UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number: 811-05569

Franklin Universal Trust

(Exact name of registrant as specified in charter)

One Franklin Parkway, San Mateo, CA 94403-1906

(Address of principal executive offices)(Zip code)

Alison Baur, One Franklin Parkway, San Mateo, Ca 94403-1906

(Name and address of agent for service)

Registrant's telephone number, including area code: 650 312-2000

Date of fiscal year end: 8/31

Date of reporting period: 8/31/23

Item 1. Reports to Stockholders.

a.)

The following is a copy of the report transmitted to shareholders pursuant to Rule30e-1 under the Investment Company Act of 1940, as amended (the “1940 Act”) (17 CFR 270.30e-1.)

b.)

Include a copy of each notice transmitted to stockholders in reliance on Rule 30e-3 under the Act (17 CFR 270.30e-3) that contains disclosures specified by paragraph (c)(3) of that rule.

Not Applicable

.

Annual

Report

Franklin

Universal

Trust

August

31,

2023

Not

FDIC

Insured

May

Lose

Value

No

Bank

Guarantee

Distribution

Policy

:

The

Fund’s

Board

of

Trustees

(the

“Board”)

has

authorized

a

distribution

policy

(the

“Distribution

Policy”).

Under

the

Distribution

Policy,

the

Fund

pays

monthly

distributions

and

seeks

to

maintain

a

relatively

stable

level

of

distributions

to

shareholders.

With

each

distribution,

the

Fund

will

issue

a

notice

to

its

shareholders

and

an

accompanying

press

release

that

provides

estimates

regarding

the

amount

and

composition

of

the

distribution.

The

Fund

will

send

a

Form

1099-DIV

to

shareholders

for

the

calendar

year

that

will

describe

how

to

report

the

Fund’s

distributions

for

federal

income

tax

purposes.

Shareholders

should

not

draw

any

conclusions

about

the

Fund’s

investment

performance

from

the

amount

of

distributions

or

from

the

terms

of

the

Fund’s

Distribution

Policy.

The

Board

may

amend

or

terminate

the

Distribution

Policy

at

any

time

without

prior

notice

to

shareholders;

however,

at

this

time

there

are

no

reasonably

foreseeable

circumstances

that

might

cause

the

termination

of

the

Distribution

Policy.

franklintempleton.com

Annual

Report

1

Contents

Fund

Overview

2

Performance

Summary

4

Financial

Highlights

and

Schedule

of

Investments

7

Financial

Statements

37

Notes

to

Financial

Statements

41

Report

of

Independent

Registered

Public

Accounting

Firm

51

Tax

Information

52

Important

Information

to

Shareholders

53

Annual

Meeting

of

Shareholders

56

Dividend

Reinvestment

and

Cash

Purchase

Plan

57

Board

Members

and

Officers

59

Shareholder

Information

63

Visit

franklintempleton.com

for

fund

updates,

to

access

your

account,

or

to

find

helpful

financial

planning

tools.

2

franklintempleton.com

Annual

Report

Franklin

Universal

Trust

Dear

Shareholder,

This

annual

report

for

Franklin

Universal

Trust

covers

the

fiscal

year

ended

August

31,

2023.

Fund

Overview

Q.

What

is

the

Fund's

investment

strategy?

A.

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.

Q.

What

were

the

overall

market

conditions

during

the

Fund's

reporting

period?

A.

Inflation

levels

and

central

bank

action

remained

the

focus

of

financial

markets

during

the

12-month

period

under

review.

The

U.S.

Federal

Reserve

(Fed)

continued

its

aggressive

action

to

address

the

decades-high

levels

of

inflation,

taking

a

breather

at

its

June

2023

meeting

after

a

15-month

long

rate

hiking

campaign,

followed

by

a

25-basis

point

increase

in

the

fed

funds

target

rate

in

July’s

meeting.

The

Fed

retained

its

“data-dependent”

stance

towards

future

meeting

actions,

as

had

been

widely

expected.

The

UST

yield

curve

shifted

higher

during

the

period

under

review,

especially

the

shorter

end

of

the

curve.

The

yield

curve

remained

inverted,

which

is

often

a

sign

of

a

slowing

economy.

Over

the

period,

headline

inflation

measures

moved

significantly

lower

such

that

a

soft-landing

scenario

for

the

U.S.

economy

increasingly

became

a

general

market

consensus.

While

the

overall

U.S.

market

performed

well,

utilities

underperformed.

Rising

interest

rates

caused

a

rotation

away

from

the

utility

sector

throughout

the

year.

Interest

rates

rose

above

the

average

dividend

yield

for

the

utility

sector,

enticing

investors

to

move

to

higher

yielding

instruments.

Q.

How

did

we

respond

to

these

changing

market

conditions?

A.

As

interest

rates

are

likely

to

remain

higher

for

longer

than

markets

anticipate,

issuers

with

sizeable

bank

borrowings

continued

to

experience

rising

interest

expenses,

especially

for

those

that

had

not

hedged

their

interest

rate

exposure.

We

expect

a

continued

divergence

in

earnings

trends

between

winners

and

losers

against

a

backdrop

of

elevated

interest

expenses

and

a

potentially

slowing

economy.

We

responded

to

the

challenges

by

reiterating

our

focus

on

prudent

security

selection

and

individual

company

fundamentals.

Throughout

the

year,

we

evaluated

our

utility

holdings’

exposure

to

rising

interest

rates.

Utilities

largely

exposed

to

floating-rate

debt,

or

those

with

near-term

maturities,

saw

some

headwinds

from

the

impact

of

rising

rates.

Across

the

portfolio,

we

also

evaluated

affordability

concerns

among

different

parts

of

the

U.S.

We

believe

that

those

utilities

that

enter

rate

cases

to

pass-through

costs

to

customer

bills

may

see

pressure

receiving

their

full-ask

due

to

inflation’s

impact

on

the

consumer.

Performance

Overview

For

the

12

months

under

review,

the

Fund’s

cumulative

total

returns

were

-1.81%

based

on

net

asset

value

and

-8.24%

based

on

market

price.

For

comparison,

the

Credit

Suisse

(CS)

High

Yield

Index,

which

is

designed

to

mirror

the

investable

universe

of

the

U.S.

dollar-denominated

high-

yield

debt

traded

in

the

U.S.

credit

market,

posted

a

+7.28%

cumulative

total

return,

and

utilities

stocks,

as

measured

by

the

Standard

&

Poor’s

®

(S&P

®

)

500

Utilities

Index,

which

consists

of

all

utility

stocks

in

the

S&P

500

®

Index,

posted

a

-12.65%

cumulative

total

return

for

the

same

period.

1

You

can

find

the

Fund’s

long-term

performance

data

in

the

Performance

Summary

on

page

4

.

The

Fund

has

a

policy

of

seeking

to

maintain

a

relatively

stable

level

of

distributions

to

shareholders.

This

policy

has

no

impact

on

the

Fund’s

investment

strategy

and

may

reduce

the

Fund’s

net

asset

value.

The

Fund’s

investment

manager

believes

the

policy

helps

maintain

the

Fund’s

competitiveness

and

may

benefit

the

Fund’s

market

price

and

premium/discount

to

the

Fund’s

net

asset

value.

Performance

data

represent

past

performance,

which

does

not

guarantee

future

results.

Investment

return

and

principal

value

will

fluctuate,

and

you

may

have

a

gain

or

loss

when

you

sell

your

shares.

Current

performance

may

differ

from

figures

shown.

1.

Source:

Morningstar.

Treasuries,

if

held

to

maturity,

offer

a

fixed

rate

of

return

and

a

fixed

principal

value;

their

interest

payments

and

principal

are

guaranteed.

The

indexes

are

unmanaged

and

include

reinvestment

of

any

income

or

distributions.

They

do

not

reflect

any

fees,

expenses

or

sales

charges.

One

cannot

invest

directly

in

an

index,

and

an

index

is

not

representative

of

the

Fund’s

portfolio.

See

www.franklintempletondatasources.com

for

additional

data

provider

information.

The

dollar

value,

number

of

shares

or

principal

amount,

and

names

of

all

portfolio

holdings

are

listed

in

the

Fund’s

Schedule

of

Investments

(SOI).

The

SOI

begins

on

page

8

.

Franklin

Universal

Trust

3

franklintempleton.com

Annual

Report

Q.

What

were

the

leading

contributors

to

performance?

A.

Security

selection

was

a

leading

contributor

to

performance

within

the

high-yield

(HY)

portfolio.

While

the

broader

market

was

shunning

risk

in

anticipation

of

an

imminent

recession,

our

fundamental

research

led

to

investments

in

several

lower-rated

bonds

that

we

believed

had

strong

credit

profiles

that

would

withstand

a

potential

recession.

These

types

of

bonds

outperformed

over

the

past

year

as

market

views

changed

toward

a

soft-landing

consensus.

Industry

positioning

also

benefited

performance,

in

particular

our

underweighted

exposure

to

some

of

the

more

challenged

sectors

such

as

PayTV

and

Telecom.

HY

bonds

rebounded

from

their

selloff

prior

to

the

period

under

review

and

generated

positive

returns.

For

the

utility

sector,

Southern

Company

was

a

leading

relative

performer

as

the

company

placed

Unit

3

of

its

Vogtle

nuclear

plant

in-

service

and

continues

to

move

toward

completion

of

Unit

4.

CenterPoint

Energy

continued

to

outperform

as

the

company

executes

on

its

industry-leading

growth

plan,

while

Duke

Energy

continued

to

successfully

work

through

its

regulatory

items

in

the

Carolinas.

Q.

What

were

the

leading

detractors

from

performance?

A.

The

Fund’s

overweighted

exposure

to

utility

stocks

detracted

from

performance,

as

they

were

more

impacted

by

rising

rates.

NextEra

Energy

was

a

leading

detractor

from

performance,

as

rising

rates

were

also

a

concern

for

the

renewables

business

along

with

the

ongoing

investigation

into

possibly

violating

campaign

finance

laws.

American

Electric

Power’s

underperformance

was

driven

by

the

failed

sale

of

its

Kentucky

business

and

other

regulatory

headwinds

across

different

service

territories.

Evergy

Inc

was

pressured

throughout

the

year,

as

investors

were

concerned

by

datapoints

that

came

out

of

its

Kansas

rate

case.

Thank

you

for

your

continued

participation

in

Franklin

Universal

Trust.

We

look

forward

to

serving

your

future

investment

needs.

Sincerely,

Glenn

Voyles,

CFA

Jonathan

G.

Belk,

CFA

Portfolio

Management

Team

The

foregoing

information

reflects

our

analysis,

opinions

and

portfolio

holdings

as

of

August

31,

2023,

the

end

of

the

reporting

period.

The

way

we

implement

our

main

investment

strategies

and

the

resulting

portfolio

holdings

may

change

depending

on

factors

such

as

market

and

economic

conditions.

These

opinions

may

not

be

relied

upon

as

investment

advice

or

an

offer

for

a

particular

security.

The

information

is

not

a

complete

analysis

of

every

aspect

of

any

market,

country,

industry,

security

or

the

Fund.

Statements

of

fact

are

from

sources

considered

reliable,

but

the

investment

manager

makes

no

representation

or

warranty

as

to

their

completeness

or

accuracy.

Although

historical

performance

is

no

guarantee

of

future

results,

these

insights

may

help

you

understand

our

investment

management

philosophy.

Portfolio

Composition

8/31/23

%

of

Total

Investments

*

Corporate

Bonds

57.1%

Common

Stocks

35.0%

Marketplace

Loans

4.5%

Other

†

0.5%

Short-Term

Investments

2.9%

*

Total

investments

of

the

Fund

excludes

long-term

debt

issued

by

the

Fund.

†

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

8/31/23

Issuer

%

of

Total

Net

Assets

a

a

NextEra

Energy,

Inc.

4.2%

Sempra

3.4%

American

Electric

Power

Co.,

Inc.

2.8%

CMS

Energy

Corp.

2.4%

Alliant

Energy

Corp.

2.2%

Evergy

,

Inc.

2.1%

Southern

Co.

(The)

1.9%

Duke

Energy

Corp.

1.9%

CenterPoint

Energy,

Inc.

1.9%

Freeport-McMoRan,

Inc.

1.7%

CFA

®

is

a

trademark

owned

by

CFA

Institute.

Performance

Summary

as

of

August

31,

2023

Franklin

Universal

Trust

4

franklintempleton.com

Annual

Report

Total

return

reflects

reinvestment

of

the

Fund’s

dividends

and

capital

gain

distributions,

if

any,

and

any

unrealized

gains

or

losses.

Total

returns

do

not

reflect

any

sales

charges

paid

at

inception

or

brokerage

commissions

paid

on

secondary

market

purchases.

Total

return

also

does

not

reflect

brokerage

commissions

or

sales

charges

in

connection

with

the

purchase

or

sale

of

Fund

shares

at

the

opening

of

the

first

business

day

and

sale

on

the

closing

of

the

last

business

day

of

each

period.

The

performance

table

and

graph

do

not

reflect

any

taxes

that

a

shareholder

would

pay

on

Fund

dividends,

capital

gain

distributions,

if

any,

or

any

realized

gains

on

the

sale

of

Fund

shares.

Your

dividend

income

will

vary

depending

on

dividends

or

interest

paid

by

securities

in

the

Fund’s

portfolio,

adjusted

for

operating

expenses.

Capital

gain

distributions

are

net

profits

realized

from

the

sale

of

portfolio

securities.

Performance

as

of

8/31/23

1

Performance

data

represent

past

performance,

which

does

not

guarantee

future

results.

Investment

return

and

principal

value

will

fluctuate,

and

you

may

have

a

gain

or

loss

when

you

sell

your

shares.

Current

performance

may

differ

from

figures

shown.

Cumulative

Total

Return

2

Average

Annual

Total

Return

2

Based

on

NAV

3

Based

on

market

price

4

Based

on

NAV

3

Based

on

market

price

4

1-Year

-1.81%

-8.24%

-1.81%

-8.24%

5-Year

+22.11%

+36.56%

+4.08%

+6.43%

10-Year

+69.73%

+88.09%

+5.43%

+6.52%

See

page

6

for

Performance

Summary

footnotes.

Franklin

Universal

Trust

Performance

Summary

5

franklintempleton.com

Annual

Report

See

page

6

for

Performance

Summary

footnotes.

Total

Return

Index

Comparison

for

a

Hypothetical

$10,000

Investment

1

Total

return

represents

the

change

in

value

of

an

investment

over

the

period

shown.

It

includes

any

applicable

maximum

sales

charge,

Fund

expenses,

account

fees

and

reinvested

distributions.

The

unmanaged

indexes

include

reinvestment

of

any

income

or

distributions.

They

differ

from

the

Fund

in

composition

and

do

not

pay

management

fees

or

expenses.

One

cannot

invest

directly

in

an

index.

8/31/13–8/31/23

Franklin

Universal

Trust

Performance

Summary

6

franklintempleton.com

Annual

Report

Shares

Prices

1

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.

The

total

annual

operating

expenses

are

as

of

the

Fund's

annual

report

available

at

the

time

of

publication.

Actual

expenses

may

be

higher

and

may

impact

portfolio

returns.

2.

Total

return

calculations

represent

the

cumulative

and

average

annual

changes

in

value

of

an

investment

over

the

periods

indicated.

Return

for

less

than

one

year,

if

any,

has

not

been

annualized.

3.

Assumes

reinvestment

of

distributions

based

on

net

asset

value.

4.

Assumes

reinvestment

of

distributions

based

on

the

dividend

reinvestment

and

cash

purchase

plan.

5.

Source:

Morningstar.

The

CS

High

Yield

Index

is

designed

to

mirror

the

investable

universe

of

the

U.S.

dollar-denominated

high-yield

debt

traded

in

the

U.S.

credit

market.

The

S&P

®

500

Utilities

Index

is

market

capitalization

weighted

and

consists

of

all

utility

stocks

in

the

S&P

500

®

.

See

www.franklintempletondatasources.com

for

additional

data

provider

information.

Symbol:

FT

8/31/23

8/31/22

Change

Net

Asset

Value

(NAV)

$7.36

$8.08

-$0.72

Market

Price

(NYSE)

$6.76

$8.00

-$1.24

Distributions

(9/1/22–8/31/23)

Net

Investment

Income

Long-Term

Capital

Gain

Tax

Return

of

Capital

Total

$0.3095

$0.0539

$0.2078

$0.5712

Franklin

Universal

Trust

Financial

Highlights

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Annual

Report

7

a

Year

Ended

August

31,

2023

2022

2021

2020

2019

Per

share

operating

performance

(for

a

share

outstanding

throughout

the

year)

Net

asset

value,

beginning

of

year

...................

$8.08

$8.92

$8.12

$8.57

$7.99

Income

from

investment

operations:

Net

investment

income

a

.........................

0.43

0.41

0.38

0.41

0.38

Net

realized

and

unrealized

gains

(losses)

...........

(0.58)

(0.70)

0.85

(0.48)

0.58

Total

from

investment

operations

....................

(0.15)

(0.29)

1.23

(0.07)

0.96

Less

distributions

from:

Net

investment

income

..........................

(0.31)

(0.51)

(0.43)

(0.38)

(0.38)

Net

realized

gains

.............................

(0.05)

(0.04)

—

(—)

b

—

Tax

return

of

capital

............................

(0.21)

—

—

—

—

Total

distributions

...............................

(0.57)

(0.55)

(0.43)

(0.38)

(0.38)

Net

asset

value,

end

of

year

.......................

$7.36

$8.08

$8.92

$8.12

$8.57

Market

value,

end

of

year

c

.........................

$6.76

$8.00

$8.59

$7.00

$7.37

Total

return

(based

on

net

asset

value

per

share)

d

.......

(1.81)%

(3.41)%

15.33%

(0.67)%

12.40%

Total

return

(based

on

market

value

per

share)

d

.........

(8.24)%

(0.36)%

29.55%

0.25%

15.02%

Ratios

to

average

net

assets

Expenses

before

waiver

and

payments

by

affiliates

......

2.78%

2.57%

2.50%

2.49%

2.45%

Expenses

net

of

waiver

and

payments

by

affiliates

e

......

2.77%

2.57%

f

2.50%

f

2.49%

f

2.44%

Net

investment

income

...........................

5.66%

4.85%

4.38%

5.01%

4.69%

Supplemental

data

Net

assets,

end

of

year

(000’s)

.....................

$184,859

$203,053

$224,246

$204,094

$215,292

Portfolio

turnover

rate

............................

17.73%

22.29%

36.58%

35.26%

21.70%

Total

debt

outstanding

at

end

of

year

(000's)

...........

$65,000

$65,000

$65,000

$65,000

$65,000

Asset

coverage

per

$1,000

of

debt

..................

$3,844

$4,124

$4,450

$4,140

$4,312

Average

amount

of

senior

rate

fixed

Notes

per

share

during

the

year

......................................

$2.59

$2.59

$2.59

$2.59

$2.59

a

Based

on

average

daily

shares

outstanding.

b

Amount

rounds

to

less

than

$0.01

per

share.

c

Based

on

the

last

sale

on

the

New

York

Stock

Exchange.

d

The

Market

Value

Total

Return

is

calculated

assuming

a

purchase

of

common

shares

on

the

opening

of

the

first

business

day

and

a

sale

on

the

closing

of

the

last

business

day

of

each

period.

Dividends

and

distributions

are

assumed

for

the

purposes

of

this

calculation

to

be

reinvested

at

prices

obtained

under

the

Fund's

Dividend

Reinvestment

and

Cash

Purchase

Plan.

Net

Asset

Value

Total

Return

is

calculated

on

the

same

basis,

except

that

the

Fund's

net

asset

value

is

used

on

the

purchase,

sale

and

dividend

reinvestment

dates

instead

of

market

value.

Total

return

does

not

reflect

brokerage

commissions

or

sales

charges

in

connection

with

the

purchase

or

sale

of

Fund

shares.

e

Benefit

of

expense

reduction

rounds

to

less

than

0.01%.

f

Benefit

of

waiver

and

payments

by

affiliates

rounds

to

less

than

0.01%.

Franklin

Universal

Trust

Schedule

of

Investments,

August

31,

2023

franklintempleton.com

Annual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

8

a

a

Country

Shares

a

Value

a

a

a

a

a

a

Common

Stocks

46.9%

Electric

Utilities

24.9%

Alliant

Energy

Corp.

...................................

United

States

80,000

$

4,013,600

American

Electric

Power

Co.,

Inc.

.........................

United

States

65,000

5,096,000

Constellation

Energy

Corp.

..............................

United

States

21,666

2,256,731

Duke

Energy

Corp.

....................................

United

States

40,000

3,552,000

Edison

International

...................................

United

States

36,000

2,478,600

Entergy

Corp.

........................................

United

States

30,000

2,857,500

Evergy

,

Inc.

..........................................

United

States

72,000

3,957,840

Exelon

Corp.

.........................................

United

States

65,000

2,607,800

FirstEnergy

Corp.

.....................................

United

States

61,000

2,200,270

NextEra

Energy,

Inc.

...................................

United

States

115,000

7,682,000

Pinnacle

West

Capital

Corp.

.............................

United

States

25,000

1,931,750

PPL

Corp.

...........................................

United

States

24,500

610,540

Southern

Co.

(The)

....................................

United

States

53,000

3,589,690

Xcel

Energy,

Inc.

......................................

United

States

55,000

3,142,150

45,976,471

Independent

Power

and

Renewable

Electricity

Producers

1.5%

a

Talen

Energy

Corp.

....................................

United

States

31,116

1,719,159

a

Talen

Energy

Corp.

....................................

United

States

19,400

1,071,850

2,791,009

Metals

&

Mining

2.6%

BHP

Group

Ltd.,

ADR

..................................

Australia

25,185

1,447,885

Freeport-McMoRan,

Inc.

................................

United

States

80,380

3,207,966

South32

Ltd.,

ADR

....................................

Australia

10,074

110,512

4,766,363

Multi-Utilities

16.3%

CenterPoint

Energy,

Inc.

................................

United

States

122,800

3,424,892

CMS

Energy

Corp.

....................................

United

States

78,000

4,382,820

Consolidated

Edison,

Inc.

...............................

United

States

35,000

3,113,600

Dominion

Energy,

Inc.

..................................

United

States

65,000

3,155,100

DTE

Energy

Co.

......................................

United

States

30,000

3,101,400

NiSource,

Inc.

........................................

United

States

60,000

1,605,600

Public

Service

Enterprise

Group,

Inc.

......................

United

States

45,000

2,748,600

Sempra

.............................................

United

States

90,000

6,319,800

WEC

Energy

Group,

Inc.

................................

United

States

28,000

2,355,360

30,207,172

Oil,

Gas

&

Consumable

Fuels

1.6%

a

Amplify

Energy

Corp.

..................................

United

States

245

1,602

Birch

Permian

Holdings,

Inc.

.............................

United

States

32,490

488,714

California

Resources

Corp.

..............................

United

States

27

1,508

Chesapeake

Energy

Corp.

..............................

United

States

1,871

165,041

DT

Midstream,

Inc.

....................................

United

States

15,000

784,350

Enbridge,

Inc.

........................................

Canada

39,360

1,380,749

Woodside

Energy

Group

Ltd.,

ADR

........................

Australia

9,101

217,332

3,039,296

Total

Common

Stocks

(Cost

$37,675,236)

......................................

86,780,311

Preferred

Stocks

0.3%

Electric

Utilities

0.3%

SCE

Trust

II,

5.1%

....................................

United

States

27,500

530,750

Total

Preferred

Stocks

(Cost

$598,125)

.........................................

530,750

Franklin

Universal

Trust

Schedule

of

Investments

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The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Annual

Report

9

a

a

Country

Warrants

a

Value

a

a

a

a

a

a

Warrants

0.0%

†

Oil,

Gas

&

Consumable

Fuels

0.0%

†

a

California

Resources

Corp.,

10/27/24

......................

United

States

64

$

1,357

Total

Warrants

(Cost

$–)

......................................................

1,357

Principal

Amount

*

Convertible

Bonds

0.0%

†

Wireless

Telecommunication

Services

0.0%

†

b,c,d,e

Digicel

Group

Holdings

Ltd.

,

Sub.

Bond

,

144A,

PIK,

7

%

,

Perpetual

Bermuda

28,028

1,988

Total

Convertible

Bonds

(Cost

$7,728)

.........................................

1,988

Corporate

Bonds

76.7%

Aerospace

&

Defense

0.3%

e

TransDigm

,

Inc.

,

Senior

Secured

Note

,

144A,

6.75

%

,

8/15/28

....

United

States

600,000

602,853

Automobile

Components

2.5%

e

Adient

Global

Holdings

Ltd.

,

Senior

Note,

144A,

8.25%,

4/15/31

......................

United

States

700,000

718,290

Senior

Secured

Note,

144A,

7%,

4/15/28

..................

United

States

400,000

404,503

e

Allison

Transmission,

Inc.

,

Senior

Bond,

144A,

3.75%,

1/30/31

......................

United

States

300,000

250,849

Senior

Note,

144A,

4.75%,

10/01/27

.....................

United

States

600,000

563,846

e

Dornoch

Debt

Merger

Sub,

Inc.

,

Senior

Note

,

144A,

6.625

%

,

10/15/29

..........................................

United

States

1,400,000

1,208,682

Goodyear

Tire

&

Rubber

Co.

(The)

,

Senior

Note,

9.5%,

5/31/25

............................

United

States

900,000

919,934

Senior

Note,

5%,

7/15/29

.............................

United

States

600,000

533,096

4,599,200

Automobiles

0.6%

e

Jaguar

Land

Rover

Automotive

plc

,

Senior

Note

,

144A,

5.5

%

,

7/15/29

...........................................

United

Kingdom

1,300,000

1,130,786

Banks

0.5%

d,f

JPMorgan

Chase

&

Co.

,

R

,

Junior

Sub.

Bond

,

FRN

,

8.934

%

,

(

3-month

SOFR

+

3.562

%

),

Perpetual

....................

United

States

900,000

902,340

Beverages

0.3%

e

Primo

Water

Holdings,

Inc.

,

Senior

Note

,

144A,

4.375

%

,

4/30/29

..

Canada

700,000

614,880

Biotechnology

0.2%

e

Emergent

BioSolutions

,

Inc.

,

Senior

Note

,

144A,

3.875

%

,

8/15/28

.

United

States

900,000

433,049

Broadline

Retail

0.5%

e

Macy's

Retail

Holdings

LLC

,

Senior

Bond,

144A,

6.125%,

3/15/32

.....................

United

States

500,000

429,200

Senior

Note,

144A,

5.875%,

3/15/30

.....................

United

States

500,000

437,950

867,150

Franklin

Universal

Trust

Schedule

of

Investments

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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)

Building

Products

2.3%

e

Advanced

Drainage

Systems,

Inc.

,

Senior

Note

,

144A,

6.375

%

,

6/15/30

...........................................

United

States

500,000

$

492,999

e

Camelot

Return

Merger

Sub,

Inc.

,

Senior

Secured

Note

,

144A,

8.75

%

,

8/01/28

.....................................

United

States

200,000

199,703

e

Cornerstone

Building

Brands,

Inc.

,

Senior

Note

,

144A,

6.125

%

,

1/15/29

...........................................

United

States

300,000

243,909

e

Eco

Material

Technologies,

Inc.

,

Senior

Secured

Note

,

144A,

7.875

%

,

1/31/27

.....................................

United

States

500,000

488,010

e

Emerald

Debt

Merger

Sub

LLC

,

Senior

Secured

Note

,

144A,

6.625

%

,

12/15/30

....................................

United

States

1,100,000

1,084,237

e

JELD-WEN,

Inc.

,

Senior

Note

,

144A,

4.875

%

,

12/15/27

.........

United

States

300,000

267,322

e

Oscar

AcquisitionCo

LLC

/

Oscar

Finance,

Inc.

,

Senior

Note

,

144A,

9.5

%

,

4/15/30

......................................

United

States

1,000,000

937,076

e

Standard

Industries,

Inc.

,

Senior

Bond,

144A,

4.75%,

1/15/28

......................

United

States

500,000

461,002

Senior

Bond,

144A,

4.375%,

7/15/30

.....................

United

States

100,000

85,821

4,260,079

Capital

Markets

0.2%

e

Jane

Street

Group

/

JSG

Finance,

Inc.

,

Senior

Secured

Note

,

144A,

4.5

%

,

11/15/29

......................................

United

States

500,000

439,318

Chemicals

3.6%

b,e

Anagram

International,

Inc.

/

Anagram

Holdings

LLC

,

Secured

Note

,

144A,

PIK,

10

%

,

8/15/26

..............................

United

States

257,209

180,118

e

ASP

Unifrax

Holdings,

Inc.

,

Senior

Secured

Note

,

144A,

5.25

%

,

9/30/28

...........................................

United

States

200,000

135,442

e

Braskem

Idesa

SAPI

,

Senior

Secured

Bond

,

144A,

6.99

%

,

2/20/32

Mexico

300,000

179,883

Celanese

US

Holdings

LLC

,

Senior

Note

,

6.33

%

,

7/15/29

.......

United

States

1,000,000

994,748

e

Consolidated

Energy

Finance

SA

,

Senior

Note

,

144A,

5.625

%

,

10/15/28

..........................................

Switzerland

600,000

501,674

e

Element

Solutions,

Inc.

,

Senior

Note

,

144A,

3.875

%

,

9/01/28

.....

United

States

300,000

264,006

e

GPD

Cos.,

Inc.

,

Senior

Secured

Note

,

144A,

10.125

%

,

4/01/26

...

United

States

1,500,000

1,408,579

e

Illuminate

Buyer

LLC

/

Illuminate

Holdings

IV,

Inc.

,

Senior

Note

,

144A,

9

%

,

7/01/28

...................................

United

States

1,000,000

926,775

b,e

Kobe

US

Midco

2,

Inc.

,

Senior

Note

,

144A,

PIK,

9.25

%

,

11/01/26

..

United

States

200,000

146,250

e

Rain

Carbon,

Inc.

,

Senior

Secured

Note

,

144A,

12.25

%

,

9/01/29

..

United

States

1,000,000

1,032,730

e

Rain

CII

Carbon

LLC

/

CII

Carbon

Corp.

,

Secured

Note

,

144A,

7.25

%

,

4/01/25

.....................................

United

States

33,000

32,483

e

Vibrantz

Technologies,

Inc.

,

Senior

Note

,

144A,

9

%

,

2/15/30

.....

United

States

1,000,000

825,807

6,628,495

Commercial

Services

&

Supplies

1.5%

e

APX

Group,

Inc.

,

Senior

Note

,

144A,

5.75

%

,

7/15/29

...........

United

States

800,000

690,023

e

Enviri

Corp.

,

Senior

Note

,

144A,

5.75

%

,

7/31/27

..............

United

States

500,000

434,150

e

Prime

Security

Services

Borrower

LLC

/

Prime

Finance,

Inc.

,

Senior

Secured

Note

,

144A,

3.375

%

,

8/31/27

....................

United

States

600,000

534,196

e

Stericycle,

Inc.

,

Senior

Note

,

144A,

3.875

%

,

1/15/29

...........

United

States

1,200,000

1,045,898

2,704,267

Communications

Equipment

0.5%

e

CommScope

,

Inc.

,

Senior

Note

,

144A,

7.125

%

,

7/01/28

.........

United

States

1,600,000

892,982

Franklin

Universal

Trust

Schedule

of

Investments

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The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Annual

Report

11

a

a

Country

Principal

Amount

*

a

Value

a

a

a

a

a

Corporate

Bonds

(continued)

Construction

&

Engineering

1.2%

e

Arcosa

,

Inc.

,

Senior

Note

,

144A,

4.375

%

,

4/15/29

.............

United

States

300,000

$

270,111

e

VM

Consolidated,

Inc.

,

Senior

Note

,

144A,

5.5

%

,

4/15/29

.......

United

States

800,000

730,260

e

Weekley

Homes

LLC

/

Weekley

Finance

Corp.

,

Senior

Note

,

144A,

4.875

%

,

9/15/28

.....................................

United

States

1,300,000

1,150,630

2,151,001

Construction

Materials

0.3%

e

Knife

River

Corp.

,

Senior

Note

,

144A,

7.75

%

,

5/01/31

..........

United

States

500,000

512,415

Consumer

Finance

2.1%

Ford

Motor

Credit

Co.

LLC

,

Senior

Note

,

6.95

%

,

3/06/26

........

United

States

500,000

501,735

e

GGAM

Finance

Ltd.

,

Senior

Note

,

144A,

8

%

,

6/15/28

..........

Ireland

700,000

710,472

OneMain

Finance

Corp.

,

Senior

Note

,

9

%

,

1/15/29

............

United

States

1,000,000

1,014,695

e

PRA

Group,

Inc.

,

Senior

Note,

144A,

8.375%,

2/01/28

.....................

United

States

600,000

548,185

Senior

Note,

144A,

5%,

10/01/29

.......................

United

States

300,000

226,555

e

PROG

Holdings,

Inc.

,

Senior

Note

,

144A,

6

%

,

11/15/29

.........

United

States

900,000

808,722

3,810,364

Consumer

Staples

Distribution

&

Retail

0.4%

e

Albertsons

Cos.,

Inc.

/

Safeway,

Inc.

/

New

Albertsons

LP

/

Albertsons

LLC

,

Senior

Note

,

144A,

3.5

%

,

3/15/29

...........

United

States

800,000

692,752

Containers

&

Packaging

3.8%

e

Ardagh

Packaging

Finance

plc

/

Ardagh

Holdings

USA,

Inc.

,

Senior

Note,

144A,

5.25%,

8/15/27

......................

United

States

600,000

514,671

Senior

Secured

Note,

144A,

5.25%,

4/30/25

...............

United

States

800,000

782,302

e

LABL,

Inc.

,

Senior

Secured

Note

,

144A,

9.5

%

,

11/01/28

........

United

States

300,000

309,156

e

Mauser

Packaging

Solutions

Holding

Co.

,

Secured

Note,

144A,

9.25%,

4/15/27

.....................

United

States

1,500,000

1,360,489

Senior

Secured

Note,

144A,

7.875%,

8/15/26

..............

United

States

1,000,000

985,645

e

Owens-Brockway

Glass

Container,

Inc.

,

Senior

Note,

144A,

6.625%,

5/13/27

.....................

United

States

375,000

371,018

Senior

Note,

144A,

7.25%,

5/15/31

......................

United

States

800,000

808,160

e

Pactiv

Evergreen

Group

Issuer

LLC

/

Pactiv

Evergreen

Group

Issuer,

Inc.

,

Senior

Secured

Note

,

144A,

4.375

%

,

10/15/28

..........

United

States

300,000

266,522

e

Pactiv

Evergreen

Group

Issuer,

Inc.

/

Pactiv

Evergreen

Group

Issuer

LLC

,

Senior

Secured

Note

,

144A,

4

%

,

10/15/27

.............

United

States

1,200,000

1,080,384

e

Trivium

Packaging

Finance

BV

,

Senior

Note

,

144A,

8.5

%

,

8/15/27

.

Netherlands

500,000

477,051

6,955,398

Distributors

0.4%

e

Ritchie

Bros

Holdings,

Inc.

,

Senior

Note,

144A,

7.75%,

3/15/31

......................

Canada

500,000

517,760

Senior

Secured

Note,

144A,

6.75%,

3/15/28

...............

Canada

300,000

304,050

821,810

Diversified

Consumer

Services

0.4%

Grand

Canyon

University

,

Secured

Note

,

5.125

%

,

10/01/28

......

United

States

800,000

723,040

Franklin

Universal

Trust

Schedule

of

Investments

franklintempleton.com

Annual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

12

a

a

Country

Principal

Amount

*

a

Value

a

a

a

a

a

Corporate

Bonds

(continued)

Diversified

REITs

1.3%

e

Global

Net

Lease,

Inc.

/

Global

Net

Lease

Operating

Partnership

LP

,

Senior

Note

,

144A,

3.75

%

,

12/15/27

......................

United

States

800,000

$

625,277

e

HAT

Holdings

I

LLC

/

HAT

Holdings

II

LLC

,

Senior

Note

,

144A,

6

%

,

4/15/25

...........................................

United

States

400,000

393,001

e

Necessity

Retail

REIT,

Inc.

(The)

/

American

Finance

Operating

Partner

LP

,

Senior

Note

,

144A,

4.5

%

,

9/30/28

...............

United

States

900,000

690,098

e

VICI

Properties

LP

/

VICI

Note

Co.,

Inc.

,

Senior

Note

,

144A,

3.75

%

,

2/15/27

...........................................

United

States

700,000

643,246

2,351,622

Diversified

Telecommunication

Services

2.5%

e

Altice

France

Holding

SA

,

Senior

Secured

Note

,

144A,

10.5

%

,

5/15/27

...........................................

Luxembourg

1,500,000

815,257

e

CCO

Holdings

LLC

/

CCO

Holdings

Capital

Corp.

,

Senior

Bond,

144A,

5.375%,

6/01/29

.....................

United

States

500,000

455,537

Senior

Bond,

144A,

4.5%,

8/15/30

.......................

United

States

1,700,000

1,432,024

Senior

Bond,

144A,

4.25%,

2/01/31

......................

United

States

200,000

164,237

e

Iliad

Holding

SASU

,

Senior

Secured

Note

,

144A,

7

%

,

10/15/28

...

France

800,000

745,177

e

Virgin

Media

Secured

Finance

plc

,

Senior

Secured

Bond

,

144A,

4.5

%

,

8/15/30

......................................

United

Kingdom

1,100,000

929,791

4,542,023

Electric

Utilities

0.7%

e

Vistra

Operations

Co.

LLC

,

Senior

Note,

144A,

5.625%,

2/15/27

.....................

United

States

1,000,000

963,610

Senior

Note,

144A,

4.375%,

5/01/29

.....................

United

States

400,000

353,054

1,316,664

Electrical

Equipment

1.3%

e

Regal

Rexnord

Corp.

,

Senior

Bond,

144A,

6.4%,

4/15/33

.......................

United

States

400,000

396,591

Senior

Note,

144A,

6.3%,

2/15/30

.......................

United

States

500,000

498,245

e

Sensata

Technologies

BV

,

Senior

Note

,

144A,

4

%

,

4/15/29

......

United

States

1,000,000

879,310

e

Vertiv

Group

Corp.

,

Senior

Secured

Note

,

144A,

4.125

%

,

11/15/28

United

States

800,000

718,945

2,493,091

Electronic

Equipment,

Instruments

&

Components

0.2%

e

TTM

Technologies,

Inc.

,

Senior

Note

,

144A,

4

%

,

3/01/29

........

United

States

500,000

434,815

Energy

Equipment

&

Services

2.8%

e

CSI

Compressco

LP

/

CSI

Compressco

Finance,

Inc.

,

b

Secured

Note,

144A,

PIK,

10%,

4/01/26

..................

United

States

982,453

874,175

Senior

Secured

Note,

144A,

7.5%,

4/01/25

................

United

States

402,000

390,877

e

Enerflex

Ltd.

,

Senior

Secured

Note

,

144A,

9

%

,

10/15/27

........

Canada

900,000

896,157

e

Nabors

Industries

Ltd.

,

Senior

Note

,

144A,

7.25

%

,

1/15/26

......

United

States

600,000

577,834

Nabors

Industries,

Inc.

,

Senior

Note

,

5.75

%

,

2/01/25

...........

United

States

500,000

491,155

e

Transocean

Titan

Financing

Ltd.

,

Senior

Secured

Note

,

144A,

8.375

%

,

2/01/28

.....................................

United

States

300,000

308,485

e

Transocean,

Inc.

,

Senior

Secured

Note

,

144A,

8.75

%

,

2/15/30

....

United

States

760,000

778,209

e

Weatherford

International

Ltd.

,

Senior

Note,

144A,

8.625%,

4/30/30

.....................

United

States

500,000

512,584

Senior

Secured

Note,

144A,

6.5%,

9/15/28

................

United

States

300,000

301,014

5,130,490

Franklin

Universal

Trust

Schedule

of

Investments

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Annual

Report

13

a

a

Country

Principal

Amount

*

a

Value

a

a

a

a

a

Corporate

Bonds

(continued)

Entertainment

1.0%

e

Banijay

Entertainment

SASU

,

Senior

Secured

Note

,

144A,

5.375

%

,

3/01/25

...........................................

France

1,000,000

$

975,300

Netflix,

Inc.

,

Senior

Bond

,

5.875

%

,

11/15/28

.................

United

States

800,000

824,385

1,799,685

Financial

Services

1.1%

e

Jefferson

Capital

Holdings

LLC

,

Senior

Note

,

144A,

6

%

,

8/15/26

..

United

States

1,200,000

1,052,938

MGIC

Investment

Corp.

,

Senior

Note

,

5.25

%

,

8/15/28

..........

United

States

500,000

477,653

Radian

Group,

Inc.

,

Senior

Note

,

6.625

%

,

3/15/25

.............

United

States

600,000

600,393

2,130,984

Food

Products

0.8%

e

Chobani

LLC

/

Chobani

Finance

Corp.,

Inc.

,

Senior

Secured

Note

,

144A,

4.625

%

,

11/15/28

...............................

United

States

800,000

718,608

e

Darling

Ingredients,

Inc.

,

Senior

Note

,

144A,

6

%

,

6/15/30

.......

United

States

200,000

195,670

e

Post

Holdings,

Inc.

,

Senior

Bond,

144A,

5.625%,

1/15/28

.....................

United

States

300,000

287,935

Senior

Bond,

144A,

4.625%,

4/15/30

.....................

United

States

400,000

354,753

1,556,966

Ground

Transportation

1.0%

e

EquipmentShare.com,

Inc.

,

Secured

Note

,

144A,

9

%

,

5/15/28

....

United

States

800,000

795,000

e

First

Student

Bidco

,

Inc.

/

First

Transit

Parent,

Inc.

,

Senior

Secured

Note

,

144A,

4

%

,

7/31/29

..............................

United

States

900,000

766,276

e

Williams

Scotsman

International,

Inc.

,

Senior

Secured

Note

,

144A,

4.625

%

,

8/15/28

.....................................

United

States

300,000

274,020

1,835,296

Health

Care

Equipment

&

Supplies

0.7%

e

Garden

Spinco

Corp.

,

Senior

Note

,

144A,

8.625

%

,

7/20/30

......

United

States

400,000

427,420

e

Medline

Borrower

LP

,

Senior

Note,

144A,

5.25%,

10/01/29

.....................

United

States

500,000

444,508

Senior

Secured

Note,

144A,

3.875%,

4/01/29

..............

United

States

400,000

349,570

1,221,498

Health

Care

Providers

&

Services

3.1%

Centene

Corp.

,

Senior

Bond,

2.5%,

3/01/31

............................

United

States

500,000

398,627

Senior

Note,

2.45%,

7/15/28

...........................

United

States

500,000

428,631

Senior

Note,

2.625%,

8/01/31

..........................

United

States

500,000

398,222

e

CHS/Community

Health

Systems,

Inc.

,

Secured

Note,

144A,

6.125%,

4/01/30

....................

United

States

500,000

288,190

Senior

Secured

Note,

144A,

6%,

1/15/29

..................

United

States

300,000

251,589

e

DaVita,

Inc.

,

Senior

Note

,

144A,

4.625

%

,

6/01/30

.............

United

States

1,200,000

1,030,384

e

Kedrion

SpA

,

Senior

Secured

Note

,

144A,

6.5

%

,

9/01/29

........

Italy

1,000,000

855,000

e

ModivCare

Escrow

Issuer,

Inc.

,

Senior

Note

,

144A,

5

%

,

10/01/29

.

United

States

100,000

73,840

e

MPH

Acquisition

Holdings

LLC

,

Senior

Note

,

144A,

5.75

%

,

11/01/28

United

States

1,200,000

900,210

Tenet

Healthcare

Corp.

,

Senior

Secured

Note,

6.125%,

6/15/30

...................

United

States

700,000

679,183

e

Senior

Secured

Note,

144A,

6.75%,

5/15/31

...............

United

States

500,000

498,150

5,802,026

Health

Care

REITs

0.1%

MPT

Operating

Partnership

LP

/

MPT

Finance

Corp.

,

Senior

Bond

,

5.25

%

,

8/01/26

.....................................

United

States

200,000

170,136

Franklin

Universal

Trust

Schedule

of

Investments

franklintempleton.com

Annual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

14

a

a

Country

Principal

Amount

*

a

Value

a

a

a

a

a

Corporate

Bonds

(continued)

Hotel

&

Resort

REITs

0.3%

e

RHP

Hotel

Properties

LP

/

RHP

Finance

Corp.

,

Senior

Note

,

144A,

7.25

%

,

7/15/28

.....................................

United

States

300,000

$

301,769

e

XHR

LP

,

Senior

Secured

Note

,

144A,

4.875

%

,

6/01/29

.........

United

States

400,000

346,446

648,215

Hotels,

Restaurants

&

Leisure

5.9%

e

1011778

BC

ULC

/

New

Red

Finance,

Inc.

,

Secured

Bond

,

144A,

4

%

,

10/15/30

.......................................

Canada

600,000

508,831

c,e,g

24

Hour

Fitness

Worldwide,

Inc.

,

Senior

Note

,

144A,

8

%

,

6/01/22

.

United

States

1,800,000

—

e

Allwyn

Entertainment

Financing

UK

plc

,

Senior

Secured

Note

,

144A,

7.875

%

,

4/30/29

.....................................

Czech

Republic

800,000

816,000

e

Caesars

Entertainment,

Inc.

,

Senior

Secured

Note

,

144A,

7

%

,

2/15/30

...........................................

United

States

300,000

301,442

e

Carnival

Corp.

,

Senior

Note,

144A,

7.625%,

3/01/26

.....................

United

States

400,000

399,176

Senior

Note,

144A,

5.75%,

3/01/27

......................

United

States

1,500,000

1,413,019

e

Carnival

Holdings

Bermuda

Ltd.

,

Senior

Note

,

144A,

10.375

%

,

5/01/28

...........................................

United

States

400,000

435,398

e

Everi

Holdings,

Inc.

,

Senior

Note

,

144A,

5

%

,

7/15/29

...........

United

States

700,000

625,275

e

Fertitta

Entertainment

LLC

/

Fertitta

Entertainment

Finance

Co.,

Inc.

,

Senior

Note

,

144A,

6.75

%

,

1/15/30

.......................

United

States

1,300,000

1,074,678

e

Motion

Bondco

DAC

,

Senior

Note

,

144A,

6.625

%

,

11/15/27

......

United

Kingdom

200,000

185,919

e

NCL

Corp.

Ltd.

,

Senior

Note

,

144A,

5.875

%

,

3/15/26

...........

United

States

300,000

283,144

e

Papa

John's

International,

Inc.

,

Senior

Note

,

144A,

3.875

%

,

9/15/29

United

States

300,000

252,613

e

Premier

Entertainment

Sub

LLC

/

Premier

Entertainment

Finance

Corp.

,

Senior

Bond,

144A,

5.875%,

9/01/31

.....................

United

States

500,000

387,050

Senior

Note,

144A,

5.625%,

9/01/29

.....................

United

States

500,000

399,550

e

Royal

Caribbean

Cruises

Ltd.

,

Senior

Note,

144A,

5.5%,

8/31/26

.......................

United

States

700,000

671,382

Senior

Note,

144A,

11.625%,

8/15/27

....................

United

States

700,000

763,368

e

Station

Casinos

LLC

,

Senior

Note

,

144A,

4.5

%

,

2/15/28

........

United

States

400,000

358,360

e

Studio

City

Finance

Ltd.

,

Senior

Note

,

144A,

5

%

,

1/15/29

.......

Macau

1,600,000

1,212,456

e

Wynn

Resorts

Finance

LLC

/

Wynn

Resorts

Capital

Corp.

,

Senior

Note

,

144A,

7.125

%

,

2/15/31

...........................

United

States

800,000

786,885

10,874,546

Household

Durables

1.3%

e

Ashton

Woods

USA

LLC

/

Ashton

Woods

Finance

Co.

,

Senior

Note

,

144A,

4.625

%

,

8/01/29

................................

United

States

1,500,000

1,301,250

e

Dream

Finders

Homes,

Inc.

,

Senior

Note

,

144A,

8.25

%

,

8/15/28

..

United

States

500,000

508,310

M/I

Homes,

Inc.

,

Senior

Note

,

3.95

%

,

2/15/30

................

United

States

600,000

513,486

2,323,046

Independent

Power

and

Renewable

Electricity

Producers

1.8%

e

Calpine

Corp.

,

Senior

Bond,

144A,

5%,

2/01/31

........................

United

States

900,000

762,348

Senior

Note,

144A,

4.625%,

2/01/29

.....................

United

States

700,000

609,066

e

Clearway

Energy

Operating

LLC

,

Senior

Bond,

144A,

3.75%,

1/15/32

......................

United

States

400,000

327,836

Senior

Note,

144A,

4.75%,

3/15/28

......................

United

States

600,000

555,328

Senior

Note,

144A,

3.75%,

2/15/31

......................

United

States

300,000

246,923

e

Leeward

Renewable

Energy

Operations

LLC

,

Senior

Note

,

144A,

4.25

%

,

7/01/29

.....................................

United

States

1,000,000

870,924

3,372,425

Franklin

Universal

Trust

Schedule

of

Investments

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Annual

Report

15

a

a

Country

Principal

Amount

*

a

Value

a

a

a

a

a

Corporate

Bonds

(continued)

Insurance

0.6%

e

Alliant

Holdings

Intermediate

LLC

/

Alliant

Holdings

Co-Issuer

,

Senior

Note

,

144A,

6.75

%

,

10/15/27

...........................

United

States

300,000

$

283,888

e

Jones

Deslauriers

Insurance

Management,

Inc.

,

Senior

Note

,

144A,

10.5

%

,

12/15/30

.....................................

Canada

800,000

815,427

1,099,315

IT

Services

1.9%

e

Cablevision

Lightpath

LLC

,

Senior

Secured

Note

,

144A,

3.875

%

,

9/15/27

...........................................

United

States

500,000

417,981

e

Cogent

Communications

Group,

Inc.

,

Senior

Secured

Note

,

144A,

3.5

%

,

5/01/26

......................................

United

States

500,000

463,348

e

Gartner,

Inc.

,

Senior

Note,

144A,

4.5%,

7/01/28

.......................

United

States

500,000

466,758

Senior

Note,

144A,

3.625%,

6/15/29

.....................

United

States

200,000

175,863

Senior

Note,

144A,

3.75%,

10/01/30

.....................

United

States

300,000

259,361

e

Northwest

Fiber

LLC

/

Northwest

Fiber

Finance

Sub,

Inc.

,

Senior

Note

,

144A,

6

%

,

2/15/28

..............................

United

States

1,100,000

883,075

e

Presidio

Holdings,

Inc.

,

Senior

Note

,

144A,

8.25

%

,

2/01/28

......

United

States

900,000

872,907

3,539,293

Life

Sciences

Tools

&

Services

0.5%

e

Fortrea

Holdings,

Inc.

,

Senior

Secured

Note

,

144A,

7.5

%

,

7/01/30

.

United

States

1,000,000

980,000

Machinery

1.6%

e

ATS

Corp.

,

Senior

Note

,

144A,

4.125

%

,

12/15/28

.............

Canada

1,300,000

1,156,423

e

Calderys

Financing

LLC

,

Senior

Secured

Note

,

144A,

11.25

%

,

6/01/28

...........................................

France

800,000

820,970

e

Chart

Industries,

Inc.

,

Senior

Secured

Note

,

144A,

7.5

%

,

1/01/30

.

United

States

700,000

718,126

e

Titan

Acquisition

Ltd.

/

Titan

Co-Borrower

LLC

,

Senior

Note

,

144A,

7.75

%

,

4/15/26

.....................................

Canada

300,000

291,904

2,987,423

Media

3.6%

e

Clear

Channel

International

BV

,

Senior

Secured

Note

,

144A,

6.625

%

,

8/01/25

.....................................

United

Kingdom

400,000

396,719

e

Clear

Channel

Outdoor

Holdings,

Inc.

,

Senior

Note,

144A,

7.75%,

4/15/28

......................

United

States

300,000

236,233

Senior

Note,

144A,

7.5%,

6/01/29

.......................

United

States

500,000

373,095

Senior

Secured

Note,

144A,

5.125%,

8/15/27

..............

United

States

400,000

358,639

Senior

Secured

Note,

144A,

9%,

9/15/28

..................

United

States

500,000

502,950

CSC

Holdings

LLC

,

Senior

Bond,

5.25%,

6/01/24

...........................

United

States

400,000

379,811

e

Senior

Note,

144A,

7.5%,

4/01/28

.......................

United

States

300,000

191,000

e

Senior

Note,

144A,

11.25%,

5/15/28

.....................

United

States

700,000

691,056

c,e

Diamond

Sports

Group

LLC

/

Diamond

Sports

Finance

Co.

,

Senior

Note,

144A,

6.625%,

8/15/27

.....................

United

States

700,000

14,437

Senior

Secured

Note,

144A,

5.375%,

8/15/26

..............

United

States

800,000

19,848

Franklin

Universal

Trust

Schedule

of

Investments

franklintempleton.com

Annual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

16

a

a

Country

Principal

Amount

*

a

Value

a

a

a

a

a

Corporate

Bonds

(continued)

Media

(continued)

e

Directv

Financing

LLC

/

Directv

Financing

Co-Obligor,

Inc.

,

Senior

Secured

Note

,

144A,

5.875

%

,

8/15/27

....................

United

States

200,000

$

177,424

e

DISH

DBS

Corp.

,

Senior

Secured

Note

,

144A,

5.75

%

,

12/01/28

...

United

States

1,000,000

778,145

e

LCPR

Senior

Secured

Financing

DAC

,

Senior

Secured

Note

,

144A,

6.75

%

,

10/15/27

.....................................

United

States

450,000

424,055

e

News

Corp.

,

Senior

Note

,

144A,

3.875

%

,

5/15/29

.............

United

States

200,000

175,820

e

Outfront

Media

Capital

LLC

/

Outfront

Media

Capital

Corp.

,

Senior

Note

,

144A,

5

%

,

8/15/27

..............................

United

States

100,000

90,605

e

Scripps

Escrow,

Inc.

,

Senior

Note

,

144A,

5.875

%

,

7/15/27

.......

United

States

600,000

485,394

e

Sinclair

Television

Group,

Inc.

,

Senior

Bond

,

144A,

5.5

%

,

3/01/30

.

United

States

700,000

373,696

e

Sirius

XM

Radio,

Inc.

,

Senior

Note

,

144A,

4

%

,

7/15/28

.........

United

States

600,000

520,102

e

Univision

Communications,

Inc.

,

Senior

Secured

Note

,

144A,

4.5

%

,

5/01/29

...........................................

United

States

600,000

517,018

6,706,047

Metals

&

Mining

1.6%

ATI,

Inc.

,

Senior

Note

,

7.25

%

,

8/15/30

......................

United

States

700,000

706,951

Commercial

Metals

Co.

,

Senior

Bond

,

3.875

%

,

2/15/31

.........

United

States

700,000

597,296

e

Constellium

SE

,

Senior

Note

,

144A,

3.75

%

,

4/15/29

...........

United

States

600,000

516,031

e

FMG

Resources

August

2006

Pty.

Ltd.

,

Senior

Bond

,

144A,

4.375

%

,

4/01/31

...........................................

Australia

500,000

419,420

e

Novelis

Corp.

,

Senior

Bond,

144A,

3.875%,

8/15/31

.....................

United

States

100,000

82,886

Senior

Note,

144A,

3.25%,

11/15/26

.....................

United

States

100,000

90,721

e

SunCoke

Energy,

Inc.

,

Senior

Secured

Note

,

144A,

4.875

%

,

6/30/29

United

States

600,000

511,122

2,924,427

Mortgage

Real

Estate

Investment

Trusts

(REITs)

0.8%

e

Apollo

Commercial

Real

Estate

Finance,

Inc.

,

Senior

Secured

Note

,

144A,

4.625

%

,

6/15/29

................................

United

States

1,500,000

1,177,890

e

Ladder

Capital

Finance

Holdings

LLLP

/

Ladder

Capital

Finance

Corp.

,

Senior

Note

,

144A,

4.75

%

,

6/15/29

.................

United

States

300,000

252,518

1,430,408

Oil,

Gas

&

Consumable

Fuels

10.0%

e

Antero

Resources

Corp.

,

Senior

Note,

144A,

7.625%,

2/01/29

.....................

United

States

166,000

170,268

Senior

Note,

144A,

5.375%,

3/01/30

.....................

United

States

700,000

655,216

e

Calumet

Specialty

Products

Partners

LP

/

Calumet

Finance

Corp.

,

Senior

Note

,

144A,

8.125

%

,

1/15/27

......................

United

States

900,000

860,999

Cheniere

Energy

Partners

LP

,

Senior

Note,

4.5%,

10/01/29

...........................

United

States

1,200,000

1,108,448

Senior

Note,

4%,

3/01/31

.............................

United

States

700,000

618,747

Cheniere

Energy,

Inc.

,

Senior

Note

,

4.625

%

,

10/15/28

..........

United

States

700,000

659,619

e

Chesapeake

Energy

Corp.

,

Senior

Note

,

144A,

5.5

%

,

2/01/26

....

United

States

500,000

488,620

e

Civitas

Resources,

Inc.

,

Senior

Note,

144A,

8.375%,

7/01/28

.....................

United

States

700,000

721,875

Senior

Note,

144A,

8.75%,

7/01/31

......................

United

States

700,000

725,375

Crestwood

Midstream

Partners

LP

/

Crestwood

Midstream

Finance

Corp.

,

Senior

Note,

5.75%,

4/01/25

...........................

United

States

600,000

595,473

e

Senior

Note,

144A,

6%,

2/01/29

........................

United

States

200,000

196,550

Franklin

Universal

Trust

Schedule

of

Investments

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Annual

Report

17

a

a

Country

Principal

Amount

*

a

Value

a

a

a

a

a

Corporate

Bonds

(continued)

Oil,

Gas

&

Consumable

Fuels

(continued)

e

CrownRock

LP

/

CrownRock

Finance,

Inc.

,

Senior

Note

,

144A,

5

%

,

5/01/29

...........................................

United

States

300,000

$

278,895

e

DT

Midstream,

Inc.

,

Senior

Note

,

144A,

4.125

%

,

6/15/29

........

United

States

700,000

620,879

e

Endeavor

Energy

Resources

LP

/

EER

Finance,

Inc.

,

Senior

Bond

,

144A,

5.75

%

,

1/30/28

.................................

United

States

1,300,000

1,272,921

e

EnLink

Midstream

LLC

,

Senior

Note

,

144A,

6.5

%

,

9/01/30

.......

United

States

800,000

802,949

e

EQM

Midstream

Partners

LP

,

Senior

Note

,

144A,

7.5

%

,

6/01/27

..

United

States

100,000

101,023

e

EQT

Corp.

,

Senior

Note

,

144A,

3.125

%

,

5/15/26

..............

United

States

300,000

279,214

e

Harbour

Energy

plc

,

Senior

Note

,

144A,

5.5

%

,

10/15/26

........

United

Kingdom

500,000

467,325

e

Hilcorp

Energy

I

LP

/

Hilcorp

Finance

Co.

,

Senior

Bond,

144A,

6%,

2/01/31

........................

United

States

200,000

183,957

Senior

Note,

144A,

5.75%,

2/01/29

......................

United

States

200,000

185,720

Senior

Note,

144A,

6%,

4/15/30

........................

United

States

300,000

279,351

e

Kinetik

Holdings

LP

,

Senior

Note

,

144A,

5.875

%

,

6/15/30

........

United

States

600,000

581,775

e

Martin

Midstream

Partners

LP

/

Martin

Midstream

Finance

Corp.

,

Secured

Note

,

144A,

11.5

%

,

2/15/28

.....................

United

States

1,800,000

1,822,802

b,c,e,g

Murray

Energy

Corp.

,

Secured

Note

,

144A,

PIK,

12

%

,

4/15/24

...

United

States

757,734

—

Occidental

Petroleum

Corp.

,

Senior

Bond,

6.45%,

9/15/36

...........................

United

States

700,000

716,499

Senior

Note,

8.875%,

7/15/30

..........................

United

States

600,000

688,497

e

PBF

Holding

Co.

LLC

/

PBF

Finance

Corp.

,

Senior

Note

,

144A,

7.875

%

,

9/15/30

.....................................

United

States

200,000

199,661

Sunoco

LP

/

Sunoco

Finance

Corp.

,

Senior

Note,

6%,

4/15/27

.............................

United

States

1,000,000

990,443

Senior

Note,

4.5%,

5/15/29

............................

United

States

200,000

181,069

e

Venture

Global

Calcasieu

Pass

LLC

,

Senior

Secured

Bond,

144A,

4.125%,

8/15/31

..............

United

States

300,000

254,781

Senior

Secured

Note,

144A,

3.875%,

8/15/29

..............

United

States

300,000

259,815

Senior

Secured

Note,

144A,

6.25%,

1/15/30

...............

United

States

400,000

390,110

e

Venture

Global

LNG,

Inc.

,

Senior

Secured

Note,

144A,

8.125%,

6/01/28

..............

United

States

600,000

605,786

Senior

Secured

Note,

144A,

8.375%,

6/01/31

..............

United

States

500,000

504,820

18,469,482

Paper

&

Forest

Products

0.1%

e

Glatfelter

Corp.

,

Senior

Note

,

144A,

4.75

%

,

11/15/29

...........

United

States

400,000

279,798

Passenger

Airlines

0.9%

e

American

Airlines

Inc

/

AAdvantage

Loyalty

IP

Ltd.

,

Senior

Secured

Note

,

144A,

5.5

%

,

4/20/26

.............................

United

States

641,667

630,328

e

Delta

Air

Lines,

Inc.

/

SkyMiles

IP

Ltd.

,

Senior

Secured

Note

,

144A,

4.75

%

,

10/20/28

.....................................

United

States

700,000

672,590

e

United

Airlines,

Inc.

,

Senior

Secured

Note,

144A,

4.375%,

4/15/26

..............

United

States

100,000

94,342

Senior

Secured

Note,

144A,

4.625%,

4/15/29

..............

United

States

300,000

267,143

1,664,403

Personal

Care

Products

0.8%

e

BellRing

Brands,

Inc.

,

Senior

Note

,

144A,

7

%

,

3/15/30

.........

United

States

800,000

801,077

e

Coty,

Inc./HFC

Prestige

Products,

Inc./HFC

Prestige

International

US

LLC

,

Senior

Secured

Note

,

144A,

6.625

%

,

7/15/30

...........

United

States

600,000

600,720

1,401,797

Pharmaceuticals

1.4%

e

1375209

BC

Ltd.

,

Senior

Secured

Note

,

144A,

9

%

,

1/30/28

......

Canada

305,000

305,662

e

Bausch

Health

Cos.,

Inc.

,

Secured

Note,

144A,

14%,

10/15/30

.....................

United

States

107,000

65,003

Senior

Secured

Note,

144A,

11%,

9/30/28

.................

United

States

542,000

388,309

Franklin

Universal

Trust

Schedule

of

Investments

franklintempleton.com

Annual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

18

a

a

Country

Principal

Amount

*

a

Value

a

a

a

a

a

Corporate

Bonds

(continued)

Pharmaceuticals

(continued)

c,e

Endo

Dac

/

Endo

Finance

LLC

/

Endo

Finco

,

Inc.

,

Secured

Note,

144A,

9.5%,

7/31/27

......................

United

States

302,000

$

13,967

Senior

Note,

144A,

6%,

6/30/28

........................

United

States

389,000

20,423

c,e

Endo

Luxembourg

Finance

Co.

I

SARL

/

Endo

US,

Inc.

,

Senior

Secured

Note

,

144A,

6.125

%

,

4/01/29

....................

United

States

500,000

356,568

c,e

Par

Pharmaceutical,

Inc.

,

Senior

Secured

Note

,

144A,

7.5

%

,

4/01/27

United

States

225,000

160,395

Teva

Pharmaceutical

Finance

Netherlands

III

BV

,

Senior

Note,

4.75%,

5/09/27

...........................

Israel

600,000

561,397

Senior

Note,

7.875%,

9/15/29

..........................

Israel

300,000

313,061

Senior

Note,

8.125%,

9/15/31

..........................

Israel

300,000

318,217

2,503,002

Real

Estate

Management

&

Development

0.7%

e

Five

Point

Operating

Co.

LP

/

Five

Point

Capital

Corp.

,

Senior

Note

,

144A,

7.875

%

,

11/15/25

...............................

United

States

400,000

373,462

e

Forestar

Group,

Inc.

,

Senior

Note

,

144A,

3.85

%

,

5/15/26

........

United

States

500,000

463,472

e

Greystar

Real

Estate

Partners

LLC

,

Senior

Secured

Note

,

144A,

7.75

%

,

9/01/30

.....................................

United

States

500,000

505,625

1,342,559

Software

1.3%

e

Camelot

Finance

SA

,

Senior

Secured

Note

,

144A,

4.5

%

,

11/01/26

.

United

States

900,000

842,636

e

McAfee

Corp.

,

Senior

Note

,

144A,

7.375

%

,

2/15/30

............

United

States

800,000

700,650

e

Rocket

Software,

Inc.

,

Senior

Note

,

144A,

6.5

%

,

2/15/29

........

United

States

1,100,000

913,990

2,457,276

Specialized

REITs

0.5%

e

Iron

Mountain,

Inc.

,

Senior

Bond,

144A,

5.625%,

7/15/32

.....................

United

States

300,000

269,492

Senior

Note,

144A,

7%,

2/15/29

........................

United

States

700,000

698,815

968,307

Specialty

Retail

1.7%

e

Evergreen

Acqco

1

LP

/

TVI,

Inc.

,

Senior

Secured

Note

,

144A,

9.75

%

,

4/26/28

.....................................

United

States

720,000

751,471

e

Gap,

Inc.

(The)

,

Senior

Note

,

144A,

3.625

%

,

10/01/29

..........

United

States

700,000

533,528

e

Lithia

Motors,

Inc.

,

Senior

Bond

,

144A,

4.375

%

,

1/15/31

........

United

States

300,000

255,521

e

Michaels

Cos.,

Inc.

(The)

,

Senior

Note,

144A,

7.875%,

5/01/29

.....................

United

States

600,000

416,460

Senior

Secured

Note,

144A,

5.25%,

5/01/28

...............

United

States

300,000

250,395

Murphy

Oil

USA,

Inc.

,

Senior

Note

,

4.75

%

,

9/15/29

............

United

States

700,000

642,607

e

Victoria's

Secret

&

Co.

,

Senior

Note

,

144A,

4.625

%

,

7/15/29

.....

United

States

400,000

289,973

3,139,955

Textiles,

Apparel

&

Luxury

Goods

0.2%

e

Hanesbrands,

Inc.

,

Senior

Note

,

144A,

9

%

,

2/15/31

............

United

States

400,000

401,936

Trading

Companies

&

Distributors

0.5%

e

H&E

Equipment

Services,

Inc.

,

Senior

Note

,

144A,

3.875

%

,

12/15/28

United

States

600,000

524,431

e

WESCO

Distribution,

Inc.

,

Senior

Note

,

144A,

7.25

%

,

6/15/28

....

United

States

400,000

407,472

931,903

Wireless

Telecommunication

Services

0.5%

T-Mobile

USA,

Inc.

,

Senior

Note,

4.75%,

2/01/28

...........................

United

States

600,000

583,214

Franklin

Universal

Trust

Schedule

of

Investments

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Annual

Report

19

a

a

Country

Principal

Amount

*

a

Value

a

a

a

a

a

Corporate

Bonds

(continued)

Wireless

Telecommunication

Services

(continued)

T-Mobile

USA,

Inc.,

(continued)

Senior

Note,

2.625%,

2/15/29

..........................

United

States

300,000

$

260,055

843,269

Total

Corporate

Bonds

(Cost

$160,267,838)

.....................................

141,816,307

h

Senior

Floating

Rate

Interests

0.1%

Media

0.1%

c,i

Diamond

Sports

Group

LLC

,

First

Lien,

CME

Term

Loan

,

12.775

%

,

(

3-month

SOFR

+

8

%

),

5/25/26

.........................

United

States

159,053

101,635

Total

Senior

Floating

Rate

Interests

(Cost

$148,172)

.............................

101,635

j

Marketplace

Loans

6.0%

g

Financial

Services

6.0%

a

a

a

a

a

a

Total

Marketplace

Loans

(Cost

$12,516,695)

....................................

11,122,540

Asset-Backed

Securities

0.4%

Financial

Services

0.4%

e,k

Consumer

Loan

Underlying

Bond

Certificate

Issuer

Trust

I

,

2019-26,

PT,

144A,

FRN,

17.502%,

8/15/44

................

United

States

51,490

48,478

2019-31,

PT,

144A,

FRN,

17.33%,

9/15/44

.................

United

States

43,556

40,379

2019-37,

PT,

144A,

FRN,

18.481%,

10/17/44

...............

United

States

51,895

49,217

2019-42,

PT,

144A,

FRN,

16.521%,

11/15/44

...............

United

States

48,129

45,126

2019-51,

PT,

144A,

FRN,

14.973%,

1/15/45

................

United

States

57,526

54,133

2019-52,

PT,

144A,

FRN,

14.462%,

1/15/45

................

United

States

49,999

47,213

2019-S3,

PT,

144A,

FRN,

10.724%,

6/15/44

................

United

States

7,526

6,987

2019-S4,

PT,

144A,

FRN,

11.927%,

8/15/44

................

United

States

33,217

31,745

2019-S5,

PT,

144A,

FRN,

12.306%,

9/15/44

................

United

States

32,904

30,822

2019-S6,

PT,

144A,

FRN,

10.356%,

10/17/44

...............

United

States

42,032

39,003

2019-S7,

PT,

144A,

FRN,

10.361%,

12/15/44

...............

United

States

28,470

26,356

2019-S8,

PT,

144A,

FRN,

9.46%,

1/15/45

..................

United

States

31,122

28,859

2020-2,

PT,

144A,

FRN,

15.393%,

3/15/45

.................

United

States

48,825

45,842

2020-7,

PT,

144A,

FRN,

14.563%,

4/17/45

.................

United

States

27,470

25,415

e,k

Prosper

Pass-Thru

Trust

III

,

2020-PT1,

A,

144A,

FRN,

19.172%,

3/15/26

................

United

States

24,961

24,145

2020-PT2,

A,

144A,

FRN,

12.75%,

4/15/26

.................

United

States

30,107

28,594

2020-PT3,

A,

144A,

FRN,

8.015%,

5/15/26

.................

United

States

7,174

6,602

e,k

Upgrade

Master

Pass-Thru

Trust

,

2019-PT2

,

A

,

144A,

FRN

,

13.803

%

,

2/15/26

.

...................................

United

States

31,562

30,943

609,859

a

a

a

a

a

a

Total

Asset-Backed

Securities

(Cost

$623,653)

..................................

609,859

Shares

a

Escrows

and

Litigation

Trusts

0.0%

†

a

Chesapeake

Energy

Corp.,

Escrow

Account

.................

United

States

1,500,000

33,750

Total

Escrows

and

Litigation

Trusts

(Cost

$48,985)

..............................

33,750

Total

Long

Term

Investments

(Cost

$211,886,432)

...............................

240,998,497

a

Franklin

Universal

Trust

Schedule

of

Investments

franklintempleton.com

Annual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

20

Short

Term

Investments

3.9%

a

a

Country

Shares

a

Value

a

a

a

Money

Market

Funds

3.9%

l,m

Institutional

Fiduciary

Trust

-

Money

Market

Portfolio,

5.066%

....

United

States

7,233,846

$

7,233,846

Total

Money

Market

Funds

(Cost

$7,233,846)

...................................

7,233,846

Total

Short

Term

Investments

(Cost

$7,233,846

)

.................................

7,233,846

a

Total

Investments

(Cost

$219,120,278)

134.3%

..................................

$248,232,343

Notes

Payable

(35.2)%

.......................................................

(65,000,000)

Other

Assets,

less

Liabilities

0.9%

.............................................

1,626,937

Net

Assets

100.0%

...........................................................

$184,859,280

See

Abbreviations

on

page

50

.

*

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

Income

may

be

received

in

additional

securities

and/or

cash.

c

See

Note

8

regarding

credit

risk

and

defaulted

securities.

d

Perpetual

security

with

no

stated

maturity

date.

e

Security

was

purchased

pursuant

to

Rule

144A

or

Regulation

S

under

the

Securities

Act

of

1933.

144A

securities

may

be

sold

in

transactions

exempt

from

registration

only

to

qualified

institutional

buyers

or

in

a

public

offering

registered

under

the

Securities

Act

of

1933.

Regulation

S

securities

cannot

be

sold

in

the

United

States

without

either

an

effective

registration

statement

filed

pursuant

to

the

Securities

Act

of

1933,

or

pursuant

to

an

exemption

from

registration.

At

August

31,

2023,

the

aggregate

value

of

these

securities

was

$121,935,291,

representing

66.0%

of

net

assets.

f

The

coupon

rate

shown

represents

the

rate

at

period

end.

g

Fair

valued

using

significant

unobservable

inputs.

See

Note

10

regarding

fair

value

measurements.

h

See

Note

1(d)

regarding

senior

floating

rate

interests.

i

The

coupon

rate

shown

represents

the

rate

inclusive

of

any

caps

or

floors,

if

applicable,

in

effect

at

period

end.

j

See

Note

1(e)

regarding

Marketplace

Lending.

See

full

breakdown

of

marketplace

loans

holdings

in

the

table

at

the

end

of

this

schedule.

k

Adjustable

rate

security

with

an

interest

rate

that

is

not

based

on

a

published

reference

index

and

spread.

The

rate

is

based

on

the

structure

of

the

agreement

and

current

market

conditions.

The

coupon

rate

shown

represents

the

rate

at

period

end.

l

See

Note

4(c)

regarding

investments

in

affiliated

management

investment

companies.

m

The

rate

shown

is

the

annualized

seven-day

effective

yield

at

period

end.

Franklin

Universal

Trust

Schedule

of

Investments,

August

31,

2023

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Annual

Report

21

At

August

31,

2023,

the

Fund

had

the

following marketplace

loans

outstanding.

See

Note

1(e).

Description

Principal

Amount

Value

Marketplace

Loans

-

6.0%

Freedom

Financial

Asset

Management

LLC

APP-10236665.FP.FTS.B,

5.99%,

10/04/23

$

685

$

686

APP-10852298.FP.FTS.B,

5.99%,

10/05/23

856

857

APP-10840576.FP.FTS.B,

5.99%,

10/15/23

874

876

APP-10847318.FP.FTS.B,

5.99%,

10/15/23

941

944

APP-09915050.FP.FTS.B,

5.99%,

11/20/23

792

794

APP-10762832.FP.FTS.B,

15.49%,

11/26/23

440

441

APP-11022068.FP.FTS.B,

5.99%,

12/06/23

1,539

1,542

APP-12381966.FP.FTS.B,

20.49%,

1/20/24

3,046

3,079

APP-11834925.FP.FTS.B,

5.99%,

2/11/24

.

2,404

2,421

APP-11634713.FP.FTS.B,

5.99%,

2/13/24

.

2,639

2,652

APP-13323334.FP.FTS.B,

5.99%,

5/14/24

.

2,651

2,670

APP-13489698.FP.FTS.B,

5.99%,

5/15/24

.

3,485

3,511

APP-13476049.FP.FTS.B,

21.49%,

5/17/24

4,236

4,281

APP-13485474.FP.FTS.B,

15.99%,

5/18/24

2,976

3,004

APP-13471580.FP.FTS.B,

5.99%,

5/19/24

.

3,042

3,066

APP-12399683.FP.FTS.B,

22.49%,

5/20/24

4,563

4,624

APP-15125689.FP.FTS.B,

5.99%,

7/15/24

.

4,073

4,108

APP-15138477.FP.FTS.B,

5.99%,

7/16/24

.

3,236

3,264

APP-14522400.FP.FTS.B,

5.99%,

7/23/24

.

3,934

3,969

APP-15089870.FP.FTS.B,

20.99%,

7/27/24

7,635

7,745

APP-10084299.FP.FTS.B,

16.49%,

8/11/24

5,630

3,515

APP-10541747.FP.FTS.B,

16.99%,

9/05/24

4,814

4,836

APP-10849903.FP.FTS.B,

11.24%,

10/16/24

12,081

12,182

APP-10584167.FP.FTS.B,

16.99%,

10/28/24

..........................

3,297

3,332

APP-11139281.FP.FTS.B,

8.49%,

11/01/24

6,224

6,263

APP-11106155.FP.FTS.B,

12.74%,

11/01/24

9,773

9,838

APP-10836612.FP.FTS.B,

21.49%,

11/15/24

5,460

5,478

APP-11021958.FP.FTS.B,

12.24%,

12/10/24

6,278

6,325

APP-11021643.FP.FTS.B,

10.49%,

12/14/24

7,980

8,049

APP-11695329.FP.FTS.B,

15.99%,

12/15/24

7,616

7,616

APP-11693890.FP.FTS.B,

13.24%,

12/17/24

22,530

22,656

APP-11007940.FP.FTS.B,

10.49%,

12/19/24

6,436

6,503

APP-10839343.FP.FTS.B,

13.99%,

12/19/24

..........................

4,375

4,419

APP-11799520.FP.FTS.B,

16.99%,

12/25/24

5,758

5,805

APP-11681583.FP.FTS.B,

16.99%,

1/30/25

5,515

5,574

APP-10844126.FP.FTS.B,

23.99%,

1/30/25

9,147

9,221

APP-12413621.FP.FTS.B,

15.49%,

2/01/25

12,855

7,941

APP-11766706.FP.FTS.B,

23.99%,

2/02/25

4,830

4,785

APP-11799331.FP.FTS.B,

8.99%,

2/06/25

.

15,971

16,086

APP-11694349.FP.FTS.B,

14.24%,

2/07/25

17,590

17,643

APP-11862313.FP.FTS.B,

16.49%,

2/11/25

5,322

5,328

APP-11869808.FP.FTS.B,

21.99%,

2/15/25

10,001

9,977

APP-12394118.FP.FTS.B,

17.74%,

3/10/25

12,387

12,409

APP-11102104.FP.FTS.B,

23.99%,

3/11/25

3,957

3,938

APP-12410877.FP.FTS.B,

13.74%,

3/15/25

16,857

16,970

APP-12299545.FP.FTS.B,

14.99%,

3/21/25

11,093

11,160

APP-13323354.FP.FTS.B,

10.09%,

5/18/25

10,674

10,796

APP-14953979.FP.FTS.B,

7.74%,

7/13/25

.

20,063

20,246

APP-15094222.FP.FTS.B,

10.24%,

7/14/25

16,176

16,321

APP-15084327.FP.FTS.B,

10.74%,

7/14/25

12,704

12,838

APP-15090883.FP.FTS.B,

25.49%,

7/14/25

3,010

2,957

APP-15034726.FP.FTS.B,

25.49%,

7/25/25

6,583

6,545

APP-10111431.FP.FTS.B,

10.99%,

9/15/25

11,688

11,858

APP-10140977.FP.FTS.B,

24.99%,

9/15/25

6,277

6,507

Description

Principal

Amount

Value

Freedom

Financial

Asset

Management

LLC

(continued)

APP-10091198.FP.FTS.B,

15.49%,

9/24/25

$

5,100

$

5,134

APP-10083835.FP.FTS.B,

10.99%,

9/25/25

8,217

8,355

APP-11022514.FP.FTS.B,

18.49%,

10/21/25

10,369

10,615

APP-10582948.FP.FTS.B,

10.99%,

10/22/25

..........................

14,027

14,235

APP-10578403.FP.FTS.B,

15.99%,

10/30/25

..........................

12,081

12,415

APP-10561192.FP.FTS.B,

8.99%,

11/03/25

10,198

10,341

APP-10841976.FP.FTS.B,

10.99%,

11/28/25

10,087

10,229

APP-11116538.FP.FTS.B,

8.99%,

12/10/25

8,973

9,100

APP-11105408.FP.FTS.B,

10.99%,

12/14/25

7,424

7,536

APP-11843242.FP.FTS.B,

12.24%,

12/15/25

12,636

12,786

APP-11097002.FP.FTS.B,

17.99%,

12/15/25

30,824

31,505

APP-11022500.FP.FTS.B,

17.99%,

12/16/25

8,031

8,222

APP-11579320.FP.FTS.B,

16.99%,

12/20/25

13,659

14,107

APP-10868780.FP.FTS.B,

14.49%,

1/02/26

20,153

20,461

APP-11798391.FP.FTS.B,

18.49%,

1/04/26

6,931

7,048

APP-11733010.FP.FTS.B,

15.74%,

1/28/26

22,996

23,525

APP-12378685.FP.FTS.B,

15.99%,

2/01/26

9,725

9,838

APP-11757188.FP.FTS.B,

18.24%,

2/02/26

27,721

28,170

APP-11799488.FP.FTS.B,

16.99%,

2/05/26

13,043

13,237

APP-11757063.FP.FTS.B,

17.99%,

2/05/26

13,875

14,121

APP-12281543.FP.FTS.B,

16.74%,

3/08/26

25,218

25,646

APP-12246304.FP.FTS.B,

18.24%,

3/08/26

23,090

23,501

APP-12397373.FP.FTS.B,

15.99%,

3/15/26

9,807

9,959

APP-12032813.FP.FTS.B,

17.99%,

3/17/26

9,159

9,325

APP-12419810.FP.FTS.B,

15.74%,

3/20/26

26,613

27,190

APP-12270812.FP.FTS.B,

16.99%,

3/22/26

8,801

8,976

APP-12421465.FP.FTS.B,

17.99%,

3/23/26

14,318

14,631

APP-13524997.FP.FTS.B,

10.59%,

3/25/26

11,033

11,184

APP-13511680.FP.FTS.B,

12.84%,

5/05/26

10,825

10,959

APP-13256383.FP.FTS.B,

7.99%,

5/18/26

.

27,030

27,437

APP-13477482.FP.FTS.B,

10.34%,

5/18/26

28,621

29,069

APP-13527002.FP.FTS.B,

15.59%,

5/19/26

7,401

7,529

APP-14943761.FP.FTS.B,

15.99%,

6/01/26

15,839

15,975

APP-15146572.FP.FTS.B,

10.74%,

7/15/26

3,916

3,918

APP-15112645.FP.FTS.B,

16.99%,

7/15/26

15,499

15,653

APP-15065994.FP.FTS.B,

17.74%,

7/15/26

36,977

37,401

APP-15053141.FP.FTS.B,

18.99%,

7/15/26

15,644

15,797

APP-15107872.FP.FTS.B,

20.49%,

7/15/26

11,044

11,193

APP-15064308.FP.FTS.B,

22.49%,

7/15/26

17,321

17,448

APP-15054013.FP.FTS.B,

17.99%,

7/20/26

12,850

13,026

APP-15109634.FP.FTS.B,

19.49%,

7/21/26

7,879

7,992

APP-15053667.FP.FTS.B,

17.99%,

7/22/26

10,303

10,453

APP-15073340.FP.FTS.B,

15.99%,

7/25/26

7,765

7,898

APP-14860724.FP.FTS.B,

20.99%,

7/26/26

15,146

15,380

APP-15111841.FP.FTS.B,

7.84%,

7/28/26

.

22,296

22,653

APP-14956830.FP.FTS.B,

15.74%,

7/28/26

23,232

23,625

APP-15053675.FP.FTS.B,

10.99%,

7/30/26

9,938

10,112

APP-10133595.FP.FTS.B,

11.99%,

8/11/26

13,386

13,604

APP-10140897.FP.FTS.B,

16.99%,

8/12/26

14,638

14,902

APP-10145662.FP.FTS.B,

18.99%,

9/17/26

15,651

16,083

APP-10460831.FP.FTS.B,

21.99%,

9/19/26

5,549

5,713

APP-10572421.FP.FTS.B,

10.49%,

9/20/26

23,535

23,936

APP-10112510.FP.FTS.B,

16.49%,

9/25/26

8,873

9,079

APP-10145175.FP.FTS.B,

14.49%,

9/26/26

6,479

6,612

Franklin

Universal

Trust

Schedule

of

Investments

franklintempleton.com

Annual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

22

Description

Principal

Amount

Value

Marketplace

Loans

(continued)

Freedom

Financial

Asset

Management

LLC

(continued)

APP-10850556.FP.FTS.B,

11.99%,

10/01/26

$

12,994

$

13,120

APP-09931612.FP.FTS.B,

14.24%,

10/03/26

..........................

11,184

11,324

APP-10838239.FP.FTS.B,

12.49%,

10/12/26

..........................

22,659

23,006

APP-10845328.FP.FTS.B,

11.99%,

10/16/26

17,486

17,768

APP-10704368.FP.FTS.B,

14.99%,

10/16/26

..........................

13,707

13,956

APP-10745909.FP.FTS.B,

17.99%,

10/16/26

..........................

36,499

37,153

APP-10829192.FP.FTS.B,

18.99%,

10/16/26

..........................

18,005

18,451

APP-10852939.FP.FTS.B,

16.49%,

10/17/26

..........................

1,432

1,433

APP-10581131.FP.FTS.B,

22.49%,

10/22/26

7,402

7,625

APP-10575367.FP.FTS.B,

20.99%,

10/25/26

..........................

30,575

3,112

APP-10916894.FP.FTS.B,

20.49%,

11/01/26

14,476

14,746

APP-10384953.FP.FTS.B,

19.99%,

11/02/26

12,071

12,298

APP-10224478.FP.FTS.B,

20.49%,

11/02/26

19,614

20,064

APP-11119432.FP.FTS.B,

11.99%,

11/03/26

15,728

15,957

APP-10577758.FP.FTS.B,

17.49%,

11/04/26

8,683

8,844

APP-11187454.FP.FTS.B,

22.49%,

11/10/26

7,646

7,822

APP-10848002.FP.FTS.B,

17.99%,

11/19/26

18,086

18,496

APP-10859032.FP.FTS.B,

9.99%,

11/21/26

10,883

11,072

APP-10842381.FP.FTS.B,

12.49%,

11/21/26

24,991

25,410

APP-10830375.FP.FTS.B,

19.99%,

11/21/26

11,674

11,994

APP-10692450.FP.FTS.B,

17.49%,

11/29/26

18,794

19,319

APP-10671079.FP.FTS.B,

11.99%,

11/30/26

19,739

20,118

APP-10848317.FP.FTS.B,

12.24%,

11/30/26

14,247

14,512

APP-10670975.FP.FTS.B,

21.49%,

11/30/26

11,942

12,389

APP-10860337.FP.FTS.B,

22.99%,

11/30/26

12,118

12,545

APP-11122151.FP.FTS.B,

16.49%,

12/06/26

13,314

2,449

APP-11094577.FP.FTS.B,

19.49%,

12/08/26

9,161

9,391

APP-11008022.FP.FTS.B,

11.99%,

12/13/26

10,380

10,552

APP-11123090.FP.FTS.B,

14.24%,

12/15/26

17,031

17,336

APP-10314454.FP.FTS.B,

15.99%,

12/15/26

..........................

9,343

909

APP-11021456.FP.FTS.B,

20.99%,

12/15/26

28,029

28,687

APP-10839250.FP.FTS.B,

17.49%,

12/17/26

..........................

4,423

4,423

APP-11121084.FP.FTS.B,

17.49%,

12/19/26

14,914

1,643

APP-11116084.FP.FTS.B,

19.49%,

12/19/26

11,135

11,121

APP-11007668.FP.FTS.B,

19.99%,

12/19/26

13,777

14,117

APP-11091099.FP.FTS.B,

9.99%,

12/20/26

22,394

22,796

APP-11111264.FP.FTS.B,

16.49%,

12/20/26

8,961

9,148

APP-11036570.FP.FTS.B,

22.99%,

12/20/26

12,115

12,448

APP-11874582.FP.FTS.B,

17.49%,

12/23/26

16,461

16,799

APP-11751323.FP.FTS.B,

17.99%,

12/23/26

10,819

11,064

APP-11752200.FP.FTS.B,

21.49%,

12/23/26

15,344

5,197

APP-11767307.FP.FTS.B,

14.49%,

12/24/26

20,420

20,716

APP-11461595.FP.FTS.B,

17.99%,

12/24/26

3,607

3,593

APP-11762193.FP.FTS.B,

18.49%,

12/24/26

14,096

14,427

APP-11677084.FP.FTS.B,

15.49%,

12/26/26

33,417

33,940

APP-11799609.FP.FTS.B,

10.99%,

1/01/27

23,781

24,098

APP-11844341.FP.FTS.B,

16.74%,

1/01/27

25,201

25,514

APP-11744634.FP.FTS.B,

19.99%,

2/01/27

13,835

13,908

APP-11824892.FP.FTS.B,

16.99%,

2/03/27

13,061

13,235

Description

Principal

Amount

Value

Freedom

Financial

Asset

Management

LLC

(continued)

APP-11765220.FP.FTS.B,

11.99%,

2/04/27

$

37,455

$

38,017

APP-11724933.FP.FTS.B,

14.24%,

2/05/27

11,039

11,213

APP-11702245.FP.FTS.B,

17.49%,

2/05/27

11,053

10,958

APP-11674918.FP.FTS.B,

20.49%,

2/05/27

19,967

20,246

APP-12397051.FP.FTS.B,

17.49%,

2/06/27

9,399

9,512

APP-11696610.FP.FTS.B,

14.24%,

2/07/27

19,176

19,520

APP-11743079.FP.FTS.B,

16.24%,

2/07/27

31,855

18,317

APP-11757936.FP.FTS.B,

19.99%,

2/07/27

7,445

7,556

APP-11763967.FP.FTS.B,

19.99%,

2/07/27

11,881

12,049

APP-11837813.FP.FTS.B,

20.99%,

2/10/27

9,770

6,039

APP-11838245.FP.FTS.B,

19.99%,

2/11/27

7,745

7,871

APP-11801863.FP.FTS.B,

8.99%,

2/12/27

.

25,628

26,016

APP-11798652.FP.FTS.B,

11.74%,

2/14/27

37,389

37,988

APP-11843528.FP.FTS.B,

19.99%,

2/14/27

2,579

2,561

APP-11864146.FP.FTS.B,

11.24%,

2/15/27

13,369

13,587

APP-11872928.FP.FTS.B,

11.24%,

2/15/27

11,989

12,186

APP-11845152.FP.FTS.B,

11.74%,

2/15/27

32,128

32,652

APP-11801830.FP.FTS.B,

16.49%,

2/15/27

15,459

15,719

APP-11842708.FP.FTS.B,

23.49%,

2/16/27

9,213

1,946

APP-10128827.FP.FTS.B,

25.49%,

2/24/27

7,399

7,615

APP-12304720.FP.FTS.B,

18.74%,

3/06/27

39,429

39,884

APP-12106158.FP.FTS.B,

11.24%,

3/07/27

13,179

13,362

APP-12404066.FP.FTS.B,

22.49%,

3/08/27

27,795

28,104

APP-12408150.FP.FTS.B,

19.99%,

3/10/27

8,414

8,501

APP-12407302.FP.FTS.B,

18.99%,

3/15/27

8,608

8,725

APP-12272662.FP.FTS.B,

16.49%,

3/17/27

15,704

15,923

APP-11863466.FP.FTS.B,

25.49%,

3/17/27

8,192

8,299

APP-12385340.FP.FTS.B,

25.49%,

3/17/27

7,306

7,392

APP-12341500.FP.FTS.B,

20.49%,

3/20/27

13,385

13,582

APP-12396943.FP.FTS.B,

13.49%,

3/21/27

13,435

13,660

APP-12270734.FP.FTS.B,

16.99%,

3/21/27

14,691

14,963

APP-10314654.FP.FTS.B,

19.74%,

3/21/27

26,187

26,604

APP-12381900.FP.FTS.B,

18.49%,

3/22/27

16,759

17,039

APP-13531026.FP.FTS.B,

11.59%,

3/28/27

19,246

19,540

APP-13513406.FP.FTS.B,

14.34%,

4/01/27

39,846

40,295

APP-13478834.FP.FTS.B,

16.99%,

5/03/27

16,576

16,689

APP-13508795.FP.FTS.B,

9.59%,

5/05/27

.

14,007

14,182

APP-13047632.FP.FTS.B,

11.49%,

5/05/27

11,043

11,194

APP-13485036.FP.FTS.B,

13.34%,

5/06/27

10,534

10,676

APP-08710316.FP.FTS.B,

10.99%,

5/13/27

27,319

27,717

APP-13498310.FP.FTS.B,

17.99%,

5/13/27

9,825

9,920

APP-13498730.FP.FTS.B,

11.34%,

5/15/27

15,840

16,083

APP-13329158.FP.FTS.B,

17.99%,

5/15/27

11,660

11,648

APP-13453359.FP.FTS.B,

18.24%,

5/15/27

24,635

24,874

APP-13410410.FP.FTS.B,

19.99%,

5/15/27

8,722

8,809

APP-13486869.FP.FTS.B,

11.34%,

5/16/27

25,492

25,903

APP-13531289.FP.FTS.B,

14.09%,

5/16/27

23,763

24,132

APP-13512105.FP.FTS.B,

19.49%,

5/16/27

21,508

21,732

APP-13473219.FP.FTS.B,

22.49%,

5/16/27

13,161

2,879

APP-13479562.FP.FTS.B,

18.49%,

5/17/27

13,174

13,274

APP-13227905.FP.FTS.B,

21.99%,

5/18/27

8,397

8,487

APP-13517315.FP.FTS.B,

12.09%,

5/19/27

39,730

40,389

APP-13507352.FP.FTS.B,

20.49%,

5/19/27

8,074

8,182

APP-13531806.FP.FTS.B,

16.99%,

5/20/27

16,626

16,894

APP-13485355.FP.FTS.B,

17.24%,

5/20/27

30,264

30,562

APP-13485605.FP.FTS.B,

18.99%,

5/20/27

11,275

11,458

APP-13518313.FP.FTS.B,

18.99%,

5/20/27

14,132

14,262

APP-13302186.FP.FTS.B,

20.49%,

5/20/27

11,871

12,008

Franklin

Universal

Trust

Schedule

of

Investments

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Annual

Report

23

Description

Principal

Amount

Value

Marketplace

Loans

(continued)

Freedom

Financial

Asset

Management

LLC

(continued)

APP-15111331.FP.FTS.B,

11.99%,

6/11/27

$

18,136

$

18,353

APP-14906773.FP.FTS.B,

9.74%,

7/15/27

.

32,336

32,760

APP-13533233.FP.FTS.B,

14.09%,

7/15/27

21,781

22,091

APP-15064429.FP.FTS.B,

14.49%,

7/15/27

22,331

22,606

APP-15106750.FP.FTS.B,

18.99%,

7/15/27

20,069

2,288

APP-15055216.FP.FTS.B,

19.99%,

7/15/27

14,830

14,894

APP-15070181.FP.FTS.B,

19.99%,

7/15/27

14,827

14,891

APP-15109285.FP.FTS.B,

21.49%,

7/15/27

24,919

24,920

APP-14865954.FP.FTS.B,

11.74%,

7/16/27

22,288

22,588

APP-15149750.FP.FTS.B,

11.99%,

7/16/27

5,553

5,565

APP-14958373.FP.FTS.B,

12.24%,

7/16/27

14,772

14,977

APP-15158424.FP.FTS.B,

11.99%,

7/17/27

15,245

15,455

APP-14914244.FP.FTS.B,

20.99%,

7/22/27

11,981

12,062

APP-15057995.FP.FTS.B,

18.99%,

7/23/27

8,462

8,587

APP-15058449.FP.FTS.B,

11.99%,

7/25/27

9,939

10,099

APP-15078317.FP.FTS.B,

13.99%,

7/25/27

17,413

17,689

APP-15055723.FP.FTS.B,

11.24%,

7/26/27

26,183

26,609

APP-15048744.FP.FTS.B,

16.49%,

7/27/27

19,351

19,575

APP-15053719.FP.FTS.B,

16.99%,

7/28/27

9,365

9,523

APP-11798581.FP.FTS.B,

16.99%,

7/29/27

16,426

3,134

APP-15133409.FP.FTS.B,

15.49%,

7/30/27

21,495

21,866

APP-15053776.FP.FTS.B,

17.49%,

7/30/27

10,163

10,287

APP-15068287.FP.FTS.B,

26.99%,

8/26/27

9,021

3,252

APP-15039962.FP.FTS.B,

12.49%,

8/28/27

43,045

43,763

APP-15053335.FP.FTS.B,

23.49%,

8/28/27

9,116

9,171

APP-15085248.FP.FTS.B,

22.74%,

8/29/27

11,282

11,339

APP-11764720.FP.FTS.B,

21.99%,

10/05/27

9,049

5,331

APP-15070551.FP.FTS.B,

24.74%,

4/27/28

16,263

16,244

3,274,649

LendingClub

Corp.

161393306.LC.FTS.B,

Zero

Cpn,

4/20/24

.

11,988

1,130

153974620.LC.FTS.B,

14.3%,

6/24/24

...

5,279

5,216

154144733.LC.FTS.B,

12.4%,

6/26/24

...

4,414

4,338

153904028.LC.FTS.B,

17.74%,

6/30/24

...

2,829

2,805

155408143.LC.FTS.B,

16.95%,

7/22/24

...

6,414

6,336

155731933.LC.FTS.B,

15.24%,

7/29/24

...

8,102

7,976

156235700.LC.FTS.B,

17.74%,

8/06/24

...

3,861

3,793

156759369.LC.FTS.B,

12.4%,

8/09/24

...

6,050

5,925

156752978.LC.FTS.B,

14.3%,

8/09/24

...

10,161

9,968

156812488.LC.FTS.B,

14.3%,

8/12/24

...

2,779

2,732

158130288.LC.FTS.B,

14.3%,

9/04/24

...

4,068

3,988

155823205.LC.FTS.B,

14.3%,

9/15/24

...

4,927

4,826

159089545.LC.FTS.B,

16.95%,

9/23/24

...

3,515

3,459

159106791.LC.FTS.B,

17.74%,

9/23/24

...

4,353

4,283

159001219.LC.FTS.B,

12.4%,

9/26/24

...

5,979

5,873

158913750.LC.FTS.B,

11.71%,

9/30/24

...

6,712

6,572

160792694.LC.FTS.B,

13.08%,

10/23/24

..

11,779

11,507

158011325.LC.FTS.B,

Zero

Cpn,

11/03/24

7,449

–

161424051.LC.FTS.B,

10.33%,

11/05/24

..

4,463

4,347

161483895.LC.FTS.B,

13.08%,

11/07/24

..

3,766

3,669

162010515.LC.FTS.B,

17.74%,

11/18/24

..

3,586

3,509

162923894.LC.FTS.B,

18.62%,

12/06/24

..

3,621

3,577

163764805.LC.FTS.B,

Zero

Cpn,

12/23/24

11,840

–

163557424.LC.FTS.B,

11.02%,

12/30/24

..

2,413

2,393

164548038.LC.FTS.B,

11.02%,

1/25/25

...

10,427

10,146

165707974.LC.FTS.B,

20.55%,

1/28/25

...

1,475

1,459

164089980.LC.FTS.B,

17.74%,

2/28/25

...

5,791

2,480

Description

Principal

Amount

Value

LendingClub

Corp.

(continued)

167132427.LC.FTS.B,

20.55%,

2/28/25

...

$

8,846

$

8,692

167747801.LC.FTS.B,

16.12%,

3/15/25

...

6,638

6,419

168420680.LC.FTS.B,

17.74%,

3/16/25

...

8,762

8,484

166170570.LC.FTS.B,

17.74%,

3/17/25

...

7,272

7,034

168140265.LC.FTS.B,

15.24%,

3/21/25

...

9,002

8,717

167712249.LC.FTS.B,

14.3%,

4/20/25

...

11,773

11,430

151259806.LC.FTS.B,

Zero

Cpn,

6/04/25

.

9,420

6,799

165352318.LC.FTS.B,

15.24%,

6/22/25

...

14,207

13,681

166444317.LC.FTS.B,

13.08%,

11/04/25

..

20,970

19,913

160809803.LC.FTS.B,

13.08%,

11/23/25

..

13,651

10,240

165520144.LC.FTS.B,

Zero

Cpn,

9/05/26

.

10,970

92

160698361.LC.FTS.B,

Zero

Cpn,

10/23/32

6,766

–

163789996.LC.FTS.B,

18.62%,

12/23/32

..

643

544

164493400.LC.FTS.B,

5%,

1/07/33

......

1,362

1,329

225,681

LendingClub

Corp.

-

LCX

161911117.LC.FTS.B,

20.55%,

11/14/24

..

2,111

2,120

164542068.LC.FTS.B,

25.65%,

1/21/25

...

5,461

5,429

157483547.LC.FTS.B,

Zero

Cpn,

12/13/32

1,688

–

7,549

LendingClub

Corp.

-

LCX

PM

173017997.LC.FTS.B,

14.02%,

12/17/23

..

319

318

172997264.LC.FTS.B,

14.02%,

12/19/23

..

1,346

1,333

173374603.LC.FTS.B,

19.12%,

1/13/24

...

2,382

2,378

184916811.LC.FTS.B,

15.99%,

1/18/25

...

5,632

5,599

185085067.LC.FTS.B,

22.99%,

1/18/25

...

9,470

9,585

184905245.LC.FTS.B,

15.99%,

1/19/25

...

9,851

1,140

185225789.LC.FTS.B,

20.99%,

1/19/25

...

8,247

8,248

185231531.LC.FTS.B,

21.49%,

1/19/25

...

2,207

2,207

185170289.LC.FTS.B,

15.99%,

1/22/25

...

6,603

1,160

184577634.LC.FTS.B,

15.49%,

1/25/25

...

3,708

3,698

185449370.LC.FTS.B,

18.44%,

1/25/25

...

6,889

6,836

185337050.LC.FTS.B,

20.99%,

1/25/25

...

13,196

13,215

185529283.LC.FTS.B,

18.99%,

1/27/25

...

10,851

10,827

185074501.LC.FTS.B,

12.74%,

1/29/25

...

2,613

2,606

185591984.LC.FTS.B,

18.99%,

1/31/25

...

7,783

7,768

184733710.LC.FTS.B,

24.99%,

1/31/25

...

1,964

2,012

185743058.LC.FTS.B,

12.19%,

2/02/25

...

4,363

4,312

185670318.LC.FTS.B,

15.44%,

2/02/25

...

8,359

8,178

185694876.LC.FTS.B,

15.49%,

2/02/25

...

6,411

6,367

185720673.LC.FTS.B,

14.49%,

2/04/25

...

3,323

3,252

184778654.LC.FTS.B,

16.19%,

2/04/25

...

1,960

1,948

185764512.LC.FTS.B,

19.99%,

2/04/25

...

14,345

14,288

185806351.LC.FTS.B,

18.99%,

2/07/25

...

6,867

6,819

185828353.LC.FTS.B,

22.99%,

2/08/25

...

10,567

10,553

186050160.LC.FTS.B,

15.99%,

2/10/25

...

9,787

9,711

185828265.LC.FTS.B,

19.44%,

2/10/25

...

9,149

9,126

185614486.LC.FTS.B,

19.99%,

2/10/25

...

14,356

14,283

186144016.LC.FTS.B,

Zero

Cpn,

2/14/25

.

7,202

–

185731098.LC.FTS.B,

18.99%,

2/14/25

...

2,281

2,270

186141198.LC.FTS.B,

18.99%,

2/14/25

...

2,851

2,837

185870831.LC.FTS.B,

15.99%,

2/15/25

...

4,047

4,025

186248821.LC.FTS.B,

12.94%,

2/16/25

...

8,686

8,632

185952586.LC.FTS.B,

Zero

Cpn,

2/17/25

.

4,709

–

186046548.LC.FTS.B,

16.49%,

2/17/25

...

2,826

2,811

188498393.LC.FTS.B,

18.99%,

4/25/25

...

21,060

21,055

Franklin

Universal

Trust

Schedule

of

Investments

franklintempleton.com

Annual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

24

Description

Principal

Amount

Value

Marketplace

Loans

(continued)

LendingClub

Corp.

-

LCX

PM

(continued)

187330959.LC.FTS.B,

23.99%,

4/25/25

...

$

9,622

$

9,772

188539697.LC.FTS.B,

27.99%,

4/25/25

...

6,273

6,362

188790970.LC.FTS.B,

19.99%,

4/27/25

...

15,691

15,430

188578940.LC.FTS.B,

23.99%,

4/27/25

...

628

638

188852266.LC.FTS.B,

23.99%,

4/27/25

...

3,849

3,911

188854471.LC.FTS.B,

24.79%,

4/27/25

...

3,225

3,278

188781202.LC.FTS.B,

15.99%,

4/28/25

...

8,895

8,651

188845200.LC.FTS.B,

16.99%,

4/28/25

...

1,234

1,237

188849723.LC.FTS.B,

19.49%,

4/28/25

...

1,252

1,258

188683873.LC.FTS.B,

23.99%,

5/01/25

...

8,037

8,062

185664927.LC.FTS.B,

18.49%,

6/16/25

...

3,329

3,302

171733583.LC.FTS.B,

18.24%,

10/30/25

..

11,970

11,735

172637623.LC.FTS.B,

16.08%,

12/17/25

..

10,181

9,941

186109882.LC.FTS.B,

5%,

2/14/26

......

14,329

14,414

184987590.LC.FTS.B,

Zero

Cpn,

1/13/27

.

7,736

–

185030629.LC.FTS.B,

28.99%,

1/13/27

...

4,920

4,971

184976261.LC.FTS.B,

15.44%,

1/18/27

...

15,232

14,190

185102499.LC.FTS.B,

17.49%,

1/18/27

...

11,567

11,224

185242092.LC.FTS.B,

20.99%,

1/19/27

...

23,502

23,214

185186598.LC.FTS.B,

21.99%,

1/19/27

...

6,329

6,246

185203099.LC.FTS.B,

21.99%,

1/19/27

...

10,965

10,817

185257156.LC.FTS.B,

23.99%,

1/19/27

...

10,796

10,651

185208719.LC.FTS.B,

27.99%,

1/19/27

...

7,814

7,908

185284755.LC.FTS.B,

20.24%,

1/21/27

...

18,373

18,123

184608676.LC.FTS.B,

21.99%,

1/21/27

...

11,814

11,670

185190835.LC.FTS.B,

21.99%,

1/21/27

...

16,419

3,129

185280664.LC.FTS.B,

21.99%,

1/21/27

...

13,801

13,515

185094462.LC.FTS.B,

22.99%,

1/21/27

...

9,545

9,431

185215933.LC.FTS.B,

28.99%,

1/25/27

...

14,831

15,033

184953769.LC.FTS.B,

21.99%,

1/27/27

...

22,152

21,937

185465019.LC.FTS.B,

21.99%,

1/27/27

...

19,779

19,587

185285978.LC.FTS.B,

23.19%,

1/27/27

...

23,891

23,616

184862697.LC.FTS.B,

13.19%,

1/28/27

...

11,709

11,266

185051135.LC.FTS.B,

23.99%,

1/28/27

...

19,127

18,829

185551601.LC.FTS.B,

Zero

Cpn,

1/31/27

.

22,021

–

185606478.LC.FTS.B,

Zero

Cpn,

1/31/27

.

22,145

2,070

185593614.LC.FTS.B,

14.94%,

1/31/27

...

4,546

4,427

185625736.LC.FTS.B,

17.24%,

1/31/27

...

11,522

11,218

185553869.LC.FTS.B,

17.44%,

1/31/27

...

13,455

13,098

185325210.LC.FTS.B,

21.49%,

2/01/27

...

19,441

19,068

185773530.LC.FTS.B,

Zero

Cpn,

2/04/27

.

13,169

–

185801067.LC.FTS.B,

15.19%,

2/04/27

...

11,618

11,171

185785605.LC.FTS.B,

16.99%,

2/04/27

...

18,782

18,188

185579608.LC.FTS.B,

23.99%,

2/04/27

...

24,562

24,195

185803689.LC.FTS.B,

12.69%,

2/08/27

...

30,649

28,408

185670781.LC.FTS.B,

14.74%,

2/08/27

...

30,900

29,730

185788975.LC.FTS.B,

20.44%,

2/08/27

...

31,902

31,262

185500483.LC.FTS.B,

23.99%,

2/08/27

...

28,428

27,948

186105140.LC.FTS.B,

14.99%,

2/10/27

...

9,284

8,939

186053383.LC.FTS.B,

18.49%,

2/10/27

...

19,729

19,134

186004411.LC.FTS.B,

21.99%,

2/10/27

...

11,441

11,316

186037923.LC.FTS.B,

23.49%,

2/10/27

...

5,671

5,583

186073191.LC.FTS.B,

23.99%,

2/10/27

...

8,118

7,991

186131505.LC.FTS.B,

Zero

Cpn,

2/14/27

.

10,314

–

185962334.LC.FTS.B,

16.49%,

2/14/27

...

27,313

26,508

186055580.LC.FTS.B,

19.49%,

2/14/27

...

12,697

12,502

186072313.LC.FTS.B,

19.99%,

2/14/27

...

12,813

12,618

186114907.LC.FTS.B,

24.99%,

2/14/27

...

8,402

1,607

Description

Principal

Amount

Value

LendingClub

Corp.

-

LCX

PM

(continued)

185957980.LC.FTS.B,

10.99%,

2/15/27

...

$

21,639

$

20,900

185644818.LC.FTS.B,

17.24%,

2/15/27

...

31,665

29,706

186037630.LC.FTS.B,

23.99%,

2/15/27

...

12,281

12,097

186256667.LC.FTS.B,

Zero

Cpn,

2/16/27

.

18,992

–

185737435.LC.FTS.B,

19.74%,

2/16/27

...

13,382

13,188

186160994.LC.FTS.B,

23.99%,

2/16/27

...

16,244

16,018

186255693.LC.FTS.B,

28.99%,

2/16/27

...

6,653

6,731

185994246.LC.FTS.B,

23.99%,

2/17/27

...

7,027

660

185972627.LC.FTS.B,

Zero

Cpn,

2/23/27

.

12,250

–

184697668.LC.FTS.B,

22.49%,

2/23/27

...

16,153

15,947

185440062.LC.FTS.B,

17.49%,

2/25/27

...

17,312

16,849

186057988.LC.FTS.B,

23.99%,

2/25/27

...

16,721

13,240

185584314.LC.FTS.B,

23.99%,

2/28/27

...

10,521

10,332

188676937.LC.FTS.B,

Zero

Cpn,

4/25/27

.

10,834

1,022

188640868.LC.FTS.B,

20.99%,

4/25/27

...

16,841

16,386

188665152.LC.FTS.B,

20.99%,

4/25/27

...

8,433

8,317

188681928.LC.FTS.B,

22.99%,

4/25/27

...

8,200

8,153

188661710.LC.FTS.B,

23.19%,

4/25/27

...

8,336

8,296

188722342.LC.FTS.B,

28.99%,

4/25/27

...

5,979

6,102

188818650.LC.FTS.B,

20.99%,

4/26/27

...

5,282

5,258

188826193.LC.FTS.B,

22.99%,

4/26/27

...

6,676

6,638

188684882.LC.FTS.B,

23.99%,

4/26/27

...

5,106

4,972

188570436.LC.FTS.B,

25.99%,

4/26/27

...

6,075

5,822

188791237.LC.FTS.B,

27.99%,

4/26/27

...

15,739

15,862

188736809.LC.FTS.B,

Zero

Cpn,

4/27/27

.

10,678

–

188850161.LC.FTS.B,

18.99%,

4/27/27

...

6,540

6,421

188709996.LC.FTS.B,

20.49%,

4/27/27

...

25,807

3,164

188698368.LC.FTS.B,

20.99%,

4/27/27

...

18,161

17,579

188844587.LC.FTS.B,

20.99%,

4/27/27

...

8,253

8,218

188172463.LC.FTS.B,

22.49%,

4/27/27

...

9,625

9,384

188821742.LC.FTS.B,

23.99%,

4/27/27

...

16,731

16,663

188832786.LC.FTS.B,

27.99%,

4/27/27

...

4,254

4,345

188838885.LC.FTS.B,

28.99%,

4/27/27

...

8,541

8,725

188770586.LC.FTS.B,

21.49%,

4/28/27

...

14,890

14,665

188825826.LC.FTS.B,

23.49%,

4/28/27

...

8,347

8,289

188877761.LC.FTS.B,

25.99%,

4/28/27

...

6,223

6,100

188729615.LC.FTS.B,

28.99%,

4/28/27

...

21,356

21,787

188842402.LC.FTS.B,

21.49%,

4/30/27

...

5,047

5,005

188806927.LC.FTS.B,

23.99%,

4/30/27

...

12,788

12,709

188652977.LC.FTS.B,

23.99%,

5/24/27

...

2,964

2,909

185298966.LC.FTS.B,

21.49%,

7/30/27

...

21,290

20,993

188741644.LC.FTS.B,

20.49%,

10/21/27

..

16,862

2,052

186094287.LC.FTS.B,

24.99%,

12/29/27

..

8,953

7,278

188683114.LC.FTS.B,

23.99%,

3/27/28

...

38,174

4,836

1,313,344

Prosper

Funding

LLC

1606124.PS.FTS.B,

12.3%,

8/17/24

.....

3,955

3,874

1616481.PS.FTS.B,

14.89%,

8/17/24

....

7,065

941

1609444.PS.FTS.B,

15%,

8/17/24

.......

2,548

2,179

1610038.PS.FTS.B,

15%,

8/17/24

.......

2,976

2,930

1611259.PS.FTS.B,

13.5%,

8/19/24

.....

1,125

1,110

1607870.PS.FTS.B,

14%,

8/19/24

.......

4,717

–

1608122.PS.FTS.B,

19.8%,

8/20/24

.....

640

637

1619058.PS.FTS.B,

19%,

8/23/24

.......

796

796

1612303.PS.FTS.B,

20.8%,

8/23/24

.....

8,080

8,081

1610720.PS.FTS.B,

16.6%,

8/25/24

.....

3,117

3,079

1610027.PS.FTS.B,

18.09%,

8/27/24

....

2,777

2,769

Franklin

Universal

Trust

Schedule

of

Investments

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Annual

Report

25

Description

Principal

Amount

Value

Marketplace

Loans

(continued)

Prosper

Funding

LLC

(continued)

1606139.PS.FTS.B,

12.8%,

9/01/24

.....

$

1,332

$

1,310

1610444.PS.FTS.B,

18.09%,

9/08/24

....

5,987

5,961

1625728.PS.FTS.B,

12.49%,

9/16/24

....

10,157

9,928

1622147.PS.FTS.B,

13.6%,

9/16/24

.....

817

800

1626067.PS.FTS.B,

15.4%,

9/17/24

.....

5,681

5,585

1632888.PS.FTS.B,

17.96%,

9/17/24

....

1,132

1,113

1622396.PS.FTS.B,

20.4%,

9/17/24

.....

2,033

2,021

1634583.PS.FTS.B,

18.4%,

9/21/24

.....

1,276

1,272

1623410.PS.FTS.B,

18.5%,

9/21/24

.....

851

849

1634322.PS.FTS.B,

20.46%,

9/21/24

....

1,297

1,294

1626395.PS.FTS.B,

13.87%,

9/24/24

....

14,348

14,101

1632609.PS.FTS.B,

14.39%,

9/26/24

....

2,918

2,860

1626680.PS.FTS.B,

16%,

9/27/24

.......

5,002

4,934

1623737.PS.FTS.B,

18.7%,

9/30/24

.....

917

909

1630510.PS.FTS.B,

11.97%,

10/10/24

....

3,271

3,198

1628891.PS.FTS.B,

14.94%,

10/12/24

...

2,547

663

1626424.PS.FTS.B,

11.7%,

10/19/24

....

5,071

4,264

1648309.PS.FTS.B,

14.49%,

10/26/24

...

4,408

4,338

1645271.PS.FTS.B,

10.8%,

10/27/24

....

8,124

7,961

1648648.PS.FTS.B,

16%,

10/27/24

......

1,846

1,791

1649014.PS.FTS.B,

22.7%,

10/27/24

....

1,733

1,742

1656261.PS.FTS.B,

16%,

10/28/24

......

3,140

3,083

1646552.PS.FTS.B,

15.29%,

10/29/24

...

7,085

6,980

1650988.PS.FTS.B,

15.4%,

11/01/24

....

3,888

2,304

1661430.PS.FTS.B,

12%,

11/05/24

......

5,063

4,925

1658149.PS.FTS.B,

13.4%,

11/08/24

....

2,327

2,269

1664622.PS.FTS.B,

16.9%,

11/08/24

....

1,212

1,192

1664838.PS.FTS.B,

20.01%,

11/08/24

....

2,437

2,401

1666485.PS.FTS.B,

10.5%,

11/09/24

....

1,819

1,772

1665699.PS.FTS.B,

15%,

11/09/24

......

3,769

3,677

1660285.PS.FTS.B,

18.9%,

11/10/24

....

970

958

1653836.PS.FTS.B,

14.79%,

11/12/24

....

942

917

1661257.PS.FTS.B,

17.8%,

11/12/24

....

963

952

1655723.PS.FTS.B,

15.1%,

11/15/24

....

9,429

9,220

1645667.PS.FTS.B,

16.6%,

11/17/24

....

4,999

4,315

1685274.PS.FTS.B,

10.54%,

12/14/24

...

697

680

1685619.PS.FTS.B,

14.39%,

12/14/24

...

3,164

1,861

1672733.PS.FTS.B,

15%,

12/14/24

......

4,997

4,873

1678747.PS.FTS.B,

19.3%,

12/14/24

....

1,031

1,018

1679110.PS.FTS.B,

13.36%,

12/15/24

....

4,823

4,697

1686000.PS.FTS.B,

13.36%,

12/15/24

...

7,406

7,208

1673372.PS.FTS.B,

16%,

12/15/24

......

4,027

3,979

1672982.PS.FTS.B,

22%,

12/15/24

......

1,576

1,557

1680175.PS.FTS.B,

22.6%,

12/16/24

....

2,033

2,025

1674770.PS.FTS.B,

13.1%,

12/17/24

....

7,392

7,217

1674329.PS.FTS.B,

14.89%,

12/17/24

...

2,996

2,925

1674347.PS.FTS.B,

15.86%,

12/17/24

...

7,531

7,352

1678399.PS.FTS.B,

16.3%,

12/22/24

....

1,266

1,246

1700772.PS.FTS.B,

12.1%,

1/12/25

.....

11,510

2,861

1693870.PS.FTS.B,

13.6%,

1/12/25

.....

2,612

2,536

1701129.PS.FTS.B,

16.4%,

1/12/25

.....

5,917

5,736

1688351.PS.FTS.B,

17%,

1/12/25

.......

2,406

2,368

1688342.PS.FTS.B,

17.5%,

1/12/25

.....

8,585

8,448

1688336.PS.FTS.B,

19.2%,

1/12/25

.....

10,209

2,648

1687970.PS.FTS.B,

23.5%,

1/12/25

.....

708

698

1694488.PS.FTS.B,

13.8%,

1/13/25

.....

6,208

6,036

1694470.PS.FTS.B,

15.29%,

1/13/25

....

4,780

636

1689453.PS.FTS.B,

12%,

1/15/25

.......

2,365

2,297

Description

Principal

Amount

Value

Prosper

Funding

LLC

(continued)

1701126.PS.FTS.B,

13%,

1/15/25

.......

$

1,325

$

1,304

1690265.PS.FTS.B,

23.3%,

1/18/25

.....

3,902

3,885

1697473.PS.FTS.B,

10.54%,

1/19/25

....

7,668

7,457

1692512.PS.FTS.B,

19.34%,

1/19/25

....

5,496

5,355

1700011.PS.FTS.B,

13.9%,

1/21/25

.....

2,617

2,553

1700775.PS.FTS.B,

16.6%,

1/26/25

.....

17,463

16,918

1688699.PS.FTS.B,

21.8%,

1/27/25

.....

4,768

4,677

1697303.PS.FTS.B,

13.9%,

1/31/25

.....

2,208

2,147

1720755.PS.FTS.B,

13.96%,

2/14/25

....

13,778

13,359

1715041.PS.FTS.B,

11.4%,

2/15/25

.....

1,084

1,051

1720938.PS.FTS.B,

13.81%,

2/15/25

....

5,506

5,340

1707953.PS.FTS.B,

13.96%,

2/15/25

....

11,058

10,710

1707938.PS.FTS.B,

15.86%,

2/15/25

....

7,812

7,583

1715485.PS.FTS.B,

16%,

2/15/25

.......

13,962

13,553

1714630.PS.FTS.B,

16.16%,

2/15/25

....

8,386

8,140

1714624.PS.FTS.B,

19.41%,

2/15/25

....

5,706

5,608

1715122.PS.FTS.B,

19.8%,

2/15/25

.....

1,449

1,419

1720920.PS.FTS.B,

21.2%,

2/15/25

.....

6,058

6,008

1722336.PS.FTS.B,

14.74%,

2/16/25

....

3,542

470

1715734.PS.FTS.B,

19.83%,

2/16/25

....

4,005

3,888

1722360.PS.FTS.B,

22.6%,

2/16/25

.....

1,703

1,689

1723116.PS.FTS.B,

16.29%,

2/17/25

....

1,119

1,101

1720923.PS.FTS.B,

18.7%,

2/28/25

.....

16,553

2,299

1714408.PS.FTS.B,

22.11%,

3/13/25

....

6,197

6,099

1749541.PS.FTS.B,

22.03%,

4/05/25

....

2,178

2,109

1750351.PS.FTS.B,

15.2%,

4/06/25

.....

2,116

2,038

1743776.PS.FTS.B,

20.4%,

4/06/25

.....

18,288

499

1753944.PS.FTS.B,

15.4%,

4/07/25

.....

4,588

4,410

1744391.PS.FTS.B,

24.09%,

4/07/25

....

1,991

1,944

1750903.PS.FTS.B,

24.4%,

4/07/25

.....

5,174

5,055

1745381.PS.FTS.B,

12.9%,

4/08/25

.....

12,055

11,638

1758243.PS.FTS.B,

24.4%,

4/16/25

.....

2,580

2,530

1757968.PS.FTS.B,

13.9%,

4/18/25

.....

3,638

3,512

1742906.PS.FTS.B,

15.4%,

4/30/25

.....

1,300

1,246

1743767.PS.FTS.B,

25.71%,

5/05/25

....

5,560

5,411

1752241.PS.FTS.B,

14.7%,

5/10/25

.....

22,495

21,455

1658650.PS.FTS.B,

13.6%,

10/09/25

....

10,597

5,870

1701120.PS.FTS.B,

15.9%,

12/12/25

....

9,174

8,749

1742903.PS.FTS.B,

18.09%,

2/15/26

....

4,989

–

1606145.PS.FTS.B,

14%,

8/17/26

.......

10,213

9,909

1606127.PS.FTS.B,

15.2%,

8/17/26

.....

6,219

6,020

1607933.PS.FTS.B,

18.5%,

8/19/26

.....

1,410

1,397

1608617.PS.FTS.B,

13.7%,

8/20/26

.....

4,075

3,949

1618680.PS.FTS.B,

15.37%,

8/20/26

....

12,046

11,671

1611802.PS.FTS.B,

29.74%,

8/22/26

....

3,054

3,108

1609277.PS.FTS.B,

15.7%,

8/23/26

.....

9,666

9,375

1610327.PS.FTS.B,

27.6%,

8/24/26

.....

6,023

6,147

1621434.PS.FTS.B,

14.6%,

8/26/26

.....

3,020

2,939

1614454.PS.FTS.B,

17.7%,

8/26/26

.....

7,008

6,995

1621428.PS.FTS.B,

20%,

8/26/26

.......

7,130

7,113

1611746.PS.FTS.B,

14.29%,

8/27/26

....

6,142

5,961

1612838.PS.FTS.B,

18.5%,

9/13/26

.....

6,131

3,588

1619286.PS.FTS.B,

12.5%,

9/16/26

.....

8,357

8,082

1625740.PS.FTS.B,

18.48%,

9/16/26

....

7,191

7,121

1623731.PS.FTS.B,

18.93%,

9/21/26

....

12,986

12,889

1635897.PS.FTS.B,

12%,

9/23/26

.......

15,068

14,595

1635735.PS.FTS.B,

14.68%,

9/23/26

....

10,490

10,159

1627036.PS.FTS.B,

16.33%,

9/25/26

....

9,581

9,265

Franklin

Universal

Trust

Schedule

of

Investments

franklintempleton.com

Annual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

26

Description

Principal

Amount

Value

Marketplace

Loans

(continued)

Prosper

Funding

LLC

(continued)

1637445.PS.FTS.B,

13.3%,

9/27/26

.....

$

6,920

$

6,708

1626758.PS.FTS.B,

17.96%,

9/30/26

....

16,196

15,662

1634247.PS.FTS.B,

16.7%,

10/05/26

....

17,109

16,515

1626046.PS.FTS.B,

15.18%,

10/16/26

...

6,944

6,699

1644875.PS.FTS.B,

11.6%,

10/26/26

....

5,236

5,070

1655034.PS.FTS.B,

11.7%,

10/26/26

....

16,070

15,561

1648324.PS.FTS.B,

12.2%,

10/26/26

....

14,028

13,582

1644860.PS.FTS.B,

18.33%,

10/26/26

...

9,064

1,468

1645337.PS.FTS.B,

18.48%,

10/27/26

...

14,676

14,569

1646123.PS.FTS.B,

13.32%,

10/28/26

...

5,305

5,148

1649539.PS.FTS.B,

16.7%,

10/28/26

....

14,496

14,064

1650328.PS.FTS.B,

11.2%,

10/29/26

....

6,763

6,619

1646948.PS.FTS.B,

11.79%,

10/29/26

....

10,938

2,374

1649926.PS.FTS.B,

13.8%,

10/29/26

....

23,908

23,209

1650904.PS.FTS.B,

26.43%,

10/29/26

...

6,275

6,410

1656591.PS.FTS.B,

14.79%,

10/31/26

...

25,532

24,944

1655028.PS.FTS.B,

13.8%,

11/01/26

....

5,817

5,616

1647395.PS.FTS.B,

11.89%,

11/03/26

....

7,152

6,872

1661010.PS.FTS.B,

12.5%,

11/05/26

....

18,661

17,966

1661007.PS.FTS.B,

15.8%,

11/05/26

....

14,688

14,110

1654774.PS.FTS.B,

16.18%,

11/05/26

....

25,770

24,756

1661004.PS.FTS.B,

17.8%,

11/05/26

....

4,093

4,007

1661433.PS.FTS.B,

28.23%,

11/05/26

....

3,959

3,968

1651868.PS.FTS.B,

9.45%,

11/08/26

....

9,124

8,791

1658185.PS.FTS.B,

10.5%,

11/08/26

....

6,366

6,134

1658167.PS.FTS.B,

13.5%,

11/08/26

....

17,710

17,036

1658881.PS.FTS.B,

13.8%,

11/09/26

....

17,759

17,086

1653323.PS.FTS.B,

16%,

11/09/26

......

8,825

8,489

1666362.PS.FTS.B,

19%,

11/09/26

......

5,250

5,148

1666359.PS.FTS.B,

21%,

11/09/26

......

4,633

4,663

1666911.PS.FTS.B,

10.62%,

11/10/26

....

9,204

8,872

1660066.PS.FTS.B,

12.6%,

11/10/26

....

25,139

24,229

1660078.PS.FTS.B,

13.93%,

11/10/26

....

14,468

13,944

1646330.PS.FTS.B,

16.2%,

11/10/26

....

22,258

21,500

1666890.PS.FTS.B,

17%,

11/10/26

......

11,845

11,625

1652018.PS.FTS.B,

19.23%,

11/15/26

....

11,339

11,069

1662505.PS.FTS.B,

25.4%,

11/15/26

....

7,796

7,867

1651871.PS.FTS.B,

20.66%,

11/20/26

....

4,202

4,102

1651913.PS.FTS.B,

25.67%,

11/22/26

....

5,566

5,536

1672147.PS.FTS.B,

16.56%,

12/03/26

...

15,053

14,673

1666100.PS.FTS.B,

18.33%,

12/03/26

...

3,941

954

1672316.PS.FTS.B,

10.44%,

12/14/26

...

9,391

9,052

1678354.PS.FTS.B,

11.07%,

12/14/26

....

10,884

10,491

1678396.PS.FTS.B,

11.2%,

12/14/26

....

4,664

–

1685634.PS.FTS.B,

12.5%,

12/14/26

....

5,862

5,651

1672730.PS.FTS.B,

13.8%,

12/14/26

....

25,873

24,894

1685271.PS.FTS.B,

16.8%,

12/14/26

....

11,307

10,876

1678387.PS.FTS.B,

18.33%,

12/14/26

...

10,347

10,111

1678372.PS.FTS.B,

22.8%,

12/14/26

....

8,595

8,637

1685631.PS.FTS.B,

27.02%,

12/14/26

...

4,798

4,816

1686078.PS.FTS.B,

10.5%,

12/15/26

....

8,672

8,361

1686378.PS.FTS.B,

17.23%,

12/15/26

...

6,156

5,019

1687344.PS.FTS.B,

19%,

12/17/26

......

3,797

3,725

1685997.PS.FTS.B,

12.87%,

12/18/26

...

6,622

6,379

1687950.PS.FTS.B,

11.5%,

12/20/26

....

10,797

10,422

1675010.PS.FTS.B,

12.5%,

12/20/26

....

8,098

7,819

1685637.PS.FTS.B,

11.7%,

12/28/26

....

21,994

21,182

1672718.PS.FTS.B,

14.38%,

1/07/27

....

6,119

5,887

Description

Principal

Amount

Value

Prosper

Funding

LLC

(continued)

1701111.PS.FTS.B,

10.29%,

1/12/27

.....

$

18,298

$

17,618

1700808.PS.FTS.B,

11.4%,

1/12/27

.....

7,419

7,143

1700766.PS.FTS.B,

14.68%,

1/12/27

....

74

73

1701108.PS.FTS.B,

15.7%,

1/12/27

.....

26,682

25,604

1701147.PS.FTS.B,

21.63%,

1/12/27

....

8,267

1,193

1687964.PS.FTS.B,

22.2%,

1/12/27

.....

5,935

5,929

1694491.PS.FTS.B,

12.62%,

1/13/27

....

11,217

10,801

1694725.PS.FTS.B,

18.4%,

1/13/27

.....

11,620

11,343

1701537.PS.FTS.B,

19.3%,

1/13/27

.....

11,680

11,399

1695958.PS.FTS.B,

10.5%,

1/14/27

.....

11,079

10,664

1689173.PS.FTS.B,

11.2%,

1/14/27

.....

14,448

13,916

1695787.PS.FTS.B,

11.7%,

1/14/27

.....

18,584

17,900

1689251.PS.FTS.B,

19%,

1/14/27

.......

3,109

3,036

1689623.PS.FTS.B,

19%,

1/14/27

.......

2,472

2,414

1694719.PS.FTS.B,

16.93%,

1/17/27

....

13,789

13,208

1705005.PS.FTS.B,

15%,

1/19/27

.......

19,736

18,987

1702455.PS.FTS.B,

15.18%,

1/20/27

....

12,221

11,761

1702237.PS.FTS.B,

11.7%,

1/25/27

.....

7,766

1,672

1703169.PS.FTS.B,

25.6%,

2/11/27

.....

12,821

12,511

1707746.PS.FTS.B,

9.45%,

2/14/27

.....

5,156

4,963

1720764.PS.FTS.B,

22.5%,

2/14/27

.....

8,853

8,813

1720917.PS.FTS.B,

13.7%,

2/15/27

.....

9,588

9,196

1714633.PS.FTS.B,

14.39%,

2/15/27

....

11,721

2,658

1707950.PS.FTS.B,

16.5%,

2/15/27

.....

7,795

7,475

1714648.PS.FTS.B,

16.7%,

2/15/27

.....

5,853

5,612

1721346.PS.FTS.B,

16.7%,

2/15/27

.....

15,609

15,204

1720911.PS.FTS.B,

18.59%,

2/15/27

....

19,715

19,196

1714642.PS.FTS.B,

18.7%,

2/15/27

.....

7,891

7,683

1714636.PS.FTS.B,

23.58%,

2/15/27

....

4,486

4,442

1707734.PS.FTS.B,

10.29%,

2/16/27

....

12,333

11,971

1722117.PS.FTS.B,

15.18%,

2/16/27

....

6,190

5,938

1709201.PS.FTS.B,

18.48%,

2/16/27

....

9,852

9,598

1714627.PS.FTS.B,

11.4%,

2/17/27

.....

15,896

15,304

1709846.PS.FTS.B,

26.5%,

2/17/27

.....

8,561

1,272

1720908.PS.FTS.B,

15.29%,

2/22/27

....

23,641

19,266

1712903.PS.FTS.B,

15.29%,

2/23/27

....

7,463

7,177

1715713.PS.FTS.B,

10.8%,

3/14/27

.....

7,909

3,953

1749550.PS.FTS.B,

11.5%,

4/05/27

.....

11,800

11,324

1752624.PS.FTS.B,

17.23%,

4/05/27

....

16,214

15,420

1753011.PS.FTS.B,

12%,

4/06/27

.......

11,832

11,358

1749859.PS.FTS.B,

19.06%,

4/06/27

....

5,980

3,441

1752981.PS.FTS.B,

21%,

4/06/27

.......

5,366

5,233

1750735.PS.FTS.B,

16%,

4/07/27

.......

4,464

4,282

1755072.PS.FTS.B,

10.8%,

4/08/27

.....

4,366

4,214

1754293.PS.FTS.B,

13.4%,

4/12/27

.....

9,538

9,095

1747163.PS.FTS.B,

16.2%,

4/12/27

.....

20,163

19,225

1744328.PS.FTS.B,

14.89%,

4/15/27

....

16,082

15,308

1752654.PS.FTS.B,

12.76%,

4/30/27

....

12,203

11,851

1607291.PS.FTS.B,

28.59%,

7/18/27

....

5,370

5,211

1623734.PS.FTS.B,

18.4%,

8/21/27

.....

7,568

7,245

1,659,556

Upgrade,

Inc.

-

Card

992290768.UG.FTS.B,

29.49%,

10/03/23

.

6

6

992431329.UG.FTS.B,

Zero

Cpn,

11/03/23

34

2

992294700.UG.FTS.B,

29.49%,

11/03/23

.

19

19

992375568.UG.FTS.B,

17.97%,

12/02/23

.

20

9

992432014.UG.FTS.B,

Zero

Cpn,

1/03/24

.

27

2

Franklin

Universal

Trust

Schedule

of

Investments

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Annual

Report

27

Description

Principal

Amount

Value

Marketplace

Loans

(continued)

Upgrade,

Inc.

-

Card

(continued)

992327673.UG.FTS.B,

28.98%,

1/03/24

..

$

16

$

14

992270166.UG.FTS.B,

17.71%,

4/03/24

..

43

43

992258570.UG.FTS.B,

26.44%,

4/03/24

..

14

14

992343756.UG.FTS.B,

29.49%,

4/03/24

..

272

272

992392020.UG.FTS.B,

29.49%,

4/03/24

..

140

10

992460590.UG.FTS.B,

29.49%,

4/03/24

..

–

–

992249570.UG.FTS.B,

20.96%,

4/04/24

..

64

65

992270855.UG.FTS.B,

Zero

Cpn,

4/05/24

.

115

8

992271480.UG.FTS.B,

Zero

Cpn,

4/05/24

.

143

10

992339612.UG.FTS.B,

Zero

Cpn,

4/05/24

.

122

9

992393132.UG.FTS.B,

Zero

Cpn,

4/05/24

.

44

3

992419177.UG.FTS.B,

Zero

Cpn,

4/05/24

.

119

8

992445453.UG.FTS.B,

Zero

Cpn,

4/05/24

.

466

33

992320075.UG.FTS.B,

16.49%,

4/05/24

..

13

13

992425399.UG.FTS.B,

18.96%,

4/05/24

..

46

46

992413501.UG.FTS.B,

19.3%,

4/05/24

...

452

452

992425235.UG.FTS.B,

19.99%,

4/05/24

..

228

230

992253128.UG.FTS.B,

20.96%,

4/05/24

..

109

109

992321694.UG.FTS.B,

20.96%,

4/05/24

..

67

67

992324567.UG.FTS.B,

20.96%,

4/05/24

..

190

191

992247109.UG.FTS.B,

21.48%,

4/05/24

..

2,067

(80)

992291104.UG.FTS.B,

21.48%,

4/05/24

..

164

60

992270384.UG.FTS.B,

22.47%,

4/05/24

..

47

47

992310198.UG.FTS.B,

22.47%,

4/05/24

..

181

182

992313421.UG.FTS.B,

22.47%,

4/05/24

..

16

15

992275523.UG.FTS.B,

23.45%,

4/05/24

..

42

42

992460308.UG.FTS.B,

25.44%,

4/05/24

..

46

45

992258284.UG.FTS.B,

27.99%,

4/05/24

..

48

48

992240601.UG.FTS.B,

28.48%,

4/05/24

..

97

98

992252825.UG.FTS.B,

28.48%,

4/05/24

..

188

191

992262433.UG.FTS.B,

28.48%,

4/05/24

..

270

273

992269299.UG.FTS.B,

28.48%,

4/05/24

..

33

33

992332109.UG.FTS.B,

28.48%,

4/05/24

..

60

60

992336619.UG.FTS.B,

28.48%,

4/05/24

..

7

7

992425560.UG.FTS.B,

28.48%,

4/05/24

..

116

117

992255211.UG.FTS.B,

29.47%,

4/05/24

..

43

15

992342504.UG.FTS.B,

29.48%,

4/05/24

..

180

183

992406244.UG.FTS.B,

29.48%,

4/05/24

..

139

140

992424634.UG.FTS.B,

29.48%,

4/05/24

..

261

263

992453174.UG.FTS.B,

29.48%,

4/05/24

..

36

37

992237034.UG.FTS.B,

29.49%,

4/05/24

..

7

7

992241305.UG.FTS.B,

29.49%,

4/05/24

..

59

60

992245006.UG.FTS.B,

29.49%,

4/05/24

..

38

38

992245608.UG.FTS.B,

29.49%,

4/05/24

..

53

54

992250322.UG.FTS.B,

29.49%,

4/05/24

..

13

13

992251623.UG.FTS.B,

29.49%,

4/05/24

..

27

27

992253455.UG.FTS.B,

29.49%,

4/05/24

..

64

4

992253980.UG.FTS.B,

29.49%,

4/05/24

..

116

117

992263652.UG.FTS.B,

29.49%,

4/05/24

..

41

41

992269988.UG.FTS.B,

29.49%,

4/05/24

..

78

79

992270710.UG.FTS.B,

29.49%,

4/05/24

..

59

60

992272262.UG.FTS.B,

29.49%,

4/05/24

..

39

34

992278624.UG.FTS.B,

29.49%,

4/05/24

..

162

165

992301548.UG.FTS.B,

29.49%,

4/05/24

..

14

13

992305197.UG.FTS.B,

29.49%,

4/05/24

..

102

103

992306483.UG.FTS.B,

29.49%,

4/05/24

..

49

50

992312387.UG.FTS.B,

29.49%,

4/05/24

..

60

60

992319935.UG.FTS.B,

29.49%,

4/05/24

..

–

–

Description

Principal

Amount

Value

Upgrade,

Inc.

-

Card

(continued)

992324074.UG.FTS.B,

29.49%,

4/05/24

..

$

119

$

117

992326465.UG.FTS.B,

29.49%,

4/05/24

..

108

8

992330489.UG.FTS.B,

29.49%,

4/05/24

..

192

196

992345378.UG.FTS.B,

29.49%,

4/05/24

..

603

611

992366199.UG.FTS.B,

29.49%,

4/05/24

..

26

25

992371567.UG.FTS.B,

29.49%,

4/05/24

..

200

203

992388420.UG.FTS.B,

29.49%,

4/05/24

..

28

28

992389706.UG.FTS.B,

29.49%,

4/05/24

..

14

14

992425321.UG.FTS.B,

29.49%,

4/05/24

..

80

81

992436268.UG.FTS.B,

29.49%,

4/05/24

..

60

60

992442175.UG.FTS.B,

29.49%,

4/05/24

..

748

754

992356295.UG.FTS.B,

29.49%,

6/03/24

..

37

38

992241102.UG.FTS.B,

29.49%,

7/03/24

..

106

90

992343713.UG.FTS.B,

29.49%,

8/03/24

..

57

58

992326831.UG.FTS.B,

Zero

Cpn,

9/03/24

.

56

4

992319118.UG.FTS.B,

29.49%,

10/03/24

.

271

79

992385683.UG.FTS.B,

21.98%,

3/28/25

..

28

29

992428468.UG.FTS.B,

25.95%,

4/03/25

..

104

105

992268108.UG.FTS.B,

29.49%,

4/03/25

..

310

311

992269560.UG.FTS.B,

29.49%,

4/03/25

..

261

262

992274902.UG.FTS.B,

29.49%,

4/03/25

..

207

14

992290976.UG.FTS.B,

29.49%,

4/03/25

..

261

267

992291590.UG.FTS.B,

29.49%,

4/03/25

..

–

–

992310969.UG.FTS.B,

29.49%,

4/03/25

..

156

156

992335320.UG.FTS.B,

29.49%,

4/03/25

..

1,371

1,426

992345576.UG.FTS.B,

29.49%,

4/03/25

..

245

254

992357933.UG.FTS.B,

29.49%,

4/03/25

..

211

223

992375406.UG.FTS.B,

29.49%,

4/03/25

..

25

25

992460328.UG.FTS.B,

29.49%,

4/03/25

..

98

7

992258313.UG.FTS.B,

21.98%,

4/04/25

..

85

86

992301470.UG.FTS.B,

28.98%,

4/04/25

..

128

94

992387188.UG.FTS.B,

28.98%,

4/04/25

..

230

237

992453316.UG.FTS.B,

28.98%,

4/04/25

..

240

241

992463571.UG.FTS.B,

28.98%,

4/04/25

..

91

94

992266370.UG.FTS.B,

29.49%,

4/04/25

..

415

429

992342016.UG.FTS.B,

29.49%,

4/04/25

..

210

211

992421008.UG.FTS.B,

29.49%,

4/04/25

..

34

35

992421200.UG.FTS.B,

29.49%,

4/04/25

..

155

160

992279429.UG.FTS.B,

Zero

Cpn,

4/05/25

.

44

3

992294259.UG.FTS.B,

Zero

Cpn,

4/05/25

.

347

24

992369900.UG.FTS.B,

Zero

Cpn,

4/05/25

.

44

3

992399278.UG.FTS.B,

Zero

Cpn,

4/05/25

.

4,241

292

992433503.UG.FTS.B,

Zero

Cpn,

4/05/25

.

–

–

992437875.UG.FTS.B,

Zero

Cpn,

4/05/25

.

306

21

992264407.UG.FTS.B,

14.97%,

4/05/25

..

694

694

992391676.UG.FTS.B,

15.97%,

4/05/25

..

80

80

992275748.UG.FTS.B,

17.97%,

4/05/25

..

539

536

992417616.UG.FTS.B,

17.99%,

4/05/25

..

89

91

992286525.UG.FTS.B,

18.8%,

4/05/25

...

110

112

992323394.UG.FTS.B,

18.97%,

4/05/25

..

1,336

1,350

992415664.UG.FTS.B,

18.97%,

4/05/25

..

1,419

1,434

992239422.UG.FTS.B,

19.21%,

4/05/25

..

339

339

992416415.UG.FTS.B,

19.21%,

4/05/25

..

1,249

1,273

992424538.UG.FTS.B,

19.21%,

4/05/25

..

778

784

992432194.UG.FTS.B,

19.8%,

4/05/25

...

329

332

992256001.UG.FTS.B,

19.97%,

4/05/25

..

401

408

992290432.UG.FTS.B,

19.99%,

4/05/25

..

3,693

3,858

992331017.UG.FTS.B,

19.99%,

4/05/25

..

200

205

Franklin

Universal

Trust

Schedule

of

Investments

franklintempleton.com

Annual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

28

Description

Principal

Amount

Value

Marketplace

Loans

(continued)

Upgrade,

Inc.

-

Card

(continued)

992346135.UG.FTS.B,

19.99%,

4/05/25

..

$

350

$

365

992431381.UG.FTS.B,

19.99%,

4/05/25

..

78

79

992433537.UG.FTS.B,

19.99%,

4/05/25

..

940

971

992255166.UG.FTS.B,

20.46%,

4/05/25

..

54

54

992386358.UG.FTS.B,

20.46%,

4/05/25

..

1,596

1,626

992444107.UG.FTS.B,

20.46%,

4/05/25

..

76

76

992278945.UG.FTS.B,

21.46%,

4/05/25

..

33

5

992282788.UG.FTS.B,

21.46%,

4/05/25

..

739

743

992258743.UG.FTS.B,

21.97%,

4/05/25

..

28

28

992293341.UG.FTS.B,

21.98%,

4/05/25

..

1,106

132

992296469.UG.FTS.B,

21.98%,

4/05/25

..

206

209

992440479.UG.FTS.B,

21.98%,

4/05/25

..

199

201

992238906.UG.FTS.B,

22.97%,

4/05/25

..

2,734

2,762

992265045.UG.FTS.B,

25.95%,

4/05/25

..

128

130

992302611.UG.FTS.B,

25.95%,

4/05/25

..

938

935

992250719.UG.FTS.B,

27.95%,

4/05/25

..

293

306

992375541.UG.FTS.B,

27.95%,

4/05/25

..

38

38

992243919.UG.FTS.B,

28.98%,

4/05/25

..

36

37

992249070.UG.FTS.B,

28.98%,

4/05/25

..

204

213

992258333.UG.FTS.B,

28.98%,

4/05/25

..

298

311

992260520.UG.FTS.B,

28.98%,

4/05/25

..

409

424

992263589.UG.FTS.B,

28.98%,

4/05/25

..

49

50

992263759.UG.FTS.B,

28.98%,

4/05/25

..

327

333

992271131.UG.FTS.B,

28.98%,

4/05/25

..

290

301

992271316.UG.FTS.B,

28.98%,

4/05/25

..

140

146

992278811.UG.FTS.B,

28.98%,

4/05/25

..

115

120

992281862.UG.FTS.B,

28.98%,

4/05/25

..

363

371

992290941.UG.FTS.B,

28.98%,

4/05/25

..

97

101

992300542.UG.FTS.B,

28.98%,

4/05/25

..

139

143

992305223.UG.FTS.B,

28.98%,

4/05/25

..

145

151

992314013.UG.FTS.B,

28.98%,

4/05/25

..

5

5

992314088.UG.FTS.B,

28.98%,

4/05/25

..

95

97

992315976.UG.FTS.B,

28.98%,

4/05/25

..

110

25

992318621.UG.FTS.B,

28.98%,

4/05/25

..

28

28

992321475.UG.FTS.B,

28.98%,

4/05/25

..

373

388

992350450.UG.FTS.B,

28.98%,

4/05/25

..

756

759

992362215.UG.FTS.B,

28.98%,

4/05/25

..

793

811

992377531.UG.FTS.B,

28.98%,

4/05/25

..

29

29

992386343.UG.FTS.B,

28.98%,

4/05/25

..

100

104

992391277.UG.FTS.B,

28.98%,

4/05/25

..

51

16

992404668.UG.FTS.B,

28.98%,

4/05/25

..

116

116

992412921.UG.FTS.B,

28.98%,

4/05/25

..

395

412

992420787.UG.FTS.B,

28.98%,

4/05/25

..

152

36

992421379.UG.FTS.B,

28.98%,

4/05/25

..

127

130

992426381.UG.FTS.B,

28.98%,

4/05/25

..

99

102

992430529.UG.FTS.B,

28.98%,

4/05/25

..

61

63

992452945.UG.FTS.B,

28.98%,

4/05/25

..

180

183

992453117.UG.FTS.B,

28.98%,

4/05/25

..

43

44

992456750.UG.FTS.B,

28.98%,

4/05/25

..

156

161

992338606.UG.FTS.B,

29.45%,

4/05/25

..

94

95

992376094.UG.FTS.B,

29.48%,

4/05/25

..

135

142

992236701.UG.FTS.B,

29.49%,

4/05/25

..

32

32

992239162.UG.FTS.B,

29.49%,

4/05/25

..

124

130

992240128.UG.FTS.B,

29.49%,

4/05/25

..

538

550

992241600.UG.FTS.B,

29.49%,

4/05/25

..

95

99

992243368.UG.FTS.B,

29.49%,

4/05/25

..

297

307

992247116.UG.FTS.B,

29.49%,

4/05/25

..

218

223

992252024.UG.FTS.B,

29.49%,

4/05/25

..

65

17

Description

Principal

Amount

Value

Upgrade,

Inc.

-

Card

(continued)

992255844.UG.FTS.B,

29.49%,

4/05/25

..

$

92

$

92

992256275.UG.FTS.B,

29.49%,

4/05/25

..

42

43

992260816.UG.FTS.B,

29.49%,

4/05/25

..

146

152

992264748.UG.FTS.B,

29.49%,

4/05/25

..

41

42

992268866.UG.FTS.B,

29.49%,

4/05/25

..

271

277

992268980.UG.FTS.B,

29.49%,

4/05/25

..

80

84

992271586.UG.FTS.B,

29.49%,

4/05/25

..

141

148

992275962.UG.FTS.B,

29.49%,

4/05/25

..

199

204

992275994.UG.FTS.B,

29.49%,

4/05/25

..

17

17

992276049.UG.FTS.B,

29.49%,

4/05/25

..

161

169

992286064.UG.FTS.B,

29.49%,

4/05/25

..

433

452

992291050.UG.FTS.B,

29.49%,

4/05/25

..

25

25

992291806.UG.FTS.B,

29.49%,

4/05/25

..

473

499

992293542.UG.FTS.B,

29.49%,

4/05/25

..

82

84

992301441.UG.FTS.B,

29.49%,

4/05/25

..

182

190

992303097.UG.FTS.B,

29.49%,

4/05/25

..

200

209

992312103.UG.FTS.B,

29.49%,

4/05/25

..

418

97

992320378.UG.FTS.B,

29.49%,

4/05/25

..

177

185

992321464.UG.FTS.B,

29.49%,

4/05/25

..

258

265

992324857.UG.FTS.B,

29.49%,

4/05/25

..

79

83

992326966.UG.FTS.B,

29.49%,

4/05/25

..

107

111

992340410.UG.FTS.B,

29.49%,

4/05/25

..

54

55

992341543.UG.FTS.B,

29.49%,

4/05/25

..

65

67

992341609.UG.FTS.B,

29.49%,

4/05/25

..

24

24

992341758.UG.FTS.B,

29.49%,

4/05/25

..

206

218

992344325.UG.FTS.B,

29.49%,

4/05/25

..

126

133

992354024.UG.FTS.B,

29.49%,

4/05/25

..

22

22

992355380.UG.FTS.B,

29.49%,

4/05/25

..

65

67

992359643.UG.FTS.B,

29.49%,

4/05/25

..

385

398

992359656.UG.FTS.B,

29.49%,

4/05/25

..

618

649

992359703.UG.FTS.B,

29.49%,

4/05/25

..

115

120

992361376.UG.FTS.B,

29.49%,

4/05/25

..

43

43

992368911.UG.FTS.B,

29.49%,

4/05/25

..

260

267

992369632.UG.FTS.B,

29.49%,

4/05/25

..

182

188

992371487.UG.FTS.B,

29.49%,

4/05/25

..

149

156

992371951.UG.FTS.B,

29.49%,

4/05/25

..

181

188

992377543.UG.FTS.B,

29.49%,

4/05/25

..

705

43

992391427.UG.FTS.B,

29.49%,

4/05/25

..

142

149

992394239.UG.FTS.B,

29.49%,

4/05/25

..

105

107

992401130.UG.FTS.B,

29.49%,

4/05/25

..

147

155

992401571.UG.FTS.B,

29.49%,

4/05/25

..

81

5

992403505.UG.FTS.B,

29.49%,

4/05/25

..

148

155

992418075.UG.FTS.B,

29.49%,

4/05/25

..

31

31

992419811.UG.FTS.B,

29.49%,

4/05/25

..

113

117

992424526.UG.FTS.B,

29.49%,

4/05/25

..

207

214

992425789.UG.FTS.B,

29.49%,

4/05/25

..

295

305

992426541.UG.FTS.B,

29.49%,

4/05/25

..

395

410

992427607.UG.FTS.B,

29.49%,

4/05/25

..

142

146

992429564.UG.FTS.B,

29.49%,

4/05/25

..

80

84

992444668.UG.FTS.B,

29.49%,

4/05/25

..

1,313

1,364

992444707.UG.FTS.B,

29.49%,

4/05/25

..

99

102

992452371.UG.FTS.B,

29.49%,

4/05/25

..

115

119

992454738.UG.FTS.B,

29.49%,

4/05/25

..

1,578

1,639

992455102.UG.FTS.B,

29.49%,

4/05/25

..

304

312

992455358.UG.FTS.B,

29.49%,

4/05/25

..

83

84

992459731.UG.FTS.B,

29.49%,

4/05/25

..

49

51

992391014.UG.FTS.B,

29.49%,

6/03/25

..

149

103

992444060.UG.FTS.B,

28.98%,

8/03/25

..

889

644

Franklin

Universal

Trust

Schedule

of

Investments

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Annual

Report

29

Description

Principal

Amount

Value

Marketplace

Loans

(continued)

Upgrade,

Inc.

-

Card

(continued)

992455279.UG.FTS.B,

29.49%,

8/03/25

..

$

463

$

29

992424737.UG.FTS.B,

25.95%,

4/03/26

..

804

564

992351381.UG.FTS.B,

21.97%,

12/03/27

.

–

–

992432730.UG.FTS.B,

29.49%,

2/01/28

..

–

–

992457201.UG.FTS.B,

29.48%,

5/01/28

..

4

–

992356084.UG.FTS.B,

29.49%,

6/03/28

..

–

–

992271618.UG.FTS.B,

Zero

Cpn,

7/03/28

.

18

1

992376698.UG.FTS.B,

28.98%,

9/02/28

..

3

3

992403635.UG.FTS.B,

15.97%,

9/03/28

..

2

2

992335344.UG.FTS.B,

21.48%,

9/03/28

..

12

2

992359180.UG.FTS.B,

29.48%,

9/03/28

..

3

3

992247201.UG.FTS.B,

29.49%,

9/03/28

..

1

1

52,639

Upstart

Network,

Inc.

L1729715.UP.FTS.B,

8.39%,

9/17/24

....

2,341

2,334

L1722095.UP.FTS.B,

11.17%,

9/17/24

....

400

399

FW1729768.UP.FTS.B,

11.21%,

9/17/24

..

1,200

1,199

FW1730324.UP.FTS.B,

15.67%,

9/17/24

..

2,555

2,547

L1729539.UP.FTS.B,

18.67%,

9/17/24

....

1,075

1,080

L1730191.UP.FTS.B,

23.36%,

9/17/24

....

1,260

90

L1730194.UP.FTS.B,

23.58%,

9/17/24

....

486

488

FW1730336.UP.FTS.B,

30.16%,

9/17/24

..

2,330

2,340

L1902385.UP.FTS.B,

8.05%,

10/22/24

....

2,089

2,080

L1902094.UP.FTS.B,

9.69%,

10/22/24

....

424

422

L1902354.UP.FTS.B,

12.7%,

10/22/24

....

2,172

2,166

L1902268.UP.FTS.B,

14.19%,

10/22/24

...

2,815

206

L1901213.UP.FTS.B,

15.08%,

10/22/24

...

11,920

11,443

FW1900872.UP.FTS.B,

18.12%,

10/22/24

.

2,723

2,736

L1902710.UP.FTS.B,

18.85%,

10/22/24

...

2,510

2,530

FW1902685.UP.FTS.B,

20.49%,

10/22/24

.

1,726

53

L1900998.UP.FTS.B,

21.32%,

10/22/24

...

2,262

2,264

L1901625.UP.FTS.B,

21.76%,

10/22/24

...

2,724

2,666

L1875546.UP.FTS.B,

21.84%,

10/22/24

...

841

845

L1902017.UP.FTS.B,

22.16%,

10/22/24

...

257

255

L1900754.UP.FTS.B,

23.33%,

10/22/24

...

1,590

1,596

FW1901937.UP.FTS.B,

24.32%,

10/22/24

.

5,718

5,725

L2031380.UP.FTS.B,

6.17%,

11/12/24

....

3,293

3,264

L2032548.UP.FTS.B,

7.85%,

11/12/24

....

4,841

4,819

L2031918.UP.FTS.B,

8.28%,

11/12/24

....

1,340

1,334

L2002430.UP.FTS.B,

8.48%,

11/12/24

....

1,662

229

L2031630.UP.FTS.B,

9.03%,

11/12/24

....

3,146

3,133

L2031494.UP.FTS.B,

9.06%,

11/12/24

....

2,743

1,608

L2032651.UP.FTS.B,

9.8%,

11/12/24

.....

1,583

1,576

L2033075.UP.FTS.B,

11.83%,

11/12/24

...

5,077

5,052

L2032627.UP.FTS.B,

14.45%,

11/12/24

...

938

942

L2032469.UP.FTS.B,

17.26%,

11/12/24

...

204

202

L2031921.UP.FTS.B,

19.5%,

11/12/24

....

2,924

2,935

FW2031299.UP.FTS.B,

21.82%,

11/12/24

.

4,080

4,074

L2031497.UP.FTS.B,

23.3%,

11/12/24

....

1,083

1,082

FW2033085.UP.FTS.B,

25.77%,

11/12/24

.

3,504

3,500

FW2032765.UP.FTS.B,

27.87%,

11/12/24

.

3,640

528

FW2030908.UP.FTS.B,

29.29%,

11/12/24

.

2,679

766

L2102014.UP.FTS.B,

8.1%,

11/23/24

.....

1,516

1,512

L2102521.UP.FTS.B,

9.48%,

11/23/24

....

3,293

3,284

L2102773.UP.FTS.B,

10.25%,

11/23/24

...

545

543

L2103582.UP.FTS.B,

11.94%,

11/23/24

...

2,800

2,792

L2102080.UP.FTS.B,

12.09%,

11/23/24

...

1,167

1,163

Description

Principal

Amount

Value

Upstart

Network,

Inc.

(continued)

L2102945.UP.FTS.B,

12.52%,

11/23/24

...

$

3,769

$

275

L2103173.UP.FTS.B,

14.48%,

11/23/24

...

2,039

2,036

FW2102978.UP.FTS.B,

15.1%,

11/23/24

..

2,011

147

L2101642.UP.FTS.B,

15.95%,

11/23/24

...

3,639

3,663

L2102263.UP.FTS.B,

17.21%,

11/23/24

...

958

965

L2103519.UP.FTS.B,

17.52%,

11/23/24

...

1,651

1,662

L2099426.UP.FTS.B,

18.86%,

11/23/24

...

1,215

1,220

L2103410.UP.FTS.B,

20.18%,

11/23/24

...

2,969

185

L2103709.UP.FTS.B,

20.75%,

11/23/24

...

1,082

1,090

L2102185.UP.FTS.B,

21.19%,

11/23/24

...

3,701

3,728

L2103127.UP.FTS.B,

21.34%,

11/23/24

...

5,182

5,199

FW2103254.UP.FTS.B,

28.98%,

11/23/24

.

1,667

1,674

L2250253.UP.FTS.B,

5.3%,

12/14/24

....

6,293

6,229

L2249821.UP.FTS.B,

9.1%,

12/14/24

....

478

476

L2249474.UP.FTS.B,

9.8%,

12/14/24

....

1,192

1,186

L2249818.UP.FTS.B,

9.92%,

12/14/24

....

1,773

1,763

L2248588.UP.FTS.B,

10.67%,

12/14/24

...

6,709

6,671

L2251137.UP.FTS.B,

11.74%,

12/14/24

...

12,204

12,128

L2249713.UP.FTS.B,

11.85%,

12/14/24

...

1,953

1,946

L2249391.UP.FTS.B,

12.58%,

12/14/24

...

1,031

1,026

L2251228.UP.FTS.B,

12.94%,

12/14/24

...

740

736

L2250705.UP.FTS.B,

13.29%,

12/14/24

...

295

292

L2248867.UP.FTS.B,

14.64%,

12/14/24

...

2,237

2,225

L2251099.UP.FTS.B,

15.99%,

12/14/24

...

678

678

FW2249991.UP.FTS.B,

16.74%,

12/14/24

.

2,528

698

L2250280.UP.FTS.B,

16.83%,

12/14/24

...

1,102

1,090

L2248645.UP.FTS.B,

17.82%,

12/14/24

...

3,293

1,975

L2249946.UP.FTS.B,

17.98%,

12/14/24

...

2,042

2,048

FW2249440.UP.FTS.B,

19.65%,

12/14/24

.

518

518

L2250240.UP.FTS.B,

20.48%,

12/14/24

...

528

528

L2250459.UP.FTS.B,

21.22%,

12/14/24

...

2,299

2,294

L2251174.UP.FTS.B,

21.98%,

12/14/24

...

1,418

1,406

FW2250657.UP.FTS.B,

22.04%,

12/14/24

.

525

527

L2249754.UP.FTS.B,

22.91%,

12/14/24

...

2,001

293

FW2249744.UP.FTS.B,

24.36%,

12/14/24

.

1,053

1,050

FW2251405.UP.FTS.B,

24.46%,

12/14/24

.

1,068

1,066

FW2250179.UP.FTS.B,

25.41%,

12/14/24

.

2,256

338

FW2250656.UP.FTS.B,

26.59%,

12/14/24

.

633

631

FW2250011.UP.FTS.B,

27.44%,

12/14/24

.

2,096

2,086

FW2250630.UP.FTS.B,

28.93%,

12/14/24

.

809

807

FW2249206.UP.FTS.B,

28.96%,

12/14/24

.

922

(3)

FW2248284.UP.FTS.B,

29.12%,

12/14/24

.

1,707

1,697

L2251006.UP.FTS.B,

6.59%,

12/15/24

....

1,172

1,162

L2253130.UP.FTS.B,

10.71%,

12/15/24

...

2,904

2,891

L2250196.UP.FTS.B,

14.38%,

12/15/24

...

2,736

2,745

FW2251549.UP.FTS.B,

16.2%,

12/15/24

..

85

84

L2253233.UP.FTS.B,

17.76%,

12/15/24

...

2,806

2,807

L2251602.UP.FTS.B,

18.36%,

12/15/24

...

1,792

1,798

L2252717.UP.FTS.B,

19.17%,

12/15/24

...

2,575

2,584

FW2253350.UP.FTS.B,

19.8%,

12/15/24

..

2,291

646

L2252886.UP.FTS.B,

20.6%,

12/15/24

....

676

679

L2249377.UP.FTS.B,

20.67%,

12/15/24

...

3,903

3,899

L2252058.UP.FTS.B,

20.99%,

12/15/24

...

820

59

L2240893.UP.FTS.B,

21.21%,

12/15/24

...

13,059

13,107

FW2252326.UP.FTS.B,

21.53%,

12/15/24

.

4,188

4,203

FW2249426.UP.FTS.B,

22.47%,

12/15/24

.

3,431

3,416

FW2251845.UP.FTS.B,

22.89%,

12/15/24

.

937

932

L2251577.UP.FTS.B,

23.09%,

12/15/24

...

1,650

1,643

Franklin

Universal

Trust

Schedule

of

Investments

franklintempleton.com

Annual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

30

Description

Principal

Amount

Value

Marketplace

Loans

(continued)

Upstart

Network,

Inc.

(continued)

L2253201.UP.FTS.B,

23.48%,

12/15/24

...

$

1,592

$

1,590

FW2251095.UP.FTS.B,

15.84%,

12/20/24

.

1,020

286

L2248952.UP.FTS.B,

12.98%,

12/21/24

...

3,455

3,442

L2499293.UP.FTS.B,

6.07%,

1/24/25

....

7,915

7,848

L2491823.UP.FTS.B,

6.34%,

1/24/25

....

2,479

2,457

FW2498281.UP.FTS.B,

7.12%,

1/24/25

...

443

439

L2499253.UP.FTS.B,

7.19%,

1/24/25

....

20,865

20,688

L2491568.UP.FTS.B,

7.35%,

1/24/25

....

1,553

1,467

L2499551.UP.FTS.B,

8.93%,

1/24/25

....

5,052

5,030

L2498976.UP.FTS.B,

9.51%,

1/24/25

....

7,611

7,578

L2499846.UP.FTS.B,

10.23%,

1/24/25

....

3,060

3,047

L2498779.UP.FTS.B,

11.48%,

1/24/25

....

542

514

L2497791.UP.FTS.B,

11.97%,

1/24/25

....

2,067

2,061

L2499082.UP.FTS.B,

12.89%,

1/24/25

....

7,277

7,256

FW2499139.UP.FTS.B,

14.86%,

1/24/25

..

873

244

L2499336.UP.FTS.B,

15.49%,

1/24/25

....

794

798

L2497860.UP.FTS.B,

16.59%,

1/24/25

....

800

803

FW2499341.UP.FTS.B,

16.67%,

1/24/25

..

795

798

L2497587.UP.FTS.B,

16.78%,

1/24/25

....

940

941

L2499854.UP.FTS.B,

22.79%,

1/24/25

....

3,889

3,906

L2500532.UP.FTS.B,

23.03%,

1/24/25

....

1,128

28

FW2497753.UP.FTS.B,

26.22%,

1/24/25

..

3,406

3,407

FW2499886.UP.FTS.B,

26.23%,

1/24/25

..

6,070

6,056

FW2498195.UP.FTS.B,

26.98%,

1/24/25

..

5,007

5,003

FW2496668.UP.FTS.B,

5.04%,

1/25/25

...

10,791

10,694

L2501009.UP.FTS.B,

5.3%,

1/25/25

.....

4,919

4,877

L2501544.UP.FTS.B,

6.11%,

1/25/25

.....

1,732

1,717

L2477274.UP.FTS.B,

6.54%,

1/25/25

....

3,215

3,188

L2502696.UP.FTS.B,

7.45%,

1/25/25

....

2,474

2,463

FW2502837.UP.FTS.B,

8.49%,

1/25/25

...

504

502

L2501769.UP.FTS.B,

8.83%,

1/25/25

....

5,050

5,028

FW2502102.UP.FTS.B,

9.39%,

1/25/25

...

244

242

L2501978.UP.FTS.B,

10.16%,

1/25/25

....

1,130

306

L2502709.UP.FTS.B,

10.64%,

1/25/25

....

8,670

8,633

FW2502461.UP.FTS.B,

10.75%,

1/25/25

..

1,197

1,189

L2503015.UP.FTS.B,

11.17%,

1/25/25

....

512

510

FW2503195.UP.FTS.B,

11.21%,

1/25/25

..

6,934

6,915

L2502561.UP.FTS.B,

11.5%,

1/25/25

.....

1,497

1,493

L2500956.UP.FTS.B,

13.21%,

1/25/25

....

1,285

1,278

FW2503345.UP.FTS.B,

13.6%,

1/25/25

...

1,569

1,562

FW2503482.UP.FTS.B,

16.69%,

1/25/25

..

549

551

FW2501793.UP.FTS.B,

17.35%,

1/25/25

..

1,072

1,077

L2502079.UP.FTS.B,

20.91%,

1/25/25

....

2,744

2,757

L2501394.UP.FTS.B,

21.45%,

1/25/25

....

7,266

7,253

L2500631.UP.FTS.B,

22.56%,

1/25/25

....

5,548

5,551

FW2502139.UP.FTS.B,

27.5%,

1/25/25

...

3,434

3,436

FW2503051.UP.FTS.B,

29.1%,

1/25/25

...

558

556

L1729059.UP.FTS.B,

7.36%,

2/17/25

....

723

716

L1730069.UP.FTS.B,

14.07%,

2/17/25

....

10,454

10,006

FW1729714.UP.FTS.B,

27.13%,

2/17/25

..

3,628

1,056

L2031949.UP.FTS.B,

13.15%,

4/12/25

....

8,305

606

FW2032694.UP.FTS.B,

22.49%,

4/12/25

..

3,735

3,686

L2971722.UP.FTS.B,

8.62%,

4/19/25

....

11,216

11,120

L2972108.UP.FTS.B,

15.03%,

4/19/25

....

2,014

2,004

L2970836.UP.FTS.B,

15.68%,

4/19/25

....

3,053

3,034

FW2972173.UP.FTS.B,

22.89%,

4/19/25

..

6,721

6,672

L2103839.UP.FTS.B,

11.98%,

4/23/25

....

3,651

3,628

FW2103646.UP.FTS.B,

26.77%,

4/23/25

..

2,007

142

Description

Principal

Amount

Value

Upstart

Network,

Inc.

(continued)

FW2032368.UP.FTS.B,

20.11%,

4/27/25

..

$

6,347

$

6,282

FW2250596.UP.FTS.B,

22.87%,

5/14/25

..

2,028

2,003

FW2248798.UP.FTS.B,

28.6%,

5/14/25

...

1,564

450

L2253008.UP.FTS.B,

17.8%,

5/15/25

....

3,068

3,054

L2253679.UP.FTS.B,

22.11%,

5/15/25

....

2,876

833

FW2249116.UP.FTS.B,

28.33%,

5/15/25

..

868

863

L2502143.UP.FTS.B,

21.34%,

6/25/25

....

7,960

7,855

FW1902521.UP.FTS.B,

21.52%,

8/22/25

..

565

543

FW2971973.UP.FTS.B,

20.05%,

9/19/25

..

2,787

2,755

FW2503206.UP.FTS.B,

28.84%,

11/25/25

.

735

731

FW1729657.UP.FTS.B,

9.44%,

9/17/26

...

4,696

4,659

L1729743.UP.FTS.B,

11.64%,

9/17/26

....

34,144

33,903

L1728160.UP.FTS.B,

12.23%,

9/17/26

....

3,431

3,407

L1730112.UP.FTS.B,

15.91%,

9/17/26

....

2,117

2,105

L1729289.UP.FTS.B,

17.07%,

9/17/26

....

2,136

2,123

FW1729970.UP.FTS.B,

18.27%,

9/17/26

..

18,637

17,624

L1729699.UP.FTS.B,

18.77%,

9/17/26

....

2,227

2,206

L1729786.UP.FTS.B,

18.84%,

9/17/26

....

4,327

4,302

L1729529.UP.FTS.B,

20.22%,

9/17/26

....

9,921

1,476

L1729751.UP.FTS.B,

20.66%,

9/17/26

....

5,124

5,134

FW1730043.UP.FTS.B,

21.14%,

9/17/26

..

3,370

3,384

L1730077.UP.FTS.B,

21.62%,

9/17/26

....

4,179

4,128

L1730290.UP.FTS.B,

23.01%,

9/17/26

....

5,640

5,664

L1730120.UP.FTS.B,

23.06%,

9/17/26

....

8,216

8,235

L1729719.UP.FTS.B,

23.41%,

9/17/26

....

7,310

7,334

L1729627.UP.FTS.B,

24.42%,

9/17/26

....

7,486

7,519

L1729824.UP.FTS.B,

25.14%,

9/17/26

....

4,943

4,963

L1729392.UP.FTS.B,

25.28%,

9/17/26

....

751

754

FW1729302.UP.FTS.B,

28.5%,

9/17/26

...

1,075

1,080

FW1730388.UP.FTS.B,

28.64%,

9/17/26

..

11,831

11,883

FW1729744.UP.FTS.B,

29.63%,

9/17/26

..

6,955

6,986

FW1729641.UP.FTS.B,

30.22%,

9/17/26

..

3,722

3,739

FW1728143.UP.FTS.B,

30.44%,

9/17/26

..

4,085

4,102

FW1730150.UP.FTS.B,

30.64%,

9/17/26

..

867

865

FW1729390.UP.FTS.B,

32.18%,

9/17/26

..

1,856

1,807

FW1728926.UP.FTS.B,

32.35%,

9/17/26

..

2,133

2,138

FW1902353.UP.FTS.B,

5.71%,

10/22/26

..

9,323

9,245

L1902780.UP.FTS.B,

7.49%,

10/22/26

....

4,697

4,660

L1902219.UP.FTS.B,

10.65%,

10/22/26

...

6,931

6,884

L1901059.UP.FTS.B,

11.8%,

10/22/26

....

2,833

2,669

L1901748.UP.FTS.B,

12.93%,

10/22/26

...

6,324

6,281

FW1902782.UP.FTS.B,

14.11%,

10/22/26

.

14,180

14,087

L1901083.UP.FTS.B,

14.22%,

10/22/26

...

3,527

253

L1902333.UP.FTS.B,

15.82%,

10/22/26

...

17,288

17,193

FW1901571.UP.FTS.B,

16.95%,

10/22/26

.

9,076

9,027

L1901582.UP.FTS.B,

17.7%,

10/22/26

....

17,235

1,246

L1901001.UP.FTS.B,

18.48%,

10/22/26

...

3,504

253

FW1901195.UP.FTS.B,

18.66%,

10/22/26

.

1,690

1,677

L1901585.UP.FTS.B,

18.87%,

10/22/26

...

445

439

L1901212.UP.FTS.B,

19.55%,

10/22/26

...

4,453

4,465

L1902855.UP.FTS.B,

19.55%,

10/22/26

...

2,217

2,205

L1901595.UP.FTS.B,

20.19%,

10/22/26

...

3,663

117

L1900981.UP.FTS.B,

20.57%,

10/22/26

...

2,643

2,504

L1901936.UP.FTS.B,

21.29%,

10/22/26

...

8,224

8,264

L1902840.UP.FTS.B,

22.56%,

10/22/26

...

9,875

9,804

L1901067.UP.FTS.B,

23.17%,

10/22/26

...

11,350

11,406

L1901771.UP.FTS.B,

24.44%,

10/22/26

...

3,678

3,659

L1902683.UP.FTS.B,

25.19%,

10/22/26

...

9,192

9,239

Franklin

Universal

Trust

Schedule

of

Investments

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Annual

Report

31

Description

Principal

Amount

Value

Marketplace

Loans

(continued)

Upstart

Network,

Inc.

(continued)

L1901951.UP.FTS.B,

25.24%,

10/22/26

...

$

1,839

$

1,848

FW1902836.UP.FTS.B,

25.41%,

10/22/26

.

37,544

37,683

L1902657.UP.FTS.B,

25.42%,

10/22/26

...

1,586

1,590

FW1902401.UP.FTS.B,

25.71%,

10/22/26

.

3,612

3,623

L1902021.UP.FTS.B,

25.72%,

10/22/26

...

2,032

1,947

FW1902199.UP.FTS.B,

26.04%,

10/22/26

.

3,234

3,250

FW1902133.UP.FTS.B,

27.21%,

10/22/26

.

16,247

2,468

FW1886406.UP.FTS.B,

27.97%,

10/22/26

.

9,999

2,951

FW1901053.UP.FTS.B,

28.68%,

10/22/26

.

2,736

2,750

FW1902391.UP.FTS.B,

31.19%,

10/22/26

.

2,838

2,852

FW1901303.UP.FTS.B,

31.21%,

10/22/26

.

3,013

3,029

FW1900628.UP.FTS.B,

31.23%,

10/22/26

.

872

877

FW1902681.UP.FTS.B,

31.63%,

10/22/26

.

6,357

6,391

FW1901994.UP.FTS.B,

32.7%,

10/22/26

..

6,269

1,855

FW1902299.UP.FTS.B,

31.27%,

10/27/26

.

6,306

6,341

L2031623.UP.FTS.B,

9.89%,

11/12/26

....

24,389

24,171

L2032896.UP.FTS.B,

9.9%,

11/12/26

.....

4,927

4,886

L2031352.UP.FTS.B,

11.14%,

11/12/26

...

1,679

1,663

L2032147.UP.FTS.B,

11.65%,

11/12/26

...

5,707

5,658

L2032600.UP.FTS.B,

12.19%,

11/12/26

...

5,372

5,326

L2032561.UP.FTS.B,

12.57%,

11/12/26

...

10,781

10,680

FW2032979.UP.FTS.B,

12.77%,

11/12/26

.

5,753

5,704

L2032884.UP.FTS.B,

12.78%,

11/12/26

...

5,753

5,705

FW2032727.UP.FTS.B,

12.91%,

11/12/26

.

2,519

2,498

L2032885.UP.FTS.B,

12.92%,

11/12/26

...

3,556

3,525

FW2031248.UP.FTS.B,

13.13%,

11/12/26

.

6,303

458

FW2032795.UP.FTS.B,

13.19%,

11/12/26

.

5,770

5,722

L2030962.UP.FTS.B,

13.54%,

11/12/26

...

6,036

1,550

FW2032278.UP.FTS.B,

13.85%,

11/12/26

.

3,579

3,548

L2032791.UP.FTS.B,

14.03%,

11/12/26

...

2,142

2,123

L2032226.UP.FTS.B,

14.31%,

11/12/26

...

17,676

17,525

L2031580.UP.FTS.B,

14.88%,

11/12/26

...

1,156

1,143

L2032373.UP.FTS.B,

14.92%,

11/12/26

...

7,300

7,239

FW2032722.UP.FTS.B,

14.98%,

11/12/26

.

5,834

5,785

FW2032454.UP.FTS.B,

15.76%,

11/12/26

.

1,025

1,010

L2032268.UP.FTS.B,

15.84%,

11/12/26

...

15,054

14,904

L2033071.UP.FTS.B,

15.91%,

11/12/26

...

2,721

2,696

FW2031845.UP.FTS.B,

15.93%,

11/12/26

.

11,974

1,696

FW2032538.UP.FTS.B,

16.45%,

11/12/26

.

3,967

147

L2032366.UP.FTS.B,

16.55%,

11/12/26

...

5,693

5,643

L2033082.UP.FTS.B,

16.64%,

11/12/26

...

13,532

398

L2030808.UP.FTS.B,

16.75%,

11/12/26

...

6,282

6,231

FW2032502.UP.FTS.B,

16.77%,

11/12/26

.

5,920

5,867

L2033005.UP.FTS.B,

16.99%,

11/12/26

...

2,971

2,941

L2033008.UP.FTS.B,

17.14%,

11/12/26

...

4,743

4,702

L2031479.UP.FTS.B,

17.32%,

11/12/26

...

12,195

1,736

L2030768.UP.FTS.B,

17.71%,

11/12/26

...

3,719

3,687

L2032284.UP.FTS.B,

17.94%,

11/12/26

...

3,731

3,689

L2032006.UP.FTS.B,

17.99%,

11/12/26

...

4,646

4,592

FW2031117.UP.FTS.B,

18.34%,

11/12/26

.

7,469

7,398

L2032837.UP.FTS.B,

18.39%,

11/12/26

...

7,471

7,407

L2030864.UP.FTS.B,

18.46%,

11/12/26

...

7,176

7,118

L2032849.UP.FTS.B,

19.14%,

11/12/26

...

9,007

8,930

FW2032194.UP.FTS.B,

19.49%,

11/12/26

.

5,847

1,614

L2030806.UP.FTS.B,

19.55%,

11/12/26

...

3,011

2,982

FW2032947.UP.FTS.B,

19.59%,

11/12/26

.

18,876

18,709

L2031425.UP.FTS.B,

19.77%,

11/12/26

...

4,858

1,342

L2031289.UP.FTS.B,

19.82%,

11/12/26

...

6,031

5,974

Description

Principal

Amount

Value

Upstart

Network,

Inc.

(continued)

L2032060.UP.FTS.B,

20.25%,

11/12/26

...

$

4,536

$

4,493

L2032456.UP.FTS.B,

20.93%,

11/12/26

...

1,136

1,125

L2032266.UP.FTS.B,

21.24%,

11/12/26

...

3,799

3,799

FW2033134.UP.FTS.B,

22.19%,

11/12/26

.

5,935

5,926

L2032183.UP.FTS.B,

24.12%,

11/12/26

...

7,738

7,740

FW2032995.UP.FTS.B,

24.13%,

11/12/26

.

2,328

2,302

FW2031872.UP.FTS.B,

24.66%,

11/12/26

.

23,336

23,295

FW2033202.UP.FTS.B,

25.01%,

11/12/26

.

12,352

12,350

L2032689.UP.FTS.B,

25.21%,

11/12/26

...

4,517

4,475

FW2031174.UP.FTS.B,

25.25%,

11/12/26

.

7,447

7,437

L2032525.UP.FTS.B,

25.33%,

11/12/26

...

779

772

L2031145.UP.FTS.B,

25.44%,

11/12/26

...

3,665

3,631

L2031934.UP.FTS.B,

25.51%,

11/12/26

...

2,340

2,341

FW2031600.UP.FTS.B,

26.6%,

11/12/26

..

3,830

3,827

FW2031539.UP.FTS.B,

26.65%,

11/12/26

.

4,094

2,421

L2032677.UP.FTS.B,

26.71%,

11/12/26

...

6,282

6,284

FW2032877.UP.FTS.B,

27.2%,

11/12/26

..

3,867

3,865

FW2003411.UP.FTS.B,

27.5%,

11/12/26

..

5,859

5,857

FW2032753.UP.FTS.B,

27.55%,

11/12/26

.

1,101

1,101

FW2031263.UP.FTS.B,

27.74%,

11/12/26

.

3,511

251

FW2032946.UP.FTS.B,

27.87%,

11/12/26

.

20,314

11,989

FW2032799.UP.FTS.B,

29.91%,

11/12/26

.

1,917

1,918

FW2030797.UP.FTS.B,

30%,

11/12/26

...

18,039

18,024

FW2033131.UP.FTS.B,

30.02%,

11/12/26

.

404

397

FW2033213.UP.FTS.B,

30.17%,

11/12/26

.

1,200

1,200

FW2031644.UP.FTS.B,

30.67%,

11/12/26

.

1,444

1,444

FW2031627.UP.FTS.B,

30.86%,

11/12/26

.

4,016

4,018

FW2031985.UP.FTS.B,

31%,

11/12/26

...

1,172

1,158

FW2031873.UP.FTS.B,

31.05%,

11/12/26

.

803

804

FW2032325.UP.FTS.B,

31.07%,

11/12/26

.

964

965

FW2031596.UP.FTS.B,

31.1%,

11/12/26

..

4,427

4,424

FW2032994.UP.FTS.B,

31.15%,

11/12/26

.

2,832

139

FW2033066.UP.FTS.B,

31.16%,

11/12/26

.

5,873

5,875

FW2031715.UP.FTS.B,

31.33%,

11/12/26

.

3,862

3,863

L2030886.UP.FTS.B,

25.5%,

11/19/26

....

16,224

16,233

FW2101958.UP.FTS.B,

6.23%,

11/23/26

..

26,701

26,493

L2101736.UP.FTS.B,

8.06%,

11/23/26

....

666

661

L2103598.UP.FTS.B,

8.71%,

11/23/26

....

11,167

11,084

L2102006.UP.FTS.B,

8.84%,

11/23/26

....

34,932

34,673

FW2103621.UP.FTS.B,

10.34%,

11/23/26

.

4,134

4,104

L2101981.UP.FTS.B,

11.14%,

11/23/26

...

6,370

6,326

L2102059.UP.FTS.B,

12.22%,

11/23/26

...

15,219

15,115

L2101522.UP.FTS.B,

12.34%,

11/23/26

...

24,016

23,854

L2103822.UP.FTS.B,

12.78%,

11/23/26

...

3,596

3,572

L2101315.UP.FTS.B,

12.86%,

11/23/26

...

3,759

3,721

L2102939.UP.FTS.B,

13.35%,

11/23/26

...

2,527

2,510

L2076017.UP.FTS.B,

13.49%,

11/23/26

...

2,717

2,696

L2095249.UP.FTS.B,

14.31%,

11/23/26

...

11,632

11,556

FW2102638.UP.FTS.B,

15.48%,

11/23/26

.

5,939

5,883

L2068146.UP.FTS.B,

16.06%,

11/23/26

...

7,359

7,316

L2102751.UP.FTS.B,

16.5%,

11/23/26

....

2,951

2,934

L2103150.UP.FTS.B,

16.57%,

11/23/26

...

4,344

4,314

FW2101751.UP.FTS.B,

16.63%,

11/23/26

.

14,769

14,683

L2101428.UP.FTS.B,

17.6%,

11/23/26

....

12,863

930

L2099233.UP.FTS.B,

17.83%,

11/23/26

...

12,121

11,459

L2050778.UP.FTS.B,

18.01%,

11/23/26

...

6,707

6,669

L2102051.UP.FTS.B,

19.71%,

11/23/26

...

4,223

4,190

L2103543.UP.FTS.B,

19.91%,

11/23/26

...

820

59

Franklin

Universal

Trust

Schedule

of

Investments

franklintempleton.com

Annual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

32

Description

Principal

Amount

Value

Marketplace

Loans

(continued)

Upstart

Network,

Inc.

(continued)

FW2102941.UP.FTS.B,

20.37%,

11/23/26

.

$

15,129

$

15,195

L2102313.UP.FTS.B,

20.5%,

11/23/26

....

1,126

1,131

L2102253.UP.FTS.B,

20.85%,

11/23/26

...

5,919

5,945

L2102703.UP.FTS.B,

20.89%,

11/23/26

...

3,808

3,816

L2103055.UP.FTS.B,

22.44%,

11/23/26

...

996

990

L2102400.UP.FTS.B,

22.64%,

11/23/26

...

4,559

4,577

L2101750.UP.FTS.B,

24.17%,

11/23/26

...

5,538

5,295

L2103547.UP.FTS.B,

24.76%,

11/23/26

...

868

821

FW2102727.UP.FTS.B,

24.84%,

11/23/26

.

3,108

3,123

L2103842.UP.FTS.B,

25.11%,

11/23/26

...

3,113

3,095

L2101935.UP.FTS.B,

25.31%,

11/23/26

...

1,013

1,017

L2103945.UP.FTS.B,

25.34%,

11/23/26

...

2,128

2,132

L2101880.UP.FTS.B,

25.39%,

11/23/26

...

2,341

2,347

L2103491.UP.FTS.B,

25.4%,

11/23/26

....

733

728

L2102346.UP.FTS.B,

25.43%,

11/23/26

...

4,185

1,222

L2103588.UP.FTS.B,

25.44%,

11/23/26

...

2,978

869

L2102028.UP.FTS.B,

25.89%,

11/23/26

...

4,690

4,711

L2052565.UP.FTS.B,

26.09%,

11/23/26

...

12,755

12,815

FW2101678.UP.FTS.B,

26.5%,

11/23/26

..

2,955

873

FW2103284.UP.FTS.B,

27.1%,

11/23/26

..

3,092

3,103

FW2103532.UP.FTS.B,

28.75%,

11/23/26

.

7,939

7,977

FW2102091.UP.FTS.B,

29.86%,

11/23/26

.

4,784

740

FW2101041.UP.FTS.B,

30.44%,

11/23/26

.

5,960

53

FW2102371.UP.FTS.B,

30.85%,

11/23/26

.

6,419

6,451

FW2103786.UP.FTS.B,

31.2%,

11/23/26

..

1,296

1,295

FW2103069.UP.FTS.B,

31.22%,

11/23/26

.

1,769

1,778

FW2102063.UP.FTS.B,

31.99%,

11/23/26

.

13,281

917

FW2033208.UP.FTS.B,

31.39%,

11/25/26

.

3,135

3,131

FW2102410.UP.FTS.B,

22.44%,

12/07/26

.

3,961

3,967

L2250662.UP.FTS.B,

8.88%,

12/14/26

....

7,858

7,790

L2249279.UP.FTS.B,

9.09%,

12/14/26

....

3,577

3,545

L2251398.UP.FTS.B,

9.28%,

12/14/26

....

5,731

5,682

L2250829.UP.FTS.B,

9.77%,

12/14/26

....

975

964

L2247842.UP.FTS.B,

9.8%,

12/14/26

....

5,327

5,278

L2251213.UP.FTS.B,

9.85%,

12/14/26

....

8,632

8,554

FW2251249.UP.FTS.B,

10.34%,

12/14/26

.

13,716

13,592

L2248805.UP.FTS.B,

10.51%,

12/14/26

...

7,503

1,920

L2249903.UP.FTS.B,

11.03%,

12/14/26

...

2,176

2,156

L2251005.UP.FTS.B,

11.75%,

12/14/26

...

12,904

936

FW2249158.UP.FTS.B,

11.8%,

12/14/26

..

10,939

10,840

L2251043.UP.FTS.B,

12.11%,

12/14/26

...

23,385

23,175

L2250070.UP.FTS.B,

12.15%,

12/14/26

...

5,097

5,051

L2251230.UP.FTS.B,

12.48%,

12/14/26

...

1,423

1,410

L2249726.UP.FTS.B,

12.59%,

12/14/26

...

6,538

6,478

L2251302.UP.FTS.B,

12.76%,

12/14/26

...

4,481

2,388

L2247235.UP.FTS.B,

13.18%,

12/14/26

...

2,944

2,918

L2250820.UP.FTS.B,

13.59%,

12/14/26

...

2,362

2,341

FW2250025.UP.FTS.B,

13.65%,

12/14/26

.

5,541

5,487

L2240508.UP.FTS.B,

14.03%,

12/14/26

...

41

40

L2251167.UP.FTS.B,

14.16%,

12/14/26

...

6,299

6,243

L2247268.UP.FTS.B,

14.22%,

12/14/26

...

36,361

35,993

L2249868.UP.FTS.B,

14.41%,

12/14/26

...

4,460

4,417

L2250559.UP.FTS.B,

14.84%,

12/14/26

...

5,606

5,552

FW2250857.UP.FTS.B,

15.23%,

12/14/26

.

22,100

21,879

L2251440.UP.FTS.B,

16.23%,

12/14/26

...

1,084

1,073

L2249248.UP.FTS.B,

16.43%,

12/14/26

...

9,011

8,925

L2250291.UP.FTS.B,

16.44%,

12/14/26

...

6,474

467

L2250624.UP.FTS.B,

16.92%,

12/14/26

...

4,527

4,484

Description

Principal

Amount

Value

Upstart

Network,

Inc.

(continued)

L2249629.UP.FTS.B,

17.8%,

12/14/26

....

$

4,799

$

4,756

L2249002.UP.FTS.B,

18.13%,

12/14/26

...

2,660

2,632

L2250560.UP.FTS.B,

18.18%,

12/14/26

...

7,603

7,522

FW2248499.UP.FTS.B,

18.23%,

12/14/26

.

4,370

316

FW2248341.UP.FTS.B,

18.43%,

12/14/26

.

19,251

19,047

L2248252.UP.FTS.B,

18.48%,

12/14/26

...

2,303

2,276

FW2249113.UP.FTS.B,

18.58%,

12/14/26

.

19,053

18,851

L2249404.UP.FTS.B,

18.82%,

12/14/26

...

3,423

239

L2250499.UP.FTS.B,

19.65%,

12/14/26

...

2,904

411

L2251037.UP.FTS.B,

19.7%,

12/14/26

....

1,383

1,368

L2249412.UP.FTS.B,

19.96%,

12/14/26

...

1,539

1,522

L2248975.UP.FTS.B,

19.98%,

12/14/26

...

7,998

7,912

FW2250365.UP.FTS.B,

20.49%,

12/14/26

.

22,885

22,657

L2250843.UP.FTS.B,

20.5%,

12/14/26

....

4,242

4,197

L2250558.UP.FTS.B,

20.67%,

12/14/26

...

6,252

6,246

L2251409.UP.FTS.B,

20.71%,

12/14/26

...

9,265

9,166

L2251393.UP.FTS.B,

20.81%,

12/14/26

...

3,811

3,804

L2249780.UP.FTS.B,

21.14%,

12/14/26

...

6,192

6,186

L2250707.UP.FTS.B,

21.52%,

12/14/26

...

4,630

4,585

L2249030.UP.FTS.B,

21.69%,

12/14/26

...

1,708

1,690

L2249288.UP.FTS.B,

21.82%,

12/14/26

...

4,197

4,184

L2249149.UP.FTS.B,

21.87%,

12/14/26

...

7,773

7,690

FW2248314.UP.FTS.B,

21.92%,

12/14/26

.

2,721

2,719

L2249898.UP.FTS.B,

22.33%,

12/14/26

...

17,099

16,936

L2251333.UP.FTS.B,

22.77%,

12/14/26

...

12,624

12,609

L2249183.UP.FTS.B,

22.87%,

12/14/26

...

2,736

2,733

L2250810.UP.FTS.B,

23.01%,

12/14/26

...

5,767

851

FW2251497.UP.FTS.B,

23.11%,

12/14/26

.

4,454

4,389

L2250010.UP.FTS.B,

23.56%,

12/14/26

...

3,924

3,920

FW2248500.UP.FTS.B,

23.6%,

12/14/26

..

2,356

2,349

FW2248932.UP.FTS.B,

23.62%,

12/14/26

.

1,581

1,576

L2249765.UP.FTS.B,

23.67%,

12/14/26

...

3,141

3,138

L2250948.UP.FTS.B,

23.7%,

12/14/26

....

35,341

35,306

L2248306.UP.FTS.B,

23.97%,

12/14/26

...

19,668

19,649

FW2249399.UP.FTS.B,

24.09%,

12/14/26

.

3,874

277

L2250334.UP.FTS.B,

24.44%,

12/14/26

...

6,861

6,788

L2250245.UP.FTS.B,

24.75%,

12/14/26

...

1,486

1,480

L2250314.UP.FTS.B,

24.91%,

12/14/26

...

2,768

2,768

L2249782.UP.FTS.B,

24.98%,

12/14/26

...

3,322

3,318

L2248144.UP.FTS.B,

25.08%,

12/14/26

...

3,681

3,672

L2250779.UP.FTS.B,

25.12%,

12/14/26

...

1,505

1,501

L2249254.UP.FTS.B,

25.13%,

12/14/26

...

6,722

75

L2248450.UP.FTS.B,

25.14%,

12/14/26

...

4,752

4,700

L2248417.UP.FTS.B,

25.23%,

12/14/26

...

1,742

1,741

L2249856.UP.FTS.B,

25.32%,

12/14/26

...

951

950

L2249823.UP.FTS.B,

25.41%,

12/14/26

...

3,447

3,408

L2251395.UP.FTS.B,

25.45%,

12/14/26

...

1,745

1,743

L2251149.UP.FTS.B,

25.46%,

12/14/26

...

2,114

611

L2249309.UP.FTS.B,

25.75%,

12/14/26

...

3,340

3,330

L2250992.UP.FTS.B,

25.92%,

12/14/26

...

7,961

7,936

FW2248550.UP.FTS.B,

26.2%,

12/14/26

..

3,583

3,580

L2249257.UP.FTS.B,

26.38%,

12/14/26

...

7,100

7,084

FW2249342.UP.FTS.B,

27.92%,

12/14/26

.

4,445

4,423

FW2251120.UP.FTS.B,

28.37%,

12/14/26

.

10,468

10,457

FW2249976.UP.FTS.B,

28.77%,

12/14/26

.

1,468

1,460

FW2249682.UP.FTS.B,

30.35%,

12/14/26

.

1,318

1,313

FW2249951.UP.FTS.B,

30.44%,

12/14/26

.

1,632

1,627

FW2249983.UP.FTS.B,

30.63%,

12/14/26

.

1,597

947

Franklin

Universal

Trust

Schedule

of

Investments

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Annual

Report

33

Description

Principal

Amount

Value

Marketplace

Loans

(continued)

Upstart

Network,

Inc.

(continued)

FW2250251.UP.FTS.B,

30.69%,

12/14/26

.

$

4,978

$

1,455

FW2251385.UP.FTS.B,

30.75%,

12/14/26

.

4,562

4,513

FW2249049.UP.FTS.B,

30.95%,

12/14/26

.

5,195

5,183

FW2249935.UP.FTS.B,

30.97%,

12/14/26

.

3,003

2,993

FW2247285.UP.FTS.B,

30.98%,

12/14/26

.

5,293

374

FW2248234.UP.FTS.B,

31.09%,

12/14/26

.

6,840

6,824

FW2251092.UP.FTS.B,

31.1%,

12/14/26

..

1,558

1,553

FW2250801.UP.FTS.B,

31.11%,

12/14/26

.

2,286

2,276

FW2249041.UP.FTS.B,

31.12%,

12/14/26

.

898

897

FW2250974.UP.FTS.B,

31.12%,

12/14/26

.

2,697

2,689

FW2251215.UP.FTS.B,

31.16%,

12/14/26

.

3,484

509

FW2248893.UP.FTS.B,

31.17%,

12/14/26

.

1,470

1,468

FW2249653.UP.FTS.B,

31.19%,

12/14/26

.

3,103

3,099

FW2251410.UP.FTS.B,

31.25%,

12/14/26

.

3,778

3,767

FW2247969.UP.FTS.B,

31.61%,

12/14/26

.

5,449

801

FW2250563.UP.FTS.B,

31.74%,

12/14/26

.

2,918

206

L2251963.UP.FTS.B,

7.31%,

12/15/26

....

8,787

8,713

L2252296.UP.FTS.B,

8.02%,

12/15/26

....

10,648

10,559

L2141755.UP.FTS.B,

8.51%,

12/15/26

....

34,954

34,659

L2251219.UP.FTS.B,

8.53%,

12/15/26

....

1,781

1,766

L2252339.UP.FTS.B,

8.65%,

12/15/26

....

17,828

17,680

L2252737.UP.FTS.B,

8.71%,

12/15/26

....

14,983

14,859

L2252298.UP.FTS.B,

8.83%,

12/15/26

....

2,198

2,116

L2252476.UP.FTS.B,

9.18%,

12/15/26

....

7,160

7,097

FW2253701.UP.FTS.B,

10.99%,

12/15/26

.

9,257

9,176

L2253738.UP.FTS.B,

11.28%,

12/15/26

...

21,800

21,615

L2247794.UP.FTS.B,

12.65%,

12/15/26

...

3,301

3,273

L2253650.UP.FTS.B,

13.61%,

12/15/26

...

4,799

4,759

L2253384.UP.FTS.B,

13.79%,

12/15/26

...

8,870

8,797

L2251912.UP.FTS.B,

13.91%,

12/15/26

...

2,589

2,568

L2253091.UP.FTS.B,

14.6%,

12/15/26

....

22,259

22,076

L2252906.UP.FTS.B,

14.66%,

12/15/26

...

8,252

8,185

L2252920.UP.FTS.B,

14.66%,

12/15/26

...

2,230

2,212

L2252357.UP.FTS.B,

15.18%,

12/15/26

...

4,177

4,138

L2252931.UP.FTS.B,

15.49%,

12/15/26

...

2,555

2,531

FW2249675.UP.FTS.B,

16.01%,

12/15/26

.

11,281

11,166

L2252976.UP.FTS.B,

16.75%,

12/15/26

...

4,783

4,740

L2252199.UP.FTS.B,

17.21%,

12/15/26

...

7,104

7,047

L2251888.UP.FTS.B,

17.72%,

12/15/26

...

5,023

361

L2253164.UP.FTS.B,

17.76%,

12/15/26

...

4,094

4,042

FW2252613.UP.FTS.B,

17.78%,

12/15/26

.

2,579

2,543

FW2253547.UP.FTS.B,

18.3%,

12/15/26

..

2,241

2,202

L2252566.UP.FTS.B,

19.55%,

12/15/26

...

4,569

4,533

FW2251546.UP.FTS.B,

19.76%,

12/15/26

.

11,516

11,405

L2252438.UP.FTS.B,

19.81%,

12/15/26

...

3,072

3,042

L2252318.UP.FTS.B,

20.43%,

12/15/26

...

2,312

2,290

L2250838.UP.FTS.B,

20.47%,

12/15/26

...

2,479

2,434

L2251727.UP.FTS.B,

20.77%,

12/15/26

...

1,934

1,912

L2253118.UP.FTS.B,

21.32%,

12/15/26

...

15,495

15,498

L2252879.UP.FTS.B,

22.23%,

12/15/26

...

899

133

L2251670.UP.FTS.B,

22.36%,

12/15/26

...

3,898

3,899

L2252753.UP.FTS.B,

22.36%,

12/15/26

...

2,369

2,337

L2252135.UP.FTS.B,

22.59%,

12/15/26

...

2,342

2,342

L2251712.UP.FTS.B,

23.15%,

12/15/26

...

23,689

6,789

FW2253422.UP.FTS.B,

24.48%,

12/15/26

.

9,261

9,246

L2250541.UP.FTS.B,

24.85%,

12/15/26

...

2,374

2,369

L2252209.UP.FTS.B,

25.21%,

12/15/26

...

1,058

1,053

L2252447.UP.FTS.B,

25.4%,

12/15/26

....

951

952

Description

Principal

Amount

Value

Upstart

Network,

Inc.

(continued)

FW2253392.UP.FTS.B,

25.5%,

12/15/26

..

$

5,641

$

5,637

FW2248936.UP.FTS.B,

26.48%,

12/15/26

.

4,705

4,702

FW2251714.UP.FTS.B,

28.54%,

12/15/26

.

4,797

4,797

FW2252023.UP.FTS.B,

28.67%,

12/15/26

.

3,709

3,711

FW2253234.UP.FTS.B,

28.94%,

12/15/26

.

8,827

8,827

FW2252989.UP.FTS.B,

29.41%,

12/15/26

.

9,389

1,388

FW2252237.UP.FTS.B,

29.62%,

12/15/26

.

5,093

361

FW2252233.UP.FTS.B,

30.05%,

12/15/26

.

2,030

2,031

FW2247630.UP.FTS.B,

30.42%,

12/15/26

.

2,590

2,469

FW2252687.UP.FTS.B,

30.62%,

12/15/26

.

12,212

12,218

FW2252113.UP.FTS.B,

30.81%,

12/15/26

.

1,157

1,104

FW2251570.UP.FTS.B,

31.17%,

12/15/26

.

9,799

9,804

FW2253186.UP.FTS.B,

31.17%,

12/15/26

.

1,714

1,715

FW2253542.UP.FTS.B,

31.19%,

12/15/26

.

1,551

1,552

FW2251389.UP.FTS.B,

31.46%,

12/15/26

.

15,476

15,460

FW2251813.UP.FTS.B,

31.46%,

12/15/26

.

3,517

3,518

L2249483.UP.FTS.B,

20.19%,

12/28/26

...

7,755

7,675

L2253562.UP.FTS.B,

23.61%,

12/28/26

...

3,956

3,959

L2499407.UP.FTS.B,

5.37%,

1/24/27

....

35,584

35,304

L2497781.UP.FTS.B,

5.7%,

1/24/27

.....

4,280

4,246

L2499766.UP.FTS.B,

6.26%,

1/24/27

....

4,297

4,264

FW2499326.UP.FTS.B,

6.71%,

1/24/27

...

6,119

816

L2498743.UP.FTS.B,

7.47%,

1/24/27

....

7,946

7,882

L2492277.UP.FTS.B,

7.6%,

1/24/27

.....

4,917

4,877

L2500086.UP.FTS.B,

7.95%,

1/24/27

....

8,972

8,897

L2497458.UP.FTS.B,

8.44%,

1/24/27

....

25,347

25,142

L2497353.UP.FTS.B,

9.69%,

1/24/27

....

9,528

9,452

L2499026.UP.FTS.B,

10.04%,

1/24/27

....

14,711

14,587

L2498801.UP.FTS.B,

10.59%,

1/24/27

....

19,924

19,763

L2499730.UP.FTS.B,

10.93%,

1/24/27

....

7,368

7,308

L2500305.UP.FTS.B,

11.35%,

1/24/27

....

742

736

L2498662.UP.FTS.B,

11.41%,

1/24/27

....

7,419

7,360

FW2499235.UP.FTS.B,

11.45%,

1/24/27

..

4,817

4,778

L2498623.UP.FTS.B,

12.18%,

1/24/27

....

1,641

1,627

FW2497574.UP.FTS.B,

12.62%,

1/24/27

..

25,809

24,274

L2497797.UP.FTS.B,

12.7%,

1/24/27

....

5,238

5,196

L2500282.UP.FTS.B,

13.29%,

1/24/27

....

7,511

7,451

L2498730.UP.FTS.B,

14.35%,

1/24/27

....

4,536

4,500

FW2499948.UP.FTS.B,

14.6%,

1/24/27

...

5,300

5,258

L2499978.UP.FTS.B,

14.9%,

1/24/27

....

27,585

7,148

L2500513.UP.FTS.B,

14.9%,

1/24/27

....

15,173

15,052

L2499400.UP.FTS.B,

15.39%,

1/24/27

....

11,031

2,981

L2498019.UP.FTS.B,

15.41%,

1/24/27

....

22,831

22,650

L2499756.UP.FTS.B,

15.54%,

1/24/27

....

22,850

1,568

FW2500346.UP.FTS.B,

16.35%,

1/24/27

..

15,911

15,765

L2494019.UP.FTS.B,

16.44%,

1/24/27

....

4,594

4,557

L2497377.UP.FTS.B,

16.51%,

1/24/27

....

4,214

4,179

L2499062.UP.FTS.B,

17.84%,

1/24/27

....

1,185

1,117

FW2494435.UP.FTS.B,

17.9%,

1/24/27

...

31,599

8,612

L2500130.UP.FTS.B,

18.16%,

1/24/27

....

5,415

5,367

L2497198.UP.FTS.B,

18.3%,

1/24/27

....

4,885

728

L2498470.UP.FTS.B,

18.32%,

1/24/27

....

10,319

10,230

L2500098.UP.FTS.B,

18.6%,

1/24/27

....

5,817

5,770

L2497796.UP.FTS.B,

18.8%,

1/24/27

....

5,435

5,387

L2500341.UP.FTS.B,

18.83%,

1/24/27

....

1,942

1,925

L2497754.UP.FTS.B,

19.19%,

1/24/27

....

2,412

2,391

FW2498275.UP.FTS.B,

19.45%,

1/24/27

..

7,827

7,384

L2499146.UP.FTS.B,

19.77%,

1/24/27

....

3,708

3,499

Franklin

Universal

Trust

Schedule

of

Investments

franklintempleton.com

Annual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

34

Description

Principal

Amount

Value

Marketplace

Loans

(continued)

Upstart

Network,

Inc.

(continued)

L2498546.UP.FTS.B,

19.91%,

1/24/27

....

$

5,167

$

5,112

L2497528.UP.FTS.B,

19.93%,

1/24/27

....

3,907

3,873

L2499090.UP.FTS.B,

20.13%,

1/24/27

....

4,694

4,652

FW2498254.UP.FTS.B,

20.72%,

1/24/27

..

2,508

82

FW2499205.UP.FTS.B,

20.72%,

1/24/27

..

4,818

4,594

L2497852.UP.FTS.B,

20.98%,

1/24/27

....

3,056

220

L2499153.UP.FTS.B,

21.13%,

1/24/27

....

944

936

L2498554.UP.FTS.B,

21.26%,

1/24/27

....

4,284

305

L2497527.UP.FTS.B,

21.34%,

1/24/27

....

3,938

3,943

L2497646.UP.FTS.B,

21.52%,

1/24/27

....

814

802

L2497439.UP.FTS.B,

21.55%,

1/24/27

....

2,759

2,724

L2500177.UP.FTS.B,

21.66%,

1/24/27

....

4,735

4,741

FW2494038.UP.FTS.B,

22.37%,

1/24/27

..

3,168

3,140

L2499540.UP.FTS.B,

22.38%,

1/24/27

....

5,040

136

FW2497553.UP.FTS.B,

23.05%,

1/24/27

..

13,812

13,824

FW2498441.UP.FTS.B,

23.1%,

1/24/27

...

8,587

8,598

L2500427.UP.FTS.B,

23.85%,

1/24/27

....

8,379

8,304

L2499847.UP.FTS.B,

24.09%,

1/24/27

....

19,870

19,686

L2500224.UP.FTS.B,

25.04%,

1/24/27

....

4,572

4,572

L2500298.UP.FTS.B,

25.15%,

1/24/27

....

1,286

1,274

FW2497649.UP.FTS.B,

25.29%,

1/24/27

..

32,169

32,207

L2498291.UP.FTS.B,

25.35%,

1/24/27

....

1,061

76

L2500230.UP.FTS.B,

25.4%,

1/24/27

....

4,184

4,189

L2500426.UP.FTS.B,

25.41%,

1/24/27

....

1,046

1,047

L2497705.UP.FTS.B,

25.44%,

1/24/27

....

3,212

3,062

L2500467.UP.FTS.B,

25.44%,

1/24/27

....

1,368

1,370

L2497190.UP.FTS.B,

26.04%,

1/24/27

....

2,341

2,320

L2500357.UP.FTS.B,

26.3%,

1/24/27

....

7,518

7,526

FW2498744.UP.FTS.B,

26.78%,

1/24/27

..

8,103

8,112

FW2499122.UP.FTS.B,

26.89%,

1/24/27

..

1,749

1,749

FW2498012.UP.FTS.B,

27.23%,

1/24/27

..

4,791

4,796

FW2499103.UP.FTS.B,

27.5%,

1/24/27

...

2,439

2,442

FW2497665.UP.FTS.B,

27.6%,

1/24/27

...

8,786

8,701

FW2500434.UP.FTS.B,

27.81%,

1/24/27

..

838

246

L2497724.UP.FTS.B,

27.87%,

1/24/27

....

4,238

4,200

FW2497801.UP.FTS.B,

28.11%,

1/24/27

..

5,734

5,730

FW2497947.UP.FTS.B,

28.25%,

1/24/27

..

31,110

31,146

FW2499989.UP.FTS.B,

28.3%,

1/24/27

...

6,940

6,722

L2498023.UP.FTS.B,

28.37%,

1/24/27

....

3,147

3,053

FW2497725.UP.FTS.B,

28.51%,

1/24/27

..

999

296

FW2499482.UP.FTS.B,

28.65%,

1/24/27

..

13,408

13,423

FW2498534.UP.FTS.B,

28.67%,

1/24/27

..

1,502

1,433

FW2499784.UP.FTS.B,

29.61%,

1/24/27

..

7,129

6,799

FW2500060.UP.FTS.B,

29.62%,

1/24/27

..

3,655

1,091

FW2498768.UP.FTS.B,

30.06%,

1/24/27

..

1,228

1,229

FW2497607.UP.FTS.B,

30.5%,

1/24/27

...

1,401

1,383

FW2497688.UP.FTS.B,

30.73%,

1/24/27

..

998

993

FW2499403.UP.FTS.B,

30.76%,

1/24/27

..

2,312

2,314

FW2498079.UP.FTS.B,

30.78%,

1/24/27

..

2,575

395

FW2498894.UP.FTS.B,

31.13%,

1/24/27

..

2,977

2,980

FW2498422.UP.FTS.B,

31.2%,

1/24/27

...

828

829

FW2498197.UP.FTS.B,

31.21%,

1/24/27

..

1,090

1,041

FW2497608.UP.FTS.B,

31.43%,

1/24/27

..

1,408

1,409

FW2499925.UP.FTS.B,

31.73%,

1/24/27

..

1,295

1,286

FW2497327.UP.FTS.B,

33.75%,

1/24/27

..

1,589

1,591

FW2502639.UP.FTS.B,

4.89%,

1/25/27

...

9,557

9,482

L2502859.UP.FTS.B,

5.46%,

1/25/27

....

36,443

36,146

L2443263.UP.FTS.B,

6.66%,

1/25/27

....

6,105

6,058

Description

Principal

Amount

Value

Upstart

Network,

Inc.

(continued)

L2501608.UP.FTS.B,

7.8%,

1/25/27

.....

$

14,482

$

14,371

L2501651.UP.FTS.B,

8.03%,

1/25/27

....

6,428

468

L2501547.UP.FTS.B,

8.21%,

1/25/27

....

4,357

4,322

L2502319.UP.FTS.B,

8.49%,

1/25/27

....

29,790

29,528

L2501796.UP.FTS.B,

9.36%,

1/25/27

....

11,417

11,327

L2502134.UP.FTS.B,

9.38%,

1/25/27

....

23,271

23,085

L2502374.UP.FTS.B,

9.72%,

1/25/27

....

6,236

6,187

L2502174.UP.FTS.B,

9.86%,

1/25/27

....

12,484

12,384

FW2498378.UP.FTS.B,

11.81%,

1/25/27

..

22,316

22,140

L2502791.UP.FTS.B,

11.84%,

1/25/27

....

5,945

5,884

L2501198.UP.FTS.B,

12.05%,

1/25/27

....

9,314

9,241

L2500626.UP.FTS.B,

12.15%,

1/25/27

....

3,557

3,523

L2502704.UP.FTS.B,

12.53%,

1/25/27

....

2,792

392

L2502644.UP.FTS.B,

12.76%,

1/25/27

....

8,338

605

FW2502179.UP.FTS.B,

12.78%,

1/25/27

..

1,497

1,485

L2501977.UP.FTS.B,

12.89%,

1/25/27

....

29,814

29,576

L2502535.UP.FTS.B,

13.13%,

1/25/27

....

36,364

36,061

L2502247.UP.FTS.B,

13.43%,

1/25/27

....

3,007

2,983

L2503471.UP.FTS.B,

13.93%,

1/25/27

....

3,771

3,741

L2501470.UP.FTS.B,

14.16%,

1/25/27

....

11,538

11,439

L2500808.UP.FTS.B,

14.3%,

1/25/27

....

5,593

5,549

FW2502376.UP.FTS.B,

14.43%,

1/25/27

..

11,346

11,257

L2500633.UP.FTS.B,

14.62%,

1/25/27

....

3,449

3,421

L2501876.UP.FTS.B,

14.91%,

1/25/27

....

3,035

3,011

L2501591.UP.FTS.B,

16.26%,

1/25/27

....

12,841

12,733

FW2502838.UP.FTS.B,

16.27%,

1/25/27

..

30,611

30,369

FW2500763.UP.FTS.B,

16.29%,

1/25/27

..

3,290

3,264

L2503404.UP.FTS.B,

16.88%,

1/25/27

....

6,781

6,723

L2499095.UP.FTS.B,

16.97%,

1/25/27

....

2,305

2,286

L2500943.UP.FTS.B,

17.28%,

1/25/27

....

6,107

6,056

FW2502260.UP.FTS.B,

17.52%,

1/25/27

..

5,718

838

L2501997.UP.FTS.B,

17.77%,

1/25/27

....

3,859

3,829

FW2501148.UP.FTS.B,

17.78%,

1/25/27

..

1,543

1,531

FW2501125.UP.FTS.B,

17.82%,

1/25/27

..

1,158

1,148

L2502739.UP.FTS.B,

18.1%,

1/25/27

....

4,817

4,774

L2502439.UP.FTS.B,

18.98%,

1/25/27

....

5,415

5,367

L2495525.UP.FTS.B,

19.03%,

1/25/27

....

5,432

5,385

L2501884.UP.FTS.B,

19.04%,

1/25/27

....

7,907

7,827

L2502391.UP.FTS.B,

19.43%,

1/25/27

....

11,606

11,511

L2500727.UP.FTS.B,

19.88%,

1/25/27

....

6,329

6,275

FW2501295.UP.FTS.B,

20.14%,

1/25/27

..

782

776

FW2500961.UP.FTS.B,

20.28%,

1/25/27

..

5,221

5,218

L2500557.UP.FTS.B,

21.25%,

1/25/27

....

5,440

388

FW2501561.UP.FTS.B,

21.33%,

1/25/27

..

4,550

4,550

L2503424.UP.FTS.B,

21.51%,

1/25/27

....

7,726

7,659

L2501728.UP.FTS.B,

21.52%,

1/25/27

....

4,076

4,025

L2500163.UP.FTS.B,

21.71%,

1/25/27

....

12,300

12,147

L2502058.UP.FTS.B,

21.83%,

1/25/27

....

7,900

7,912

L2500977.UP.FTS.B,

22.64%,

1/25/27

....

5,552

5,560

L2502763.UP.FTS.B,

23.93%,

1/25/27

....

3,346

979

FW2503468.UP.FTS.B,

24.6%,

1/25/27

...

2,711

2,715

FW2503375.UP.FTS.B,

24.71%,

1/25/27

..

2,519

2,509

FW2503209.UP.FTS.B,

25.12%,

1/25/27

..

5,591

5,598

L2502753.UP.FTS.B,

25.33%,

1/25/27

....

2,876

452

L2501592.UP.FTS.B,

25.36%,

1/25/27

....

957

958

L2500577.UP.FTS.B,

25.4%,

1/25/27

....

1,207

1,209

L2503342.UP.FTS.B,

25.48%,

1/25/27

....

5,266

5,256

L2500860.UP.FTS.B,

25.49%,

1/25/27

....

1,113

1,113

Franklin

Universal

Trust

Schedule

of

Investments

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Annual

Report

35

Description

Principal

Amount

Value

Marketplace

Loans

(continued)

Upstart

Network,

Inc.

(continued)

L2501610.UP.FTS.B,

25.67%,

1/25/27

....

$

2,659

$

2,663

L2502912.UP.FTS.B,

25.69%,

1/25/27

....

16,654

16,672

L2502995.UP.FTS.B,

25.82%,

1/25/27

....

2,520

2,518

FW2501208.UP.FTS.B,

25.83%,

1/25/27

..

15,735

15,759

L2500786.UP.FTS.B,

26.35%,

1/25/27

....

2,249

2,228

FW2503491.UP.FTS.B,

26.41%,

1/25/27

..

1,774

1,776

FW2501330.UP.FTS.B,

26.47%,

1/25/27

..

4,514

4,512

FW2502187.UP.FTS.B,

26.63%,

1/25/27

..

4,048

4,054

FW2503082.UP.FTS.B,

26.84%,

1/25/27

..

2,070

2,066

FW2499783.UP.FTS.B,

27.06%,

1/25/27

..

8,754

1,375

FW2501053.UP.FTS.B,

27.35%,

1/25/27

..

6,584

6,593

FW2474863.UP.FTS.B,

27.63%,

1/25/27

..

2,680

2,684

FW2502652.UP.FTS.B,

27.68%,

1/25/27

..

3,988

3,994

FW2503169.UP.FTS.B,

27.77%,

1/25/27

..

810

811

FW2501180.UP.FTS.B,

28.56%,

1/25/27

..

2,453

2,456

FW2500797.UP.FTS.B,

28.58%,

1/25/27

..

1,613

1,614

FW2502849.UP.FTS.B,

29.19%,

1/25/27

..

1,208

1,209

FW2501203.UP.FTS.B,

30.73%,

1/25/27

..

1,156

1,157

FW2503502.UP.FTS.B,

31.01%,

1/25/27

..

2,111

2,112

FW2502222.UP.FTS.B,

31.02%,

1/25/27

..

1,062

1,063

FW2501430.UP.FTS.B,

31.03%,

1/25/27

..

1,490

1,490

FW2502879.UP.FTS.B,

31.04%,

1/25/27

..

23,980

24,014

FW2502647.UP.FTS.B,

31.05%,

1/25/27

..

6,898

6,890

FW2502834.UP.FTS.B,

31.11%,

1/25/27

..

2,192

2,192

FW2502954.UP.FTS.B,

31.14%,

1/25/27

..

4,339

305

FW2499746.UP.FTS.B,

31.16%,

1/25/27

..

2,979

2,983

FW2500654.UP.FTS.B,

31.21%,

1/25/27

..

818

819

FW2503208.UP.FTS.B,

31.21%,

1/25/27

..

2,151

2,154

FW2502423.UP.FTS.B,

32.98%,

1/25/27

..

1,366

94

FW2502276.UP.FTS.B,

33.54%,

1/25/27

..

4,292

4,285

FW2500954.UP.FTS.B,

23.81%,

2/07/27

..

6,537

6,538

L1729483.UP.FTS.B,

18.23%,

2/17/27

....

13,863

994

L1729858.UP.FTS.B,

25.05%,

2/17/27

....

19,143

19,223

FW1729684.UP.FTS.B,

29.1%,

2/17/27

...

10,388

10,389

FW1729695.UP.FTS.B,

29.91%,

2/17/27

..

44,873

42,480

L1902477.UP.FTS.B,

13.65%,

3/22/27

....

7,470

7,394

L1902300.UP.FTS.B,

22.58%,

3/22/27

....

4,294

1,245

L1901141.UP.FTS.B,

24.79%,

3/22/27

....

1,637

247

L1901660.UP.FTS.B,

25.23%,

3/22/27

....

1,396

1,398

FW1901509.UP.FTS.B,

31.16%,

3/22/27

..

6,583

6,580

L2031108.UP.FTS.B,

11.34%,

4/12/27

....

37,258

36,825

L2030856.UP.FTS.B,

13.22%,

4/12/27

....

7,446

7,356

L2031106.UP.FTS.B,

17.27%,

4/12/27

....

6,656

1,779

L2030776.UP.FTS.B,

18.15%,

4/12/27

....

4,282

4,240

L2032168.UP.FTS.B,

21.6%,

4/12/27

....

8,674

8,586

L2032065.UP.FTS.B,

22.33%,

4/12/27

....

17,482

1,266

FW2032681.UP.FTS.B,

22.41%,

4/12/27

..

2,110

2,078

L2032407.UP.FTS.B,

25.01%,

4/12/27

....

983

977

FW2030941.UP.FTS.B,

26.62%,

4/12/27

..

24,923

3,641

L2032337.UP.FTS.B,

26.62%,

4/12/27

....

7,985

4,743

FW2031474.UP.FTS.B,

30.22%,

4/12/27

..

2,947

(134)

L2972334.UP.FTS.B,

6.17%,

4/19/27

....

38,135

37,849

L2972137.UP.FTS.B,

6.42%,

4/19/27

....

11,458

11,373

L2971979.UP.FTS.B,

6.84%,

4/19/27

....

20,523

20,370

L2971286.UP.FTS.B,

7.38%,

4/19/27

....

19,207

19,065

L2972081.UP.FTS.B,

7.8%,

4/19/27

.....

4,060

4,030

FW2972190.UP.FTS.B,

7.92%,

4/19/27

...

36,457

36,189

L2971556.UP.FTS.B,

10.11%,

4/19/27

....

18,904

18,712

Description

Principal

Amount

Value

Upstart

Network,

Inc.

(continued)

L2971728.UP.FTS.B,

11.46%,

4/19/27

....

$

8,415

$

8,330

L2971948.UP.FTS.B,

12.78%,

4/19/27

....

5,923

5,867

L2971527.UP.FTS.B,

13.17%,

4/19/27

....

8,335

8,252

L2967243.UP.FTS.B,

14.24%,

4/19/27

....

13,573

13,437

L2970341.UP.FTS.B,

15.34%,

4/19/27

....

5,486

767

L2971759.UP.FTS.B,

16.29%,

4/19/27

....

6,132

6,057

L2971657.UP.FTS.B,

16.32%,

4/19/27

....

1,756

1,736

L2971854.UP.FTS.B,

16.46%,

4/19/27

....

2,488

2,460

FW2968818.UP.FTS.B,

17.01%,

4/19/27

..

13,201

13,039

L2970277.UP.FTS.B,

17.94%,

4/19/27

....

26,036

25,717

FW2971812.UP.FTS.B,

18.16%,

4/19/27

..

22,800

22,535

L2972316.UP.FTS.B,

18.63%,

4/19/27

....

40,686

40,232

L2971776.UP.FTS.B,

19.69%,

4/19/27

....

5,416

5,350

L2972008.UP.FTS.B,

20.74%,

4/19/27

....

4,531

4,516

FW2971982.UP.FTS.B,

21.48%,

4/19/27

..

1,406

1,391

L2970145.UP.FTS.B,

22.58%,

4/19/27

....

7,237

7,135

L2971880.UP.FTS.B,

24%,

4/19/27

......

26,893

25,277

FW2971643.UP.FTS.B,

24.95%,

4/19/27

..

17,966

17,900

L2971841.UP.FTS.B,

25.2%,

4/19/27

....

1,213

1,207

L2971769.UP.FTS.B,

25.23%,

4/19/27

....

5,814

873

FW2972220.UP.FTS.B,

26.42%,

4/19/27

..

3,298

3,281

L2971662.UP.FTS.B,

26.49%,

4/19/27

....

846

834

FW2972102.UP.FTS.B,

26.72%,

4/19/27

..

2,767

2,756

FW2972305.UP.FTS.B,

27.33%,

4/19/27

..

5,092

5,066

FW2972030.UP.FTS.B,

28.07%,

4/19/27

..

4,257

4,235

FW2101729.UP.FTS.B,

20.8%,

4/23/27

...

27,094

7,610

L2100737.UP.FTS.B,

22.28%,

4/23/27

....

15,001

15,077

FW2101765.UP.FTS.B,

29.07%,

4/23/27

..

3,269

3,282

FW2103611.UP.FTS.B,

30.3%,

4/23/27

...

1,101

1,067

FW2103415.UP.FTS.B,

31.09%,

4/23/27

..

10,877

10,860

L2250389.UP.FTS.B,

13.11%,

5/14/27

....

15,352

15,182

FW2249624.UP.FTS.B,

13.82%,

5/14/27

..

4,539

1,153

FW2249414.UP.FTS.B,

19.5%,

5/14/27

...

5,894

5,814

L2248430.UP.FTS.B,

21.51%,

5/14/27

....

1,158

613

L2250436.UP.FTS.B,

22.79%,

5/14/27

....

15,183

15,101

L2250392.UP.FTS.B,

22.93%,

5/14/27

....

2,814

2,795

L2251286.UP.FTS.B,

25.89%,

5/14/27

....

1,876

1,862

FW2248226.UP.FTS.B,

29.45%,

5/14/27

..

2,803

196

FW2250225.UP.FTS.B,

30.13%,

5/14/27

..

1,493

1,491

FW2250032.UP.FTS.B,

32.02%,

5/14/27

..

3,976

2,343

L2252226.UP.FTS.B,

14.86%,

5/15/27

....

40,219

39,756

L2251988.UP.FTS.B,

19.87%,

5/15/27

....

2,213

159

L2252234.UP.FTS.B,

21.66%,

5/15/27

....

3,634

3,576

FW2253145.UP.FTS.B,

24.76%,

5/15/27

..

11,676

11,408

FW2253490.UP.FTS.B,

28.02%,

5/15/27

..

4,645

331

FW2252591.UP.FTS.B,

31.67%,

5/15/27

..

6,704

6,485

L2497417.UP.FTS.B,

12.27%,

6/24/27

....

18,668

18,468

L2497350.UP.FTS.B,

13.11%,

6/24/27

....

8,143

7,637

FW2497520.UP.FTS.B,

17.89%,

6/24/27

..

5,259

4,940

L2499350.UP.FTS.B,

18.35%,

6/24/27

....

24,321

22,835

FW2498266.UP.FTS.B,

27.06%,

6/24/27

..

3,490

3,283

FW2463420.UP.FTS.B,

28.55%,

6/24/27

..

859

855

FW2497794.UP.FTS.B,

30.97%,

6/24/27

..

6,804

(450)

FW2497583.UP.FTS.B,

31.24%,

6/24/27

..

6,655

6,614

L2472114.UP.FTS.B,

7.63%,

6/25/27

.....

15,136

15,010

L2501446.UP.FTS.B,

11.34%,

6/25/27

....

2,486

179

L2503121.UP.FTS.B,

17.35%,

6/25/27

....

9,936

9,815

L2499889.UP.FTS.B,

20.18%,

6/25/27

....

22,153

21,890

Franklin

Universal

Trust

Schedule

of

Investments

franklintempleton.com

Annual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

36

Description

Principal

Amount

Value

Marketplace

Loans

(continued)

Upstart

Network,

Inc.

(continued)

L2502792.UP.FTS.B,

24.01%,

6/25/27

....

$

4,992

$

1,471

L2503278.UP.FTS.B,

24.32%,

6/25/27

....

9,743

699

L2500638.UP.FTS.B,

25.31%,

6/25/27

....

881

877

FW2503221.UP.FTS.B,

29%,

6/25/27

....

23,760

6,856

FW2501815.UP.FTS.B,

29.99%,

6/25/27

..

6,885

486

FW1729187.UP.FTS.B,

30.3%,

7/17/27

...

5,753

5,758

L2032742.UP.FTS.B,

22.42%,

9/12/27

....

2,368

2,339

FW2972075.UP.FTS.B,

9.42%,

9/19/27

...

31,900

29,910

FW2251363.UP.FTS.B,

16.36%,

10/14/27

.

37,835

37,375

L2253724.UP.FTS.B,

25.49%,

10/15/27

...

288

283

L2500059.UP.FTS.B,

25.4%,

11/24/27

....

2,540

52

FW2500185.UP.FTS.B,

30.96%,

11/24/27

.

6,704

6,688

FW2499865.UP.FTS.B,

31.15%,

11/24/27

.

1,675

(4)

FW2498394.UP.FTS.B,

31.2%,

11/24/27

..

4,602

715

L2498668.UP.FTS.B,

13.66%,

11/25/27

...

33,351

33,035

FW2502338.UP.FTS.B,

30.04%,

11/25/27

.

4,646

9

L2971929.UP.FTS.B,

24.66%,

2/19/28

....

18,296

18,038

L1901406.UP.FTS.B,

27.3%,

10/22/28

....

4,606

4,646

L2475583.UP.FTS.B,

20.34%,

1/25/29

....

504

498

4,589,122

Total

Marketplace

Loans

(Cost

$12,516,695)

....

$11,122,540

Franklin

Universal

Trust

Financial

Statements

Statement

of

Assets

and

Liabilities

August

31,

2023

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Annual

Report

37

Franklin

Universal

Trust

Assets:

Investments

in

securities:

Cost

-

Unaffiliated

issuers

...................................................................

$211,886,432

Cost

-

Non-controlled

affiliates

(Note

4

c

)

........................................................

7,233,846

Value

-

Unaffiliated

issuers

..................................................................

$240,998,497

Value

-

Non-controlled

affiliates

(Note

4

c

)

.......................................................

7,233,846

Cash

....................................................................................

29,082

Receivables:

Investment

securities

sold

...................................................................

199,250

Dividends

and

interest

.....................................................................

3,016,488

Total

assets

..........................................................................

251,477,163

Liabilities:

Payables:

Management

fees

.........................................................................

155,988

Trustees'

fees

and

expenses

.................................................................

135

Accrued

interest

(Note

3)

...................................................................

1,173,631

Senior

fixed

rate

Notes,

at

par

value

of

$65,000,000

less

unamortized

Note

issuance

costs

of

$984

(Note

3

)

.......

64,999,016

Accrued

expenses

and

other

liabilities

...........................................................

289,113

Total

liabilities

.........................................................................

66,617,883

Net

assets,

at

value

.................................................................

$184,859,280

Net

assets

consist

of:

Paid-in

capital

.............................................................................

$158,969,690

Total

distributable

earnings

(losses)

.............................................................

25,889,590

Net

assets,

at

value

.................................................................

$184,859,280

Shares

outstanding

.........................................................................

25,131,894

Net

asset

value

per

share

....................................................................

$7.36

Franklin

Universal

Trust

Financial

Statements

Statement

of

Operations

for

the

year

ended

August

31,

2023

franklintempleton.com

Annual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

38

Franklin

Universal

Trust

Investment

income:

Dividends:

(net

of

foreign

taxes

of

$19,664)

Unaffiliated

issuers

........................................................................

$3,715,799

Non-controlled

affiliates

(Note

4

c

)

.............................................................

315,913

Interest:

Unaffiliated

issuers

........................................................................

12,089,878

Income

from

securities

loaned:

Unaffiliated

entities

(net

of

fees

and

rebates)

.....................................................

5,279

Non-controlled

affiliates

(Note

4

c

)

.............................................................

6,883

Total

investment

income

...................................................................

16,133,752

Expenses:

Management

fees

(Note

4

a

)

...................................................................

1,922,245

Transfer

agent

fees

.........................................................................

79,550

Custodian

fees

(Note

5

)

......................................................................

2,012

Reports

to

shareholders

fees

..................................................................

49,508

Professional

fees

...........................................................................

99,983

Trustees'

fees

and

expenses

..................................................................

2,977

Amortization

of

note

issuance

costs

(Note

3)

......................................................

25,034

Marketplace

lending

fees

(Note

1

e

)

.............................................................

459,588

Interest

expense

(Note

3)

.....................................................................

2,541,518

Other

....................................................................................

146,061

Total

expenses

.........................................................................

5,328,476

Expense

reductions

(Note

5

)

...............................................................

(900)

Expenses

waived/paid

by

affiliates

(Note

4c)

...................................................

(33,460)

Net

expenses

.........................................................................

5,294,116

Net

investment

income

................................................................

10,839,636

Realized

and

unrealized

gains

(losses):

Net

realized

gain

(loss)

from:

Investments:

Unaffiliated

issuers

......................................................................

(6,178,389)

Foreign

currency

transactions

................................................................

(1,260)

Net

realized

gain

(loss)

..................................................................

(6,179,649)

Net

change

in

unrealized

appreciation

(depreciation)

on:

Investments:

Unaffiliated

issuers

......................................................................

(8,498,807)

Translation

of

other

assets

and

liabilities

denominated

in

foreign

currencies

..............................

536

Net

change

in

unrealized

appreciation

(depreciation)

............................................

(8,498,271)

Net

realized

and

unrealized

gain

(loss)

............................................................

(14,677,920)

Net

increase

(decrease)

in

net

assets

resulting

from

operations

..........................................

$(3,838,284)

Franklin

Universal

Trust

Financial

Statements

Statements

of

Changes

in

Net

Assets

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Annual

Report

39

Franklin

Universal

Trust

Year

Ended

August

31,

2023

Year

Ended

August

31,

2022

Increase

(decrease)

in

net

assets:

Operations:

Net

investment

income

.................................................

$10,839,636

$10,398,489

Net

realized

gain

(loss)

.................................................

(6,179,649)

2,697,904

Net

change

in

unrealized

appreciation

(depreciation)

...........................

(8,498,271)

(20,486,901)

Net

increase

(decrease)

in

net

assets

resulting

from

operations

................

(3,838,284)

(7,390,508)

Distributions

to

shareholders

..............................................

(9,130,871)

(13,802,436)

Distributions

to

shareholders

from

tax

return

of

capital

...........................

(5,224,467)

—

Total

distributions

to

shareholders

..........................................

(14,355,338)

(13,802,436)

Net

increase

(decrease)

in

net

assets

...................................

(18,193,622)

(21,192,944)

Net

assets:

Beginning

of

year

.......................................................

203,052,902

224,245,846

End

of

year

...........................................................

$184,859,280

$203,052,902

Franklin

Universal

Trust

Financial

Statements

Statement

of

Cash

Flows

for

the

year

ended

August

31,

2023

franklintempleton.com

Annual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

40

Franklin

Universal

Trust

Cash

flow

from

operating

activities:

Dividends,

interest

and

other

income

received

.....................................................

$

15,438,549

Operating

expenses

paid

.....................................................................

(2,735,660)

Interest

expense

paid

........................................................................

(2,544,634)

Cash

collateral

paid

for

securities

loaned

.........................................................

(167,512)

Realized

loss

on

foreign

currency

transactions

.....................................................

(1,260)

Purchases

of

long-term

investments

.............................................................

(43,528,436)

Sales

and

maturities

of

long-term

investments

.....................................................

42,429,156

Net

sales

of

short-term

investments

.............................................................

2,609,956

Cash

provided

-

operating

activities

..........................................................

11,500,159

Cash

flow

from

financing

activities:

Cash

distributions

to

shareholders

..............................................................

(14,355,338)

Cash

used

-

financing

activities

.............................................................

(14,355,338)

Net

increase

(decrease)

in

cash

.................................................................

(2,855,179)

Cash

at

beginning

of

year

......................................................................

2,884,261

Cash

at

end

of

year

...........................................................................

$29,082

Reconciliation

of

Net

Increase

(Decrease)

in

Net

Assets

resulting

from

Operating

Activities

to

Net

Cash

Provided

by

Operating

Activities

for

the

year

ended

August

31,

2023

Net

increase

(decrease)

in

net

assets

resulting

from

operating

activities

....................................

$

(3,838,284)

Adjustments

to

reconcile

net

increase

(decrease)

in

net

assets

resulting

from

operating

activities

to

net

cash

provided

by

operating

activities:

Net

amortization

income

..................................................................

(208,170)

Amortization

of

Note

issuance

costs

..........................................................

25,034

Reinvested

dividends

from

non-controlled

affiliates

...............................................

(315,913)

Interest

received

in

the

form

of

securities

......................................................

(25,377)

Increase

in

dividends

and

interest

receivable

and

other

assets

......................................

(120,902)

Decrease

in

interest

payable

...............................................................

(3,116)

Decrease

in

payable

to

affiliates,

accrued

expenses,

and

other

liabilities

...............................

(8,096)

Increase

in

receivable

for

investments

sold

.....................................................

(199,250)

Decrease

in

collateral

for

securities

loaned

.....................................................

(167,512)

Decrease

in

cost

of

investments

.............................................................

7,862,938

Increase

in

unrealized

depreciation

on

investments.

..............................................

8,498,807

Net

cash

provided

by

operating

activities

...........................................................

$11,500,159

Franklin

Universal

Trust

41

franklintempleton.com

Annual

Report

Notes

to

Financial

Statements

1.

Organization

and

Significant

Accounting

Policies

Franklin

Universal

Trust (Fund)

is

registered under

the

Investment

Company

Act

of

1940

(1940

Act)

as

a

closed-end

management

investment

company.

The

Fund

follows

the

accounting

and

reporting

guidance

in

Financial

Accounting

Standards

Board

(FASB)

Accounting

Standards

Codification

Topic

946,

Financial

Services

–

Investment

Companies

(ASC

946)

and

applies

the

specialized

accounting

and

reporting

guidance

in

U.S.

Generally

Accepted

Accounting

Principles

(U.S.

GAAP),

including,

but

not

limited

to,

ASC

946.

The

following

summarizes

the

Fund's

significant

accounting

policies.

a.

Financial

Instrument

Valuation 

The

Fund's

investments

in

financial

instruments

are

carried

at

fair

value

daily.

Fair

value

is

the

price

that

would

be

received

to

sell

an

asset

or

paid

to

transfer

a

liability

in

an

orderly

transaction

between

market

participants

on

the

measurement

date.

The

Fund

calculates

the

net

asset

value

(NAV)

per

share

each business

day as

of

4

p.m.

Eastern

time

or

the

regularly

scheduled

close

of

the

New

York

Stock

Exchange

(NYSE),

whichever

is

earlier.

 Senior

Fixed

Rate

Notes

issued

by

the

Fund

are

carried

at

cost.

Under

compliance

policies

and

procedures

approved

by

the

Fund’s

Board

of

Trustees

(the

Board),

the

Board

has

designated

the

Fund’s

investment

manager

as

the

valuation

designee

and

has

responsibility

for

oversight

of

valuation.

The

investment

manager

is

assisted

by

the

Fund’s

administrator

in

performing

this

responsibility,

including

leading

the

cross-

functional

Valuation

Committee

(VC).

The

Fund

may

utilize

independent

pricing

services,

quotations

from

securities

and

financial

instrument

dealers,

and

other

market

sources

to

determine

fair

value. 

Equity

securities

listed

on

an

exchange

or

on

the

NASDAQ

National

Market

System

are

valued

at

the

last

quoted

sale

price

or

the

official

closing

price of

the

day,

respectively.

Foreign

equity

securities

are

valued

as

of

the

close

of

trading

on

the

foreign

stock

exchange

on

which

the

security

is

primarily

traded,

or

as

of

4

p.m.

Eastern

time.

The

value

is

then

converted

into

its

U.S.

dollar

equivalent

at

the

foreign

exchange

rate

in

effect

at

4

p.m.

Eastern

time

on

the

day

that

the

value

of

the

security

is

determined.

Over-the-counter

(OTC)

securities

are

valued

within

the

range

of

the

most

recent

quoted

bid

and

ask

prices.

Securities

that

trade

in

multiple

markets

or

on

multiple

exchanges

are

valued

according

to

the

broadest

and

most

representative

market.

Certain

equity

securities

are

valued

based

upon

fundamental

characteristics

or

relationships

to

similar

securities. 

Debt

securities

generally

trade

in

the

OTC

market

rather

than

on

a

securities

exchange.

The

Fund's

pricing

services

use

multiple

valuation

techniques

to

determine

fair

value.

In

instances

where

sufficient

market

activity

exists,

the

pricing

services

may

utilize

a

market-based

approach

through

which

quotes

from

market

makers

are

used

to

determine

fair

value.

In

instances

where

sufficient

market

activity

may

not

exist

or

is

limited,

the

pricing

services

also

utilize

proprietary

valuation

models

which

may

consider

market

characteristics

such

as

benchmark

yield

curves,

credit

spreads,

estimated

default

rates,

anticipated

market

interest

rate

volatility,

coupon

rates,

anticipated

timing

of

principal

repayments,

underlying

collateral,

and

other

unique

security

features

in

order

to

estimate

the

relevant

cash

flows,

which

are

then

discounted

to

calculate

the

fair

value.

Securities

denominated

in

a

foreign

currency

are

converted

into

their

U.S.

dollar

equivalent

at

the

foreign

exchange

rate

in

effect

at

4

p.m.

Eastern

time

on

the

date

that

the

values

of

the

foreign

debt

securities

are

determined.

Investments

in

open-end

mutual

funds

are

valued

at

the

closing

NAV.

Investments

in

repurchase

agreements

are

valued

at

cost,

which

approximates

fair

value.

The

Fund

has

procedures

to

determine

the

fair

value

of

financial

instruments

for

which

market

prices

are

not

reliable

or

readily

available.

Under

these

procedures,

the Fund

primarily

employs

a

market-based

approach

which

may

use

related

or

comparable

assets

or

liabilities,

recent

transactions,

market

multiples,

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

Franklin

Universal

Trust

Notes

to

Financial

Statements

42

franklintempleton.com

Annual

Report

question

the

reliability

of

the

value

of

a

portfolio

security

held

by

the

Fund.

As

a

result,

differences

may

arise

between

the

value

of

the

Fund's

portfolio

securities

as

determined

at

the

foreign

market

close

and

the

latest

indications

of

value

at

4

p.m.

Eastern

time. In

order

to

minimize

the

potential

for

these

differences,

an

independent

pricing

service

may

be

used

to

adjust

the

value

of

the

Fund's

portfolio

securities

to

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

Lending

The

Fund

participates

in

an

agency

based

securities

lending

program

to

earn

additional

income.

The

Fund

receives

collateral

in

the

form

of

cash

and/or

U.S.

Government

and

Agency

securities

against

the

loaned

securities

in

an

amount

equal

to

at

least

102%

of

the

fair

value

of

the

loaned

securities.

Collateral

is

maintained

over

the

life

of

the

loan

in

an

amount

not

less

than

100%

of

the

fair

value

of

loaned

securities,

as

determined

at

the

close

of

Fund

business

each

day;

any

additional

collateral

required

due

to

changes

in

security

values

is

delivered

to

the

Fund

on

the

next

business

day.

Any

cash

collateral

received

is

deposited

into

a

joint

cash

account

with

other

funds

and

is

used

to

invest

in

a

money

market

fund

managed

by

Franklin

Advisers,

Inc.,

an

affiliate

of

the

Fund.

The

Fund

may

receive

income

from

the

investment

of

cash

collateral,

in

addition

to

lending

fees

and

rebates

paid

by

the

borrower.

Income

from

securities

loaned,

net

of

fees

paid

to

the

securities

lending

agent

and/

or

third-party

vendor,

is

reported

separately

in

the

Statement

of

Operations.

The

Fund

bears

the

market

risk

with

respect

to

any

cash

collateral

investment,

securities

loaned,

and

the

risk

that

the

agent

may

default

on

its

obligations

to

the

Fund.

If

the

borrower

defaults

on

its

obligation

to

return

the

securities

loaned,

the

Fund

has

the

right

to

repurchase

the

securities

in

the

open

market

using

the

collateral

received.

The

securities

lending

agent

has

agreed

to

indemnify

the

Fund

in

the

event

of

default

by

a

third

party

borrower.

At

August

31,

2023,

the

Fund

had

no

securities

on

loan.

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

1.

Organization

and

Significant

Accounting

Policies

(continued)

a.

Financial

Instrument

Valuation 

(continued)

Franklin

Universal

Trust

Notes

to

Financial

Statements

43

franklintempleton.com

Annual

Report

principal

from

excess

cash

flows

or

at

the

discretion

of

the

borrower.

As

a

result,

actual

maturity

may

be

substantially

less

than

the

stated

maturity.

Senior

secured

corporate

loans

in

which

the Fund

invests

are

generally

readily

marketable,

but

may

be

subject

to

certain

restrictions

on

resale.

e.

Marketplace

Lending

The

Fund

invests

in

loans

obtained

through

marketplace

lending.

Marketplace

lending,

sometimes

referred

to

as

peer-to-peer

lending,

is

a

method

of

financing

in

which

a

platform

facilitates

the

borrowing

and

lending

of

money.

It

is

considered

an

alternative

to

more

traditional

forms

of

debt

financing.

Prospective

borrowers

are

required

to

provide

certain

financial

information

to

the

platform,

including,

but

not

limited

to,

the

intended

purpose

of

the

loan,

income,

employment

information,

credit

score,

debt-to-income

ratio,

credit

history

(including

defaults

and

delinquencies)

and

home

ownership

status.

Based

on

this

and

other

information,

the

platform

assigns

its

own

credit

rating

to

the

borrower

and

sets

the

interest

rate

for

the

requested

loan.

The

platform

then

posts

the

borrowing

requests

online,

giving

investors

the

opportunity

to

purchase

the

loans

based

on

factors

such

as

the

interest

rates

and

expected

yields

of

the

loans,

the

borrower

background

data,

and

the

credit

rating

assigned

by

the

platform.

When

the

Fund

invests

in

these

loans,

it

usually

purchases

all

rights,

title

and

interest

in

the

loans

pursuant

to

a

loan

purchase

agreement

directly

from

the

platform.

The

platform

or

a

third-party

servicer

typically

continues

to

service

the

loans,

collecting

payments

and

distributing

them

to

the

Fund,

less

any

servicing

fees

assessed.

The

servicer

is

typically

responsible

for

taking

actions

against

a

borrower

in

the

event

of

a

default

on

the

loan.

Servicing

fees,

along

with

other

administration

fees,

are

included

in

marketplace

lending

fees

in

the

Statement

of

Operations.

The Fund,

as

an

investor

in

a

loan,

would

be

entitled

to

receive

payment

only

from

the

borrower

and

would

not

be

able

to

recover

any

deficiency

from

the

platform,

except

under

very

narrow

circumstances.

The

loans

in

which

the

Fund

may

invest

are

unsecured.

f.

Income

and

Deferred

Taxes

It

is the

Fund's

policy

to

qualify

as

a

regulated

investment

company

under

the

Internal

Revenue

Code. The

Fund

intends

to

distribute

to

shareholders

substantially

all

of

its

taxable

income

and

net

realized

gains

to

relieve

it

from

federal

income

and excise

taxes.

As

a

result,

no

provision

for

U.S.

federal

income

taxes

is

required.

The Fund

may

be

subject

to

foreign

taxation

related

to

income

received,

capital

gains

on

the

sale

of

securities

and

certain

foreign

currency

transactions

in

the

foreign

jurisdictions

in

which

it

invests.

Foreign

taxes,

if

any,

are

recorded

based

on

the

tax

regulations

and

rates

that

exist

in

the

foreign

markets

in

which

the

Fund

invests.

When

a

capital

gain

tax

is

determined

to

apply,

the

Fund

records

an

estimated

deferred

tax

liability

in

an

amount

that

would

be

payable

if

the

securities

were

disposed

of

on

the

valuation

date.

The

Fund

may

recognize

an

income

tax

liability

related

to

its

uncertain

tax

positions

under

U.S.

GAAP

when

the

uncertain

tax

position

has

a

less

than

50%

probability

that

it

will

be

sustained

upon

examination

by

the

tax

authorities

based

on

its

technical

merits.

As

of

August

31,

2023,

the

Fund

has

determined

that

no

tax

liability

is

required

in

its

financial

statements

related

to

uncertain

tax

positions

for

any

open

tax

years

(or

expected

to

be

taken

in

future

tax

years).

Open

tax

years

are

those

that

remain

subject

to

examination

and

are

based

on

the

statute

of

limitations

in

each

jurisdiction

in

which

the

Fund

invests. 

g.

Security

Transactions,

Investment

Income,

Expenses

and

Distributions

Security

transactions

are

accounted

for

on

trade

date.

Realized

gains

and

losses

on

security

transactions

are

determined

on

a

specific

identification

basis.

Interest

income

and

estimated

expenses

are

accrued

daily.

Amortization

of

premium

and

accretion

of

discount

on

debt

securities

are

included

in

interest

income.

Paydown

gains

and

losses

are

recorded

as

an

adjustment

to

interest

income

in

the

Statement

of

Operations.

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

1.

Organization

and

Significant

Accounting

Policies

(continued)

d.

Senior

Floating

Rate

Interests

(continued)

Franklin

Universal

Trust

Notes

to

Financial

Statements

44

franklintempleton.com

Annual

Report

dividend

rate

is

not

available.

In

such

cases,

the

dividend

is

recorded

as

soon

as

the

information

is

received

by

the

Fund.

Distributions

to shareholders

are

recorded

on

the

ex-dividend

date.

Distributable

earnings

are

determined

according

to

income

tax

regulations

(tax

basis)

and

may

differ

from

earnings

recorded

in

accordance

with

U.S.

GAAP.

These

differences

may

be

permanent

or

temporary.

Permanent

differences

are

reclassified

among

capital

accounts

to

reflect

their

tax

character.

These

reclassifications

have

no

impact

on

net

assets

or

the

results

of

operations.

Temporary

differences

are

not

reclassified,

as

they

may

reverse

in

subsequent

periods.

h.

Accounting

Estimates

The

preparation

of

financial

statements

in

accordance

with

U.S.

GAAP

requires

management

to

make

estimates

and

assumptions

that

affect

the

reported

amounts

of

assets

and

liabilities

at

the

date

of

the

financial

statements

and

the

amounts

of

income

and

expenses

during

the

reporting

period.

Actual

results

could

differ

from

those

estimates.

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

August

31,

2023,

there

were

an

unlimited

number

of

shares

authorized

($0.01

par

value).

During

the

years ended

August

31,

2023

and

August

31,

2022

there

were

no

shares

issued;

all

reinvested

distributions

were

satisfied

with

previously

issued

shares

purchased

in

the

open

market.

Under

the

Board

approved

open-market

share

repurchase

program,

the

Fund

may

purchase,

from

time

to

time,

Fund

shares

in

open-market

transactions,

at

the

discretion

of

management.

During

the

years ended

August

31,

2023

and

August

31,

2022,

there

were

no

shares

repurchased.

3.

Senior

Fixed

Rate

Notes

On

August

28,

2018,

the

Fund

issued

$65

million

principal

amount

of

a

new

class

of

five-year

senior

fixed

rate

notes

(Notes).

The

Notes

bear

interest,

payable

semi-annually,

at

a

rate

of

3.91%

per

year,

to

maturity

on

September

15,

2023.

The

Notes

are

general

unsecured

obligations

of

the

Fund

and

rank

senior

to

trust

shares

and

all

existing

or

future

unsecured

indebtedness

of

the

Fund.

For

the

year

ended

August

31,

2023,

total

interest

paid

by

the

Fund

on

the

Notes

was

$2,544,634.

The

Fund

is

required

to

maintain

on

a

monthly

basis

a

specified

discounted

asset

value

for

its

portfolio

in

compliance

with

guidelines

established

in

the

Notes

Agreement,

and

is

required

under

the

1940

Act

to

maintain

asset

coverage

for

the

Notes

of

at

least

300%.

The

Fund

has

met

these

requirements

during

the

year

ended

August

31,

2023.

The

issuance

costs

of

$114,819

incurred

by

the

Fund

are

deferred

and

amortized

on

an

interest

method

basis

over

the

term

of

the

Notes.

For

the

year

ended

August

31,

2023,

the

Fund

amortized

$25,034

of

Notes

issuance

costs.

Subject

to

certain

restrictions

and

make

whole

premiums,

the

Fund

may

prepay

the

Notes

at

any

time.

At

August

31,

2023,

if

the

Notes

were

fully

prepaid,

the

make

whole

premium

related

to

the

current

balance

of

the

Notes

would

have

been

$0.

The

Fund

employs

an

income-based

approach

to

determine

the

fair

value

of

the

Notes,

which

uses

the

Notes’

current

credit

rating,

remaining

time

to

maturity,

stated

coupon

rates,

the

current

yield

of

a

comparable

asset,

and

a

liquidity

premium.

At

August

31,

2023,

the

estimated

fair

value

of

the

Notes

was

approximately

$64,954,000.

The

inputs

used

in

determining

the

fair

value

of

the

Notes

represent

Level

3

in

the

fair

value

hierarchy.

See

Note

9

regarding

fair

value

measurements

for

additional

information

about

fair

value

hierarchy

and

Level

3

inputs.

1.

Organization

and

Significant

Accounting

Policies

(continued)

g.

Security

Transactions,

Investment

Income,

Expenses

and

Distributions

(continued)

Franklin

Universal

Trust

Notes

to

Financial

Statements

45

franklintempleton.com

Annual

Report

On

September

15,

2023,

the

Notes

matured

and

were

paid

in

full.

4.

Transactions

with

Affiliates

Franklin

Resources,

Inc.

is

the

holding

company

for

various

subsidiaries

that

together

are

referred

to

as

Franklin

Templeton.

Certain

officers

and

trustees

of

the

Fund

are

also

officers

and/or

directors

of

the

following

subsidiaries:

a.

Management

Fees

The

Fund

pays

an

investment

management

fee,

calculated

weekly

and

paid

monthly,

to

Advisers

of

0.75%

per

year

of

the

average

weekly

managed

assets.

Managed

assets

are

defined

as

the

Fund’s

gross

asset

value

minus

the

sum

of

accrued

liabilities,

other

than

the

principal

amount

of

the

Notes.

b.

Administrative

Fees

Under

an

agreement

with

Advisers,

FT

Services

provides

administrative

services

to

the

Fund.

The

fee

is

paid

by

Advisers

based

on

the

Fund's

average

daily

net

assets,

and

is

not

an

additional

expense

of

the

Fund.

c.

Investments

in

Affiliated

Management

Investment

Companies

The

Fund

invests

in

one

or

more

affiliated

management

investment

companies.

As

defined

in

the

1940

Act,

an

investment

is

deemed

to

be

a

“Controlled

Affiliate”

of

a

fund

when

a

fund

owns,

either

directly

or

indirectly,

25%

or

more

of

the

affiliated

fund’s

outstanding

shares

or

has

the

power

to

exercise

control

over

management

or

policies

of

such

fund.

The

Fund

does

not

invest

for

purposes

of

exercising

a

controlling

influence

over

the

management

or

policies.

Management

fees

paid

by

the

Fund

are

waived

on

assets

invested

in

the

affiliated

management

investment

companies,

as

noted

in

the

Statement

of

Operations,

in

an

amount

not

to

exceed

the

management

and

administrative

fees

paid

directly

or

indirectly

by

each

affiliate.

During

the

year

ended

August

31,

2023,

the

Fund

held

investments

in

affiliated

management

investment

companies

as

follows:

Subsidiary

Affiliation

Franklin

Advisers,

Inc.

(Advisers)

Investment

manager

Franklin

Templeton

Services,

LLC

(FT

Services)

Administrative

manager

    aa

Value

at

Beginning

of

Year

Purchases

Sales

Realized

Gain

(Loss)

Net

Change

in

Unrealized

Appreciation

(Depreciation)

Value

at

End

of

Year

Number

of

Shares

Held

at

End

of

Year

Investment

Income

a      

a  

a  

a  

a  

a  

a  

a  

Franklin

Universal

Trust

Non-Controlled

Affiliates

Dividends

Institutional

Fiduciary

Trust

-

Money

Market

Portfolio,

5.066%

$9,360,377

$32,679,309

$(34,805,840)

$—

$—

$7,233,846

7,233,846

$315,913

Non-Controlled

Affiliates

Income

from

securities

loaned

Institutional

Fiduciary

Trust

-

Money

Market

Portfolio,

5.066%

$134,000

$7,795,000

$(7,929,000)

$—

$—

$—

—

$6,883

Total

Affiliated

Securities

...

$9,494,377

$40,474,309

$(42,734,840)

$—

$—

$7,233,846

$322,796

3.

Senior

Fixed

Rate

Notes

(continued)

Franklin

Universal

Trust

Notes

to

Financial

Statements

46

franklintempleton.com

Annual

Report

5.

Expense

Offset

Arrangement

The Fund has

previously

entered

into

an

arrangement

with

its

custodian

whereby

credits

realized

as

a

result

of

uninvested

cash

balances

are

used

to

reduce

a

portion

of

the

Fund's

custodian

expenses.

During

the

year

ended

August

31,

2023,

the

custodian

fees

were

reduced

as

noted

in

the

Statement

of

Operations.

Effective

July

10,

2023,

earned

credits,

if

any,

will

be

recognized

as

income.

6.

Income

Taxes

For

tax

purposes,

capital

losses

may

be

carried

over

to

offset

future

capital

gains.

At

August

31,

2023,

the

capital

loss

carryforwards

were

as

follows:

For

tax

purposes,

the

Fund

may

elect

to

defer

any

portion

of

a

post-October

capital

loss

or

late-year

ordinary

loss

to

the

first

day

of

the

following

fiscal

year.

At

August

31,

2023,

the

Fund

deferred

late-year

ordinary

losses

of

$563.

The

tax

character

of

distributions

paid

during

the

years

ended

August

31,

2023

and

2022,

was

as

follows:

At

August

31,

2023,

the

cost

of

investments

and

net

unrealized

appreciation

(depreciation)

for

income

tax

purposes

were

as

follows:

Differences

between

income

and/or

capital

gains

as

determined

on

a

book

basis

and

a

tax

basis

are

primarily

due

to

differing

treatments

of

defaulted

securities,

paydown

losses,

bond

discounts

and

premiums,

corporate

actions

and

complex

securities.

7.

Investment

Transactions

Purchases

and

sales

of

investments

(excluding

short

term

securities)

for

the

year

ended

August

31,

2023,

aggregated

$43,528,436

and

$46,214,053,

respectively.

Capital

loss

carryforwards

not

subject

to

expiration:

Short

term

................................................................................

$81,983

Long

term

................................................................................

3,063,507

Total

capital

loss

carryforwards

...............................................................

$3,145,490

2023

2022

Distributions

paid

from:

Ordinary

income

..........................................................

$7,777,366

$13,022,703

Long

term

capital

gain

......................................................

1,353,505

779,733

Return

of

capital

...........................................................

5,224,467

—

$14,355,338

$13,802,436

Cost

of

investments

..........................................................................

$219,196,616

Unrealized

appreciation

........................................................................

$53,002,757

Unrealized

depreciation

........................................................................

(23,967,030)

Net

unrealized

appreciation

(depreciation)

..........................................................

$29,035,727

Franklin

Universal

Trust

Notes

to

Financial

Statements

47

franklintempleton.com

Annual

Report

8.

Credit Risk

and

Defaulted

Securities

At

August

31,

2023,

the

Fund

had

54.6%

of

its

portfolio

invested

in

high

yield

or

other

securities

rated

below

investment

grade

and

unrated

securities.

These

securities

may

be

more

sensitive

to

economic

conditions

causing

greater

price

volatility

and

are

potentially

subject

to

a

greater

risk

of

loss

due

to

default

than

higher

rated

securities. 

The

Fund

held

defaulted

securities

and/or

other

securities

for

which

the

income

has

been

deemed

uncollectible.

At

August

31,

2023,

the

aggregate

value

of

these

securities

was

$689,261,

representing

0.4%

of

the

Fund's

net

assets.

The

Fund

discontinues

accruing

income

on

securities

for

which

income

has

been

deemed

uncollectible

and

provides

an

estimate

for

losses

on

interest

receivable.

The

securities

have

been

identified

in

the

accompanying

Schedule

of

Investments.

9.

Credit

Facility

On

September

15,

2023,

the

Fund

entered

into

a

senior

secured

margin

loan

and

security

agreement

(Credit

Facility)

with

Bank

of

America,

N.A.

(BofA)

pursuant

to

which

the

Fund

borrowed

the

maximum

commitment

amount

of

$60

million

for

a

3-year

term,

which

matures

on

September

14,

2026.

The

Credit

Facility

provides

a

source

of

funds

to

the

Fund

to

purchase

additional

investments

as

part

of

its

investment

strategy.

Under

the

terms

of

the

Credit

Facility,

the

Fund

pays

interest

on

outstanding

borrowings

at

a

fixed

rate

of

5.95%.

Collateral

pledged

by

the

Fund

associated

with

outstanding

borrowings

is

held

in

a

segregated

account

with

the

Fund’s

custodian.

10.

Fair

Value

Measurements

The

Fund

follows

a

fair

value

hierarchy

that

distinguishes

between

market

data

obtained

from

independent

sources

(observable

inputs)

and

the Fund's

own

market

assumptions

(unobservable

inputs).

These

inputs

are

used

in

determining

the

value

of

the

Fund's financial

instruments

and

are

summarized

in

the

following

fair

value

hierarchy:

Level

1

–

quoted

prices

in

active

markets

for

identical

financial

instruments

Level

2

–

other

significant

observable

inputs

(including

quoted

prices

for

similar

financial

instruments,

interest

rates,

prepayment

speed,

credit

risk,

etc.)

Level

3

–

significant

unobservable

inputs

(including

the

Fund's

own

assumptions

in

determining

the

fair

value

of

financial

instruments)

The

input

levels

are

not

necessarily

an

indication

of

the

risk

or

liquidity

associated

with

financial

instruments

at

that

level.

A

summary

of

inputs

used

as

of

August

31,

2023,

in

valuing

the

Fund's

assets

carried

at

fair

value,

is

as

follows:

Level

1

Level

2

Level

3

Total

Franklin

Universal

Trust

Assets:

Investments

in

Securities:

Common

Stocks

:

Electric

Utilities

........................

$

45,976,471

$

—

$

—

$

45,976,471

Independent

Power

and

Renewable

Electricity

Producers

..........................

1,071,850

1,719,159

—

2,791,009

Metals

&

Mining

.......................

4,766,363

—

—

4,766,363

Multi-Utilities

..........................

30,207,172

—

—

30,207,172

Franklin

Universal

Trust

Notes

to

Financial

Statements

48

franklintempleton.com

Annual

Report

Level

1

Level

2

Level

3

Total

Franklin

Universal

Trust

(continued)

Assets:

(continued)

Investments

in

Securities:

Common

Stocks:

Oil,

Gas

&

Consumable

Fuels

.............

$

2,550,582

$

488,714

$

—

$

3,039,296

Preferred

Stocks

.........................

530,750

—

—

530,750

Warrants

...............................

1,357

—

—

1,357

Convertible

Bonds

.......................

—

1,988

—

1,988

Corporate

Bonds

:

Aerospace

&

Defense

...................

—

602,853

—

602,853

Automobile

Components

.................

—

4,599,200

—

4,599,200

Automobiles

..........................

—

1,130,786

—

1,130,786

Banks

...............................

—

902,340

—

902,340

Beverages

...........................

—

614,880

—

614,880

Biotechnology

.........................

—

433,049

—

433,049

Broadline

Retail

.......................

—

867,150

—

867,150

Building

Products

......................

—

4,260,079

—

4,260,079

Capital

Markets

........................

—

439,318

—

439,318

Chemicals

...........................

—

6,628,495

—

6,628,495

Commercial

Services

&

Supplies

...........

—

2,704,267

—

2,704,267

Communications

Equipment

..............

—

892,982

—

892,982

Construction

&

Engineering

...............

—

2,151,001

—

2,151,001

Construction

Materials

..................

—

512,415

—

512,415

Consumer

Finance

.....................

—

3,810,364

—

3,810,364

Consumer

Staples

Distribution

&

Retail

......

—

692,752

—

692,752

Containers

&

Packaging

.................

—

6,955,398

—

6,955,398

Distributors

...........................

—

821,810

—

821,810

Diversified

Consumer

Services

............

—

723,040

—

723,040

Diversified

REITs

......................

—

2,351,622

—

2,351,622

Diversified

Telecommunication

Services

.....

—

4,542,023

—

4,542,023

Electric

Utilities

........................

—

1,316,664

—

1,316,664

Electrical

Equipment

....................

—

2,493,091

—

2,493,091

Electronic

Equipment,

Instruments

&

Components

........................

—

434,815

—

434,815

Energy

Equipment

&

Services

.............

—

5,130,490

—

5,130,490

Entertainment

.........................

—

1,799,685

—

1,799,685

Financial

Services

......................

—

2,130,984

—

2,130,984

Food

Products

........................

—

1,556,966

—

1,556,966

Ground

Transportation

..................

—

1,835,296

—

1,835,296

Health

Care

Equipment

&

Supplies

.........

—

1,221,498

—

1,221,498

Health

Care

Providers

&

Services

..........

—

5,802,026

—

5,802,026

Health

Care

REITs

.....................

—

170,136

—

170,136

Hotel

&

Resort

REITs

...................

—

648,215

—

648,215

Hotels,

Restaurants

&

Leisure

.............

—

10,874,546

—

a

10,874,546

Household

Durables

....................

—

2,323,046

—

2,323,046

Independent

Power

and

Renewable

Electricity

Producers

..........................

—

3,372,425

—

3,372,425

Insurance

............................

—

1,099,315

—

1,099,315

IT

Services

...........................

—

3,539,293

—

3,539,293

Life

Sciences

Tools

&

Services

............

—

980,000

—

980,000

Machinery

............................

—

2,987,423

—

2,987,423

Media

...............................

—

6,706,047

—

6,706,047

Metals

&

Mining

.......................

—

2,924,427

—

2,924,427

Mortgage

Real

Estate

Investment

Trusts

(REITs)

............................

—

1,430,408

—

1,430,408

Oil,

Gas

&

Consumable

Fuels

.............

—

18,469,482

—

a

18,469,482

Paper

&

Forest

Products

.................

—

279,798

—

279,798

Passenger

Airlines

.....................

—

1,664,403

—

1,664,403

10.

Fair

Value

Measurements

(continued)

Franklin

Universal

Trust

Notes

to

Financial

Statements

49

franklintempleton.com

Annual

Report

A

reconciliation

in

which

Level

3

inputs

are

used

in

determining

fair

value

is

presented

when

there

are

significant

Level

3

assets

and/or

liabilities

at

the

beginning

and/or

end

of

the year.

At

August

31,

2023,

the

reconciliation is

as follows: 

Level

1

Level

2

Level

3

Total

Franklin

Universal

Trust

(continued)

Assets:

(continued)

Investments

in

Securities:

Corporate

Bonds:

Personal

Care

Products

.................

$

—

$

1,401,797

$

—

$

1,401,797

Pharmaceuticals

.......................

—

2,503,002

—

2,503,002

Real

Estate

Management

&

Development

....

—

1,342,559

—

1,342,559

Software

.............................

—

2,457,276

—

2,457,276

Specialized

REITs

......................

—

968,307

—

968,307

Specialty

Retail

........................

—

3,139,955

—

3,139,955

Textiles,

Apparel

&

Luxury

Goods

..........

—

401,936

—

401,936

Trading

Companies

&

Distributors

..........

—

931,903

—

931,903

Wireless

Telecommunication

Services

.......

—

843,269

—

843,269

Senior

Floating

Rate

Interests

...............

—

101,635

—

101,635

Marketplace

Loans

.......................

—

—

11,122,540

11,122,540

Asset-Backed

Securities

...................

—

609,859

—

609,859

Escrows

and

Litigation

Trusts

...............

—

33,750

—

33,750

Short

Term

Investments

...................

7,233,846

—

—

7,233,846

Total

Investments

in

Securities

...........

$92,338,391

$144,771,412

$11,122,540

$248,232,343

a

Includes

financial

instruments

determined

to

have

no

value.

Balance

at

Beginning

of

Year

Purchases

a

Sales

b

Transfer

Into

Level

3

c

Transfer

Out

of

Level

3

Net

Accretion

(Amortiza-

tion)

Net

Realized

Gain

(Loss)

Net

Unr

ealized

Appreciatio

n

(

Depreciation

)

Balance

at

End

of

Year

Net

Change

in

Unrealized

Appreciation

(Depreciation)

on

Assets

Held

at

Year

End

a

a

a

a

a

a

a

a

a

a

a

Franklin

Universal

Trust

Assets:

Investments

in

Securities:

Common

Stocks

:

Oil,

Gas

&

Consumable

Fuels

..........

$

—

d

$

—

$

(151)

$

—

$

—

$

—

$

(74,975)

$

75,126

$

—

$

—

Warrants

:

Oil,

Gas

&

Consumable

Fuels

..........

—

d

—

—

d

—

—

—

—

—

—

—

Corporate

Bonds

:

Hotels,

Restaurants

&

Leisure

.........

540

—

—

—

—

—

—

(540)

—

d

(540)

Oil,

Gas

&

Consumable

Fuels

..........

—

—

—

3,864

—

—

—

(3,864)

—

d

(3,864)

Marketplace

Loans

:

Financial

Services

...

21,006,789

65,045

(9,771,298)

—

—

—

(453,448)

275,452

11,122,540

d

(483,153)

Total

Investments

in

Securities

............

$21,007,329

$65,045

$(9,771,449)

$3,864

$—

$—

$(528,423)

$346,174

$11,122,540

$(487,557)

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.

10.

Fair

Value

Measurements

(continued)

Franklin

Universal

Trust

Notes

to

Financial

Statements

50

franklintempleton.com

Annual

Report

Significant

unobservable

valuation

inputs

for

material

Level

3 assets

and/or

liabilities and

impact

to

fair

value

as

a

result

of

changes

in

unobservable

valuation

inputs

as

of

August

31,

2023,

are

as

follows:

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

other

than

those

already

disclosed

in

the

financial

statements.

Abbreviations

c

Transferred

into

Level

3

as

a

result

of

the

unavailability

of

a

quoted

market

price

in

an

active

market

for

identical

securities

or

other

significant

observable

valuation

inputs.

May

include

amounts

related

to

a

corporate

action.

d

Includes

financial

instruments

determined

to

have

no

value.

Description

Fair

Value

at

End

of

Year

Valuation

Technique

Unobservable

Inputs

Amount

(Weighted

Average)

a

Impact

to

Fair

Value

if

Input

Increases

b

Franklin

Universal

Trust

Assets:

Investments

in

Securities:

Marketplace

Loans:

Financial

Services

...........

$11,122,540

Discounted

cash

flow

Loss-adjusted

discount

rate

0.1%

-

18.7%

(8.3%)

Decrease

Projected

loss

rate

3.3%

-

50.1%

(18.7%)

Decrease

All

Other

Investments

..........

—

c 

Total

$11,122,540

a

Weighted

based

on

the

relative

fair

value

of

the

financial

instruments.

b

Represents

the

directional

change

in

the

fair

value

of

the

Level

3

financial

instruments

that

would

result

from

a

significant

and

reasonable

increase

in

the

corresponding

input.

A

significant

and

reasonable

decrease

in

the

input

would

have

the

opposite

effect.

Significant

increases

and

decreases

in

these

inputs

in

isolation

could

result

in

significantly

higher

or

lower

fair

value

measurements.

c

Includes

financial

instruments

determined

to

have

no

value.

Selected

Portfolio

ADR

American

Depositary

Receipt

CME

Chicago

Mercantile

Exchange

FRN

Floating

Rate

Note

PIK

Payment-In-Kind

REIT

Real

Estate

Investment

Trust

SOFR

Secured

Overnight

Financing

Rate

10.

Fair

Value

Measurements

(continued)

Franklin

Universal

Trust

Report

of

Independent

Registered

Public

Accounting

Firm

51

franklintempleton.com

Annual

Report

To

the

Board

of

Trustees

and

Shareholders

of

Franklin

Universal

Trust

Opinion

on

the

Financial

Statements

We

have

audited

the

accompanying

statement

of

assets

and

liabilities,

including

the

schedule

of

investments,

of

Franklin

Universal

Trust

(the

"Fund")

as

of

August

31,

2023,

the

related

statements

of

operations

and

cash

flows

for

the

year

ended

August

31,

2023,

the

statements

of

changes

in

net

assets

for

each

of

the

two

years

in

the

period

ended

August

31,

2023,

including

the

related

notes,

and

the

financial

highlights

for

each

of

the

five

years

in

the

period

ended

August

31,

2023

(collectively

referred

to

as

the

“financial

statements”).

In

our

opinion,

the

financial

statements

present

fairly,

in

all

material

respects,

the

financial

position

of

the

Fund

as

of

August

31,

2023,

the

results

of

its

operations

and

its

cash

flows

for

the

year

then

ended,

the

changes

in

its

net

assets

for

each

of

the

two

years

in

the

period

ended

August

31,

2023

and

the

financial

highlights

for

each

of

the

five

years

in

the

period

ended

August

31,

2023

in

conformity

with

accounting

principles

generally

accepted

in

the

United

States

of

America.

Basis

for

Opinion

These

financial

statements

are

the

responsibility

of

the

Fund’s

management.

Our

responsibility

is

to

express

an

opinion

on

the

Fund’s

financial

statements

based

on

our

audits.

We

are

a

public

accounting

firm

registered

with

the

Public

Company

Accounting

Oversight

Board

(United

States)

(PCAOB)

and

are

required

to

be

independent

with

respect

to

the

Fund

in

accordance

with

the

U.S.

federal

securities

laws

and

the

applicable

rules

and

regulations

of

the

Securities

and

Exchange

Commission

and

the

PCAOB.

We

conducted

our

audits

of

these

financial

statements

in

accordance

with

the

standards

of

the

PCAOB.

Those

standards

require

that

we

plan

and

perform

the

audit

to

obtain

reasonable

assurance

about

whether

the

financial

statements

are

free

of

material

misstatement,

whether

due

to

error

or

fraud.

Our

audits

included

performing

procedures

to

assess

the

risks

of

material

misstatement

of

the

financial

statements,

whether

due

to

error

or

fraud,

and

performing

procedures

that

respond

to

those

risks.

Such

procedures

included

examining,

on

a

test

basis,

evidence

regarding

the

amounts

and

disclosures

in

the

financial

statements.

Our

audits

also

included

evaluating

the

accounting

principles

used

and

significant

estimates

made

by

management,

as

well

as

evaluating

the

overall

presentation

of

the

financial

statements.

Our

procedures

included

confirmation

of

securities

owned

as

of

August

31,

2023

by

correspondence

with

the

custodian

and

transfer

agent.

We

believe

that

our

audits

provide

a

reasonable

basis

for

our

opinion.

PricewaterhouseCoopers

LLP

San

Francisco,

California

October

23,

2023

We

have

served

as

the

auditor

of

one

or

more

investment

companies

in

the

Franklin

Templeton

Group

of

Funds

since

1948.

Franklin

Universal

Trust

Tax

Information

(unaudited)

52

franklintempleton.com

Annual

Report

By

mid-February,

tax

information

related

to

a

shareholder's

proportionate

share

of

distributions

paid

during

the

preceding

calendar

year

will

be

received,

if

applicable.

Please

also

refer

to

www.franklintempleton.com

for

per

share

tax

information

related

to

any

distributions

paid

during

the

preceding

calendar

year.

Shareholders

are

advised

to

consult

with

their

tax

advisors

for

further

information

on

the

treatment

of

these

amounts

on

their

tax

returns.

The

following

tax

information

for

the

Fund

is

required

to

be

furnished

to

shareholders

with

respect

to

income

earned

and

distributions

paid

during

its

fiscal

year.

The

Fund

hereby

reports

the

following

amounts,

or

if

subsequently

determined

to

be

different,

the

maximum

allowable

amounts,

for

the

fiscal

year

ended

August

31,

2023:

Pursuant

to:

Amount

Reported

Long-Term

Capital

Gain

Dividends

Distributed

§852(b)(3)(C)

$1,538,072

Income

Eligible

for

Dividends

Received

Deduction

(DRD)

§854(b)(1)(A)

$3,459,032

Qualified

Dividend

Income

Earned

(QDI)

§854(b)(1)(B)

$3,754,460

Qualified

Net

Interest

Income

(QII)

§871(k)(1)(C)

$4,486,955

Section

163(j)

Interest

Earned

§163(j)

$4,646,418

Franklin

Universal

Trust

53

franklintempleton.com

Annual

Report

Important

Information

to

Shareholders

Share

Repurchase

Program

The

Fund’s

Board

previously

authorized

an

open-market

share

repurchase

program,

pursuant

to

which

the

Fund

may

purchase

Fund

shares,

from

time

to

time,

up

to

10%

of

the

Fund’s

common

shares

in

open-market

transactions,

at

the

discretion

of

management.

This

authorization

remains

in

effect.

Approval

of

Borrowing

Arrangements

Effective

as

of

September

15,

2023,

the

Fund

is

a

party

to

a

committed,

senior,

secured

line

of

credit

(the

“Credit

Facility”)

with

Bank

of

America,

N.A.

The

Credit

Facility

has

a

maximum

commitment

of

$60,000,000

and

continues

for

a

three-year

term,

maturing

on

September

14,

2026.

Please

See

Note

9

for

additional

details.

The

purpose

of

the

Credit

Facility

Renewal

is

to

retire

and

refinance

the

Fund’s

outstanding

$65

million

in

notes.

Information

About

the

Fund’s

Goal

and

Main

Investments,

Principal

Investment

Strategy,

and

Principal

Risks

Your

Fund’s

Goal

and

Main

Investments

The

Fund’s

primary

investment

objective

is

to

provide

high,

current

income

consistent

with

preservation

of

capital.

Its

secondary

objective

is

growth

of

income

through

dividend

increases

and

capital

appreciation.

Principal

Investment

Strategy

We

invest

primarily

in

two

asset

classes:

high-yield

bonds

and

utility

stocks.

Within

the

high-yield

portion

of

the

portfolio,

we

use

fundamental

research

to

invest

in

a

diversified

portfolio

of

bonds.

Within

the

utility

portion

of

the

portfolio,

we

focus

on

companies

with

attractive

dividend

yields

and

with

a

history

of

increasing

their

dividends.

In

seeking

to

obtain

higher

income,

the

Fund

may

invest

in

a

significant

portion

of

its

portfolio

in

lower-rated

U.S.

debt

securities

that

have

high

income

producing

characteristics,

including

obligations

of

corporations

and

other

business

organizations.

Lower-rated

securities

generally

pay

higher

yields

than

more

highly

rated

securities

to

compensate

investors

for

the

higher

risk.

The

Fund

may

also

invest

in

income

producing

debt

obligations

of

the

U.S.

Government,

its

agencies

and

instrumentalities,

and

foreign

governments

and

supranational

organizations.

Under

normal

market

conditions,

the

Fund

generally

will

invest

between

60%

and

80%

of

its

total

assets

in

high

income

producing

debt

securities

of

U.S.

and

foreign

issuers,

allocated

among

issuers,

geographic

regions,

and

currency

denominations

in

a

manner

that

is

consistent

with

its

objectives

based

upon

relative

interest

rates

among

various

instruments

denominated

in

different

currencies,

the

outlook

for

changes

in

these

interest

rates,

and

anticipated

changes

in

currency

exchange

rates.

Under

normal

market

conditions,

the

Fund

will

invest

approximately

20%

to

40%

of

its

assets

in

dividend-paying

common

and

preferred

stocks.

The

Fund

will

emphasize

investment

in

common

stocks

paying

high

current

dividends

with

a

focus

on

public

utility

companies.

The

Fund

may

also

invest

in

the

equity

and

convertible

securities

of

companies

engaged

in

the

business

of

extracting

and

processing

precious

metals

and

natural

resources,

such

as

gold

mining

stocks.

The

Fund

may

also

invest

a

small

portion

of

its

total

assets

in

loans

originated

through

on-line

marketplace

lending

platforms

that

provide

a

marketplace

for

lending

through

the

purchase

of

loans

(either

individually

or

in

aggregations)

and

other

types

of

marketplace

lending

instruments

(See

the

Notes

to

Financial

Statements

for

further

information)

.

Securities

may

be

purchased

by

the

Fund

on

a

“when

issued”

or

on

a

“forward

delivery”

basis,

which

means

that

the

obligations

will

be

delivered

at

a

future

date

beyond

customary

settlement

time.

The

Fund

employs

leverage

through

the

use

of

a

senior

secured

revolving

credit

facility

which

provided

the

Fund

with

the

opportunity

to

retire

and

refinance

prior

leverage.

(See

the

Notes

to

Financial

Statements

for

further

information)

.

The

Fund

may

also

invest

in

short-term

U.S.

government

securities

and

other

money

market

instruments

(including

certificates

of

deposit,

commercial

paper,

bankers’

acceptances,

short-term

foreign

government

securities,

and

repurchase

agreements)

although

it

typically

will

not

invest

more

than

5%

of

its

total

assets

in

such

securities

except

for

temporary

defensive

purposes.

Franklin

Universal

Trust

Important

Information

to

Shareholders

54

franklintempleton.com

Annual

Report

Principal

Investment

Risks

You

could

lose

money

by

investing

in

the

Fund.

Closed-end

fund

shares

are

not

deposits

or

obligations

of,

or

guaranteed

or

endorsed

by,

any

bank,

and

are

not

insured

by

the

Federal

Deposit

Insurance

Corporation,

the

Federal

Reserve

Board,

or

any

other

agency

of

the

U.S.

government.

High-Yield

Debt

Securities

Issuers

of

lower-rated

or

“high-yield”

debt

securities

(also

known

as

“junk

bonds”)

are

not

as

strong

financially

as

those

issuing

higher

credit

quality

debt

securities.

High-yield

debt

securities

are

generally

considered

predominantly

speculative

by

the

applicable

rating

agencies

as

their

issuers

are

more

likely

to

encounter

financial

difficulties

because

they

may

be

more

highly

leveraged,

or

because

of

other

considerations.

In

addition,

high

yield

debt

securities

generally

are

more

vulnerable

to

changes

in

the

relevant

economy,

such

as

a

recession

or

a

sustained

period

of

rising

interest

rates,

that

could

affect

their

ability

to

make

interest

and

principal

payments

when

due.

The

prices

of

high-yield

debt

securities

generally

fluctuate

more

than

those

of

higher

credit

quality.

High-yield

debt

securities

are

generally

more

illiquid

(harder

to

sell)

and

harder

to

value.

Interest

Rate

When

interest

rates

rise,

debt

security

prices

generally

fall.

The

opposite

is

also

generally

true:

debt

security

prices

rise

when

interest

rates

fall.

Interest

rate

changes

are

influenced

by

a

number

of

factors,

including

government

policy,

monetary

policy,

inflation

expectations,

perceptions

of

risk,

and

supply

of

and

demand

for

bonds.

In

general,

securities

with

longer

maturities

or

durations

are

more

sensitive

to

interest

rate

changes.

Credit

An

issuer

of

debt

securities

may

fail

to

make

interest

payments

or

repay

principal

when

due,

in

whole

or

in

part.

Changes

in

an

issuer’s

financial

strength

or

in

a

security’s

or

government’s

credit

rating

may

affect

a

security’s

value.

Utilities

Industry

Utility

company

equity

securities

historically

have

been

sensitive

to

interest

rate

movements:

when

interest

rates

have

risen,

the

stock

prices

of

these

companies

have

tended

to

fall.

Regulatory

changes

in

certain

states

have

led

to

greater

competition

in

the

industry

and

the

emergence

of

non-regulated

providers

as

a

significant

part

of

the

industry,

and

could

impact

the

operations

of

regulated

providers

and

increase

the

cost

of

compliance.

These

trends

have

also

made

shares

of

some

utility

companies

less

sensitive

to

interest

rate

changes

but

more

sensitive

to

changes

in

revenue

and

earnings

and

caused

them

to

reduce

the

ratio

of

their

earnings

they

pay

out

as

dividends.

In

addition,

the

industry

is

subject

to

a

variety

of

risks

specific

to

this

industry:

utilities

may

find

it

difficult

to

obtain

adequate

returns

on

invested

capital

in

spite

of

rate

increases

or

because

rate

increases

become

increasingly

difficult

to

obtain;

they

may

face

difficulty

in

financing

large

construction

programs

during

inflationary

and

rising

interest

rate

periods;

utilities

are

subject

to

many

restrictions

on

operations

and

increased

costs

due

to

environmental

and

safety

regulations;

utilities

may

face

difficulties

in

obtaining

fuel

sources,

such

as

coal,

for

electric

generation

at

reasonable

prices;

utilities

may

face

risks

associated

with

the

operation

of

nuclear

power

plants

(including

litigation,

issues

associated

with

the

use

of

radioactive

materials

and

the

effects

of

natural

or

man-made

disasters);

utilities

may

face

greater

demands

in

providing

reliable

service

with

the

increasing

complexity

of

the

power

grid;

utilities

also

may

be

subject

to

adverse

effects

of

the

results

of

energy

conservation

programs

as

well

as

other

factors

affecting

the

level

of

demand

for

services.

Market

The

market

values

of

securities

or

other

investments

owned

by

the

Fund

will

go

up

or

down,

sometimes

rapidly

or

unpredictably.

The

market

value

of

a

security

or

other

investment

may

be

reduced

by

market

activity

or

other

results

of

supply

and

demand

unrelated

to

the

issuer.

This

is

a

basic

risk

associated

with

all

investments.

When

there

are

more

sellers

than

buyers,

prices

tend

to

fall.

Likewise,

when

there

are

more

buyers

than

sellers,

prices

tend

to

rise.

Leverage

The

Fund

employs

leverage

through

a

senior

secured

revolving

credit

facility

which

provides

the

Fund

with

a

source

to

refinance

and

retire

other

leverage.

The

Fund’s

use

of

leverage

creates

an

opportunity

for

increased

returns,

but

it

also

creates

special

risks.

The

cost

of

leverage

rises

and

falls

with

changes

in

short-term

interest

rates.

The

costs

of

using

leverage

may

be

greater

than

the

proceeds

of

the

leverage.

The

Fund’s

leveraging

strategy

may

not

be

successful.

Franklin

Universal

Trust

Important

Information

to

Shareholders

55

franklintempleton.com

Annual

Report

Foreign

Securities

(non-U.S.)

Investing

in

foreign

securities

typically

involves

more

risks

than

investing

in

U.S.

securities,

and

includes

risks

associated

with:

(i)

internal

and

external

political

and

economic

developments

–

e.g.,

the

political,

economic

and

social

policies

and

structures

of

some

foreign

countries

may

be

less

stable

and

more

volatile

than

those

in

the

U.S.

or

some

foreign

countries

may

be

subject

to

trading

restrictions

or

economic

sanctions;

(ii)

trading

practices

–

e.g.,

government

supervision

and

regulation

of

foreign

securities

and

currency

markets,

trading

systems

and

brokers

may

be

less

than

in

the

U.S.;

(iii)

availability

of

information

–

e.g.,

foreign

issuers

may

not

be

subject

to

the

same

disclosure,

accounting

and

financial

reporting

standards

and

practices

as

U.S.

issuers;

(iv)

limited

markets

–

e.g.,

the

securities

of

certain

foreign

issuers

may

be

less

liquid

(harder

to

sell)

and

more

volatile;

and

(v)

currency

exchange

rate

fluctuations

and

policies

–

e.g.,

fluctuations

may

negatively

affect

investments

denominated

in

foreign

currencies

and

any

income

received

or

expenses

paid

by

the

Fund

in

that

foreign

currency.

The

risks

of

foreign

investments

may

be

greater

in

developing

or

emerging

market

countries.

Management

The

Fund

is

subject

to

management

risk

because

it

is

an

actively

managed

investment

portfolio.

The

Fund’s

investment

manager

applies

investment

techniques

and

risk

analyses

in

making

investment

decisions

for

the

Fund,

but

there

can

be

no

guarantee

that

these

decisions

will

produce

the

desired

results.

The

following

information

is

a

summary

of

certain

changes

since

the

last

fiscal

year.

This

information

may

not

reflect

all

of

the

changes

that

have

occurred

since

you

purchased

the

Fund.

There

have

not

been

any

material

changes

during

the

last

fiscal

year.

Franklin

Universal

Trust

Annual

Meeting

of

Shareholders

56

franklintempleton.com

Annual

Report

The

Annual

Meeting

of

Shareholders

(the

“Meeting”)

for

Franklin

Universal

Trust

(Fund)

was

held

on

March

9,

2023.

At

the

Meeting,

shareholders

elected

Harris

J.

Ashton,

Edith

E.

Holiday

and

Rupert

H.

Johnson,

Jr.

as

Trustees

of

the

Fund

to

hold

office

for

a

three

year

term,

set

to

expire

at

the

2026

Annual

Meeting

of

Shareholders.

These

terms

continue,

however,

until

their

successors

are

duly

elected

and

qualified

or

until

a

Trustee’s

resignation,

retirement,

death

or

removal,

whichever

is

earlier.

The

results

of

the

voting

were

as

follows:

Note:

Terrance

J.

Checki,

Mary

C.

Choksi,

Gregory

E.

Johnson,

J.

Michael

Luttig,

Larry

D.

Thompson

and

Valerie

M.

Williams

are

Trustees

of

the

Fund

who

are

currently

serving

and

whose

terms

of

office

continued

after

the

meeting.

Trustee

Nominees

Shares

For

Shares

Withheld

Harris

J.

Ashton

13,231,125

4,300,912

Edith

E.

Holiday

13,237,945

4,294,092

Rupert

H.

Johnson,

Jr.

13,236,202

4,295,836

Franklin

Universal

Trust

57

franklintempleton.com

Annual

Report

Dividend

Reinvestment

and

Cash

Purchase

Plan

The

Fund’s

Dividend

Reinvestment

and

Cash

Purchase

Plan

(Plan)

offers

you

a

prompt

and

simple

way

to

reinvest

dividends

and

capital

gain

distributions

in

shares

of

the

Fund.

The

Plan

also

allows

you

to

purchase

additional

shares

of

the

Fund

by

making

voluntary

cash

payments.

Equiniti

Trust

Company,

LLC

(Plan

Agent),

P.O.

Box

922,

Wall

Street

Station,

New

York,

NY

10269-0560,

acts

as

your

Plan

Agent

in

administering

the

Plan.

You

are

automatically

enrolled

in

the

Plan

unless

you

elect

to

receive

dividends

or

distributions

in

cash.

If

you

own

shares

in

your

own

name,

you

should

notify

the

Plan

Agent,

in

writing,

if

you

wish

to

receive

dividends

or

distributions

in

cash.

If

the

Fund

declares

a

dividend

or

capital

gain

distribution

payable

either

in

cash

or

in

stock

of

the

Fund

and

the

market

price

of

shares

on

the

valuation

date

equals

or

exceeds

the

net

asset

value,

the

Fund

will

issue

new

shares

to

you

at

the

higher

of

net

asset

value

or

95%

of

the

then

current

market

price.

Whenever

the

Fund

declares

a

distribution

from

capital

gains

or

an

income

dividend

payable

in

either

cash

or

shares,

if

the

net

asset

value

per

share

of

the

Fund’s

common

stock

exceeds

the

market

price

per

share

on

the

valuation

date,

the

Plan

Agent

shall

apply

the

amount

of

such

dividend

or

distribution

payable

to

participants

to

the

purchase

of

shares

(less

their

pro

rata

share

of

brokerage

commissions

incurred

with

respect

to

open

market

purchases

in

connection

with

the

reinvestment

of

such

dividend

or

distribution).

If

the

price

exceeds

the

net

asset

value

before

the

Plan

Agent

has

completed

its

purchases,

the

average

purchase

price

may

exceed

the

net

asset

value,

resulting

in

fewer

shares

being

acquired

than

if

the

Fund

had

issued

new

shares.

All

reinvestments

are

in

full

and

fractional

shares,

carried

to

three

decimal

places.

The

Fund

will

not

issue

shares

under

the

Plan

at

a

price

below

net

asset

value.

The

Plan

permits

you

on

a

voluntary

basis

to

submit

in

cash

payments

of

not

less

than

$100

each

up

to

a

total

of

$5,000

per

month

to

purchase

additional

shares

of

the

Fund.

It

is

entirely

up

to

you

whether

you

wish

to

buy

additional

shares

with

voluntary

cash

payments,

and

you

do

not

have

to

send

in

the

same

amount

each

time

if

you

do.

These

payments

should

be

made

by

check

or

money

order

payable

to

Equiniti

Trust

Company,

LLC

and

sent

to

Equiniti

Trust

Company,

LLC,

P.O.

Box

922,

Wall

Street

Station,

New

York,

NY

10269-0560,

Attn:

Franklin

Universal

Trust.

Your

cash

payment

will

be

aggregated

with

the

payments

of

other

participants

and

invested

on

your

behalf

by

the

Plan

Agent

in

shares

of

the

Fund

that

are

purchased

in

the

open

market.

The

Plan

Agent

will

invest

cash

payments

on

approximately

the

5th

of

each

month

in

which

no

dividend

or

distribution

is

payable

and,

during

each

month

in

which

a

dividend

or

distribution

is

payable,

will

invest

cash

payments

beginning

on

the

dividend

payment

date.

Under

no

circumstances

will

interest

be

paid

on

your

funds

held

by

the

Plan

Agent.

Accordingly,

you

should

send

any

voluntary

cash

payments

you

wish

to

make

shortly

before

an

investment

date

but

in

sufficient

time

to

ensure

that

your

payment

will

reach

the

Plan

Agent

not

less

than

two

business

days

before

an

investment

date.

Payments

received

less

than

two

business

days

before

an

investment

date

will

be

invested

during

the

next

month

or,

if

there

are

more

than

30

days

until

the

next

investment

date,

will

be

returned

to

you.

You

may

obtain

a

refund

of

any

cash

payment

by

written

notice,

if

the

Plan

Agent

receives

the

written

notice

not

less

than

48

hours

before

an

investment

date.

There

is

no

direct

charge

to

participants

for

reinvesting

dividends

and

capital

gain

distributions,

since

the

Plan

Agent’s

fees

are

paid

by

the

Fund.

However,

when

shares

are

purchased

in

the

open

market,

each

participant

will

pay

a

pro

rata

portion

of

any

brokerage

commissions

incurred.

The

Plan

Agent

will

deduct

a

$5.00

service

fee

from

each

of

your

voluntary

cash

payments.

The

automatic

reinvestment

of

dividends

and

capital

gain

distributions

does

not

relieve

you

of

any

taxes

which

may

be

payable

on

dividends

or

distributions.

In

connection

with

the

reinvestment

of

dividends

and

capital

gain

distributions,

if

the

Fund

issues

new

shares,

shareholders

receiving

such

shares

generally

will

be

treated

as

having

a

distribution

equal

to

the

market

value

of

the

shares

received,

and

if

shares

are

purchased

on

the

open

market,

shareholders

generally

will

be

treated

as

having

received

a

distribution

equal

to

the

cash

distribution

that

would

have

been

paid.

The

Fund

does

not

issue

new

shares

in

connection

with

voluntary

cash

payments.

All

investments

are

in

full

and

fractional

shares,

carried

to

three

decimal

places.

If

the

market

price

exceeds

the

net

asset

value

at

the

time

the

Plan

Agent

purchases

the

additional

shares,

you

will

receive

shares

at

a

price

greater

than

the

net

asset

value.

Franklin

Universal

Trust

Dividend

Reinvestment

and

Cash

Purchase

Plan

58

franklintempleton.com

Annual

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

Board

Members

and

Officers

59

franklintempleton.com

Annual

Report

The

name,

year

of

birth

and

address

of

the

officers

and

board

members,

as

well

as

their

affiliations,

positions

held

with

the

Trust,

principal

occupations

during

at

least

the

past

five

years

and

number

of

U.S.

registered

portfolios

overseen

in

the

Franklin

Templeton/Legg

Mason

fund

complex,

are

shown

below.

Generally,

each

board

member

serves

until

that

person’s

successor

is

elected

and

qualified.

Independent

Board

Members

Name,

Year

of

Birth

and

Address

Position

Length

of

Time

Served

Number

of

Portfolios

in

Fund

Complex

Overseen

by

Board

Member

1

Other

Directorships

Held

During

at

Least

the

Past

5

Years

Harris

J.

Ashton

(1932)

Trustee

Since

1998

119

Bar-S

Foods

(meat

packing

company)

(1981-2010).

One

Franklin

Parkway

San

Mateo,

CA

94403-1906

Principal

Occupation

During

at

Least

the

Past

5

Years:

Director

of

various

companies;

and

formerly

,

Director,

RBC

Holdings,

Inc.

(bank

holding

company)

(until

2002);

and

President,

Chief

Executive

Officer

and

Chairman

of

the

Board,

General

Host

Corporation

(nursery

and

craft

centers)

(until

1998).

Terrence

J.

Checki

(1945)

Trustee

Since

2018

119

Hess

Corporation

(exploration

of

oil

and

gas)

(2014-present).

One

Franklin

Parkway

San

Mateo,

CA

94403-1906

Principal

Occupation

During

at

Least

the

Past

5

Years:

Member

of

the

Council

on

Foreign

Relations

(1996-present);

Member

of

the

National

Committee

on

U.S.-China

Relations

(1999-present);

member

of

the

board

of

trustees

of

the

Economic

Club

of

New

York

(2013-present);

member

of

the

board

of

trustees

of

the

Foreign

Policy

Association

(2005-present);

member

of

the

board

of

directors

of

Council

of

the

Americas

(2007-present)

and

the

Tallberg

Foundation

(2018-present);

and

formerly

,

Executive

Vice

President

of

the

Federal

Reserve

Bank

of

New

York

and

Head

of

its

Emerging

Markets

and

Internal

Affairs

Group

and

Member

of

Management

Committee

(1995-2014);

and

Visiting

Fellow

at

the

Council

on

Foreign

Relations

(2014).

Mary

C.

Choksi

(1950)

Trustee

Since

2014

119

Omnicom

Group

Inc.

(advertising

and

marketing

communications

services)

(2011-present)

and

White

Mountains

Insurance

Group,

Ltd.

(holding

company)

(2017-present);

and

formerly

,

Avis

Budget

Group

Inc.

(car

rental)

(2007-2020).

One

Franklin

Parkway

San

Mateo,

CA

94403-1906

Principal

Occupation

During

at

Least

the

Past

5

Years:

Director

of

various

companies;

and

formerly

,

Founder

and

Senior

Advisor,

Strategic

Investment

Group

(investment

management

group)

(2015-2017);

Founding

Partner

and

Senior

Managing

Director,

Strategic

Investment

Group

(1987-2015);

Founding

Partner

and

Managing

Director,

Emerging

Markets

Management

LLC

(investment

management

firm)

(1987-2011);

and

Loan

Officer/Senior

Loan

Officer/Senior

Pension

Investment

Officer,

World

Bank

Group

(international

financial

institution)

(1977-1987).

Franklin

Universal

Trust

60

franklintempleton.com

Annual

Report

Name,

Year

of

Birth

and

Address

Position

Length

of

Time

Served

Number

of

Portfolios

in

Fund

Complex

Overseen

by

Board

Member

1

Other

Directorships

Held

During

at

Least

the

Past

5

Years

Edith

E.

Holiday

(1952)

Lead

Independent

Trustee

Trustee

since

2004

and

Lead

Independent

Trustee

since

2019

119

Hess

Corporation

(exploration

of

oil

and

gas)

(1993-present),

Santander

Consumer

USA

Holdings,

Inc.

(consumer

finance)

(2016-present);

Santander

Holdings

USA

(holding

company)

(2019-present);

and

formerly

,

Canadian

National

Railway

(railroad)

(2001-2021),

White

Mountains

Insurance

Group,

Ltd.

(holding

company)

(2004-

2021),

RTI

International

Metals,

Inc.

(manufacture

and

distribution

of

titanium)

(1999-2015)

and

H.J.

Heinz

Company

(processed

foods

and

allied

products)

(1994-2013).

One

Franklin

Parkway

San

Mateo,

CA

94403-1906

Principal

Occupation

During

at

Least

the

Past

5

Years:

Director

or

Trustee

of

various

companies

and

trusts;

and

formerly

,

Assistant

to

the

President

of

the

United

States

and

Secretary

of

the

Cabinet

(1990-1993);

General

Counsel

to

the

United

States

Treasury

Department

(1989-1990);

and

Counselor

to

the

Secretary

and

Assistant

Secretary

for

Public

Affairs

and

Public

Liaison-United

States

Treasury

Department

(1988-1989).

J.

Michael

Luttig

(1954)

Trustee

Since

2009

119

Boeing

Capital

Corporation

(aircraft

financing)

(2006-2010).

One

Franklin

Parkway

San

Mateo,

CA

94403-1906

Principal

Occupation

During

at

Least

the

Past

5

Years:

Counselor

and

Special

Advisor

to

the

CEO

and

Board

of

Directors

of

The

Coca-Cola

Company

(beverage

company)

(2021-present);

and

formerly

,

Counselor

and

Senior

Advisor

to

the

Chairman,

CEO,

and

Board

of

Directors,

of

The

Boeing

Company

(aerospace

company),

and

member

of

the

Executive

Council

(2019-2020);

Executive

Vice

President,

General

Counsel

and

member

of

the

Executive

Council,

The

Boeing

Company

(2006-2019);

and

Federal

Appeals

Court

Judge,

United

States

Court

of

Appeals

for

the

Fourth

Circuit

(1991-2006).

Larry

D.

Thompson

(1945)

Trustee

Since

2007

119

Graham

Holdings

Company

(education

and

media

organization)

(2011-2021);

The

Southern

Company

(energy

company)

(2014-2020;

previously

(2010-

2012)

and

Cbeyond,

Inc.

(business

communications

provider)

(2010-

2012).

One

Franklin

Parkway

San

Mateo,

CA

94403-1906

Principal

Occupation

During

at

Least

the

Past

5

Years:

Director

of

various

companies;

Counsel,

Finch

McCranie,

LLP

(law

firm)

(2015-present);

John

A.

Sibley

Professor

of

Corporate

and

Business

Law,

University

of

Georgia

School

of

Law

(2015-present;

previously

2011-2012);

and

formerly

,

Independent

Compliance

Monitor

and

Auditor,

Volkswagen

AG

(manufacturer

of

automobiles

and

commercial

vehicles)

(2017-2020);

Executive

Vice

President

-

Government

Affairs,

General

Counsel

and

Corporate

Secretary,

PepsiCo,

Inc.

(consumer

products)

(2012-2014);

Senior

Vice

President

-

Government

Affairs,

General

Counsel

and

Secretary,

PepsiCo,

Inc.

(2004-2011);

Senior

Fellow

of

The

Brookings

Institution

(2003-2004);

Visiting

Professor,

University

of

Georgia

School

of

Law

(2004);

and

Deputy

Attorney

General,

U.S.

Department

of

Justice

(2001-2003).

Independent

Board

Members

(continued)

Franklin

Universal

Trust

61

franklintempleton.com

Annual

Report

Interested

Board

Members

and

Officers

Name,

Year

of

Birth

and

Address

Position

Length

of

Time

Served

Number

of

Portfolios

in

Fund

Complex

Overseen

by

Board

Member

1

Other

Directorships

Held

During

at

Least

the

Past

5

Years

Valerie

M.

Williams

(1956)

Trustee

Since

2021

110

Omnicom

Group,

Inc.

(advertising

and

marketing

communications

services)

(2016-present),

DTE

Energy

Co.

(gas

and

electric

utility)

(2018-present),

Devon

Energy

Corporation

(exploration

and

production

of

oil

and

gas)

(2021-present);

and

formerly

,

WPX

Energy,

Inc.

(exploration

and

production

of

oil

and

gas)

(2018-

2021).

One

Franklin

Parkway

San

Mateo,

CA

94403-1906

Principal

Occupation

During

at

Least

the

Past

5

Years:

Director

of

various

companies;

and

formerly

,

Regional

Assurance

Managing

Partner,

Ernst

&

Young

LLP

(public

accounting)

(2005-2016)

and

various

roles

of

increasing

responsibility

at

Ernst

&

Young

(1981-2005).

Name,

Year

of

Birth

and

Address

Position

Length

of

Time

Served

Number

of

Portfolios

in

Fund

Complex

Overseen

by

Board

Member

1

Other

Directorships

Held

During

at

Least

the

Past

5

Years

Gregory

E.

Johnson

2

(1961)

Chairman

of

the

Board,

Senior

Vice

President

and

Trustee

Chairman

of

the

Board

and

Senior

Vice

President

since

January

2023

and

Trustee

since

2013

129

None

One

Franklin

Parkway

San

Mateo,

CA

94403-1906

Principal

Occupation

During

at

Least

the

Past

5

Years:

Executive

Chairman,

Chairman

of

the

Board

and

Director,

Franklin

Resources,

Inc.;

officer

and/or

director

or

trustee,

as

the

case

may

be,

of

some

of

the

other

subsidiaries

of

Franklin

Resources,

Inc.

and

of

certain

funds

in

the

Franklin

Templeton/Legg

Mason

fund

complex;

Vice

Chairman,

Investment

Company

Institute;

and

formerly

,

Chief

Executive

Officer

(2013-2020)

and

President

(1994-2015)

Franklin

Resources,

Inc.

Rupert

H.

Johnson,

Jr.

3

(1945)

Trustee

Since

1988

119

None

One

Franklin

Parkway

San

Mateo,

CA

94403-1906

Principal

Occupation

During

at

Least

the

Past

5

Years:

Director

(Vice

Chairman),

Franklin

Resources,

Inc.;

Director,

Franklin

Advisers,

Inc.;

and

officer

and/or

director

or

trustee,

as

the

case

may

be,

of

some

of

the

other

subsidiaries

of

Franklin

Resources,

Inc.

and

of

certain

funds

in

the

Franklin

Templeton/Legg

Mason

fund

complex.

Ted

P.

Becker

(1951)

Chief

Compliance

Officer

Since

June

2023

Not

Applicable

Not

Applicable

280

Park

Avenue

New

York,

NY

10017

Principal

Occupation

During

at

Least

the

Past

5

Years:

Vice

President,

Global

Compliance

of

Franklin

Templeton

(since

2020);

Chief

Compliance

Officer

of

Legg

Mason

Partners

Fund

Advisor,

LLC

(since

2006);

Chief

Compliance

Officer

of

certain

funds

associated

with

Legg

Mason

&

Co.

or

its

affiliates

(since

2006);

formerly

,

Director

of

Global

Compliance

at

Legg

Mason

(2006

to

2020);

Managing

Director

of

Compliance

of

Legg

Mason

&

Co.

(2005

to

2020).

Sonal

Desai,

Ph.D.

(1963)

President

and

Chief

Executive

Officer

–

Investment

Management

Since

2018

Not

Applicable

Not

Applicable

One

Franklin

Parkway

San

Mateo,

CA

94403-1906

Principal

Occupation

During

at

Least

the

Past

5

Years:

Director

and

Executive

Vice

President,

Franklin

Advisers,

Inc.;

Executive

Vice

President,

Franklin

Templeton

Institutional,

LLC;

and

officer

of

certain

funds

in

the

Franklin

Templeton/Legg

Mason

fund

complex.

Independent

Board

Members

(continued)

Franklin

Universal

Trust

62

franklintempleton.com

Annual

Report

Note

1:

Rupert

H.

Johnson,

Jr.

is

the

uncle

of

Gregory

E.

Johnson.

Note

2:

Officer

information

is

current

as

of

the

date

of

this

report.

It

is

possible

that

after

this

date,

information

about

officers

may

change.

1.

We

base

the

number

of

portfolios

on

each

separate

series

of

the

U.S.

registered

investment

companies

within

the

Franklin

Templeton/Legg

Mason

fund

complex.

These

portfolios

have

a

common

investment

manager

or

affiliated

investment

managers.

2.

Gregory

E.

Johnson

is

considered

to

be

an

interested

person

of

the

Fund

under

the

federal

securities

laws

due

to

his

position

as

an

officer

and

director

of

Franklin

Resources,

Inc.

(Resources),

which

is

the

parent

company

of

the

Fund's

investment

manager

and

distributor.

3.Rupert

H.

Johnson,

Jr.

is

considered

to

be

an

interested

person

of

the

Fund

under

the

federal

securities

laws

due

to

his

position

as

an

officer

and

director

and

a

major

shareholder

of

Resources,

which

is

the

parent

company

of

the

Fund's

investment

manager

and

distributor.

The

Sarbanes-Oxley

Act

of

2002

and

Rules

adopted

by

the

Securities

and

Exchange

Commission

require

the

Fund

to

disclose

whether

the

Fund’s

Audit

Committee

includes

at

least

one

member

who

is

an

audit

committee

financial

expert

within

the

meaning

of

such

Act

and

Rules.

The

Fund’s

Board

has

determined

that

there

is

at

least

one

such

financial

expert

on

the

Audit

Committee

and

has

designated

Mary

C.

Choksi

as

its

audit

committee

financial

expert.

The

Board

believes

that

Ms.

Choksi

qualifies

as

such

an

expert

in

view

of

her

extensive

business

background

and

experience.

She

served

as

a

director

of

Avis

Budget

Group,

Inc.

(2007

to

2020)

and

formerly,

Founder

and

Senior

Advisor,

Strategic

Investment

Group

(1987

to

2017).

Ms.

Choksi

has

been

a

Member

of

the

Fund’s

Audit

Committee

since

2014.

As

a

result

of

such

background

and

experience,

the

Board

believes

that

Ms.

Choksi

has

acquired

an

understanding

of

generally

accepted

accounting

principles

and

financial

statements,

the

general

application

of

such

principles

in

connection

with

the

accounting

estimates,

accruals

and

reserves,

and

analyzing

and

evaluating

financial

statements

that

present

a

breadth

and

level

of

complexity

of

accounting

issues

generally

comparable

to

those

of

the

Fund,

as

well

as

an

understanding

of

internal

controls

and

procedures

for

financial

reporting

and

an

understanding

of

audit

committee

functions.

Ms.

Choksi

is

an

independent

Board

member

as

that

term

is

defined

under

the

relevant

Securities

and

Exchange

Commission

Rules

and

Releases.

Name,

Year

of

Birth

and

Address

Position

Length

of

Time

Served

Number

of

Portfolios

in

Fund

Complex

Overseen

by

Board

Member

1

Other

Directorships

Held

During

at

Least

the

Past

5

Years

Matthew

T.

Hinkle

(1971)

Chief

Executive

Officer

–

Finance

and

Administration

Since

2017

Not

Applicable

Not

Applicable

One

Franklin

Parkway

San

Mateo,

CA

94403-1906

Principal

Occupation

During

at

Least

the

Past

5

Years:

Senior

Vice

President,

Franklin

Templeton

Services,

LLC;

officer

of

certain

funds

in

the

Franklin

Templeton/Legg

Mason

fund

complex;

and

formerly

,

Vice

President,

Global

Tax

(2012-April

2017)

and

Treasurer/Assistant

Treasurer,

Franklin

Templeton

(2009-2017).

Susan

Kerr

(1949)

Vice

President

-

AML

Compliance

Since

2021

Not

Applicable

Not

Applicable

280

Park

Avenue

New

York,

NY

10017

Principal

Occupation

During

at

Least

the

Past

5

Years:

Senior

Compliance

Analyst,

Franklin

Templeton;

Chief

Anti-Money

Laundering

Compliance

Officer,

Legg

Mason

&

Co.,

or

its

affiliates;

Anti

Money

Laundering

Compliance

Officer;

Senior

Compliance

Officer,

LMIS;

and

officer

of

certain

funds

in

the

Franklin

Templeton/Legg

Mason

fund

complex.

Christopher

Kings

(1974)

Chief

Financial

Officer,

Chief

Accounting

Officer

and

Treasurer

Since

2022

Not

Applicable

Not

Applicable

One

Franklin

Parkway

San

Mateo,

CA

94403-1906

Principal

Occupation

During

at

Least

the

Past

5

Years:

Treasurer,

U.S.

Fund

Administration

&

Reporting;

and

officer

of

certain

funds

in

the

Franklin

Templeton/Legg

Mason

fund

complex.

Navid

J.

Tofigh

(1972)

Vice

President

and

Secretary

Vice

President

since

2015

and

Secretary

since

June

2023

Not

Applicable

Not

Applicable

One

Franklin

Parkway

San

Mateo,

CA

94403-1906

Principal

Occupation

During

at

Least

the

Past

5

Years:

Senior

Associate

General

Counsel,

Franklin

Templeton;

and

officer

of

certain

funds

in

the

Franklin

Templeton/Legg

Mason

fund

complex.

Interested

Board

Members

and

Officers

(continued)

Franklin

Universal

Trust

Shareholder

Information

63

franklintempleton.com

Annual

Report

Board

Approval

of

Investment

Management

Agreements

FRANKLIN

UNIVERSAL

TRUST

(Fund)

At

an

in-person

meeting

held

on

April

18,

2023

(Meeting),

the

Board

of

Trustees

(Board)

of

the

Fund,

including

a

majority

of

the

trustees

who

are

not

“interested

persons”

as

defined

in

the

Investment

Company

Act

of

1940

(Independent

Trustees),

reviewed

and

approved

the

continuance

of

the

investment

management

agreement

between

Franklin

Advisers,

Inc.

(Manager)

and

the

Fund

(Management

Agreement)

for

an

additional

one-year

period.

The

Independent

Trustees

received

advice

from

and

met

separately

with

Independent

Trustee

counsel

in

considering

whether

to

approve

the

continuation

of

the

Management

Agreement.

In

considering

the

continuation

of

the

Management

Agreement,

the

Board

reviewed

and

considered

information

provided

by

the

Manager

at

the

Meeting

and

throughout

the

year

at

meetings

of

the

Board

and

its

committees.

The

Board

also

reviewed

and

considered

information

provided

in

response

to

a

detailed

set

of

requests

for

information

submitted

to

the

Manager

by

Independent

Trustee

counsel

on

behalf

of

the

Independent

Trustees

in

connection

with

the

annual

contract

renewal

process.

In

addition,

prior

to

the

Meeting,

the

Independent

Trustees

held

a

virtual

contract

renewal

meeting

at

which

the

Independent

Trustees

first

conferred

amongst

themselves

and

Independent

Trustee

counsel

about

contract

renewal

matters;

and

then

met

with

management

to

request

additional

information

that

the

Independent

Trustees

reviewed

and

considered

prior

to

and

at

the

Meeting.

The

Board

reviewed

and

considered

all

of

the

factors

it

deemed

relevant

in

approving

the

continuance

of

the

Management

Agreement,

including,

but

not

limited

to:

(i)

the

nature,

extent

and

quality

of

the

services

provided

by

the

Manager;

(ii)

the

investment

performance

of

the

Fund;

(iii)

the

costs

of

the

services

provided

and

profits

realized

by

the

Manager

and

its

affiliates

from

the

relationship

with

the

Fund;

(iv)

the

extent

to

which

economies

of

scale

are

realized

as

the

Fund

grows;

and

(v)

whether

fee

levels

reflect

these

economies

of

scale

for

the

benefit

of

Fund

investors.

In

approving

the

continuance

of

the

Management

Agreement,

the

Board,

including

a

majority

of

the

Independent

Trustees,

determined

that

the

terms

of

the

Management

Agreement

are

fair

and

reasonable

and

that

the

continuance

of

the

Management

Agreement

is

in

the

best

interests

of

the

Fund

and

its

shareholders.

While

attention

was

given

to

all

information

furnished,

the

following

discusses

some

primary

factors

relevant

to

the

Board’s

determination.

Nature,

Extent

and

Quality

of

Services

The

Board

reviewed

and

considered

information

regarding

the

nature,

extent

and

quality

of

investment

management

services

provided

by

the

Manager

and

its

affiliates

to

the

Fund

and

its

shareholders.

This

information

included,

among

other

things,

the

qualifications,

background

and

experience

of

the

senior

management

and

investment

personnel

of

the

Manager,

as

well

as

information

on

succession

planning

where

appropriate;

the

structure

of

investment

personnel

compensation;

oversight

of

third-party

service

providers;

investment

performance

reports

and

related

financial

information

for

the

Fund

(including

its

share

price

discount

to

net

asset

value);

reports

on

expenses

and

shareholder

services;

legal

and

compliance

matters;

risk

controls;

pricing

and

other

services

provided

by

the

Manager

and

its

affiliates;

and

management

fees

charged

by

the

Manager

and

its

affiliates

to

US

funds

and

other

accounts,

including

management’s

explanation

of

differences

among

accounts

where

relevant.

The

Board

acknowledged

management’s

continued

development

of

strategies

to

address

areas

of

heightened

concern

in

the

mutual

fund

industry,

including

various

regulatory

initiatives

and

continuing

geopolitical

concerns.

The

Board

also

reviewed

and

considered

the

benefits

provided

to

Fund

shareholders

of

investing

in

a

fund

that

is

part

of

the

Franklin

Templeton

(FT)

family

of

funds.

The

Board

noted

the

financial

position

of

Franklin

Resources,

Inc.

(FRI),

the

Manager’s

parent,

and

its

commitment

to

the

mutual

fund

business

as

evidenced

by

its

reassessment

of

the

fund

offerings

in

response

to

the

market

environment

and

project

initiatives

and

capital

investments

relating

to

the

services

provided

to

the

Fund

by

the

FT

organization.

The

Board

specifically

noted

FT’s

commitment

to

technological

innovation

and

advancement

and

investments

to

promote

alternative

investing.

Following

consideration

of

such

information,

the

Board

was

satisfied

with

the

nature,

extent

and

quality

of

services

provided

by

the

Manager

and

its

affiliates

to

the

Fund

and

its

shareholders.

Franklin

Universal

Trust

Shareholder

Information

64

franklintempleton.com

Annual

Report

Fund

Performance

The

Board

reviewed

and

considered

the

performance

results

of

the

Fund

over

various

time

periods

ended

December

31,

2022.

The

Board

considered

the

performance

returns

for

the

Fund

in

comparison

to

the

performance

returns

of

mutual

funds

deemed

comparable

to

the

Fund

included

in

a

universe

(Performance

Universe)

selected

by

Broadridge

Financial

Solutions,

Inc.

(Broadridge),

an

independent

provider

of

investment

company

data.

The

Board

received

a

description

of

the

methodology

used

by

Broadridge

to

select

the

mutual

funds

included

in

a

Performance

Universe.

The

Board

also

reviewed

and

considered

Fund

performance

reports

provided

and

discussions

that

occurred

with

portfolio

managers

at

Board

meetings

throughout

the

year.

A

summary

of

the

Fund’s

performance

results

is

below.

Such

results

are

based

on

net

asset

value

without

regard

to

market

discounts

or

premiums.

The

Performance

Universe

for

the

Fund

included

the

Fund

and

all

leveraged

closed-end

high

yield

funds.

The

Board

noted

that

the

Fund’s

annualized

income

return

for

the

one-,

three-,

five-

and

10-year

periods

was

below

the

median

and

in

the

fifth

quintile

(worst)

of

its

Performance

Universe.

The

Board

also

noted

that

the

Fund’s

annualized

total

return

for

the

one-,

three-,

five-

and

10-year

periods

was

above

the

median

and

in

the

first

quintile

(best)

of

its

Performance

Universe.

The

Board

further

noted

that

the

Fund’s

annualized

income

return

for

each

of

the

one-,

three-,

five-

and

10-year

periods,

while

below

the

median,

was

6.52%,

5.62%,

5.31%

and

5.61%,

respectively.

The

Board

concluded

that

the

Fund’s

performance

was

satisfactory.

Comparative

Fees

and

Expenses

The

Board

reviewed

and

considered

information

regarding

the

Fund’s

actual

total

expense

ratio

and

its

various

components,

including,

as

applicable,

management

fees;

underlying

fund

expenses;

investment-related

expenses;

and

other

non-management

fees.

The

Board

considered

the

actual

total

expense

ratio

and,

separately,

the

contractual

management

fee

rate,

without

the

effect

of

fee

waivers,

if

any

(Management

Rate)

of

the

Fund

in

comparison

to

the

median

expense

ratio

and

median

Management

Rate,

respectively,

of

other

mutual

funds

deemed

comparable

to

and

with

a

similar

expense

structure

to

the

Fund

selected

by

Broadridge

(Expense

Group).

Broadridge

fee

and

expense

data

is

based

upon

information

taken

from

each

fund’s

most

recent

annual

or

semi-annual

report,

which

reflects

historical

asset

levels

that

may

be

quite

different

from

those

currently

existing,

particularly

in

a

period

of

market

volatility.

While

recognizing

such

inherent

limitation

and

the

fact

that

expense

ratios

and

Management

Rates

generally

increase

as

assets

decline

and

decrease

as

assets

grow,

the

Board

believed

the

independent

analysis

conducted

by

Broadridge

to

be

an

appropriate

measure

of

comparative

fees

and

expenses.

The

Broadridge

Management

Rate

includes

administrative

charges.

The

Board

received

a

description

of

the

methodology

used

by

Broadridge

to

select

the

mutual

funds

included

in

the

Expense

Group.

The

Expense

Group

for

the

Fund

included

the

Fund

and

11

other

high

yield

(leveraged)

funds.

The

Board

noted

that

the

Management

Rate

for

the

Fund

was

below

the

median

of

its

Expense

Group.

The

Board

also

noted

that

the

annual

total

expense

ratio

for

the

Fund

was

above

the

median

and

in

the

fifth

quintile

(most

expensive)

of

its

Expense

Group.

The

Board

inquired

about

the

above

median

annual

total

expense

ratio

for

the

Fund

and

noted

management’s

explanation

that

the

expense

ratio

reflected

investment-related

expenses

that

were

higher

than

those

of

other

funds

in

the

Expense

Group.

After

consideration

of

the

above,

the

Board

concluded

that

the

Management

Rate

charged

to

the

Fund

is

reasonable.

Profitability

The

Board

reviewed

and

considered

information

regarding

the

profits

realized

by

the

Manager

and

its

affiliates

in

connection

with

the

operation

of

the

Fund.

In

this

respect,

the

Board

considered

the

Fund

profitability

analysis

provided

by

the

Manager

that

addresses

the

overall

profitability

of

FT’s

US

fund

business,

as

well

as

its

profits

in

providing

investment

management

and

other

services

to

each

of

the

individual

funds

during

the

12-month

period

ended

September

30,

2022,

being

the

most

recent

fiscal

year-

end

for

FRI.

The

Board

noted

that

although

management

continually

makes

refinements

to

its

methodologies

used

in

calculating

profitability

in

response

to

organizational

and

product-related

changes,

the

overall

methodology

has

remained

consistent

with

that

used

in

the

Fund’s

profitability

report

presentations

from

prior

years.

The

Board

also

noted

that

PricewaterhouseCoopers

LLP,

auditor

to

FRI

and

certain

FT

funds,

has

been

engaged

by

the

Manager

to

periodically

review

and

assess

the

allocation

methodologies

to

be

used

solely

by

the

Fund’s

Board

with

respect

to

the

profitability

analysis.

The

Board

noted

management’s

belief

that

costs

incurred

in

establishing

the

infrastructure

necessary

for

the

type

of

mutual

fund

operations

conducted

by

the

Manager

and

its

affiliates

may

not

be

fully

reflected

in

the

expenses

allocated

to

the

Fund

in

determining

its

profitability,

as

well

as

the

fact

that

the

level

of

profits,

to

a

certain

extent,

reflected

operational

cost

savings

and

efficiencies

initiated

by

management.

As

part

of

this

evaluation,

the

Board

considered

management’s

outsourcing

of

certain

operations,

which

effort

has

required

considerable

up-front

expenditures

Franklin

Universal

Trust

Shareholder

Information

65

franklintempleton.com

Annual

Report

by

the

Manager

but,

over

the

long

run

is

expected

to

result

in

greater

efficiencies.

The

Board

also

noted

management’s

expenditures

in

improving

shareholder

services

provided

to

the

Fund,

as

well

as

the

need

to

implement

systems

and

meet

additional

regulatory

and

compliance

requirements

resulting

from

recent

US

Securities

and

Exchange

Commission

and

other

regulatory

requirements.

The

Board

also

considered

the

extent

to

which

the

Manager

and

its

affiliates

might

derive

ancillary

benefits

from

fund

operations,

potential

benefits

resulting

from

personnel

and

systems

enhancements

necessitated

by

fund

growth,

as

well

as

increased

leverage

with

service

providers

and

counterparties.

Based

upon

its

consideration

of

all

these

factors,

the

Board

concluded

that

the

level

of

profits

realized

by

the

Manager

and

its

affiliates

from

providing

services

to

the

Fund

was

not

excessive

in

view

of

the

nature,

extent

and

quality

of

services

provided

to

the

Fund.

Economies

of

Scale

The

Board

reviewed

and

considered

the

extent

to

which

the

Manager

may

realize

economies

of

scale,

if

any,

as

the

Fund

grows

larger

and

whether

the

Fund’s

management

fee

structure

reflects

any

economies

of

scale

for

the

benefit

of

shareholders.

The

Board

believes

that

the

Manager’s

ability

to

realize

economies

of

scale

and

the

sharing

of

such

benefit

is

a

more

relevant

consideration

in

the

case

of

an

open-end

fund

whose

size

increases

as

a

result

of

the

continuous

sale

of

its

shares.

A

closed-end

fund,

such

as

the

Fund,

does

not

continuously

offer

shares,

and

growth

following

its

initial

public

offering

will

primarily

result

from

market

appreciation,

which

benefits

its

shareholders.

While

believing

economies

of

scale

to

be

less

of

a

factor

in

the

context

of

a

closed-end

fund,

the

Board

believes

at

some

point

an

increase

in

size

may

lead

to

economies

of

scale

that

would

be

shared

with

the

Fund

and

its

shareholders

and

intends

to

monitor

future

growth

of

the

Fund

accordingly.

The

Board

recognized

that

there

would

not

likely

be

any

economies

of

scale

for

the

Fund

until

the

Fund’s

assets

grow.

The

Board

considered

the

Manager’s

view

that

any

analyses

of

potential

economies

of

scale

in

managing

a

particular

fund

are

inherently

limited

in

light

of

the

joint

and

common

costs

and

investments

the

Manager

incurs

across

the

FT

family

of

funds

as

a

whole

Conclusion

Based

on

its

review,

consideration

and

evaluation

of

all

factors

it

believed

relevant,

including

the

above-described

factors

and

conclusions,

the

Board

unanimously

approved

the

continuation

of

the

Management

Agreement

for

an

additional

one-year

period.

Proxy

Voting

Policies

and

Procedures

The

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

A

10/23

©

2023

Franklin

Templeton

Investments.

All

rights

reserved.

To

help

ensure

we

provide

you

with

quality

service,

all

calls

to

and

from

our

service

areas

are

monitored

and/or

recorded.

Annual

Report

Franklin

Universal

Trust

Investment

Manager

Transfer

Agent

Franklin

Advisers,

Inc.

(800)

DIAL

BEN

®

/

342-5236

Equiniti

Trust

Company,

LLC

6201

15th

Avenue

Brooklyn,

NY

11219

www.equiniti.com

Item 2. Code of Ethics.

(a) The Registrant has adopted a code of ethics that applies to its principal executive officers and principal financial and accounting officer. 

(c) N/A

(d) N/A

(f) Pursuant to Item 13(a)(1), the Registrant is attaching as an exhibit a copy of its code of ethics that applies to its principal executive officers and principal financial and accounting officer.

Item 3. Audit Committee Financial Expert.

(a)(1) The Registrant has an audit committee financial expert serving on its audit committee.

(2) The audit committee financial expert is Mary C. Choksi and she is "independent" as defined under the relevant Securities and Exchange Commission Rules and Releases.

Item 4.
 Principal Accountant Fees and Services.

(a)      Audit Fees

The aggregate fees paid to the principal accountant for professional services rendered by the principal accountant for the audit of the registrant’s annual financial statements or for services that are normally provided by the principal accountant in connection with statutory and regulatory filings or engagements were $79,340 for the fiscal year ended August 31, 2023 and $73,797 for the fiscal year ended August 31, 2022.

(b)      Audit-Related Fees

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

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

(c)      Tax Fees

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

The aggregate fees paid to the principal accountant for professional services rendered by the principal accountant to the registrant’s investment adviser and any entity controlling, controlled by or under common control with the investment adviser that provides ongoing services to the registrant for tax compliance, tax advice and tax planning were $70,000 for the fiscal year ended August 31, 2023, and $0 for the fiscal year ended August 31, 2022. The services for which these fees were paid included global access to tax platform International Tax View.

(d)      All Other Fees

There were no fees paid to the principal accountant for products and services rendered by the principal accountant to the registrant not reported in paragraphs (a)-(c) of Item 4.

The aggregate fees paid to the principal accountant for products and services rendered by the principal accountant to the registrant’s investment adviser and any entity controlling, controlled by or under common control with the investment adviser that provides ongoing services to the registrant not reported in paragraphs (a)-(c) of Item 4 were $13,000 for the fiscal year ended August 31, 2023 and $276,195 for the fiscal year ended August 31, 2022. The services for which these fees were paid included professional fees in connection with determining the feasibility of a U.S. direct lending structure, professional services relating to the readiness assessment over Greenhouse Gas Emissions and Energy,
professional fees relating to security counts, fees in connection with license for accounting and business knowledge platform Viewpoint, and fees in connection with license for employee development tool ProEdge.  

(e) (1) The registrant’s audit committee is directly responsible for approving the services to be provided by the auditors, including:

      (i)   pre-approval of all audit and audit related services;

      (ii)  pre-approval of all non-audit related services to be provided to the Fund by the auditors;

      (iii) pre-approval of all non-audit related services to be provided to the registrant by the auditors to the registrant’s investment adviser or to any entity that controls, is controlled by or is under common control with the registrant’s investment adviser and that provides ongoing services to the registrant where the non-audit services relate directly to the operations or financial reporting of the registrant; and

      (iv)  establishment by the audit committee, if deemed necessary or appropriate, as an alternative to committee pre-approval of services to be provided by the auditors, as required by paragraphs (ii) and (iii) above, of policies and procedures to permit such services to be pre-approved by other means, such as through establishment of guidelines or by action of a designated member or members of the committee; provided the policies and procedures are detailed as to the particular service and the committee is informed of each service and such policies and procedures do not include delegation of audit committee responsibilities, as contemplated under the Securities Exchange Act of 1934, to management; subject, in the case of (ii) through (iv), to any waivers, exceptions or exemptions that may be available under applicable law or rules.

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

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

(g) The aggregate non-audit fees paid to the principal accountant for services rendered by the principal accountant to the registrant and the registrant’s investment adviser and any entity controlling, controlled by or under common control with the investment adviser that provides ongoing services to the registrant were $83,000 for the fiscal year ended August 31, 2023 and $276,195 for the fiscal year ended August 31, 2022.

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

(i) N/A

(j) N/A

Item 5. Audit Committee

of Listed Registrants.

Members of the Audit Committee are:

Terrence J. Checki,

Mary C. Choksi

,

Edith E. Holiday,

J. Michael Luttig and Larry D. Thompson.

Item 6. Schedule of Investments.                      N/A

Item 7

. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.

The board of trustees of the Fund has delegated the authority to vote proxies related to the portfolio securities held by the Fund to the Fund's investment manager, Franklin Advisers, Inc. in accordance with the Proxy Voting Policies and Procedures (Policies) adopted by the investment manager.

RESPONSIBILITY OF THE INVESTMENT MANAGER TO VOTE PROXIES

Franklin Templeton Investment Solutions, a separate investment group within Franklin Templeton, comprised of investment personnel from the SEC-registered investment advisers listed on Appendix A (hereinafter individually an “Investment Manager” and collectively the "Investment Managers") have delegated the administrative duties with respect to voting proxies for securities to the Franklin Templeton Proxy Group. Proxy duties consist of disseminating proxy materials and analyses of issuers whose stock is owned by any client (including both investment companies and any separate accounts managed by the Investment Managers) that has either delegated proxy voting administrative responsibility to the Investment Managers or has asked for information and/or recommendations on the issues to be voted. The Investment Managers will inform advisory clients that have not delegated the voting responsibility but that have requested voting advice about the Investment Managers’ views on such proxy votes. The Proxy Group also provides these services to other advisory affiliates of the Investment Managers.

The Proxy Group will process proxy votes on behalf of, and the Investment Managers vote proxies solely in the best interests of, separate account clients, the Investment Managers’-managed investment company shareholders, or shareholders of funds that have appointed Franklin Templeton International Services S.à.r.l. (“FTIS S.à.r.l.”) as the Management Company, provided such funds or clients have properly delegated such responsibility in writing, or, where employee benefit plan assets subject to the Employee Retirement Income Security Act of 1974, as amended, are involved (“ERISA accounts”), in the best interests of the plan participants and beneficiaries (collectively, "Advisory Clients"), unless (i) the power to vote has been specifically retained by the named fiduciary in the documents in which the named fiduciary appointed the Investment Managers or (ii) the documents otherwise expressly prohibit the Investment Managers from voting proxies. The Investment Managers recognize that the exercise of voting rights on securities held by ERISA plans for which the Investment Managers have voting responsibility is a fiduciary duty that must be exercised with care, skill, prudence and diligence.

In certain circumstances, Advisory Clients are permitted to direct their votes in a solicitation pursuant to the Investment Management Agreement. An Advisory Client that wishes to direct its vote shall give reasonable prior written notice to the Investment Managers indicating such intention and provide written instructions directing the Investment Managers or the Proxy Group to vote regarding the solicitation. Where such prior written notice is received, the Proxy Group will vote proxies in accordance with such written notification received from the Advisory Client.

The Investment Managers have adopted and implemented Proxy Voting Policies and Procedures (“Proxy Policies”) that they believe are reasonably designed to ensure that proxies are voted in the best interest of Advisory Clients in accordance with their fiduciary duties and rule 206(4)-6 under the Investment Advisers Act of 1940. To the extent that the Investment Managers have a subadvisory agreement with an affiliated investment manager (the “Affiliated Subadviser”) with respect to a particular Advisory Client, the Investment Managers may delegate proxy voting responsibility to the Affiliated Subadviser. The Investment Managers may also delegate proxy voting responsibility to a subadviser that is not an Affiliated Subadviser in certain limited situations as disclosed to fund shareholders (e.g., where an Investment Manager to a pooled investment vehicle has engaged a subadviser that is not an Affiliated Subadviser to manage all or a portion of the assets).

HOW THE INVESTMENT MANAGERS VOTE PROXIES

Proxy Services

All proxies received by the Proxy Group will be voted based upon the Investment Managers’ instructions and/or policies. To assist it in analyzing proxies of equity securities, the Investment Managers subscribe to Institutional Shareholder Services Inc. ("ISS"), an unaffiliated third-party corporate governance research service that provides in-depth analyses of shareholder meeting agendas and vote recommendations. In addition, the Investment Managers subscribe to ISS’s Proxy Voting Service and Vote Disclosure Service. These services include receipt of proxy ballots, custodian bank relations, account maintenance, vote execution, ballot reconciliation, vote record maintenance, comprehensive reporting capabilities, and vote disclosure services. Also, the Investment Managers subscribe to Glass, Lewis & Co., LLC ("Glass Lewis"), an unaffiliated third-party analytical research firm, to receive analyses and vote recommendations on the shareholder meetings of publicly held U.S. companies, as well as a limited subscription to its international research.

* Rule 38a-1 under the Investment Company Act of 1940 (“1940 Act”) and Rule 206(4)-7 under the Investment Advisers Act of 1940 (“Advisers Act”) (together the Compliance Rule”) require registered investment companies and registered investment advisers to, among other things, adopt and implement written policies and procedures reasonably designed to prevent violations of the federal securities laws (“Compliance Rule Policies and Procedures”).

Although analyses provided by ISS, Glass Lewis, and/or another independent third-party proxy service provider (each a “Proxy Service”) are thoroughly reviewed and considered in making a final voting decision, the Investment Managers do not consider recommendations from a Proxy Service or any third-party to be determinative of the Investment Managers’ ultimate decision. Rather, the Investment Managers exercise their independent judgment in making voting decisions. As a matter of policy, the officers, directors and employees of the Investment Managers and the Proxy Group will not be influenced by outside sources whose interests conflict with the interests of Advisory Clients.

For ease of reference, the Proxy Policies often refer to all Advisory Clients. However, our processes and practices seek to ensure that proxy voting decisions are suitable for individual Advisory Clients. In some cases, the Investment Managers’ evaluation may result in an individual Advisory Client or Investment Manager voting differently, depending upon the nature and objective of the fund or account, the composition of its portfolio, whether the Investment Manager has adopted a specialty or custom voting policy, and other factors.

Conflicts of Interest

All conflicts of interest will be resolved in the best interests of the Advisory Clients. The Investment Managers are affiliates of a large, diverse financial services firm with many affiliates and makes its best efforts to mitigate conflicts of interest. However, as a general matter, the Investment Managers take the position that relationships between certain affiliates that do not use the “Franklin Templeton” name (“Independent Affiliates”) and an issuer (e.g., an investment management relationship between an issuer and an Independent Affiliate) do not present a conflict of interest for an Investment Manager in voting proxies with respect to such issuer because: (i) the Investment Managers operate as an independent business unit from the Independent Affiliate business units, and (ii) informational barriers exist between the Investment Managers and the Independent Affiliate business units.

Material conflicts of interest could arise in a variety of situations, including as a result of the Investment Managers’ or an affiliate’s (other than an Independent Affiliate as described above): (i) material business relationship with an issuer or proponent, (ii) direct or indirect pecuniary interest in an issuer or proponent; or (iii) significant personal or family relationship with an issuer or proponent.

Material conflicts of interest are identified by the Proxy Group based upon analyses of client, distributor, broker dealer, and vendor lists, information periodically gathered from directors and officers, and information derived from other sources, including public filings. The Proxy Group gathers and analyzes this information on a best-efforts basis, as much of this information is provided directly by individuals and groups other than the Proxy Group, and the Proxy Group relies on the accuracy of the information it receives from such parties.

Nonetheless, even though a potential conflict of interest between the Investment Managers or an affiliate (other than an Independent Affiliate as described above) and an issuer may exist: (1) the Investment Managers may vote in opposition to the recommendations of an issuer’s management even if contrary to the recommendations of a third-party proxy voting research provider; (2) if management has made no recommendations, the Proxy Group may defer to the voting instructions of the Investment Managers; and (3) with respect to shares held by Franklin Resources, Inc. or its affiliates for their own corporate accounts, such shares may be voted without regard to these conflict procedures.

Otherwise, in

situations where a material conflict of interest is identified between the Investment Managers or one of its affiliates (other than Independent Affiliates) and an issuer, the Proxy Group may vote consistent with the voting recommendation of a Proxy Service or send the proxy directly to the relevant Advisory Clients with the Investment Managers’ recommendation regarding the vote for approval. To address certain affiliate conflict situations, the Investment Managers will employ pass-through voting or mirror voting when required pursuant to a fund’s governing documents or applicable law.

Where the Proxy Group refers a matter to an Advisory Client, it may rely upon the instructions of a representative of the Advisory Client, such as the board of directors or trustees, a committee of the board, or an appointed delegate in the case of a U.S. registered investment company, a conducting officer in the case of a fund that has appointed FTIS S.à.r.l as its Management Company, the Independent Review Committee for Canadian investment funds, or a plan administrator in the case of an employee benefit plan. A quorum of the board of directors or trustees or of a committee of the board can be reached by a majority of members, or a majority of non-recused members. The Proxy Group may determine to vote all shares held by Advisory Clients of the Investment Managers and affiliated Investment Managers (other than Independent Affiliates) in accordance with the instructions of one or more of the Advisory Clients.

The Investment Managers may also decide whether to vote proxies for securities deemed to present conflicts of interest that are sold following a record date, but before a shareholder meeting date. The Investment Managers may consider various factors in deciding whether to vote such proxies, including the Investment Managers’ long-term view of the issuer’s securities for investment, or it may defer the decision to vote to the applicable Advisory Client. The Investment Managers also may be unable to vote, or choose not to vote, a proxy for securities deemed to present a conflict of interest for any of the reasons outlined in the first paragraph of the section of these policies entitled “Proxy Procedures.”

Weight Given Management Recommendations

One of the primary factors the Investment Managers consider when determining the desirability of investing in a particular company is the quality and depth of that company's management. Accordingly, the recommendation of management on any issue is a factor that the Investment Managers consider in determining how proxies should be voted. However, the Investment Managers do not consider recommendations from management to be determinative of the Investment Managers’ ultimate decision. Each issue is considered on its own merits, and the Investment Managers will not support the position of a company's management in any situation where it determines that the ratification of management's position would adversely affect the investment merits of owning that company's shares.

Engagement with Issuers

The Investment Managers believe that engagement with issuers is important to good corporate governance and to assist in making proxy voting decisions. The Investment Managers may engage with issuers to discuss specific ballot items to be voted on in advance of an annual or special meeting to obtain further information or clarification on the proposals. The Investment Managers may also engage with management on a range of environmental, social or corporate governance issues throughout the year.

THE PROXY GROUP

The Proxy Group is part of the Franklin Templeton’s Global Sustainability Strategy Team’s Stewardship Team. Full-time staff members and support staff are devoted to proxy voting administration and oversight and providing support and assistance where needed. On a daily basis, the Proxy Group will review each proxy upon receipt as well as any agendas, materials and recommendations that they receive from a Proxy Service or other sources. The Proxy Group maintains a record of all shareholder meetings that are scheduled for companies whose securities are held by the Investment Managers’ managed funds and accounts. For each shareholder meeting, a member of the Proxy Group will consult with the research analyst that follows the security and provide the analyst with the agenda, analyses of one or more Proxy Services, recommendations and any other information provided to the Proxy Group. Except in situations identified as presenting material conflicts of interest, the Investment Managers’ research analyst and relevant portfolio manager(s) are responsible for making the final voting decision based on their review of the agenda, analyses of one or more Proxy Services, proxy statements, their knowledge of the company and any other information publicly available.

In situations where the Investment Managers have not responded with vote recommendations to the Proxy Group by the deadline date, the Proxy Group may vote consistent with the vote recommendations of a Proxy Service. Except in cases where the Proxy Group is voting consistent with the voting recommendation of a Proxy Service, the Proxy Group must obtain voting instructions from the Investment Managers’ research analysts, relevant portfolio manager(s), legal counsel and/or the Advisory Client prior to submitting the vote. In the event that an account holds a security that an Investment Manager did not purchase on its behalf, and the Investment Manager does not normally consider the security as a potential investment for other accounts, the Proxy Group may vote consistent with the voting recommendations of a Proxy Service or take no action on the meeting.

PROXY ADMINISTRATION PROCEDURES

Situations Where Proxies Are Not Voted

The Proxy Group is fully cognizant of its responsibility to process proxies and maintain proxy records as may be required by relevant rules and regulations. In addition, the Investment Managers understand their fiduciary duty to vote proxies and that proxy voting decisions may affect the value of shareholdings. Therefore, the Investment Managers will generally attempt to process every proxy they receive for all domestic and foreign securities.

However, there may be situations in which the Investment Managers may be unable to successfully vote a proxy, or may choose not to vote a proxy, such as where: (i) a proxy ballot was not received from the custodian bank; (ii) a meeting notice was received too late; (iii) there are fees imposed upon the exercise of a vote and it is determined that such fees outweigh the benefit of voting; (iv) there are legal encumbrances to voting, including blocking restrictions in certain markets that preclude the ability to dispose of a security if an Investment Manager votes a proxy or where the Investment Manager is prohibited from voting by applicable law, economic or other sanctions, or other regulatory or market requirements, including but not limited to, effective Powers of Attorney; (v) additional documentation or the disclosure of beneficial owner details is required; (vi) the Investment Managers held shares on the record date but has sold them prior to the meeting date; (vii) the Advisory Client held shares on the record date, but the Advisory Client closed the account prior to the meeting date; (viii) a proxy voting service is not offered by the custodian in the market; (ix) due to either system error or human error, the Investment Managers’ intended vote is not correctly submitted; (x) the Investment Managers believe it is not in the best interest of the Advisory Client to vote the proxy for any other reason not enumerated herein; or (xi) a security is subject to a securities lending or similar program that has transferred legal title to the security to another person.

Rejected Votes

Even if the Investment Managers use reasonable efforts to vote a proxy on behalf of their Advisory Clients, such vote or proxy may be rejected because of (a) operational or procedural issues experienced by one or more third parties involved in voting proxies in such jurisdictions; (b) changes in the process or agenda for the meeting by the issuer for which the Investment Managers do not have sufficient notice; or (c) the exercise by the issuer of its discretion to reject the vote of the Investment Managers. In addition, despite the best efforts of the Proxy Group and its agents, there may be situations where the Investment Managers’ votes are not received, or properly tabulated, by an issuer or the issuer’s agent.

Securities on Loan

The Investment Managers or their affiliates may, on behalf of one or more of the proprietary registered investment companies advised by the Investment Managers or their affiliates, make efforts to recall any security on loan where the Investment Manager or its affiliates (a) learn of a vote on an event that may materially affect a security on loan and (b) determine that it is in the best interests of such proprietary registered investment companies to recall the security for voting purposes. The ability to timely recall shares is not entirely within the control of the Investment Managers. Under certain circumstances, the recall of shares in time for such shares to be voted may not be possible due to applicable proxy voting record dates or other administrative considerations.

Split Voting

There may be instances in certain non-U.S. markets where split voting is not allowed. Split voting occurs when a position held within an account is voted in accordance with two differing instructions. Some markets and/or issuers only allow voting on an entire position and do not accept split voting. In certain cases, when more than one Franklin Templeton investment manager has accounts holding shares of an issuer that are held in an omnibus structure, the Proxy Group will seek direction from an appropriate representative of the Advisory Client with multiple Investment Managers (such as a conducting officer of the Management Company in the case of a SICAV), or the Proxy Group will submit the vote based on the voting instructions provided by the Investment Manager with accounts holding the greatest number of shares of the security within the omnibus structure.

Bundled Items

If several issues are bundled together in a single voting item, the Investment Managers will assess the total benefit to shareholders and the extent that such issues should be subject to separate voting proposals.

PROCEDURES FOR MEETINGS INVOLVING FIXED INCOME SECURITIES & PRIVATELY HELD ISSUERS

From time to time, certain custodians may process events for fixed income securities through their proxy voting channels rather than corporate action channels for administrative convenience. In such cases, the Proxy Group will receive ballots for such events on the ISS voting platform. The Proxy Group will solicit voting instructions from the Investment Managers for each account or fund involved. If the Proxy Group does not receive voting instructions from the Investment Managers, the Proxy Group will take no action on the event. The Investment Managers may be unable to vote a proxy for a fixed income security, or may choose not to vote a proxy, for the reasons described under the section entitled “Proxy Procedures.”

In the rare instance where there is a vote for a privately held issuer, the decision will generally be made by the relevant portfolio managers or research analysts.

The Proxy Group will monitor such meetings involving fixed income securities or privately held issuers for conflicts of interest in accordance with these procedures. If a fixed income or privately held issuer is flagged as a potential conflict of interest, the Investment Managers may nonetheless vote as it deems in the best interests of its Advisory Clients. The Investment Managers will report such decisions on an annual basis to Advisory Clients as may be required.

Appendix A

These Proxy Policies apply to accounts managed by personnel within Franklin Templeton Investment Solutions, which includes the following Investment Managers:

Franklin Advisers, Inc. (FAV)

Franklin Advisory Services, LLC (FASL)

Franklin Mutual Advisers LLC (FMA)

Franklin Templeton Investments Corp. (FTIC)

Franklin Templeton Investment Management Limited (FTIML)

Templeton Asset Management Ltd. (TAML)

The following Proxy Policies apply to FAV, FMA, FTIC, FTIML, and TAML only:

HOW THE INVESTMENT MANAGERS VOTE PROXIES

Proxy Services

Certain of the Investment Managers’ separate accounts or funds (or a portion thereof) are included under Franklin Templeton Investment Solutions (“FTIS”), a separate investment group within Franklin Templeton, and employ a quantitative strategy.

For such accounts, FTIS’s proprietary methodologies rely on a combination of quantitative, qualitative, and behavioral analysis rather than fundamental security research and analyst coverage that an actively managed portfolio would ordinarily employ. Accordingly, absent client direction, in light of the high number of positions held by such accounts and the considerable time and effort that would be required to review proxy statements and ISS or Glass Lewis recommendations, the Investment Manager may review ISS’s non-US Benchmark guidelines, ISS’s specialty guidelines (in particular, ISS’s Sustainability guidelines), or Glass Lewis’s US guidelines (the “the ISS and Glass Lewis Proxy Voting Guidelines”) and determine, consistent with the best interest of its clients, to provide standing instructions to the Proxy Group to vote proxies according to the recommendations of ISS or Glass Lewis.

The Investment Manager, however, retains the ability to vote a proxy differently than ISS or Glass Lewis recommends if the Investment Manager determines that it would be in the best interests of Advisory Clients.

The following Proxy Policies apply to FASL only:

HOW THE INVESTMENT MANAGERS VOTE PROXIES

Proxy Services

The Franklin LibertyQ branded smart beta exchange traded funds and other passively managed exchange traded funds (collectively, “ETFs”), seek to track a particular securities index. As a result, each ETF may hold the securities of hundreds of issuers. Because the primary criteria for determining whether a security should be included (or continued to be included) in an ETF’s investment portfolio is whether such security is a representative component of the securities index that the ETF is seeking to track, the ETFs do not require the fundamental security research and analyst coverage that an actively managed portfolio would require. Accordingly, in light of the high number of positions held by an ETF and the considerable time and effort that would be required to review proxy statements and ISS or Glass Lewis recommendations, the Investment Manager may review ISS’s non-US Benchmark guidelines, ISS’s specialty guidelines (in particular, ISS’s Sustainability guidelines), or Glass Lewis’s US guidelines (the “ISS and Glass Lewis Proxy Voting Guidelines”) and determine, consistent with the best interest of its clients, to provide standing instructions to the Proxy Group to vote proxies according to the recommendations of ISS or Glass Lewis rather than analyze each individual proxy vote. Permitting the Investment Manager of the ETFs to defer its judgment for voting on a proxy to the recommendations of ISS or Glass Lewis may result in a proxy related to the securities of a particular issuer held by an ETF being voted differently from the same proxy that is voted on by other funds managed by the Investment Managers.

The following Proxy Policies apply to FTIC, FTIML, and TAML only:

HOW THE INVESTMENT MANAGERS VOTE PROXIES

Proxy Services

For accounts managed by the Templeton Global Equity Group (“TGEG”), in making voting decisions, the Investment Manager may consider Glass Lewis’s Proxy Voting Guidelines, ISS’s Benchmark Policies, ISS’s Sustainability Policy, and TGEG’s custom sustainability guidelines, which reflect what TGEG believes to be good environmental, social, and governance practices.

The following Proxy Policies apply to FTIC only:

RESPONSIBILITY OF THE INVESTMENT MANAGERS TO VOTE PROXIES

To the extent that the Investment Manager has a subadvisory agreement with an affiliated investment manager (the “Affiliated Subadviser”) with respect to a particular Advisory Client or the Investment Manager chooses securities for an Advisory Client’s portfolios that are recommended by an Affiliated Subadviser, the Investment Manager may delegate proxy voting responsibility to the Affiliated Subadviser or vote proxies in accordance with the Affiliated Subadviser’s recommendations.

Item 8. Portfolio Managers of Closed-End Management Investment Companies.

(a)(1)  As of October 30, 2023, the portfolio managers of the Fund is as follows:

GLENN I. VOYLES CFA

, Senior Vice President of Advisers

Mr. Voyles has been a manager of the Fund since 1999, providing research and advice on the purchases and sales of individual securities, and portfolio risk assessment for the global income component of the Fund. He joined Franklin Templeton Investments in 1993.

JONATHAN G. BELK CFA

, Portfolio Manager of Advisers

Mr. Belk has been a portfolio manager of the Fund since August 2020. He joined Franklin Templeton in 2004.

CFA and Chartered Financial Analyst are trademarks owned by CFA Institute.

(a)(2)  This section reflects information about the portfolio managers as of the fiscal year ended August 31, 2023.

The following table shows the number of other accounts managed by each portfolio manager and the total assets in the accounts managed within each category:

Name	Number of Other Registered Investment Companies Managed1	Assets of Other Registered Investment Companies Managed (x $1 million)1		Number of Other Pooled Investment Vehicles Managed1		Assets of Other Pooled Investment Vehicles Managed (x $1 million)1	Number of Other Accounts Managed1	Assets of Other Accounts Managed (x $1 million)1
Glenn I. Voyles	4		3,476.4	4	1,034.1		1	38.7
Jonathan G. Belk	2		478.1

1.

The various pooled investment vehicles and accounts listed are managed by a team of investment professionals.  Accordingly, the individual managers listed would not be solely responsible for managing such listed amounts.

Portfolio managers that provide investment services to the Fund may also provide services to a variety of other investment products, including other funds, institutional accounts and private accounts.  The advisory fees for some of such other products and accounts may be different than that charged to the Fund and may include performance based compensation (as noted, in the chart above, if any).  This may result in fees that are higher (or lower) than the advisory fees paid by the Fund. As a matter of policy, each fund or account is managed solely for the benefit of the beneficial owners thereof. As discussed below, the separation of the trading execution function from the portfolio management function and the application of objectively based trade allocation procedures help to mitigate potential conflicts of interest that may arise as a result of the portfolio managers managing accounts with different advisory fees.

Conflicts. 

The management of multiple funds, including the Fund, and accounts may also give rise to potential conflicts of interest if the funds and other accounts have different objectives, benchmarks, time horizons, and fees as the portfolio manager must allocate his or her time and investment ideas across multiple funds and accounts. The investment manager seeks to manage such competing interests for the time and attention of portfolio managers by having portfolio managers focus on a particular investment discipline.  Most other accounts managed by a portfolio manager are managed using the same investment strategies that are used in connection with the management of the Fund.  Accordingly, portfolio holdings, position sizes, and industry and sector exposures tend to be similar across similar portfolios, which may minimize the potential for conflicts of interest. As noted above, the separate management of the trade execution and valuation functions from the portfolio management process also helps to reduce potential conflicts of interest. However, securities selected for funds or accounts other than the Fund may outperform the securities selected for the Fund. Moreover, if a portfolio manager identifies a limited investment opportunity that may be suitable for more than one fund or other account, the Fund may not be able to take full advantage of that opportunity due to an allocation of that opportunity across all eligible funds and other accounts. The investment manager seeks to manage such potential conflicts by using procedures intended to provide a fair allocation of buy and sell opportunities among funds and other accounts.

The structure of a portfolio manager’s compensation may give rise to potential conflicts of interest. A portfolio manager’s base pay and bonus tend to increase with additional and more complex responsibilities that include increased assets under management.  As such, there may be an indirect relationship between a portfolio manager’s marketing or sales efforts and his or her bonus. 

Finally, the management of personal accounts by a portfolio manager may give rise to potential conflicts of interest.  While the funds and the manager have adopted a code of ethics which they believe contains provisions reasonably necessary to prevent a wide range of prohibited activities by portfolio managers and others with respect to their personal trading activities, there can be no assurance that the code of ethics addresses all individual conduct that could result in conflicts of interest.

The manager and the Fund have adopted certain compliance procedures that are designed to address these, and other, types of conflicts.  However, there is no guarantee that such procedures will detect each and every situation where a conflict arises.

Compensation.

  The investment manager seeks to maintain a compensation program that is competitively positioned to attract, retain and motivate top-quality investment professionals. Portfolio managers receive a base salary, a cash incentive bonus opportunity, an equity compensation opportunity, and a benefits package. Portfolio manager compensation is reviewed annually and the level of compensation is based on individual performance, the salary range for a portfolio manager’s level of responsibility and Franklin Templeton guidelines. Portfolio managers are provided no financial incentive to favor one fund or account over another. Each portfolio manager’s compensation consists of the following three elements:

Base salary

 Each portfolio manager is paid a base salary.

Annual bonus

  Annual bonuses are structured to align the interests of the portfolio manager with those of the Fund’s shareholders. Each portfolio manager is eligible to receive an annual bonus. Bonuses generally are split between cash (50% to 65%) and restricted shares of Resources stock (17.5% to 25%) and mutual fund shares (17.5% to 25%). The deferred equity-based compensation is intended to build a vested interest of the portfolio manager in the financial performance of both Resources and mutual funds advised by the investment manager. The bonus plan is intended to provide a competitive level of annual bonus compensation that is tied to the portfolio manager achieving consistently strong investment performance, which aligns the financial incentives of the portfolio manager and Fund shareholders. The Chief Investment Officer of the investment manager and/or other officers of the investment manager, with responsibility for the Fund, have discretion in the granting of annual bonuses to portfolio managers in accordance with Franklin Templeton guidelines. The following factors are generally used in determining bonuses under the plan:

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

Additional long-term equity-based compensation

  Portfolio managers may also be awarded restricted shares or units of Resources stock or restricted shares or units of one or more mutual funds. Awards of such deferred equity-based compensation typically vest over time, so as to create incentives to retain key talent.

Benefits

Portfolio managers also participate in benefit plans and programs available generally to all employees of the investment manager.

Ownership of Fund shares.

  The investment manager has a policy of encouraging portfolio managers to invest in the funds they manage. Exceptions arise when, for example, a fund is closed to new investors or when tax considerations or jurisdictional constraints cause such an investment to be inappropriate for the portfolio manager. The following is the dollar range of Fund shares beneficially owned by the portfolio manager (such amounts may change from time to time):

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

Item 9. Purchases of Equity Securities by Closed-End Management Investment Company and

Affiliated Purchasers.        N/A

Item 10. Submission of Matters to a Vote of Security Holders.

There have been no changes to the procedures by which shareholders may recommend nominees to the Registrant's Board of Trustees that would require disclosure herein.

Item 11. Controls and Procedures.

(a)

  Evaluation of Disclosure Controls and Procedures.  The Registrant maintains disclosure controls and procedures that are designed to provide reasonable assurance that information required to be disclosed in the Registrant’s filings under the Securities Exchange Act of 1934, as amended, and the Investment Company Act of 1940 is recorded, processed, summarized and reported within the periods specified in the rules and forms of the Securities and Exchange Commission. Such information is accumulated and communicated to the Registrant’s management, including its principal executive officer and principal financial officer, as appropriate, to allow timely decisions regarding required disclosure. The Registrant’s management, including the principal executive officer and the principal financial officer, recognizes that any set of controls and procedures, no matter how well designed and operated, can provide only reasonable assurance of achieving the desired control objectives.

Within 90 days prior to the filing date of this Shareholder Report on Form N-CSR, the Registrant had carried out an evaluation, under the supervision and with the participation of the Registrant’s management, including the Registrant’s principal executive officer and the Registrant’s principal financial officer, of the effectiveness of the design and operation of the Registrant’s disclosure controls and procedures. Based on such evaluation, the Registrant’s principal executive officer and principal financial officer concluded that the Registrant’s disclosure controls and procedures are effective.

(b) Changes in Internal Controls

.  There have been no changes in the Registrant’s internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect the internal control over financial reporting.

Item 12. Disclosure of Securities Lending Activities for Closed-End Management Investment Company.

Securities lending agent

The board of trustees has approved the Fund’s participation in a securities lending program. Under the securities lending program, Bank of New York Mellon serves as the Fund’s securities lending agent.

For the fiscal year ended August 31, 2023, the income earned by the Fund as well as the fees and/or compensation paid by the Fund in dollars pursuant to a securities lending agreement between the Trust with respect to the Fund and the Securities Lending Agent were as follows (figures may differ from those shown in shareholder reports due to time of availability and use of estimates):

Gross income earned by the Fund from securities lending activities	$15,115
Fees and/or compensation paid by the Fund for securities lending activities and related services
Fees paid to Securities Lending Agent from revenue split	$1,166
Fees paid for any cash collateral management service (including fees deducted from a pooled cash collateral reinvestment vehicle) not included in a revenue split	-
Administrative fees not included in a revenue split	-
Indemnification fees not included in a revenue split	-
Rebate (paid to borrower)	$1,787
Other fees not included above	-
Aggregate fees/compensation paid by the Fund for securities lending activities	$2,953
Net income from securities lending activities	$12,162

Item 13. Exhibits.

(a)(1) Code of Ethics

codeofethics

(a)(2) Certifications pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 of Matthew T. Hinkle, Chief Executive Officer - Finance and Administration, and Christopher Kings, Chief Financial Officer, Chief Accounting Officer and Treasurer

section302

(a)(2)(1) There were no written solicitations to purchase securities under Rule 23c-1 under the Act sent or given during the period covered by the report by or on behalf of the Registrant to 10 or more persons.

(a)(2)(2) There was no change in the Registrant’s independent public accountant during the period covered by the report.

(b) Certifications pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 of Matthew T. Hinkle, Chief Executive Officer - Finance and Administration, and Christopher Kings, Chief Financial Officer, Chief Accounting Officer and Treasurer

section906

(c)

Pursuant to the Securities and Exchange Commission’s Order granting relief from Section 19(b) of the Investment Company Act of 1940, the 19(a) Notices to Beneficial Owners are attached hereto as Exhibit

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SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

FRANKLIN

UNIVERSAL TRUST

By S\MATTHEW T. HINKLE______________________

Matthew T. Hinkle

      Chief Executive Officer - Finance and Administration

Date  October 30, 2023

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

By S\MATTHEW T. HINKLE______________________

Matthew T. Hinkle

      Chief Executive Officer - Finance and Administration

Date  October 30, 2023

By S\CHRISTOPHER KINGS______________________

      Christopher Kings

      Chief Financial Officer, Chief Accounting Officer and Treasurer

Date  October 30, 2023