FRANKLIN UNIVERSAL TRUST (0000833040) (Filer)

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 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

Franklin Templeton

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: August 31

Date of reporting period: August 31, 2026

(a) The Report to Shareholders is filed herewith

Annual

Report

Franklin

Universal

Trust

August

31,

2026

Not

FDIC

Insured

No

Bank

Guarantee

May

Lose

Value

If

you

need

assistance

accessing

this

content,

please

reach

out

to

your

sales

representative

or

send

an

email

to

[email protected]

.

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

5

Financial

Highlights

and

Schedule

of

Investments

8

Financial

Statements

26

Notes

to

Financial

Statements

30

Report

of

Independent

Registered

Public

Accounting

Firm

40

Tax

Information

41

Important

Information

to

Shareholders

42

Annual

Meeting

of

Shareholders

46

Dividend

Reinvestment

and

Cash

Purchase

Plan

47

Board

Members

and

Officers

49

Shareholder

Information

54

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,

2026.

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.

The

one-year

period

ended

August

31,

2026,

was

characterized

by

resilient

but

divergent

global

growth,

shifting

inflation

pressures

and

a

rise

in

geopolitical

risk.

During

the

second

half

of

2025,

trade

policy

developments

and

political

uncertainty

were

dominant

themes.

By

early

2026,

the

global

economic

cycle

appeared

to

be

maturing

before

the

escalation

of

conflict

in

the

Middle

East

starting

in

late

February,

which

changed

the

macroeconomic

and

market

narrative.

The

U.S.-Iran

war

and

inflation

outlook

dominated

developments

for

the

remainder

of

the

period.

Oil

prices

rose

sharply

following

the

outbreak

of

the

conflict

and

remained

high

through

much

of

the

first

half

of

calendar

2026,

although

they

fell

back

in

June

after

a

Memorandum

of

Understanding

to

extend

the

ceasefire

was

signed.

Though

oil

prices

edged

slightly

higher

in

August,

they

are

still

below

the

peaks

reached

in

the

March-May

2026

period.

Monetary

policy

reflected

a

transition

from

late-cycle

easing

to

a

more

complicated

inflation-growth

trade-off

over

the

one-year

period.

The

U.S.

Federal

Reserve

(Fed)

resumed

its

easing

cycle

in

September

2025,

cutting

rates

by

75

basis

points

(bps)

in

total

by

year-end

to

bring

the

fed

funds

target

range

to

3.50%–3.75%

by

December

2025.

The

Fed

has

since

kept

rates

unchanged,

though

its

tone

changed

from

an

easing

bias

to

a

more

hawkish

outlook.

Kevin

Warsh

assumed

the

role

of

Fed

chairman

on

May

22,

2026,

and

his

speech

at

the

annual

Jackson

Hole

Economic

Policy

Symposium

was

perceived

hawkishly

by

the

bond

market.

The

U.S.

10-year

Treasury

note’s

yield

rose

by

90

bps

over

the

period

to

4.75%.

Despite

facing

headwinds

from

rising

UST

yields,

the

U.S.

high-yield

bond

market

delivered

positive

total

returns

during

the

one-year

period,

supported

by

resilient

corporate

earnings

and

historically

tight

credit

spreads.

Thematically,

investors

watched

as

the

evolution

of

artificial

intelligence

(AI)

remained

as

a

core

market

theme,

with

investor

sentiment

becoming

more

selective

toward

AI

data

center

bond

issuance

by

the

end

of

the

reporting

period

and

markets

shifting

back

to

established

health

care,

software

and

legacy

industries

that

are

demonstrating

tangible

benefits

from

AI

adoption.

Q.

How

did

we

respond

to

these

changing

market

conditions?

A.

Throughout

the

period,

sector

and

security

allocations

were

adjusted

as

volatility

in

market

conditions

provided

opportunities

to

manage

sector

rotations,

individual

security

positions

and

portfolio

duration

exposure.

Our

dedicated

credit

research

analysts

looked

to

find

value

across

industry

sectors

and

rating

classifications.

At

the

end

of

August

2026,

the

Fund

was

overweight

to

the

homebuilding,

finance,

and

metals

&

mining

sectors,

while

underweight

to

the

building

materials,

information

technology

and

telecom

segments.

The

Fund

remained

overweight

utility

equities

and

underweight

high-yield

bonds

relative

to

its

benchmark.

Performance

Overview

For

the

12

months

under

review,

the

Fund’s

cumulative

total

returns

were

+7.37%

based

on

net

asset

value

and

+3.57%

based

on

market

price.

For

comparison,

the

ICE

BofA

US

High

Yield

Constrained

Index,

which

measures

the

performance

of

USD-denominated,

non-investment

grade,

fixed

rate

and

taxable

corporate

bonds,

posted

a

+4.78%

cumulative

total

return

1

.

Utilities

stocks,

as

measured

by

the

Standard

&

Poor’s

(S&P)

500

Utilities

Index,

which

is

comprised

of

companies

included

in

the

S&P

500

that

are

classified

as

members

of

the

GICS

utilities

sector,

posted

a

+2.97%

cumulative

total

return

for

the

same

period.

1

You

can

find

the

Fund’s

long-term

performance

data

in

the

Performance

Summary

on

page

5

.

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.

The

indexes

are

unmanaged

and

include

reinvestment

of

any

income

or

distributions.

They

do

not

reflect

any

fees,

expenses

or

sales

charges.

One

cannot

invest

directly

in

an

index,

and

an

index

is

not

representative

of

the

Fund’s

portfolio.

Important

data

provider

notices

and

terms

available

at

www.franklintempletondatasources.com.

The

dollar

value,

number

of

shares

or

principal

amount,

and

names

of

all

portfolio

holdings

are

listed

in

the

Fund’s

Schedule

of

Investments

(SOI).

The

SOI

begins

on

page

9

.

Franklin

Universal

Trust

3

franklintempleton.com

Annual

Report

The

Fund

has

a

policy

of

seeking

to

maintain

a

relatively

stable

level

of

distributions

to

shareholders.

This

policy

has

no

impact

on

the

Fund’s

investment

strategy

and

may

reduce

the

Fund’s

net

asset

value.

The

Fund’s

investment

manager

believes

the

policy

helps

maintain

the

Fund’s

competitiveness

and

may

benefit

the

Fund’s

market

price

and

premium/discount

to

the

Fund’s

net

asset

value.

The

Fund

sends

a

Form

1099-DIV

to

shareholders

each

calendar

year

describing

how

to

report

the

Fund’s

distributions

for

federal

income

tax

purposes.

Q.

What

were

the

leading

contributors

to

performance?

A.

Security

selection

was

a

positive

contributor

to

performance

within

the

portfolio.

Our

fundamental

research

and

investment

strategy

led

to

favorable

security

selection

in

the

utilities

sector.

NextEra

Energy

contributed

favorably

due

to

the

benefits

from

AI

data

center

power

demand.

NextEra

is

the

world’s

largest

producer

of

wind

and

solar

with

a

strong

pipeline

to

add

power

capacity

over

the

coming

five

years.

The

company

also

announced

the

acquisition

of

Dominion

Energy,

which

faces

a

lengthy

regulatory

approval

process,

with

the

combined

entity

becoming

the

largest

utility

and

energy

infrastructure

company

in

North

America.

Evergy

Inc.

and

Entergy

Corporation

both

saw

outperformance

from

signing

electric

service

agreements

with

major

hyperscalers,

which

we

believe

should

boost

peak

loads

and

support

long-

term

earnings

growth.

Entergy

increased

its

capital

spending

plan

by

33%

to

build

out

energy

infrastructure

to

support

data

centers,

including

new

natural

gas

power

plants

across

its

footprint

in

Arkansas,

Louisiana,

Mississippi

and

Texas

(where

the

regulatory

environment

is

highly

favorable).

The

Fund

also

saw

positive

performance

contributions

from

exposure

to

mining

companies,

including

Freeport-McMoRan

and

Newmont,

where

demand

for

commodities

remained

robust

and

operating

performance

had

been

solid.

The

Fund’s

asset

allocation

was

also

a

positive

contributor

as

the

Fund

continued

to

be

overweight

utility

equities

relative

to

its

benchmark

given

increasing

demand

for

power,

which

in

our

view,

could

lead

to

future

profit

growth

in

addition

to

the

dividend

yield.

In

contrast,

the

Fund

remained

underweight

high-yield

bonds

relative

to

the

benchmark

as

total

return

is

limited

due

to

the

current

spread

environment,

offset

by

a

beneficial

economic

growth

outlook

and

low

default

rate

relative

to

the

history

of

the

high-yield

market.

Q.

What

were

the

leading

detractors

from

performance?

A.

The

Fund’s

holdings

in

Constellation

Energy

and

Talen

Energy

detracted

from

performance.

Both

companies

saw

setbacks

from

regulatory

and

political

intervention

that

will

delay

additional

data

center

colocation

transactions.

Growing

negative

public

sentiment

and

political

pushback

could

delay

or

reduce

opportunities

for

additional

colocation

and/or

expanding

load

growth

on

market

power

pricing.

Constellation

and

Talen

are

independent

power

producers

and

are

more

subject

to

market

forces

rather

than

regulators

who

determine

rates,

which

makes

them

more

cyclical

than

regulated

utilities.

Regulated

utilities

remained

at

the

core

of

the

Fund’s

utility

investment

strategy.

Bonds

of

GDP

Companies

underperformed

due

to

strained

cash

generation

from

weak

commodity

plastic

demand

and

stranded

corporate

overhead

costs

following

a

major

divestiture.

Q.

Were

there

any

significant

changes

to

the

Fund

during

the

reporting

period?

A.

There

were

no

material

modifications

as

to

the

way

the

Fund

was

managed

during

the

period

under

review.

Effective

June

30,

2026,

Bryant

Dieffenbacher

and

Robert

Salvin

were

added

as

Portfolio

Managers

of

the

Fund.

As

of

June

30,

2026,

Patricia

O’Connor

retired

from

the

firm

and

was

removed

as

a

Portfolio

Manager

of

the

Fund.

Thank

you

for

your

continued

participation

in

Franklin

Universal

Trust.

We

look

forward

to

serving

your

future

investment

needs.

Portfolio

Composition

8/31/26

%

of

Total

Investments

Corporate

Bonds

58.9%

Common

Stocks

37.4%

Other

*

1.1%

Short-Term

Investments

2.6%

*

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

8/31/26

Issuer

%

of

Total

Net

Assets

a

a

NextEra

Energy,

Inc.

4.4%

Sempra,

Inc.

3.4%

Entergy

Corp.

3.0%

Evergy,

Inc.

2.7%

Alliant

Energy

Corp.

2.5%

CenterPoint

Energy,

Inc.

2.3%

Duke

Energy

Corp.

2.2%

American

Electric

Power

Co.,

Inc.

2.0%

Southern

Co.

(The)

2.0%

Dominion

Energy,

Inc.

2.0%

Franklin

Universal

Trust

4

franklintempleton.com

Annual

Report

Sincerely,

Glenn

Voyles,

CFA

Jonathan

G.

Belk,

CFA

Robert

L

Salvin

Bryant

Dieffenbacher,

CFA

Portfolio

Management

Team

The

foregoing

information

reflects

our

analysis,

opinions

and

portfolio

holdings

as

of

August

31,

2026,

the

end

of

the

reporting

period.

The

way

we

implement

our

main

investment

strategies

and

the

resulting

portfolio

holdings

may

change

depending

on

factors

such

as

market

and

economic

conditions.

These

opinions

may

not

be

relied

upon

as

investment

advice

or

an

offer

for

a

particular

security.

The

information

is

not

a

complete

analysis

of

every

aspect

of

any

market,

country,

industry,

security

or

the

Fund.

Statements

of

fact

are

from

sources

considered

reliable,

but

the

investment

manager

makes

no

representation

or

warranty

as

to

their

completeness

or

accuracy.

Although

historical

performance

is

no

guarantee

of

future

results,

these

insights

may

help

you

understand

our

investment

management

philosophy.

CFA

®

is

a

trademark

owned

by

CFA

Institute.

Performance

Summary

as

of

August

31,

2026

Franklin

Universal

Trust

5

franklintempleton.com

Annual

Report

Total

return

reflects

reinvestment

of

the

Fund’s

dividends

and

capital

gain

distributions,

if

any,

and

any

unrealized

gains

or

losses.

Total

returns

do

not

reflect

any

sales

charges

paid

at

inception

or

brokerage

commissions

paid

on

secondary

market

purchases.

Total

return

also

does

not

reflect

brokerage

commissions

or

sales

charges

in

connection

with

the

purchase

or

sale

of

Fund

shares

at

the

opening

of

the

first

business

day

and

sale

on

the

closing

of

the

last

business

day

of

each

period.

The

performance

table

and

graph

do

not

reflect

any

taxes

that

a

shareholder

would

pay

on

Fund

dividends,

capital

gain

distributions,

if

any,

or

any

realized

gains

on

the

sale

of

Fund

shares.

Your

dividend

income

will

vary

depending

on

dividends

or

interest

paid

by

securities

in

the

Fund’s

portfolio,

adjusted

for

operating

expenses.

Capital

gain

distributions

are

net

profits

realized

from

the

sale

of

portfolio

securities.

Performance

as

of

8/31/26

1

Performance

data

represent

past

performance,

which

does

not

guarantee

future

results.

Investment

return

and

principal

value

will

fluctuate,

and

you

may

have

a

gain

or

loss

when

you

sell

your

shares.

Current

performance

may

differ

from

figures

shown.

Share

Prices

Cumulative

Total

Return

2

Average

Annual

Total

Return

2

Based

on

NAV

3

Based

on

market

price

4

Based

on

NAV

3

Based

on

market

price

4

1-Year

+7.37%

+3.57%

+7.37%

+3.57%

5-Year

+33.12%

+28.14%

+5.89%

+5.08%

10-Year

+96.57%

+111.45%

+6.99%

+7.78%

Symbol:

FT

8/31/26

8/31/25

Change

Net

Asset

Value

(NAV)

$8.57

$8.46

+$0.11

Market

Price

(NYSE)

$7.71

$7.93

-$0.22

Distributions

Per

Share

(9/1/25–8/31/26)

Net

Investment

Income

Tax

Return

of

Capital

Total

$0.3464

$0.1636

$0.5100

See

page

7

for

Performance

Summary

footnotes.

Franklin

Universal

Trust

Performance

Summary

6

franklintempleton.com

Annual

Report

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.

8/31/16–8/31/26

See

page

7

for

Performance

Summary

footnotes.

Franklin

Universal

Trust

Performance

Summary

7

franklintempleton.com

Annual

Report

Events

such

as

the

spread

of

deadly

diseases,

disasters,

and

financial,

political

or

social

disruptions,

may

heighten

risks

and

adversely

affect

performance.

The

Fund

is

actively

managed

but

there

is

no

guarantee

that

the

manager's

investment

decisions

will

produce

the

desired

results.

All

investments

involve

risks,

including

possible

loss

of

principal.

Fixed

income

securities

involve

interest

rate,

credit,

inflation

and

reinvestment

risks,

and

possible

loss

of

principal.

As

interest

rates

rise,

the

value

of

fixed

income

securities

falls.

Low-rated,

high-yield

bonds

are

subject

to

greater

price

volatility,

illiquidity

and

possibility

of

default.

Equity

securities

are

subject

to

price

fluctuation

and

possible

loss

of

principal.

To

the

extent

the

portfolio

invests

in

a

concentration

of

certain

securities,

regions

or

industries

,

it

is

subject

to

increased

volatility.

Dividends

may

fluctuate

and

are

not

guaranteed,

and

a

company

may

reduce

or

eliminate

its

dividend

at

any

time.

The

manager

may

consider

environmental,

social

and

governance

(ESG)

criteria

in

the

research

or

investment

process;

however,

ESG

considerations

may

not

be

a

determinative

factor

in

security

selection.

In

addition,

the

manager

may

not

assess

every

investment

for

ESG

criteria,

and

not

every

ESG

factor

may

be

identified

or

evaluated.

1.

Gross

expenses

are

the

Fund’s

total

annual

operating

expenses

as

of

the

Fund's

annual

report

available

at

the

time

of

publication.

Actual

expenses

may

be

higher

and

may

impact

portfolio

returns.

Net

expenses

reflect

voluntary

fee

waivers,

expense

caps

and/or

reimbursements.

Voluntary

waivers

may

be

modified

or

discontinued

at

any

time

without

notice.

2.

Total

return

calculations

represent

the

cumulative

and

average

annual

changes

in

value

of

an

investment

over

the

periods

indicated.

Return

for

less

than

one

year,

if

any,

has

not

been

annualized.

3.

Assumes

reinvestment

of

distributions

based

on

net

asset

value.

4.

Assumes

reinvestment

of

distributions

based

on

the

dividend

reinvestment

and

cash

purchase

plan.

5.

Source:

Morningstar.

The

ICE

BofA

US

High

Yield

Constrained

Index

measures

the

performance

of

USD-denominated,

noninvestment

grade,

fixed

rate

and

taxable

corpo-

rate

bonds.

The

S&P

500

Utilities

Index

comprises

those

companies

included

in

the

S&P

500

that

are

classified

as

members

of

the

GICS

utilities

sector.

Important

data

provider

notices

and

terms

available

at

www.franklintempletondatasources.com.

Franklin

Universal

Trust

Financial

Highlights

franklintempleton.com

Annual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

8

a

Year

Ended

August

31,

2026

2025

2024

2023

2022

Per

share

operating

performance

(for

a

share

outstanding

throughout

the

year)

Net

asset

value,

beginning

of

year

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

$8.46

$8.20

$7.36

$8.08

$8.92

Income

from

investment

operations:

Net

investment

income

a

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

0.36

0.36

0.33

0.43

0.41

Net

realized

and

unrealized

gains

(losses)

...........

0.26

0.41

1.02

(0.58)

(0.70)

Total

from

investment

operations

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

0.62

0.77

1.35

(0.15)

(0.29)

Less

distributions

from:

Net

investment

income

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

(0.35)

(0.49)

(0.30)

(0.31)

(0.51)

Net

realized

gains

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

—

—

—

(0.05)

(0.04)

Tax

return

of

capital

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

(0.16)

(0.02)

(0.21)

(0.21)

—

Total

distributions

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

(0.51)

(0.51)

(0.51)

(0.57)

(0.55)

Net

asset

value,

end

of

year

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

$8.57

$8.46

$8.20

$7.36

$8.08

Market

value,

end

of

year

b

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

$7.71

$7.93

$7.28

$6.76

$8.00

Total

return

(based

on

net

asset

value

per

share)

c

.......

7.37%

9.71%

19.18%

(1.81)%

(3.41)%

Total

return

(based

on

market

value

per

share)

c

.........

3.57%

16.45%

16.20%

(8.24)%

(0.36)%

Ratios

to

average

net

assets

Expenses

before

waiver

and

payments

by

affiliates

d

.....

2.98%

3.00%

3.32%

2.78%

2.57%

Expenses

net

of

waiver

and

payments

by

affiliates

d

......

2.98%

e

2.99%

3.31%

2.77%

f

2.57%

e,f

Net

investment

income

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

4.07%

4.38%

4.36%

5.66%

4.85%

Supplemental

data

Net

assets,

end

of

year

(000’s)

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

$215,301

$212,600

$206,193

$184,859

$203,053

Portfolio

turnover

rate

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

19.28%

21.76%

21.79%

17.73%

22.29%

Total

credit

facility

outstanding

at

end

of

year

(000’s)

.....

$60,000

$60,000

$60,000

$—

$—

Total

debt

outstanding

at

end

of

year

(000's)

...........

$—

$—

$—

$65,000

$65,000

Asset

coverage

per

$1,000

of

debt

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

$4,588

$4,543

$4,437

$3,844

$4,124

Average

amount

of

senior

fixed

rate

Notes

per

share

during

the

year

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

$—

$—

$0.11

$2.59

$2.59

a

Based

on

average

daily

shares

outstanding.

b

Based

on

the

last

sale

on

the

New

York

Stock

Exchange.

c

The

Market

Value

Total

Return

is

calculated

assuming

a

purchase

of

common

shares

on

the

opening

of

the

first

business

day

and

a

sale

on

the

closing

of

the

last

business

day

of

each

period.

Dividends

and

distributions

are

assumed

for

the

purposes

of

this

calculation

to

be

reinvested

at

prices

obtained

under

the

Fund's

Dividend

Reinvestment

and

Cash

Purchase

Plan.

Net

Asset

Value

Total

Return

is

calculated

on

the

same

basis,

except

that

the

Fund's

net

asset

value

is

used

on

the

purchase,

sale

and

dividend

reinvestment

dates

instead

of

market

value.

Total

return

does

not

reflect

brokerage

commissions

or

sales

charges

in

connection

with

the

purchase

or

sale

of

Fund

shares.

d

Includes

expenses

related

to

borrowings

of

1.65%,

1.75%,

1.89%,

1.34%

and

1.20%

for

the

years

ended

August

31,

2026,

2025,

2024,

2023

and

2022,

respectively.

e

Benefit

of

waiver

and

payments

by

affiliates

rounds

to

less

than

0.01%.

f

Benefit

of

expense

reduction

rounds

to

less

than

0.01%.

Franklin

Universal

Trust

Schedule

of

Investments,

August

31,

2026

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Annual

Report

9

a

a

Country

Shares

a

Value

a

a

a

a

a

a

Common

Stocks

47.2%

Electric

Utilities

25.2%

Alliant

Energy

Corp.

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

United

States

80,000

$

5,438,400

American

Electric

Power

Co.,

Inc.

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

United

States

36,000

4,407,480

Constellation

Energy

Corp.

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

United

States

5,000

1,373,850

Duke

Energy

Corp.

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

United

States

40,000

4,796,400

Edison

International

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

United

States

20,000

1,079,600

Entergy

Corp.

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

United

States

60,000

6,378,600

Evergy,

Inc.

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

United

States

72,000

5,833,440

Exelon

Corp.

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

United

States

40,000

1,748,800

FirstEnergy

Corp.

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

United

States

50,000

2,293,000

NextEra

Energy,

Inc.

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

United

States

115,000

9,469,100

Pinnacle

West

Capital

Corp.

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

United

States

20,000

1,952,800

PPL

Corp.

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

United

States

24,500

836,185

Southern

Co.

(The)

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

United

States

50,000

4,400,000

Xcel

Energy,

Inc.

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

United

States

55,000

4,162,950

54,170,605

Metals

&

Mining

4.9%

BHP

Group

Ltd.,

ADR

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

Australia

25,185

2,365,375

Freeport-McMoRan,

Inc.

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

United

States

40,380

3,058,381

Newmont

Corp.

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

United

States

26,000

3,277,560

Rio

Tinto

plc,

ADR

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

Australia

15,000

1,537,500

South32

Ltd.,

ADR

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

Australia

10,074

185,060

10,423,876

Multi-Utilities

15.2%

CenterPoint

Energy,

Inc.

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

United

States

122,800

4,862,880

CMS

Energy

Corp.

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

United

States

60,000

4,083,600

Consolidated

Edison,

Inc.

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

United

States

15,000

1,605,300

Dominion

Energy,

Inc.

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

United

States

65,000

4,290,650

DTE

Energy

Co.

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

United

States

30,000

4,068,900

NiSource,

Inc.

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

United

States

60,000

2,455,200

Public

Service

Enterprise

Group,

Inc.

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

United

States

25,000

1,833,250

Sempra,

Inc.

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

United

States

90,000

7,353,000

WEC

Energy

Group,

Inc.

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

United

States

20,000

2,123,400

32,676,180

Oil,

Gas

&

Consumable

Fuels

1.8%

a

Amplify

Energy

Corp.

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

United

States

245

1,205

Birch

Permian

Holdings,

Inc.

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

United

States

32,490

203,063

California

Resources

Corp.

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

United

States

47

2,492

DT

Midstream,

Inc.

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

United

States

10,000

1,310,200

Enbridge,

Inc.

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

Canada

39,360

1,990,435

Expand

Energy

Corp.

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

United

States

2,380

233,621

Woodside

Energy

Group

Ltd.,

ADR

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

Australia

9,101

211,871

3,952,887

Pharmaceuticals

0.1%

a

Keenova

Therapeutics

plc

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

United

States

2,929

285,088

a

Par

Health,

Inc.

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

United

States

2,929

17,993

303,081

Software

0.0%

†

a,b

DSG

Topco,

Inc.

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

United

States

2,027

507

Total

Common

Stocks

(Cost

$32,959,712)

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

101,527,136

Franklin

Universal

Trust

Schedule

of

Investments

franklintempleton.com

Annual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

10

a

a

Country

Shares

a

Value

a

a

a

a

a

a

Convertible

Preferred

Stocks

0.4%

Aerospace

&

Defense

0.1%

Boeing

Co.

(The),

6%

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

United

States

3,000

$

194,520

Interactive

Media

&

Services

0.2%

Alphabet,

Inc.,

A,

6.25%

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

United

States

5,105

247,388

Alphabet,

Inc.,

B,

6.25%

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

United

States

5,105

245,040

492,428

Software

0.1%

Oracle

Corp.,

D,

6.5%

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

United

States

5,357

250,065

Total

Convertible

Preferred

Stocks

(Cost

$928,350)

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

937,013

Preferred

Stocks

0.2%

Electric

Utilities

0.2%

SCE

Trust

II,

5.1%

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

United

States

27,500

464,750

Total

Preferred

Stocks

(Cost

$598,125)

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

464,750

Rights

Rights

0.0%

†

Diversified

Telecommunication

Services

0.0%

†

a

Altice

France

SA,

2/20/49

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

France

1,254

19,482

Total

Rights

(Cost

$–)

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

19,482

Principal

Amount

*

Convertible

Bonds

0.3%

Oil,

Gas

&

Consumable

Fuels

0.3%

c

Crescent

Energy

Co.

,

Senior

Note

,

144A,

2.75

%

,

3/15/31

.....

United

States

490,000

567,788

Total

Convertible

Bonds

(Cost

$490,000)

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

567,788

Corporate

Bonds

74.3%

Aerospace

&

Defense

1.9%

d

ATI,

Inc.

,

Senior

Note

,

7.25

%

,

8/15/30

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

United

States

700,000

726,220

c

Axon

Enterprise,

Inc.

,

Senior

Note

,

144A,

6.25

%

,

3/15/33

.....

United

States

250,000

254,525

c

Bombardier,

Inc.

,

Senior

Note,

144A,

7%,

6/01/32

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

Canada

85,000

87,951

Senior

Note,

144A,

5.875%,

1/15/35

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

Canada

660,000

655,691

c

Efesto

Bidco

SpA

Efesto

US

LLC

,

XR

,

Senior

Secured

Note

,

144A,

7.5

%

,

2/15/32

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

Italy

1,050,000

1,067,373

c

TransDigm,

Inc.

,

Senior

Secured

Note,

144A,

6%,

1/15/33

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

United

States

170,000

170,366

Senior

Sub.

Note,

144A,

6.75%,

1/31/34

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

United

States

1,020,000

1,036,779

3,998,905

Automobile

Components

2.1%

c,d

Adient

Global

Holdings

Ltd.

,

Senior

Note

,

144A,

8.25

%

,

4/15/31

United

States

300,000

312,871

c

Allison

Transmission,

Inc.

,

Senior

Note

,

144A,

4.75

%

,

10/01/27

.

United

States

600,000

598,733

c

Clarios

Global

LP

/

Clarios

US

Finance

Co.

,

Senior

Note

,

144A,

6.75

%

,

9/15/32

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

United

States

310,000

316,000

c

Dexko

Global,

Inc.

,

Senior

Note

,

144A,

7.5

%

,

4/15/32

........

United

States

1,841,500

1,547,215

c

Forvia

SE

,

Senior

Note

,

144A,

6.75

%

,

9/15/33

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

France

355,000

355,891

c,e

IHO

Verwaltungs

GmbH

,

Senior

Secured

Note,

144A,

PIK,

7.75%,

11/15/30

.........

Germany

400,000

416,086

Senior

Secured

Note,

144A,

PIK,

8%,

11/15/32

...........

Germany

900,000

951,707

4,498,503

Franklin

Universal

Trust

Schedule

of

Investments

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Annual

Report

11

a

a

Country

Principal

Amount

*

a

Value

a

a

a

a

a

Corporate

Bonds

(continued)

Automobiles

0.5%

c

Jaguar

Land

Rover

Automotive

plc

,

Senior

Note

,

144A,

5.5

%

,

7/15/29

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

United

Kingdom

500,000

$

497,398

c

Nissan

Motor

Co.

Ltd.

,

Senior

Bond

,

144A,

8.125

%

,

7/17/35

...

Japan

565,000

600,301

1,097,699

Biotechnology

1.1%

c

Emergent

BioSolutions,

Inc.

,

Senior

Note

,

144A,

3.875

%

,

8/15/28

United

States

900,000

829,185

c

Genmab

A/S

/

Genmab

Finance

LLC

,

Senior

Note,

144A,

7.25%,

12/15/33

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

Denmark

480,000

500,380

Senior

Secured

Note,

144A,

6.25%,

12/15/32

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

Denmark

480,000

487,360

c

Grifols

SA

,

Senior

Note

,

144A,

4.75

%

,

10/15/28

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

Spain

600,000

591,806

2,408,731

Broadline

Retail

0.7%

c,d

Wayfair

LLC

,

Senior

Secured

Note,

144A,

7.25%,

10/31/29

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

United

States

700,000

725,281

Senior

Secured

Note,

144A,

7.75%,

9/15/30

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

United

States

800,000

843,000

1,568,281

Building

Products

1.6%

c,d

Advanced

Drainage

Systems,

Inc.

,

Senior

Note

,

144A,

6.375

%

,

6/15/30

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

United

States

500,000

504,224

c

Cornerstone

Building

Brands,

Inc.

,

Senior

Note

,

144A,

6.125

%

,

1/15/29

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

United

States

300,000

37,125

c,d

EMRLD

Borrower

LP

/

Emerald

Co-Issuer,

Inc.

,

Senior

Secured

Note

,

144A,

6.625

%

,

12/15/30

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

United

States

800,000

816,867

c

Quikrete

Holdings,

Inc.

,

Senior

Secured

Note

,

144A,

6.375

%

,

3/01/32

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

United

States

300,000

303,882

c,d

Standard

Building

Solutions,

Inc.

,

Senior

Note,

144A,

6.5%,

8/15/32

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

United

States

600,000

603,581

Senior

Note,

144A,

6.25%,

8/01/33

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

United

States

495,000

491,715

c

Standard

Industries,

Inc.

,

d

Senior

Bond,

144A,

4.75%,

1/15/28

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

United

States

500,000

498,505

Senior

Bond,

144A,

4.375%,

7/15/30

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

United

States

100,000

95,133

3,351,032

Capital

Markets

0.4%

c

Stonex

Escrow

Issuer

LLC

,

Secured

Note

,

144A,

6.875

%

,

7/15/32

United

States

285,000

289,958

c,d

StoneX

Group,

Inc.

,

Secured

Note

,

144A,

7.875

%

,

3/01/31

....

United

States

500,000

520,809

810,767

Chemicals

2.3%

c,e

Advancion

Sciences,

Inc.

,

Senior

Note

,

144A,

PIK,

9.25

%

,

11/01/26

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

United

States

194,518

156,587

b,c,e,f

Anagram

Holdings

LLC

/

Anagram

International,

Inc.

,

Secured

Note

,

144A,

PIK,

10

%

,

8/15/26

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

United

States

257,209

—

c

ARC

Falcon

I,

Inc.

/

Arclin

USA

LLC

/

New

Arclin

US

Holding

Corp.

,

Senior

Secured

Note

,

144A,

9.75

%

,

3/01/33

.........

United

States

525,000

526,684

c

Avient

Corp.

,

Senior

Note

,

144A,

6.25

%

,

11/01/31

...........

United

States

300,000

304,372

c,f

Braskem

Idesa

SAPI

,

Senior

Secured

Bond

,

144A,

6.99

%

,

2/20/32

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

Mexico

300,000

204,965

c

Element

Solutions,

Inc.

,

Senior

Note

,

144A,

3.875

%

,

9/01/28

...

United

States

200,000

195,437

c,e

GPD

Cos.,

Inc.

,

Senior

Secured

Note

,

144A,

PIK,

12.5

%

,

12/31/29

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

United

States

811,793

535,054

c

Illuminate

Buyer

LLC

/

Illuminate

Holdings

IV,

Inc.

,

Senior

Note

,

144A,

9

%

,

7/01/28

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

United

States

218,000

218,431

c,d

Rain

Carbon,

Inc.

,

Senior

Secured

Note

,

144A,

12.25

%

,

9/01/29

United

States

1,200,000

1,276,901

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)

Chemicals

(continued)

c

SCIH

Salt

Holdings,

Inc.

,

Senior

Note,

144A,

8%,

8/15/32

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

United

States

600,000

$

606,832

Senior

Secured

Note,

144A,

6.625%,

8/15/31

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

United

States

300,000

303,192

c

Solstice

Advanced

Materials,

Inc.

,

Senior

Note

,

144A,

5.625

%

,

9/30/33

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

United

States

625,000

613,980

4,942,435

Commercial

Services

&

Supplies

1.5%

c

Neptune

Bidco

US,

Inc.

,

Senior

Secured

Note,

144A,

9.29%,

4/15/29

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

United

States

130,000

133,244

Senior

Secured

Note,

144A,

9.5%,

2/15/33

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

United

States

625,000

642,494

c,d

RR

Donnelley

&

Sons

Co.

,

Senior

Secured

Note

,

144A,

9.5

%

,

8/01/29

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

United

States

1,125,000

1,173,046

c

Veritiv

Operating

Co.

,

Senior

Secured

Note

,

144A,

10.5

%

,

11/30/30

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

United

States

320,000

334,611

c

Waste

Pro

USA,

Inc.

,

Senior

Note

,

144A,

7

%

,

2/01/33

........

United

States

200,000

204,680

c,d

Wrangler

Holdco

Corp.

,

Senior

Note

,

144A,

6.625

%

,

4/01/32

...

Canada

700,000

707,038

3,195,113

Communications

Equipment

0.2%

c

Viasat,

Inc.

,

Senior

Note

,

144A,

7.5

%

,

5/30/31

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

United

States

525,000

527,696

Construction

&

Engineering

0.2%

c

Arcosa,

Inc.

,

d

Senior

Note,

144A,

4.375%,

4/15/29

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

United

States

300,000

295,110

Senior

Note,

144A,

6.875%,

8/15/32

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

United

States

100,000

103,633

398,743

Consumer

Finance

3.6%

c

Encore

Capital

Group,

Inc.

,

Senior

Secured

Note,

144A,

8.5%,

5/15/30

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

United

States

400,000

424,409

Senior

Secured

Note,

144A,

6.625%,

6/01/32

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

United

States

875,000

878,168

c

FirstCash,

Inc.

,

d

Senior

Note,

144A,

6.875%,

3/01/32

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

United

States

1,100,000

1,123,015

Senior

Note,

144A,

6.125%,

5/01/34

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

United

States

270,000

267,202

c

Jefferson

Capital

Holdings

LLC

,

Senior

Note,

144A,

9.5%,

2/15/29

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

United

States

1,400,000

1,465,972

Senior

Note,

144A,

8.25%,

5/15/30

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

United

States

365,000

382,413

c

Macquarie

Airfinance

Holdings

Ltd.

,

Senior

Note

,

144A,

6.5

%

,

3/26/31

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

United

Kingdom

200,000

207,269

OneMain

Finance

Corp.

,

Senior

Bond,

5.375%,

11/15/29

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

United

States

500,000

493,083

Senior

Note,

6.5%,

3/15/33

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

United

States

290,000

283,875

c

PRA

Group,

Inc.

,

d

Senior

Note,

144A,

8.375%,

2/01/28

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

United

States

600,000

609,408

Senior

Note,

144A,

5%,

10/01/29

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

United

States

300,000

288,173

Senior

Note,

144A,

8.875%,

1/31/30

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

United

States

400,000

415,508

c,d

PROG

Holdings,

Inc.

,

Senior

Note

,

144A,

6

%

,

11/15/29

.......

United

States

900,000

885,610

7,724,105

Consumer

Staples

Distribution

&

Retail

0.3%

c,d

US

Foods,

Inc.

,

Senior

Note

,

144A,

6.875

%

,

9/15/28

.........

United

States

700,000

713,738

Containers

&

Packaging

1.6%

c

CANPACK

Group,

Inc.

/

CANPACK

SA

,

Senior

Note

,

144A,

6

%

,

5/15/31

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

United

States

200,000

200,807

c,d

Clydesdale

Acquisition

Holdings,

Inc.

,

Senior

Secured

Note

,

144A,

6.75

%

,

4/15/32

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

United

States

1,000,000

977,196

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)

Containers

&

Packaging

(continued)

c

Mauser

Packaging

Solutions

Holding

Co.

,

Secured

Note

,

144A,

9.25

%

,

4/15/30

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

United

States

1,500,000

$

1,498,888

c,d

Toucan

FinCo

Ltd.

/

Toucan

FinCo

Can,

Inc.

/

Toucan

FinCo

US

LLC

,

Senior

Secured

Note

,

144A,

9.5

%

,

5/15/30

...........

Canada

750,000

717,996

3,394,887

Distributors

0.3%

c

Gates

Corp.

,

Senior

Note

,

144A,

6.875

%

,

7/01/29

...........

United

States

400,000

408,536

c

RB

Global

Holdings,

Inc.

,

Senior

Secured

Note

,

144A,

6.75

%

,

3/15/28

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

Canada

125,000

126,247

534,783

Diversified

Consumer

Services

0.1%

Grand

Canyon

University

,

Secured

Note

,

5.125

%

,

10/01/28

....

United

States

300,000

296,829

Diversified

REITs

1.0%

c,d

Global

Net

Lease,

Inc.

,

Senior

Note

,

144A,

4.5

%

,

9/30/28

.....

United

States

900,000

882,599

c,d

Global

Net

Lease,

Inc.

/

Global

Net

Lease

Operating

Partnership

LP

,

Senior

Note

,

144A,

3.75

%

,

12/15/27

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

United

States

670,000

657,250

c,d

VICI

Properties

LP

/

VICI

Note

Co.,

Inc.

,

Senior

Note

,

144A,

3.75

%

,

2/15/27

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

United

States

700,000

697,143

2,236,992

Diversified

Telecommunication

Services

4.4%

c

APLD

ComputeCo

2

LLC

,

Senior

Secured

Note

,

144A,

6.75

%

,

3/15/31

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

United

States

690,000

663,371

c

APLD

ComputeCo

3

LLC

,

Senior

Secured

Note

,

144A,

7

%

,

6/15/31

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

United

States

350,000

337,418

c

APLD

ComputeCo

LLC

,

Senior

Secured

Note

,

144A,

9.25

%

,

12/15/30

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

United

States

725,000

765,119

c

Black

Pearl

Compute

LLC

,

Senior

Secured

Note

,

144A,

6.125

%

,

2/15/31

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

United

States

400,000

400,756

c

CCO

Holdings

LLC

/

CCO

Holdings

Capital

Corp.

,

d

Senior

Bond,

144A,

5.375%,

6/01/29

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

United

States

500,000

491,327

d

Senior

Bond,

144A,

4.5%,

8/15/30

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

United

States

1,700,000

1,583,339

Senior

Bond,

144A,

4.25%,

2/01/31

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

United

States

200,000

180,514

Senior

Bond,

144A,

4.25%,

1/15/34

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

United

States

365,000

304,644

Senior

Note,

144A,

7%,

2/01/33

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

United

States

200,000

195,374

c

Cipher

Compute

LLC

,

Senior

Secured

Note

,

144A,

7.125

%

,

11/15/30

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

United

States

385,000

390,253

c

Edged

Compute

LLC

,

Senior

Secured

Note

,

144A,

7.5

%

,

4/30/31

United

States

1,100,000

1,044,420

c

Galaxy

Helios

Data

Centers

II

LLC

,

Senior

Secured

Note

,

144A,

9.875

%

,

8/01/31

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

United

States

675,000

669,035

c

PR

RNO

Property

Owner

1

LLC

,

Senior

Secured

Note

,

144A,

6.5

%

,

5/01/31

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

United

States

765,000

709,597

c

SV

RNO

Property

Owner

1

LLC

,

Senior

Secured

Note

,

144A,

5.875

%

,

3/01/31

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

United

States

610,000

560,342

c

WULF

Compute

LLC

,

Senior

Secured

Note

,

144A,

7.75

%

,

10/15/30

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

United

States

560,000

582,174

c

Yondr

JK

1

LLC

,

Senior

Secured

Note

,

144A,

6.875

%

,

6/30/31

.

United

States

510,000

478,224

9,355,907

Electric

Utilities

1.6%

c,d

California

Buyer

Ltd.

/

Atlantica

Sustainable

Infrastructure

plc

,

Senior

Note

,

144A,

6.375

%

,

2/15/32

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

United

Kingdom

1,500,000

1,478,312

c

NRG

Energy,

Inc.

,

Senior

Bond,

144A,

6%,

1/15/36

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

United

States

665,000

646,974

d

Senior

Note,

144A,

5.75%,

7/15/29

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

United

States

800,000

799,064

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)

Electric

Utilities

(continued)

c

Vistra

Operations

Co.

LLC

,

d

Senior

Note,

144A,

4.375%,

5/01/29

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

United

States

400,000

$

391,387

Senior

Note,

144A,

7.75%,

10/15/31

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

United

States

100,000

104,193

3,419,930

Electronic

Equipment,

Instruments

&

Components

0.2%

c,d

TTM

Technologies,

Inc.

,

Senior

Note

,

144A,

4

%

,

3/01/29

......

United

States

500,000

481,886

Energy

Equipment

&

Services

2.1%

c

Archrock

Services

LP

/

Archrock

Partners

Finance

Corp.

,

Senior

Note

,

144A,

6

%

,

2/01/34

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

United

States

805,000

793,871

c

Borr

IHC

Ltd.

/

Borr

Finance

LLC

,

Senior

Secured

Note,

144A,

8.75%,

1/15/32

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

Mexico

255,000

247,818

Senior

Secured

Note,

144A,

9%,

1/15/34

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

Mexico

205,000

198,322

c

Kodiak

Gas

Services

LLC

,

Senior

Note

,

144A,

5.875

%

,

4/01/31

.

United

States

385,000

384,029

c

Nabors

Industries,

Inc.

,

Senior

Note,

144A,

9.125%,

1/31/30

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

United

States

254,000

266,567

Senior

Note,

144A,

8.875%,

8/15/31

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

United

States

255,000

266,941

c

Oceaneering

International,

Inc.

,

Senior

Note

,

144A,

6.875

%

,

7/15/34

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

United

States

285,000

294,284

Transocean

International

Ltd.

,

Senior

Bond,

6.8%,

3/15/38

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

United

States

600,000

570,029

c

Senior

Note,

144A,

8.25%,

5/15/29

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

United

States

100,000

103,969

c

Senior

Note,

144A,

7.875%,

10/15/32

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

United

States

90,000

94,547

c

Senior

Secured

Note,

144A,

8.75%,

2/15/30

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

United

States

520,000

541,142

c

Weatherford

International

Ltd.

,

d

Senior

Note,

144A,

8.625%,

4/30/30

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

United

States

184,000

186,317

Senior

Note,

144A,

6.75%,

10/15/33

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

United

States

590,000

602,085

4,549,921

Entertainment

1.0%

c,d

Banijay

Entertainment

SAS

,

Senior

Secured

Note

,

144A,

8.125

%

,

5/01/29

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

France

800,000

821,734

Discovery

Global

Holdings,

Inc.

,

Senior

Bond,

5.05%,

3/15/42

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

United

States

350,000

255,353

Senior

Note,

4.054%,

3/15/29

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

United

States

520,000

515,143

c

OAK-Eagle

Acquireco,

Inc.

,

Senior

Note,

144A,

8.75%,

7/01/34

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

United

States

260,000

276,106

Senior

Secured

Note,

144A,

7.25%,

7/01/33

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

United

States

310,000

322,604

2,190,940

Financial

Services

3.5%

c

CrossCountry

Intermediate

HoldCo

LLC

,

Senior

Note,

144A,

6.5%,

10/01/30

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

United

States

430,000

419,104

Senior

Note,

144A,

7.75%,

8/15/31

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

United

States

380,000

380,682

Senior

Note,

144A,

6.75%,

12/01/32

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

United

States

625,000

599,028

c

Freedom

Mortgage

Holdings

LLC

,

Senior

Note,

144A,

9.25%,

2/01/29

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

United

States

300,000

310,337

Senior

Note,

144A,

6.875%,

5/01/31

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

United

States

300,000

287,837

d

Senior

Note,

144A,

8.375%,

4/01/32

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

United

States

650,000

653,513

Senior

Note,

144A,

7.875%,

4/01/33

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

United

States

325,000

313,083

c

GGAM

Finance

Ltd.

,

Senior

Note

,

144A,

8

%

,

6/15/28

........

Ireland

700,000

724,918

c

Osaic

Holdings,

Inc.

,

Senior

Note,

144A,

8%,

8/01/33

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

United

States

500,000

512,424

Senior

Secured

Note,

144A,

6.75%,

8/01/32

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

United

States

235,000

236,576

c

PHH

Escrow

Issuer

LLC

/

PHH

Corp.

,

Senior

Note

,

144A,

9.875

%

,

11/01/29

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

United

States

1,800,000

1,778,857

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)

Financial

Services

(continued)

c

Rocket

Cos.,

Inc.

,

Senior

Note,

144A,

6.125%,

8/01/31

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

United

States

945,000

$

957,540

Senior

Note,

144A,

6.375%,

8/01/33

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

United

States

400,000

405,640

7,579,539

Food

Products

1.5%

c

Chobani

LLC

/

Chobani

Finance

Corp.,

Inc.

,

Senior

Note,

144A,

7.625%,

7/01/29

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

United

States

200,000

205,983

Senior

Note,

144A,

6.375%,

4/15/34

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

United

States

265,000

267,880

d

Senior

Secured

Note,

144A,

4.625%,

11/15/28

...........

United

States

800,000

793,095

c

Darling

Ingredients,

Inc.

,

Senior

Note

,

144A,

6

%

,

6/15/30

.....

United

States

200,000

201,199

c

Froneri

Lux

FinCo

SARL

,

Senior

Secured

Note

,

144A,

6

%

,

8/01/32

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

United

Kingdom

920,000

908,563

c,d

Post

Holdings,

Inc.

,

Senior

Bond

,

144A,

4.625

%

,

4/15/30

.....

United

States

400,000

385,763

c

TreeHouse

Foods,

Inc.

,

Senior

Secured

Note

,

144A,

7.75

%

,

2/11/33

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

United

States

475,000

480,806

3,243,289

Ground

Transportation

0.9%

c

Beacon

Mobility

Corp.

,

Senior

Secured

Note

,

144A,

7.25

%

,

8/01/30

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

United

States

260,000

267,555

c,d

First

Student

Bidco,

Inc.

/

First

Transit

Parent,

Inc.

,

Senior

Secured

Note

,

144A,

4

%

,

7/31/29

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

United

States

900,000

880,287

c

Watco

Cos.

LLC

/

Watco

Finance

Corp.

,

Senior

Note

,

144A,

7.125

%

,

8/01/32

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

United

States

660,000

680,608

1,828,450

Health

Care

Equipment

&

Supplies

0.4%

c

Bausch

+

Lomb

Corp.

,

Senior

Secured

Note

,

144A,

8.375

%

,

10/01/28

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

United

States

400,000

410,812

c,d

Medline

Borrower

LP

,

Senior

Note

,

144A,

5.25

%

,

10/01/29

....

United

States

500,000

497,426

908,238

Health

Care

Providers

&

Services

3.1%

d

Centene

Corp.

,

Senior

Bond

,

2.5

%

,

3/01/31

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

United

States

500,000

436,804

c

CHS/Community

Health

Systems,

Inc.

,

144A,

10.75%,

6/15/33

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

United

States

500,000

531,582

Secured

Note,

144A,

6.125%,

4/01/30

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

United

States

500,000

427,796

Senior

Secured

Note,

144A,

6%,

1/15/29

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

United

States

300,000

296,727

Senior

Secured

Note,

144A,

10.875%,

1/15/32

...........

United

States

288,000

305,962

c

DaVita,

Inc.

,

d

Senior

Note,

144A,

4.625%,

6/01/30

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

United

States

1,200,000

1,160,216

Senior

Note,

144A,

6.875%,

9/01/32

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

United

States

200,000

204,960

c,d

Kedrion

SpA

,

Senior

Secured

Note

,

144A,

6.5

%

,

9/01/29

......

Italy

1,500,000

1,503,291

c

MPH

Acquisition

Holdings

LLC

,

Senior

Secured

Note,

144A,

5.75%,

12/31/30

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

United

States

90,027

77,271

e

Senior

Secured

Note,

144A,

PIK,

11.5%,

12/31/30

.........

United

States

148,379

145,957

e

Senior

Secured

Note,

144A,

PIK,

6.75%,

3/31/31

.........

United

States

780,903

545,256

Tenet

Healthcare

Corp.

,

Senior

Secured

Note,

6.125%,

6/15/30

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

United

States

575,000

579,676

d

Senior

Secured

Note,

6.75%,

5/15/31

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

United

States

500,000

510,884

6,726,382

Health

Care

REITs

0.9%

c

Diversified

Healthcare

Trust

,

Senior

Secured

Note

,

144A,

7.25

%

,

10/15/30

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

United

States

1,190,000

1,220,568

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)

Health

Care

REITs

(continued)

c,d

MPT

Operating

Partnership

LP

/

MPT

Finance

Corp.

,

Senior

Secured

Note

,

144A,

8.5

%

,

2/15/32

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

United

States

750,000

$

760,945

1,981,513

Health

Care

Technology

0.4%

c,d

IQVIA,

Inc.

,

Senior

Note

,

144A,

6.25

%

,

6/01/32

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

United

States

925,000

942,908

Hotel

&

Resort

REITs

0.9%

c

Pebblebrook

Hotel

LP

/

PEB

Finance

Corp.

,

Senior

Note

,

144A,

6.375

%

,

10/15/29

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

United

States

355,000

361,978

c

RHP

Hotel

Properties

LP

/

RHP

Finance

Corp.

,

d

Senior

Note,

144A,

7.25%,

7/15/28

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

United

States

300,000

305,468

d

Senior

Note,

144A,

6.5%,

4/01/32

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

United

States

700,000

713,129

Senior

Note,

144A,

6.5%,

6/15/33

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

United

States

275,000

280,667

c

XHR

LP

,

Senior

Note

,

144A,

6.625

%

,

5/15/30

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

United

States

200,000

203,813

1,865,055

Hotels,

Restaurants

&

Leisure

4.3%

c

A&K

Travel

Group

Holdings

Ltd.

,

Senior

Note

,

144A,

7.5

%

,

5/15/33

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

United

Kingdom

450,000

458,021

c

Allwyn

Entertainment

Financing

UK

plc

,

Senior

Secured

Note

,

144A,

7.875

%

,

4/30/29

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

United

Kingdom

800,000

819,984

c,d

Carnival

Corp.

Ltd.

,

Senior

Note

,

144A,

5.75

%

,

8/01/32

.......

United

States

835,000

827,381

c

Fertitta

Entertainment

LLC

/

Fertitta

Entertainment

Finance

Co.,

Inc.

,

Senior

Note

,

144A,

6.75

%

,

1/15/30

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

United

States

1,300,000

1,273,435

c

Great

Canadian

Gaming

Corp.

/

Raptor

LLC

,

Senior

Secured

Note

,

144A,

8.75

%

,

11/15/29

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

Canada

660,000

664,617

c

Hilton

Domestic

Operating

Co.,

Inc.

,

Senior

Note

,

144A,

5.5

%

,

9/15/31

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

United

States

815,000

812,456

c,d

Mohegan

Tribal

Gaming

Authority

/

MS

Digital

Entertainment

Holdings

LLC

,

Senior

Secured

Note

,

144A,

8.25

%

,

4/15/30

..

United

States

650,000

678,872

c

NCL

Corp.

Ltd.

,

Senior

Note,

144A,

6.75%,

2/01/32

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

United

States

160,000

155,765

Senior

Note,

144A,

6.25%,

9/15/33

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

United

States

320,000

299,518

c

Rivers

Enterprise

Borrower

LLC

,

Senior

Secured

Note

,

144A,

6.25

%

,

10/15/30

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

United

States

275,000

278,851

c

Royal

Caribbean

Cruises

Ltd.

,

Senior

Note,

144A,

6.25%,

3/15/32

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

United

States

300,000

304,305

Senior

Note,

144A,

6%,

2/01/33

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

United

States

300,000

301,893

c

Station

Casinos

LLC

,

Senior

Bond,

144A,

4.625%,

12/01/31

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

United

States

150,000

141,551

Senior

Note,

144A,

4.5%,

2/15/28

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

United

States

250,000

247,633

c

Viking

Cruises

Ltd.

,

d

Senior

Note,

144A,

7%,

2/15/29

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

United

States

600,000

602,890

Senior

Note,

144A,

5.875%,

10/15/33

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

United

States

520,000

514,875

c,d

Wynn

Resorts

Finance

LLC

/

Wynn

Resorts

Capital

Corp.

,

Senior

Note

,

144A,

7.125

%

,

2/15/31

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

United

States

800,000

840,334

9,222,381

Household

Durables

2.3%

c

Ashton

Woods

USA

LLC

/

Ashton

Woods

Finance

Co.

,

d

Senior

Note,

144A,

4.625%,

8/01/29

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

United

States

1,200,000

1,168,121

Senior

Note,

144A,

6.875%,

8/01/33

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

United

States

70,000

70,316

c,d

Dream

Finders

Homes,

Inc.

,

Senior

Note

,

144A,

8.25

%

,

8/15/28

United

States

500,000

510,012

c

K.

Hovnanian

Enterprises,

Inc.

,

Senior

Note,

144A,

8%,

4/01/31

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

United

States

150,000

154,383

Senior

Note,

144A,

8.375%,

10/01/33

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

United

States

225,000

230,509

d

M/I

Homes,

Inc.

,

Senior

Note

,

3.95

%

,

2/15/30

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

United

States

600,000

573,692

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)

Household

Durables

(continued)

c

Weekley

Homes

LLC

/

Weekley

Finance

Corp.

,

d

Senior

Note,

144A,

4.875%,

9/15/28

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

United

States

1,300,000

$

1,283,227

Senior

Note,

144A,

6.75%,

1/15/34

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

United

States

435,000

441,202

Whirlpool

Corp.

,

Senior

Bond,

4.5%,

6/01/46

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

United

States

250,000

141,839

c

Senior

Secured

Note,

144A,

7.5%,

7/01/31

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

United

States

155,000

155,584

c

Senior

Secured

Note,

144A,

7.875%,

7/01/34

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

United

States

260,000

255,001

4,983,886

Household

Products

0.1%

c

Energizer

Holdings,

Inc.

,

Senior

Note

,

144A,

4.375

%

,

3/31/29

..

United

States

200,000

194,124

Independent

Power

and

Renewable

Electricity

Producers

1.6%

c

Clearway

Energy

Operating

LLC

,

d

Senior

Bond,

144A,

3.75%,

1/15/32

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

United

States

400,000

361,654

Senior

Note,

144A,

4.75%,

3/15/28

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

United

States

400,000

397,022

Senior

Note,

144A,

3.75%,

2/15/31

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

United

States

300,000

276,809

Senior

Note,

144A,

5.75%,

1/15/34

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

United

States

145,000

140,214

c

Leeward

Renewable

Energy

Operations

LLC

,

Senior

Note

,

144A,

4.25

%

,

7/01/29

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

United

States

1,000,000

957,438

c

Talen

Energy

Supply

LLC

,

Senior

Bond,

144A,

6.5%,

2/01/36

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

United

States

590,000

579,324

Senior

Note,

144A,

6.375%,

5/01/33

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

United

States

435,000

429,734

Senior

Note,

144A,

6.25%,

2/01/34

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

United

States

370,000

363,495

3,505,690

Insurance

1.1%

c

Acrisure

LLC

/

Acrisure

Finance,

Inc.

,

Senior

Note,

144A,

8.5%,

6/15/29

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

United

States

400,000

363,663

Senior

Secured

Note,

144A,

7.5%,

11/06/30

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

United

States

400,000

368,373

c,d

Alliant

Holdings

Intermediate

LLC

/

Alliant

Holdings

Co-Issuer

,

Senior

Secured

Note

,

144A,

7

%

,

1/15/31

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

United

States

500,000

508,136

c

Asurion

LLC

/

Asurion

Co-Issuer,

Inc.

,

Secured

Note,

144A,

8.375%,

2/01/34

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

United

States

695,000

627,718

Senior

Secured

Note,

144A,

8%,

12/31/32

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

United

States

550,000

547,598

2,415,488

IT

Services

0.9%

c

Cogent

Communications

Group

LLC

/

Cogent

Finance,

Inc.

,

d

Senior

Note,

144A,

7%,

6/15/27

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

United

States

700,000

664,405

Senior

Secured

Note,

144A,

6.5%,

7/01/32

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

United

States

765,000

586,890

c,d

Fortress

Intermediate

3,

Inc.

,

Senior

Secured

Note

,

144A,

7.5

%

,

6/01/31

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

United

States

600,000

614,068

1,865,363

Machinery

1.8%

c,d

ATS

Corp.

,

Senior

Note

,

144A,

4.125

%

,

12/15/28

...........

Canada

1,300,000

1,260,961

c,d

Calderys

Financing

LLC

,

Senior

Secured

Note

,

144A,

11.25

%

,

6/01/28

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

France

800,000

828,994

c

ESAB

Corp.

,

d

Senior

Note,

144A,

6.25%,

4/15/29

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

United

States

600,000

607,669

Senior

Note,

144A,

5.625%,

4/01/31

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

United

States

325,000

322,878

d

Hillenbrand,

Inc.

,

Senior

Secured

Note

,

6.25

%

,

2/15/29

.......

United

States

600,000

595,845

c

Terex

Corp.

,

Senior

Note

,

144A,

6.25

%

,

10/15/32

...........

United

States

170,000

171,677

3,788,024

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)

Media

3.8%

c

Block

Communications,

Inc.

,

Senior

Secured

Note

,

144A,

10.25

%

,

3/01/31

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

United

States

540,000

$

470,371

c

Clear

Channel

Outdoor

Holdings,

Inc.

,

Senior

Note,

144A,

7.75%,

4/15/28

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

United

States

300,000

300,000

Senior

Secured

Note,

144A,

7.5%,

3/15/33

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

United

States

700,000

738,206

c

CSC

Holdings

LLC

,

Senior

Bond,

144A,

3.375%,

2/15/31

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

United

States

300,000

156,234

Senior

Note,

144A,

11.25%,

5/15/28

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

United

States

700,000

390,734

Senior

Note,

144A,

11.75%,

1/31/29

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

United

States

200,000

110,990

c

Directv

Financing

LLC

,

Senior

Secured

Note

,

144A,

8.875

%

,

2/01/30

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

United

States

150,000

153,644

c

Directv

Financing

LLC

/

Directv

Financing

Co-Obligor,

Inc.

,

Senior

Secured

Note,

144A,

5.875%,

8/15/27

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

United

States

13,000

12,972

Senior

Secured

Note,

144A,

9.25%,

6/01/32

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

United

States

800,000

835,600

c

EW

Scripps

Co.

(The)

,

Secured

Note

,

144A,

9.875

%

,

8/15/30

..

United

States

750,000

677,047

c

Gray

Media,

Inc.

,

Secured

Note,

144A,

9.625%,

7/15/32

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

United

States

390,000

400,624

Senior

Bond,

144A,

5.375%,

11/15/31

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

United

States

300,000

233,770

c,d

McGraw-Hill

Education,

Inc.

,

Senior

Secured

Note

,

144A,

7.375

%

,

9/01/31

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

United

States

800,000

822,130

c

News

Corp.

,

Senior

Note

,

144A,

3.875

%

,

5/15/29

...........

United

States

200,000

193,320

c

Outfront

Media

Capital

LLC

/

Outfront

Media

Capital

Corp.

,

Senior

Bond

,

144A,

4.625

%

,

3/15/30

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

United

States

75,000

72,726

Paramount

Global

,

Senior

Bond,

6.875%,

4/30/36

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

United

States

150,000

139,524

Senior

Bond,

4.375%,

3/15/43

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

United

States

230,000

145,857

Senior

Bond,

5.85%,

9/01/43

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

United

States

300,000

219,246

c,d

Sinclair

Television

Group,

Inc.

,

Senior

Secured

Note

,

144A,

8.125

%

,

2/15/33

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

United

States

800,000

832,608

c

Univision

Communications,

Inc.

,

Senior

Secured

Note,

144A,

9.375%,

8/01/32

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

United

States

145,000

148,067

Senior

Secured

Note,

144A,

8.875%,

4/15/33

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