Semiannual
Report
Franklin
Universal
Trust
February
28,
2026
Not
FDIC
Insured
No
Bank
Guarantee
May
Lose
Value
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you
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.
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
24
Notes
to
Financial
Statements
28
Important
Information
to
Shareholders
37
Annual
Meeting
of
Shareholders
38
Dividend
Reinvestment
and
Cash
Purchase
Plan
39
Shareholder
Information
41
Visit
franklintempleton.com
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fund
updates,
to
access
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account,
or
to
find
helpful
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planning
tools.
2
franklintempleton.com
Semiannual
Report
Franklin
Universal
Trust
Dear
Shareholder,
This
semiannual
report
for
Franklin
Universal
Trust
covers
the
period
ended
February
28,
2026.
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
posted
cumulative
total
returns
of
+10.26%
based
on
net
asset
value
and
+7.88%
based
on
market
price.
For
comparison,
the
ICE
BofA
US
High
Yield
Constrained
Index,
which
measures
the
performance
of
USD-denominated,
non-investment
grade,
fixed
rate
and
taxable
corporate
bonds,
posted
a
+2.78%
cumulative
total
return
1
.
Utilities
stocks,
as
measured
by
the
Standard
&
Poor’s
®
(S&P
®
)
500
Utilities
Index,
which
is
comprised
of
companies
included
in
the
S&P
500
that
are
classified
as
members
of
the
GICS
utilities
sector,
posted
a
+14.87%
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.
The
Fund
sends
a
Form
1099-DIV
to
shareholders
each
calendar
year
describing
how
to
report
the
Fund’s
distributions
for
federal
income
tax
purposes.
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
Patricia
O’Connor,
CFA
Portfolio
Management
Team
Portfolio
Composition
2/28/26
%
of
Total
Investments
Corporate
Bonds
58.7%
Common
Stocks
38.5%
Other
*
0.9%
Short-Term
Investments
1.9%
*
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
2/28/26
Issuer
%
of
Total
Net
Assets
a
a
NextEra
Energy,
Inc.
4.7%
Sempra,
Inc.
3.8%
Entergy
Corp.
2.8%
Evergy,
Inc.
2.6%
Alliant
Energy
Corp.
2.5%
CenterPoint
Energy,
Inc.
2.3%
Duke
Energy
Corp.
2.3%
Southern
Co.
(The)
2.1%
American
Electric
Power
Co.,
Inc.
2.1%
CMS
Energy
Corp.
2.1%
1.
Source:
Morningstar.
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
28,
2026
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
does
not
reflect
any
taxes
that
a
shareholder
would
pay
on
Fund
dividends,
capital
gain
distributions,
if
any,
or
any
realized
gains
on
the
sale
of
Fund
shares.
Your
dividend
income
will
vary
depending
on
dividends
or
interest
paid
by
securities
in
the
Fund’s
portfolio,
adjusted
for
operating
expenses.
Capital
gain
distributions
are
net
profits
realized
from
the
sale
of
portfolio
securities.
Performance
as
of
2/28/26
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.
Share
Prices
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
+10.26%
+7.88%
+10.26%
+7.88%
1-Year
+16.32%
+15.76%
+16.32%
+15.76%
5-Year
+49.93%
+61.10%
+8.44%
+10.01%
10-Year
+139.71%
+161.48%
+9.14%
+10.09%
Symbol:
FT
2/28/26
8/31/25
Change
Net
Asset
Value
(NAV)
$9.06
$8.46
+$0.60
Market
Price
(NYSE)
$8.29
$7.93
+$0.36
Distributions
Per
Share
(9/1/25–2/28/26)
Net
Investment
Income
$0.2550
See
page
4
for
Performance
Summary
footnotes.
Franklin
Universal
Trust
Performance
Summary
4
franklintempleton.com
Semiannual
Report
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.
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
28,
2026
(unaudited)
Year
Ended
August
31,
2025
2024
2023
2022
2021
Per
share
operating
performance
(for
a
share
outstanding
throughout
the
period)
Net
asset
value,
beginning
of
period
.....
$8.46
$8.20
$7.36
$8.08
$8.92
$8.12
Income
from
investment
operations:
Net
investment
income
a
.............
0.18
0.36
0.33
0.43
0.41
0.38
Net
realized
and
unrealized
gains
(losses)
0.68
0.41
1.02
(0.58)
(0.70)
0.85
Total
from
investment
operations
........
0.86
0.77
1.35
(0.15)
(0.29)
1.23
Less
distributions
from:
Net
investment
income
..............
(0.26)
(0.49)
(0.30)
(0.31)
(0.51)
(0.43)
Net
realized
gains
.................
—
—
—
(0.05)
(0.04)
—
Tax
return
of
capital
................
—
(0.02)
(0.21)
(0.21)
—
—
Total
distributions
...................
(0.26)
(0.51)
(0.51)
(0.57)
(0.55)
(0.43)
Net
asset
value,
end
of
period
..........
$9.06
$8.46
$8.20
$7.36
$8.08
$8.92
Market
value,
end
of
period
b
...........
$8.29
$7.93
$7.28
$6.76
$8.00
$8.59
Total
return
(based
on
net
asset
value
per
share)
c
...........................
10.26%
9.71%
19.18%
(1.81)%
(3.41)%
15.33%
Total
return
(based
on
market
value
per
share)
c
...........................
7.88%
16.45%
16.20%
(8.24)%
(0.36)%
29.55%
Ratios
to
average
net
assets
d
Expenses
before
waiver
and
payments
by
affiliates
e
..........................
2.97%
3.00%
3.32%
2.78%
2.57%
2.50%
Expenses
net
of
waiver
and
payments
by
affiliates
e
..........................
2.97%
f
2.99%
3.31%
2.77%
g
2.57%
f,g
2.50%
f,g
Net
investment
income
...............
4.23%
4.38%
4.36%
5.66%
4.85%
4.38%
Supplemental
data
Net
assets
,
end
of
period
(000’s)
........
$227,678
$212,600
$206,193
$184,859
$203,053
$224,246
Portfolio
turnover
rate
................
10.42%
21.76%
21.79%
17.73%
22.29%
36.58%
Total
credit
facility
outstanding
at
end
of
period
(000’s)
......................
$60,000
$60,000
$60,000
$—
$—
$—
Total
debt
outstanding
at
end
of
period
(000's)
...........................
$—
$—
$—
$65,000
$65,000
$65,000
Asset
coverage
per
$1,000
of
debt
......
$4,795
$4,543
$4,437
$3,844
$4,124
$4,450
Average
amount
of
senior
fixed
rate
Notes
per
share
during
the
period
............
$—
$—
$0.11
$2.59
$2.59
$2.59
a
Based
on
average
daily
shares
outstanding.
b
Based
on
the
last
sale
on
the
New
York
Stock
Exchange.
c
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.
d
Ratios
are
annualized
for
periods
less
than
one
year.
e
Includes
expenses
related
to
borrowings
of
1.67%,
1.75%,
1.89%,
1.34%,
1.20%
and
1.18%
for
the
period
ended
February
28,
2026,
and
years
ended
August
31,
2025,
2024,
2023,
2022
and
2021,
respectively.
f
Benefit
of
waiver
and
payments
by
affiliates
rounds
to
less
than
0.01%.
g
Benefit
of
expense
reduction
rounds
to
less
than
0.01%.
Franklin
Universal
Trust
Schedule
of
Investments
(unaudited),
February
28,
2026
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
48.3%
Diversified
Telecommunication
Services
0.1%
a
Altice
France
SA
....................................
France
13,172
$
246,947
Electric
Utilities
26.0%
Alliant
Energy
Corp.
.................................
United
States
80,000
5,787,200
American
Electric
Power
Co.,
Inc.
.......................
United
States
36,000
4,817,520
Constellation
Energy
Corp.
............................
United
States
5,000
1,649,400
Duke
Energy
Corp.
..................................
United
States
40,000
5,234,000
Edison
International
.................................
United
States
20,000
1,494,800
Entergy
Corp.
......................................
United
States
60,000
6,426,600
Evergy,
Inc.
........................................
United
States
72,000
6,023,520
Exelon
Corp.
.......................................
United
States
40,000
1,978,800
FirstEnergy
Corp.
...................................
United
States
50,000
2,558,000
NextEra
Energy,
Inc.
.................................
United
States
115,000
10,783,550
Pinnacle
West
Capital
Corp.
...........................
United
States
20,000
2,006,000
PPL
Corp.
.........................................
United
States
24,500
955,010
Southern
Co.
(The)
..................................
United
States
50,000
4,869,000
Xcel
Energy,
Inc.
....................................
United
States
55,000
4,584,800
59,168,200
Metals
&
Mining
4.3%
BHP
Group
Ltd.,
ADR
................................
Australia
25,185
2,054,341
Freeport-McMoRan,
Inc.
..............................
United
States
40,380
2,749,070
Newmont
Corp.
.....................................
United
States
26,000
3,380,000
Rio
Tinto
plc,
ADR
...................................
Australia
15,000
1,490,100
South32
Ltd.,
ADR
..................................
Australia
10,074
165,717
9,839,228
Multi-Utilities
15.9%
CenterPoint
Energy,
Inc.
..............................
United
States
122,800
5,341,800
CMS
Energy
Corp.
..................................
United
States
60,000
4,684,200
Consolidated
Edison,
Inc.
.............................
United
States
15,000
1,687,800
Dominion
Energy,
Inc.
................................
United
States
65,000
4,104,100
DTE
Energy
Co.
....................................
United
States
30,000
4,447,200
NiSource,
Inc.
......................................
United
States
60,000
2,838,000
Public
Service
Enterprise
Group,
Inc.
....................
United
States
25,000
2,151,750
Sempra,
Inc.
.......................................
United
States
90,000
8,664,300
WEC
Energy
Group,
Inc.
..............................
United
States
20,000
2,339,200
36,258,350
Oil,
Gas
&
Consumable
Fuels
1.8%
a
Amplify
Energy
Corp.
................................
United
States
245
1,406
Birch
Permian
Holdings,
Inc.
...........................
United
States
32,490
185,469
California
Resources
Corp.
............................
United
States
47
2,765
DT
Midstream,
Inc.
..................................
United
States
10,000
1,388,400
Enbridge,
Inc.
......................................
Canada
39,360
2,091,590
Expand
Energy
Corp.
................................
United
States
2,380
256,850
Woodside
Energy
Group
Ltd.,
ADR
......................
Australia
9,101
186,389
4,112,869
Pharmaceuticals
0.2%
a
Keenova
Therapeutics
plc
.............................
United
States
2,929
267,711
a
Par
Health,
Inc.
.....................................
United
States
2,929
25,996
293,707
Software
0.0%
†
a,b
DSG
Topco,
Inc.
....................................
United
States
2,027
507
Total
Common
Stocks
(Cost
$33,134,808)
....................................
109,919,808
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
Shares
a
Value
a
a
a
a
a
a
Convertible
Preferred
Stocks
0.2%
Aerospace
&
Defense
0.1%
Boeing
Co.
(The),
6%
................................
United
States
3,000
$
218,790
Software
0.1%
Oracle
Corp.,
D,
6.5%
................................
United
States
5,357
246,368
Total
Convertible
Preferred
Stocks
(Cost
$417,850)
............................
465,158
Preferred
Stocks
0.2%
Electric
Utilities
0.2%
SCE
Trust
II,
5.1%
..................................
United
States
27,500
522,775
Total
Preferred
Stocks
(Cost
$598,125)
.......................................
522,775
Rights
Rights
0.0%
†
Diversified
Telecommunication
Services
0.0%
†
a
Altice
France
SA,
2/20/49
.............................
France
1,254
20,189
Total
Rights
(Cost
$–)
......................................................
20,189
Principal
Amount
*
Corporate
Bonds
73.5%
Aerospace
&
Defense
1.5%
c
ATI,
Inc.
,
Senior
Note
,
7.25
%
,
8/15/30
....................
United
States
700,000
733,724
d
Axon
Enterprise,
Inc.
,
Senior
Note
,
144A,
6.25
%
,
3/15/33
.....
United
States
250,000
259,318
d
Bombardier,
Inc.
,
Senior
Note
,
144A,
7
%
,
6/01/32
...........
Canada
85,000
89,645
d
Efesto
Bidco
SpA
Efesto
US
LLC
,
XR
,
Senior
Secured
Note
,
144A,
7.5
%
,
2/15/32
...............................
Italy
1,050,000
1,076,110
d
TransDigm,
Inc.
,
Senior
Secured
Note,
144A,
6%,
1/15/33
................
United
States
170,000
173,134
Senior
Sub.
Note,
144A,
6.75%,
1/31/34
................
United
States
1,020,000
1,059,409
3,391,340
Automobile
Components
2.2%
c,d
Adient
Global
Holdings
Ltd.
,
Senior
Note
,
144A,
8.25
%
,
4/15/31
United
States
300,000
313,998
d
Allison
Transmission,
Inc.
,
Senior
Bond,
144A,
3.75%,
1/30/31
....................
United
States
300,000
285,551
Senior
Note,
144A,
4.75%,
10/01/27
...................
United
States
600,000
600,921
d
American
Axle
&
Manufacturing,
Inc.
,
Senior
Secured
Note
,
144A,
6.375
%
,
10/15/32
..................................
United
States
300,000
305,514
d
Clarios
Global
LP
/
Clarios
US
Finance
Co.
,
Senior
Note
,
144A,
6.75
%
,
9/15/32
...................................
United
States
310,000
321,966
d
Dornoch
Debt
Merger
Sub,
Inc.
,
Senior
Note
,
144A,
6.625
%
,
10/15/29
........................................
United
States
1,550,000
1,401,533
d
Forvia
SE
,
Senior
Note
,
144A,
6.75
%
,
9/15/33
..............
France
355,000
365,886
d,e
IHO
Verwaltungs
GmbH
,
Senior
Secured
Note,
144A,
PIK,
7.75%,
11/15/30
.........
Germany
400,000
421,594
Senior
Secured
Note,
144A,
PIK,
8%,
11/15/32
...........
Germany
900,000
960,693
4,977,656
Automobiles
0.5%
d
Jaguar
Land
Rover
Automotive
plc
,
Senior
Note
,
144A,
5.5
%
,
7/15/29
.........................................
United
Kingdom
500,000
501,428
d
Nissan
Motor
Co.
Ltd.
,
Senior
Bond
,
144A,
8.125
%
,
7/17/35
...
Japan
565,000
617,486
1,118,914
Biotechnology
1.0%
d
Emergent
BioSolutions,
Inc.
,
Senior
Note
,
144A,
3.875
%
,
8/15/28
United
States
900,000
787,674
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)
Biotechnology
(continued)
d
Genmab
A/S
/
Genmab
Finance
LLC
,
Senior
Note,
144A,
7.25%,
12/15/33
...................
Denmark
480,000
$
509,621
Senior
Secured
Note,
144A,
6.25%,
12/15/32
............
Denmark
480,000
498,477
d
Grifols
SA
,
Senior
Note
,
144A,
4.75
%
,
10/15/28
............
Spain
600,000
592,905
2,388,677
Broadline
Retail
0.7%
c,d
Wayfair
LLC
,
Senior
Secured
Note,
144A,
7.25%,
10/31/29
............
United
States
700,000
723,864
Senior
Secured
Note,
144A,
7.75%,
9/15/30
.............
United
States
800,000
841,844
1,565,708
Building
Products
2.5%
c,d
Advanced
Drainage
Systems,
Inc.
,
Senior
Note
,
144A,
6.375
%
,
6/15/30
.........................................
United
States
500,000
510,594
d
Cornerstone
Building
Brands,
Inc.
,
Senior
Note
,
144A,
6.125
%
,
1/15/29
.........................................
United
States
300,000
150,007
c,d
EMRLD
Borrower
LP
/
Emerald
Co-Issuer,
Inc.
,
Senior
Secured
Note
,
144A,
6.625
%
,
12/15/30
........................
United
States
900,000
932,621
d
JH
North
America
Holdings,
Inc.
,
Senior
Secured
Note,
144A,
5.875%,
1/31/31
............
United
States
75,000
76,639
Senior
Secured
Note,
144A,
6.125%,
7/31/32
............
United
States
125,000
128,381
c,d
Miter
Brands
Acquisition
Holdco,
Inc.
/
MIWD
Borrower
LLC
,
Senior
Secured
Note
,
144A,
6.75
%
,
4/01/32
..............
United
States
500,000
504,463
d
Quikrete
Holdings,
Inc.
,
Senior
Note,
144A,
6.75%,
3/01/33
....................
United
States
150,000
156,023
Senior
Secured
Note,
144A,
6.375%,
3/01/32
............
United
States
300,000
311,984
c,d
Smyrna
Ready
Mix
Concrete
LLC
,
Senior
Secured
Note
,
144A,
8.875
%
,
11/15/31
..................................
United
States
1,200,000
1,275,611
c,d
Standard
Building
Solutions,
Inc.
,
Senior
Note,
144A,
6.5%,
8/15/32
.....................
United
States
600,000
618,489
Senior
Note,
144A,
6.25%,
8/01/33
....................
United
States
495,000
504,582
d
Standard
Industries,
Inc.
,
c
Senior
Bond,
144A,
4.75%,
1/15/28
....................
United
States
500,000
498,776
Senior
Bond,
144A,
4.375%,
7/15/30
...................
United
States
100,000
96,544
5,764,714
Capital
Markets
1.1%
d
Jane
Street
Group
/
JSG
Finance,
Inc.
,
c
Senior
Secured
Note,
144A,
4.5%,
11/15/29
.............
United
States
500,000
488,277
Senior
Secured
Note,
144A,
6.125%,
11/01/32
...........
United
States
500,000
503,368
c
Senior
Secured
Note,
144A,
6.75%,
5/01/33
.............
United
States
600,000
616,169
d
Stonex
Escrow
Issuer
LLC
,
Secured
Note
,
144A,
6.875
%
,
7/15/32
United
States
285,000
295,974
c,d
StoneX
Group,
Inc.
,
Secured
Note
,
144A,
7.875
%
,
3/01/31
....
United
States
500,000
531,146
2,434,934
Chemicals
1.8%
d,e
Advancion
Sciences,
Inc.
,
Senior
Note
,
144A,
PIK,
9.25
%
,
11/01/26
........................................
United
States
255,256
213,564
b,d,e,f
Anagram
Holdings
LLC
/
Anagram
International,
Inc.
,
Secured
Note
,
144A,
PIK,
10
%
,
8/15/26
........................
United
States
257,209
—
d
Avient
Corp.
,
Senior
Note
,
144A,
6.25
%
,
11/01/31
...........
United
States
300,000
309,982
d,f
Braskem
Idesa
SAPI
,
Senior
Secured
Bond
,
144A,
6.99
%
,
2/20/32
.........................................
Mexico
300,000
174,819
d
Cerdia
Finanz
GmbH
,
Senior
Secured
Note
,
144A,
9.375
%
,
10/03/31
........................................
Germany
300,000
307,500
d
Element
Solutions,
Inc.
,
Senior
Note
,
144A,
3.875
%
,
9/01/28
...
United
States
200,000
196,758
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)
Chemicals
(continued)
FMC
Corp.
,
Sub.
Bond
,
8.45%
to
10/31/30,
FRN
thereafter
,
11/01/55
........................................
United
States
300,000
$
197,571
d,e
GPD
Cos.,
Inc.
,
Senior
Secured
Note
,
144A,
PIK,
12.5
%
,
12/31/29
........................................
United
States
1,002,267
528,963
d
Illuminate
Buyer
LLC
/
Illuminate
Holdings
IV,
Inc.
,
Senior
Note
,
144A,
9
%
,
7/01/28
.................................
United
States
218,000
218,885
c,d
Rain
Carbon,
Inc.
,
Senior
Secured
Note
,
144A,
12.25
%
,
9/01/29
United
States
1,200,000
1,279,363
d
Solstice
Advanced
Materials,
Inc.
,
Senior
Note
,
144A,
5.625
%
,
9/30/33
.........................................
United
States
625,000
632,142
4,059,547
Commercial
Services
&
Supplies
2.0%
c,d
Enviri
Corp.
,
Senior
Note
,
144A,
5.75
%
,
7/31/27
............
United
States
500,000
500,765
d
Neptune
Bidco
US,
Inc.
,
Senior
Secured
Note,
144A,
9.29%,
4/15/29
.............
United
States
130,000
130,368
Senior
Secured
Note,
144A,
9.5%,
2/15/33
..............
United
States
625,000
612,525
d
Prime
Security
Services
Borrower
LLC
/
Prime
Finance,
Inc.
,
Senior
Secured
Note
,
144A,
3.375
%
,
8/31/27
.............
United
States
240,000
236,346
c,d
RR
Donnelley
&
Sons
Co.
,
Senior
Secured
Note
,
144A,
9.5
%
,
8/01/29
.........................................
United
States
1,125,000
1,160,324
d
Veritiv
Operating
Co.
,
Senior
Secured
Note
,
144A,
10.5
%
,
11/30/30
........................................
United
States
225,000
241,025
c,d
VM
Consolidated,
Inc.
,
Senior
Note
,
144A,
5.5
%
,
4/15/29
.....
United
States
800,000
786,014
d
Waste
Pro
USA,
Inc.
,
Senior
Note
,
144A,
7
%
,
2/01/33
........
United
States
200,000
208,649
c,d
Wrangler
Holdco
Corp.
,
Senior
Note
,
144A,
6.625
%
,
4/01/32
...
Canada
700,000
730,731
4,606,747
Communications
Equipment
0.2%
d
Viasat,
Inc.
,
Senior
Note
,
144A,
7.5
%
,
5/30/31
..............
United
States
525,000
518,588
Construction
&
Engineering
0.2%
d
Arcosa,
Inc.
,
c
Senior
Note,
144A,
4.375%,
4/15/29
...................
United
States
300,000
295,727
Senior
Note,
144A,
6.875%,
8/15/32
...................
United
States
100,000
104,982
400,709
Consumer
Finance
1.8%
d
Encore
Capital
Group,
Inc.
,
Senior
Secured
Note,
144A,
9.25%,
4/01/29
.............
United
States
600,000
628,736
Senior
Secured
Note,
144A,
8.5%,
5/15/30
..............
United
States
400,000
428,148
c,d
FirstCash,
Inc.
,
Senior
Note
,
144A,
6.875
%
,
3/01/32
.........
United
States
1,100,000
1,136,577
d
Macquarie
Airfinance
Holdings
Ltd.
,
Senior
Note
,
144A,
6.5
%
,
3/26/31
.........................................
United
Kingdom
200,000
215,918
OneMain
Finance
Corp.
,
Senior
Bond,
5.375%,
11/15/29
.......................
United
States
500,000
494,665
Senior
Note,
6.5%,
3/15/33
..........................
United
States
290,000
287,638
c,d
PROG
Holdings,
Inc.
,
Senior
Note
,
144A,
6
%
,
11/15/29
.......
United
States
900,000
884,389
4,076,071
Consumer
Staples
Distribution
&
Retail
0.3%
c,d
US
Foods,
Inc.
,
Senior
Note
,
144A,
6.875
%
,
9/15/28
.........
United
States
700,000
722,604
Containers
&
Packaging
1.4%
c,d
Clydesdale
Acquisition
Holdings,
Inc.
,
Senior
Secured
Note
,
144A,
6.75
%
,
4/15/32
...............................
United
States
1,000,000
1,008,336
d
Mauser
Packaging
Solutions
Holding
Co.
,
Secured
Note
,
144A,
9.25
%
,
4/15/30
...................................
United
States
1,500,000
1,479,403
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)
Containers
&
Packaging
(continued)
c,d
Toucan
FinCo
Ltd.
/
Toucan
FinCo
Can,
Inc.
/
Toucan
FinCo
US
LLC
,
Senior
Secured
Note
,
144A,
9.5
%
,
5/15/30
...........
Canada
750,000
$
712,366
3,200,105
Distributors
0.2%
d
Gates
Corp.
,
Senior
Note
,
144A,
6.875
%
,
7/01/29
...........
United
States
400,000
415,515
d
RB
Global
Holdings,
Inc.
,
Senior
Secured
Note
,
144A,
6.75
%
,
3/15/28
.........................................
Canada
125,000
127,174
542,689
Diversified
Consumer
Services
0.4%
Grand
Canyon
University
,
Secured
Note
,
5.125
%
,
10/01/28
....
United
States
800,000
804,466
Diversified
REITs
1.0%
c,d
Global
Net
Lease,
Inc.
,
Senior
Note
,
144A,
4.5
%
,
9/30/28
.....
United
States
900,000
885,601
c,d
Global
Net
Lease,
Inc.
/
Global
Net
Lease
Operating
Partnership
LP
,
Senior
Note
,
144A,
3.75
%
,
12/15/27
.................
United
States
670,000
656,172
c,d
VICI
Properties
LP
/
VICI
Note
Co.,
Inc.
,
Senior
Note
,
144A,
3.75
%
,
2/15/27
...................................
United
States
700,000
696,752
2,238,525
Diversified
Telecommunication
Services
2.8%
d
APLD
ComputeCo
LLC
,
Senior
Secured
Note
,
144A,
9.25
%
,
12/15/30
........................................
United
States
1,025,000
1,076,642
d
Black
Pearl
Compute
LLC
,
Senior
Secured
Note
,
144A,
6.125
%
,
2/15/31
.........................................
United
States
400,000
409,881
d
CCO
Holdings
LLC
/
CCO
Holdings
Capital
Corp.
,
c
Senior
Bond,
144A,
5.375%,
6/01/29
...................
United
States
500,000
499,148
c
Senior
Bond,
144A,
4.5%,
8/15/30
.....................
United
States
1,700,000
1,622,586
Senior
Bond,
144A,
4.25%,
2/01/31
....................
United
States
200,000
186,563
d
Cipher
Compute
LLC
,
Senior
Secured
Note
,
144A,
7.125
%
,
11/15/30
........................................
United
States
385,000
401,784
d
SV
RNO
Property
Owner
1
LLC
,
Senior
Secured
Note
,
144A,
5.875
%
,
3/01/31
...................................
United
States
610,000
613,163
c,d
Virgin
Media
Secured
Finance
plc
,
Senior
Secured
Bond
,
144A,
4.5
%
,
8/15/30
....................................
United
Kingdom
1,100,000
1,003,615
d
WULF
Compute
LLC
,
Senior
Secured
Note
,
144A,
7.75
%
,
10/15/30
........................................
United
States
560,000
593,473
6,406,855
Electric
Utilities
1.7%
c,d
California
Buyer
Ltd.
/
Atlantica
Sustainable
Infrastructure
plc
,
Senior
Note
,
144A,
6.375
%
,
2/15/32
....................
United
Kingdom
1,500,000
1,496,560
d
NRG
Energy,
Inc.
,
Senior
Bond,
144A,
6%,
1/15/36
......................
United
States
665,000
677,158
c
Senior
Note,
144A,
5.75%,
7/15/29
....................
United
States
800,000
801,866
d
Vistra
Operations
Co.
LLC
,
c
Senior
Note,
144A,
4.375%,
5/01/29
...................
United
States
400,000
395,926
Senior
Note,
144A,
7.75%,
10/15/31
...................
United
States
100,000
105,723
Senior
Note,
144A,
6.875%,
4/15/32
...................
United
States
400,000
420,996
3,898,229
Electronic
Equipment,
Instruments
&
Components
0.3%
c,d
TTM
Technologies,
Inc.
,
Senior
Note
,
144A,
4
%
,
3/01/29
......
United
States
500,000
485,661
d
Zebra
Technologies
Corp.
,
Senior
Note
,
144A,
6.5
%
,
6/01/32
..
United
States
300,000
307,727
793,388
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)
Energy
Equipment
&
Services
2.2%
d
Archrock
Services
LP
/
Archrock
Partners
Finance
Corp.
,
Senior
Note
,
144A,
6
%
,
2/01/34
............................
United
States
450,000
$
455,845
d
Borr
IHC
Ltd.
/
Borr
Finance
LLC
,
Senior
Secured
Note
,
144A,
10.375
%
,
11/15/30
.................................
Mexico
220,311
230,363
d
Kodiak
Gas
Services
LLC
,
Senior
Bond,
144A,
6.75%,
10/01/35
...................
United
States
130,000
135,902
c
Senior
Note,
144A,
7.25%,
2/15/29
....................
United
States
700,000
726,296
Senior
Note,
144A,
6.5%,
10/01/33
....................
United
States
225,000
232,141
d
Nabors
Industries,
Inc.
,
Senior
Note,
144A,
9.125%,
1/31/30
...................
United
States
300,000
315,660
Senior
Note,
144A,
8.875%,
8/15/31
...................
United
States
255,000
264,314
Oceaneering
International,
Inc.
,
Senior
Note
,
6
%
,
2/01/28
.....
United
States
300,000
305,432
Transocean
International
Ltd.
,
Senior
Bond,
6.8%,
3/15/38
..........................
United
States
600,000
581,756
d
Senior
Note,
144A,
8.25%,
5/15/29
....................
United
States
100,000
104,192
d
Senior
Secured
Note,
144A,
8.75%,
2/15/30
.............
United
States
560,000
586,242
d
Senior
Secured
Note,
144A,
7.875%,
10/15/32
...........
United
States
90,000
96,680
d
Transocean
Titan
Financing
Ltd.
,
Senior
Secured
Note
,
144A,
8.375
%
,
2/01/28
...................................
United
States
68,095
69,834
d
Weatherford
International
Ltd.
,
c
Senior
Note,
144A,
8.625%,
4/30/30
...................
United
States
184,000
189,707
Senior
Note,
144A,
6.75%,
10/15/33
...................
United
States
590,000
617,148
4,911,512
Entertainment
0.7%
c,d
Banijay
Entertainment
SAS
,
Senior
Secured
Note
,
144A,
8.125
%
,
5/01/29
.........................................
France
800,000
828,732
Discovery
Global
Holdings,
Inc.
,
Senior
Bond,
5.05%,
3/15/42
.........................
United
States
350,000
246,750
Senior
Note,
4.054%,
3/15/29
........................
United
States
520,000
514,862
1,590,344
Financial
Services
4.3%
d
CrossCountry
Intermediate
HoldCo
LLC
,
Senior
Note,
144A,
6.5%,
10/01/30
....................
United
States
430,000
428,831
Senior
Note,
144A,
6.75%,
12/01/32
...................
United
States
625,000
619,053
d
Freedom
Mortgage
Holdings
LLC
,
Senior
Note,
144A,
9.25%,
2/01/29
....................
United
States
300,000
313,562
Senior
Note,
144A,
6.875%,
5/01/31
...................
United
States
300,000
289,574
c
Senior
Note,
144A,
8.375%,
4/01/32
...................
United
States
650,000
655,421
Senior
Note,
144A,
7.875%,
4/01/33
...................
United
States
325,000
320,651
d
GGAM
Finance
Ltd.
,
Senior
Note,
144A,
8%,
2/15/27
......................
Ireland
200,000
202,400
Senior
Note,
144A,
8%,
6/15/28
......................
Ireland
700,000
736,471
d
Jefferson
Capital
Holdings
LLC
,
Senior
Note,
144A,
6%,
8/15/26
......................
United
States
500,000
500,722
Senior
Note,
144A,
9.5%,
2/15/29
.....................
United
States
1,400,000
1,479,029
d
Osaic
Holdings,
Inc.
,
Senior
Note,
144A,
8%,
8/01/33
......................
United
States
500,000
498,640
Senior
Secured
Note,
144A,
6.75%,
8/01/32
.............
United
States
235,000
237,319
d
PHH
Escrow
Issuer
LLC
/
PHH
Corp.
,
Senior
Note
,
144A,
9.875
%
,
11/01/29
..................................
United
States
1,800,000
1,808,809
d
PRA
Group,
Inc.
,
c
Senior
Note,
144A,
8.375%,
2/01/28
...................
United
States
600,000
605,043
Senior
Note,
144A,
5%,
10/01/29
.....................
United
States
300,000
277,160
Senior
Note,
144A,
8.875%,
1/31/30
...................
United
States
400,000
407,500
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)
Financial
Services
(continued)
d
Rocket
Cos.,
Inc.
,
Senior
Note
,
144A,
6.375
%
,
8/01/33
.......
United
States
400,000
$
413,908
9,794,093
Food
Products
1.4%
d,e
Chobani
Holdco
II
LLC
,
Senior
Note
,
144A,
PIK,
8.75
%
,
10/01/29
United
States
654,870
675,697
d
Chobani
LLC
/
Chobani
Finance
Corp.,
Inc.
,
Senior
Note,
144A,
7.625%,
7/01/29
...................
United
States
200,000
208,293
c
Senior
Secured
Note,
144A,
4.625%,
11/15/28
...........
United
States
800,000
796,332
d
Darling
Ingredients,
Inc.
,
Senior
Note
,
144A,
6
%
,
6/15/30
.....
United
States
200,000
202,692
d
Froneri
Lux
FinCo
SARL
,
Senior
Secured
Note
,
144A,
6
%
,
8/01/32
.........................................
United
Kingdom
470,000
472,946
d
Industrial
F&B
Investments
III,
Inc.
,
Senior
Secured
Note
,
144A,
7.75
%
,
2/11/33
....................................
United
States
475,000
487,884
c,d
Post
Holdings,
Inc.
,
Senior
Bond
,
144A,
4.625
%
,
4/15/30
.....
United
States
400,000
391,850
3,235,694
Ground
Transportation
0.8%
d
Beacon
Mobility
Corp.
,
Senior
Secured
Note
,
144A,
7.25
%
,
8/01/30
.........................................
United
States
260,000
272,517
c,d
First
Student
Bidco,
Inc.
/
First
Transit
Parent,
Inc.
,
Senior
Secured
Note
,
144A,
4
%
,
7/31/29
.....................
United
States
900,000
872,832
d
Watco
Cos.
LLC
/
Watco
Finance
Corp.
,
Senior
Note
,
144A,
7.125
%
,
8/01/32
...................................
United
States
660,000
694,886
1,840,235
Health
Care
Equipment
&
Supplies
0.4%
d
Bausch
+
Lomb
Corp.
,
Senior
Secured
Note
,
144A,
8.375
%
,
10/01/28
........................................
United
States
400,000
415,000
d
Insulet
Corp.
,
Senior
Note
,
144A,
6.5
%
,
4/01/33
............
United
States
100,000
104,067
c,d
Medline
Borrower
LP
,
Senior
Note
,
144A,
5.25
%
,
10/01/29
....
United
States
500,000
500,285
1,019,352
Health
Care
Providers
&
Services
3.0%
c
Centene
Corp.
,
Senior
Bond
,
2.5
%
,
3/01/31
...............
United
States
500,000
434,276
d
CHS/Community
Health
Systems,
Inc.
,
144A,
10.75%,
6/15/33
.............................
United
States
500,000
535,578
Secured
Note,
144A,
6.125%,
4/01/30
..................
United
States
500,000
442,570
Senior
Secured
Note,
144A,
6%,
1/15/29
................
United
States
300,000
299,099
Senior
Secured
Note,
144A,
10.875%,
1/15/32
...........
United
States
400,000
433,990
d
DaVita,
Inc.
,
c
Senior
Note,
144A,
4.625%,
6/01/30
...................
United
States
1,200,000
1,175,498
Senior
Note,
144A,
6.875%,
9/01/32
...................
United
States
200,000
207,942
c,d
Kedrion
SpA
,
Senior
Secured
Note
,
144A,
6.5
%
,
9/01/29
......
Italy
1,500,000
1,460,947
d
MPH
Acquisition
Holdings
LLC
,
Senior
Secured
Note,
144A,
5.75%,
12/31/30
............
United
States
90,027
66,085
e
Senior
Secured
Note,
144A,
PIK,
11.5%,
12/31/30
.........
United
States
144,760
128,951
e
Senior
Secured
Note,
144A,
PIK,
6.75%,
3/31/31
.........
United
States
777,986
501,218
c
Tenet
Healthcare
Corp.
,
Senior
Secured
Note,
6.125%,
6/15/30
.................
United
States
700,000
714,836
Senior
Secured
Note,
6.75%,
5/15/31
..................
United
States
500,000
520,512
6,921,502
Health
Care
REITs
0.9%
d
Diversified
Healthcare
Trust
,
Senior
Secured
Note
,
144A,
7.25
%
,
10/15/30
........................................
United
States
1,190,000
1,238,952
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)
Health
Care
REITs
(continued)
c,d
MPT
Operating
Partnership
LP
/
MPT
Finance
Corp.
,
Senior
Secured
Note
,
144A,
8.5
%
,
2/15/32
....................
United
States
750,000
$
803,252
2,042,204
Health
Care
Technology
0.4%
c,d
IQVIA,
Inc.
,
Senior
Note
,
144A,
6.25
%
,
6/01/32
.............
United
States
925,000
952,682
Hotel
&
Resort
REITs
1.0%
c,d
Pebblebrook
Hotel
LP
/
PEB
Finance
Corp.
,
Senior
Note
,
144A,
6.375
%
,
10/15/29
..................................
United
States
700,000
714,249
d
RHP
Hotel
Properties
LP
/
RHP
Finance
Corp.
,
c
Senior
Note,
144A,
7.25%,
7/15/28
....................
United
States
300,000
308,275
c
Senior
Note,
144A,
6.5%,
4/01/32
.....................
United
States
700,000
724,781
Senior
Note,
144A,
6.5%,
6/15/33
.....................
United
States
275,000
285,830
d
XHR
LP
,
Senior
Note
,
144A,
6.625
%
,
5/15/30
..............
United
States
200,000
207,638
2,240,773
Hotels,
Restaurants
&
Leisure
3.9%
d
Allwyn
Entertainment
Financing
UK
plc
,
Senior
Secured
Note
,
144A,
7.875
%
,
4/30/29
..............................
Switzerland
800,000
831,458
c,d
Carnival
Corp.
,
Senior
Note
,
144A,
5.75
%
,
8/01/32
..........
United
States
835,000
867,606
d
Fertitta
Entertainment
LLC
/
Fertitta
Entertainment
Finance
Co.,
Inc.
,
Senior
Note
,
144A,
6.75
%
,
1/15/30
.................
United
States
1,300,000
1,227,219
c,d
Great
Canadian
Gaming
Corp.
/
Raptor
LLC
,
Senior
Secured
Note
,
144A,
8.75
%
,
11/15/29
.........................
Canada
900,000
915,461
c,d
Mohegan
Tribal
Gaming
Authority
/
MS
Digital
Entertainment
Holdings
LLC
,
Senior
Secured
Note
,
144A,
8.25
%
,
4/15/30
..
United
States
650,000
677,809
d
NCL
Corp.
Ltd.
,
c
Senior
Note,
144A,
6.75%,
2/01/32
....................
United
States
500,000
515,260
Senior
Note,
144A,
6.25%,
9/15/33
....................
United
States
480,000
484,785
d
Rivers
Enterprise
Borrower
LLC
,
Senior
Secured
Note
,
144A,
6.25
%
,
10/15/30
...................................
United
States
275,000
281,119
d
Royal
Caribbean
Cruises
Ltd.
,
Senior
Note,
144A,
6.25%,
3/15/32
....................
United
States
300,000
312,930
Senior
Note,
144A,
6%,
2/01/33
......................
United
States
300,000
310,843
d
Station
Casinos
LLC
,
Senior
Bond,
144A,
4.625%,
12/01/31
..................
United
States
150,000
144,844
Senior
Note,
144A,
4.5%,
2/15/28
.....................
United
States
250,000
249,121
d
Viking
Cruises
Ltd.
,
c
Senior
Note,
144A,
7%,
2/15/29
......................
United
States
600,000
601,316
Senior
Note,
144A,
5.875%,
10/15/33
..................
United
States
520,000
530,787
c,d
Wynn
Resorts
Finance
LLC
/
Wynn
Resorts
Capital
Corp.
,
Senior
Note
,
144A,
7.125
%
,
2/15/31
.........................
United
States
800,000
864,340
8,814,898
Household
Durables
2.5%
d
Ashton
Woods
USA
LLC
/
Ashton
Woods
Finance
Co.
,
c
Senior
Note,
144A,
4.625%,
8/01/29
...................
United
States
1,200,000
1,173,734
Senior
Note,
144A,
6.875%,
8/01/33
...................
United
States
70,000
70,716
c,d
Dream
Finders
Homes,
Inc.
,
Senior
Note
,
144A,
8.25
%
,
8/15/28
United
States
500,000
516,895
d
K.
Hovnanian
Enterprises,
Inc.
,
Senior
Note,
144A,
8%,
4/01/31
......................
United
States
150,000
154,389
Senior
Note,
144A,
8.375%,
10/01/33
..................
United
States
225,000
230,929
c,d
LGI
Homes,
Inc.
,
Senior
Note
,
144A,
8.75
%
,
12/15/28
........
United
States
800,000
835,190
c
M/I
Homes,
Inc.
,
Senior
Note
,
3.95
%
,
2/15/30
..............
United
States
600,000
578,568
Newell
Brands,
Inc.
,
Senior
Note,
6.375%,
5/15/30
........................
United
States
75,000
75,290
Senior
Note,
6.625%,
5/15/32
........................
United
States
50,000
50,028
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)
Household
Durables
(continued)
Newell
Brands,
Inc.,
(continued)
d
Senior
Note,
144A,
8.5%,
6/01/28
.....................
United
States
300,000
$
315,943
d
Weekley
Homes
LLC
/
Weekley
Finance
Corp.
,
c
Senior
Note,
144A,
4.875%,
9/15/28
...................
United
States
1,300,000
1,287,976
Senior
Note,
144A,
6.75%,
1/15/34
....................
United
States
435,000
438,068
5,727,726
Household
Products
0.1%
d
Energizer
Holdings,
Inc.
,
Senior
Note
,
144A,
4.375
%
,
3/31/29
..
United
States
200,000
194,446
Independent
Power
and
Renewable
Electricity
Producers
1.8%
d
Clearway
Energy
Operating
LLC
,
c
Senior
Bond,
144A,
3.75%,
1/15/32
....................
United
States
400,000
372,252
Senior
Note,
144A,
4.75%,
3/15/28
....................
United
States
400,000
398,886
Senior
Note,
144A,
3.75%,
2/15/31
....................
United
States
300,000
284,390
Senior
Note,
144A,
5.75%,
1/15/34
....................
United
States
145,000
146,979
d
Constellation
Energy
Generation
LLC
,
Senior
Note
,
144A,
4.625
%
,
2/01/29
...................................
United
States
700,000
700,137
d
Leeward
Renewable
Energy
Operations
LLC
,
Senior
Note
,
144A,
4.25
%
,
7/01/29
...................................
United
States
1,000,000
943,351
d
Talen
Energy
Supply
LLC
,
Senior
Bond,
144A,
6.5%,
2/01/36
.....................
United
States
590,000
606,958
Senior
Note,
144A,
6.25%,
2/01/34
....................
United
States
590,000
600,732
4,053,685
Insurance
1.5%
d
Acrisure
LLC
/
Acrisure
Finance,
Inc.
,
Senior
Note,
144A,
8.5%,
6/15/29
.....................
United
States
400,000
399,398
Senior
Secured
Note,
144A,
7.5%,
11/06/30
.............
United
States
400,000
407,302
d
Alliant
Holdings
Intermediate
LLC
/
Alliant
Holdings
Co-Issuer
,
Senior
Note,
144A,
6.75%,
10/15/27
...................
United
States
800,000
800,453
c
Senior
Secured
Note,
144A,
7%,
1/15/31
................
United
States
500,000
509,422
d
Asurion
LLC
and
Asurion
Co-Issuer,
Inc.
,
Senior
Secured
Note,
144A,
8%,
12/31/32
...............
United
States
550,000
578,142
Senior
Secured
Note,
144A,
8.375%,
2/01/34
............
United
States
695,000
692,072
3,386,789
IT
Services
1.2%
c,d
Cablevision
Lightpath
LLC
,
Senior
Secured
Note
,
144A,
3.875
%
,
9/15/27
.........................................
United
States
500,000
499,918
d
Cogent
Communications
Group
LLC
/
Cogent
Finance,
Inc.
,
c
Senior
Note,
144A,
7%,
6/15/27
......................
United
States
700,000
688,630
Senior
Secured
Note,
144A,
6.5%,
7/01/32
..............
United
States
975,000
864,991
c,d
Fortress
Intermediate
3,
Inc.
,
Senior
Secured
Note
,
144A,
7.5
%
,
6/01/31
.........................................
United
States
600,000
587,348
2,640,887
Machinery
1.5%
c,d
ATS
Corp.
,
Senior
Note
,
144A,
4.125
%
,
12/15/28
...........
Canada
1,300,000
1,274,812
c,d
Calderys
Financing
LLC
,
Senior
Secured
Note
,
144A,
11.25
%
,
6/01/28
.........................................
France
800,000
831,932
c,d
ESAB
Corp.
,
Senior
Note
,
144A,
6.25
%
,
4/15/29
............
United
States
600,000
615,785
c
Hillenbrand,
Inc.
,
Senior
Note
,
6.25
%
,
2/15/29
..............
United
States
600,000
593,373
d
Terex
Corp.
,
Senior
Note
,
144A,
6.25
%
,
10/15/32
...........
United
States
170,000
175,201
3,491,103
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)
Media
3.5%
d
Block
Communications,
Inc.
,
Senior
Secured
Note
,
144A,
10.25
%
,
3/01/31
...................................
United
States
540,000
$
496,906
d
Clear
Channel
Outdoor
Holdings,
Inc.
,
Senior
Note,
144A,
7.75%,
4/15/28
....................
United
States
300,000
302,558
Senior
Note,
144A,
7.5%,
6/01/29
.....................
United
States
500,000
503,855
Senior
Secured
Note,
144A,
7.5%,
3/15/33
..............
United
States
700,000
756,056
d
CSC
Holdings
LLC
,
Senior
Bond,
144A,
3.375%,
2/15/31
...................
United
States
300,000
179,104
Senior
Note,
144A,
11.25%,
5/15/28
...................
United
States
700,000
555,265
Senior
Note,
144A,
11.75%,
1/31/29
...................
United
States
200,000
142,638
d
Directv
Financing
LLC
,
Senior
Secured
Note
,
144A,
8.875
%
,
2/01/30
.........................................
United
States
150,000
150,239
d
Directv
Financing
LLC
/
Directv
Financing
Co-Obligor,
Inc.
,
Senior
Secured
Note
,
144A,
5.875
%
,
8/15/27
..................
United
States
82,000
82,147
d
EW
Scripps
Co.
(The)
,
Secured
Note
,
144A,
9.875
%
,
8/15/30
..
United
States
750,000
753,797
d
Gray
Media,
Inc.
,
Secured
Note,
144A,
9.625%,
7/15/32
..................
United
States
390,000
405,513
Senior
Bond,
144A,
5.375%,
11/15/31
..................
United
States
300,000
236,465
Senior
Secured
Note,
144A,
7.25%,
8/15/33
.............
United
States
355,000
366,826
c,d
McGraw-Hill
Education,
Inc.
,
Senior
Secured
Note
,
144A,
7.375
%
,
9/01/31
...................................
United
States
800,000
818,134
d
News
Corp.
,
Senior
Note
,
144A,
3.875
%
,
5/15/29
...........
United
States
200,000
195,170
d
Outfront
Media
Capital
LLC
/
Outfront
Media
Capital
Corp.
,
Senior
Bond,
144A,
4.625%,
3/15/30
...................
United
States
75,000
73,634
Senior
Note,
144A,
5%,
8/15/27
......................
United
States
100,000
100,215
c,d
Sinclair
Television
Group,
Inc.
,
Senior
Secured
Note
,
144A,
8.125
%
,
2/15/33
...................................
United
States
800,000
833,600
d
Univision
Communications,
Inc.
,
Senior
Secured
Note
,
144A,
9.375
%
,
8/01/32
...................................
United
States
275,000
291,225
d
VZ
Secured
Financing
BV
,
Senior
Secured
Note
,
144A,
7.5
%
,
1/15/33
.........................................
Netherlands
695,000
683,587
7,926,934
Metals
&
Mining
2.2%
d
Cleveland-Cliffs,
Inc.
,
Senior
Note,
144A,
7%,
3/15/32
......................
United
States
340,000
345,738
Senior
Note,
144A,
7.625%,
1/15/34
...................
United
States
565,000
580,222
Commercial
Metals
Co.
,
c
Senior
Bond,
3.875%,
2/15/31
........................
United
States
700,000
668,602
d
Senior
Bond,
144A,
6%,
12/15/35
.....................
United
States
445,000
456,051
d
Senior
Note,
144A,
5.75%,
11/15/33
...................
United
States
225,000
229,700
d
Constellium
SE
,
c
Senior
Note,
144A,
3.75%,
4/15/29
....................
United
States
600,000
581,804
Senior
Note,
144A,
6.375%,
8/15/32
...................
United
States
400,000
416,688
c,d
Fortescue
Treasury
Pty.
Ltd.
,
Senior
Bond
,
144A,
4.375
%
,
4/01/31
.........................................
Australia
280,000
271,654
d
Mineral
Resources
Ltd.
,
Senior
Note
,
144A,
7
%
,
4/01/31
......
Australia
295,000
310,530
d
Novelis
Corp.
,
Senior
Bond,
144A,
3.875%,
8/15/31
...................
United
States
100,000
91,492
Senior
Note,
144A,
6.875%,
1/30/30
...................
United
States
300,000
309,845
Senior
Note,
144A,
6.375%,
8/15/33
...................
United
States
680,000
687,884
4,950,210
Mortgage
Real
Estate
Investment
Trusts
(REITs)
0.9%
c,d
Apollo
Commercial
Real
Estate
Finance,
Inc.
,
Senior
Secured
Note
,
144A,
4.625
%
,
6/15/29
.........................
United
States
1,500,000
1,493,653
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)
Mortgage
Real
Estate
Investment
Trusts
(REITs)
(continued)
d
Starwood
Property
Trust,
Inc.
,
Senior
Note
,
144A,
5.75
%
,
1/15/31
United
States
445,000
$
450,207
1,943,860
Oil,
Gas
&
Consumable
Fuels
6.7%
c,d
Antero
Resources
Corp.
,
Senior
Note
,
144A,
5.375
%
,
3/01/30
..
United
States
700,000
711,491
d
Calumet
Specialty
Products
Partners
LP
/
Calumet
Finance
Corp.
,
Senior
Note,
144A,
9.75%,
2/15/31
....................
United
States
305,000
325,142
c
Senior
Secured
Note,
144A,
9.25%,
7/15/29
.............
United
States
800,000
820,000
d
Coronado
Finance
Pty.
Ltd.
,
Senior
Secured
Note
,
144A,
9.25
%
,
10/01/29
........................................
Australia
950,000
881,263
d
Crescent
Energy
Finance
LLC
,
Senior
Note,
144A,
7.875%,
4/15/32
...................
United
States
375,000
382,251
Senior
Note,
144A,
7.375%,
1/15/33
...................
United
States
295,000
293,277
c
Senior
Note,
144A,
8.375%,
1/15/34
...................
United
States
800,000
827,460
d
DT
Midstream,
Inc.
,
Senior
Note
,
144A,
4.125
%
,
6/15/29
......
United
States
300,000
297,981
c,d
EQT
Corp.
,
Senior
Note
,
144A,
3.125
%
,
5/15/26
............
United
States
300,000
299,133
c,d
Expand
Energy
Corp.
,
Senior
Note
,
144A,
6.75
%
,
4/15/29
.....
United
States
500,000
501,461
c,d
Hess
Midstream
Operations
LP
,
Senior
Note
,
144A,
6.5
%
,
6/01/29
United
States
500,000
517,617
d
Hilcorp
Energy
I
LP
/
Hilcorp
Finance
Co.
,
Senior
Bond,
144A,
7.25%,
2/15/35
....................
United
States
200,000
198,215
c
Senior
Note,
144A,
6%,
4/15/30
......................
United
States
300,000
296,409
c
Senior
Note,
144A,
8.375%,
11/01/33
..................
United
States
700,000
739,099
d
Kinetik
Holdings
LP
,
Senior
Note
,
144A,
5.875
%
,
6/15/30
......
United
States
400,000
405,562
d
Martin
Midstream
Partners
LP
/
Martin
Midstream
Finance
Corp.
,
Secured
Note
,
144A,
11.5
%
,
2/15/28
...................
United
States
1,700,000
1,773,202
b,d,f
Murray
Energy
Corp.
,
Secured
Note
,
144A,
12
%
,
4/15/24
.....
United
States
757,734
—
c,d
Northriver
Midstream
Finance
LP
,
Senior
Secured
Note
,
144A,
6.75
%
,
7/15/32
...................................
Canada
600,000
617,356
d
Sunoco
LP
,
Senior
Note,
144A,
5.375%,
7/15/31
...................
United
States
95,000
95,341
c
Senior
Note,
144A,
7.25%,
5/01/32
....................
United
States
500,000
528,534
g
Senior
Note,
144A,
5.625%,
7/15/34
...................
United
States
55,000
55,060
Sunoco
LP
/
Sunoco
Finance
Corp.
,
Senior
Note,
6%,
4/15/27
...........................
United
States
500,000
500,500
Senior
Note,
4.5%,
5/15/29
..........................
United
States
200,000
197,162
c,d
Venture
Global
Calcasieu
Pass
LLC
,
Senior
Secured
Bond,
144A,
4.125%,
8/15/31
............
United
States
300,000
281,574
Senior
Secured
Note,
144A,
3.875%,
8/15/29
............
United
States
300,000
287,610
d
Venture
Global
LNG,
Inc.
,
c
Senior
Secured
Note,
144A,
9.5%,
2/01/29
..............
United
States
1,100,000
1,180,435
c
Senior
Secured
Note,
144A,
8.375%,
6/01/31
............
United
States
500,000
512,359
Senior
Secured
Note,
144A,
9.875%,
2/01/32
............
United
States
400,000
424,070
d
Venture
Global
Plaquemines
LNG
LLC
,
Senior
Secured
Bond,
144A,
7.75%,
5/01/35
.............
United
States
200,000
226,954
c
Senior
Secured
Bond,
144A,
6.75%,
1/15/36
.............
United
States
490,000
522,245
Senior
Secured
Note,
144A,
6.125%,
12/15/30
...........
United
States
45,000
46,768
Senior
Secured
Note,
144A,
7.5%,
5/01/33
..............
United
States
200,000
221,962
Senior
Secured
Note,
144A,
6.5%,
1/15/34
..............
United
States
295,000
310,620
Senior
Secured
Note,
144A,
6.5%,
6/15/34
..............
United
States
45,000
47,271
15,325,384
Paper
&
Forest
Products
0.2%
d
Magnera
Corp.
,
Senior
Secured
Note
,
144A,
4.75
%
,
11/15/29
..
United
States
400,000
371,968
Passenger
Airlines
0.6%
d
American
Airlines,
Inc.
/
AAdvantage
Loyalty
IP
Ltd.
,
Senior
Secured
Note
,
144A,
5.5
%
,
4/20/26
....................
United
States
58,334
58,450
Franklin
Universal
Trust
Schedule
of
Investments
(unaudited)
franklintempleton.com
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Semiannual
Report
17
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
Corporate
Bonds
(continued)
Passenger
Airlines
(continued)
d
Delta
Air
Lines,
Inc.
/
SkyMiles
IP
Ltd.
,
Senior
Secured
Note
,
144A,
4.75
%
,
10/20/28
..............................
United
States
641,667
$
647,438
d
OneSky
Flight
LLC
,
Senior
Note
,
144A,
8.875
%
,
12/15/29
.....
United
States
250,000
266,254
c,d
United
Airlines,
Inc.
,
Senior
Secured
Note
,
144A,
4.625
%
,
4/15/29
United
States
300,000
299,973
1,272,115
Personal
Care
Products
0.7%
c,d
Coty,
Inc.
/
HFC
Prestige
Products,
Inc.
/
HFC
Prestige
International
US
LLC
,
Senior
Note
,
144A,
6.625
%
,
7/15/30
...
United
States
600,000
608,340
c,d
Opal
Bidco
SAS
,
Senior
Secured
Note
,
144A,
6.5
%
,
3/31/32
...
France
950,000
979,115
1,587,455
Pharmaceuticals
0.5%
d
Endo
Finance
Holdings
LP
,
Senior
Secured
Note
,
144A,
8.5
%
,
4/15/31
.........................................
United
States
200,000
212,686
c
Teva
Pharmaceutical
Finance
Netherlands
III
BV
,
Senior
Note,
4.75%,
5/09/27
.........................
Israel
600,000
600,881
Senior
Note,
8.125%,
9/15/31
........................
Israel
300,000
344,768
1,158,335
Professional
Services
0.2%
d
CACI
International,
Inc.
,
Senior
Note
,
144A,
6.375
%
,
6/15/33
..
United
States
425,000
437,870
Real
Estate
Management
&
Development
0.3%
d
Forestar
Group,
Inc.
,
Senior
Note
,
144A,
6.5
%
,
3/15/33
.......
United
States
700,000
717,217
Semiconductors
&
Semiconductor
Equipment
0.2%
d
Qnity
Electronics,
Inc.
,
Senior
Note,
144A,
6.25%
,
8/15/33
....................
United
States
140,000
145,537
Senior
Secured
Note,
144A,
5.75%,
8/15/32
.............
United
States
240,000
245,860
391,397
Software
0.8%
d
Gen
Digital,
Inc.
,
Senior
Note
,
144A,
6.25
%
,
4/01/33
.........
United
States
250,000
248,944
d
McAfee
Corp.
,
Senior
Note
,
144A,
7.375
%
,
2/15/30
..........
United
States
800,000
655,516
d
Rocket
Software,
Inc.
,
Senior
Note
,
144A,
6.5
%
,
2/15/29
......
United
States
1,100,000
922,046
1,826,506
Specialized
REITs
1.1%
c,d
Iron
Mountain,
Inc.
,
Senior
Bond,
144A,
5.625%,
7/15/32
...................
United
States
300,000
299,531
Senior
Note,
144A,
7%,
2/15/29
......................
United
States
700,000
718,818
d
Millrose
Properties,
Inc.
,
Senior
Note,
144A,
6.375%,
8/01/30
...................
United
States
1,125,000
1,154,813
Senior
Note,
144A,
6.25%,
9/15/32
....................
United
States
375,000
380,011
2,553,173
Specialty
Retail
0.6%
c,d
Gap,
Inc.
(The)
,
Senior
Note
,
144A,
3.625
%
,
10/01/29
........
United
States
700,000
666,477
d
PetSmart
LLC
/
PetSmart
Finance
Corp.
,
Senior
Secured
Note
,
144A,
7.5
%
,
9/15/32
...............................
United
States
595,000
602,515
1,268,992
Technology
Hardware,
Storage
&
Peripherals
0.2%
c,d
Seagate
Data
Storage
Technology
Pte.
Ltd.
,
Senior
Note
,
144A,
5.875
%
,
7/15/30
...................................
United
States
550,000
566,535
Franklin
Universal
Trust
Schedule
of
Investments
(unaudited)
franklintempleton.com
Semiannual
Report
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
18
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
Corporate
Bonds
(continued)
Textiles,
Apparel
&
Luxury
Goods
0.4%
d,e
Beach
Acquisition
Bidco
LLC
,
Senior
Note
,
144A,
PIK,
10
%
,
7/15/33
.........................................
United
States
758,915
$
828,955
Trading
Companies
&
Distributors
1.5%
d
EquipmentShare.com,
Inc.
,
Secured
Note,
144A,
9%,
5/15/28
.....................
United
States
655,000
686,881
c
Secured
Note,
144A,
8.625%,
5/15/32
..................
United
States
745,000
797,815
c,d
Herc
Holdings,
Inc.
,
Senior
Note
,
144A,
6.625
%
,
6/15/29
......
United
States
900,000
929,680
d
WESCO
Distribution,
Inc.
,
Senior
Note,
144A,
6.375%,
3/15/29
...................
United
States
400,000
411,712
Senior
Note,
144A,
5.25%,
4/15/31
....................
United
States
235,000
235,171
Senior
Note,
144A,
6.375%,
3/15/33
...................
United
States
450,000
469,481
3,530,740
Wireless
Telecommunication
Services
1.7%
d
Altice
France
Lux
3
/
Altice
Holdings
1
,
Senior
Note
,
144A,
10
%
,
1/15/33
.........................................
Luxembourg
300,000
282,272
c,d
Connect
Finco
SARL
/
Connect
US
Finco
LLC
,
Senior
Secured
Note
,
144A,
9
%
,
9/15/29
............................
United
Kingdom
1,300,000
1,381,150
b,h
Digicel
Group
Holdings
Ltd.
,
29.401%
,
11/17/33
............
Bermuda
26,671
844
d
Iliad
Holding
SAS
,
c
Senior
Secured
Note,
144A,
7%,
10/15/28
...............
France
800,000
811,118
Senior
Secured
Note,
144A,
7%,
4/15/32
................
France
425,000
436,820
c,d
Zegona
Finance
plc
,
Senior
Secured
Note
,
144A,
8.625
%
,
7/15/29
.........................................
United
Kingdom
901,000
954,154
3,866,358
Total
Corporate
Bonds
(Cost
$167,278,056)
...................................
167,292,395
i
Senior
Floating
Rate
Interests
0.0%
†
IT
Services
0.0%
†
e
Diamond
Sports
Net
LLC,
First
Lien,
Exit
Term
Loan,
PIK,
15%,
1/03/28
.........................................
United
States
42,571
8,088
Total
Senior
Floating
Rate
Interests
(Cost
$41,316)
............................
8,088
j
Marketplace
Loans
0.4%
b
Financial
Services
0.4%
a
a
a
a
a
a
Total
Marketplace
Loans
(Cost
$1,155,289)
...................................
1,007,915
Municipal
Bonds
0.2%
Arizona
0.2%
d
Maricopa
County
Industrial
Development
Authority
,
Grand
Canyon
University
Obligated
Group
,
Revenue
,
144A,
2024
,
7.375
%
,
10/01/29
........................................
United
States
430,000
464,267
Total
Municipal
Bonds
(Cost
$432,064)
.......................................
464,267
Shares
a
Escrows
and
Litigation
Trusts
0.0%
†
a,b
Endo
GUC
Trust,
Escrow
Account
.......................
United
States
51,454
—
a
Expand
Energy
Corp.,
Escrow
Account
...................
United
States
1,500,000
225
Total
Escrows
and
Litigation
Trusts
(Cost
$–)
.................................
225
Total
Long
Term
Investments
(Cost
$203,057,508)
.............................
279,700,820
a
Franklin
Universal
Trust
Schedule
of
Investments
(unaudited)
franklintempleton.com
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Semiannual
Report
19
Short
Term
Investments
2.4%
a
a
Country
Shares
a
Value
a
a
a
a
a
a
Money
Market
Funds
2.4%
k,l
Franklin
Institutional
U.S.
Government
Money
Market
Fund,
3.583%
.........................................
United
States
5,436,225
$
5,436,225
Total
Money
Market
Funds
(Cost
$5,436,225)
.................................
5,436,225
Total
Short
Term
Investments
(Cost
$5,436,225
)
...............................
5,436,225
a
Total
Investments
(Cost
$208,493,733)
125.2%
................................
$285,137,045
m
Credit
Facility
(26.4)%
......................................................
(60,000,000)
Other
Assets,
less
Liabilities
1.2%
...........................................
2,541,137
Net
Assets
100.0%
.........................................................
$227,678,182
a
a
a
See
Abbreviations
on
page
36
.
*
The
principal
amount
is
stated
in
U.S.
dollars
unless
otherwise
indicated.
†
Rounds
to
less
than
0.1%
of
net
assets.
a
Non-income
producing.
b
Fair
valued
using
significant
unobservable
inputs.
See
Note
8
regarding
fair
value
measurements.
c
A
portion
or
all
of
the
security
is
pledged
as
collateral
in
connection
with
the
Fund’s
credit
facility.
d
Security
was
purchased
pursuant
to
Rule
144A
or
Regulation
S
under
the
Securities
Act
of
1933.
144A
securities
may
be
sold
in
transactions
exempt
from
registration
only
to
qualified
institutional
buyers
or
in
a
public
offering
registered
under
the
Securities
Act
of
1933.
Regulation
S
securities
cannot
be
sold
in
the
United
States
without
either
an
effective
registration
statement
filed
pursuant
to
the
Securities
Act
of
1933,
or
pursuant
to
an
exemption
from
registration.
At
February
28,
2026,
the
aggregate
value
of
these
securities
was
$158,310,158,
representing
69.5%
of
net
assets.
e
Income
may
be
received
in
additional
securities
and/or
cash.
f
Defaulted
security
or
security
for
which
income
has
been
deemed
uncollectible.
See
Note
6.
g
A
portion
or
all
of
the
security
purchased
on
a
delayed
delivery
basis.
See
Note
1(c).
h
The
rate
shown
represents
the
yield
at
period
end.
i
See
Note
1(d)
regarding
senior
floating
rate
interests.
j
See
Note
1(e)
regarding
Marketplace
Lending.
See
full
breakdown
of
marketplace
loans
holdings
in
the
table
at
the
end
of
this
schedule.
k
See
Note
3(c)
regarding
investments
in
affiliated
management
investment
companies.
l
The
rate
shown
is
the
annualized
seven-day
effective
yield
at
period
end.
m
See
Note
7
regarding
credit
facility.
Franklin
Universal
Trust
Schedule
of
Investments
(unaudited),
February
28,
2026
franklintempleton.com
Semiannual
Report
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
20
At
February
28,
2026,
the
Fund
had
the
following
marketplace
loans
outstanding.
See
Note
1(e).
Description
Principal
Amount
Value
Marketplace
Loans
-
0.4%
Freedom
Financial
Asset
Management
LLC
APP-13511680.FP.FTS.B,
12.84%,
5/05/26
$
798
$
800
APP-13477482.FP.FTS.B,
10.34%,
5/18/26
2,250
2,258
APP-13527002.FP.FTS.B,
15.59%,
5/19/26
667
670
APP-14943761.FP.FTS.B,
15.99%,
6/01/26
2,065
2,072
a
APP-15053141.FP.FTS.B,
18.99%,
7/15/26
3,968
1,142
APP-15054013.FP.FTS.B,
17.99%,
7/20/26
1,967
1,998
APP-15109634.FP.FTS.B,
19.49%,
7/21/26
1,244
1,264
a
APP-14956830.FP.FTS.B,
15.74%,
7/28/26
6,348
783
APP-13256383.FP.FTS.B,
7.99%,
9/18/26
.
5,761
5,806
APP-10460831.FP.FTS.B,
21.99%,
9/19/26
1,335
1,373
APP-14860724.FP.FTS.B,
20.99%,
9/26/26
4,378
4,558
APP-10845328.FP.FTS.B,
11.99%,
10/16/26
..........................
4,250
4,286
APP-10704368.FP.FTS.B,
14.99%,
10/16/26
..........................
3,430
3,474
APP-10745909.FP.FTS.B,
17.99%,
10/16/26
..........................
9,426
9,544
APP-10581131.FP.FTS.B,
22.49%,
10/22/26
..........................
1,832
1,893
APP-11187454.FP.FTS.B,
22.49%,
11/10/26
244
242
APP-10848002.FP.FTS.B,
17.99%,
11/19/26
..........................
4,818
4,933
APP-11094577.FP.FTS.B,
19.49%,
12/08/26
..........................
2,829
2,926
APP-11021456.FP.FTS.B,
20.99%,
12/15/26
..........................
8,660
8,994
APP-11007668.FP.FTS.B,
19.99%,
12/19/26
..........................
4,272
4,418
APP-11111264.FP.FTS.B,
16.49%,
12/20/26
2,642
2,683
APP-11677084.FP.FTS.B,
15.49%,
12/26/26
..........................
9,785
9,903
APP-11036570.FP.FTS.B,
22.99%,
1/20/27
768
764
APP-11844341.FP.FTS.B,
16.74%,
2/01/27
9,173
9,363
APP-12397051.FP.FTS.B,
17.49%,
2/06/27
3,277
3,355
APP-11743079.FP.FTS.B,
16.24%,
2/07/27
11,686
7,394
APP-11838245.FP.FTS.B,
19.99%,
2/11/27
1,302
1,316
APP-10128827.FP.FTS.B,
25.49%,
2/24/27
1,651
1,689
APP-11674918.FP.FTS.B,
20.49%,
2/25/27
7,376
7,656
APP-10848317.FP.FTS.B,
12.24%,
2/28/27
5,951
6,024
APP-12106158.FP.FTS.B,
11.24%,
3/07/27
4,303
4,345
a
APP-12407302.FP.FTS.B,
18.99%,
3/15/27
4,281
605
APP-12341500.FP.FTS.B,
20.49%,
3/20/27
5,038
5,249
APP-12396943.FP.FTS.B,
13.49%,
3/21/27
4,496
4,559
APP-12270734.FP.FTS.B,
16.99%,
3/21/27
5,335
5,432
APP-13513406.FP.FTS.B,
14.34%,
4/01/27
14,938
15,096
APP-11744634.FP.FTS.B,
19.99%,
5/01/27
7,185
7,421
APP-08710316.FP.FTS.B,
10.99%,
5/13/27
9,514
9,622
APP-13498730.FP.FTS.B,
11.34%,
5/15/27
5,866
5,938
APP-11845152.FP.FTS.B,
11.74%,
5/15/27
5,850
5,872
APP-13227905.FP.FTS.B,
21.99%,
5/18/27
3,576
3,715
APP-13507352.FP.FTS.B,
20.49%,
5/19/27
2,959
3,047
APP-13485605.FP.FTS.B,
18.99%,
5/20/27
4,496
4,610
APP-11801830.FP.FTS.B,
16.49%,
5/31/27
7,385
7,503
APP-12304720.FP.FTS.B,
18.74%,
7/06/27
10,400
10,530
APP-15064429.FP.FTS.B,
14.49%,
7/15/27
9,230
9,362
Description
Principal
Amount
Value
Freedom
Financial
Asset
Management
LLC
(continued)
APP-15057995.FP.FTS.B,
18.99%,
7/23/27
$
3,667
$
3,739
APP-15058449.FP.FTS.B,
11.99%,
7/25/27
4,036
4,095
APP-15078317.FP.FTS.B,
13.99%,
7/25/27
7,154
7,273
APP-15053719.FP.FTS.B,
16.99%,
7/28/27
4,282
4,354
APP-15053776.FP.FTS.B,
17.49%,
7/30/27
4,414
4,580
APP-15048744.FP.FTS.B,
16.49%,
7/31/27
8,810
9,038
APP-15039962.FP.FTS.B,
12.49%,
8/28/27
19,489
19,748
APP-15070181.FP.FTS.B,
19.99%,
2/15/28
3,783
3,815
APP-15070551.FP.FTS.B,
24.74%,
4/27/28
9,132
9,647
APP-10868780.FP.FTS.B,
14.49%,
2/27/36
992
994
APP-11799488.FP.FTS.B,
16.99%,
3/16/36
850
857
284,627
LendingClub
Corp.
-
LCX
PM
185030629.LC.FTS.B,
28.99%,
1/13/27
...
1,793
1,853
185208719.LC.FTS.B,
27.99%,
1/19/27
...
2,540
2,618
185284755.LC.FTS.B,
20.24%,
1/21/27
...
6,221
6,352
184608676.LC.FTS.B,
21.99%,
1/21/27
...
6,814
–
186073191.LC.FTS.B,
23.99%,
1/26/27
...
2,684
2,767
184862697.LC.FTS.B,
13.19%,
1/28/27
...
4,059
4,064
185625736.LC.FTS.B,
17.24%,
1/31/27
...
3,166
3,172
a
185553869.LC.FTS.B,
17.44%,
1/31/27
...
5,748
273
185801067.LC.FTS.B,
15.19%,
2/04/27
...
3,966
3,985
185785605.LC.FTS.B,
16.99%,
2/04/27
...
6,676
6,729
186037923.LC.FTS.B,
23.49%,
2/12/27
...
2,122
2,183
185788975.LC.FTS.B,
20.44%,
2/15/27
...
11,687
11,882
185737435.LC.FTS.B,
19.74%,
2/16/27
...
6,230
–
188818650.LC.FTS.B,
20.99%,
4/26/27
...
2,133
2,188
188684882.LC.FTS.B,
23.99%,
4/26/27
...
2,248
2,301
188821742.LC.FTS.B,
23.99%,
4/27/27
...
7,378
7,692
188825826.LC.FTS.B,
23.49%,
4/28/27
...
3,670
3,781
188877761.LC.FTS.B,
25.99%,
4/28/27
...
2,488
2,584
188806927.LC.FTS.B,
23.99%,
4/30/27
...
5,652
5,818
188652977.LC.FTS.B,
23.99%,
5/24/27
...
1,311
1,352
185215933.LC.FTS.B,
28.99%,
6/25/27
...
9,720
–
185440062.LC.FTS.B,
10%,
2/25/28
.....
10,674
8,595
186004411.LC.FTS.B,
5%,
2/28/28
......
7,490
7,649
185051135.LC.FTS.B,
23.99%,
2/28/28
...
3,638
3,662
185806351.LC.FTS.B,
18.99%,
2/07/35
...
2,735
–
185828353.LC.FTS.B,
22.99%,
2/08/35
...
5,182
–
91,500
Prosper
Funding
LLC
1608617.PS.FTS.B,
13.7%,
8/20/26
.....
803
804
1609277.PS.FTS.B,
15.7%,
8/23/26
.....
1,971
2,000
1621428.PS.FTS.B,
20%,
8/26/26
.......
1,745
1,808
1611746.PS.FTS.B,
14.29%,
8/27/26
....
1,412
1,408
1610327.PS.FTS.B,
27.6%,
9/17/26
.....
2,159
637
1635897.PS.FTS.B,
12%,
9/23/26
.......
3,294
3,303
1627036.PS.FTS.B,
16.33%,
9/25/26
....
2,524
2,544
1637445.PS.FTS.B,
13.3%,
9/27/26
.....
1,766
1,762
1644875.PS.FTS.B,
11.6%,
10/26/26
....
1,421
1,440
1645337.PS.FTS.B,
18.48%,
10/27/26
...
4,396
4,435
1646123.PS.FTS.B,
13.32%,
10/28/26
...
1,287
–
1651868.PS.FTS.B,
9.45%,
11/08/26
....
2,409
2,408
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)
Prosper
Funding
LLC
(continued)
1658185.PS.FTS.B,
10.5%,
11/08/26
....
$
1,667
$
1,668
a
1653323.PS.FTS.B,
16%,
11/09/26
......
3,215
–
1666362.PS.FTS.B,
19%,
11/09/26
......
1,512
1,532
1666911.PS.FTS.B,
10.62%,
11/10/26
....
2,414
2,414
1660066.PS.FTS.B,
12.6%,
11/10/26
....
6,745
6,742
1666890.PS.FTS.B,
17%,
11/10/26
......
4,459
4,538
1666359.PS.FTS.B,
21%,
11/15/26
......
1,386
1,423
1651871.PS.FTS.B,
20.66%,
11/20/26
....
1,279
1,297
1651913.PS.FTS.B,
25.67%,
11/22/26
....
1,879
1,930
1672316.PS.FTS.B,
10.44%,
12/14/26
...
2,664
2,666
1672730.PS.FTS.B,
13.8%,
12/14/26
....
9,118
2,460
1675010.PS.FTS.B,
12.5%,
12/20/26
....
1,983
1,985
1685637.PS.FTS.B,
11.7%,
12/28/26
....
7,062
7,065
1672718.PS.FTS.B,
14.38%,
1/07/27
....
2,023
2,024
1701537.PS.FTS.B,
19.3%,
1/13/27
.....
3,780
3,846
a
1689173.PS.FTS.B,
11.2%,
1/14/27
.....
7,203
–
1695787.PS.FTS.B,
11.7%,
1/14/27
.....
5,734
5,742
1701108.PS.FTS.B,
15.7%,
1/15/27
.....
7,977
8,058
1702455.PS.FTS.B,
15.18%,
1/20/27
....
4,007
4,008
1689251.PS.FTS.B,
19%,
1/21/27
.......
1,057
1,075
1707746.PS.FTS.B,
9.45%,
2/14/27
.....
1,664
1,665
1720917.PS.FTS.B,
13.7%,
2/15/27
.....
3,218
3,257
1714648.PS.FTS.B,
16.7%,
2/15/27
.....
2,029
2,053
1721346.PS.FTS.B,
16.7%,
2/15/27
.....
5,411
5,522
1714627.PS.FTS.B,
11.4%,
2/17/27
.....
5,227
5,230
a
1703169.PS.FTS.B,
25.6%,
2/25/27
.....
7,327
1,099
1752624.PS.FTS.B,
17.23%,
4/05/27
....
6,316
6,330
1753011.PS.FTS.B,
12%,
4/06/27
.......
4,349
4,337
1744328.PS.FTS.B,
14.89%,
4/15/27
....
6,170
6,191
1752654.PS.FTS.B,
12.76%,
4/30/27
....
4,849
4,832
a
1750735.PS.FTS.B,
16%,
5/15/27
.......
3,088
4
1650328.PS.FTS.B,
11.2%,
7/29/27
.....
3,658
3,622
1678354.PS.FTS.B,
11.07%,
9/20/27
....
4,641
2,484
1685634.PS.FTS.B,
12.5%,
11/14/27
....
2,946
1,439
1705005.PS.FTS.B,
15%,
1/15/28
.......
12,250
12,176
143,263
Upgrade,
Inc.
-
Card
992301470.UG.FTS.B,
28.98%,
8/02/26
..
61
63
992238906.UG.FTS.B,
22.97%,
11/03/28
.
2,660
–
63
Upstart
Network,
Inc.
FW1729657.UP.FTS.B,
9.44%,
9/17/26
...
996
981
L1729743.UP.FTS.B,
11.64%,
9/17/26
....
7,417
7,315
L1730112.UP.FTS.B,
15.91%,
9/17/26
....
483
478
L1730290.UP.FTS.B,
23.01%,
9/17/26
....
1,392
1,373
L1729627.UP.FTS.B,
24.42%,
9/17/26
....
520
512
FW1729390.UP.FTS.B,
32.18%,
9/17/26
..
487
481
FW1728926.UP.FTS.B,
32.35%,
9/17/26
..
451
445
FW1902353.UP.FTS.B,
5.71%,
10/22/26
..
2,107
2,065
FW1901571.UP.FTS.B,
16.95%,
10/22/26
.
2,338
2,317
L1902683.UP.FTS.B,
25.19%,
10/22/26
...
2,581
2,552
L1901951.UP.FTS.B,
25.24%,
10/22/26
...
517
511
FW1902836.UP.FTS.B,
25.41%,
10/22/26
.
9,281
9,176
FW1902401.UP.FTS.B,
25.71%,
10/22/26
.
1,022
1,010
Description
Principal
Amount
Value
Upstart
Network,
Inc.
(continued)
FW1902199.UP.FTS.B,
26.04%,
10/22/26
.
$
918
$
908
FW1901303.UP.FTS.B,
31.21%,
10/22/26
.
900
891
FW1900628.UP.FTS.B,
31.23%,
10/22/26
.
261
258
FW1902681.UP.FTS.B,
31.63%,
10/22/26
.
1,491
1,475
FW1902299.UP.FTS.B,
31.27%,
10/27/26
.
1,985
1,964
FW1901195.UP.FTS.B,
18.66%,
10/28/26
.
496
490
L2032896.UP.FTS.B,
9.9%,
11/12/26
.....
1,278
1,256
L2032147.UP.FTS.B,
11.65%,
11/12/26
...
1,513
1,490
a
L2032600.UP.FTS.B,
12.19%,
11/12/26
...
1,914
130
FW2032727.UP.FTS.B,
12.91%,
11/12/26
.
677
667
L2032226.UP.FTS.B,
14.31%,
11/12/26
...
4,674
4,604
L2032373.UP.FTS.B,
14.92%,
11/12/26
...
2,271
1,765
L2033008.UP.FTS.B,
17.14%,
11/12/26
...
1,337
1,322
L2031479.UP.FTS.B,
17.32%,
11/12/26
...
3,402
3,364
L2032849.UP.FTS.B,
19.14%,
11/12/26
...
2,591
2,562
L2030806.UP.FTS.B,
19.55%,
11/12/26
...
871
858
FW2032947.UP.FTS.B,
19.59%,
11/12/26
.
5,532
5,449
L2032060.UP.FTS.B,
20.25%,
11/12/26
...
1,321
1,302
L2032456.UP.FTS.B,
20.93%,
11/12/26
...
330
325
L2032183.UP.FTS.B,
24.12%,
11/12/26
...
2,346
2,309
FW2031174.UP.FTS.B,
25.25%,
11/12/26
.
2,252
2,218
FW2032753.UP.FTS.B,
27.55%,
11/12/26
.
340
335
FW2032946.UP.FTS.B,
27.87%,
11/12/26
.
6,156
6,065
FW2031644.UP.FTS.B,
30.67%,
11/12/26
.
467
461
FW2032325.UP.FTS.B,
31.07%,
11/12/26
.
313
309
L2031623.UP.FTS.B,
9.89%,
11/16/26
....
6,296
6,184
L2101522.UP.FTS.B,
12.34%,
11/23/26
...
6,415
6,327
L2102939.UP.FTS.B,
13.35%,
11/23/26
...
683
673
L2076017.UP.FTS.B,
13.49%,
11/23/26
...
539
532
L2102751.UP.FTS.B,
16.5%,
11/23/26
....
825
818
L2102051.UP.FTS.B,
19.71%,
11/23/26
...
1,233
1,220
FW2102941.UP.FTS.B,
20.37%,
11/23/26
.
4,408
4,359
L2102400.UP.FTS.B,
22.64%,
11/23/26
...
1,298
1,284
L2101750.UP.FTS.B,
24.17%,
11/23/26
...
1,713
1,695
FW2102727.UP.FTS.B,
24.84%,
11/23/26
.
950
940
L2103842.UP.FTS.B,
25.11%,
11/23/26
...
953
943
L2101880.UP.FTS.B,
25.39%,
11/23/26
...
785
777
L2102028.UP.FTS.B,
25.89%,
11/23/26
...
1,446
1,432
FW2101678.UP.FTS.B,
26.5%,
11/23/26
..
982
971
FW2103284.UP.FTS.B,
27.1%,
11/23/26
..
874
865
L2250662.UP.FTS.B,
8.88%,
12/14/26
....
2,188
2,148
L2249279.UP.FTS.B,
9.09%,
12/14/26
....
1,100
834
L2251398.UP.FTS.B,
9.28%,
12/14/26
....
1,603
1,574
FW2251249.UP.FTS.B,
10.34%,
12/14/26
.
3,885
3,823
a
L2248805.UP.FTS.B,
10.51%,
12/14/26
...
2,630
486
L2249903.UP.FTS.B,
11.03%,
12/14/26
...
620
611
L2250070.UP.FTS.B,
12.15%,
12/14/26
...
993
978
L2247235.UP.FTS.B,
13.18%,
12/14/26
...
854
841
L2249248.UP.FTS.B,
16.43%,
12/14/26
...
2,644
2,615
L2249629.UP.FTS.B,
17.8%,
12/14/26
....
1,410
1,388
L2249412.UP.FTS.B,
19.96%,
12/14/26
...
458
453
L2248975.UP.FTS.B,
19.98%,
12/14/26
...
1,490
1,473
L2250558.UP.FTS.B,
20.67%,
12/14/26
...
2,219
1,737
L2251409.UP.FTS.B,
20.71%,
12/14/26
...
2,946
2,903
L2251393.UP.FTS.B,
20.81%,
12/14/26
...
1,142
1,124
L2249780.UP.FTS.B,
21.14%,
12/14/26
...
1,975
1,944
L2250707.UP.FTS.B,
21.52%,
12/14/26
...
1,587
1,232
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)
Upstart
Network,
Inc.
(continued)
L2249149.UP.FTS.B,
21.87%,
12/14/26
...
$
2,500
$
2,464
FW2248314.UP.FTS.B,
21.92%,
12/14/26
.
875
862
L2251333.UP.FTS.B,
22.77%,
12/14/26
...
3,665
3,609
L2249765.UP.FTS.B,
23.67%,
12/14/26
...
1,029
1,013
L2250334.UP.FTS.B,
24.44%,
12/14/26
...
2,264
2,232
L2250314.UP.FTS.B,
24.91%,
12/14/26
...
930
916
L2249782.UP.FTS.B,
24.98%,
12/14/26
...
1,102
1,086
L2248144.UP.FTS.B,
25.08%,
12/14/26
...
1,295
1,275
L2249856.UP.FTS.B,
25.32%,
12/14/26
...
315
311
L2249823.UP.FTS.B,
25.41%,
12/14/26
...
840
831
L2249257.UP.FTS.B,
26.38%,
12/14/26
...
2,752
2,124
a
FW2249983.UP.FTS.B,
30.63%,
12/14/26
.
784
55
FW2249041.UP.FTS.B,
31.12%,
12/14/26
.
319
315
FW2250974.UP.FTS.B,
31.12%,
12/14/26
.
1,001
794
a
FW2251410.UP.FTS.B,
31.25%,
12/14/26
.
1,889
328
L2141755.UP.FTS.B,
8.51%,
12/15/26
....
8,972
8,815
L2252737.UP.FTS.B,
8.71%,
12/15/26
....
4,163
4,087
FW2253701.UP.FTS.B,
10.99%,
12/15/26
.
2,650
2,610
L2252976.UP.FTS.B,
16.75%,
12/15/26
...
1,409
1,394
FW2251546.UP.FTS.B,
19.76%,
12/15/26
.
3,630
3,579
L2252318.UP.FTS.B,
20.43%,
12/15/26
...
732
722
L2251727.UP.FTS.B,
20.77%,
12/15/26
...
618
610
L2252135.UP.FTS.B,
22.59%,
12/15/26
...
759
747
L2250541.UP.FTS.B,
24.85%,
12/15/26
...
860
680
L2252447.UP.FTS.B,
25.4%,
12/15/26
....
317
313
FW2253392.UP.FTS.B,
25.5%,
12/15/26
..
2,178
1,694
FW2248936.UP.FTS.B,
26.48%,
12/15/26
.
1,459
1,439
FW2252023.UP.FTS.B,
28.67%,
12/15/26
.
1,276
1,259
FW2253542.UP.FTS.B,
31.19%,
12/15/26
.
595
467
L2251912.UP.FTS.B,
13.91%,
12/19/26
...
765
753
FW2252233.UP.FTS.B,
30.05%,
12/20/26
.
552
545
L2252296.UP.FTS.B,
8.02%,
12/26/26
....
2,935
2,882
L2251043.UP.FTS.B,
12.11%,
12/28/26
...
7,429
7,307
L2499407.UP.FTS.B,
5.37%,
1/24/27
....
10,193
9,954
L2500086.UP.FTS.B,
7.95%,
1/24/27
....
1,681
1,655
L2497458.UP.FTS.B,
8.44%,
1/24/27
....
7,447
7,310
L2497353.UP.FTS.B,
9.69%,
1/24/27
....
1,980
1,948
L2500305.UP.FTS.B,
11.35%,
1/24/27
....
228
224
FW2499235.UP.FTS.B,
11.45%,
1/24/27
..
1,477
1,455
L2497797.UP.FTS.B,
12.7%,
1/24/27
....
1,633
1,609
a
L2498730.UP.FTS.B,
14.35%,
1/24/27
....
1,763
315
L2494019.UP.FTS.B,
16.44%,
1/24/27
....
1,491
1,479
L2497377.UP.FTS.B,
16.51%,
1/24/27
....
1,370
1,358
L2500130.UP.FTS.B,
18.16%,
1/24/27
....
1,791
1,770
L2500098.UP.FTS.B,
18.6%,
1/24/27
....
1,933
1,918
L2497754.UP.FTS.B,
19.19%,
1/24/27
....
807
797
L2499090.UP.FTS.B,
20.13%,
1/24/27
....
1,585
1,567
L2497527.UP.FTS.B,
21.34%,
1/24/27
....
1,346
1,331
FW2497553.UP.FTS.B,
23.05%,
1/24/27
..
4,638
4,587
a
L2500298.UP.FTS.B,
25.15%,
1/24/27
....
565
97
L2500230.UP.FTS.B,
25.4%,
1/24/27
....
1,491
1,475
a
L2500426.UP.FTS.B,
25.41%,
1/24/27
....
488
15
L2497705.UP.FTS.B,
25.44%,
1/24/27
....
1,255
1,241
L2500467.UP.FTS.B,
25.44%,
1/24/27
....
597
198
FW2498744.UP.FTS.B,
26.78%,
1/24/27
..
2,926
2,896
FW2499403.UP.FTS.B,
30.76%,
1/24/27
..
866
858
Description
Principal
Amount
Value
Upstart
Network,
Inc.
(continued)
FW2502639.UP.FTS.B,
4.89%,
1/25/27
...
$
2,710
$
2,646
L2443263.UP.FTS.B,
6.66%,
1/25/27
....
1,775
1,734
L2501608.UP.FTS.B,
7.8%,
1/25/27
.....
4,254
4,155
L2501547.UP.FTS.B,
8.21%,
1/25/27
....
1,407
1,379
L2502319.UP.FTS.B,
8.49%,
1/25/27
....
9,502
9,314
L2502134.UP.FTS.B,
9.38%,
1/25/27
....
6,839
6,714
L2501198.UP.FTS.B,
12.05%,
1/25/27
....
2,884
2,842
FW2502179.UP.FTS.B,
12.78%,
1/25/27
..
467
460
L2501977.UP.FTS.B,
12.89%,
1/25/27
....
9,105
8,975
L2503471.UP.FTS.B,
13.93%,
1/25/27
....
1,198
1,180
L2500808.UP.FTS.B,
14.3%,
1/25/27
....
1,774
1,749
L2501876.UP.FTS.B,
14.91%,
1/25/27
....
970
956
L2499095.UP.FTS.B,
16.97%,
1/25/27
....
753
747
L2501997.UP.FTS.B,
17.77%,
1/25/27
....
1,271
1,261
FW2501148.UP.FTS.B,
17.78%,
1/25/27
..
507
503
FW2501125.UP.FTS.B,
17.82%,
1/25/27
..
382
378
L2502439.UP.FTS.B,
18.98%,
1/25/27
....
1,824
1,804
FW2500961.UP.FTS.B,
20.28%,
1/25/27
..
1,208
1,194
FW2501561.UP.FTS.B,
21.33%,
1/25/27
..
1,429
1,413
L2503424.UP.FTS.B,
21.51%,
1/25/27
....
2,645
2,617
L2502058.UP.FTS.B,
21.83%,
1/25/27
....
2,968
2,933
FW2503375.UP.FTS.B,
24.71%,
1/25/27
..
902
892
FW2503209.UP.FTS.B,
25.12%,
1/25/27
..
1,914
1,894
L2500860.UP.FTS.B,
25.49%,
1/25/27
....
418
414
FW2501330.UP.FTS.B,
26.47%,
1/25/27
..
1,630
1,613
FW2502187.UP.FTS.B,
26.63%,
1/25/27
..
1,458
1,444
FW2502652.UP.FTS.B,
27.68%,
1/25/27
..
1,453
1,439
FW2500797.UP.FTS.B,
28.58%,
1/25/27
..
556
551
FW2501430.UP.FTS.B,
31.03%,
1/25/27
..
708
232
FW2500654.UP.FTS.B,
31.21%,
1/25/27
..
321
318
FW2502276.UP.FTS.B,
33.54%,
1/25/27
..
1,753
1,736
L2500341.UP.FTS.B,
18.83%,
1/28/27
....
696
688
FW2498422.UP.FTS.B,
31.2%,
2/01/27
...
340
336
FW1729970.UP.FTS.B,
18.27%,
2/17/27
..
8,573
8,456
a
L1729858.UP.FTS.B,
25.05%,
2/17/27
....
10,633
1,003
a
FW1729641.UP.FTS.B,
30.22%,
2/17/27
..
1,547
280
L2031108.UP.FTS.B,
11.34%,
4/12/27
....
13,862
13,608
a
FW2031845.UP.FTS.B,
15.93%,
4/12/27
..
5,010
826
L2032266.UP.FTS.B,
21.24%,
4/12/27
....
2,314
1,708
L2032337.UP.FTS.B,
26.62%,
4/12/27
....
4,105
3,031
L2972334.UP.FTS.B,
6.17%,
4/19/27
....
13,086
12,770
L2971286.UP.FTS.B,
7.38%,
4/19/27
....
6,687
6,527
L2967243.UP.FTS.B,
14.24%,
4/19/27
....
5,112
5,041
L2971759.UP.FTS.B,
16.29%,
4/19/27
....
2,320
2,304
a
L2971657.UP.FTS.B,
16.32%,
4/19/27
....
870
63
L2971776.UP.FTS.B,
19.69%,
4/19/27
....
2,165
2,151
L2972008.UP.FTS.B,
20.74%,
4/19/27
....
1,815
1,794
a
L2971841.UP.FTS.B,
25.2%,
4/19/27
....
343
66
FW2972220.UP.FTS.B,
26.42%,
4/19/27
..
1,410
1,395
L2971662.UP.FTS.B,
26.49%,
4/19/27
....
363
360
FW2972305.UP.FTS.B,
27.33%,
4/19/27
..
2,197
2,174
FW2972190.UP.FTS.B,
7.92%,
4/28/27
...
13,657
13,319
FW2102410.UP.FTS.B,
22.44%,
5/07/27
..
1,666
1,646
L2250820.UP.FTS.B,
13.59%,
5/14/27
....
866
851
L2250559.UP.FTS.B,
14.84%,
5/14/27
....
2,238
2,197
L2251037.UP.FTS.B,
19.7%,
5/14/27
....
653
646
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)
Upstart
Network,
Inc.
(continued)
FW2248500.UP.FTS.B,
23.6%,
5/14/27
...
$
1,078
$
1,061
L2252476.UP.FTS.B,
9.18%,
5/15/27
....
2,605
2,551
L2252566.UP.FTS.B,
19.55%,
5/15/27
....
2,323
1,621
L2252234.UP.FTS.B,
21.66%,
5/15/27
....
1,622
1,597
L2252209.UP.FTS.B,
25.21%,
5/15/27
....
408
148
FW2253234.UP.FTS.B,
28.94%,
5/15/27
..
4,405
4,341
FW2249414.UP.FTS.B,
19.5%,
6/01/27
...
2,643
2,601
L2247268.UP.FTS.B,
14.22%,
6/14/27
....
18,380
18,176
L2497350.UP.FTS.B,
13.11%,
6/24/27
....
3,660
996
FW2497520.UP.FTS.B,
17.89%,
6/24/27
..
2,949
2,928
L2500224.UP.FTS.B,
25.04%,
6/24/27
....
2,473
2,442
L2501796.UP.FTS.B,
9.36%,
6/25/27
....
4,813
4,705
FW1729187.UP.FTS.B,
30.3%,
7/17/27
...
2,527
2,494
L1902855.UP.FTS.B,
19.55%,
8/22/27
....
429
31
L1901067.UP.FTS.B,
23.17%,
8/22/27
....
3,032
219
a
FW2972075.UP.FTS.B,
9.42%,
9/19/27
...
16,617
1,202
L2971880.UP.FTS.B,
24%,
9/19/27
......
18,836
18,761
FW2101751.UP.FTS.B,
16.63%,
9/23/27
..
6,614
6,558
FW2249049.UP.FTS.B,
30.95%,
10/14/27
.
1,134
80
L2247794.UP.FTS.B,
12.65%,
10/15/27
...
1,205
1,185
FW2249158.UP.FTS.B,
11.8%,
10/28/27
..
4,977
4,881
FW2497574.UP.FTS.B,
12.62%,
11/24/27
.
11,419
11,215
L2498668.UP.FTS.B,
13.66%,
11/25/27
...
16,077
15,776
L2500727.UP.FTS.B,
19.88%,
11/25/27
...
2,700
2,668
L2971527.UP.FTS.B,
13.17%,
1/19/28
....
2,028
146
488,462
Total
Marketplace
Loans
(Cost
$1,155,289
)
.......................
$1,007,915
a
Defaulted
security
or
security
for
which
income
has
been
deemed
uncollectible.
See
Note
6.
Franklin
Universal
Trust
Financial
Statements
Statement
of
Assets
and
Liabilities
February
28,
2026
(unaudited)
franklintempleton.com
Semiannual
Report
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
24
Franklin
Universal
Trust
Assets:
Investments
in
securities:
Cost
-
Unaffiliated
issuers
...................................................................
$203,057,508
Cost
-
Non-controlled
affiliates
(Note
3
c
)
........................................................
5,436,225
Value
-
Unaffiliated
issuers
..................................................................
$279,700,820
Value
-
Non-controlled
affiliates
(Note
3
c
)
.......................................................
5,436,225
Cash
....................................................................................
62,539
Receivables:
Dividends
and
interest
.....................................................................
3,251,386
Total
assets
..........................................................................
288,450,970
Liabilities:
Payables:
Investment
securities
purchased
..............................................................
167,628
Credit
facility
(Note
7
)
......................................................................
60,000,000
Management
fees
.........................................................................
176,107
Trustees'
fees
and
expenses
.................................................................
308
Accrued
interest
(Note
7
)
...................................................................
287,583
Accrued
expenses
and
other
liabilities
...........................................................
141,162
Total
liabilities
.........................................................................
60,772,788
Net
assets,
at
value
.................................................................
$227,678,182
Net
assets
consist
of:
Paid-in
capital
.............................................................................
$152,782,049
Total
distributable
earnings
(losses)
.............................................................
74,896,133
Net
assets,
at
value
.................................................................
$227,678,182
Shares
outstanding
.........................................................................
25,131,894
Net
asset
value
per
share
a
....................................................................
$9.06
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
28,
2026
(unaudited)
franklintempleton.com
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Semiannual
Report
25
Franklin
Universal
Trust
Investment
income:
Dividends:
(net
of
foreign
taxes
of
$7,443)
Unaffiliated
issuers
........................................................................
$1,554,475
Non-controlled
affiliates
(Note
3
c
)
.............................................................
135,826
Interest:
Unaffiliated
issuers
........................................................................
6,062,834
Total
investment
income
...................................................................
7,753,135
Expenses:
Management
fees
(Note
3
a
)
...................................................................
1,040,385
Transfer
agent
fees
.........................................................................
35,444
Custodian
fees
.............................................................................
1,120
Reports
to
shareholders
fees
..................................................................
63,564
Professional
fees
...........................................................................
93,111
Trustees'
fees
and
expenses
..................................................................
1,254
Marketplace
lending
fees
(Note
1
e
)
.............................................................
147,134
Interest
expense
(Not
e
7)
.....................................................................
1,794,917
Other
....................................................................................
27,067
Total
expenses
.........................................................................
3,203,996
Expenses
waived/paid
by
affiliates
(Note
3
c
)
...................................................
(4,874)
Net
expenses
.........................................................................
3,199,122
Net
investment
income
................................................................
4,554,013
Realized
and
unrealized
gains
(losses):
Net
realized
gain
(loss)
from:
Investments:
Unaffiliated
issuers
......................................................................
1,057,252
Foreign
currency
transactions
................................................................
1,799
Net
realized
gain
(loss)
..................................................................
1,059,051
Net
change
in
unrealized
appreciation
(depreciation)
on:
Investments:
Unaffiliated
issuers
......................................................................
15,874,200
Translation
of
other
assets
and
liabilities
denominated
in
foreign
currencies
..............................
(137)
Net
change
in
unrealized
appreciation
(depreciation)
............................................
15,874,063
Net
realized
and
unrealized
gain
(loss)
............................................................
16,933,114
Net
increase
(decrease)
in
net
assets
resulting
from
operations
..........................................
$21,487,127
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.
26
Franklin
Universal
Trust
Six
Months
Ended
February
28,
2026
(unaudited)
Year
Ended
August
31,
2025
Increase
(decrease)
in
net
assets:
Operations:
Net
investment
income
.................................................
$4,554,013
$9,071,563
Net
realized
gain
(loss)
.................................................
1,059,051
3,787,293
Net
change
in
unrealized
appreciation
(depreciation)
...........................
15,874,063
6,364,764
Net
increase
(decrease)
in
net
assets
resulting
from
operations
................
21,487,127
19,223,620
Distributions
to
shareholders
..............................................
(6,408,633)
(12,211,739)
Distributions
to
shareholders
from
tax
return
of
capital
...........................
—
(605,527)
Total
distributions
to
shareholders
..........................................
(6,408,633)
(12,817,266)
Net
increase
(decrease)
in
net
assets
...................................
15,078,494
6,406,354
Net
assets:
Beginning
of
period
.....................................................
212,599,688
206,193,334
End
of
period
..........................................................
$227,678,182
$212,599,688
Franklin
Universal
Trust
Financial
Statements
Statement
of
Cash
Flows
for
the
six
months
ended
February
28,
2026
(unaudited)
franklintempleton.com
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Semiannual
Report
27
Franklin
Universal
Trust
Increase
(Decrease)
in
Cash:
Cash
flows
from
operating
activities:
Net
increase
in
net
assets
resulting
from
operating
activities
..............................................
$21,487,127
Adjustments
to
reconcile
net
increase
in
net
assets
resulting
from
operating
activities
to
net
cash
provided
by
operating
activities:
Purchases
of
long-term
investments
.............................................................
(28,105,824)
Sales
and
maturities
of
long-term
investments
......................................................
27,855,463
Net
sales
of
short-term
investments
.............................................................
515,022
Realized
gain
on
foreign
currency
transactions
.....................................................
(1,799)
Net
accretion
of
discount
......................................................................
(136,003)
Reinvested
dividends
from
non-controlled
affiliates
..................................................
(135,826)
Interest
received
in
the
form
of
securities
..........................................................
(110,810)
Increase
in
dividends
and
interest
receivable
and
other
assets
..........................................
(151,129)
Decrease
in
receivable
for
investment
securities
sold
.................................................
2,233,577
Decrease
in
interest
payable
...................................................................
(19,834)
Decrease
in
payable
to
affiliates,
accrued
expenses,
and
other
liabilities
..................................
(45,470)
Decrease
in
payable
for
investment
securities
purchased
.............................................
(37,626)
Net
realized
gain
on
investments
................................................................
(1,057,252)
Change
in
net
unrealized
appreciation
(depreciation)
of
investments
.....................................
(15,874,200)
Net
cash
provided
by
operating
activities
*
............................................................
6,415,416
Cash
flows
from
financing
activities:
Cash
distributions
to
shareholders
...............................................................
(6,408,633)
Net
cash
used
in
financing
activities
................................................................
(6,408,633)
Net
increase
in
cash
............................................................................
6,783
Cash
at
beginning
of
period
.....................................................................
55,756
Cash
at
end
of
period
..........................................................................
$62,539
*
Included
in
operating
expenses
is
$1,814,751
paid
for
interest
on
borrowings.
Franklin
Universal
Trust
Notes
to
Financial
Statements
(unaudited)
28
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.
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)
29
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
When-Issued,
Forward
Commitment or
Delayed
Delivery
Basis
The
Fund
may
purchase
securities
on
a when-issued,
forward
commitment
or
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
1.
Organization
and
Significant
Accounting
Policies
(continued)
a.
Financial
Instrument
Valuation
(continued)
Franklin
Universal
Trust
Notes
to
Financial
Statements
(unaudited)
30
franklintempleton.com
Semiannual
Report
sets
the
interest
rate
for
the
requested
loan.
The
platform
then
posts
the
borrowing
requests
online,
giving
investors
the
opportunity
to
purchase
the
loans
based
on
factors
such
as
the
interest
rates
and
expected
yields
of
the
loans,
the
borrower
background
data,
and
the
credit
rating
assigned
by
the
platform.
When
the
Fund
invests
in
these
loans,
it
usually
purchases
all
rights,
title
and
interest
in
the
loans
pursuant
to
a
loan
purchase
agreement
directly
from
the
platform.
The
platform
or
a
third-party
servicer
typically
continues
to
service
the
loans,
collecting
payments
and
distributing
them
to
the
Fund,
less
any
servicing
fees
assessed.
The
servicer
is
typically
responsible
for
taking
actions
against
a
borrower
in
the
event
of
a
default
on
the
loan.
Servicing
fees,
along
with
other
administration
fees,
are
included
in
marketplace
lending
fees
in
the
Statement
of
Operations.
The Fund,
as
an
investor
in
a
loan,
would
be
entitled
to
receive
payment
only
from
the
borrower
and
would
not
be
able
to
recover
any
deficiency
from
the
platform,
except
under
very
narrow
circumstances.
The
loans
in
which
the
Fund
may
invest
are
unsecured.
f.
Income
and
Deferred
Taxes
It
is the Fund's
policy
to
qualify
as
a
regulated
investment
company
under
the
Internal
Revenue
Code. The Fund
intends
to
distribute
to
shareholders
substantially
all
of
its
taxable
income
and
net
realized
gains
to
relieve
it
from
federal
income
and
excise
taxes.
As
a
result,
no
provision
for
U.S.
federal
income
taxes
is
required.
The Fund
may
be
subject
to
foreign
taxation
related
to
income
received,
capital
gains
on
the
sale
of
securities
and
certain
foreign
currency
transactions
in
the
foreign
jurisdictions
in
which
it
invests.
Foreign
taxes,
if
any,
are
recorded
based
on
the
tax
regulations
and
rates
that
exist
in
the
foreign
markets
in
which
the
Fund
invests.
In
some
cases,
the
Fund
may
be
entitled
to
reclaim
all
or
a
portion
of
such
taxes,
and
such
reclaim
amounts,
if
any,
are
reflected
as
a
dividend
receivable
in
the
Statement
of
Assets
and
Liabilities
and
dividend
income
in
the
Statement
of
Operations.
In
many
cases,
however,
the
Fund
may
not
receive
such
amounts
for
an
extended
period
of
time,
depending
on
the
country
of
investment.
When
a
capital
gain
tax
is
determined
to
apply,
the
Fund
records
an
estimated
deferred
tax
liability
in
an
amount
that
would
be
payable
if
the
securities
were
disposed
of
on
the
valuation
date.
The Fund
may
recognize
an
income
tax
liability
related
to
its
uncertain
tax
positions
under
U.S.
GAAP
when
the
uncertain
tax
position
has
a
less
than
50%
probability
that
it
will
be
sustained
upon
examination
by
the
tax
authorities
based
on
its
technical
merits.
As
of
February
28,
2026, 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).
The
Fund’s
federal
and
state
income
and
federal
excise
tax
returns
for
the
prior
three
fiscal
years
are
subject
to
examination
by
the
Internal
Revenue
Service
and
state
departments
of
revenue.
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
(including
interest
income
from
payment-in-kind
securities,
if
any)
and
estimated
expenses
are
accrued
daily.
Amortization
of
premium
and
accretion
of
discount
on
debt
securities
are
included
in
interest
income.
Paydown
gains
and
losses
are
recorded
as
an
adjustment
to
interest
income.
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.
The
Fund
employs
a
distribution
policy
whereby
the
Fund
will
distribute
a
level
monthly
distribution
amount
to
shareholders.
The
Fund's
distribution
level
may
be
changed
by
the
Board
in
the
future.
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
1.
Organization
and
Significant
Accounting
Policies
(continued)
e.
Marketplace
Lending
(continued)
Franklin
Universal
Trust
Notes
to
Financial
Statements
(unaudited)
31
franklintempleton.com
Semiannual
Report
reclassifications
have
no
impact
on
net
assets
or
the
results
of
operations.
Temporary
differences
are
not
reclassified,
as
they
may
reverse
in
subsequent
periods.
h.
Accounting
Estimates
The
preparation
of
financial
statements
in
accordance
with
U.S.
GAAP
requires
management
to
make
estimates
and
assumptions
that
affect
the
reported
amounts
of
assets
and
liabilities
at
the
date
of
the
financial
statements
and
the
amounts
of
income
and
expenses
during
the
reporting
period.
Actual
results
could
differ
from
those
estimates.
i.
Guarantees
and
Indemnifications
Under
the Fund's
organizational
documents,
its
officers
and trustees
are
indemnified
by
the
Fund against
certain
liabilities
arising
out
of
the
performance
of
their
duties
to
the
Fund.
Additionally,
in
the
normal
course
of
business,
the
Fund
enters
into
contracts
with
service
providers
that
contain
general
indemnification
clauses.
The Fund's
maximum
exposure
under
these
arrangements
is
unknown
as
this
would
involve
future
claims
that
may
be
made
against
the Fund
that
have
not
yet
occurred.
Currently,
the Fund
expects
the
risk
of
loss
to
be
remote.
2.
Shares
of
Beneficial
Interest
At
February
28,
2026,
there
were
an
unlimited
number
of
shares
authorized
($0.01
par
value).
During
the period
ended
February
28,
2026 and
year
ended
August
31,
2025,
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 period
ended
February
28,
2026 and
year
ended August
31,
2025,
there
were
no
shares
repurchased.
3.
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)
g.
Security
Transactions,
Investment
Income,
Expenses
and
Distributions
(continued)
Franklin
Universal
Trust
Notes
to
Financial
Statements
(unaudited)
32
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,
if
applicable, paid
directly
or
indirectly
by
each
affiliate.
During
the
period
ended
February
28,
2026,
the
Fund
held
investments
in
affiliated
management
investment
companies
as
follows:
4.
Income
Taxes
At
February
28,
2026,
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,
bond
discounts
and
premiums
and
corporate
actions.
5.
Investment
Transactions
Purchases
and
sales
of
investments (excluding
short
term
securities) for
the
period
ended
February
28,
2026,
aggregated
$28,218,925 and
$28,059,073,
respectively. 
6.
Credit
Risk
and
Defaulted
Securities
At
February
28,
2026,
the
Fund
had 53.6% of
its
portfolio
invested
in
high
yield
securities,
senior
secured
floating
rate
loans,
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.
    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
Franklin
Institutional
U.S.
Government
Money
Market
Fund,
3.583%
............
$5,815,421
$26,484,790
$(26,863,986)
$—
$—
$5,436,225
5,436,225
$135,826
Total
Affiliated
Securities
...
$5,815,421
$26,484,790
$(26,863,986)
$—
$—
$5,436,225
$135,826
Cost
of
investments
..........................................................................
$209,445,340
Unrealized
appreciation
........................................................................
$84,536,901
Unrealized
depreciation
........................................................................
(8,845,196)
Net
unrealized
appreciation
(depreciation)
..........................................................
$75,691,705
3.
Transactions
with
Affiliates
(continued)
c.
Investments
in
Affiliated
Management
Investment
Companies
(continued)
Franklin
Universal
Trust
Notes
to
Financial
Statements
(unaudited)
33
franklintempleton.com
Semiannual
Report
The
Fund held
defaulted
securities
and/or
other
securities
for
which
the
income
has
been
deemed
uncollectible.
At
February
28,
2026,
the
aggregate
value
of
these
securities represents less
than
0.1%
of
the
Fund's net
assets.
The
Fund
discontinues
accruing
income
on
securities
for
which
income
has
been
deemed
uncollectible
and
provides
an
estimate
for
losses
on
interest
receivable.
The
securities
have
been
identified
in
the
accompanying
Schedule
of
Investments.
7.
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
15,
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
28,
2026,
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
28,
2026,
were
$60,000,000
and
5.95%,
respectively.
8.
Fair
Value
Measurements
The
Fund
follows
a
fair
value
hierarchy
that
distinguishes
between
market
data
obtained
from
independent
sources
(observable
inputs)
and
the Fund's
own
market
assumptions
(unobservable
inputs).
These
inputs
are
used
in
determining
the
value
of
the
Fund's financial
instruments
and
are
summarized
in
the
following
fair
value
hierarchy:
Level
1
–
quoted
prices
in
active
markets
for
identical
financial
instruments
Level
2
–
other
significant
observable
inputs
(including
quoted
prices
for
similar
financial
instruments,
interest
rates,
prepayment
speed,
credit
risk,
etc.)
Level
3
–
significant
unobservable
inputs
(including
the
Fund's
own
assumptions
in
determining
the
fair
value
of
financial
instruments)
The
input
levels
are
not
necessarily
an
indication
of
the
risk
or
liquidity
associated
with
financial
instruments
at
that
level.
A
summary
of
inputs
used
as
of
February
28,
2026,
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:
a
Common
Stocks
:
Diversified
Telecommunication
Services
.....
$
—
$
246,947
$
—
$
246,947
Electric
Utilities
........................
59,168,200
—
—
59,168,200
Metals
&
Mining
.......................
9,839,228
—
—
9,839,228
Multi-Utilities
..........................
36,258,350
—
—
36,258,350
Oil,
Gas
&
Consumable
Fuels
.............
3,927,400
185,469
—
4,112,869
Pharmaceuticals
.......................
—
293,707
—
293,707
Software
.............................
—
—
507
507
6.
Credit
Risk
and
Defaulted
Securities
(continued)
Franklin
Universal
Trust
Notes
to
Financial
Statements
(unaudited)
34
franklintempleton.com
Semiannual
Report
Level
1
Level
2
Level
3
Total
Franklin
Universal
Trust
(continued)
Assets:
(continued)
Investments
in
Securities:
a
(continued)
Convertible
Preferred
Stocks
................
$
465,158
$
—
$
—
$
465,158
Preferred
Stocks
.........................
522,775
—
—
522,775
Rights
.................................
—
20,189
—
20,189
Corporate
Bonds
:
Aerospace
&
Defense
...................
—
3,391,340
—
3,391,340
Automobile
Components
.................
—
4,977,656
—
4,977,656
Automobiles
..........................
—
1,118,914
—
1,118,914
Biotechnology
.........................
—
2,388,677
—
2,388,677
Broadline
Retail
.......................
—
1,565,708
—
1,565,708
Building
Products
......................
—
5,764,714
—
5,764,714
Capital
Markets
........................
—
2,434,934
—
2,434,934
Chemicals
...........................
—
4,059,547
—
b
4,059,547
Commercial
Services
&
Supplies
...........
—
4,606,747
—
4,606,747
Communications
Equipment
..............
—
518,588
—
518,588
Construction
&
Engineering
...............
—
400,709
—
400,709
Consumer
Finance
.....................
—
4,076,071
—
4,076,071
Consumer
Staples
Distribution
&
Retail
......
—
722,604
—
722,604
Containers
&
Packaging
.................
—
3,200,105
—
3,200,105
Distributors
...........................
—
542,689
—
542,689
Diversified
Consumer
Services
............
—
804,466
—
804,466
Diversified
REITs
......................
—
2,238,525
—
2,238,525
Diversified
Telecommunication
Services
.....
—
6,406,855
—
6,406,855
Electric
Utilities
........................
—
3,898,229
—
3,898,229
Electronic
Equipment,
Instruments
&
Components
........................
—
793,388
—
793,388
Energy
Equipment
&
Services
.............
—
4,911,512
—
4,911,512
Entertainment
.........................
—
1,590,344
—
1,590,344
Financial
Services
......................
—
9,794,093
—
9,794,093
Food
Products
........................
—
3,235,694
—
3,235,694
Ground
Transportation
..................
—
1,840,235
—
1,840,235
Health
Care
Equipment
&
Supplies
.........
—
1,019,352
—
1,019,352
Health
Care
Providers
&
Services
..........
—
6,921,502
—
6,921,502
Health
Care
REITs
.....................
—
2,042,204
—
2,042,204
Health
Care
Technology
.................
—
952,682
—
952,682
Hotel
&
Resort
REITs
...................
—
2,240,773
—
2,240,773
Hotels,
Restaurants
&
Leisure
.............
—
8,814,898
—
8,814,898
Household
Durables
....................
—
5,727,726
—
5,727,726
Household
Products
....................
—
194,446
—
194,446
Independent
Power
and
Renewable
Electricity
Producers
..........................
—
4,053,685
—
4,053,685
Insurance
............................
—
3,386,789
—
3,386,789
IT
Services
...........................
—
2,640,887
—
2,640,887
Machinery
............................
—
3,491,103
—
3,491,103
Media
...............................
—
7,926,934
—
7,926,934
Metals
&
Mining
.......................
—
4,950,210
—
4,950,210
Mortgage
Real
Estate
Investment
Trusts
(REITs)
............................
—
1,943,860
—
1,943,860
Oil,
Gas
&
Consumable
Fuels
.............
—
15,325,384
—
b
15,325,384
Paper
&
Forest
Products
.................
—
371,968
—
371,968
Passenger
Airlines
.....................
—
1,272,115
—
1,272,115
Personal
Care
Products
.................
—
1,587,455
—
1,587,455
Pharmaceuticals
.......................
—
1,158,335
—
1,158,335
Professional
Services
...................
—
437,870
—
437,870
Real
Estate
Management
&
Development
....
—
717,217
—
717,217
Semiconductors
&
Semiconductor
Equipment
.
—
391,397
—
391,397
8.
Fair
Value
Measurements
(continued)
Franklin
Universal
Trust
Notes
to
Financial
Statements
(unaudited)
35
franklintempleton.com
Semiannual
Report
A
reconciliation
in
which
Level
3
inputs
are
used
in
determining
fair
value
is
presented
when
there
are
significant
Level
3
assets
and/or
liabilities
at
the
beginning
and/or
end
of
the period.
At
February
28,
2026,
the
reconciliation
is
as
follows:
Level
1
Level
2
Level
3
Total
Franklin
Universal
Trust
(continued)
Assets:
(continued)
Investments
in
Securities:
a
(continued)
Corporate
Bonds:
(continued)
Software
.............................
$
—
$
1,826,506
$
—
$
1,826,506
Specialized
REITs
......................
—
2,553,173
—
2,553,173
Specialty
Retail
........................
—
1,268,992
—
1,268,992
Technology
Hardware,
Storage
&
Peripherals
.
—
566,535
—
566,535
Textiles,
Apparel
&
Luxury
Goods
..........
—
828,955
—
828,955
Trading
Companies
&
Distributors
..........
—
3,530,740
—
3,530,740
Wireless
Telecommunication
Services
.......
—
3,865,514
844
3,866,358
Senior
Floating
Rate
Interests
...............
—
8,088
—
8,088
Marketplace
Loans
.......................
—
—
1,007,915
1,007,915
Municipal
Bonds
.........................
—
464,267
—
464,267
Escrows
and
Litigation
Trusts
...............
—
225
—
b
225
Short
Term
Investments
...................
5,436,225
—
—
5,436,225
Total
Investments
in
Securities
...........
$115,617,336
$168,510,443
$1,009,266
$285,137,045
a
For
detailed
categories,
see
the
accompanying
Schedule
of
Investments.
b
Includes
financial
instruments
determined
to
have
no
value.
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:
Common
Stocks
:
Pharmaceuticals
....
$
287,042
$
5
$
(253,363)
$
—
$
—
$
—
$
—
$
(33,684)
$
—
$
—
Software
..........
27,871
—
—
—
—
—
—
(27,364)
507
(27,364)
Corporate
Bonds
:
Chemicals
........
—
c
—
—
—
—
—
—
—
—
c
—
Hotels,
Restaurants
&
Leisure
.........
—
c
—
(1,762,609)
—
—
—
—
1,762,609
—
—
Oil,
Gas
&
Consumable
Fuels
..........
—
c
—
—
—
—
—
—
—
—
c
—
Wireless
Telecommunication
Services
........
844
—
—
—
—
374
—
(374)
844
(374)
Marketplace
Loans
:
Financial
Services
...
1,959,866
11,880
(1,147,332)
—
—
—
13,339
170,162
1,007,915
10,241
Escrows
and
Litigation
Trusts
:
—
c
—
(1,466)
—
—
—
1,466
—
—
c
—
Total
Investments
in
Securities
............
$2,275,623
$11,885
$(3,164,770)
$—
$—
$374
$14,805
$1,871,349
$1,009,266
$(17,497)
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.
8.
Fair
Value
Measurements
(continued)
Franklin
Universal
Trust
Notes
to
Financial
Statements
(unaudited)
36
franklintempleton.com
Semiannual
Report
Level
3
financial
instruments
include
the
fair
value
of
immaterial
assets
and/or
liabilities
developed
using
various
valuation
techniques
and
unobservable
inputs.
9.
Distributions
Subsequent
to
February
28,
2026
The
following
distributions
have
been
declared
by
the
Fund’s
Board
and
are
payable
subsequent
to
the
period
end
of
this
report.
10.
Operating
Segments
The Fund operates
as
a
single
operating
segment,
which
is
an
investment
portfolio.
The
portfolio
managers
assigned
to
the
Fund
within
the
Fund’s
investment
manager serve
as
the
Chief
Operating
Decision
Maker
(“CODM”)
and
are
responsible
for
evaluating
the
Fund's
operating
results
and
allocating
resources
in
accordance
with
the
Fund’s
investment
strategy.
Internal
reporting
provided
to
the
CODM
aligns
with
the
accounting
policies
and
measurement
principles
used
in
the financial
statements.
For
information
regarding
segment
assets,
segment
profit
or
loss,
and
significant
expenses,
refer
to
the Statement
of
Assets
and
Liabilities
and
the Statement
of
Operations,
along
with
the
related
notes
to
the financial
statements.
The Schedule
of
Investments
provides
details
of
the Fund's investments
that
generate
returns
such
as
interest,
dividends,
and
realized
and
unrealized
gains
or
losses.
Performance
metrics,
including
portfolio
turnover
and
expense
ratios,
are
disclosed
in
the Financial
Highlights. 
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
Record
Date 
Payable
Date
Amount
3/24/2026
3/31/2026
$0.0425 
4/23/2026
4/30/2026
$0.0425 
5/21/2026
5/29/2026
$0.0425 
6/23/2026
6/30/2026 
$0.0425 
Selected
Portfolio
ADR
American
Depositary
Receipt
FRN
Floating
Rate
Note
PIK
Payment-In-Kind
REIT
Real
Estate
Investment
Trust
8.
Fair
Value
Measurements
(continued)
Franklin
Universal
Trust
37
franklintempleton.com
Semiannual
Report
Important
Information
to
Shareholders
(unaudited)
Share
Repurchase
Program
The
Fund’s
Board
has
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.
Franklin
Universal
Trust
Annual
Meeting
of
Shareholders:
March
9,
2026
(unaudited)
38
franklintempleton.com
Semiannual
Report
The
Annual
Meeting
of
Shareholders
of
Franklin
Universal
Trust
(the
“Fund”)
was
held
at
the
Fund’s
offices,
300
S.E.
2nd
Street,
Fort
Lauderdale,
Florida,
on
March
9,
2026.
The
purpose
of
the
meeting
was
to
elect
three
Trustees
of
the
Fund.
At
the
meeting,
the
following
persons
were
elected
by
the
shareholders
to
serve
as
Trustees
of
the
Fund:
Harris
J.
Ashton,
Edith
E.
Holiday
and
Rupert
H.
Johnson,
Jr.*
No
other
business
was
transacted
at
the
meeting
with
respect
to
the
Fund.
The
results
of
the
voting
at
the
Annual
Meeting
are
as
follows:
Election
of
three
Trustees:
*
Terrence
J.
Checki
,
Mary
C.
Choksi,
Gregory
E.
Johnson,
J.
Michael
Luttig
,
Larry
D.
Thompson
and
Valerie
M.
Williams
are
Trustees
of
the
Fund
who
are
currently
serving
and
whose
terms
of
office
continued
after
the
Annual
Meeting
of
Shareholders.
Term
Expiring
2029
For
%
of
Outstanding
Shares
%
of
Shares
Present
Withheld
%
of
Outstanding
Shares
%
of
Shares
Present
Harris
J.
Ashton
14,331,824
57.03%
80.33%
2,716,815
10.81%
15.23%
Edith
E.
Holiday
14,493,700
57.67%
81.24%
2,556,000
10.17%
14.33%
Rupert
H.
Johnson,
Jr.
16,446,373
65.44%
92.18%
572,438
2.28%
3.21%
Franklin
Universal
Trust
39
franklintempleton.com
Semiannual
Report
Dividend
Reinvestment
and
Cash
Purchase
Plan
(unaudited)
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.
Computershare
Trust
Company,
N.A.
(Plan
Agent),
P.O.
Box
43006
Providence,
RI
02940-
3078,
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
Computershare
Trust
Company,
N.A.
and
sent
to
Computershare
Trust
Company,
N.A.,
P.O.
Box
43006
Providence,
RI
02940-3078,
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
(unaudited)
40
franklintempleton.com
Semiannual
Report
You
will
receive
a
monthly
account
statement
from
the
Plan
Agent
showing
total
dividends
and
capital
gain
distributions,
date
of
investment,
shares
acquired
and
price
per
share,
and
total
shares
of
record
held
by
you
and
by
the
Plan
Agent
for
you.
You
are
entitled
to
vote
all
shares
of
record,
including
shares
purchased
for
you
by
the
Plan
Agent,
and,
if
you
vote
by
proxy,
your
proxy
will
include
all
such
shares.
As
long
as
you
participate
in
the
Plan,
the
Plan
Agent
will
hold
the
shares
it
has
acquired
for
you
in
safekeeping,
in
its
name
or
in
the
name
of
its
nominee.
This
convenience
provides
added
protection
against
loss,
theft
or
inadvertent
destruction
of
certificates.
However,
you
may
request
that
a
certificate
representing
your
Plan
shares
be
issued
to
you.
You
may
withdraw
from
the
Plan
without
penalty
at
any
time
by
notifying
the
Plan
Agent,
in
writing,
at
the
address
above.
If
you
withdraw,
you
will
receive,
without
charge,
stock
certificates
issued
in
your
name
for
all
full
shares.
The
Plan
Agent
will
convert
any
fractional
shares
you
hold
at
the
time
of
your
withdrawal
to
cash
at
current
market
price
and
send
you
a
check
for
the
proceeds.
If
you
hold
shares
in
your
own
name,
please
address
all
notices,
correspondence,
questions,
or
other
communications
regarding
the
Plan
to
the
Plan
Agent
at
the
address
noted
above.
If
your
shares
are
not
held
in
your
name,
you
should
contact
your
brokerage
firm,
bank,
or
other
nominee
for
more
information
and
to
determine
if
our
nominee
will
participate
in
the
Plan
on
your
behalf.
The
Fund
or
the
Plan
Agent
may
amend
or
terminate
the
Plan.
You
will
receive
written
notice
at
least
90
days
before
the
effective
date
of
termination
or
of
any
amendment.
In
the
case
of
termination,
you
will
receive
written
notice
at
least
90
days
before
the
record
date
of
any
dividend
or
capital
gain
distribution
by
the
Fund.
Franklin
Universal
Trust
Shareholder
Information
41
franklintempleton.com
Semiannual
Report
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
04/26
©
2026
Franklin
Templeton
Investments.
All
rights
reserved.
Investors
should
be
aware
that
the
value
of
investments
made
for
the
Fund
may
go
down
as
well
as
up.
Like
any
investment
in
securities,
the
value
of
the
Fund's
portfolio
will
be
subject
to
the
risk
of
loss
from
market,
currency,
economic,
political
and
other
factors.
The
Fund
and
its
investors
are
not
protected
from
such
losses
by
the
investment
manager.
Therefore,
investors
who
cannot
accept
this
risk
should
not
invest
in
shares
of
the
Fund.
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
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