# EDGAR Filing Document

**Accession Number:** 0000833040
**File Stem:** 0001133228-26-007467
**Filing Date:** 2026-4
**Character Count:** 204985
**Document Hash:** 2f3590130c415b8ae541e7dd3554cb26
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## Filing Content

## Filing Summary
**0001133228-26-007467.hdr.sgml**: 20260430

**ACCESSION NUMBER**: 0001133228-26-007467

**CONFORMED SUBMISSION TYPE**: N-CSRS

**PUBLIC DOCUMENT COUNT**: 14

**CONFORMED PERIOD OF REPORT**: 20260228

**FILED AS OF DATE**: 20260430

**DATE AS OF CHANGE**: 20260430

**EFFECTIVENESS DATE**: 20260430

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** FRANKLIN UNIVERSAL TRUST
- **CENTRAL INDEX KEY:** 0000833040

**ORGANIZATION NAME:**
- **EIN:** 943077602
- **STATE OF INCORPORATION:** FL
- **FISCAL YEAR END:** 0831

**FILING VALUES:**
- **FORM TYPE:** N-CSRS
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-05569
- **FILM NUMBER:** 26924036

**BUSINESS ADDRESS:**
- **STREET 1:** ONE FRANKLIN PARKWAY
- **CITY:** SAN MATEO
- **STATE:** CA
- **ZIP:** 94403-1906
- **BUSINESS PHONE:** 650-312-2000

**MAIL ADDRESS:**
- **STREET 1:** ONE FRANKLIN PARKWAY
- **CITY:** SAN MATEO
- **STATE:** CA
- **ZIP:** 94403-1906

?xml version='1.0' encoding='ASCII'?

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: **February 28, 2026**

ITEM 1. REPORT TO STOCKHOLDERS.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Report to Shareholders is filed herewith

#### Semiannual

#### Report

#### Franklin

#### Universal

#### Trust
February

28,

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

#### accessibility@franklintempleton.com

#### .

#### Distribution

#### Policy
:

The

Fund's

Board

of

Trustees

(the

"Board")

has

authorized

a

distribution

policy

(the

"Distribution

Policy").

Under

the

Distribution

Policy,

the

Fund

pays

monthly

distributions

and

seeks

to

maintain

a

relatively

stable

level

of

distributions

to

shareholders.

With

each

distribution,

the

Fund

will

issue

a

notice

to

its

shareholders

and

an

accompanying

press

release

that

provides

estimates

regarding

the

amount

and

composition

of

the

distribution.

The

Fund

will

send

a

Form

1099-DIV

to

shareholders

for

the

calendar

year

that

will

describe

how

to

report

the

Fund's

distributions

for

federal

income

tax

purposes.

Shareholders

should

not

draw

any

conclusions

about

the

Fund's

investment

performance

from

the

amount

of

distributions

or

from

the

terms

of

the

Fund's

Distribution

Policy.

The

Board

may

amend

or

terminate

the

Distribution

Policy

at

any

time

without

prior

notice

to

shareholders;

however,

at

this

time

there

are

no

reasonably

foreseeable

circumstances

that

might

cause

the

termination

of

the

Distribution

Policy.

franklintempleton.com

Semiannual

Report

Contents

Fund

Overview

Performance

Summary

Financial

Highlights

and

Schedule

of

Investments

Financial

Statements

Notes

to

Financial

Statements

Important

Information

to

Shareholders

Annual

Meeting

of

Shareholders

Dividend

Reinvestment

and

Cash

Purchase

Plan

Shareholder

Information

Visit

#### franklintempleton.com
for

fund

updates,

to

access

your

account,

or

to

find

helpful

financial

planning

tools.

franklintempleton.com

Semiannual

Report

Franklin

Universal

Trust

Dear

Shareholder,

This

semiannual

report

for

Franklin

Universal

Trust

covers

the

period

ended

February

28,

2026. Fund

Overview

Your

Fund's

Goal

and

Main

Investments

The

Fund's

primary

investment

objective

is

to

provide

high,

current

income

consistent

with

preservation

of

capital.

Its

secondary

objective

is

growth

of

income

through

dividend

increases

and

capital

appreciation.

We

invest

primarily

in

two

asset

classes:

high-yield

bonds

and

utility

stocks.

Within

the

high-yield

portion

of

the

portfolio,

we

use

fundamental

research

to

invest

in

a

diversified

portfolio

of

bonds.

Within

the

utility

portion

of

the

portfolio,

we

focus

on

companies

with

attractive

dividend

yields

and

with

a

history

of

increasing

their

dividends.

Performance

Overview

For

the

six

months

under

review,

the

Fund

posted

cumulative

total

returns

of

+10.26%

based

on

net

asset

value

and

+7.88%

based

on

market

price.

For

comparison,

the

ICE

BofA

US

High

Yield

Constrained

Index,

which

measures

the

performance

of

USD-denominated,

non-investment

grade,

fixed

rate

and

taxable

corporate

bonds,

posted

a

+2.78%

cumulative

total

return

.

Utilities

stocks,

as

measured

by

the

Standard

&

Poor's®

(S&P®)

500

Utilities

Index,

which

is

comprised

of

companies

included

in

the

S&P

500

that

are

classified

as

members

of

the

GICS

utilities

sector,

posted

a

+14.87%

cumulative

total

return

for

the

same

period.

You

can

find

the

Fund's

long-term

performance

data

in

the

Performance

Summary

on

.

The

Fund

has

a

policy

of

seeking

to

maintain

a

relatively

stable

level

of

distributions

to

shareholders.

This

policy

has

no

impact

on

the

Fund's

investment

strategy

and

may

reduce

the

Fund's

net

asset

value.

The

Fund's

investment

manager

believes

the

policy

helps

maintain

the

Fund's

competitiveness

and

may

benefit

the

Fund's

market

price

and

premium/discount

to

the

Fund's

net

asset

value.

The

Fund

sends

a

Form

1099-DIV

to

shareholders

each

calendar

year

describing

how

to

report

the

Fund's

distributions

for

federal

income

tax

purposes.

*Performance* 

*data* 

*represent* 

*past* 

*performance,* 

*which* 

*does* 

*not* 

*guarantee* 

*future* 

*results.* 

*Investment* 

*return* 

*and* 

*principal* 

*value* 

*will* 

*fluctuate,* 

*and* 

*you* 

*may* 

*have* 

*a* 

*gain* 

*or* 

*loss* 

*when* 

*you* 

*sell* 

*your* 

*shares.* 

*Current* 

*performance* 

*may* 

*differ* 

*from* 

*figures* 

*shown.*

Thank

you

for

your

continued

participation

in

Franklin

Universal

Trust.

We

look

forward

to

serving

your

future

investment

needs.

Sincerely,

Glenn

Voyles,

CFA

Jonathan

G. Belk,

CFA

Patricia

O'Connor,

CFA

Portfolio

Management

Team

#### Portfolio

#### Composition
2/28/26

#### %

#### of

#### Total

#### Investments
Corporate

Bonds

58.7%

Common

Stocks

38.5%

Other

\*

0.9%

Short-Term

Investments

1.9%

\*

Categories

within

the

Other

category

are

listed

in

full

in

the

Fund's

Schedule

of

Investments

(SOI),

which

can

be

found

later

in

this

report.

#### Top

#### 10

#### Holdings
2/28/26

#### Issuer

#### %

#### of

#### Total

#### Net

#### Assets

#### a
NextEra

Energy,

Inc.

4.7%

Sempra,

Inc.

3.8%

Entergy

Corp.

2.8%

Evergy,

Inc.

2.6%

Alliant

Energy

Corp.

2.5%

CenterPoint

Energy,

Inc.

2.3%

Duke

Energy

Corp.

2.3%

Southern

Co.

(The)

2.1%

American

Electric

Power

Co.,

Inc.

2.1%

CMS

Energy

Corp.

2.1%

1. Source:

Morningstar.

The

indexes

are

unmanaged

and

include

reinvestment

of

any

income

or

distributions.

They

do

not

reflect

any

fees,

expenses

or

sales

charges.

One

cannot

invest

directly

in

an

index,

and

an

index

is

not

representative

of

the

Fund's

portfolio.

Important

data

provider

notices

and

terms

available

at

www.franklintempletondatasources.com.

#### The

#### dollar

#### value,

#### number

#### of

#### shares

#### or

#### principal

#### amount,

#### and

#### names

#### of

#### all

#### portfolio

#### holdings

#### are

#### listed

#### in

#### the

#### Fund's

#### Schedule

#### of

#### Investments

#### (SOI).

#### The

#### SOI

#### begins

#### on

#### page

#### 6

#### .
CFA®

is

a

trademark

owned

by

CFA

Institute.

Performance

Summary

as

of

February

28,

2026

Franklin

Universal

Trust

franklintempleton.com

Semiannual

Report

Total

return

reflects

reinvestment

of

the

Fund's

dividends

and

capital

gain

distributions,

if

any,

and

any

unrealized

gains

or

losses.

Total

returns

do

not

reflect

any

sales

charges

paid

at

inception

or

brokerage

commissions

paid

on

secondary

market

purchases.

Total

return

also

does

not

reflect

brokerage

commissions

or

sales

charges

in

connection

with

the

purchase

or

sale

of

Fund

shares

at

the

opening

of

the

first

business

day

and

sale

on

the

closing

of

the

last

business

day

of

each

period.

The

performance

table

does

not

reflect

any

taxes

that

a

shareholder

would

pay

on

Fund

dividends,

capital

gain

distributions,

if

any,

or

any

realized

gains

on

the

sale

of

Fund

shares.

Your

dividend

income

will

vary

depending

on

dividends

or

interest

paid

by

securities

in

the

Fund's

portfolio,

adjusted

for

operating

expenses.

Capital

gain

distributions

are

net

profits

realized

from

the

sale

of

portfolio

securities.

Performance

as

of

2/28/26

*Performance* 

*data* 

*represent* 

*past* 

*performance,* 

*which* 

*does* 

*not* 

*guarantee* 

*future* 

*results.* 

*Investment* 

*return* 

*and* 

*principal* 

*value* 

*will* 

*fluctuate,* 

*and* 

*you* 

*may* 

*have* 

*a* 

*gain* 

*or* 

*loss* 

*when* 

*you* 

*sell* 

*your* 

*shares.* 

*Current* 

*performance* 

*may* 

*differ* 

*from* 

*figures* 

*shown.*

Share

Prices

#### Cumulative

#### Total

#### Return

#### 2

#### Average

#### Annual

#### Total

#### Return

#### 2

#### Based

#### on

#### NAV

#### 3

#### Based

#### on

#### market

#### price

#### 4

#### Based

#### on

#### NAV

#### 3

#### Based

#### on

#### market

#### price

#### 4
6-Month

+10.26%

+7.88%

+10.26%

+7.88%

1-Year

+16.32%

+15.76%

+16.32%

+15.76%

5-Year

+49.93%

+61.10%

+8.44%

+10.01%

10-Year

+139.71%

+161.48%

+9.14%

+10.09%

#### Symbol:

#### FT

#### 2/28/26

#### 8/31/25

#### Change
Net

Asset

Value

(NAV)

$9.06

$8.46

+$0.60

Market

Price

(NYSE)

$8.29

$7.93

+$0.36

Distributions

Per

Share

(9/1/25–2/28/26)

#### Net

#### Investment

#### Income
$0.2550

#### See

#### page

#### 4

#### for

#### Performance

#### Summary

#### footnotes.
Franklin

Universal

Trust

Performance

Summary

franklintempleton.com

Semiannual

Report

Events

such

as

the

spread

of

deadly

diseases,

disasters,

and

financial,

political

or

social

disruptions,

may

heighten

risks

and

adversely

affect

performance.

The

Fund

is

actively

managed

but

there

is

no

guarantee

that

the

manager's

investment

decisions

will

produce

the

desired

results.

#### All

#### investments

#### involve

#### risks,

#### including

#### possible

#### loss

#### of

#### principal.

#### Fixed

#### income

#### securities
involve

interest

rate,

credit,

inflation

and

reinvestment

risks,

and

possible

loss

of

principal.

As

interest

rates

rise,

the

value

of

fixed

income

securities

falls.

#### Low-rated,

#### high-yield

#### bonds
are

subject

to

greater

price

volatility,

illiquidity

and

possibility

of

default.

#### Equity

#### securities
are

subject

to

price

fluctuation

and

possible

loss

of

principal.

To

the

extent

the

portfolio

invests

in

a

#### concentration

#### of

#### certain

#### securities,

#### regions

#### or

#### industries,
it

is

subject

to

increased

volatility.

#### Dividends
may

fluctuate

and

are

not

guaranteed,

and

a

company

may

reduce

or

eliminate

its

dividend

at

any

time.

The

manager

may

consider

#### environmental,

#### social

#### and

#### governance
(ESG)

#### criteria
in

the

research

or

investment

process;

however,

ESG

considerations

may

not

be

a

determi-

native

factor

in

security

selection.

In

addition,

the

manager

may

not

assess

every

investment

for

ESG

criteria,

and

not

every

ESG

factor

may

be

identified

or

evaluated.

1. Gross

expenses

are

the

Fund's

total

annual

operating

expenses

as

of

the

Fund's

annual

report

available

at

the

time

of

publication.

Actual

expenses

may

be

higher

and

may

impact

portfolio

returns.

Net

expenses

reflect

voluntary

fee

waivers,

expense

caps

and/or

reimbursements.

Voluntary

waivers

may

be

modified

or

discontinued

at

any

time

without

notice.

2. Total

return

calculations

represent

the

cumulative

and

average

annual

changes

in

value

of

an

investment

over

the

periods

indicated.

Return

for

less

than

one

year,

if

any,

has

not

been

annualized.

3. Assumes

reinvestment

of

distributions

based

on

net

asset

value.

4. Assumes

reinvestment

of

distributions

based

on

the

dividend

reinvestment

and

cash

purchase

plan.

Important

data

provider

notices

and

terms

available

at

www.franklintempletondatasources.com.

Franklin

Universal

Trust

Financial

Highlights

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

a

#### Six

#### Months

#### Ended

#### February

#### 28,

#### 2026
(unaudited)

#### Year

#### Ended

#### August

#### 31,

#### 2025

#### 2024

#### 2023

#### 2022

#### 2021

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

period)

Net

asset

value,

beginning

of

period

.....

$8.46

$8.20

$7.36

$8.08

$8.92

$8.12

Income

from

investment

operations:

Net

investment

income

a

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

0.18 0.36 0.33 0.43 0.41 0.38 Net

realized

and

unrealized

gains

(losses)

0.68 0.41 1.02 (0.58)

(0.70)

0.85 Total

from

investment

operations

........

0.86 0.77 1.35 (0.15)

(0.29)

1.23 Less

distributions

from:

Net

investment

income

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

(0.26)

(0.49)

(0.30)

(0.31)

(0.51)

(0.43)

Net

realized

gains

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

—

—

—

(0.05)

(0.04)

—

Tax

return

of

capital

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

—

(0.02)

(0.21)

(0.21)

—

—

Total

distributions

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

(0.26)

(0.51)

(0.51)

(0.57)

(0.55)

(0.43)

Net

asset

value,

end

of

period

..........

$9.06

$8.46

$8.20

$7.36

$8.08

$8.92

Market

value,

end

of

period

b

...........

$8.29

$7.93

$7.28

$6.76

$8.00

$8.59

Total

return

(based

on

net

asset

value

per

share)

c

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

10.26%

9.71%

19.18%

(1.81)%

(3.41)%

15.33%

Total

return

(based

on

market

value

per

share)

c

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

7.88%

16.45%

16.20%

(8.24)%

(0.36)%

29.55%

#### Ratios

#### to

#### average

#### net

#### assets

#### d
Expenses

before

waiver

and

payments

by

affiliates

e

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

2.97%

3.00%

3.32%

2.78%

2.57%

2.50%

Expenses

net

of

waiver

and

payments

by

affiliates

e

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

2.97%

f

2.99%

3.31%

2.77%

g

2.57%

f,g

2.50%

f,g

Net

investment

income

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

4.23%

4.38%

4.36%

5.66%

4.85%

4.38%

#### Supplemental

#### data
Net

assets

,

end

of

period

(000's)

........

$227,678

$212,600

$206,193

$184,859

$203,053

$224,246

Portfolio

turnover

rate

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

10.42%

21.76%

21.79%

17.73%

22.29%

36.58%

Total

credit

facility

outstanding

at

end

of

period

(000's)

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

$60,000

$60,000

$60,000

$—

$—

$—

Total

debt

outstanding

at

end

of

period

(000's)

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

$—

$—

$—

$65,000

$65,000

$65,000

Asset

coverage

per

$1,000

of

debt

......

$4,795

$4,543

$4,437

$3,844

$4,124

$4,450

Average

amount

of

senior

fixed

rate

Notes

per

share

during

the

period

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

$—

$—

$0.11

$2.59

$2.59

$2.59

a

Based

on

average

daily

shares

outstanding.

b

Based

on

the

last

sale

on

the

New

York

Stock

Exchange.

c

The

Market

Value

Total

Return

is

calculated

assuming

a

purchase

of

common

shares

on

the

opening

of

the

first

business

day

and

a

sale

on

the

closing

of

the

last

business

day

of

each

period.

Dividends

and

distributions

are

assumed

for

the

purposes

of

this

calculation

to

be

reinvested

at

prices

obtained

under

the

Fund's

Dividend

Reinvestment

and

Cash

Purchase

Plan.

Net

Asset

Value

Total

Return

is

calculated

on

the

same

basis,

except

that

the

Fund's

net

asset

value

is

used

on

the

purchase,

sale

and

dividend

reinvestment

dates

instead

of

market

value.

Total

return

does

not

reflect

brokerage

commissions

or

sales

charges

in

connection

with

the

purchase

or

sale

of

Fund

shares.

Total

return

is

not

annualized

for

periods

less

than

one

year.

d

Ratios

are

annualized

for

periods

less

than

one

year.

e

Includes

expenses

related

to

borrowings

of

1.67%,

1.75%,

1.89%,

1.34%,

1.20%

and

1.18%

for

the

period

ended

February

28,

2026,

and

years

ended

August

31,

2025,

2024,

2023,

2022

and

2021,

respectively.

f

Benefit

of

waiver

and

payments

by

affiliates

rounds

to

less

than

0.01%.

g

Benefit

of

expense

reduction

rounds

to

less

than

0.01%.

Franklin

Universal

Trust

Schedule

of

Investments

(unaudited),

February

28,

2026

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

a

#### Country

#### Shares
a

#### Value
a

a

#### a
a

#### Common

#### Stocks

#### 48.3%

#### Diversified

#### Telecommunication

#### Services

#### 0.1%
a

Altice

France

SA

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

France

13,172

$

246,947

#### Electric

#### Utilities

#### 26.0%
Alliant

Energy

Corp.

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

United

States

80,000

5,787,200

American

Electric

Power

Co.,

Inc.

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

United

States

36,000

4,817,520

Constellation

Energy

Corp.

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

United

States

5,000

1,649,400

Duke

Energy

Corp.

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

United

States

40,000

5,234,000

Edison

International

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

United

States

20,000

1,494,800

Entergy

Corp.

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

United

States

60,000

6,426,600

Evergy,

Inc.

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

United

States

72,000

6,023,520

Exelon

Corp.

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

United

States

40,000

1,978,800

FirstEnergy

Corp.

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

United

States

50,000

2,558,000

NextEra

Energy,

Inc.

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

United

States

115,000

10,783,550

Pinnacle

West

Capital

Corp.

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

United

States

20,000

2,006,000

PPL

Corp.

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

United

States

24,500

955,010

Southern

Co.

(The)

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

United

States

50,000

4,869,000

Xcel

Energy,

Inc.

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

United

States

55,000

4,584,800

59,168,200

#### Metals

#### &

#### Mining

#### 4.3%
BHP

Group

Ltd.,

ADR

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

Australia

25,185

2,054,341

Freeport-McMoRan,

Inc.

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

United

States

40,380

2,749,070

Newmont

Corp.

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

United

States

26,000

3,380,000

Rio

Tinto

plc,

ADR

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

Australia

15,000

1,490,100

South32

Ltd.,

ADR

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

Australia

10,074

165,717

9,839,228

#### Multi-Utilities

#### 15.9%
CenterPoint

Energy,

Inc.

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

United

States

122,800

5,341,800

CMS

Energy

Corp.

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

United

States

60,000

4,684,200

Consolidated

Edison,

Inc.

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

United

States

15,000

1,687,800

Dominion

Energy,

Inc.

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

United

States

65,000

4,104,100

DTE

Energy

Co.

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

United

States

30,000

4,447,200

NiSource,

Inc.

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

United

States

60,000

2,838,000

Public

Service

Enterprise

Group,

Inc.

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

United

States

25,000

2,151,750

Sempra,

Inc.

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

United

States

90,000

8,664,300

WEC

Energy

Group,

Inc.

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

United

States

20,000

2,339,200

36,258,350

#### Oil,

#### Gas

#### &

#### Consumable

#### Fuels

#### 1.8%
a

Amplify

Energy

Corp.

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

United

States

1,406

Birch

Permian

Holdings,

Inc.

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

United

States

32,490

185,469

California

Resources

Corp.

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

United

States

2,765

DT

Midstream,

Inc.

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

United

States

10,000

1,388,400

Enbridge,

Inc.

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

Canada

39,360

2,091,590

Expand

Energy

Corp.

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

United

States

2,380

256,850

Woodside

Energy

Group

Ltd.,

ADR

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

Australia

9,101

186,389

4,112,869

#### Pharmaceuticals

#### 0.2%
a

Keenova

Therapeutics

plc

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

United

States

2,929

267,711

a

Par

Health,

Inc.

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

United

States

2,929

25,996

293,707

#### Software

#### 0.0%

#### †
a,b

DSG

Topco,

Inc.

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

United

States

2,027

507

#### Total

#### Common

#### Stocks

#### (Cost

#### $33,134,808)
....................................

#### 109,919,808
Franklin

Universal

Trust

Schedule

of

Investments

(unaudited)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

a

a

#### Country

#### Shares
a

#### Value
a

a

#### a
a

#### Convertible

#### Preferred

#### Stocks

#### 0.2%

#### Aerospace

#### &

#### Defense

#### 0.1%
Boeing

Co.

(The),

6%

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

United

States

3,000

$

218,790

#### Software

#### 0.1%
Oracle

Corp.,

D,

6.5%

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

United

States

5,357

246,368

#### Total

#### Convertible

#### Preferred

#### Stocks

#### (Cost

#### $417,850)

#### ............................

#### 465,158

#### Preferred

#### Stocks

#### 0.2%

#### Electric

#### Utilities

#### 0.2%
SCE

Trust

II,

5.1%

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

United

States

27,500

522,775

#### Total

#### Preferred

#### Stocks

#### (Cost

#### $598,125)

#### .......................................

#### 522,775

#### Rights

#### 0.0%

#### †

#### Diversified

#### Telecommunication

#### Services

#### 0.0%

#### †
a

Altice

France

SA,

2/20/49

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

France

1,254

20,189

#### Total

#### Rights

#### (Cost

#### $–)

#### ......................................................

#### 20,189

#### Principal

#### Amount

#### \*

#### Corporate

#### Bonds

#### 73.5%

#### Aerospace

#### &

#### Defense

#### 1.5%
c

ATI,

Inc.

,

Senior

Note

,

7.25 %

,

8/15/30

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

United

States

700,000

733,724

d

Axon

Enterprise,

Inc.

,

Senior

Note

,

144A,

6.25 %

,

3/15/33

.....

United

States

250,000

259,318

d

Bombardier,

Inc.

,

Senior

Note

,

144A,

%

,

6/01/32

...........

Canada

85,000

89,645

d

Efesto

Bidco

SpA

Efesto

US

LLC

,

XR

,

Senior

Secured

Note

,

144A,

7.5 %

,

2/15/32

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

Italy

1,050,000

1,076,110

d

TransDigm,

Inc.

,

Senior

Secured

Note,

144A,

6%,

1/15/33

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

United

States

170,000

173,134

Senior

Sub.

Note,

144A,

6.75%,

1/31/34

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

United

States

1,020,000

1,059,409

3,391,340

#### Automobile

#### Components

#### 2.2%
c,d

Adient

Global

Holdings

Ltd.

,

Senior

Note

,

144A,

8.25 %

,

4/15/31

United

States

300,000

313,998

d

Allison

Transmission,

Inc.

,

Senior

Bond,

144A,

3.75%,

1/30/31

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

United

States

300,000

285,551

Senior

Note,

144A,

4.75%,

10/01/27

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

United

States

600,000

600,921

d

American

Axle

&

Manufacturing,

Inc.

,

Senior

Secured

Note

,

144A,

6.375 %

,

10/15/32

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

United

States

300,000

305,514

d

Clarios

Global

LP

/

Clarios

US

Finance

Co.

,

Senior

Note

,

144A,

6.75 %

,

9/15/32

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

United

States

310,000

321,966

d

Dornoch

Debt

Merger

Sub,

Inc.

,

Senior

Note

,

144A,

6.625 %

,

10/15/29

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

United

States

1,550,000

1,401,533

d

Forvia

SE

,

Senior

Note

,

144A,

6.75 %

,

9/15/33

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

France

355,000

365,886

d,e

IHO

Verwaltungs

GmbH

,

Senior

Secured

Note,

144A,

PIK,

7.75%,

11/15/30

.........

Germany

400,000

421,594

Senior

Secured

Note,

144A,

PIK,

8%,

11/15/32

...........

Germany

900,000

960,693

4,977,656

#### Automobiles

#### 0.5%
d

Jaguar

Land

Rover

Automotive

plc

,

Senior

Note

,

144A,

5.5 %

,

7/15/29

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

United

Kingdom

500,000

501,428

d

Nissan

Motor

Co.

Ltd.

,

Senior

Bond

,

144A,

8.125 %

,

7/17/35

...

Japan

565,000

617,486

1,118,914

#### Biotechnology

#### 1.0%
d

Emergent

BioSolutions,

Inc.

,

Senior

Note

,

144A,

3.875 %

,

8/15/28

United

States

900,000

787,674

Franklin

Universal

Trust

Schedule

of

Investments

(unaudited)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

a

#### Country

#### Principal

#### Amount

#### \*
a

#### Value
a

#### a
a

#### Corporate

#### Bonds
(continued)

#### Biotechnology
(continued)

d

Genmab

A/S

/

Genmab

Finance

LLC

,

Senior

Note,

144A,

7.25%,

12/15/33

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

Denmark

480,000

$

509,621

Senior

Secured

Note,

144A,

6.25%,

12/15/32

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

Denmark

480,000

498,477

d

Grifols

SA

,

Senior

Note

,

144A,

4.75 %

,

10/15/28

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

Spain

600,000

592,905

2,388,677

#### Broadline

#### Retail

#### 0.7%
c,d

Wayfair

LLC

,

Senior

Secured

Note,

144A,

7.25%,

10/31/29

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

United

States

700,000

723,864

Senior

Secured

Note,

144A,

7.75%,

9/15/30

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

United

States

800,000

841,844

1,565,708

#### Building

#### Products

#### 2.5%
c,d

Advanced

Drainage

Systems,

Inc.

,

Senior

Note

,

144A,

6.375 %

,

6/15/30

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

United

States

500,000

510,594

d

Cornerstone

Building

Brands,

Inc.

,

Senior

Note

,

144A,

6.125 %

,

1/15/29

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

United

States

300,000

150,007

c,d

EMRLD

Borrower

LP

/

Emerald

Co-Issuer,

Inc.

,

Senior

Secured

Note

,

144A,

6.625 %

,

12/15/30

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

United

States

900,000

932,621

d

JH

North

America

Holdings,

Inc.

,

Senior

Secured

Note,

144A,

5.875%,

1/31/31

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

United

States

75,000

76,639

Senior

Secured

Note,

144A,

6.125%,

7/31/32

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

United

States

125,000

128,381

c,d

Miter

Brands

Acquisition

Holdco,

Inc.

/

MIWD

Borrower

LLC

,

Senior

Secured

Note

,

144A,

6.75 %

,

4/01/32

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

United

States

500,000

504,463

d

Quikrete

Holdings,

Inc.

,

Senior

Note,

144A,

6.75%,

3/01/33

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

United

States

150,000

156,023

Senior

Secured

Note,

144A,

6.375%,

3/01/32

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

United

States

300,000

311,984

c,d

Smyrna

Ready

Mix

Concrete

LLC

,

Senior

Secured

Note

,

144A,

8.875 %

,

11/15/31

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

United

States

1,200,000

1,275,611

c,d

Standard

Building

Solutions,

Inc.

,

Senior

Note,

144A,

6.5%,

8/15/32

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

United

States

600,000

618,489

Senior

Note,

144A,

6.25%,

8/01/33

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

United

States

495,000

504,582

d

Standard

Industries,

Inc.

,

c

Senior

Bond,

144A,

4.75%,

1/15/28

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

United

States

500,000

498,776

Senior

Bond,

144A,

4.375%,

7/15/30

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

United

States

100,000

96,544

5,764,714

#### Capital

#### Markets

#### 1.1%
d

Jane

Street

Group

/

JSG

Finance,

Inc.

,

c

Senior

Secured

Note,

144A,

4.5%,

11/15/29

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

United

States

500,000

488,277

Senior

Secured

Note,

144A,

6.125%,

11/01/32

...........

United

States

500,000

503,368

c

Senior

Secured

Note,

144A,

6.75%,

5/01/33

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

United

States

600,000

616,169

d

Stonex

Escrow

Issuer

LLC

,

Secured

Note

,

144A,

6.875 %

,

7/15/32

United

States

285,000

295,974

c,d

StoneX

Group,

Inc.

,

Secured

Note

,

144A,

7.875 %

,

3/01/31

....

United

States

500,000

531,146

2,434,934

#### Chemicals

#### 1.8%
d,e

Advancion

Sciences,

Inc.

,

Senior

Note

,

144A,

PIK,

9.25 %

,

11/01/26

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

United

States

255,256

213,564

b,d,e,f

Anagram

Holdings

LLC

/

Anagram

International,

Inc.

,

Secured

Note

,

144A,

PIK,

%

,

8/15/26

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

United

States

257,209

—

d

Avient

Corp.

,

Senior

Note

,

144A,

6.25 %

,

11/01/31

...........

United

States

300,000

309,982

d,f

Braskem

Idesa

SAPI

,

Senior

Secured

Bond

,

144A,

6.99 %

,

2/20/32

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

Mexico

300,000

174,819

d

Cerdia

Finanz

GmbH

,

Senior

Secured

Note

,

144A,

9.375 %

,

10/03/31

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

Germany

300,000

307,500

d

Element

Solutions,

Inc.

,

Senior

Note

,

144A,

3.875 %

,

9/01/28

...

United

States

200,000

196,758

Franklin

Universal

Trust

Schedule

of

Investments

(unaudited)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

a

a

#### Country

#### Principal

#### Amount

#### \*
a

#### Value
a

#### a
a

#### Corporate

#### Bonds
(continued)

#### Chemicals
(continued)

FMC

Corp.

,

Sub.

Bond

,

8.45%

to

10/31/30,

FRN

thereafter

,

11/01/55

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

United

States

300,000

$

197,571

d,e

GPD

Cos.,

Inc.

,

Senior

Secured

Note

,

144A,

PIK,

12.5 %

,

12/31/29

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

United

States

1,002,267

528,963

d

Illuminate

Buyer

LLC

/

Illuminate

Holdings

IV,

Inc.

,

Senior

Note

,

144A,

%

,

7/01/28

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

United

States

218,000

218,885

c,d

Rain

Carbon,

Inc.

,

Senior

Secured

Note

,

144A,

12.25 %

,

9/01/29

United

States

1,200,000

1,279,363

d

Solstice

Advanced

Materials,

Inc.

,

Senior

Note

,

144A,

5.625 %

,

9/30/33

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

United

States

625,000

632,142

4,059,547

#### Commercial

#### Services

#### &

#### Supplies

#### 2.0%
c,d

Enviri

Corp.

,

Senior

Note

,

144A,

5.75 %

,

7/31/27

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

United

States

500,000

500,765

d

Neptune

Bidco

US,

Inc.

,

Senior

Secured

Note,

144A,

9.29%,

4/15/29

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

United

States

130,000

130,368

Senior

Secured

Note,

144A,

9.5%,

2/15/33

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

United

States

625,000

612,525

d

Prime

Security

Services

Borrower

LLC

/

Prime

Finance,

Inc.

,

Senior

Secured

Note

,

144A,

3.375 %

,

8/31/27

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

United

States

240,000

236,346

c,d

RR

Donnelley

&

Sons

Co.

,

Senior

Secured

Note

,

144A,

9.5 %

,

8/01/29

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

United

States

1,125,000

1,160,324

d

Veritiv

Operating

Co.

,

Senior

Secured

Note

,

144A,

10.5 %

,

11/30/30

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

United

States

225,000

241,025

c,d

VM

Consolidated,

Inc.

,

Senior

Note

,

144A,

5.5 %

,

4/15/29

.....

United

States

800,000

786,014

d

Waste

Pro

USA,

Inc.

,

Senior

Note

,

144A,

%

,

2/01/33

........

United

States

200,000

208,649

c,d

Wrangler

Holdco

Corp.

,

Senior

Note

,

144A,

6.625 %

,

4/01/32

...

Canada

700,000

730,731

4,606,747

#### Communications

#### Equipment

#### 0.2%
d

Viasat,

Inc.

,

Senior

Note

,

144A,

7.5 %

,

5/30/31

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

United

States

525,000

518,588

#### Construction

#### &

#### Engineering

#### 0.2%
d

Arcosa,

Inc.

,

c

Senior

Note,

144A,

4.375%,

4/15/29

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

United

States

300,000

295,727

Senior

Note,

144A,

6.875%,

8/15/32

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

United

States

100,000

104,982

400,709

#### Consumer

#### Finance

#### 1.8%
d

Encore

Capital

Group,

Inc.

,

Senior

Secured

Note,

144A,

9.25%,

4/01/29

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

United

States

600,000

628,736

Senior

Secured

Note,

144A,

8.5%,

5/15/30

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

United

States

400,000

428,148

c,d

FirstCash,

Inc.

,

Senior

Note

,

144A,

6.875 %

,

3/01/32

.........

United

States

1,100,000

1,136,577

d

Macquarie

Airfinance

Holdings

Ltd.

,

Senior

Note

,

144A,

6.5 %

,

3/26/31

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

United

Kingdom

200,000

215,918

OneMain

Finance

Corp.

,

Senior

Bond,

5.375%,

11/15/29

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

United

States

500,000

494,665

Senior

Note,

6.5%,

3/15/33

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

United

States

290,000

287,638

c,d

PROG

Holdings,

Inc.

,

Senior

Note

,

144A,

%

,

11/15/29

.......

United

States

900,000

884,389

4,076,071

#### Consumer

#### Staples

#### Distribution

#### &

#### Retail

#### 0.3%
c,d

US

Foods,

Inc.

,

Senior

Note

,

144A,

6.875 %

,

9/15/28

.........

United

States

700,000

722,604

#### Containers

#### &

#### Packaging

#### 1.4%
c,d

Clydesdale

Acquisition

Holdings,

Inc.

,

Senior

Secured

Note

,

144A,

6.75 %

,

4/15/32

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

United

States

1,000,000

1,008,336

d

Mauser

Packaging

Solutions

Holding

Co.

,

Secured

Note

,

144A,

9.25 %

,

4/15/30

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

United

States

1,500,000

1,479,403

Franklin

Universal

Trust

Schedule

of

Investments

(unaudited)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

a

#### Country

#### Principal

#### Amount

#### \*
a

#### Value
a

#### a
a

#### Corporate

#### Bonds
(continued)

#### Containers

#### &

#### Packaging
(continued)

c,d

Toucan

FinCo

Ltd.

/

Toucan

FinCo

Can,

Inc.

/

Toucan

FinCo

US

LLC

,

Senior

Secured

Note

,

144A,

9.5 %

,

5/15/30

...........

Canada

750,000

$

712,366

3,200,105

#### Distributors

#### 0.2%
d

Gates

Corp.

,

Senior

Note

,

144A,

6.875 %

,

7/01/29

...........

United

States

400,000

415,515

d

RB

Global

Holdings,

Inc.

,

Senior

Secured

Note

,

144A,

6.75 %

,

3/15/28

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

Canada

125,000

127,174

542,689

#### Diversified

#### Consumer

#### Services

#### 0.4%
Grand

Canyon

University

,

Secured

Note

,

5.125 %

,

10/01/28

....

United

States

800,000

804,466

#### Diversified

#### REITs

#### 1.0%
c,d

Global

Net

Lease,

Inc.

,

Senior

Note

,

144A,

4.5 %

,

9/30/28

.....

United

States

900,000

885,601

c,d

Global

Net

Lease,

Inc.

/

Global

Net

Lease

Operating

Partnership

LP

,

Senior

Note

,

144A,

3.75 %

,

12/15/27

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

United

States

670,000

656,172

c,d

VICI

Properties

LP

/

VICI

Note

Co.,

Inc.

,

Senior

Note

,

144A,

3.75 %

,

2/15/27

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

United

States

700,000

696,752

2,238,525

#### Diversified

#### Telecommunication

#### Services

#### 2.8%
d

APLD

ComputeCo

LLC

,

Senior

Secured

Note

,

144A,

9.25 %

,

12/15/30

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

United

States

1,025,000

1,076,642

d

Black

Pearl

Compute

LLC

,

Senior

Secured

Note

,

144A,

6.125 %

,

2/15/31

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

United

States

400,000

409,881

d

CCO

Holdings

LLC

/

CCO

Holdings

Capital

Corp.

,

c

Senior

Bond,

144A,

5.375%,

6/01/29

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

United

States

500,000

499,148

c

Senior

Bond,

144A,

4.5%,

8/15/30

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

United

States

1,700,000

1,622,586

Senior

Bond,

144A,

4.25%,

2/01/31

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

United

States

200,000

186,563

d

Cipher

Compute

LLC

,

Senior

Secured

Note

,

144A,

7.125 %

,

11/15/30

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

United

States

385,000

401,784

d

SV

RNO

Property

Owner

LLC

,

Senior

Secured

Note

,

144A,

5.875 %

,

3/01/31

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

United

States

610,000

613,163

c,d

Virgin

Media

Secured

Finance

plc

,

Senior

Secured

Bond

,

144A,

4.5 %

,

8/15/30

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

United

Kingdom

1,100,000

1,003,615

d

WULF

Compute

LLC

,

Senior

Secured

Note

,

144A,

7.75 %

,

10/15/30

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

United

States

560,000

593,473

6,406,855

#### Electric

#### Utilities

#### 1.7%
c,d

California

Buyer

Ltd.

/

Atlantica

Sustainable

Infrastructure

plc

,

Senior

Note

,

144A,

6.375 %

,

2/15/32

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

United

Kingdom

1,500,000

1,496,560

d

NRG

Energy,

Inc.

,

Senior

Bond,

144A,

6%,

1/15/36

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

United

States

665,000

677,158

c

Senior

Note,

144A,

5.75%,

7/15/29

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

United

States

800,000

801,866

d

Vistra

Operations

Co.

LLC

,

c

Senior

Note,

144A,

4.375%,

5/01/29

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

United

States

400,000

395,926

Senior

Note,

144A,

7.75%,

10/15/31

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

United

States

100,000

105,723

Senior

Note,

144A,

6.875%,

4/15/32

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

United

States

400,000

420,996

3,898,229

#### Electronic

#### Equipment,

#### Instruments

#### &

#### Components

#### 0.3%
c,d

TTM

Technologies,

Inc.

,

Senior

Note

,

144A,

%

,

3/01/29

......

United

States

500,000

485,661

d

Zebra

Technologies

Corp.

,

Senior

Note

,

144A,

6.5 %

,

6/01/32

..

United

States

300,000

307,727

793,388

Franklin

Universal

Trust

Schedule

of

Investments

(unaudited)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

a

a

#### Country

#### Principal

#### Amount

#### \*
a

#### Value
a

#### a
a

#### Corporate

#### Bonds
(continued)

#### Energy

#### Equipment

#### &

#### Services

#### 2.2%
d

Archrock

Services

LP

/

Archrock

Partners

Finance

Corp.

,

Senior

Note

,

144A,

%

,

2/01/34

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

United

States

450,000

$

455,845

d

Borr

IHC

Ltd.

/

Borr

Finance

LLC

,

Senior

Secured

Note

,

144A,

10.375 %

,

11/15/30

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

Mexico

220,311

230,363

d

Kodiak

Gas

Services

LLC

,

Senior

Bond,

144A,

6.75%,

10/01/35

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

United

States

130,000

135,902

c

Senior

Note,

144A,

7.25%,

2/15/29

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

United

States

700,000

726,296

Senior

Note,

144A,

6.5%,

10/01/33

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

United

States

225,000

232,141

d

Nabors

Industries,

Inc.

,

Senior

Note,

144A,

9.125%,

1/31/30

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

United

States

300,000

315,660

Senior

Note,

144A,

8.875%,

8/15/31

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

United

States

255,000

264,314

Oceaneering

International,

Inc.

,

Senior

Note

,

%

,

2/01/28

.....

United

States

300,000

305,432

Transocean

International

Ltd.

,

Senior

Bond,

6.8%,

3/15/38

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

United

States

600,000

581,756

d

Senior

Note,

144A,

8.25%,

5/15/29

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

United

States

100,000

104,192

d

Senior

Secured

Note,

144A,

8.75%,

2/15/30

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

United

States

560,000

586,242

d

Senior

Secured

Note,

144A,

7.875%,

10/15/32

...........

United

States

90,000

96,680

d

Transocean

Titan

Financing

Ltd.

,

Senior

Secured

Note

,

144A,

8.375 %

,

2/01/28

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

United

States

68,095

69,834

d

Weatherford

International

Ltd.

,

c

Senior

Note,

144A,

8.625%,

4/30/30

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

United

States

184,000

189,707

Senior

Note,

144A,

6.75%,

10/15/33

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

United

States

590,000

617,148

4,911,512

#### Entertainment

#### 0.7%
c,d

Banijay

Entertainment

SAS

,

Senior

Secured

Note

,

144A,

8.125 %

,

5/01/29

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

France

800,000

828,732

Discovery

Global

Holdings,

Inc.

,

Senior

Bond,

5.05%,

3/15/42

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

United

States

350,000

246,750

Senior

Note,

4.054%,

3/15/29

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

United

States

520,000

514,862

1,590,344

#### Financial

#### Services

#### 4.3%
d

CrossCountry

Intermediate

HoldCo

LLC

,

Senior

Note,

144A,

6.5%,

10/01/30

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

United

States

430,000

428,831

Senior

Note,

144A,

6.75%,

12/01/32

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

United

States

625,000

619,053

d

Freedom

Mortgage

Holdings

LLC

,

Senior

Note,

144A,

9.25%,

2/01/29

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

United

States

300,000

313,562

Senior

Note,

144A,

6.875%,

5/01/31

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

United

States

300,000

289,574

c

Senior

Note,

144A,

8.375%,

4/01/32

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

United

States

650,000

655,421

Senior

Note,

144A,

7.875%,

4/01/33

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

United

States

325,000

320,651

d

GGAM

Finance

Ltd.

,

Senior

Note,

144A,

8%,

2/15/27

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

Ireland

200,000

202,400

Senior

Note,

144A,

8%,

6/15/28

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

Ireland

700,000

736,471

d

Jefferson

Capital

Holdings

LLC

,

Senior

Note,

144A,

6%,

8/15/26

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

United

States

500,000

500,722

Senior

Note,

144A,

9.5%,

2/15/29

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

United

States

1,400,000

1,479,029

d

Osaic

Holdings,

Inc.

,

Senior

Note,

144A,

8%,

8/01/33

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

United

States

500,000

498,640

Senior

Secured

Note,

144A,

6.75%,

8/01/32

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

United

States

235,000

237,319

d

PHH

Escrow

Issuer

LLC

/

PHH

Corp.

,

Senior

Note

,

144A,

9.875 %

,

11/01/29

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

United

States

1,800,000

1,808,809

d

PRA

Group,

Inc.

,

c

Senior

Note,

144A,

8.375%,

2/01/28

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

United

States

600,000

605,043

Senior

Note,

144A,

5%,

10/01/29

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

United

States

300,000

277,160

Senior

Note,

144A,

8.875%,

1/31/30

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

United

States

400,000

407,500

Franklin

Universal

Trust

Schedule

of

Investments

(unaudited)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

a

#### Country

#### Principal

#### Amount

#### \*
a

#### Value
a

#### a
a

#### Corporate

#### Bonds
(continued)

#### Financial

#### Services
(continued)

d

Rocket

Cos.,

Inc.

,

Senior

Note

,

144A,

6.375 %

,

8/01/33

.......

United

States

400,000

$

413,908

9,794,093

#### Food

#### Products

#### 1.4%
d,e

Chobani

Holdco

II

LLC

,

Senior

Note

,

144A,

PIK,

8.75 %

,

10/01/29

United

States

654,870

675,697

d

Chobani

LLC

/

Chobani

Finance

Corp.,

Inc.

,

Senior

Note,

144A,

7.625%,

7/01/29

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

United

States

200,000

208,293

c

Senior

Secured

Note,

144A,

4.625%,

11/15/28

...........

United

States

800,000

796,332

d

Darling

Ingredients,

Inc.

,

Senior

Note

,

144A,

%

,

6/15/30

.....

United

States

200,000

202,692

d

Froneri

Lux

FinCo

SARL

,

Senior

Secured

Note

,

144A,

%

,

8/01/32

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

United

Kingdom

470,000

472,946

d

Industrial

F&B

Investments

III,

Inc.

,

Senior

Secured

Note

,

144A,

7.75 %

,

2/11/33

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

United

States

475,000

487,884

c,d

Post

Holdings,

Inc.

,

Senior

Bond

,

144A,

4.625 %

,

4/15/30

.....

United

States

400,000

391,850

3,235,694

#### Ground

#### Transportation

#### 0.8%
d

Beacon

Mobility

Corp.

,

Senior

Secured

Note

,

144A,

7.25 %

,

8/01/30

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

United

States

260,000

272,517

c,d

First

Student

Bidco,

Inc.

/

First

Transit

Parent,

Inc.

,

Senior

Secured

Note

,

144A,

%

,

7/31/29

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

United

States

900,000

872,832

d

Watco

Cos.

LLC

/

Watco

Finance

Corp.

,

Senior

Note

,

144A,

7.125 %

,

8/01/32

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

United

States

660,000

694,886

1,840,235

#### Health

#### Care

#### Equipment

#### &

#### Supplies

#### 0.4%
d

Bausch

+

Lomb

Corp.

,

Senior

Secured

Note

,

144A,

8.375 %

,

10/01/28

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

United

States

400,000

415,000

d

Insulet

Corp.

,

Senior

Note

,

144A,

6.5 %

,

4/01/33

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

United

States

100,000

104,067

c,d

Medline

Borrower

LP

,

Senior

Note

,

144A,

5.25 %

,

10/01/29

....

United

States

500,000

500,285

1,019,352

#### Health

#### Care

#### Providers

#### &

#### Services

#### 3.0%
c

Centene

Corp.

,

Senior

Bond

,

2.5 %

,

3/01/31

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

United

States

500,000

434,276

d

CHS/Community

Health

Systems,

Inc.

,

144A,

10.75%,

6/15/33

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

United

States

500,000

535,578

Secured

Note,

144A,

6.125%,

4/01/30

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

United

States

500,000

442,570

Senior

Secured

Note,

144A,

6%,

1/15/29

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

United

States

300,000

299,099

Senior

Secured

Note,

144A,

10.875%,

1/15/32

...........

United

States

400,000

433,990

d

DaVita,

Inc.

,

c

Senior

Note,

144A,

4.625%,

6/01/30

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

United

States

1,200,000

1,175,498

Senior

Note,

144A,

6.875%,

9/01/32

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

United

States

200,000

207,942

c,d

Kedrion

SpA

,

Senior

Secured

Note

,

144A,

6.5 %

,

9/01/29

......

Italy

1,500,000

1,460,947

d

MPH

Acquisition

Holdings

LLC

,

Senior

Secured

Note,

144A,

5.75%,

12/31/30

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

United

States

90,027

66,085

e

Senior

Secured

Note,

144A,

PIK,

11.5%,

12/31/30

.........

United

States

144,760

128,951

e

Senior

Secured

Note,

144A,

PIK,

6.75%,

3/31/31

.........

United

States

777,986

501,218

c

Tenet

Healthcare

Corp.

,

Senior

Secured

Note,

6.125%,

6/15/30

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

United

States

700,000

714,836

Senior

Secured

Note,

6.75%,

5/15/31

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

United

States

500,000

520,512

6,921,502

#### Health

#### Care

#### REITs

#### 0.9%
d

Diversified

Healthcare

Trust

,

Senior

Secured

Note

,

144A,

7.25 %

,

10/15/30

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

United

States

1,190,000

1,238,952

Franklin

Universal

Trust

Schedule

of

Investments

(unaudited)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

a

a

#### Country

#### Principal

#### Amount

#### \*
a

#### Value
a

#### a
a

#### Corporate

#### Bonds
(continued)

#### Health

#### Care

#### REITs
(continued)

c,d

MPT

Operating

Partnership

LP

/

MPT

Finance

Corp.

,

Senior

Secured

Note

,

144A,

8.5 %

,

2/15/32

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

United

States

750,000

$

803,252

2,042,204

#### Health

#### Care

#### Technology

#### 0.4%
c,d

IQVIA,

Inc.

,

Senior

Note

,

144A,

6.25 %

,

6/01/32

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

United

States

925,000

952,682

#### Hotel

#### &

#### Resort

#### REITs

#### 1.0%
c,d

Pebblebrook

Hotel

LP

/

PEB

Finance

Corp.

,

Senior

Note

,

144A,

6.375 %

,

10/15/29

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

United

States

700,000

714,249

d

RHP

Hotel

Properties

LP

/

RHP

Finance

Corp.

,

c

Senior

Note,

144A,

7.25%,

7/15/28

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

United

States

300,000

308,275

c

Senior

Note,

144A,

6.5%,

4/01/32

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

United

States

700,000

724,781

Senior

Note,

144A,

6.5%,

6/15/33

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

United

States

275,000

285,830

d

XHR

LP

,

Senior

Note

,

144A,

6.625 %

,

5/15/30

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

United

States

200,000

207,638

2,240,773

#### Hotels,

#### Restaurants

#### &

#### Leisure

#### 3.9%
d

Allwyn

Entertainment

Financing

UK

plc

,

Senior

Secured

Note

,

144A,

7.875 %

,

4/30/29

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

Switzerland

800,000

831,458

c,d

Carnival

Corp.

,

Senior

Note

,

144A,

5.75 %

,

8/01/32

..........

United

States

835,000

867,606

d

Fertitta

Entertainment

LLC

/

Fertitta

Entertainment

Finance

Co.,

Inc.

,

Senior

Note

,

144A,

6.75 %

,

1/15/30

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

United

States

1,300,000

1,227,219

c,d

Great

Canadian

Gaming

Corp.

/

Raptor

LLC

,

Senior

Secured

Note

,

144A,

8.75 %

,

11/15/29

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

Canada

900,000

915,461

c,d

Mohegan

Tribal

Gaming

Authority

/

MS

Digital

Entertainment

Holdings

LLC

,

Senior

Secured

Note

,

144A,

8.25 %

,

4/15/30

..

United

States

650,000

677,809

d

NCL

Corp.

Ltd.

,

c

Senior

Note,

144A,

6.75%,

2/01/32

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

United

States

500,000

515,260

Senior

Note,

144A,

6.25%,

9/15/33

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

United

States

480,000

484,785

d

Rivers

Enterprise

Borrower

LLC

,

Senior

Secured

Note

,

144A,

6.25 %

,

10/15/30

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

United

States

275,000

281,119

d

Royal

Caribbean

Cruises

Ltd.

,

Senior

Note,

144A,

6.25%,

3/15/32

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

United

States

300,000

312,930

Senior

Note,

144A,

6%,

2/01/33

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

United

States

300,000

310,843

d

Station

Casinos

LLC

,

Senior

Bond,

144A,

4.625%,

12/01/31

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

United

States

150,000

144,844

Senior

Note,

144A,

4.5%,

2/15/28

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

United

States

250,000

249,121

d

Viking

Cruises

Ltd.

,

c

Senior

Note,

144A,

7%,

2/15/29

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

United

States

600,000

601,316

Senior

Note,

144A,

5.875%,

10/15/33

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

United

States

520,000

530,787

c,d

Wynn

Resorts

Finance

LLC

/

Wynn

Resorts

Capital

Corp.

,

Senior

Note

,

144A,

7.125 %

,

2/15/31

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

United

States

800,000

864,340

8,814,898

#### Household

#### Durables

#### 2.5%
d

Ashton

Woods

USA

LLC

/

Ashton

Woods

Finance

Co.

,

c

Senior

Note,

144A,

4.625%,

8/01/29

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

United

States

1,200,000

1,173,734

Senior

Note,

144A,

6.875%,

8/01/33

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

United

States

70,000

70,716

c,d

Dream

Finders

Homes,

Inc.

,

Senior

Note

,

144A,

8.25 %

,

8/15/28

United

States

500,000

516,895

d

K. Hovnanian

Enterprises,

Inc.

,

Senior

Note,

144A,

8%,

4/01/31

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

United

States

150,000

154,389

Senior

Note,

144A,

8.375%,

10/01/33

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

United

States

225,000

230,929

c,d

LGI

Homes,

Inc.

,

Senior

Note

,

144A,

8.75 %

,

12/15/28

........

United

States

800,000

835,190

c

M/I

Homes,

Inc.

,

Senior

Note

,

3.95 %

,

2/15/30

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

United

States

600,000

578,568

Newell

Brands,

Inc.

,

Senior

Note,

6.375%,

5/15/30

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

United

States

75,000

75,290

Senior

Note,

6.625%,

5/15/32

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

United

States

50,000

50,028

Franklin

Universal

Trust

Schedule

of

Investments

(unaudited)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

a

#### Country

#### Principal

#### Amount

#### \*
a

#### Value
a

#### a
a

#### Corporate

#### Bonds
(continued)

#### Household

#### Durables
(continued)

Newell

Brands,

Inc.,

(continued)

d

Senior

Note,

144A,

8.5%,

6/01/28

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

United

States

300,000

$

315,943

d

Weekley

Homes

LLC

/

Weekley

Finance

Corp.

,

c

Senior

Note,

144A,

4.875%,

9/15/28

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

United

States

1,300,000

1,287,976

Senior

Note,

144A,

6.75%,

1/15/34

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

United

States

435,000

438,068

5,727,726

#### Household

#### Products

#### 0.1%
d

Energizer

Holdings,

Inc.

,

Senior

Note

,

144A,

4.375 %

,

3/31/29

..

United

States

200,000

194,446

#### Independent

#### Power

#### and

#### Renewable

#### Electricity

#### Producers

#### 1.8%
d

Clearway

Energy

Operating

LLC

,

c

Senior

Bond,

144A,

3.75%,

1/15/32

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

United

States

400,000

372,252

Senior

Note,

144A,

4.75%,

3/15/28

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

United

States

400,000

398,886

Senior

Note,

144A,

3.75%,

2/15/31

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

United

States

300,000

284,390

Senior

Note,

144A,

5.75%,

1/15/34

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

United

States

145,000

146,979

d

Constellation

Energy

Generation

LLC

,

Senior

Note

,

144A,

4.625 %

,

2/01/29

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

United

States

700,000

700,137

d

Leeward

Renewable

Energy

Operations

LLC

,

Senior

Note

,

144A,

4.25 %

,

7/01/29

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

United

States

1,000,000

943,351

d

Talen

Energy

Supply

LLC

,

Senior

Bond,

144A,

6.5%,

2/01/36

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

United

States

590,000

606,958

Senior

Note,

144A,

6.25%,

2/01/34

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

United

States

590,000

600,732

4,053,685

#### Insurance

#### 1.5%
d

Acrisure

LLC

/

Acrisure

Finance,

Inc.

,

Senior

Note,

144A,

8.5%,

6/15/29

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

United

States

400,000

399,398

Senior

Secured

Note,

144A,

7.5%,

11/06/30

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

United

States

400,000

407,302

d

Alliant

Holdings

Intermediate

LLC

/

Alliant

Holdings

Co-Issuer

,

Senior

Note,

144A,

6.75%,

10/15/27

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

United

States

800,000

800,453

c

Senior

Secured

Note,

144A,

7%,

1/15/31

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

United

States

500,000

509,422

d

Asurion

LLC

and

Asurion

Co-Issuer,

Inc.

,

Senior

Secured

Note,

144A,

8%,

12/31/32

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

United

States

550,000

578,142

Senior

Secured

Note,

144A,

8.375%,

2/01/34

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

United

States

695,000

692,072

3,386,789

#### IT

#### Services

#### 1.2%
c,d

Cablevision

Lightpath

LLC

,

Senior

Secured

Note

,

144A,

3.875 %

,

9/15/27

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

United

States

500,000

499,918

d

Cogent

Communications

Group

LLC

/

Cogent

Finance,

Inc.

,

c

Senior

Note,

144A,

7%,

6/15/27

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

United

States

700,000

688,630

Senior

Secured

Note,

144A,

6.5%,

7/01/32

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

United

States

975,000

864,991

c,d

Fortress

Intermediate

3,

Inc.

,

Senior

Secured

Note

,

144A,

7.5 %

,

6/01/31

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

United

States

600,000

587,348

2,640,887

#### Machinery

#### 1.5%
c,d

ATS

Corp.

,

Senior

Note

,

144A,

4.125 %

,

12/15/28

...........

Canada

1,300,000

1,274,812

c,d

Calderys

Financing

LLC

,

Senior

Secured

Note

,

144A,

11.25 %

,

6/01/28

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

France

800,000

831,932

c,d

ESAB

Corp.

,

Senior

Note

,

144A,

6.25 %

,

4/15/29

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

United

States

600,000

615,785

c

Hillenbrand,

Inc.

,

Senior

Note

,

6.25 %

,

2/15/29

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

United

States

600,000

593,373

d

Terex

Corp.

,

Senior

Note

,

144A,

6.25 %

,

10/15/32

...........

United

States

170,000

175,201

3,491,103

Franklin

Universal

Trust

Schedule

of

Investments

(unaudited)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

a

a

#### Country

#### Principal

#### Amount

#### \*
a

#### Value
a

#### a
a

#### Corporate

#### Bonds
(continued)

#### Media

#### 3.5%
d

Block

Communications,

Inc.

,

Senior

Secured

Note

,

144A,

10.25 %

,

3/01/31

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

United

States

540,000

$

496,906

d

Clear

Channel

Outdoor

Holdings,

Inc.

,

Senior

Note,

144A,

7.75%,

4/15/28

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

United

States

300,000

302,558

Senior

Note,

144A,

7.5%,

6/01/29

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

United

States

500,000

503,855

Senior

Secured

Note,

144A,

7.5%,

3/15/33

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

United

States

700,000

756,056

d

CSC

Holdings

LLC

,

Senior

Bond,

144A,

3.375%,

2/15/31

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

United

States

300,000

179,104

Senior

Note,

144A,

11.25%,

5/15/28

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

United

States

700,000

555,265

Senior

Note,

144A,

11.75%,

1/31/29

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

United

States

200,000

142,638

d

Directv

Financing

LLC

,

Senior

Secured

Note

,

144A,

8.875 %

,

2/01/30

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

United

States

150,000

150,239

d

Directv

Financing

LLC

/

Directv

Financing

Co-Obligor,

Inc.

,

Senior

Secured

Note

,

144A,

5.875 %

,

8/15/27

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

United

States

82,000

82,147

d

EW

Scripps

Co.

(The)

,

Secured

Note

,

144A,

9.875 %

,

8/15/30

..

United

States

750,000

753,797

d

Gray

Media,

Inc.

,

Secured

Note,

144A,

9.625%,

7/15/32

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

United

States

390,000

405,513

Senior

Bond,

144A,

5.375%,

11/15/31

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

United

States

300,000

236,465

Senior

Secured

Note,

144A,

7.25%,

8/15/33

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

United

States

355,000

366,826

c,d

McGraw-Hill

Education,

Inc.

,

Senior

Secured

Note

,

144A,

7.375 %

,

9/01/31

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

United

States

800,000

818,134

d

News

Corp.

,

Senior

Note

,

144A,

3.875 %

,

5/15/29

...........

United

States

200,000

195,170

d

Outfront

Media

Capital

LLC

/

Outfront

Media

Capital

Corp.

,

Senior

Bond,

144A,

4.625%,

3/15/30

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

United

States

75,000

73,634

Senior

Note,

144A,

5%,

8/15/27

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

United

States

100,000

100,215

c,d

Sinclair

Television

Group,

Inc.

,

Senior

Secured

Note

,

144A,

8.125 %

,

2/15/33

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

United

States

800,000

833,600

d

Univision

Communications,

Inc.

,

Senior

Secured

Note

,

144A,

9.375 %

,

8/01/32

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

United

States

275,000

291,225

d

VZ

Secured

Financing

BV

,

Senior

Secured

Note

,

144A,

7.5 %

,

1/15/33

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

Netherlands

695,000

683,587

7,926,934

#### Metals

#### &

#### Mining

#### 2.2%
d

Cleveland-Cliffs,

Inc.

,

Senior

Note,

144A,

7%,

3/15/32

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

United

States

340,000

345,738

Senior

Note,

144A,

7.625%,

1/15/34

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

United

States

565,000

580,222

Commercial

Metals

Co.

,

c

Senior

Bond,

3.875%,

2/15/31

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

United

States

700,000

668,602

d

Senior

Bond,

144A,

6%,

12/15/35

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

United

States

445,000

456,051

d

Senior

Note,

144A,

5.75%,

11/15/33

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

United

States

225,000

229,700

d

Constellium

SE

,

c

Senior

Note,

144A,

3.75%,

4/15/29

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

United

States

600,000

581,804

Senior

Note,

144A,

6.375%,

8/15/32

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

United

States

400,000

416,688

c,d

Fortescue

Treasury

Pty.

Ltd.

,

Senior

Bond

,

144A,

4.375 %

,

4/01/31

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

Australia

280,000

271,654

d

Mineral

Resources

Ltd.

,

Senior

Note

,

144A,

%

,

4/01/31

......

Australia

295,000

310,530

d

Novelis

Corp.

,

Senior

Bond,

144A,

3.875%,

8/15/31

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

United

States

100,000

91,492

Senior

Note,

144A,

6.875%,

1/30/30

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

United

States

300,000

309,845

Senior

Note,

144A,

6.375%,

8/15/33

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

United

States

680,000

687,884

4,950,210

#### Mortgage

#### Real

#### Estate

#### Investment

#### Trusts
(REITs)

#### 0.9%
c,d

Apollo

Commercial

Real

Estate

Finance,

Inc.

,

Senior

Secured

Note

,

144A,

4.625 %

,

6/15/29

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

United

States

1,500,000

1,493,653

Franklin

Universal

Trust

Schedule

of

Investments

(unaudited)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

a

#### Country

#### Principal

#### Amount

#### \*
a

#### Value
a

#### a
a

#### Corporate

#### Bonds
(continued)

#### Mortgage

#### Real

#### Estate

#### Investment

#### Trusts
(REITs)

(continued)

d

Starwood

Property

Trust,

Inc.

,

Senior

Note

,

144A,

5.75 %

,

1/15/31

United

States

445,000

$

450,207

1,943,860

#### Oil,

#### Gas

#### &

#### Consumable

#### Fuels

#### 6.7%
c,d

Antero

Resources

Corp.

,

Senior

Note

,

144A,

5.375 %

,

3/01/30

..

United

States

700,000

711,491

d

Calumet

Specialty

Products

Partners

LP

/

Calumet

Finance

Corp.

,

Senior

Note,

144A,

9.75%,

2/15/31

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

United

States

305,000

325,142

c

Senior

Secured

Note,

144A,

9.25%,

7/15/29

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

United

States

800,000

820,000

d

Coronado

Finance

Pty.

Ltd.

,

Senior

Secured

Note

,

144A,

9.25 %

,

10/01/29

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

Australia

950,000

881,263

d

Crescent

Energy

Finance

LLC

,

Senior

Note,

144A,

7.875%,

4/15/32

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

United

States

375,000

382,251

Senior

Note,

144A,

7.375%,

1/15/33

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

United

States

295,000

293,277

c

Senior

Note,

144A,

8.375%,

1/15/34

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

United

States

800,000

827,460

d

DT

Midstream,

Inc.

,

Senior

Note

,

144A,

4.125 %

,

6/15/29

......

United

States

300,000

297,981

c,d

EQT

Corp.

,

Senior

Note

,

144A,

3.125 %

,

5/15/26

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

United

States

300,000

299,133

c,d

Expand

Energy

Corp.

,

Senior

Note

,

144A,

6.75 %

,

4/15/29

.....

United

States

500,000

501,461

c,d

Hess

Midstream

Operations

LP

,

Senior

Note

,

144A,

6.5 %

,

6/01/29

United

States

500,000

517,617

d

Hilcorp

Energy

I

LP

/

Hilcorp

Finance

Co.

,

Senior

Bond,

144A,

7.25%,

2/15/35

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

United

States

200,000

198,215

c

Senior

Note,

144A,

6%,

4/15/30

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

United

States

300,000

296,409

c

Senior

Note,

144A,

8.375%,

11/01/33

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

United

States

700,000

739,099

d

Kinetik

Holdings

LP

,

Senior

Note

,

144A,

5.875 %

,

6/15/30

......

United

States

400,000

405,562

d

Martin

Midstream

Partners

LP

/

Martin

Midstream

Finance

Corp.

,

Secured

Note

,

144A,

11.5 %

,

2/15/28

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

United

States

1,700,000

1,773,202

b,d,f

Murray

Energy

Corp.

,

Secured

Note

,

144A,

%

,

4/15/24

.....

United

States

757,734

—

c,d

Northriver

Midstream

Finance

LP

,

Senior

Secured

Note

,

144A,

6.75 %

,

7/15/32

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

Canada

600,000

617,356

d

Sunoco

LP

,

Senior

Note,

144A,

5.375%,

7/15/31

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

United

States

95,000

95,341

c

Senior

Note,

144A,

7.25%,

5/01/32

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

United

States

500,000

528,534

g

Senior

Note,

144A,

5.625%,

7/15/34

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

United

States

55,000

55,060

Sunoco

LP

/

Sunoco

Finance

Corp.

,

Senior

Note,

6%,

4/15/27

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

United

States

500,000

500,500

Senior

Note,

4.5%,

5/15/29

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

United

States

200,000

197,162

c,d

Venture

Global

Calcasieu

Pass

LLC

,

Senior

Secured

Bond,

144A,

4.125%,

8/15/31

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

United

States

300,000

281,574

Senior

Secured

Note,

144A,

3.875%,

8/15/29

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

United

States

300,000

287,610

d

Venture

Global

LNG,

Inc.

,

c

Senior

Secured

Note,

144A,

9.5%,

2/01/29

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

United

States

1,100,000

1,180,435

c

Senior

Secured

Note,

144A,

8.375%,

6/01/31

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

United

States

500,000

512,359

Senior

Secured

Note,

144A,

9.875%,

2/01/32

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

United

States

400,000

424,070

d

Venture

Global

Plaquemines

LNG

LLC

,

Senior

Secured

Bond,

144A,

7.75%,

5/01/35

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

United

States

200,000

226,954

c

Senior

Secured

Bond,

144A,

6.75%,

1/15/36

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

United

States

490,000

522,245

Senior

Secured

Note,

144A,

6.125%,

12/15/30

...........

United

States

45,000

46,768

Senior

Secured

Note,

144A,

7.5%,

5/01/33

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

United

States

200,000

221,962

Senior

Secured

Note,

144A,

6.5%,

1/15/34

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

United

States

295,000

310,620

Senior

Secured

Note,

144A,

6.5%,

6/15/34

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

United

States

45,000

47,271

15,325,384

#### Paper

#### &

#### Forest

#### Products

#### 0.2%
d

Magnera

Corp.

,

Senior

Secured

Note

,

144A,

4.75 %

,

11/15/29

..

United

States

400,000

371,968

#### Passenger

#### Airlines

#### 0.6%
d

American

Airlines,

Inc.

/

AAdvantage

Loyalty

IP

Ltd.

,

Senior

Secured

Note

,

144A,

5.5 %

,

4/20/26

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

United

States

58,334

58,450

Franklin

Universal

Trust

Schedule

of

Investments

(unaudited)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

a

a

#### Country

#### Principal

#### Amount

#### \*
a

#### Value
a

#### a
a

#### Corporate

#### Bonds
(continued)

#### Passenger

#### Airlines
(continued)

d

Delta

Air

Lines,

Inc.

/

SkyMiles

IP

Ltd.

,

Senior

Secured

Note

,

144A,

4.75 %

,

10/20/28

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

United

States

641,667

$

647,438

d

OneSky

Flight

LLC

,

Senior

Note

,

144A,

8.875 %

,

12/15/29

.....

United

States

250,000

266,254

c,d

United

Airlines,

Inc.

,

Senior

Secured

Note

,

144A,

4.625 %

,

4/15/29

United

States

300,000

299,973

1,272,115

#### Personal

#### Care

#### Products

#### 0.7%
c,d

Coty,

Inc.

/

HFC

Prestige

Products,

Inc.

/

HFC

Prestige

International

US

LLC

,

Senior

Note

,

144A,

6.625 %

,

7/15/30

...

United

States

600,000

608,340

c,d

Opal

Bidco

SAS

,

Senior

Secured

Note

,

144A,

6.5 %

,

3/31/32

...

France

950,000

979,115

1,587,455

#### Pharmaceuticals

#### 0.5%
d

Endo

Finance

Holdings

LP

,

Senior

Secured

Note

,

144A,

8.5 %

,

4/15/31

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

United

States

200,000

212,686

c

Teva

Pharmaceutical

Finance

Netherlands

III

BV

,

Senior

Note,

4.75%,

5/09/27

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

Israel

600,000

600,881

Senior

Note,

8.125%,

9/15/31

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

Israel

300,000

344,768

1,158,335

#### Professional

#### Services

#### 0.2%
d

CACI

International,

Inc.

,

Senior

Note

,

144A,

6.375 %

,

6/15/33

..

United

States

425,000

437,870

#### Real

#### Estate

#### Management

#### &

#### Development

#### 0.3%
d

Forestar

Group,

Inc.

,

Senior

Note

,

144A,

6.5 %

,

3/15/33

.......

United

States

700,000

717,217

#### Semiconductors

#### &

#### Semiconductor

#### Equipment

#### 0.2%
d

Qnity

Electronics,

Inc.

,

Senior

Note,

144A,

6.25%

,

8/15/33

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

United

States

140,000

145,537

Senior

Secured

Note,

144A,

5.75%,

8/15/32

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

United

States

240,000

245,860

391,397

#### Software

#### 0.8%
d

Gen

Digital,

Inc.

,

Senior

Note

,

144A,

6.25 %

,

4/01/33

.........

United

States

250,000

248,944

d

McAfee

Corp.

,

Senior

Note

,

144A,

7.375 %

,

2/15/30

..........

United

States

800,000

655,516

d

Rocket

Software,

Inc.

,

Senior

Note

,

144A,

6.5 %

,

2/15/29

......

United

States

1,100,000

922,046

1,826,506

#### Specialized

#### REITs

#### 1.1%
c,d

Iron

Mountain,

Inc.

,

Senior

Bond,

144A,

5.625%,

7/15/32

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

United

States

300,000

299,531

Senior

Note,

144A,

7%,

2/15/29

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

United

States

700,000

718,818

d

Millrose

Properties,

Inc.

,

Senior

Note,

144A,

6.375%,

8/01/30

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

United

States

1,125,000

1,154,813

Senior

Note,

144A,

6.25%,

9/15/32

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

United

States

375,000

380,011

2,553,173

#### Specialty

#### Retail

#### 0.6%
c,d

Gap,

Inc.

(The)

,

Senior

Note

,

144A,

3.625 %

,

10/01/29

........

United

States

700,000

666,477

d

PetSmart

LLC

/

PetSmart

Finance

Corp.

,

Senior

Secured

Note

,

144A,

7.5 %

,

9/15/32

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

United

States

595,000

602,515

1,268,992

#### Technology

#### Hardware,

#### Storage

#### &

#### Peripherals

#### 0.2%
c,d

Seagate

Data

Storage

Technology

Pte.

Ltd.

,

Senior

Note

,

144A,

5.875 %

,

7/15/30

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

United

States

550,000

566,535

Franklin

Universal

Trust

Schedule

of

Investments

(unaudited)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

a

#### Country

#### Principal

#### Amount

#### \*
a

#### Value
a

#### a
a

#### Corporate

#### Bonds
(continued)

#### Textiles,

#### Apparel

#### &

#### Luxury

#### Goods

#### 0.4%
d,e

Beach

Acquisition

Bidco

LLC

,

Senior

Note

,

144A,

PIK,

%

,

7/15/33

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

United

States

758,915

$

828,955

#### Trading

#### Companies

#### &

#### Distributors

#### 1.5%
d

EquipmentShare.com,

Inc.

,

Secured

Note,

144A,

9%,

5/15/28

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

United

States

655,000

686,881

c

Secured

Note,

144A,

8.625%,

5/15/32

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

United

States

745,000

797,815

c,d

Herc

Holdings,

Inc.

,

Senior

Note

,

144A,

6.625 %

,

6/15/29

......

United

States

900,000

929,680

d

WESCO

Distribution,

Inc.

,

Senior

Note,

144A,

6.375%,

3/15/29

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

United

States

400,000

411,712

Senior

Note,

144A,

5.25%,

4/15/31

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

United

States

235,000

235,171

Senior

Note,

144A,

6.375%,

3/15/33

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

United

States

450,000

469,481

3,530,740

#### Wireless

#### Telecommunication

#### Services

#### 1.7%
d

Altice

France

Lux

/

Altice

Holdings

,

Senior

Note

,

144A,

%

,

1/15/33

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

Luxembourg

300,000

282,272

c,d

Connect

Finco

SARL

/

Connect

US

Finco

LLC

,

Senior

Secured

Note

,

144A,

%

,

9/15/29

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

United

Kingdom

1,300,000

1,381,150

b,h

Digicel

Group

Holdings

Ltd.

,

29.401%

,

11/17/33

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

Bermuda

26,671

844

d

Iliad

Holding

SAS

,

c

Senior

Secured

Note,

144A,

7%,

10/15/28

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

France

800,000

811,118

Senior

Secured

Note,

144A,

7%,

4/15/32

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

France

425,000

436,820

c,d

Zegona

Finance

plc

,

Senior

Secured

Note

,

144A,

8.625 %

,

7/15/29

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

United

Kingdom

901,000

954,154

3,866,358

#### Total

#### Corporate

#### Bonds

#### (Cost

#### $167,278,056)
...................................

#### 167,292,395
i

#### Senior

#### Floating

#### Rate

#### Interests

#### 0.0%

#### †

#### IT

#### Services

#### 0.0%

#### †
e

Diamond

Sports

Net

LLC,

First

Lien,

Exit

Term

Loan,

PIK,

15%,

1/03/28

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

United

States

42,571

8,088

#### Total

#### Senior

#### Floating

#### Rate

#### Interests

#### (Cost

#### $41,316)
............................

#### 8,088
j

#### Marketplace

#### Loans

#### 0.4%
b

#### Financial

#### Services

#### 0.4%
a

a

a

a

a

a

#### Total

#### Marketplace

#### Loans

#### (Cost

#### $1,155,289)
...................................

#### 1,007,915

#### Municipal

#### Bonds

#### 0.2%

#### Arizona

#### 0.2%
d

Maricopa

County

Industrial

Development

Authority

,

Grand

Canyon

University

Obligated

Group

,

Revenue

,

144A,

2024

,

7.375 %

,

10/01/29

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

United

States

430,000

464,267

#### Total

#### Municipal

#### Bonds

#### (Cost

#### $432,064)
.......................................

#### 464,267

#### Shares
a

#### Escrows

#### and

#### Litigation

#### Trusts

#### 0.0%

#### †
a,b

Endo

GUC

Trust,

Escrow

Account

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

United

States

51,454

—

a

Expand

Energy

Corp.,

Escrow

Account

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

United

States

1,500,000

#### Total

#### Escrows

#### and

#### Litigation

#### Trusts

#### (Cost

#### $–)
.................................

#### 225

#### Total

#### Long

#### Term

#### Investments

#### (Cost

#### $203,057,508)

#### .............................

#### 279,700,820

#### a
Franklin

Universal

Trust

Schedule

of

Investments

(unaudited)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

#### Short

#### Term

#### Investments

#### 2.4%
a

a

#### Country

#### Shares
a

#### Value
a

a

#### a
a

#### Money

#### Market

#### Funds

#### 2.4%
k,l

Franklin

Institutional

U.S.

Government

Money

Market

Fund,

3.583%

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

United

States

5,436,225

$

5,436,225

#### Total

#### Money

#### Market

#### Funds

#### (Cost

#### $5,436,225)

#### .................................

#### 5,436,225

#### Total

#### Short

#### Term

#### Investments

#### (Cost

#### $5,436,225

####)
...............................

#### 5,436,225

#### a

#### Total

#### Investments

#### (Cost

#### $208,493,733)

#### 125.2%

#### ................................

#### $285,137,045

#### m

#### Credit

#### Facility

#### (26.4)%

#### ......................................................

#### (60,000,000)

#### Other

#### Assets,

#### less

#### Liabilities

#### 1.2%

#### ...........................................

#### 2,541,137

#### Net

#### Assets

#### 100.0%

#### .........................................................

#### $227,678,182

#### a
See

Abbreviations

on

.

\*

The

principal

amount

is

stated

in

U.S.

dollars

unless

otherwise

indicated.

†

Rounds

to

less

than

0.1%

of

net

assets.

a

Non-income

producing.

b

Fair

valued

using

significant

unobservable

inputs.

See

Note

regarding

fair

value

measurements.

c

A

portion

or

all

of

the

security

is

pledged

as

collateral

in

connection

with

the

Fund's

credit

facility.

d

Security

was

purchased

pursuant

to

Rule

144A

or

Regulation

S

under

the

Securities

Act

of

1933. 144A

securities

may

be

sold

in

transactions

exempt

from

registration

only

to

qualified

institutional

buyers

or

in

a

public

offering

registered

under

the

Securities

Act

of

1933. Regulation

S

securities

cannot

be

sold

in

the

United

States

without

either

an

effective

registration

statement

filed

pursuant

to

the

Securities

Act

of

1933,

or

pursuant

to

an

exemption

from

registration.

At

February

28,

2026,

the

aggregate

value

of

these

securities

was

$158,310,158,

representing

69.5%

of

net

assets.

e

Income

may

be

received

in

additional

securities

and/or

cash.

f

Defaulted

security

or

security

for

which

income

has

been

deemed

uncollectible.

See

Note

6. g

A

portion

or

all

of

the

security

purchased

on

a

delayed

delivery

basis.

See

Note

1(c).

h

The

rate

shown

represents

the

yield

at

period

end.

i

See

Note

1(d)

regarding

senior

floating

rate

interests.

j

See

Note

1(e)

regarding

Marketplace

Lending.

See

full

breakdown

of

marketplace

loans

holdings

in

the

table

at

the

end

of

this

schedule.

k

See

Note

3(c)

regarding

investments

in

affiliated

management

investment

companies.

l

The

rate

shown

is

the

annualized

seven-day

effective

yield

at

period

end.

m

See

Note

regarding

credit

facility.

Franklin

Universal

Trust

Schedule

of

Investments

(unaudited),

February

28,

2026

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

At

February

28,

2026,

the

Fund

had

the

following

marketplace

loans

outstanding.

See

Note

1(e).

#### Description

#### Principal

#### Amount

#### Value

#### Marketplace

#### Loans

#### -

#### 0.4%
Freedom

Financial

Asset

Management

LLC

APP-13511680.FP.FTS.B,

12.84%,

5/05/26

$

798

$

800

APP-13477482.FP.FTS.B,

10.34%,

5/18/26

2,250

2,258

APP-13527002.FP.FTS.B,

15.59%,

5/19/26

667

670

APP-14943761.FP.FTS.B,

15.99%,

6/01/26

2,065

2,072

a

APP-15053141.FP.FTS.B,

18.99%,

7/15/26

3,968

1,142

APP-15054013.FP.FTS.B,

17.99%,

7/20/26

1,967

1,998

APP-15109634.FP.FTS.B,

19.49%,

7/21/26

1,244

1,264

a

APP-14956830.FP.FTS.B,

15.74%,

7/28/26

6,348

783

APP-13256383.FP.FTS.B,

7.99%,

9/18/26

.

5,761

5,806

APP-10460831.FP.FTS.B,

21.99%,

9/19/26

1,335

1,373

APP-14860724.FP.FTS.B,

20.99%,

9/26/26

4,378

4,558

APP-10845328.FP.FTS.B,

11.99%,

10/16/26

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

4,250

4,286

APP-10704368.FP.FTS.B,

14.99%,

10/16/26

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

3,430

3,474

APP-10745909.FP.FTS.B,

17.99%,

10/16/26

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

9,426

9,544

APP-10581131.FP.FTS.B,

22.49%,

10/22/26

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

1,832

1,893

APP-11187454.FP.FTS.B,

22.49%,

11/10/26

APP-10848002.FP.FTS.B,

17.99%,

11/19/26

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

4,818

4,933

APP-11094577.FP.FTS.B,

19.49%,

12/08/26

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

2,829

2,926

APP-11021456.FP.FTS.B,

20.99%,

12/15/26

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

8,660

8,994

APP-11007668.FP.FTS.B,

19.99%,

12/19/26

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

4,272

4,418

APP-11111264.FP.FTS.B,

16.49%,

12/20/26

2,642

2,683

APP-11677084.FP.FTS.B,

15.49%,

12/26/26

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

9,785

9,903

APP-11036570.FP.FTS.B,

22.99%,

1/20/27

768

764

APP-11844341.FP.FTS.B,

16.74%,

2/01/27

9,173

9,363

APP-12397051.FP.FTS.B,

17.49%,

2/06/27

3,277

3,355

APP-11743079.FP.FTS.B,

16.24%,

2/07/27

11,686

7,394

APP-11838245.FP.FTS.B,

19.99%,

2/11/27

1,302

1,316

APP-10128827.FP.FTS.B,

25.49%,

2/24/27

1,651

1,689

APP-11674918.FP.FTS.B,

20.49%,

2/25/27

7,376

7,656

APP-10848317.FP.FTS.B,

12.24%,

2/28/27

5,951

6,024

APP-12106158.FP.FTS.B,

11.24%,

3/07/27

4,303

4,345

a

APP-12407302.FP.FTS.B,

18.99%,

3/15/27

4,281

605

APP-12341500.FP.FTS.B,

20.49%,

3/20/27

5,038

5,249

APP-12396943.FP.FTS.B,

13.49%,

3/21/27

4,496

4,559

APP-12270734.FP.FTS.B,

16.99%,

3/21/27

5,335

5,432

APP-13513406.FP.FTS.B,

14.34%,

4/01/27

14,938

15,096

APP-11744634.FP.FTS.B,

19.99%,

5/01/27

7,185

7,421

APP-08710316.FP.FTS.B,

10.99%,

5/13/27

9,514

9,622

APP-13498730.FP.FTS.B,

11.34%,

5/15/27

5,866

5,938

APP-11845152.FP.FTS.B,

11.74%,

5/15/27

5,850

5,872

APP-13227905.FP.FTS.B,

21.99%,

5/18/27

3,576

3,715

APP-13507352.FP.FTS.B,

20.49%,

5/19/27

2,959

3,047

APP-13485605.FP.FTS.B,

18.99%,

5/20/27

4,496

4,610

APP-11801830.FP.FTS.B,

16.49%,

5/31/27

7,385

7,503

APP-12304720.FP.FTS.B,

18.74%,

7/06/27

10,400

10,530

APP-15064429.FP.FTS.B,

14.49%,

7/15/27

9,230

9,362

#### Description

#### Principal

#### Amount

#### Value
Freedom

Financial

Asset

Management

LLC

(continued)

APP-15057995.FP.FTS.B,

18.99%,

7/23/27

$

3,667

$

3,739

APP-15058449.FP.FTS.B,

11.99%,

7/25/27

4,036

4,095

APP-15078317.FP.FTS.B,

13.99%,

7/25/27

7,154

7,273

APP-15053719.FP.FTS.B,

16.99%,

7/28/27

4,282

4,354

APP-15053776.FP.FTS.B,

17.49%,

7/30/27

4,414

4,580

APP-15048744.FP.FTS.B,

16.49%,

7/31/27

8,810

9,038

APP-15039962.FP.FTS.B,

12.49%,

8/28/27

19,489

19,748

APP-15070181.FP.FTS.B,

19.99%,

2/15/28

3,783

3,815

APP-15070551.FP.FTS.B,

24.74%,

4/27/28

9,132

9,647

APP-10868780.FP.FTS.B,

14.49%,

2/27/36

992

994

APP-11799488.FP.FTS.B,

16.99%,

3/16/36

850

857

284,627

LendingClub

Corp.

-

LCX

PM

185030629. LC.FTS.B,

28.99%,

1/13/27

...

1,793

1,853

185208719. LC.FTS.B,

27.99%,

1/19/27

...

2,540

2,618

185284755. LC.FTS.B,

20.24%,

1/21/27

...

6,221

6,352

184608676. LC.FTS.B,

21.99%,

1/21/27

...

6,814

–

186073191. LC.FTS.B,

23.99%,

1/26/27

...

2,684

2,767

184862697. LC.FTS.B,

13.19%,

1/28/27

...

4,059

4,064

185625736. LC.FTS.B,

17.24%,

1/31/27

...

3,166

3,172

a

185553869. LC.FTS.B,

17.44%,

1/31/27

...

5,748

185801067. LC.FTS.B,

15.19%,

2/04/27

...

3,966

3,985

185785605. LC.FTS.B,

16.99%,

2/04/27

...

6,676

6,729

186037923. LC.FTS.B,

23.49%,

2/12/27

...

2,122

2,183

185788975. LC.FTS.B,

20.44%,

2/15/27

...

11,687

11,882

185737435. LC.FTS.B,

19.74%,

2/16/27

...

6,230

–

188818650. LC.FTS.B,

20.99%,

4/26/27

...

2,133

2,188

188684882. LC.FTS.B,

23.99%,

4/26/27

...

2,248

2,301

188821742. LC.FTS.B,

23.99%,

4/27/27

...

7,378

7,692

188825826. LC.FTS.B,

23.49%,

4/28/27

...

3,670

3,781

188877761. LC.FTS.B,

25.99%,

4/28/27

...

2,488

2,584

188806927. LC.FTS.B,

23.99%,

4/30/27

...

5,652

5,818

188652977. LC.FTS.B,

23.99%,

5/24/27

...

1,311

1,352

185215933. LC.FTS.B,

28.99%,

6/25/27

...

9,720

–

185440062. LC.FTS.B,

10%,

2/25/28

.....

10,674

8,595

186004411. LC.FTS.B,

5%,

2/28/28

......

7,490

7,649

185051135. LC.FTS.B,

23.99%,

2/28/28

...

3,638

3,662

185806351. LC.FTS.B,

18.99%,

2/07/35

...

2,735

–

185828353. LC.FTS.B,

22.99%,

2/08/35

...

5,182

–

91,500

Prosper

Funding

LLC

1608617. PS.FTS.B,

13.7%,

8/20/26

.....

803

804

1609277. PS.FTS.B,

15.7%,

8/23/26

.....

1,971

2,000

1621428. PS.FTS.B,

20%,

8/26/26

.......

1,745

1,808

1611746. PS.FTS.B,

14.29%,

8/27/26

....

1,412

1,408

1610327. PS.FTS.B,

27.6%,

9/17/26

.....

2,159

637

1635897. PS.FTS.B,

12%,

9/23/26

.......

3,294

3,303

1627036. PS.FTS.B,

16.33%,

9/25/26

....

2,524

2,544

1637445. PS.FTS.B,

13.3%,

9/27/26

.....

1,766

1,762

1644875. PS.FTS.B,

11.6%,

10/26/26

....

1,421

1,440

1645337. PS.FTS.B,

18.48%,

10/27/26

...

4,396

4,435

1646123. PS.FTS.B,

13.32%,

10/28/26

...

1,287

–

1651868. PS.FTS.B,

9.45%,

11/08/26

....

2,409

2,408

Franklin

Universal

Trust

Schedule

of

Investments

(unaudited)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

#### Description

#### Principal

#### Amount

#### Value

#### Marketplace

#### Loans
(continued)

Prosper

Funding

LLC

(continued)

1658185. PS.FTS.B,

10.5%,

11/08/26

....

$

1,667

$

1,668

a

1653323. PS.FTS.B,

16%,

11/09/26

......

3,215

–

1666362. PS.FTS.B,

19%,

11/09/26

......

1,512

1,532

1666911. PS.FTS.B,

10.62%,

11/10/26

....

2,414

2,414

1660066. PS.FTS.B,

12.6%,

11/10/26

....

6,745

6,742

1666890. PS.FTS.B,

17%,

11/10/26

......

4,459

4,538

1666359. PS.FTS.B,

21%,

11/15/26

......

1,386

1,423

1651871. PS.FTS.B,

20.66%,

11/20/26

....

1,279

1,297

1651913. PS.FTS.B,

25.67%,

11/22/26

....

1,879

1,930

1672316. PS.FTS.B,

10.44%,

12/14/26

...

2,664

2,666

1672730. PS.FTS.B,

13.8%,

12/14/26

....

9,118

2,460

1675010. PS.FTS.B,

12.5%,

12/20/26

....

1,983

1,985

1685637. PS.FTS.B,

11.7%,

12/28/26

....

7,062

7,065

1672718. PS.FTS.B,

14.38%,

1/07/27

....

2,023

2,024

1701537. PS.FTS.B,

19.3%,

1/13/27

.....

3,780

3,846

a

1689173. PS.FTS.B,

11.2%,

1/14/27

.....

7,203

–

1695787. PS.FTS.B,

11.7%,

1/14/27

.....

5,734

5,742

1701108. PS.FTS.B,

15.7%,

1/15/27

.....

7,977

8,058

1702455. PS.FTS.B,

15.18%,

1/20/27

....

4,007

4,008

1689251. PS.FTS.B,

19%,

1/21/27

.......

1,057

1,075

1707746. PS.FTS.B,

9.45%,

2/14/27

.....

1,664

1,665

1720917. PS.FTS.B,

13.7%,

2/15/27

.....

3,218

3,257

1714648. PS.FTS.B,

16.7%,

2/15/27

.....

2,029

2,053

1721346. PS.FTS.B,

16.7%,

2/15/27

.....

5,411

5,522

1714627. PS.FTS.B,

11.4%,

2/17/27

.....

5,227

5,230

a

1703169. PS.FTS.B,

25.6%,

2/25/27

.....

7,327

1,099

1752624. PS.FTS.B,

17.23%,

4/05/27

....

6,316

6,330

1753011. PS.FTS.B,

12%,

4/06/27

.......

4,349

4,337

1744328. PS.FTS.B,

14.89%,

4/15/27

....

6,170

6,191

1752654. PS.FTS.B,

12.76%,

4/30/27

....

4,849

4,832

a

1750735. PS.FTS.B,

16%,

5/15/27

.......

3,088

1650328. PS.FTS.B,

11.2%,

7/29/27

.....

3,658

3,622

1678354. PS.FTS.B,

11.07%,

9/20/27

....

4,641

2,484

1685634. PS.FTS.B,

12.5%,

11/14/27

....

2,946

1,439

1705005. PS.FTS.B,

15%,

1/15/28

.......

12,250

12,176

143,263

Upgrade,

Inc.

-

Card

992301470. UG.FTS.B,

28.98%,

8/02/26

..

992238906. UG.FTS.B,

22.97%,

11/03/28

.

2,660

–

Upstart

Network,

Inc.

FW1729657.UP.FTS.B,

9.44%,

9/17/26

...

996

981

L1729743.UP.FTS.B,

11.64%,

9/17/26

....

7,417

7,315

L1730112.UP.FTS.B,

15.91%,

9/17/26

....

L1730290.UP.FTS.B,

23.01%,

9/17/26

....

1,392

1,373

L1729627.UP.FTS.B,

24.42%,

9/17/26

....

520

512

FW1729390.UP.FTS.B,

32.18%,

9/17/26

..

FW1728926.UP.FTS.B,

32.35%,

9/17/26

..

FW1902353.UP.FTS.B,

5.71%,

10/22/26

..

2,107

2,065

FW1901571.UP.FTS.B,

16.95%,

10/22/26

.

2,338

2,317

L1902683.UP.FTS.B,

25.19%,

10/22/26

...

2,581

2,552

L1901951.UP.FTS.B,

25.24%,

10/22/26

...

517

511

FW1902836.UP.FTS.B,

25.41%,

10/22/26

.

9,281

9,176

FW1902401.UP.FTS.B,

25.71%,

10/22/26

.

1,022

1,010

#### Description

#### Principal

#### Amount

#### Value
Upstart

Network,

Inc.

(continued)

FW1902199.UP.FTS.B,

26.04%,

10/22/26

.

$

918

$

908

FW1901303.UP.FTS.B,

31.21%,

10/22/26

.

900

891

FW1900628.UP.FTS.B,

31.23%,

10/22/26

.

FW1902681.UP.FTS.B,

31.63%,

10/22/26

.

1,491

1,475

FW1902299.UP.FTS.B,

31.27%,

10/27/26

.

1,985

1,964

FW1901195.UP.FTS.B,

18.66%,

10/28/26

.

L2032896.UP.FTS.B,

9.9%,

11/12/26

.....

1,278

1,256

L2032147.UP.FTS.B,

11.65%,

11/12/26

...

1,513

1,490

a

L2032600.UP.FTS.B,

12.19%,

11/12/26

...

1,914

FW2032727.UP.FTS.B,

12.91%,

11/12/26

.

677

667

L2032226.UP.FTS.B,

14.31%,

11/12/26

...

4,674

4,604

L2032373.UP.FTS.B,

14.92%,

11/12/26

...

2,271

1,765

L2033008.UP.FTS.B,

17.14%,

11/12/26

...

1,337

1,322

L2031479.UP.FTS.B,

17.32%,

11/12/26

...

3,402

3,364

L2032849.UP.FTS.B,

19.14%,

11/12/26

...

2,591

2,562

L2030806.UP.FTS.B,

19.55%,

11/12/26

...

871

858

FW2032947.UP.FTS.B,

19.59%,

11/12/26

.

5,532

5,449

L2032060.UP.FTS.B,

20.25%,

11/12/26

...

1,321

1,302

L2032456.UP.FTS.B,

20.93%,

11/12/26

...

L2032183.UP.FTS.B,

24.12%,

11/12/26

...

2,346

2,309

FW2031174.UP.FTS.B,

25.25%,

11/12/26

.

2,252

2,218

FW2032753.UP.FTS.B,

27.55%,

11/12/26

.

FW2032946.UP.FTS.B,

27.87%,

11/12/26

.

6,156

6,065

FW2031644.UP.FTS.B,

30.67%,

11/12/26

.

FW2032325.UP.FTS.B,

31.07%,

11/12/26

.

L2031623.UP.FTS.B,

9.89%,

11/16/26

....

6,296

6,184

L2101522.UP.FTS.B,

12.34%,

11/23/26

...

6,415

6,327

L2102939.UP.FTS.B,

13.35%,

11/23/26

...

683

673

L2076017.UP.FTS.B,

13.49%,

11/23/26

...

539

532

L2102751.UP.FTS.B,

16.5%,

11/23/26

....

825

818

L2102051.UP.FTS.B,

19.71%,

11/23/26

...

1,233

1,220

FW2102941.UP.FTS.B,

20.37%,

11/23/26

.

4,408

4,359

L2102400.UP.FTS.B,

22.64%,

11/23/26

...

1,298

1,284

L2101750.UP.FTS.B,

24.17%,

11/23/26

...

1,713

1,695

FW2102727.UP.FTS.B,

24.84%,

11/23/26

.

950

940

L2103842.UP.FTS.B,

25.11%,

11/23/26

...

953

943

L2101880.UP.FTS.B,

25.39%,

11/23/26

...

785

777

L2102028.UP.FTS.B,

25.89%,

11/23/26

...

1,446

1,432

FW2101678.UP.FTS.B,

26.5%,

11/23/26

..

982

971

FW2103284.UP.FTS.B,

27.1%,

11/23/26

..

874

865

L2250662.UP.FTS.B,

8.88%,

12/14/26

....

2,188

2,148

L2249279.UP.FTS.B,

9.09%,

12/14/26

....

1,100

834

L2251398.UP.FTS.B,

9.28%,

12/14/26

....

1,603

1,574

FW2251249.UP.FTS.B,

10.34%,

12/14/26

.

3,885

3,823

a

L2248805.UP.FTS.B,

10.51%,

12/14/26

...

2,630

L2249903.UP.FTS.B,

11.03%,

12/14/26

...

620

611

L2250070.UP.FTS.B,

12.15%,

12/14/26

...

993

978

L2247235.UP.FTS.B,

13.18%,

12/14/26

...

854

841

L2249248.UP.FTS.B,

16.43%,

12/14/26

...

2,644

2,615

L2249629.UP.FTS.B,

17.8%,

12/14/26

....

1,410

1,388

L2249412.UP.FTS.B,

19.96%,

12/14/26

...

L2248975.UP.FTS.B,

19.98%,

12/14/26

...

1,490

1,473

L2250558.UP.FTS.B,

20.67%,

12/14/26

...

2,219

1,737

L2251409.UP.FTS.B,

20.71%,

12/14/26

...

2,946

2,903

L2251393.UP.FTS.B,

20.81%,

12/14/26

...

1,142

1,124

L2249780.UP.FTS.B,

21.14%,

12/14/26

...

1,975

1,944

L2250707.UP.FTS.B,

21.52%,

12/14/26

...

1,587

1,232

Franklin

Universal

Trust

Schedule

of

Investments

(unaudited)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

#### Description

#### Principal

#### Amount

#### Value

#### Marketplace

#### Loans
(continued)

Upstart

Network,

Inc.

(continued)

L2249149.UP.FTS.B,

21.87%,

12/14/26

...

$

2,500

$

2,464

FW2248314.UP.FTS.B,

21.92%,

12/14/26

.

875

862

L2251333.UP.FTS.B,

22.77%,

12/14/26

...

3,665

3,609

L2249765.UP.FTS.B,

23.67%,

12/14/26

...

1,029

1,013

L2250334.UP.FTS.B,

24.44%,

12/14/26

...

2,264

2,232

L2250314.UP.FTS.B,

24.91%,

12/14/26

...

930

916

L2249782.UP.FTS.B,

24.98%,

12/14/26

...

1,102

1,086

L2248144.UP.FTS.B,

25.08%,

12/14/26

...

1,295

1,275

L2249856.UP.FTS.B,

25.32%,

12/14/26

...

L2249823.UP.FTS.B,

25.41%,

12/14/26

...

840

831

L2249257.UP.FTS.B,

26.38%,

12/14/26

...

2,752

2,124

a

FW2249983.UP.FTS.B,

30.63%,

12/14/26

.

784

FW2249041.UP.FTS.B,

31.12%,

12/14/26

.

FW2250974.UP.FTS.B,

31.12%,

12/14/26

.

1,001

794

a

FW2251410.UP.FTS.B,

31.25%,

12/14/26

.

1,889

L2141755.UP.FTS.B,

8.51%,

12/15/26

....

8,972

8,815

L2252737.UP.FTS.B,

8.71%,

12/15/26

....

4,163

4,087

FW2253701.UP.FTS.B,

10.99%,

12/15/26

.

2,650

2,610

L2252976.UP.FTS.B,

16.75%,

12/15/26

...

1,409

1,394

FW2251546.UP.FTS.B,

19.76%,

12/15/26

.

3,630

3,579

L2252318.UP.FTS.B,

20.43%,

12/15/26

...

732

722

L2251727.UP.FTS.B,

20.77%,

12/15/26

...

618

610

L2252135.UP.FTS.B,

22.59%,

12/15/26

...

759

747

L2250541.UP.FTS.B,

24.85%,

12/15/26

...

860

680

L2252447.UP.FTS.B,

25.4%,

12/15/26

....

FW2253392.UP.FTS.B,

25.5%,

12/15/26

..

2,178

1,694

FW2248936.UP.FTS.B,

26.48%,

12/15/26

.

1,459

1,439

FW2252023.UP.FTS.B,

28.67%,

12/15/26

.

1,276

1,259

FW2253542.UP.FTS.B,

31.19%,

12/15/26

.

595

L2251912.UP.FTS.B,

13.91%,

12/19/26

...

765

753

FW2252233.UP.FTS.B,

30.05%,

12/20/26

.

552

545

L2252296.UP.FTS.B,

8.02%,

12/26/26

....

2,935

2,882

L2251043.UP.FTS.B,

12.11%,

12/28/26

...

7,429

7,307

L2499407.UP.FTS.B,

5.37%,

1/24/27

....

10,193

9,954

L2500086.UP.FTS.B,

7.95%,

1/24/27

....

1,681

1,655

L2497458.UP.FTS.B,

8.44%,

1/24/27

....

7,447

7,310

L2497353.UP.FTS.B,

9.69%,

1/24/27

....

1,980

1,948

L2500305.UP.FTS.B,

11.35%,

1/24/27

....

FW2499235.UP.FTS.B,

11.45%,

1/24/27

..

1,477

1,455

L2497797.UP.FTS.B,

12.7%,

1/24/27

....

1,633

1,609

a

L2498730.UP.FTS.B,

14.35%,

1/24/27

....

1,763

L2494019.UP.FTS.B,

16.44%,

1/24/27

....

1,491

1,479

L2497377.UP.FTS.B,

16.51%,

1/24/27

....

1,370

1,358

L2500130.UP.FTS.B,

18.16%,

1/24/27

....

1,791

1,770

L2500098.UP.FTS.B,

18.6%,

1/24/27

....

1,933

1,918

L2497754.UP.FTS.B,

19.19%,

1/24/27

....

807

797

L2499090.UP.FTS.B,

20.13%,

1/24/27

....

1,585

1,567

L2497527.UP.FTS.B,

21.34%,

1/24/27

....

1,346

1,331

FW2497553.UP.FTS.B,

23.05%,

1/24/27

..

4,638

4,587

a

L2500298.UP.FTS.B,

25.15%,

1/24/27

....

565

L2500230.UP.FTS.B,

25.4%,

1/24/27

....

1,491

1,475

a

L2500426.UP.FTS.B,

25.41%,

1/24/27

....

L2497705.UP.FTS.B,

25.44%,

1/24/27

....

1,255

1,241

L2500467.UP.FTS.B,

25.44%,

1/24/27

....

597

FW2498744.UP.FTS.B,

26.78%,

1/24/27

..

2,926

2,896

FW2499403.UP.FTS.B,

30.76%,

1/24/27

..

866

858

#### Description

#### Principal

#### Amount

#### Value
Upstart

Network,

Inc.

(continued)

FW2502639.UP.FTS.B,

4.89%,

1/25/27

...

$

2,710

$

2,646

L2443263.UP.FTS.B,

6.66%,

1/25/27

....

1,775

1,734

L2501608.UP.FTS.B,

7.8%,

1/25/27

.....

4,254

4,155

L2501547.UP.FTS.B,

8.21%,

1/25/27

....

1,407

1,379

L2502319.UP.FTS.B,

8.49%,

1/25/27

....

9,502

9,314

L2502134.UP.FTS.B,

9.38%,

1/25/27

....

6,839

6,714

L2501198.UP.FTS.B,

12.05%,

1/25/27

....

2,884

2,842

FW2502179.UP.FTS.B,

12.78%,

1/25/27

..

L2501977.UP.FTS.B,

12.89%,

1/25/27

....

9,105

8,975

L2503471.UP.FTS.B,

13.93%,

1/25/27

....

1,198

1,180

L2500808.UP.FTS.B,

14.3%,

1/25/27

....

1,774

1,749

L2501876.UP.FTS.B,

14.91%,

1/25/27

....

970

956

L2499095.UP.FTS.B,

16.97%,

1/25/27

....

753

747

L2501997.UP.FTS.B,

17.77%,

1/25/27

....

1,271

1,261

FW2501148.UP.FTS.B,

17.78%,

1/25/27

..

507

503

FW2501125.UP.FTS.B,

17.82%,

1/25/27

..

L2502439.UP.FTS.B,

18.98%,

1/25/27

....

1,824

1,804

FW2500961.UP.FTS.B,

20.28%,

1/25/27

..

1,208

1,194

FW2501561.UP.FTS.B,

21.33%,

1/25/27

..

1,429

1,413

L2503424.UP.FTS.B,

21.51%,

1/25/27

....

2,645

2,617

L2502058.UP.FTS.B,

21.83%,

1/25/27

....

2,968

2,933

FW2503375.UP.FTS.B,

24.71%,

1/25/27

..

902

892

FW2503209.UP.FTS.B,

25.12%,

1/25/27

..

1,914

1,894

L2500860.UP.FTS.B,

25.49%,

1/25/27

....

FW2501330.UP.FTS.B,

26.47%,

1/25/27

..

1,630

1,613

FW2502187.UP.FTS.B,

26.63%,

1/25/27

..

1,458

1,444

FW2502652.UP.FTS.B,

27.68%,

1/25/27

..

1,453

1,439

FW2500797.UP.FTS.B,

28.58%,

1/25/27

..

556

551

FW2501430.UP.FTS.B,

31.03%,

1/25/27

..

708

FW2500654.UP.FTS.B,

31.21%,

1/25/27

..

FW2502276.UP.FTS.B,

33.54%,

1/25/27

..

1,753

1,736

L2500341.UP.FTS.B,

18.83%,

1/28/27

....

696

688

FW2498422.UP.FTS.B,

31.2%,

2/01/27

...

FW1729970.UP.FTS.B,

18.27%,

2/17/27

..

8,573

8,456

a

L1729858.UP.FTS.B,

25.05%,

2/17/27

....

10,633

1,003

a

FW1729641.UP.FTS.B,

30.22%,

2/17/27

..

1,547

L2031108.UP.FTS.B,

11.34%,

4/12/27

....

13,862

13,608

a

FW2031845.UP.FTS.B,

15.93%,

4/12/27

..

5,010

826

L2032266.UP.FTS.B,

21.24%,

4/12/27

....

2,314

1,708

L2032337.UP.FTS.B,

26.62%,

4/12/27

....

4,105

3,031

L2972334.UP.FTS.B,

6.17%,

4/19/27

....

13,086

12,770

L2971286.UP.FTS.B,

7.38%,

4/19/27

....

6,687

6,527

L2967243.UP.FTS.B,

14.24%,

4/19/27

....

5,112

5,041

L2971759.UP.FTS.B,

16.29%,

4/19/27

....

2,320

2,304

a

L2971657.UP.FTS.B,

16.32%,

4/19/27

....

870

L2971776.UP.FTS.B,

19.69%,

4/19/27

....

2,165

2,151

L2972008.UP.FTS.B,

20.74%,

4/19/27

....

1,815

1,794

a

L2971841.UP.FTS.B,

25.2%,

4/19/27

....

FW2972220.UP.FTS.B,

26.42%,

4/19/27

..

1,410

1,395

L2971662.UP.FTS.B,

26.49%,

4/19/27

....

FW2972305.UP.FTS.B,

27.33%,

4/19/27

..

2,197

2,174

FW2972190.UP.FTS.B,

7.92%,

4/28/27

...

13,657

13,319

FW2102410.UP.FTS.B,

22.44%,

5/07/27

..

1,666

1,646

L2250820.UP.FTS.B,

13.59%,

5/14/27

....

866

851

L2250559.UP.FTS.B,

14.84%,

5/14/27

....

2,238

2,197

L2251037.UP.FTS.B,

19.7%,

5/14/27

....

653

646

Franklin

Universal

Trust

Schedule

of

Investments

(unaudited)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

#### Description

#### Principal

#### Amount

#### Value

#### Marketplace

#### Loans
(continued)

Upstart

Network,

Inc.

(continued)

FW2248500.UP.FTS.B,

23.6%,

5/14/27

...

$

1,078

$

1,061

L2252476.UP.FTS.B,

9.18%,

5/15/27

....

2,605

2,551

L2252566.UP.FTS.B,

19.55%,

5/15/27

....

2,323

1,621

L2252234.UP.FTS.B,

21.66%,

5/15/27

....

1,622

1,597

L2252209.UP.FTS.B,

25.21%,

5/15/27

....

FW2253234.UP.FTS.B,

28.94%,

5/15/27

..

4,405

4,341

FW2249414.UP.FTS.B,

19.5%,

6/01/27

...

2,643

2,601

L2247268.UP.FTS.B,

14.22%,

6/14/27

....

18,380

18,176

L2497350.UP.FTS.B,

13.11%,

6/24/27

....

3,660

996

FW2497520.UP.FTS.B,

17.89%,

6/24/27

..

2,949

2,928

L2500224.UP.FTS.B,

25.04%,

6/24/27

....

2,473

2,442

L2501796.UP.FTS.B,

9.36%,

6/25/27

....

4,813

4,705

FW1729187.UP.FTS.B,

30.3%,

7/17/27

...

2,527

2,494

L1902855.UP.FTS.B,

19.55%,

8/22/27

....

L1901067.UP.FTS.B,

23.17%,

8/22/27

....

3,032

a

FW2972075.UP.FTS.B,

9.42%,

9/19/27

...

16,617

1,202

L2971880.UP.FTS.B,

24%,

9/19/27

......

18,836

18,761

FW2101751.UP.FTS.B,

16.63%,

9/23/27

..

6,614

6,558

FW2249049.UP.FTS.B,

30.95%,

10/14/27

.

1,134

L2247794.UP.FTS.B,

12.65%,

10/15/27

...

1,205

1,185

FW2249158.UP.FTS.B,

11.8%,

10/28/27

..

4,977

4,881

FW2497574.UP.FTS.B,

12.62%,

11/24/27

.

11,419

11,215

L2498668.UP.FTS.B,

13.66%,

11/25/27

...

16,077

15,776

L2500727.UP.FTS.B,

19.88%,

11/25/27

...

2,700

2,668

L2971527.UP.FTS.B,

13.17%,

1/19/28

....

2,028

488,462

#### Total

#### Marketplace

#### Loans

#### (Cost

#### $1,155,289

####)
.......................

#### $1,007,915
a

Defaulted

security

or

security

for

which

income

has

been

deemed

uncollectible.

See

Note

6. Franklin

Universal

Trust

Financial

Statements

Statement

of

Assets

and

Liabilities

February

28,

2026

(unaudited)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

#### Franklin

#### Universal

#### Trust
Assets:

Investments

in

securities:

Cost

-

Unaffiliated

issuers

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

$203,057,508

Cost

-

Non-controlled

affiliates

(Note

c)

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

5,436,225

Value

-

Unaffiliated

issuers

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

$279,700,820

Value

-

Non-controlled

affiliates

(Note

c)

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

5,436,225

Cash

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

62,539

Receivables:

Dividends

and

interest

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

3,251,386

Total

assets

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

288,450,970

Liabilities:

Payables:

Investment

securities

purchased

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

167,628

Credit

facility

(Note

7)

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

60,000,000

Management

fees

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

176,107

Trustees'

fees

and

expenses

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

Accrued

interest

(Note

7)

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

287,583

Accrued

expenses

and

other

liabilities

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

141,162

Total

liabilities

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

60,772,788

Net

assets,

at

value

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

$227,678,182

Net

assets

consist

of:

Paid-in

capital

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

$152,782,049

Total

distributable

earnings

(losses)

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

74,896,133

Net

assets,

at

value

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

$227,678,182

Shares

outstanding

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

25,131,894

Net

asset

value

per

share

a

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

$9.06

a

Net

asset

value

per

share

may

not

recalculate

due

to

rounding.

Franklin

Universal

Trust

Financial

Statements

Statement

of

Operations

for

the

six

months

ended

February

28,

2026

(unaudited)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

#### Franklin

#### Universal

#### Trust
Investment

income:

Dividends:

(net

of

foreign

taxes

of

$7,443)

Unaffiliated

issuers

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

$1,554,475

Non-controlled

affiliates

(Note

c)

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

135,826

Interest:

Unaffiliated

issuers

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

6,062,834

Total

investment

income

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

7,753,135

Expenses:

Management

fees

(Note

a)

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

1,040,385

Transfer

agent

fees

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

35,444

Custodian

fees

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

1,120

Reports

to

shareholders

fees

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

63,564

Professional

fees

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

93,111

Trustees'

fees

and

expenses

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

1,254

Marketplace

lending

fees

(Note

e)

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

147,134

Interest

expense

(Not

e

7)

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

1,794,917

Other

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

27,067

Total

expenses

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

3,203,996

Expenses

waived/paid

by

affiliates

(Note

c)

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

(4,874)

Net

expenses

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

3,199,122

Net

investment

income

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

4,554,013

Realized

and

unrealized

gains

(losses):

Net

realized

gain

(loss)

from:

Investments:

Unaffiliated

issuers

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

1,057,252

Foreign

currency

transactions

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

1,799

Net

realized

gain

(loss)

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

1,059,051

Net

change

in

unrealized

appreciation

(depreciation)

on:

Investments:

Unaffiliated

issuers

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

15,874,200

Translation

of

other

assets

and

liabilities

denominated

in

foreign

currencies

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

(137) Net

change

in

unrealized

appreciation

(depreciation)

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

15,874,063

Net

realized

and

unrealized

gain

(loss)

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

16,933,114

Net

increase

(decrease)

in

net

assets

resulting

from

operations

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

$21,487,127

Franklin

Universal

Trust

Financial

Statements

Statements

of

Changes

in

Net

Assets

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

#### Franklin

#### Universal

#### Trust

#### Six

#### Months

#### Ended

#### February

#### 28,

#### 2026
(unaudited)

#### Year

#### Ended

#### August

#### 31,

#### 2025
Increase

(decrease)

in

net

assets:

Operations:

Net

investment

income

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

$4,554,013

$9,071,563

Net

realized

gain

(loss)

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

1,059,051

3,787,293

Net

change

in

unrealized

appreciation

(depreciation)

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

15,874,063

6,364,764

Net

increase

(decrease)

in

net

assets

resulting

from

operations

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

21,487,127

19,223,620

Distributions

to

shareholders

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

(6,408,633)

(12,211,739)

Distributions

to

shareholders

from

tax

return

of

capital

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

—

(605,527)

Total

distributions

to

shareholders

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

(6,408,633)

(12,817,266)

Net

increase

(decrease)

in

net

assets

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

15,078,494

6,406,354

Net

assets:

Beginning

of

period

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

212,599,688

206,193,334

End

of

period

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

$227,678,182

$212,599,688

Franklin

Universal

Trust

Financial

Statements

Statement

of

Cash

Flows

for

the

six

months

ended

February

28,

2026

(unaudited)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

#### Franklin

#### Universal

#### Trust

#### Increase
(Decrease)

#### in

#### Cash:

#### Cash

#### flows

#### from

#### operating

#### activities:
Net

increase

in

net

assets

resulting

from

operating

activities

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

$21,487,127

Adjustments

to

reconcile

net

increase

in

net

assets

resulting

from

operating

activities

to

net

cash

provided

by

operating

activities:

Purchases

of

long-term

investments

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

(28,105,824)

Sales

and

maturities

of

long-term

investments

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

27,855,463

Net

sales

of

short-term

investments

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

515,022

Realized

gain

on

foreign

currency

transactions

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

(1,799)

Net

accretion

of

discount

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

(136,003)

Reinvested

dividends

from

non-controlled

affiliates

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

(135,826)

Interest

received

in

the

form

of

securities

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

(110,810)

Increase

in

dividends

and

interest

receivable

and

other

assets

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

(151,129)

Decrease

in

receivable

for

investment

securities

sold

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

2,233,577

Decrease

in

interest

payable

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

(19,834)

Decrease

in

payable

to

affiliates,

accrued

expenses,

and

other

liabilities

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

(45,470)

Decrease

in

payable

for

investment

securities

purchased

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

(37,626)

Net

realized

gain

on

investments

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

(1,057,252)

Change

in

net

unrealized

appreciation

(depreciation)

of

investments

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

(15,874,200)

Net

cash

provided

by

operating

activities

\*

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

6,415,416

#### Cash

#### flows

#### from

#### financing

#### activities:
Cash

distributions

to

shareholders

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

(6,408,633)

Net

cash

used

in

financing

activities

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

(6,408,633)

Net

increase

in

cash

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

6,783

Cash

at

beginning

of

period

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

55,756

Cash

at

end

of

period

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

$62,539

\*

Included

in

operating

expenses

is

$1,814,751

paid

for

interest

on

borrowings.

Franklin

Universal

Trust

Notes

to

Financial

Statements

(unaudited)

franklintempleton.com

Semiannual

Report

1. #### Organization

#### and

#### Significant

#### Accounting

#### Policies
Franklin

Universal

Trust (Fund)

is

registered under

the

Investment

Company

Act

of

1940

(1940

Act)

as

a

closed-end

management

investment

company.

The

Fund

follows

the

accounting

and

reporting

guidance

in

Financial

Accounting

Standards

Board

(FASB)

Accounting

Standards

Codification

Topic

946,

Financial

Services

–

Investment

Companies

(ASC

946)

and

applies

the

specialized

accounting

and

reporting

guidance

in

U.S.

Generally

Accepted

Accounting

Principles

(U.S.

GAAP),

including,

but

not

limited

to,

ASC

946. The

following

summarizes

the Fund's

significant

accounting

policies.

a. #### Financial

#### Instrument

#### Valuation
The

Fund's

investments

in

financial

instruments

are

carried

at

fair

value

daily.

Fair

value

is

the

price

that

would

be

received

to

sell

an

asset

or

paid

to

transfer

a

liability

in

an

orderly

transaction

between

market

participants

on

the

measurement

date.

The

Fund

calculates

the

net

asset

value

(NAV)

per

share

each business

day as

of

p.m.

Eastern

time

or

the

regularly

scheduled

close

of

the

New

York

Stock

Exchange

(NYSE),

whichever

is

earlier.

Under

compliance

policies

and

procedures

approved

by

the Fund's

Board

of

Trustees

(the

Board),

the

Board

has

designated

the

Fund's

investment

manager

as

the

valuation

designee

and

has

responsibility

for

oversight

of

valuation.

The

investment

manager

is

assisted

by

the

Fund's

administrator

in

performing

this

responsibility,

including

leading

the

cross-

functional

Valuation

Committee

(VC).

The

Fund

may

utilize

independent

pricing

services,

quotations

from

securities

and

financial

instrument

dealers,

and

other

market

sources

to

determine

fair

value.

Equity

securities

listed

on

an

exchange

or

on

the

NASDAQ

National

Market

System

are

valued

at

the

last

quoted

sale

price

or

the

official

closing

price of

the

day,

respectively.

Foreign

equity

securities

are

valued

as

of

the

close

of

trading

on

the

foreign

stock

exchange

on

which

the

security

is

primarily

traded,

or

as

of

p.m.

Eastern

time.

The

value

is

then

converted

into

its

U.S.

dollar

equivalent

at

the

foreign

exchange

rate

in

effect

at

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

p.m.

Eastern

time

on

the

date

that

the

values

of

the

foreign

debt

securities

are

determined.

Investments

in open-end mutual

funds

are

valued

at

the

closing

NAV.

The

Fund

has

procedures

to

determine

the

fair

value

of

financial

instruments

for

which

market

prices

are

not

reliable

or

readily

available.

Under

these

procedures,

the Fund

primarily

employs

a

market-based

approach

which

may

use

related

or

comparable

assets

or

liabilities,

recent

transactions,

market

multiples,

and

other

relevant

information

for

the

investment

to

determine

the

fair

value

of

the

investment.

An

income-based

valuation

approach

may

also

be

used

in

which

the

anticipated

future

cash

flows

of

the

investment

are

discounted

to

calculate

fair

value.

Discounts

may

also

be

applied

due

to

the

nature

or

duration

of

any

restrictions

on

the

disposition

of

the

investments.

Due

to

the

inherent

uncertainty

of

valuations

of

such

investments,

the

fair

values

may

differ

significantly

from

the

values

that

would

have

been

used

had

an

active

market

existed.

Trading

in

securities

on

foreign

securities

stock

exchanges

and

OTC

markets

may

be

completed

before

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

p.m.

Eastern

time

that

might

call

into

question

the

reliability

of

the

value

of

a

portfolio

security

held

Franklin

Universal

Trust

Notes

to

Financial

Statements

(unaudited)

franklintempleton.com

Semiannual

Report

by

the

Fund.

As

a

result,

differences

may

arise

between

the

value

of

the

Fund's

portfolio

securities

as

determined

at

the

foreign

market

close

and

the

latest

indications

of

value

at

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

p.m.

Eastern

time.

When

the

last

day

of

the

reporting

period

is

a

non-business

day,

certain

foreign

markets

may

be

open

on

those

days

that

the

Fund's

NAV

is

not

calculated,

which

could

result

in

differences

between

the

value

of

the

Fund's

portfolio

securities

on

the

last

business

day

and

the

last

calendar

day

of

the

reporting

period.

Any

security

valuation

changes

due

to

an

open

foreign

market

are

adjusted

and

reflected

by

the

Fund

for

financial

reporting

purposes.

b. #### Foreign

#### Currency

#### Translation
Portfolio

securities

and

other

assets

and

liabilities

denominated

in

foreign

currencies

are

translated

into

U.S.

dollars

based

on

the

exchange

rate

of

such

currencies

against

U.S.

dollars

on

the

date

of

valuation.

The

Fund

may

enter

into

foreign

currency

exchange

contracts

to

facilitate

transactions

denominated

in

a

foreign

currency.

Purchases

and

sales

of

securities,

income

and

expense

items

denominated

in

foreign

currencies

are

translated

into

U.S.

dollars

at

the

exchange

rate

in

effect

on

the

transaction

date.

Portfolio

securities

and

assets

and

liabilities

denominated

in

foreign

currencies

contain

risks

that

those

currencies

will

decline

in

value

relative

to

the

U.S.

dollar.

Occasionally,

events

may

impact

the

availability

or

reliability

of

foreign

exchange

rates

used

to

convert

the

U.S.

dollar

equivalent

value.

If

such

an

event

occurs,

the

foreign

exchange

rate

will

be

valued

at

fair

value

using

procedures

established

and

approved

by

the

Board.

The

Fund

does

not

separately

report

the

effect

of

changes

in

foreign

exchange

rates

from

changes

in

market

prices

on

securities

held.

Such

changes

are

included

in

net

realized

and

unrealized

gain

or

loss

from

investments

in

the

Statement of

Operations.

Realized

foreign

exchange

gains

or

losses

arise

from

sales

of

foreign

currencies,

currency

gains

or

losses

realized

between

the

trade

and

settlement

dates

on

securities

transactions

and

the

difference

between

the

recorded

amounts

of

dividends,

interest,

and

foreign

withholding

taxes

and

the

U.S.

dollar

equivalent

of

the

amounts

actually

received

or

paid.

Net

unrealized

foreign

exchange

gains

and

losses

arise

from

changes

in

foreign

exchange

rates

on

foreign

denominated

assets

and

liabilities

other

than

investments

in

securities

held

at

the

end

of

the

reporting

period.

c. #### Securities

#### Purchased

#### on

#### a

#### When-Issued,

#### Forward

#### Commitment or

#### Delayed

#### Delivery

#### Basis
The

Fund

may

purchase

securities

on

a when-issued,

forward

commitment

or

delayed

delivery basis,

with

payment

and

delivery

scheduled

for

a

future

date.

These

transactions

are

subject

to

market

fluctuations

and

are

subject

to

the

risk

that

the

value

at

delivery

may

be

more

or

less

than

the

trade

date

purchase

price.

Although

the

Fund

will

generally

purchase

these

securities

with

the

intention

of

holding

the

securities, it

may

sell

the

securities

before

the

settlement

date.

d. #### Senior

#### Floating

#### Rate

#### Interests
The

Fund

invests

in

senior

secured

corporate

loans

that

pay

interest

at

rates

which

are

periodically

reset

by

reference

to

a

base

lending

rate

plus

a

spread.

These

base

lending

rates

are

generally

the

prime

rate

offered

by

a

designated

U.S.

bank

or

the

Secured

Overnight

Financing

Rate

(SOFR).

Senior

secured

corporate

loans

often

require

prepayment

of

principal

from

excess

cash

flows

or

at

the

discretion

of

the

borrower.

As

a

result,

actual

maturity

may

be

substantially

less

than

the

stated

maturity.

Senior

secured

corporate

loans

in

which

the Fund

invests

are

generally

readily

marketable,

but

may

be

subject

to

certain

restrictions

on

resale.

e. #### Marketplace

#### Lending
The

Fund

invests

in

loans

obtained

through

marketplace

lending.

Marketplace

lending,

sometimes

referred

to

as

peer-to-peer

lending,

is

a

method

of

financing

in

which

a

platform

facilitates

the

borrowing

and

lending

of

money.

It

is

considered

an

alternative

to

more

traditional

forms

of

debt

financing.

Prospective

borrowers

are

required

to

provide

certain

financial

information

to

the

platform,

including,

but

not

limited

to,

the

intended

purpose

of

the

loan,

income,

employment

information,

credit

score,

debt-to-income

ratio,

credit

history

(including

defaults

and

delinquencies)

and

home

ownership

status.

Based

on

this

and

other

information,

the

platform

assigns

its

own

credit

rating

to

the

borrower

and

1. #### Organization

#### and

#### Significant

#### Accounting

#### Policies
(continued)

a. #### Financial

#### Instrument

#### Valuation
(continued)

Franklin

Universal

Trust

Notes

to

Financial

Statements

(unaudited)

franklintempleton.com

Semiannual

Report

sets

the

interest

rate

for

the

requested

loan.

The

platform

then

posts

the

borrowing

requests

online,

giving

investors

the

opportunity

to

purchase

the

loans

based

on

factors

such

as

the

interest

rates

and

expected

yields

of

the

loans,

the

borrower

background

data,

and

the

credit

rating

assigned

by

the

platform.

When

the

Fund

invests

in

these

loans,

it

usually

purchases

all

rights,

title

and

interest

in

the

loans

pursuant

to

a

loan

purchase

agreement

directly

from

the

platform.

The

platform

or

a

third-party

servicer

typically

continues

to

service

the

loans,

collecting

payments

and

distributing

them

to

the

Fund,

less

any

servicing

fees

assessed.

The

servicer

is

typically

responsible

for

taking

actions

against

a

borrower

in

the

event

of

a

default

on

the

loan.

Servicing

fees,

along

with

other

administration

fees,

are

included

in

marketplace

lending

fees

in

the

Statement

of

Operations.

The Fund,

as

an

investor

in

a

loan,

would

be

entitled

to

receive

payment

only

from

the

borrower

and

would

not

be

able

to

recover

any

deficiency

from

the

platform,

except

under

very

narrow

circumstances.

The

loans

in

which

the

Fund

may

invest

are

unsecured.

f. #### Income

#### and

#### Deferred

#### Taxes
It

is the Fund's

policy

to

qualify

as

a

regulated

investment

company

under

the

Internal

Revenue

Code. The Fund

intends

to

distribute

to

shareholders

substantially

all

of

its

taxable

income

and

net

realized

gains

to

relieve

it

from

federal

income

and

excise

taxes.

As

a

result,

no

provision

for

U.S.

federal

income

taxes

is

required.

The Fund

may

be

subject

to

foreign

taxation

related

to

income

received,

capital

gains

on

the

sale

of

securities

and

certain

foreign

currency

transactions

in

the

foreign

jurisdictions

in

which

it

invests.

Foreign

taxes,

if

any,

are

recorded

based

on

the

tax

regulations

and

rates

that

exist

in

the

foreign

markets

in

which

the

Fund

invests.

In

some

cases,

the

Fund

may

be

entitled

to

reclaim

all

or

a

portion

of

such

taxes,

and

such

reclaim

amounts,

if

any,

are

reflected

as

a

dividend

receivable

in

the

Statement

of

Assets

and

Liabilities

and

dividend

income

in

the

Statement

of

Operations.

In

many

cases,

however,

the

Fund

may

not

receive

such

amounts

for

an

extended

period

of

time,

depending

on

the

country

of

investment.

When

a

capital

gain

tax

is

determined

to

apply,

the

Fund

records

an

estimated

deferred

tax

liability

in

an

amount

that

would

be

payable

if

the

securities

were

disposed

of

on

the

valuation

date.

The Fund

may

recognize

an

income

tax

liability

related

to

its

uncertain

tax

positions

under

U.S.

GAAP

when

the

uncertain

tax

position

has

a

less

than

50%

probability

that

it

will

be

sustained

upon

examination

by

the

tax

authorities

based

on

its

technical

merits.

As

of

February

28,

2026, the Fund

has

determined

that

no

tax

liability

is

required

in

its

financial

statements

related

to

uncertain

tax

positions

for

any

open

tax

years

(or

expected

to

be

taken

in

future

tax

years).

The

Fund's

federal

and

state

income

and

federal

excise

tax

returns

for

the

prior

three

fiscal

years

are

subject

to

examination

by

the

Internal

Revenue

Service

and

state

departments

of

revenue.

g. #### Security

#### Transactions,

#### Investment

#### Income,

#### Expenses

#### and

#### Distributions
Security

transactions

are

accounted

for

on

trade

date.

Realized

gains

and

losses

on

security

transactions

are

determined

on

a

specific

identification

basis.

Interest

income

(including

interest

income

from

payment-in-kind

securities,

if

any)

and

estimated

expenses

are

accrued

daily.

Amortization

of

premium

and

accretion

of

discount

on

debt

securities

are

included

in

interest

income.

Paydown

gains

and

losses

are

recorded

as

an

adjustment

to

interest

income.

The

Fund

may

receive

other

income

from

investments

in

senior

secured

corporate

loans

or

unfunded

commitments,

including

amendment

fees,

consent

fees

or

commitment

fees.

These

fees

are

recorded

as

income

when

received

by

the

Fund.

Facility

fees

are

recognized

as

income

over

the

expected

term

of

the

loan.

Dividend

income

is

recorded

on

the

ex-

dividend

date

except

for

certain

dividends

from

securities

where

the

dividend

rate

is

not

available.

In

such

cases,

the

dividend

is

recorded

as

soon

as

the

information

is

received

by

the

Fund.

Distributions

to

shareholders

are

recorded

on

the

ex-dividend

date.

The

Fund

employs

a

distribution

policy

whereby

the

Fund

will

distribute

a

level

monthly

distribution

amount

to

shareholders.

The

Fund's

distribution

level

may

be

changed

by

the

Board

in

the

future.

Distributable

earnings

are

determined

according

to

income

tax

regulations

(tax

basis)

and

may

differ

from

earnings

recorded

in

accordance

with

U.S.

GAAP.

These

differences

may

be

permanent

or

temporary.

Permanent

differences

are

reclassified

among

capital

accounts

to

reflect

their

tax

character.

These

1. #### Organization

#### and

#### Significant

#### Accounting

#### Policies
(continued)

e. #### Marketplace

#### Lending
(continued)

Franklin

Universal

Trust

Notes

to

Financial

Statements

(unaudited)

franklintempleton.com

Semiannual

Report

reclassifications

have

no

impact

on

net

assets

or

the

results

of

operations.

Temporary

differences

are

not

reclassified,

as

they

may

reverse

in

subsequent

periods.

h. #### Accounting

#### Estimates
The

preparation

of

financial

statements

in

accordance

with

U.S.

GAAP

requires

management

to

make

estimates

and

assumptions

that

affect

the

reported

amounts

of

assets

and

liabilities

at

the

date

of

the

financial

statements

and

the

amounts

of

income

and

expenses

during

the

reporting

period.

Actual

results

could

differ

from

those

estimates.

i. #### Guarantees

#### and

#### Indemnifications
Under

the Fund's

organizational

documents,

its

officers

and trustees

are

indemnified

by

the

Fund against

certain

liabilities

arising

out

of

the

performance

of

their

duties

to

the

Fund.

Additionally,

in

the

normal

course

of

business,

the

Fund

enters

into

contracts

with

service

providers

that

contain

general

indemnification

clauses.

The Fund's

maximum

exposure

under

these

arrangements

is

unknown

as

this

would

involve

future

claims

that

may

be

made

against

the Fund

that

have

not

yet

occurred.

Currently,

the Fund

expects

the

risk

of

loss

to

be

remote.

2. #### Shares

#### of

#### Beneficial

#### Interest
At

February

28,

2026,

there

were

an

unlimited

number

of

shares

authorized

($0.01

par

value).

During

the period

ended

February

28,

2026 and

year

ended

August

31,

2025,

there

were

no

shares

issued;

all

reinvested

distributions

were

satisfied

with

previously

issued

shares

purchased

in

the

open

market.

Under

the

Board

approved

open-market

share

repurchase

program,

the

Fund

may

purchase,

from

time

to

time,

Fund

shares

in

open-market

transactions,

at

the

discretion

of

management. During

the period

ended

February

28,

2026 and

year

ended August

31,

2025,

there

were

no

shares

repurchased.

3. #### Transactions

#### with

#### Affiliates
Franklin

Resources,

Inc.

is

the

holding

company

for

various

subsidiaries

that

together

are

referred

to

as

Franklin

Templeton.

Certain

officers

and trustees

of

the Fund are

also

officers

and/or directors

of

the

following

subsidiaries:

a. #### Management

#### Fees
The

Fund

pays

an

investment

management

fee,

calculated weekly

and

paid

monthly,

to Advisers

of

0.75%

per

year

of

the

average weekly

managed

assets.

Managed

assets

are

defined

as

the

Fund's

gross

asset

value

minus

the

sum

of

accrued

liabilities,

other

than

the

principal

amount

of

the

Credit

Facility.

b. #### Administrative

#### Fees
Under

an

agreement

with

Advisers,

FT

Services

provides

administrative

services

to

the

Fund.

The

fee

is

paid

by Advisers

based

on

the Fund's

average

daily

net

assets,

and

is

not

an

additional

expense

of

the

Fund.

c. #### Investments

#### in

#### Affiliated

#### Management

#### Investment

#### Companies
The

Fund

invests

in

one

or

more

affiliated

management

investment

companies.

As

defined

in

the

1940

Act,

an

investment

is

deemed

to

be

a

"Controlled

Affiliate"

of

a

fund

when

a

fund

owns,

either

directly

or

indirectly,

25%

or

more

of

the

affiliated

fund's

outstanding

shares

or

has

the

power

to

exercise

control

over

management

or

policies

of

such

fund.

The

Fund

does

not

#### Subsidiary

#### Affiliation
Franklin

Advisers,

Inc.

(Advisers)

Investment

manager

Franklin

Templeton

Services,

LLC

(FT

Services)

Administrative

manager

1. #### Organization

#### and

#### Significant

#### Accounting

#### Policies
(continued)

g. #### Security

#### Transactions,

#### Investment

#### Income,

#### Expenses

#### and

#### Distributions
(continued)

Franklin

Universal

Trust

Notes

to

Financial

Statements

(unaudited)

franklintempleton.com

Semiannual

Report

invest

for

purposes

of

exercising

a

controlling

influence

over

the

management

or

policies.

Management

fees

paid

by

the

Fund

are

waived

on

assets

invested

in

the

affiliated

management

investment

companies,

as

noted

in

the

Statement

of

Operations,

in

an

amount

not

to

exceed

the

management

and

administrative

fees,

if

applicable, paid

directly

or

indirectly

by

each

affiliate.

During

the

period

ended

February

28,

2026,

the

Fund

held

investments

in

affiliated

management

investment

companies

as

follows:

4. #### Income

#### Taxes
At

February

28,

2026,

the

cost

of

investments

and

net

unrealized

appreciation

(depreciation) for

income

tax

purposes

were

as

follows:

Differences

between

income

and/or

capital

gains

as

determined

on

a

book

basis

and

a

tax

basis

are

primarily

due

to

differing

treatments

of

defaulted

securities,

bond

discounts

and

premiums

and

corporate

actions.

5. #### Investment

#### Transactions
Purchases

and

sales

of

investments (excluding

short

term

securities) for

the

period

ended

February

28,

2026,

aggregated

$28,218,925 and

$28,059,073,

respectively.

6. #### Credit

#### Risk

#### and

#### Defaulted

#### Securities
At

February

28,

2026,

the

Fund

had 53.6% of

its

portfolio

invested

in

high

yield

securities,

senior

secured

floating

rate

loans,

or

other

securities rated

below

investment

grade

and

unrated

securities.

These

securities

may

be

more

sensitive

to

economic

conditions

causing

greater

price

volatility

and

are

potentially

subject

to

a

greater

risk

of

loss

due

to

default

than

higher

rated

securities.

#### &nbsp;&nbsp;&nbsp;&nbsp;aa

#### Value

#### at

#### Beginning

#### of

#### Period

#### Purchases

#### Sales

#### Realized

#### Gain
(Loss)

#### Net

#### Change

#### in

#### Unrealized

#### Appreciation
(Depreciation)

#### Value

#### at

#### End

#### of

#### Period

#### Number

#### of

#### Shares

#### Held

#### at

#### End

#### of

#### Period

#### Investment

#### Income

#### a&nbsp;&nbsp;&nbsp;&nbsp;

#### a

#### Franklin

#### Universal

#### Trust

#### Non-Controlled

#### Affiliates
Dividends

Franklin

Institutional

U.S.

Government

Money

Market

Fund,

3.583%

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

$5,815,421

$26,484,790

$(26,863,986)

$—

$—

$5,436,225

5,436,225

$135,826

#### Total

#### Affiliated

#### Securities

#### ...
$5,815,421

$26,484,790

$(26,863,986)

$—

$—

$5,436,225

$135,826

Cost

of

investments

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

$209,445,340

Unrealized

appreciation

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

$84,536,901

Unrealized

depreciation

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

(8,845,196)

Net

unrealized

appreciation

(depreciation)

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

$75,691,705

3. #### Transactions

#### with

#### Affiliates
(continued)

c. #### Investments

#### in

#### Affiliated

#### Management

#### Investment

#### Companies
(continued)

Franklin

Universal

Trust

Notes

to

Financial

Statements

(unaudited)

franklintempleton.com

Semiannual

Report

The

Fund held

defaulted

securities

and/or

other

securities

for

which

the

income

has

been

deemed

uncollectible.

At

February

28,

2026,

the

aggregate

value

of

these

securities represents less

than

0.1%

of

the

Fund's net

assets.

The

Fund

discontinues

accruing

income

on

securities

for

which

income

has

been

deemed

uncollectible

and

provides

an

estimate

for

losses

on

interest

receivable.

The

securities

have

been

identified

in

the

accompanying

Schedule

of

Investments.

7. #### Credit

#### Facility
On

September

15,

2023,

the

Fund

entered

into

a

senior

secured

margin

loan

and

security

agreement

(Credit

Facility)

with

Bank

of

America,

N.A.

(BofA)

pursuant

to

which

the

Fund

borrowed

the

maximum

commitment

amount

of

$60

million

for

a

3-year

term,

which

matures

on

September

15,

2026. The

Credit

Facility

provides

a

source

of

funds

to

the

Fund

to

purchase

additional

investments

as

part

of

its

investment

strategy.

Under

the

terms

of

the

Credit

Facility,

the

Fund

pays

interest

on

outstanding

borrowings

at

a

fixed

rate

of

5.95%.

Collateral

pledged

by

the

Fund

associated

with

outstanding

borrowings

is

held

in

a

segregated

account

with

the

Fund's

custodian

and

the

securities

are

indicated

in

the

Schedule

of

Investments.

At

February

28,

2026,

the

Fund

had

outstanding

borrowings

of

$60,000,000,

which

approximates

fair

value.

The

borrowings

are

categorized

as

Level

within

the

fair

value

hierarchy.

The

average

borrowings

and

the

average

interest

rate

for

the

days

with

outstanding

borrowings

during

the period

ended

February

28,

2026,

were

$60,000,000

and

5.95%,

respectively.

8. #### Fair

#### Value

#### Measurements
The

Fund

follows

a

fair

value

hierarchy

that

distinguishes

between

market

data

obtained

from

independent

sources

(observable

inputs)

and

the Fund's

own

market

assumptions

(unobservable

inputs).

These

inputs

are

used

in

determining

the

value

of

the

Fund's financial

instruments

and

are

summarized

in

the

following

fair

value

hierarchy:

Level

–

quoted

prices

in

active

markets

for

identical

financial

instruments

Level

–

other

significant

observable

inputs

(including

quoted

prices

for

similar

financial

instruments,

interest

rates,

prepayment

speed,

credit

risk,

etc.)

Level

–

significant

unobservable

inputs

(including

the

Fund's

own

assumptions

in

determining

the

fair

value

of

financial

instruments)

The

input

levels

are

not

necessarily

an

indication

of

the

risk

or

liquidity

associated

with

financial

instruments

at

that

level.

A

summary

of

inputs

used

as

of

February

28,

2026,

in

valuing

the

Fund's assets carried

at

fair

value,

is

as

follows:

#### Level

#### 1

#### Level

#### 2

#### Level

#### 3

#### Total

#### Franklin

#### Universal

#### Trust

#### Assets:
Investments

in

Securities:

a

Common

Stocks

:

Diversified

Telecommunication

Services

.....

$

—

$

246,947

$

—

$

246,947

Electric

Utilities

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

59,168,200

—

—

59,168,200

Metals

&

Mining

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

9,839,228

—

—

9,839,228

Multi-Utilities

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

36,258,350

—

—

36,258,350

Oil,

Gas

&

Consumable

Fuels

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

3,927,400

185,469

—

4,112,869

Pharmaceuticals

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

—

293,707

—

293,707

Software

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

—

—

507

507

6. #### Credit

#### Risk

#### and

#### Defaulted

#### Securities
(continued)

Franklin

Universal

Trust

Notes

to

Financial

Statements

(unaudited)

franklintempleton.com

Semiannual

Report

#### Level

#### 1

#### Level

#### 2

#### Level

#### 3

#### Total

#### Franklin

#### Universal

#### Trust
(continued)

#### Assets:
(continued)

Investments

in

Securities:

a

(continued)

Convertible

Preferred

Stocks

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

$

465,158

$

—

$

—

$

465,158

Preferred

Stocks

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

522,775

—

—

522,775

Rights

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

—

20,189

—

20,189

Corporate

Bonds

:

Aerospace

&

Defense

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

—

3,391,340

—

3,391,340

Automobile

Components

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

—

4,977,656

—

4,977,656

Automobiles

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

—

1,118,914

—

1,118,914

Biotechnology

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

—

2,388,677

—

2,388,677

Broadline

Retail

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

—

1,565,708

—

1,565,708

Building

Products

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

—

5,764,714

—

5,764,714

Capital

Markets

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

—

2,434,934

—

2,434,934

Chemicals

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

—

4,059,547

—

b

4,059,547

Commercial

Services

&

Supplies

...........

—

4,606,747

—

4,606,747

Communications

Equipment

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

—

518,588

—

518,588

Construction

&

Engineering

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

—

400,709

—

400,709

Consumer

Finance

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

—

4,076,071

—

4,076,071

Consumer

Staples

Distribution

&

Retail

......

—

722,604

—

722,604

Containers

&

Packaging

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

—

3,200,105

—

3,200,105

Distributors

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

—

542,689

—

542,689

Diversified

Consumer

Services

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

—

804,466

—

804,466

Diversified

REITs

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

—

2,238,525

—

2,238,525

Diversified

Telecommunication

Services

.....

—

6,406,855

—

6,406,855

Electric

Utilities

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

—

3,898,229

—

3,898,229

Electronic

Equipment,

Instruments

&

Components

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

—

793,388

—

793,388

Energy

Equipment

&

Services

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

—

4,911,512

—

4,911,512

Entertainment

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

—

1,590,344

—

1,590,344

Financial

Services

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

—

9,794,093

—

9,794,093

Food

Products

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

—

3,235,694

—

3,235,694

Ground

Transportation

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

—

1,840,235

—

1,840,235

Health

Care

Equipment

&

Supplies

.........

—

1,019,352

—

1,019,352

Health

Care

Providers

&

Services

..........

—

6,921,502

—

6,921,502

Health

Care

REITs

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

—

2,042,204

—

2,042,204

Health

Care

Technology

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

—

952,682

—

952,682

Hotel

&

Resort

REITs

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

—

2,240,773

—

2,240,773

Hotels,

Restaurants

&

Leisure

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

—

8,814,898

—

8,814,898

Household

Durables

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

—

5,727,726

—

5,727,726

Household

Products

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

—

194,446

—

194,446

Independent

Power

and

Renewable

Electricity

Producers

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

—

4,053,685

—

4,053,685

Insurance

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

—

3,386,789

—

3,386,789

IT

Services

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

—

2,640,887

—

2,640,887

Machinery

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

—

3,491,103

—

3,491,103

Media

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

—

7,926,934

—

7,926,934

Metals

&

Mining

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

—

4,950,210

—

4,950,210

Mortgage

Real

Estate

Investment

Trusts

(REITs)

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

—

1,943,860

—

1,943,860

Oil,

Gas

&

Consumable

Fuels

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

—

15,325,384

—

b

15,325,384

Paper

&

Forest

Products

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

—

371,968

—

371,968

Passenger

Airlines

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

—

1,272,115

—

1,272,115

Personal

Care

Products

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

—

1,587,455

—

1,587,455

Pharmaceuticals

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

—

1,158,335

—

1,158,335

Professional

Services

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

—

437,870

—

437,870

Real

Estate

Management

&

Development

....

—

717,217

—

717,217

Semiconductors

&

Semiconductor

Equipment

.

—

391,397

—

391,397

8. #### Fair

#### Value

#### Measurements
(continued)

Franklin

Universal

Trust

Notes

to

Financial

Statements

(unaudited)

franklintempleton.com

Semiannual

Report

A

reconciliation

in

which

Level

inputs

are

used

in

determining

fair

value

is

presented

when

there

are

significant

Level

assets

and/or

liabilities

at

the

beginning

and/or

end

of

the period.

At

February

28,

2026,

the

reconciliation

is

as

follows:

#### Level

#### 1

#### Level

#### 2

#### Level

#### 3

#### Total

#### Franklin

#### Universal

#### Trust
(continued)

#### Assets:
(continued)

Investments

in

Securities:

a

(continued)

Corporate

Bonds:

(continued)

Software

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

$

—

$

1,826,506

$

—

$

1,826,506

Specialized

REITs

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

—

2,553,173

—

2,553,173

Specialty

Retail

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

—

1,268,992

—

1,268,992

Technology

Hardware,

Storage

&

Peripherals

.

—

566,535

—

566,535

Textiles,

Apparel

&

Luxury

Goods

..........

—

828,955

—

828,955

Trading

Companies

&

Distributors

..........

—

3,530,740

—

3,530,740

Wireless

Telecommunication

Services

.......

—

3,865,514

844

3,866,358

Senior

Floating

Rate

Interests

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

—

8,088

—

8,088

Marketplace

Loans

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

—

—

1,007,915

1,007,915

Municipal

Bonds

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

—

464,267

—

464,267

Escrows

and

Litigation

Trusts

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

—

—

b

Short

Term

Investments

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

5,436,225

—

—

5,436,225

Total

Investments

in

Securities

...........

$115,617,336

$168,510,443

$1,009,266

$285,137,045

a

For

detailed

categories,

see

the

accompanying

Schedule

of

Investments.

b

Includes

financial

instruments

determined

to

have

no

value.

#### Balance

#### at

#### Beginning

#### of

#### Period

#### Purchases

#### a

#### Sales

#### b

#### Transfer

#### Into

#### Level

#### 3

#### Transfer

#### Out

#### of

#### Level

#### 3

#### Net

#### Accretion

#### (#### Amortiza

#### -

#### tion

####)

#### Net

#### Realized

#### Gain
(Loss)

#### Net

#### Unr

#### ealized

#### Appreciatio

#### n

#### (#### Depreciation

####)

#### Balance

#### at

#### End

#### of

#### Period

#### Net

#### Change

#### in

#### Unrealized

#### Appreciation
(Depreciation)

#### on

#### Assets

#### Held

#### at

#### Period

#### End

#### a

#### Franklin

#### Universal

#### Trust

#### Assets:
Investments

in

Securities:

Common

Stocks

:

Pharmaceuticals

....

$

287,042

$

$

(253,363)

$

—

$

—

$

—

$

—

$

(33,684)

$

—

$

—

Software

..........

27,871

—

—

—

—

—

—

(27,364)

507

(27,364)

Corporate

Bonds

:

Chemicals

........

—

c

—

—

—

—

—

—

—

—

c

—

Hotels,

Restaurants

&

Leisure

.........

—

c

—

(1,762,609)

—

—

—

—

1,762,609

—

—

Oil,

Gas

&

Consumable

Fuels

..........

—

c

—

—

—

—

—

—

—

—

c

—

Wireless

Telecommunication

Services

........

844

—

—

—

—

—

(374) 844

(374) Marketplace

Loans

:

Financial

Services

...

1,959,866

11,880

(1,147,332)

—

—

—

13,339

170,162

1,007,915

10,241

Escrows

and

Litigation

Trusts

:

—

c

—

(1,466)

—

—

—

1,466

—

—

c

—

Total

Investments

in

Securities

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

$2,275,623

$11,885

$(3,164,770)

$—

$—

$374

$14,805

$1,871,349

$1,009,266

$(17,497)

a

Purchases

include

all

purchases

of

securities

and

securities

received

in

corporate

actions.

b

Sales

include

all

sales

of

securities,

maturities,

paydowns

and

securities

tendered

in

corporate

actions.

c

Includes

financial

instruments

determined

to

have

no

value.

8. #### Fair

#### Value

#### Measurements
(continued)

Franklin

Universal

Trust

Notes

to

Financial

Statements

(unaudited)

franklintempleton.com

Semiannual

Report

Level

financial

instruments

include

the

fair

value

of

immaterial

assets

and/or

liabilities

developed

using

various

valuation

techniques

and

unobservable

inputs.

9. #### Distributions

#### Subsequent

#### to

#### February

#### 28,

#### 2026
The

following

distributions

have

been

declared

by

the

Fund's

Board

and

are

payable

subsequent

to

the

period

end

of

this

report.

10. #### Operating

#### Segments
The Fund operates

as

a

single

operating

segment,

which

is

an

investment

portfolio.

The

portfolio

managers

assigned

to

the

Fund

within

the

Fund's

investment

manager serve

as

the

Chief

Operating

Decision

Maker

("CODM")

and

are

responsible

for

evaluating

the

Fund's

operating

results

and

allocating

resources

in

accordance

with

the

Fund's

investment

strategy.

Internal

reporting

provided

to

the

CODM

aligns

with

the

accounting

policies

and

measurement

principles

used

in

the financial

statements.

For

information

regarding

segment

assets,

segment

profit

or

loss,

and

significant

expenses,

refer

to

the Statement

of

Assets

and

Liabilities

and

the Statement

of

Operations,

along

with

the

related

notes

to

the financial

statements.

The Schedule

of

Investments

provides

details

of

the Fund's investments

that

generate

returns

such

as

interest,

dividends,

and

realized

and

unrealized

gains

or

losses.

Performance

metrics,

including

portfolio

turnover

and

expense

ratios,

are

disclosed

in

the Financial

Highlights.

11. #### Subsequent

#### Events
The

Fund

has

evaluated

subsequent

events

through

the

issuance

of

the

financial

statements

and

determined

that

no

events

have

occurred

that

require

disclosure.

#### Abbreviations

#### Record

#### Date

#### Payable

#### Date

#### Amount
3/24/2026

3/31/2026

$0.0425

4/23/2026

4/30/2026

$0.0425

5/21/2026

5/29/2026

$0.0425

6/23/2026

6/30/2026

$0.0425

#### Selected

#### Portfolio

#### ADR
American

Depositary

Receipt

#### FRN
Floating

Rate

Note

#### PIK
Payment-In-Kind

#### REIT
Real

Estate

Investment

Trust

8. #### Fair

#### Value

#### Measurements
(continued)

Franklin

Universal

Trust

franklintempleton.com

Semiannual

Report

Important

Information

to

Shareholders

(unaudited)

#### Share

#### Repurchase

#### Program
The

Fund's

Board

has

authorized

an

open-market

share

repurchase

program,

pursuant

to

which

the

Fund

may

purchase

Fund

shares,

from

time

to

time,

up

to

10%

of

the

Fund's

common

shares

in

open-market

transactions,

at

the

discretion

of

management.

Franklin

Universal

Trust

Annual

Meeting

of

Shareholders:

March

9,

2026

(unaudited)

franklintempleton.com

Semiannual

Report

The

Annual

Meeting

of

Shareholders

of

Franklin

Universal

Trust

(the

"Fund")

was

held

at

the

Fund's

offices,

S.E.

2nd

Street,

Fort

Lauderdale,

Florida,

on

March

9,

2026. The

purpose

of

the

meeting

was

to

elect

three

Trustees

of

the

Fund.

At

the

meeting,

the

following

persons

were

elected

by

the

shareholders

to

serve

as

Trustees

of

the

Fund:

Harris

J. Ashton,

Edith

E. Holiday

and

Rupert

H. Johnson,

Jr.\*

No

other

business

was

transacted

at

the

meeting

with

respect

to

the

Fund.

The

results

of

the

voting

at

the

Annual

Meeting

are

as

follows:

Election

of

three

Trustees:

\*

*Terrence* 

J. *Checki*

*,* 

*Mary* 

C. *Choksi,* 

*Gregory* 

E. *Johnson,* 

J. *Michael* 

*Luttig*

*,* 

*Larry* 

D. *Thompson* 

*and* 

*Valerie* 

M. *Williams* 

*are* 

*Trustees* 

*of* 

*the* 

*Fund* 

*who* 

*are* 

*currently* 

*serving* 

*and* 

*whose* 

*terms* 

*of* 

*office* 

*continued* 

*after* 

*the* 

*Annual* 

*Meeting* 

*of* 

*Shareholders.*

#### Term

#### Expiring

#### 2029

#### For

#### %

#### of

#### Outstanding

#### Shares

#### %

#### of

#### Shares

#### Present

#### Withheld

#### %

#### of

#### Outstanding

#### Shares

#### %

#### of

#### Shares

#### Present
Harris

J. Ashton

14,331,824

57.03%

80.33%

2,716,815

10.81%

15.23%

Edith

E. Holiday

14,493,700

57.67%

81.24%

2,556,000

10.17%

14.33%

Rupert

H. Johnson,

Jr.

16,446,373

65.44%

92.18%

572,438

2.28%

3.21%

Franklin

Universal

Trust

franklintempleton.com

Semiannual

Report

Dividend

Reinvestment

and

Cash

Purchase

Plan

(unaudited)

The

Fund's

Dividend

Reinvestment

and

Cash

Purchase

Plan

(Plan)

offers

you

a

prompt

and

simple

way

to

reinvest

dividends

and

capital

gain

distributions

in

shares

of

the

Fund.

The

Plan

also

allows

you

to

purchase

additional

shares

of

the

Fund

by

making

voluntary

cash

payments.

Computershare

Trust

Company,

N.A.

(Plan

Agent),

P.O.

Box

43006

Providence,

RI

02940-

3078,

acts

as

your

Plan

Agent

in

administering

the

Plan.

You

are

automatically

enrolled

in

the

Plan

unless

you

elect

to

receive

dividends

or

distributions

in

cash.

If

you

own

shares

in

your

own

name,

you

should

notify

the

Plan

Agent,

in

writing,

if

you

wish

to

receive

dividends

or

distributions

in

cash.

If

the

Fund

declares

a

dividend

or

capital

gain

distribution

payable

either

in

cash

or

in

stock

of

the

Fund

and

the

market

price

of

shares

on

the

valuation

date

equals

or

exceeds

the

net

asset

value,

the

Fund

will

issue

new

shares

to

you

at

the

higher

of

net

asset

value

or

95%

of

the

then

current

market

price.

Whenever

the

Fund

declares

a

distribution

from

capital

gains

or

an

income

dividend

payable

in

either

cash

or

shares,

if

the

net

asset

value

per

share

of

the

Fund's

common

stock

exceeds

the

market

price

per

share

on

the

valuation

date,

the

Plan

Agent

shall

apply

the

amount

of

such

dividend

or

distribution

payable

to

participants

to

the

purchase

of

shares

(less

their

pro

rata

share

of

brokerage

commissions

incurred

with

respect

to

open

market

purchases

in

connection

with

the

reinvestment

of

such

dividend

or

distribution).

If

the

price

exceeds

the

net

asset

value

before

the

Plan

Agent

has

completed

its

purchases,

the

average

purchase

price

may

exceed

the

net

asset

value,

resulting

in

fewer

shares

being

acquired

than

if

the

Fund

had

issued

new

shares.

All

reinvestments

are

in

full

and

fractional

shares,

carried

to

three

decimal

places.

The

Fund

will

not

issue

shares

under

the

Plan

at

a

price

below

net

asset

value.

The

Plan

permits

you

on

a

voluntary

basis

to

submit

in

cash

payments

of

not

less

than

$100

each

up

to

a

total

of

$5,000

per

month

to

purchase

additional

shares

of

the

Fund.

It

is

entirely

up

to

you

whether

you

wish

to

buy

additional

shares

with

voluntary

cash

payments,

and

you

do

not

have

to

send

in

the

same

amount

each

time

if

you

do.

These

payments

should

be

made

by

check

or

money

order

payable

to

Computershare

Trust

Company,

N.A.

and

sent

to

Computershare

Trust

Company,

N.A.,

P.O.

Box

43006

Providence,

RI

02940-3078,

Attn:

Franklin

Universal

Trust.

Your

cash

payment

will

be

aggregated

with

the

payments

of

other

participants

and

invested

on

your

behalf

by

the

Plan

Agent

in

shares

of

the

Fund

that

are

purchased

in

the

open

market.

The

Plan

Agent

will

invest

cash

payments

on

approximately

the

5th

of

each

month

in

which

no

dividend

or

distribution

is

payable

and,

during

each

month

in

which

a

dividend

or

distribution

is

payable,

will

invest

cash

payments

beginning

on

the

dividend

payment

date.

Under

no

circumstances

will

interest

be

paid

on

your

funds

held

by

the

Plan

Agent.

Accordingly,

you

should

send

any

voluntary

cash

payments

you

wish

to

make

shortly

before

an

investment

date

but

in

sufficient

time

to

ensure

that

your

payment

will

reach

the

Plan

Agent

not

less

than

two

business

days

before

an

investment

date.

Payments

received

less

than

two

business

days

before

an

investment

date

will

be

invested

during

the

next

month

or,

if

there

are

more

than

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

hours

before

an

investment

date.

There

is

no

direct

charge

to

participants

for

reinvesting

dividends

and

capital

gain

distributions,

since

the

Plan

Agent's

fees

are

paid

by

the

Fund.

However,

when

shares

are

purchased

in

the

open

market,

each

participant

will

pay

a

pro

rata

portion

of

any

brokerage

commissions

incurred.

The

Plan

Agent

will

deduct

a

$5.00

service

fee

from

each

of

your

voluntary

cash

payments.

The

automatic

reinvestment

of

dividends

and

capital

gain

distributions

does

not

relieve

you

of

any

taxes

which

may

be

payable

on

dividends

or

distributions.

In

connection

with

the

reinvestment

of

dividends

and

capital

gain

distributions,

if

the

Fund

issues

new

shares,

shareholders

receiving

such

shares

generally

will

be

treated

as

having

a

distribution

equal

to

the

market

value

of

the

shares

received,

and

if

shares

are

purchased

on

the

open

market,

shareholders

generally

will

be

treated

as

having

received

a

distribution

equal

to

the

cash

distribution

that

would

have

been

paid.

The

Fund

does

not

issue

new

shares

in

connection

with

voluntary

cash

payments.

All

investments

are

in

full

and

fractional

shares,

carried

to

three

decimal

places.

If

the

market

price

exceeds

the

net

asset

value

at

the

time

the

Plan

Agent

purchases

the

additional

shares,

you

will

receive

shares

at

a

price

greater

than

the

net

asset

value.

Franklin

Universal

Trust

Dividend

Reinvestment

and

Cash

Purchase

Plan

(unaudited)

franklintempleton.com

Semiannual

Report

You

will

receive

a

monthly

account

statement

from

the

Plan

Agent

showing

total

dividends

and

capital

gain

distributions,

date

of

investment,

shares

acquired

and

price

per

share,

and

total

shares

of

record

held

by

you

and

by

the

Plan

Agent

for

you.

You

are

entitled

to

vote

all

shares

of

record,

including

shares

purchased

for

you

by

the

Plan

Agent,

and,

if

you

vote

by

proxy,

your

proxy

will

include

all

such

shares.

As

long

as

you

participate

in

the

Plan,

the

Plan

Agent

will

hold

the

shares

it

has

acquired

for

you

in

safekeeping,

in

its

name

or

in

the

name

of

its

nominee.

This

convenience

provides

added

protection

against

loss,

theft

or

inadvertent

destruction

of

certificates.

However,

you

may

request

that

a

certificate

representing

your

Plan

shares

be

issued

to

you.

You

may

withdraw

from

the

Plan

without

penalty

at

any

time

by

notifying

the

Plan

Agent,

in

writing,

at

the

address

above.

If

you

withdraw,

you

will

receive,

without

charge,

stock

certificates

issued

in

your

name

for

all

full

shares.

The

Plan

Agent

will

convert

any

fractional

shares

you

hold

at

the

time

of

your

withdrawal

to

cash

at

current

market

price

and

send

you

a

check

for

the

proceeds.

If

you

hold

shares

in

your

own

name,

please

address

all

notices,

correspondence,

questions,

or

other

communications

regarding

the

Plan

to

the

Plan

Agent

at

the

address

noted

above.

If

your

shares

are

not

held

in

your

name,

you

should

contact

your

brokerage

firm,

bank,

or

other

nominee

for

more

information

and

to

determine

if

our

nominee

will

participate

in

the

Plan

on

your

behalf.

The

Fund

or

the

Plan

Agent

may

amend

or

terminate

the

Plan.

You

will

receive

written

notice

at

least

days

before

the

effective

date

of

termination

or

of

any

amendment.

In

the

case

of

termination,

you

will

receive

written

notice

at

least

days

before

the

record

date

of

any

dividend

or

capital

gain

distribution

by

the

Fund.

Franklin

Universal

Trust

Shareholder

Information

franklintempleton.com

Semiannual

Report

Proxy

Voting

Policies

and

Procedures

The

Trust's

investment

manager

has

established

Proxy

Voting

Policies

and

Procedures

(Policies)

that

the

Trust

uses

to

determine

how

to

vote

proxies

relating

to

portfolio

securities.

Shareholders

may

view

the

Trust's

complete

Policies

online

at

franklintempleton.com.

Alternatively,

shareholders

may

request

copies

of

the

Policies

free

of

charge

by

calling

the

Proxy

Group

collect

at

(954) 527-

7678

or

by

sending

a

written

request

to:

Franklin

Templeton

Companies,

LLC,

S.E.

2nd

Street,

Fort

Lauderdale,

FL

33301,

Attention:

Proxy

Group.

Copies

of

the

Trust's

proxy

voting

records

are

also

made

available

online

at

franklintempleton.com

and

posted

on

the

U.S.

Securities

and

Exchange

Commission's

website

at

sec.gov

and

reflect

the

most

recent

12-month

period

ended

June

30. Quarterly

Schedule

of

Investments

The

Trust

files

a

complete

schedule

of

investments

with

the

U.S.

Securities

and

Exchange

Commission

for

the

first

and

third

quarters

for

each

fiscal

year

as

an

exhibit

to

its

report

on

Form

N-PORT.

Shareholders

may

view

the

filed

Form

N-PORT

by

visiting

the

Commission's

website

at

sec.

gov.

The

filed

form

may

also

be

viewed

and

copied

at

the

Commission's

Public

Reference

Room

in

Washington,

DC. Information

regarding

the

operations

of

the

Public

Reference

Room

may

be

obtained

by

calling

(800) SEC-0330.

FUT-S

04/26©

2026

Franklin

Templeton

Investments.

All

rights

reserved.

Investors

should

be

aware

that

the

value

of

investments

made

for

the

Fund

may

go

down

as

well

as

up.

Like

any

investment

in

securities,

the

value

of

the

Fund's

portfolio

will

be

subject

to

the

risk

of

loss

from

market,

currency,

economic,

political

and

other

factors.

The

Fund

and

its

investors

are

not

protected

from

such

losses

by

the

investment

manager.

Therefore,

investors

who

cannot

accept

this

risk

should

not

invest

in

shares

of

the

Fund.

To

help

ensure

we

provide

you

with

quality

service,

all

calls

to

and

from

our

service

areas

are

monitored

and/or

recorded.

#### Semiannual

#### Report

#### Franklin

#### Universal

#### Trust

#### Investment

#### Manager

#### Transfer

#### Agent
Franklin

Advisers,

Inc.

(800) DIAL

BEN®

/

342-5236

Computershare

Royall

St.,

Suite

Canton,

MA

02021

Toll

Free

Number:

888-888-0151

International

Phone

Number:

781-575-2879

www.computershare.com

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Not applicable

ITEM 2. CODE OF ETHICS.

Not applicable.

ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT.

Not applicable.

ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES.

Not applicable.

ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS.

Not applicable*.*

ITEM 6. SCHEDULE OF INVESTMENTS.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Please see schedule of investments contained in the Financial Statements and Financial
 Highlights included under Item1 of this Form N-CSR.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Not applicable

ITEM 7. FINANCIAL STATEMENTS AND FINANCIAL HIGHLIGHTS FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable*.*

ITEM 8. CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable*.*

ITEM 9. PROXY DISCLOSURES FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable*.*

ITEM 10. REMUNERATION PAID TO DIRECTORS, OFFICERS, AND OTHERS OF OPEN-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable*.*

ITEM 11. STATEMENT REGARDING BASIS FOR APPROVAL OF INVESTMENT ADVISORY CONTRACT.

The information is disclosed as part of the Financial Statements included in Item 1 of this Form N-CSR, as applicable.

ITEM 12. DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable.

ITEM 13. PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable.

ITEM 14. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.

---

| | |
|:---|:---|
| ITEM 15. | 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 16. CONTROLS AND PROCEDURES.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Registrant's chief executive officer and chief financial officer have
 concluded that the Registrant's disclosure controls and procedures (as defined in Rule 30a- 3(c) under the Investment Company Act
 of 1940, as amended (the "1940 Act")) are effective as of a date within 90 days of the filing date of this report that includes
 the disclosure required by this paragraph, based on their evaluation of the disclosure controls and procedures required by Rule 30a-3(b)
 under the 1940 Act and 15d-15(b) under the Securities Exchange Act of 1934.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) There were no changes in the Registrant's internal control over
 financial reporting (as defined in Rule 30a-3(d) under the 1940 Act) that occurred during the period covered by this report that have
 materially affected, or are likely to materially affect the Registrant's internal control over financial reporting.

Item 17. Disclosure of Securities Lending Activities for Closed-End Management Investment Company.

ITEM 18. RECOVERY OF ERRONEOUSLY AWARDED COMPENSATION.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Not applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Not applicable.

ITEM 19. EXHIBITS.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) (1) Not applicable.

Exhibit 99.CODE ETH

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[(a) (2) Certifications pursuant to section 302 of the Sarbanes-Oxley Act of 2002 attached hereto.](fut-efp23864_ex99cert.htm)

Exhibit 99.CERT

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[(b) Certifications pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 attached hereto.](fut-efp23864_ex99906cert.htm)

Exhibit 99.906CERT

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, there unto duly authorized.

**Franklin Universal Trust**

---

| | |
|:---|:---|
| By: | /s/ Christopher Kings |
|  | Christopher Kings |
|  | Chief Executive Officer – Finance and Administration |
| Date: | April 30, 2026 |

---

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

---

| | |
|:---|:---|
| By: | /s/ Christopher Kings |
|  | Christopher Kings |
|  | Chief Executive Officer – Finance and Administration |
| Date: | April 30, 2026 |
| By: | /s/ Jeffrey White |
|  | Jeffrey White |
|  | Chief Financial Officer, Chief Accounting Officer and Treasurer |
| Date: | April 30, 2026 |

---

## Ex-99.Cert

CERTIFICATIONS PURSUANT TO SECTION 302

EX-99.CERT

**<u>CERTIFICATIONS</u>**

I, Christopher Kings, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;1. I
 have reviewed this report on Form N-CSR of **Franklin Universal Trust;** 

&nbsp;&nbsp;&nbsp;&nbsp;2. Based
 on my knowledge, this report does not contain any untrue statement of a material fact or
 omit to state a material fact necessary to make the statements made, in light of the circumstances
 under which such statements were made, not misleading with respect to the period covered
 by this report;

&nbsp;&nbsp;&nbsp;&nbsp;3. Based
 on my knowledge, the financial statements, and other financial information included in this
 report, fairly present in all material respects the financial condition, results of operations,
 changes in net assets, and cash flows (if the financial statements are required to include
 a statement of cash flows) of the registrant as of, and for, the periods presented in this
 report;

&nbsp;&nbsp;&nbsp;&nbsp;4. The
 registrant's other certifying officers and I are responsible for establishing and maintaining
 disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company
 Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under
 the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) Designed
 such disclosure controls and procedures, or caused such disclosure controls and procedures
 to be designed under our supervision, to ensure that material information relating to the
 registrant, including its consolidated subsidiaries, is made known to us by others within
 those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) Designed
 such internal control over financial reporting, or caused such internal control over financial
 reporting to be designed under our supervision, to provide reasonable assurance regarding
 the reliability of financial reporting and the preparation of financial statements for external
 purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c) Evaluated
 the effectiveness of the registrant's disclosure controls and procedures and presented
 in this report our conclusions about the effectiveness of the disclosure controls and procedures,
 as of a date within 90 days prior to the filing date of this report based on such evaluation;
 and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d) Disclosed
 in this report any change 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 registrant's internal control over financial
 reporting; and

&nbsp;&nbsp;&nbsp;&nbsp;5. The
 registrant's other certifying officers and I have disclosed to the registrant's
 auditors and the audit committee of the registrant's board of directors (or persons
 performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) All
 significant deficiencies and material weaknesses in the design or operation of internal control
 over financial reporting which are reasonably likely to adversely affect the registrant's
 ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) Any
 fraud, whether or not material, that involves management or other employees who have a significant
 role in the registrant's internal control over financial reporting.

Date: April 30, 2026 <br>

---

| |
|:---|
| /s/ Christopher Kings |
| Christopher Kings |
| Chief Executive Officer – Finance and Administration |

---

**<u>CERTIFICATIONS</u>**

I, Jeffrey White, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;1. I
 have reviewed this report on Form N-CSR of **Franklin Universal Trust**;

&nbsp;&nbsp;&nbsp;&nbsp;2. Based
 on my knowledge, this report does not contain any untrue statement of a material fact or
 omit to state a material fact necessary to make the statements made, in light of the circumstances
 under which such statements were made, not misleading with respect to the period covered
 by this report;

&nbsp;&nbsp;&nbsp;&nbsp;3. Based
 on my knowledge, the financial information included in this report, and the financial statements
 on which the financial information is based, fairly present in all material respects the
 financial condition, results of operations, changes in net assets, and cash flows (if the
 financial statements are required to include a statement of cash flows) of the registrant
 as of, and for, the periods presented in this report;

&nbsp;&nbsp;&nbsp;&nbsp;4. The
 registrant's other certifying officers and I are responsible for establishing and maintaining
 disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company
 Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under
 the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) Designed
 such disclosure controls and procedures, or caused such disclosure controls and procedures
 to be designed under our supervision, to ensure that material information relating to the
 registrant, including its consolidated subsidiaries, is made known to us by others within
 those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) Designed
 such internal control over financial reporting, or caused such internal control over financial
 reporting to be designed under our supervision, to provide reasonable assurance regarding
 the reliability of financial reporting and the preparation of financial statements for external
 purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d) Disclosed
 in this report any change 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 registrant's internal control over financial
 reporting; and

&nbsp;&nbsp;&nbsp;&nbsp;5. The
 registrant's other certifying officers and I have disclosed to the registrant's
 auditors and the audit committee of the registrant's board of directors (or persons
 performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) All
 significant deficiencies and material weaknesses in the design or operation of internal control
 over financial reporting which are reasonably likely to adversely affect the registrant's
 ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) Any
 fraud, whether or not material, that involves management or other employees who have a significant
 role in the registrant's internal control over financial reporting.

Date: April 30, 2026 <br>

---

| |
|:---|
| /s/ Jeffrey White |
| Jeffrey White |
| Chief Financial Officer, Chief Accounting Officer and Treasurer |

---

## Exhibit 99.906

CERTIFICATIONS PURSUANT TO SECTION 906

EX-99.906CERT

**CERTIFICATION**

**Christopher Kings,** Chief Executive Officer – Finance and Administration, and **Jeffrey White,** Chief Financial Officer, Chief Accounting Officer and Treasurer, of **Franklin Universal Trust (the "Registrant"), each certify to the best of** their knowledge that:

&nbsp;&nbsp;&nbsp;&nbsp;1. The Registrant's periodic report on Form N-CSR for the period ended **February 28, 2026** (the "Form N-CSR") fully complies with the requirements of Section 13(a) or 15(d), as applicable, of the Securities Exchange Act of 1934, as amended; and

&nbsp;&nbsp;&nbsp;&nbsp;2. The information contained in the Form N-CSR fairly presents, in all material respects, the financial condition and results of operations of the Registrant.

---

| | |
|:---|:---|
| **Chief Executive Officer –<br>Finance and Administration** | **Chief Financial Officer, Chief<br>Accounting Officer and Treasurer** |
| Franklin Universal Trust | Franklin Universal Trust |
| /s/ Christopher Kings | /s/ Jeffrey White |
| Christopher Kings | Jeffrey White |
| Date: April 30, 2026 | Date: April 30, 2026 |

---

This certification is being furnished to the Securities and Exchange Commission solely pursuant to 18 U.S.C. § 1350 and is not being filed as part of the Form N-CSR with the Commission.

## Ex-99.(C)

**FRANKLIN UNIVERSAL TRUST**

One Franklin Parkway

San Mateo, CA 94403-1906

**FOR IMMEDIATE RELEASE:**

For more information, please contact Franklin Templeton at 1-800-342-5236.

**FRANKLIN UNIVERSAL TRUST ("FT" or the "Fund")**

**ANNOUNCES NOTIFICATION OF SOURCES OF DISTRIBUTIONS**

San Mateo, CA, September 29, 2025.

Franklin Universal Trust [NYSE: FT]:<br>

The Fund's estimated sources of the distribution to be paid on September 30, 2025, and for the fiscal year 2025 year-to-date are as follows:

Estimated Allocations for September Monthly Distribution as of August 31, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp; Distribution <br> Per Share  | &nbsp;&nbsp; Net Investment <br> Income  | &nbsp;&nbsp; Net Realized <br> Short-Term Capital<br> Gains  | &nbsp;&nbsp; Net Realized <br> Long-Term Capital Gains  | &nbsp;&nbsp; Return of Capital  |
| &nbsp;&nbsp; $0.0425  | &nbsp;&nbsp; $0.0366 (86%) | &nbsp;&nbsp; $0.00 (0%) | &nbsp;&nbsp; $0.00 (0%) | &nbsp;&nbsp; $0.0059 (14%) |

---

Cumulative Estimated Allocations fiscal year-to-date as of August 31, 2025, for the fiscal year ending August 31, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp; Distribution <br> Per Share  | &nbsp;&nbsp; Net Investment <br> Income  | &nbsp;&nbsp; Net Realized <br> Short-Term Capital<br> Gains  | &nbsp;&nbsp; Net Realized <br> Long-Term Capital<br> Gains  | &nbsp;&nbsp; Return of Capital  |
| &nbsp;&nbsp; $0.5100  | &nbsp;&nbsp; $0.3313 (65%) | &nbsp;&nbsp; $0.0119 (2%) | &nbsp;&nbsp; $0.00 (0%) | &nbsp;&nbsp; $0.1668 (33%) |

---

**<br> Shareholders should not draw any conclusions about the Fund's investment performance from the amount of the current distribution or from the terms of the Fund's Distribution Policy. FT estimates that it has distributed more than its income and net realized capital gains; therefore, a portion of the FT distribution to shareholders may be a return of capital. A return of capital may occur, for example, when some or all of the money that a shareholder invested in a Fund is paid back to them. A return of capital distribution does not necessarily reflect FT's investment performance and should not be confused with 'yield' or 'income'. The amounts and sources of distributions reported herein are only estimates and are not being provided for tax reporting purposes. The actual amounts and sources of the amounts for tax reporting purposes will depend upon the Fund's investment experience during the remainder of its fiscal year and may be subject to changes based on tax regulations. 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.**

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp; Average Annual Total Return (in relation to the change in net asset value (NAV) for the 5-year period ended on 8/31/2025)<sup>1</sup> | &nbsp;&nbsp; Annualized Distribution Rate (as a percentage of NAV for the current fiscal period through 8/31/2025)<sup>2</sup> | &nbsp;&nbsp;&nbsp; Cumulative Total Return (in relation to the change in NAV for the fiscal period through 8/31/2025)<sup>3</sup> | &nbsp;&nbsp;&nbsp;&nbsp; Cumulative Fiscal Year-To-Date Distribution Rate (as a percentage of NAV as of 8/31/2025)<sup>4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.41% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.03% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.71% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.03% |

---

**Fund Performance and Distribution Rate Information:**

**1. Average Annual Total Return in relation to NAV represents the compound average of the Annual NAV Total Returns of the Fund for the five-year period ended through August 31, 2025. Annual NAV Total Return is the percentage change in the Fund's NAV over a year, assuming reinvestment of distributions paid.**

**2. The Annualized Distribution Rate is the current fiscal period's distribution rate annualized as a percentage of the Fund's NAV through August 31, 2025.**

**3. Cumulative Total Return is the percentage change in the Fund's NAV from August 31, 2024 through August 31, 2025, assuming reinvestment of distributions paid.**

**4. The Cumulative Fiscal Year-To-Date Distribution Rate is the dollar value of distributions for the fiscal period August 31, 2024 through August 31, 2025, as a percentage of the Fund's NAV as of August 31, 2025.**

<br> 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. Distributions may vary based on the Fund's net investment income. Past distributions are not indicative of future trends.

**For further information on Franklin Universal Trust, please visit our web site at:

www.franklintempleton.com**

**<br>** 

<br> Franklin Resources, Inc. is a global investment management organization with subsidiaries operating as Franklin Templeton and serving clients in over 150 countries. Franklin Templeton's mission is to help clients achieve better outcomes through investment management expertise, wealth management and technology solutions. Through its specialist investment managers, the company offers specialization on a global scale, bringing extensive capabilities in fixed income, equity, alternatives and multi-asset solutions. With more than 1,500 investment professionals, and offices in major financial markets around the world, the California-based company has over 75 years of investment experience and $1.64 trillion in assets under management as of August 31, 2025. For more information, please visit franklintempleton.com.

#&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; #&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; #

**FRANKLIN UNIVERSAL TRUST**

One Franklin Parkway

San Mateo, CA 94403-1906

**FOR IMMEDIATE RELEASE:**

For more information, please contact Franklin Templeton at 1-800-342-5236.

**FRANKLIN UNIVERSAL TRUST ("FT" or the "Fund")**

**ANNOUNCES NOTIFICATION OF SOURCES OF DISTRIBUTIONS**

San Mateo, CA, October 30, 2025.

Franklin Universal Trust [NYSE: FT]:<br>

The Fund's estimated sources of the distribution to be paid on October 31, 2025, and for the fiscal year 2026 year-to-date are as follows:

Estimated Allocations for October Monthly Distribution as of September 30, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp; Distribution <br> Per Share  | &nbsp;&nbsp; Net Investment <br> Income  | &nbsp;&nbsp; Net Realized <br> Short-Term Capital<br> Gains  | &nbsp;&nbsp; Net Realized <br> Long-Term Capital Gains  | &nbsp;&nbsp; Return of Capital  |
| &nbsp;&nbsp; $0.0425  | &nbsp;&nbsp; $0.0260 (61%) | &nbsp;&nbsp; $0.0018 (4%) | &nbsp;&nbsp; $0.00 (0%) | &nbsp;&nbsp; $0.0147 (35%) |

---

Cumulative Estimated Allocations fiscal year-to-date as of September 30, 2025, for the fiscal year ending August 31, 2026:

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp; Distribution <br> Per Share  | &nbsp;&nbsp; Net Investment <br> Income  | &nbsp;&nbsp; Net Realized <br> Short-Term Capital<br> Gains  | &nbsp;&nbsp; Net Realized <br> Long-Term Capital<br> Gains  | &nbsp;&nbsp; Return of Capital  |
| &nbsp;&nbsp; $0.0425  | &nbsp;&nbsp; $0.0260 (61%) | &nbsp;&nbsp; $0.0018 (4%) | &nbsp;&nbsp; $0.00 (0%) | &nbsp;&nbsp; $0.0147 (35%) |

---

**<br> Shareholders should not draw any conclusions about the Fund's investment performance from the amount of the current distribution or from the terms of the Fund's Distribution Policy. FT estimates that it has distributed more than its income and net realized capital gains; therefore, a portion of the FT distribution to shareholders may be a return of capital. A return of capital may occur, for example, when some or all of the money that a shareholder invested in a Fund is paid back to them. A return of capital distribution does not necessarily reflect FT's investment performance and should not be confused with 'yield' or 'income'. The amounts and sources of distributions reported herein are only estimates and are not being provided for tax reporting purposes. The actual amounts and sources of the amounts for tax reporting purposes will depend upon the Fund's investment experience during the remainder of its fiscal year and may be subject to changes based on tax regulations. 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.**

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp; Average Annual Total Return (in relation to the change in net asset value (NAV) for the 5-year period ended on 9/30/2025)<sup>1</sup> | &nbsp;&nbsp; Annualized Distribution Rate (as a percentage of NAV for the current fiscal period through 9/30/2025)<sup>2</sup> | &nbsp;&nbsp;&nbsp; Cumulative Total Return (in relation to the change in NAV for the fiscal period through 9/30/2025)<sup>3</sup> | &nbsp;&nbsp;&nbsp;&nbsp; Cumulative Fiscal Year-To-Date Distribution Rate (as a percentage of NAV as of 9/30/2025)<sup>4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.06% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.92% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.39% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.49% |

---

**Fund Performance and Distribution Rate Information:**

**1. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Average Annual Total Return in relation to NAV represents the compound average of the Annual NAV Total Returns of the Fund for the five-year period ended through September 30, 2025. Annual NAV Total Return is the percentage change in the Fund's NAV over a year, assuming reinvestment of distributions paid.**

**2. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

The Annualized Distribution Rate is the current fiscal period's distribution rate annualized as a percentage of the Fund's NAV through September 30, 2025.**

**3. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Cumulative Total Return is the percentage change in the Fund's NAV from August 31, 2025 through September 30, 2025, assuming reinvestment of distributions paid.**

**4. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

The Cumulative Fiscal Year-To-Date Distribution Rate is the dollar value of distributions for the fiscal period August 31, 2025 through September 30, 2025, as a percentage of the Fund's NAV as of September 30, 2025.**

**<br>** 

<br> 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. Distributions may vary based on the Fund's net investment income. Past distributions are not indicative of future trends.

**For further information on Franklin Universal Trust, please visit our web site at:

www.franklintempleton.com**

Franklin Resources, Inc. is a global investment management organization with subsidiaries operating as Franklin Templeton and serving clients in over 150 countries. Franklin Templeton's mission is to help clients achieve better outcomes through investment management expertise, wealth management and technology solutions. Through its specialist investment managers, the company offers specialization on a global scale, bringing extensive capabilities in fixed income, equity, alternatives and multi-asset solutions. With more than 1,500 investment professionals, and offices in major financial markets around the world, the California-based company has over 75 years of investment experience and $1.66 trillion in assets under management as of September 30, 2025. For more information, please visit franklintempleton.com.

#&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; #&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; #

**FRANKLIN UNIVERSAL TRUST**

One Franklin Parkway

San Mateo, CA 94403-1906

**FOR IMMEDIATE RELEASE:**

For more information, please contact Franklin Templeton at 1-800-342-5236.

**FRANKLIN UNIVERSAL TRUST ("FT" or the "Fund")**

**ANNOUNCES NOTIFICATION OF SOURCES OF DISTRIBUTIONS**

San Mateo, CA, November 26, 2025.

Franklin Universal Trust [NYSE: FT]:<br>

The Fund's estimated sources of the distribution to be paid on November 28, 2025, and for the fiscal year 2026 year-to-date are as follows:

Estimated Allocations for November Monthly Distribution as of October 31, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp; Distribution <br> Per Share  | &nbsp;&nbsp; Net Investment <br> Income  | &nbsp;&nbsp; Net Realized <br> Short-Term Capital<br> Gains  | &nbsp;&nbsp; Net Realized <br> Long-Term Capital Gains  | &nbsp;&nbsp; Return of Capital  |
| &nbsp;&nbsp; $0.0425  | &nbsp;&nbsp; $0.0268 (63%) | &nbsp;&nbsp; $0.0009 (2%) | &nbsp;&nbsp; $0.00 (0%) | &nbsp;&nbsp; $0.0148 (35%) |

---

Cumulative Estimated Allocations fiscal year-to-date as of October 31, 2025, for the fiscal year ending August 31, 2026:

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp; Distribution <br> Per Share  | &nbsp;&nbsp; Net Investment <br> Income  | &nbsp;&nbsp; Net Realized <br> Short-Term Capital<br> Gains  | &nbsp;&nbsp; Net Realized <br> Long-Term Capital<br> Gains  | &nbsp;&nbsp; Return of Capital  |
| &nbsp;&nbsp; $0.0850  | &nbsp;&nbsp; $0.0528 (62%) | &nbsp;&nbsp; $0.0027 (3%) | &nbsp;&nbsp; $0.00 (0%) | &nbsp;&nbsp; $0.0295 (35%) |

---

**<br> Shareholders should not draw any conclusions about the Fund's investment performance from the amount of the current distribution or from the terms of the Fund's Distribution Policy. FT estimates that it has distributed more than its income and net realized capital gains; therefore, a portion of the FT distribution to shareholders may be a return of capital. A return of capital may occur, for example, when some or all of the money that a shareholder invested in a Fund is paid back to them. A return of capital distribution does not necessarily reflect FT's investment performance and should not be confused with 'yield' or 'income'. The amounts and sources of distributions reported herein are only estimates and are not being provided for tax reporting purposes. The actual amounts and sources of the amounts for tax reporting purposes will depend upon the Fund's investment experience during the remainder of its fiscal year and may be subject to changes based on tax regulations. 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.**

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp; Average Annual Total Return (in relation to the change in net asset value (NAV) for the 5-year period ended on 10/31/2025)<sup>1</sup> | &nbsp;&nbsp; Annualized Distribution Rate (as a percentage of NAV for the current fiscal period through 10/31/2025)<sup>2</sup> | &nbsp;&nbsp;&nbsp; Cumulative Total Return (in relation to the change in NAV for the fiscal period through 10/31/2025)<sup>3</sup> | &nbsp;&nbsp;&nbsp;&nbsp; Cumulative Fiscal Year-To-Date Distribution Rate (as a percentage of NAV as of 10/31/2025)<sup>4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.68% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.91% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.02% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.98% |

---

**Fund Performance and Distribution Rate Information:**

**1. &nbsp;&nbsp;&nbsp;&nbsp;

Average Annual Total Return in relation to NAV represents the compound average of the Annual NAV Total Returns of the Fund for the five-year period ended through October 31, 2025. Annual NAV Total Return is the percentage change in the Fund's NAV over a year, assuming reinvestment of distributions paid.**

**2. &nbsp;&nbsp;&nbsp;&nbsp;

The Annualized Distribution Rate is the current fiscal period's distribution rate annualized as a percentage of the Fund's NAV through October 31, 2025.**

**3. &nbsp;&nbsp;&nbsp;&nbsp;

Cumulative Total Return is the percentage change in the Fund's NAV from August 31, 2025 through October 31, 2025, assuming reinvestment of distributions paid.**

**4. &nbsp;&nbsp;&nbsp;&nbsp;

The Cumulative Fiscal Year-To-Date Distribution Rate is the dollar value of distributions for the fiscal period August 31, 2025 through October 31, 2025, as a percentage of the Fund's NAV as of October 31, 2025.**

**<br>** 

<br> 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. Distributions may vary based on the Fund's net investment income. Past distributions are not indicative of future trends.

**For further information on Franklin Universal Trust, please visit our web site at:

www.franklintempleton.com**

**<br>** 

<br> Franklin Resources, Inc. is a global investment management organization with subsidiaries operating as Franklin Templeton and serving clients in over 150 countries. Franklin Templeton's mission is to help clients achieve better outcomes through investment management expertise, wealth management and technology solutions. Through its specialist investment managers, the company offers specialization on a global scale, bringing extensive capabilities in fixed income, equity, alternatives and multi-asset solutions. With more than 1,500 investment professionals, and offices in major financial markets around the world, the California-based company has over 75 years of investment experience and $1.69 trillion in assets under management as of October 31, 2025. For more information, please visit franklintempleton.com.

#&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; #&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; #

**FRANKLIN UNIVERSAL TRUST**

One Franklin Parkway

San Mateo, CA 94403-1906

**FOR IMMEDIATE RELEASE:**

For more information, please contact Franklin Templeton at 1-800-342-5236.

**FRANKLIN UNIVERSAL TRUST ("FT" or the "Fund")**

**ANNOUNCES NOTIFICATION OF SOURCES OF DISTRIBUTIONS**

San Mateo, CA, December 30, 2025.

Franklin Universal Trust [NYSE: FT]:<br>

The Fund's estimated sources of the distribution to be paid on December 31, 2025, and for the fiscal year 2026 year-to-date are as follows:

Estimated Allocations for December Monthly Distribution as of November 30, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp; Distribution <br> Per Share  | &nbsp;&nbsp; Net Investment <br> Income  | &nbsp;&nbsp; Net Realized <br> Short-Term Capital<br> Gains  | &nbsp;&nbsp; Net Realized <br> Long-Term Capital Gains  | &nbsp;&nbsp; Return of Capital  |
| &nbsp;&nbsp; $0.0425  | &nbsp;&nbsp; $0.0358 (84%) | &nbsp;&nbsp; $0.0004 (1%) | &nbsp;&nbsp; $0.00 (0%) | &nbsp;&nbsp; $0.0061 (15%) |

---

Cumulative Estimated Allocations fiscal year-to-date as of November 30, 2025, for the fiscal year ending August 31, 2026:

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp; Distribution <br> Per Share  | &nbsp;&nbsp; Net Investment <br> Income  | &nbsp;&nbsp; Net Realized <br> Short-Term Capital<br> Gains  | &nbsp;&nbsp; Net Realized <br> Long-Term Capital<br> Gains  | &nbsp;&nbsp; Return of Capital  |
| &nbsp;&nbsp; $0.1275  | &nbsp;&nbsp; $0.0886 (70%) | &nbsp;&nbsp; $0.0031 (2%) | &nbsp;&nbsp; $0.00 (0%) | &nbsp;&nbsp; $0.0358 (28%) |

---

**<br> Shareholders should not draw any conclusions about the Fund's investment performance from the amount of the current distribution or from the terms of the Fund's Distribution Policy. FT estimates that it has distributed more than its income and net realized capital gains; therefore, a portion of the FT distribution to shareholders may be a return of capital. A return of capital may occur, for example, when some or all of the money that a shareholder invested in a Fund is paid back to them. A return of capital distribution does not necessarily reflect FT's investment performance and should not be confused with 'yield' or 'income'. The amounts and sources of distributions reported herein are only estimates and are not being provided for tax reporting purposes. The actual amounts and sources of the amounts for tax reporting purposes will depend upon the Fund's investment experience during the remainder of its fiscal year and may be subject to changes based on tax regulations. 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.**

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp; Average Annual Total Return (in relation to the change in net asset value (NAV) for the 5-year period ended on 11/30/2025)<sup>1</sup> | &nbsp;&nbsp; Annualized Distribution Rate (as a percentage of NAV for the current fiscal period through 11/30/2025)<sup>2</sup> | &nbsp;&nbsp;&nbsp; Cumulative Total Return (in relation to the change in NAV for the fiscal period through 11/30/2025)<sup>3</sup> | &nbsp;&nbsp;&nbsp;&nbsp; Cumulative Fiscal Year-To-Date Distribution Rate (as a percentage of NAV as of 11/30/2025)<sup>4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.31% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.84% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.84% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.46% |

---

**Fund Performance and Distribution Rate Information:**

**1. Average Annual Total Return in relation to NAV represents the compound average of the Annual NAV Total Returns of the Fund for the five-year period ended through November 30, 2025. Annual NAV Total Return is the percentage change in the Fund's NAV over a year, assuming reinvestment of distributions paid.**

**2. The Annualized Distribution Rate is the current fiscal period's distribution rate annualized as a percentage of the Fund's NAV through November 30, 2025.**

**3. Cumulative Total Return is the percentage change in the Fund's NAV from August 31, 2025 through November 30, 2025, assuming reinvestment of distributions paid.**

**4. The Cumulative Fiscal Year-To-Date Distribution Rate is the dollar value of distributions for the fiscal period August 31, 2025 through November 30, 2025, as a percentage of the Fund's NAV as of November 30, 2025.**

**<br>** 

<br> 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. Distributions may vary based on the Fund's net investment income. Past distributions are not indicative of future trends.

**For further information on Franklin Universal Trust, please visit our web site at:

www.franklintempleton.com**

Franklin Resources, Inc. is a global investment management organization with subsidiaries operating as Franklin Templeton and serving clients in over 150 countries. Franklin Templeton's mission is to help clients achieve better outcomes through investment management expertise, wealth management and technology solutions. Through its specialist investment managers, the company offers specialization on a global scale, bringing extensive capabilities in fixed income, equity, alternatives and multi-asset solutions. With more than 1,500 investment professionals, and offices in major financial markets around the world, the California-based company has over 75 years of investment experience and $1.67 trillion in assets under management as of November 30, 2025. For more information, please visit franklintempleton.com.

#&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; #&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; #

**FRANKLIN UNIVERSAL TRUST**

One Franklin Parkway

San Mateo, CA 94403-1906

**Franklin Templeton Announces Availability of 19(a) Notices for Certain Closed-End Funds:**

January 30, 2026:<br>

The following table provides estimates of the sources of the funds' monthly distributions that have a payable date of January 30, 2026. These estimates are based on the funds' fiscal year-to-date activities.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp; **January 2026 Distributions** | &nbsp;&nbsp; **January 2026 Distributions** | &nbsp;&nbsp; **January 2026 Distributions** | &nbsp;&nbsp; **January 2026 Distributions** | &nbsp;&nbsp; **January 2026 Distributions** | &nbsp;&nbsp; **January 2026 Distributions** | &nbsp;&nbsp; **January 2026 Distributions** |
|  |  |  | &nbsp;&nbsp; **Estimated sources of distributions** | &nbsp;&nbsp; **Estimated sources of distributions** | &nbsp;&nbsp; **Estimated sources of distributions** | &nbsp;&nbsp; **Estimated sources of distributions** |
| &nbsp;&nbsp; Fund | &nbsp;&nbsp; Ticker | &nbsp;&nbsp; Per Share Distribution | &nbsp;&nbsp; Net Investment Income | &nbsp;&nbsp; Net realized short-term capital gains | &nbsp;&nbsp; Net realized long-term capital gains | &nbsp;&nbsp; Return of Capital |
| &nbsp;&nbsp; Franklin Universal Trust | &nbsp;&nbsp; FT | &nbsp;&nbsp; $0.0425 | &nbsp;&nbsp; $0.0259 | &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; $0.0166 |

---

This information is being provided pursuant to Section 19(a) of the Investment Company Act of 1940, as amended, to announce the amount of each fund's distributions and should not be used for tax reporting purposes. In early 2027, after definitive information is available, the Fund will send shareholders a Form 1099-DIV specifying how the distributions paid by the Fund during calendar year 2026 have been characterized for purposes of reporting the distributions on a shareholder's tax returns. The Fund will also post Form 8937 to the Franklin Templeton website:

https://www.franklintempleton.com/tools-and-resources/tax-center

if all or any portion of the distributions are characterized as a tax return of capital after the close of the Fund's fiscal year-end.

Shareholders should not draw any conclusions about the Fund's investment performance from the amount of the current distribution or from the terms of the Fund's Dividend Reinvestment Plan

.

**<br>** 

<br> #&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; #&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; #

**FRANKLIN UNIVERSAL TRUST**

One Franklin Parkway

San Mateo, CA 94403-1906

**Franklin Templeton Announces Availability of 19(a) Notices for Certain Closed-End Funds:**

February 27, 2026:<br>

The following table provides estimates of the sources of the funds' monthly distributions that have a payable date of February 27, 2026. These estimates are based on the funds' fiscal year-to-date activities.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp; **February 2026 Distributions** | &nbsp;&nbsp; **February 2026 Distributions** | &nbsp;&nbsp; **February 2026 Distributions** | &nbsp;&nbsp; **February 2026 Distributions** | &nbsp;&nbsp; **February 2026 Distributions** | &nbsp;&nbsp; **February 2026 Distributions** | &nbsp;&nbsp; **February 2026 Distributions** |
|  |  |  | &nbsp;&nbsp; **Estimated sources of distributions** | &nbsp;&nbsp; **Estimated sources of distributions** | &nbsp;&nbsp; **Estimated sources of distributions** | &nbsp;&nbsp; **Estimated sources of distributions** |
| &nbsp;&nbsp; Fund | &nbsp;&nbsp; Ticker | &nbsp;&nbsp; Per Share Distribution | &nbsp;&nbsp; Net Investment Income | &nbsp;&nbsp; Net realized short-term capital gains | &nbsp;&nbsp; Net realized long-term capital gains | &nbsp;&nbsp; Return of Capital |
| &nbsp;&nbsp; Franklin Universal Trust | &nbsp;&nbsp; FT | &nbsp;&nbsp; $0.0425 | &nbsp;&nbsp; $0.0223 | &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; $0.0202 |

---

This information is being provided pursuant to Section 19(a) of the Investment Company Act of 1940, as amended, to announce the amount of each fund's distributions and should not be used for tax reporting purposes. In early 2027, after definitive information is available, the Fund will send shareholders a Form 1099-DIV specifying how the distributions paid by the Fund during calendar year 2026 have been characterized for purposes of reporting the distributions on a shareholder's tax returns. The Fund will also post Form 8937 to the Franklin Templeton website:

https://www.franklintempleton.com/tools-and-resources/tax-center

if all or any portion of the distributions are characterized as a tax return of capital after the close of the Fund's fiscal year-end.

Shareholders should not draw any conclusions about the Fund's investment performance from the amount of the current distribution or from the terms of the Fund's Dividend Reinvestment Plan

.

**<br>** 

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