
tracks
the
performance
of
U.S.
dollar-denominated
below
investment-
grade
corporate
debt
publicly
issues
in
the
U.S.
domestic
market,
posted
a
+6.15%
cumulative
total
return
1
.
The
Fund
previously
compared
performance
to
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,
which
posted
a
+6.03%
cumulative
total
return
1
.
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
+0.48%
cumulative
total
return
for
the
same
period.
1
You
can
find
the
Fund’s
long-term
performance
data
in
the
Performance
Summary
on
page
3
.
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.
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
Portfolio
Composition
2/29/24
%
of
Total
Investments
Corporate
Bonds
59.3%
Common
Stocks
34.9%
Marketplace
Loans
3.2%
Other
*
0.5%
Short-Term
Investments
2.1%
*
Categories
within
the
Other
category
are
listed
in
full
in
the
Fund’s
Schedule
of
Investments
(SOI),
which
can
be
found
later
in
this
report.
Top
10
Holdings
2/29/24
Issuer
%
of
Total
Net
Assets
a
a
Sempra
3.4%
NextEra
Energy,
Inc.
3.4%
American
Electric
Power
Co.,
Inc.
3.0%
CMS
Energy
Corp.
2.4%
Alliant
Energy
Corp.
2.1%
Duke
Energy
Corp.
2.0%
Constellation
Energy
Corp.
2.0%
Evergy,
Inc.
1.9%
Southern
Co.
(The)
1.9%
CenterPoint
Energy,
Inc.
1.8%
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.
Important
data
provider
notices
and
terms
available
at
www.franklintempletondatasources.com.
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
6
.
CFA
®
is
a
trademark
owned
by
CFA
Institute.
Performance
Summary
as
of
February
29,
2024
Franklin
Universal
Trust
3
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
2/29/24
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
+4.26%
-0.30%
+4.26%
-0.30%
1-Year
+6.11%
-2.74%
+6.11%
-2.74%
5-Year
+21.82%
+28.71%
+4.03%
+5.18%
10-Year
+60.42%
+70.28%
+4.84%
+5.47%
See
page
4
for
Performance
Summary
footnotes.
Franklin
Universal
Trust
Performance
Summary
4
franklintempleton.com
Semiannual
Report
Share
Prices
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.
All
investments
involve
risks,
including
possible
loss
of
principal.
Fixed
income
securities
involve
interest
rate,
credit,
inflation
and
reinvestment
risks,
and
possible
loss
of
principal.
As
interest
rates
rise,
the
value
of
fixed
income
securities
falls.
Low-rated,
high-yield
bonds
are
subject
to
greater
price
volatility,
illiquidity
and
possibility
of
default.
Equity
securities
are
subject
to
price
fluctuation
and
possible
loss
of
principal.
To
the
extent
the
portfolio
invests
in
a
concentration
of
certain
securities,
regions
or
industries,
it
is
subject
to
increased
volatility.
Dividends
may
fluctuate
and
are
not
guaranteed,
and
a
company
may
reduce
or
eliminate
its
dividend
at
any
time.
The
manager
may
consider
environmental,
social
and
governance
(ESG)
criteria
in
the
research
or
investment
process;
however,
ESG
considerations
may
not
be
a
determi-
native
factor
in
security
selection.
In
addition,
the
manager
may
not
assess
every
investment
for
ESG
criteria,
and
not
every
ESG
factor
may
be
identified
or
evaluated.
1.
Gross
expenses
are
the
Fund’s
total
annual
operating
expenses
as
of
the
Fund's
annual
report
available
at
the
time
of
publication.
Actual
expenses
may
be
higher
and
may
impact
portfolio
returns.
Net
expenses
reflect
voluntary
fee
waivers,
expense
caps
and/or
reimbursements.
Voluntary
waivers
may
be
modified
or
discontinued
at
any
time
without
notice.
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.
Important
data
provider
notices
and
terms
available
at
www.franklintempletondatasources.com.
Symbol:
FT
2/29/24
8/31/23
Change
Net
Asset
Value
(NAV)
$7.41
$7.36
+$0.05
Market
Price
(NYSE)
$6.48
$6.76
-$0.28
Distributions
(9/1/23–2/29/24)
Net
Investment
Income
$0.2550
Franklin
Universal
Trust
Financial
Highlights
franklintempleton.com
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Semiannual
Report
5
a
Six
Months
Ended
February
29,
2024
(unaudited)
Year
Ended
August
31,
2023
2022
2021
2020
2019
Per
share
operating
performance
(for
a
share
outstanding
throughout
the
period)
Net
asset
value,
beginning
of
period
.....
$7.36
$8.08
$8.92
$8.12
$8.57
$7.99
Income
from
investment
operations:
Net
investment
income
a
.............
0.18
0.43
0.41
0.38
0.41
0.38
Net
realized
and
unrealized
gains
(losses)
0.13
(0.58)
(0.70)
0.85
(0.48)
0.58
Total
from
investment
operations
........
0.31
(0.15)
(0.29)
1.23
(0.07)
0.96
Less
distributions
from:
Net
investment
income
..............
(0.26)
(0.31)
(0.51)
(0.43)
(0.38)
(0.38)
Net
realized
gains
.................
—
(0.05)
(0.04)
—
(—)
b
—
Tax
return
of
capital
................
—
(0.21)
—
—
—
—
Total
distributions
...................
(0.26)
(0.57)
(0.55)
(0.43)
(0.38)
(0.38)
Net
asset
value,
end
of
period
..........
$7.41
$7.36
$8.08
$8.92
$8.12
$8.57
Market
value,
end
of
period
c
...........
$6.48
$6.76
$8.00
$8.59
$7.00
$7.37
Total
return
(based
on
net
asset
value
per
share)
d
...........................
4.26%
(1.81)%
(3.41)%
15.33%
(0.67)%
12.40%
Total
return
(based
on
market
value
per
share)
d
...........................
(0.30)%
(8.24)%
(0.36)%
29.55%
0.25%
15.02%
Ratios
to
average
net
assets
Expenses
before
waiver
and
payments
by
affiliates
..........................
3.38%
2.78%
2.57%
2.50%
2.49%
2.45%
Expenses
net
of
waiver
and
payments
by
affiliates
..........................
3.37%
2.77%
e
2.57%
e,f
2.50%
e,f
2.49%
e,f
2.44%
e
Net
investment
income
...............
5.01%
5.66%
4.85%
4.38%
5.01%
4.69%
Supplemental
data
Net
assets,
end
of
period
(000’s)
........
$186,252
$184,859
$203,053
$224,246
$204,094
$215,292
Portfolio
turnover
rate
................
10.24%
17.73%
22.29%
36.58%
35.26%
21.70%
Total
outstanding
borrowings
on
credit
facility
at
end
of
period
(000’s)
..........
$60,000
$—
$—
$—
$—
$—
Total
debt
outstanding
at
end
of
period
(000's)
...........................
$—
$65,000
$65,000
$65,000
$65,000
$65,000
Asset
coverage
per
$1,000
of
debt
......
$4,104
$3,844
$4,124
$4,450
$4,140
$4,312
Average
amount
of
senior
fixed
rate
Notes
per
share
during
the
period
............
$—
$2.59
$2.59
$2.59
$2.59
$2.59
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
Benefit
of
expense
reduction
rounds
to
less
than
0.01%.
f
Benefit
of
waiver
and
payments
by
affiliates
rounds
to
less
than
0.01%.
Franklin
Universal
Trust
Schedule
of
Investments
(unaudited),
February
29,
2024
franklintempleton.com
Semiannual
Report
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
6
a
a
Country
Shares
a
Value
a
a
a
a
a
a
Common
Stocks
45.9%
Electric
Utilities
24.4%
Alliant
Energy
Corp.
...................................
United
States
80,000
$
3,820,000
American
Electric
Power
Co.,
Inc.
.........................
United
States
65,000
5,537,350
Constellation
Energy
Corp.
..............................
United
States
21,666
3,649,638
Duke
Energy
Corp.
....................................
United
States
40,000
3,673,200
Edison
International
...................................
United
States
36,000
2,448,720
Entergy
Corp.
........................................
United
States
30,000
3,047,100
Evergy,
Inc.
..........................................
United
States
72,000
3,566,880
Exelon
Corp.
.........................................
United
States
65,000
2,329,600
FirstEnergy
Corp.
.....................................
United
States
61,000
2,233,210
NextEra
Energy,
Inc.
...................................
United
States
115,000
6,346,850
Pinnacle
West
Capital
Corp.
.............................
United
States
25,000
1,708,250
PPL
Corp.
...........................................
United
States
24,500
646,065
Southern
Co.
(The)
....................................
United
States
53,000
3,564,250
Xcel
Energy,
Inc.
......................................
United
States
55,000
2,897,950
45,469,063
Independent
Power
and
Renewable
Electricity
Producers
1.2%
a
Talen
Energy
Corp.
....................................
United
States
21,116
1,579,477
a
Talen
Energy
Corp.
....................................
United
States
9,400
703,120
2,282,597
Metals
&
Mining
2.5%
BHP
Group
Ltd.,
ADR
..................................
Australia
25,185
1,444,108
Freeport-McMoRan,
Inc.
................................
United
States
80,380
3,039,168
South32
Ltd.,
ADR
....................................
Australia
10,074
96,307
4,579,583
Multi-Utilities
16.2%
CenterPoint
Energy,
Inc.
................................
United
States
122,800
3,377,000
CMS
Energy
Corp.
....................................
United
States
78,000
4,474,860
Consolidated
Edison,
Inc.
...............................
United
States
35,000
3,052,350
Dominion
Energy,
Inc.
..................................
United
States
65,000
3,108,950
DTE
Energy
Co.
......................................
United
States
30,000
3,250,500
NiSource,
Inc.
........................................
United
States
60,000
1,563,600
Public
Service
Enterprise
Group,
Inc.
......................
United
States
45,000
2,808,000
Sempra
.............................................
United
States
90,000
6,354,000
WEC
Energy
Group,
Inc.
................................
United
States
28,000
2,197,720
30,186,980
Oil,
Gas
&
Consumable
Fuels
1.6%
a
Amplify
Energy
Corp.
..................................
United
States
245
1,480
Birch
Permian
Holdings,
Inc.
.............................
United
States
32,490
312,716
California
Resources
Corp.
..............................
United
States
27
1,409
Chesapeake
Energy
Corp.
..............................
United
States
1,871
154,881
DT
Midstream,
Inc.
....................................
United
States
15,000
864,450
Enbridge,
Inc.
........................................
Canada
39,360
1,354,771
Woodside
Energy
Group
Ltd.,
ADR
........................
Australia
9,101
179,472
2,869,179
Total
Common
Stocks
(Cost
$37,332,164)
......................................
85,387,402
Preferred
Stocks
0.3%
Electric
Utilities
0.3%
SCE
Trust
II,
5.1%
....................................
United
States
27,500
580,250
Total
Preferred
Stocks
(Cost
$598,125)
.........................................
580,250
Franklin
Universal
Trust
Schedule
of
Investments
(unaudited)
franklintempleton.com
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Semiannual
Report
7
a
a
Country
Warrants
a
Value
a
a
a
a
a
a
Warrants
0.0%
†
Oil,
Gas
&
Consumable
Fuels
0.0%
†
a
California
Resources
Corp.,
10/27/24
......................
United
States
64
$
1,076
Total
Warrants
(Cost
$–)
......................................................
1,076
Principal
Amount
*
Corporate
Bonds
78.0%
Automobile
Components
2.5%
b,c
Adient
Global
Holdings
Ltd.
,
Senior
Note,
144A,
8.25%,
4/15/31
......................
United
States
700,000
737,583
Senior
Secured
Note,
144A,
7%,
4/15/28
..................
United
States
400,000
408,227
b
Allison
Transmission,
Inc.
,
Senior
Bond,
144A,
3.75%,
1/30/31
......................
United
States
300,000
259,481
Senior
Note,
144A,
4.75%,
10/01/27
.....................
United
States
600,000
575,889
b,c
Dornoch
Debt
Merger
Sub,
Inc.
,
Senior
Note
,
144A,
6.625
%
,
10/15/29
..........................................
United
States
1,400,000
1,258,399
c
Goodyear
Tire
&
Rubber
Co.
(The)
,
Senior
Note,
9.5%,
5/31/25
............................
United
States
900,000
909,841
Senior
Note,
5%,
7/15/29
.............................
United
States
600,000
552,937
4,702,357
Automobiles
0.6%
b,c
Jaguar
Land
Rover
Automotive
plc
,
Senior
Note
,
144A,
5.5
%
,
7/15/29
...........................................
United
Kingdom
1,100,000
1,058,584
Banks
0.5%
d,e
JPMorgan
Chase
&
Co.
,
R
,
Junior
Sub.
Bond
,
FRN
,
8.868
%
,
(
3-month
SOFR
+
3.562
%
),
Perpetual
....................
United
States
900,000
906,001
Beverages
0.3%
b,c
Primo
Water
Holdings,
Inc.
,
Senior
Note
,
144A,
4.375
%
,
4/30/29
..
Canada
700,000
635,638
Biotechnology
0.2%
b
Emergent
BioSolutions,
Inc.
,
Senior
Note
,
144A,
3.875
%
,
8/15/28
.
United
States
900,000
365,725
Building
Products
2.5%
b,c
Advanced
Drainage
Systems,
Inc.
,
Senior
Note
,
144A,
6.375
%
,
6/15/30
...........................................
United
States
500,000
500,498
b,c
AmeriTex
HoldCo
Intermediate
LLC
,
Senior
Secured
Note
,
144A,
10.25
%
,
10/15/28
....................................
United
States
600,000
629,250
b
Cornerstone
Building
Brands,
Inc.
,
Senior
Note
,
144A,
6.125
%
,
1/15/29
...........................................
United
States
300,000
270,684
b,c
Eco
Material
Technologies,
Inc.
,
Senior
Secured
Note
,
144A,
7.875
%
,
1/31/27
.....................................
United
States
500,000
499,402
b,c
EMRLD
Borrower
LP
/
Emerald
Co-Issuer,
Inc.
,
Senior
Secured
Note
,
144A,
6.625
%
,
12/15/30
..........................
United
States
900,000
904,275
b,c
Smyrna
Ready
Mix
Concrete
LLC
,
Senior
Secured
Note
,
144A,
8.875
%
,
11/15/31
....................................
United
States
1,200,000
1,272,923
b
Standard
Industries,
Inc.
,
c
Senior
Bond,
144A,
4.75%,
1/15/28
......................
United
States
500,000
472,316
Senior
Bond,
144A,
4.375%,
7/15/30
.....................
United
States
100,000
89,252
4,638,600
Capital
Markets
0.7%
b,c
HAT
Holdings
I
LLC
/
HAT
Holdings
II
LLC
,
Senior
Note
,
144A,
6
%
,
4/15/25
...........................................
United
States
400,000
396,293
b,c
Jane
Street
Group
/
JSG
Finance,
Inc.
,
Senior
Secured
Note
,
144A,
4.5
%
,
11/15/29
......................................
United
States
500,000
460,575
b,f
StoneX
Group,
Inc.
,
Senior
Secured
Note
,
144A,
7.875
%
,
3/01/31
.
United
States
500,000
506,753
1,363,621
Franklin
Universal
Trust
Schedule
of
Investments
(unaudited)
franklintempleton.com
Semiannual
Report
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
8
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
Corporate
Bonds
(continued)
Chemicals
3.0%
b,g,h
Anagram
Holdings
LLC
/
Anagram
International,
Inc.
,
Secured
Note
,
144A,
PIK,
10
%
,
8/15/26
..............................
United
States
257,209
$
5,138
b
Braskem
Idesa
SAPI
,
Senior
Secured
Bond
,
144A,
6.99
%
,
2/20/32
Mexico
300,000
216,594
b
Consolidated
Energy
Finance
SA
,
Senior
Note
,
144A,
5.625
%
,
10/15/28
..........................................
Switzerland
600,000
487,617
b
Element
Solutions,
Inc.
,
Senior
Note
,
144A,
3.875
%
,
9/01/28
.....
United
States
200,000
181,473
b,c
GPD
Cos.,
Inc.
,
Senior
Secured
Note
,
144A,
10.125
%
,
4/01/26
...
United
States
1,500,000
1,381,157
b,c
Illuminate
Buyer
LLC
/
Illuminate
Holdings
IV,
Inc.
,
Senior
Note
,
144A,
9
%
,
7/01/28
...................................
United
States
1,000,000
985,026
b,g
Kobe
US
Midco
2,
Inc.
,
Senior
Note
,
144A,
PIK,
9.25
%
,
11/01/26
..
United
States
210,000
171,309
b,c
Rain
Carbon,
Inc.
,
Senior
Secured
Note
,
144A,
12.25
%
,
9/01/29
..
United
States
1,200,000
1,201,656
b
Rain
CII
Carbon
LLC
/
CII
Carbon
Corp.
,
Secured
Note
,
144A,
7.25
%
,
4/01/25
.....................................
United
States
33,000
32,256
b,c
Vibrantz
Technologies,
Inc.
,
Senior
Note
,
144A,
9
%
,
2/15/30
.....
United
States
1,000,000
921,445
5,583,671
Commercial
Services
&
Supplies
2.2%
b,c
Allied
Universal
Holdco
LLC
,
Senior
Secured
Note
,
144A,
7.875
%
,
2/15/31
...........................................
United
States
1,200,000
1,193,195
b,c
APX
Group,
Inc.
,
Senior
Note
,
144A,
5.75
%
,
7/15/29
...........
United
States
800,000
761,617
b,c
Enviri
Corp.
,
Senior
Note
,
144A,
5.75
%
,
7/31/27
..............
United
States
500,000
467,680
b,c
Prime
Security
Services
Borrower
LLC
/
Prime
Finance,
Inc.
,
Senior
Secured
Note
,
144A,
3.375
%
,
8/31/27
....................
United
States
600,000
549,933
b,c
Stericycle,
Inc.
,
Senior
Note
,
144A,
3.875
%
,
1/15/29
...........
United
States
1,200,000
1,081,156
4,053,581
Communications
Equipment
0.5%
b
CommScope,
Inc.
,
Senior
Note
,
144A,
7.125
%
,
7/01/28
.........
United
States
1,600,000
641,656
b
Viasat,
Inc.
,
Senior
Note
,
144A,
7.5
%
,
5/30/31
................
United
States
300,000
211,125
852,781
Construction
&
Engineering
0.6%
b,c
Arcosa,
Inc.
,
Senior
Note
,
144A,
4.375
%
,
4/15/29
.............
United
States
300,000
277,178
b,c
VM
Consolidated,
Inc.
,
Senior
Note
,
144A,
5.5
%
,
4/15/29
.......
United
States
800,000
754,931
1,032,109
Consumer
Finance
1.8%
b
FirstCash,
Inc.
,
Senior
Note
,
144A,
6.875
%
,
3/01/32
...........
United
States
1,100,000
1,090,505
c
OneMain
Finance
Corp.
,
Senior
Note
,
9
%
,
1/15/29
............
United
States
1,400,000
1,471,708
b,c
PROG
Holdings,
Inc.
,
Senior
Note
,
144A,
6
%
,
11/15/29
.........
United
States
900,000
828,144
3,390,357
Consumer
Staples
Distribution
&
Retail
0.8%
b,c
Albertsons
Cos.,
Inc.
/
Safeway,
Inc.
/
New
Albertsons
LP
/
Albertsons
LLC
,
Senior
Note
,
144A,
3.5
%
,
3/15/29
...........
United
States
800,000
713,550
b,c
US
Foods,
Inc.
,
Senior
Note
,
144A,
6.875
%
,
9/15/28
...........
United
States
700,000
713,125
1,426,675
Containers
&
Packaging
3.8%
b,c
Ardagh
Packaging
Finance
plc
/
Ardagh
Holdings
USA,
Inc.
,
Senior
Note,
144A,
5.25%,
8/15/27
......................
United
States
600,000
435,868
Senior
Secured
Note,
144A,
5.25%,
4/30/25
...............
United
States
800,000
792,267
b,c
LABL,
Inc.
,
Senior
Secured
Note
,
144A,
9.5
%
,
11/01/28
........
United
States
300,000
300,447
b,c
Mauser
Packaging
Solutions
Holding
Co.
,
Secured
Note,
144A,
9.25%,
4/15/27
.....................
United
States
1,500,000
1,460,420
Senior
Secured
Note,
144A,
7.875%,
8/15/26
..............
United
States
1,000,000
1,013,942
b,c
Owens-Brockway
Glass
Container,
Inc.
,
Senior
Note,
144A,
6.625%,
5/13/27
.....................
United
States
375,000
374,457
Franklin
Universal
Trust
Schedule
of
Investments
(unaudited)
franklintempleton.com
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Semiannual
Report
9
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
Corporate
Bonds
(continued)
Containers
&
Packaging
(continued)
b,c
Owens-Brockway
Glass
Container,
Inc.,
(continued)
Senior
Note,
144A,
7.25%,
5/15/31
......................
United
States
800,000
$
811,792
b
Pactiv
Evergreen
Group
Issuer
LLC
/
Pactiv
Evergreen
Group
Issuer,
Inc.
,
Senior
Secured
Note
,
144A,
4.375
%
,
10/15/28
..........
United
States
300,000
278,306
b,c
Pactiv
Evergreen
Group
Issuer,
Inc.
/
Pactiv
Evergreen
Group
Issuer
LLC
,
Senior
Secured
Note
,
144A,
4
%
,
10/15/27
.............
United
States
1,200,000
1,119,108
b,c
Trivium
Packaging
Finance
BV
,
Senior
Note
,
144A,
8.5
%
,
8/15/27
.
Netherlands
500,000
487,908
7,074,515
Distributors
0.4%
b,c
Ritchie
Bros
Holdings,
Inc.
,
Senior
Note,
144A,
7.75%,
3/15/31
......................
Canada
500,000
526,250
Senior
Secured
Note,
144A,
6.75%,
3/15/28
...............
Canada
300,000
307,410
833,660
Diversified
Consumer
Services
0.8%
Grand
Canyon
University
,
Secured
Note
,
5.125
%
,
10/01/28
......
United
States
800,000
721,640
b,c
Wand
NewCo
3,
Inc.
,
Senior
Secured
Note
,
144A,
7.625
%
,
1/30/32
United
States
800,000
822,676
1,544,316
Diversified
REITs
1.1%
b
Global
Net
Lease,
Inc.
/
Global
Net
Lease
Operating
Partnership
LP
,
Senior
Note
,
144A,
3.75
%
,
12/15/27
......................
United
States
800,000
676,448
b,c
Necessity
Retail
REIT,
Inc.
(The)
/
American
Finance
Operating
Partner
LP
,
Senior
Note
,
144A,
4.5
%
,
9/30/28
...............
United
States
900,000
758,939
b,c
VICI
Properties
LP
/
VICI
Note
Co.,
Inc.
,
Senior
Note
,
144A,
3.75
%
,
2/15/27
...........................................
United
States
700,000
659,134
2,094,521
Diversified
Telecommunication
Services
2.0%
b
CCO
Holdings
LLC
/
CCO
Holdings
Capital
Corp.
,
c
Senior
Bond,
144A,
5.375%,
6/01/29
.....................
United
States
500,000
452,681
c
Senior
Bond,
144A,
4.5%,
8/15/30
.......................
United
States
1,700,000
1,411,697
Senior
Bond,
144A,
4.25%,
2/01/31
......................
United
States
200,000
161,048
b,c
Iliad
Holding
SASU
,
Senior
Secured
Note
,
144A,
7
%
,
10/15/28
...
France
800,000
792,185
b,c
Virgin
Media
Secured
Finance
plc
,
Senior
Secured
Bond
,
144A,
4.5
%
,
8/15/30
......................................
United
Kingdom
1,100,000
962,500
3,780,111
Electric
Utilities
0.7%
b
Vistra
Operations
Co.
LLC
,
c
Senior
Note,
144A,
5.625%,
2/15/27
.....................
United
States
900,000
877,976
c
Senior
Note,
144A,
4.375%,
5/01/29
.....................
United
States
400,000
365,303
Senior
Note,
144A,
7.75%,
10/15/31
.....................
United
States
100,000
103,526
1,346,805
Electrical
Equipment
1.4%
b,c
Regal
Rexnord
Corp.
,
Senior
Bond,
144A,
6.4%,
4/15/33
.......................
United
States
400,000
410,933
Senior
Note,
144A,
6.3%,
2/15/30
.......................
United
States
500,000
509,388
b,c
Sensata
Technologies
BV
,
Senior
Note
,
144A,
4
%
,
4/15/29
......
United
States
1,000,000
907,863
b,c
Vertiv
Group
Corp.
,
Senior
Secured
Note
,
144A,
4.125
%
,
11/15/28
United
States
800,000
738,879
2,567,063
Electronic
Equipment,
Instruments
&
Components
0.2%
b,c
TTM
Technologies,
Inc.
,
Senior
Note
,
144A,
4
%
,
3/01/29
........
United
States
500,000
445,694
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
Principal
Amount
*
a
Value
a
a
a
a
a
Corporate
Bonds
(continued)
Energy
Equipment
&
Services
3.0%
b
CSI
Compressco
LP
/
CSI
Compressco
Finance,
Inc.
,
g
Secured
Note,
144A,
PIK,
10%,
4/01/26
..................
United
States
982,453
$
1,028,520
Senior
Secured
Note,
144A,
7.5%,
4/01/25
................
United
States
402,000
402,708
b,c
Enerflex
Ltd.
,
Senior
Secured
Note
,
144A,
9
%
,
10/15/27
........
Canada
900,000
906,938
b
Kodiak
Gas
Services
LLC
,
Senior
Note
,
144A,
7.25
%
,
2/15/29
....
United
States
700,000
713,192
b,c
Nabors
Industries
Ltd.
,
Senior
Note
,
144A,
7.25
%
,
1/15/26
......
United
States
600,000
591,462
b
Nabors
Industries,
Inc.
,
Senior
Note
,
144A,
9.125
%
,
1/31/30
.....
United
States
300,000
307,728
Oceaneering
International,
Inc.
,
Senior
Note
,
6
%
,
2/01/28
.......
United
States
300,000
295,260
b
Transocean
Titan
Financing
Ltd.
,
Senior
Secured
Note
,
144A,
8.375
%
,
2/01/28
.....................................
United
States
100,000
102,707
b
Transocean,
Inc.
,
Senior
Secured
Note
,
144A,
8.75
%
,
2/15/30
....
United
States
720,000
739,846
b,c
Weatherford
International
Ltd.
,
Senior
Note
,
144A,
8.625
%
,
4/30/30
United
States
500,000
518,777
5,607,138
Entertainment
0.4%
b,c
Banijay
Entertainment
SASU
,
Senior
Secured
Note
,
144A,
8.125
%
,
5/01/29
...........................................
France
800,000
828,129
Financial
Services
3.4%
b
Freedom
Mortgage
Holdings
LLC
,
Senior
Note
,
144A,
9.25
%
,
2/01/29
...........................................
United
States
300,000
304,938
b
GGAM
Finance
Ltd.
,
Senior
Note,
144A,
8%,
2/15/27
........................
Ireland
200,000
205,119
Senior
Note,
144A,
8%,
6/15/28
........................
Ireland
700,000
724,740
b
Jefferson
Capital
Holdings
LLC
,
Senior
Note,
144A,
6%,
8/15/26
........................
United
States
600,000
576,579
Senior
Note,
144A,
9.5%,
2/15/29
.......................
United
States
900,000
910,176
MGIC
Investment
Corp.
,
Senior
Note
,
5.25
%
,
8/15/28
..........
United
States
300,000
290,168
b
MPH
Acquisition
Holdings
LLC
,
Senior
Note
,
144A,
5.75
%
,
11/01/28
United
States
1,100,000
878,696
b,c
Nationstar
Mortgage
Holdings,
Inc.
,
Senior
Bond
,
144A,
5.75
%
,
11/15/31
..........................................
United
States
1,100,000
1,008,743
b
PRA
Group,
Inc.
,
Senior
Note,
144A,
8.375%,
2/01/28
.....................
United
States
600,000
586,875
Senior
Note,
144A,
5%,
10/01/29
.......................
United
States
300,000
251,571
c
Radian
Group,
Inc.
,
Senior
Note
,
6.625
%
,
3/15/25
.............
United
States
600,000
601,243
6,338,848
Food
Products
1.6%
b
Chobani
LLC
/
Chobani
Finance
Corp.,
Inc.
,
Senior
Note,
144A,
7.625%,
7/01/29
.....................
United
States
200,000
201,288
c
Senior
Secured
Note,
144A,
4.625%,
11/15/28
.............
United
States
800,000
740,640
b
Darling
Ingredients,
Inc.
,
Senior
Note
,
144A,
6
%
,
6/15/30
.......
United
States
200,000
197,220
c
Pilgrim's
Pride
Corp.
,
Senior
Bond
,
6.875
%
,
5/15/34
...........
United
States
1,100,000
1,159,812
b,c
Post
Holdings,
Inc.
,
Senior
Bond,
144A,
5.625%,
1/15/28
.....................
United
States
300,000
294,780
Senior
Bond,
144A,
4.625%,
4/15/30
.....................
United
States
400,000
364,252
2,957,992
Ground
Transportation
0.8%
b,c
First
Student
Bidco,
Inc.
/
First
Transit
Parent,
Inc.
,
Senior
Secured
Note
,
144A,
4
%
,
7/31/29
..............................
United
States
900,000
784,246
b,c
XPO,
Inc.
,
Senior
Note
,
144A,
7.125
%
,
2/01/32
...............
United
States
700,000
712,242
1,496,488
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)
Health
Care
Equipment
&
Supplies
0.7%
b
Bausch
+
Lomb
Corp.
,
Senior
Secured
Note
,
144A,
8.375
%
,
10/01/28
..........................................
United
States
400,000
$
418,500
b,c
Medline
Borrower
LP
,
Senior
Note
,
144A,
5.25
%
,
10/01/29
......
United
States
500,000
462,966
b,c
Neogen
Food
Safety
Corp.
,
Senior
Note
,
144A,
8.625
%
,
7/20/30
..
United
States
400,000
424,455
1,305,921
Health
Care
Providers
&
Services
3.0%
c
Centene
Corp.
,
Senior
Bond,
2.5%,
3/01/31
............................
United
States
500,000
409,978
Senior
Note,
2.45%,
7/15/28
...........................
United
States
500,000
441,114
Senior
Note,
2.625%,
8/01/31
..........................
United
States
500,000
409,448
b
CHS/Community
Health
Systems,
Inc.
,
Secured
Note,
144A,
6.125%,
4/01/30
....................
United
States
500,000
313,345
Senior
Secured
Note,
144A,
6%,
1/15/29
..................
United
States
300,000
258,311
Senior
Secured
Note,
144A,
10.875%,
1/15/32
.............
United
States
500,000
509,775
b,c
DaVita,
Inc.
,
Senior
Note
,
144A,
4.625
%
,
6/01/30
.............
United
States
1,200,000
1,056,704
b,c
Kedrion
SpA
,
Senior
Secured
Note
,
144A,
6.5
%
,
9/01/29
........
Italy
1,000,000
901,176
b
ModivCare
Escrow
Issuer,
Inc.
,
Senior
Note
,
144A,
5
%
,
10/01/29
.
United
States
100,000
73,861
c
Tenet
Healthcare
Corp.
,
Senior
Secured
Note,
6.125%,
6/15/30
...................
United
States
700,000
694,127
b
Senior
Secured
Note,
144A,
6.75%,
5/15/31
...............
United
States
500,000
505,000
5,572,839
Health
Care
REITs
0.1%
MPT
Operating
Partnership
LP
/
MPT
Finance
Corp.
,
Senior
Bond
,
5.25
%
,
8/01/26
.....................................
United
States
200,000
178,345
Hotel
&
Resort
REITs
0.2%
b,c
RHP
Hotel
Properties
LP
/
RHP
Finance
Corp.
,
Senior
Note
,
144A,
7.25
%
,
7/15/28
.....................................
United
States
300,000
307,522
Hotels,
Restaurants
&
Leisure
5.5%
b
1011778
BC
ULC
/
New
Red
Finance,
Inc.
,
Secured
Bond
,
144A,
4
%
,
10/15/30
.......................................
Canada
400,000
351,694
b,h,i
24
Hour
Fitness
Worldwide,
Inc.
,
Senior
Note
,
144A,
8
%
,
6/01/22
.
United
States
1,800,000
—
b
Allwyn
Entertainment
Financing
UK
plc
,
Senior
Secured
Note
,
144A,
7.875
%
,
4/30/29
.....................................
Czech
Republic
800,000
825,000
b,c
Caesars
Entertainment,
Inc.
,
Senior
Secured
Note,
144A,
7%,
2/15/30
..................
United
States
300,000
307,575
Senior
Secured
Note,
144A,
6.5%,
2/15/32
................
United
States
800,000
806,486
b,c
Carnival
Corp.
,
Senior
Note,
144A,
7.625%,
3/01/26
.....................
United
States
200,000
202,748
Senior
Note,
144A,
5.75%,
3/01/27
......................
United
States
1,500,000
1,482,449
b,c
Carnival
Holdings
Bermuda
Ltd.
,
Senior
Note
,
144A,
10.375
%
,
5/01/28
...........................................
United
States
400,000
436,650
b,c
Everi
Holdings,
Inc.
,
Senior
Note
,
144A,
5
%
,
7/15/29
...........
United
States
700,000
694,519
b,c
Fertitta
Entertainment
LLC
/
Fertitta
Entertainment
Finance
Co.,
Inc.
,
Senior
Note
,
144A,
6.75
%
,
1/15/30
.......................
United
States
1,300,000
1,149,452
b
NCL
Corp.
Ltd.
,
Senior
Note
,
144A,
5.875
%
,
3/15/26
...........
United
States
300,000
293,250
b
Royal
Caribbean
Cruises
Ltd.
,
c
Senior
Note,
144A,
5.5%,
8/31/26
.......................
United
States
500,000
494,762
c
Senior
Note,
144A,
11.625%,
8/15/27
....................
United
States
700,000
757,689
f
Senior
Note,
144A,
6.25%,
3/15/32
......................
United
States
300,000
300,989
b,c
Station
Casinos
LLC
,
Senior
Note
,
144A,
4.5
%
,
2/15/28
........
United
States
400,000
373,265
b
Viking
Cruises
Ltd.
,
Senior
Note,
144A,
5.875%,
9/15/27
.....................
United
States
300,000
293,496
Senior
Note,
144A,
7%,
2/15/29
........................
United
States
600,000
600,301
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)
Hotels,
Restaurants
&
Leisure
(continued)
b,c
Wynn
Resorts
Finance
LLC
/
Wynn
Resorts
Capital
Corp.
,
Senior
Note
,
144A,
7.125
%
,
2/15/31
...........................
United
States
800,000
$
826,646
10,196,971
Household
Durables
2.4%
b,c
Ashton
Woods
USA
LLC
/
Ashton
Woods
Finance
Co.
,
Senior
Note
,
144A,
4.625
%
,
8/01/29
................................
United
States
1,500,000
1,363,927
b,c
Dream
Finders
Homes,
Inc.
,
Senior
Note
,
144A,
8.25
%
,
8/15/28
..
United
States
500,000
520,019
b,c
LGI
Homes,
Inc.
,
Senior
Note
,
144A,
8.75
%
,
12/15/28
..........
United
States
800,000
839,000
M/I
Homes,
Inc.
,
Senior
Note
,
3.95
%
,
2/15/30
................
United
States
600,000
536,044
b,c
Weekley
Homes
LLC
/
Weekley
Finance
Corp.
,
Senior
Note
,
144A,
4.875
%
,
9/15/28
.....................................
United
States
1,300,000
1,211,145
4,470,135
Independent
Power
and
Renewable
Electricity
Producers
1.8%
b,c
Calpine
Corp.
,
Senior
Bond,
144A,
5%,
2/01/31
........................
United
States
900,000
805,552
Senior
Note,
144A,
4.625%,
2/01/29
.....................
United
States
700,000
644,955
b
Clearway
Energy
Operating
LLC
,
c
Senior
Bond,
144A,
3.75%,
1/15/32
......................
United
States
400,000
334,982
Senior
Note,
144A,
4.75%,
3/15/28
......................
United
States
400,000
374,463
Senior
Note,
144A,
3.75%,
2/15/31
......................
United
States
300,000
253,307
b
Leeward
Renewable
Energy
Operations
LLC
,
Senior
Note
,
144A,
4.25
%
,
7/01/29
.....................................
United
States
1,000,000
862,268
3,275,527
Insurance
0.9%
b
Alliant
Holdings
Intermediate
LLC
/
Alliant
Holdings
Co-Issuer
,
Senior
Note,
144A,
6.75%,
10/15/27
.....................
United
States
300,000
291,729
Senior
Secured
Note,
144A,
7%,
1/15/31
..................
United
States
500,000
498,397
b,c
Jones
Deslauriers
Insurance
Management,
Inc.
,
Senior
Note
,
144A,
10.5
%
,
12/15/30
.....................................
Canada
800,000
836,572
1,626,698
IT
Services
1.8%
b,c
Cablevision
Lightpath
LLC
,
Senior
Secured
Note
,
144A,
3.875
%
,
9/15/27
...........................................
United
States
500,000
453,754
b
Gartner,
Inc.
,
c
Senior
Note,
144A,
4.5%,
7/01/28
.......................
United
States
500,000
473,787
Senior
Note,
144A,
3.625%,
6/15/29
.....................
United
States
200,000
179,384
c
Senior
Note,
144A,
3.75%,
10/01/30
.....................
United
States
300,000
265,794
b,c
Northwest
Fiber
LLC
/
Northwest
Fiber
Finance
Sub,
Inc.
,
Senior
Note
,
144A,
6
%
,
2/15/28
..............................
United
States
1,100,000
1,057,057
b,c
Presidio
Holdings,
Inc.
,
Senior
Note
,
144A,
8.25
%
,
2/01/28
......
United
States
900,000
888,165
3,317,941
Life
Sciences
Tools
&
Services
0.6%
b,c
Fortrea
Holdings,
Inc.
,
Senior
Secured
Note
,
144A,
7.5
%
,
7/01/30
.
United
States
1,000,000
1,023,750
Machinery
1.6%
b,c
ATS
Corp.
,
Senior
Note
,
144A,
4.125
%
,
12/15/28
.............
Canada
1,300,000
1,187,661
b,c
Calderys
Financing
LLC
,
Senior
Secured
Note
,
144A,
11.25
%
,
6/01/28
...........................................
France
800,000
857,482
Hillenbrand,
Inc.
,
Senior
Note
,
6.25
%
,
2/15/29
................
United
States
600,000
600,832
b
Titan
Acquisition
Ltd.
/
Titan
Co-Borrower
LLC
,
Senior
Note
,
144A,
7.75
%
,
4/15/26
.....................................
Canada
300,000
300,240
2,946,215
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)
Media
3.3%
b,c
Clear
Channel
International
BV
,
Senior
Secured
Note
,
144A,
6.625
%
,
8/01/25
.....................................
United
Kingdom
400,000
$
400,356
b
Clear
Channel
Outdoor
Holdings,
Inc.
,
Senior
Note,
144A,
7.75%,
4/15/28
......................
United
States
300,000
259,684
c
Senior
Note,
144A,
7.5%,
6/01/29
.......................
United
States
500,000
414,280
c
Senior
Secured
Note,
144A,
5.125%,
8/15/27
..............
United
States
400,000
374,456
c
Senior
Secured
Note,
144A,
9%,
9/15/28
..................
United
States
500,000
521,848
b
CSC
Holdings
LLC
,
Senior
Note,
144A,
7.5%,
4/01/28
.......................
United
States
300,000
213,600
c
Senior
Note,
144A,
11.25%,
5/15/28
.....................
United
States
700,000
722,932
Senior
Note,
144A,
11.75%,
1/31/29
.....................
United
States
500,000
522,974
b,h
Diamond
Sports
Group
LLC
/
Diamond
Sports
Finance
Co.
,
Senior
Note,
144A,
6.625%,
8/15/27
.....................
United
States
700,000
40,687
Senior
Secured
Note,
144A,
5.375%,
8/15/26
..............
United
States
800,000
46,500
b
Directv
Financing
LLC
/
Directv
Financing
Co-Obligor,
Inc.
,
Senior
Secured
Note
,
144A,
5.875
%
,
8/15/27
....................
United
States
200,000
188,914
b,c
LCPR
Senior
Secured
Financing
DAC
,
Senior
Secured
Note
,
144A,
6.75
%
,
10/15/27
.....................................
United
States
450,000
425,758
b
News
Corp.
,
Senior
Note
,
144A,
3.875
%
,
5/15/29
.............
United
States
200,000
180,930
b
Outfront
Media
Capital
LLC
/
Outfront
Media
Capital
Corp.
,
Senior
Bond,
144A,
4.625%,
3/15/30
.....................
United
States
100,000
88,847
Senior
Note,
144A,
5%,
8/15/27
........................
United
States
100,000
96,279
b,c
Scripps
Escrow,
Inc.
,
Senior
Note
,
144A,
5.875
%
,
7/15/27
.......
United
States
600,000
487,624
b,c
Sirius
XM
Radio,
Inc.
,
Senior
Note
,
144A,
4
%
,
7/15/28
.........
United
States
600,000
541,161
b,c
Univision
Communications,
Inc.
,
Senior
Secured
Note
,
144A,
4.5
%
,
5/01/29
...........................................
United
States
600,000
526,677
6,053,507
Metals
&
Mining
1.6%
c
ATI,
Inc.
,
Senior
Note
,
7.25
%
,
8/15/30
......................
United
States
700,000
720,265
c
Commercial
Metals
Co.
,
Senior
Bond
,
3.875
%
,
2/15/31
.........
United
States
700,000
614,025
b,c
Constellium
SE
,
Senior
Note
,
144A,
3.75
%
,
4/15/29
...........
United
States
600,000
535,123
b,c
FMG
Resources
August
2006
Pty.
Ltd.
,
Senior
Bond
,
144A,
4.375
%
,
4/01/31
...........................................
Australia
500,000
448,580
b
Novelis
Corp.
,
Senior
Bond,
144A,
3.875%,
8/15/31
.....................
United
States
100,000
84,747
Senior
Note,
144A,
3.25%,
11/15/26
.....................
United
States
100,000
92,859
b,c
SunCoke
Energy,
Inc.
,
Senior
Secured
Note
,
144A,
4.875
%
,
6/30/29
United
States
600,000
539,391
3,034,990
Mortgage
Real
Estate
Investment
Trusts
(REITs)
0.8%
b,c
Apollo
Commercial
Real
Estate
Finance,
Inc.
,
Senior
Secured
Note
,
144A,
4.625
%
,
6/15/29
................................
United
States
1,500,000
1,242,571
b
Ladder
Capital
Finance
Holdings
LLLP
/
Ladder
Capital
Finance
Corp.
,
Senior
Note
,
144A,
4.75
%
,
6/15/29
.................
United
States
300,000
269,611
1,512,182
Oil,
Gas
&
Consumable
Fuels
9.4%
b
Antero
Resources
Corp.
,
Senior
Note,
144A,
7.625%,
2/01/29
.....................
United
States
166,000
171,114
c
Senior
Note,
144A,
5.375%,
3/01/30
.....................
United
States
700,000
667,767
b,c
Calumet
Specialty
Products
Partners
LP
/
Calumet
Finance
Corp.
,
Senior
Note
,
144A,
8.125
%
,
1/15/27
......................
United
States
900,000
891,760
Cheniere
Energy
Partners
LP
,
Senior
Note,
4.5%,
10/01/29
...........................
United
States
500,000
468,813
c
Senior
Note,
4%,
3/01/31
.............................
United
States
700,000
624,843
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)
Oil,
Gas
&
Consumable
Fuels
(continued)
b
Chesapeake
Energy
Corp.
,
Senior
Note
,
144A,
6.75
%
,
4/15/29
...
United
States
500,000
$
502,375
b,c
CITGO
Petroleum
Corp.
,
Senior
Secured
Note
,
144A,
8.375
%
,
1/15/29
...........................................
United
States
600,000
630,614
b,c
Civitas
Resources,
Inc.
,
Senior
Note,
144A,
8.375%,
7/01/28
.....................
United
States
700,000
733,372
Senior
Note,
144A,
8.75%,
7/01/31
......................
United
States
700,000
745,304
b,c
CrownRock
LP
/
CrownRock
Finance,
Inc.
,
Senior
Note
,
144A,
5
%
,
5/01/29
...........................................
United
States
300,000
295,403
b
DT
Midstream,
Inc.
,
Senior
Note
,
144A,
4.125
%
,
6/15/29
........
United
States
300,000
274,407
b,c
Endeavor
Energy
Resources
LP
/
EER
Finance,
Inc.
,
Senior
Bond
,
144A,
5.75
%
,
1/30/28
.................................
United
States
1,300,000
1,311,518
b,c
EnLink
Midstream
LLC
,
Senior
Note
,
144A,
6.5
%
,
9/01/30
.......
United
States
800,000
820,713
b
EQM
Midstream
Partners
LP
,
Senior
Note
,
144A,
7.5
%
,
6/01/27
..
United
States
100,000
102,384
b,c
EQT
Corp.
,
Senior
Note
,
144A,
3.125
%
,
5/15/26
..............
United
States
300,000
283,957
b
Harbour
Energy
plc
,
Senior
Note
,
144A,
5.5
%
,
10/15/26
........
United
Kingdom
500,000
487,913
b
Hilcorp
Energy
I
LP
/
Hilcorp
Finance
Co.
,
Senior
Bond,
144A,
6%,
2/01/31
........................
United
States
200,000
193,615
c
Senior
Note,
144A,
6%,
4/15/30
........................
United
States
300,000
291,547
c
Senior
Note,
144A,
8.375%,
11/01/33
....................
United
States
700,000
752,462
b
Kinetik
Holdings
LP
,
Senior
Note
,
144A,
5.875
%
,
6/15/30
........
United
States
400,000
390,056
b,c
Martin
Midstream
Partners
LP
/
Martin
Midstream
Finance
Corp.
,
Secured
Note
,
144A,
11.5
%
,
2/15/28
.....................
United
States
1,800,000
1,891,908
g,h,i,j
Murray
Energy
Corp.
,
Secured
Note
,
144A,
PIK,
12
%
,
4/15/24
...
United
States
757,734
—
b
PBF
Holding
Co.
LLC
/
PBF
Finance
Corp.
,
Senior
Note
,
144A,
7.875
%
,
9/15/30
.....................................
United
States
200,000
205,095
Sunoco
LP
/
Sunoco
Finance
Corp.
,
Senior
Note,
6%,
4/15/27
.............................
United
States
500,000
498,615
Senior
Note,
4.5%,
5/15/29
............................
United
States
200,000
184,932
b,c
Venture
Global
Calcasieu
Pass
LLC
,
Senior
Secured
Bond,
144A,
4.125%,
8/15/31
..............
United
States
300,000
263,530
Senior
Secured
Note,
144A,
3.875%,
8/15/29
..............
United
States
300,000
269,554
Senior
Secured
Note,
144A,
6.25%,
1/15/30
...............
United
States
400,000
399,663
b
Venture
Global
LNG,
Inc.
,
c
Senior
Secured
Note,
144A,
8.125%,
6/01/28
..............
United
States
600,000
610,027
Senior
Secured
Note,
144A,
9.5%,
2/01/29
................
United
States
500,000
533,419
c
Senior
Secured
Note,
144A,
8.375%,
6/01/31
..............
United
States
500,000
506,113
b,c
Viper
Energy,
Inc.
,
Senior
Note
,
144A,
7.375
%
,
11/01/31
........
United
States
700,000
721,382
Vital
Energy,
Inc.
,
Senior
Note,
10.125%,
1/15/28
.........................
United
States
300,000
314,221
Senior
Note,
9.75%,
10/15/30
..........................
United
States
400,000
428,800
17,467,196
Paper
&
Forest
Products
0.2%
b
Glatfelter
Corp.
,
Senior
Note
,
144A,
4.75
%
,
11/15/29
...........
United
States
400,000
337,004
Passenger
Airlines
0.9%
b
American
Airlines,
Inc.
/
AAdvantage
Loyalty
IP
Ltd.
,
Senior
Secured
Note
,
144A,
5.5
%
,
4/20/26
.............................
United
States
525,000
520,739
b
Delta
Air
Lines,
Inc.
/
SkyMiles
IP
Ltd.
,
Senior
Secured
Note
,
144A,
4.75
%
,
10/20/28
.....................................
United
States
700,000
684,593
b
United
Airlines,
Inc.
,
Senior
Secured
Note,
144A,
4.375%,
4/15/26
..............
United
States
100,000
96,355
c
Senior
Secured
Note,
144A,
4.625%,
4/15/29
..............
United
States
300,000
277,015
1,578,702
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)
Personal
Care
Products
0.4%
b
BellRing
Brands,
Inc.
,
Senior
Note
,
144A,
7
%
,
3/15/30
.........
United
States
100,000
$
102,146
b,c
Coty,
Inc.
/
HFC
Prestige
Products,
Inc.
/
HFC
Prestige
International
US
LLC
,
Senior
Secured
Note
,
144A,
6.625
%
,
7/15/30
........
United
States
600,000
610,197
712,343
Pharmaceuticals
1.3%
b
1375209
BC
Ltd.
,
Senior
Secured
Note
,
144A,
9
%
,
1/30/28
......
Canada
305,000
298,498
b
Bausch
Health
Cos.,
Inc.
,
Secured
Note,
144A,
14%,
10/15/30
.....................
United
States
107,000
63,460
Senior
Secured
Note,
144A,
11%,
9/30/28
.................
United
States
542,000
365,850
b,h
Endo
Dac
/
Endo
Finance
LLC
/
Endo
Finco,
Inc.
,
Secured
Note,
144A,
9.5%,
7/31/27
......................
United
States
302,000
18,498
Senior
Note,
144A,
6%,
6/30/28
........................
United
States
389,000
23,826
b,h
Endo
Luxembourg
Finance
Co.
I
SARL
/
Endo
US,
Inc.
,
Senior
Secured
Note
,
144A,
6.125
%
,
4/01/29
....................
United
States
500,000
315,182
b,h
Par
Pharmaceutical,
Inc.
,
Senior
Secured
Note
,
144A,
8.5
%
,
4/01/27
United
States
225,000
142,861
c
Teva
Pharmaceutical
Finance
Netherlands
III
BV
,
Senior
Note,
4.75%,
5/09/27
...........................
Israel
600,000
571,500
Senior
Note,
7.875%,
9/15/29
..........................
Israel
300,000
319,550
Senior
Note,
8.125%,
9/15/31
..........................
Israel
300,000
324,482
2,443,707
Real
Estate
Management
&
Development
0.7%
b,c
Five
Point
Operating
Co.
LP
/
Five
Point
Capital
Corp.
,
Senior
Note
,
144A,
10.5
%
,
1/15/28
.................................
United
States
335,834
343,847
b,c
Forestar
Group,
Inc.
,
Senior
Note
,
144A,
3.85
%
,
5/15/26
........
United
States
500,000
475,605
b,c
Greystar
Real
Estate
Partners
LLC
,
Senior
Secured
Note
,
144A,
7.75
%
,
9/01/30
.....................................
United
States
500,000
519,237
1,338,689
Software
1.2%
b,c
Camelot
Finance
SA
,
Senior
Secured
Note
,
144A,
4.5
%
,
11/01/26
.
United
States
600,000
573,772
b,c
McAfee
Corp.
,
Senior
Note
,
144A,
7.375
%
,
2/15/30
............
United
States
800,000
706,998
b,c
Rocket
Software,
Inc.
,
Senior
Note
,
144A,
6.5
%
,
2/15/29
........
United
States
1,100,000
932,250
2,213,020
Specialized
REITs
0.5%
b,c
Iron
Mountain,
Inc.
,
Senior
Bond,
144A,
5.625%,
7/15/32
.....................
United
States
300,000
279,162
Senior
Note,
144A,
7%,
2/15/29
........................
United
States
700,000
711,246
990,408
Specialty
Retail
1.7%
b,c
Evergreen
Acqco
1
LP
/
TVI,
Inc.
,
Senior
Secured
Note
,
144A,
9.75
%
,
4/26/28
.....................................
United
States
720,000
760,244
b,c
Gap,
Inc.
(The)
,
Senior
Note
,
144A,
3.625
%
,
10/01/29
..........
United
States
700,000
592,101
b,c
Lithia
Motors,
Inc.
,
Senior
Bond
,
144A,
4.375
%
,
1/15/31
........
United
States
300,000
266,424
b
Michaels
Cos.,
Inc.
(The)
,
Senior
Note,
144A,
7.875%,
5/01/29
.....................
United
States
600,000
388,196
Senior
Secured
Note,
144A,
5.25%,
5/01/28
...............
United
States
300,000
233,298
c
Murphy
Oil
USA,
Inc.
,
Senior
Note
,
4.75
%
,
9/15/29
............
United
States
700,000
653,352
b,c
Victoria's
Secret
&
Co.
,
Senior
Note
,
144A,
4.625
%
,
7/15/29
.....
United
States
400,000
337,889
3,231,504
Textiles,
Apparel
&
Luxury
Goods
0.2%
b,c
Hanesbrands,
Inc.
,
Senior
Note
,
144A,
9
%
,
2/15/31
............
United
States
400,000
401,302
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)
Trading
Companies
&
Distributors
0.9%
b,c
EquipmentShare.com,
Inc.
,
Secured
Note
,
144A,
9
%
,
5/15/28
....
United
States
800,000
$
820,780
b,c
H&E
Equipment
Services,
Inc.
,
Senior
Note
,
144A,
3.875
%
,
12/15/28
United
States
600,000
541,987
b,f
WESCO
Distribution,
Inc.
,
Senior
Note
,
144A,
6.375
%
,
3/15/29
...
United
States
400,000
400,537
1,763,304
Wireless
Telecommunication
Services
0.5%
b
Altice
France
Holding
SA
,
Senior
Secured
Note
,
144A,
10.5
%
,
5/15/27
...........................................
Luxembourg
1,500,000
981,434
Digicel
Group
Holdings
Ltd.
,
Zero
Cpn.,
11/17/33
.................................
Bermuda
27,041
1,425
982,859
Total
Corporate
Bonds
(Cost
$157,807,499)
.....................................
145,207,561
k
Senior
Floating
Rate
Interests
0.1%
Media
0.1%
Diamond
Sports
Group
LLC
,
g,i,j
Debtor-in-Possession
Term
Loan,
PIK,
6.5%,
11/30/24
........
United
States
82,888
82,888
h,l
First
Lien,
CME
Term
Loan,
12.775%,
(3-month
SOFR
+
8%),
5/25/26
...........................................
United
States
159,053
155,474
238,362
a
a
a
a
a
a
Total
Senior
Floating
Rate
Interests
(Cost
$231,060)
.............................
238,362
m
Marketplace
Loans
4.2%
i
Financial
Services
4.2%
a
a
a
a
a
a
Total
Marketplace
Loans
(Cost
$8,934,841)
.....................................
7,872,661
Asset-Backed
Securities
0.2%
Financial
Services
0.2%
b,n
Consumer
Loan
Underlying
Bond
Certificate
Issuer
Trust
I
,
2019-26,
PT,
144A,
FRN,
16.747%,
8/15/44
................
United
States
23,341
21,825
2019-31,
PT,
144A,
FRN,
15.613%,
9/15/44
................
United
States
22,292
20,511
2019-37,
PT,
144A,
FRN,
17.363%,
10/17/44
...............
United
States
25,755
24,315
2019-42,
PT,
144A,
FRN,
18.151%,
11/15/44
...............
United
States
23,753
22,307
2019-51,
PT,
144A,
FRN,
16.133%,
1/15/45
................
United
States
32,509
30,641
2019-52,
PT,
144A,
FRN,
15.826%,
1/15/45
................
United
States
26,010
24,558
2019-S3,
PT,
144A,
FRN,
6.146%,
6/15/44
.................
United
States
2,427
2,278
2019-S4,
PT,
144A,
FRN,
12.616%,
8/15/44
................
United
States
12,788
12,385
2019-S5,
PT,
144A,
FRN,
11.243%,
9/15/44
................
United
States
16,525
15,373
2019-S6,
PT,
144A,
FRN,
11.463%,
10/17/44
...............
United
States
21,058
19,631
2019-S7,
PT,
144A,
FRN,
9.913%,
12/15/44
................
United
States
14,947
14,062
2019-S8,
PT,
144A,
FRN,
9.29%,
1/15/45
..................
United
States
17,957
16,751
2020-2,
PT,
144A,
FRN,
14.287%,
3/15/45
.................
United
States
26,981
25,338
2020-7,
PT,
144A,
FRN,
14.33%,
4/17/45
..................
United
States
16,677
15,454
b,n
Prosper
Pass-Thru
Trust
III
,
2020-PT1,
A,
144A,
FRN,
13.611%,
3/15/26
................
United
States
14,331
13,798
2020-PT2,
A,
144A,
FRN,
12.363%,
4/15/26
................
United
States
18,914
18,146
2020-PT3,
A,
144A,
FRN,
3.692%,
5/15/26
.................
United
States
3,885
3,251
b,n
Upgrade
Master
Pass-Thru
Trust
,
2019-PT2
,
A
,
144A,
FRN
,
11.862
%
,
2/15/26
.
...................................
United
States
17,194
16,975
317,599
a
a
a
a
a
a
Total
Asset-Backed
Securities
(Cost
$323,354)
..................................
317,599
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
Shares
a
Value
a
a
a
a
a
a
Escrows
and
Litigation
Trusts
0.0%
†
a
Chesapeake
Energy
Corp.,
Escrow
Account
.................
United
States
1,500,000
$
31,125
Total
Escrows
and
Litigation
Trusts
(Cost
$48,985)
..............................
31,125
Total
Long
Term
Investments
(Cost
$205,276,028)
...............................
239,636,036
a
Short
Term
Investments
2.8%
a
a
Country
Shares
a
Value
a
a
a
Money
Market
Funds
2.8%
o,p
Institutional
Fiduciary
Trust
-
Money
Market
Portfolio,
4.984%
....
United
States
5,140,394
5,140,394
Total
Money
Market
Funds
(Cost
$5,140,394)
...................................
5,140,394
Total
Short
Term
Investments
(Cost
$5,140,394
)
.................................
5,140,394
a
Total
Investments
(Cost
$210,416,422)
131.5%
..................................
$244,776,430
q
Credit
Facility
(32.2)%
........................................................
(60,000,000)
Other
Assets,
less
Liabilities
0.7%
.............................................
1,475,314
Net
Assets
100.0%
...........................................................
$186,251,744
a
a
a
See
Abbreviations
on
page
43
.
*
The
principal
amount
is
stated
in
U.S.
dollars
unless
otherwise
indicated.
†
Rounds
to
less
than
0.1%
of
net
assets.
a
Non-income
producing.
b
Security
was
purchased
pursuant
to
Rule
144A
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
29,
2024,
the
aggregate
value
of
these
securities
was
$129,621,839,
representing
69.6%
of
net
assets.
c
A
portion
or
all
of
the
security
is
pledged
as
collateral
in
connection
with
the
Fund’s
revolving
credit
facility.
d
Perpetual
security
with
no
stated
maturity
date.
e
The
coupon
rate
shown
represents
the
rate
at
period
end.
f
A
portion
or
all
of
the
security
purchased
on
a
delayed
delivery
basis.
See
Note
1(c).
g
Income
may
be
received
in
additional
securities
and/or
cash.
h
Defaulted
security
or
security
for
which
income
has
been
deemed
uncollectible.
See
Note
7.
i
Fair
valued
using
significant
unobservable
inputs.
See
Note
10
regarding
fair
value
measurements.
j
See
Note
8
regarding
restricted
securities.
k
See
Note
1(d)
regarding
senior
floating
rate
interests.
l
The
coupon
rate
shown
represents
the
rate
inclusive
of
any
caps
or
floors,
if
applicable,
in
effect
at
period
end.
m
See
Note
1(e)
regarding
Marketplace
Lending.
See
full
breakdown
of
marketplace
loans
holdings
in
the
table
at
the
end
of
this
schedule.
n
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.
o
See
Note
4(c)
regarding
investments
in
affiliated
management
investment
companies.
p
The
rate
shown
is
the
annualized
seven-day
effective
yield
at
period
end.
q
See
Note
9
regarding
Credit
Facility.
Franklin
Universal
Trust
Schedule
of
Investments
(unaudited),
February
29,
2024
franklintempleton.com
Semiannual
Report
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
18
At
February
29,
2024,
the
Fund
had
the
following
marketplace
loans
outstanding.
See
Note
1(e).
Description
Principal
Amount
Value
Marketplace
Loans
-
4.2%
Freedom
Financial
Asset
Management
LLC
APP-13323334.FP.FTS.B
,
5
.99
%
,
5/14/24
.
$
683
$
684
APP-13489698.FP.FTS.B
,
5
.99
%
,
5/15/24
.
899
901
APP-13476049.FP.FTS.B
,
21
.49
%
,
5/17/24
502
503
APP-13485474.FP.FTS.B
,
15
.99
%
,
5/18/24
821
825
APP-15125689.FP.FTS.B
,
5
.99
%
,
7/15/24
.
1,655
1,662
APP-15138477.FP.FTS.B
,
5
.99
%
,
7/16/24
.
1,315
1,321
APP-15089870.FP.FTS.B
,
20
.99
%
,
7/27/24
3,323
3,365
APP-10084299.FP.FTS.B
,
16
.49
%
,
8/11/24
3,253
2,324
APP-10541747.FP.FTS.B
,
16
.99
%
,
9/05/24
2,639
2,651
APP-10849903.FP.FTS.B
,
11
.24
%
,
10/16/24
7,090
7,142
APP-11139281.FP.FTS.B
,
8
.49
%
,
11/01/24
3,796
3,814
APP-11106155.FP.FTS.B
,
12
.74
%
,
11/01/24
6,049
6,086
APP-10836612.FP.FTS.B
,
21
.49
%
,
11/15/24
3,676
3,727
APP-11021958.FP.FTS.B
,
12
.24
%
,
12/10/24
3,894
3,920
APP-11021643.FP.FTS.B
,
10
.49
%
,
12/14/24
4,937
4,972
APP-11695329.FP.FTS.B
,
15
.99
%
,
12/15/24
2,046
2,044
APP-11693890.FP.FTS.B
,
13
.24
%
,
12/17/24
16,764
6,471
APP-11007940.FP.FTS.B
,
10
.49
%
,
12/19/24
4,004
4,040
APP-10839343.FP.FTS.B
,
13
.99
%
,
12/19/24
2,717
2,740
APP-11799520.FP.FTS.B
,
16
.99
%
,
12/25/24
3,725
3,759
APP-11681583.FP.FTS.B
,
16
.99
%
,
1/30/25
3,943
3,989
APP-10844126.FP.FTS.B
,
23
.99
%
,
1/30/25
7,316
4,938
APP-11766706.FP.FTS.B
,
23
.99
%
,
2/02/25
3,340
3,356
APP-11799331.FP.FTS.B
,
8
.99
%
,
2/06/25
.
10,576
10,643
APP-11694349.FP.FTS.B
,
14
.24
%
,
2/07/25
12,965
8,205
APP-11862313.FP.FTS.B
,
16
.49
%
,
2/11/25
2,991
3,001
APP-12413621.FP.FTS.B
,
15
.49
%
,
3/01/25
9,800
3,723
APP-12394118.FP.FTS.B
,
17
.74
%
,
3/10/25
9,050
9,194
APP-11102104.FP.FTS.B
,
23
.99
%
,
3/11/25
2,707
2,725
APP-12410877.FP.FTS.B
,
13
.74
%
,
3/15/25
10,908
10,986
APP-12299545.FP.FTS.B
,
14
.99
%
,
3/21/25
3,658
3,668
APP-13323354.FP.FTS.B
,
10
.09
%
,
5/18/25
7,347
7,423
APP-14953979.FP.FTS.B
,
7
.74
%
,
7/13/25
.
14,874
15,001
APP-15094222.FP.FTS.B
,
10
.24
%
,
7/14/25
12,066
12,165
APP-15084327.FP.FTS.B
,
10
.74
%
,
7/14/25
9,504
9,602
APP-15090883.FP.FTS.B
,
25
.49
%
,
7/14/25
1,720
1,700
APP-15034726.FP.FTS.B
,
25
.49
%
,
7/25/25
5,119
5,162
APP-10111431.FP.FTS.B
,
10
.99
%
,
9/15/25
9,019
9,146
APP-10140977.FP.FTS.B
,
24
.99
%
,
9/15/25
5,037
5,283
APP-10091198.FP.FTS.B
,
15
.49
%
,
9/24/25
3,300
3,322
APP-11022514.FP.FTS.B
,
18
.49
%
,
10/21/25
8,388
8,656
APP-10582948.FP.FTS.B
,
10
.99
%
,
10/22/25
12,511
2,495
APP-10578403.FP.FTS.B
,
15
.99
%
,
10/30/25
10,075
10,408
APP-10561192.FP.FTS.B
,
8
.99
%
,
11/03/25
8,036
8,147
APP-10841976.FP.FTS.B
,
10
.99
%
,
11/28/25
6,972
7,057
APP-11105408.FP.FTS.B
,
10
.99
%
,
12/14/25
5,940
6,031
APP-11843242.FP.FTS.B
,
12
.24
%
,
12/15/25
10,199
10,335
APP-11022500.FP.FTS.B
,
17
.99
%
,
12/16/25
6,535
6,743
APP-11579320.FP.FTS.B
,
16
.99
%
,
12/20/25
11,161
11,700
APP-10868780.FP.FTS.B
,
14
.49
%
,
1/02/26
16,521
16,993
APP-11798391.FP.FTS.B
,
18
.49
%
,
1/04/26
5,741
5,882
APP-11733010.FP.FTS.B
,
15
.74
%
,
1/28/26
18,409
18,946
APP-12378685.FP.FTS.B
,
15
.99
%
,
2/01/26
8,067
8,183
APP-11757188.FP.FTS.B
,
18
.24
%
,
2/02/26
10,159
10,183
APP-11757063.FP.FTS.B
,
17
.99
%
,
2/05/26
11,522
11,862
APP-11799488.FP.FTS.B
,
16
.99
%
,
2/28/26
11,230
6,404
Description
Principal
Amount
Value
Freedom
Financial
Asset
Management
LLC
(continued)
APP-12281543.FP.FTS.B
,
16
.74
%
,
3/08/26
$
20,990
$
21,487
APP-12246304.FP.FTS.B
,
18
.24
%
,
3/08/26
19,281
19,791
APP-12397373.FP.FTS.B
,
15
.99
%
,
3/15/26
8,163
8,312
APP-12419810.FP.FTS.B
,
15
.74
%
,
3/20/26
22,956
23,553
APP-12270812.FP.FTS.B
,
16
.99
%
,
3/22/26
7,356
7,560
APP-12421465.FP.FTS.B
,
17
.99
%
,
3/23/26
12,314
12,705
APP-13524997.FP.FTS.B
,
10
.59
%
,
3/25/26
9,117
9,251
APP-13511680.FP.FTS.B
,
12
.84
%
,
5/05/26
9,072
9,198
APP-13256383.FP.FTS.B
,
7
.99
%
,
5/18/26
.
22,428
22,779
APP-13477482.FP.FTS.B
,
10
.34
%
,
5/18/26
23,885
24,272
APP-13527002.FP.FTS.B
,
15
.59
%
,
5/19/26
6,258
6,374
APP-14943761.FP.FTS.B
,
15
.99
%
,
6/01/26
13,511
13,670
APP-15112645.FP.FTS.B
,
16
.99
%
,
7/15/26
13,282
13,576
APP-15053141.FP.FTS.B
,
18
.99
%
,
7/15/26
13,468
13,765
APP-15107872.FP.FTS.B
,
20
.49
%
,
7/15/26
9,782
10,088
APP-15064308.FP.FTS.B
,
22
.49
%
,
7/15/26
15,022
15,415
APP-15065994.FP.FTS.B
,
17
.74
%
,
7/20/26
31,801
32,465
APP-15054013.FP.FTS.B
,
17
.99
%
,
7/20/26
11,051
11,290
APP-15109634.FP.FTS.B
,
19
.49
%
,
7/21/26
6,800
6,952
APP-15073340.FP.FTS.B
,
15
.99
%
,
7/25/26
6,654
6,776
APP-14860724.FP.FTS.B
,
20
.99
%
,
7/26/26
13,132
13,539
APP-15111841.FP.FTS.B
,
7
.84
%
,
7/28/26
.
18,738
19,049
APP-14956830.FP.FTS.B
,
15
.74
%
,
7/28/26
20,552
21,064
APP-15053675.FP.FTS.B
,
10
.99
%
,
7/30/26
8,677
8,831
APP-10133595.FP.FTS.B
,
11
.99
%
,
8/11/26
11,478
11,673
APP-10140897.FP.FTS.B
,
16
.99
%
,
8/12/26
12,693
12,955
APP-10145662.FP.FTS.B
,
18
.99
%
,
9/17/26
13,647
14,139
APP-10460831.FP.FTS.B
,
21
.99
%
,
9/19/26
4,883
5,079
APP-10572421.FP.FTS.B
,
10
.49
%
,
9/20/26
20,220
20,581
APP-10112510.FP.FTS.B
,
16
.49
%
,
9/25/26
7,708
7,906
APP-10145175.FP.FTS.B
,
14
.49
%
,
9/26/26
5,602
5,720
APP-09931612.FP.FTS.B
,
14
.24
%
,
10/03/26
9,715
9,860
APP-10838239.FP.FTS.B
,
12
.49
%
,
10/12/26
19,662
19,992
APP-10845328.FP.FTS.B
,
11
.99
%
,
10/16/26
15,149
15,411
APP-10704368.FP.FTS.B
,
14
.99
%
,
10/16/26
11,952
12,209
APP-10745909.FP.FTS.B
,
17
.99
%
,
10/16/26
32,026
32,709
APP-10829192.FP.FTS.B
,
18
.99
%
,
10/16/26
15,830
16,379
APP-10852939.FP.FTS.B
,
16
.49
%
,
10/17/26
573
573
APP-10581131.FP.FTS.B
,
22
.49
%
,
10/22/26
6,526
6,812
APP-10384953.FP.FTS.B
,
19
.99
%
,
11/02/26
10,671
11,006
APP-11119432.FP.FTS.B
,
11
.99
%
,
11/03/26
13,690
13,909
APP-10577758.FP.FTS.B
,
17
.49
%
,
11/04/26
8,518
836
APP-11187454.FP.FTS.B
,
22
.49
%
,
11/10/26
6,800
7,059
APP-10848002.FP.FTS.B
,
17
.99
%
,
11/19/26
15,896
16,401
APP-10859032.FP.FTS.B
,
9
.99
%
,
11/21/26
9,393
9,560
APP-10842381.FP.FTS.B
,
12
.49
%
,
11/21/26
21,679
22,070
APP-10692450.FP.FTS.B
,
17
.49
%
,
11/29/26
15,979
16,550
APP-10671079.FP.FTS.B
,
11
.99
%
,
11/30/26
17,495
17,856
APP-10670975.FP.FTS.B
,
21
.49
%
,
11/30/26
10,603
11,165
APP-10860337.FP.FTS.B
,
22
.99
%
,
11/30/26
11,471
2,582
APP-10224478.FP.FTS.B
,
20
.49
%
,
12/02/26
18,161
18,754
APP-11094577.FP.FTS.B
,
19
.49
%
,
12/08/26
8,132
8,446
APP-11008022.FP.FTS.B
,
11
.99
%
,
12/13/26
9,046
9,209
APP-11021456.FP.FTS.B
,
20
.99
%
,
12/15/26
24,935
25,954
APP-11116084.FP.FTS.B
,
19
.49
%
,
12/19/26
7,205
7,224
APP-11007668.FP.FTS.B
,
19
.99
%
,
12/19/26
12,241
12,707
Franklin
Universal
Trust
Schedule
of
Investments
(unaudited)
franklintempleton.com
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Semiannual
Report
19
Description
Principal
Amount
Value
Marketplace
Loans
(continued)
Freedom
Financial
Asset
Management
LLC
(continued)
APP-11091099.FP.FTS.B
,
9
.99
%
,
12/20/26
$
19,436
$
19,810
APP-11111264.FP.FTS.B
,
16
.49
%
,
12/20/26
7,899
8,094
APP-11874582.FP.FTS.B
,
17
.49
%
,
12/23/26
14,517
14,960
APP-11767307.FP.FTS.B
,
14
.49
%
,
12/24/26
17,898
18,228
APP-11461595.FP.FTS.B
,
17
.99
%
,
12/24/26
2,334
2,341
APP-11762193.FP.FTS.B
,
18
.49
%
,
12/24/26
12,884
13,383
APP-11677084.FP.FTS.B
,
15
.49
%
,
12/26/26
29,405
29,950
APP-10848317.FP.FTS.B
,
12
.24
%
,
12/30/26
12,948
13,171
APP-11799609.FP.FTS.B
,
10
.99
%
,
1/01/27
20,835
21,146
APP-11844341.FP.FTS.B
,
16
.74
%
,
1/01/27
22,350
22,860
APP-10916894.FP.FTS.B
,
20
.49
%
,
1/01/27
13,668
8,157
APP-11036570.FP.FTS.B
,
22
.99
%
,
1/20/27
11,196
11,644
APP-10830375.FP.FTS.B
,
19
.99
%
,
1/21/27
10,769
11,175
APP-11824892.FP.FTS.B
,
16
.99
%
,
2/03/27
11,593
11,801
APP-11765220.FP.FTS.B
,
11
.99
%
,
2/04/27
32,934
33,523
APP-11724933.FP.FTS.B
,
14
.24
%
,
2/05/27
9,758
9,941
APP-11702245.FP.FTS.B
,
17
.49
%
,
2/05/27
7,737
7,715
APP-11674918.FP.FTS.B
,
20
.49
%
,
2/05/27
17,928
18,457
APP-12397051.FP.FTS.B
,
17
.49
%
,
2/06/27
8,383
8,579
APP-11696610.FP.FTS.B
,
14
.24
%
,
2/07/27
17,380
17,736
APP-11743079.FP.FTS.B
,
16
.24
%
,
2/07/27
26,765
27,525
APP-11757936.FP.FTS.B
,
19
.99
%
,
2/07/27
6,669
6,855
APP-11763967.FP.FTS.B
,
19
.99
%
,
2/07/27
10,643
10,955
APP-11838245.FP.FTS.B
,
19
.99
%
,
2/11/27
6,735
6,917
APP-11801863.FP.FTS.B
,
8
.99
%
,
2/12/27
.
22,370
22,750
APP-11798652.FP.FTS.B
,
11
.74
%
,
2/14/27
32,857
33,445
APP-11843528.FP.FTS.B
,
19
.99
%
,
2/14/27
1,612
1,608
APP-11845152.FP.FTS.B
,
11
.74
%
,
2/15/27
28,237
28,750
APP-11801830.FP.FTS.B
,
16
.49
%
,
2/15/27
13,735
14,029
APP-11752200.FP.FTS.B
,
21
.49
%
,
2/23/27
13,934
14,314
APP-10128827.FP.FTS.B
,
25
.49
%
,
2/24/27
6,526
6,791
APP-11122151.FP.FTS.B
,
16
.49
%
,
2/27/27
12,476
12,662
APP-11744634.FP.FTS.B
,
19
.99
%
,
3/01/27
12,691
12,926
APP-12304720.FP.FTS.B
,
18
.74
%
,
3/06/27
35,252
36,126
APP-12106158.FP.FTS.B
,
11
.24
%
,
3/07/27
11,601
11,787
APP-12404066.FP.FTS.B
,
22
.49
%
,
3/08/27
25,044
25,705
APP-11872928.FP.FTS.B
,
11
.24
%
,
3/15/27
11,092
11,291
APP-12407302.FP.FTS.B
,
18
.99
%
,
3/15/27
7,944
8,137
APP-12272662.FP.FTS.B
,
16
.49
%
,
3/17/27
14,002
14,386
APP-11863466.FP.FTS.B
,
25
.49
%
,
3/17/27
7,420
7,673
APP-12385340.FP.FTS.B
,
25
.49
%
,
3/17/27
6,658
6,876
APP-12341500.FP.FTS.B
,
20
.49
%
,
3/20/27
12,045
12,450
APP-12396943.FP.FTS.B
,
13
.49
%
,
3/21/27
12,011
12,254
APP-12270734.FP.FTS.B
,
16
.99
%
,
3/21/27
13,129
13,435
APP-10314654.FP.FTS.B
,
19
.74
%
,
3/21/27
195
194
APP-12408150.FP.FTS.B
,
19
.99
%
,
3/21/27
7,993
2,566
APP-13531026.FP.FTS.B
,
11
.59
%
,
3/28/27
17,011
17,329
APP-13513406.FP.FTS.B
,
14
.34
%
,
4/01/27
35,565
36,082
APP-13478834.FP.FTS.B
,
16
.99
%
,
5/03/27
14,880
15,191
APP-13508795.FP.FTS.B
,
9
.59
%
,
5/05/27
.
12,379
12,563
APP-13047632.FP.FTS.B
,
11
.49
%
,
5/05/27
9,121
9,263
APP-13485036.FP.FTS.B
,
13
.34
%
,
5/06/27
9,393
9,553
APP-08710316.FP.FTS.B
,
10
.99
%
,
5/13/27
24,169
24,593
APP-13498730.FP.FTS.B
,
11
.34
%
,
5/15/27
14,055
14,302
APP-13329158.FP.FTS.B
,
17
.99
%
,
5/15/27
8,671
8,733
APP-13453359.FP.FTS.B
,
18
.24
%
,
5/15/27
22,221
22,748
APP-13410410.FP.FTS.B
,
19
.99
%
,
5/15/27
7,894
8,084
APP-13486869.FP.FTS.B
,
11
.34
%
,
5/16/27
22,539
22,950
Description
Principal
Amount
Value
Freedom
Financial
Asset
Management
LLC
(continued)
APP-13512105.FP.FTS.B
,
19
.49
%
,
5/16/27
$
19,449
$
19,925
APP-13473219.FP.FTS.B
,
22
.49
%
,
5/16/27
5,735
903
APP-13479562.FP.FTS.B
,
18
.49
%
,
5/17/27
11,889
12,211
APP-13227905.FP.FTS.B
,
21
.99
%
,
5/18/27
7,636
7,843
APP-13517315.FP.FTS.B
,
12
.09
%
,
5/19/27
35,354
36,018
APP-13507352.FP.FTS.B
,
20
.49
%
,
5/19/27
7,206
7,397
APP-13531806.FP.FTS.B
,
16
.99
%
,
5/20/27
14,746
15,071
APP-13485355.FP.FTS.B
,
17
.24
%
,
5/20/27
29,972
3,181
APP-13485605.FP.FTS.B
,
18
.99
%
,
5/20/27
10,246
10,489
APP-13518313.FP.FTS.B
,
18
.99
%
,
5/20/27
12,786
13,148
APP-13302186.FP.FTS.B
,
20
.49
%
,
5/20/27
10,765
11,067
APP-15111331.FP.FTS.B
,
11
.99
%
,
6/11/27
16,223
16,473
APP-14906773.FP.FTS.B
,
9
.74
%
,
7/15/27
.
28,783
29,226
APP-13533233.FP.FTS.B
,
14
.09
%
,
7/15/27
19,583
19,927
APP-15064429.FP.FTS.B
,
14
.49
%
,
7/15/27
20,084
20,401
APP-15055216.FP.FTS.B
,
19
.99
%
,
7/15/27
13,488
13,729
APP-15070181.FP.FTS.B
,
19
.99
%
,
7/15/27
13,484
13,724
APP-14865954.FP.FTS.B
,
11
.74
%
,
7/16/27
19,927
20,242
APP-15149750.FP.FTS.B
,
11
.99
%
,
7/16/27
3,887
3,897
APP-14958373.FP.FTS.B
,
12
.24
%
,
7/16/27
13,193
13,419
APP-14914244.FP.FTS.B
,
20
.99
%
,
7/22/27
10,931
11,177
APP-15057995.FP.FTS.B
,
18
.99
%
,
7/23/27
7,639
7,799
APP-15058449.FP.FTS.B
,
11
.99
%
,
7/25/27
8,898
9,062
APP-15078317.FP.FTS.B
,
13
.99
%
,
7/25/27
15,571
15,866
APP-15055723.FP.FTS.B
,
11
.24
%
,
7/26/27
23,404
23,835
APP-15048744.FP.FTS.B
,
16
.49
%
,
7/27/27
17,504
17,912
APP-15053719.FP.FTS.B
,
16
.99
%
,
7/28/27
8,481
8,665
APP-15133409.FP.FTS.B
,
15
.49
%
,
7/30/27
19,367
19,799
APP-15053776.FP.FTS.B
,
17
.49
%
,
7/30/27
9,379
9,592
APP-15109285.FP.FTS.B
,
21
.49
%
,
8/15/27
23,475
23,744
APP-15068287.FP.FTS.B
,
26
.99
%
,
8/26/27
3,309
3,302
APP-15039962.FP.FTS.B
,
12
.49
%
,
8/28/27
38,202
38,912
APP-15070551.FP.FTS.B
,
24
.74
%
,
4/27/28
15,120
15,177
2,460,858
LendingClub
Corp.
153974620.LC.FTS.B
,
14
.3
%
,
6/24/24
...
2,761
2,752
154144733.LC.FTS.B
,
12
.4
%
,
6/26/24
...
1,820
1,806
155408143.LC.FTS.B
,
16
.95
%
,
7/22/24
...
3,038
3,034
155731933.LC.FTS.B
,
15
.24
%
,
7/29/24
...
4,345
4,323
156235700.LC.FTS.B
,
17
.74
%
,
8/06/24
...
2,015
2,003
156759369.LC.FTS.B
,
12
.4
%
,
8/09/24
...
3,118
3,085
156752978.LC.FTS.B
,
14
.3
%
,
8/09/24
...
5,263
5,224
156812488.LC.FTS.B
,
14
.3
%
,
8/12/24
...
1,450
1,442
158130288.LC.FTS.B
,
14
.3
%
,
9/04/24
...
2,268
2,251
159089545.LC.FTS.B
,
16
.95
%
,
9/23/24
...
1,972
1,965
159001219.LC.FTS.B
,
12
.4
%
,
9/26/24
...
2,215
2,198
158913750.LC.FTS.B
,
11
.71
%
,
9/30/24
...
4,230
4,174
155823205.LC.FTS.B
,
14
.3
%
,
9/30/24
...
3,250
3,222
160792694.LC.FTS.B
,
13
.08
%
,
10/23/24
..
6,948
6,858
161424051.LC.FTS.B
,
10
.33
%
,
11/05/24
..
2,746
2,703
161483895.LC.FTS.B
,
13
.08
%
,
11/07/24
..
2,578
1,038
162010515.LC.FTS.B
,
17
.74
%
,
11/18/24
..
2,245
2,226
162923894.LC.FTS.B
,
18
.62
%
,
12/06/24
..
2,366
2,366
163764805.LC.FTS.B
,
Zero
Cpn
,
12/23/24
11,240
–
164548038.LC.FTS.B
,
11
.02
%
,
1/25/25
...
6,598
6,490
164089980.LC.FTS.B
,
17
.74
%
,
2/28/25
...
5,035
175
167132427.LC.FTS.B
,
20
.55
%
,
2/28/25
...
6,437
6,419
Franklin
Universal
Trust
Schedule
of
Investments
(unaudited)
franklintempleton.com
Semiannual
Report
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
20
Description
Principal
Amount
Value
Marketplace
Loans
(continued)
LendingClub
Corp.
(continued)
167747801.LC.FTS.B
,
16
.12
%
,
3/15/25
...
$
6,538
$
306
168420680.LC.FTS.B
,
17
.74
%
,
3/16/25
...
6,191
6,080
166170570.LC.FTS.B
,
17
.74
%
,
3/17/25
...
5,268
5,168
168140265.LC.FTS.B
,
15
.24
%
,
3/21/25
...
6,451
6,336
167712249.LC.FTS.B
,
14
.3
%
,
4/20/25
...
8,022
7,894
151259806.LC.FTS.B
,
20
%
,
6/04/25
.....
8,096
1,451
165352318.LC.FTS.B
,
15
.24
%
,
6/22/25
...
10,525
10,281
166444317.LC.FTS.B
,
13
.08
%
,
11/04/25
..
19,596
899
160809803.LC.FTS.B
,
13
.08
%
,
11/23/25
..
11,019
10,577
114,746
LendingClub
Corp.
-
LCX
161911117.LC.FTS.B
,
20
.55
%
,
11/14/24
..
1,986
191
164542068.LC.FTS.B
,
25
.65
%
,
1/21/25
...
3,753
3,775
3,966
LendingClub
Corp.
-
LCX
PM
184916811.LC.FTS.B
,
15
.99
%
,
1/18/25
...
3,917
3,902
185085067.LC.FTS.B
,
22
.99
%
,
1/18/25
...
6,470
6,582
184905245.LC.FTS.B
,
15
.99
%
,
1/19/25
...
9,414
–
185225789.LC.FTS.B
,
20
.99
%
,
1/19/25
...
5,610
5,645
185231531.LC.FTS.B
,
21
.49
%
,
1/19/25
...
1,503
1,512
184577634.LC.FTS.B
,
15
.49
%
,
1/25/25
...
2,490
2,487
185449370.LC.FTS.B
,
18
.44
%
,
1/25/25
...
4,827
4,803
185337050.LC.FTS.B
,
20
.99
%
,
1/25/25
...
8,976
9,044
185529283.LC.FTS.B
,
18
.99
%
,
1/27/25
...
7,347
7,339
185074501.LC.FTS.B
,
12
.74
%
,
1/29/25
...
1,897
1,892
185743058.LC.FTS.B
,
12
.19
%
,
2/02/25
...
2,996
2,971
185670318.LC.FTS.B
,
15
.44
%
,
2/02/25
...
6,227
2,372
185694876.LC.FTS.B
,
15
.49
%
,
2/02/25
...
4,438
4,414
185720673.LC.FTS.B
,
14
.49
%
,
2/04/25
...
2,294
2,260
184778654.LC.FTS.B
,
16
.19
%
,
2/04/25
...
1,359
1,352
185806351.LC.FTS.B
,
18
.99
%
,
2/07/25
...
4,800
4,778
185828353.LC.FTS.B
,
22
.99
%
,
2/08/25
...
7,461
7,522
186050160.LC.FTS.B
,
15
.99
%
,
2/10/25
...
6,780
6,745
185828265.LC.FTS.B
,
19
.44
%
,
2/10/25
...
6,388
6,415
185614486.LC.FTS.B
,
19
.99
%
,
2/10/25
...
10,041
10,058
186144016.LC.FTS.B
,
Zero
Cpn
,
2/14/25
.
6,652
–
185731098.LC.FTS.B
,
18
.99
%
,
2/14/25
...
1,591
1,586
186141198.LC.FTS.B
,
18
.99
%
,
2/14/25
...
1,988
1,982
185870831.LC.FTS.B
,
15
.99
%
,
2/15/25
...
2,811
2,803
186248821.LC.FTS.B
,
12
.94
%
,
2/16/25
...
6,151
6,128
185952586.LC.FTS.B
,
Zero
Cpn
,
2/17/25
.
4,049
–
188498393.LC.FTS.B
,
18
.99
%
,
4/25/25
...
15,866
15,902
187330959.LC.FTS.B
,
23
.99
%
,
4/25/25
...
7,124
7,287
188539697.LC.FTS.B
,
27
.99
%
,
4/25/25
...
6,047
560
188790970.LC.FTS.B
,
19
.99
%
,
4/27/25
...
11,515
11,456
188578940.LC.FTS.B
,
23
.99
%
,
4/27/25
...
504
511
188852266.LC.FTS.B
,
23
.99
%
,
4/27/25
...
2,843
2,908
188854471.LC.FTS.B
,
24
.79
%
,
4/27/25
...
2,555
2,629
188781202.LC.FTS.B
,
15
.99
%
,
4/28/25
...
6,469
6,350
188845200.LC.FTS.B
,
16
.99
%
,
4/28/25
...
900
903
188849723.LC.FTS.B
,
19
.49
%
,
4/28/25
...
918
928
188683873.LC.FTS.B
,
23
.99
%
,
5/01/25
...
6,120
6,193
185591984.LC.FTS.B
,
15
%
,
5/28/25
.....
6,779
5,468
171733583.LC.FTS.B
,
18
.24
%
,
10/30/25
..
10,014
9,936
186109882.LC.FTS.B
,
5
%
,
2/14/26
......
11,065
11,219
185664927.LC.FTS.B
,
5
%
,
2/16/26
......
2,945
2,409
Description
Principal
Amount
Value
LendingClub
Corp.
-
LCX
PM
(continued)
185030629.LC.FTS.B
,
28
.99
%
,
1/13/27
...
$
4,418
$
4,468
184976261.LC.FTS.B
,
15
.44
%
,
1/18/27
...
13,495
12,676
185102499.LC.FTS.B
,
17
.49
%
,
1/18/27
...
10,271
10,012
185242092.LC.FTS.B
,
20
.99
%
,
1/19/27
...
21,429
21,132
185203099.LC.FTS.B
,
21
.99
%
,
1/19/27
...
8,755
8,660
185257156.LC.FTS.B
,
23
.99
%
,
1/19/27
...
9,708
9,649
185208719.LC.FTS.B
,
27
.99
%
,
1/19/27
...
6,919
7,003
185284755.LC.FTS.B
,
20
.24
%
,
1/21/27
...
16,405
16,210
184608676.LC.FTS.B
,
21
.99
%
,
1/21/27
...
10,609
10,560
185190835.LC.FTS.B
,
21
.99
%
,
1/21/27
...
15,970
1,512
185280664.LC.FTS.B
,
21
.99
%
,
1/21/27
...
12,444
12,262
185094462.LC.FTS.B
,
22
.99
%
,
1/21/27
...
8,568
8,527
185215933.LC.FTS.B
,
28
.99
%
,
1/25/27
...
13,468
13,685
184953769.LC.FTS.B
,
21
.99
%
,
1/27/27
...
19,845
19,799
185465019.LC.FTS.B
,
21
.99
%
,
1/27/27
...
17,730
17,649
184862697.LC.FTS.B
,
13
.19
%
,
1/28/27
...
10,319
9,977
185551601.LC.FTS.B
,
Zero
Cpn
,
1/31/27
.
19,477
–
185593614.LC.FTS.B
,
14
.94
%
,
1/31/27
...
4,014
3,926
185625736.LC.FTS.B
,
17
.24
%
,
1/31/27
...
10,221
9,995
185553869.LC.FTS.B
,
17
.44
%
,
1/31/27
...
11,862
11,594
185801067.LC.FTS.B
,
15
.19
%
,
2/04/27
...
10,310
9,955
185785605.LC.FTS.B
,
16
.99
%
,
2/04/27
...
16,826
16,380
185579608.LC.FTS.B
,
23
.99
%
,
2/04/27
...
24,031
4,598
185803689.LC.FTS.B
,
12
.69
%
,
2/08/27
...
27,057
25,264
185670781.LC.FTS.B
,
14
.74
%
,
2/08/27
...
27,394
26,472
185788975.LC.FTS.B
,
20
.44
%
,
2/08/27
...
28,607
28,086
186105140.LC.FTS.B
,
14
.99
%
,
2/10/27
...
8,595
1,510
186053383.LC.FTS.B
,
18
.49
%
,
2/10/27
...
17,709
17,250
186004411.LC.FTS.B
,
21
.99
%
,
2/10/27
...
10,283
10,236
186037923.LC.FTS.B
,
23
.49
%
,
2/10/27
...
5,115
5,070
186073191.LC.FTS.B
,
23
.99
%
,
2/10/27
...
7,327
7,262
185962334.LC.FTS.B
,
16
.49
%
,
2/14/27
...
24,302
23,668
186055580.LC.FTS.B
,
19
.49
%
,
2/14/27
...
11,596
9,073
186072313.LC.FTS.B
,
19
.99
%
,
2/14/27
...
11,415
11,255
186114907.LC.FTS.B
,
24
.99
%
,
2/14/27
...
8,092
–
185957980.LC.FTS.B
,
10
.99
%
,
2/15/27
...
18,088
17,531
185644818.LC.FTS.B
,
17
.24
%
,
2/15/27
...
28,280
26,687
186037630.LC.FTS.B
,
23
.99
%
,
2/15/27
...
11,108
11,013
185737435.LC.FTS.B
,
19
.74
%
,
2/16/27
...
12,710
1,527
186255693.LC.FTS.B
,
28
.99
%
,
2/16/27
...
6,059
6,146
185994246.LC.FTS.B
,
23
.99
%
,
2/17/27
...
6,429
–
185500483.LC.FTS.B
,
23
.99
%
,
2/18/27
...
25,662
25,495
184697668.LC.FTS.B
,
22
.49
%
,
2/23/27
...
15,969
1,506
185440062.LC.FTS.B
,
17
.49
%
,
2/25/27
...
16,164
2,975
186057988.LC.FTS.B
,
23
.99
%
,
2/25/27
...
14,827
14,755
185584314.LC.FTS.B
,
23
.99
%
,
2/28/27
...
9,492
9,378
188665152.LC.FTS.B
,
20
.99
%
,
4/25/27
...
8,310
778
188681928.LC.FTS.B
,
22
.99
%
,
4/25/27
...
8,100
388
188661710.LC.FTS.B
,
23
.19
%
,
4/25/27
...
7,965
1,021
188722342.LC.FTS.B
,
28
.99
%
,
4/25/27
...
5,901
548
188826193.LC.FTS.B
,
10
%
,
4/26/27
.....
6,462
5,222
188818650.LC.FTS.B
,
20
.99
%
,
4/26/27
...
4,776
4,759
188684882.LC.FTS.B
,
23
.99
%
,
4/26/27
...
4,662
4,567
188570436.LC.FTS.B
,
25
.99
%
,
4/26/27
...
5,665
1,114
188791237.LC.FTS.B
,
27
.99
%
,
4/26/27
...
14,510
14,752
188736809.LC.FTS.B
,
Zero
Cpn
,
4/27/27
.
8,680
–
188850161.LC.FTS.B
,
18
.99
%
,
4/27/27
...
5,891
5,787
188698368.LC.FTS.B
,
20
.99
%
,
4/27/27
...
17,611
3,308
Franklin
Universal
Trust
Schedule
of
Investments
(unaudited)
franklintempleton.com
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Semiannual
Report
21
Description
Principal
Amount
Value
Marketplace
Loans
(continued)
LendingClub
Corp.
-
LCX
PM
(continued)
188844587.LC.FTS.B
,
20
.99
%
,
4/27/27
...
$
7,462
$
7,438
188821742.LC.FTS.B
,
23
.99
%
,
4/27/27
...
15,036
15,046
188832786.LC.FTS.B
,
27
.99
%
,
4/27/27
...
3,895
3,997
188838885.LC.FTS.B
,
28
.99
%
,
4/27/27
...
7,833
8,038
188770586.LC.FTS.B
,
21
.49
%
,
4/28/27
...
13,476
13,299
188825826.LC.FTS.B
,
23
.49
%
,
4/28/27
...
7,582
7,574
188877761.LC.FTS.B
,
25
.99
%
,
4/28/27
...
5,655
5,583
188729615.LC.FTS.B
,
28
.99
%
,
4/28/27
...
19,587
20,097
188842402.LC.FTS.B
,
21
.49
%
,
4/30/27
...
4,585
4,552
188806927.LC.FTS.B
,
23
.99
%
,
4/30/27
...
11,679
11,657
188652977.LC.FTS.B
,
23
.99
%
,
5/24/27
...
2,733
2,697
185186598.LC.FTS.B
,
15
%
,
8/19/27
.....
6,327
5,102
185051135.LC.FTS.B
,
23
.99
%
,
8/28/27
...
19,395
19,079
188640868.LC.FTS.B
,
20
.99
%
,
12/01/27
..
16,594
1,562
186094287.LC.FTS.B
,
24
.99
%
,
12/29/27
..
8,953
1,201
880,805
Prosper
Funding
LLC
1609444.PS.FTS.B
,
15
%
,
8/17/24
.......
2,015
96
1610038.PS.FTS.B
,
15
%
,
8/17/24
.......
1,567
1,445
1608122.PS.FTS.B
,
19
.8
%
,
8/20/24
.....
242
242
1619058.PS.FTS.B
,
19
%
,
8/23/24
.......
417
418
1612303.PS.FTS.B
,
20
.8
%
,
8/23/24
.....
4,255
4,267
1610027.PS.FTS.B
,
18
.09
%
,
8/27/24
....
1,688
1,689
1606139.PS.FTS.B
,
12
.8
%
,
9/01/24
.....
556
552
1610444.PS.FTS.B
,
18
.09
%
,
9/08/24
....
3,396
3,407
1622147.PS.FTS.B
,
13
.6
%
,
9/16/24
.....
439
435
1626067.PS.FTS.B
,
15
.4
%
,
9/17/24
.....
3,177
3,160
1632888.PS.FTS.B
,
17
.96
%
,
9/17/24
....
563
559
1634583.PS.FTS.B
,
18
.4
%
,
9/21/24
.....
718
722
1623410.PS.FTS.B
,
18
.5
%
,
9/21/24
.....
479
482
1626395.PS.FTS.B
,
13
.87
%
,
9/24/24
....
8,004
7,957
1622396.PS.FTS.B
,
20
.4
%
,
9/26/24
.....
1,090
1,091
1626680.PS.FTS.B
,
16
%
,
9/27/24
.......
3,179
3,173
1632609.PS.FTS.B
,
14
.39
%
,
10/06/24
...
1,878
1,859
1630510.PS.FTS.B
,
11
.97
%
,
10/10/24
....
1,941
1,920
1626424.PS.FTS.B
,
11
.7
%
,
10/19/24
....
3,244
2,821
1645271.PS.FTS.B
,
10
.8
%
,
10/27/24
....
5,340
5,295
1648648.PS.FTS.B
,
16
%
,
10/27/24
......
1,387
1,376
1649014.PS.FTS.B
,
22
.7
%
,
10/27/24
....
1,104
1,115
1656261.PS.FTS.B
,
16
%
,
10/28/24
......
2,092
2,109
1646552.PS.FTS.B
,
15
.29
%
,
10/29/24
...
4,414
4,349
1661430.PS.FTS.B
,
12
%
,
11/05/24
......
4,430
224
1658149.PS.FTS.B
,
13
.4
%
,
11/08/24
....
1,443
1,425
1664622.PS.FTS.B
,
16
.9
%
,
11/08/24
....
766
761
1664838.PS.FTS.B
,
20
.01
%
,
11/08/24
....
1,437
1,429
1666485.PS.FTS.B
,
10
.5
%
,
11/09/24
....
1,120
1,104
1665699.PS.FTS.B
,
15
%
,
11/09/24
......
2,899
1,833
1660285.PS.FTS.B
,
18
.9
%
,
11/10/24
....
609
608
1653836.PS.FTS.B
,
14
.79
%
,
11/12/24
....
518
512
1661257.PS.FTS.B
,
17
.8
%
,
11/12/24
....
603
602
1655723.PS.FTS.B
,
15
.1
%
,
11/15/24
....
5,971
5,897
1685619.PS.FTS.B
,
14
.39
%
,
12/14/24
...
1,863
1,840
1672733.PS.FTS.B
,
15
%
,
12/14/24
......
3,244
3,196
1678747.PS.FTS.B
,
19
.3
%
,
12/14/24
....
675
674
1679110.PS.FTS.B
,
13
.36
%
,
12/15/24
....
2,900
2,857
1686000.PS.FTS.B
,
13
.36
%
,
12/15/24
...
6,551
325
1673372.PS.FTS.B
,
16
%
,
12/15/24
......
2,465
2,460
Description
Principal
Amount
Value
Prosper
Funding
LLC
(continued)
1672982.PS.FTS.B
,
22
%
,
12/15/24
......
$
1,039
$
1,038
1680175.PS.FTS.B
,
22
.6
%
,
12/16/24
....
1,226
1,229
1674770.PS.FTS.B
,
13
.1
%
,
12/17/24
....
4,772
4,721
1674329.PS.FTS.B
,
14
.89
%
,
12/17/24
...
1,942
1,921
1674347.PS.FTS.B
,
15
.86
%
,
12/17/24
...
4,374
4,327
1678399.PS.FTS.B
,
16
.3
%
,
12/22/24
....
1,123
53
1693870.PS.FTS.B
,
13
.6
%
,
1/12/25
.....
1,747
1,716
1688351.PS.FTS.B
,
17
%
,
1/12/25
.......
1,622
1,616
1688342.PS.FTS.B
,
17
.5
%
,
1/12/25
.....
5,351
5,323
1688336.PS.FTS.B
,
19
.2
%
,
1/12/25
.....
9,609
2,436
1687970.PS.FTS.B
,
23
.5
%
,
1/12/25
.....
418
315
1694488.PS.FTS.B
,
13
.8
%
,
1/13/25
.....
3,791
3,728
1694470.PS.FTS.B
,
15
.29
%
,
1/13/25
....
2,280
2,246
1700772.PS.FTS.B
,
12
.1
%
,
1/17/25
.....
7,085
6,945
1701129.PS.FTS.B
,
16
.4
%
,
1/17/25
.....
4,038
3,969
1690265.PS.FTS.B
,
23
.3
%
,
1/18/25
.....
2,323
2,329
1697473.PS.FTS.B
,
10
.54
%
,
1/19/25
....
5,092
5,011
1692512.PS.FTS.B
,
19
.34
%
,
1/19/25
....
3,142
3,102
1700011.PS.FTS.B
,
13
.9
%
,
1/21/25
.....
1,757
1,733
1688699.PS.FTS.B
,
21
.8
%
,
1/27/25
.....
3,594
3,573
1697303.PS.FTS.B
,
13
.9
%
,
1/31/25
.....
1,524
1,502
1720755.PS.FTS.B
,
13
.96
%
,
2/14/25
....
9,500
9,318
1720938.PS.FTS.B
,
13
.81
%
,
2/15/25
....
3,795
3,723
1707953.PS.FTS.B
,
13
.96
%
,
2/15/25
....
7,645
7,485
1707938.PS.FTS.B
,
15
.86
%
,
2/15/25
....
5,410
5,326
1715485.PS.FTS.B
,
16
%
,
2/15/25
.......
9,672
9,522
1714630.PS.FTS.B
,
16
.16
%
,
2/15/25
....
5,811
5,721
1714624.PS.FTS.B
,
19
.41
%
,
2/15/25
....
3,984
3,968
1715122.PS.FTS.B
,
19
.8
%
,
2/15/25
.....
1,020
1,013
1720920.PS.FTS.B
,
21
.2
%
,
2/15/25
.....
4,246
4,259
1715734.PS.FTS.B
,
19
.83
%
,
2/16/25
....
2,798
2,755
1722360.PS.FTS.B
,
22
.6
%
,
2/16/25
.....
1,167
1,170
1723116.PS.FTS.B
,
16
.29
%
,
2/17/25
....
776
774
1645667.PS.FTS.B
,
16
.6
%
,
2/17/25
.....
5,279
–
1749541.PS.FTS.B
,
22
.03
%
,
4/05/25
....
1,608
1,582
1750351.PS.FTS.B
,
15
.2
%
,
4/06/25
.....
1,530
1,495
1744391.PS.FTS.B
,
24
.09
%
,
4/07/25
....
1,566
987
1750903.PS.FTS.B
,
24
.4
%
,
4/07/25
.....
3,942
3,913
1745381.PS.FTS.B
,
12
.9
%
,
4/08/25
.....
8,711
8,484
1714408.PS.FTS.B
,
22
.11
%
,
4/12/25
....
5,764
825
1753944.PS.FTS.B
,
15
.4
%
,
4/14/25
.....
3,345
3,261
1758243.PS.FTS.B
,
24
.4
%
,
4/16/25
.....
2,091
1,820
1757968.PS.FTS.B
,
13
.9
%
,
4/18/25
.....
3,173
424
1742906.PS.FTS.B
,
15
.4
%
,
4/30/25
.....
972
945
1743767.PS.FTS.B
,
25
.71
%
,
5/05/25
....
4,287
4,245
1752241.PS.FTS.B
,
14
.7
%
,
5/10/25
.....
21,901
12,815
1701120.PS.FTS.B
,
15
.9
%
,
12/12/25
....
7,470
7,156
1606145.PS.FTS.B
,
14
%
,
8/17/26
.......
9,278
2,119
1606127.PS.FTS.B
,
15
.2
%
,
8/17/26
.....
5,379
5,272
1607933.PS.FTS.B
,
18
.5
%
,
8/19/26
.....
1,227
1,235
1608617.PS.FTS.B
,
13
.7
%
,
8/20/26
.....
3,508
3,427
1618680.PS.FTS.B
,
15
.37
%
,
8/20/26
....
10,408
10,165
1611802.PS.FTS.B
,
29
.74
%
,
8/22/26
....
3,002
–
1609277.PS.FTS.B
,
15
.7
%
,
8/23/26
.....
8,356
8,206
1610327.PS.FTS.B
,
27
.6
%
,
8/24/26
.....
5,339
5,536
1621434.PS.FTS.B
,
14
.6
%
,
8/26/26
.....
2,447
2,406
1621428.PS.FTS.B
,
20
%
,
8/26/26
.......
6,221
6,285
1611746.PS.FTS.B
,
14
.29
%
,
8/27/26
....
5,439
5,321
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)
Prosper
Funding
LLC
(continued)
1625740.PS.FTS.B
,
18
.48
%
,
9/16/26
....
$
6,288
$
6,310
1623731.PS.FTS.B
,
18
.93
%
,
9/21/26
....
11,364
11,433
1635897.PS.FTS.B
,
12
%
,
9/23/26
.......
12,991
12,684
1635735.PS.FTS.B
,
14
.68
%
,
9/23/26
....
9,098
8,881
1627036.PS.FTS.B
,
16
.33
%
,
9/25/26
....
8,343
8,173
1637445.PS.FTS.B
,
13
.3
%
,
9/27/26
.....
6,159
6,018
1626758.PS.FTS.B
,
17
.96
%
,
9/30/26
....
14,224
13,936
1634247.PS.FTS.B
,
16
.7
%
,
10/05/26
....
15,010
14,681
1626046.PS.FTS.B
,
15
.18
%
,
10/16/26
...
6,087
5,924
1644875.PS.FTS.B
,
11
.6
%
,
10/26/26
....
4,534
4,424
1648324.PS.FTS.B
,
12
.2
%
,
10/26/26
....
12,161
11,868
1644860.PS.FTS.B
,
18
.33
%
,
10/26/26
...
7,945
1,142
1645337.PS.FTS.B
,
18
.48
%
,
10/27/26
...
13,202
13,296
1646123.PS.FTS.B
,
13
.32
%
,
10/28/26
...
4,729
4,695
1649926.PS.FTS.B
,
13
.8
%
,
10/29/26
....
20,899
20,271
1655034.PS.FTS.B
,
11
.7
%
,
10/31/26
....
14,308
13,943
1655028.PS.FTS.B
,
13
.8
%
,
11/01/26
....
5,095
4,986
1661010.PS.FTS.B
,
12
.5
%
,
11/05/26
....
16,265
15,799
1654774.PS.FTS.B
,
16
.18
%
,
11/05/26
....
22,640
22,038
1661004.PS.FTS.B
,
17
.8
%
,
11/05/26
....
4,093
–
1651868.PS.FTS.B
,
9
.45
%
,
11/08/26
....
7,898
7,680
1658185.PS.FTS.B
,
10
.5
%
,
11/08/26
....
5,524
5,371
1658167.PS.FTS.B
,
13
.5
%
,
11/08/26
....
15,470
15,080
1658881.PS.FTS.B
,
13
.8
%
,
11/09/26
....
16,236
3,652
1653323.PS.FTS.B
,
16
%
,
11/09/26
......
7,750
7,554
1666362.PS.FTS.B
,
19
%
,
11/09/26
......
4,640
4,636
1666911.PS.FTS.B
,
10
.62
%
,
11/10/26
....
7,989
7,770
1660066.PS.FTS.B
,
12
.6
%
,
11/10/26
....
21,916
21,312
1660078.PS.FTS.B
,
13
.93
%
,
11/10/26
....
12,985
6,674
1646330.PS.FTS.B
,
16
.2
%
,
11/10/26
....
19,618
19,204
1666890.PS.FTS.B
,
17
%
,
11/10/26
......
10,456
10,422
1649539.PS.FTS.B
,
16
.7
%
,
11/12/26
....
13,105
12,827
1661433.PS.FTS.B
,
28
.23
%
,
11/14/26
....
3,587
3,661
1666359.PS.FTS.B
,
21
%
,
11/15/26
......
4,126
4,226
1662505.PS.FTS.B
,
25
.4
%
,
11/15/26
....
6,976
7,161
1651871.PS.FTS.B
,
20
.66
%
,
11/20/26
....
3,734
3,717
1651913.PS.FTS.B
,
25
.67
%
,
11/22/26
....
5,008
5,107
1672316.PS.FTS.B
,
10
.44
%
,
12/14/26
...
8,185
7,948
1685634.PS.FTS.B
,
12
.5
%
,
12/14/26
....
5,133
4,984
1672730.PS.FTS.B
,
13
.8
%
,
12/14/26
....
22,737
22,121
1685271.PS.FTS.B
,
16
.8
%
,
12/14/26
....
9,991
9,717
1678387.PS.FTS.B
,
18
.33
%
,
12/14/26
...
8,948
8,907
1678372.PS.FTS.B
,
22
.8
%
,
12/14/26
....
7,688
7,873
1685631.PS.FTS.B
,
27
.02
%
,
12/14/26
...
4,343
4,444
1686078.PS.FTS.B
,
10
.5
%
,
12/15/26
....
7,559
7,342
1672147.PS.FTS.B
,
16
.56
%
,
12/15/26
...
13,372
13,253
1687344.PS.FTS.B
,
19
%
,
12/17/26
......
3,367
3,368
1685997.PS.FTS.B
,
12
.87
%
,
12/18/26
...
5,805
5,637
1678354.PS.FTS.B
,
11
.07
%
,
12/20/26
....
9,519
9,243
1687950.PS.FTS.B
,
11
.5
%
,
12/20/26
....
9,410
9,162
1675010.PS.FTS.B
,
12
.5
%
,
12/20/26
....
7,253
6,260
1685637.PS.FTS.B
,
11
.7
%
,
12/28/26
....
19,714
19,352
1672718.PS.FTS.B
,
14
.38
%
,
1/07/27
....
5,415
5,249
1701111.PS.FTS.B
,
10
.29
%
,
1/12/27
.....
15,989
15,522
1700808.PS.FTS.B
,
11
.4
%
,
1/12/27
.....
6,507
6,316
1701108.PS.FTS.B
,
15
.7
%
,
1/12/27
.....
23,621
22,969
1687964.PS.FTS.B
,
22
.2
%
,
1/12/27
.....
5,839
–
1694491.PS.FTS.B
,
12
.62
%
,
1/13/27
....
9,865
9,576
Description
Principal
Amount
Value
Prosper
Funding
LLC
(continued)
1694725.PS.FTS.B
,
18
.4
%
,
1/13/27
.....
$
10,344
$
10,308
1701537.PS.FTS.B
,
19
.3
%
,
1/13/27
.....
10,417
10,378
1695958.PS.FTS.B
,
10
.5
%
,
1/14/27
.....
9,701
9,409
1689173.PS.FTS.B
,
11
.2
%
,
1/14/27
.....
12,667
12,301
1695787.PS.FTS.B
,
11
.7
%
,
1/14/27
.....
16,311
15,839
1689623.PS.FTS.B
,
19
%
,
1/14/27
.......
2,203
2,196
1694719.PS.FTS.B
,
16
.93
%
,
1/17/27
....
12,247
11,884
1705005.PS.FTS.B
,
15
%
,
1/19/27
.......
17,446
17,008
1702455.PS.FTS.B
,
15
.18
%
,
1/20/27
....
10,819
10,489
1689251.PS.FTS.B
,
19
%
,
1/21/27
.......
2,784
2,765
1707746.PS.FTS.B
,
9
.45
%
,
2/14/27
.....
4,536
4,395
1720917.PS.FTS.B
,
13
.7
%
,
2/15/27
.....
8,485
8,247
1714633.PS.FTS.B
,
14
.39
%
,
2/15/27
....
10,208
2,319
1707950.PS.FTS.B
,
16
.5
%
,
2/15/27
.....
6,939
6,741
1714648.PS.FTS.B
,
16
.7
%
,
2/15/27
.....
5,213
5,064
1721346.PS.FTS.B
,
16
.7
%
,
2/15/27
.....
13,900
13,834
1720911.PS.FTS.B
,
18
.59
%
,
2/15/27
....
17,625
17,533
1714642.PS.FTS.B
,
18
.7
%
,
2/15/27
.....
7,056
7,019
1714636.PS.FTS.B
,
23
.58
%
,
2/15/27
....
4,034
4,109
1707734.PS.FTS.B
,
10
.29
%
,
2/16/27
....
9,446
9,229
1722117.PS.FTS.B
,
15
.18
%
,
2/16/27
....
5,495
5,341
1709201.PS.FTS.B
,
18
.48
%
,
2/16/27
....
8,805
8,764
1714627.PS.FTS.B
,
11
.4
%
,
2/17/27
.....
14,000
13,565
1720908.PS.FTS.B
,
15
.29
%
,
2/22/27
....
21,060
20,418
1712903.PS.FTS.B
,
15
.29
%
,
2/23/27
....
6,627
6,458
1703169.PS.FTS.B
,
25
.6
%
,
2/25/27
.....
12,125
12,113
1749550.PS.FTS.B
,
11
.5
%
,
4/05/27
.....
10,473
10,103
1752624.PS.FTS.B
,
17
.23
%
,
4/05/27
....
14,567
14,015
1753011.PS.FTS.B
,
12
%
,
4/06/27
.......
10,513
10,144
1752981.PS.FTS.B
,
21
%
,
4/06/27
.......
4,857
4,884
1754293.PS.FTS.B
,
13
.4
%
,
4/12/27
.....
8,500
8,203
1747163.PS.FTS.B
,
16
.2
%
,
4/12/27
.....
18,076
17,437
1744328.PS.FTS.B
,
14
.89
%
,
4/15/27
....
14,389
13,859
1752654.PS.FTS.B
,
12
.76
%
,
4/30/27
....
10,917
10,519
1750735.PS.FTS.B
,
16
%
,
5/06/27
.......
4,143
4,038
1607291.PS.FTS.B
,
28
.59
%
,
7/18/27
....
4,966
4,972
1650328.PS.FTS.B
,
11
.2
%
,
7/29/27
.....
6,594
2,873
1647395.PS.FTS.B
,
11
.89
%
,
8/03/27
....
6,576
6,355
1,189,004
Upgrade,
Inc.
-
Card
992301548.UG.FTS.B
,
29
.49
%
,
4/03/24
..
4
4
992341609.UG.FTS.B
,
29
.49
%
,
4/03/24
..
19
1
992343756.UG.FTS.B
,
29
.49
%
,
4/03/24
..
176
28
992249570.UG.FTS.B
,
20
.96
%
,
4/04/24
..
17
17
992413501.UG.FTS.B
,
19
.3
%
,
4/05/24
...
119
118
992425235.UG.FTS.B
,
19
.99
%
,
4/05/24
..
60
60
992324567.UG.FTS.B
,
20
.96
%
,
4/05/24
..
50
50
992247109.UG.FTS.B
,
21
.48
%
,
4/05/24
..
728
282
992270384.UG.FTS.B
,
22
.47
%
,
4/05/24
..
6
6
992310198.UG.FTS.B
,
22
.47
%
,
4/05/24
..
45
45
992275523.UG.FTS.B
,
23
.45
%
,
4/05/24
..
9
9
992460308.UG.FTS.B
,
25
.44
%
,
4/05/24
..
11
11
992258284.UG.FTS.B
,
27
.99
%
,
4/05/24
..
12
12
992252825.UG.FTS.B
,
28
.48
%
,
4/05/24
..
50
51
992262433.UG.FTS.B
,
28
.48
%
,
4/05/24
..
72
72
992332109.UG.FTS.B
,
28
.48
%
,
4/05/24
..
30
4
992336619.UG.FTS.B
,
28
.48
%
,
4/05/24
..
2
2
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)
Upgrade,
Inc.
-
Card
(continued)
992255211.UG.FTS.B
,
29
.47
%
,
4/05/24
..
$
28
$
1
992342504.UG.FTS.B
,
29
.48
%
,
4/05/24
..
48
48
992406244.UG.FTS.B
,
29
.48
%
,
4/05/24
..
14
13
992424634.UG.FTS.B
,
29
.48
%
,
4/05/24
..
67
66
992453174.UG.FTS.B
,
29
.48
%
,
4/05/24
..
15
8
992241305.UG.FTS.B
,
29
.49
%
,
4/05/24
..
16
16
992245608.UG.FTS.B
,
29
.49
%
,
4/05/24
..
13
13
992253980.UG.FTS.B
,
29
.49
%
,
4/05/24
..
30
30
992263652.UG.FTS.B
,
29
.49
%
,
4/05/24
..
16
9
992269988.UG.FTS.B
,
29
.49
%
,
4/05/24
..
19
19
992270710.UG.FTS.B
,
29
.49
%
,
4/05/24
..
14
14
992272262.UG.FTS.B
,
29
.49
%
,
4/05/24
..
11
11
992278624.UG.FTS.B
,
29
.49
%
,
4/05/24
..
64
29
992305197.UG.FTS.B
,
29
.49
%
,
4/05/24
..
27
27
992306483.UG.FTS.B
,
29
.49
%
,
4/05/24
..
15
14
992312387.UG.FTS.B
,
29
.49
%
,
4/05/24
..
6
6
992324074.UG.FTS.B
,
29
.49
%
,
4/05/24
..
37
36
992330489.UG.FTS.B
,
29
.49
%
,
4/05/24
..
52
51
992371567.UG.FTS.B
,
29
.49
%
,
4/05/24
..
45
44
992425321.UG.FTS.B
,
29
.49
%
,
4/05/24
..
21
21
992436268.UG.FTS.B
,
29
.49
%
,
4/05/24
..
44
–
992442175.UG.FTS.B
,
29
.49
%
,
4/05/24
..
201
200
992356295.UG.FTS.B
,
29
.49
%
,
6/03/24
..
16
7
992241102.UG.FTS.B
,
29
.49
%
,
7/03/24
..
52
52
992343713.UG.FTS.B
,
29
.49
%
,
8/03/24
..
27
27
992428468.UG.FTS.B
,
25
.95
%
,
4/03/25
..
78
79
992263589.UG.FTS.B
,
28
.98
%
,
4/03/25
..
35
35
992236701.UG.FTS.B
,
29
.49
%
,
4/03/25
..
22
23
992256275.UG.FTS.B
,
29
.49
%
,
4/03/25
..
21
21
992268108.UG.FTS.B
,
29
.49
%
,
4/03/25
..
59
59
992269560.UG.FTS.B
,
29
.49
%
,
4/03/25
..
178
178
992290976.UG.FTS.B
,
29
.49
%
,
4/03/25
..
180
184
992291050.UG.FTS.B
,
29
.49
%
,
4/03/25
..
6
6
992345576.UG.FTS.B
,
29
.49
%
,
4/03/25
..
204
26
992354024.UG.FTS.B
,
29
.49
%
,
4/03/25
..
14
14
992357933.UG.FTS.B
,
29
.49
%
,
4/03/25
..
158
165
992387188.UG.FTS.B
,
28
.98
%
,
4/04/25
..
170
175
992453316.UG.FTS.B
,
28
.98
%
,
4/04/25
..
136
136
992463571.UG.FTS.B
,
28
.98
%
,
4/04/25
..
76
9
992266370.UG.FTS.B
,
29
.49
%
,
4/04/25
..
311
321
992342016.UG.FTS.B
,
29
.49
%
,
4/04/25
..
146
146
992421008.UG.FTS.B
,
29
.49
%
,
4/04/25
..
8
7
992421200.UG.FTS.B
,
29
.49
%
,
4/04/25
..
115
118
992264407.UG.FTS.B
,
14
.97
%
,
4/05/25
..
501
501
992391676.UG.FTS.B
,
15
.97
%
,
4/05/25
..
55
55
992417616.UG.FTS.B
,
17
.99
%
,
4/05/25
..
65
66
992286525.UG.FTS.B
,
18
.8
%
,
4/05/25
...
79
81
992323394.UG.FTS.B
,
18
.97
%
,
4/05/25
..
925
935
992415664.UG.FTS.B
,
18
.97
%
,
4/05/25
..
1,093
1,107
992416415.UG.FTS.B
,
19
.21
%
,
4/05/25
..
915
933
992424538.UG.FTS.B
,
19
.21
%
,
4/05/25
..
461
465
992432194.UG.FTS.B
,
19
.8
%
,
4/05/25
...
228
230
992256001.UG.FTS.B
,
19
.97
%
,
4/05/25
..
294
300
992290432.UG.FTS.B
,
19
.99
%
,
4/05/25
..
3,377
–
992346135.UG.FTS.B
,
19
.99
%
,
4/05/25
..
257
266
992431381.UG.FTS.B
,
19
.99
%
,
4/05/25
..
55
55
992433537.UG.FTS.B
,
19
.99
%
,
4/05/25
..
690
711
992255166.UG.FTS.B
,
20
.46
%
,
4/05/25
..
30
29
Description
Principal
Amount
Value
Upgrade,
Inc.
-
Card
(continued)
992386358.UG.FTS.B
,
20
.46
%
,
4/05/25
..
$
1,173
$
1,195
992296469.UG.FTS.B
,
21
.98
%
,
4/05/25
..
152
155
992265045.UG.FTS.B
,
25
.95
%
,
4/05/25
..
97
99
992302611.UG.FTS.B
,
25
.95
%
,
4/05/25
..
694
699
992250719.UG.FTS.B
,
27
.95
%
,
4/05/25
..
236
63
992249070.UG.FTS.B
,
28
.98
%
,
4/05/25
..
61
62
992263759.UG.FTS.B
,
28
.98
%
,
4/05/25
..
303
19
992271131.UG.FTS.B
,
28
.98
%
,
4/05/25
..
233
243
992271316.UG.FTS.B
,
28
.98
%
,
4/05/25
..
104
108
992281862.UG.FTS.B
,
28
.98
%
,
4/05/25
..
202
204
992290941.UG.FTS.B
,
28
.98
%
,
4/05/25
..
73
75
992305223.UG.FTS.B
,
28
.98
%
,
4/05/25
..
108
112
992314088.UG.FTS.B
,
28
.98
%
,
4/05/25
..
71
72
992321475.UG.FTS.B
,
28
.98
%
,
4/05/25
..
275
284
992350450.UG.FTS.B
,
28
.98
%
,
4/05/25
..
566
568
992362215.UG.FTS.B
,
28
.98
%
,
4/05/25
..
591
602
992377531.UG.FTS.B
,
28
.98
%
,
4/05/25
..
1
1
992386343.UG.FTS.B
,
28
.98
%
,
4/05/25
..
96
–
992391277.UG.FTS.B
,
28
.98
%
,
4/05/25
..
27
11
992404668.UG.FTS.B
,
28
.98
%
,
4/05/25
..
84
84
992421379.UG.FTS.B
,
28
.98
%
,
4/05/25
..
97
100
992426381.UG.FTS.B
,
28
.98
%
,
4/05/25
..
73
76
992430529.UG.FTS.B
,
28
.98
%
,
4/05/25
..
38
39
992452945.UG.FTS.B
,
28
.98
%
,
4/05/25
..
100
101
992453117.UG.FTS.B
,
28
.98
%
,
4/05/25
..
18
18
992456750.UG.FTS.B
,
28
.98
%
,
4/05/25
..
130
17
992338606.UG.FTS.B
,
29
.45
%
,
4/05/25
..
27
27
992376094.UG.FTS.B
,
29
.48
%
,
4/05/25
..
99
103
992239162.UG.FTS.B
,
29
.49
%
,
4/05/25
..
93
96
992240128.UG.FTS.B
,
29
.49
%
,
4/05/25
..
400
409
992241600.UG.FTS.B
,
29
.49
%
,
4/05/25
..
70
73
992243368.UG.FTS.B
,
29
.49
%
,
4/05/25
..
208
214
992247116.UG.FTS.B
,
29
.49
%
,
4/05/25
..
164
167
992255844.UG.FTS.B
,
29
.49
%
,
4/05/25
..
58
58
992264748.UG.FTS.B
,
29
.49
%
,
4/05/25
..
16
16
992268866.UG.FTS.B
,
29
.49
%
,
4/05/25
..
151
153
992268980.UG.FTS.B
,
29
.49
%
,
4/05/25
..
59
62
992271586.UG.FTS.B
,
29
.49
%
,
4/05/25
..
105
109
992275962.UG.FTS.B
,
29
.49
%
,
4/05/25
..
152
155
992276049.UG.FTS.B
,
29
.49
%
,
4/05/25
..
122
127
992291806.UG.FTS.B
,
29
.49
%
,
4/05/25
..
354
371
992293542.UG.FTS.B
,
29
.49
%
,
4/05/25
..
54
55
992301441.UG.FTS.B
,
29
.49
%
,
4/05/25
..
137
142
992303097.UG.FTS.B
,
29
.49
%
,
4/05/25
..
150
155
992320378.UG.FTS.B
,
29
.49
%
,
4/05/25
..
130
135
992324857.UG.FTS.B
,
29
.49
%
,
4/05/25
..
62
16
992326966.UG.FTS.B
,
29
.49
%
,
4/05/25
..
76
78
992340410.UG.FTS.B
,
29
.49
%
,
4/05/25
..
30
30
992341543.UG.FTS.B
,
29
.49
%
,
4/05/25
..
43
44
992341758.UG.FTS.B
,
29
.49
%
,
4/05/25
..
149
152
992344325.UG.FTS.B
,
29
.49
%
,
4/05/25
..
5
5
992355380.UG.FTS.B
,
29
.49
%
,
4/05/25
..
43
44
992359643.UG.FTS.B
,
29
.49
%
,
4/05/25
..
271
278
992359656.UG.FTS.B
,
29
.49
%
,
4/05/25
..
464
485
992359703.UG.FTS.B
,
29
.49
%
,
4/05/25
..
87
91
992361376.UG.FTS.B
,
29
.49
%
,
4/05/25
..
18
18
992368911.UG.FTS.B
,
29
.49
%
,
4/05/25
..
196
202
992369632.UG.FTS.B
,
29
.49
%
,
4/05/25
..
138
142
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)
Upgrade,
Inc.
-
Card
(continued)
992371487.UG.FTS.B
,
29
.49
%
,
4/05/25
..
$
112
$
117
992371951.UG.FTS.B
,
29
.49
%
,
4/05/25
..
126
130
992391427.UG.FTS.B
,
29
.49
%
,
4/05/25
..
105
110
992394239.UG.FTS.B
,
29
.49
%
,
4/05/25
..
83
85
992401130.UG.FTS.B
,
29
.49
%
,
4/05/25
..
110
116
992403505.UG.FTS.B
,
29
.49
%
,
4/05/25
..
112
116
992419811.UG.FTS.B
,
29
.49
%
,
4/05/25
..
83
85
992424526.UG.FTS.B
,
29
.49
%
,
4/05/25
..
155
160
992425789.UG.FTS.B
,
29
.49
%
,
4/05/25
..
220
227
992427607.UG.FTS.B
,
29
.49
%
,
4/05/25
..
74
75
992429564.UG.FTS.B
,
29
.49
%
,
4/05/25
..
71
5
992444668.UG.FTS.B
,
29
.49
%
,
4/05/25
..
984
1,021
992444707.UG.FTS.B
,
29
.49
%
,
4/05/25
..
74
76
992452371.UG.FTS.B
,
29
.49
%
,
4/05/25
..
85
88
992454738.UG.FTS.B
,
29
.49
%
,
4/05/25
..
1,183
1,227
992455102.UG.FTS.B
,
29
.49
%
,
4/05/25
..
247
256
992459731.UG.FTS.B
,
29
.49
%
,
4/05/25
..
25
25
992401571.UG.FTS.B
,
29
.49
%
,
5/03/25
..
70
73
992460328.UG.FTS.B
,
29
.49
%
,
8/01/25
..
89
93
992286064.UG.FTS.B
,
29
.49
%
,
8/03/25
..
416
24
992312103.UG.FTS.B
,
29
.49
%
,
8/03/25
..
410
52
992301470.UG.FTS.B
,
28
.98
%
,
9/02/25
..
128
94
992444060.UG.FTS.B
,
28
.98
%
,
12/03/25
.
871
106
992238906.UG.FTS.B
,
22
.97
%
,
4/03/26
..
2,734
1,774
992424737.UG.FTS.B
,
25
.95
%
,
4/03/26
..
796
173
992300542.UG.FTS.B
,
28
.98
%
,
4/03/26
..
139
143
992418075.UG.FTS.B
,
29
.49
%
,
3/03/29
..
3
3
24,643
Upstart
Network,
Inc.
L1729715.UP.FTS.B
,
8
.39
%
,
9/17/24
....
1,287
1,284
L1722095.UP.FTS.B
,
11
.17
%
,
9/17/24
....
221
221
L1729539.UP.FTS.B
,
18
.67
%
,
9/17/24
....
611
614
L1730194.UP.FTS.B
,
23
.58
%
,
9/17/24
....
276
279
FW1730336.UP.FTS.B
,
30
.16
%
,
9/17/24
..
1,347
1,359
L1902385.UP.FTS.B
,
8
.05
%
,
10/22/24
....
1,218
1,214
L1902094.UP.FTS.B
,
9
.69
%
,
10/22/24
....
248
247
L1902354.UP.FTS.B
,
12
.7
%
,
10/22/24
....
1,281
1,280
FW1900872.UP.FTS.B
,
18
.12
%
,
10/22/24
.
1,627
1,639
L1902710.UP.FTS.B
,
18
.85
%
,
10/22/24
...
1,502
1,513
L1900998.UP.FTS.B
,
21
.32
%
,
10/22/24
...
1,210
1,216
L1901625.UP.FTS.B
,
21
.76
%
,
10/22/24
...
287
285
L1875546.UP.FTS.B
,
21
.84
%
,
10/22/24
...
507
510
L1900754.UP.FTS.B
,
23
.33
%
,
10/22/24
...
1,370
24
FW1901937.UP.FTS.B
,
24
.32
%
,
10/22/24
.
3,892
3,767
L2031380.UP.FTS.B
,
6
.17
%
,
11/12/24
....
2,006
1,990
L2032548.UP.FTS.B
,
7
.85
%
,
11/12/24
....
2,938
2,929
L2031918.UP.FTS.B
,
8
.28
%
,
11/12/24
....
821
818
L2031630.UP.FTS.B
,
9
.03
%
,
11/12/24
....
1,930
1,924
L2031494.UP.FTS.B
,
9
.06
%
,
11/12/24
....
1,739
1,102
L2033075.UP.FTS.B
,
11
.83
%
,
11/12/24
...
3,146
3,138
L2032627.UP.FTS.B
,
14
.45
%
,
11/12/24
...
583
587
L2031497.UP.FTS.B
,
23
.3
%
,
11/12/24
....
679
682
L2102014.UP.FTS.B
,
8
.1
%
,
11/23/24
.....
928
927
L2102773.UP.FTS.B
,
10
.25
%
,
11/23/24
...
335
335
L2102080.UP.FTS.B
,
12
.09
%
,
11/23/24
...
727
727
L2101642.UP.FTS.B
,
15
.95
%
,
11/23/24
...
3,639
266
L2102263.UP.FTS.B
,
17
.21
%
,
11/23/24
...
599
605
Description
Principal
Amount
Value
Upstart
Network,
Inc.
(continued)
L2099426.UP.FTS.B
,
18
.86
%
,
11/23/24
...
$
765
$
770
L2103709.UP.FTS.B
,
20
.75
%
,
11/23/24
...
682
689
L2102185.UP.FTS.B
,
21
.19
%
,
11/23/24
...
2,337
2,361
L2103127.UP.FTS.B
,
21
.34
%
,
11/23/24
...
3,247
3,277
FW2103254.UP.FTS.B
,
28
.98
%
,
11/23/24
.
1,071
1,082
L2249821.UP.FTS.B
,
9
.1
%
,
12/14/24
....
306
305
L2249474.UP.FTS.B
,
9
.8
%
,
12/14/24
....
760
757
L2249818.UP.FTS.B
,
9
.92
%
,
12/14/24
....
997
992
L2248588.UP.FTS.B
,
10
.67
%
,
12/14/24
...
4,079
4,063
L2249713.UP.FTS.B
,
11
.85
%
,
12/14/24
...
1,258
1,254
L2249391.UP.FTS.B
,
12
.58
%
,
12/14/24
...
644
643
L2251228.UP.FTS.B
,
12
.94
%
,
12/14/24
...
478
477
L2250705.UP.FTS.B
,
13
.29
%
,
12/14/24
...
106
106
L2251099.UP.FTS.B
,
15
.99
%
,
12/14/24
...
407
408
L2249946.UP.FTS.B
,
17
.98
%
,
12/14/24
...
1,333
1,343
FW2249440.UP.FTS.B
,
19
.65
%
,
12/14/24
.
516
37
L2250240.UP.FTS.B
,
20
.48
%
,
12/14/24
...
421
128
L2250459.UP.FTS.B
,
21
.22
%
,
12/14/24
...
1,513
1,515
L2251174.UP.FTS.B
,
21
.98
%
,
12/14/24
...
743
739
FW2250657.UP.FTS.B
,
22
.04
%
,
12/14/24
.
346
348
FW2251405.UP.FTS.B
,
24
.46
%
,
12/14/24
.
708
709
FW2250179.UP.FTS.B
,
25
.41
%
,
12/14/24
.
1,187
1,192
FW2250656.UP.FTS.B
,
26
.59
%
,
12/14/24
.
419
421
FW2250011.UP.FTS.B
,
27
.44
%
,
12/14/24
.
1,306
1,308
FW2250630.UP.FTS.B
,
28
.93
%
,
12/14/24
.
766
54
FW2248284.UP.FTS.B
,
29
.12
%
,
12/14/24
.
1,037
1,037
L2251006.UP.FTS.B
,
6
.59
%
,
12/15/24
....
745
739
L2253130.UP.FTS.B
,
10
.71
%
,
12/15/24
...
1,864
1,857
L2253233.UP.FTS.B
,
17
.76
%
,
12/15/24
...
1,835
1,844
L2251602.UP.FTS.B
,
18
.36
%
,
12/15/24
...
1,171
1,177
L2252717.UP.FTS.B
,
19
.17
%
,
12/15/24
...
1,686
1,694
L2252886.UP.FTS.B
,
20
.6
%
,
12/15/24
....
444
446
L2249377.UP.FTS.B
,
20
.67
%
,
12/15/24
...
2,566
2,573
L2240893.UP.FTS.B
,
21
.21
%
,
12/15/24
...
8,591
8,634
FW2252326.UP.FTS.B
,
21
.53
%
,
12/15/24
.
2,732
2,753
FW2249426.UP.FTS.B
,
22
.47
%
,
12/15/24
.
2,045
2,053
L2253201.UP.FTS.B
,
23
.48
%
,
12/15/24
...
1,053
1,055
L2248952.UP.FTS.B
,
12
.98
%
,
12/21/24
...
2,230
2,224
L2499293.UP.FTS.B
,
6
.07
%
,
1/24/25
....
5,199
5,161
L2491823.UP.FTS.B
,
6
.34
%
,
1/24/25
....
1,629
1,617
L2499253.UP.FTS.B
,
7
.19
%
,
1/24/25
....
13,816
13,704
L2491568.UP.FTS.B
,
7
.35
%
,
1/24/25
....
1,489
109
L2499551.UP.FTS.B
,
8
.93
%
,
1/24/25
....
3,342
3,336
L2498976.UP.FTS.B
,
9
.51
%
,
1/24/25
....
7,611
556
L2499846.UP.FTS.B
,
10
.23
%
,
1/24/25
....
2,211
2,202
L2498779.UP.FTS.B
,
11
.48
%
,
1/24/25
....
343
342
L2497791.UP.FTS.B
,
11
.97
%
,
1/24/25
....
1,377
1,375
L2499082.UP.FTS.B
,
12
.89
%
,
1/24/25
....
4,859
4,862
L2499336.UP.FTS.B
,
15
.49
%
,
1/24/25
....
534
537
L2497860.UP.FTS.B
,
16
.59
%
,
1/24/25
....
700
51
FW2499341.UP.FTS.B
,
16
.67
%
,
1/24/25
..
795
58
L2497587.UP.FTS.B
,
16
.78
%
,
1/24/25
....
581
583
L2499854.UP.FTS.B
,
22
.79
%
,
1/24/25
....
2,657
2,682
FW2497753.UP.FTS.B
,
26
.22
%
,
1/24/25
..
3,067
44
FW2499886.UP.FTS.B
,
26
.23
%
,
1/24/25
..
3,347
3,347
FW2498195.UP.FTS.B
,
26
.98
%
,
1/24/25
..
3,389
3,412
FW2496668.UP.FTS.B
,
5
.04
%
,
1/25/25
...
6,521
6,469
L2501009.UP.FTS.B
,
5
.3
%
,
1/25/25
.....
3,225
3,201
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)
Upstart
Network,
Inc.
(continued)
L2501544.UP.FTS.B
,
6
.11
%
,
1/25/25
.....
$
1,138
$
1,129
L2477274.UP.FTS.B
,
6
.54
%
,
1/25/25
....
2,008
1,993
L2502696.UP.FTS.B
,
7
.45
%
,
1/25/25
....
1,621
1,618
FW2502837.UP.FTS.B
,
8
.49
%
,
1/25/25
...
333
332
L2501769.UP.FTS.B
,
8
.83
%
,
1/25/25
....
5,050
370
FW2502102.UP.FTS.B
,
9
.39
%
,
1/25/25
...
60
60
L2502709.UP.FTS.B
,
10
.64
%
,
1/25/25
....
6,020
6,004
FW2502461.UP.FTS.B
,
10
.75
%
,
1/25/25
..
663
660
L2503015.UP.FTS.B
,
11
.17
%
,
1/25/25
....
340
340
FW2503195.UP.FTS.B
,
11
.21
%
,
1/25/25
..
4,613
4,616
FW2503345.UP.FTS.B
,
13
.6
%
,
1/25/25
...
1,050
1,049
FW2503482.UP.FTS.B
,
16
.69
%
,
1/25/25
..
354
357
FW2501793.UP.FTS.B
,
17
.35
%
,
1/25/25
..
270
269
L2501394.UP.FTS.B
,
21
.45
%
,
1/25/25
....
4,764
4,804
FW2502139.UP.FTS.B
,
27
.5
%
,
1/25/25
...
2,370
2,390
FW2503051.UP.FTS.B
,
29
.1
%
,
1/25/25
...
351
352
L1729059.UP.FTS.B
,
7
.36
%
,
2/17/25
....
486
481
L1730069.UP.FTS.B
,
14
.07
%
,
2/17/25
....
7,478
7,205
FW2031299.UP.FTS.B
,
21
.82
%
,
4/12/25
..
3,437
3,444
FW2032694.UP.FTS.B
,
22
.49
%
,
4/12/25
..
3,172
3,162
L2971722.UP.FTS.B
,
8
.62
%
,
4/19/25
....
8,022
7,986
L2972108.UP.FTS.B
,
15
.03
%
,
4/19/25
....
1,463
1,469
L2970836.UP.FTS.B
,
15
.68
%
,
4/19/25
....
2,227
2,220
FW2972173.UP.FTS.B
,
22
.89
%
,
4/19/25
..
4,985
4,998
FW2250596.UP.FTS.B
,
22
.87
%
,
5/14/25
..
1,764
1,756
FW2248798.UP.FTS.B
,
28
.6
%
,
5/14/25
...
1,548
110
L2253008.UP.FTS.B
,
17
.8
%
,
5/15/25
....
2,943
213
FW2249116.UP.FTS.B
,
28
.33
%
,
5/15/25
..
594
598
L2502143.UP.FTS.B
,
21
.34
%
,
6/25/25
....
7,960
574
FW2971973.UP.FTS.B
,
20
.05
%
,
9/19/25
..
2,315
2,202
L2250196.UP.FTS.B
,
14
.38
%
,
10/15/25
...
2,169
2,178
FW2503206.UP.FTS.B
,
28
.84
%
,
11/25/25
.
735
–
FW1729657.UP.FTS.B
,
9
.44
%
,
9/17/26
...
4,025
4,004
L1729743.UP.FTS.B
,
11
.64
%
,
9/17/26
....
29,412
29,346
L1728160.UP.FTS.B
,
12
.23
%
,
9/17/26
....
2,959
2,952
L1730112.UP.FTS.B
,
15
.91
%
,
9/17/26
....
1,841
1,841
L1729289.UP.FTS.B
,
17
.07
%
,
9/17/26
....
1,862
1,861
L1729699.UP.FTS.B
,
18
.77
%
,
9/17/26
....
1,882
1,879
L1729786.UP.FTS.B
,
18
.84
%
,
9/17/26
....
3,787
3,790
FW1730043.UP.FTS.B
,
21
.14
%
,
9/17/26
..
2,986
3,019
L1730077.UP.FTS.B
,
21
.62
%
,
9/17/26
....
3,010
2,987
L1730290.UP.FTS.B
,
23
.01
%
,
9/17/26
....
4,976
5,029
L1730120.UP.FTS.B
,
23
.06
%
,
9/17/26
....
7,262
7,342
L1729719.UP.FTS.B
,
23
.41
%
,
9/17/26
....
7,025
87
L1729627.UP.FTS.B
,
24
.42
%
,
9/17/26
....
6,623
6,693
L1729392.UP.FTS.B
,
25
.28
%
,
9/17/26
....
666
674
FW1729302.UP.FTS.B
,
28
.5
%
,
9/17/26
...
1,075
72
FW1730388.UP.FTS.B
,
28
.64
%
,
9/17/26
..
10,550
10,686
FW1729744.UP.FTS.B
,
29
.63
%
,
9/17/26
..
6,214
6,280
FW1729641.UP.FTS.B
,
30
.22
%
,
9/17/26
..
3,329
3,364
FW1728143.UP.FTS.B
,
30
.44
%
,
9/17/26
..
3,647
3,692
FW1730150.UP.FTS.B
,
30
.64
%
,
9/17/26
..
737
740
FW1729390.UP.FTS.B
,
32
.18
%
,
9/17/26
..
1,724
1,660
FW1728926.UP.FTS.B
,
32
.35
%
,
9/17/26
..
1,897
1,917
FW1902353.UP.FTS.B
,
5
.71
%
,
10/22/26
..
7,963
7,911
L1902780.UP.FTS.B
,
7
.49
%
,
10/22/26
....
3,765
3,746
L1902219.UP.FTS.B
,
10
.65
%
,
10/22/26
...
5,988
5,970
L1901059.UP.FTS.B
,
11
.8
%
,
10/22/26
....
2,407
2,402
Description
Principal
Amount
Value
Upstart
Network,
Inc.
(continued)
FW1902782.UP.FTS.B
,
14
.11
%
,
10/22/26
.
$
12,650
$
11,987
L1902333.UP.FTS.B
,
15
.82
%
,
10/22/26
...
15,480
14,726
FW1901571.UP.FTS.B
,
16
.95
%
,
10/22/26
.
7,952
7,953
FW1901195.UP.FTS.B
,
18
.66
%
,
10/22/26
.
1,485
1,488
L1901212.UP.FTS.B
,
19
.55
%
,
10/22/26
...
3,925
3,971
L1902855.UP.FTS.B
,
19
.55
%
,
10/22/26
...
1,953
1,956
L1901936.UP.FTS.B
,
21
.29
%
,
10/22/26
...
7,268
7,351
L1902840.UP.FTS.B
,
22
.56
%
,
10/22/26
...
8,782
8,797
L1901067.UP.FTS.B
,
23
.17
%
,
10/22/26
...
10,068
10,183
L1901771.UP.FTS.B
,
24
.44
%
,
10/22/26
...
2,963
2,963
L1902683.UP.FTS.B
,
25
.19
%
,
10/22/26
...
8,185
8,279
L1901951.UP.FTS.B
,
25
.24
%
,
10/22/26
...
1,638
1,657
FW1902836.UP.FTS.B
,
25
.41
%
,
10/22/26
.
33,249
33,652
L1902657.UP.FTS.B
,
25
.42
%
,
10/22/26
...
1,388
1,402
FW1902401.UP.FTS.B
,
25
.71
%
,
10/22/26
.
3,220
3,257
L1902021.UP.FTS.B
,
25
.72
%
,
10/22/26
...
1,931
29
FW1902199.UP.FTS.B
,
26
.04
%
,
10/22/26
.
2,881
2,920
FW1886406.UP.FTS.B
,
27
.97
%
,
10/22/26
.
9,590
1,492
FW1901053.UP.FTS.B
,
28
.68
%
,
10/22/26
.
2,736
194
FW1902391.UP.FTS.B
,
31
.19
%
,
10/22/26
.
2,551
2,585
FW1901303.UP.FTS.B
,
31
.21
%
,
10/22/26
.
2,713
2,744
FW1900628.UP.FTS.B
,
31
.23
%
,
10/22/26
.
785
794
FW1902681.UP.FTS.B
,
31
.63
%
,
10/22/26
.
5,728
5,795
FW1901994.UP.FTS.B
,
32
.7
%
,
10/22/26
..
6,269
432
FW1902299.UP.FTS.B
,
31
.27
%
,
10/27/26
.
5,669
5,748
L1901748.UP.FTS.B
,
12
.93
%
,
11/05/26
...
5,668
5,648
L2032896.UP.FTS.B
,
9
.9
%
,
11/12/26
.....
4,269
4,247
L2032147.UP.FTS.B
,
11
.65
%
,
11/12/26
...
4,965
4,941
L2032600.UP.FTS.B
,
12
.19
%
,
11/12/26
...
4,606
4,587
L2032561.UP.FTS.B
,
12
.57
%
,
11/12/26
...
9,396
9,352
FW2032979.UP.FTS.B
,
12
.77
%
,
11/12/26
.
5,017
4,993
L2032884.UP.FTS.B
,
12
.78
%
,
11/12/26
...
5,017
4,999
FW2032727.UP.FTS.B
,
12
.91
%
,
11/12/26
.
2,198
2,189
L2032885.UP.FTS.B
,
12
.92
%
,
11/12/26
...
3,115
3,103
FW2032795.UP.FTS.B
,
13
.19
%
,
11/12/26
.
5,037
5,013
L2030962.UP.FTS.B
,
13
.54
%
,
11/12/26
...
5,520
760
FW2032278.UP.FTS.B
,
13
.85
%
,
11/12/26
.
3,057
3,044
L2032791.UP.FTS.B
,
14
.03
%
,
11/12/26
...
1,866
1,858
L2032226.UP.FTS.B
,
14
.31
%
,
11/12/26
...
15,441
15,380
L2031580.UP.FTS.B
,
14
.88
%
,
11/12/26
...
949
942
L2032373.UP.FTS.B
,
14
.92
%
,
11/12/26
...
6,396
6,372
FW2032722.UP.FTS.B
,
14
.98
%
,
11/12/26
.
4,969
4,948
L2032268.UP.FTS.B
,
15
.84
%
,
11/12/26
...
12,954
12,913
L2033071.UP.FTS.B
,
15
.91
%
,
11/12/26
...
2,390
2,379
FW2031845.UP.FTS.B
,
15
.93
%
,
11/12/26
.
9,853
9,829
L2032366.UP.FTS.B
,
16
.55
%
,
11/12/26
...
4,961
4,939
L2030808.UP.FTS.B
,
16
.75
%
,
11/12/26
...
6,161
440
FW2032502.UP.FTS.B
,
16
.77
%
,
11/12/26
.
5,209
5,185
L2033005.UP.FTS.B
,
16
.99
%
,
11/12/26
...
2,686
1,513
L2033008.UP.FTS.B
,
17
.14
%
,
11/12/26
...
4,175
4,162
L2031479.UP.FTS.B
,
17
.32
%
,
11/12/26
...
10,412
2,799
L2030768.UP.FTS.B
,
17
.71
%
,
11/12/26
...
3,277
3,273
L2032284.UP.FTS.B
,
17
.94
%
,
11/12/26
...
3,291
3,283
L2032006.UP.FTS.B
,
17
.99
%
,
11/12/26
...
4,026
4,013
FW2031117.UP.FTS.B
,
18
.34
%
,
11/12/26
.
6,591
6,574
L2032837.UP.FTS.B
,
18
.39
%
,
11/12/26
...
280
277
L2030864.UP.FTS.B
,
18
.46
%
,
11/12/26
...
6,334
6,305
L2032849.UP.FTS.B
,
19
.14
%
,
11/12/26
...
7,961
7,951
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)
Upstart
Network,
Inc.
(continued)
L2030806.UP.FTS.B
,
19
.55
%
,
11/12/26
...
$
2,663
$
2,656
FW2032947.UP.FTS.B
,
19
.59
%
,
11/12/26
.
16,711
16,636
L2031425.UP.FTS.B
,
19
.77
%
,
11/12/26
...
4,157
4,154
L2032060.UP.FTS.B
,
20
.25
%
,
11/12/26
...
4,018
4,016
L2032456.UP.FTS.B
,
20
.93
%
,
11/12/26
...
1,007
1,007
FW2033134.UP.FTS.B
,
22
.19
%
,
11/12/26
.
5,537
3,282
L2032183.UP.FTS.B
,
24
.12
%
,
11/12/26
...
6,907
6,970
FW2031872.UP.FTS.B
,
24
.66
%
,
11/12/26
.
20,880
21,027
FW2033202.UP.FTS.B
,
25
.01
%
,
11/12/26
.
11,156
11,235
L2032689.UP.FTS.B
,
25
.21
%
,
11/12/26
...
4,421
646
FW2031174.UP.FTS.B
,
25
.25
%
,
11/12/26
.
6,332
6,376
L2032525.UP.FTS.B
,
25
.33
%
,
11/12/26
...
697
696
L2031145.UP.FTS.B
,
25
.44
%
,
11/12/26
...
3,279
3,271
L2031934.UP.FTS.B
,
25
.51
%
,
11/12/26
...
2,094
2,113
FW2031600.UP.FTS.B
,
26
.6
%
,
11/12/26
..
3,410
3,436
L2032677.UP.FTS.B
,
26
.71
%
,
11/12/26
...
5,634
5,686
FW2032877.UP.FTS.B
,
27
.2
%
,
11/12/26
..
3,314
3,333
FW2003411.UP.FTS.B
,
27
.5
%
,
11/12/26
..
5,297
5,344
FW2032753.UP.FTS.B
,
27
.55
%
,
11/12/26
.
988
997
FW2032946.UP.FTS.B
,
27
.87
%
,
11/12/26
.
17,931
18,066
FW2032799.UP.FTS.B
,
29
.91
%
,
11/12/26
.
1,729
1,745
FW2030797.UP.FTS.B
,
30
%
,
11/12/26
...
16,187
16,309
FW2033213.UP.FTS.B
,
30
.17
%
,
11/12/26
.
1,123
322
FW2031644.UP.FTS.B
,
30
.67
%
,
11/12/26
.
1,304
1,313
FW2031627.UP.FTS.B
,
30
.86
%
,
11/12/26
.
4,016
284
FW2031985.UP.FTS.B
,
31
%
,
11/12/26
...
820
813
FW2031873.UP.FTS.B
,
31
.05
%
,
11/12/26
.
727
731
FW2032325.UP.FTS.B
,
31
.07
%
,
11/12/26
.
871
879
FW2031596.UP.FTS.B
,
31
.1
%
,
11/12/26
..
3,991
4,022
FW2032994.UP.FTS.B
,
31
.15
%
,
11/12/26
.
2,734
203
FW2033066.UP.FTS.B
,
31
.16
%
,
11/12/26
.
5,873
415
FW2031715.UP.FTS.B
,
31
.33
%
,
11/12/26
.
3,492
3,524
L2031352.UP.FTS.B
,
11
.14
%
,
11/13/26
...
1,398
1,391
L2031623.UP.FTS.B
,
9
.89
%
,
11/16/26
....
20,977
20,843
FW2101958.UP.FTS.B
,
6
.23
%
,
11/23/26
..
22,941
22,796
L2101736.UP.FTS.B
,
8
.06
%
,
11/23/26
....
544
541
L2103598.UP.FTS.B
,
8
.71
%
,
11/23/26
....
9,651
9,603
L2102006.UP.FTS.B
,
8
.84
%
,
11/23/26
....
30,196
30,048
L2101981.UP.FTS.B
,
11
.14
%
,
11/23/26
...
6,095
353
L2102059.UP.FTS.B
,
12
.22
%
,
11/23/26
...
13,149
13,118
L2101522.UP.FTS.B
,
12
.34
%
,
11/23/26
...
20,924
20,882
L2103822.UP.FTS.B
,
12
.78
%
,
11/23/26
...
3,136
3,127
L2101315.UP.FTS.B
,
12
.86
%
,
11/23/26
...
3,031
3,011
L2102939.UP.FTS.B
,
13
.35
%
,
11/23/26
...
2,207
2,202
L2076017.UP.FTS.B
,
13
.49
%
,
11/23/26
...
2,339
2,331
L2095249.UP.FTS.B
,
14
.31
%
,
11/23/26
...
10,178
10,148
FW2102638.UP.FTS.B
,
15
.48
%
,
11/23/26
.
5,623
210
L2068146.UP.FTS.B
,
16
.06
%
,
11/23/26
...
4,881
4,858
L2102751.UP.FTS.B
,
16
.5
%
,
11/23/26
....
2,594
2,598
L2103150.UP.FTS.B
,
16
.57
%
,
11/23/26
...
3,819
3,810
FW2101751.UP.FTS.B
,
16
.63
%
,
11/23/26
.
12,991
12,988
L2099233.UP.FTS.B
,
17
.83
%
,
11/23/26
...
10,445
10,458
L2050778.UP.FTS.B
,
18
.01
%
,
11/23/26
...
5,914
5,923
L2102051.UP.FTS.B
,
19
.71
%
,
11/23/26
...
3,739
3,743
FW2102941.UP.FTS.B
,
20
.37
%
,
11/23/26
.
13,405
13,583
L2102313.UP.FTS.B
,
20
.5
%
,
11/23/26
....
996
1,009
L2102253.UP.FTS.B
,
20
.85
%
,
11/23/26
...
5,511
1,593
L2102703.UP.FTS.B
,
20
.89
%
,
11/23/26
...
3,488
1,006
Description
Principal
Amount
Value
Upstart
Network,
Inc.
(continued)
L2103055.UP.FTS.B
,
22
.44
%
,
11/23/26
...
$
111
$
110
L2102400.UP.FTS.B
,
22
.64
%
,
11/23/26
...
4,048
4,099
L2101750.UP.FTS.B
,
24
.17
%
,
11/23/26
...
4,857
4,912
FW2102727.UP.FTS.B
,
24
.84
%
,
11/23/26
.
2,778
2,809
L2103842.UP.FTS.B
,
25
.11
%
,
11/23/26
...
2,784
2,792
L2101935.UP.FTS.B
,
25
.31
%
,
11/23/26
...
906
918
L2103945.UP.FTS.B
,
25
.34
%
,
11/23/26
...
1,872
1,891
L2101880.UP.FTS.B
,
25
.39
%
,
11/23/26
...
2,095
2,119
L2103491.UP.FTS.B
,
25
.4
%
,
11/23/26
....
588
587
L2102028.UP.FTS.B
,
25
.89
%
,
11/23/26
...
4,200
4,256
L2052565.UP.FTS.B
,
26
.09
%
,
11/23/26
...
11,885
3,463
FW2101678.UP.FTS.B
,
26
.5
%
,
11/23/26
..
2,487
2,516
FW2103284.UP.FTS.B
,
27
.1
%
,
11/23/26
..
2,762
2,795
FW2103532.UP.FTS.B
,
28
.75
%
,
11/23/26
.
7,146
7,242
FW2102371.UP.FTS.B
,
30
.85
%
,
11/23/26
.
4,612
4,630
FW2103786.UP.FTS.B
,
31
.2
%
,
11/23/26
..
1,151
1,159
FW2103069.UP.FTS.B
,
31
.22
%
,
11/23/26
.
1,599
1,621
FW2102410.UP.FTS.B
,
22
.44
%
,
12/07/26
.
3,536
3,573
L2250662.UP.FTS.B
,
8
.88
%
,
12/14/26
....
6,824
6,782
L2249279.UP.FTS.B
,
9
.09
%
,
12/14/26
....
3,109
3,090
L2251398.UP.FTS.B
,
9
.28
%
,
12/14/26
....
4,982
4,951
L2250829.UP.FTS.B
,
9
.77
%
,
12/14/26
....
635
629
L2247842.UP.FTS.B
,
9
.8
%
,
12/14/26
....
4,886
1,214
L2251213.UP.FTS.B
,
9
.85
%
,
12/14/26
....
7,703
7,271
FW2251249.UP.FTS.B
,
10
.34
%
,
12/14/26
.
11,951
11,888
L2248805.UP.FTS.B
,
10
.51
%
,
12/14/26
...
6,682
1,733
L2249903.UP.FTS.B
,
11
.03
%
,
12/14/26
...
1,899
1,889
L2251043.UP.FTS.B
,
12
.11
%
,
12/14/26
...
20,456
20,348
L2250070.UP.FTS.B
,
12
.15
%
,
12/14/26
...
4,456
4,436
L2251230.UP.FTS.B
,
12
.48
%
,
12/14/26
...
1,233
1,227
L2247235.UP.FTS.B
,
13
.18
%
,
12/14/26
...
2,582
2,568
L2250820.UP.FTS.B
,
13
.59
%
,
12/14/26
...
2,073
2,062
FW2250025.UP.FTS.B
,
13
.65
%
,
12/14/26
.
4,979
4,701
L2251167.UP.FTS.B
,
14
.16
%
,
12/14/26
...
5,666
5,349
L2249868.UP.FTS.B
,
14
.41
%
,
12/14/26
...
4,460
323
L2250559.UP.FTS.B
,
14
.84
%
,
12/14/26
...
4,938
4,912
L2251440.UP.FTS.B
,
16
.23
%
,
12/14/26
...
908
904
L2249248.UP.FTS.B
,
16
.43
%
,
12/14/26
...
7,889
7,869
L2250624.UP.FTS.B
,
16
.92
%
,
12/14/26
...
4,298
610
L2249629.UP.FTS.B
,
17
.8
%
,
12/14/26
....
4,238
4,219
L2249002.UP.FTS.B
,
18
.13
%
,
12/14/26
...
2,357
2,348
L2250560.UP.FTS.B
,
18
.18
%
,
12/14/26
...
7,180
1,036
FW2249113.UP.FTS.B
,
18
.58
%
,
12/14/26
.
16,898
16,835
L2249404.UP.FTS.B
,
18
.82
%
,
12/14/26
...
3,189
283
L2251037.UP.FTS.B
,
19
.7
%
,
12/14/26
....
1,228
1,223
L2249412.UP.FTS.B
,
19
.96
%
,
12/14/26
...
1,353
1,347
L2248975.UP.FTS.B
,
19
.98
%
,
12/14/26
...
7,082
7,057
L2250558.UP.FTS.B
,
20
.67
%
,
12/14/26
...
5,569
5,602
L2251409.UP.FTS.B
,
20
.71
%
,
12/14/26
...
8,254
8,223
L2251393.UP.FTS.B
,
20
.81
%
,
12/14/26
...
3,384
3,408
L2249780.UP.FTS.B
,
21
.14
%
,
12/14/26
...
5,520
5,552
L2250707.UP.FTS.B
,
21
.52
%
,
12/14/26
...
4,129
4,118
L2249030.UP.FTS.B
,
21
.69
%
,
12/14/26
...
1,708
123
L2249288.UP.FTS.B
,
21
.82
%
,
12/14/26
...
3,825
3,666
L2249149.UP.FTS.B
,
21
.87
%
,
12/14/26
...
6,939
6,912
FW2248314.UP.FTS.B
,
21
.92
%
,
12/14/26
.
2,430
2,444
L2249898.UP.FTS.B
,
22
.33
%
,
12/14/26
...
15,260
15,222
L2251333.UP.FTS.B
,
22
.77
%
,
12/14/26
...
11,370
11,438
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)
Upstart
Network,
Inc.
(continued)
L2249183.UP.FTS.B
,
22
.87
%
,
12/14/26
...
$
2,447
$
2,461
FW2251497.UP.FTS.B
,
23
.11
%
,
12/14/26
.
3,831
3,804
L2250010.UP.FTS.B
,
23
.56
%
,
12/14/26
...
3,515
3,535
FW2248932.UP.FTS.B
,
23
.62
%
,
12/14/26
.
1,416
1,425
L2249765.UP.FTS.B
,
23
.67
%
,
12/14/26
...
2,814
2,830
L2250948.UP.FTS.B
,
23
.7
%
,
12/14/26
....
31,660
31,841
L2248306.UP.FTS.B
,
23
.97
%
,
12/14/26
...
17,631
17,731
L2250334.UP.FTS.B
,
24
.44
%
,
12/14/26
...
6,155
6,131
L2250314.UP.FTS.B
,
24
.91
%
,
12/14/26
...
2,581
738
L2249782.UP.FTS.B
,
24
.98
%
,
12/14/26
...
2,983
3,000
L2248144.UP.FTS.B
,
25
.08
%
,
12/14/26
...
3,316
3,337
L2250779.UP.FTS.B
,
25
.12
%
,
12/14/26
...
1,353
1,361
L2248450.UP.FTS.B
,
25
.14
%
,
12/14/26
...
4,267
4,249
L2248417.UP.FTS.B
,
25
.23
%
,
12/14/26
...
1,565
1,574
L2249856.UP.FTS.B
,
25
.32
%
,
12/14/26
...
855
859
L2249823.UP.FTS.B
,
25
.41
%
,
12/14/26
...
3,087
3,074
L2251395.UP.FTS.B
,
25
.45
%
,
12/14/26
...
1,568
1,577
L2251149.UP.FTS.B
,
25
.46
%
,
12/14/26
...
2,026
304
L2249309.UP.FTS.B
,
25
.75
%
,
12/14/26
...
3,288
233
L2250992.UP.FTS.B
,
25
.92
%
,
12/14/26
...
7,164
7,205
FW2248550.UP.FTS.B
,
26
.2
%
,
12/14/26
..
3,103
3,123
L2249257.UP.FTS.B
,
26
.38
%
,
12/14/26
...
6,419
6,462
FW2249342.UP.FTS.B
,
27
.92
%
,
12/14/26
.
3,827
3,835
FW2251120.UP.FTS.B
,
28
.37
%
,
12/14/26
.
9,460
9,512
FW2249976.UP.FTS.B
,
28
.77
%
,
12/14/26
.
1,281
1,284
FW2249951.UP.FTS.B
,
30
.44
%
,
12/14/26
.
1,416
1,425
FW2249983.UP.FTS.B
,
30
.63
%
,
12/14/26
.
1,459
1,397
FW2250251.UP.FTS.B
,
30
.69
%
,
12/14/26
.
4,678
1,365
FW2251385.UP.FTS.B
,
30
.75
%
,
12/14/26
.
4,140
4,122
FW2249049.UP.FTS.B
,
30
.95
%
,
12/14/26
.
4,662
4,686
FW2249935.UP.FTS.B
,
30
.97
%
,
12/14/26
.
2,794
2,815
FW2251092.UP.FTS.B
,
31
.1
%
,
12/14/26
..
1,558
110
FW2250801.UP.FTS.B
,
31
.11
%
,
12/14/26
.
2,034
2,041
FW2249041.UP.FTS.B
,
31
.12
%
,
12/14/26
.
816
820
FW2250974.UP.FTS.B
,
31
.12
%
,
12/14/26
.
2,476
2,492
FW2248893.UP.FTS.B
,
31
.17
%
,
12/14/26
.
1,335
1,342
FW2249653.UP.FTS.B
,
31
.19
%
,
12/14/26
.
2,819
2,834
FW2251410.UP.FTS.B
,
31
.25
%
,
12/14/26
.
3,436
3,456
L2251963.UP.FTS.B
,
7
.31
%
,
12/15/26
....
7,601
7,561
L2141755.UP.FTS.B
,
8
.51
%
,
12/15/26
....
30,143
29,978
L2252339.UP.FTS.B
,
8
.65
%
,
12/15/26
....
15,474
15,393
L2252737.UP.FTS.B
,
8
.71
%
,
12/15/26
....
13,007
12,931
L2252298.UP.FTS.B
,
8
.83
%
,
12/15/26
....
1,617
1,606
L2252476.UP.FTS.B
,
9
.18
%
,
12/15/26
....
6,222
6,186
FW2253701.UP.FTS.B
,
10
.99
%
,
12/15/26
.
8,205
8,174
L2253738.UP.FTS.B
,
11
.28
%
,
12/15/26
...
19,035
18,943
L2247794.UP.FTS.B
,
12
.65
%
,
12/15/26
...
2,891
2,877
L2253650.UP.FTS.B
,
13
.61
%
,
12/15/26
...
4,211
4,192
L2253384.UP.FTS.B
,
13
.79
%
,
12/15/26
...
7,788
7,751
L2253091.UP.FTS.B
,
14
.6
%
,
12/15/26
....
22,259
1,611
L2252920.UP.FTS.B
,
14
.66
%
,
12/15/26
...
1,962
1,953
L2252357.UP.FTS.B
,
15
.18
%
,
12/15/26
...
4,177
302
L2252931.UP.FTS.B
,
15
.49
%
,
12/15/26
...
2,236
2,231
FW2249675.UP.FTS.B
,
16
.01
%
,
12/15/26
.
10,479
2,812
L2252976.UP.FTS.B
,
16
.75
%
,
12/15/26
...
4,215
4,207
L2252199.UP.FTS.B
,
17
.21
%
,
12/15/26
...
6,282
6,253
L2253164.UP.FTS.B
,
17
.76
%
,
12/15/26
...
3,530
3,514
FW2252613.UP.FTS.B
,
17
.78
%
,
12/15/26
.
1,004
992
Description
Principal
Amount
Value
Upstart
Network,
Inc.
(continued)
FW2253547.UP.FTS.B
,
18
.3
%
,
12/15/26
..
$
1,910
$
1,837
L2252566.UP.FTS.B
,
19
.55
%
,
12/15/26
...
4,067
4,052
FW2251546.UP.FTS.B
,
19
.76
%
,
12/15/26
.
10,237
10,209
L2252438.UP.FTS.B
,
19
.81
%
,
12/15/26
...
2,849
788
L2252318.UP.FTS.B
,
20
.43
%
,
12/15/26
...
2,058
2,052
L2251727.UP.FTS.B
,
20
.77
%
,
12/15/26
...
1,723
1,718
L2253118.UP.FTS.B
,
21
.32
%
,
12/15/26
...
13,818
13,912
L2251670.UP.FTS.B
,
22
.36
%
,
12/15/26
...
3,483
3,507
L2252753.UP.FTS.B
,
22
.36
%
,
12/15/26
...
928
917
L2252135.UP.FTS.B
,
22
.59
%
,
12/15/26
...
2,093
2,108
FW2253422.UP.FTS.B
,
24
.48
%
,
12/15/26
.
8,971
155
L2250541.UP.FTS.B
,
24
.85
%
,
12/15/26
...
2,132
2,147
L2252209.UP.FTS.B
,
25
.21
%
,
12/15/26
...
957
961
L2252447.UP.FTS.B
,
25
.4
%
,
12/15/26
....
855
861
FW2253392.UP.FTS.B
,
25
.5
%
,
12/15/26
..
5,091
5,121
FW2248936.UP.FTS.B
,
26
.48
%
,
12/15/26
.
4,218
4,251
FW2252023.UP.FTS.B
,
28
.67
%
,
12/15/26
.
3,353
3,376
FW2253234.UP.FTS.B
,
28
.94
%
,
12/15/26
.
7,940
8,007
FW2252233.UP.FTS.B
,
30
.05
%
,
12/15/26
.
1,840
1,853
FW2247630.UP.FTS.B
,
30
.42
%
,
12/15/26
.
2,384
691
FW2252687.UP.FTS.B
,
30
.62
%
,
12/15/26
.
11,079
11,155
FW2251570.UP.FTS.B
,
31
.17
%
,
12/15/26
.
9,057
8,690
FW2253186.UP.FTS.B
,
31
.17
%
,
12/15/26
.
1,584
1,520
FW2253542.UP.FTS.B
,
31
.19
%
,
12/15/26
.
1,409
1,418
FW2251389.UP.FTS.B
,
31
.46
%
,
12/15/26
.
13,961
14,061
FW2251813.UP.FTS.B
,
31
.46
%
,
12/15/26
.
3,517
248
L2251912.UP.FTS.B
,
13
.91
%
,
12/19/26
...
2,277
2,267
L2252296.UP.FTS.B
,
8
.02
%
,
12/26/26
....
9,242
9,193
FW2249158.UP.FTS.B
,
11
.8
%
,
12/28/26
..
9,605
9,555
L2249483.UP.FTS.B
,
20
.19
%
,
12/28/26
...
6,889
6,878
L2253562.UP.FTS.B
,
23
.61
%
,
12/28/26
...
3,655
3,678
L2499407.UP.FTS.B
,
5
.37
%
,
1/24/27
....
30,780
30,588
L2497781.UP.FTS.B
,
5
.7
%
,
1/24/27
.....
4,186
306
L2499766.UP.FTS.B
,
6
.26
%
,
1/24/27
....
3,725
3,702
L2498743.UP.FTS.B
,
7
.47
%
,
1/24/27
....
6,907
6,872
L2492277.UP.FTS.B
,
7
.6
%
,
1/24/27
.....
4,276
4,251
L2500086.UP.FTS.B
,
7
.95
%
,
1/24/27
....
7,629
7,586
L2497458.UP.FTS.B
,
8
.44
%
,
1/24/27
....
22,088
21,977
L2497353.UP.FTS.B
,
9
.69
%
,
1/24/27
....
8,314
8,272
L2498801.UP.FTS.B
,
10
.59
%
,
1/24/27
....
19,521
1,421
L2499730.UP.FTS.B
,
10
.93
%
,
1/24/27
....
6,606
6,578
L2500305.UP.FTS.B
,
11
.35
%
,
1/24/27
....
650
648
L2498662.UP.FTS.B
,
11
.41
%
,
1/24/27
....
7,120
519
FW2499235.UP.FTS.B
,
11
.45
%
,
1/24/27
..
4,224
4,209
L2498623.UP.FTS.B
,
12
.18
%
,
1/24/27
....
1,441
1,436
FW2497574.UP.FTS.B
,
12
.62
%
,
1/24/27
..
22,902
22,789
L2497797.UP.FTS.B
,
12
.7
%
,
1/24/27
....
4,607
4,591
L2500282.UP.FTS.B
,
13
.29
%
,
1/24/27
....
6,949
1,818
L2498730.UP.FTS.B
,
14
.35
%
,
1/24/27
....
4,011
3,994
FW2499948.UP.FTS.B
,
14
.6
%
,
1/24/27
...
4,681
4,665
L2500513.UP.FTS.B
,
14
.9
%
,
1/24/27
....
13,408
13,363
L2499400.UP.FTS.B
,
15
.39
%
,
1/24/27
....
9,660
9,621
L2494019.UP.FTS.B
,
16
.44
%
,
1/24/27
....
4,073
4,069
L2497377.UP.FTS.B
,
16
.51
%
,
1/24/27
....
3,736
3,733
L2500130.UP.FTS.B
,
18
.16
%
,
1/24/27
....
4,818
4,818
L2500098.UP.FTS.B
,
18
.6
%
,
1/24/27
....
5,180
5,175
L2497796.UP.FTS.B
,
18
.8
%
,
1/24/27
....
4,953
4,934
L2500341.UP.FTS.B
,
18
.83
%
,
1/24/27
....
1,730
1,727
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)
Upstart
Network,
Inc.
(continued)
L2497754.UP.FTS.B
,
19
.19
%
,
1/24/27
....
$
2,151
$
2,151
L2498546.UP.FTS.B
,
19
.91
%
,
1/24/27
....
4,627
4,618
L2497528.UP.FTS.B
,
19
.93
%
,
1/24/27
....
3,489
3,488
L2499090.UP.FTS.B
,
20
.13
%
,
1/24/27
....
4,193
4,192
FW2499205.UP.FTS.B
,
20
.72
%
,
1/24/27
..
4,328
4,357
L2499153.UP.FTS.B
,
21
.13
%
,
1/24/27
....
834
833
L2497527.UP.FTS.B
,
21
.34
%
,
1/24/27
....
3,526
3,562
L2500177.UP.FTS.B
,
21
.66
%
,
1/24/27
....
4,658
334
FW2494038.UP.FTS.B
,
22
.37
%
,
1/24/27
..
2,842
2,842
FW2497553.UP.FTS.B
,
23
.05
%
,
1/24/27
..
12,308
12,422
FW2498441.UP.FTS.B
,
23
.1
%
,
1/24/27
...
7,715
7,793
L2500427.UP.FTS.B
,
23
.85
%
,
1/24/27
....
7,501
7,485
L2499847.UP.FTS.B
,
24
.09
%
,
1/24/27
....
19,556
1,379
L2500224.UP.FTS.B
,
25
.04
%
,
1/24/27
....
4,314
4,342
L2500298.UP.FTS.B
,
25
.15
%
,
1/24/27
....
1,160
1,159
FW2497649.UP.FTS.B
,
25
.29
%
,
1/24/27
..
29,019
29,311
L2500230.UP.FTS.B
,
25
.4
%
,
1/24/27
....
3,775
3,813
L2500426.UP.FTS.B
,
25
.41
%
,
1/24/27
....
944
953
L2497705.UP.FTS.B
,
25
.44
%
,
1/24/27
....
2,915
2,934
L2500467.UP.FTS.B
,
25
.44
%
,
1/24/27
....
1,235
1,247
L2497190.UP.FTS.B
,
26
.04
%
,
1/24/27
....
2,115
2,114
L2500357.UP.FTS.B
,
26
.3
%
,
1/24/27
....
6,794
6,862
FW2498744.UP.FTS.B
,
26
.78
%
,
1/24/27
..
7,329
7,402
FW2499103.UP.FTS.B
,
27
.5
%
,
1/24/27
...
2,392
373
L2497724.UP.FTS.B
,
27
.87
%
,
1/24/27
....
3,841
3,831
FW2497801.UP.FTS.B
,
28
.11
%
,
1/24/27
..
5,277
5,307
FW2499989.UP.FTS.B
,
28
.3
%
,
1/24/27
...
6,460
6,510
FW2497725.UP.FTS.B
,
28
.51
%
,
1/24/27
..
940
144
FW2499482.UP.FTS.B
,
28
.65
%
,
1/24/27
..
12,167
12,288
FW2498534.UP.FTS.B
,
28
.67
%
,
1/24/27
..
1,371
1,379
FW2499784.UP.FTS.B
,
29
.61
%
,
1/24/27
..
6,518
6,558
FW2498768.UP.FTS.B
,
30
.06
%
,
1/24/27
..
1,118
1,129
FW2497688.UP.FTS.B
,
30
.73
%
,
1/24/27
..
868
869
FW2499403.UP.FTS.B
,
30
.76
%
,
1/24/27
..
2,106
2,126
FW2498894.UP.FTS.B
,
31
.13
%
,
1/24/27
..
2,713
2,740
FW2498422.UP.FTS.B
,
31
.2
%
,
1/24/27
...
755
761
FW2497608.UP.FTS.B
,
31
.43
%
,
1/24/27
..
1,279
1,291
FW2497327.UP.FTS.B
,
33
.75
%
,
1/24/27
..
1,479
1,489
FW2502639.UP.FTS.B
,
4
.89
%
,
1/25/27
...
8,255
8,203
L2502859.UP.FTS.B
,
5
.46
%
,
1/25/27
....
33,600
2,905
L2443263.UP.FTS.B
,
6
.66
%
,
1/25/27
....
5,297
5,264
L2501608.UP.FTS.B
,
7
.8
%
,
1/25/27
.....
12,598
12,518
L2501547.UP.FTS.B
,
8
.21
%
,
1/25/27
....
3,794
3,775
L2502319.UP.FTS.B
,
8
.49
%
,
1/25/27
....
26,079
25,923
L2501796.UP.FTS.B
,
9
.36
%
,
1/25/27
....
9,968
9,919
L2502134.UP.FTS.B
,
9
.38
%
,
1/25/27
....
20,292
20,189
L2502174.UP.FTS.B
,
9
.86
%
,
1/25/27
....
10,305
10,262
FW2498378.UP.FTS.B
,
11
.81
%
,
1/25/27
..
19,590
19,526
L2501198.UP.FTS.B
,
12
.05
%
,
1/25/27
....
8,181
8,146
L2500626.UP.FTS.B
,
12
.15
%
,
1/25/27
....
3,053
3,037
FW2502179.UP.FTS.B
,
12
.78
%
,
1/25/27
..
1,317
1,313
L2501977.UP.FTS.B
,
12
.89
%
,
1/25/27
....
26,173
26,082
L2502535.UP.FTS.B
,
13
.13
%
,
1/25/27
....
31,716
31,592
L2502247.UP.FTS.B
,
13
.43
%
,
1/25/27
....
2,649
2,640
L2503471.UP.FTS.B
,
13
.93
%
,
1/25/27
....
3,326
3,311
L2500808.UP.FTS.B
,
14
.3
%
,
1/25/27
....
4,936
4,920
L2500633.UP.FTS.B
,
14
.62
%
,
1/25/27
....
3,040
3,029
L2501876.UP.FTS.B
,
14
.91
%
,
1/25/27
....
2,682
2,671
Description
Principal
Amount
Value
Upstart
Network,
Inc.
(continued)
L2501591.UP.FTS.B
,
16
.26
%
,
1/25/27
....
$
11,348
$
11,334
FW2500763.UP.FTS.B
,
16
.29
%
,
1/25/27
..
2,916
2,914
L2499095.UP.FTS.B
,
16
.97
%
,
1/25/27
....
2,045
2,044
L2500943.UP.FTS.B
,
17
.28
%
,
1/25/27
....
5,399
5,391
L2501997.UP.FTS.B
,
17
.77
%
,
1/25/27
....
3,431
3,428
FW2501148.UP.FTS.B
,
17
.78
%
,
1/25/27
..
1,372
1,371
FW2501125.UP.FTS.B
,
17
.82
%
,
1/25/27
..
1,030
1,030
L2502739.UP.FTS.B
,
18
.1
%
,
1/25/27
....
4,243
4,233
L2502439.UP.FTS.B
,
18
.98
%
,
1/25/27
....
4,869
4,861
L2495525.UP.FTS.B
,
19
.03
%
,
1/25/27
....
5,016
5,002
L2502391.UP.FTS.B
,
19
.43
%
,
1/25/27
....
10,606
10,581
L2500727.UP.FTS.B
,
19
.88
%
,
1/25/27
....
5,812
5,794
FW2501295.UP.FTS.B
,
20
.14
%
,
1/25/27
..
699
699
FW2500961.UP.FTS.B
,
20
.28
%
,
1/25/27
..
4,609
4,646
L2500557.UP.FTS.B
,
21
.25
%
,
1/25/27
....
3,520
251
FW2501561.UP.FTS.B
,
21
.33
%
,
1/25/27
..
3,970
3,999
L2503424.UP.FTS.B
,
21
.51
%
,
1/25/27
....
6,919
6,920
L2501728.UP.FTS.B
,
21
.52
%
,
1/25/27
....
3,536
3,529
L2500163.UP.FTS.B
,
21
.71
%
,
1/25/27
....
10,975
10,939
L2502058.UP.FTS.B
,
21
.83
%
,
1/25/27
....
7,237
7,284
L2500977.UP.FTS.B
,
22
.64
%
,
1/25/27
....
4,983
5,036
L2502763.UP.FTS.B
,
23
.93
%
,
1/25/27
....
3,202
129
FW2503468.UP.FTS.B
,
24
.6
%
,
1/25/27
...
2,440
2,464
FW2503375.UP.FTS.B
,
24
.71
%
,
1/25/27
..
2,198
2,218
FW2503209.UP.FTS.B
,
25
.12
%
,
1/25/27
..
5,032
5,082
L2502753.UP.FTS.B
,
25
.33
%
,
1/25/27
....
2,741
259
L2500577.UP.FTS.B
,
25
.4
%
,
1/25/27
....
1,120
1,128
L2503342.UP.FTS.B
,
25
.48
%
,
1/25/27
....
4,669
4,708
L2500860.UP.FTS.B
,
25
.49
%
,
1/25/27
....
1,001
1,010
L2501610.UP.FTS.B
,
25
.67
%
,
1/25/27
....
2,485
380
L2502912.UP.FTS.B
,
25
.69
%
,
1/25/27
....
15,574
4,578
L2502995.UP.FTS.B
,
25
.82
%
,
1/25/27
....
2,243
2,259
FW2501330.UP.FTS.B
,
26
.47
%
,
1/25/27
..
4,026
4,059
FW2502187.UP.FTS.B
,
26
.63
%
,
1/25/27
..
3,660
3,698
FW2501053.UP.FTS.B
,
27
.35
%
,
1/25/27
..
5,925
5,983
FW2474863.UP.FTS.B
,
27
.63
%
,
1/25/27
..
2,335
2,354
FW2502652.UP.FTS.B
,
27
.68
%
,
1/25/27
..
3,613
3,650
FW2503169.UP.FTS.B
,
27
.77
%
,
1/25/27
..
735
742
FW2501180.UP.FTS.B
,
28
.56
%
,
1/25/27
..
2,226
2,243
FW2500797.UP.FTS.B
,
28
.58
%
,
1/25/27
..
1,458
1,472
FW2502849.UP.FTS.B
,
29
.19
%
,
1/25/27
..
924
926
FW2501203.UP.FTS.B
,
30
.73
%
,
1/25/27
..
1,052
1,063
FW2503502.UP.FTS.B
,
31
.01
%
,
1/25/27
..
1,914
1,931
FW2502222.UP.FTS.B
,
31
.02
%
,
1/25/27
..
965
974
FW2501430.UP.FTS.B
,
31
.03
%
,
1/25/27
..
1,359
1,370
FW2502879.UP.FTS.B
,
31
.04
%
,
1/25/27
..
21,880
22,053
FW2502647.UP.FTS.B
,
31
.05
%
,
1/25/27
..
6,672
1,015
FW2502834.UP.FTS.B
,
31
.11
%
,
1/25/27
..
2,192
154
FW2500654.UP.FTS.B
,
31
.21
%
,
1/25/27
..
744
751
FW2502276.UP.FTS.B
,
33
.54
%
,
1/25/27
..
3,835
3,865
L2503404.UP.FTS.B
,
16
.88
%
,
2/01/27
....
6,219
6,195
FW2500954.UP.FTS.B
,
23
.81
%
,
2/07/27
..
5,905
5,945
L2500786.UP.FTS.B
,
26
.35
%
,
2/09/27
....
2,107
2,100
FW1729970.UP.FTS.B
,
18
.27
%
,
2/17/27
..
18,024
17,967
L1729858.UP.FTS.B
,
25
.05
%
,
2/17/27
....
18,126
17,464
FW1729684.UP.FTS.B
,
29
.1
%
,
2/17/27
...
9,720
9,334
FW1729695.UP.FTS.B
,
29
.91
%
,
2/17/27
..
44,873
–
L1902477.UP.FTS.B
,
13
.65
%
,
3/22/27
....
6,632
6,594
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)
Upstart
Network,
Inc.
(continued)
L1901660.UP.FTS.B
,
25
.23
%
,
3/22/27
....
$
1,396
$
1,415
FW1901509.UP.FTS.B
,
31
.16
%
,
3/22/27
..
6,583
6,322
L2031108.UP.FTS.B
,
11
.34
%
,
4/12/27
....
33,166
32,898
L2030856.UP.FTS.B
,
13
.22
%
,
4/12/27
....
7,323
532
L2031106.UP.FTS.B
,
17
.27
%
,
4/12/27
....
1,679
1,658
L2030776.UP.FTS.B
,
18
.15
%
,
4/12/27
....
4,141
4,117
FW2032194.UP.FTS.B
,
19
.49
%
,
4/12/27
..
5,847
828
L2032266.UP.FTS.B
,
21
.24
%
,
4/12/27
....
3,586
3,603
L2032168.UP.FTS.B
,
21
.6
%
,
4/12/27
....
8,674
4,836
FW2032681.UP.FTS.B
,
22
.41
%
,
4/12/27
..
1,912
1,898
L2032407.UP.FTS.B
,
25
.01
%
,
4/12/27
....
983
16
L2032337.UP.FTS.B
,
26
.62
%
,
4/12/27
....
7,000
7,029
L2972334.UP.FTS.B
,
6
.17
%
,
4/19/27
....
33,436
33,221
L2972137.UP.FTS.B
,
6
.42
%
,
4/19/27
....
10,051
9,987
L2971979.UP.FTS.B
,
6
.84
%
,
4/19/27
....
18,023
17,907
L2971286.UP.FTS.B
,
7
.38
%
,
4/19/27
....
16,888
16,780
L2972081.UP.FTS.B
,
7
.8
%
,
4/19/27
.....
3,557
3,535
FW2972190.UP.FTS.B
,
7
.92
%
,
4/19/27
...
32,097
31,893
L2971556.UP.FTS.B
,
10
.11
%
,
4/19/27
....
5,386
5,333
L2971728.UP.FTS.B
,
11
.46
%
,
4/19/27
....
7,468
7,420
L2971948.UP.FTS.B
,
12
.78
%
,
4/19/27
....
5,268
5,239
L2971527.UP.FTS.B
,
13
.17
%
,
4/19/27
....
7,425
7,377
L2967243.UP.FTS.B
,
14
.24
%
,
4/19/27
....
12,117
12,040
L2971759.UP.FTS.B
,
16
.29
%
,
4/19/27
....
5,498
5,463
L2971657.UP.FTS.B
,
16
.32
%
,
4/19/27
....
1,571
1,563
L2971854.UP.FTS.B
,
16
.46
%
,
4/19/27
....
2,220
2,208
FW2968818.UP.FTS.B
,
17
.01
%
,
4/19/27
..
11,854
11,779
L2970277.UP.FTS.B
,
17
.94
%
,
4/19/27
....
26,036
1,883
FW2971812.UP.FTS.B
,
18
.16
%
,
4/19/27
..
18,953
18,779
L2972316.UP.FTS.B
,
18
.63
%
,
4/19/27
....
36,627
36,448
L2971776.UP.FTS.B
,
19
.69
%
,
4/19/27
....
4,980
4,706
L2972008.UP.FTS.B
,
20
.74
%
,
4/19/27
....
4,101
4,113
FW2971982.UP.FTS.B
,
21
.48
%
,
4/19/27
..
1,274
1,266
L2970145.UP.FTS.B
,
22
.58
%
,
4/19/27
....
6,611
6,567
FW2971643.UP.FTS.B
,
24
.95
%
,
4/19/27
..
16,360
16,435
L2971841.UP.FTS.B
,
25
.2
%
,
4/19/27
....
1,096
1,099
L2030886.UP.FTS.B
,
25
.5
%
,
4/19/27
....
15,436
15,504
FW2972220.UP.FTS.B
,
26
.42
%
,
4/19/27
..
3,015
3,023
L2971662.UP.FTS.B
,
26
.49
%
,
4/19/27
....
773
768
FW2972102.UP.FTS.B
,
26
.72
%
,
4/19/27
..
2,526
2,536
FW2972305.UP.FTS.B
,
27
.33
%
,
4/19/27
..
4,663
4,676
FW2972030.UP.FTS.B
,
28
.07
%
,
4/19/27
..
3,903
3,913
L2100737.UP.FTS.B
,
22
.28
%
,
4/23/27
....
14,675
14,793
FW2101765.UP.FTS.B
,
29
.07
%
,
4/23/27
..
3,160
3,187
FW2103415.UP.FTS.B
,
31
.09
%
,
4/23/27
..
10,820
1,653
L2250389.UP.FTS.B
,
13
.11
%
,
5/14/27
....
14,506
13,645
L2247268.UP.FTS.B
,
14
.22
%
,
5/14/27
....
32,659
32,532
FW2248341.UP.FTS.B
,
18
.43
%
,
5/14/27
..
19,096
18,972
L2248252.UP.FTS.B
,
18
.48
%
,
5/14/27
....
2,135
2,121
FW2249414.UP.FTS.B
,
19
.5
%
,
5/14/27
...
5,476
5,443
FW2250365.UP.FTS.B
,
20
.49
%
,
5/14/27
..
22,480
22,298
L2248430.UP.FTS.B
,
21
.51
%
,
5/14/27
....
1,158
1,092
L2250392.UP.FTS.B
,
22
.93
%
,
5/14/27
....
2,583
2,589
FW2248500.UP.FTS.B
,
23
.6
%
,
5/14/27
...
2,318
2,325
L2250245.UP.FTS.B
,
24
.75
%
,
5/14/27
....
1,415
1,417
L2251286.UP.FTS.B
,
25
.89
%
,
5/14/27
....
1,719
1,717
FW2250225.UP.FTS.B
,
30
.13
%
,
5/14/27
..
1,493
106
FW2249682.UP.FTS.B
,
30
.35
%
,
5/14/27
..
1,318
1,322
Description
Principal
Amount
Value
Upstart
Network,
Inc.
(continued)
L2252226.UP.FTS.B
,
14
.86
%
,
5/15/27
....
$
40,219
$
37,915
L2252234.UP.FTS.B
,
21
.66
%
,
5/15/27
....
3,439
961
FW2253145.UP.FTS.B
,
24
.76
%
,
5/15/27
..
11,676
–
FW2251714.UP.FTS.B
,
28
.54
%
,
5/15/27
..
4,797
4,808
FW2252591.UP.FTS.B
,
31
.67
%
,
5/15/27
..
6,704
1,922
L2250436.UP.FTS.B
,
22
.79
%
,
5/27/27
....
15,183
15,257
L2497417.UP.FTS.B
,
12
.27
%
,
6/24/27
....
18,541
4,750
L2497350.UP.FTS.B
,
13
.11
%
,
6/24/27
....
7,311
7,250
FW2497520.UP.FTS.B
,
17
.89
%
,
6/24/27
..
4,924
4,891
FW2498266.UP.FTS.B
,
27
.06
%
,
6/24/27
..
3,355
3,313
FW2463420.UP.FTS.B
,
28
.55
%
,
6/24/27
..
827
826
FW2497583.UP.FTS.B
,
31
.24
%
,
6/24/27
..
6,462
996
L2472114.UP.FTS.B
,
7
.63
%
,
6/25/27
.....
13,406
13,311
L2503121.UP.FTS.B
,
17
.35
%
,
6/25/27
....
8,964
8,913
L2500638.UP.FTS.B
,
25
.31
%
,
6/25/27
....
819
821
FW2501208.UP.FTS.B
,
25
.83
%
,
6/25/27
..
15,499
2,348
FW2503491.UP.FTS.B
,
26
.41
%
,
6/25/27
..
1,719
1,726
FW2503221.UP.FTS.B
,
29
%
,
6/25/27
....
23,760
1,682
FW1729187.UP.FTS.B
,
30
.3
%
,
7/17/27
...
5,342
5,401
L1900981.UP.FTS.B
,
20
.57
%
,
8/22/27
....
2,417
2,302
L2032742.UP.FTS.B
,
22
.42
%
,
9/12/27
....
1,807
497
FW2972075.UP.FTS.B
,
9
.42
%
,
9/19/27
...
28,686
26,945
L2971880.UP.FTS.B
,
24
%
,
9/19/27
......
26,544
26,296
L2249726.UP.FTS.B
,
12
.59
%
,
10/14/27
...
6,400
873
L2499062.UP.FTS.B
,
17
.84
%
,
11/24/27
...
1,072
1,068
FW2500185.UP.FTS.B
,
30
.96
%
,
11/24/27
.
6,704
6,729
FW2498394.UP.FTS.B
,
31
.2
%
,
11/24/27
..
4,602
318
L2498668.UP.FTS.B
,
13
.66
%
,
11/25/27
...
30,384
30,205
FW2502838.UP.FTS.B
,
16
.27
%
,
11/25/27
.
28,534
28,409
FW2497947.UP.FTS.B
,
28
.25
%
,
11/27/27
.
30,665
284
L2971929.UP.FTS.B
,
24
.66
%
,
2/19/28
....
17,124
16,988
L1901406.UP.FTS.B
,
27
.3
%
,
10/22/28
....
4,391
4,461
3,198,639
Total
Marketplace
Loans
(Cost
$
8,934,841
)
......
$
7,872,661
Franklin
Universal
Trust
Financial
Statements
Statement
of
Assets
and
Liabilities
February
29,
2024
(unaudited)
franklintempleton.com
Semiannual
Report
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
30
Franklin
Universal
Trust
Assets:
Investments
in
securities:
Cost
-
Unaffiliated
issuers
...................................................................
$205,276,028
Cost
-
Non-controlled
affiliates
(Note
4c)
........................................................
5,140,394
Value
-
Unaffiliated
issuers
..................................................................
$239,636,036
Value
-
Non-controlled
affiliates
(Note
4c)
.......................................................
5,140,394
Cash
....................................................................................
44,495
Receivables:
Investment
securities
sold
...................................................................
400,000
Dividends
and
interest
.....................................................................
2,925,622
Total
assets
..........................................................................
248,146,547
Liabilities:
Payables:
Investment
securities
purchased
..............................................................
1,200,500
Credit
facility
(Note
9
)
......................................................................
60,000,000
Management
fees
.........................................................................
152,212
Trustees'
fees
and
expenses
.................................................................
350
Accrued
interest
(Note
9
)
...................................................................
287,583
Accrued
expenses
and
other
liabilities
...........................................................
254,158
Total
liabilities
.........................................................................
61,894,803
Net
assets,
at
value
.................................................................
$186,251,744
Net
assets
consist
of:
Paid-in
capital
.............................................................................
$158,969,690
Total
distributable
earnings
(losses)
.............................................................
27,282,054
Net
assets,
at
value
.................................................................
$186,251,744
Shares
outstanding
.........................................................................
25,131,894
Net
asset
value
per
share
a
....................................................................
$7.41
a
Net
asset
value
per
share
may
not
recalculate
due
to
rounding.
Franklin
Universal
Trust
Financial
Statements
Statement
of
Operations
for
the
six
months
ended
February
29,
2024
(unaudited)
franklintempleton.com
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Semiannual
Report
31
Franklin
Universal
Trust
Investment
income:
Dividends:
(net
of
foreign
taxes
of
$4,758)
Unaffiliated
issuers
........................................................................
$1,638,890
Non-controlled
affiliates
(Note
4c)
.............................................................
106,209
Interest:
Unaffiliated
issuers
........................................................................
5,892,626
Total
investment
income
...................................................................
7,637,725
Expenses:
Management
fees
(Note
4
a
)
...................................................................
912,195
Transfer
agent
fees
.........................................................................
36,358
Custodian
fees
.............................................................................
555
Reports
to
shareholders
fees
..................................................................
38,005
Professional
fees
...........................................................................
66,354
Trustees'
fees
and
expenses
..................................................................
1,319
Amortization
of
note
issuance
costs
(Note
3)
......................................................
984
Marketplace
lending
fees
(Note
1
e
)
.............................................................
202,469
Interest
expense
(Note
9
)
....................................................................
1,753,202
Other
....................................................................................
66,787
Total
expenses
.........................................................................
3,078,228
Expenses
waived/paid
by
affiliates
(Note
4c)
...................................................
(7,460)
Net
expenses
.........................................................................
3,070,768
Net
investment
income
................................................................
4,566,957
Realized
and
unrealized
gains
(losses):
Net
realized
gain
(loss)
from:
Investments:
Unaffiliated
issuers
......................................................................
(2,014,011)
Foreign
currency
transactions
................................................................
172
Net
realized
gain
(loss)
..................................................................
(2,013,839)
Net
change
in
unrealized
appreciation
(depreciation)
on:
Investments:
Unaffiliated
issuers
......................................................................
5,247,943
Translation
of
other
assets
and
liabilities
denominated
in
foreign
currencies
..............................
36
Net
change
in
unrealized
appreciation
(depreciation)
............................................
5,247,979
Net
realized
and
unrealized
gain
(loss)
............................................................
3,234,140
Net
increase
(decrease)
in
net
assets
resulting
from
operations
..........................................
$7,801,097
Franklin
Universal
Trust
Financial
Statements
Statements
of
Changes
in
Net
Assets
franklintempleton.com
Semiannual
Report
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
32
Franklin
Universal
Trust
Six
Months
Ended
February
29,
2024
(unaudited)
Year
Ended
August
31,
2023
Increase
(decrease)
in
net
assets:
Operations:
Net
investment
income
.................................................
$4,566,957
$10,839,636
Net
realized
gain
(loss)
.................................................
(2,013,839)
(6,179,649)
Net
change
in
unrealized
appreciation
(depreciation)
...........................
5,247,979
(8,498,271)
Net
increase
(decrease)
in
net
assets
resulting
from
operations
................
7,801,097
(3,838,284)
Distributions
to
shareholders
..............................................
(6,408,633)
(9,130,871)
Distributions
to
shareholders
from
tax
return
of
capital
...........................
—
(5,224,467)
Total
distributions
to
shareholders
..........................................
(6,408,633)
(14,355,338)
Net
increase
(decrease)
in
net
assets
...................................
1,392,464
(18,193,622)
Net
assets:
Beginning
of
period
.....................................................
184,859,280
203,052,902
End
of
period
..........................................................
$186,251,744
$184,859,280
Franklin
Universal
Trust
Financial
Statements
Statement
of
Cash
Flows
for
the
six
months
ended
February
29,
2024
(unaudited)
franklintempleton.com
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Semiannual
Report
33
Franklin
Universal
Trust
Cash
flow
from
operating
activities:
Dividends,
interest
and
other
income
received
.....................................................
$
7,492,709
Operating
expenses
paid
.....................................................................
(1,355,098)
Interest
expense
paid
........................................................................
(2,639,250)
Realized
gain
on
foreign
currency
transactions
.....................................................
172
Purchases
of
long-term
investments
.............................................................
(23,164,732)
Sales
and
maturities
of
long-term
investments
.....................................................
28,890,584
Net
sales
of
short-term
investments
.............................................................
2,199,661
Cash
provided
-
operating
activities
..........................................................
11,424,046
Cash
flow
from
financing
activities:
Proceeds
from
c
redit
f
acility
...................................................................
60,000,000
Repayment
of
senior
fixed
rate
Notes
............................................................
(65,000,000)
Cash
distributions
to
shareholders
..............................................................
(6,408,633)
Cash
used
-
financing
activities
.............................................................
(11,408,633)
Net
increase
(decrease)
in
cash
.................................................................
15,413
Cash
at
beginning
of
period
.....................................................................
29,082
Cash
at
end
of
period
.........................................................................
$44,495
Reconciliation
of
Net
Increase
(Decrease)
in
Net
Assets
resulting
from
Operating
Activities
to
Net
Cash
Provided
by
Operating
Activities
for
the
period
ended
February
29,
2024
Net
increase
(decrease)
in
net
assets
resulting
from
operating
activities
....................................
$
7,801,097
Adjustments
to
reconcile
net
increase
(decrease)
in
net
assets
resulting
from
operating
activities
to
net
cash
provided
by
operating
activities:
Net
amortization
income
..................................................................
(114,459)
Amortization
of
Note
issuance
costs
..........................................................
984
Reinvested
dividends
from
non-controlled
affiliates
...............................................
(106,209)
Interest
received
in
the
form
of
securities
......................................................
(15,250)
Decrease
in
dividends
and
interest
receivable
and
other
assets
.....................................
106,116
Decrease
in
interest
payable
...............................................................
(886,048)
Decrease
in
payable
to
affiliates,
accrued
expenses,
and
other
liabilities
...............................
(38,516)
Increase
in
payable
for
investments
purchased
.................................................
1,200,500
Increase
in
receivable
for
investments
sold
.....................................................
(200,750)
Decrease
in
cost
of
investments
.............................................................
8,924,524
Decrease
in
unrealized
depreciation
on
investments.
.............................................
(5,247,943)
Net
cash
provided
by
operating
activities
...........................................................
$11,424,046
Franklin
Universal
Trust
Notes
to
Financial
Statements
(unaudited)
34
franklintempleton.com
Semiannual
Report
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)
35
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.
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
Purchased
on
a
Delayed
Delivery
Basis
The
Fund
purchases
securities
on
a delayed
delivery basis,
with
payment
and
delivery
scheduled
for
a
future
date.
These
transactions
are
subject
to
market
fluctuations
and
are
subject
to
the
risk
that
the
value
at
delivery
may
be
more
or
less
than
the
trade
date
purchase
price.
Although
the
Fund
will
generally
purchase
these
securities
with
the
intention
of
holding
the
securities, it
may
sell
the
securities
before
the
settlement
date.
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
Secured
Overnight
Financing
Rate
(SOFR).
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
1.
Organization
and
Significant
Accounting
Policies
(continued)
a.
Financial
Instrument
Valuation
(continued)
Franklin
Universal
Trust
Notes
to
Financial
Statements
(unaudited)
36
franklintempleton.com
Semiannual
Report
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
29,
2024, 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
in
the
Statement
of
Operations.
Paydown
gains
and
losses
are
recorded
as
an
adjustment
to
interest
income.
The
Fund
may
receive
other
income
from
investments
in
senior
secured
corporate
loans
or
unfunded
commitments,
including
amendment
fees,
consent
fees
or
commitment
fees.
These
fees
are
recorded
as
income
when
received
by
the
Fund.
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
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.
1.
Organization
and
Significant
Accounting
Policies
(continued)
e.
Marketplace
Lending
(continued)
Franklin
Universal
Trust
Notes
to
Financial
Statements
(unaudited)
37
franklintempleton.com
Semiannual
Report
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
29,
2024,
there
were
an
unlimited
number
of
shares
authorized
($0.01
par
value).
During
the periods
ended
February
29,
2024 and
August
31,
2023,
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
29,
2024
and
August
31,
2023,
there
were
no
shares
repurchased.
3.
Senior
Fixed
Rate
Notes
During
the
period ended
February
29,
2024,
the
Fund had
$65
million
five-year
senior
fixed
rate
notes outstanding,
bearing
interest
at 3.91%
per
year.
For
the period
ended
February
29,
2024,
total
interest
paid
by
the
Fund
was
$1,270,750.
The
issuance
costs
of
$114,819
incurred
by
the
Fund
were
deferred
and
amortized
on
an
interest
method
basis
over
the
term
of
the
Notes.
For
the
period ended
February
29,
2024,
the
Fund
amortized
$984
of
Notes
issuance
costs.
On
September
15,
2023,
the
Notes
matured
and
were
paid
in
full.
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
Credit
Facility.
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
Subsidiary
Affiliation
Franklin
Advisers,
Inc.
(Advisers)
Investment
manager
Franklin
Templeton
Services,
LLC
(FT
Services)
Administrative
manager
1.
Organization
and
Significant
Accounting
Policies
(continued)
Franklin
Universal
Trust
Notes
to
Financial
Statements
(unaudited)
38
franklintempleton.com
Semiannual
Report
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
29,
2024,
the
Fund
held
investments
in
affiliated
management
investment
companies
as
follows:
5.
Income
Taxes
For
tax
purposes,
capital
losses
may
be
carried
over
to
offset
future
capital
gains.
At
August
31,
2023,
the
capital
loss
carryforwards
were
as
follows:
For
tax
purposes,
the
Fund
may
elect
to
defer
any
portion
of
a
post-October
capital
loss
or
late-year
ordinary
loss
to
the
first
day
of
the
following
fiscal
year.
At
August
31,
2023,
the
Fund
deferred
late-year
ordinary
losses
of
$563.
At
February
29,
2024,
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,
corporate
actions
and
complex
securities.
6.
Investment
Transactions
Purchases
and
sales
of
investments (excluding
short
term
securities) for
the
period
ended
February
29,
2024,
aggregated
$24,365,232 and
$30,352,168,
respectively.
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,
4.984%
$7,233,846
$24,464,184
$(26,557,636)
$—
$—
$5,140,394
5,140,394
$106,209
Total
Affiliated
Securities
...
$7,233,846
$24,464,184
$(26,557,636)
$—
$—
$5,140,394
$106,209
Capital
loss
carryforwards
not
subject
to
expiration:
Short
term
................................................................................
$81,983
Long
term
................................................................................
3,063,507
Total
capital
loss
carryforwards
...............................................................
$3,145,490
Cost
of
investments
..........................................................................
$210,484,309
Unrealized
appreciation
........................................................................
$52,980,683
Unrealized
depreciation
........................................................................
(18,688,562)
Net
unrealized
appreciation
(depreciation)
..........................................................
$34,292,121
4.
Transactions
with
Affiliates
(continued)
c.
Investments
in
Affiliated
Management
Investment
Companies
(continued)
Franklin
Universal
Trust
Notes
to
Financial
Statements
(unaudited)
39
franklintempleton.com
Semiannual
Report
7.
Credit
Risk
and
Defaulted
Securities
At
February
29,
2024,
the
Fund
had 56.6%
of
its
portfolio
invested
in
high
yield
securities
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
29,
2024,
the
aggregate
value
of
these
securities
was $748,166
representing 0.4%
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.
8.
Restricted
Securities
The
Fund
invests
in
securities
that
are
restricted
under
the
Securities
Act
of
1933
(1933
Act).
Restricted
securities
are
often
purchased
in
private
placement
transactions,
and
cannot
be
sold
without
prior
registration
unless
the
sale
is
pursuant
to
an
exemption
under
the
1933
Act.
Disposal
of
these
securities
may
require
greater
effort
and
expense,
and
prompt
sale
at
an
acceptable
price
may
be
difficult.
The Fund
may
have
registration
rights
for
restricted
securities.
The
issuer
generally
incurs
all
registration
costs.
At
February
29,
2024,
investments
in
restricted
securities,
excluding
securities
exempt
from
registration
under
the
1933
Act,
were
as
follows:
9.
Credit
Facility
On
September
15,
2023,
the
Fund
entered
into
a
senior
secured
margin
loan
and
security
agreement
(Credit
Facility)
with
Bank
of
America,
N.A.
(BofA)
pursuant
to
which
the
Fund
borrowed
the
maximum
commitment
amount
of
$60
million
for
a
3-year
term,
which
matures
on
September
14,
2026.
The
Credit
Facility
provides
a
source
of
funds
to
the
Fund
to
purchase
additional
investments
as
part
of
its
investment
strategy.
Under
the
terms
of
the
Credit
Facility,
the
Fund
pays
interest
on
outstanding
borrowings
at
a
fixed
rate
of
5.95%.
Collateral
pledged
by
the
Fund
associated
with
outstanding
borrowings
is
held
in
a
segregated
account
with
the
Fund’s
custodian
and
the
securities
are
indicated
in
the
Schedule
of
Investments.
At
February
29,
2024,
the
Fund
had
outstanding
borrowings
of
$60,000,000,
which
approximates
fair
value.
The
borrowings
are
categorized
as
Level
2
within
the
fair
value
hierarchy.
The
average
borrowings
and
the
average
interest
rate
for
the
days
with
outstanding
borrowings
during
the period
ended
February
29,
2024,
were
$60,000,000
and
5.95%,
respectively.
Principal
Amount
*
Issuer
Acquisition
Date
Cost
Value
Franklin
Universal
Trust
82,888
a
Diamond
Sports
Group
LLC,
Debtor-in-Possession
Term
Loan,
PIK,
6.5%,
11/30/24
....................
2/13/24
$
82,888
$
82,888
757,734
Murray
Energy
Corp.,
Secured
Note,
144A,
PIK,
12%,
4/15/24
..................................
4/09/15
-
4/15/19
790,481
—
Total
Restricted
Securities
(Value
is
0.0%
†
of
Net
Assets)
.............
$873,369
$82,888
*
In
U.S.
dollars
unless
otherwise
indicated.
a
The
Fund
also
invests
in
unrestricted
securities
of
the
issuer,
valued
at
$242,661
as
of
February
29,
2024.
†
Rounds
to
less
than
0.1%
of
net
assets.
Franklin
Universal
Trust
Notes
to
Financial
Statements
(unaudited)
40
franklintempleton.com
Semiannual
Report
10.
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
29,
2024,
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
........................
$
45,469,063
$
—
$
—
$
45,469,063
Independent
Power
and
Renewable
Electricity
Producers
..........................
703,120
1,579,477
—
2,282,597
Metals
&
Mining
.......................
4,579,583
—
—
4,579,583
Multi-Utilities
..........................
30,186,980
—
—
30,186,980
Oil,
Gas
&
Consumable
Fuels
.............
2,556,463
312,716
—
2,869,179
Preferred
Stocks
.........................
580,250
—
—
580,250
Warrants
...............................
1,076
—
—
1,076
Corporate
Bonds
:
Automobile
Components
.................
—
4,702,357
—
4,702,357
Automobiles
..........................
—
1,058,584
—
1,058,584
Banks
...............................
—
906,001
—
906,001
Beverages
...........................
—
635,638
—
635,638
Biotechnology
.........................
—
365,725
—
365,725
Building
Products
......................
—
4,638,600
—
4,638,600
Capital
Markets
........................
—
1,363,621
—
1,363,621
Chemicals
...........................
—
5,583,671
—
5,583,671
Commercial
Services
&
Supplies
...........
—
4,053,581
—
4,053,581
Communications
Equipment
..............
—
852,781
—
852,781
Construction
&
Engineering
...............
—
1,032,109
—
1,032,109
Consumer
Finance
.....................
—
3,390,357
—
3,390,357
Consumer
Staples
Distribution
&
Retail
......
—
1,426,675
—
1,426,675
Containers
&
Packaging
.................
—
7,074,515
—
7,074,515
Distributors
...........................
—
833,660
—
833,660
Diversified
Consumer
Services
............
—
1,544,316
—
1,544,316
Diversified
REITs
......................
—
2,094,521
—
2,094,521
Diversified
Telecommunication
Services
.....
—
3,780,111
—
3,780,111
Electric
Utilities
........................
—
1,346,805
—
1,346,805
Electrical
Equipment
....................
—
2,567,063
—
2,567,063
Electronic
Equipment,
Instruments
&
Components
........................
—
445,694
—
445,694
Energy
Equipment
&
Services
.............
—
5,607,138
—
5,607,138
Entertainment
.........................
—
828,129
—
828,129
Financial
Services
......................
—
6,338,848
—
6,338,848
Food
Products
........................
—
2,957,992
—
2,957,992
Ground
Transportation
..................
—
1,496,488
—
1,496,488
Franklin
Universal
Trust
Notes
to
Financial
Statements
(unaudited)
41
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
.........
$
—
$
1,305,921
$
—
$
1,305,921
Health
Care
Providers
&
Services
..........
—
5,572,839
—
5,572,839
Health
Care
REITs
.....................
—
178,345
—
178,345
Hotel
&
Resort
REITs
...................
—
307,522
—
307,522
Hotels,
Restaurants
&
Leisure
.............
—
10,196,971
—
a
10,196,971
Household
Durables
....................
—
4,470,135
—
4,470,135
Independent
Power
and
Renewable
Electricity
Producers
..........................
—
3,275,527
—
3,275,527
Insurance
............................
—
1,626,698
—
1,626,698
IT
Services
...........................
—
3,317,941
—
3,317,941
Life
Sciences
Tools
&
Services
............
—
1,023,750
—
1,023,750
Machinery
............................
—
2,946,215
—
2,946,215
Media
...............................
—
6,053,507
—
6,053,507
Metals
&
Mining
.......................
—
3,034,990
—
3,034,990
Mortgage
Real
Estate
Investment
Trusts
(REITs)
............................
—
1,512,182
—
1,512,182
Oil,
Gas
&
Consumable
Fuels
.............
—
17,467,196
—
a
17,467,196
Paper
&
Forest
Products
.................
—
337,004
—
337,004
Passenger
Airlines
.....................
—
1,578,702
—
1,578,702
Personal
Care
Products
.................
—
712,343
—
712,343
Pharmaceuticals
.......................
—
2,443,707
—
2,443,707
Real
Estate
Management
&
Development
....
—
1,338,689
—
1,338,689
Software
.............................
—
2,213,020
—
2,213,020
Specialized
REITs
......................
—
990,408
—
990,408
Specialty
Retail
........................
—
3,231,504
—
3,231,504
Textiles,
Apparel
&
Luxury
Goods
..........
—
401,302
—
401,302
Trading
Companies
&
Distributors
..........
—
1,763,304
—
1,763,304
Wireless
Telecommunication
Services
.......
—
982,859
—
982,859
Senior
Floating
Rate
Interests
...............
—
155,474
82,888
238,362
Marketplace
Loans
.......................
—
—
7,872,661
a
7,872,661
Asset-Backed
Securities
...................
—
317,599
—
317,599
Escrows
and
Litigation
Trusts
...............
—
31,125
—
31,125
Short
Term
Investments
...................
5,140,394
—
—
5,140,394
Total
Investments
in
Securities
...........
$89,216,929
$147,603,952
$7,955,549
$244,776,430
a
Includes
financial
instruments
determined
to
have
no
value.
10.
Fair
Value
Measurements
(continued)
Franklin
Universal
Trust
Notes
to
Financial
Statements
(unaudited)
42
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
29,
2024,
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
29,
2024,
are
as
follows:
Balance
at
Beginning
of
Period
Purchases
a
Sales
b
Transfer
Into
Level
3
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:
Corporate
Bonds
:
Hotels,
Restaurants
&
Leisure
.........
$
—
c
$
—
$
—
$
—
$
—
$
—
$
—
$
—
$
—
c
$
—
Oil,
Gas
&
Consumable
Fuels
..........
—
c
—
—
—
—
—
—
—
—
c
—
Senior
Floating
Rate
Interests
:
Media
...........
—
82,888
—
—
—
—
—
—
82,888
—
Marketplace
Loans
:
Financial
Services
...
11,122,540
c
15,496
(3,437,879)
—
—
—
(159,471)
331,975
7,872,661
c
(79,533)
Total
Investments
in
Securities
............
$11,122,540
$98,384
$(3,437,879)
$—
$—
$—
$(159,471)
$331,975
$7,955,549
$(79,533)
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
Includes
financial
instruments
determined
to
have
no
value.
Description
Fair
Value
at
End
of
Year
Valuation
Technique
Unobservable
Inputs
Amount
(Weighted
Average)
a
Impact
to
Fair
Value
if
Input
Increases
b
Franklin
Universal
Trust
Assets:
Investments
in
Securities:
Marketplace
Loans:
Financial
Services
...........
$7,872,661
Discounted
cash
flow
Loss-adjusted
discount
rate
0.8%
-
19.9%
(8.2%)
Decrease
Projected
loss
rate
2.6%
-
83.4%
(18.3%)
Decrease
All
Other
Investments
..........
82,888
c,d
Total
$7,955,549
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.
10.
Fair
Value
Measurements
(continued)
Franklin
Universal
Trust
Notes
to
Financial
Statements
(unaudited)
43
franklintempleton.com
Semiannual
Report
11.
Subsequent
Events
The
Fund
has
evaluated
subsequent
events
through
the
issuance
of
the financial
statements
and
determined
that
no
events
have
occurred
that
require
disclosure.
Abbreviations
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.
Selected
Portfolio
ADR
American
Depositary
Receipt
CME
Chicago
Mercantile
Exchange
FRN
Floating
Rate
Note
PIK
Payment-In-Kind
REIT
Real
Estate
Investment
Trust
SOFR
Secured
Overnight
Financing
Rate
10.
Fair
Value
Measurements
(continued)
Franklin
Universal
Trust
Important
Information
to
Shareholders
44
franklintempleton.com
Semiannual
Report
Share
Repurchase
Program
The
Fund’s
Board
previously
authorized
an
open-market
share
repurchase
program,
pursuant
to
which
the
Fund
may
purchase
Fund
shares,
from
time
to
time,
up
to
10%
of
the
Fund’s
common
shares
in
open-market
transactions,
at
the
discretion
of
management.
This
authorization
remains
in
effect.
Franklin
Universal
Trust
Annual
Meeting
of
Shareholders
45
franklintempleton.com
Semiannual
Report
The
Annual
Meeting
of
Shareholders
(the
“Meeting”)
for
Franklin
Universal
Trust
(Fund)
was
held
on
March
7,
2024.
At
the
Meeting,
shareholders
elected
Terrence
J.
Checki,
Mary
C.
Choksi
and
Larry
D.
Thompson
as
Trustees
of
the
Fund
to
hold
office
for
a
three
year
term,
set
to
expire
at
the
2027
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:
Harris
J.
Ashton,
Edith
E.
Holiday,
Gregory
E.
Johnson,
Rupert
H.
Johnson,
Jr.,
J.
Michael
Luttig
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
Terrence
J.
Checki
14,055,756
3,730,520
Mary
C.
Choksi
14,047,910
3,738,366
Larry
D.
Thompson
14,056,130
3,730,146
Franklin
Universal
Trust
Dividend
Reinvestment
and
Cash
Purchase
Plan
46
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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.
Equiniti
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
Equiniti
Trust
Company,
LLC
and
sent
to
Equiniti
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
47
franklintempleton.com
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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
48
franklintempleton.com
Semiannual
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Proxy
Voting
Policies
and
Procedures
The
Trust’s
investment
manager
has
established
Proxy
Voting
Policies
and
Procedures
(Policies)
that
the
Trust
uses
to
determine
how
to
vote
proxies
relating
to
portfolio
securities.
Shareholders
may
view
the
Trust’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
Trust’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
Trust
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
04/24
©
2024
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
Equiniti
Trust
Company,
LLC
6201
15th
Avenue
Brooklyn,
NY
11219
www.equiniti.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 Templeton Investment Solutions, a separate investment group within Franklin Templeton, comprised of investment personnel from the SEC-registered investment advisers listed on Appendix A (hereinafter individually an “Investment Manager” and collectively the "Investment Managers") have delegated the administrative duties with respect to voting proxies for securities to the Franklin Templeton Proxy Group. 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.
* Rule 38a-1 under the Investment Company Act of 1940 (“1940 Act”) and Rule 206(4)-7 under the Investment Advisers Act of 1940 (“Advisers Act”) (together the Compliance Rule”) require registered investment companies and registered investment advisers to, among other things, adopt and implement written policies and procedures reasonably designed to prevent violations of the federal securities laws (“Compliance Rule Policies and Procedures”).
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 Franklin Templeton’s Stewardship Team. Full-time staff members and support staff are devoted to proxy voting administration and oversight and providing support and assistance where needed. On a daily basis, the Proxy Group will review each proxy upon receipt as well as any agendas, materials and recommendations that they receive from a Proxy Service or other sources. The Proxy Group maintains a record of all shareholder meetings that are scheduled for companies whose securities are held by the Investment Managers’ managed funds and accounts. For each shareholder meeting, a member of the Proxy Group will consult with the research analyst that follows the security and provide the analyst with the agenda, analyses of one or more Proxy Services, recommendations and any other information provided to the Proxy Group. Except in situations identified as presenting material conflicts of interest, the Investment Managers’ research analyst and relevant portfolio manager(s) are responsible for making the final voting decision based on their review of the agenda, analyses of one or more Proxy Services, proxy statements, their knowledge of the company and any other information publicly available.
In situations where the Investment Managers have not responded with vote recommendations to the Proxy Group by the deadline date, the Proxy Group may vote consistent with the vote recommendations of a Proxy Service. Except in cases where the Proxy Group is voting consistent with the voting recommendation of a Proxy Service, the Proxy Group must obtain voting instructions from the Investment Managers’ research analysts, relevant portfolio manager(s), legal counsel and/or the Advisory Client prior to submitting the vote. In the event that an account holds a security that an Investment Manager did not purchase on its behalf, and the Investment Manager does not normally consider the security as a potential investment for other accounts, the Proxy Group may vote consistent with the voting recommendations of a Proxy Service or take no action on the meeting.
PROXY ADMINISTRATION PROCEDURES
Situations Where Proxies Are Not Voted
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 they receive 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 their Advisory Clients, such vote or proxy may be rejected because of (a) operational or procedural issues experienced by one or more third parties involved in voting proxies in such jurisdictions; (b) changes in the process or agenda for the meeting by the issuer for which the Investment Managers do not have sufficient notice; or (c) the exercise by the issuer of its discretion to reject the vote of the Investment Managers. In addition, despite the best efforts of the Proxy Group and its agents, there may be situations where the Investment Managers’ votes are not received, or properly tabulated, by an issuer or the issuer’s agent.
Securities on Loan
The Investment Managers or their affiliates may, on behalf of one or more of the proprietary registered investment companies advised by the Investment Managers or their affiliates, make efforts to recall any security on loan where the Investment Manager or its affiliates (a) learn of a vote on an event that may materially affect a security on loan and (b) determine that it is in the best interests of such proprietary registered investment companies to recall the security for voting purposes. The ability to timely recall shares is not entirely within the control of the Investment Managers. Under certain circumstances, the recall of shares in time for such shares to be voted may not be possible due to applicable proxy voting record dates or other administrative considerations.
Split Voting
There may be instances in certain non-U.S. markets where split voting is not allowed. Split voting occurs when a position held within an account is voted in accordance with two differing instructions. Some markets and/or issuers only allow voting on an entire position and do not accept split voting. In certain cases, when more than one Franklin Templeton investment manager has accounts holding shares of an issuer that are held in an omnibus structure, the Proxy Group will seek direction from an appropriate representative of the Advisory Client with multiple Investment Managers (such as a conducting officer of the Management Company in the case of a SICAV), or the Proxy Group will submit the vote based on the voting instructions provided by the Investment Manager with accounts holding the greatest number of shares of the security within the omnibus structure.
Bundled Items
If several issues are bundled together in a single voting item, the Investment Managers will assess the total benefit to shareholders and the extent that such issues should be subject to separate voting proposals.
PROCEDURES FOR MEETINGS INVOLVING FIXED INCOME SECURITIES & PRIVATELY HELD ISSUERS
From time to time, certain custodians may process events for fixed income securities through their proxy voting channels rather than corporate action channels for administrative convenience. In such cases, the Proxy Group will receive ballots for such events on the ISS voting platform. The Proxy Group will solicit voting instructions from the Investment Managers for each account or fund involved. If the Proxy Group does not receive voting instructions from the Investment Managers, the Proxy Group will take no action on the event. The Investment Managers may be unable to vote a proxy for a fixed income security, or may choose not to vote a proxy, for the reasons described under the section entitled “Proxy Procedures.”
In the rare instance where there is a vote for a privately held issuer, the decision will generally be made by the relevant portfolio managers or research analysts.
The Proxy Group will monitor such meetings involving fixed income securities or privately held issuers for conflicts of interest in accordance with these procedures. If a fixed income or privately held issuer is flagged as a potential conflict of interest, the Investment Managers may nonetheless vote as it deems in the best interests of its Advisory Clients. The Investment Managers will report such decisions on an annual basis to Advisory Clients as may be required.
Appendix A
These Proxy Policies apply to accounts managed by personnel within
Franklin Templeton Investment Solutions, which includes the following Investment Managers:
Franklin Advisers, Inc. (FAV)
Franklin Advisory Services, LLC (FASL)
Franklin Mutual Advisers LLC (FMA)
Franklin Templeton Investments Corp. (FTIC)
Franklin Templeton Investment Management Limited (FTIML)
Templeton Asset Management Ltd. (TAML)
The following Proxy Policies apply to FAV, FMA, FTIC, FTIML, and TAML only:
HOW THE INVESTMENT MANAGERS VOTE PROXIES
Proxy Services
Certain of the Investment Managers’ separate accounts or funds (or a portion thereof) are included under Franklin Templeton Investment Solutions (“FTIS”), a separate investment group within Franklin Templeton, and employ a quantitative strategy.
For such accounts, FTIS’s proprietary methodologies rely on a combination of quantitative, qualitative, and behavioral analysis rather than fundamental security research and analyst coverage that an actively managed portfolio would ordinarily employ. Accordingly, absent client direction, in light of the high number of positions held by such accounts and the considerable time and effort that would be required to review proxy statements and ISS or Glass Lewis recommendations, the Investment Manager may review ISS’s non-US Benchmark guidelines, ISS’s specialty guidelines (in particular, ISS’s Sustainability guidelines), or Glass Lewis’s US guidelines (the “the ISS and Glass Lewis Proxy Voting Guidelines”) and determine, consistent with the best interest of its clients, to provide standing instructions to the Proxy Group to vote proxies according to the recommendations of ISS or Glass Lewis.
In addition, the Investment Managers receive in-house voting research from Franklin Templeton’s Stewardship Team (FT Stewardship). FT Stewardship provides customized research on specific corporate governance issues that is tailored to the investment manager and corporate engagement undertaken. This research may include opinions on voting decisions, however there is no obligation or inference for the investment manager to formally vote in line with these opinions. This research supports the independent vote decision making process, and may reduce reliance on third-party advice for certain votes.
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.
The following Proxy Policies apply to FASL only:
HOW THE INVESTMENT MANAGERS VOTE PROXIES
Proxy Services
Passively managed exchange traded funds (collectively, “ETFs”), seek to track a particular securities index. As a result, each ETF may hold the securities of hundreds of issuers. Because the primary criteria for determining whether a security should be included (or continued to be included) in an ETF’s investment portfolio is whether such security is a representative component of the securities index that the ETF is seeking to track, the ETFs do not require the fundamental security research and analyst coverage that an actively managed portfolio would require. Accordingly, in light of the high number of positions held by an ETF and the considerable time and effort that would be required to review proxy statements and ISS or Glass Lewis recommendations, the Investment Manager may review ISS’s non-US Benchmark guidelines, ISS’s specialty guidelines (in particular, ISS’s Sustainability guidelines), or Glass Lewis’s US guidelines (the “ISS and Glass Lewis Proxy Voting Guidelines”) and determine, consistent with the best interest of its clients, to provide standing instructions to the Proxy Group to vote proxies according to the recommendations of ISS or Glass Lewis rather than analyze each individual proxy vote. Permitting the Investment Manager of the ETFs to defer its judgment for voting on a proxy to the recommendations of ISS or Glass Lewis may result in a proxy related to the securities of a particular issuer held by an ETF being voted differently from the same proxy that is voted on by other funds managed by the Investment Managers.
In addition, the investment managers receive in-house voting research from Franklin Templeton’s Stewardship Team (FT Stewardship). FT Stewardship provides customized research on specific corporate governance issues that is tailored to the investment manager and corporate engagement undertaken. This research may include opinions on voting decisions, however there is no obligation or inference for the investment manager to formally vote in line with these opinions. This research supports the independent vote decision making process, and may reduce reliance on third-party advice for certain votes.
The following Proxy Policies apply to FTIC, FTIML, and TAML only:
HOW THE INVESTMENT MANAGERS VOTE PROXIES
Proxy Services
For accounts managed by the Templeton Global Equity Group (“TGEG”), in making voting decisions, the Investment Manager may consider Glass Lewis’s Proxy Voting Guidelines, ISS’s Benchmark Policies, ISS’s Sustainability Policy, and TGEG’s custom sustainability guidelines, which reflect what TGEG believes to be good environmental, social, and governance practices.
The following Proxy Policies apply to FTIC only:
RESPONSIBILITY OF THE INVESTMENT MANAGERS TO VOTE PROXIES
To the extent that the Investment Manager has a subadvisory agreement with an affiliated investment manager (the “Affiliated Subadviser”) with respect to a particular Advisory Client or the Investment Manager chooses securities for an Advisory Client’s portfolios that are recommended by an Affiliated Subadviser, the Investment Manager may delegate proxy voting responsibility to the Affiliated Subadviser or vote proxies in accordance with the Affiliated Subadviser’s recommendations.
Item 8. Portfolio Managers of Closed-End Management Investment Companies. 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 29, 2024, 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 | $-
Fees and/or compensation paid by the Fund for securities lending activities and related services |
Fees paid to Securities Lending Agent from revenue split | $-
Fees paid for any cash collateral management service (including fees deducted from a pooled cash collateral reinvestment vehicle) not included in a revenue split | $-
Administrative fees not included in a revenue split | $-
Indemnification fees not included in a revenue split | $-
Rebate (paid to borrower) | $-
Other fees not included above | $-
Aggregate fees/compensation paid by the Fund for securities lending activities | $-
Net income from securities lending activities | $-

Item 13. Recovery of Erroneously Awarded Compensation.
(a) N/A
(b) N/A
Item 14. Exhibits.
(a)(1) Code of Ethics
codeofethics
(a)(2) Certifications pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 of Christopher Kings, Chief Executive Officer - Finance and Administration, and Jeffrey White, Chief Financial Officer, Chief Accounting Officer and Treasurer
section302
(a)(2)(1) There were no written solicitations to purchase securities under Rule 23c-1 under the Act sent or given during the period covered by the report by or on behalf of the Registrant to 10 or more persons.
(a)(2)(2) There was no change in the Registrant’s independent public accountant during the period covered by the report.
(b) Certifications pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 of Christopher Kings, Chief Executive Officer - Finance and Administration, and Jeffrey White, Chief Financial Officer, Chief Accounting Officer and Treasurer
section906
(c)
Pursuant to the Securities and Exchange Commission’s Order granting relief from Section 19(b) of the Investment Company Act of 1940, the 19(a) Notices to Beneficial Owners are attached hereto as Exhibit
pressrelease
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\CHRISTOPHER KINGS _________________
Christopher Kings
Chief Executive Officer - Finance and Administration
Date April 29, 2024
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\CHRISTOPHER KINGS _________________
Christopher Kings
Chief Executive Officer - Finance and Administration
Date April 29, 2024
By S\JEFFREY WHITE______________________
Jeffrey White
Chief Financial Officer, Chief Accounting Officer and Treasurer
Date April 29, 2024